Document:

EX-4.6

 Exhibit 4.6 

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS EXHIBIT, MARKED BY [***], HAS BEEN OMITTED FROM THIS EXHIBIT BECAUSE IT IS BOTH (I) NOT MATERIAL AND
(II) WOULD LIKELY CAUSE COMPETITIVE HARM TO THE COMPANY IF PUBLICLY DISCLOSED. 
  

 
 ASSET
TRANSFER FRAMEWORK AGREEMENT 
  
  

by and among 
  GSK PLC

  GSK Parent 

GLAXOSMITHKLINE CONSUMER HEALTHCARE HOLDINGS LIMITED 

GSK CH 
 and 

GLAXOSMITHKLINE CONSUMER HEALTHCARE HOLDINGS (NO.2) LIMITED 

JVCo 
 DATED AS OF

 [●] 
  

Exhibits and schedules have been omitted pursuant to the Instructions as to Exhibits in Form 20-F and will be
furnished on a supplemental basis to the Securities and Exchange Commission upon request. 
  
 

 
 Baker & McKenzie LLP 

100 New Bridge Street 

London EC4V 6JA 
 United
Kingdom 
 www.bakermckenzie.com 

 Contents 
  

							
	1.	  	 Definitions and terms
	  	 	2	 
			
	2.	  	 Asset transfers
	  	 	15	 
			
	3.	  	 Consents; Shared Contracts
	  	 	20	 
			
	4.	  	 Consideration
	  	 	23	 
			
	5.	  	 Share Subscriptions
	  	 	24	 
			
	6.	  	 Employment
	  	 	24	 
			
	7.	  	 Pensions
	  	 	24	 
			
	8.	  	 Closing
	  	 	24	 
			
	9.	  	 GSK Parent Warranties
	  	 	24	 
			
	10.	  	 Warranties of JVCo
	  	 	34	 
			
	11.	  	 Covenants
	  	 	35	 
			
	12.	  	 Transfer of Intellectual Property
	  	 	37	 
			
	13.	  	 Maintenance and transfer of Marketing Authorisations
	  	 	38	 
			
	14.	  	 Indemnification
	  	 	38	 
			
	15.	  	 Transfer of businesses in Brazil and Argentina
	  	 	40	 
			
	16.	  	 Collapsing of certain Alliance Markets structures
	  	 	40	 
			
	17.	  	 Confidentiality
	  	 	41	 
			
	18.	  	 Miscellaneous
	  	 	42	 
		
	 Country Schedule 1
	  	 	52	 
	 Chile
	  	 	52	 
		
	 Country Schedule 2
	  	 	54	 
	 Costa Rica
	  	 	54	 
		
	 Country Schedule 3
	  	 	56	 
	 Egypt
	  	 	56	 
		
	 Country Schedule 4
	  	 	59	 
	 India
	  	 	59	 
		
	 Country Schedule 5
	  	 	61	 
	 Indonesia
	  	 	61	 
		
	 Country Schedule 6
	  	 	64	 
	 Malaysia
	  	 	64	 
		
	 Country Schedule 7
	  	 	65	 
	 Peru
	  	 	65	 
		
	 Country Schedule 8
	  	 	67	 
	 Poland
	  	 	67	 

  
 i 

					
	 Country Schedule 9
	  	 	69	 
	 United Kingdom
	  	 	69	 
		
	 Country Schedule 10
	  	 	72	 
	 United States
	  	 	72	 
		
	 Schedule 11
	  	 	74	 
	 Morocco
	  	 	74	 
		
	 Schedule 12
	  	 	76	 
	 Nigeria
	  	 	76	 
		
	 Schedule 13
	  	 	77	 
	 Cambodia, Singapore and Vietnam
	  	 	77	 
		
	 Schedule 14
	  	 	78	 
	 Uruguay
	  	 	78	 
		
	 Schedule 15
	  	 	79	 
	 Bangladesh
	  	 	79	 
		
	 Schedule 16
	  	 	80	 
	 Other Transfers
	  	 	80	 
		
	 Schedule 17
	  	 	82	 
	 Maintenance and Transfer of Marketing Authorisations
	  	 	82	 
		
	 Schedule 18
	  	 	97	 
	 Employment
	  	 	97	 
		
	 Schedule 19
	  	 	114	 
	 Pensions
	  	 	114	 
		
	 Schedule 20
	  	 	118	 
	 Transferring Intellectual Property
	  	 	118	 
		
	 Schedule 21
	  	 	119	 
	 Marketing Authorisations
	  	 	119	 
		
	 Schedule 22
	  	 	120	 
	 Knowledge of GSK Parent
	  	 	120	 

  
 ii 

 ASSET TRANSFER FRAMEWORK AGREEMENT 

This ASSET TRANSFER FRAMEWORK AGREEMENT dated as of                 
2022 is by and among: 
 GSK Plc, a public limited company incorporated under the laws of England and Wales (“GSK Parent”); 

GlaxoSmithKline Consumer Healthcare Holdings Limited, a company incorporated under the laws of England and Wales (“GSK CH”); and 

GlaxoSmithKline Consumer Healthcare Holdings (No.2) Limited, a company incorporated under the laws of England and Wales (“JVCo” and
together with GSK Parent and GSK CH, the “Parties”). 
 Recitals 

 

	A.	 WHEREAS, on 19 December 2018, Pfizer, Inc. (“Pfizer”) GSK Parent and GSK CH entered into
a Stock and Asset Purchase Agreement pursuant to which Pfizer agreed to sell certain assets relating to the Business (as defined in the SAPA) to GSK CH; 

  

	B.	 WHEREAS, on 31 July 2019, the Parties and Pfizer entered into an amendment agreement (the
“Amendment Agreement”) pursuant to which GSK CH transferred by novation to JVCo all of its rights, title, interest, obligations, duties and Liabilities under and in respect of the Stock and Asset Purchase Agreement and also amended
the Stock and Asset Purchase Agreement in certain other respects (the Stock and Asset Purchase Agreement as amended from time to time, being referred to as the “SAPA”). 

 

	C.	 WHEREAS, on 31 July 2019, Closing under the SAPA occurred pursuant to which (a) Pfizer sold certain
assets relating to the Business to JVCo and JVCo assumed the Assumed Liabilities relating to the Business, (b) JVCo allotted and issued B Ordinary Shares in the capital of JVCo to PF Consumer Healthcare Holdings LLC (the Pfizer Shareholder as
defined in the Shareholders’ Agreement dated 31 July 2019, among GSK CH, Pfizer, PF Consumer Healthcare Holdings LLC, GSK Parent and JVCo (the “Shareholders’ Agreement”)), such that after such allotment, JVCo was held
68% by GSK CH and 32% by PF Consumer Healthcare Holdings LLC, and (c) the Parties and PF Consumer Healthcare Holdings LLC entered into the Shareholders’ Agreement pursuant to which the ownership and governance of JVCo and its Subsidiaries
is governed. 

  

	D.	 WHEREAS, GSK Parent intends to undertake an indirect demerger of its interest in its consumer healthcare
business pursuant to the demerger agreement (“Demerger Agreement”) between GSK Parent and Haleon Parent dated on or about the date of this Agreement, for the purpose of benefiting both its Consumer Healthcare Business and the GSK
Business (the “Demerger”). 

  

	E.	 WHEREAS, in preparation for the Demerger, the Parties wish to acknowledge and agree that certain businesses and
assets relating to the Consumer Healthcare Business, that are currently or were (following Closing under the SAPA) owned by GSK Parent and its Subsidiaries (other than JVCo and its Subsidiaries), have transferred or will transfer to JVCo on the
terms of this Agreement. Accordingly, the Parties wish to record and consolidate the terms on which those businesses and assets have transferred or will transfer such that any prior local agreements or consent letters recording the same are
superseded by the terms of this Agreement. 

  
 1 

 NOW, THEREFORE, in consideration of the foregoing, the warranties, covenants and agreements contained
herein, and other good and valuable consideration, the adequacy and receipt of which are hereby acknowledged, the Parties hereby agree as follows: 
  

	1.	 Definitions and terms 

 

	1.1	 Definitions 

Terms used in this Agreement that are defined in the SAPA shall have the same meaning in this Agreement as ascribed to them in the SAPA unless
otherwise defined herein, except that any reference to the Closing Date in the defined terms in the SAPA shall, for the purposes of this Agreement, be deemed to be a reference to the Relevant Closing Date. As used in this Agreement, the following
terms have the meanings set forth or as referenced below: 
 “Action” means any action, cause of action, claim,
charge, suit, countersuit, hearing, complaint, arbitration, subpoena, audit, investigation, litigation or proceeding by or before any court, Governmental Authority or arbitration tribunal. 

“Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under
common control with, such Person at any time during the period for which the determination of affiliation is being made, provided that, for the purposes of this Agreement and Ancillary Implementing Agreements, members of the JVCo Group shall
not be considered Affiliates of the GSK Parent or its Subsidiaries. 
 “Alliance Markets” means Egypt, Chile, Peru, Vietnam,
Cambodia, Laos, Singapore, Dominican Republic, Ecuador, El Salvador, Guatemala, Honduras, Jamaica, Trinidad & Tobago, Morocco and Uruguay. 

“Ancillary Implementing Agreements” means the Local Implementing Agreements and the IP Assignment Agreements. 

