Document:

Form of Tax Matters Agreement

 Exhibit 10.23 
 FORM OF TAX MATTERS AGREEMENT dated as of , 2009 (this “Agreement”) between Bristol Myers Squibb Company, a Delaware
corporation (“BMS”), and MJN Restructuring Holdco, Inc., a Delaware corporation (“MJN”, collectively, the “Companies”). 
 WHEREAS, BMS is the common parent of an affiliated group of corporations, within the meaning of Code Section 1504(a), that has elected to file consolidated Federal income Tax Returns, and MJN is a member of that
group; 
 WHEREAS, MJN intends to issue common stock in an initial public offering (the “IPO”), after which MJN will continue to be
a member of the BMS Consolidated Group; and 
 WHEREAS, BMS and MJN desire to set forth their agreement as to certain matters relating to the
inclusion of the MJN Consolidated Group in the BMS Consolidated Group; 
 NOW, THEREFORE, in consideration of the mutual covenants and
agreements contained herein, BMS and MJN hereby agree as follows: 
 ARTICLE I 
 Definitions 
 SECTION 1.01. Definition of Terms. The following terms
shall have the following meanings (such meanings to apply equally to the singular and plural forms of the terms defined). All section references are to this Agreement unless otherwise stated. All references to “includes” and
“including” mean “includes without limitation” or “including without limitation”, as the case may be. 
 “Adjustment” has the meaning set forth in Section 8.03. 
 “Agreement” has the meaning set
forth in the recitals. 
 “BMS” has the meaning set forth in the recitals. 
 “BMS Combined Return” has the meaning set forth in Section 2.01(b). 
 “BMS Consolidated Group” means BMS and the affiliated group of corporations, within the meaning of Code Section 1504(a), of which
BMS is the common parent. 
 “BMS Consolidated Return” has the meaning set forth in Section 2.01(a). 

 “China Services Agreement” means the China Services Agreement dated at or around the
date of this Agreement, between BMS and MJN. 
 “Code” means the Internal Revenue Code of 1986, as amended. 
 “Consolidation Year” means any taxable period (or portion thereof) ending on or before Deconsolidation. 
 “Deconsolidation” means that the MJN Consolidated Group ceases to be included in the BMS Consolidated Group. 
 “Determination” means the final resolution of liability for any tax for any taxable period by or as a result of (i) a final and
unappealable decision, judgment, decree or other order by any court of competent jurisdiction; (ii) a final settlement, compromise or other agreement with the relevant Taxing Authority, an agreement that constitutes a determination under Code
Section 1313(a)(4), an agreement contained in an IRS Form 870-AD, a closing agreement or accepted offer in compromise under Code Sections 7121 or 7122, or a comparable agreement under state, local or foreign law; (iii) the expiration of
the applicable statute of limitations; or (iv) the payment of the tax by the party responsible for payment of that tax under Article III if BMS and MJN agree that no action should be taken to recoup that payment. 
 “Gain Recognition Agreement” has the meaning set forth in Section 4.02(c). 
 “IRS” means the Internal Revenue Service. 
 “MJN” has the meaning set forth in the recitals. 
 “MJN Business” means
the worldwide Mead Johnson Nutrition business operations included in the MJN financial statements. 
 “MJN China” means Mead
Johnson Nutritionals (China) Ltd. 
 “MJN Consolidated Group” means MJN and the affiliated group of corporations, within the
meaning of Code Section 1504(a), of which MJN would be the common parent if it were not included in the BMS Consolidated Group. For the avoidance of doubt, a corporation shall be treated as being a member of the MJN Consolidated Group only for
that portion of a taxable period that such corporation is actually described in the preceding sentence. 
 “MJN Group” means
MJN and the affiliated group of corporations, within the meaning of Code Section 1504(a) without regard to Code Section 1504(b), of which MJN would be the common parent if it were not included in the BMS Consolidated Group other than MJN
China at any time before a put or call option is exercised under the China Services Agreement. For the avoidance of doubt, a corporation shall be treated as being a member of the MJN Group only for that portion of a taxable period that such
corporation is actually described in the preceding sentence. 
  

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 “MJN Return Items” has the meaning set forth in Section 8.01. 
 “MJN Tax Package” has the meaning set forth in Section 7.01. 
 “Parent Group” means BMS and the affiliated group of corporations, within the meaning of Code Section 1504(a) without regard to
Code Section 1504(b), of which BMS is the common parent, including MJN China at any time before a put or call option is exercised under the China Services Agreement, but excluding members of the MJN Group. 
 “Post-Deconsolidation Year” means any taxable period (or portion thereof) after Deconsolidation. 
 “Pro Forma MJN Combined Return” has the meaning set forth in Section 3.01(b). 
 “Pro Forma MJN Consolidated Return” has the meaning set forth in Section 3.01(a). 
 “Pro Forma MJN Return” means the Pro Forma MJN Consolidated Returns, the Pro Forma MJN Combined Returns and the Pro Forma MJN Separate
Returns. 
 “Pro Forma MJN Separate Return” has the meaning set forth in Section 3.01(c)). 
 “Records” has the meaning set forth in Section 9.02. 
 “Regulations” means the Treasury regulations promulgated under the Code or any successor Treasury regulations. 
 “Separate Return” has the meaning set forth in Section 2.01(c). 
 “Tax
Attributes” has the meaning set forth in Section 3.03(b). 
 “Tax Returns” means all tax returns,
declarations, statements, reports, forms, estimates and information returns relating to taxes, including any amendments thereto and any related or supporting information. 
 “taxes” means all Federal, state and local, and foreign, taxes, assessments, duties or similar charges of any kind whatsoever. 
 “Taxing Authority” means any governmental body charged with the determination, collection or imposition of taxes. 
 “Transitional Services Agreement” means the Transitional Services Agreement dated at or around the date of this Agreement between BMS
and MJN. 
  

