Document:

Exhibit 10.23

 

REGISTRATION RIGHTS AGREEMENT

 

THIS
REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made as of February 3, 2022 (the “Effective Date”)
by and among Lytus Technologies Holdings PTV. Ltd., a British Virgin Islands private limited company (“Lytus” or the
“Company”) and GPL Ventures, LLC, a Delaware limited liability company (“GPL” and together with
Lytus, the “Parties”).

 

RECITALS

 

WHEREAS, as consideration
for and in connection with, the entrance into that certain Maturity Date Extension, Amendment to Loan Documents and Reaffirmation Agreement
of even date herewith (the “Amendment”), the Parties wish to enter into this Agreement with respect to the rights,
priorities and obligations set forth herein.

 

AGREEMENT

 

NOW, THEREFORE, in consideration
of the premises and the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, and intending to be legally bound, the Company and GPL hereby agree as follows:

 

1. Definitions.
As used herein, the following terms have the following meanings:

 

“Affiliate”
of any particular Person means any other Person directly or indirectly controlling, controlled by or under common control with such Person
within the meaning of Rule 405 promulgated under the Securities Act.

 

“Automatic Shelf
Registration Statement” means an “automatic shelf registration statement” as defined in Rule 405 (or any successor
rule then in effect) promulgated under the Securities Act.

 

“beneficially owned,”
“beneficial ownership” and similar phrases have the same meanings as such terms have under Rule 13d-3 and 13d-5 (or
any successor rule then in effect) promulgated under the Exchange Act.

 

“Business Day”
means any day other than a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by applicable
law or executive order to close.

 

“Capital Stock”
means with respect to a corporation, any and all shares, interests or equivalents in capital stock of such corporation (whether voting
or nonvoting and whether common or preferred) and any and all warrants, rights (including conversion and exchange rights) and options
to purchase any such shares, interests or equivalents (including convertible debt).

 

“Commission”
means the United States Securities and Exchange Commission or any successor governmental agency.

 

“Common Shares”
means the common shares, par value $0.01 per share, of the Company.

 

“Counsel to GPL”
means the law firm or other legal counsel to GPL, which counsel shall be Saul Ewing Arnstein & Lehr LLP, or such other counsel selected
by GPL.

 

“EDGAR”
means the Electronic Data Gathering, Analysis and Retrieval System of the Commission.

 

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

 

“Excluded Registration”
means a registration of the Company’s securities: (a) on the Registration Statement on Form F-1 filed with the Commission in connection
the Company’s Qualified IPO (as such term is defined in the Amendment), (b) pursuant to a Registration Statement on Form S-8 (or
other registration solely relating to an offering or sale to employees or directors of the Company pursuant to any equity incentive plan,
stock option, stock purchase or similar plan or employee benefit arrangement), (c) pursuant to a Registration Statement on Form F-4 or
S-4 (or similar form that relates to a transaction subject to Rule 145 under the Securities Act or any successor rule thereto) or any
registration statement related to the issuance or resale of securities issued in such a transaction or other transaction in which the
Company directly or indirectly acquires another business entity, or (d) in connection with any dividend or distribution reinvestment (or
similar plan).

 

     

     

    

 

“FINRA”
means the Financial Industry Regulatory Authority or any successor regulatory authority.

 

“Free Writing Prospectus”
means any “free writing prospectus” as defined in Rule 405 promulgated under the Securities Act.

 

“Issuer Free Writing
Prospectus” means an issuer free writing prospectus as defined in Rule 433 under the Securities Act.

 

“National Securities
Exchange” means The Nasdaq Capital Market, The Nasdaq Global Market, The Nasdaq Global Select Market, or The New York Stock
Exchange.

 

“Overnight Underwritten
Offering” means an underwritten offering that is launched after the close of trading on one trading day and priced before the
open of trading on the next succeeding trading day.

 

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

 

“Prospectus”
means the prospectus or prospectuses included in any Registration Statement (including, without limitation, a prospectus that includes
any information previously omitted from a prospectus filed as part of an effective Registration Statement in reliance on Rule 430A under
the Securities Act or any successor rule thereto), as amended or supplemented by any prospectus supplement with respect to the terms of
the offering of any portion of the Registrable Securities covered by such Registration Statement and by all other amendments and supplements
to the prospectus, including post-effective amendments and all material incorporated by reference in such prospectus or prospectuses.

 

“Public Offering”
means any sale or distribution to the public of Capital Stock of the Company (or any securities convertible into, or exercisable or exchangeable
for, Capital Stock of the Company) pursuant to a registration statement filed with the Commission.

 

“Registrable Securities”
means any Capital Stock issued, or issued upon the conversion or exercise of any warrant, right, or other security that is issued in connection
with the Loan Documents (as such term is defined in the Amendment); provided, however, that as to any Registrable
Securities, such securities shall irrevocably cease to constitute Registrable Securities upon the earliest to occur of: (a) the date on
which such securities have been disposed of pursuant to an effective registration statement under the Securities Act or Rule 144, or (b)
the date on which securities are sold in a private transaction in which the transferor’s rights under this Agreement are not assigned.

 

“Registration Statement”
means any registration statement of the Company, amendments and supplements to such registration statement, including post-effective amendments,
all exhibits and all material incorporated by reference in such registration statement.

 

“Related Person”
means, with respect to GPL, any Affiliates (including at the institutional level) of such GPL.

 

“Rule 144”
means Rule 144 promulgated under the Securities Act (or any successor rule then in effect).

 

“Same-Day Offering”
means an underwritten offering that is launched before the open of trading on one trading day and priced before the open of trading or
after the close of trading on such same trading day.

 

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

 

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“Well-Known Seasoned
Issuer” means a “well-known seasoned issuer” as defined in Rule 405 promulgated under the Securities Act (or any
successor rule then in effect) and which (a) is a “well-known seasoned issuer” under paragraph (1)(i)(A) of such definition,
or (b) is a “well-known seasoned issuer” under paragraph (1)(i)(B) of such definition and is also eligible to register a primary
offering of its securities relying on General Instruction I.B.1 of Form S-3 or Form F-3 under the Securities Act.

 

2. Resale Shelf Registration
Statement.

 

(a) Resale
Shelf Registration Statement. As soon following ninety (90) days from the date of the Qualified IPO, as is permissible under the applicable
rules and regulations of the Commission, the Company shall file or confidentially submit, and to cause to be declared effective on the
earliest date reasonably practicable, a Resale Shelf Registration Statement (the “Resale Shelf Registration Statement”)
(whether on Form F-3 (a “Form F-3 Resale Shelf”) or on Form F-1 (a “Form F-1 Resale Shelf”)) with
the SEC covering the resale of all of the Registrable Securities. The Company shall give written notice (a “Company Shelf Registration
Notice”) of the anticipated filing of any Resale Shelf Registration Statement within ten (10) Business Days prior to such filing
or submission to GPL and shall give GPL the option include in such Resale Shelf Registration Statement all Registrable Securities held
by GPL on the date of the Company Shelf Registration Notice with respect to which the Company has received written requests for inclusion
therein within five (5) Business Days of the date of the Company Shelf Registration Notice. The Company shall use commercially reasonable
efforts to cause such Resale Shelf Registration Statement to remain effective until the earlier of (i) the date on which all Registrable
Securities hereunder are no longer Registrable Securities, and (ii) the time that Registrable Securities issued to GPL may be sold by
such Persons in a single transaction without limitation under Rule 144 (the “Required Period”). The Company shall maintain
the Resale Shelf Registration Statement in accordance with the terms hereof. If the Resale Shelf Registration Statement is expected to
expire under the rules of the Commission, the Company will use commercially reasonable efforts to file a replacement Resale Shelf Registration
Statement and cause it to become effective before such expiration and will follow the procedures and timelines outlined in this Section
1(a) with respect to inclusion of the Registrable Securities therein.

 

(b) Conversion
to Form F-3. The Company shall convert any Form F-1 Resale Shelf to a FormF-3 Resale Shelf as soon as reasonably practicable after
the Company is eligible to use Form F-3.

 

3. Demand Registration.

 

(a) Requests
for Registration. At any time and from time to time following the date of the Qualified IPO, GPL may request registration under the
Securities Act of all or any portion of the Registrable Securities beneficially owned by GPL (i) on Form F-1 (or any successor form then
in effect) (a “Long-Form Registration”), or (ii) on Form F-3 or any similar short-form registration (a “Short-Form
Registration”), if available (any registration under this Section 3(a), a “Demand Registration”); provided,
that the Company will not be required to take any action pursuant to this Section 3(a) within the ninety (90) calendar days from the Qualified
IPO.

 

(b) Demand
Registration Notices. All requests for Demand Registrations shall be made by giving written notice to the Company (the “Demand
Registration Notice”). Each Demand Registration Notice shall specify (i) whether such Demand Registration shall be an underwritten
Public Offering and (ii) the approximate number of Registrable Securities proposed to be sold in the Demand Registration. The Company
shall promptly give written notice (a “Company Demand Registration Notice”) of the filing of a Registration Statement
pursuant to this Section 3 to GPL not less than five (5) Business Days before such filing and, subject to the provisions of Section 3(d)
below, shall include in such Demand Registration all Registrable Securities beneficially owned by GPL on the date of the Company Demand
Registration Notice with respect to which the Company has received written requests for inclusion therein within five (5) Business Days
after the date of the Company Demand Registration Notice.

 

(c) Short-Form
Registrations; Existing Registration Statements. Demand Registrations shall be Short-Form Registrations whenever the Company is permitted
to use any applicable short form registration statement under the rules and regulations of the Securities Act, unless the underwriters,
in their reasonable discretion, determine that the use of a Long-Form Registration is necessary in order for the successful offering of
such Registrable Securities. Promptly after the Company has become eligible to use Form F-3 under the Securities Act, the Company shall
use commercially reasonable efforts to make Short-Form Registrations on Form F-3 (or any successor form) available for the resale of Registrable
Securities on a continuous or delayed basis. For the avoidance of doubt, the Company may decide to effect a Demand Registration on a registration
statement, including the Resale Shelf Registration Statement, that has been previously filed with the Commission provided such registration
statement has sufficient registered securities (including if increased by an amendment). Any offer or sale of Registrable Securities pursuant
to a Resale Shelf Registration Statement or an Automatic Shelf Registration Statement in any underwritten Public Offering shall be deemed
to be a Demand Registration subject to the provisions of this Section 3.

 

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(d) Selection
of Underwriters. GPL shall have the right to select the managing underwriters (which shall consist of one or more reputable nationally
recognized investment banks) to administer any Public Offering after consultation with the Company.

 

(e) Priority
on Demand Registrations. If the Demand Registration is an underwritten Public Offering and the managing underwriters for such Demand
Registration advise the Company and GPL in writing that in their opinion the number of Registrable Securities and, if permitted hereunder,
other securities requested to be included in such Demand Registration exceeds the number of Registrable Securities and other securities,
if any, which can be sold without adversely affecting the marketability, proposed offering price range acceptable to GPL, timing or method
of distribution of the offering, the Company shall include in such Demand Registration the number of Registrable Securities which can
be sold without such adverse effect in the following order of priority: (i) first, the Registrable Securities beneficially
owned by GPL requested to be included in such Demand Registration, (ii) second, any securities to be sold by the Company for
its own account requested to be included in such Demand Registration by the Company, and (iii) third, other securities requested
to be included in such Demand Registration to the extent permitted hereunder; provided that GPL shall have the right
to require the Company to remove any such securities included in a Demand Registration pursuant to the foregoing clauses (ii) and (iii).

 

4. Piggyback Registration.

 

(a) Right
to Piggyback. Whenever the Company proposes to conduct a Public Offering of any class of the Company’s Capital Stock solely
for cash (whether or not wholly a primary or secondary offering but except for a Demand Registration or Excluded Registration, a “Piggyback
Registration”), the Company shall give prompt written notice to GPL of its intention to effect such Piggyback Registration (the
“Piggyback Registration Notice”) and (i) in the case of a Piggyback Registration pursuant to an Automatic Shelf Registration
Statement, such Piggyback Registration Notice shall be given (A) not less than five (5) Business Days prior to the expected date of commencement
of marketing efforts for such Public Offering, or (B) three (3) Business Days in the case of an Overnight Underwritten Offering, Same-Day
Offering or similar “bought deal,” and (ii) in the case of any other Piggyback Registration, such Piggyback Registration Notice
shall be given (A) not less than five (5) Business Days after the public filing of such Registration Statement, or (B) three (3) Business
Days in the case of an Overnight Underwritten Offering, Same-Day Offering or similar “bought deal.” The Company shall, subject
to the provisions of Section 4(b) below, include in such Piggyback Registration, as applicable, all Registrable Securities beneficially
owned by GPL on the date of the Piggyback Registration Notice with respect to which the Company has received written requests for inclusion
therein within (i) five (5) Business Days after the date of the Piggyback Registration Notice or (ii) three (3) Business Days in the case
of an Overnight Underwritten Offering, Same-Day Offering or similar “bought deal.”

 

(b) Selection
of Underwriters. For any Piggyback Registration that includes an underwritten Public Offering, GPL shall have the right to select
the managing underwriters to administer the Public Offering (which shall consist of one or more reputable nationally recognized investment
banks) after consultation with the Company.

 

(c) Priority
on Piggyback Registrations. For any Piggyback Registration that includes an underwritten Public Offering and the managing underwriters
advise the Company in writing that in their reasonable opinion the number of securities requested to be included in such Piggyback Registration
exceeds the number of Registrable Securities and other securities, if any, which can be sold without adversely affecting the marketability,
proposed offering price range acceptable to GPL, timing or method of distribution of the offering, the Company shall include in such Piggyback
Registration the number of Registrable Securities which can be sold without such adverse effect in the following order of priority: (i) first,
if the Piggyback Registration includes a primary offering of Company securities for the Company’s own account, the securities offered
by the Company thereby; (ii) second, the Registrable Securities requested to be included in such Piggyback Registration by
GPL; and (iii) third, other securities requested to be included in such Piggyback Registration, if any; provided that
GPL shall have the right to require the Company to remove any such securities included pursuant to the foregoing clause (iii).

 

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5. Withdrawals.
At any time prior to the effective date of a Registration Statement, GPL may withdraw its demand or request for registration (a “Withdrawal
Request”) by providing written notice of such withdrawal to the Company. The Company shall pay all Registration Expenses in
connection with any Registration Statement subject to a Withdrawal Request. GPL may withdraw its request for inclusion of Registrable
Securities in a Registration Statement by giving written notice to the Company of its intention to remove its Registrable Securities from
such Registration Statement within two (2) Business Days before the earlier of (i) the expected date of the commencement of marketing
efforts for the Public Offering in connection with such Registration Statement, or (ii) the effectiveness of the Registration Statement.

