Document:

Master Terms and Conditions for Base Warrants (Credit Suisse Int'l)

 Exhibit 10.6 
 Execution Version 
 MASTER TERMS AND CONDITIONS FOR BASE WARRANTS

 ISSUED BY REGENERON PHARMACEUTICALS, INC. 
 The purpose of this Master Terms and Conditions for Warrants (this “Master Confirmation”), dated as of October 18, 2011, is to set forth certain terms and conditions for warrant
transactions that Regeneron Pharmaceuticals, Inc. (“Issuer”) shall enter into with Credit Suisse International (“Dealer”), represented by Credit Suisse AG, New York Branch (“Agent”). Each such
transaction (a “Transaction”) entered into between Dealer and Issuer that is to be subject to this Master Confirmation shall be evidenced by a written confirmation substantially in the form of Exhibit A hereto, with such
modifications thereto as to which Issuer and Dealer mutually agree (a “Confirmation”). This Master Confirmation and each Confirmation together constitute a “Confirmation” as referred to in the Agreement specified below.

 This Master Confirmation and a Confirmation evidence a complete binding agreement between you and us as to the terms of the
Transaction to which this Master Confirmation and such Confirmation relates. This Master Confirmation and each Confirmation hereunder, shall supplement, form a part of, and be subject to an agreement in the form of the 1992 ISDA Master Agreement
(Multicurrency-Cross Border) as if we had executed an agreement in such form on the Trade Date of the first such Transaction (but without any Schedule except for (i) the replacement of the word “third” in the last line of
Section 5(a)(i) of the Agreement with the word “first”; and (ii) the election of United States dollars as the Termination Currency) between you and us, and such agreement shall be considered the “Agreement”
hereunder. 
 The definitions and provisions contained in the 2002 ISDA Equity Derivatives Definitions (the
“Definitions”) as published by ISDA are incorporated into this Master Confirmation. For the purposes of the Definitions, each reference herein or in any Confirmation hereunder to a Warrant shall be deemed to be a reference to a Call
Option or an Option, as context requires. 
 THE AGREEMENT, THIS MASTER CONFIRMATION AND EACH CONFIRMATION WILL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO CHOICE OF LAW DOCTRINE (OTHER THAN TITLE 14 OF THE NEW YORK GENERAL OBLIGATIONS LAW). THE PARTIES HERETO IRREVOCABLY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE
COURTS OF THE STATE OF NEW YORK AND THE UNITED STATES COURT FOR THE SOUTHERN DISTRICT OF NEW YORK IN CONNECTION WITH ALL MATTERS RELATING HERETO AND WAIVE ANY OBJECTION TO THE LAYING OF VENUE IN, AND ANY CLAIM OF INCONVENIENT FORUM WITH RESPECT TO,
THESE COURTS. 
 The Transactions under this Master Confirmation shall be the sole Transactions under the Agreement. If there
exists any ISDA Master Agreement between Dealer and Issuer or any confirmation or other agreement between Dealer and Issuer pursuant to which an ISDA Master Agreement is deemed to exist between Dealer and Issuer, then notwithstanding anything to the
contrary in such ISDA Master Agreement, such confirmation or agreement or any other agreement to which Dealer and Issuer are parties, the Transactions under this Master Confirmation and the Agreement shall not be considered Transactions under, or
otherwise governed by, such existing or deemed ISDA Master Agreement. 
 1. In the event of any inconsistency between this
Master Confirmation, on the one hand, and the Definitions or the Agreement, on the other hand, this Master Confirmation will control for the purpose of the Transaction to which a Confirmation relates. In the event of any inconsistency between the
Definitions, the Agreement and this Master Confirmation, on the one hand, and a Confirmation, on the other hand, the Confirmation will govern. With respect to a Transaction, capitalized terms used herein that are not otherwise defined shall have the
meaning assigned to them in the Confirmation relating to such Transaction. 
 2. Each party will make each payment specified in
this Master Confirmation or a Confirmation as being payable by such party, not later than the due date for value on that date in the place of the account specified below or otherwise specified in writing, in freely transferable funds and in a manner
customary for payments in the required currency. 

 3. Confirmations and General Terms: 

This Master Confirmation and the Agreement, together with the Confirmation relating to a Transaction, shall constitute the written
agreement between Issuer and Dealer with respect to such Transaction. Each Transaction to which a Confirmation relates is a Warrant Transaction, which shall be considered a Share Option Transaction for purposes of the Definitions, and shall have the
following terms: 
  

			
	Components:	  	Each Transaction will be divided into individual Components, each with the terms set forth in this Master Confirmation and the related Confirmation, and, in particular, with the
Number of Warrants and Expiration Date set forth in the Confirmation for such Transaction. The valuation and exercise of the Warrants and the payments and deliveries to be made upon settlement of each Transaction will be determined separately for
each Component or such Transaction as if each Component were a separate Transaction under the Agreement.
		
	Warrant Style:	  	European
		
	Warrant Type:	  	Call
		
	Seller:	  	Issuer
		
	Buyer:	  	Dealer
		
	Shares:	  	The common stock, USD0.001 par value per share, of Issuer (Symbol: REGN).
		
	Trade Date:	  	As set forth in the Confirmation for such Transaction
		
	Effective Date:	  	As set forth in the Confirmation for such Transaction
		
	Number of Warrants:	  	For each Component, as set forth in the Confirmation for such Transaction.
		
	Warrant Entitlement:	  	One Share per Warrant
		
	Strike Price:	  	As set forth in the Confirmation for such Transaction
		
	Premium:	  	As set forth in the Confirmation for such Transaction
		
	Premium Payment Date:	  	As set forth in the Confirmation for such Transaction
		
	Exchange:	  	Nasdaq Global Select Market
		
	Related Exchanges:	  	All Exchanges
		
	Calculation Agent:	  	Dealer; provided that following the occurrence of an Event of Default pursuant to Section 5(a)(vii) of the Agreement with

  
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		  	respect to which Dealer is the Defaulting Party, (i) Dealer may designate a nationally or internationally recognized third-party dealer with expertise in over-the-counter
corporate equity derivatives (an “Equity Derivatives Dealer”) that is an affiliate of Dealer and with respect to which no event of the type described in Section 5(a)(vii) of the Agreement is ongoing to replace Dealer as Calculation
Agent, or (ii) if Dealer does not so designate any replacement Calculation Agent by the 10th Exchange Business Day following the date a calculation or determination is required to be made hereunder by the Calculation Agent and no such
calculation or determination is made, Issuer shall have the right to designate an independent Equity Derivatives Dealer to replace Dealer as Calculation Agent and, in each case, the parties shall work in good faith to execute any appropriate
documentation required by such replacement Calculation Agent.
		
		  	Any determination or calculation by Dealer or Issuer in any capacity (including as Calculation Agent) pursuant to this Master Confirmation, the Agreement and the Definitions shall
be made in good faith and in a commercially reasonable manner, including, without limitation, with respect to calculations and determinations that are made in such party’s sole discretion or otherwise. In the event either party makes any
calculation or determination in any capacity pursuant to this Master Confirmation, the Agreement or the Definitions, such party shall promptly provide an explanation in reasonable detail of the basis for such determination or calculation if
requested by the other party, it being understood that no party shall be obligated to disclose any proprietary models used by it for such calculation.

 4. Procedure for Exercise and Valuation: 

In respect of any Component: 
  

			
	Expiration Time:	  	The Valuation Time
		
	Expiration Date:	  	As set forth in the Confirmation for such Transaction for such Component (or, if such date is not a Scheduled Trading Day, the next following Scheduled Trading Day that is not
already an Expiration Date for another Component); provided that if that date is a Disrupted Day, the Expiration Date for such Component shall be the first succeeding Scheduled Trading Day that is not a Disrupted Day and is not or is not
deemed to be an Expiration Date in respect of any other Component of a Transaction hereunder; and provided, further, that if the Expiration Date has not occurred pursuant to the preceding proviso as of the Final Disruption Date, the
Calculation Agent may elect in its discretion that the Final Disruption Date shall be deemed the Expiration Date (irrespective of whether such date is an Expiration Date in respect of any other Component for a Transaction) and, notwithstanding
anything to the

  
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		  	contrary in this Confirmation or the Definitions, the Relevant Price for such Expiration Date shall be the prevailing market value per Share determined by the Calculation Agent in a
commercially reasonable manner. Notwithstanding the foregoing and anything to the contrary in the Definitions, if a Market Disruption Event occurs on any Expiration Date, the Calculation Agent may determine that such Expiration Date is a Disrupted
Day only in part, in which case (i) the Calculation Agent shall make adjustments to the number of Warrants for the relevant Component for which such day shall be the Expiration Date on the basis of the nature and duration of the relevant Market
Disruption Event and shall designate the Scheduled Trading Day determined in the manner described in the immediately preceding sentence as the Expiration Date for the remaining Warrants for such Component and (ii) the Reference Price for such
Disrupted Day shall be determined by the Calculation Agent based on transactions in the Shares on such Disrupted Day taking into account the nature and duration of such Market Disruption Event on such day. Any day on which the Exchange is scheduled
to close prior to its normal closing time shall be considered a Disrupted Day in whole. Section 6.6 of the Definitions shall not apply to any Valuation Date occurring on an Expiration Date.
		
	Automatic Exercise:	  	Applicable. The Warrants for any Component shall be deemed automatically exercised at the Expiration Time on the Expiration Date for such Component if at such time the Warrants are
In-the-Money; provided that all references in Section 3.4(b) of the Definitions to “Physical Settlement” shall be read as references to “Net Share Settlement.” “In-the-Money” means, for any Transaction,
that the Reference Price is greater than the Strike Price for such Transaction.
		
	Reference Price:	  	For any Valuation Date, the per Share volume-weighted average price as displayed under the heading “Bloomberg VWAP” on Bloomberg page REGN.Q <equity> VAP (or any
successor thereto) in respect of the period from the scheduled opening time to the Scheduled Closing Time (New York City time) on such Valuation Date (or if such volume-weighted average price is unavailable, the market value of one Share on such
Valuation Date, as determined by the Calculation Agent using, if practicable, an appropriate volume-weighted method).
		
	Valuation Time:	  	As defined in Section 6.1 of the Definitions
		
	Valuation Date:	  	Each Exercise Date
		
	Final Disruption Date:	  	For any Transaction, the eighth Scheduled Trading Day immediately following the scheduled Expiration Date for the last Component of such Transaction.

  
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	Market Disruption Events:	  	The first sentence of Section 6.3(a) of the Definitions is hereby amended (A) by deleting the words “during the one hour period that ends at the relevant Valuation Time, Latest
Exercise Time, Knock-in Valuation Time or Knock-out Valuation Time, as the case may be” in the third, fourth and fifth lines thereof, and (B) by replacing the words “or (iii) an Early Closure.” by “(iii) an Early Closure, or (iv)
a Regulatory Disruption.”
		
		  	Section 6.3(d) of the Definitions is hereby amended by deleting the remainder of the provision following the term “Scheduled Closing Time” in the fourth line
thereof.
		
	Regulatory Disruption:	  	Any event that Dealer, in its good-faith reasonable discretion, determines based on the advice of outside counsel makes it appropriate with regard to any legal, regulatory or self-
regulatory requirements or related policies and procedures (whether or not such policies or procedures are imposed by law or have been voluntarily adopted by Dealer, and including without limitation Rule 10b-18, Rule 10b-5, Regulation 13D- G and
Regulation 14E under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Regulation M), for Dealer to refrain from or decrease any market activity in connection with the Transaction. Dealer shall notify Issuer
as soon as reasonably practicable that a Regulatory Disruption has occurred and the Expiration Dates affected by it.

 5. Settlement Terms: 

In respect of any Component: 
  

			
	Settlement Method Election:	  	Applicable; provided that (i) references to “Physical Settlement” in Section 7.1 of the Definitions shall be replaced by references to “Net Share
Settlement”; (ii) if Seller elects Cash Settlement, Seller shall be deemed to have represented and warranted to Dealer on the date of such election that (A) Seller is not in possession of any material non-public information regarding Seller or
the Shares, (B) Seller is electing Cash Settlement in good faith and not as part of a plan or scheme to evade compliance with the federal securities laws, and (C) the assets of Seller at their fair valuation exceed the liabilities of Seller
(including contingent liabilities), the capital of Seller is adequate to conduct the business of Seller, and Seller has the ability to pay its debts and obligations as such debts mature and does not intend to, or does not believe that it will, incur
debt beyond its ability to pay as such debts mature; and (iii) the same election of settlement method shall apply to all Expiration Dates hereunder.
		
	Electing Party:	  	Seller
		
	Settlement Method Election Date:	  	The third Scheduled Trading Day immediately preceding the First Expiration Date.

  
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	Default Settlement Method:	  	Net Share Settlement
		
	Net Share Settlement:	  	If Net Share Settlement is applicable, then on each Settlement Date, Seller shall deliver to Buyer a number of Shares equal to the Net Share Amount for such Settlement Date to the
account specified by Buyer and cash in lieu of any fractional shares valued at the Reference Price for the Valuation Date corresponding to such Settlement Date. If, Buyer reasonably determines that, for any reason, the Shares deliverable upon Net
Share Settlement would not be immediately freely transferable by Buyer under Rule 144 under the Securities Act of 1933, as amended (the “Securities Act”), then Buyer may elect to either (x) accept delivery of such Shares
notwithstanding any restriction on transfer or (y) have the provisions set forth in Section 12(c) below apply.
		
	Net Share Amount:	  	For any Settlement Date, a number of Shares, as calculated by the Calculation Agent, equal to the product of (i) the number of Warrants being exercised or deemed exercised on the
Exercise Date corresponding to such Settlement Date, (ii) the excess, if any, of the Reference Price for the Valuation Date corresponding to such Settlement Date over the Strike Price for the relevant Transaction and (iii) the Warrant Entitlement
(such product, the “Net Share Settlement Amount”), divided by such Reference Price.
		
	Cash Settlement:	  	If Cash Settlement is applicable, on the relevant Settlement Date, Seller shall pay to Dealer an amount of cash in USD equal to the Net Share Settlement Amount for such Settlement
Date.
		
	Settlement Currency:	  	USD
		
	Representation and Agreement:	  	To the extent Seller is obligated to deliver Shares hereunder, the provisions of Sections 9.1(c), 9.8, 9.9, 9.10, 9.11 and 9.12 of the Definitions will be applicable as if Physical
Settlement were applicable to the Transaction; provided that the Representation and Agreement contained in Section 9.11 of the Definitions shall be modified by excluding any representations therein relating to restrictions, obligations,
limitations or requirements under applicable securities laws arising as a result of the fact that Issuer is the issuer of the Shares.
		
	Maximum Delivery Amount:	  	As set forth in the Confirmation for such Transaction

 6. Dividends: 
 In respect of any Component: 
  

			
	Dividend Adjustments:	  	Issuer agrees to notify Buyer promptly of the announcement of an ex-dividend date of any cash dividend by the Issuer. If an ex-dividend date with respect to such a cash dividend
occurs

  
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		  	at any time from but excluding the Trade Date for the Transaction that includes such Component to and including the Expiration Date for such Component, then in addition to any
adjustments as provided under “Share Adjustments” below, the Calculation Agent shall make such adjustments to the Strike Price, Number of Warrants and/or Number of Warrants per Component for such Transaction as it deems appropriate to
preserve for the parties the intended economic benefits of such Transaction.
		
		  	The Calculation Agent shall provide prompt notice of any such adjustments, including a schedule or other reasonably detailed explanation of the basis for and determination of each
adjustment.

 7. Share Adjustments: 

 

			
	Method of Adjustment:	  	Calculation Agent Adjustment. For purposes hereof, the definition of “Potential Adjustment Event” shall not include clause (iv) thereof.

 8. Extraordinary Events: 

 

			
	Consequences of Merger Events:	  	
		
	 (a) Share-for-Share:
	  	Modified Calculation Agent Adjustment
		
	 (b) Share-for Other:
	  	Cancellation and Payment (Calculation Agent Determination)
		
	 (c) Share-for-Combined:
	  	Cancellation and Payment (Calculation Agent Determination)
		
	Tender Offer:	  	Applicable
		
	Consequences of Tender Offers:	  	
		
	 (a) Share-for-Share:
	  	Modified Calculation Agent Adjustment
		
	 (b) Share-for-Other:
	  	Modified Calculation Agent Adjustment
		
	 (c) Share-for-Combined:
	  	Modified Calculation Agent Adjustment; provided, however, that if an event occurs that constitutes both a Tender Offer under Section 12.1(d) of the Definitions and an Additional
Termination Event under Section 12(f) of this Master Confirmation, Dealer may elect, in its commercially reasonable judgment, whether the provisions of Section 12.3 of the Definitions or Section 12(f) of this Master Confirmation will
apply.
		
	New Shares:	  	In the definition of New Shares in Section 12.1(i) of the Definitions, the text in clause (i) thereof shall be deleted in its entirety and replaced with “publicly quoted,
traded or listed on any of the New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or their respective successors)”.

  
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	Modified Calculation Agent Adjustment:	  	If, in respect of any Merger Event to which Modified Calculation Agent Adjustment applies to any Transaction, the adjustments to be made in accordance with Section 12.2(e)(i) of the
Definitions would result in the Issuer being different from the issuer of the Shares, then with respect to such Merger Event, as a condition precedent to the adjustments contemplated in Section 12.2(e)(i) of the Definitions, Issuer and the issuer of
the Shares shall, prior to the Merger Date, have entered into such documentation containing representations, warranties and agreements relating to securities law and other issues as requested by Dealer that Dealer has determined, in its reasonable
discretion, to be reasonably necessary or appropriate to allow Dealer to continue as a party to such Transaction, as adjusted under Section 12.2(e)(i) of the Definitions, and to preserve its hedging or hedge unwind activities in connection with such
Transaction in a manner compliant with applicable legal, regulatory or self-regulatory requirements, or with related policies and procedures applicable to Dealer (based on commercially reasonable interpretations of such legal, regulatory or
self-regulatory requirements applicable to Dealer), and if such conditions are not met or if the Calculation Agent determines that no adjustment that it could make under Section 12.2(e)(i) of the Definitions will produce a commercially reasonable
result, then the consequences set forth in Section 12.2(e)(ii) of the Definitions shall apply.
		