“Anti-Corruption Laws” means the U.S. Foreign Corrupt Practices Act of 1977, as amended; the U.K. Bribery Act of 2010; Laws
implementing the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions; and any other applicable Law related to anti-bribery or anticorruption in any other jurisdiction in which a Transferring
Business commercializes, distributes and sells products as of the date of this Agreement or as of the Relevant Closing. 
 “Antitrust
Laws” means statutes, rules, regulations, orders, decrees, administrative and judicial doctrines, and other Laws of any jurisdiction that are designed or intended to prohibit, restrict or regulate actions that may have the purpose or effect
of creating a monopoly, lessening competition or restraining trade. 
 “Approvals” means any consent, approval or
authorization of, permit or license issued or granted by, Governmental Order, waiver or exemption by, negative clearance from, or the expiration or early termination of any waiting period imposed by, any Person (including any third party or
Governmental Authority (including any Governmental Antitrust Authority)). 
 “Asset Transfers” means the transfers of the
Transferring Assets, as contemplated by, and in accordance with the terms of, this Agreement. 
 “Assumed Consumer Healthcare
Business Liabilities” has the meaning set forth in Section 2.2. 
  “Assumed Contracts” means Contracts,
sales orders, purchase orders, instruments and other commitments, obligations and arrangements (i) to which any Transferor or any of its Subsidiaries is a party and that are related solely to any Transferring Business or Transferring Asset or
any Assumed Consumer Healthcare Business Liability, or (ii) that constitute a Shared Contract, but only the portion of such Shared Contract related to the Transferring Business, the Transferring Assets or Assumed Consumer Healthcare Business
Liability. 

  
 2 

 “BA Site NEBA” means the letter agreement dated on or about the date of
this agreement between GSK Parent and JVCo relating to the retention, operation and transfer of the manufacturing site located at Carlos Casares 3690, Victoria, San Fernando, B1644BCD, Province of Buenos Aires, Argentina. 

“Brazil ATFA” means the asset transfer framework agreement dated on or about the date of this agreement between GSK Parent,
GSK CH and JVCo relating to the retention, operation and transfer of the manufacturing site located at Jacarepaguá, Brazil. 

“BSD Amount” means the global consideration (excluding any VAT) for the transfer of the rights, title and interest to the
Transferring Assets and Transferring Businesses including the Assumed Consumer Healthcare Business Liabilities pursuant to and in accordance with this Agreement, as agreed amongst GSK Parent, GSK CH, JVCo and Pfizer, being [***]. 

“Business Day” means any day other than a Saturday, a Sunday or a day on which banks in London are authorized or obligated by
Law or executive order to close. 
 “Business Transfers” means the transfers of the Transferring Businesses, as contemplated
by, and in accordance with the terms of, this Agreement. 
 “Collateral Source” has the meaning set forth in
Section 14.5. 
 “Consumer Healthcare Business” means the consumer healthcare business which, as at the date of this
Agreement is operated within the JVCo Group and which comprises the Business and the Purchaser Business, together with the Transferring Assets and Transferring Businesses to be transferred to JVCo Group pursuant to this Agreement and the GSK NEBA;

 “Consumer Healthcare Facility” means the manufacturing facility, details of which are set out in Schedule 5. 

“Consumer Healthcare Facilities Products” has the meaning set forth in Section 9.8(b). 

“Consumer Manufacturing and Supply Agreement” means the manufacturing and supply agreement entered into or to be entered into
between GlaxoSmithKline Consumer Trading Services Limited as supplier and GlaxoSmithKline Trading Services Limited as purchaser on or around the date of this Agreement. 

“Consumer Quality Agreement” means the quality agreement entered into or to be entered into between GlaxoSmithKline Consumer
Trading Services Limited and GlaxoSmithKline Trading Services Limited in respect of the Consumer Manufacturing and Supply Agreement on or around the date of this Agreement. 

“Contract” means any contract, agreement, lease or license (other than any Governmental Authorization) that is binding on any
Person or any part of its property under applicable Law, including any amendment thereto. 
 “Conveyed Subsidiary” means
GlaxoSmithKline Bangladesh Private Limited, a company incorporated in Bangladesh whose principal place of business is at Sweden Tower, 1, Harinnachala, Konabari, Gazipur, Bangladesh. 

“Corporate Brand Licence Agreement” means the brand licence agreement in respect of corporate marks entered into or to be
entered into between certain licensors, certain licensees and certain registered proprietors on or around the date of this Agreement. 

“Country Schedule” means Schedules 1 to 14 and Schedule 16 of this Agreement, each one being in respect of each Jurisdiction.

  
 3 

 “Co-Existence Agreement” means the co-existence agreement in respect of certain trade marks and domain names of the GSK Group and JVCo Group entered into or to be entered into between Glaxo Group Limited, SmithKline Beecham Limited and Haleon Parent
on or around the date of this Agreement. 
  “Deed of Termination” means the global deed of termination relating to
certain services provided by GSK Parent or members of certain of their respective subsidiaries the GSK Group to Haleon Parent or members of the JVCo Group entered into or to be entered into between GSK Parent, Haleon Parent and on or around the date
of this Agreement. 
  “Deferred Share” means a deferred share of £0.0001 in the capital of JVCo, having the
rights set out in JVCo’s articles of association. 
 “Deferred Share A” has the meaning set forth in
Section 5.1(a). 
 “Deferred Share A Consideration” means an amount in sterling equal to: 

 

	 	(a)	 the aggregate Local Consideration (as defined in the applicable Country Schedules) paid by each Transferee in
respect of all Transferred Assets and Transferred Businesses pursuant to section 4.1 and excluding the effect of sections 11.2(b) and 11.2(c) and any provision relating to VAT in the Schedules, where the amount of each relevant Asset Transfer or
Business Transfer shall have been translated from such local currency in accordance with Section 18.15, provided that such amount shall have been adjusted in accordance with the provisions of paragraphs 4.4 and 4.5 of Schedule 18 (which, for the
avoidance of doubt, shall [***]); less 

  

	 	(b)	 the BSD Amount; plus 

 

	 	(c)	 an amount in respect of GSK Parent’s share of the Transfer Taxes imposed on the transfer of the rights,
title and interest to the Transferring Assets and Transferring Businesses including the Assumed Consumer Healthcare Business Liabilities pursuant to and in accordance with this Agreement in order to reflect the allocation of responsibility for such
Transfer Taxes pursuant to Section 11 of this Agreement, being [***]; less 

  

	 	(d)	 the SAPA OTT Payment Amount, 

or, if such amount is less than [***]. 

“Demerger” has the meaning set forth in the preamble of this Agreement. 

“Demerger Agreement” has the meaning set forth in the preamble of this Agreement. 

“Demerger Completion Steps” means: 
  

	 	(a)	 GSK Parent delivering to Haleon Parent a duly executed transfer of the Relevant GSKCHHL Shares (as defined in
the Demerger Agreement) in favour of Haleon Parent, together with the relevant share certificate(s); 

  

	 	(b)	 the entry into the register of members of the Haleon Parent of the names of the Qualifying GSK Shareholders (as
defined in the Demerger Agreement) to whom Haleon Demerger Shares (as defined in the Demerger Agreement) are to be allotted and issued pursuant to that agreement; and 

 

	 	(c)	 each of GSK Parent and Haleon Parent delivering, or procuring the delivery of, a duly executed counterpart of
each of the Ancillary Agreements (as defined in the Demerger Agreement) (other than those Ancillary Agreements that have already been entered into prior to completion of the Demerger Agreement) to which they or any members of their respective Groups
are party in the agreed form. 

 “Demerger Date” means the date on which the last of the Demerger
Completion Steps is completed. 

  
 4 

 “Disclosure Letter” means the letter dated the date of this Agreement
(including the contents of any schedule or appendix thereto) from GSK Parent to JVCo, together with all documents annexed to it. 

“Employee Payments” means all Salary, Employee Taxes, Cash Incentive Compensation, Equity Incentive Compensation, Termination
Expenses, Pension and any Insured Benefits, as well as any benefits in kind, maternity pay, paternity pay, accrued holiday entitlement and holiday pay entitlement, and other emoluments. 

“Environmental Law” means the Resource Conservation and Recovery Act, 42 U.S.C. Section 6901 et seq., the
Comprehensive Environmental Response, Compensation, and Liability Act, 42 U.S.C. Section 9601 et seq., and any applicable Law of any jurisdiction, as in effect on or prior to the Relevant Closing Date, relating to pollution or the protection of
the environment, natural resources, wildlife or threatened or endangered species (including indoor and outdoor air, soil, sediment, surface water, groundwater, drinking water, and surface or subsurface land), public or worker health or safety with
respect to Hazardous Materials, or the exposure to, or the use, storage, recycling, treatment, generation, transportation, processing, handling, labelling, Release, disposal, recycling, treatment or other management of Hazardous Materials. 

“Environmental Liability” means any Liability arising under Environmental Laws. 

“Environmental Permit” means any Governmental Authorization held by any Transferor for the then-current operation of the
Consumer Healthcare Facility or any Real Property included in the Transferring Assets, each as of the Relevant Closing Date, and required pursuant to an Environmental Law. 

“Excluded Assets” has the meaning set forth in Section 2.4. 

“Excluded Intellectual Property” means all Intellectual Property other than such Intellectual Property agreed to be
transferred pursuant to Section 2.1. 
 “Filings” means any registrations, applications, declarations, reports,
submissions or other filings with, or any notices to, any Person (including any third party or Governmental Authority (including any Governmental Antitrust Authority)). 

“Fundamental GSK Parent Warranties” means the warranties of GSK Parent contained in 9.1, 9.2, 9.13, 9.15 and 9.16. 