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 ARTICLE II 
 Preparation and Filing of Tax Returns 
 SECTION 2.01. Filing of Returns. (a) For each
taxable year for which BMS files a consolidated Federal income Tax Return (a “BMS Consolidated Return”), BMS shall include the MJN Consolidated Group in such Tax Return if entitled to do so. BMS shall prepare and timely file (or cause to
be prepared and timely filed) all BMS Consolidated Returns. To the extent that any BMS Consolidated Return directly relates to matters for which MJN must indemnify the Parent Group under Section 4.02, BMS shall (i) prepare that portion of
the BMS Consolidated Return on a basis consistent with past practice (except as required by applicable law or as determined by BMS acting in good faith) and (ii) give MJN a reasonable opportunity to review that portion of the BMS Consolidated
Return. BMS shall notify MJN of any such portions not prepared on a basis consistent with past practice, except where such change is required by applicable law. 
 (b) For each taxable year for which it is permissible to file a Tax Return on a consolidated, combined, unitary or similar basis (other than a BMS Consolidated Return) that would include one or more members of the MJN
Group and one or more members of the Parent Group (a “BMS Combined Return”), then the relevant member of the Parent Group may, in its sole discretion, determine whether to file such BMS Combined Return and whether to include certain or all
of the relevant members of the MJN Group in such Tax Return. BMS shall prepare and timely file (or cause to be prepared and timely filed) any BMS Combined Returns. To the extent that any BMS Combined Return directly relates to matters for which MJN
must indemnify the Parent Group under Section 4.02, BMS shall (i) prepare that portion of the BMS Combined Return on a basis consistent with past practice (except as required by applicable law or as determined by BMS acting in good faith)
and (ii) give MJN a reasonable opportunity to review that portion of the BMS Combined Return. BMS shall notify MJN of any such portions not prepared on a basis consistent with past practice, except where such change is required by applicable
law. Schedule A sets out a list of countries and states in which BMS intends to file a BMS Combined Return that includes one or more members of the MJN Group. 
 (c) For all Tax Returns other than BMS Consolidated Returns and BMS Combined Returns (“Separate Returns”), the entity customarily responsible under applicable law for filing such Separate Returns shall
prepare and timely file (or cause to be prepared and timely filed) such Separate Returns. To the extent that any Separate Return filed by BMS directly relates to matters for which MJN must indemnify the Parent Group under Section 4.02, BMS
shall (i) prepare that portion of the Separate Return on a basis consistent with past practice (except as required by applicable law or as determined by BMS acting in good faith) and (ii) give MJN a reasonable opportunity to review that
portion of the Separate Return. BMS shall notify MJN of any such portions not prepared on a basis consistent with past practice, except where such change is required by applicable law. To the extent that any Separate Return filed by MJN directly
relates to matters for which BMS must indemnify the MJN Group under Section 4.01, MJN shall (i) prepare that portion of the Separate Return on a basis consistent with past practice 

  

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(except as required by applicable law or as otherwise agreed by BMS and MJN) and (ii) give BMS a reasonable opportunity to review that portion of the
Separate Return. Schedule B sets out the parties’ respective responsibilities for filing Separate Returns in each material taxing jurisdiction. 
 SECTION 2.02. Consents and Elections. BMS and MJN shall prepare, sign and timely file (or cause to be prepared, signed and timely filed) any consents, elections and other documents and take any other actions
necessary or appropriate to effect the filing of the Tax Returns described in Section 2.01. 
 SECTION 2.03. Payment of Taxes.
The party responsible under Section 2.01 for preparing and filing a Tax Return shall pay to the relevant Taxing Authority any taxes shown as due on that Tax Return. The obligation to make these payments shall not affect the payor’s right,
if any, to receive payments under Article III or otherwise be indemnified with respect to that tax liability. 
 ARTICLE III 
 Pro Forma MJN Returns 
 SECTION 3.01.
Pro Forma MJN Returns in General. (a) For each taxable period (or portion thereof) beginning on or after January 1, 2009 in which the MJN Consolidated Group is included in a BMS Consolidated Return, BMS shall prepare a pro forma
Federal income Tax Return for the MJN Consolidated Group (a “Pro Forma MJN Consolidated Return”) based on the corresponding MJN Tax Package. Except as otherwise provided in this Article III, the Pro Forma MJN Consolidated Return shall be
prepared as if MJN filed a consolidated return on behalf of the MJN Consolidated Group. 
 (b) For each taxable period (or portion thereof)
beginning on or after January 1, 2009 in which one or more members of the MJN Group is included in a BMS Combined Return, BMS shall prepare a pro forma Tax Return for those members of the MJN Group (a “Pro Forma MJN Combined Return”)
based on the corresponding MJN Tax Package. Except as otherwise provided in this Article III, the Pro Forma MJN Combined Return shall be prepared as if the members of the MJN Group included in the BMS Combined Return instead filed a single combined
return. 
 (c) For each taxable period (or portion thereof) beginning on or after January 1, 2009 in which a Separate Return is filed, a
portion of which relates to the MJN Business and a portion of which does not, BMS shall prepare a pro forma Tax Return for the first such portion (a “Pro Forma MJN Separate Return”) based on the corresponding MJN Tax Package. 

SECTION 3.02. China. Notwithstanding anything in this Agreement, amounts of income, gain, loss and other similar items in relation to MJN China
shall not be included on any Pro Forma MJN Return in relation to any taxable periods (or portions thereof) ending on or before a put or call option is exercised under the China Services Agreement. 
  

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 SECTION 3.03. Preparation of the Pro Forma MJN Returns. (a) The Pro Forma MJN Returns shall
be prepared in a manner consistent with the past practices of BMS (except as required by applicable law or as determined by BMS acting in good faith) and shall reflect all elections, positions and methods used in the relevant BMS Tax Returns. BMS
shall give MJN a reasonable opportunity to review any Pro Forma MJN Returns. BMS shall notify MJN of any such portions not prepared on a basis consistent with past practice, except where such change is required by applicable law. 
 (b) The Pro Forma MJN Returns shall reflect any carryovers or carrybacks of net operating losses, net capital losses, excess tax credits and any other
similar tax attributes (“Tax Attributes”) arising in an earlier or later taxable period for which a Pro Forma MJN Return was prepared, to the extent such item would be so reflected if all Pro Forma MJN Returns were actual Tax Returns.