	Composition of Combined Consideration:	  	Not Applicable
		
	Nationalization, Insolvency or Delisting:	  	 Cancellation and Payment (Calculation Agent Determination).

 
 In addition to the provisions of Section 12.6(a)(iii) of the Definitions, it will
also constitute a Delisting if the Exchange is located in the United States and the Shares are not immediately re-listed or re-traded on any of the New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or their
respective successors); if the Shares are immediately re-listed or re-traded on any such exchange, such exchange shall thereafter be deemed to be the Exchange and the Calculation Agent shall make any adjustments it deems necessary to the terms of
the Transaction, as if Modified Calculation Agent Adjustment were applicable to such event.

 9. Additional Disruption Events: 

 

			
	Change in Law:	  	Applicable; provided that Section 12.9(a)(ii) of the Definitions is hereby amended by (i) replacing the phrase “the interpretation” in the third line thereof
with the phrase “the formal or informal interpretation” and (ii) replacing the word “Shares” with the phrase “Shares or Hedge Positions” in clause (X) thereof.

  
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	Insolvency Filing:	  	Applicable.
		
	Hedging Disruption:	  	Applicable; provided that:
		
		  	(i) Section 12.9(a)(v) of the Definitions is hereby modified by inserting the following two phrases at the end of such Section:
		
		  	“For the avoidance of doubt, the term “equity price risk” shall be deemed to include, but shall not be limited to, stock price and volatility risk. And, for the
further avoidance of doubt, the transactions or assets referred to in phrases (A) or (B) above must be available on commercially reasonable pricing terms and other terms.”
		
		  	(ii) Section 12.9(b)(iii) of the Definitions is hereby amended by inserting in the third line thereof, after the words “to terminate the Transaction”, the words “or a
portion of the Transaction affected by such Hedging Disruption”.
		
	Increased Cost of Hedging:	  	Applicable
		
	Loss of Stock Borrow:	  	Applicable
		
	 Maximum Stock Loan Rate:
	  	150 basis points
		
	Increased Cost of Stock Borrow:	  	Applicable
		
	 Initial Stock Loan Rate:
	  	25 basis points
		
	Hedging Party:	  	For all applicable Additional Disruption Events, Buyer
		
	Determining Party:	  	For all applicable Extraordinary Events, Buyer

 10. Acknowledgements: 

 

			
	Non-Reliance:	  	Applicable
		
	Agreements and Acknowledgments Regarding Hedging Activities:	  	Applicable
		
	Additional Acknowledgments:	  	Applicable

 11. Representations, Warranties and Agreements: 

(a) In connection with this Master Confirmation, each Confirmation, each Transaction to which a Confirmation relates and any other
documentation relating to the Agreement, each party to this Master Confirmation represents and warrants to, and agrees with, the other party that: 
 (i) it is an “accredited investor” as defined in Section 2(a)(15)(ii) of the Securities Act; and 

  
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 (ii) it is an “eligible contract participant” as defined in
Section 1(a)(12) of the Commodity Exchange Act, as amended (the “CEA”), and this Master Confirmation and each Transaction hereunder are subject to individual negotiation by the parties and have not been executed or traded on a
“trading facility” as defined in Section 1a(33) of the CEA. 
 (b) Issuer hereby represents and warrants to, and
agrees with, Buyer on the Trade Date of each Transaction that: 
 (i) it understands that no obligations of
Dealer to it hereunder will be entitled to the benefit of deposit insurance and that such obligations will not be guaranteed by any Affiliate of Dealer or any governmental agency; 

(ii) IT UNDERSTANDS THAT SUCH TRANSACTION IS SUBJECT TO COMPLEX RISKS THAT MAY ARISE WITHOUT WARNING AND MAY AT TIMES BE
VOLATILE AND THAT LOSSES MAY OCCUR QUICKLY AND IN UNANTICIPATED MAGNITUDE AND IS WILLING TO ACCEPT SUCH TERMS AND CONDITIONS AND ASSUME (FINANCIALLY AND OTHERWISE) SUCH RISKS; 

(iii) it is not, on the date hereof, in possession of any material non-public information with respect to it or the Shares
and its most recent Annual Report on Form 10-K, taken together with all reports and other documents subsequently filed by it with the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange
Act”) when considered as a whole (with the more recent such reports and documents deemed to amend inconsistent statements contained in any earlier such reports and documents) do not contain any untrue statement of a material fact or any
omission of a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances in which they were made, not misleading; 

(iv) RESERVED 
 (v) it is not entering into any Transaction to create, and will not engage in any other securities or derivatives transactions to create, actual or apparent trading activity in the Shares (or any security
convertible into or exchangeable for Shares) or to raise or depress or to manipulate the price of the Shares (or any security convertible into or exchangeable for Shares); 

(vi) RESERVED 
 (vii) for such Transaction, it shall maintain a number of authorized but unissued Shares that are free from preemptive rights that at all times equals or exceeds the sum of (x) the Maximum Delivery
Amount for such Transaction, plus (y) the aggregate number of Shares expressly reserved for any other use (including, without limitation, Shares reserved for issuance upon the exercise of options or convertible debt), whether expressed
as caps or as numbers of Shares reserved or otherwise; 
 (viii) the Shares issuable upon exercise of all
Warrants (the “Warrant Shares”) have been duly authorized and, when delivered pursuant to the terms of such Transaction, shall be validly issued, fully-paid and non-assessable, and such issuance of the Warrant Shares shall not be
subject to any preemptive or similar rights; 
 (ix) it is not, and after giving effect to the transactions
contemplated hereby will not be, an “investment company” as such term is defined in the Investment Company Act of 1940, as amended; 

  
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 (x) without limiting the generality of Section 13.1 of the Definitions,
Issuer acknowledges that neither Dealer nor any of its affiliates is making any representations or warranties or taking any position or expressing any view with respect to the treatment of the Transaction under any accounting standards including ASC
Topic 260, Earnings Per Share, ASC Topic 815, Derivatives and Hedging, or ASC Topic 480, Distinguishing Liabilities from Equity and ASC 815-40, Derivatives and Hedging—Contracts in Entity’s Own Equity (or any
successor issue statements) or under FASB’s Liabilities & Equity Project; 
 (xi) prior to the
Trade Date of such Transaction, Issuer shall deliver to Dealer a resolution of Issuer’s board of directors or a duly authorized committee thereof authorizing such Transaction; 

(xii) on the Trade Date and the Premium Payment Date of such Transaction (A) the assets of Issuer at their fair
valuation exceed the liabilities of Issuer, including contingent liabilities, (B) the capital of Issuer is adequate to conduct the business of Issuer and (C) Issuer has the ability to pay its debts and obligations as such debts mature and
does not intend to, or does not believe that it will, incur debt beyond its ability to pay as such debts mature; 

(xiii) if Cash Settlement is applicable, during the period starting on the first Expiration Date and ending on the last
Expiration Date (the “Settlement Period”) of such Transaction, (A) the Shares or securities that are convertible into, or exchangeable or exercisable for Shares, are not, and shall not be, subject to a “restricted
period,” as such term is defined in Regulation M under the Exchange Act (“Regulation M”) and (B) Issuer shall not engage in any “distribution,” as such term is defined in Regulation M, other than a distribution
meeting the requirements of the exceptions set forth in sections 101(b)(10) and 102(b)(7) of Regulation M, until the second Exchange Business Day immediately following such Settlement Period; 

(xiv) if Cash Settlement is applicable, during the Settlement Period or such Transaction, neither Issuer nor any
“affiliate” or “affiliated purchaser” (each as defined in Rule 10b-18 of the Exchange Act (“Rule 10b-18”)) shall directly or indirectly (including, without limitation, by means of any cash-settled or other
derivative instrument) purchase, offer to purchase, place any bid or limit order that would effect a purchase of, or commence any tender offer relating to, any Shares (or an equivalent interest, including a unit of beneficial interest in a trust or
limited partnership or a depository share) or any security convertible into or exchangeable or exercisable for Shares, except through Dealer; 
 (xv) if Cash Settlement is applicable, Issuer (A) will not during the Settlement Period of such Transaction make, or permit to be made, any public announcement (as defined in Rule 165(f) under the
Securities Act) of any Merger Transaction or potential Merger Transaction unless such public announcement is made prior to the opening or after the close of the regular trading session on the Exchange for the Shares; (B) shall promptly (but in
any event prior to the next opening of the regular trading session on the Exchange) notify Dealer following any such announcement that such announcement has been made; and (C) shall promptly (but in any event prior to the next opening of the
regular trading session on the Exchange) provide Dealer with written notice specifying (I) Issuer’s average daily Rule 10b-18 Purchases (as defined in Rule 10b-18) during the three full calendar months immediately preceding the
announcement date that were not effected through Dealer or its affiliates and (II) the number of Shares purchased pursuant to the proviso in Rule 10b-18(b)(4) under the Exchange Act for the three full calendar months preceding the announcement date;
such written notice shall be deemed to be a certification by Issuer to Dealer that such information is true and correct; in addition, Issuer shall promptly notify Dealer of the earlier to occur of the completion of such transaction and the
completion of the vote by target shareholders; “Merger Transaction” means any merger, acquisition or similar transaction involving a recapitalization as contemplated by Rule 10b-18(a)(13)(iv) under the Exchange Act. 

(xvi) Issuer is not on the Trade Date of such Transaction engaged in and will not, during the period starting on the Trade
Date of such Transaction and ending on the third Exchange Business Day 

  
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immediately following such Trade Date, be engaged in a distribution, as such term is used in Regulation M under the Exchange Act, of any securities of Issuer, other than (1) a distribution
meeting the requirements of the exception set forth in Rules 101(b)(10) and 102(b)(7) of Regulation M and (2) the offering of the Convertible Notes pursuant to the terms of the Purchase Agreement dated as of October 18, 2011 between Issuer
and Goldman, Sachs & Co., as Initial Purchaser relating to the 1.875% Convertible Senior Notes due 2016; and 
 (xvii) Issuer shall deliver to Dealer an opinion of counsel, dated as of the Effective Date of each Transaction and reasonably acceptable to Bank in form and substance, with respect to the matters set
forth in Section 3(a) of the Agreement and Section 11(b)(viii) hereof with respect to such Transaction. 
 12.
Miscellaneous: 
 (a) Early Termination. The parties agree that Second Method and Loss will apply to each
Transaction under this Master Confirmation as such terms are defined under the Agreement. 
 (b) Alternative Calculations and
Issuer Payment on Early Termination and on Certain Extraordinary Events. If, subject to Section 12(g) below, Issuer owes Buyer any amount in connection with a Transaction hereunder pursuant to Section 12.7 or 12.9 of the Definitions or
pursuant to Section 6(d)(ii) of the Agreement (an “Issuer Payment Obligation”), Issuer shall have the right, in its sole discretion, to satisfy any such Issuer Payment Obligation by delivery of Termination Delivery Units (as
defined below) by giving irrevocable telephonic notice to Buyer, confirmed in writing within one Scheduled Trading Day, between the hours of 9:00 a.m. and 4:00 p.m. New York time on the Merger Date, the Tender Offer Date, the Announcement Date (in
the case of Nationalization, Insolvency or Delisting), the Early Termination Date or the date of cancellation or termination, as applicable (“Notice of Issuer Termination Delivery”); provided that (i) if Issuer does not
validly so elect to satisfy its Issuer Payment Obligation by delivery of Termination Delivery Units, Buyer shall have the right, in its sole discretion, to require Issuer to satisfy its Issuer Payment Obligation by delivery of Termination Delivery
Units, notwithstanding Issuer’s failure to elect or election to the contrary, (ii) Issuer shall not have the right to so elect (but, for the avoidance of doubt, Buyer shall have the right to so elect) in the event of (1) an
Extraordinary Event, in each case, in which the consideration or proceeds to be paid to holders of Shares as a result of such event consists solely of cash or (2) an Event of Default in which Issuer is the Defaulting Party or a Termination
Event in which Issuer is the Affected Party, other than an (x) Event of Default of the type described in Section 5(a)(iii), (v), (vi) or (vii) of the Agreement or (y) a Termination Event of the type described in
Section 5(b)(i), (ii), (iii), (iv), or (v) of the Agreement that in the case of either (x) or (y) resulted from an event or events within Issuer’s control and (iii) Issuer shall not have the right, notwithstanding any
notice to the contrary, to satisfy its Issuer Payment Obligation by Termination Delivery Units unless on the date of any such notice, Issuer represents to Buyer that, as of such date, it is not in possession of any material non-public information
with respect to itself or the Shares. Within a commercially reasonable period of time following receipt of a Notice of Issuer Termination Delivery or notice by Buyer to Issuer, as the case may be, Issuer shall deliver to Buyer a number of
Termination Delivery Units having a cash value equal to the amount of such Issuer Payment Obligation (such number of Termination Delivery Units to be delivered to be determined by the Calculation Agent as the number of whole Termination Delivery
Units that could be sold over a commercially reasonable period of time to generate proceeds equal to the cash equivalent of such payment obligation, and the date of such delivery, the “Termination Payment Date”). In addition, if, in
the reasonable opinion of counsel to Issuer or Buyer, for any reason, the Termination Delivery Units deliverable pursuant to this paragraph (b) would not be immediately freely transferable by Buyer under Rule 144 under the Securities Act, then
Buyer may elect either to (x) accept delivery of such Termination Delivery Units notwithstanding any restriction on transfer or (y) have the provisions set forth in paragraph (c) below apply. If the provisions set forth in this
paragraph are applicable, the provisions of Sections 9.8, 9.9, 9.10, 9.11 (modified as described above) and 9.12 of the Definitions shall be applicable, except that all references to “Shares” shall be read as references to
“Termination Delivery Units.” 
 “Termination Delivery Unit” means (i) in the case of a
Termination Event, an Event of Default or an Extraordinary Event (other than an Insolvency, Nationalization, Merger Event or Tender Offer), 

  
 12 

 
one Share or (ii) in the case of an Insolvency, Nationalization, Merger Event or Tender Offer, a unit consisting of the number or amount of each type of property received by a holder of one
Share (without consideration of any requirement to pay cash or other consideration in lieu of fractional amounts of any securities) in such Insolvency, Nationalization, Merger Event or Tender Offer. If a Termination Delivery Unit consists of
property other than cash or New Shares and Issuer provides irrevocable written notice to the Calculation Agent on or prior to the Merger Date, the Tender Offer Date, the Announcement Date (in the case of Nationalization or Insolvency), or the date
of such Termination Event, Event of Default or an Additional Disruption Event, as the case may be, that it elects to deliver cash, New Shares or a combination thereof (in such proportion as Issuer designates) in lieu of such other property, the
Calculation Agent will replace such property with cash, New Shares or a combination thereof as components of a Termination Delivery Unit in such amounts, as determined by the Calculation Agent in its discretion by commercially reasonable means, as
shall have a value equal to the value of the property so replaced. If such Insolvency, Nationalization, Merger Event or Tender Offer involves a choice of consideration to be received by holders, such holder shall be deemed to have elected to receive
the maximum possible amount of cash. 
 (c) Registration/Private Placement Procedures. (i) With respect to each
Transaction, the following provisions shall apply to the extent provided for above opposite the caption “Net Share Settlement” in Section 5 or in paragraph (b) of this Section 12. If so applicable, then, at the election of
Issuer by notice to Buyer within one Exchange Business Day after the relevant delivery obligation arises, but in any event at least one Exchange Business Day prior to the date on which such delivery obligation is due (if Issuer does not make an
election by such date, Issuer shall be deemed to have made the election described in clause (B) below), either (A) all Shares or Termination Delivery Units, as the case may be, delivered by Issuer to Buyer shall be, at the time of such
delivery, covered by an effective registration statement of Issuer for immediate resale by Buyer (such registration statement and the corresponding prospectus (the “Prospectus”) (including, without limitation, any sections
describing the plan of distribution) in form and content commercially reasonably satisfactory to Buyer) or (B) Issuer shall deliver additional Shares or Termination Delivery Units, as the case may be, so that the value of such Shares or
Termination Delivery Units, as determined by the Calculation Agent to reflect an appropriate liquidity discount, equals the value of the number of Shares or Termination Delivery Units that would otherwise be deliverable if such Shares or Termination
Delivery Units were freely tradeable (without prospectus delivery) upon receipt by Buyer (such value, the “Freely Tradeable Value”). (For the avoidance of doubt, as used in this paragraph (c) only, the term “Issuer”
shall mean the issuer of the relevant securities, as the context shall require.) 
  