 

6. Company Undertakings.

 

(a) Whenever
Registrable Securities are registered pursuant to this Agreement, the Company shall use commercially reasonable efforts to effect the
registration and the sale of such Registrable Securities as soon as reasonably practicable in accordance with the intended method of disposition
thereof, and pursuant thereto the Company shall as promptly as reasonably practicable:

 

(i) with
respect to a Demand Registration, prepare and file with the Commission a Registration Statement with regard to the related Registrable
Securities as soon as reasonably practicable but not later than 30 calendar days of its receipt of an applicable notice from GPL (unless
the Registration Statement would be required pursuant to the rules and regulations of the Securities Act to include any audited or unaudited
consolidated or pro forma financial statements that are not then currently available, in which case, promptly after such financial statements
are available) and use commercially reasonable efforts to cause such Registration Statement to become effective as soon thereafter as
is reasonably practicable;

 

(ii) before
filing a Registration Statement or Prospectus or any amendments or supplements thereto, furnish to GPL copies of all such documents, other
than exhibits, documents that are incorporated by reference and such documents that are otherwise publicly available on EDGAR, proposed
to be filed and such other documents reasonably requested by GPL and provide Counsel to GPL with a reasonable opportunity to review and
comment on such documents of no less than two (2) Business Days;

 

(iii) notify
GPL of the effectiveness of each Registration Statement and prepare and file with the Commission such amendments and supplements to such
Registration Statement as may be necessary to keep such Registration Statement effective for a period of not less than (A) 90 calendar
days in the case of a Demand Registration, or (B) in the case of a Resale Shelf Registration Statement, for the Required Period;

 

(iv) furnish
to each seller of Registrable Securities, and the managing underwriters, without charge, such number of copies of the applicable Registration
Statement, each amendment and supplement thereto, the Prospectus included in such Registration Statement (including each preliminary Prospectus,
final Prospectus, and any other Prospectus (including any Prospectus filed under Rule 424, Rule 430A or Rule 430B promulgated under the
Securities Act and any Issuer Free Writing Prospectus), all exhibits and other documents filed therewith and such other documents as such
seller or such managing underwriters may reasonably request in order to facilitate the disposition of the Registrable Securities owned
by such seller, and upon request, a copy of any and all transmittal letters or other correspondence to or received from, the Commission
or any other governmental authority relating to such offer;

 

(v) (A)
register or qualify such Registrable Securities under such other securities or blue sky laws of such jurisdictions as any seller reasonably
requests in writing, (B) keep such registration or qualification in effect for so long as such Registration Statement remains in effect,
and (C) do any and all other acts and things which may be reasonably necessary or advisable to enable such seller to consummate the disposition
in such jurisdictions of the Registrable Securities owned by such seller (provided that the Company shall not be required
to (x) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this subsection,
(y) subject itself to taxation in any such jurisdiction or (z) consent to general service of process in any such jurisdiction);

 

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(vi) notify
each seller of such Registrable Securities, the managing underwriters and Counsel to GPL (A) at any time when a Prospectus relating to
the applicable Registration Statement is required to be delivered under the Securities Act, (1) upon discovery that, or upon the
happening of any event as a result of which, such Registration Statement, or the Prospectus or Issuer Free Writing Prospectus relating
to such Registration Statement, or any document incorporated or deemed to be incorporated therein by reference, contains an untrue statement
of a material fact or omits any material fact necessary to make the statements therein not misleading, and, at the request of any such
seller, the Company shall promptly prepare a supplement or amendment to such Prospectus or Issuer Free Writing Prospectus, furnish a reasonable
number of copies of such supplement or amendment to each seller of such Registrable Securities, Counsel to GPL and the managing underwriters
and file such supplement or amendment with the Commission so that, as thereafter delivered to the purchasers of such Registrable Securities,
such Prospectus or Issuer Free Writing Prospectus as so amended or supplemented shall not contain an untrue statement of a material fact
or omit to state any fact necessary to make the statements therein not misleading, (2) as soon as the Company becomes aware of any comments
or inquiries by the Commission or any requests by the Commission or any federal or state governmental authority for amendments or supplements
to a Registration Statement or related Prospectus or Issuer Free Writing Prospectus covering Registrable Securities or for additional
information relating thereto, (3) as soon as the Company becomes aware of the issuance or threatened issuance by the Commission of
any stop order suspending or threatening to suspend the effectiveness of a Registration Statement covering the Registrable Securities
or (4) of the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification
of any Registrable Security for sale in any jurisdiction, or the initiation or threatening of any proceeding for such purpose; and (B)
when each Registration Statement, Prospectus or any amendment or supplement thereto has been filed with the Commission and when each such
Registration Statement (or any amendment or supplement) has become effective;

 

(vii) use
commercially reasonable efforts to cause all such Registrable Securities (A) if the Common Stock is then listed on a National Securities
Exchange or included for quotation in a recognized trading market, to continue to be so listed or included, and (B) to be registered with
or approved by such other governmental agencies or authorities as may be necessary to enable the sellers thereof to consummate the disposition
of the Registrable Securities;

 

(viii) provide
and cause to be maintained a transfer agent and registrar for all such Registrable Securities from and after the effective date of the
applicable Registration Statement;

 

(ix) in
connection with any underwritten Public Offering:

 

(A) enter
into and perform under such customary agreements (including underwriting agreements in customary form, including customary representations
and warranties and provisions with respect to indemnification and contribution) and take all such other actions as GPL initially requested
to be sold or the underwriters, if any, reasonably request in order to expedite or facilitate the disposition of such Registrable Securities
and provide reasonable cooperation, including causing appropriate officers to attend and participate in “road shows” and analyst
or investor presentations and such other selling or other informational meetings organized by the underwriters, if any (taking into account
the needs of the Company’s businesses and the responsibilities of such officers with respect thereto and the requirement of the
marketing process); and

 

(B)
obtain and cause to be furnished to GPL and the managing underwriters a signed counterpart of (i) one or more comfort letters from the
Company’s independent public accountant(s) in customary form and covering such matters of the type customarily covered by comfort
letters, and (ii) a legal opinion (and negative assurance letter) of counsel to the Company addressed to the relevant underwriters and/or
GPL, in each case in customary form and covering such matters of the type customarily covered by such letters as the managing underwriters
and/or GPL reasonably request;

 

(x) permit
Counsel to GPL, any underwriter participating in any disposition pursuant to a Registration Statement, and any other attorney, accountant
or other agent retained by GPL or underwriter, to participate (including, but not limited to, reviewing, commenting on and attending all
meetings) in the preparation of such Registration Statement and any Prospectus relating thereto and conduct customary due diligence in
connection therewith;

 

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(xi) in
the event of the issuance or threatened issuance of any stop order suspending the effectiveness of a Registration Statement, or of any
order suspending or preventing the use of any related Prospectus or suspending the qualification of any Registrable Securities included
in such Registration Statement for sale in any jurisdiction, the Company shall use commercially reasonable efforts to (A) prevent the
issuance of any such stop order, and in the event of such issuance, to obtain the withdrawal of such order, and (B) obtain the withdrawal
of any order suspending or preventing the use of any related Prospectus or Issuer Free Writing Prospectus or suspending qualification
of any Registrable Securities included in such Registration Statement for sale in any jurisdiction at the earliest practicable date;

 

(xii) provide
a CUSIP number for the Registrable Securities prior to the effective date of the first Registration Statement including Registrable Securities;

 

(xiii) promptly
notify in writing GPL, any sales or placement agent and any managing underwriters of the Registrable Securities being sold: (A) when such
Registration Statement or related Prospectus or any amendment or supplement thereto has been filed, and, with respect to any such Registration
Statement or any post-effective amendment, when the same has become effective; and (B) of any written comments by the Commission and by
the blue sky or securities commissioner or regulator of any state with respect thereto;

 

(xiv) (A)
prepare and file with the Commission such amendments and supplements to each Registration Statement as may be necessary to comply with
the provisions of the Securities Act, including post effective amendments to each Registration Statement as may be necessary to keep such
Registration Statement continuously effective for the applicable time period required hereunder and, if applicable, file any Registration
Statements pursuant to Rule 462(b) promulgated under the Securities Act; (B) cause the related Prospectus to be supplemented by any required
Prospectus supplement, and as so supplemented to be filed pursuant to Rule 424 (or any similar provisions then in force) promulgated under
the Securities Act; (C) comply with the provisions of the Securities Act and the Exchange Act and any applicable securities exchange or
other recognized trading market with respect to the disposition of all securities covered by such Registration Statement during such period
in accordance with the intended methods of disposition by the sellers thereof set forth in such Registration Statement as so amended or
in such Prospectus as so supplemented; and (D) provide additional information related to each Registration Statement as requested by,
and obtain any required approval necessary from, the Commission or any federal or state governmental authority;

 

(xv) cooperate
with GPL and each underwriter, if any, participating in the disposition of such Registrable Securities and their respective counsel in
connection with any filings required to be made with FINRA;

 

(xvi) within
the deadlines specified by the Securities Act, make all required filing fee payments in respect of any Registration Statement or Prospectus
used under this Agreement (and any Public Offering covered thereby);

 

(xvii) if
requested by GPL or the managing underwriters, promptly include in a Prospectus supplement or amendment such information as GPL or managing
underwriters may reasonably request, including in order to permit the intended method of distribution of such securities, and make all
required filings of such Prospectus supplement or such amendment as soon as reasonably practicable after the Company has received such
request;

 

(xviii) in
the case of legended “restricted” Registrable Securities, cooperate with GPL, the managing underwriters and the transfer agent
to facilitate the timely removal of such legend in connection with any transfer pursuant to a Registration Statement; and

 

(xix) in
the case of certificated Registrable Securities, cooperate with GPL and the managing underwriters to facilitate the timely preparation
and delivery of certificates (not bearing any legends) representing Registrable Securities to be sold after receiving written representations
from GPL that the Registrable Securities represented by the certificates so delivered by GPL will be transferred in accordance with the
Registration Statement, and enable such Registrable Securities to be in such denominations and registered in such names as GPL or managing
underwriters may reasonably request at least two (2) Business Days prior to any sale of Registrable Securities; and

 

(xx) use
the Company’s best efforts to take all other actions deemed necessary or advisable in the reasonable judgment of GPL to effect the
registration and sale of the Registrable Securities contemplated hereby.

 

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(b) The
Company shall hold in confidence and not make any disclosure of information concerning GPL provided to the Company pursuant to this Agreement
unless (i) disclosure of such information is necessary to comply with federal or state securities laws, (ii) the disclosure of such information
is required to be included in a Registration Statement or necessary to avoid or correct a misstatement or omission in any Registration
Statement, (iii) the release of such information is ordered pursuant to a subpoena or other final, non-appealable order from a court or
governmental body of competent jurisdiction, or (iv) such information has been made generally available to the public other than by disclosure
in violation of this Agreement or any other agreement. The Company agrees that to the extent permitted by law, it shall, upon learning
that disclosure of such information concerning GPL is sought in or by a court or governmental body of competent jurisdiction or through
other means, give prompt written notice to GPL and allow GPL, at GPL’s expense, to undertake appropriate action to prevent disclosure
of, or to obtain a protective order for, such information.

 

(c) Most
Favored Nations. As of the date hereof and except as provided pursuant to the Plan, the Company represents and warrants that it is
not a party to, or otherwise subject to, any other agreement granting registration rights to any other Person with respect to any securities
of the Company, including securities convertible, exercisable or exchangeable into or for shares of any Capital Stock of the Company.
The Company shall not extend registration rights that are more favorable than the provisions described herein without first offering to
GPL to amend this Agreement to provide such more favorable rights.

 

(d) With
a view to making available certain rules and regulations of the Commission that may permit the sale of the Registrable Securities to the
public without registration, on and after the Effective Date and until such date as no GPL owns any Registrable Securities, the Company
agrees to:

 

(i) make
available information necessary to comply with Section 4(a)(7) under the Securities Act and Rule 144 promulgated under the Securities
Act, if available, with respect to resales of the Registrable Securities under the Securities Act, at all times, all to the extent required
from time to time to enable GPL to sell Registrable Securities without registration under the Securities Act within the limitation of
the exemptions provided by Section 4(a)(7) and Rule 144 promulgated under the Securities Act, as may be amended from time to time, or
any other similar rules or regulations now existing or hereafter adopted by the Commission; and

 

(ii) upon
the reasonable written request of GPL, the Company will deliver to GPL a written statement as to whether the Company has complied with
such information requirements, and, if not, the specific reasons for non-compliance.

 

(e) The
Company agrees that nothing in this Agreement shall restrict GPL, at any time and from time to time, from selling or otherwise transferring
Registrable Securities pursuant to the Resale Shelf Registration Statement, a private placement or other transaction which is not registered
pursuant to the Securities Act.

 

(f) With
respect to any Registrable Securities subject to a restrictive legend, upon request by GPL, at any time after the restrictions described
in such legend cease to be applicable, including, as applicable, when such shares may be sold under Rule 144 or in connection with a transfer
pursuant to a Registration Statement, the Company will use commercially reasonable efforts to remove such restrictive legend and will
obtain any necessary legal opinions at the Company’s cost and expense; provided that the Company may reasonably
request such certificates or other evidence that such restrictions no longer apply from GPL before removing the legend.

 

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7. Registration
Expenses.

 

(a) Expenses.
All fees and expenses incurred by the Company in connection with this Agreement (“Registration Expenses”) will be borne
by the Company. These fees and expenses will include without limitation (i) stock exchange, Commission, FINRA and other registration and
filing fees, (ii) all fees and expenses incurred in connection with complying with any securities or blue sky laws (including reasonable
fees, charges and disbursements of counsel in connection with blue sky qualifications of the Registrable Securities), (iii) all printing,
messenger and delivery expenses, (iv) the fees, charges and disbursements of counsel to the Company and of its independent public accountants
and any other accounting and legal fees, charges and expenses incurred by the Company (including any expenses arising from any special
audits, “comfort letters,” legal opinions or negative assurance letters required in connection with or incident to any registration)
and other Persons retained by the Company, (v) the fees and expenses incurred in connection with the listing of the Registrable Securities
on a National Securities Exchange, (vi) any expenses of the Company’s transfer agent and (vii) reasonable and customary fees and
expenses of any underwriter (for an underwritten Public Offering permitted by the terms of this Agreement).

 

(b) Reimbursement
of Counsel. The Company will also reimburse or pay, as the case may be, the reasonable and documented fees and out-of-pocket expenses
of Counsel to GPL relating to or in connection with any action taken pursuant to this Agreement and each additional counsel retained by
GPL for the purpose of rendering a legal opinion on behalf of GPL in connection with any underwritten Public Offering if the managing
underwriters of such Public Offering or the Company reasonably request such legal opinion and Counsel to GPL cannot reasonably provide
such legal opinion due to legal jurisdiction or otherwise. All such costs shall be paid within 30 calendar days of presentation of an
invoice by GPL.

 

8. Information Rights.

 

If the Company is not subject
to the periodic reporting requirements of Section 13 or 15(d) of the Exchange Act and, pursuant to the Company’s bylaws. GPL has
waived the requirement for the Company to be a voluntary public filer with the Commission, GPL will be entitled to the information rights
provided herein:

 

(a) Financial Statements.
GPL may request from the Company:

 

(i) as
soon as reasonably practicable, but in any event within 90 days after the end of each fiscal year of the Company (A) a balance sheet as
of the end of such year, (B) statements of income and of cash flows for such year and (C) a statement of GPL’s equity as of the
end of such year, all such financial statements audited and certified by independent public accountants of nationally recognized standing
selected by the Company;

 

(ii) as
soon as reasonably practicable, but in any event within forty-five (45) days after the end of each quarter of each fiscal year of the
Company, unaudited statements of income and cash flows for such fiscal quarter, and an unaudited balance sheet and a statement of GPL’s
equity as of the end of such fiscal quarter, all prepared in accordance with GAAP (except that such financial statements may (A) be subject
to normal year-end audit adjustments; and (B) not contain all notes thereto that may be required in accordance with GAAP); and

 

(iii) as
soon as reasonably practicable, but in any event within forty-five (45) days after the end of each quarter of each fiscal year of the
Company, a statement showing the number of shares of each class and series of capital stock and securities convertible into or exercisable
for shares of capital stock outstanding at the end of the period, shares issuable upon conversion or exercise of any outstanding securities
convertible or exercisable for shares and the exchange ratio or exercise price applicable thereto, and the number of shares of issued
stock options and stock options not yet issued but reserved for issuance, if any, all in sufficient detail as to permit GPL to calculate
their respective percentage equity ownership in the Company.