 (c) For purposes of preparing a Pro Forma MJN Return, the provisions of applicable law shall be applied as if the entities included in
that Pro Forma MJN Return were a separate combined group or consolidated group, except that a transaction between any member of the MJN Group, on the one hand, and any member of the Parent Group, on the other hand, shall not be taken into account
until the first taxable year in which that transaction is required to be taken into account under Code Section 1502 or the comparable provision of state, local or foreign law. 
 SECTION 3.04. Taxes with Respect to Pro Forma MJN Returns. (a) Except as provided in Section 3.04(b), each of MJN and BMS shall make (or
cause to be made) payments to the other party with respect to any Pro Forma MJN Return as if (i) that Pro Forma MJN Return were actually required to be filed under the laws of the applicable taxing jurisdiction and (ii) BMS were the
relevant Taxing Authority of that taxing jurisdiction. The amount of any payment required to be made under this Section 3.04(a) with respect to any tax year commencing on January 1, 2009, shall be multiplied by a fraction (i) the
numerator of which is eleven and (ii) the denominator of which is twelve. 
 (b) Each of MJN and BMS shall make (or cause to be made)
payments to the other party with respect to any Separate Return filed by MJN under Section 2.01(c) (excluding any amount that would be due with respect to the related Pro Forma MJN Separate Return prepared by BMS under Section 3.01(c))
(“BMS Carveout Separate Return”) as if (i) that BMS Carveout Separate Return was actually required to be filed under the laws of the applicable taxing jurisdiction and (ii) MJN were the relevant Taxing Authority of that taxing
jurisdiction. 
 (c) In applying the general principles set out in this Section 3.04, all laws and regulations relating to timing and
computation of payments, interest, penalties, additions to tax and additional amounts shall be applied. 
 SECTION 3.05. Notification and
Payment. Each party shall notify the other of any amounts due to it under this Article III no later than five days prior to the date such payments are due (or would be due) to be paid to a Taxing Authority. Payments required to be made
under this Article III must be made on or before such due date. 
  

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 ARTICLE IV 
 Indemnity 
 SECTION 4.01. BMS Indemnity. BMS shall indemnify the MJN Group and hold it
harmless from: 
 (i) any tax of any member of the Parent Group; 
 (ii) any tax for which BMS is responsible under Section 2.03; 
 (iii) any tax of any member of the MJN Group for taxable periods (or portions thereof) ending on or before December 31, 2008;

 (iv) any tax arising solely as a result of transferring the MJN Business to any member of the MJN Group for purposes of
separating the MJN Business from BMS for the IPO, whether or not that transfer happened before the IPO; 
 (v) any tax
incurred as a result of any excess loss account that must be taken into account pursuant to Section 1.1502-19 of the Regulations (“Excess Loss Account”) to the extent the Excess Loss Account relates to the stock of MJN; 
 (vi) any interest, penalties, additional amounts and additions to tax that have arisen solely as a result of an error by BMS in the
preparation of a Pro Forma MJN Return. 
 (vii) any interest, penalties, additional amounts and additions to tax related to
the foregoing; 
 excluding, in each case, any tax for which MJN is responsible under Section 4.02. 
 SECTION 4.02. MJN Indemnity. MJN shall indemnify the Parent Group and hold it harmless from: 
 (i) any tax for which MJN is responsible under Section 2.03; 
 (ii) any tax incurred as a result of any Excess Loss Account to the extent the Excess Loss Account relates to stock of a member of the MJN
Consolidated Group other than MJN; 
 (iii) any tax incurred as a result of any gain recognized pursuant to a gain recognition
agreement entered into by any member of the BMS 

  

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Consolidated Group in relation to a member of the MJN Group in accordance with Section 1.367(a)-8T of the Regulations (“Gain Recognition
Agreement”), excluding any gain required to be recognized as a result of a Deconsolidation being a “triggering event” (within the meaning of those Regulations); 
 (iv) any interest (other than interest described in Section 4.01(vi)), penalties, additional amounts and additions to tax related to
the foregoing. 
 SECTION 4.03. Calculating Indemnity Payments. For purposes of computing indemnity payments under this Article IV,
each party is assumed to pay tax at the maximum applicable tax rate. 
 ARTICLE V 
 Post-Deconsolidation Periods 
 SECTION 5.01. MJN Tax Attributes
(a) If (i) any member of the MJN Group generated a Tax Attribute in a taxable period (or portion thereof) for which a Pro Forma MJN Return is required to be prepared in accordance with Article III and (ii) that member holds that Tax
Attribute immediately after Deconsolidation, then MJN shall pay to BMS an amount equal to the amount, if any, by which any amount payable with respect to any Pro Forma MJN Return (y) by MJN to BMS was reduced or (z) by BMS to MJN was
increased, by reason of including that Tax Attribute in that Pro Forma MJN Return. 
 (b) If any member of the MJN Group generated a Tax
Attribute in a taxable period for which a Pro Forma MJN Return is required to be prepared in accordance with Article III and no member of the MJN Group holds that Tax Attribute immediately after Deconsolidation, BMS shall pay to MJN an amount equal
to the actual benefit that a member of the Parent Group realized from using that Tax Attribute (the amount of such benefit determined by BMS in its sole discretion), but only if the inclusion of such Tax Attribute in a Pro Forma MJN Return did not
(i) reduce the amount payable by MJN to BMS under Article III or (ii) increase the amount payable by BMS to MJN under Article III. 
 SECTION 5.02. Post-Deconsolidation Year Carrybacks. MJN shall (and shall cause members of the MJN Group to) waive the carrybacks of any Tax Attributes to the extent permitted under applicable law from any Post-Deconsolidation Year to
any Consolidation Year unless such carryback does not have a material effect on BMS (determined by BMS acting in good faith). If any member of the MJN Group carries a Tax Attribute back from a Post-Deconsolidation Year to a Consolidation Year no
payment shall be due from BMS with respect to that carryback unless such carryback does not have a material effect on BMS (determined by BMS acting in good faith). 
 SECTION 5.03. China. Immediately following Deconsolidation, MJN shall pay to BMS for each taxable period (or portion thereof) in relation to which BMS 

  

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must make payments to MJN under the China Services Agreement (i) the excess of the applicable U.S. Federal statutory income tax rate for that taxable
period (or portion thereof) over 32.5%, multiplied by (ii) the amount of taxable income (for U.S. Federal income tax purposes) earned by MJN China during such taxable period (or portion thereof). 
 ARTICLE VI 
 Preparation of Tax Package