	 	(ii)	If Issuer makes the election described in clause (c)(i)(A) above: 

 (A) Buyer (or an Affiliate of Buyer designated by Buyer) shall be afforded a reasonable opportunity to conduct a due diligence investigation with respect to Issuer that is customary in scope for
underwritten offerings of equity securities and that yields results that are commercially reasonably satisfactory to Buyer or such Affiliate, as the case may be, in its discretion; and 

(B) Buyer (or an Affiliate of Buyer designated by Buyer) and Issuer shall enter into an agreement (a “Registration
Agreement”) on commercially reasonable terms in connection with the public resale of such Shares or Termination Delivery Units, as the case may be, by Buyer or such Affiliate substantially similar to underwriting agreements customary for
underwritten offerings of equity securities, in form and substance commercially reasonably satisfactory to Buyer or such Affiliate and Issuer, which Registration Agreement shall include, without limitation, provisions substantially similar to those
contained in such underwriting agreements relating to the indemnification of, and contribution in connection with the liability of, Buyer and its Affiliates and Issuer, shall provide for the payment by Issuer of all expenses in connection with such
resale, including all registration costs and all fees and expenses of counsel for Buyer, and shall provide for the delivery of accountants’ “comfort letters” to Buyer or such Affiliate with respect to the financial statements and
certain financial information contained in or incorporated by reference into the Prospectus. 
  

	 	(iii)	If Issuer makes the election described in clause (c)(i)(B) above: 

 (A) Buyer (or an Affiliate of Buyer designated by Buyer) and any potential institutional purchaser of any such Shares or Termination Delivery Units, as the case may be, from Buyer or such Affiliate
identified by Buyer shall be afforded a commercially reasonable opportunity to conduct a due diligence investigation in compliance with applicable law with respect to Issuer customary in scope for private placements of equity securities (including,
without limitation, the right to have made available to them for inspection all financial and other records, pertinent corporate documents and other information reasonably requested by them), subject to execution by such recipients of customary
confidentiality agreements reasonably acceptable to Issuer; 

  
 13 

 (B) Buyer (or an Affiliate of Buyer designated by Buyer) and Issuer shall
enter into an agreement (a “Private Placement Agreement”) on commercially reasonable terms in connection with the private placement of such Shares or Termination Delivery Units, as the case may be, by Issuer to Buyer or such
Affiliate and the private resale of such shares by Buyer or such Affiliate, substantially similar to private placement purchase agreements customary for private placements of equity securities, in form and substance commercially reasonably
satisfactory to Buyer and Issuer, which Private Placement Agreement shall include, without limitation, provisions substantially similar to those contained in such private placement purchase agreements relating to the indemnification of, and
contribution in connection with the liability of, Buyer and its Affiliates and Issuer, shall provide for the payment by Issuer of all expenses in connection with such resale, including all fees and expenses of counsel for Buyer, shall contain
representations, warranties and agreements of Issuer reasonably necessary or advisable to establish and maintain the availability of an exemption from the registration requirements of the Securities Act for such resales, and shall use best efforts
to provide for the delivery of accountants’ “comfort letters” to Buyer or such Affiliate with respect to the financial statements and certain financial information contained in or incorporated by reference into the offering memorandum
prepared for the resale of such Shares; 
 (C) Issuer agrees that any Shares or Termination Delivery Units so
delivered to Buyer, (i) may be transferred by and among Buyer and its affiliates, and Issuer shall effect such transfer without any further action by Buyer and (ii) after the minimum “holding period” within the meaning of Rule
144(d) under the Securities Act has elapsed with respect to such Shares or any securities issued by Issuer comprising such Termination Delivery Units, Issuer shall promptly remove, or cause the transfer agent for such Shares or securities to remove,
any legends referring to any such restrictions or requirements from such Shares or securities upon delivery by Buyer (or such affiliate of Buyer) to Issuer or such transfer agent of seller’s and broker’s representation letters customarily
delivered by Buyer in connection with resales of restricted securities pursuant to Rule 144 under the Securities Act, without any further requirement for the delivery of any certificate, consent, agreement, opinion of counsel, notice or any other
document, any transfer tax stamps or payment of any other amount or any other action by Buyer (or such affiliate of Buyer); and 
 (D) Issuer shall not take, or cause to be taken, any action that would make unavailable either the exemption pursuant to Section 4(2) of the Securities Act for the sale by Issuer to Dealer (or any
affiliate designated by Dealer) of the Shares or Termination Delivery Units, as the case may be, or the exemption pursuant to Section 4(1) or Section 4(3) of the Securities Act for resales of the Shares or Termination Delivery Units, as
the case may be, by Dealer (or any such affiliate of Dealer). 
 (d) Make-whole Shares. If (x) Issuer elects to
deliver Termination Delivery Units pursuant to “Alternative Calculations and Issuer Payment on Early Termination and on Certain Extraordinary Events” above or (y) Issuer makes the election described in clause (i)(B) of paragraph
(c) of this Section 12, then in either case Buyer or its affiliate may sell (which sale shall be made in a commercially reasonable manner) such Shares or Termination Delivery Units, as the case may be, during a period (the “Resale
Period”) commencing on the Exchange Business Day following delivery of such Shares or Termination Delivery Units, as the case may be, and ending on the Exchange Business Day on which Buyer completes the sale of all such Shares or
Termination Delivery Units, as the case may be, or a sufficient number of Shares or Termination Delivery Units, as the case may be, so that the realized net proceeds of such sales exceed the amount of the Issuer Payment Obligation (in the case of
clause (x), or in the case that both clause (x) and clause (y) apply) or the Freely Tradeable Value (in the case that only clause (y) applies) (such amount of the Issuer Payment Obligation or Freely Tradeable Value, as the case may
be, the 

  
 14 

 
“Required Proceeds”). If any of such delivered Shares or Termination Delivery Units remain after such realized net proceeds exceed the Required Proceeds, Buyer shall return such
remaining Shares or Termination Delivery Units to Issuer. If the Required Proceeds exceed the realized net proceeds from such resale, Issuer shall transfer to Buyer by the open of the regular trading session on the Exchange on the Exchange Business
Day immediately following the last day of the Resale Period the amount of such excess (the “Additional Amount”) in cash or in a number of additional Shares or Termination Delivery Units (“Make-whole Shares”) in an
amount that, based on the Relevant Price on the last day of the Resale Period (as if such day was the “Valuation Date” for purposes of computing such Relevant Price), has a dollar value equal to the Additional Amount. The Resale Period
shall continue to enable the sale of the Make-whole Shares in the manner contemplated by this Section 12(d). This provision shall be applied successively until the Additional Amount is equal to zero, subject to Section 12(e). 

(e) Limitations on Settlement by Issuer. Notwithstanding anything herein or in the Agreement to the contrary, in no event shall
Issuer be required to deliver Shares in connection with any Transaction in excess of the Maximum Delivery Amount for such Transaction. Issuer represents and warrants (which shall be deemed to be repeated on each day that any Transaction is
outstanding) that the Maximum Delivery Amount for all Transactions hereunder is equal to or less than the number of authorized but unissued Shares of the Issuer that are not reserved for future issuance in connection with transactions in the Shares
(other than all Transactions hereunder) on the date of the determination of the Maximum Delivery Amount for all Transactions hereunder (such Shares, the “Available Shares”). In the event Issuer shall not have delivered the full
number of Shares otherwise deliverable under any Transaction as a result of this Section 12(e) (the resulting deficit, the “Deficit Shares”), Issuer shall be continually obligated to deliver, from time to time until the full
number of Deficit Shares have been delivered pursuant to this paragraph, Shares when, and to the extent, that (i) Shares are repurchased, acquired or otherwise received by Issuer or any of its subsidiaries after the Trade Date for the relevant
Transaction (whether or not in exchange for cash, fair value or any other consideration), (ii) authorized and unissued Shares reserved for issuance in respect of other transactions prior to such date which prior to the relevant date become no
longer so reserved and (iii) Issuer additionally authorizes any unissued Shares that are not reserved for other transactions. Issuer shall immediately notify Buyer of the occurrence of any of the foregoing events (including the number of Shares
subject to clause (i), (ii) or (iii) and the corresponding number of Shares to be delivered) and promptly deliver such Shares thereafter. 
 (f) Certain Corporate Transactions. Upon the consummation of any of the following events, Buyer shall have the right to designate such event an Additional Termination Event with respect to one or
more of the Transactions and designate an Early Termination Date pursuant to Section 6(b) of the Agreement with respect to which the designated Transaction(s) shall be the sole Affected Transaction(s) and Issuer shall be the sole Affected
Party: 
 (1) any person or group within the meaning of Section 13(d) of the Exchange Act other than the Issuer or its
subsidiaries, files a Schedule TO or any schedule, form or report under the Exchange Act disclosing that such person or group has become the direct or indirect ultimate “beneficial owner,” as defined in Rule 13d-3 under the Exchange Act,
of the Issuer’s common equity representing more than 50% of the voting power of the Issuer’s common equity, unless (x) such filing occurs in connection with a transaction in which the Shares are replaced by the securities of another
entity (including a parent entity) and (y) no such filing is made or is in effect with respect to common equity representing more than 50% of the voting power of such other entity; 

(2) consummation of any binding share exchange, exchange offer, tender offer, consolidation or merger of the Issuer pursuant to which all
or substantially all of the Shares will be converted into cash, securities or other property or any sale, lease or other transfer in one transaction or a series of related transactions of all or substantially all of the consolidated assets of the
Issuer and the Issuer’s subsidiaries, taken as a whole, to any person other than one or more of the Issuer’s subsidiaries (any such exchange, offer, consolidation, merger, transaction or series of transactions being referred to in this
clause (2) as an “Event”), excluding any such Event where the holders of more than 50% of the Shares immediately prior to such Event, own, directly or indirectly, more than 50% of all classes of common equity of the continuing
or surviving person or transferee or the parent thereof immediately after such Event; 

  
 15 

 (3) the Issuer’s stockholders approve any plan or proposal for the Issuer’s
liquidation or dissolution; 
 (4) the Shares cease to be listed on at least one U.S. national securities exchange; or

 (5) a default or defaults under any bonds, debentures, notes or other evidences of indebtedness having, individually or in
the aggregate, a principal or similar amount outstanding of at least $300 million, whether such indebtedness now exists or shall hereafter be created, which default or defaults shall have resulted in the acceleration of the maturity of such
indebtedness prior to its express maturity or shall constitute a failure to pay at least $300 million of such indebtedness when due and payable after the expiration of any applicable grace period with respect thereto, without such indebtedness
having been paid or discharged within a period of 30 days after the occurrence of such indebtedness becoming or being declared due and payable or the failure to pay, as the case may be. 

Notwithstanding the foregoing, no transaction or event described in clause (1) through (4) above will permit the Buyer to
designate an Additional Termination Event if (a) at least 90% of the consideration, excluding cash payments for fractional Shares, in such transaction or event consists of shares of common stock that are traded on a U.S. national securities
exchange or that will be so traded when issued or exchanged in connection with the relevant transaction or event (such securities, “Publicly Traded Securities”) and (b) as a result of such transaction or event the Shares are
adjusted to consist of such Publicly Traded Securities. 
 (g) Set-Off and Netting. Both parties waive any rights to
set-off or net, including in any bankruptcy proceedings of Issuer, amounts due either party with respect to any Transaction hereunder against amounts due to either party from the other party under any other agreement between the parties. 

(h) Status of Claims in Bankruptcy. Buyer acknowledges and agrees that this Master Confirmation, together with any Confirmation,
is not intended to convey to Buyer rights with respect to any Transaction that are senior to the claims of common stockholders in any U.S. bankruptcy proceedings of Issuer; provided that nothing herein shall limit or shall be deemed to limit
Buyer’s right to pursue remedies in the event of a breach by Issuer of its obligations and agreements with respect to any Transaction; and provided, further, that nothing herein shall limit or shall be deemed to limit Buyer’s
rights in respect of any transactions other than the Transactions. 
 (i) No Collateral. Notwithstanding any provision of
this Master Confirmation, any Confirmation or the Agreement, or any other agreement between the parties, to the contrary, the obligations of Issuer under the Transactions are not secured by any collateral. Without limiting the generality of the
foregoing, if this Master Confirmation, the Agreement or any other agreement between the parties includes an ISDA Credit Support Annex or other agreement pursuant to which Issuer collateralizes obligations to Buyer, then the obligations of Issuer
hereunder shall not be considered to be obligations under such Credit Support Annex or other agreement pursuant to which Issuer collateralizes obligations to Buyer, and any Transactions hereunder shall be disregarded for purposes of calculating any
Exposure, Market Value or similar term thereunder. 
 (j) Assignment of Share Delivery to Affiliates. Notwithstanding any
other provision in this Master Confirmation to the contrary requiring or allowing Buyer to purchase, sell, receive or deliver any shares or other securities to or from Issuer, Buyer may designate any of its affiliates to purchase, sell, receive or
deliver such shares or other securities and otherwise to perform Buyer’s obligations in respect of this Transaction and any such designee may assume such obligations. Buyer shall be discharged of its obligations to Issuer to the extent of any
such performance. Notwithstanding the foregoing, the recourse to Dealer shall be limited to recoupment of Issuer’s monetary damages and Issuer hereby waives any right to seek specific performance by Dealer of its obligations hereunder.

 (k) RESERVED 

  
 16 

 (l) Limit on Beneficial Ownership. Notwithstanding anything to the contrary in the
Agreement or this Master Confirmation, in no event shall Buyer be entitled to receive, or shall be deemed to receive, any Shares if, immediately upon giving effect to such receipt of such Shares, (i) the “beneficial ownership” (within
the meaning of Section 13 of the Exchange Act and the rules promulgated thereunder) of Shares by Buyer or any affiliate of Buyer subject to aggregation with Buyer under such Section 13 and rules or any “group”, as such term is
used in such Section 13 and rules, of which Buyer or any such affiliate of Buyer is a member or may be deemed to be a member (collectively, “Buyer Group”) would be equal to or greater than the lesser of (A) 4.9% of the
outstanding Shares or (B) 4,381,384 Shares or (ii) Buyer, Buyer Group or any person whose ownership position would be aggregated with that of Buyer or Buyer Group (Buyer, Buyer Group or any such person, a “Buyer Person”)
under any state or federal bank holding company or banking laws, or other federal, state or local laws, regulations or regulatory orders applicable to ownership of Shares (“Applicable Laws”), owns, beneficially owns, constructively
owns, controls, holds the power to vote or otherwise meets a relevant definition of ownership in excess of a number of Shares equal to (x) the number of Shares that would give rise to reporting or registration obligations or other requirements
(including obtaining prior approval by a state or federal regulator) of a Buyer Person under Applicable Laws and with respect to which such requirements have not been met or the relevant approval has not been received minus (y) 2% of the
number of Shares outstanding on the date of determination (either such condition described in clause (i) or (ii), an “Excess Ownership Position”). If any delivery owed to Buyer hereunder is not made, in whole or in part, as a
result of this provision, Issuer’s obligation to make such delivery shall not be extinguished and Issuer shall make such delivery as promptly as practicable after, but in no event later than one Exchange Business Day after, Buyer gives notice
to Issuer that such delivery would not result in the existence of an Excess Ownership Position. 
 (m) Transfer.
Notwithstanding any provision of the Agreement to the contrary, Buyer may, subject to applicable law, transfer and assign all of its right and obligations under any Transaction to any third party that is a financial institution that regularly enters
into OTC derivatives without the consent of Seller. At any time at which the Equity Percentage exceeds 14.5%, if Dealer, in its discretion after using its commercially reasonable efforts is unable to effect such a transfer or assignment on pricing
and other terms reasonably acceptable to Dealer and within a time period reasonably acceptable to Dealer such that the Equity Percentage is equal to or less than 14.5%, Dealer may designate any Exchange Business Day as an Early Termination Date with
respect to a portion (the “Terminated Portion”) of this Transaction, such that the Equity Percentage following such partial termination will be equal to or less than 14.5%. In the event that Dealer so designates an Early Termination
Date with respect to a portion of this Transaction, a payment shall be made pursuant to Section 6 of the Agreement and Section 12(b) of this Master Confirmation as if (i) an Early Termination Date had been designated in respect of a
Transaction having terms identical to this Transaction and a Number of Warrants equal to the Terminated Portion, (ii) Issuer shall be the sole Affected Party with respect to such partial termination and (iii) such Transaction shall be the
only Terminated Transaction. 
 (n) Severability; Illegality. If compliance by either party with any provision of a
Transaction would be unenforceable or illegal, (i) the parties shall negotiate in good faith to resolve such unenforceability or illegality in a manner that preserves the economic benefits of the transactions contemplated hereby and
(ii) the other provisions of the Transaction shall not be invalidated, but shall remain in full force and effect. 
 (o)
Waiver of Trial by Jury. EACH OF ISSUER AND BUYER HEREBY IRREVOCABLY WAIVES (ON ITS OWN BEHALF AND, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ON BEHALF OF ITS STOCKHOLDERS) ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM
(WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO ANY TRANSACTION HEREUNDER OR THE ACTIONS OF BUYER OR ITS AFFILIATES IN THE NEGOTIATION, PERFORMANCE OR ENFORCEMENT HEREOF. 

