Document:

EX-10.8

 

Exhibit 10.8

September 17, 2007                     

Seanergy Maritime Corp.

10, Amfitheas Avenue

17564 P. Faliro

Athens, Greece

Maxim Group LLC

405 Lexington Avenue

New York, New York 10174

Re:      Initial Public Offering

Dear
Gentlemen:

     The undersigned, a director of Seanergy Maritime Corp. (the “Company”), in consideration of
Maxim Group LLC (“Maxim”) entering into a letter of intent, dated June 21, 2006 and as amended on
May 27, 2007 (the “Letter of Intent”), to underwrite an initial public offering (“IPO”) of the
securities of the Company and embarking on, undertaking and continuing to participate in the IPO
process, hereby agrees as follows (certain capitalized terms used herein are defined in paragraph
XII hereof):

     I. (1) In the event that the Company fails to consummate a Business Combination within 24
months from the effective date (the “Effective Date”) of the registration statement relating to the
IPO, the undersigned shall, in accordance with all applicable requirements of the Marshall Islands
Business Corporation Act, take all action reasonably within his power to dissolve the Company and
distribute all funds held in the Trust Account to holders of IPO Shares as soon as reasonably
practicable, including, without limitation: (i) causing the Company’s board of directors to convene
and adopt a plan of dissolution and liquidation and (ii) voting, as a director (if applicable), in
favor of adopting such plan of dissolution and liquidation.

          (2) Except with respect to any of the IPO Shares acquired by the undersigned in connection
with or following the IPO, the undersigned hereby (a) waives any and all right, title, interest or
claim of any kind (a “Claim”) in or to all funds in the Trust Account and any remaining net assets
of the Company upon liquidation of the Trust Account and dissolution of the Company, (b) waives any
Claim the undersigned may have in the future as a result of, or arising out of, any contracts or
agreements with the Company (c) agrees that the undersigned will not seek recourse against the
Trust Account for any reason whatsoever.

     II. In order to minimize potential conflicts of interest which may arise from multiple
affiliations, the undersigned agrees: (A) not to become an officer or director of any blank check
company until the earlier of the completion of a Business Combination or the Company’s dissolution
and liquidation and (B) to present to the Company for its consideration, prior to presentation to
any other person or entity, any suitable opportunity to acquire an operating business or vessels,
until the earlier of: (i) the consummation by the Company of a Business Combination, (ii) the
dissolution of the Company or (iii) such time as the undersigned ceases to be a director of the
Company, subject to any pre-existing fiduciary and contractual obligations

 

 

the undersigned might have. Such pre-existing fiduciary or contractual
obligations are described more fully in Exhibit A hereto.

     III. The undersigned acknowledges and agrees that the Company will not consummate any Business
Combination with a company affiliated with any of the Insiders unless the Company obtains an
opinion from an independent investment banking firm which is a member of the National Association
of Securities Dealers, Inc. and is reasonably acceptable to Maxim that the Business Combination is
fair to the Company’s shareholders from a financial perspective.

     IV. Neither the undersigned, any member of the Immediate Family of the undersigned, nor any
affiliate of the undersigned (“Affiliate”) will be entitled to receive, and no such person will
accept, any compensation for services rendered to the Company prior to, or in connection with, the
consummation of a Business Combination; provided, however, that the undersigned shall be entitled
to reimbursement from the Company for his out-of-pocket expenses incurred in connection with
seeking and consummating a Business Combination.

     V. Neither the undersigned, any member of the Immediate Family of the undersigned, nor any
Affiliate of the undersigned will be entitled to receive or accept a finder’s fee or any other
compensation in the event the undersigned, any member of the Immediate Family of the undersigned or
any Affiliate originates a Business Combination.

     VI. (1) The undersigned agrees to be a director of the Company until the earlier of the
consummation of a Business Combination or the dissolution of the Company. The undersigned agrees to
not to resign (or advise the board of directors that the undersigned declines to seek re-election
to the board of directors) from his position as director of the Company as set forth in the
Registration Statement without the prior consent of Maxim until the earlier of the consummation by
the Company of a Business Combination or the liquidation of the Trust Account and the dissolution
of the Company. The undersigned acknowledges that the foregoing does not interfere with or limit
in any way the right of the Company to terminate the undersigned’s position at any time (subject to
other contractual rights the undersigned may have) nor confer upon the undersigned any right to
continue in his position with the Company.

          (2) The undersigned’s biographical information furnished to the Company and Maxim and attached
hereto as Exhibit B is true and accurate in all respects, does not omit any material information
with respect to the undersigned’s background and contains all of the information required to be
disclosed pursuant to Item 401 of Regulation S-K, promulgated under the Securities Act of 1933, as
amended. The undersigned’s Questionnaire previously furnished to the Company and Maxim is true and
accurate in all respects as of the date first written above.

          (3) The undersigned represents and warrants that:

     (a) No petition under the Federal bankruptcy laws or any state insolvency law
has been filed by or against, or a receiver, fiscal agent or similar officer was
appointed by a court for the business or property of the undersigned, or any
partnership in which the undersigned was or is a general partner at or within two
years prior to the date hereof, or any corporation or business

 

 

association of which the undersigned was an executive officer at or within two
years prior to the date hereof;

     (b) The undersigned has not been convicted in any criminal proceeding nor is
the undersigned currently a named subject of a pending criminal proceeding
(excluding traffic violations and other minor offenses);

     (c) The undersigned has not been the subject of any order, judgment, or decree,
not subsequently reversed, suspended or vacated, of any court of competent
jurisdiction, permanently or temporarily enjoining the undersigned from, or
otherwise limiting, the following activities:

     (d) Acting as a futures commission merchant, introducing broker, commodity
trading advisor, commodity pool operator, floor broker, leverage transaction
merchant, any other person regulated by the Commodity Futures Trading Commission, or
an associated person of any of the foregoing, or as an investment adviser,
underwriter, broker or dealer in securities, or as an affiliated person, director or
employee of any investment company, bank, savings and loan association or insurance
company, or engaging in or continuing any conduct or practice in connection with
such activity;

     (e) Engaging in any type of business practice; or

     (f) Engaging in any activity in connection with the purchase or sale of any
security or commodity or in connection with any violation of Federal or State
securities laws or Federal commodities laws;

          (4) The undersigned has not been the subject of any order, judgment or decree, not
subsequently reversed, suspended or vacated, of any Federal or State authority barring, suspending
or otherwise limiting for more than sixty (60) days the right of the undersigned to engage in any
activity described in paragraph (c)(i) above, or to be associated with persons engaged in any such
activity;

          (5) The undersigned has not been found by a court of competent jurisdiction in a civil action
or by the Securities and Exchange Commission to have violated any Federal or State securities law,
and the judgment in such civil action or finding by the Securities and Exchange Commission has not
been subsequently reversed, suspended, or vacated; and

          (6) The undersigned has not been found by a court of competent jurisdiction in a civil action
or by the Commodity Futures Trading Commission to have violated any Federal commodities law, and
the judgment in such civil action or finding by the Commodity Futures Trading Commission has not
been subsequently reversed, suspended or vacated.

 

 

     VII. The undersigned has full right and power, without violating any agreement by which he is
bound, to enter into this letter agreement and to serve as a director of the Company.

     VIII. The undersigned acknowledges and understands that Maxim and the Company will rely upon
the agreements, representations and warranties set forth herein in proceeding with the IPO.

     IX. The undersigned authorizes any employer, financial institution, or consumer credit
reporting agency to release to Maxim or the Company and their respective legal representatives or
agents (including any investigative search firm retained by Maxim) any information they may have
about the undersigned’s background and finances (the “Information”). Neither Maxim nor the Company
nor their respective agents shall be violating the undersigned’s right of privacy in any manner in
requesting and obtaining the Information and the undersigned hereby releases them from liability
for any damage whatsoever in that connection.