 SECTION 6.01. Tax Package. MJN shall provide to BMS, in a format determined by BMS, all information requested by BMS as
reasonably necessary to prepare the BMS Consolidated Return, the BMS Combined Returns and the Pro Forma MJN Returns (the “MJN Tax Package”) and to determine any amounts payable under Article III. The MJN Tax Package shall be prepared on a
basis consistent with the principles set out in Article III. 
 ARTICLE VII 
 Audits, Amended Returns, Contests, Adjustments and Rulings 
 SECTION 7.01.
Audits and Contests. (a) BMS will have exclusive and sole responsibility and control with respect to the conduct and settlement of any examinations and contests by a Taxing Authority of any Tax Returns that BMS is responsible for filing
under Article II; provided, however, that BMS shall not settle any matter that would cause a payment obligation for any member of the MJN Group under this Agreement without the consent of MJN (which consent shall not unreasonably be withheld
or delayed). If MJN does not respond to BMS’s request for consent within 30 days, MJN shall be deemed to have consented. Within 10 days of the commencement of any such audit proceeding or contest, BMS shall give MJN notice of and consult with
MJN with respect to any issues relating to items of income, gain, loss, deduction or credit of MJN (any such items, “MJN Return Items”); provided, however, that MJN shall not be relieved of any obligation to make additional
payments under this Agreement if BMS fails to timely deliver the notice described above except to the extent that MJN is actually prejudiced thereby. Notwithstanding the foregoing, BMS shall have the right in its sole discretion to have MJN pay any
disputed taxes and sue for a refund in the forum of BMS’s choice. BMS shall act in good faith with respect to the matters described in this Section 8.01(a). 
 (b) BMS and MJN shall have joint control with respect to the conduct and settlement of any examinations and contests by a Taxing Authority of any Separate Tax Return that MJN is responsible for filing under Article II
for which a Pro Forma MJN Separate Return must be prepared; provided, however, that BMS and MJN shall not settle any such examinations or contests without the consent of the other party (which consent shall not unreasonably be withheld or delayed).
If either BMS or MJN do not respond to the other party’s request for consent within 30 days, that party shall be deemed to have consented. BMS and MJN shall act in good faith with respect to the matters described in this Section 8.01(b).

  

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 SECTION 7.02. Expenses. MJN shall reimburse BMS for all reasonable out-of-pocket expenses
(including legal, consulting and accounting fees) in the course of proceedings described in Section 8.01 to the extent those expenses are reasonably attributable to any member of the MJN Group. 
 SECTION 7.03. Recalculation of Pro Forma MJN Return for a Determination. If there is a Determination that results in an additional payment of tax
(including a payment of tax made preliminary to commencing a refund claim or contest) or a refund of tax (including a refund of such a preliminary payment) (any such additional payment or refund, an “Adjustment”) relating to a BMS
Consolidated Return or a BMS Combined Return for any taxable period for which a Pro Forma MJN Return is required to be prepared, a corresponding adjustment shall be made to the corresponding Pro Forma MJN Return, as applicable. Within five days
after any such Adjustment, MJN or BMS, as appropriate, shall make additional payments or refund payments to the other party reflecting such Adjustment, plus interest pursuant to Section 10.01 of this Agreement, calculated as if payments by and
to MJN pursuant to Articles III, IV and VI of this Agreement and this Article IIX were payments and refunds of applicable Federal, state, local or foreign taxes. MJN shall further pay to BMS, on an after-tax basis, the amount of any
penalties or additions to tax incurred by the a member of the Parent Group in connection with any Adjustment to any MJN Return Item for a taxable period for which a Pro Forma MJN Return is required to be prepared. 
 ARTICLE VIII 
 General Cooperation and
Document Retention 
 SECTION 8.01. Cooperation. Each member of the Parent Group and the MJN Group shall cooperate fully with all
reasonable requests from the other party in connection with the preparation and filing of Tax Returns, audits, contest and other matters covered by this Agreement. 
 (a) Such cooperation shall include: 
 (i) the execution of any document that may be necessary
or reasonably helpful in connection with any audit or contest, the filing of a Tax Return by a member of the Parent Group or the MJN Group, or obtaining a tax opinion or private letter ruling; and 
 (ii) monitoring any Excess Loss Account relating to stock of a member of the MJN Consolidated Group. 
 SECTION 8.02. Duty to Mitigate Recognition or Recapture of Income. Prior to any event that may result in recognition or recapture of income
(including under any Gain Recognition Agreement), BMS and MJN shall use (and shall cause the members of the Parent Group and MJN Group, respectively, to use) all commercially reasonably efforts to eliminate such recognition or recapture of income or
otherwise avoid or minimize the impact thereof. For the avoidance of doubt: 
 (i) MJN agrees to enter into (or will cause the
appropriate member of the MJN Group to enter into) a new gain recognition agreement pursuant to Regulation 1.367(a)-8T(g) (relating to nonrecognition transfers), if entering into that agreement would preclude the recognition of gain described
in Section 4.02(c); and 
  

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 (ii) To the extent that any member of the MJN Group is a “U.S. transferor”
(within the meaning of Regulation 1.367(a)-8T(a)((1)(xi)) with respect to property for which a Gain Recognition Agreement was entered into, MJN agrees to comply (or will cause the appropriate member of the MJN Group to comply) with the annual
certification requirements of Regulation 1.367(a)-8T(b)(5) for the term of such Gain Recognition Agreement and to promptly provide copies of those annual certifications to BMS. 
 A current list of relevant Gain Recognition Agreements are set out in Schedule C (as amended from time to time). 
 SECTION 8.03. Authority. The person holding the office of Vice President, Taxes, BMS, (i) is hereby duly authorized to sign any Tax Return or
any other document relating to taxes as a duly authorized signatory of any member of the MJN Group and (ii) shall have final decision making authority in relation to the content of any Tax Returns or other documents relating to taxes, in each
case, unless, and solely with respect to Separate Returns filed by MJN under Section 2.01(c) (other than any Separate Returns described in the penultimate sentence of Section 2.01(c)), the Board of Directors of MJN affirmatively determines
otherwise. 
 SECTION 8.04. Document Retention, Access to Records & Use of Personnel. Until the expiration of the relevant
statute of limitations (including extensions), each of BMS and MJN shall (i) retain records, documents, accounting data, computer data and other information (collectively, the “Records”) necessary for the preparation, filing,
review, audit or defense of all Tax Returns relevant to an obligation, right or liability of either party under this Agreement; and (ii) give each other reasonable access to such Records and to its personnel (insuring their cooperation) and
premises to the extent relevant to an obligation, right or liability of either party under this Agreement. Prior to disposing of any such Records, each of BMS and MJN shall notify the other party in writing of such intention and afford the other
party the opportunity to take possession or make copies of such Records at its discretion. 
 SECTION 8.05. The parties agree, for U.S.
Federal income tax purposes, to treat the execution of the China Services Agreement as the contribution (under Section 351 of the Code) by BMS of its partnership interest in MJN China to MJN in consideration for low vote stock of MJN.

  

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 SECTION 8.06. Value Added Taxes. Certain cooperation and other provisions relating to value added
taxes payable in connection with transferring the MJN Business to members of the MJN Group are set out in the Separation Agreement dated at or around the date of this Agreement between BMS, MJN and Mead Johnson Nutrition Company. 
 SECTION 8.07. [Placeholder for Asia BV, requiring Dutch Holdco to accumulate earnings and profits during 2009 if there is a sale of Asia BV.] 