(p) Confidentiality. Notwithstanding any provision in this Master Confirmation, any Confirmation or the Agreement, in connection
with Section 1.6011-4 of the Treasury Regulations, the parties hereby agree that each party (and each employee, representative, or other agent of such party) may disclose to any and all persons, without limitation of any kind, the U.S. tax
treatment and U.S. tax structure of the Transaction and all 

  
 17 

 
materials of any kind that are provided to such party relating to such U.S. tax treatment and U.S. tax structure, other than any information for which nondisclosure is reasonably necessary in
order to comply with applicable securities laws. 
 (q) Securities Contract; Swap Agreement. The parties hereto intend
for: (i) each Transaction hereunder to be a “securities contract” as defined in Section 741(7) of the Bankruptcy Code and a “swap agreement” as defined in Section 101(53B) of the Bankruptcy Code, and the parties
hereto to be entitled to the protections afforded by, among other Sections, Sections 362(b)(6), 362(b)(7), 362(o), 546(e), 546(j), 548(d)(2), 555, 560 and 561 of the Bankruptcy Code; (ii) the Agreement to be a “master netting
agreement” as defined in Section 101(38A) of the Bankruptcy Code; (iii) a party’s right to liquidate, terminate or accelerate any Transaction, offset, net or net out termination values, payment amounts or other transfer
obligations, and to exercise any other remedies upon the occurrence of any Event of Default or Termination Event under the Agreement with respect to the other party or any Extraordinary Event that results in the termination or cancellation of any
Transaction to constitute a “contractual right” within the meaning of Sections 555, 560 and 561 of the Bankruptcy Code; (iv) any cash, securities or other property provided as performance assurance, credit support or collateral with
respect to each Transaction to constitute “margin payments” and “transfers” “under” or “in connection with” each Transaction and the Agreement, in each case within the meaning of the Bankruptcy Code and
(v) all payments or deliveries for, under or in connection with each Transaction, all payments for the Shares and the transfer of such Shares to constitute “settlement payments” and “transfers” “under” or “in
connection with” each Transaction and the Agreement, in each case within the meaning of the Bankruptcy Code. 
 (r)
Additional Termination Event. If at any time Buyer reasonably determines in good faith based on the advice of counsel that it is advisable to terminate a portion of the Transaction so that Buyer’s related hedging activities will comply
with applicable securities laws, rules or regulations or related policies and procedures of Buyer (whether or not such policies or procedures are imposed by law or have been voluntarily adopted by Buyer in order that its hedging activities will
comply with such laws, rules or regulations), an Additional Termination Event shall occur in respect of which (1) Issuer shall be the sole Affected Party, (2) the Transaction shall be the sole Affected Transaction and (3) Dealer shall
be the party entitled to designate an Early Termination Date. 
 (s) Effectiveness. If, prior to the Effective Date for
any Transaction, Buyer reasonably determines that it is advisable to cancel such Transaction because of concerns that Buyer’s related hedging activities could be viewed as not complying with applicable securities laws, rules or regulations,
such Transaction shall be cancelled and shall not become effective, and neither party shall have any obligation to the other party in respect of such Transaction. 
 (t) Right to Extend. Buyer may postpone, in whole or in part, any Expiration Date or any other date of valuation or delivery with respect to some or all of the relevant Warrants (in which event the
Calculation Agent shall make appropriate adjustments to the Number of Warrants with respect to one or more Components) if Buyer determines, in its commercially reasonable judgment, that such extension is reasonably necessary or appropriate
(x) to preserve Buyer’s hedging or hedge unwind activity hereunder in light of existing liquidity conditions (but only if there is a material decrease in liquidity relative to Dealer’s expectation on the Trade Date, as determined by
Calculation Agent) or (y) to enable Buyer to effect purchases of Shares in connection with its hedging, hedge unwind or settlement activity hereunder in a manner that would, if Buyer were Issuer or an affiliated purchaser of Issuer, be in
compliance with applicable legal, regulatory or self-regulatory requirements, or with related policies and procedures applicable to Buyer; provided that no such date may be postponed by more than ten Exchange Business Days pursuant to clause
(x) above. 
 (u) Amendments to the Equity Definitions: 

(A) Section 11.2(a) of the Definitions is hereby amended by deleting the words “a diluting or concentrative” and replacing
them with the word “a material”; and adding the phrase “or Warrants” at the end of the sentence. 

  
 18 

 (B) Section 11.2(c) of the Definitions is hereby amended by (x) replacing the
words “a diluting or concentrative” with “a material”, (y) adding the phrase “or Warrants” after the words “the relevant Shares” in the same sentence and (z) deleting the phrase “(provided that
no adjustments will be made to account solely for changes in volatility, expected dividends, stock loan rate or liquidity relative to the relevant Shares)”. 
 (C) Section 11.2(e)(vii) of the Definitions is hereby amended by deleting the words “that may have a diluting or concentrative” and replacing them with “that is the result of a
corporate event involving the Company and that may have a material” and adding the phrase “or Warrants (it being understood, for the avoidance of doubt, that financial results, the results of clinical trials, decisions by the Food and Drug
Administration or the announcement of any of the foregoing shall not constitute a “corporate event” within the meaning of this Section 11.2(e)(vii))” at the end of the sentence. 

(D) RESERVED 

(E) Section 12.9(b)(iv) of the Definitions is hereby amended by: 

(x) deleting (1) subsection (A) in its entirety, (2) the phrase “or (B)” following subsection
(A) and (3) the phrase “in each case” in subsection (B); and 
 (y) deleting the phrase
“neither the Non-Hedging Party nor the Lending Party lends Shares in the amount of the Hedging Shares or” in the penultimate sentence. 
 (F) Section 12.9(b)(v) of the Definitions is hereby amended by: 
 (x) adding the word “or” immediately before subsection “(B)” and deleting the comma at the end of subsection (A); 

(y) (1) deleting subsection (C) in its entirety, (2) deleting the word “or” immediately preceding
subsection (C) and (3) deleting the penultimate sentence in its entirety and replacing it with the sentence “The Hedging Party will determine the Cancellation Amount payable by one party to the other.”; and 

(z) deleting subsection (X) in its entirety and the words “or (Y)” immediately following subsection (X).

 (v) Strike Price Floor. Notwithstanding anything to the contrary in the Agreement, this Master
Confirmation, any Confirmation or the Definitions, in no event shall the Strike Price be subject to adjustment to the extent that, after giving effect to such adjustment, the Strike Price would be less than USD 64.63, except for any
adjustment pursuant to the terms of this Master Confirmation and the Equity Definitions in connection with stock splits or similar changes to Issuer’s capitalization. 

(w) Role of Agent. Credit Suisse AG, New York Branch, in its capacity as Agent will be responsible for (A) effecting this
Transaction, (B) issuing all required confirmations and statements to Dealer and Issuer, (C) maintaining books and records relating to this Transaction in accordance with its standard practices and procedures and in accordance with
applicable law and (D) unless otherwise requested by Issuer, receiving, delivering, and safeguarding Issuer’s funds and any securities in connection with this Transaction, in accordance with its standard practices and procedures and in
accordance with applicable law. 
  

	 	(i)	 Agent is acting in connection with this Transaction solely in its capacity as Agent for Dealer and Issuer pursuant to instructions from Dealer and
Issuer. Agent shall have no responsibility or personal liability to Dealer or Issuer arising from any failure by Dealer or Issuer to pay or perform any obligations hereunder, or to monitor or enforce

  
 19 

	 	
compliance by Dealer or Issuer with any obligation hereunder, including, without limitation, any obligations to maintain collateral. Each of Dealer and Issuer agrees to proceed solely against the
other to collect or recover any securities or monies owing to it in connection with or as a result of this Transaction. Agent shall otherwise have no liability in respect of this Transaction, except for its gross negligence or willful misconduct in
performing its duties as Agent. 

  

	 	(ii)	Any and all notices, demands, or communications of any kind relating to this Transaction between Dealer and Issuer shall be transmitted exclusively through Agent at the
following address: 

 Credit Suisse AG, New York Branch 

Eleven Madison Avenue 
 New York, NY 10010-3629 
 For payments and deliveries: 

Facsimile No.: (212) 325 8175 
 Telephone No.: (212) 325 8678 / (212) 325 3213 
 For all other
communications: 
 Facsimile No.: (212) 325 8173 
 Telephone No.: (212) 325 8676 / (212) 538 5306 / (212) 538 1193 / (212) 538 6886 
  

	 	(iii)	The date and time of the Transaction evidenced hereby will be furnished by the Agent to Dealer and Issuer upon written request. 

 

	 	(iv)	The Agent will furnish to Issuer upon written request a statement as to the source and amount of any remuneration received or to be received by the Agent in connection
with the Transaction evidenced hereby. 

  

	 	(v)	Dealer and Issuer each represents and agrees (A) that this Transaction is not unsuitable for it in the light of such party’s financial situation, investment
objectives and needs and (B) that it is entering into this Transaction in reliance upon such tax, accounting, regulatory, legal and financial advice as it deems necessary and not upon any view expressed by the other or the Agent.

  

	 	(vi)	Dealer is regulated by The Securities and Futures Authority and has entered into this Transaction as principal. The time at which this Transaction was executed will be
notified to Issuer (through the Agent) on request. 

 13. Addresses for Notice: 

 

			
	If to Dealer:	  	Credit Suisse AG, New York Branch
		  	Eleven Madison Avenue
		  	New York, NY 10010-3629
	Telephone No:	  	(212) 325 8676 / (212) 538 5306
	Facsimile:	  	(212) 325 8173
		
	With a copy to:	  	Credit Suisse AG, New York Branch
		  	Eleven Madison Avenue
		  	New York, NY 10010-3629

  
 20 

					
	Attention:	  	Steve Winnert
	Telephone:	  	(212) 325-2749
	Facsimile:	  	(212) 325-3717
		
	If to Issuer:	  	Regeneron Pharmaceuticals, Inc.
		  	777 Old Saw Mill River Road
		  	Tarrytown, NY 10591-6707
		  	Telephone:	 	(914) 345-7400
	  
 14. Accounts for Payment:

 

	To Dealer:	  	The Bank of New York, NY
		  	SWIFT: IRVTUS3N
		  	Bank Routing: 021 000 018
		  	Account Name: Credit Suisse International
		  	Account No.: 890-0360-968
		
	To Issuer:	  	JPMorgan Chase
		  	ABA No.:	 	021000021
		  	Account No.:	 	6701772200
		  	Swift Code:	 	CHASEUS33
		  	Address:	 	JP Morgan Chase Bank, N.A.
		  		 	106 Corporate Park Drive
		  		 	Floor 2
		  		 	White Plains, NY 10604
		  	Benefit of:	 	Regeneron Pharmaceuticals, Inc.
		  	Bank Contact:	 	Elanor Barreto
		  	Phone:	 	(914) 993-2241
	  
 15. Delivery
Instructions:

	  
 Unless otherwise directed in writing, any Share to be
delivered hereunder shall be delivered as follows:

		
	To Issuer:	  	To be advised.

  
 21 

 Issuer hereby agrees (a) to check this Master Confirmation carefully and immediately
upon receipt so that errors or discrepancies can be promptly identified and rectified and (b) to confirm that the foregoing (in the exact form provided by Dealer) correctly sets forth the terms of the agreement between Dealer and Issuer with
respect to the Transaction, by manually signing this Master Confirmation or this page hereof as evidence of agreement to such terms and providing the other information requested herein and immediately returning an executed copy to Credit Suisse AG,
New York Branch, Eleven Madison Avenue, New York, NY 10010-3629, Facsimile No. (212) 325-8173. 
  

			
	Yours faithfully,
	
	CREDIT SUISSE INTERNATIONAL
		
	By:	 	 /s/ Louis J. Impellizeri

		 	Name: Louis J. Impellizeri
		 	Title: Authorized Signatory
		
	By:	 	 /s/ Bik Kwan Chung

		 	Name: Bik Kwan Chung
		 	Title: Authorized Signatory
	
	CREDIT SUISSE AG, NEW YORK BRANCH
	Acting solely as Agent in connection with the Transaction
		
	By:	 	 /s/ Louis J. Impellizeri

		 	Name: Louis J. Impellizeri
		 	Title: Authorized Signatory
		
	By:	 	 /s/ Michael Clark

		 	Name: Michael Clark
		 	Title: Managing Director

  

			
	Agreed and Accepted By:
	
	REGENERON PHARMACEUTICALS, INC.
		
	By:	 	 /s/ Joseph J. LaRosa

		 	Name: Joseph J. LaRosa
		 	Title: Senior Vice President, General Counsel & Secretary

 [Signature Page to Warrant Master Confirm] 

  
 A-1

 EXHIBIT A 

FORM OF WARRANT 
 CONFIRMATION 
  

			
	Date:	  	October 18, 2011
		
	To:	  	Regeneron Pharmaceuticals, Inc. (“Issuer”)
		
	Telefax No.:	  	(914) 593-1506
		
	From:	  	Credit Suisse AG, New York Branch (“Dealer”)
		
	Telefax No.:	  	(212) 325 8173
	
	Transaction Reference Number:                     

 The purpose of this communication (this “Confirmation”) is to set forth the terms and
conditions of the above-referenced Transaction entered into on the Trade Date specified below between you and us. This Confirmation supplements, forms a part of, and is subject to the Master Terms and Conditions for Warrants Issued by Regeneron
Pharmaceuticals, Inc., between Dealer and Issuer, dated as of October 18, 2011 and as amended from time to time (the “Master Confirmation”). 
 1. The definitions and provisions contained in the Definitions (as such term is defined in the Master Confirmation) and in the Master Confirmation are incorporated into this Confirmation. In the event of
any inconsistency between those definitions and provisions and this Confirmation, this Confirmation will govern. 
 2. The
particular Transaction to which this Confirmation relates shall have the following terms: 
  

			
	Trade Date:	  	October 18, 2011
		
	Effective Date:	  	October 21, 2011
		
	Strike Price:	  	103.41
		
	Premium:	  	USD23,450,000.00
		
	Premium Payment Date:	  	October 21, 2011
		
	Maximum Delivery Amount:	  	2,380,414

  
 A-2

 For each Component of the Transaction, the Number of Warrants and Expiration Date are as set forth below.

  

					
	 Component Number
	  	 Number of Warrants
	  	 Expiration Date

	1.	  	14877	  	January 3, 2017
	2.	  	14877	  	January 4, 2017
	3.	  	14877	  	January 5, 2017
	4.	  	14877	  	January 6, 2017
	 5.
	  	14877	  	January 9, 2017
	 6.
	  	14877	  	January 10, 2017
	 7.
	  	14877	  	January 11, 2017
	 8.
	  	14877	  	January 12, 2017
	 9.
	  	14877	  	January 13, 2017
	 10.
	  	14877	  	January 17, 2017
	 11.
	  	14877	  	January 18, 2017
	 12.
	  	14877	  	January 19, 2017
	 13.
	  	14877	  	January 20, 2017
	 14.
	  	14877	  	January 23, 2017
	 15.
	  	14877	  	January 24, 2017
	 16.
	  	14877	  	January 25, 2017
	 17.
	  	14877	  	January 26, 2017
	 18.
	  	14877	  	January 27, 2017
	 19.
	  	14877	  	January 30, 2017
	 20.
	  	14877	  	January 31, 2017
	 21.
	  	14877	  	February 1, 2017
	 22.
	  	14877	  	February 2, 2017
	 23.
	  	14877	  	February 3, 2017
	 24.
	  	14877	  	February 6, 2017
	 25.
	  	14877	  	February 7, 2017
	 26.
	  	14877	  	February 8, 2017
	 27.
	  	14877	  	February 9, 2017
	 28.
	  	14877	  	February 10, 2017
	 29.
	  	14877	  	February 13, 2017
	 30.
	  	14877	  	February 14, 2017
	 31.
	  	14878	  	February 15, 2017
	 32.
	  	14878	  	February 16, 2017
	 33.
	  	14878	  	February 17, 2017
	 34.
	  	14878	  	February 21, 2017
	 35.
	  	14878	  	February 22, 2017
	 36.
	  	14878	  	February 23, 2017
	 37.
	  	14878	  	February 24, 2017
	 38.
	  	14878	  	February 27, 2017
	 39.
	  	14878	  	February 28, 2017
	 40.
	  	14878	  	March 1, 2017
	 41.
	  	14878	  	March 2, 2017
	 42.
	  	14878	  	March 3, 2017
	 43.
	  	14878	  	March 6, 2017
	 44.
	  	14878	  	March 7, 2017
	 45.
	  	14878	  	March 8, 2017
	 46.
	  	14878	  	March 9, 2017
	 47.
	  	14878	  	March 10, 2017
	 48.
	  	14878	  	March 13, 2017
	 49.
	  	14878	  	March 14, 2017
	 50.
	  	14878	  	March 15, 2017
	 51.
	  	14878	  	March 16, 2017
	 52.
	  	14878	  	March 17, 2017
	 53.
	  	14878	  	March 20, 2017

  
 A-3

					
	 54.
	  	14878	  	March 21, 2017
	 55.
	  	14878	  	March 22, 2017
	 56.
	  	14878	  	March 23, 2017
	 57.
	  	14878	  	March 24, 2017
	 58.
	  	14878	  	March 27, 2017
	 59.
	  	14878	  	March 28, 2017
	 60.
	  	14878	  	March 29, 2017
	 61.
	  	14878	  	March 30, 2017
	 62.
	  	14878	  	March 31, 2017
	 63.
	  	14878	  	April 3, 2017
	 64.
	  	14878	  	April 4, 2017
	 65.
	  	14878	  	April 5, 2017
	 66.
	  	14878	  	April 6, 2017
	 67.
	  	14878	  	April 7, 2017
	 68.
	  	14878	  	April 10, 2017
	 69.
	  	14878	  	April 11, 2017
	 70.
	  	14878	  	April 12, 2017
	 71.
	  	14878	  	April 13, 2017
	 72.
	  	14878	  	April 17, 2017
	 73.
	  	14878	  	April 18, 2017
	 74.
	  	14878	  	April 19, 2017
	 75.
	  	14878	  	April 20, 2017
	 76.
	  	14878	  	April 21, 2017
	 77.
	  	14878	  	April 24, 2017
	 78.
	  	14878	  	April 25, 2017
	 79.
	  	14878	  	April 26, 2017
	 80.
	  	14878	  	April 27, 2017

  
 A-4

 Issuer hereby agrees (a) to check this Master Confirmation carefully and immediately
upon receipt so that errors or discrepancies can be promptly identified and rectified and (b) to confirm that the foregoing (in the exact form provided by Dealer) correctly sets forth the terms of the agreement between Dealer and Issuer with
respect to the Transaction, by manually signing this Master Confirmation or this page hereof as evidence of agreement to such terms and providing the other information requested herein and immediately returning an executed copy to Credit Suisse AG,
New York Branch, Eleven Madison Avenue, New York, NY 10010-3629, Facsimile No. (212) 325-8173. 
  