“Global Manufacturing and Supply Agreements” means the GSK Manufacturing and Supply Agreement and/or the Consumer
Manufacturing and Supply Agreement, as applicable. 
  “Global Trade Control Laws” means all applicable export control,
trade and economic sanctions, customs, import control, and anti-boycott Laws of the United Nations, United States, the European Union (EU), EU Member States, and any other relevant jurisdictions in which the Transferring Businesses commercializes,
distributes and sells products as of the date of this Agreement or as of the Relevant Closing, including but not limited to (a) the United States Export Control Reform Act, International Emergency Economic Powers Act, Trading with the Enemy
Act, and related regulations, including but not limited to the Export Administration Regulations, International Traffic in Arms Regulations and Foreign Trade Regulations to the extent applicable, (b) trade and economic sanctions rules and
regulations implemented under statutory authority and/or the President’s Executive Orders and administered by the U.S. Department of the Treasury Office of Foreign Assets Control, (c) the EU Council Regulations on export controls,
including Nos. 428/2009, 267/2012, as amended, and applicable EU and EU Member States trade and economic sanctions laws and regulations. 

  
 5 

 “Governmental Antitrust Authority” means any Governmental Authority having
jurisdiction with respect to the transactions contemplated hereby pursuant to applicable Antitrust Laws. 
 “Governmental
Authority” means any supra-national, transnational, national, state, municipal or local government, any federal, state, city, municipality or other political subdivision thereof and any entity, department, bureau, body, agency, commission,
authority or court of competent jurisdiction, whether domestic, foreign or multinational, exercising executive, legislative, judicial, regulatory, taxing or administrative functions of or pertaining to government and any executive official thereof
or any arbitral body. 
 “Governmental Authorizations” means all licenses, permits, certificates, clearances, registrations,
consents and other authorizations and approvals from any Governmental Authority required to carry on the Consumer Healthcare Business under the applicable Laws of any Governmental Authority. 

“Governmental Order” means any order, writ, judgment, injunction, decree, ruling, stipulation, determination or award entered
by or with any Governmental Authority. 
 “GSK Business” means the Purchaser Parent Retained Businesses as conducted as at
the date of this Agreement, excluding the Business Transfers, Asset Transfers and Assumed Consumer Healthcare Business Liabilities to be transferred pursuant to this Agreement, and those businesses to be transferred pursuant to the Brazil ATFA and
the BA Site NEBA. 
 “GSK CH” has the meaning set forth in the preamble of this Agreement. 

“GSK Group” means GSK Parent and its Subsidiaries, other than members of the JVCo Group. 

“GSK Manufacturing and Supply Agreement” means the manufacturing and supply agreement entered into or to be entered into
between GlaxoSmithKline Trading Services Limited as supplier and GlaxoSmithKline Consumer Trading Services Limited as purchaser on or around the date of this Agreement. 

“GSK NEBA” means the letter agreement dated 31 July 2019 between Pfizer and GSK Parent in relation to the delayed
territories owned and operated by GSK Parent and its Affiliates but which are to be transferred to the JVCo Group pursuant thereto, as may be amended from time to time. 

“GSK Parent” has the meaning set forth in the preamble of this Agreement. 

“GSK Parent Indemnified Taxes” means each of (i) any Taxes for which GSK Parent is liable pursuant to the Tax Covenant, (ii)
any Purchaser Parent Indemnified Taxes for which GSK Parent is liable pursuant to the SAPA, and (iii) any Taxes for or in respect of which GSK Parent is liable pursuant to Section 11.2. 

“GSK Quality Agreement” means the quality agreement entered into or to be entered into between GlaxoSmithKline Trading
Services Limited and GlaxoSmithKline Consumer Trading Services Limited in respect of the GSK Manufacturing Agreement on or around the date of this Agreement. 

“GSK Retained Liabilities” has the meaning set forth in Section 2.5. 

“Haleon Parent” means Haleon plc, a public limited company incorporated under the laws of England and Wales with company
number 13691224. 
 “Hazardous Materials” means all pollutants, contaminants, wastes or chemicals or other materials
or substances defined, classified, listed or regulated as “hazardous,” “extremely 

  
 6 

 
hazardous,” “restricted hazardous wastes,” “dangerous,” “pollutants,” “contaminants,” “toxic,” or words of similar import under any
Environmental Law, including asbestos, asbestos containing materials, lead-based paint, toxic mold, petroleum, and petroleum products, or for which Liability may be imposed under Environmental Law. 

“Indemnified Party” has the meaning set forth in Section 14.5. 

“Information Systems” means (a) computer systems, servers, workstations, routers, hubs, switches, data communications
networks (other than the Internet) and other information technology equipment used to create, store, transmit, exchange or receive information, voice or data and (b) documentation, user manuals, and training manuals documenting the
functionality or use of any of the foregoing. 
 “Intellectual Property” means all intellectual property rights throughout
the world, including: (a) Patent Rights, (b) trademarks, service marks, corporate names, trade names, Internet Identifiers, logos, slogans, trade dress, and other similar designations of source or origin, together with the goodwill
symbolized by any of the foregoing (“Trademarks”), (c) copyrights and intellectual property rights in copyrightable and other works, moral rights, design rights and other sui generis rights, (d) trade secrets or other
proprietary rights in clinical, technical, scientific, manufacturing, regulatory and other information, inventions (whether or not patentable), discoveries, designs, results, techniques, database rights, data, databases, data collections and other know-how, including plans, processes, practices, methods, trade secrets, instructions, formulae, formulations, recipes, compositions, specifications, protocols, analytical and quality control information and
procedures, test data and results, reports, studies, and marketing, pricing, distribution, cost and sales information (“Know-How”), (e) intellectual property rights in Software and
(f) applications and registrations and renewals for, and all associated rights with respect to, any of the foregoing in any jurisdiction, including all rights to commence proceedings, claim damages (including damages for past infringements),
collect royalties, products and proceeds with respect to any of the foregoing. 
 “Internet Identifier” means any Internet
domain name or electronic address, Internet domain name registration, uniform resource locator, social media accounts, or social media account addresses or other identifiers, alpha-numeric designations associated with any of the foregoing, and
account names or identifiers, passwords or other credentials to access or modify the access rights to any of the foregoing. 

“IP Assignment Agreements” means Intellectual Property assignment agreements with respect to the assignment, where required,
to the relevant members of the JVCo Group of GSK Parent’s and its Subsidiaries’ (excluding JVCo’s and its Subsidiaries’), and the assignment, where required, to the relevant members of the GSK Group of JVCo’s and its
Subsidiaries’, right, title and interest in the Intellectual Property specified in Schedule 20. 
  “Jurisdiction”
means each of the jurisdictions in relation to which Asset Transfers, Business Transfers and/or the assumption of Assumed Consumer Healthcare Business Liabilities and/or other activities are contemplated in accordance with this Agreement. 

“JVCo” has the meaning given to it in the preamble of this Agreement. 

“JVCo Group” means JVCo and its Subsidiaries. 

“JVCo Indemnified Parties” has the meaning set forth in Section 14.1. 

“Know-How” has the meaning set forth in the definition of “Intellectual
Property”. 
  “Knowledge of GSK Parent” means the actual knowledge of the persons set out in Schedule 22, by
reference to the actual knowledge of such persons, after reasonable inquiry, only in respect of the market against which their name appears. 

  
 7 

 “Laws” means any law, act, statute, ordinance, rule, directive, regulation,
code, treaty (including any Tax treaty) of any Governmental Authority or any Governmental Order. 
 “Liabilities” means any
and all Losses, debts, liabilities and obligations, whether accrued or unaccrued, fixed or variable, known or unknown, absolute or contingent, matured or unmatured or determined or determinable. 

“Liens” means any lien, security interest, mortgage, charge, pledge, license, easement or other similar encumbrance, title
defect or material use or transfer restriction, it being understood and agreed that “Lien” does not include any non-exclusive license or other non-exclusive
grant of rights to Intellectual Property. 
  “Local Implementing Agreements” means the various transfer agreements and
other agreements and the schedules and exhibits thereto to be entered into solely by the relevant Transferors and Transferees for the purposes of implementing the sale, transfer, conveyance, and assignment, as applicable, of the applicable
Transferor’s right, title and interest in the Transferring Assets and Transferring Businesses to, [and the employment of the Consumer Healthcare Business employees by,] the relevant Transferee, and the assumption of the Assumed Consumer
Healthcare Business Liabilities, as the case may be, in the Jurisdictions, prepared and executed in accordance with the terms of this Agreement, including but not limited to those agreements specified in each of Schedules 1 to 16, solely for the
purposes of complying with local law in the Jurisdictions and not for any other purpose. 
  “Long Term Access
Agreement” means the long term access agreement entered into or to be entered into between GSK Parent and Haleon Parent on or around the date of this Agreement. 

“Loss” means any and all damages, losses, Taxes, penalties, judgments, settlements, payments, fines, interest, costs and
expenses (including the reasonable out-of-pocket costs and expenses of attorneys and other professional advisors incurred in the investigation, defense and/or settlement
thereof), but excluding any damages to the extent not reasonably foreseeable, loss of business reputation, or punitive or exemplary damages (in each case, other than to the extent such damages are awarded to any third party by Governmental Order
against, and paid by, an Indemnified Party). 
  “Manufacturing Registrations” means all Governmental Authorizations
granted to GSK Parent or any of its Affiliates by, or pending with, a Governmental Authority for the manufacture of consumer and pharmaceutical products in respect of the Consumer Healthcare Facility. 