 

Notwithstanding anything else
in this Section 9(a) to the contrary, the Company may cease providing the information set forth in this Section 9(a) during the period
starting with the date thirty (30) days before the Company’s good-faith estimate of the date of filing of a Registration Statement
if it reasonably concludes it must do so to comply with the Commission rules applicable to such Registration Statement and related offering; provided that
the Company’s covenants under this Section 9(a) shall be reinstated at such time as the Company is no longer actively employing
its commercially reasonable efforts to cause such Registration Statement to become effective.

 

    9

     

    

 

(b) Inspection.
The Company shall permit GPL to visit and inspect the Company’s properties; examine its books of account and records; and discuss
the Company’s affairs, finances, and accounts with its officers, during normal business hours of the Company as may be reasonably
requested by GPL; provided, however, that the Company shall not be obligated pursuant to this Section 9(b) to
provide access to any information that it reasonably and in good faith considers to be a trade secret or confidential information (unless
covered by an enforceable confidentiality agreement, in form acceptable to the Company) or the disclosure of which would adversely affect
the attorney-client privilege between the Company and its counsel.

 

(c) Termination
of Information Rights. The covenants set forth in this Section 9 shall be automatically suspended if the Company is subject to the
periodic reporting requirements of Section 13 or 15(d) of the Exchange Act or otherwise files such reports as a voluntary public filer
within the time periods proscribed by the rules and regulations of the Commission for a non-accelerated filer.

 

9. Indemnification; Contribution.

 

(a) Indemnification
by the Company. The Company agrees to indemnify and hold harmless GPL and GPL’s Related Persons, directors, officers, employees,
members, partners, managers, agents, and any underwriter that facilitates the sale of the Registrable Securities and any Person who controls
such underwriter (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) to the fullest extent permitted
by applicable law, from and against any and all losses, claims, damages, liabilities and expenses (“Losses”) to which
they or any of them may become subject insofar as such Losses arise out of or are based upon any untrue or alleged untrue statement of
a material fact contained in any Registration Statement pursuant to which Registrable Securities were registered, Prospectus, preliminary
prospectus, any road show, as defined in Rule 433(h)(4) under the Securities Act a (“road show”), or Issuer Free Writing
Prospectus included in any such Registration Statement, or in any amendment thereof or supplement thereto, or arise out of or are based
upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary in the case of any Prospectus,
preliminary prospectus, road show or Issuer Free Writing Prospectus, in light of the circumstances under which they were made, to make
the statements therein not misleading and the Company agrees to reimburse each such indemnified party for any reasonable legal or other
reasonable out-of-pocket expenses incurred by them in connection with investigating or defending any such Losses (whether or not the indemnified
party is a party to any proceeding); provided, however, that the Company will not be liable in any case to the
extent that any such Loss arises out of or is based upon any such untrue or alleged untrue statement or omission or alleged omission made
therein in reliance upon and in conformity with written information furnished to the Company by or on behalf of GPL specifically for inclusion
therein. This indemnity agreement will be in addition to any liability which the Company may otherwise have.

 

(e) The
provisions of this Section 10 will remain in full force and effect, regardless of any investigation made by or on behalf of GPL or the
Company or any of the officers, directors or controlling Persons referred to in this Section 9, and will survive the transfer of
Registrable Securities.

 

10. Transfer
of Registration Rights. The rights of GPL hereunder may be transferred, assigned, or otherwise conveyed in connection with any transfer,
assignment, or other conveyance of Registrable Securities to any transferee or assignee, including any Related Person of GPL.

 

11. Amendment, Modification
and Waivers; Further Assurances.

 

(a) Amendment.
This Agreement may be amended, modified, superseded, cancelled, renewed or extended, and the terms and conditions of this Agreement may
be waived, only by a written instrument, (a) signed by the Parties.

 

(b) Changes
in Registrable Securities. If, and as often as, there are any changes in the Registrable Securities by way of stock split, stock dividend,
combination or reclassification, or through merger, consolidation, reorganization or recapitalization, or by any other means, appropriate
adjustment shall be made in the provisions hereof as may be required so that the rights and privileges granted hereby shall continue with
respect to the Registrable Securities as so changed and the Company shall make appropriate provision in connection with any merger, consolidation,
reorganization or recapitalization that any successor to the Company (or resulting parent thereof) shall agree, as a condition to the
consummation of any such transaction, to expressly assume the Company’s obligations hereunder.

 

    10

     

    

 

(c) Effect
of Waiver. No waiver of any terms or conditions of this Agreement shall operate as a waiver of any other breach of such terms and
conditions or any other term or condition, nor shall any failure to enforce any provision hereof operate as a waiver of such provision
or of any other provision hereof. No written waiver hereunder, unless it by its own terms explicitly provides to the contrary, shall be
construed to effect a continuing waiver of the provisions being waived and no such waiver in any instance shall constitute a waiver in
any other instance or for any other purpose or impair the right of the party against whom such waiver is claimed in all other instances
or for all other purposes to require full compliance with such provision. The failure of any party to enforce any provision of this Agreement
shall not be construed as a waiver of such provision and shall not affect the right of such party thereafter to enforce each provision
of this Agreement in accordance with its terms.

 

(d) Further
Assurances. Each of the parties hereto shall execute all such further instruments and documents and take all such further action as
any other party hereto may reasonably require in order to effectuate the terms and purposes of this Agreement.

 

12. Miscellaneous.

 

(a) Successors
and Assigns. All covenants and agreements in this Agreement by or on behalf of any of the parties hereto shall bind and inure to the
benefit of the respective successors and assigns of the parties hereto (including any trustee in bankruptcy) whether so expressed or not.
No assignment or delegation of this Agreement by the Company, or any of the Company’s rights, interests or obligations hereunder,
shall be effective against GPL without the prior written consent of GPL.

 

(b) Remedies;
Specific Performance. Any Person having rights under any provision of this Agreement shall be entitled to enforce such rights specifically,
to recover damages caused by reason of any breach of any provision of this Agreement and to exercise all other rights existing in their
favor. The parties hereto agree and acknowledge that money damages would not be an adequate remedy for any breach of the provisions of
this Agreement and that any party may in its sole discretion apply to any court of law or equity of competent jurisdiction for specific
performance and/or injunctive relief (without posting any bond or other security) in order to enforce or prevent violation of the provisions
of this Agreement and shall not be required to prove irreparable injury to such party or that such party does not have an adequate remedy
at law with respect to any breach of this Agreement (each of which elements the parties admit). The parties hereto further agree and acknowledge
that each and every obligation applicable to it contained in this Agreement shall be specifically enforceable against it and hereby waives
and agrees not to assert any defenses against an action for specific performance of their respective obligations hereunder. All rights
and remedies existing under this Agreement are cumulative to, and not exclusive of, any rights or remedies available under this Agreement
or otherwise.

 

(c) Notices.
Any notices under this Agreement shall be given in accordance with the Amendment. The Company hereby acknowledges and agrees that any
notices so given shall be effective as against it for all purposes under the laws of the State of New York.

 

(d) No Inconsistent Agreements.
The Company shall not hereafter enter into any agreement with respect to its securities which is inconsistent with or violates the rights
granted to GPL in this Agreement.

 

(e) Counterparts.
This Agreement may be executed by one or more of the Parties on any number of separate counterparts, and all of said counterparts taken
together shall be deemed to constitute one and the same instrument. Delivery of an executed signature page of this Agreement by facsimile
or electronic mail transmission shall be effective as delivery of a manually executed counterpart hereof.

 

(f) Descriptive
Headings; Interpretation; No Strict Construction. The descriptive headings of this Agreement are inserted for convenience only and
do not constitute a substantive part of this Agreement. Whenever required by the context, any pronoun used in this Agreement shall include
the corresponding masculine, feminine or neuter forms, and the singular forms of nouns, pronouns, and verbs shall include the plural and
vice versa. Reference to any agreement, document, or instrument means such agreement, document, or instrument as amended or otherwise
modified from time to time in accordance with the terms thereof, and, if applicable, hereof. The words “include,” “includes”
or “including” in this Agreement shall be deemed to be followed by “without limitation.” The use of the words
“or,” “either” or “any” shall not be exclusive. The parties hereto have participated jointly in the
negotiation and drafting of this Agreement. If an ambiguity or question of intent or interpretation arises, this Agreement shall be construed
as if drafted jointly by the parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue
of the authorship of any of the provisions of this Agreement. All references to laws, rules, regulations and forms in this Agreement shall
be deemed to be references to such laws, rules, regulations and forms, as amended from time to time or, to the extent replaced, the comparable
successor thereto in effect at the time. All references to agencies, self-regulatory organizations or governmental entities in this Agreement
shall be deemed to be references to the comparable successors thereto from time to time.

 

    11

     

    

 

(g) Arm’s Length
Agreement. Each of the parties to this Agreement agrees and acknowledges that this Agreement has been negotiated in good faith, at
arm’s length, and not by any means prohibited by law.

 

(h) Sophisticated Parties;
Advice of Counsel. Each of the parties to this Agreement specifically acknowledges that (i) it is a knowledgeable, informed, sophisticated
Person capable of understanding and evaluating the provisions set forth in this Agreement and (ii) it has been fully advised and represented
by legal counsel of its own independent selection and has relied wholly upon its independent judgment and the advice of such counsel in
negotiating and entering into this Agreement.

 

(i) Governing Law.
This agreement and the legal relations between the parties shall be governed by and construed in accordance with the laws of the
State of New York, without regard to the conflicts of laws rules of such state.

 

(j) Submission
to Jurisdiction. The parties hereto agree that any suit, action or proceeding seeking to enforce any provision of, or based on any
matter arising out of or in connection with, this Agreement or the transactions contemplated hereby shall be brought in the United States
District Court for the Southern District of New York or any New York State court sitting in New York City, so long as one of such courts
shall have subject matter jurisdiction over such suit, action or proceeding, and that any case of action arising out of this Agreement
shall be deemed to have arisen from a transaction of business in the State of New York, and each of the parties hereby irrevocably consents
to the jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any such suit, action or proceeding and irrevocably
waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of the venue of any such
suit, action or proceeding in any such court or that any such suit, action or proceeding which is brought in any such court has been brought
in an inconvenient forum. Process in any such suit, action or proceeding may be served on any party anywhere in the world, whether within
or without the jurisdiction of any such court. Without limiting the foregoing, each party agrees that service of process on such party
as provided in Section 12(c) shall be deemed effective service of process on such party.

 

(k) Waiver
of Jury Trial. Each of the parties to this Agreement hereby agrees to waive its respective rights to a jury trial of any claim or
cause of action based upon or arising out of this Agreement. The scope of this waiver is intended to be all-encompassing of any and all
disputes that may be filed in any court and that relate to the subject matter of this Agreement, including contract claims, tort claims
and all other common law and statutory claims. Each party hereto acknowledges that this waiver is a material inducement to enter into
this Agreement, that each has already relied on this waiver in entering into this Agreement and that each will continue to rely on this
waiver in their related future dealings. Each party hereto further warrants and represents that it has reviewed this waiver with its legal
counsel and that it knowingly and voluntarily waives its jury trial rights following consultation with legal counsel. THIS WAIVER IS IRREVOCABLE,
MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS
SECTION 13(k) AND EXECUTED BY EACH OF THE PARTIES HERETO), AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS
OR MODIFICATIONS TO THIS AGREEMENT. In the event of litigation, this Agreement may be filed as a written consent to a trial by the court.

 

(l) Complete
Agreement. This Agreement and any certificates, documents, instruments and writings that are delivered pursuant hereto, represent
the complete agreement among the parties hereto as to all matters covered hereby, and supersedes any prior agreements or understandings
among the parties.

 

(m) Severability.
In the event any one or more of the provisions contained in this Agreement should be held invalid, illegal or unenforceable in any respect,
the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby
(it being understood that the invalidity of a particular provision in a particular jurisdiction shall not in and of itself affect the
validity of such provision in any other jurisdiction). The parties shall endeavor in good-faith negotiations to replace the invalid, illegal
or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal
or unenforceable provisions.

 

(n) Termination.
This Agreement shall terminate and be of no further force or effect when there shall no longer be any Registrable Securities outstanding; provided that
(i) GPL may elect to terminate its obligations under this Agreement by giving the Company written notice thereof, and (ii) this Agreement
shall automatically terminate when GPL no longer holds any Registrable Securities; provided further that the provisions
of Sections 6(b), 7(e), 9 and 12 shall survive any termination pursuant to this Section 12(n).

 

[SIGNATURE PAGE FOLLOWS]

 

    12

     

    

 

IN WITNESS WHEREOF, the Parties have executed this
Agreement as of the Effective Date.

 

	 	COMPANY:

                     

                    LYTUS TECHNOLOGIES

 HOLDINGS PTV. LTD.

	 	 	 
	 	By	/s/ Shreyas N. Shah
	 	 	Name:	Shreyas N. Shah
	 	 	Title:	Global CFO
	 	 
	 	GPL:

                                             

	 	GPL VENTURES, LLC
	 	 	 
	 	By:	/s/ Cosmin Panait
	 	 	Name: 	Cosmin Panait
	 	 	Title:	Managing Member

 

 

13Document

EXHIBIT 4a
DESCRIPTION OF THE REGISTRANT’S SECURITIES REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934
As of February 9, 2022, Bristol-Myers Squibb Company (“Bristol-Myers Squibb,” or “we,” “us” and “our”) had the following classes of securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”): (i) shares of common stock, $0.10 par value per share (“Common Stock”), (ii) the Celgene Contingent Value Rights (the “Celgene CVRs”), (iii) the 1.000% Notes due 2025 (the “2025 Notes”) and (iv) the 1.750% Notes due 2035 (the “2035 Notes”). In addition, as of February 9, 2022, Bristol-Myers Squibb's $2.00 convertible preferred stock, par value $1.00 per share (the "$2.00 convertible preferred stock") is registered pursuant to Section 12(g) of the Exchange Act.
DESCRIPTION OF CAPITAL STOCK
The following description of the terms of our capital stock is a summary only and is qualified in its entirety by reference to the relevant provisions of the General Corporation Law of Delaware, as amended (the “DGCL”), Bristol-Myers Squibb’s Amended and Restated Certificate of Incorporation (as amended, the “Certificate of Incorporation”) and Bristol-Myers Squibb’s by-laws (as amended, the “By-laws”). You should refer to the Certificate of Incorporation and the By-laws, both of which we have filed as an exhibit to the Annual Report on Form 10-K of which this exhibit is a part. In addition, you should refer to the DGCL, which may also affect the terms of our capital stock.
Bristol-Myers Squibb Common Stock
General
Bristol-Myers Squibb is authorized to issue up to 4.5 billion shares of common stock, $0.10 par value per share. As of December 31, 2021, approximately 2.176 billion shares of Common Stock were outstanding. The Common Stock is listed on the New York Stock Exchange under the symbol “BMY.”
Dividends
Holders of Common Stock are entitled to receive dividends out of any assets legally available for payment of dividends as may from time to time be declared by our board of directors, subject to the rights of the holders of the preferred stock.
Voting
Each holder of Common Stock is entitled to one vote per share on all matters requiring a vote of the stockholders, including, without limitation, the election of directors. The holders of Common Stock do not have cumulative voting rights. Except as otherwise provided by applicable law, rule or regulation, by the rules or regulations of any securities exchange applicable to Bristol-Myers Squibb or its securities, or by the Certificate of Incorporation or the By-laws, all matters shall be decided by the holders of a majority in voting power of the outstanding shares of stock of Bristol-Myers Squibb present in person or by proxy and entitled to vote thereon. 