			
	Yours faithfully,
	
	CREDIT SUISSE INTERNATIONAL
		
	By:	 	 /s/ Louis J. Impellizeri

		 	Name: Louis J. Impellizeri
		 	Title: Authorized Signatory
		
	By:	 	 /s/ Bik Kwan Chung

		 	Name: Bik Kwan Chung
		 	Title: Authorized Signatory
	
	CREDIT SUISSE AG, NEW YORK BRANCH
	Acting solely as Agent in connection with the Transaction
		
	By:	 	 /s/ Louis J. Impellizeri

		 	Name: Louis J. Impellizeri
		 	Title: Authorized Signatory
		
	By:	 	 /s/ Michael Clark

		 	Name: Michael Clark
		 	Title: Managing Director

  

			
	Agreed and Accepted By:
	
	REGENERON PHARMACEUTICALS, INC.
		
	By:	 	 /s/ Joseph J. LaRosa

		 	Name: Joseph J. LaRosa
		 	 Title: Senior Vice President, General Counsel & Secretary

 [Signature Page to Warrant Confirm]Master Terms and Conditions for Convertible Note Hedging (Morgan Stanley)

 Exhibit 10.7 
 Execution Version 
 MASTER TERMS AND CONDITIONS FOR CONVERTIBLE BOND
HEDGING TRANSACTIONS 
 BETWEEN MORGAN STANLEY & CO. INTERNATIONAL PLC AND REGENERON PHARMACEUTICALS, INC. 

The purpose of this Master Terms and Conditions for Base Additional Convertible Bond Hedging Transactions (this “Master
Confirmation”), dated as of October 18, 2011, is to set forth certain terms and conditions for convertible bond hedging transactions to be entered into between Morgan Stanley & Co. International plc (“Dealer”)
and Regeneron Pharmaceuticals, Inc. (“Counterparty”). Each such transaction (a “Transaction”) entered into between Dealer and Counterparty that is to be subject to this Master Confirmation shall be evidenced by a
written confirmation substantially in the form of Exhibit A hereto, with such modifications thereto as to which Counterparty and Dealer mutually agree (a “Confirmation”). This Master Confirmation and each Confirmation together
constitute a “Confirmation” as referred to in the Agreement specified below. 
 This Master Confirmation and a
Confirmation evidence a complete binding agreement between you and us as to the terms of the Transaction to which this Master Confirmation and such Confirmation relates. This Master Confirmation and each Confirmation hereunder shall supplement, form
a part of, and be subject to an agreement in the form of the 1992 ISDA Master Agreement (Multicurrency-Cross Border) as if we had executed an agreement in such form on the Trade Date of the first such Transaction (but without any Schedule except for
(i) the replacement of the word “third” in the last line of Section 5(a)(i) of the Agreement with the word “first” and (ii) the election of United States dollars as the Termination Currency) between Dealer and
Counterparty, and such agreement shall be considered the “Agreement” hereunder. 
 The definitions and
provisions contained in the 2002 ISDA Equity Derivatives Definitions (the “Definitions”) as published by ISDA are incorporated into this Master Confirmation. For the purposes of the Definitions, each reference herein or in any
Confirmation hereunder to a Unit shall be deemed to be a reference to a Call Option or an Option, as context requires. 
 THE
AGREEMENT, THIS MASTER CONFIRMATION AND EACH CONFIRMATION WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO CHOICE OF LAW DOCTRINE (OTHER THAN TITLE 14 OF THE NEW YORK GENERAL OBLIGATIONS
LAW). THE PARTIES HERETO IRREVOCABLY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND THE UNITED STATES COURT FOR THE SOUTHERN DISTRICT OF NEW YORK IN CONNECTION WITH ALL MATTERS RELATING HERETO AND WAIVE ANY OBJECTION
TO THE LAYING OF VENUE IN, AND ANY CLAIM OF INCONVENIENT FORUM WITH RESPECT TO, THESE COURTS. 
 The Transactions under this
Master Confirmation shall be the sole Transactions under the Agreement. If there exists any ISDA Master Agreement between Dealer and Counterparty or any confirmation or other agreement between Dealer and Counterparty pursuant to which an ISDA Master
Agreement is deemed to exist between Dealer and Counterparty, then notwithstanding anything to the contrary in such ISDA Master Agreement, such confirmation or agreement or any other agreement to which Dealer and Counterparty are parties, the
Transactions under this Master Confirmation and the Agreement shall not be considered Transactions under, or otherwise governed by, such existing or deemed ISDA Master Agreement. 

1. In the event of any inconsistency between this Master Confirmation, on the one hand, and the Definitions or the Agreement, on the
other hand, this Master Confirmation will control for the purpose of the Transaction to which a Confirmation relates. In the event of any inconsistency between the Definitions, the Agreement and this Master Confirmation, on the one hand, and a
Confirmation, on the other hand, the Confirmation will govern. With respect to a Transaction, capitalized terms used herein that are not otherwise defined shall have the meaning assigned to them in the Confirmation relating to such Transaction.

 2. Each party will make each payment specified in this Master Confirmation or a Confirmation
as being payable by such party, not later than the due date for value on that date in the place of the account specified below or otherwise specified in writing, in freely transferable funds and in a manner customary for payments in the required
currency. 
 3. Confirmations and General Terms: 

This Master Confirmation and the Agreement, together with the Confirmation relating to a Transaction, shall constitute the written
agreement between Counterparty and Dealer with respect to such Transaction. 
 Each Transaction to which a Confirmation relates
is a Convertible Bond Hedging Transaction, which shall be considered a Share Option Transaction for purposes of the Definitions (and references herein to “Units” shall be deemed to be references to “Options” for purposes of the
Definitions), and shall have the following terms: 
  

			
	 Trade Date:
	  	As set forth in the Confirmation for such Transaction
		
	 Effective Date:
	  	As set forth in the Confirmation for such Transaction
		
	 Option Type:
	  	Call
		
	 Option Style:
	  	Modified American (as described below)
		
	 Seller:
	  	Dealer
		
	 Buyer:
	  	Counterparty
		
	 Shares:
	  	The Common Stock of Counterparty, par value USD0.001 per share (Ticker Symbol: “REGN”).
		
	 Convertible Notes:
	  	As set forth in the Confirmation for such Transaction
		
	 Indenture:
	  	As set forth in the Confirmation for such Transaction
		
	 Number of Units:
	  	As set forth in the Confirmation for such Transaction.
		
	 Unit Entitlement:
	  	As set forth in the Confirmation for such Transaction
		
	 Strike Price:
	  	As set forth in the Confirmation for such Transaction
		
	 Applicable Percentage:
	  	As set forth in the Confirmation for such Transaction
		
	 Number of Shares:
	  	As set forth in the Confirmation for such Transaction
		
	 Premium:
	  	As set forth in the Confirmation for such Transaction
		
	 Premium Payment Date:
	  	As set forth in the Confirmation for such Transaction
		
	 Exchange:
	  	Nasdaq Global Select Market
		
	 Related Exchange:
	  	All Exchanges
		
	 Calculation Agent:
	  	Dealer; provided that following the occurrence and during the continuation of an Event of Default pursuant to Section 5(a)(vii) of the Agreement with respect to which
Dealer is the Defaulting Party, (i) Dealer may designate a nationally or internationally recognized third-party dealer with expertise in over-the-counter corporate equity derivatives (an “Equity Derivatives Dealer”) that is an
affiliate of Dealer and with

  
 2 

			
		  	respect to which no event of the type described in Section 5(a)(vii) of the Agreement is ongoing to replace Dealer as Calculation Agent, or (ii) if Dealer does not so designate
any replacement Calculation Agent by the 10th Exchange Business Day following the date a calculation or determination is required to be made hereunder by the Calculation Agent and no such calculation or determination is made, Counterparty shall have
the right to designate an independent Equity Derivatives Dealer to replace Dealer as Calculation Agent and, in each case, the parties shall work in good faith to execute any appropriate documentation required by such replacement Calculation
Agent.
		
		  	Any determination or calculation by Dealer or Counterparty in any capacity (including as Calculation Agent) pursuant to this Master Confirmation, the Agreement and the
Definitions shall be made in good faith and in a commercially reasonable manner, including, without limitation, with respect to calculations and determinations that are made in such party’s sole discretion or otherwise. In the event either
party makes any calculation or determination in any capacity pursuant to this Master Confirmation, the Agreement or the Definitions, such party shall promptly provide an explanation in reasonable detail of the basis for such determination or
calculation if requested by the other party, it being understood that no party shall be obligated to disclose any proprietary models used by it for such calculation.

 4. Procedure for Exercise: 

 

			
	 Exercise Dates:
	  	Each Conversion Date.
		
	 Conversion Date:
	  	Each “Conversion Date”, as defined in the Indenture as described in the Offering Memorandum under “Description of Notes—Conversion
Rights”.
		
	 Required Exercise on Conversion Dates:
	  	On each Conversion Date, a number of Units equal to the number of Convertible Notes in denominations of USD1,000 principal amount satisfying all of the requirements for
conversion on such Conversion Date in accordance with the terms of the Indenture as described in the Offering Memorandum under “Description of Notes—Conversion Procedures” shall be automatically exercised, subject to “Notice of
Exercise” below.
		
	 Expiration Date:
	  	As set forth in the Confirmation for such Transaction
		
	 Multiple Exercise:
	  	Applicable, as provided above under “Required Exercise on Conversion Dates”.
		
	 Minimum Number of Units:
	  	Zero
		
	 Maximum Number of Units:
	  	Number of Units
		
	 Integral Multiple:
	  	Not Applicable

  
 3 

			
	 Automatic Exercise:
	  	As provided above under “Required Exercise on Conversion Dates”.
		
	 Notice of Exercise:
	  	Notwithstanding anything to the contrary in the Definitions, Dealer shall have no obligation to make any payment or delivery in respect of any exercise of Units hereunder unless
Counterparty notifies Seller in writing prior to 3:00 PM, New York City time, on the Scheduled Trading Day immediately preceding the first “Trading Day” (as defined in the Indenture as described in the Offering Memorandum under
“Description of Notes—Conversion Rights—Settlement upon Conversion”) of the “Cash Settlement Averaging Period”, as defined in the Indenture as described in the Offering Memorandum under “Description of
Notes—Conversion Rights—Settlement upon Conversion”, relating to the Convertible Notes converted on the Conversion Date relating to the relevant Exercise Date (the “Notice Deadline”) of (i) the number of Units being
exercised on such Exercise Date, (ii) if applicable, the scheduled commencement date of the “Cash Settlement Averaging Period” for the Convertible Notes converted on the Conversion Date corresponding to such Exercise Date, (iii) whether
Counterparty will satisfy its conversion obligation with respect to such Convertible Notes solely in cash (“Cash Settlement”), through delivery of a combination of cash and Shares (“Combination Settlement”) or
solely in Shares (“Physical Settlement”; each of Cash Settlement, Combination Settlement and Physical Settlement, a “Settlement Method”) and (iv) in the case of Combination Settlement, the applicable “Specified
Dollar Amount” (as defined in the Indenture as described in the Offering Memorandum under “Description of Notes—Conversion Rights—Settlement upon Conversion”), if other than $1,000; provided that if the Conversion
Date for such Unit occurs on of after June 1, 2016 (the “Final Averaging Period Date”), the notice need not contain the information described in clause (ii) above, the Company may provide Dealer with a single notice with respect to
the information described in clause (i) above, and the Notice Deadline with respect to (x) the information described in clause (i) above shall be 3:00 p.m, New York City time, on the “Scheduled Trading Day” (as defined in the Indenture as
described in the Offering Memorandum under “Description of Notes—Conversion Rights—Settlement upon Conversion”) immediately preceding the Expiration Date and (y) the information described in clauses (iii) and (iv) above shall be
3:00 p.m., New York City time on the Scheduled Trading Day prior to the Final Averaging Period Date; provided further that, notwithstanding the foregoing (except in the case of a “Cash Settlement Averaging Period” that commences on
or after the Final Averaging Period Date), such notice shall be effective even if given after the Notice Deadline so long as such notice is given prior to 3:00 p.m., New York City time, on the fifth Exchange Business Day of such “Cash
Settlement Averaging Period”, in which event the

  
 4 

			
		  	Calculation Agent shall have the right to adjust the Delivery Obligation as appropriate to reflect the additional costs (including, but not limited to, hedging mismatches and
market losses) and expenses incurred by Dealer in connection with its hedging activities (including the unwinding of any hedge position) as a result of its not having received such notice prior to the Notice Deadline.
		
		  	Notwithstanding anything to the contrary herein, in the Indenture or the Notice of Exercise, for purposes of the Transactions hereunder, with respect to any Conversion Date,
Seller’s Delivery Obligation shall be calculated by the Calculation Agent as if Counterparty had elected Combination Settlement with a “Specified Dollar Amount” for the Convertible Notes equal to $1,000 pursuant to clause
(iii) above, unless Counterparty provides timely notice of the applicable Settlement Method in its Notice of Exercise as set forth above. If such Notice of Exercise specifies a Settlement Method other than Combination Settlement with a
“Specified Dollar Amount” under the Indenture of $1,000, Counterparty shall be deemed to have represented to Dealer that, as of the date of its election of a Settlement Method, it is not in possession of any material non-public information
with respect to itself or the Shares.

 5. Settlement Terms: 

 

			
	 Settlement Date:
	  	In respect of an Exercise Date occurring on a Conversion Date, the settlement date for the Shares and/or cash to be delivered under the Convertible Notes converted on such
Conversion Date under the terms of the Indenture (as described in the Offering Memorandum under “Description of Notes—Conversion Rights—Settlement upon Conversion”); provided that the Settlement Date will not be prior to
the date one Settlement Cycle following the final day of the “Cash Settlement Averaging Period” that applies (or is deemed to apply) to such Conversion Date.
		
	 Delivery Obligation:
	  	In lieu of the obligations set forth in Sections 8.1 and 9.1 of the Definitions, and subject to “Notice of Exercise” above, with respect to each Unit exercised on a
Conversion Date, Seller will deliver to Counterparty on the related Settlement Date, (i) if Cash Settlement or Combination Settlement with a “Specified Dollar Amount” of USD 1,000 or more applies to such Conversion Date pursuant to the
terms of the Indenture (as described in the Offering Memorandum under “Description of Notes—Conversion Rights”), the product of the Applicable Percentage and a number of Shares and/or an amount in cash in USD equal to the number of
Shares and/or amount of cash in USD in excess of USD 1,000 that Counterparty is obligated to deliver to the holder of USD 1,000 principal amount of such Convertible Notes pursuant to the Settlement Provision of the Indenture (as

  
 5 

			
		  	defined in the Confirmation) or (ii) if Physical Settlement or Combination Settlement with a “Specified Dollar Amount” of less than USD 1,000 applies to such Conversion
Date pursuant to the terms of the Indenture as described in the Offering Memorandum under “Description of Notes—Conversion Rights—Settlement upon Conversion”, the product of the Applicable Percentage and a number of Shares equal
to the number of Shares that Counterparty would have been obligated to deliver to the holder of USD 1,000 principal amount of Convertible Notes converted on such Conversion Date pursuant to the Settlement Provision of the Indenture, as determined by
the Calculation Agent, except that for all purposes hereunder (a) Combination Settlement shall be deemed to apply to such Convertible Notes (notwithstanding the provisions of the Indenture as described in the Offering Memorandum under
“Description of Notes—Conversion Rights—Settlement upon Conversion”) with a “Specified Dollar Amount” of USD 1,000, (b) each reference to “forty” in the definitions of “Cash Settlement Averaging
Period”, “Daily Conversion Value”, “Daily Measurement Value” and “Daily Settlement Amount” under the Indenture (each as defined in the Indenture as described in the Offering Memorandum under “Description of
Notes—Conversion Rights—Settlement upon Conversion”) and the Settlement Provision of the Indenture shall be deemed replaced with “eighty”, (c) the reference to “one-fortieth (1/40th)” in the definition of
“Daily Conversion Value” shall be deemed replaced with “one-eightieth (1/80th)” and (d) the reference to “the 42nd Scheduled Trading Day” in the definition of “Cash Settlement Averaging Period” shall be deemed
replaced with “the 82nd Scheduled Trading Day”;
		
		  	 provided that, in the case of clause (i) or (ii) above, in no event shall the sum of (A) the amount of cash, if
any, paid by Dealer upon exercise of any Unit and (B) the number of Shares delivered upon exercise of such Unit multiplied by the Applicable Limit Price on the Settlement Date for such Unit; and

 
 provided further that, in the case of clause (i) or (ii) above, the
Delivery Obligation shall be determined excluding any Shares (or cash) that Counterparty is obligated to deliver to holder(s) of the Convertible Notes as a result of any adjustments to the Conversion Rate pursuant to the Excluded Provisions of the
Indenture (as defined in the Confirmation).