“Marketing Authorisations” means each of: 
  

	 	(a)	 the marketing authorisations, approvals, licences, registrations and authorisations issued by a Governmental
Authority and which are being transferred from a member of the GSK Group to a member of the JVCo Group, or from a member of the JVCo Group to a member of the GSK Group, in each case pursuant to the provisions set out in Section 6.22(c) of the SAPA,
a list of which wrong pockets marketing authorisations is set out in Schedule 21; and 

  

	 	(b)	 the other Governmental Authorizations granted to a Transferor by, or pending with, any Governmental Authority
relating exclusively to the Consumer Healthcare Business and those businesses transferring pursuant to the Brazil ATFA and the BA Site NEBA to market products commercialised by the Consumer Healthcare Business and those businesses transferring
pursuant to the Brazil ATFA and the BA Site NEBA, a list of which is set out in Schedule 21. 

 provided that
“Marketing Authorisations” shall not include any Manufacturing Registrations. 
 ”NBV Statements” means the net
book value calculations for such Transferring Business set forth in the applicable Country Schedule. 

  
 8 

 “New ATFA Consumer Healthcare Business” means the past, present or future
ownership, operation, use or conduct following the Relevant Closing by, or for the benefit of, JVCo and its Affiliates (for the avoidance of doubt, excluding the GSK Group) of the Transferring Businesses and the Transferring Assets, including, for
the avoidance of doubt, any extensions, amendments, additions, acquisitions or developments to such businesses or assets. 
 “New
ATFA Consumer Healthcare Business Liability” means any and all Liabilities to the extent resulting from or arising out of the New ATFA Consumer Healthcare Business by, or for the benefit of, JVCo and its Affiliates (for the avoidance of
doubt, excluding the GSK Group), other than Liabilities identified as GSK Retained Liabilities, whether arising prior to, on or after the Relevant Closing. 

“New CH Wrong Pockets IP” has the meaning set forth in Section 2.3. 

“Parent Indemnified Parties” has the meaning set forth in Section 14.1. 

“Parties” has the meaning set forth in the preamble of this Agreement. 

“Patent and Know-How Licence Agreement (ROW)” means the Patent and Know-How Licence Agreement (Rest of the World) dated 2
March 2015 entered into between: (a) Glaxo Group Limited and GlaxoSmithKline Intellectual Property Limited (as the licensors), (b) GlaxoSmithKline Consumer Healthcare (UK) IP Limited (as the licensee), and (c) GlaxoSmithKline LLC (as the registered
proprietor). 
 “Patent and Know-How Licence Agreement (US)” means the US Patent and Know-How Licence Agreement dated 26
February 2015 entered into between: (a) Stiefel Laboratories LLC and GlaxoSmithKline LLC (as the licensors), (b) GlaxoSmithKline Consumer Healthcare Holdings (US) LLC (as the licensee), and (c) Glaxo Group Limited and Stiefel Research Australia Pty
Ltd (as the registered proprietors). 
  “Patent Rights” means (a) issued patents, (b) invention disclosures,
and pending patent applications, including all rights to file applications for patents, all rights to claim priority in respect of inventions and applications, all provisional applications, substitutions, continuations, continuations-in-part, divisions and renewals, and all patents granted thereon, (c) patents-of addition, reissues, re-examinations and extensions or restorations by existing or future extension or restoration mechanisms, including patent term adjustments, patent term extensions, supplementary protection certificates or the
equivalent thereof, (d) inventor’s certificates, (e) registered or other utility model rights, registered or other design rights and registered or other industrial property rights and (f) United States and foreign counterparts of
any of the foregoing. 
 “Permitted Liens” means (a) Liens approved in writing by the Parties; (b) statutory Liens
arising out of operation of Law with respect to a Liability incurred in the ordinary course of business for amounts which are not yet due and payable; (c) Liens and other imperfections of title that do not materially detract from the value or
materially impair the use of the property subject thereto or make such property unmarketable or uninsurable; (d) with respect to real property, (i) easements, declarations, covenants, rights-of-way, restrictions and other charges, instruments or encumbrances that are recorded against title to real estate which do not materially impair the use or occupancy of such real property in the
operation of the business conducted thereon; (ii) zoning ordinances, variances, conditional use permits and similar regulations, permits, approvals and conditions which are not violated by the current use of the real property subject thereto in
the operation of the business conducted thereon; (iii) Liens not created by the relevant Transferor that affect the underlying fee interest of any leased real property, including master leases or ground leases, which do not materially impair
the use or occupancy of such real property in the operation of the business conducted thereon; and (iv) all matters of record and any state of facts that an accurate survey or inspection of the property would disclose to the extent such matters
or states of fact do not materially detract from the value or materially impair the use or occupancy of such real property in the operation of the business conducted thereon; (e) Liens for Taxes, assessments or other governmental charges or
levies (i) that are not yet due or payable or (ii) that are being contested in good faith by appropriate proceedings and for which an adequate reserve has been established (which reserves shall transfer with such Lien); (f)
mechanics’, materialmen’s, carriers’, workmen’s, warehousemen’s, repairmen’s, landlords’ or other similar Liens and security obligations arising in the ordinary course of business for amounts which are not yet due
and payable; (g) Liens arising under original purchase price conditional sales contracts and equipment leases with third parties entered into in the ordinary course of business; (h) Liens that will be released and, as appropriate, removed
of record, at or prior to the Relevant 

  
 9 

 
Closing Date in accordance with the terms of this Agreement [or relevant Local Implementing Agreement]; (i) Liens arising on assets and products sold in the ordinary course of business;
(j) Liens arising in connection with any consignment arrangement entered into in the ordinary course of business; and (k) Liens that do not materially detract from the value of, or materially impair the current use of, the assets subject
thereto. 
 “Person” means an individual, a limited liability company, joint venture, a corporation, a partnership, an
association, a trust, a division or operating group of any of the foregoing or other entity or organization, including a Governmental Authority. 

“Pfizer” has the meaning set forth in the recitals of this Agreement. 

“Pfizer Consent Letters” means the each of the follow consent letters between relevant members of the GSK Group, relevant
members of JVCo Group and relevant members of Seller Parent’s group, as applicable, entered into pursuant to clause 4 (Reserved Matters) of the Shareholders’ Agreement: 

 

	 	(a)	 Consumer Healthcare joint venture: Indonesia Asset Transfer, dated as of 22 November 2021;

  

	 	(b)	 Consumer Healthcare joint venture: Transfer of Employees, dated as of 10 December 2021; 

 

	 	(c)	 Consumer Healthcare joint venture: WREF, business/asset transfers, dated as of 8 February 2022; and

  

	 	(d)	 Consumer Healthcare joint venture: sale and purchase of the Egyptian Consumer Healthcare business and related
matters, dated as of February 28, 2022. 

  “Pharmacovigilance Agreement” means the pharmacovigilance
agreement entered into or to be entered into between GlaxoSmithKline Services Unlimited and GlaxoSmithKline Consumer Healthcare (Overseas) Limited on or around the date of this Agreement. 

“Pre Demerger Transferred Assets/Businesses” means those Transferring Assets and/or Transferring Businesses (excluding in all
cases the Conveyed Subsidiary), the Relevant Closing for which occurred on or prior to [date]. 

“Proceedings” means any proceeding, suit or Action arising out of or in connection with this Agreement, whether contractual or
non-contractual. 
  “Purchaser Parent Indemnified Taxes” shall have the meaning
given to it in the SAPA. 
 “Quality Agreements” means the GSK Quality Agreement and/or the Consumer Quality Agreement, as
applicable. 
 “Real Property” means the owned and leased property more specifically described in Schedules 1 (Chile), 2
(Costa Rica), 4 (India), 5 (Indonesia), 7 (Malaysia) and 8 (Poland), which represents all of the owned and leased real property to be transferred pursuant to this Agreement. 

“Records” means (a) all current and historical books, records, reports and other documents and information that pertain
exclusively to the Transferring Businesses, the Transferring Assets and the Assumed Consumer Healthcare Business Liabilities, including accounting data, brand insights and research, vendors, manufacturing, customers, invoices, marketing and
advertising operations, policies, procedures, techniques, systems, employee handbooks or manuals, training materials, operating manuals and documentation, and production manuals and documentation, in each case, in any form or medium, but in each
case excluding personnel files and (b) Registration Information. 
 “Registration Information” means copies of the
Marketing Authorisations and Manufacturing Registrations, and any existing files that pertain exclusively to such Marketing Authorisations and Manufacturing Registrations in the possession of the relevant Transferor. 

“Regulatory Information Access and Service Agreement” means the regulatory information access and service (linked products)
agreement entered into or to be entered into between GlaxoSmithKline Services Unlimited and GlaxoSmithKline Consumer Healthcare (Overseas) Unlimited on or around the date of this Agreement. 

  
 10 

 “Release” means any releasing, spilling, leaking, pumping, pouring,
emitting, emptying, injecting, depositing, disposing, discharging, dispersal, escaping, dumping, migrating or leaching into the environment, including ambient air, indoor air, sediments, drinking water, water, surface or subsurface strata or
groundwater, including the movement of Hazardous Materials through or in the indoor or outdoor air, soil, surface water, groundwater or property. 