Rights Upon Liquidation
In the event of Bristol-Myers Squibb’s voluntary or involuntary liquidation, dissolution, or winding up, the holders of Common Stock will be entitled to share equally in Bristol-Myers Squibb’s assets available for distribution after payment in full of all debts and after the holders of preferred stock have received their liquidation preferences in full.
Board of Directors
The By-laws provide that the Bristol-Myers Squibb board of directors shall be a single class, elected annually at any meeting for the election of directors at which a quorum is present (a quorum being a majority of the stockholders), pursuant to a majority of the votes cast in uncontested elections. A majority of the votes cast means that the number of shares voted “for” a director must exceed the number of votes cast “against” that director. In contested elections where the number of nominees exceeds the number of directors to be elected, the vote standard is a plurality of votes cast. 
Preemptive and Other Rights
Shares of Common Stock are not redeemable and have no subscription, conversion or preemptive rights. There are no sinking fund provisions applicable to shares of Common Stock. The rights, preferences and privileges of the holders of Common Stock are subject to the outstanding shares of $2.00 convertible preferred stock, and may be adversely affected by, the rights of the holders of shares of any series of preferred stock that Bristol-Myers Squibb may designate and issue in the future.
Preferred Stock
Bristol-Myers Squibb is authorized to issue up to 10,000,000 shares of preferred stock, par value $1.00 per share. As of December 31, 2021, 3,484 shares of $2.00 convertible preferred stock, liquidation preference $50 per share, were outstanding. Bristol-Myers Squibb’s $2.00 convertible preferred stock votes as a single class with Bristol-Myers Squibb’s Common Stock, with each share entitled to a single vote. Subject to limitations prescribed by law, our board of directors is authorized at any time to:
•issue one or more series of preferred stock;
•    determine the designation for any series by number, letter or title that shall distinguish the series from any other series of preferred stock; and 
•    determine the number of shares in any series.
Our board of directors is also authorized to determine, for each series of preferred stock:
•    whether dividends on that series of preferred stock will be cumulative and, if so, from which date; 
•    the dividend rate; 
     2

•    the dividend payment date or dates; 
•    the liquidation preference per share of that series of preferred stock, if any; 
•    any conversion provisions applicable to that series of preferred stock; 
•    any redemption or sinking fund provisions applicable to that series of preferred stock; 
•    the voting rights of that series of preferred stock, if any; and 
•    the terms of any other preferences or special rights applicable to that series of preferred stock.
Dividends 
Holders of preferred stock are entitled to receive, when, as and if declared by our board of directors, cash dividends at the rates and on the dates as set forth in the applicable certificate of designations. Generally, unless all dividends on preferred stock have been paid, no dividends will be declared or paid on Common Stock.
Payment of dividends on any series of preferred stock may be restricted by loan agreements, indentures and other agreements governing certain transactions Bristol-Myers Squibb may enter into.
Convertibility
No series of preferred stock will be convertible into, or exchangeable for, other securities or property except as set forth in the applicable certificate of designations.
The holders of shares of the $2.00 convertible preferred stock shall have the right, at their option, to convert such shares into shares of Common Stock at any time, subject to, and in accordance with the terms of the applicable certificate of designation.
Redemption and Sinking Fund
No series of preferred stock will be redeemable or receive the benefit of a sinking fund except as set forth in the applicable certificate of designations.
Bristol-Myers Squibb may redeem the $2.00 convertible preferred shares at its option, at any time, or from time to time for $50.00 together with an amount equal to any dividends accrued and unpaid thereon to the date of redemption.
Shares of preferred stock that Bristol-Myers Squibb redeems or otherwise reacquires will, subject to the provisions of the DGCL, resume the status of authorized and unissued shares of preferred stock undesignated as to series, and will be available for subsequent issuance. 

     3

There are no restrictions on repurchase or redemption of the preferred stock while there is any arrearage on sinking fund installments except as may be set forth in the applicable certificate of designations.
Liquidation
In the event Bristol-Myers Squibb voluntarily or involuntarily liquidates, dissolves or winds up Bristol-Myers Squibb’s affairs, the holders of each series of preferred stock will be entitled to receive the liquidation preference per share specified in the applicable certificate of designation, plus any accrued and unpaid dividends. Holders of preferred stock will be entitled to receive these amounts before any distribution is made to the holders of Common Stock.
If the amounts payable to preferred stockholders are not paid in full, the holders of preferred stock will share ratably in any distribution of assets based upon the aggregate liquidation preference for all outstanding shares for each series. After the holders of shares of preferred stock are paid in full, they will have no right or claim to any of Bristol-Myers Squibb’s remaining assets.
Voting Rights
The holders of preferred stock will be entitled to such voting rights as provided in the certificate of designations with respect to a particular series and the Certificate of Incorporation. 
Each holder of $2.00 convertible preferred stock shall be entitled to one vote for each share held and, except as otherwise provided by the Certificate of Incorporation or By-laws, the shares of such series and the shares of Common Stock (and any other capital stock of Bristol-Myers Squibb at the time entitled thereto) shall vote together as one class. However, if and whenever accrued dividends on the preferred stock have not been paid or declared and a sum sufficient for the payment thereof set aside, in an amount equivalent to six quarterly dividends on all shares of all series of preferred stock at the time outstanding, then the holders of the preferred stock, voting separately as a class, will be entitled to elect two directors at the next annual or special meeting of the stockholders. During the time the holders of preferred stock are entitled to elect two additional directors, they are not entitled to vote with the holders of Common Stock in the election of any other directors. If all accumulated dividends on preferred stock have been paid in full, the holders of shares of preferred stock will no longer have the right to vote on directors except as provided for in the applicable certificate of designations, the term of office of each director so elected will terminate, and the number of Bristol-Myers Squibb’s directors will, without further action, be reduced accordingly. 
The vote of the holders of at least two-thirds of the outstanding shares of preferred stock voting only as a class is required to authorize any amendment to the Certificate of Incorporation or By-laws which would materially alter any existing provisions of the preferred stock or which would authorize a class of preferred stock ranking prior to the outstanding preferred stock as to dividends or assets. In addition, the vote of the holders of at least a majority of the outstanding shares of preferred stock voting together as a class is required to make effective any amendment to the Certificate of Incorporation authorizing the issuance of or any increase in the authorized amount of any class of preferred stock ranking on a parity with or increasing the number of authorized shares of preferred stock.
     4

No Other Rights
The shares of a series of preferred stock will not have any preemptive rights, preferences, voting powers or relative, participating, optional or other special rights except as set forth above or in the prospectus supplement, the Certificate of Incorporation or certificate of designations or as otherwise required by law.
Antitakeover Provisions 
Provisions of the DGCL, the Certificate of Incorporation and the By-Laws, which are summarized below, may have antitakeover effects and could delay, defer or prevent a tender offer, takeover attempt or other change of control transaction that a stockholder might consider in its best interest.
Delaware Law Antitakeover Statute
Bristol-Myers Squibb is governed by the provisions of Section 203 of the DGCL. In general, Section 203 prohibits a public Delaware corporation from engaging in a “business combination” with an “interested stockholder” for a period of three years after the date of the transaction in which the person became an interested stockholder, unless:
•    the board of directors approved the acquisition of stock pursuant to which the person became an interested stockholder or the transaction that resulted in the person becoming an interested stockholder prior to the time that the person became an interested stockholder; 
•     upon consummation of the transaction that resulted in the person becoming an interested stockholder such person owned at least 85% of the outstanding voting stock of the corporation, excluding, for purposes of determining the voting stock outstanding, voting stock owned by directors who are also officers and certain employee stock plans; or 
•     the transaction is approved by the board of directors and by the affirmative vote of two-thirds of the outstanding voting stock which is not owned by the interested stockholder. 
In general, Section 203 defines a “business combination” to include mergers, asset sales and other transactions resulting in financial benefit to a stockholder and an “interested stockholder” as a person who, together with affiliates and associates, owns, or within three years did own, 15% or more of the corporation’s outstanding voting stock. These provisions may have the effect of delaying, deferring or preventing changes in control of Bristol-Myers Squibb.
Issuance of Undesignated Preferred Stock
Our board of directors has the authority, without stockholder approval, to issue up to 10,000,000 shares of undesignated preferred stock with rights and preferences, to the extent not fixed by certain provisions set forth in the Certificate of Incorporation, designated from time to time by our board of directors. As of December 31, 2021, out of the 10,000,000 shares of authorized preferred stock, 1,300,188 shares have been designated as $2.00 convertible preferred stock (of which 3,484 
     5

shares have been issued and are outstanding). The existence of authorized but unissued shares of preferred stock would enable the Bristol-Myers Squibb board of directors to render more difficult or to discourage an attempt to obtain control of Bristol-Myers Squibb by means of a merger, tender offer, proxy contest or other means.
No Cumulative Voting    
The Certificate of Incorporation does not provide for cumulative voting.
Size of Board of Directors and Vacancies
The By-laws provide that the total number of Bristol-Myers Squibb directors will be fixed from time to time by a majority vote of our board of directors. The By-laws further provide that, subject to the rights of holders of any series of preferred stock to elect directors under specific circumstances, any newly created directorships resulting from an increase in the authorized number of directors and any vacancies occurring in the Bristol-Myers Squibb board of directors, shall be filled by an affirmative vote of a majority of the remaining directors then in office, even if less than a quorum. Any directors so elected shall hold office until the next annual meeting of stockholders and until their successors are elected and qualify.
Amendment to By-Laws    
Except as otherwise provided in the Certificate of Incorporation, the By-laws may be altered, amended or repealed or new by-laws may be made by the affirmative vote of the holders of record of a majority of the shares of Bristol-Myers Squibb entitled to vote, at any annual or special meeting, or, by a vote of the majority of the Bristol-Myers Squibb board of directors, at any regular or special meeting at which a quorum is present.
Special Stockholder Meetings; Notice Requirements    
Except as otherwise required by law and subject to the rights under the Certificate of Incorporation of the holders of any class or series of stock having a preference over the Common Stock , a special meeting of stockholders (1) may be called only by the chairman of our board of directors or by our board of directors pursuant to a resolution approved by a majority of our board of directors and (2) must be called by the secretary upon the written request of the record holders of at least 25% in voting power of the outstanding shares of stock of Bristol-Myers Squibb who have complied with the requirements in the By-laws. The By-laws provide advance notice procedures for stockholders seeking to bring business before its annual meeting of stockholders or to nominate candidates for election as directors at its annual meeting of stockholders. The By-laws also specify certain requirements regarding the form and content of a stockholder’s notice.
Exclusive Forum for Certain Lawsuits
The By-laws provide that, unless we consent in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware will be, to the fullest extent permitted by law, the sole and exclusive forum for any (i) derivative action or proceeding brought on our behalf, (ii) action asserting a claim of breach of a fiduciary duty owed by any of our directors, officers or other employees to us or our stockholders, creditors or other constituents, (iii) action asserting a claim 
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arising pursuant to any provision of the General Corporation Law of the State of Delaware, our Certificate of Incorporation or the By-laws or (iv) action asserting a claim against us or any of our directors, officers or other employees governed by the internal affairs doctrine; provided, however, that, in the event that the Court of Chancery of the State of Delaware lacks jurisdiction over any such action or proceeding, the sole and exclusive forum for such action or proceeding will be another state or federal court of the State of Delaware. The By-laws also provide that any person or entity purchasing or otherwise acquiring or holding any interest in shares of our capital stock will be deemed to have notice of and consented to this forum selection provision.
This forum selection provision is not intended to apply to any actions brought under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act. Section 27 of the Exchange Act creates exclusive federal jurisdiction over all suits brought to enforce any duty or liability created by the Exchange Act or the rules and regulations thereunder and Section 22 of the Securities Act creates concurrent jurisdiction for federal and state courts over all suits brought to enforce any duty or liability created by the Securities Act or the rules and regulations thereunder. Accordingly, the forum selection provision in the By-laws will not relieve us of our duties to comply with the federal securities laws and the rules and regulations thereunder, and our stockholders will not be deemed to have waived our compliance with these laws, rules and regulations.
However, this forum selection provision in the By-laws may limit a stockholder’s ability to bring a claim in a judicial forum that it finds favorable for disputes with us or any of our directors, officers and other employees, which may discourage lawsuits with respect to such claims, although our stockholders will not be deemed to have waived our compliance with federal securities laws and the rules and regulations thereunder. In addition, stockholders who do bring a claim in the Court of Chancery in the State of Delaware could face additional litigation costs in pursuing any such claim, particularly if they do not reside in or near Delaware. Furthermore, if a court were to find the provision inapplicable to, or unenforceable in respect of, one or more of the specified types of actions or proceedings, we may incur additional costs associated with resolving such action in other jurisdictions, which could harm our business, operating results and financial condition.
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DESCRIPTION OF NOTES
The following description of our 2025 Notes and the 2035 Notes (together with the 2025 Notes, the “Notes”) is a summary and does not purport to be complete and is subject to, and is qualified in its entirety by reference to, all the provisions of the Notes and the Indenture, dated as of June 1, 1993 (the “Base Indenture”), as supplemented by the Eighth Supplemental Indenture, dated May 5, 2015 between Bristol-Myers Squibb and The Bank of New York Mellon (formerly “The Bank of New York”) as successor to The Chase Manhattan Bank, as trustee (the “Notes Trustee”), which are incorporated by reference as exhibits to the Annual Report on Form 10-K of which this Exhibit 4ggg is a part, including the definitions of certain terms therein and those terms made part thereof by the Trust Indenture Act of 1939, as amended (the “Trust Indenture Act”). The Base Indenture and the Eighth Supplemental Indenture are herein referred to as the “Indenture.” We encourage you to read the Indenture for additional information.  In this description all references to “Bristol-Myers Squibb,” the “Company,” “we,” “our” and “us” mean Bristol-Myers Squibb Company only.
General
Bristol-Myers Squibb issued €575,000,000 aggregate principal amount of 2025 Notes on May 5, 2015. The 2025 Notes will mature on May 15, 2025. 
Bristol-Myers Squibb issued €575,000,000 aggregate principal amount of 2035 Notes on May 15, 2025. The 2035 Notes will mature on May 15, 2035. 
The Notes were issued only in book-entry form, in minimum denominations of €100,000 and integral multiples of €1,000 above that amount, through the facilities of Euroclear Bank S.A./N.V., as operator of the Euroclear System (“Euroclear”), and Clearstream Banking, société anonyme (“Clearstream”), and sales in book-entry form may be effected only through a participants in Euroclear or Clearstream. 
Ranking 
The Notes are our unsubordinated unsecured obligations and rank equally in right of payment with all of our existing and future unsubordinated unsecured indebtedness; rank senior in right of payment to any future subordinated indebtedness that we may incur; are effectively subordinated in right of payment to any future secured indebtedness that we may incur, to the extent of the value of the assets securing such indebtedness; and are structurally subordinated in right of payment to all existing and future indebtedness and other liabilities of our subsidiaries, including trade payables.
Interest
The interest rate on the 2025 Notes is 1.000% per annum and the interest rate on the 2035 Notes is 1.750% per annum. Interest on each series of Notes started to accrue on May 5, 2015. Interest on the Notes is computed on the basis of the actual number of days in the period for which interest is being calculated and the actual number of days from and including the last date on which interest was paid on the Notes, to but excluding the next scheduled Interest Payment Date (as defined below). This payment convention is referred to as ACTUAL/ACTUAL (ICMA) as defined in the rulebook of the International Capital Market Association. 