		
		  	Notwithstanding the foregoing, if any exercise hereunder relates to a conversion of Convertible Notes in connection with which holders thereof are entitled to receive additional
Shares and/or cash pursuant to the adjustments to the Conversion Rate set forth in the Make-whole Provision of the Indenture (as defined in the Confirmation), then the Delivery Obligation shall include such additional Shares and/or cash (subject to
the deemed application of Combination Settlement

  
 6 

			
		  	as set forth in clause (ii) above), except that the Delivery Obligation shall be capped so that the value of the Delivery Obligation (with the value of any such additional Shares
included in the Delivery Obligation determined by the Calculation Agent using the “Daily VWAP” on the last day of the “Cash Settlement Averaging Period” that applies (or is deemed to apply) to the relevant Conversion Date) does
not exceed the amount as determined by the Calculation Agent that would be payable by Dealer pursuant to Section 6 of the Agreement if such Conversion Date were an Early Termination Date resulting from an Additional Termination Event with respect to
which the Transaction (except that, for purposes of determining such amount, (x) the Number of Units shall be deemed to be equal to the number of Units exercised on such Exercise Date and (y) such amount payable pursuant to Section 6 of the
Agreement will be determined as if the Make-whole Provision of the Indenture were deleted but will, for the avoidance of doubt, take into account the time value of the Transaction assuming an Expiration Date on the “Maturity Date” (as
defined in the Indenture as described in the Offering Memorandum under “Description of Notes—General”), without regard to any requirement for the occurrence of a Conversion Date or delivery of a Notice of Exercise or Notice of
Delivery Obligation) was the sole Affected Transaction and Counterparty was the sole Affected Party (determined without regard to Section 11(b) of this Master Confirmation).
		
		  	Dealer will deliver cash in lieu of any fractional Shares to be delivered valued at the “Daily VWAP” for the last “Trading Day” of the “Cash Settlement
Averaging Period” that applies (or is deemed to apply) to the relevant Conversion Date.
		
		  	For the avoidance of doubt, if the sum of the “Daily Conversion Values” for all “Trading Days” of the “Cash Settlement Averaging Period” that
applies (or is deemed to apply) to the relevant Conversion Date is less than or equal to USD1,000, Seller will have no delivery obligation hereunder in respect of such Conversion Date.
		
		  	For the further avoidance of doubt, Dealer will have no delivery obligation hereunder in respect of any “Distributed Property” delivered by Counterparty to the holders
of Convertible Notes pursuant to the Conversion Rate Adjustment Fallback Provision.
		
	 Applicable Limit:
	  	For any Unit, an amount of cash equal to the Applicable Percentage multiplied by the excess of (i) the aggregate of (A) the amount of cash, if any, delivered to the holder
of the related Convertible Note upon conversion of such Convertible Note and (B) the number of Shares, if any, delivered to the holder of the related Convertible Note upon conversion of such Convertible Note multiplied by the Applicable Limit
Price on the settlement date for the cash and/or Shares delivered upon conversion of the related Convertible Note over (ii) USD 1,000.

  
 7 

			
	 Applicable Limit Price:
	  	On any day, the opening price as displayed under the heading “Op” on Bloomberg page REGN.Q <equity> (or any successor thereto).
		
	 Excluded Provisions:
	  	As set forth in the Confirmation for such Transaction.
		
	 Make-whole Provision:
	  	As set forth in the Confirmation for such Transaction.
		
	 Notice of Delivery Obligation:
	  	No later than the Scheduled Trading Day immediately following the last day of the “Cash Settlement Averaging Period”, Counterparty shall give Seller notice of the final
number of Shares and/or amount of cash (the “Convertible Obligation”) it is required to deliver under the Indenture (as described in the Offering Memorandum under “Description of Notes—Conversion Rights—Settlement
upon Conversion”) with respect to the relevant Conversion Date; provided that, with respect to any Exercise Date occurring on or after the Final Averaging Period Date, Counterparty may provide Dealer with a single notice of the aggregate number
of Shares and/or the amount of cash comprising the Convertible Obligation for all Exercise Dates occurring on or after such Scheduled Trading Day (it being understood, for the avoidance of doubt, that the requirement of Counterparty to deliver such
notice shall not limit Counterparty’s obligations with respect to Notice of Exercise, as set forth above, in any way).
		
	 Other Applicable Provisions:
	  	To the extent Seller is obligated to deliver Shares hereunder, the provisions of Sections 9.1(c), 9.8, 9.9, 9.10, 9.11 and 9.12 of the Definitions will be applicable as if
Physical Settlement applied to the Transaction; provided that the Representation and Agreement contained in Section 9.11 of the Definitions shall be modified by excluding any representations therein relating to restrictions, obligations,
limitations or requirements under applicable securities laws arising as a result of the fact that Buyer is the issuer of the Shares. In addition, notwithstanding anything to the contrary in the Definitions, Seller may, in whole or in part, deliver
Shares in certificated form representing the Delivery Obligation to Counterparty in lieu of delivery through the Clearance System.

 6. Adjustments: 

 

			
	 Method of Adjustment:
	  	Notwithstanding Section 11.2 of the Definitions, upon the occurrence of any event or condition set forth in the Dilution Provision of the Indenture (as defined in the
Confirmation), the Calculation Agent shall make the corresponding adjustment in respect of any one or more of the Strike Price, Number of Units, the Unit Entitlement and any other variable relevant to the exercise, settlement or payment of such
Transaction, to the extent an analogous adjustment is made under the Indenture. For the avoidance of doubt, in no event

  
 8 

			
		  	shall there be any adjustment hereunder as a result of an adjustment to the “Conversion Rate” pursuant to the Excluded Provisions of the Indenture.

 7. Extraordinary Events: 

 

			
	 Merger Events:
	  	Notwithstanding Section 12.1(b) of the Definitions, a “Merger Event” means the occurrence of any event or condition set forth in the Merger Provision of the Indenture
(as defined in the Confirmation).
		
		  	As soon as reasonably practicable following the public announcement of any Merger Event or any public filing with respect to any Merger Event, Counterparty shall notify the
Calculation Agent of such Merger Event; and once the adjustments to be made to the terms of the Indenture (as described in the Offering Memorandum in the sixth and seventh to last paragraphs under “Description of Notes—Conversion
Rights—Conversion Rate Adjustments”) and the Convertible Notes in respect of such Merger Event have been determined, Counterparty shall immediately notify the Calculation Agent in writing of the details of such
adjustments.
		
	 Notice of Merger Consideration:
	  	Upon the occurrence of a Merger Event that causes the Shares to be converted into the right to receive more than a single type of consideration (determined based in part upon any
form of election of the holders of Shares), Counterparty shall promptly (but in any event prior to the Merger Date) notify the Calculation Agent of the details of the adjustment made under the Indenture in respect of such Merger
Event.
		
	 Tender Offer:
	  	Applicable. Notwithstanding Section 12.1(d) of the Definitions, a “Tender Offer” means the occurrence of any event or condition set forth in the Tender Offer Provision
of the Indenture (as described in the Offering Memorandum in clause (5) under “Description of Notes—Conversion Rights—Conversion Rate Adjustments”).
		
	Consequences of Merger Events and Tender Offers:	  	  
 Notwithstanding Sections 12.2 and 12.3 of the Definitions, upon
the occurrence of a Merger Event or Tender Offer, the Calculation Agent shall make a corresponding adjustment in respect of any adjustment under the Indenture to any one or more of the nature of the Shares, the Strike Price, the Number of Units, the
Unit Entitlement and any other variable relevant to the exercise, settlement or payment of the Transaction, to the extent an analogous adjustment is made under the Indenture (as described in the Offering Memorandum in clause (5) and in the sixth and
seventh to last paragraphs under “Description of Notes—Conversion Rights—Conversion Rate Adjustments”); provided that (i) such adjustment shall be made without regard to any adjustment to the Conversion
Rate

  
 9 

			
		  	for the issuance of additional shares as set forth in the Excluded Provisions of the Indenture; (ii) if such adjustment would (but for this clause (ii)) result in the Shares
including (or, at the option of a holder of Shares, may include) shares of an entity or person not organized under the laws of the United States, any State thereof or the District of Columbia, no such adjustment shall be made and Cancellation and
Payment (Calculation Agent Determination) shall apply; and (iii) if Counterparty will not be the Issuer following such Merger Event or Tender Offer, then (a) the Calculation Agent shall make any adjustment(s) to the valuation, exercise, settlement
or other terms of the Transaction that the Calculation Agent determines appropriate to account for the effect on the Transaction of such Merger Event or (b) if (x) the Calculation Agent determines that no adjustment it could make under clause (a)
above will produce a commercially reasonable result or (y) Counterparty and the Issuer following such Merger Event or Tender Offer do not enter into such documentation containing representations, warranties and agreements relating to securities law
and other issues, as requested by Dealer that Dealer has determined, in its reasonable discretion, to be necessary or appropriate to allow Dealer to continue as a party to the Transaction (giving effect to any adjustments pursuant to clause (a)
above) and to preserve its hedging activities in connection with the Transaction in a manner compliant with applicable legal, regulatory and self- regulatory requirements, and with related policies and procedures applicable to Dealer, Cancellation
and Payment (Calculation Agent Determination) shall apply.
		
	Dilution Provision:	  	As set forth in the Confirmation for such Transaction.
		
	Merger Provision:	  	As set forth in the Confirmation for such Transaction.
		
	Tender Offer Provision:	  	As set forth in the Confirmation for such Transaction.
		
	Nationalization, Insolvency or Delisting:	  	Cancellation and Payment (Calculation Agent Determination). In addition to the provisions of Section 12.6(a)(iii) of the Definitions, it will also constitute a Delisting if the
Exchange is located in the United States and the Shares are not immediately re-listed or re-traded on any of the New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or their respective successors); if the Shares are
immediately re-listed or re-traded on any such exchange, such exchange shall thereafter be deemed to be the Exchange and the Calculation Agent shall make any adjustments it deems necessary to the terms of the Transaction, as if Modified Calculation
Agent Adjustment were applicable to such event.

 8. Additional Disruption Events: 

 

			
	 Change in Law:
	  	Applicable; provided that Section 12.9(a)(ii) of the Definitions is hereby amended by (i) replacing the phrase “the

  
 10 

			
		  	interpretation” in the third line thereof with the phrase “the formal or informal interpretation,” and (ii) replacing the word “Shares” with the phrase
“Shares or Hedge Positions” in clause (X) thereof.
		
	 Failure to Deliver:
	  	Applicable
		
	 Insolvency Filing:
	  	Applicable
		
	 Hedging Disruption:
	  	Applicable; provided that Section 12.9(a)(v) of the Definitions is hereby modified by inserting the following two phrases at the end of such Section:
		
		  	“For the avoidance of doubt, the term “equity price risk” shall be deemed to include, but shall not be limited to, stock price and volatility risk. And, for the
further avoidance of doubt, the transactions or assets referred to in phrases (A) or (B) above must be available on commercially reasonable pricing and other terms.”
		
	 Increased Cost of Hedging:
	  	Not Applicable
		
	 Determining Party
	  	For all applicable Additional Disruption Events, Dealer.

 9. Acknowledgements: 

 

			
	Non-Reliance:	  	Applicable
		
	Agreements and Acknowledgments Regarding Hedging Activities:	  	Applicable
		
	Additional Acknowledgments:	  	Applicable

 10. Representations, Warranties and Agreements: 

(a) In connection with this Master Confirmation, each Confirmation, each Transaction to which a Confirmation relates and any other
documentation relating to the Agreement, each party to this Master Confirmation represents and warrants to, and agrees with, the other party that: 
 (i) it is an “accredited investor” as defined in Section 2(a)(15)(ii) of the Securities Act of 1933, as amended (the “Securities Act”); and 

(ii) it is an “eligible contract participant” as defined in Section 1(a)(12) of the Commodity Exchange Act,
as amended (the “CEA”), and this Master Confirmation and each Transaction hereunder are subject to individual negotiation by the parties and have not been executed or traded on a “trading facility” as defined in
Section 1a(33) of the CEA. 
 (b) Counterparty hereby represents and warrants to, and agrees with, Dealer on the Trade Date
of each Transaction that: 
 (i) its financial condition is such that it has no need for liquidity with respect
to its investment in such Transaction and no need to dispose of any portion thereof to satisfy any existing or contemplated undertaking or indebtedness; 

  
 11 

 (ii) its investments in and liabilities in respect of such Transaction,
which it understands are not readily marketable, are not disproportionate to its net worth, and it is able to bear any loss in connection with such Transaction, including the loss of its entire investment in such Transaction; 

(iii) it understands that Dealer has no obligation or intention to register such Transaction under the Securities Act or
any state securities law or other applicable federal securities law; 
 (iv) it understands that no obligations
of Dealer to it hereunder will be entitled to the benefit of deposit insurance and that such obligations will not be guaranteed by any Affiliate of Dealer or any governmental agency; 

(v) RESERVED 
 (vi) IT UNDERSTANDS THAT SUCH TRANSACTION IS SUBJECT TO COMPLEX RISKS THAT MAY ARISE WITHOUT WARNING AND MAY AT TIMES BE VOLATILE AND THAT LOSSES MAY OCCUR QUICKLY AND IN UNANTICIPATED MAGNITUDE AND IS
WILLING TO ACCEPT SUCH TERMS AND CONDITIONS AND ASSUME (FINANCIALLY AND OTHERWISE) SUCH RISKS; 
 (vii) It is
not, on the date hereof, and will not be, on any date on which it elects to require Dealer to satisfy any Dealer Payment Obligation by delivery of Termination Delivery Units pursuant to Section 11(b) below, in possession of any material
non-public information with respect to it or the Shares and its most recent Annual Report on Form 10-K, taken together with all reports and other documents subsequently filed by it with the Securities and Exchange Commission pursuant to the
Securities Exchange Act of 1934, as amended (the “Exchange Act”) when considered as a whole (with the more recent such reports and documents deemed to amend inconsistent statements contained in any earlier such reports and documents) do
not contain any untrue statement of a material fact or any omission of a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances in which they were made, not misleading; 

(viii) it is not entering into any Transaction to create, and will not engage in any other securities or derivatives
transactions to create, actual or apparent trading activity in the Shares (or any security convertible into or exchangeable for Shares) or to raise or depress or to manipulate the price of the Shares (or any security convertible into or exchangeable
for Shares); 
 (ix) RESERVED 

(x) on each of the Trade Date Counterparty is not, and on the Premium Payment Date will not be, “insolvent” (as
such term is defined under Section 101(32) of the U.S. Bankruptcy Code (Title 11 of the United States Code) (the “Bankruptcy Code”)), and Counterparty would be able to purchase the Shares hereunder in compliance with the laws
of the jurisdiction of Counterparty’s incorporation; 
 (xi) RESERVED 

(xii) it is not, and after giving effect to the transactions contemplated hereby will not be, an “investment
company” as such term is defined in the Investment Company Act of 1940, as amended; 
 (xiii) without
limiting the generality of Section 13.1 of the Definitions, Counterparty acknowledges that neither Dealer nor any of its affiliates is making any representations or warranties or taking any position or expressing any view with respect to the
treatment of the Transaction under any accounting standards including ASC Topic 260, Earnings Per Share, ASC Topic 815, Derivatives and Hedging, or ASC Topic 480, Distinguishing Liabilities from Equity and ASC 815-40,
Derivatives and Hedging—Contracts in Entity’s Own Equity (or any successor issue statements) or under FASB’s Liabilities & Equity Project; 

  
 12 

 (xiv) RESERVED 

(xv) Counterparty shall deliver to Dealer an opinion of counsel, dated as of the Effective Date of such Transaction and
reasonably acceptable to Dealer in form and substance, with respect to the matters set forth in Section 3(a) of the Agreement; 
 (xvi) Counterparty is not on the Trade Date of any Transaction engaged in and will not, during any period starting on the Trade Date of any Transaction and ending on the third Exchange Business Day
immediately following such Trade Date, be engaged in a distribution, as such term is used in Regulation M under the Exchange Act, of any securities of Counterparty, other than (1) a distribution meeting the requirements of the exception set
forth in Rules 101(b)(10) and 102(b)(7) of Regulation M and (2) the offering of the Convertible Notes pursuant to the terms of the Purchase Agreement; and 
 (xvii) on the Trade Date, neither Counterparty nor any “affiliate” or “affiliated purchaser” (each as defined in Rule 10b-18 of the Exchange Act (“Rule 10b-18”)) shall
directly or indirectly (including, without limitation, by means of any cash-settled or other derivative instrument other than the Transaction or any other similar transaction) purchase, offer to purchase, place any bid or limit order that would
effect a purchase of, or commence any tender offer relating to, any Shares (or an equivalent interest, including a unit of beneficial interest in a trust or limited partnership or a depository share) or any security convertible into or exchangeable
or exercisable for Shares. 
 11. Miscellaneous: 

(a) Early Termination. The parties agree that Second Method and Loss will apply to each Transaction under this Master Confirmation
as such terms are defined under the 1992 ISDA Master Agreement (Multicurrency–Cross Border). 
 (b) Alternative
Calculations and Dealer Payment on Early Termination and on Certain Extraordinary Events. If, subject to Section 11(c) below, Dealer owes Counterparty any amount in connection with a Transaction hereunder pursuant to Section 12.7 or
12.9 of the Definitions or pursuant to Section 6(d)(ii) of the Agreement (a “Dealer Payment Obligation”), Counterparty shall have the right, in its sole discretion, to require Dealer to satisfy any such Dealer Payment
Obligation by delivery of Termination Delivery Units (as defined below) by giving irrevocable telephonic notice to Dealer, confirmed in writing within one Scheduled Trading Day, between the hours of 9:00 a.m. and 4:00 p.m. New York time on the
Merger Date, Tender Offer Date, Announcement Date (in the case of Nationalization, Insolvency or Delisting), Early Termination Date or other date of cancellation or termination, as applicable (“Notice of Dealer Termination
Delivery”); provided that if Counterparty does not validly so elect to require Dealer to satisfy its Dealer Payment Obligation by delivery of Termination Delivery Units, Dealer shall have the right, in its sole discretion, to elect
to satisfy its Dealer Payment Obligation by delivery of Termination Delivery Units, notwithstanding Counterparty’s failure to elect or election to the contrary; and provided further that Counterparty shall not have the right to so elect
(but, for the avoidance of doubt, Dealer shall have the right to so elect) in the event of (i) an Extraordinary Event in which the consideration or proceeds to be paid to holders of Shares as a result of such event consists solely of cash or
(ii) an Event of Default in which Counterparty is the Defaulting Party or a Termination Event in which Counterparty is the Affected Party, other than an (x) Event of Default of the type described in Section 5(a)(iii), (v),
(vi) or (vii) of the Agreement or (y) a Termination Event of the type described in Section 5(b)(i), (ii), (iii), (iv), or (v) of the Agreement that in the case of either (x) or (y) resulted from an event or events
within Counterparty’s control. Within a commercially reasonable period of time following receipt of a Notice of Dealer Termination Delivery or such notice by Dealer to Counterparty, as the case may be, Dealer shall deliver to Counterparty a
number of Termination Delivery Units having a cash value equal to the amount of such Dealer Payment Obligation (such number of Termination Delivery Units to be delivered to be determined by the Calculation Agent as the number of whole Termination
Delivery Units that could be purchased over a commercially reasonable period of time with the cash equivalent of such payment obligation). 