     X. In connection with the vote required to consummate a Business Combination, the undersigned
agrees that he will vote all shares of Common Stock acquired in or following the IPO in favor of a
Business Combination.

     XI. This letter agreement shall be governed by and construed and enforced in accordance with
the laws of the State of New York, without giving effect to conflicts of law principles that would
result in the application of the substantive laws of another jurisdiction. The undersigned hereby
(i) agrees that any action, proceeding or claim against him arising out of or relating in any way
to this letter agreement (a “Proceeding”) shall be brought and enforced in the federal courts of
the United States of America for the Southern District of New York, and irrevocably submits to the
jurisdiction of such courts, which jurisdiction shall be exclusive, (ii) waives any objection to
the exclusive jurisdiction of such courts and any objection that such courts represent an
inconvenient forum and (iii) irrevocably agrees to appoint Loeb & Loeb LLP as agent for the service
of process in the State of New York to receive, for the undersigned and on his behalf, service of
process in any Proceeding. If for any reason such agent is unable to act as such, the undersigned
will promptly notify the Company and Maxim and appoint a substitute agent acceptable to each of the
Company and Maxim within 30 days and nothing in this letter will affect the right of either party
to serve process in any other manner permitted by law.

     XII. As used herein, (i) a “Business Combination” shall mean an acquisition by the Company, by
merger, capital stock exchange, asset or stock acquisition, reorganization or otherwise, of an
operating business or businesses in the maritime shipping industry but not limited to acquisitions
in that industry; (ii) “Common Stock” shall mean the common stock, par value $.0001 per share, of
the Company; (iii) “Insiders” shall mean all officers, directors and shareholders of the Company
immediately prior to the IPO; (iv) “Immediate Family” shall mean, with respect to any person, such
person’s spouse, children, parents and siblings (including any such relative by adoption or
marriage); (v) “IPO Shares” shall mean the shares of Common Stock issued in the Company’s IPO; and
(vi) “Trust Account” shall mean the trust account in which most of the proceeds to the Company of
the IPO will be deposited and held for the benefit of the holders of the IPO shares, as described
in greater detail in the prospectus relating to the IPO.

 

 

     XIII. This letter agreement shall supersede any other letter agreement signed by the
undersigned with respect to the subject matter hereof.

	 	 	 	 	 
	 
	 
	 

	 	/s/
Elias M. Culucundis

Elias M. Culucundis
	 	 

 

 

EXHIBIT A

			
	•	 	Folli Follie S.A., Member of the Board of Directors
	 
	•	 	Links of London (Owned by Folli Follie S.A.)
	 
	•	 	Hellenic Duty Free Shops S.A., Executive Member of the Board of
Directors

 

 

EXHIBIT B

     Elias M. Culucundis 
has been a director of the company since inception. Mr. Culucundis has experience in the negotiation of acquisitions,
as well as the oversight of due diligence. Since 2002, Mr. Culucundis has been a member of the Board of Directors of Folli
Follie S.A. and since 2006 an executive member of the Board of Directors of Hellenic Duty Free Shops S.A. Since 1999, Mr.
Culucundis has been President, Chief Executive Officer and Director of Equity Shipping Company Ltd., a company specializing
in starting, managing and operating commercial and technical shipping projects the value of which exceeded 100 million as of
 the end of 2006. Additionally, from 1996 to 2000, he was a director of Kassian Maritime Shipping Agency Ltd., a ship
management company operating a fleet of ten bulk carriers with revenues of approximately $180M, in 2006. During this time,
Mr. Culucundis was also a director of Point Clear Navigation Agency Ltd, a marine project company instrumental in opening
the Chinese shipbuilding market to Greek shipping. Point Clear Navigation Agency Ltd. aided in technically and commercially
structuring the first panamax bulk carrier and the first panamax tanker to be built in Shanghai, China that subsequently
became the prototype for over 50 subsequent orders for Greek shipping. From 1981 to 1995, Mr. Culucundis was a director of
Kassos Maritime Enterprises Ltd., a company engaged in ship management. While at Kassos, he was initially a Technical
Director and eventually ascended to the position of Chief Executive Officer, overseeing a large fleet of panamax, aframax
and VLCC tankers, as well as overseeing new building contracts, specifications and the construction of new buildings. From
1971 to 1980, Mr. Culucundis was a director and the Chief Executive Officer of Off Shore Consultants Inc. and Naval
Engineering Dynamics Ltd. Off Shore Consultants Inc. was a pioneer in FPSO (Floating Production, Storage and Offloading
vessel, “FPSO”) design and construction and responsible for the technical and commercial supervision
of a pentagon-type drilling rig utilized by Royal Dutch Shell plc.
Seven FPSO’s were designed and constructed
that were subsequently utilized by Pertamina, ARCO, Total and Elf-Aquitaine. Naval Engineering Dynamics Ltd. was responsible for purchasing, rebuilding and operating vessels that had suffered major damage. From 1966 to 1971, Mr. Culucundis was employed as a Naval Architect for A.G. Pappadakis Co. Ltd., London, responsible for tanker and bulk carrier new buildings and supervising the technical operation of the company fleet. He is a graduate of Kings College, Durham University, Great Britain, with a degree in Naval Architecture and Shipbuilding. He is a member of several industry organizations, including the Council of the Union of Greek Shipowners and American Bureau of Shipping. Mr. Culucundis is a fellow of the Royal Institute of Naval Architects and a Chartered Engineer.EX-4.1

 

EXECUTION
VERSION

SCHERING-PLOUGH CORPORATION

THE BANK OF NEW YORK

Trustee

 

THIRD SUPPLEMENTAL INDENTURE

Dated as of September 17, 2007

 

$1,000,000,000 6.00% Senior Notes due 2017

$1,000,000,000 6.55% Senior Notes due 2037

 

 

SCHERING-PLOUGH CORPORATION

THIRD SUPPLEMENTAL INDENTURE

$1,000,000,000 6.00% Senior Notes due 2017

$1,000,000,000 6.55% Senior Notes due 2037

     THIRD SUPPLEMENTAL INDENTURE, dated as of September 17, 2007, between SCHERING-PLOUGH
CORPORATION, a New Jersey corporation (the “Company”), and THE BANK OF NEW YORK, as trustee (the
“Trustee”).

RECITALS

     A. The Company has previously executed and delivered to the Trustee an Indenture, dated as of
November 26, 2003 (the “Base Indenture” and, as hereby supplemented and amended, the “Indenture”),
providing for the issuance from time to time of one or more series of the Company’s debt securities
(the “Debt Securities”).

     B. Pursuant to the terms of the Indenture, the Company desires to provide for the
establishment of a series of Debt Securities to be designated as the “6.00% Senior Notes due 2017”
(the “2017 Notes”) and a series of Debt Securities to be designated as the “6.55% Senior Notes due
2037” (the “2037 Notes”, and together with the 2017 Notes, the “Notes”), the form and substance of
such Notes and the terms, provisions and conditions thereof to be set forth as provided in the Base
Indenture and this Third Supplemental Indenture.

     C. Sections 201 and 301 of the Base Indenture provide that various matters with respect to any
series of Debt Securities issued under the Indenture may be established in an indenture
supplemental to the Indenture.

     D. Subparagraph (7) of Section 901 of the Base Indenture provides that the Company and the
Trustee may enter into an indenture supplemental to the Indenture to establish the form or terms of
Debt Securities of any series as permitted by Sections 201 and 301 of the Base Indenture.

     E. For and in consideration of the premises and the issuance of the series of Debt Securities
provided for herein, it is mutually covenanted and agreed, for the equal and proportionate benefit
of the Holders of the Debt Securities of such series, as follows:

 

 

ARTICLE ONE

Relation to Base Indenture; Additional Definitions

     Section 101. Relation to Base Indenture. This Third Supplemental Indenture constitutes an
integral part of the Base Indenture.

     Section 102. Additional Definitions. For all purposes of this Third Supplemental Indenture:

     (a) All references herein to Articles and Sections, unless otherwise specified, refer to the
corresponding Articles and Sections of this Third Supplemental Indenture.