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Interest on the Notes is payable annually on each May 15 (an “Interest Payment Date”). Interest payable on the Interest Payment Date includes interest from the most recent Interest Payment Date to which interest has been paid or duly provided for. Interest is payable on any Interest Payment Date to the person in whose name a Note (or any predecessor note) is registered at the close of business on the May 1 immediately preceding the relevant Interest Payment Date.
If an Interest Payment Date falls on a day that is not a Business Day, the required payment on that day will be due on the next succeeding Business Day as if made on the date the payment was due, and no interest will accrue on that payment for the period from and after that Interest Payment Date to the date of payment on the next succeeding Business Day. “Business Day” means, with respect to the Notes, any day other than a Saturday or Sunday, (1) which is not a day on which banking institutions in The City of New York or London are authorized or required by law, regulation or executive order to close and (2) on which the Trans-European Automated Real-time Gross Settlement Express Transfer system (the TARGET2 system), or any successor thereto, is open.
Issuance in Euro 
All payments of interest and principal, including payments made upon any redemption of the Notes are payable in euro. If, on or after the date of the initial issuance of the Notes, the euro is unavailable to us due to the imposition of exchange controls or other circumstances beyond our control or if the euro is no longer being used by the then member states of the European Monetary Union that have adopted the euro as their currency or for the settlement of transactions by public institutions of or within the international banking community, then all payments in respect of the Notes will be made in U.S. dollars until the euro is again available to us or so used. The amount payable on any date in euro will be converted into U.S. dollars at the rate mandated by the U.S. Federal Reserve Board as of the close of business on the second business day prior to the relevant payment date or, in the event the U.S. Federal Reserve Board has not mandated a rate of conversion, on the basis of the most recent euro/U.S. dollar exchange rate available on or prior to the second business day prior to the relevant payment date, as reported by Bloomberg. Any payment in respect of the Notes so made in U.S. dollars will not constitute an event of default under the Notes or the Indenture. Neither the Notes Trustee nor any paying agent shall have any responsibility for any calculation or conversion in connection with the forgoing.
Paying Agent 
The Bank of New York Mellon acting through its London Branch acts as paying agent for the Notes, and The Bank of New York Mellon acts as security registrar for the Notes. Bristol-Myers Squibb may at any time designate additional paying agents or rescind the designations or approve a change in the offices where they act.
To the extent permitted by law, we will maintain a paying agent that will not be required to withhold or deduct tax pursuant to European Council Directive 2003/48/EC on the taxation of savings income or any law implementing or complying with, or introduced in order to conform to, such European Council Directive. 

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Optional Redemption of the Notes
We may, at our option, redeem the 2025 Notes and the 2035 Notes, at any time prior to maturity, in each case, in whole or from time to time in part at a redemption price equal to the greater of: 
•    100% of the principal amount of the Notes being redeemed, or  
•    as calculated by the Quotation Agent (as defined below), the sum of the present values of the remaining scheduled payments for principal and interest on the Notes to be redeemed (not including any portion of such payments of interest accrued as of the date of redemption) discounted to the date of redemption on an annual basis (ACTUAL/ACTUAL (ICMA)) using a discount rate equal to the sum of the Reference Dealer Rate (as defined below),  
plus 15 basis points in the case of the 2025 Notes and 20 basis points in the case of the 2035 Notes, plus, in each of the above cases, accrued and unpaid interest on the Notes to be redeemed to, but not including, the date of redemption. 
If we have given notice as provided in the Indenture and made funds available for the redemption of any Notes called for redemption on the date of redemption referred to in that notice, those Notes will cease to bear interest on that date of redemption. Any interest accrued to the date fixed for redemption will be paid as specified in such notice. We will give written notice of any redemption of any Notes to holders of the Notes to be redeemed at their addresses, as shown in the security register for the Notes, at least 30 days and not more than 60 days prior to the date fixed for redemption. The notice of redemption will specify, among other items, the date fixed for redemption, the redemption price and the aggregate principal amount of the Notes to be redeemed. 
If we choose to redeem less than all of the Notes of each series, as applicable, the particular Notes to be redeemed shall be selected by the Notes Trustee not more than 45 days prior to the date of redemption. The Notes Trustee will select the method in its sole discretion, in such manner as it shall deem appropriate and fair, for the Notes to be redeemed in part. 
For purposes of the foregoing discussion of optional redemption, the following definitions are applicable: 
“Quotation Agent” means the Reference Dealer (defined below) selected by Bristol-Myers Squibb. 
“Reference Dealer” means each of BNP Paribas, Goldman, Sachs & Co., Merrill Lynch International and Morgan Stanley & Co. International plc, and any respective successors of each of the foregoing. 
“Reference Dealer Rate” means, with respect to any date of redemption, the arithmetic average of the quotations quoted in writing to Bristol-Myers Squibb by each Reference Dealer of the average midmarket annual yield to maturity of the 0.500% German Bundesobligationen due February 15, 2025 with respect to the 2025 Notes and the 4.750% German Bundesobligationen due July 4, 2034 with respect to the 2035 Notes, or, if the applicable reference security is no longer outstanding, a similar security in the reasonable judgment of each Reference Dealer at 11:00 a.m. (London time), on the third Business Day preceding such date of redemption.

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Sinking Fund 
There is no sinking fund. 
Payment of Additional Amounts
We will, subject to the exceptions and limitations set forth below, pay as additional interest on the Notes such additional amounts as are necessary so that the net payment by us or a paying agent of the principal of and interest on the Notes to a person that is a Non-U.S. Holder (as defined in the Indenture), after deduction for any present or future tax, assessment or governmental charge of the United States or a political subdivision or taxing authority thereof or therein, imposed by withholding with respect to the payment, will not be less than the amount that would have been payable in respect of the Notes had no withholding or deduction been required. 
Our obligation to pay additional amounts shall not apply: 
1.to any tax, assessment or governmental charge that is imposed or withheld solely because the beneficial owner, or a fiduciary, settlor, beneficiary or member of the beneficial owner if the beneficial owner is an estate, trust or partnership, or a person holding a power over an estate or trust administered by a fiduciary holder:  
(a)is or was present or engaged in a trade or business in the United States or has or had a permanent establishment in the United States;  
(b)is or was a citizen or resident or is or was treated as a resident of the United States;  
(c)is or was a foreign or domestic personal holding company, a passive foreign investment company or a controlled foreign corporation for the United States federal income tax purposes, is or was a corporation that has accumulated earnings to avoid United States federal income tax or is or was a private foundation or other tax-exempt organization;  
(d)    is or was an actual or constructive “10-percent shareholder” of Bristol-Myers Squibb, as defined in Section 871(h)(3) of the U.S. Internal Revenue Code of 1986, as amended (the “Code”); or  
(e)    is or was a bank receiving interest described in Section 881(c)(3)(A) of the Code;  
2.    to any holder that is not the sole beneficial owner of Notes, or that is a fiduciary or partnership, but only to the extent that the beneficial owner, a beneficiary or settlor with respect to the fiduciary, or a member of the partnership would not have been entitled to the payment of an additional amount had such beneficial owner, beneficiary, settlor or member received directly its beneficial or distributive share of the payment;  
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3.    to any tax, assessment or governmental charge that is imposed or withheld solely because the beneficial owner or any other person failed to comply with certification, identification or information reporting requirements concerning the nationality, residence, identity or connection with the United States of the holder or beneficial owner of Notes, if compliance is required by statute, by regulation of the United States Treasury Department or by an applicable income tax treaty to which the United States is a party as a precondition to exemption from such tax, assessment or other governmental charge;  
4.    to any tax, assessment or governmental charge that is imposed other than by deduction or withholding by Bristol-Myers Squibb or a paying agent from the payment;  
5.    to any tax, assessment or governmental charge that is imposed or withheld solely because of a change in law, regulation, or administrative or judicial interpretation that becomes effective after the day on which the payment becomes due or is duly provided for, whichever occurs later;  
6.    to any estate, inheritance, gift, sales, excise, transfer, wealth or personal property tax or any similar tax, assessment or governmental charge;  
7.    to any tax, assessment or other governmental charge any paying agent (which term may include us) must withhold from any payment of principal of or interest on any Note, if such payment can be made without such withholding by any other paying agent;  
8.    to any tax, assessment or governmental charge that would not have been so imposed or withheld but for the presentation by the holder of a Note for payment on a date more than 30 days after the date on which such payment became due and payable or the date on which payment thereof is duly provided for, whichever occurs later;  
9.    any withholding or deduction pursuant to an agreement described in Section 1471(b) of the Code or otherwise imposed pursuant to Sections 1471 through 1474 of the Code (or any regulations or agreements thereunder or official interpretations thereof) or any intergovernmental agreement between the United States and another jurisdiction facilitating the implementation thereof (or any law implementing such an intergovernmental agreement); or  
10.    in the case of any combination of the above items.  
The Notes are subject in all cases to any tax, fiscal or other law or regulation or administrative or judicial interpretation applicable. Except as specifically provided under this heading “-Payment of Additional Amounts” and under the heading “-Redemption Upon a Tax Event,” we do not have to make any payment with respect to any tax, assessment or governmental charge imposed by any government or a political subdivision or taxing authority.
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In particular, we will not pay additional amounts on any Notes: 
•    where withholding or deduction is imposed on a payment to an individual and is required to be made pursuant to European Council Directive 2003/48/EC or any law implementing or complying with, or introduced in order to conform to, that Directive, or  
•    presented for payment by or on behalf of a beneficial owner who would have been able to avoid the withholding or deduction by presenting the relevant Note to another paying agent in a Member State of the European Union.  
Redemption Upon a Tax Event
If (a) we become or will become obligated to pay additional amounts as described under the heading “-Payment of Additional Amounts” as a result of any change in, or amendment to, the laws (or any regulations or rulings promulgated thereunder) of the United States (or any political subdivision or taxing authority thereof or therein), or any change in, or amendment to, any official position regarding the application or interpretation of such laws, regulations or rulings, which change or amendment is announced or becomes effective on or after the initial issuance of the applicable series of Notes, or (b) a taxing authority of the United States takes an action on or after the initial issuance of the applicable series of Notes, whether or not with respect to us or any of our affiliates, that results in a substantial probability that we will or may be required to pay such additional amounts, in either case, with respect to the Notes for reasons outside our control and after taking reasonable measures available to us to avoid such obligation, then we may, at our option, redeem, as a whole, but not in part, each series of the Notes at any time prior to maturity on not less than 30 nor more than 60 calendar days’ prior notice to the holders, at a redemption price equal to 100% of their principal amount, together with interest accrued thereon to the date fixed for redemption. No redemption pursuant to (b) above may be made unless we shall have received an opinion of independent counsel to the effect that an act taken by a taxing authority of the United States results in a substantial probability that we will or may be required to pay the additional amounts described under the heading “-Payment of Additional Amounts” and we shall have delivered to the Notes Trustee a certificate, signed by a duly authorized officer, stating that based on such opinion, we are entitled to redeem the Notes pursuant to their terms.
Additional Issues 
Bristol-Myers Squibb may from time to time, without notice to or the consent of the holders of the Notes, increase the aggregate principal amount of each series of the Notes by creating and issuing additional notes ranking equally and ratably with such series of Notes in all respects, or in all respects except for the issue date, the public offering price, the payment of interest accruing prior to the issue date or except for the first payment of interest following the issue date of those additional Notes. Any additional issuance of Notes of each series will be consolidated and form a single series with such series of Notes having the same terms as to status, redemption or otherwise as such series of Notes, and will be fungible with such series of Notes for U.S. federal income tax purposes. Any additional Notes will be issued by or pursuant to a resolution of our board of directors or a supplement to the Indenture. 
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Satisfaction and Discharge 
The Indenture will cease to be of further effect with respect to a series of the Notes that has matured or will mature or be called for redemption within one year if we deposit with the Notes Trustee enough cash to pay all principal, interest and any premium due to the stated maturity date or redemption date of such series of the Notes.
Defeasance and Covenant Defeasance
When we use the term defeasance, we mean discharge from some or all of our obligations under the Indenture. If we deposit with the Notes Trustee sufficient cash or government securities to pay the principal, interest and any other sums due to the stated maturity date of the Notes, then at our option: 
•    we will be discharged from our obligations with respect to the Notes; and/or 
•    we will no longer be under any obligation to comply with certain restrictive covenants under the Indenture, and certain events of default will no longer apply to us.
To make either of the above elections, we must deposit in trust with the Notes Trustee enough money to pay in full the principal, interest and premium on the Notes. This amount may be made in cash and/or foreign government securities. In addition, as a condition to either of the above elections, no event of default or event which with notice or lapse of time would become an event of default with respect to the Notes should have occurred and be continuing on the date of such deposit and we must deliver to the Notes Trustee an opinion of counsel that the holders of the Notes will not recognize income, gain or loss for Federal income tax purposes as a result of the action, and in the case of the Notes being legally defeased as described in (1) above, a ruling to that effect from the Internal Revenue Service. 
If either of the above events occurs, the holders of the Notes of the series will not be entitled to the benefits of the Indenture, except for the right to payment from the trust mentioned above of the principal and any premium of and any interest on such series of the Notes and rights relating to the registration of, transfer and exchange of the series of the Notes and replacement of lost, stolen or mutilated Notes. 
Events of Default, Notice and Waiver
If a specified event of default for any series of the Notes occurs and continues, the Notes Trustee or the holders of at least 25% in principal amount of such series of the Notes may declare the entire principal amount of all the Notes of such series to be due and payable immediately.
The declaration may be annulled and past defaults may be waived by the holders of a majority of the principal amount of the applicable series of the Notes if we satisfy certain conditions. However, payment defaults that are not cured may only be waived by all holders of the applicable series of the Notes. 

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The Indenture defines an event of default in connection with any series of the Notes as one or more of the following events: 
•    we fail to pay the principal of or any premium on such series when due; 
•    we fail to deposit any sinking fund payment on such series when due; 
•    we fail to pay interest when due on such series for 30 days after it is due; 
•    we fail to perform any other covenant in the Indenture related to the series of the Notes and this failure continues for 90 days after we receive written notice of it from the Notes Trustee or by holders of at least 25% in principal amount of the Notes of such series; 
•    we or a court take certain actions relating to the bankruptcy, insolvency or reorganization of our company; and 
•    any other event of default provided in the Indenture or a board resolution under which a series of the Notes was issued or in the form of such security. 
A default under our other indebtedness will not be a default under the Indenture, and a default under one series of the Notes will not necessarily be a default under another series. The Indenture requires the Notes Trustee to give the holders of a series of the Notes notice of a default for that series within 90 days unless the default is cured or waived. However, the Notes Trustee may withhold this notice if it determines in good faith that it is in the interest of those holders. The Notes Trustee may not, however, withhold this notice in the case of a payment default. 
Other than its duties in case of a default, a Notes Trustee is not obligated to exercise any of its rights or powers under the Indenture at the request or direction of any of the holders of the Notes, unless the holders have offered to the Notes Trustee reasonable indemnification. 
If such indemnification is provided, the holders of a majority in principal amount of outstanding Notes of any series may, subject to certain limitations, direct the time, method and place of conducting any proceeding for any remedy available to the Notes Trustee, or exercising any trust or other power conferred on the Notes Trustee. 
The Indenture includes a covenant that we will deliver within 120 days after the end of each fiscal year to the Notes Trustee a certificate of no default, or specifying the nature and status of any default that exists.  
Modification of the Indenture
Together with the Notes Trustee, we may, when authorized by our board of directors, modify the Indenture without the consent of the holders for limited purposes, including, but not limited to, adding to our covenants or events of default, establishing forms or terms of debt securities, and curing ambiguities.