“Relevant Closing” means: (i) in respect of a Jurisdiction, the closing of the relevant Business Transfers, Asset
Transfers and/or of the assumption of relevant Assumed Consumer Healthcare Business Liabilities contemplated in respect of such Jurisdiction, as set out in the relevant Country Schedule to this Agreement in accordance with the terms of this
Agreement and any Local Implementing Agreement. 
  “Relevant Closing Date” means, in respect of a Relevant Closing, the
date on which the Relevant Closing occurred or occurs. 
 “Remedial Action” means any action required by a Governmental
Authority or Governmental Order or pursuant to Environmental Law to clean up or remediate soil, sediments, air, building materials, drinking water, surface water, groundwater or other environmental media in response to a Release or presence of
Hazardous Materials, including any associated action taken to investigate, monitor, assess and evaluate the extent and severity of any such Release, action taken to remediate any such Release, post-remediation monitoring of any such Release, and
preparation of all reports, studies, analyses or other documents relating to the foregoing. “Remedial Action” also refers to any Action relating to any of the above, including the negotiation and execution of judicial or administrative
consent decrees, or defending claims brought by any Governmental Authority or any other Person, whether such claims are equitable or legal in nature, relating to the relevant clean-up or remediation in
response to the relevant Release or presence of Hazardous Materials and associated actions. 
 “Replacement Shared Contract”
has the meaning set forth in Section 3.4. 
 “Restricted Market” means, as applicable under Global Trade Control Laws:
the Crimean Peninsula, Cuba, the Donbass Region, Iran, North Korea, Russia, Sudan, Syria and Venezuela. 
 “Restricted
Party” means any individual(s) or entity(ies) (a) targeted by Global Trade Control Laws, including but not limited to any individual or entity who is (i) owned or controlled by the government of a Restricted Market;
(ii) designated on any sanctions or export controls-related list under applicable Global Trade Control Laws, including but not limited to the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) List of Specially
Designated Nationals and Blocked Persons, the OFAC, Sanctions Identifications List, any other sanctions-related list maintained by OFAC or the U.S. Department of State, the U.S. Commerce Department’s Entity List, Denied Persons List, or
Unverified List, the EU Consolidated Financial Sanctions List, or any other similar restricted party list maintained by relevant regulators under applicable sanctions and export controls; (iii) located, organized, or resident in a Restricted
Market; or (iv) 50% or more owned or otherwise controlled by any of the individuals or entities in (i), (ii), or (iii); or (b) on any of the following lists: the List of Excluded Individuals / Entities, as published by the U.S. Health and Human
Services – Office of Inspector General; any lists of prohibited or debarred parties established under the U.S. Federal Food Drug and Cosmetic Act; the list of persons and entities suspended or debarred from contracting with the U.S. government;
and similar lists of restricted parties maintained 

  
 11 

 
by a Governmental Authority of any other jurisdiction in which the Consumer Healthcare Business, as applicable, markets, commercializes, distributes and sells products as of the date of this
Agreement or as of the Relevant Closing Date. 
  “Retained ATFA Facilities Liabilities” means all Liabilities of GSK
Parent or its Subsidiaries to the extent related to or arising out of the Excluded Assets (other than any Liabilities for which JVCo or its Subsidiaries expressly has responsibility pursuant to the terms of this Agreement, and other than any
Liabilities that are separately allocated pursuant to any other agreement or transaction related to such Excluded Assets between any member of the GSK Group, on the one hand, and any member of the JVCo Group, on the other hand, including any
commercial or other agreements unrelated to this Agreement), including Environmental Liabilities, whether arising prior to, on or after the Relevant Closing, in each case to the extent arising out of or related to the ownership or occupancy of the
Retained Facilities, but excluding any Liabilities that are expressly allocated to the JVCO Group pursuant to the BA Site NEBA or the Brazil ATFA. 

“Retained Facilities” means the manufacturing, office, research and development, and warehouse facilities owned, leased or
operated by any member of the GSK Group, other than the Consumer Healthcare Facility, excluding any facilities expressly transferring pursuant to the BA Site NEBA or the Brazil ATFA. 

“Retained Indonesia Facilities” means the [new repacking hall facility] owned by PT Glaxo Wellcome Indonesia, a limited
liability company organized under the laws of Indonesia and located within the manufacturing site at Jakarta Industrial Estate Pulogadung, Jl. Pulobuaran Raya Kav. III DD/2,3,4, Kelurahan Jatinegara, Kecamatan Cakung, Jakarta Timur, DKI Jakarta,
Indonesia. 
 “SAPA” has the meaning set forth in the recitals of this Agreement. 

“SAPA OTT Payment Amount” means the aggregate amount [***], less the aggregated amount [***], in each case pursuant to the
provisions set out in section 6.22 of the SAPA as detailed in Schedule 23, being, in total, an amount [***]. 
 “Separation
Budget” has the meaning set forth in Section 18.7. 
 “Shared Brands Committee Agreement” means the shared brands
committee agreement entered into or to be entered into between GlaxoSmithKline Services Unlimited and GlaxoSmithKline Consumer Healthcare (Overseas) Unlimited on or around the date of this Agreement. 

“Shared Brands Licence Agreement” means the deeds of amendment and restatement to amend and restate certain shared brand
licence agreements entered into or to be entered into between certain licensors, certain licensees and certain registered proprietors on or around the date of this Agreement. 

“Shared Contract” means any Contract, sales order, purchase order, instrument or other commitment, obligation or arrangement
entered into prior to the Relevant Closing in accordance with this Agreement that is between GSK Parent or any of its Subsidiaries (other than JVCo or any Subsidiary that is also a Subsidiary of JVCo), on the one hand, and one or more third parties,
on the other hand, that inures to the benefit or burden of both the GSK Business and the Consumer Healthcare Business. 
 “Shared
Contractual Liabilities” means Liabilities in respect of Shared Contracts. 
 “Shareholders’ Agreement” has
the meaning set forth in the recitals of this Agreement. 
 “Software” means (a) computer programs, including software
implementation of algorithms, models and methodologies, whether in source code, object code, human readable form or other form, (b) user interfaces, report formats, firmware, development tools, templates, menus, buttons and icons and
(c) documentation, user manuals, and training manuals documenting the functionality or use of any of the foregoing. 
 “SSA
Fees” means any fees payable by any member of the JVCo Group to any member of the GSK Group pursuant to any Support Services Agreement. 

  
 12 

 “Subsidiary” means an entity as to which GSK Parent or JVCo or any other
relevant entity, as the case may be, owns as of the date of determination, directly or indirectly, more than fifty percent (50%) of the voting power or other similar interests. Any Person which comes within this definition as of the date of this
Agreement but thereafter fails to meet such definition shall from and after such time not be deemed to be a Subsidiary of GSK Parent or JVCo or any other relevant entity, as the case may be. Similarly, any Person which does not come within such
definition as of the date of this Agreement but which thereafter meets such definition shall from and after such time be deemed to be a Subsidiary of GSK Parent or JVCo or any other relevant entity, as the case may be. 

“Support Services Agreements” means, together: 
  

	 	(a)	 the support services agreement dated 2 March 2015 (as amended from time to time) between GlaxoSmithKline
Services Unlimited and GlaxoSmithKline Consumer Healthcare Holdings Limited; 

   

	 	(b)	 the agreement for the provision of employees between GlaxoSmithKline Services Unlimited and GlaxoSmithKline
Consumer Healthcare (Overseas) Limited dated 1 October 2021; and 

  

	 	(c)	 other support services agreements between any member of the GSK Group and any member of the JVCo Group that
relate to any Transferring Employees. 

 “Tax Covenant” means the deed of tax covenant dated on or about
the date of this Agreement, between GSK Parent, Pfizer, Haleon Parent, GSK CH and JVCo, and subject to certain conditions precedent set out therein. 

“Tax Return” means any return, report, declaration, information return, statement or other document filed or required to be
filed with any Taxing Authority (including any schedule or attachment thereto and any amendment thereof), in connection with the determination, assessment or collection of any Tax or the administration of any Laws relating to any Tax. 

“Taxes” means all taxes, charges, duties, imposts, fees, levies and other assessments of any kind whatsoever, whether or not
disputed, including income, alternative or add-on minimum, gross receipts, estimated, capital stock, excise, real or personal property, sales or use, value added, goods and services, registration, windfall,
profits, excess profits, documentary, ad valorem, intangibles, license, withholding (with respect to compensation or otherwise), payroll, employment, workers’ compensation, unemployment compensation, premium,
occupancy, disability, net worth, capital gains, transfer, stamp, social security, environmental, occupation and franchise taxes, imposed by any Governmental Authority, and including any interest, penalties and additions attributable thereto. 

“Taxing Authority” means any Governmental Authority responsible for the imposition, regulation, collection or administration
of any Taxes. 
  “Third Party” has the meaning set forth in Section 19.5. 

“Trademarks” has the meaning set forth in the definition of “Intellectual Property”. 

“Transaction Documents” means Transition Services Agreement, GSK Manufacturing and Supply Agreement, Consumer Manufacturing
and Supply Agreement, GSK Quality Agreement, Consumer Quality Agreement, Shared Brands Licence Agreement, Shared Brands Committee Agreement, Corporate Name Licence Agreement, Co-Existence Agreement, Long Term
Access Agreement, Pharmacovigilance Agreement, GSK NEBA, BA Site NEBA, Brazil ATFA, the Deed of Termination, the Regulatory Information Access and Service Agreement and the Disclosure Letter. 

  
 13 

 “Transfer Taxes” means any federal, state, county, local, foreign and other
sales, bulk sales, use, transfer, real property transfer, excise, license, privilege, gross receipts, conveyance, documentary transfer, stamp, land, customs, recording, registration or other similar Tax (including any notarial fee), but excluding
any VAT or GST, imposed in connection with, or otherwise relating to, the transactions contemplated by this Agreement or the recording of any sale, transfer, conveyance or assignment of property (or any interest therein) effected pursuant to or
contemplated by this Agreement. 
  “Transition Services Agreement” means the transition services agreement dated on or
about the date of this Agreement between GlaxoSmithKline Services Unlimited, GlaxoSmithKline LLC, GlaxoSmithKline Consumer Healthcare (Overseas) Limited and GlaxoSmithKline Consumer Healthcare Holdings (US) LLC. 