     (b) The terms “herein,” “hereof,” “hereunder” and other words of similar import refer to this
Third Supplemental Indenture.

     (c) Capitalized terms used herein shall have the meaning specified herein or in the Base
Indenture, as the case may be.

     “2017 Notes” has the meaning set forth in the paragraph B of the Recitals hereof.

     “2017 Note Interest Payment Date” has the meaning set forth in Section 204(a) hereof.

     “2017 Notes Maturity Date” has the meaning set forth in Section 203 hereof.

     “2037 Notes” has the meaning set forth in the paragraph B of the Recitals hereof.

     “2037 Note Interest Payment Date” has the meaning set forth in Section 304(a) hereof.

     “2037 Notes Maturity Date” has the meaning set forth in Section 303 hereof.

     “Agent Members” has the meaning set forth in Section 404 hereof.

     “Base Indenture” has the meaning set forth in paragraph A of the Recitals hereof.

     “Below Investment Grade Rating Event” means the ratings on the 2017 Notes or the 2037
Notes are lowered by each of the Rating Agencies and the Notes are rated below an Investment
Grade Rating by each of the Rating Agencies on any date from the date of the public notice
of an arrangement that could result in a Change of Control until the end of the 60-day
period following public notice of the occurrence of the Change of Control (which 60-day
period shall be extended so long as the rating of the 2017 Notes or the 2037 Notes, as
applicable, is under publicly announced consideration for possible downgrade by any of the
Rating Agencies); provided that a Below Investment Grade
Rating Event otherwise arising by virtue of a particular reduction in rating shall not be

2

 

deemed to have occurred in respect of a particular Change of Control (and thus shall not
be deemed a Below Investment Grade Rating Event for purposes of the definition of Change of
Control Triggering Event hereunder) if the Rating Agencies making the reduction in rating to
which this definition would otherwise apply do not announce or publicly confirm or inform
the Trustee or the Company in writing at the Trustee’s or the Company’s request that the
reduction was the result, in whole or in part, of any event or circumstance comprised of or
arising as a result of, or in respect of, the applicable Change of Control (whether or not
the applicable Change of Control shall have occurred at the time of the Below Investment
Grade Rating Event).

     “Board Resolution” means a copy of a resolution certified by the Secretary, Deputy
Secretary or Assistant Secretary of the Company to have been duly adopted by the Board of
Directors, or officers of the Company to which authority to act on behalf of the Board of
Directors has been delegated, and to be in full force and effect on the date of such
certification, and delivered to the Trustee.

     “Capital Stock” of any Person means any and all shares, interests, rights to purchase,
warrants, options, participation or other equivalents of or interests in (however
designated) equity of such Person, including any preferred stock and limited liability or
partnership interests (whether general or limited), but excluding any debt securities
convertible into such equity.

     “Certificated Note” has the meaning set forth in Section 404(f) hereof.

     “Change of Control” means the occurrence of any of the following: (1) the direct or
indirect sale, transfer, conveyance or other disposition (other than by way of merger or
consolidation), in one or a series of related transactions, of all or substantially all of
the Company’s properties or assets and of the Company’s subsidiaries’ properties or assets
taken as a whole to any Person or group of related “persons” (as that term is used in
Section 13(d)(3) of the Exchange Act) (a “Group”) other than the Company or one of its
subsidiaries; (2) the adoption of a plan relating to the Company’s liquidation or
dissolution; (3) the consummation of any transaction (including, without limitation, any
merger or consolidation) the result of which is that any Person or Group becomes the
beneficial owner, directly or indirectly, of more than 50% of the then outstanding number of
shares of the Company’s Voting Stock; or (4) the first day on which a majority of the
members of the Company’s board of directors are not Continuing Directors.

     “Change of Control Offer” has the meaning set forth in Section 601(a) hereof.

     “Change of Control Payment” has the meaning set forth in Section 601(a) hereof.

     “Change of Control Payment Date” has the meaning set forth in Section 601(b)(3) hereof.

     “Change of Control Triggering Event” means the occurrence of both a Change of Control
and a Below Investment Grade Rating Event.

3

 

     “Comparable Treasury Issue” means the United States Treasury security or securities
selected by an Independent Investment Banker as having an actual or interpolated maturity
comparable to the remaining term of the Notes to be redeemed that would be utilized, at the
time of selection and in accordance with customary financial practice, in pricing new issues
of corporate debt securities of comparable maturity to the remaining term of the Notes to be
redeemed.

     “Comparable Treasury Price” means, with respect to any Redemption Date, (1) the average
of five Reference Treasury Dealer Quotations for such Redemption Date, after excluding the
highest and the lowest of such Reference Treasury Dealer Quotations, or (2) if the Trustee
obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such
quotations.

     “Continuing Director” means, as of any date of determination, any member of the
Company’s board of directors who (1) was a member of the Company’s board of directors on the
Issue Date of the Notes; or (2) was nominated for election or elected to the Company’s board
of directors with the approval of a majority of the Continuing Directors who were members of
the Company’s board of directors at the time of such nomination or election (either by a
specific vote or by approval of the Company’s proxy statement in which such member was named
as a nominee for election as a director).

     “Debt Securities” has the meaning set forth in the paragraph A of the Recitals hereof.

     “Depositary” means the Depositary Trust Company.

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

     “Fitch” means Fitch Ratings or its successor.

     “Global Notes” has the meaning set forth in Section 403 hereof.

     “Independent Investment Banker” means one of the Reference Treasury Dealers appointed
by the Trustee after consultation with the Company.

     “Investment Grade Rating” means a rating equal to or higher than BBB- (or the
equivalent) by Fitch, Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by
S&P.

     “Issue Date” means September 17, 2007.

     “Moody’s” means Moody’s Investors Service, Inc. or its successor.

     “Notes” has the meaning set forth in the paragraph B of the Recitals hereof.

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

4

 

and, for purposes of the definition of Person within the definition of “Change of
Control”, including a “person” as that term is used in Section 13(d)(3) of the Exchange Act.

     “Rating Agencies” means (1) each of Fitch, Moody’s and S&P; and (2) if any of Fitch,
Moody’s or S&P ceases to rate the Notes or fails to make a rating of the Notes publicly
available for reasons outside of the Company’s control, a “nationally recognized statistical
rating organization” within the meaning of Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act,
selected by the Company (as certified by a resolution of the Company’s board of directors)
as a replacement agency for Fitch, Moody’s or S&P, or all of them, as the case may be.

     “Quotation Agent” means one of the Reference Treasury Dealers appointed by the Company.

     “Reference Treasury Dealer” means each of Goldman, Sachs & Co., BNP Paribas Securities
Corp., Credit Suisse Securities (USA) LLC and J.P. Morgan Securities Inc. or their
affiliates plus one other dealer selected by the Company that is a primary U.S. Government
securities dealer, and their respective successors; provided, however, that if any of the
foregoing or their affiliates shall cease to be a primary U.S. Government securities dealer
in The City of New York (a “Primary Treasury Dealer”), the Company shall substitute therefor
another Primary Treasury Dealer.

     “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury
Dealer and any Redemption Date, the average, as determined by the Trustee, of the bid and
asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of
its principal amount) quoted in writing to the Trustee by such Reference Treasury Dealer at
3:30 p.m., New York City time, on the third business day preceding the Redemption Date.

     “S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill
Companies, Inc. or its successor.

     “Securities Act” means the Securities Act of 1933, as amended.

     “Treasury Rate” means, with respect to any Redemption Date, the rate per year equal to
the semiannual equivalent yield to maturity or interpolated (on a day count basis) of the
Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as
a percentage of its principal amount) equal to the Comparable Treasury Price for the
Redemption Date.

     “Voting Stock” of a Person means all classes of Capital Stock of such Person then
outstanding and normally entitled to vote in the election of directors, managers or
trustees, as applicable.