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Together with the Notes Trustee, we may, when authorized by our board of directors, also make modifications and amendments to the Indenture with the consent of the holders of a majority in principal amount of the outstanding Notes of all affected series. However, without the consent of each affected holder, no modification may:
•    change the stated maturity of any Notes; 
•    reduce the principal, premium (if any), rate of interest or change the method of computing the amount of principal or interest on any Notes; 
•    change any place of payment or the currency in which any Notes or any premium or interest thereon is payable; 
•    impair the right to enforce any payment after the stated maturity or redemption date; 
•    reduce the percentage of in principal amount of outstanding Notes of any series required to consent to any modification, amendment or waiver under the Indenture; or
•    modify the provisions in the Indenture relating to (i) adding provisions or changing or eliminating provisions of the Indenture or modifying rights of holders of the Notes under the Indenture, (ii) the waiver of past defaults, and (iii) the waiver of certain covenants, except to increase any such percentage or to provide that certain other provisions of the Indenture cannot be modified or waived without the consent of the holder of each outstanding Note of any series affected thereby.
Governing Law
The Indenture and the Notes are governed by the laws of the State of New York.
Our Relationship with the Trustee
We may from time to time maintain lines of credit, and have other customary banking relationships, with the Notes Trustee under the Indenture.
Merger Covenant
We may not, without the consent of the holders of the Notes, merge into or consolidate with any other corporation, or convey or transfer our properties and assets substantially as an entirety to another person unless: 
•    the successor is a U.S. corporation or person; 
•    the successor assumes, by a supplemental indenture, on the same terms and conditions all the obligations under the Notes and the Indenture; 
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•    immediately after giving effect to the transaction, there is no event of default under the Indenture and no event which, after notice or lapse of time, or both, would become an event of default; and 
•    we have delivered to the Notes Trustee an officer’s certificate and opinion of counsel, each stating that such consolidation, merger or transfer and such supplemental indenture comply with the conditions set forth in the Indenture.
The successor corporation will take over all of our rights and obligations under the Indenture. 
Covenants 
The restrictive covenants summarized below will apply (unless waived or amended) so long as any of the Notes are outstanding. We have provided at the end of these covenants definitions of the capitalized words used in discussing the covenants. 
Limitation on Liens. We have agreed not to create, assume or suffer to exist, any mortgages or other liens upon any Restricted Property to secure any of our Debt or Debt of any Subsidiary or any other person, or permit any Subsidiary to do so, without securing the Notes equally and ratably with all other indebtedness secured by such lien. This covenant has certain exceptions, which generally permit: 
•    mortgages and liens existing on property owned by or leased by persons at the time they become Subsidiaries; 
•    mortgages and liens existing on property at the time the property was acquired by us or a Subsidiary; 
•    mortgages and liens incurred prior to, at the time of, or within 12 months after the time of acquisition of, or completion of construction, alteration, repair or improvement on, any Restricted Property to finance such acquisition, construction, alteration, repair or improvement, and any mortgage or lien to the extent that it secures Debt which is in excess of such cost or purchase price and for the payment of which recourse may be had only against such Restricted Property; 
•    any mortgages and liens securing Debt of a Subsidiary that the Subsidiary owes to us or another Subsidiary; 
•    any mortgages and liens securing industrial development, pollution control, or similar revenue bonds; 
•    with respect to any series of debt securities, any lien existing on the date of issuance of such debt securities; 
•    any extension, renewal or replacement (or successive extensions, renewals or replacements) in whole or in part of any lien referred to above, so long as the principal amount of Debt secured thereby does not exceed the principal amount of 
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Debt so secured at the time of such extension, renewal or replacement (except that, where an additional principal amount of Debt is incurred to provide funds for the completion of a specific project, the additional principal amount, and any related financing costs, may be secured by the lien as well) and the lien is limited to the same property subject to the lien so extended, renewed or replaced (and any improvements on such property); and
•    mortgages and liens otherwise prohibited by this covenant, securing Debt which, together with the aggregate outstanding principal amount of all other Debt of us and our Subsidiaries owning Restricted Property which would otherwise be subject to such covenant and the aggregate Value of certain existing Sale and Leaseback Transactions which would be subject to the covenant on “Sale and Leaseback Transactions” but for this provision, does not exceed 10% of Consolidated Net Tangible Assets. 
Limitation on Sale and Leaseback Transactions. Neither we nor any Subsidiary owning Restricted Property may enter into any Sale and Leaseback Transaction unless we or such Subsidiary could incur Debt, in a principal amount at least equal to the Value of such Sale and Leaseback Transaction, which is secured by liens on the property to be leased without equally and ratably securing the outstanding senior debt securities without violating the “Limitation on Liens” covenant discussed above. We, or any such Subsidiary, may also enter into a Sale and Leaseback Transaction if, during the six months following the effective date of such Sale and Leaseback Transaction, we apply an amount equal to the Value of such Sale and Leaseback Transaction to the acquisition of Restricted Property or to the voluntary retirement of debt securities or Funded Debt. We will receive a credit toward the amount required to be applied to such retirement of indebtedness for the principal amount of any debt securities or Funded Debt delivered to the trustee for retirement or cancellation during the six months immediately following the effective date of such Sale and Leaseback Transaction. 
General. The covenants described above generally only restrict our ability to place liens on, or enter into Sale and Leaseback Transactions in respect of, those manufacturing facilities in the United States which individually constitute 2% or more of our Consolidated Net Tangible Assets and which our board of directors believes are of material importance to our business (see the definition of “Restricted Property” below). 
Other than the restrictions on liens and Sale and Leaseback Transactions described above, the Indenture and the Notes do not contain any covenants or other provisions designed to protect holders of the Notes in the event of a highly leveraged transaction involving Bristol-Myers Squibb. 
We have summarized below definitions of some of the terms used in the Indenture. In the definitions, all references to “us,” “we” or “our” mean Bristol-Myers Squibb Company only.: 
“Consolidated Net Tangible Assets” means the total amount of our assets (less applicable reserves and other properly deductible items) after deducting (i) all current liabilities (excluding liabilities that are extendable or renewable at the option of the obligor to a date more than 12 months after the date as of which the amount is being determined); and (ii) all goodwill, trade names, trademarks, patents, unamortized debt discount and expense and other like intangible assets, all as 
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set forth on our most recent consolidated balance sheet and determined on a consolidated basis in accordance with generally accepted accounting principles.
“Debt” means: 
•    all obligations represented by notes, bonds, debentures or similar evidences of indebtedness; 
•    all indebtedness for borrowed money or for the deferred purchase price of property or services other than, in the case of any such deferred purchase price, on normal trade terms; and 
•    all rental obligations as lessee under leases which shall have been or should be, in accordance with generally accepted accounting principles, recorded as capital leases.
“Funded Debt” means: 
•    our Debt or Debt of a Subsidiary owning Restricted Property, maturing by its terms more than one year after its creation; and 
•    Debt classified as long-term debt under generally accepted accounting principles.
The definition of Funded Debt only includes Debt incurred by us meeting one of the above requirements if it ranks at least equally with the senior debt securities. 
“Restricted Property” means: 
•    any manufacturing facility, or portion thereof, owned or leased by us or any of our Subsidiaries and located within the continental United States which, in our board of directors’ opinion, is of material importance to our business and the business of our Subsidiaries taken as a whole; provided that no manufacturing facility, or portion thereof, shall be deemed of material importance if its gross book value before deducting accumulated depreciation is less than 2% of Consolidated Net Tangible Assets; and 
•    any shares of common stock or indebtedness of any Subsidiary owning any such manufacturing facility.
In this definition, “manufacturing facility” means property, plant and equipment used for actual manufacturing and for activities directly related to manufacturing. The definition excludes sales offices, research facilities and facilities used only for warehousing, distribution or general administration. 
“Sale and Leaseback Transaction” means any arrangement pursuant to which we or any Subsidiary leases from another person any Restricted Property that has been or is to be sold or transferred by us or the Subsidiary to such person, other than: 
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•    temporary leases for a term, including renewals at the option of the lessee, of three years or less; 
•    leases between us and a Subsidiary or between Subsidiaries; 
•    leases executed by the time of, or within 12 months after the latest of the acquisition, the completion of construction or improvement, or the commencement of commercial operation, of such Restricted Property; and 
•    arrangements pursuant to any provision of law with an effect similar to that under former Section 168(f)(8) of the Internal Revenue Code of 1954.
“Subsidiary” means a corporation of which we or one or more corporations meeting this definition owns, directly or indirectly, the majority of the outstanding voting stock. 
“Value” means, with respect to a Sale and Leaseback Transaction, an amount equal to the present value of the lease payments remaining on the date as of which the amount is being determined, without regard to any renewal or extension options contained in the lease. To determine such present value, we use a discount rate equal to the weighted average interest rate on the debt securities of all series which are outstanding on the effective date of the Sale and Leaseback Transaction and which have the benefit of the covenant limiting Sale and Leaseback Transactions discussed above. 
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DESCRIPTION OF CELGENE CVRS
General 
The Celgene CVRs were issued by Celgene pursuant to a Contingent Value Rights Agreement, dated as of October 15, 2010 (“Celgene CVR Agreement”), by and between Celgene and American Stock Transfer & Trust Company, LLC (“AST”), as trustee. Pursuant to that certain Agreement and Plan of Merger, dated as of June 30, 2010, by and among Celgene, Artistry Acquisition Corp., a Delaware corporation and Abraxis BioScience, Inc., a Delaware corporation (“Abraxis”), on October 15, 2010, the Celgene CVRs were issued by Celgene in respect of each share of common stock of Abraxis issued and outstanding at that time.
In connection with Bristol-Myers Squibb’s acquisition of Celgene, Celgene assigned all of its rights, duties, obligations, liabilities and interests in the Celgene CVRs under the Celgene CVR Agreement (the “Assignment”) to Bristol-Myers Squibb, pursuant to an Assignment, Assumption and Amendment Agreement, dated as of November 20, 2019 (the “Amendment Agreement”), among Bristol-Myers Squibb, Celgene, AST and Equiniti Trust Company (as successor trustee to AST), a limited trust organized under the laws of the State of New York (the “Celgene CVRs Trustee”). The Assignment became effective immediately after the Celgene CVRs were listed on the New York Stock Exchange (such time, the “Effective Time”). The Amendment Agreement has been filed as an exhibit to the Annual Report on Form 10-K of which this exhibit is a part. 
Effective as of the Effective Time, Bristol-Myers Squibb succeeded Celgene in respect of all of the covenants and conditions in the Celgene CVR Agreement, as amended by the Amendment Agreement, to be performed by Celgene.
The rights of holders of the Celgene CVRs are governed by and are subject to the terms and conditions of the Celgene CVR Agreement, which was filed as Exhibit 4.1 to Celgene’s Form 8-A12B, filed on October 15, 2010. The terms of the Celgene CVRs include those that are stated in the Celgene CVR Agreement and those that are made part of the Celgene CVR Agreement by reference to the applicable provisions of the Trust Indenture Act. Unless otherwise expressly stated below, all references herein to Bristol-Myers Squibb prior to the Assignment refer to Celgene.  
The following description of the Celgene CVRs is not complete and is qualified in its entirely by reference to the Celgene CVR Agreement and the Amendment Agreement. We encourage you to read the Celgene CVR Agreement and the Amendment Agreement for additional information.
Characteristics of the Celgene CVRs
The Celgene CVRs are not equity or voting securities of Bristol-Myers Squibb and do not represent ownership interests in Bristol-Myers Squibb, and holders of the Celgene CVRs are not entitled to any rights of a stockholder or other equity or voting security of Bristol-Myers Squibb, either at law or in equity. The rights of the Celgene CVR holders are limited to those expressly provided for in the Celgene CVR Agreement.
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Net Sales Payments and Milestone Payments
Each holder of a Celgene CVR is entitled to receive a pro rata portion, based on the number of the Celgene CVRs then outstanding, of each of the following cash payments that Bristol-Myers Squibb is obligated to pay:
•    Net Sales Payments. For each full one-year period ending December 31st during the term of the Celgene CVR Agreement, which we refer to as a net sales measuring period, Bristol-Myers Squibb is obligated to pay: 
•    2.5% of the net sales of Abraxane® and the Abraxis pipeline product, that exceed $1 billion but are less than or equal to $2 billion for such period, plus
•    an additional amount equal to 5% of the net sales of Abraxane® and the Abraxis pipeline products that exceed $2 billion but are less than or equal to $3 billion for such period, plus 
•    an additional amount equal to 10% of the net sales of Abraxane® and the Abraxis pipeline products that exceed $3 billion for such period. 
No payments will be due under the Celgene CVR Agreement with respect to net sales of Abraxane® and the Abraxis pipeline products achieved after December 31, 2025, which is referred to as the “net sales payment termination date,” unless net sales for the net sales measuring period ending on December 31, 2025 are equal to or greater than $1 billion, in which case the net sales payment termination date will be extended until the last day of the net sales measuring period subsequent to December 31, 2025 during which net sales of Abraxane® and the Abraxis pipeline products are less than $1 billion or, if earlier, December 31, 2030.
In addition to the above, each holder of a Celgene CVR was entitled to receive a pro rata portion of two potential contingent milestone payments. The first contingent milestone payment was not achieved, as the October 2012 FDA approval of Abraxane® for use in the treatment of non-small cell lung cancer did not result in the use of a marketing label that included a progression-free survival claim. The second contingent milestone payment was achieved upon the FDA approval of Abraxane® for use in the treatment of pancreatic cancer permitting, Celgene (and Bristol-Myers Squibb, after the Assignment) to market with a label that included an overall survival claim. This approval resulted in a subsequent payment of $300 million to Celgene CVR holders in October 2013.
Payment Dates
Within ten days after Bristol-Myers Squibb files its annual report with the SEC (or within 90 days after each calendar year if Bristol-Myers Squibb is not required to file periodic reports under Section 13 or 15(d) of the Exchange Act), Bristol-Myers Squibb is required to provide a net sales statement to the Celgene CVRs Trustee that includes a calculation of net sales for Abraxane® and the Abraxis pipeline products with respect to the last completed calendar year. The net sales payments on the Celgene CVRs, if any, will be paid 15 days after delivery of such net sales statement.