“Transferee” means in respect of the Business Transfers, the Asset Transfers and/or the assumption of the Consumer Healthcare
Business Liabilities, each transferee entity specified as a Transferee in the relevant Schedule to this Agreement. 

“Transferor” means in respect of the Business Transfers, the Asset Transfers and/or the assumption of the Consumer Healthcare
Business Liabilities, each transferor entity specified as a Transferor in the relevant Schedule to this Agreement. 
 “Transferring
Assets” has the meaning set forth in Section 2.1. 
 “Transferring Business IT Systems” means all Information
Systems that both (a) are owned by GSK Parent or its Subsidiaries (other than JVCo and its Subsidiaries) and (b) are solely related to, solely held for use with, or solely used in connection with any Transferring Businesses or any
Transferring Assets [, including a copy of the bespoke ERP systems created by the GSK Group for the Consumer Healthcare Business as it is currently operated and envisaged following Demerger, comprising the Intellectual Property rights and Know-How owned by the GSK Group in both the ERP systems and the adaptation of such systems for the purposes of the Consumer Healthcare Business]. 

“Transferring Businesses” means the businesses to be transferred as contemplated by, and in accordance with the terms of, this
Agreement and as more specifically set out in Schedules 1, 3, 4, 5 and 7. 
 “Transferring Employee Liability” has the
meaning set forth in Section 2.7. 
  “Transferring Employees” has the meaning has the meaning given to JVCo Group
Realigned Employees (as defined in Schedule 18). 
  “Transferring Intellectual Property” means the Intellectual
Property listed in Schedule 20. 
  “VAT” or “GST” means goods and services Tax, value added Tax and
other similar transactional indirect Taxes (but excluding Transfer Taxes). 
   

	1.2	 Interpretation 

The words “hereof,” “herein,” “hereto” and “hereunder” and words of similar import refer to this
Agreement as a whole, including all Annexes, Exhibits and Schedules, and not to any particular provision of this Agreement and the words “date hereof” refer to the date of this Agreement. The terms defined in the singular have a comparable
meaning when used in the plural, and vice versa. The terms “GBP” “pound” and “£” mean Pound Sterling. Wherever the words “include,” “includes” or “including” are used in this
Agreement, they shall be deemed 

  
 14 

 
to be followed by the words “without limitation.” Unless otherwise specifically provided for herein, the term “or” shall not be deemed to be exclusive. When a reference is
made in this Agreement to an Article, a Section, an Annex, an Exhibit or a Schedule, such reference shall be to an Article or a Section of, or an Annex, an Exhibit or a Schedule to, this Agreement unless otherwise indicated. Any Law defined or
referred to in this Agreement or in any agreement or instrument that is referred to herein means such Law as from time to time amended, modified or supplemented, including (in the case of statutes) by succession of comparable successor Laws and the
related regulations thereunder and published interpretations thereof; provided that, for purposes of any warranties contained in this Agreement that are made as of a specific date or dates, references to any Law shall be deemed to refer to
such Law, as amended, and the related regulations thereunder and published interpretations thereof, in each case, as of such date. Any reference to “writing” or comparable expressions includes a reference to facsimile transmission, e-mail or comparable means of communication. Reference to “day” or “days” are to calendar days. When calculating the period of time before which, within which or following which any act is to be
done or step taken (or not taken) pursuant to this Agreement, the date that is the reference date in calculating such period shall be excluded, except that if the last day of such period is a non-Business Day,
the period in question shall end on the next succeeding Business Day. Amounts used in any calculations for purposes of this Agreement, the Ancillary Implementing Agreements or any other document delivered in connection herewith may be either
positive or negative, it being understood that the addition of a negative number shall mean the subtraction of the absolute value of such negative number and the subtraction of a negative number shall mean the addition of the absolute value of such
negative number. 
  

	2.	 Asset transfers 

 

	2.1	 Asset transfers 

 

	 	(a)	 Upon the terms and subject to the conditions set forth in this Agreement, at the Relevant Closing, GSK Parent
shall cause each relevant Transferor to, sell, convey, assign and transfer to the relevant Transferee and JVCo shall cause each Transferee to, purchase, acquire and accept, all right, title and interest, free and clear of all Liens other than
Permitted Liens, as at the Relevant Closing in the relevant Transferring Businesses and Transferring Assets, specified as being transferred in the Schedules, including: 

 

	 	(i)	 the Assumed Contracts, including as specified in Schedules 1 (Chile), 3 (Egypt), 4 (India), 5 (Indonesia), 7
(Peru) and 8 (Poland); 

  

	 	(ii)	 the Real Property and the Consumer Healthcare Facility; 

 

	 	(iii)	 the owned and leased furniture, equipment, fixtures, machinery, supplies, spare parts, tools, tangible personal
property and other tangible property that is located at the Consumer Healthcare Facility and the Real Property referenced in Schedule 1 (Chile); 

  

	 	(iv)	 personal computers and vehicles primarily used by the Transferring Employees; 

 

	 	(v)	 all Transferring Intellectual Property; 

 

	 	(vi)	 all Transferring Business IT Systems; 

 

	 	(vii)	 all Marketing Authorisations; 

 

	 	(viii)	 all Registration Information; 

 

	 	(ix)	 all Records; 

  
 15 

	 	(x)	 the goodwill primarily relating to, primarily held for use with, or primarily used in connection with the
Transferring Assets and/or Transferring Businesses, together with the right to represent to third parties that the Transferee is the successor to the Transferring Assets and/or Transferring Businesses as set out in Schedule 1, 3, 4, 5 and 7;

  

	 	(xi)	 all claims, defenses, causes of action, counterclaims and rights of
set-off against third parties (at any time or in any manner arising or existing, whether choate or inchoate, known or unknown, contingent or non-contingent) relating
primarily to a Transferring Asset, a Transferring Business or an Assumed Consumer Healthcare Business Liability; 

  

	 	(xii)	 the amount of any insurance proceeds, recoveries or refunds (net of any reasonable costs of investigating and
pursuing the underlying claim and of collection and any Taxes imposed in respect thereof) received by any Transferor or any of its Affiliates under any [occurrence-based unaffiliated third party automobile or general liability insurance policy] of
any member of the GSK Group after the Relevant Closing Date hereof in respect of any Loss prior to the Relevant Closing in respect of any Transferring Asset, Transferring Business or Assumed Consumer Healthcare Business Liability;

	 	(xiii)	 to the extent applicable in any Jurisdiction and to the extent legally transferable, all third-party
warranties, indemnities, further assurance and other similar covenants, and guarantees to the extent relating to any of the Transferring Assets, Transferring Businesses or Assumed Consumer Healthcare Business Liabilities; 

 

	 	(xiv)	 to the extent applicable in any Jurisdiction, all credits, prepaid expenses, rebates, deferred charges, advance
payments, security deposits and other deposits held as surety by third Persons and prepaid items, in each case primarily relating to, primarily held for use with, or primarily used in connection with any of the Transferring Assets or Assumed
Consumer Healthcare Business Liabilities or the Transferring Businesses; and 

  

	 	(xv)	 all assets of GSK Parent and its Affiliates, including any Transferor, that are included or reflected as assets
set forth in the NBV Statements; provided that the amounts set forth on the NBV Statements with respect to any assets shall not be treated as minimum amounts or limitations on the amount of such assets that are included in the definition of
Transferred Assets pursuant to this Section 2.1(a), 

  (all such assets collectively referred to as the
“Transferring Assets”). 
  

	 	(b)	 Upon the terms and subject to the conditions herein provided, the Parties each agree to discuss, cooperate and
negotiate reasonably and in good faith to cause to be prepared reasonably in advance of each Relevant Closing, each of the Ancillary Implementing Agreements or other documentation as deemed reasonably necessary or desirable to effect the Asset
Transfers, the Business Transfers and the assumption of the Assumed Consumer Healthcare Business Liabilities. 

  

	 	(c)	 In respect of the Transferring Assets set out in Schedules 1 (Chile), 2 (Costa Rica), 3 (Egypt), 4 (India), 5
(Indonesia), 6 (Malaysia), 7 (Peru), 8 (Poland), 9 (United Kingdom) and 10 (United States), the Parties acknowledge and agree that although the Relevant Closing occurred on the dates specified in those Schedules, that the terms of this Agreement
shall apply to the transfer of such Transferring Business and Transferring Assets and to the extent there is any inconsistency between the terms of the relevant Local Implementing Agreement or any Pfizer Consent Letter and this Agreement, the terms
of this Agreement shall prevail with effect from the date of the Relevant Closing, including for the avoidance of doubt the provisions of Section 2.2(a). 