5

 

ARTICLE TWO

The 2017 Notes

     Section 201. Title of the Series of Debt Securities. The 2017 Notes shall be known and
designated as the “6.00% Senior Notes due 2017”.

     Section 202. Limitation on Aggregate Principal Amount. The Trustee shall authenticate and
deliver 2017 Notes for original issue on the Issue Date in the aggregate principal amount of
$1,000,000,000 upon a Company Order for the authentication and delivery thereof and satisfaction of
Section 303 of the Base Indenture. Such order shall specify the amount of the 2017 Notes to be
authenticated, the date on which the original issue of Notes is to be authenticated and the name or
names of the initial Holder or Holders. The aggregate principal amount of 2017 Notes that may
initially be outstanding shall not exceed $1,000,000,000; provided, however, that the authorized
aggregate principal amount of the Notes may be increased above such amount by a Board Resolution to
such effect.

     Section 203. Stated Maturity. The Stated Maturity of the 2017 Notes shall be September 15,
2017 (the “2017 Notes Maturity Date”).

     Section 204. Interest and Interest Rates.

     (a) The 2017 Notes shall bear interest at the rate of 6.00% per annum. Such interest shall be
payable semiannually in arrears on March 15 and September 15 of each year (each such date, a “2017
Notes Interest Payment Date”), commencing March 15, 2008. Interest is payable to the Holders of
record of the 2017 Notes at the close of business on the March 1 or September 1 preceding the
applicable Interest Payment Date.

     (b) Any principal and premium, if any, and any installment of interest, which is overdue shall
bear interest at the rate per annum at which interest is then accruing on the principal amount of
the Notes (to the extent permitted by law), from the dates such amounts are due until they are paid
or made available for payment, and such interest shall be payable on demand.

ARTICLE THREE

The 2037 Notes

     Section 301. Title of the Series of Debt Securities . The 2037 Notes shall be known and designated as the “6.55% Senior Notes due 2037”.

     Section 302. Limitation on Aggregate Principal Amount. The Trustee shall authenticate and
deliver 2037 Notes for original issue on the Issue Date in the aggregate principal amount of
$1,000,000,000 upon a Company Order for the authentication and delivery thereof and satisfaction of
Section 303 of the Base Indenture. Such order shall specify the
amount of the 2037 Notes to be authenticated, the date on which the original issue of Notes is to be

6

 

authenticated and the name or
names of the initial Holder or Holders. The aggregate principal amount of 2037 Notes that may
initially be outstanding shall not exceed $1,000,000,000; provided, however, that the authorized
aggregate principal amount of the Notes may be increased above such amount by a Board Resolution to
such effect.

     Section 303. Stated Maturity. The Stated Maturity of the 2037 Notes shall be September 15,
2037 (the “2037 Notes Maturity Date”).

     Section 304. Interest and Interest Rates.

     (a) The 2037 Notes shall bear interest at the rate of 6.55% per annum. Such interest shall be
payable semiannually in arrears on March 15 and September 15 of each year (each such date, a “2037
Note Interest Payment Date”), commencing March 15, 2008. Interest is payable to the Holders of
record of the 2037 Notes at the close of business on the March 1 or September 1 preceding the
applicable Interest Payment Date.

     (b) Any principal and premium, if any, and any installment of interest, which is overdue shall
bear interest at the rate per annum at which interest is then accruing on the principal amount of
the Notes (to the extent permitted by law), from the dates such amounts are due until they are paid
or made available for payment, and such interest shall be payable on demand.

ARTICLE FOUR

General Provisions Applicable to Each Series of the Notes

     Section 401. Place of Payment. The Trustee shall initially serve as the Security Registrar,
transfer agent and paying agent for the Notes. The Place of Payment where the Notes may be
presented or surrendered for payment shall initially be the Corporate Trust Office of the Trustee.

     Section 402. Place of Registration or Exchange; Notices and Demands With Respect to the Notes . The place where the Holders of the Notes may present the Notes for registration of transfer
or exchange and may make notices and demands to or upon the Company in respect of the Notes shall
be the Corporate Trust Office of the Trustee.

     Section 403. Form of Debt Securities. The Notes and the Trustee’s certificate of
authentication shall be substantially in the form provided for in the Base Indenture with such
appropriate insertions, omissions, substitutions and other variations as are required or permitted
herein. The Notes may have notations, legends or endorsements required by law, stock exchange
agreements to which the Company is subject or usage. The terms and provisions contained in the
form of the Notes annexed hereto as Exhibit A shall constitute, and are hereby expressly made, a
part of this Third Supplemental Indenture. To the extent applicable, the Company and the Trustee,
by their execution and delivery of this Third Supplemental Indenture, expressly agree to such terms
and provisions and to be bound thereby. Each note shall be dated the date of its authentication.
The Notes shall be issued in the form of a permanent global note in the form

7

 

set forth in Exhibit A with respect to the 2017 Notes and Exhibit B with respect to the 2037 Notes (the “Global Notes”).

     Section 404. Book-Entry Provisions for Global Notes.

     (a) The Global Notes initially shall (i) be registered in the name of the Depositary for such
Global Notes or the nominee of such Depositary and (ii) be delivered to the Trustee as custodian
for such Depositary.

     (b) Except as provided for in Section 404(f) hereof, members of, or direct or indirect
participants in, the Depositary (“Agent Members”) shall have no rights under this Indenture with
respect to any Global Note held on their behalf by the Depositary, or the Trustee as its custodian,
or under such Global Note, and the Depositary may be treated by the Company, the Trustee and any
agent of the Company or the Trustee as the absolute owner of such Global Note for all purposes
whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee
or any agent of the Company or the Trustee, from giving effect to any written certification, proxy
or other authorization furnished by the Depositary or impair, as between the Depositary and its
Agent Members, the operation of customary practices governing the exercise of the rights of a
holder of any Note.

     (c) Transfers of a Global Note shall be limited to transfers of such Global Note in whole, but
not in part, to the Depositary, its successors or their respective nominees. Interests of
beneficial owners in Global Notes may be transferred in accordance with the rules and procedures of
the Depositary.

     (d) The registered holder of a Global Note may grant proxies and otherwise authorize any
person, including Agent Members and persons that may hold interests through Agent Members, to take
any action which a Holder is entitled to take under this Indenture or the Notes.

     (e) Notwithstanding anything herein to the contrary, none of the Company, the Security
Registrar, or the Trustee shall recognize as an owner of the Notes, or make any
payments on the Notes to, any person other than those persons in whose names the Notes are
registered or whose names appear in the book entry system described in this Section 404 or which
otherwise meets the requirements of the U.S. Treasury Regulation Section 5f.103-1(c) or any
successor provisions thereof.

     (f) Except as provided herein, owners of beneficial interests in Global Notes will not be
entitled to receive Notes in certificated form (“Certificated Notes”). Certificated Notes shall be
issued to all owners of beneficial interests in a Global Note in exchange for such interests if:

     (i) the Depositary notifies the Company that it is unwilling, unable or ineligible to
continue as depositary for such Global Note and in each case a successor depositary is not
appointed by the Company within 90 days of such notice;

     (ii) the Company executes and delivers to the Trustee and Security Registrar an
Officers’ Certificate stating that such Global Note shall be so exchangeable; or

8

 

     (iii) an Event of Default has occurred and is continuing and the Security Registrar has
received a request from the Depositary.

In connection with the exchange of an entire Global Note for Certificated Notes pursuant to this
Section 404(f), such Global Note shall be deemed to be surrendered to the Trustee for cancellation,
and the Company shall execute, and upon Company Order the Trustee shall authenticate and deliver,
to each beneficial owner identified by the Depositary in exchange for its beneficial interest in
such Global Note, an equal aggregate principal amount of Certificated Notes of authorized
denominations. In the event that the Certificated Notes are not issued to each such beneficial
owner promptly after the Security Registrar has received a request from the Depositary to issue
such Certificated Notes, the Company expressly acknowledges, with respect to the right of any
Holder to pursue a remedy pursuant to Section 507 of the Base Indenture, the right of any
beneficial holder of Notes to pursue such remedy with respect to the portion of the Global Note
that represents such beneficial holder’s Notes as if such Certificated Notes had been issued.