ARTICLE IX 
 Miscellaneous Provisions

 SECTION 9.01. Interest. Interest required to be paid pursuant to this Agreement shall, unless otherwise specified, be computed
at the rate and in the manner provided in the Code (or, where relevant, under applicable state, local or foreign law) for interest on underpayments and overpayments, respectively, of tax for the relevant period. Any payments required pursuant to
this Agreement that are not made within the time period specified in this Agreement shall bear interest at a rate equal to two hundred basis points above the average interest rate on the senior bank debt of BMS. 
 SECTION 9.02. No Duplication of Payment. Notwithstanding anything to the contrary herein, nothing in this Agreement shall require MJN or BMS, as
the case may be, to make any payment to the extent that the payment is attributable to a Tax Attribute for which payment has previously been made under this Agreement. 
 SECTION 9.03. Confidentiality. Each of BMS and MJN agrees that any information furnished pursuant to this Agreement is confidential and, except as and to the extent required by law or otherwise during the
course of an audit or contest or other administrative or legal proceeding, shall not be disclosed to other persons. In addition, each of BMS and MJN shall cause its employees, agents and advisors to comply with the terms of this Section 10.03.

 SECTION 9.04. Successors and Access to Information. This Agreement shall be binding upon and inure to the benefit of any successor
to any of the parties, by merger (including, for the avoidance of doubt, a merger with Mead Johnson Nutrition Company), acquisition of assets or otherwise, to the same extent as if the successor had been an original party to this Agreement, and in
such event, all references herein to a party shall refer instead to the successor of such party. 
 SECTION 9.05. Governing Law. This
Agreement shall be governed by and construed in accordance with the laws of New York excluding (to the greatest extent permissible by law) any rule of law that would cause the application of the laws of any jurisdiction other than the State of New
York. 
 SECTION 9.06. Headings. The headings in this Agreement are for convenience only and shall not be deemed for any purpose to
constitute a part or to affect the interpretation of this Agreement. 
  

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 SECTION 9.07. Counterparts. This Agreement may be executed simultaneously in two or more
counterparts, each of which will be deemed an original, and it shall not be necessary in making proof of this Agreement to produce or account for more than one counterpart. 
 SECTION 9.08. Notices. Any payment, notice or communication required or permitted to be given under this Agreement shall be in writing (including
telecopy communication) and mailed, telecopied or delivered to the parties at the following addresses (or at such other address as one party may specify by notice to the other party): 
 If to BMS: 
 If to MJN: 
 or to any other address as BMS or MJN shall furnish in writing to one another. All such notices and communications shall be effective when received. 
 SECTION 9.09. Severability. If any provision of this Agreement is held to be unenforceable for any reason, it shall be adjusted rather than
voided, if possible, in order to achieve the intent of the parties to the maximum extent practicable. In any event, all other provisions of this Agreement shall be deemed valid, binding, and enforceable to their full extent. 
 SECTION 9.10. Termination. This Agreement shall remain in force and be binding so long as the applicable period of assessments (including
extensions) remains unexpired for any taxes contemplated by this Agreement; provided, however, that neither BMS nor MJN shall have any liability to the other party with respect to tax liabilities for taxable years in which MJN is not included in the
BMS Consolidated Returns except as provided in Articles III and VI of this Agreement. 
 SECTION 9.11. Successor Provisions. Any
reference herein to any provisions of the Code or Treasury Regulations shall be deemed to include any amendments or successor provisions thereto as appropriate. 
 SECTION 9.12. Compliance by Group Members. BMS and MJN each agrees to cause all present and future members of the Parent Group and the MJN Group to comply with the terms of this Agreement. 
 SECTION 9.13. Survival. Notwithstanding anything in this agreement to the contrary, the provisions of this agreement shall survive for the full
period of all applicable statutes of limitations (giving effect to any waiver, mitigation or extensions thereof). 
  

 13 

 SECTION 9.14. Integration; Amendments. Except as explicitly stated herein, this Agreement embodies
the entire understanding between the parties relating to its subject matter and supersedes and terminates all prior agreements and understandings among the parties with respect to such matters. No promises, covenants or representations of any kind,
other than those expressly stated herein, have been made to induce any party to enter into this Agreement. This Agreement shall not be modified or terminated except by a writing duly signed by each of the parties hereto, and no waiver of any
provisions of this Agreement shall be effective unless in a writing duly signed by the party sought to be bound. If, and to the extent, the provisions of this Agreement conflict with the Transitional Services Agreement, the provisions of this
Agreement shall control. 
 SECTION 9.15. Waiver of Jury Trial. Each party waivers, to the fullest extent permitted by applicable law,
any right it may have to a trial by jury in respect of any dispute arising out of this agreement. 
  

 14 

 IN WITNESS WHEREOF, each of the parties of this Agreement has caused this Agreement to be executed by its
duly authorized officer as of the date first set forth above. 
  

			
	Bristol Myers Squibb Company
		
	by	 	
	
	  

	Name:	 	
	Title:	 	
	
	MJN Restructuring Holdco, Inc.
		
	by	 	
	
	  

	Name:	 	
	Title:	 	

  

 15Retention Agreement

 Exhibit 10.24 
 PERSONAL & CONFIDENTIAL AGREEMENT 
 Dirk Herman Hondmann 
 6117 Pembrooke Drive 
 Newburgh, Indiana 47630 
 Dear Dirk: 
 On behalf of Bristol-Myers Squibb Company (“BMS”), I
am pleased to offer you this Letter Agreement. If the BMS Board of Directors decides to proceed with a sale, spin-off, divestiture or other disposition (hereinafter, collectively the “Transformation”) of Mead Johnson Nutritionals (the
“Business”), you are being offered the following incentives to ensure that the Business is managed and operated efficiently throughout the process, the terms and conditions of which are outlined herein: 
  

	1.	Special Performance Bonus Amount. You will be eligible to receive a special cash performance bonus equal to your regular BMS target bonus level (“Special Bonus”) in
effect as of the closing date related to the Transformation of the Business (“Transformation Closing Date”) as follows: 

  

	 	(a)	If your employment transfers to a Successor (i.e., a third party purchaser of the Business or a spin-off of the Business, hereinafter “Successor”) as of the Transformation
Closing Date, you will be paid the Special Bonus as follows: 

  

	 	i.	50% of the Special Bonus will be paid to you within thirty (30) business days following the Transformation Closing Date, and 

  

	 	ii.	The remaining 50% of the Special Bonus will be paid within thirty (30) business days following the six (6) month anniversary of the Transformation Closing Date provided
that you either: (A) remain continuously employed by the Successor, or (B) you are involuntarily terminated other than for cause by the Successor prior to the six (6) month anniversary of the Transformation Closing Date (and in such
case you will be paid the remaining 50% of the Special Bonus within thirty (30) business days of your termination). 