  
 13 

 “Termination Delivery Unit” means (i) in the case of a Termination
Event, an Event of Default or an Extraordinary Event (other than an Insolvency, Nationalization, Merger Event or Tender Offer), one Share or (ii) in the case of an Insolvency, Nationalization, Merger Event or Tender Offer, a unit consisting of
the number or amount of each type of property received by a holder of one Share (without consideration of any requirement to pay cash or other consideration in lieu of fractional amounts of any securities) in such Insolvency, Nationalization, Merger
Event or Tender Offer. If a Termination Delivery Unit consists of property other than cash or New Shares and Counterparty provides irrevocable written notice to the Calculation Agent on or prior to the Closing Date that it elects to have Dealer
deliver cash, New Shares or a combination thereof (in such proportion as Counterparty designates) in lieu of such other property, the Calculation Agent will replace such property with cash, New Shares or a combination thereof as components of a
Termination Delivery Unit in such amounts, as determined by the Calculation Agent in its discretion by commercially reasonable means, as shall have a value equal to the value of the property so replaced. If such Insolvency, Nationalization, Merger
Event or Tender Offer involves a choice of consideration to be received by holders, such holder shall be deemed to have elected to receive the maximum possible amount of cash. 
 If the provisions of this paragraph (b) are applicable, the provisions of Sections 9.1(c), 9.8, 9.9, 9.10, 9.11 and 9.12 of the Definitions will be applicable as if “Physical Settlement”
applied to the Transaction, except that all references to “Shares” shall be read as references to “Termination Delivery Units”; provided that the Representation and Agreement contained in Section 9.11 of the
Definitions shall be modified by excluding any representations therein relating to restrictions, obligations, limitations or requirements under applicable securities laws as a result of the fact that Buyer is the issuer of any Termination Delivery
Units (or any part thereof). In addition, notwithstanding anything to the contrary in the Definitions, Dealer may, in whole or in part, deliver securities comprising Termination Delivery Units in certificated form to Counterparty in lieu of delivery
through the Clearance System. 
 (c) Set-Off and Netting. Both parties waive any rights to set-off or net, including in
any bankruptcy proceedings of Counterparty, amounts due either party with respect to any Transaction hereunder against amounts due to either party from the other party under any other agreement between the parties. 

(d) Transfer and Assignment. Counterparty may transfer any of its rights or obligations under any Transaction with the prior
written consent of the Dealer, such consent not to be unreasonably withheld. Dealer may transfer or assign without any consent of Counterparty its rights and obligations hereunder or under the Agreement, in whole or in part, to any of its
affiliates; provided that Counterparty shall have recourse to Dealer in the event of the failure by the transferee to perform any of its obligations hereunder. At any time at which (1) Dealer and any of its affiliates subject to
aggregation with Dealer for purposes of the “beneficial ownership” test under Section 13 of the Exchange Act and all persons who may form a “group” (within the meaning of Rule 13d-5(b)(1) under the Exchange Act) with Dealer
(collectively, “Dealer Group”) or any person whose ownership position would be aggregated with that of Dealer or Dealer Group (Dealer, Dealer Group or any such person, a “Dealer Person”) under any state or federal
bank holding company or banking laws, or other federal, state or local laws, regulations or regulatory orders applicable to ownership of Shares (“Applicable Laws”), owns, beneficially owns, constructively owns, controls, holds the
power to vote or otherwise meets a relevant definition of ownership in excess of a number of Shares equal to (x) the number of Shares that would give rise to reporting or registration obligations or other requirements (including obtaining prior
approval by a state or federal regulator) of a Dealer Person under Applicable Laws and with respect to which such requirements have not been met or the relevant approval has not been received minus (y) 1% of the number of Shares
outstanding on the date of determination (such condition, an “Excess Ownership Position”) or (2) the Units Equity Percentage exceeds 9.0%, if Dealer, in its discretion, is unable to effect a transfer or assignment to a third
party in accordance with the requirements set forth above after using its commercially reasonable efforts on pricing and other terms reasonably acceptable to Dealer 

  
 14 

 
within a time period reasonably acceptable to Dealer such that an Excess Ownership Position no longer exists or that the Units Equity Percentage is equal to or less than 9.0%, as the case may be,
Dealer may designate any Scheduled Trading Day as an Early Termination Date with respect to a portion (the “Terminated Portion”) of the Transaction, such that such Excess Ownership Position no longer exists or the Units Equity
Percentage following such partial termination is equal to or less than 9.0%, as the case may be. In the event that Dealer so designates an Early Termination Date with respect to a portion of the Transaction, a payment or delivery shall be made
pursuant to Section 6 of the Agreement and Section 11(b) of this Master Confirmation as if (i) an Early Termination Date had been designated in respect of a Transaction having terms identical to the Terminated Portion of the
Transaction, (ii) Counterparty shall be the sole Affected Party with respect to such partial termination and (iii) such portion of the Transaction shall be the only Terminated Transaction. The “Units Equity Percentage” as
of any day is the fraction, expressed as a percentage, (A) the numerator of which is the total Number of Shares for all Transactions hereunder and (B) the denominator of which is the number of Shares outstanding. 

(e) Additional Termination Events. For any Transaction: 
 (i) The occurrence of an event of default with respect to Counterparty under the terms of the Convertible Notes for such Transaction that results in an acceleration of such Convertible Notes pursuant to
the terms of the Indenture as described in the Offering Memorandum under “Description of Notes—Events of Default” for such Transaction shall be an Additional Termination Event with respect to which (A) such Transaction is the
sole Affected Transaction, (B) Counterparty shall be the sole Affected Party and (C) Seller shall designate an Early Termination Date pursuant to Section 6(b) of the Agreement, which shall be no later than the fifth Exchange Business
Day following acceleration of such Convertible Notes (unless otherwise agreed by the parties). 
 (ii) The occurrence of any
amendment, modification, supplement or waiver of any term of the Indenture as described in the Offering Memorandum under “Description of Notes—Modification and Amendment” for such Transaction or the Convertible Notes for such
Transaction governing the principal amount, coupon, maturity, repurchase obligation of Counterparty, redemption right of Counterparty, any term relating to conversion or settlement of the Convertible Notes for such Transaction (including changes to
the conversion rate or price, conversion settlement dates, conversion conditions or provisions related to adjustments to the “Conversion Rate”), or any term that would require consent of the holders of not less than 100% of the principal
amount of the Convertible Notes for such Transaction to amend, in each case without the prior consent of Seller, such consent not to be unreasonably withheld, shall be an Additional Termination Event with respect to which (A) such Transaction
is the sole Affected Transaction, (B) Counterparty shall be the sole Affected Party and (C) Seller shall be the party entitled to designate an Early Termination Date pursuant to Section 6(b) of the Agreement. 

(iii) The repurchase or cancellation of Convertible Notes (whether pursuant to the provision of the Indenture as described in the
Offering Memorandum under “Description of Notes—Fundamental Change Permits Holders to Require Us to Purchase Notes” or otherwise) shall be an Additional Termination Event with respect to which (A) the sole Affected Transaction
shall be the portion of the Transaction corresponding to the number of Units (the “Note Repurchase Units”) equal to the lesser of (x) the aggregate principal amount of such Convertible Notes specified in Counterparty’s
Note Repurchase Notice divided by USD 1,000 and (y) the Number of Units as of the date Dealer designates such Early Termination Date; and, as of such date, the Number of Units shall be reduced by the number of Repurchase Units,
(B) Counterparty shall be the sole Affected Party and (C) Seller shall designate an Early Termination Date pursuant to Section 6(b) of the Agreement, which shall be no later than the fifth Exchange Business Day following receipt of
such Note Repurchase Notice (unless otherwise agreed by the parties); provided that Counterparty shall provide Dealer a notice (any such notice, a “Repurchase Notice”) no later than the third Exchange Business Day following
any such repurchase or cancellation specifying the aggregate principal amount of Convertible Notes so repurchased or cancelled. 

(f) Status of Claims in Bankruptcy. Dealer acknowledges and agrees that this Master Confirmation, together with any Confirmation,
is not intended to convey to Dealer rights with respect to any Transaction that are senior to the claims of common stockholders in any U.S. bankruptcy proceedings of 

  
 15 

 
Counterparty; provided that nothing herein shall limit or shall be deemed to limit Dealer’s right to pursue remedies in the event of a breach by Counterparty of its obligations and
agreements with respect to any Transaction; and provided, further, that nothing herein shall limit or shall be deemed to limit Dealer’s rights in respect of any transactions other than the Transactions. 

(g) No Collateral. Notwithstanding any provision of this Master Confirmation, any Confirmation or the Agreement, or any other
agreement between the parties, to the contrary, the obligations of Counterparty under the Transactions are not secured by any collateral. Without limiting the generality of the foregoing, if this Master Confirmation, the Agreement or any other
agreement between the parties includes an ISDA Credit Support Annex or other agreement pursuant to which Counterparty collateralizes obligations to Dealer, then the obligations of Counterparty hereunder will not be considered to be obligations under
such Credit Support Annex or other agreement pursuant to which Counterparty collateralizes obligations to Dealer, and any Transactions hereunder shall be disregarded for purposes of calculating any Exposure, Market Value or similar term thereunder.

 (h) Assignment of Share Delivery to Affiliates. Notwithstanding any other provision in this Master Confirmation to the
contrary requiring or allowing Dealer to purchase, sell, receive or deliver any shares or other securities to or from Counterparty, Dealer may designate any of its affiliates to purchase, sell, receive or deliver such shares or other securities and
otherwise to perform Dealer’s obligations in respect of this Transaction and any such designee may assume such obligations. Dealer shall be discharged of its obligations to Counterparty to the extent of any such performance. Notwithstanding the
foregoing, the recourse to Dealer shall be limited to recoupment of Counterparty’s monetary damages and Counterparty hereby waives any right to seek specific performance by Dealer of its obligations hereunder. 

(i) Severability; Illegality. If compliance by either party with any provision of a Transaction would be unenforceable or illegal,
(i) the parties shall negotiate in good faith to resolve such unenforceability or illegality in a manner that preserves the economic benefits of the transactions contemplated hereby and (ii) the other provisions of the Transaction shall
not be invalidated, but shall remain in full force and effect. 
 (j) Waiver of Trial by Jury. EACH OF COUNTERPARTY AND
DEALER HEREBY IRREVOCABLY WAIVES (ON ITS OWN BEHALF AND, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ON BEHALF OF ITS STOCKHOLDERS) ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE)
ARISING OUT OF OR RELATING TO THIS TRANSACTION OR THE ACTIONS OF DEALER OR ITS AFFILIATES IN THE NEGOTIATION, PERFORMANCE OR ENFORCEMENT HEREOF. 
 (k) Confidentiality. Notwithstanding any provision in this Master Confirmation, any Confirmation or the Agreement, in connection with Section 1.6011-4 of the Treasury Regulations, the parties
hereby agree that each party (and each employee, representative, or other agent of such party) may disclose to any and all persons, without limitation of any kind, the U.S. tax treatment and U.S. tax structure of the Transaction and all materials of
any kind that are provided to such party relating to such U.S. tax treatment and U.S. tax structure, other than any information for which nondisclosure is reasonably necessary in order to comply with applicable securities laws. 

(l) Securities Contract; Swap Agreement. The parties hereto intend for: (i) each Transaction hereunder to be a
“securities contract” as defined in Section 741(7) of the Bankruptcy Code and a “swap agreement” as defined in Section 101(53B) of the Bankruptcy Code, and the parties hereto to be entitled to the protections afforded
by, among other Sections, Sections 362(b)(6), 362(b)(7), 362(o), 546(e), 546(j), 548(d)(2), 555, 560 and 561 of the Bankruptcy Code; (ii) the Agreement to be a “master netting agreement” as defined in Section 101(38A) of the
Bankruptcy Code; (iii) a party’s right to liquidate, terminate or accelerate any Transaction, offset, net or net out termination values, payment amounts or other transfer obligations, and to exercise any other remedies upon the occurrence
of any Event of Default or Termination Event under the Agreement with respect to the other party or any Extraordinary Event that results in the termination or cancellation of any Transaction to constitute a “contractual

  
 16 

 
right” within the meaning of Sections 555, 560 and 561 of the Bankruptcy Code; (iv) any cash, securities or other property provided as performance assurance, credit support or
collateral with respect to each Transaction to constitute “margin payments” and “transfers” “under” or “in connection with” each Transaction and the Agreement, in each case within the meaning of the Bankruptcy
Code and (v) all payments or deliveries for, under or in connection with each Transaction, all payments for the Shares and the transfer of such Shares to constitute “settlement payments” and “transfers” “under” or
“in connection with” each Transaction and the Agreement, in each case within the meaning of the Bankruptcy Code. 

(m) Extension of Settlement. Dealer may postpone, in whole or in part, any Exercise Date or any other date of valuation or
delivery by Dealer or add additional Settlement Dates or other dates of valuation or delivery by Dealer, with respect to some or all of the relevant Units (in which event the Calculation Agent shall make appropriate adjustments to the Delivery
Obligation), if Dealer determines, in its good-faith reasonable discretion based on the advise of counsel, that such extension is necessary or advisable (x) to preserve Dealer’s hedging or hedge unwind activity hereunder in light of
existing liquidity conditions in the cash market, the stock borrow market or other relevant market (but only if there is a material decrease in liquidity relative to Dealer’s expectation on the Trade Date, as determined by Calculation Agent) or
(y) to enable Dealer to effect purchases of Shares in connection with its hedging, hedge unwind or settlement activity hereunder in a manner that would, if Dealer were Counterparty or an affiliated purchaser of Counterparty, be in compliance
with applicable legal, regulatory or self-regulatory requirements, or with related policies and procedures applicable to Dealer; provided that no such date may be postponed by more than ten Exchange Business Days pursuant to clause
(x) above. 
 (n) Staggered Settlement. If upon advice of counsel with respect to applicable legal and regulatory
requirements, including any requirements relating to Dealer’s hedging activities hereunder, Dealer reasonably determines that it would not be practicable or advisable to deliver, or to acquire Shares to deliver, any or all of the Shares to be
delivered by Dealer on the Settlement Date for the Transaction, Dealer may, by notice to the Counterparty prior to any Settlement Date (a “Nominal Settlement Date”), elect to deliver the Shares on two or more dates (each, a
“Staggered Settlement Date”) or at two or more times on the Nominal Settlement Date as follows: 

(i) in such notice, Dealer will specify to Counterparty the related Staggered Settlement Dates (each of which will be on
or prior to such Nominal Settlement Date, but not prior to the beginning of such “Cash Settlement Averaging Period”) or delivery times and how it will allocate the Shares it is required to deliver under “Net Share Settlement
Amount” (above) among the Staggered Settlement Dates or delivery times; and 
 (ii) the aggregate number of
Shares that Dealer will deliver to Counterparty hereunder on all such Staggered Settlement Dates and delivery times will equal the number of Shares that Dealer would otherwise be required to deliver on such Nominal Settlement Date. 