     Section 405. Sinking Fund Obligations; No Redemption at Option of the Holders. The Company
shall have no obligation to redeem or purchase any Notes pursuant to any sinking fund or analogous
requirement or upon the happening of a specified event or at the option of a Holder thereof.

     Section 406. Defeasance and Covenant Defeasance. The provisions of Article Fourteen of the
Base Indenture shall apply to the Notes.

ARTICLE FIVE

Optional Redemption of the Notes of Each Series

     Section 501. Redemption Price. Each of the 2017 Notes and the 2037 Notes will be redeemable at any time, at the option of
the Company, in whole or from time to time in part, on at least 30 days’ but no more than 60 days’
prior written notice mailed to the Holders of the Notes to be redeemed. In addition, notice of any
such optional redemption will be published as described in the Base Indenture. The redemption
price of the Notes to be redeemed will be equal to the greater of (1) 100% of the principal amount
of the Notes to be redeemed and (2) the sum, as determined by the Quotation Agent, of the present
values of the remaining scheduled payments of principal and interest on the Notes to be redeemed
(exclusive of interest accrued to the Redemption Date) discounted from their respective scheduled
payment dates to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of
twelve 30-day months) at the Treasury Rate plus 25 basis points for the 2017 Notes or at the
Treasury Rate plus 30 basis points for the 2037 Notes, plus, in each case, accrued and unpaid
interest on the principal amount being redeemed to the Redemption Date. For the avoidance of
doubt, any calculation of the remaining scheduled payments of interest pursuant to clause (2) of
the preceding sentence shall not include accrued and unpaid interest for the period up to and
including the Redemption Date. The Trustee shall be entitled to rely on the Quotation Agent’s
determination of the redemption price of the Notes. The redemption price of the Notes to be
redeemed shall be payable in Dollars.

9

 

ARTICLE SIX

Repurchase of the Notes of Either Series upon a Change of Control Triggering Event

     Section 601. Offer to Repurchase Upon Change of Control Triggering Event.

     (a) Upon the occurrence of a Change of Control Triggering Event with respect to the 2017 Notes
or the 2037 Notes, unless the Company has exercised its right to redeem the 2017 Notes or the 2037
Notes pursuant to Section 501 of this Third Supplemental Indenture, each Holder will have the right
to require the Company to repurchase all or any part (equal to $2,000 or an integral multiple of
$1,000 in excess thereof) of each Holder’s Notes of the applicable series pursuant to the offer
described below (the “Change of Control Offer”) at a purchase price equal to 101% of the aggregate
principal amount thereof plus accrued and unpaid interest, if any, to the date of purchase (the
“Change of Control Payment”), pursuant to and in accordance with the offer described in this
Section 401.

     (b) Within 30 days following any Change of Control Triggering Event, the Company shall send,
by first class mail, a notice to each Holder, with a written copy to the Trustee, which notice
shall govern the terms of the Change of Control Offer. Such notice shall state:

     (i) a description of the transaction or transactions that constitute the Change of
Control Triggering Event;

     (ii) that the Change of Control Offer is being made pursuant to this Section 601 and
that all Notes validly tendered will be accepted for payment;

     (iii) the Change of Control Payment and the Change of Control Payment Date, which shall
be a Business Day that is no earlier than 30 days nor later than 60 days from the date such
notice is mailed, other than as may be required by law;

     (iv) that any Note not tendered will continue to accrue interest;

     (v) that any Note accepted for payment pursuant to the Change of Control Offer shall
cease to accrue interest after the Change of Control Payment Date unless the Company shall
default in the payment of the Change of Control Payment of the Notes and the only remaining
right of the Holder is to receive payment of the Change of Control Payment upon surrender of
the Notes to the Paying Agent;

     (vi) that Holders electing to have a portion of a Note purchased pursuant to a Change
of Control Offer may only elect to have such Note purchased in a principal amount of $2,000
or integral multiples of $1,000 in excess thereof;

     (vii) that if a Holder elects to have a Note purchased pursuant to the Change of
Control Offer it will be required to surrender the Note, with the form entitled “Option of
Holder to Elect Purchase” on the reverse of the Note completed, or transfer by book-entry
transfer, to the Paying Agent at the address specified in the notice prior to the close of
business on the third Business Day prior to the Change of Control Payment Date;

10

 

     (viii) that a Holder will be entitled to withdraw its election if the Company receives,
not later than the third Business Day preceding the Change of Control Payment Date, a
telegram, telex, facsimile transmission or letter setting forth the name of such Holder, the
principal amount of Notes such Holder delivered for purchase, and a statement that such
Holder is withdrawing its election to have such Note purchased; and

     (ix) that if Notes are purchased only in part a new Note of the same type will be
issued in a principal amount equal to the unpurchased portion of the Notes surrendered.

     (c) On the Change of Control Payment Date, the Company shall, to the extent lawful, (i) accept
for payment all Notes or portions thereof properly tendered pursuant to the Change of Control
Offer, (ii) deposit with the Paying Agent an amount equal to the Change of Control Payment in
respect of all Notes or portions thereof properly tendered and (iii) deliver or cause to be
delivered for cancellation to the Trustee the Notes properly accepted together with an Officers’
Certificate stating the aggregate principal amount of Notes or portions thereof being purchased by
the Company. The Paying Agent shall promptly mail to each Holder of Notes properly tendered the
Change of Control Payment for such Notes, and the Trustee, upon receipt of a Company Request, shall
promptly authenticate and mail (or cause to be transferred by book entry) to each Holder a new Note
of such series equal in principal amount to any unpurchased portion of the Notes surrendered by
such Holder, if any; in denominations as set forth in the Indenture.

     (d) The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and
any other securities laws and regulations thereunder to the extent such laws and regulations are
applicable in connection with the repurchase of Notes as a result of a Change
of Control Triggering Event. To the extent that the provisions of any securities laws or
regulations conflict with this Section 601(d), the Company will comply with the applicable
securities laws and regulations and will not be deemed to have breached its obligations under this
Section 601 by virtue of such conflicts.

ARTICLE SEVEN

Miscellaneous Provisions

     Section 701. This Third Supplemental Indenture is executed and shall be construed as an
indenture supplemental to the Base Indenture and, as provided in the Base Indenture, this Third
Supplemental Indenture forms a part of the Base Indenture. Except to the extent amended by or
supplemented by this Third Supplemental Indenture, the Company and the Trustee hereby ratify,
confirm and reaffirm the Base Indenture in all respects.

     Section 702. This Third Supplemental Indenture may be executed in any number of counterparts,
each of which shall be an original, but such counterparts shall together constitute one and the
same instrument.

11

 

     Section 703. THIS THIRD SUPPLEMENTAL INDENTURE AND EACH NOTE SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK (WITHOUT REFERENCE TO PRINCIPLES OF
CONFLICTS OF LAWS).

     Section 704. This Third Supplemental Indenture is subject to the provisions of the Trust
Indenture Act that are required to be part of this Indenture and shall, to the extent applicable,
be governed by such provisions. If any provision in this Third Supplemental Indenture limits,
qualifies or conflicts with another provision hereof which is required to be included herein by any
provisions of the Trust Indenture Act, such required provision shall control.

     Section 705. In case any provision in this Third Supplemental Indenture or the Notes shall be
invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby.

     Section 706. The Trustee makes no representations as to the validity or sufficiency of this
Third Supplemental Indenture. The recitals and statements herein are deemed to be those of the
Company and not those of the Trustee.