  

	 	(b)	If you remain an employee of BMS after the Transformation Closing Date, you will be paid the Special Bonus as follows: 

  

	 	i.	50% of the Special Bonus will be paid to you within thirty (30) business days following the Transformation Closing Date, and 

  

	 	ii.	You will not be eligible for the remaining 50% of the Special Bonus. 

  

 1 

	 	(c)	The Special Bonus will not be paid if, for any reason, the Transformation is canceled. Further, if you seek out and transfer to another position at BMS or the Business prior to the
Transformation Closing Date, the Special Bonus will not be paid. The Company retains the right, in its sole discretion, to provide the initial 50% of the Special Bonus to you if you have been asked by the Company to assume other responsibilities
prior to the Transformation Closing Date. 

  

	2.	Annual Bonus. Provided that you remain an active employee with the Business through the Transformation Closing Date and your employment is transferred to the Successor, you
will be eligible for a pro rata cash bonus at your target bonus level in effect at the time of the Transformation Closing Date, payable in one lump sum for all full or partial months worked during the calendar year in which the date of the transfer
of your employment to the Successor occurs. Other than your right to pro-rata payment under the terms and conditions of this Letter Agreement, the Annual Bonus will be subject to the terms and conditions of the applicable BMS annual bonus plan in
effect as of the transfer date. Such amounts shall be paid within five (5) business days following your “separation from service” from BMS (within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the
“Code”) and final Treas. Reg. §1.409A-1(h)(1)(ii)) (“Separation from Service”). If you remain an employee of BMS after the Transformation Closing Date, you will not be entitled to the pro rata annual bonus contemplated by
this paragraph 2, but you will remain eligible for a bonus under the terms of the applicable BMS bonus plan then in effect. 

  

	3.	Enhanced Severance Payments. You will be eligible for enhanced severance payments if your employment is transferred to the Successor as a result of the Transformation and
your employment is then involuntarily terminated for reasons other than for cause by the Successor prior to the twelve (12) month anniversary date of the Transformation Closing Date. If your employment is terminated under these circumstances,
you will be eligible for the greater of: (i) a total of fifty-two (52) weeks of your base pay in effect as of the date of your termination, or (ii) the severance payments under the applicable BMS severance plan in effect as of the
date of your termination. If there are any severance payments available to you from the Successor, you will receive the difference between those severance payments and the severance payments available to you under this paragraph. Payments under this
Paragraph 3 shall commence immediately after your Separation from Service and shall be payable at regular payroll intervals according to your pay schedule then in effect. The enhanced severance payments described above, if greater than those you
would ordinarily have been entitled to, will be in lieu of, and not in addition to, the severance (if any) that would ordinarily have been payable to you under the terms of the applicable BMS Severance Plan or in any offer letter or other
arrangement between you and BMS. 

  

	4.	 Conditions of this Letter Agreement & General Release. The incentive payments and benefits described in this Letter Agreement in paragraphs 1
through 3 above are contingent upon all of the following conditions: (a) the Transformation Closing Date occurring on or before April 20, 2009; (b) you are an employee in good standing (i.e., meeting the company’s performance
expectations) of BMS as of the Transformation Closing Date; (c) your honoring the need for strict confidentiality regarding the 

  

 2 

	 	 
Transformation and the terms of this Letter Agreement, neither of which should be discussed with anyone other than your significant other, financial or legal
advisors without the express and specific permission of a designee of BMS; (d) your providing full support and cooperation in the best interests of BMS and the Business up to and including the Transformation Closing Date; and
(e) throughout the course of your continued employment with BMS and following the completion of the Transformation and/or your separation from BMS, if applicable, your taking no action which would be considered contrary to the best interests of
BMS, the Business, or their affiliates. 

 If you are on an unpaid leave of absence from BMS for more than thirty
(30) calendar days at any time between the date of this Letter Agreement and the Transformation Closing Date, all bonuses as described in paragraphs 1 and 2 will be pro-rated, if permissible under applicable law. A paid approved leave of
absence, as specified in the applicable BMS annual bonus plan in effect as of the Transformation Closing Date, will not impact your eligibility for the bonuses described in paragraphs 1 and 2 above. 
 Finally, in order to receive any of the benefits described in this Letter Agreement, you will be required to sign, timely return, and not revoke, a
Separation Agreement which will include a general release of all claims (in a form satisfactory to BMS), as well as other provisions, including, but not limited to, certain restrictive covenants, which will be provided to you as soon as practicable
on or around the Transformation Closing Date. 
  

	5.	Non-Solicitation. As a condition of your receipt of any payments or benefits under this Letter Agreement, commencing on the date of this Letter Agreement and ending on the
date which is one (1) year from the date of your separation from BMS and/or the transfer of your employment to a Successor, (the “Non-Solicitation Period), you will not, directly or indirectly, solicit for employment, hire, employ or
retain in any capacity, including, but limited to, as an employee, director, independent contractor, consultant or otherwise, other than for employment within BMS or its affiliates, any person who is employed or otherwise engaged on a full or
part-time basis by BMS and/or its affiliates during the Non-Solicitation Period. If you breach this provision, you will pay to BMS the sum of Ten Thousand Dollars ($10,000) for each act of solicitation, not as a penalty, but as liquidated damages
for injuries which precise economic value would be difficult to ascertain. 

 Additionally, you understand and agree that as
part of the Transformation process, BMS and/or the Business may place certain restrictions on certain third-parties prohibiting them from soliciting and or employing employees of the Business and/or BMS and you acknowledge that such restrictions are
permissible. 
  

	6.	Material Breach. Breach the terms of paragraphs 4 or 5 of this Letter Agreement and/or any provisions in the General Release shall constitute a material breach of this Letter
Agreement for which BMS or its affiliates may seek all relief available under the law. 

  

 3 

	7.	Not an Employment Agreement. Nothing in this agreement should be construed as a promise of employment for any particular time period. You are and remain an employee at will.

  

	8.	Withholding. It is understood and agreed that all amounts, payments or benefits payable to you as described in this Letter Agreement represent gross amounts and BMS is hereby
authorized to withhold any and all applicable withholdings and taxes from any such amounts, payments or benefits. 