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Amounts payable by Bristol-Myers Squibb in respect of the Celgene CVRs will be considered paid on the date due if on such date the Celgene CVRs Trustee or the paying agent, as applicable, holds money sufficient to pay all such amounts then due in accordance with the Celgene CVR Agreement. The Celgene CVRs Trustee and the paying agent, as applicable, will comply with all U.S. federal withholding requirements with respect to payments to holders of Celgene CVRs that Bristol-Myers Squibb, the Celgene CVRs Trustee or the paying agent, as applicable, reasonably believes are applicable under the Internal Revenue Code of 1986, as amended (the “Code”), and the Treasury regulations thereunder. The consent of the Celgene CVR holder is not required for any such withholding.
Transferability of Celgene CVRs; Listing
The Celgene CVRs are freely transferable and any interest therein may be sold, assigned, pledged, encumbered or in any manner transferred or disposed of, in whole or in part, as long as the transfer or other disposition is made in accordance with the applicable provisions of the Celgene CVR Agreement and in compliance with applicable U.S. federal and state securities laws and any other applicable securities laws. A sale or exchange of a Celgene CVR would be a taxable transaction. See “Certain Material U.S. Federal Income Tax Consequences” included in the registration statement on Form S-4 (No. 333-168369) filed by Celgene on July 29, 2010 for a more detailed explanation.
Pursuant to the Amendment Agreement, the Celgene CVR Agreement was amended to provide that, effective immediately following the consummation of Bristol-Myers Squibb’s acquisition of Celgene, Bristol-Myers Squibb will use its reasonable best efforts to cause the Celgene CVRs to be approved for listing on The New York Stock Exchange, or such other national securities exchange, and maintain such listing for as long as the Celgene CVRs remain outstanding.  The Celgene CVRs are currently listed on the New York Stock Exchange under the symbol “CELG RT.”
 Selected Definitions Related to the Celgene CVR Agreement
The following terms are defined in the Celgene CVR Agreement. For the purposes of the Celgene CVRs and Celgene CVR Agreement:
“Diligent Efforts” means, with respect to any Product, efforts of a person to carry out its obligations in a diligent manner using such effort and employing such resources normally used by such person in the exercise of its reasonable business discretion relating to the research, development or commercialization of a product, that is of similar market potential at a similar stage in its development or product life, taking into account issues of market exclusivity (including patent coverage, regulatory and other exclusivity), safety and efficacy, product profile, the competitiveness of alternate products in the marketplace or under development, the launch or sales of a generic or biosimilar product, the regulatory structure involved, and the profitability of the applicable product (including pricing and reimbursement status achieved), and other relevant factors, including technical, commercial, legal, scientific, and/or medical factors.
“Existing Licenses” means those licenses and related agreements (for so long as they are in effect) with respect to the Products granted by Bristol-Myers Squibb (or Celgene prior to the Assignment) 
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or its affiliates to third parties (other than Bristol-Myers Squibb or its affiliates) as in effect immediately prior to the completion of the merger (with such modifications thereto after the consummation of the merger that do not reduce the amounts of royalties, milestone payments or profit split payments thereunder).
“Net Sales” means, for each net sales measuring period, the sum of, without any duplication: (1) the gross amounts invoiced for the Products sold by Bristol-Myers Squibb (or Celgene prior to the Assignment), its affiliates or its licensees (other than licensees under Existing Licenses) to third parties (other than Bristol-Myers Squibb, its affiliates or its licensees) during such net sales measuring period, including wholesale distributors, less deductions from such amounts calculated in accordance with accounting standards so as to arrive at “net sales” under applicable accounting standards as reported by Bristol-Myers Squibb, its affiliate or its licensee, as applicable, in such person’s financial statements, and further reduced by write-offs of accounts receivables or increased for collection of accounts that were previously written off; plus (2) (A) the amount of royalties and profit split payments received by Bristol-Myers Squibb or its affiliates from their respective licensees under Existing Licenses for sales (but not the supply) of Products sold by such licensees to third parties (other than Bristol-Myers Squibb or its affiliates or Celgene or its affiliates prior to the Assignment, as applicable) during such net sales measuring period, and (B) the amount of any milestone payments received during such net sales measuring period by Bristol-Myers Squibb or its affiliates from their licensees under Existing Licenses with respect to the Products.
Any and all set-offs against gross invoice prices shall be calculated in accordance with applicable accounting standards. Sales or other commercial dispositions of a Product between Bristol-Myers Squibb and its affiliates and its licensees shall be excluded from the computation of Net Sales; Product provided to third parties without charge, in connection with research and development, clinical trials, compassionate use, humanitarian and charitable donations, or indigent programs or for use as samples shall be excluded from the computation of Net Sales; and no payments will be payable on such sales or such other commercial dispositions, except where such an affiliate or licensee is an end user of the Product.
Notwithstanding the foregoing, if a Product is sold or otherwise commercially disposed of for consideration other than cash or in a transaction that is not at arm’s length between the buyer and the seller, then the gross amount to be included in the calculation of Net Sales shall be the amount that would have been invoiced had the transaction been conducted at arm’s length and for cash. Such amount that would have been invoiced shall be determined, wherever possible, by reference to the average selling price of such Product in arm’s length transactions in the relevant country.
Notwithstanding the foregoing, in the event a Product is sold in conjunction with another active component, referred to as a combination product, in a particular country, Net Sales shall be calculated by multiplying the Net Sales of the combination product by the fraction A/(A+B), where A is the gross invoice price of the Product if sold separately in a country and B is the gross invoice price of the other product(s) included in the combination product if sold separately in such country. If no such separate sales are made by Bristol-Myers Squibb, its affiliates or licensees in a country, Net Sales of the combination product shall be calculated in a manner determined by Bristol-Myers Squibb in good faith based upon the relative value of the active components of such combination product.
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“Products” means each of:
•    the pharmaceutical product comprising the chemical compound having the chemical name of 5β,20-Epoxy-1, 2a,4,7β,10β,13a-hexahydroxytax-11-en-9-one 4,10-diacetate 2-benzoate 13-ester with (2R,3S)-N-benzoyl-3-phenylisoserine, known by the generic name “paclitaxel” and bound to albumin that is the subject of the New Drug Application No. 21-660 filed with the FDA and subject of the European Medicines Agency Marketing Authorization granted on January 11, 2008, together with all amendments and supplements to such FDA and European Medicines Agency approvals (identified by Celgene prior to the Assignment as Abraxane®); provided that in all cases such Product is an injectable formulation.
•    the pharmaceutical product comprising the chemical compound having the chemical name of (2R,3S)- N-carboxy-3-phenylisoserine,N-tert-butyl ester, 13-ester with 5β-20-epoxy-1,2 ,4,7β,10β,13 -hexahydroxytax-11-en-9-one 4-acetate 2-benzoate, anhydrous bound to albumin that is the subject of the Investigational New Drug Application No. 73,527 filed with the FDA together with all amendments (identified by Celgene prior to the Assignment as “nab-docetaxel (ABI-008)”); provided that in all cases such Product is an injectable formulation. 
•    the pharmaceutical product comprising the chemical compound having the chemical name of (3S, 6R, 7E, 9R, 10R, 12R, 14S, 15E, 17E, 19E, 21S, 23S, 26R, 27R, 34aS)-9, 10, 12, 13, 14, 21, 22, 23, 24, 25, 26, 27, 32, 33, 34, 34a-hexadecahydro-9,27-dihydroxy-3-[(1R)-2-[(1S, 3R, 4R)-4-hydroxy-3-methoxycyclohexyl]-1-methylethyl]-10,21-dimethoxy-6, 8, 12, 14, 20, 26-hexamethyl-23, 27-epoxy-3H-pyrido[2, 1-c][1,4] oxaazacyclohentriacontine -1, 5, 11, 28, 29 (4H,6H,31H)-pentone bound to albumin that is the subject of the Investigational New Drug Application No. 74.610 filed with the FDA together with all amendments (identified by Celgene prior to the Assignment as “nab-rapamycin (ABI-009)”); provided that in all cases such Product is an injectable formulation. 
•    the pharmaceutical product comprising the chemical compound having the chemical name of 17-allylamino-17-demethoxygeldanamycin, 17-allylamino geldanamycin bound to albumin that is the subject of the Investigational New Drug Application No. 78,298 filed with the FDA together with all amendments (identified by Celgene prior to the Assignment as “nab-17AAG (ABI-010)”); provided that in all cases such Product is an injectable formulation. 
•    the pharmaceutical product comprising the chemical compound having the chemical name of N-(1,2,3-trimethoxy-10-methylsulfanyl-9-oxo-5,6,7,9-tetrahydro-benzo[a]heptalen-7-yl)-3-[3-(1,2,3-trimethoxy-10-methylsulfanyl-9-oxo-5,6,7,9-tetrahydro-benzo[a]heptalen-7-yl)-ureido]-propionamide bound to albumin that is the subject of the Investigational New Drug Application No. 103,698 filed with the FDA together with all amendments (identified by Celgene prior to the Assignment as “nab-thiocolchicine dimer (ABI-011)”); provided that in all cases the Product is an injectable formulation.
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•    the pharmaceutical product comprising the chemical compound having the chemical name of (αR, βS)-β-[[(1, 1-Dimethylethoxy)carbonyl]amino]-α-(hexanoyloxy)benzenepropanoic acid (2aR, 4S, 4aS, 6R, 9S, 11S, 12S, 12aR, 12bS)-12b-(acetyloxy)-12-(benzoyloxy)-2a, 3, 4, 4a, 5, 6, 9, 10, 11, 
12, 12a, 12b-dodecahydro-4, 6, 11-trihydroxy-4a, 8, 13, 13-tetramethyl-5-oxo-7, 11-methano-1H-cyclodecal[3, 4]benz[1, 2-b]oxet-9-yl ester bound to albumin (identified by Celgene prior to the Assignment as “nab-novel taxane (ABI-013)”) provided that in all cases the Product is an injectable formulation.
•    the pharmaceutical product comprising the chemical compound having the chemical name of Benzenepropanoic acid, β-(benzoylamino)-α-hydroxy-, 6, 12bbis(acetyloxy)-12-(benzoyloxy)-2a, 3, 4, 4a, 5, 6, 9, 10, 11, 12, 12a, 12bdodecahydro-4, 11-dihydroxy-4a, 8, 13, 13-tetramethyl-5-oxo-7, 11-methano-1H-cyclodeca[3, 4]benz[1, 2-b]-oxet-9-yl ester, [2aR-[2aα, 4β, 4aβ, 6β, 9α(αR*, βS*), 11α, 12α, 12aα, 12bα]] bound to albumin that is the subject of the Investigational New Drug Application No. 63, 082 filed with the FDA together with all amendments (identified by Celgene prior to the Assignment as “Coroxane”); provided that in all cases the Product is an injectable formulation.
“Regulatory Approval” means all approvals from the FDA or other non-U.S. regulatory authority necessary for the commercial manufacture, marketing and sale of a product in the U.S. or other jurisdiction in accordance with applicable law.
Subordination
As a result of the Assignment, the Celgene CVRs are unsecured obligations of Bristol-Myers Squibb and all payments on the Celgene CVRs, all other obligations under the Celgene CVR Agreement and any rights or claims relating to the Celgene CVRs and the Celgene CVR Agreement will be subordinated in right of payment to the prior payment in full of senior obligations of Bristol-Myers Squibb, including the principal of, premium (if any) and interest on, and all other amounts owing thereon:
•    with respect to borrowed money;
•    evidenced by notes, debentures, bonds or other similar debt instruments; 
•    with respect to the net obligations owed under interest rate swaps or similar agreements or currency exchange transactions; 
•    as a result of reimbursement obligations in respect of letters of credit and similar obligations;
•    in respect of capital leases; or
•    as a result of guarantees in respect of obligations referred to in the first five bullets above; unless, in any case, the instrument creating or evidencing the foregoing or 
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pursuant to which the foregoing is outstanding provides that such obligations are pari passu to or subordinate in right of payment to the Celgene CVRs.
Bristol-Myers Squibb’s senior obligations do not include:
 •    trade debt incurred in the ordinary course of business;
•    any intercompany indebtedness between Bristol-Myers Squibb and any of its subsidiaries or affiliates;
•    indebtedness of Bristol-Myers Squibb that is subordinated in right of payment to Bristol-Myers Squibb’s senior obligations; 
•    indebtedness or other obligations of Bristol-Myers Squibb that by its terms ranks equal or junior in right of payment to the Celgene CVR payments, milestone, and net sales payments, and all other obligations under the Celgene CVR Agreement; 
•    indebtedness of Bristol-Myers Squibb that, by operation of applicable law, is subordinate to any general unsecured obligations of Bristol-Myers Squibb; and
•    indebtedness evidenced by any guarantee of indebtedness ranking equal or junior in right of payment to the Celgene CVR payments. 
Upon any distribution to creditors of Bristol-Myers Squibb in liquidation, dissolution, bankruptcy, reorganization, insolvency, receivership or similar proceedings of Bristol-Myers Squibb, holders of senior obligations of Bristol-Myers Squibb (as described above) will be entitled to payment in full in cash of all such obligations prior to any payment being made on the Celgene CVRs. In addition, Bristol-Myers Squibb may not make any payment or distribution to any Celgene CVR holder of the Celgene CVR payments or other obligation under the Celgene CVR Agreement or acquire from any Celgene CVR holder for cash any Celgene CVR, or propose the foregoing: 
•    if any default on any senior obligations exceeding $25 million in aggregate principal amount would occur as a result of such payment, distribution or acquisition;
•    during the continuance of any payment default in respect of any senior obligations (after expiration of any applicable grace period) exceeding $25 million in aggregate principal amount; 
•    if the maturity of any senior obligations representing more than $25 million in aggregate principal amount is accelerated in accordance with its terms and such acceleration has not been rescinded; or
•    following the occurrence of any default (other than a payment default, and after the expiration of any applicable grace period) with respect to any senior obligations with an aggregate principal amount of more than $25 million, the effect of which is to permit the holders of such senior obligations (or a trustee or agent acting on 
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their behalf) to cause, with the giving of notice if required, the maturity of such senior obligations to be accelerated, for a period commencing upon the receipt by the Celgene CVRs Trustee (with a copy to Bristol-Myers Squibb) of a written notice of such default from the representative of the holders of such senior obligations and ending when such senior obligations are paid in full in cash or cash equivalents or, if earlier, when such default is cured or waived. 
Reporting Obligations
The Celgene CVR Agreement provides that Bristol-Myers Squibb will file with the Celgene CVRs Trustee:
•    within 15 days after Bristol-Myers Squibb is required to file the same with the SEC, copies of the annual reports and of the information, documents and other reports (or copies of such portions of the foregoing as the SEC may from time to time by rules and regulations prescribe) which Bristol-Myers Squibb is required to file with the SEC pursuant to Section 13 or Section 15(d) of the Exchange Act;
•    if Bristol-Myers Squibb is not required to file periodic reports under Section 13 or 15(d) the Exchange Act, within 45 days after each calendar quarter (other than the last quarter of each calendar year), quarterly financial information and, within 90 days after each calendar year, annual financial information that would be required pursuant to Section 13 of the Exchange Act in respect of a security listed and registered on a national securities exchange (provided that Bristol-Myers Squibb also delivers with, or includes within, the 
annual reports referred to in this bullet point and the preceding bullet point a calculation of net sales for Abraxane® and the Abraxis pipeline products for the annual period to date);
•    within ten days after Bristol-Myers Squibb files its annual report with the SEC for any year if Bristol-Myers Squibb is required to file periodic reports under Section 13 or 15(d) of the Exchange Act, or if Bristol-Myers Squibb is not required to file periodic reports under Section 13 or 15(d) of the Exchange Act within ninety (90) days after each calendar year, a net sales statement with respect to the last completed calendar year; and
•    within four business days after the occurrence of any milestone, a notice stating that the milestone has occurred, the amount of the corresponding milestone payment and the applicable milestone payment date. 
In addition, Bristol-Myers Squibb is required to file with the Celgene CVRs Trustee such additional information, documents and reports with respect to compliance by Bristol-Myers Squibb with the conditions and covenants of the Celgene CVR Agreement, and make available to the Celgene CVR holders on Bristol-Myers Squibb’s website as of the date of the filing of the foregoing materials with the Celgene CVRs Trustee, the information, documents and reports required to be filed by Bristol-Myers Squibb as described above.