[SIGNATURE PAGE FOLLOWS]

12

 

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

	 	 	 	 	 
	 	SCHERING-PLOUGH CORPORATION

 	 
	 	By:  	 /s/ E. Kevin Moore
 	 
	 	Name:  	E. Kevin Moore 	 
	 	Title:  	Vice-President and Treasurer 	 
	 

	 	 	 	 	 
	 	THE BANK OF NEW YORK, as Trustee

 	 
	 	By:   	/s/ Robert A. Massimillo
 	 
	 	Name:  	Robert A. Massimillo 	 
	 	Title:  	Vice-President 	 
	 

Third Supplemental Indenture — Signature Page

 

EXHIBIT A

CUSIP NO. 806605AJ0

ISIN NO. US806605AJ08

NO. [ ]

SCHERING-PLOUGH CORPORATION

6.00% GLOBAL SENIOR NOTE DUE 2017

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY (55 WATER STREET, NEW YORK, NEW YORK) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND SUCH CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO.,
OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY, ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL, SINCE THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

UNLESS AND UNTIL THIS CERTIFICATE IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED FORM,
THIS CERTIFICATE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TO A NOMINEE THEREOF OR
BY A NOMINEE THEREOF TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY OR
ANY SUCH NOMINEE TO A SUCCESSOR OF THE DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR.

     SCHERING-PLOUGH CORPORATION, a New Jersey corporation (herein referred to as the “Company,”
which term includes any successor corporation under the Indenture hereinafter referred to), for
value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of
$[ ] on September 15, 2017 (the “Maturity Date”) and to pay

A-1 

 

interest thereon from September 17, 2007 or from the most recent Interest Payment Date to
which interest has been paid or duly provided for, semi-annually on March 15 and September 15 in
each year (each, an “Interest Payment Date”), commencing March 15, 2008, at 6.00 % per annum until
the principal hereof is paid or duly provided for, and which such interest rate shall be subject to
adjustment as described below.

     Any payment of principal or interest required to be made on a day that is not a Business Day
need not be made on such day, but may be made on the next succeeding Business Day with the same
force and effect as if made on such day and no interest shall accrue as a result of such delayed
payment. Interest payable on each Interest Payment Date will include interest accrued from and
including September 17, 2007 or from and including the most recent Interest Payment Date to which
interest has been paid or duly provided for, as the case may be, to but excluding such Interest
Payment Date.

     The interest so payable, and punctually paid or duly provided for, on any Interest Payment
Date will, as provided in the Indenture, be paid to the person (the “Holder”) in whose name this
Note (or one or more Predecessor Securities) is registered at the close of business on the March 1
or September 1, as applicable (whether or not a Business Day) preceding such Interest Payment Date
(a “Regular Record Date”). Any such interest not so punctually paid or duly provided for
(“Defaulted Interest”) will forthwith cease to be payable to the Holder on such Regular Record Date
and may either be paid to the person in whose name this Note (or one or more Predecessor
Securities) is registered at the close of business on a special record date (the “Special Record
Date”) to be fixed by the Trustee (referred to herein) for the payment of such Defaulted Interest,
notice whereof shall be given to the Holder of this Note not more than 15 nor less than ten days
prior to such Special Record Date, or may be paid at any time in any other lawful manner, all as
more fully provided in the Indenture.

     For purposes of this Note, “Business Day” means any day that is not a Saturday or Sunday and
that, in The City of New York, is not a day on which banking institutions are authorized or
obligated by law or executive order to close.

     Payment of the principal of this Note on the Maturity Date will be made against presentation
of this Note at the Corporate Trust Office of the Trustee maintained for that purpose in the
Borough of Manhattan, the City of New York, in such coin or currency of the United States of
America as at the time of payment is legal tender for the payment of public and private debts. So
long as this Note remains in book-entry form, all payments of principal and interest will be made
by the Company in immediately available funds.

     GENERAL. This Note is one of a duly authorized issue of securities (herein called the
“Securities”) of the Company, issued and to be issued under an indenture dated as of November 26,
2003 (the “Base Indenture”), as supplemented by the Third Supplemental Indenture dated as of
September 17, 2007 (the “Third Supplemental Indenture”), and as it may be further supplemented from
time to time (herein collectively called the “Indenture”), between the Company and The Bank of New
York, as Trustee (herein called the “Trustee,” which term includes any successor trustee under the
indenture with respect to a series of which this Note is a part), to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the respective rights,
limitations of rights, duties and immunities thereunder of the

A-2 

 

Company, the Trustee and the Holders of the Securities, and of the terms upon which the
Securities are, and are to be, authenticated and delivered. The Securities may be issued in one or
more series, which different series may be issued in various aggregate principal amounts, may
mature at different times, may bear interest (if any) at different rates, may be subject to
different redemption provisions (if any), may be subject to different sinking, purchase or
analogous funds (if any), may be subject to different covenants and Events of Default and may
otherwise vary as provided or permitted in the Indenture. This Note is one of a duly authorized
series of Securities designated as “6.00% Senior Notes due 2017” (collectively, the “Notes”).

     The Notes are initially limited to $1,000,000,000 aggregate principal amount. The Company
may, without the consent of the Holder hereof, create and issue additional securities ranking pari
passu with the Notes in all respects and so that such additional securities shall be consolidated
and form a single series having the same terms as to status, redemption or otherwise as the Notes
initially issued. No additional Notes may be issued if an Event of Default has occurred.

     EVENTS OF DEFAULT. If an Event of Default with respect to the Notes shall have occurred and
be continuing, the principal of the Notes may be declared due and payable in the manner and with
the effect provided in the Indenture.

     MATURITY AND OPTIONAL REDEMPTION. The Notes may be redeemed prior to the Maturity Date as
provided for in Section 501 of the Third Supplemental Indenture. The Notes are not subject to
repayment at the option of the Holders or to the operation of any sinking fund.

     OFFER TO REPURCHASE UPON A CHANGE OF CONTROL TRIGGERING EVENT. Upon the occurrence of a
Change of Control Triggering Event, unless the Company has exercised its right to redeem the Notes
pursuant to Section 501 of the Third Supplemental Indenture, each Holder will have the right to
require the Company to repurchase all or any part (equal to $2,000 or an integral multiple of
$1,000 in excess thereof) of each Holder’s Notes pursuant to a Change of Control Offer at a
purchase price equal to 101% of the aggregate principal amount thereof plus accrued and unpaid
interest, if any, to the date of purchase, pursuant to and in accordance with Section 601 of the
Third Supplemental Indenture.

     MODIFICATION AND WAIVERS; OBLIGATIONS OF THE COMPANY ABSOLUTE. The Indenture permits, with
certain exceptions as therein provided, the amendment thereof and the modification of the rights
and obligations of the Company and the rights of the Holders of the Securities of each series.
Such amendment may be effected under the Indenture at any time by the Company and the Trustee with
the consent of the Holders of not less than a majority in aggregate principal amount of all
Securities issued under the Indenture at the time Outstanding and affected thereby. The Indenture
also contains provisions permitting the Holders of not less than a majority in aggregate principal
amount of the Securities at the time Outstanding, on behalf of the Holders of all Outstanding
Securities, to waive compliance by the Company with certain provisions of the Indenture.
Furthermore, provisions in the Indenture permit the Holders of not less than a majority in
aggregate principal amount of the Outstanding Securities of individual series to waive on behalf of
all of the Holders of Securities of such individual series certain past defaults under the
Indenture and their consequences. Any such

A-3 

 

consent or waiver shall be conclusive and binding upon the Holder of this Note and upon all
future Holders of this Note and of any Note issued upon the registration of transfer hereof or in
exchange hereof or in lieu hereof, whether or not notation of such consent or waiver is made upon
this Note.

     No reference herein to the Indenture and no provision of this Note or of the Indenture shall
alter or impair the obligation of the Company, which is absolute and unconditional, to pay the
principal of and interest on this Note at the times, place and rate and in the coin or currency
herein prescribed.