  
 16 

	2.2	 Assumption of Consumer Healthcare Business Assumed Liabilities 

 

	 	(a)	 Upon the terms and subject to the conditions of this Agreement, at each Relevant Closing, JVCo shall
(i) assume and, subject to Article 11, pay, perform, satisfy and discharge any and all Liabilities of GSK Parent or any of its Affiliates (including JVCo and its Subsidiaries), whether arising prior to, on or after the Relevant Closing, to the
extent resulting from or arising out of the past, present or future ownership, operation, use or conduct of the Transferring Assets and/or Transferring Businesses, in each case other than any GSK Retained Liabilities (“Assumed
Consumer Healthcare Business Liabilities”). The Assumed Consumer Healthcare Business Liabilities shall include the Liabilities set out in each Country Schedule and the following: 

 

	 	(i)	 all Environmental Liabilities of any nature whatsoever to the extent arising out of, or relating to, or in
respect of the Consumer Healthcare Facility, whether arising prior to, on or after the Relevant Closing, provided that JVCo shall in no event assume any Retained ATFA Facilities Liabilities; 

 

	 	(ii)	 all Liabilities in respect of any Action, whether class, individual or otherwise in nature, in law or in
equity, whether or not presently threatened, asserted or pending, to the extent arising out of, or to the extent relating to, the Transferring Businesses or the Transferring Assets prior to, on or after the Relevant Closing; and

  

	 	(iii)	 all Liabilities for Taxes imposed with respect to, or arising out of or relating to the Transferring Businesses
or the Transferring Assets (other than the Conveyed Subsidiary), in each case other than GSK Parent Indemnified Taxes; and 

  

	 	(iv)	 all Liabilities to the extent relating to, resulting from or arising out of the Assumed Contracts, including
Transferor’s or its Affiliates’ portion of Shared Contractual Liabilities pursuant to Section 3.4. 

  

	 	(b)	 In respect of the Assumed Consumer Healthcare Business Liabilities set out in Schedules 1, 2, 3, 4, 5, 7, 8, 9
and 10, the Parties acknowledge and agree that although the Relevant Closing occurred on the dates specified in those Schedules, that the terms of this Agreement 

  
 17 

	 	
shall apply to the assumption of such Assumed Consumer Healthcare Business Liabilities and to the extent there is any inconsistency between the terms of the relevant Local Implementing Agreement
or any Pfizer Consent Letter and this Agreement, the terms of this Agreement shall prevail with effect from the date of the Relevant Closing. 

  

	2.3	 Wrong pockets asset and liability transfers 

 

	 	(a)	 The Parties acknowledge and agree that the Transferring Assets and Transferring Businesses set out in Schedule
15 are being transferred pursuant to the provisions set out in section 6.22(c) of the SAPA by the relevant Transferor for no consideration and that such transfers are in compliance with and in full and final settlement of any rights or claims that
JVCo or any of its Subsidiaries may have under section 6.22(c) of the SAPA in respect of such Transferring Assets or Transferring Business. 

  

	 	(b)	 The Parties acknowledge and agree that the Assumed Consumer Healthcare Business Liabilities in respect of the
Conveyed Subsidiary are being assumed by JVCo pursuant to the provisions set out in section 6.22(c) of the SAPA for no consideration and that such transfers are in compliance with and in full and final settlement of any rights or claims that the
Parties may have under section 6.22(c) of the SAPA in respect of such Assumed Consumer Healthcare Business Liabilities. 

  

	 	(c)	 The Parties acknowledge and agree that the Intellectual Property rights set out in Part 2 of Schedule 20 (the
“New CH Wrong Pockets IP”), including any rights and obligations expressly specified in Part 2 of Schedule 20, are being transferred from GSK Parent (or its Affiliates) to JVCo (or its Affiliates) pursuant to the provisions set out
in section 6.22(c) of the SAPA for no consideration and that such transfers are in compliance with and in full and final settlement of any rights or claims that JVCo (or its Affiliates) may have under section 6.22(c) of the SAPA in respect of such
New CH Wrong Pockets IP. 

  

	 	(d)	 The Parties acknowledge and agree that the Intellectual Property rights set out in Part 3 of Schedule 20 (the
“New GSK Wrong Pockets IP”) are being transferred from JVCo (or its Affiliates) to GSK Parent (or its Affiliates) pursuant to the provisions set out in section 6.22(c) of the SAPA for no consideration and that such transfers are in
compliance with and in full and final settlement of any rights or claims that GSK Parent (or its Affiliates) may have under section 6.22(c) of the SAPA in respect of such New GSK Wrong Pockets IP. 

 

	2.4	 Excluded Assets 

Notwithstanding any provision in this Agreement, none of JVCo, the Transferees nor any of their Subsidiaries are purchasing or acquiring
pursuant to this Agreement any of GSK Parent’s or its Affiliates’ (excluding JVCo and its Subsidiaries) right, title or interest in any assets, properties or rights other than the Transferring Assets or any assets comprised in the
Transferring Businesses (the “Excluded Assets”), including the Retained Indonesia Facilities, and any owned and leased furniture, equipment, fixtures, machinery, supplies, spare parts, tools, tangible personal property and other
tangible property located at the Retained Indonesia Facilities. 
   

	2.5	 GSK Retained Liabilities 

Except as otherwise set forth in this Agreement, GSK Parent shall retain, and none of JVCo, any of the Transferees or any of their respective
Subsidiaries shall assume or be responsible 

  
 18 

 
for, pursuant to this Agreement, any Liabilities of GSK Parent or any of its Affiliates (excluding JVCo and its Subsidiaries) other than the Assumed Consumer Healthcare Business Liabilities
(“GSK Retained Liabilities”). The GSK Retained Liabilities shall include: 
  

	 	(a)	 all Liabilities for which GSK Parent or GSK CH or any of their Affiliates (other than JVCo and its
Subsidiaries) expressly has responsibility pursuant to the terms of this Agreement or any Ancillary Implementing Agreement; 

  

	 	(b)	 all GSK Parent Indemnified Taxes; 

 

	 	(c)	 all Retained ATFA Facilities Liabilities; 

 

	 	(d)	 GSK Parent’s portion of Shared Contractual Liabilities pursuant to Section 3.4; and

  

	 	(e)	 all Indebtedness of any Transferor. 

 

	2.6	 No change to retained liabilities under the SAPA  

The Parties acknowledge and agree that, for the avoidance of doubt, nothing in this Agreement shall, or is intended to, amend or otherwise
prejudice the provisions of the SAPA relating to the retention by GSK Parent of the Liabilities of GSK Parent or any of its Affiliates (including Purchaser and its Subsidiaries) set forth in Section 1.1(C) of the Purchaser Parent Disclosure Letter
(as defined in the SAPA), or any other Purchaser Parent Retained Liabilities (as defined in the SAPA) (other than any such liabilities that constitute Assumed Consumer Healthcare Business Liabilities or New ATFA Consumer Healthcare Business
Liabilities that JVCo expressly assumes pursuant to this Agreement), or the retention by Seller Parent of the Retained Liabilities (as defined in the SAPA). 
   

	2.7	 Double payment for employees 

The Parties acknowledge and agree that: 
  

	 	(a)	 the Parties’ intention is that the JVCo Group will not assume any obligations or liabilities in respect of
any Employee Payments relating to any Transferring Employees for which any member of the JVCo Group is liable (the “Transferring Employee Liabilities”) to the extent that such Transferring Employee Liabilities have been paid or will
be paid for by the JVCo Group in any SSA Fees; 

  

	 	(b)	 GSK Parent shall take all necessary or appropriate steps to ensure that there is no duplication between:

  

	 	(i)	 any Transferring Employee Liabilities and any SSA Fees; and 

 

	 	(ii)	 any SSA Fees and any fees charged under the Transaction Documents; and 

 

	 	(c)	 to the extent that there is any duplication between (i) any Transferring Employee Liabilities and any SSA
Fees, or (ii) any SSA Fees and any fees charged under the Transition Services Agreement, GSK Parent shall work in good faith with JVCo to ensure that the JVCo Group is reimbursed for such duplication. 

 

	2.8	 BSD Transfers from JVCo Group to GSK Group 

JVCo has agreed to transfer and convey to the relevant members of the GSK Group, and the relevant members of the GSK Group have agreed to
accept the transfer of, acquire and assume, certain low value assets and associated liabilities relating to the GSK Business as set out in Part 3 of Schedule 16. 

  
 19 

	3.	 Consents; Shared Contracts 

 

	3.1	 No transfer if consent required 

Notwithstanding any other provision of this Agreement, neither this Agreement nor any Ancillary Implementing Agreement shall constitute an
agreement to, directly or indirectly, sell, convey, assign, transfer or deliver any interest in any Transferring Asset or any right or benefit arising thereunder or resulting therefrom if such sale, conveyance, assignment, transfer or delivery, or
the purchase or assumption thereof by the applicable Transferee, without the consent or Approval of any Person(s) (including consents or Approvals of any Governmental Authorities), or otherwise: 

 

	 	(a)	 would constitute a breach or other contravention of the rights of such Person(s); 

 

	 	(b)	 would be ineffective under, or contravene, applicable Law; or 

 

	 	(c)	 would result in the termination, cancellation or acceleration of any material right or obligation of, or result
in the loss of any material benefit of, or otherwise adversely affect in any material respect the contractual rights of, the Transferors or any of their Affiliates, or upon transfer, the Transferee, 

provided, however, that the Parties shall treat the relevant Transferee, as the case may be, as the owner of any such
Transferring Asset (and of any portion of any Shared Contract that is a Transferring Asset and the benefits and burdens of which are to be transferred to a Transferee, as the case may be, pursuant to Section 2.1(a)(i)) to the fullest extent
permitted by applicable Law for all purposes as of the Relevant Closing Date. Without limiting the foregoing, if any direct or indirect sale, conveyance, assignment, transfer or delivery, or any agreement to do the same, by the Transferors of, or
any direct or indirect purchase or assumption by a Transferee of, any interest in any Transferring Asset or any right or benefit arising thereunder or resulting therefrom, requires the consent or Approval of any Person(s) (including consents or
Approvals of any Governmental Authorities), then such sale, conveyance, assignment, transfer, delivery, agreement, purchase or assumption shall be made subject to (and shall only be effective upon) such consent or Approval being obtained and the
remainder of this Article 3. 
  