  

	9.	Agreement Applicable in the Context of Change in Control of BMS. In the event of a “change in control” (as such term is defined under the Bristol-Myers Squibb
Company Change In Control Separation Benefits Plan and/or an individual change in control agreement held by you, if applicable), (i) paragraphs 2 and 3 of this Letter Agreement shall automatically be terminated and be null and void as of the
effective date of such “change in control”, and (ii) paragraphs 1, and paragraphs 4 through 15 shall remain in full force and effect. 

  

	10.	Governing Law; Jurisdiction. This Letter Agreement will be governed by and construed under the laws of the State of New York, without regard to its principles of conflict of
laws. If at any time after the date of this Letter Agreement any provision is held to be illegal, void, or unenforceable, that provision will have no force and effect. However, the illegality or unenforceability of that provision will not have any
effect on, and will not impair the enforceability of, any other provision of this Letter Agreement. If a court of competent jurisdiction finds that the General Release is illegal and/or unenforceable, you will be required to execute a form general
release that is legal and enforceable. 

  

	11.	Amendment/Waiver. No provision in this Letter Agreement may be amended unless agreed to in writing and signed by you and an authorized officer of BMS.

  

	12.	Supersedes All Prior Agreements & Exclusive Retention Benefit. You acknowledge and agree that this Letter Agreement supersedes any and all other prior agreements
entered into between you and BMS with regard to the subject matter hereof, whether written or oral. In the event that any or all other employees of the Business receive or are offered a retention or similar bonus payable upon the Transformation
Closing Date and/or in connection with the Transformation, you understand and agree that you will not be eligible to receive such retention or similar bonuses or benefits, except as explicitly set forth in this Letter Agreement, or as amended
consistent with paragraph 11, above. 

  

	13.	No assignments. You may not assign or delegate any rights or obligations hereunder. BMS may assign this Letter Agreement or delegate any rights hereunder without your consent
to any successor in interest. 

  

	14.	 Section 409A. If you are a “specified employee,” as determined by BMS in accordance with the requirements of Code
Section 409A(a)(2)(B)(i), then upon your Separation From Service, payments due to you under this Agreement that are deemed “nonqualified deferred compensation” under Code Section 409A and the final Treasury regulations thereunder
(and do not meet any of the exemptions under Code Section 409A and the 

  

 4 

	 	 
final regulations thereunder) shall be delayed until the earlier of (i) six months following the date of your Separation From Service or (ii) the
date of your death. To the fullest extent possible, amounts and other benefits payable under this Agreement are intended to be exempt from the definition of “nonqualified deferred compensation” under Code Section 409A in accordance
with one or more exemptions available under the final Treasury regulations promulgated under Code Section 409A and, to the extent that any such amount or benefit is or becomes subject to Code Section 409A due to a failure to qualify for an
exemption from the definition of “nonqualified deferred compensation” in accordance with such final Treasury regulations, this Agreement is intended to comply with the applicable requirements of Code Section 409A with respect to such
amounts or benefits. This Agreement shall be interpreted and administered to the extent possible in a manner consistent with the foregoing statement of intent. In no event whatsoever shall BMS or any of its affiliates be liable for any additional
tax, interest or penalties that may be imposed on you or your beneficiary or estate by Code Section 409A or any damages for failing to comply with Code Section 409A. 

  

	15.	Construction & Interpretation. Any determinations by BMS under this Letter Agreement including, but not limited to, determinations regarding eligibility for payments
and benefits hereunder shall be in the sole and absolute discretion of BMS and shall be conclusive and binding on all interested parties. 

 Please acknowledge your understanding of and agreement to the provisions of this Letter Agreement by signing and returning this letter to me by November 7, 2007. 
 Very truly yours, 
  

	
	/s/ John Celentano
	 John Celentano
 President, Health Care Group

Bristol-Myers Squibb Company

	
	AGREED TO AND ACCEPTED:
	
	/s/ Dirk Herman Hondmann
	Dirk Herman Hondmann
	
	DATE: 10/30/2007

  

 5 

 AMENDMENT TO LETTER AGREEMENT 
 August 11, 2008 
 Dirk Herman Hondmann 
 6117 Pembrooke Drive 
 Newburgh, Indiana 47630 
 Dear Dirk: 
 On behalf of Bristol-Myers Squibb Company (“BMS” or the “Company”), I am pleased to inform
you that BMS has approved certain enhancements to the letter agreement between you and BMS, dated October 30, 2007 (the “Letter Agreement”), which offered you certain incentives to ensure that Mead Johnson (the “Business”)
is managed and operated efficiently throughout the process of the Transformation of the Business. First, this Amendment to the Letter Agreement (“Amendment”) provides clarity that the definitions of Transformation and Successor include an
initial public offering or partial public offering of at least ten percent (10%) (“IPO”) of the Business. Second, the Effective Date of the Letter Agreement has been extended to December 31, 2009. Third, if the BMS Board of
Directors determines not to proceed with an IPO of the Business prior to December 31, 2009, you will remain eligible for the entirety of the Special Bonus and it will no longer be canceled under such circumstances. Fourth, this Amendment
explicitly provides that the method of calculating the Special Bonus will be based on your regular BMS target bonus level and any future bonuses for performance periods post-IPO will be based on the applicable bonus plans of the Business that take
effect on or after the IPO. Fifth, the enhanced severance payment has been extended for involuntary terminations for reasons other than for cause by the Successor to an eighteen (18) month period following the anniversary date of the
Transformation Closing Date, which has been increased from a twelve (12) month period. Furthermore, if your employment is terminated under such circumstances, you will now be eligible for the greater of: (i) a total of eighteen
(18) months of your base pay in effect as of the date of such termination, which has been increased from twelve (12) months of your base pay, or (ii) the severance payments under the applicable BMS severance plan in effect as of the
date of such termination. It has also been clarified that, if there are any severance payments available to you from the Successor, you will receive the greater of those severance payments or the severance payments available to you under the
paragraph relating to the enhanced severance payment, but not both. Finally, if an IPO of the Business occurs prior to December 31, 2009, and you are an employee of the Business after the Transformation Closing Date, you will also remain
eligible for benefits under the Bristol-Myers Squibb Change In Control Separation Benefits Plan (“BMS CIC Plan”), provided benefits under the BMS CIC Plan are available to similarly situated employees at your grade level or its equivalency
at Bristol-Myers Squibb Company. 
 Capitalized terms not otherwise defined or modified herein have the meanings ascribed to them in the Letter Agreement.

 The definitions of “Transformation” and “Successor” in the Letter Agreement are hereby amended to include an IPO of the Business.