     DEFEASANCE AND COVENANT DEFEASANCE. The Indenture contains provisions for defeasance at any
time of (a) the entire indebtedness of the Company on this Note and (b) certain restrictive
covenants and the related defaults and Events of Default, upon compliance by the Company with
certain conditions set forth therein, which provisions apply to this Note.

     REGISTRATION OF TRANSFER OR EXCHANGE. As provided in the Indenture and subject to certain
limitations herein and therein set forth, the transfer of this Note is registrable in the Security
Register upon surrender of this Note for registration of transfer at the Corporate Trust Office of
the Trustee in any place where the principal of and interest on this Note are payable, duly
endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company
and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in
writing, and thereupon one or more new Notes, of authorized denominations and for the same
aggregate principal amount, will be issued to the designated transferee or transferees.

     As provided in the Indenture and subject to certain limitations herein and therein set forth,
the Notes are exchangeable for a like aggregate principal amount of Notes of different authorized
denominations, as requested by the Holders surrendering the same.

     This Note is a Global Security. If the Depository is at any time unwilling, unable or
ineligible to continue as depository and a successor depository is not appointed by the Company
within 90 days or an Event of Default under the Indenture has occurred and is continuing, the
Company will issue Notes in certificated form in exchange for each Global Security. In addition,
the Company may at any time determine not to have Notes represented by a Global Security and, in
such event, will issue Notes in certificated form in exchange in whole for the Global Security
representing such Note. In any such instance, an owner of a beneficial interest in a Global
Security will be entitled to physical delivery in certificated form of Notes equal in principal
amount to such beneficial interest and to have such Notes registered in its name. Notes so issued
in certificated form will be issued in denominations of $2,000 or any amount in excess thereof
which is an integral multiple of $1,000 and will be issued in registered form only, without
coupons.

     No service charge shall be made for any such registration of transfer or exchange, but the
Company may require payment of a sum sufficient to cover any tax or other governmental charge
payable in connection therewith.

A-4 

 

     Prior to due presentment of this Note for registration of transfer, the Company, the Trustee
and any agent of the Company or the Trustee may treat the Holder as the owner hereof for all
purposes, whether or not this Note be overdue, and neither the Company, the Trustee nor any such
agent shall be affected by notice to the contrary.

     DEFINED TERMS. All terms used in this Note which are defined in the Indenture and are not
otherwise defined herein shall have the meanings assigned to them in the Indenture.

     GOVERNING LAW. This Note shall be governed by and construed in accordance with the law of the
State of New York.

     NOTICES. Notices to Holders of the Notes may be made by first class mail, postage prepaid, to
the addresses that appear on the register maintained by the Security Registrar or by guaranteed
overnight courier or by facsimile transmission (receipt confirmed by facsimile transaction receipt)
followed by overnight courier. Any notice will be deemed to have been given on the date of
publication or, if published more than once, on the date of the first publication.

     Unless the certificate of authentication hereon has been executed by the Trustee by manual
signature, this Note shall not be entitled to any benefit under the Indenture or be valid or
obligatory for any purpose.

A-5 

 

     IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its
facsimile corporate seal.

Dated: September [ ], 2007

	 	 	 	 	 
	 	SCHERING-PLOUGH CORPORATION

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	 	 
	 	Attest:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

TRUSTEE’S CERTIFICATE

     OF AUTHENTICATION

This is one of the Securities of the series

designated therein referred to in the

within-mentioned Indenture

THE BANK OF NEW YORK,

as Trustee

	 	 	 	 	 
	 	 	 
	 	By:  	 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 

A-6 

 

OPTION OF HOLDER TO ELECT PURCHASE

     If you want to elect to have this Note purchased by the Company pursuant to Section 601 of the
Third Supplemental Indenture, check the box below:

     o Section 601

     If you want to elect to have only part of the Note purchased by the Company pursuant to
Section 601 of the Third Supplemental Indenture, state the amount you elect to have purchased:

$                                        

	 	 	 	 	 	 	 
	Date:

	 	 	 	Your Signature:	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	 	 	(Sign exactly as your name
appears on the face of this
Note)

	 	 	 
	Tax Identification No:
	 	 
	 	 	 

Signature Guarantee*:

	 	 	 
	 	 
	 
	 

	 	 

 

	 	 	 
	(*Participant in a Recognized Signature Guarantee Medallion Program)

	 	 

A-7 

 

EXHIBIT B

CUSIP NO. 806605AH4

ISIN NO. US806605AH42

NO. [ ]

SCHERING-PLOUGH CORPORATION

6.55% GLOBAL SENIOR NOTE DUE 2037

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY (55 WATER STREET, NEW YORK, NEW YORK) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND SUCH CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO.,
OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY, ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL, SINCE THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

UNLESS AND UNTIL THIS CERTIFICATE IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED FORM,
THIS CERTIFICATE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TO A NOMINEE THEREOF OR
BY A NOMINEE THEREOF TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY OR
ANY SUCH NOMINEE TO A SUCCESSOR OF THE DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR.

     SCHERING-PLOUGH CORPORATION, a New Jersey corporation (herein referred to as the “Company,”
which term includes any successor corporation under the Indenture hereinafter referred to), for
value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of
$[ ] on September 15, 2037 (the “Maturity Date”) and to pay

B-1

 

interest thereon from September 17, 2007 or from the most recent Interest Payment Date to
which interest has been paid or duly provided for, semi-annually on March 15 and September 15 in
each year (each, an “Interest Payment Date”), commencing March 15, 2008, at 6.55% per annum until
the principal hereof is paid or duly provided for, and which such interest rate shall be subject to
adjustment as described below.

     Any payment of principal or interest required to be made on a day that is not a Business Day
need not be made on such day, but may be made on the next succeeding Business Day with the same
force and effect as if made on such day and no interest shall accrue as a result of such delayed
payment. Interest payable on each Interest Payment Date will include interest accrued from and
including September 17, 2007 or from and including the most recent Interest Payment Date to which
interest has been paid or duly provided for, as the case may be, to but excluding such Interest
Payment Date.

     The interest so payable, and punctually paid or duly provided for, on any Interest Payment
Date will, as provided in the Indenture, be paid to the person (the “Holder”) in whose name this
Note (or one or more Predecessor Securities) is registered at the close of business on the March 1
or September 1, as applicable (whether or not a Business Day) preceding such Interest Payment Date
(a “Regular Record Date”). Any such interest not so punctually paid or duly provided for
(“Defaulted Interest”) will forthwith cease to be payable to the Holder on such Regular Record Date
and may either be paid to the person in whose name this Note (or one or more Predecessor
Securities) is registered at the close of business on a special record date (the “Special Record
Date”) to be fixed by the Trustee (referred to herein) for the payment of such Defaulted Interest,
notice whereof shall be given to the Holder of this Note not more than 15 nor less than ten days
prior to such Special Record Date, or may be paid at any time in any other lawful manner, all as
more fully provided in the Indenture.

     For purposes of this Note, “Business Day” means any day that is not a Saturday or Sunday and
that, in The City of New York, is not a day on which banking institutions are authorized or
obligated by law or executive order to close.

     Payment of the principal of this Note on the Maturity Date will be made against presentation
of this Note at the Corporate Trust Office of the Trustee maintained for that purpose in the
Borough of Manhattan, the City of New York, in such coin or currency of the United States of
America as at the time of payment is legal tender for the payment of public and private debts. So
long as this Note remains in book-entry form, all payments of principal and interest will be made
by the Company in immediately available funds.