(o) Repurchase Notices. Counterparty shall, on any day on which Counterparty effects any repurchase of Shares, promptly give
Dealer a written notice of such repurchase (a “Repurchase Notice”) on such day if, following such repurchase, the Units Equity Percentage as determined on such day is (i) equal to or greater than 4.5% and (ii) greater by
0.5% than the Units Equity Percentage included in the immediately preceding Repurchase Notice (or, in the case of the first such Repurchase Notice, greater by 0.5% than the Units Equity Percentage as of the date hereof). Counterparty agrees to
indemnify and hold harmless Dealer and its Affiliates and their respective officers, directors and controlling persons (each, a “Section 16 Indemnified Person”) from and against any and all losses (including losses relating to
Dealer’s hedging activities as a consequence of becoming, or of the risk of becoming, subject to the reporting and profit disgorgement provisions of Section 16 of the Exchange Act, including without limitation, any forbearance from hedging
activities or cessation of hedging activities and any losses in connection therewith with respect to any Transaction), claims, damages, judgments, liabilities and expenses (including reasonable attorney’s fees), joint or several, to which a
Section 16 Indemnified Person may become subject, as a result of Counterparty’s failure to provide Dealer with a Repurchase Notice on the day and in the manner specified in this paragraph (o), to reimburse, within 30 days, upon written
request, each such Section 16 

  
 17 

 
Indemnified Person for any reasonable legal or other expenses incurred in connection with investigating, preparing for, providing testimony or other evidence in connection with or defending any
of the foregoing. If any suit, action, proceeding (including any governmental or regulatory investigation), claim or demand shall be brought or asserted against any Section 16 Indemnified Person, such Section 16 Indemnified Person shall
promptly notify Counterparty in writing, and Counterparty, upon request of such Section 16 Indemnified Person, shall retain counsel reasonably satisfactory to such Section 16 Indemnified Person to represent such Section 16 Indemnified
Person and any others Counterparty may designate in such proceeding and shall pay the fees and expenses of such counsel related to such proceeding. Counterparty shall be relieved from liability to the extent that such Section 16 Indemnified
Person fails to promptly notify Counterparty of any action commenced against it in respect of which indemnity may be sought hereunder; provided, that failure to notify Counterparty (i) shall not relieve Counterparty from any liability
hereunder to the extent it is not materially prejudiced as a result thereof and (ii) shall not, in any event, relieve Counterparty from any liability that it may have otherwise than on account of this paragraph (o). Counterparty shall not be
liable for any settlement of any proceeding effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, Counterparty agrees to indemnify any Section 16 Indemnified Person from and
against any loss or liability by reason of such settlement or judgment. Counterparty shall not, without the prior written consent of each Section 16 Indemnified Person, effect any settlement of any pending or threatened proceeding in respect of
which any Section 16 Indemnified Person is or could have been a party and indemnity could have been sought hereunder by any such Section 16 Indemnified Person, unless such settlement includes an unconditional release of each such
Section 16 Indemnified Person from all liability on claims that are the subject matter of such proceeding on terms reasonably satisfactory to each such Section 16 Indemnified Person. If the indemnification provided for in this paragraph
(o) is unavailable to a Section 16 Indemnified Person or insufficient in respect of any losses, claims, damages or liabilities referred to therein, then Counterparty, in lieu of indemnifying such Section 16 Indemnified Person
thereunder, shall contribute to the amount paid or payable by such Section 16 Indemnified Person as a result of such losses, claims, damages or liabilities. The remedies provided for in this paragraph (o) are not exclusive and shall not
limit any rights or remedies that may otherwise be available to any Section 16 Indemnified Person at law or in equity. The indemnity and contribution agreements contained in this paragraph (o) shall remain operative and in full force and
effect regardless of the termination of any Transaction. 
 (p) Early Unwind. In the event the sale of Convertible Notes
for any Transaction hereunder is not consummated with the Initial Purchasers for any reason by the close of business in New York City on the Early Unwind Date set forth in the Confirmation for such Transaction, such Transaction shall automatically
terminate on such Early Unwind Date and (i) such Transaction and all of the respective rights and obligations of Dealer and Counterparty under such Transaction shall be cancelled and terminated and (ii) each party shall be released and
discharged by the other party from and agrees not to make any claim against the other party with respect to any obligations or liabilities of the other party arising out of and to be performed in connection with such Transaction either prior to or
after such Early Unwind Date; provided that Counterparty shall purchase from Dealer on such Early Unwind Date all Shares purchased by Dealer or one or more of its Affiliates in connection with such Transaction. The purchase price paid by
Counterparty shall be Dealer’s actual cost of such Shares as Dealer informs Counterparty and shall be paid in immediately available funds on such Early Unwind Date. 
 (q) Registration. Counterparty hereby agrees that if the Shares (the “Hedge Shares”) acquired by Dealer for the purpose of hedging its obligations pursuant to the Transaction, in
Dealer’s good-faith reasonable judgment based on advice of counsel, cannot be sold in the U.S. public market by Dealer without registration under the Securities Act, Counterparty shall, at its election: (i) in order to allow Dealer to sell
the Hedge Shares in a registered offering, make available to Dealer an effective registration statement under the Securities Act to cover the resale of such Hedge Shares and (A) enter into an agreement, in form and substance reasonably
satisfactory to Dealer and Counterparty, substantially in the form of an underwriting agreement for a registered secondary offering, (B) provide accountant’s “comfort” letters in customary form for registered offerings of equity
securities, (C) provide disclosure opinions of nationally recognized outside counsel to Counterparty reasonably acceptable to Dealer, (D) provide other customary opinions, certificates and closing documents customary in form for registered
offerings of equity securities and (E) afford Dealer a reasonable opportunity to conduct a “due diligence” investigation with respect to Counterparty customary in scope for underwritten offerings of equity

  
 18 

 
securities; provided that if Dealer, in its sole reasonable discretion, is not satisfied with access to due diligence materials, the results of its due diligence investigation, or the
procedures and documentation for the registered offering referred to above, then clause (ii) or (iii) of this paragraph (q) shall apply at the election of Counterparty; (ii) in order to allow Dealer to sell the Hedge Shares in a
private placement, enter into a private placement agreement substantially similar to private placement agreements customary for private placements of equity securities, in form and substance reasonably satisfactory to Dealer and Counterparty,
including customary representations, covenants, blue sky and other governmental filings and/or registrations, indemnities to Dealer, due diligence rights (for Dealer or any designated buyer of the Hedge Shares from Dealer), opinions and certificates
and such other documentation as is customary for private placement agreements, all reasonably acceptable to Dealer (in which case, the Calculation Agent shall make any adjustments to the terms of the Transaction that are necessary, in its reasonable
judgment, to compensate Dealer for any discount from the public market price of the Shares incurred on the sale of Hedge Shares in a private placement); or (iii) purchase the Hedge Shares from Dealer at the price displayed under the heading
“Bloomberg VWAP” on Bloomberg page REGN.Q <equity> AQR (or any successor thereto) in respect of the period from the scheduled opening time of the Exchange to the Scheduled Closing Time of the Exchange on a relevant Exchange Business
Day (or if such volume-weighted average price is unavailable, the market value of one Share on such Exchange Business Day, as determined by the Calculation Agent using a volume-weighted method) on such Exchange Business Days, and in the amounts
requested by Dealer. For the avoidance of doubt, under no circumstances shall Counterparty be obligated to make the election described in clause (iii) of the preceding sentence. 

(r) Conversion Rate Adjustments. Counterparty shall provide to Dealer written notice, promptly following the public announcement
of any transaction or event (a “Conversion Rate Adjustment Event”) that is reasonably expected to lead to an increase in the Conversion Rate (as such term is defined in the Indenture as described in the Offering Memorandum under
“Description of Notes—Conversion Rights—General”), and, once the adjustments to the Conversion Rate as a result of such Conversion Rate Adjustment Event have been determined, shall notify Dealer in writing of the details of such
adjustments. 
 (s) Delivery or Receipt of Cash. For the avoidance of doubt, other than receipt of the Premium by Buyer,
nothing in the Agreement, the Definitions, this Master Confirmation or any Confirmation hereunder shall be interpreted as requiring Counterparty to deliver or receive cash in respect of the settlement of the Transactions contemplated by this Master
Confirmation and any Confirmation hereunder, except in circumstances where the cash settlement thereof is within Counterparty’s control (including, without limitation, where an Event of Default by Counterparty has occurred under
Section 5(a)(ii) or Section 5(a)(iv) of the Agreement, where Counterparty elects to deliver or receive cash or fails timely to elect to deliver or receive Termination Delivery Units in respect of the settlement of such Transaction) or in
those circumstances in which holders of the Shares would also receive cash. 
 (t) Agent of Dealer. Morgan
Stanley & Co. Incorporated (“MS&CO”) is acting as agent for both parties but does not guarantee the performance of either party. Neither Dealer nor Counterparty shall contact the other with respect to any matter
relating to the Transaction without the direct involvement of MS&CO; (ii) MS&CO, Dealer and Counterparty each hereby acknowledges that any transactions by Dealer or MS&CO with respect to Shares will be undertaken by Dealer as
principal for its own account; (iii) all of the actions to be taken by Dealer and MS&CO in connection with the Transaction shall be taken by Dealer or MS&CO independently and without any advance or subsequent consultation with
Counterparty; and (iv) MS&CO is hereby authorized to act as agent for Counterparty only to the extent required to satisfy the requirements of Rule 15a-6 under the Exchange Act in respect of the Transaction. 

  
 19 

 12. Addresses for Notice: 

 

			
	If to dealer:	  	Morgan Stanley & Co. International plc
		  	c/o Morgan Stanley & Co. LLC
		  	1585 Broadway, 5th Floor
		  	New York, NY 10036
	Attention:	  	Todd Bosch
	Telephone:	  	(212) 761-5438
	Facsimile:	  	(212) 507-4888
	Email:	  	Todd.Bosch@morganstanley.com
		
	With a copy to:	  	Morgan Stanley & Co. International
		  	c/o Morgan Stanley & Co.
		  	1585 Broadway 4th Floor
		  	New York, NY 10036
	Attention:	  	Rizvan Dhalla
	Telephone:	  	(212) 761-5468
	Facsimile:	  	(212) 507-4093
	Email:	  	Rizvan.Dhalla@morganstanley.com
		
	If to Counterparty:	  	Regeneron Pharmaceuticals, Inc.
		  	777 Old Saw Mill River Road
		  	Tarrytown, NY 10591-6707
		  	Telephone:             (914) 345-7400

 13. Accounts for Payment: 

 

			
	To Dealer:	  	Citibank, N.A.
		  	SWIFT: CITIUS33
		  	Bank Routing: 021-000-089
		  	Account Name: Morgan Stanley and Co.
		  	Account No. : 30632076

 Dealer Payment Instructions:            To be
provided by Dealer. 
 Counterparty Payment / Share Delivery Instructions: To be provided by Counterparty. 

 

					
	 To Counterparty:
	  	JPMorgan Chase	  	
		  	ABA No.:	  	021000021
		  	Account No.:	  	6701772200
		  	Swift Code:	  	CHASEUS33
		  	Address:	  	JP Morgan Chase Bank, N.A.
		  		  	106 Corporate Park Drive
		  		  	Floor 2
		  		  	White Plains, NY 10604
		  	Benefit of:	  	Regeneron Pharmaceuticals, Inc.
		  	Bank Contact:	  	Elanor Barreto
		  	Phone:	  	(914) 993-2241

 14. Delivery Instructions: 

Unless otherwise directed in writing, any Share to be delivered hereunder shall be delivered as follows: 

To Counterparty:    To be advised. 

  
 20 

 15. Amendments to Definitions: 

Section 12.9(b)(i) of the Definitions is hereby amended by (1) replacing “either party may elect” with “Dealer
may elect” and (2) replacing “notice to the other party” with “notice to Counterparty” in the first sentence of such section. 

  
 21 

 Please confirm that the foregoing correctly sets forth the terms of the agreement between
Dealer and Counterparty with respect to the Transaction, by manually signing this Master Confirmation or this page hereof as evidence of agreement to such terms and providing the other information requested herein and returning an executed copy to
us. 
  

			
	 Yours faithfully,

	
	MORGAN STANLEY & CO. INTERNATIONAL PLC
		
	 By:
	 	 /s/ Rajul Patel

		 	 Name: Rajul Patel

		 	 Title:    Authorized Signatory

	
	 MORGAN STANLEY & CO. LLC

as Agent

		
	 By:
	 	 /s/ Serkman Savasoglu

		 	 Name: Serkman Savasoglu

		 	 Title:    Managing Director

 Accepted and confirmed 
 as of the Trade Date: 
  

			
	 REGENERON PHARMACEUTICALS, INC.

		
	 By:
	 	 /s/ Joseph J. LaRosa

	 Authorized Signatory

	 Name: Joseph J. LaRosa

Title:    Senior Vice President, General Counsel & Secretary

 [Signature Page to Bond Hedge Master Confirm] 

 EXHIBIT A 
 FORM OF CONVERTIBLE BOND HEDGING 
 TRANSACTION CONFIRMATION

 CONFIRMATION 
  

			
	Date:	  	October 18, 2011
		
	To:	  	Regeneron Pharmaceuticals, Inc. (“Counterparty”)
		
	Telefax No.:	  	(914) 593-1506
		
	From:	  	Morgan Stanley & Co. International plc (“Dealer”)
		
	Telefax No.:	  	(212) 507-4888
	
	 Transaction Reference Number:
                    

 The purpose of this communication (this “Confirmation”) is to set forth the terms and
conditions of the above-referenced Transaction entered into on the Trade Date specified below between you and us. This Confirmation supplements, forms a part of, and is subject to the Master Terms and Conditions for Convertible Bond Hedging
Transactions dated as of October 18, 2011 and as amended from time to time (the “Master Confirmation”) between you and us. 
 1. The definitions and provisions contained in the Definitions (as such term is defined in the Master Confirmation) and in the Master Confirmation are incorporated into this Confirmation. In the event of
any inconsistency between those definitions and provisions and this Confirmation, this Confirmation will govern. 
 2. The
particular Transaction to which this Confirmation relates is entered into as part of an integrated hedging transaction of the Convertible Notes pursuant to the provisions of Treasury Regulation Section 1.1275-6. 

3. The particular Transaction to which this Confirmation relates shall have the following terms: 

 

			
	Trade Date:	  	October 18, 2011
		
	Effective Date:	  	The closing date of the initial issuance of the Convertible Notes.
		
	Premium:	  	USD29,375,000.00
		
	Premium Payment Date:	  	October 21, 2011
		
	Convertible Notes:	  	1.875% Senior Convertible Notes due 2016, offered pursuant to the Offering Memorandum, and to be issued pursuant to the Indenture.
		
	Number of Units:	  	The number of “Firm Securities” (as defined in the Purchase Agreement) in denominations of USD1,000 principal amount to be issued by Counterparty on the closing date
for the initial issuance of the Convertible Notes.

  
 A-1

			
	Purchase Agreement:	  	Purchase Agreement, dated as of October 18, 2011, between Goldman, Sachs & Co., as Initial Purchaser, and Counterparty, relating to the Convertible
Notes.
		
	Strike Price:	  	As of any date, an amount in USD, rounded to the nearest cent (with 0.5 cents being rounded upwards), equal to USD1,000 divided by the Unit Entitlement.
		
	Applicable Percentage:	  	25%
		
	Number of Shares:	  	The product of the Number of Units and the Unit Entitlement and the Applicable Percentage.
		
	Expiration Date:	  	The earlier of (i) the last day on which any Convertible Notes remain outstanding and (ii) the “Maturity Date” (as defined in the Indenture as described in the Offering
Memorandum under “Description of Notes—General”).
		
	Unit Entitlement:	  	As of any date, a number of Shares per Unit equal to the Conversion Rate (as defined in the Indenture as described in the Offering Memorandum under “Description of
Notes—General”, but without regard to any adjustments to the Conversion Rate pursuant to the Excluded Provisions of the Indenture).
		
	Indenture:	  	Indenture to be dated as of October 21, 2011 by and between Counterparty and Wells Fargo Bank, National Association, as trustee, and the other parties thereto, pursuant to which
the Convertible Notes are to be issued relating to the USD400,000,000 principal amount of 1.875% convertible notes due 2016. For the avoidance of doubt, references herein to sections of the Indenture are based on the description of the Convertible
Securities set forth in the Preliminary Confidential Offering Circular, dated October 17, 2011, as supplemented by the related pricing term sheet (“Offering Memorandum”). If any relevant provisions of the Indenture differ in any
material respect from those described in the Offering Memorandum, the parties will amend this Confirmation in good faith to preserve the economic intent of the parties.
		
	Settlement Provision:	  	The provision of the Indenture as described in the Offering Memorandum in the fifth paragraph under “Description of Notes—Conversion Rights—Settlement upon
Conversion”
		
	Excluded Provisions:	  	The Make-whole Provision and the provision of the Indenture as described in the Offering Memorandum in the fifth to last paragraph under “Description of
Notes—Conversion Rights—Conversion Rate Adjustments”

  
 A-2

			
	Make-whole Provision:	  	The provision of the Indenture as described in the Offering Memorandum under “Description of Notes—Conversion Rights—Adjustment to Shares Delivered upon Conversion
upon Certain Corporate Transactions”
		
	 Conversion Rate Adjustment Fallback
 Provision:
	  	  
 The provision of the Indenture as described in the Offering
Memorandum in the second paragraph of clause (3) under “Description of Notes—Conversion Rights—Conversion Rate Adjustments”

		
	Dilution Provision:	  	The provisions of the Indenture as described in the Offering Memorandum in clause (1) to (5) under “Description of Notes—Conversion Rights—Conversion Rate
Adjustments”
		
	Merger Provision:	  	The provision of the Indenture as described in the Offering Memorandum in the sixth and seventh to last paragraphs under “Description of Notes— Conversion
Rights—Conversion Rate Adjustments”
		
	Tender Offer Provision:	  	The provision of the Indenture as described in the Offering Memorandum in clause (5) under “Description of Notes—Conversion Rights—Conversion Rate
Adjustments”
		
	Early Unwind Date:	  	October 21, 2011, or such later date as agreed by the parties hereto.

  
 A-3

 4. Please confirm that the foregoing correctly sets forth the terms of the agreement between
Dealer and Counterparty with respect to the Transaction, by manually signing this Confirmation or this page hereof as evidence of agreement to such terms and providing the other information requested herein and returning an executed copy to us.

  

			
	 Yours faithfully,

	
	MORGAN STANLEY & CO. INTERNATIONAL PLC
		
	 By:
	 	 /s/ Rajul Patel

		 	 Name: Rajul Patel

		 	 Title:    Authorized Signatory

	
	 MORGAN STANLEY & CO. LLC

as Agent

		
	 By:
	 	 /s/ Serkman Savasoglu

		 	 Name: Serkman Savasoglu

		 	 Title:    Managing Director

 Accepted and confirmed 
 as of the Trade Date: 
  

			
	 REGENERON PHARMACEUTICALS, INC.

		
	 By:
	 	 /s/ Joseph J. LaRosa

	 Authorized Signatory

	 Name: Joseph J. LaRosa

Title:     Senior Vice President, General Counsel & Secretary

 [Signature Page to Bond Hedge Confirm]

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