  

 6 

 Paragraph 1(c) of the Letter Agreement is hereby amended in its entirety to read as follows: 
  

	 	(c)	(i)  The Special Bonus will be paid if (A) the IPO is canceled by BMS prior to December 31, 2009, and (B) you are an active employee and in good standing of
the Business as of the date the decision to cancel the IPO is made. The Special Bonus will be paid approximately six (6) months following the date the decision is made to cancel the IPO, but in no event later than March 15th of the
calendar year following the date the decision to cancel the IPO is made, to comply with Internal Revenue Code Section 409A. 

 (ii) The Special Bonus will not be paid in the event (A) you seek out and transfer to another position at BMS or the Business prior to the Transformation Closing Date, (B) the Transformation takes a form other than the IPO and is
then canceled prior to December 31, 2009; or (C) except as otherwise provided in paragraph 1(c)(i) above, the Transformation Closing Date does not occur on or before December 31, 2009. 
 (iii) The Company retains the right, in its sole discretion, to provide the initial 50% of the Special Bonus to you if you have been asked by the Company
to assume other responsibilities prior to the Transformation Closing Date in the time period described in paragraph 1(a)i. above. 
 Paragraph 1(d) is hereby
added to the Letter Agreement so as to immediately follow Paragraph 1(c) as follows: 
  

	 	(d)	In the event you are eligible for a Special Bonus under sub-section 1(a), 1(b) or 1(c)(iii), the calculation of the Special Bonus will be based on your regular BMS target bonus
level in effect immediately prior to the Transformation Closing Date. In the event you are eligible for a Special Bonus under sub-section 1(c)(i), the calculation of the Special Bonus will be based on your regular BMS target bonus level in effect
immediately prior to the date the decision to cancel the IPO is made. In the event of an IPO, your target cash bonus for performance periods post-IPO will be based on the applicable bonus plans and programs in effect for Business employees and such
plans and programs will have no relevance to the calculation of the Special Bonus. 

 Paragraph 3 of the Letter Agreement is hereby amended in
its entirety to read as follows: 
  

	3.	 Enhanced Severance Payments. You will be eligible for enhanced severance payments if your employment is transferred to the Successor as a result of the
Transformation and your employment is then involuntarily terminated for reasons other than for cause by the Successor prior to the eighteen (18) month anniversary date of the Transformation Closing Date. If your employment is terminated under
these circumstances, you will be eligible for the greater of: (i) a total of eighteen (18) months of your base pay in effect as of the date of your termination by the Successor, or (ii) the severance payments under the applicable BMS
severance plan in effect as of the date of your termination by the Successor. If there are any severance payments available to you from the 

  

 7 

	 	 
Successor, you will receive the greater of those severance payments or the severance payments available to you under this paragraph, but not both. Payments
under this Paragraph 3 shall commence immediately after your Separation from Service by the Successor and shall be payable at regular payroll intervals according to your pay schedule then in effect. The enhanced severance payments described above,
if greater than those you would ordinarily have been entitled to, will be in lieu of, and not in addition to, the severance (if any) that would ordinarily have been payable to you under the terms of the applicable BMS Severance Plan or in any offer
letter or other arrangement between you and BMS. 

 Paragraph 4 of the Letter Agreement is hereby amended in its entirety to read as
follows: 
  

	4.	Conditions of this Letter Agreement & General Release. The incentive payments and benefits described in this Letter Agreement in Paragraphs 1 through 3 above are
contingent upon all of the following conditions: (a) the Transformation Closing Date occurring on or before December 31, 2009, except as otherwise provided in paragraph 1(c)(i) above; (b) you are an employee in good standing (i.e.,
meeting the company’s performance expectations) of BMS as of the Transformation Closing Date; (c) your honoring the need for strict confidentiality regarding the Transformation; (d) your honoring the need for strict confidentiality
regarding the terms of this Letter Agreement, which should not be discussed with anyone other than your significant other, financial or legal advisors without the express and specific permission of a designee of BMS; (e) your providing full
support and cooperation in the best interests of BMS and the Business up to and including the Transformation Closing Date; and (f) throughout the course of your continued employment with BMS and following the completion of the Transformation
and/or your separation from BMS, if applicable, your taking no action which would be considered contrary to the best interests of BMS, the Business, or their affiliates. 

 If you are on an unpaid leave of absence from BMS for more than thirty (30) calendar days at any time between the date of this Letter Agreement and
the Transformation Closing Date, all bonuses as described in Paragraphs 1 and 2 will be pro-rated, if permissible under applicable law. A paid approved leave of absence, as specified in the applicable BMS annual bonus plan in effect as of the
Transformation Closing Date, will not impact your eligibility for the bonuses described in Paragraphs 1 and 2 above. 
 Finally, in order
to receive any of the benefits described in this Letter Agreement, you will be required to sign, timely return, and not revoke, a Separation Agreement which will include a general release of all claims (in a form satisfactory to BMS), as well as
other provisions, including, but not limited to, certain restrictive covenants, which will be provided to you as soon as practicable on or around the Transformation Closing Date. 
  

 8 

 Paragraph 9 of the Letter Agreement is hereby amended in its entirety to read as follows: 
  

	9.	Agreement Applicable in the Context of Change in Control of BMS. In the event of a “change in control” (as such term is defined under the Bristol-Myers Squibb
Company Change In Control Separation Benefits Plan (“BMS CIC Plan”) prior to the Transformation Closing Date, this Letter Agreement shall automatically be terminated and be null and void as of the effective date of such “change in
control.” If the Transformation (i) is an IPO of the Business, (ii) the Business becomes and/or remains a subsidiary of BMS, and (iii) you remain an employee either of BMS or of the Business after the Transformation Closing Date,
you will remain eligible for benefits under the BMS CIC Plan if a change in control of BMS occurs, provided that benefits under the BMS CIC Plan are available to similarly situated employees in your grade level or its equivalency at BMS. In no case,
however, will you be eligible for benefits under the BMS CIC Plan if a change in control of the Business occurs. 

 All other provisions of the
Letter Agreement remain unchanged and in full force and effect. 
 Pursuant to Paragraph 11 of the Letter Agreement, no provision of the Letter Agreement may
be amended unless such amendment is agreed to in writing and signed by you and an authorized officer of BMS. Accordingly, in order for the enhancements to the Letter Agreement set out in the Amendment to have effect, you must acknowledge your
understanding of and agreement to the terms of the Amendment by signing and returning this letter to me no later than August 25, 2008. 
 Very truly
yours, 
  

	
	/s/ Stephen W. Golsby
	 Stephen W. Golsby
 President, Mead Johnson Nutritionals

	
	AGREED TO AND ACCEPTED:
	
	/s/ Dirk Herman Hondmann
	Dirk Herman Hondmann

  
  

 9

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