     GENERAL. This Note is one of a duly authorized issue of securities (herein called the
“Securities”) of the Company, issued and to be issued under an indenture dated as of November 26,
2003 (the “Base Indenture”), as supplemented by the Third Supplemental Indenture dated as of
September 17, 2007 (the “Third Supplemental Indenture”), and as it may be further supplemented from
time to time (herein collectively called the “Indenture”), between the Company and The Bank of New
York, as Trustee (herein called the “Trustee,” which term includes any successor trustee under the
indenture with respect to a series of which this Note is a part), to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the respective rights,
limitations of rights, duties and immunities thereunder of the

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Company, the Trustee and the Holders of the Securities, and of the terms upon which the
Securities are, and are to be, authenticated and delivered. The Securities may be issued in one or
more series, which different series may be issued in various aggregate principal amounts, may
mature at different times, may bear interest (if any) at different rates, may be subject to
different redemption provisions (if any), may be subject to different sinking, purchase or
analogous funds (if any), may be subject to different covenants and Events of Default and may
otherwise vary as provided or permitted in the Indenture. This Note is one of a duly authorized
series of Securities designated as “6.55% Senior Notes due 2037” (collectively, the “Notes”).

     The Notes are initially limited to $1,000,000,000 aggregate principal amount. The Company
may, without the consent of the Holder hereof, create and issue additional securities ranking pari
passu with the Notes in all respects and so that such additional securities shall be consolidated
and form a single series having the same terms as to status, redemption or otherwise as the Notes
initially issued. No additional Notes may be issued if an Event of Default has occurred.

     EVENTS OF DEFAULT. If an Event of Default with respect to the Notes shall have occurred and
be continuing, the principal of the Notes may be declared due and payable in the manner and with
the effect provided in the Indenture.

     MATURITY AND OPTIONAL REDEMPTION. The Notes may be redeemed prior to the Maturity Date as
provided for in Section 501 of the Third Supplemental Indenture. The Notes are not subject to
repayment at the option of the Holders or to the operation of any sinking fund.

     OFFER TO REPURCHASE UPON A CHANGE OF CONTROL TRIGGERING EVENT. Upon the occurrence of a
Change of Control Triggering Event, unless the Company has exercised its right to redeem the Notes
pursuant to Section 501 of the Third Supplemental Indenture, each Holder will have the right to
require the Company to repurchase all or any part (equal to $2,000 or an integral multiple of
$1,000 in excess thereof) of each Holder’s Notes pursuant to a Change of Control Offer at a
purchase price equal to 101% of the aggregate principal amount thereof plus accrued and unpaid
interest, if any, to the date of purchase, pursuant to and in accordance with Section 601 of the
Third Supplemental Indenture.

     MODIFICATION AND WAIVERS; OBLIGATIONS OF THE COMPANY ABSOLUTE. The Indenture permits, with
certain exceptions as therein provided, the amendment thereof and the modification of the rights
and obligations of the Company and the rights of the Holders of the Securities of each series.
Such amendment may be effected under the Indenture at any time by the Company and the Trustee with
the consent of the Holders of not less than a majority in aggregate principal amount of all
Securities issued under the Indenture at the time Outstanding and affected thereby. The Indenture
also contains provisions permitting the Holders of not less than a majority in aggregate principal
amount of the Securities at the time Outstanding, on behalf of the Holders of all Outstanding
Securities, to waive compliance by the Company with certain provisions of the Indenture.
Furthermore, provisions in the Indenture permit the Holders of not less than a majority in
aggregate principal amount of the Outstanding Securities of individual series to waive on behalf of
all of the Holders of Securities of such individual series certain past defaults under the
Indenture and their consequences. Any such

B-3

 

consent or waiver shall be conclusive and binding upon the Holder of this Note and upon all
future Holders of this Note and of any Note issued upon the registration of transfer hereof or in
exchange hereof or in lieu hereof, whether or not notation of such consent or waiver is made upon
this Note.

     No reference herein to the Indenture and no provision of this Note or of the Indenture shall
alter or impair the obligation of the Company, which is absolute and unconditional, to pay the
principal of and interest on this Note at the times, place and rate and in the coin or currency
herein prescribed.

     DEFEASANCE AND COVENANT DEFEASANCE. The Indenture contains provisions for defeasance at any
time of (a) the entire indebtedness of the Company on this Note and (b) certain restrictive
covenants and the related defaults and Events of Default, upon compliance by the Company with
certain conditions set forth therein, which provisions apply to this Note.

     REGISTRATION OF TRANSFER OR EXCHANGE. As provided in the Indenture and subject to certain
limitations herein and therein set forth, the transfer of this Note is registrable in the Security
Register upon surrender of this Note for registration of transfer at the Corporate Trust Office of
the Trustee in any place where the principal of and interest on this Note are payable, duly
endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company
and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in
writing, and thereupon one or more new Notes, of authorized denominations and for the same
aggregate principal amount, will be issued to the designated transferee or transferees.

     As provided in the Indenture and subject to certain limitations herein and therein set forth,
the Notes are exchangeable for a like aggregate principal amount of Notes of different authorized
denominations, as requested by the Holders surrendering the same.

     This Note is a Global Security. If the Depository is at any time unwilling, unable or
ineligible to continue as depository and a successor depository is not appointed by the Company
within 90 days or an Event of Default under the Indenture has occurred and is continuing, the
Company will issue Notes in certificated form in exchange for each Global Security. In addition,
the Company may at any time determine not to have Notes represented by a Global Security and, in
such event, will issue Notes in certificated form in exchange in whole for the Global Security
representing such Note. In any such instance, an owner of a beneficial interest in a Global
Security will be entitled to physical delivery in certificated form of Notes equal in principal
amount to such beneficial interest and to have such Notes registered in its name. Notes so issued
in certificated form will be issued in denominations of $2,000 or any amount in excess thereof
which is an integral multiple of $1,000 and will be issued in registered form only, without
coupons.

     No service charge shall be made for any such registration of transfer or exchange, but the
Company may require payment of a sum sufficient to cover any tax or other governmental charge
payable in connection therewith.

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     Prior to due presentment of this Note for registration of transfer, the Company, the Trustee
and any agent of the Company or the Trustee may treat the Holder as the owner hereof for all
purposes, whether or not this Note be overdue, and neither the Company, the Trustee nor any such
agent shall be affected by notice to the contrary.

     DEFINED TERMS. All terms used in this Note which are defined in the Indenture and are not
otherwise defined herein shall have the meanings assigned to them in the Indenture.

     GOVERNING LAW. This Note shall be governed by and construed in accordance with the law of the
State of New York.

     NOTICES. Notices to Holders of the Notes may be made by first class mail, postage prepaid, to
the addresses that appear on the register maintained by the Security Registrar or by guaranteed
overnight courier or by facsimile transmission (receipt confirmed by facsimile transaction receipt)
followed by overnight courier. Any notice will be deemed to have been given on the date of
publication or, if published more than once, on the date of the first publication.

     Unless the certificate of authentication hereon has been executed by the Trustee by manual
signature, this Note shall not be entitled to any benefit under the Indenture or be valid or
obligatory for any purpose.

B-5

 

     IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its
facsimile corporate seal.

Dated: September [ ], 2007

	 	 	 	 	 
	 	SCHERING-PLOUGH CORPORATION

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	 	 
	 	Attest:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

TRUSTEE’S CERTIFICATE
 OF
AUTHENTICATION

This is one of the Securities of the series

designated therein referred to in the

within-mentioned Indenture

THE BANK OF NEW YORK,

as Trustee

	 	 	 	 	 
	 	 	 
	By:  	 	 	 
	 	Authorized Signatory 	 	 

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OPTION OF HOLDER TO ELECT PURCHASE

     If you want to elect to have this Note purchased by the Company pursuant to Section 601 of the
Third Supplemental Indenture, check the box below:

     o Section 601

     If you want to elect to have only part of the Note purchased by the Company pursuant to
Section 601 of the Third Supplemental Indenture, state the amount you elect to have purchased:

$                    

	 	 	 	 	 	 	 
	Date:

	 	 	 	Your Signature:	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	 	 	(Sign exactly as your name
appears on the face of this
Note)

	 	 	 
	Tax Identification No:
	 	 
	 	 	 

	 	 	 
	Signature Guarantee*:
	 	 
	 

	 	 
	 

	 	 

 

	 	 	 
	(*Participant in a Recognized Signature Guarantee Medallion Program)
	 	 

B-7

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