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Audit
Upon the written request of holders representing at least a majority of the outstanding Celgene CVRs and no more than once during any calendar year, and upon reasonable notice, Bristol-Myers Squibb is required to permit an independent certified public accounting firm of nationally recognized standing (jointly agreed by such holders and Bristol-Myers Squibb) to have access to such records of Bristol-Myers Squibb as may be reasonably necessary to verify the accuracy of the net sales statements and the figures underlying the calculations set forth in such net sales statement for any period within the preceding three years that has not previously been audited.
If the independent certified public accountant concludes that any net sales payment should have been greater than the net sales payment as set forth in the net sales statement, Bristol-Myers Squibb is required to pay such shortfall with respect to each Celgene CVR within six months of the date that the holders representing at least a majority of the outstanding Celgene CVRs deliver the written report of the independent certified public accountants to Bristol-Myers Squibb, with such shortfall amount bearing interest at a rate equal to the sum of 2% plus the prime rate of interest quoted in the Money Rates section of The Wall Street Journal beginning thirty days after the majority holders deliver to Bristol-Myers Squibb the written report of the independent certified public accountants until payment is made to the Celgene CVRs Trustee. The decision of the independent certified public accountant shall be final, conclusive and binding on Bristol-Myers Squibb and the Celgene CVR holders. The fees charged by the independent certified public accounting firm will be paid by Bristol-Myers Squibb if the amount originally paid is more than 10% below the amount due pursuant to the independent written report. The Celgene CVR holders shall pay the fees charged by the independent certified public accounting firm if the amount originally paid by Bristol-Myers Squibb is equal to or less than 10% below the amount due pursuant to the independent written report, which amount Bristol-Myers Squibb may deduct from any future Celgene CVR payments.
If no review of the net sales statement is requested by holders of a majority of the Celgene CVRs within three years following the end of any net sales measuring period, the calculation of the net sales payment set forth in the net sales statement shall be binding on all Celgene CVR holders.
Bristol-Myers Squibb has agreed not to, and to cause its affiliates not to, enter into any license or distribution agreement with any third party (other than Bristol-Myers Squibb or its affiliates) with respect to any Product unless such agreement contains provisions that would allow an independent certified public accountant appointed pursuant to the Celgene CVR Agreement such access to the records of the other party to such license or distribution agreement as may be reasonably necessary to perform such independent certified public accountant’s duties under the Celgene CVR Agreement; provided that Bristol-Myers Squibb and its affiliates will not be required to amend any Existing Licenses.
Diligent Efforts
As a result of the Assignment, Bristol-Myers Squibb has agreed to use Diligent Efforts, until the net sales payment termination date, to sell Abraxane® or any of the Abraxis pipeline products for which Celgene (prior to the Assignment) has obtained Regulatory Approval for the commercial manufacture, marketing and sale thereof.

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Covenants
The Celgene CVR Agreement provides that while any Celgene CVRs remain outstanding, Bristol-Myers Squibb (as the successor person to Celgene as a result of the Assignment) will not merge or consolidate with or into any other person or sell or convey all or substantially all of its assets to any person, unless (1) Bristol-Myers Squibb shall be the continuing person, or the successor person which acquires by sale or conveyance substantially all the assets of Bristol-Myers Squibb (including the shares of Abraxis) shall be a person organized under the laws of the United States of America or any State thereof and shall expressly assume by an instrument, executed and delivered to the Celgene CVRs Trustee, in form satisfactory to the Celgene CVRs Trustee, the due and punctual payment of the Celgene CVRs, and the due and punctual performance and observance of all of the covenants and conditions of the Celgene CVR Agreement to be performed or observed by Bristol-Myers Squibb and (2) Bristol-Myers Squibb or its successor would not be in default of the covenants and conditions of the Celgene CVR Agreement immediately following the merger, consolidation or sale. However, pursuant to the Amendment Agreement, Bristol-Myers Squibb may assign the Celgene CVR Agreement without the prior written consent of the other parties to the Celgene CVR Agreement to one or more of its affiliates; provided, that Bristol-Myers Squibb will remain subject to its obligations and covenants under the Celgene CVR Agreement, unless and to the extent performed by the assignee.
Bristol-Myers Squibb has also agreed not to enter into any binding agreement, arrangement or understanding or take or permit to be taken any action that would, or would reasonably be expected to, delay or prevent Bristol-Myers Squibb’s ability to timely make payment of the net sales payments or milestone payments, if any, when due.
The Celgene CVR Agreement provides that while any Celgene CVRs remain outstanding, Bristol-Myers Squibb and its affiliates will not, directly or indirectly, sell, transfer, convey or otherwise dispose of their respective rights in any Product to a third party (other than Bristol-Myers Squibb or its affiliates), unless at all times after any such sale, transfer, conveyance or other disposition, the gross amounts invoiced for the Products by the applicable transferee (or the amounts of royalties, profit split payments and milestone payments, as described in clause (2) of the definition of Net Sales, with respect to Existing Licenses, as applicable) will be reflected in Net Sales in accordance with the terms of the Celgene CVR Agreement (with the transferee substituted for Bristol-Myers Squibb for purposes of the definition of Net Sales) as if such transferee was Bristol-Myers Squibb, and the contract for such sale, transfer, conveyance or other disposition (which Bristol-Myers Squibb will take all reasonable actions necessary to enforce in all material respects) will provide for such treatment and will require the transferee to comply with certain covenants in the Celgene CVR Agreement to the same extent as Bristol-Myers Squibb.
Events of Default
Each one of the following events is an event of default under the Celgene CVR Agreement:
•    default in the payment of all or any part of the net sales payments or milestone payments after a period of ten business days when they become due and payable;
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•    material default in the performance, or breach in any material respect, of any other covenant or warranty of Bristol-Myers Squibb in respect of the Celgene CVRs, and continuance of such default or breach for a period of ninety days after written notice has been given to Bristol-Myers Squibb by the Celgene CVRs Trustee or to Bristol-Myers Squibb and the Celgene CVRs Trustee by the holders of a majority of the outstanding Celgene CVRs specifying such default or breach and requiring it to be remedied; 
•    a court having jurisdiction in the premises entering a decree or order for relief in respect of Bristol-Myers Squibb in an involuntary case under any applicable bankruptcy, insolvency or other
similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, Celgene CVRs Trustee or sequestrator (or similar official) of Bristol-Myers Squibb or for any substantial part of its property or ordering the winding up or liquidation of its affairs, and such decree or order remaining unstayed and in effect for a period of 90 consecutive days; or 
•    Bristol-Myers Squibb commencing a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or consenting to the entry of an order for relief in an involuntary case under any such law, or consent to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, Celgene CVRs Trustee or sequestrator (or similar official) of Bristol-Myers Squibb or for any substantial part of its property, or making any general assignment for the benefit of creditors. 
If an event of default described above occurs and is continuing, then, and in each and every such case, either the Celgene CVRs Trustee or the Celgene CVRs Trustee upon the written request of holders of a majority of the outstanding Celgene CVRs, shall bring suit to protect the rights of the holders, including to obtain payment for any amounts then due and payable, which amounts shall bear interest at the default interest rate (as set forth in the Celgene CVR Agreement) until payment is made to the Celgene CVRs Trustee. 
The foregoing provisions, however, are subject to the condition that if, at any time after the Celgene CVRs Trustee shall have begun such suit, and before any judgment or decree for the payment of the moneys due shall have been obtained or entered, Bristol-Myers Squibb shall pay or shall deposit with the Celgene CVRs Trustee a sum sufficient to pay all amounts which shall have become due (with interest upon such overdue amount at the default interest rate specified in the Celgene CVR Agreement to the date of such payment or deposit) and such amount as shall be sufficient to cover reasonable compensation to the Celgene CVRs Trustee, its agents, attorneys and counsel, and all other expenses and liabilities incurred and all advances made, by the Celgene CVRs Trustee, and if any and all events of default under the Celgene CVR Agreement shall have been cured, waived or otherwise remedied as provided herein, then and in every such case the holders of a majority of all the Celgene CVRs then outstanding, by written notice to Bristol-Myers Squibb and to the Celgene CVRs Trustee, may waive all defaults with respect to the Celgene CVRs, but no such waiver or rescission and annulment will extend to or will affect any subsequent default or shall impair any right consequent thereof. 

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Bristol-Myers Squibb has agreed to file with the Celgene CVRs Trustee written notice of the occurrence of any event of default or other default under the Celgene CVR Agreement within five business days of its becoming aware of any such default or event of default. Bristol-Myers Squibb has also agreed to deliver to the Celgene CVRs Trustee within 90 days after the end of each fiscal year an officer’s certificate stating whether Bristol-Myers Squibb is in default in the performance and observance of any of the conditions or covenants under the Celgene CVR Agreement and if Bristol-Myers Squibb is in default, specifying all such defaults and their nature and status.
Restrictions on Purchases by Bristol-Myers Squibb and Affiliates
The Celgene CVR Agreement does not prohibit Bristol-Myers Squibb or any of its subsidiaries or affiliates from acquiring the Celgene CVRs, whether in open market transactions, private transactions or otherwise.
Amendment of Celgene CVR Agreement without Consent of Celgene CVR Holders
Without the consent of any Celgene CVR holders, Bristol-Myers Squibb and the Celgene CVRs Trustee may amend the Celgene CVR Agreement for any of the following purposes:
•    to convey, transfer, assign, mortgage or pledge to the Celgene CVRs Trustee as security for the Celgene CVRs any property or assets;
•    to evidence the succession of another person to Bristol-Myers Squibb, and the assumption by any such successor of the covenants of Bristol-Myers Squibb in the Celgene CVR Agreement and in the Celgene CVRs; 
•    to add to Bristol-Myers Squibb’s covenants such further covenants, restrictions, conditions or provisions as its board of directors and the Celgene CVRs Trustee shall consider to be for the protection of Celgene CVR holders, and to make the occurrence, or the occurrence and continuance, of a default in any such additional covenants, restrictions, conditions or provisions an event of default permitting the enforcement of all or any of the several remedies provided in the Celgene CVR Agreement, provided that in respect of any such additional covenant, restriction, condition or provision, such amendment may (1) provide for a particular grace period after default, (2) provide for an immediate enforcement upon such event of default, (3) limit the remedies available to the Celgene CVRs Trustee upon such event of default, or (4) limit the right of the holders of a majority of the outstanding Celgene CVRs to waive an event of default;
•    to cure any ambiguity, to correct or supplement any provision in the Celgene CVR Agreement or in the Celgene CVRs which may be defective or inconsistent with any other provision in the Celgene CVR Agreement, provided that these provisions shall not materially reduce the benefits of the Celgene CVR Agreement or the Celgene CVRs to the Celgene CVR holders;
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•    to make any other provisions with respect to matters or questions arising under the Celgene CVR Agreement, provided that such provisions shall not adversely affect the interests of the Celgene CVR holders; 
•    to make any amendments or changes necessary to comply or maintain compliance with the Trust Indenture Act, if applicable; or 
•    to make any change that does not adversely affect the interests of the Celgene CVR holders. 
Amendment of Celgene CVR Agreement with Consent of Celgene CVR Holders
With the consent of the holders of at least a majority of the outstanding Celgene CVRs, Bristol-Myers Squibb and the Celgene CVRs Trustee may make other amendments to the Celgene CVR Agreement, provided that no such amendment shall, without the consent of each holder of a Celgene CVR affected thereby:
•    modify in a manner adverse to the Celgene CVR holders (1) any provision contained in the Celgene CVR Agreement with respect to the termination of the Celgene CVR Agreement or the Celgene CVRs, or (2) the time for payment and amount of the net sales payment or milestone payment or otherwise extend the maturity of the Celgene CVRs or reduce the amounts payable in respect of the Celgene CVRs or modify any other payment term or payment date (except that this provision does not impair the right of Bristol-Myers Squibb to redeem the Celgene CVRs as described under “- Celgene CVR Redemption Rights” below);
•    reduce the number of Celgene CVRs, the consent of whose holders is required for any such amendment; or
•    modify any of the provisions of the Celgene CVR Agreement regarding amendments to the Celgene CVR Agreement, except to increase the percentage of outstanding Celgene CVRs required for an amendment or to provide that certain other provisions of the Celgene CVR Agreement cannot be modified or waived without the consent of each Celgene CVR holder affected by such modification or waiver. 
Celgene CVR Redemption Rights
Subject to certain notice requirements described below, Bristol-Myers Squibb may, at any time on and after the date that 50% of the Celgene CVRs either are no longer outstanding and/or repurchased, acquired, redeemed or retired by Bristol-Myers Squibb, optionally redeem all (but not less than all) of the outstanding Celgene CVRs at a cash redemption price equal to the average price paid per Celgene CVR for all Celgene CVRs previously purchased by Bristol-Myers Squibb calculated as of the business day immediately prior to the date of the notice of redemption.
In order to optionally redeem the Celgene CVRs, Bristol-Myers Squibb must give a notice to the Celgene CVRs Trustee at least 45 days but not more than 60 days prior to the redemption date and 
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a notice to each Celgene CVR holder whose Celgene CVRs are to be redeemed at least 30 days but not more than 60 days prior to the redemption date.
The notice to the Celgene CVRs Trustee must include (1) the clause of the Celgene CVR Agreement pursuant to which the redemption shall occur, (2) the redemption date, (3) the amount of Celgene CVRs to be redeemed and (4) the redemption price.
The notice to the Celgene CVR holders must include: 
•    the redemption date;
•    the redemption price;
•    the name and address of the paying agent;
•    a statement that Celgene CVRs called for redemption must be surrendered to the paying agent to collect the redemption price;
•    a statement that unless Bristol-Myers Squibb defaults in making such redemption payment, all right, title and interest in and to the Celgene CVRs and any Celgene CVR payments will cease to accrue on and after the redemption date;
•    the clause of the Celgene CVR Agreement pursuant to which the Celgene CVRs called for redemption are being redeemed; and
•     a statement that no representation is made as to the correctness or accuracy of the CUSIP and ISIN number, if any, listed in such notice or printed on the Celgene CVRs. 
If less than all of the Celgene CVRs are to be redeemed or purchased at any time, the Celgene CVRs Trustee will select the Celgene CVRs to be redeemed or purchased among the Celgene CVR holders in compliance with the requirements of the principal national securities exchange, if any, on which the Celgene CVRs are listed or, if the Celgene CVRs are not so listed, on a pro rata basis, by lot or in any other method the Celgene CVRs Trustee considers fair and appropriate.
Control by Holders 
Holders of at least a majority of the Celgene CVRs at any time outstanding have the right to direct the time, method, and place of conducting any proceeding for any remedy available to the Celgene CVRs Trustee, or exercising any power conferred on the Celgene CVRs Trustee with respect to the Celgene CVRs by the Celgene CVR Agreement; provided that such direction is not otherwise than in accordance with law and the provisions of the Celgene CVR Agreement; provided further that subject to the Celgene CVR Agreement, the Celgene CVRs Trustee has the right to decline to follow any such direction if the Celgene CVRs Trustee determines that the action or proceeding so directed may not lawfully be taken or if the Celgene CVRs Trustee determines in good faith that the action or proceedings so directed would involve the Celgene CVRs Trustee in personal liability or that the actions or forbearances specified in or pursuant to such direction would be unduly prejudicial to the interests of holders of the Celgene CVRs not joining in the giving of said 
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direction. The Celgene CVRs Trustee is under no obligation to exercise any of the rights or powers vested in it by the Celgene CVR Agreement at the request or direction of any of the holders pursuant to the Celgene CVR Agreement, unless such holders have offered to the Celgene CVRs Trustee reasonable security or indemnity against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction.
The Celgene CVRs Trustee
We may from time to time have other customary relationships with the Celgene CVRs Trustee.
 
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