	3.2	 Requirement to use reasonable endeavours to obtain consents 

Each of GSK Parent and JVCo shall, and shall cause its Affiliates to, use their reasonable endeavours to obtain all consents or Approvals
referred to in Section 3.1 including by executing, acknowledging and delivering such assignments, transfers, consents, assumptions, and other agreements, documents and instruments and taking such other actions as may reasonably be requested by
the other Party in order to carry out the intent of this Agreement and any Ancillary Implementing Agreements and in order to convey and transfer to, and vest in, the relevant Transferee, the Transferors’ right, title and interest in the
Transferring Assets and to effectuate the assumption by the relevant Transferee of the Assumed Consumer Healthcare Business Liabilities, as contemplated by this Agreement, the Ancillary Implementing Agreements and the transactions contemplated
hereby and thereby; provided that except as otherwise expressly provided by this Agreement or any Ancillary Implementing Agreement, none of GSK Parent or JVCo or any of their respective Affiliates shall be required to expend any money or
commence any litigation, or offer or grant any accommodation (financial or otherwise) to obtain any such consent or Approval (other than JVCo shall be responsible for the payment of all filing and other fees owed to any Governmental Authority in
connection with any Approvals to be obtained, subject to the provisions of Section 18.7 and Schedule 17). GSK Parent and JVCo agree to provide such reasonable security and assurances as to financial capability, resources and creditworthiness as may
be reasonably requested by any Person(s) whose consent or Approval is sought in connection with the transactions contemplated hereby. 

  
 20 

 If any consent or Approval referred to in Section 3.1 is not obtained prior to the
Relevant Closing, the Relevant Closing shall nonetheless take place, and for a period of up to [eighteen (18) months] following the Demerger Date or until such earlier time as such consent or Approval is obtained, the Transferor shall use
reasonable endeavours to continue to perform its obligations under and comply with the terms of any Transferring Asset, as applicable, upon the direction of the Transferee, in all material respects in the ordinary course of business, and the Parties
shall (and shall cause their Affiliates to) use reasonable endeavours to, at no cost to the Transferor: 
  

	 	(a)	 obtain such consents or Approvals, subject to and in accordance with the first sentence of this
Section 3.2; and 

  

	 	(b)	 obtain or structure an arrangement for the Transferee to receive (or for the Transferor and their Affiliates to
enforce for the benefit of the Transferee), whether by license, sub-license, sub-assignment, or by other means, the economic and operational claims, rights and benefits
of ownership of such Transferring Assets, including the net profits from the operation or subsequent sale of such Transferring Assets, or, if such arrangement is not made, to agree to such other good faith equitable result, 

provided that the Transferor and their Affiliates shall not be required to take any action that would, in the good faith reasonable
judgment of the Transferor, constitute a breach or other contravention of the rights of any Person(s), be ineffective under, or contravene, applicable Law (but only to the extent enforceable against GSK Parent or any of its Affiliates) or result in
the termination, cancellation or acceleration of any material right or obligation of, or result in the loss of any material benefit of, or otherwise adversely affect in any material respect the contractual rights of, the Transferor or any of their
Affiliates. 
 To the extent the Transferee is not permitted under applicable Law to obtain or structure an arrangement for the Transferee to
receive (or for the Transferor and their Affiliates to enforce for the benefit of the Transferee) the economic and operational claims, rights and benefits of ownership of such Transferring Assets, Transferor shall use reasonable endeavours to
segregate any net profits associated with the ownership of such Transferring Assets in an account for the Transferee’s benefit, such funds to be released as promptly as practicable once permitted under applicable Law. The Transferees shall
indemnify and hold harmless the Transferors from and against all burdens (including losses from the operation or subsequent sale of such Transferring Assets) and Liabilities arising out of or relating to each such arrangement or the ownership of the
underlying Transferring Asset, and any risk of loss or damage to such Transferring Asset, and shall be responsible for all Assumed Consumer Healthcare Business Liabilities related thereto in accordance with this Agreement. 

Upon obtaining the requisite consents and Approvals following the Relevant Closing, any such Transferring Asset shall be transferred and
assigned to, and accepted and assumed by, the applicable Transferee hereunder. Without limiting this Section 3.3, notwithstanding the fact that any applicable consent or Approval referred to in Section 3.1 is not obtained prior to the
Relevant Closing (including any consent or Approval required to transfer an interest in a Transferring Asset to which an Assumed Consumer Healthcare Business Liability relates), each of the assets, properties and rights described in
Section 2.1(a) shall be deemed to be Transferring Assets under this Agreement and each of the Assumed Consumer Healthcare Business Liabilities described in Section 2.2 shall be deemed to be Assumed Consumer Healthcare Business Liabilities
under this Agreement. 

  
 21 

	3.3	 No liability arising from failure to obtain consents 

The Parties acknowledge that certain consents or Approvals of or related to the transactions contemplated by this Agreement may be required
from certain Persons (including Governmental Authorities) with respect to the Transferring Assets, and the sale, conveyance, assignment, transfer, delivery, purchase or assumption of any interest therein, and that such consents and Approvals may not
be obtained. Notwithstanding anything to the contrary set forth in this Agreement, the Parties agree that the Parties shall not have any Liability whatsoever arising out of or relating to the failure to obtain any consents or Approvals that may have
been or may be required in connection with or related to the transactions contemplated by this Agreement or because of any default under, or acceleration or termination of or loss of any benefit under, any Transferring Asset, as a result thereof,
except in the case of a breach by such Party of its express covenants, agreements, obligations or warranties set forth in this Agreement related thereto. Notwithstanding anything to the contrary set forth in this Agreement, the Parties expressly
acknowledge and agree that in no event shall the receipt of any such consents and Approvals be a condition to the obligations of any Transferor to consummate the Asset Transfers, the Business Transfers and the assumption of the Assumed Consumer
Healthcare Business Liabilities contemplated by this Agreement, and the Parties reaffirm their respective obligations to consummate the Asset Transfers, the Business Transfers and the assumption of the Assumed Consumer Healthcare Business
Liabilities subject only to the express conditions set forth in the Country Schedules, irrespective and independent of whether any such consents or Approvals are obtained. 
  

	3.4	 Consents in respect of Shared Contracts 

Except as otherwise agreed by GSK Parent and JVCo or as otherwise provided in this Agreement or an Ancillary Implementing Agreement, to the
extent reasonably requested by the relevant Transferee: 
  

	 	(a)	 GSK Parent and JVCo shall, and shall cause their respective Affiliates to, reasonably cooperate and use their
reasonable endeavours (subject to Section 18.7 at the relevant Transferee’s cost) to obtain the consent and agreement of the third party that is a counterparty to any Shared Contract to enter into a new Contract with the Transferee or to assign
or transfer, to the extent assignable or transferable under the terms of such Shared Contract, to the relevant Transferee the portion of such Shared Contract (and the rights, benefits, obligations and burdens thereunder) that relates to a
Transferring Asset or Assumed Consumer Healthcare Business Liability, pursuant to which the Transferee receives the rights and benefits, and bears the obligations and burdens, of such portion of any such Shared Contract that relates to and is
allocated to the Transferring Asset or Assumed Consumer Healthcare Business Liability, as reasonably agreed by GSK Parent and JVCo in each case effective as of the Relevant Closing Date (each, a “Replacement Shared Contract”);
provided that the failure to obtain such consent or agreement or such Replacement Shared Contract shall in no event be deemed a breach of this Agreement by GSK Parent or any of its Affiliates, except in the case of a breach by GSK Parent of
its express covenants, agreements, obligations or warranties set forth in this Agreement related thereto; and 

  

	 	(b)	 to the extent such a Replacement Shared Contract is not obtained, until the earlier of eighteen
(18) months following the Demerger Date and the expiration or termination date of the applicable Shared Contract (assuming, for these purposes, that the then current term in effect as of immediately prior to the Relevant Closing is not renewed
or extended), the Parties shall (and shall cause their Affiliates to) use reasonable endeavours to, at the relevant Transferee’s cost, obtain or structure an arrangement for the relevant Transferee to receive the rights and benefits, and bear
the obligations and burdens, of such portion of any such Shared Contract that relates to and is allocated to a Transferring Asset or Assumed Consumer Healthcare Business Liability, as reasonably agreed by GSK Parent and JVCo, 

  
 22 

 provided that in the case of each of clauses (a) and (b), GSK Parent and JVCo
and their respective Affiliates shall not be required to take any action that would, in the good-faith reasonable judgment of GSK Parent or JVCo, constitute a breach or other contravention of the rights of any Person(s), be ineffective under, or
contravene, applicable Law or any such Shared Contract or result in the termination, cancellation or acceleration of any material right or obligation of, or result in the loss of any material benefit of, or otherwise adversely affect in any material
respect the contractual rights of, the GSK Parent or JVCo or any of their respective Affiliates. JVCo shall indemnify and hold harmless the Transferors from and against all burdens and Liabilities arising out of any Replacement Shared Contract, each
such arrangement referred to in this Section 3.4 and the portion of any Shared Contract that is subject to any such arrangement (other than Shared Contractual Liabilities allocated to GSK Parent in accordance with the following sentence). 

With respect to Shared Contractual Liabilities pursuant to, under or relating to any Shared Contract, such Shared Contractual Liabilities shall
be allocated between GSK Parent and JVCo as follows: 
  

	 	(i)	 if a Liability is incurred solely in respect of a Transferring Asset, Transferring Business or Assumed Consumer
Healthcare Business Liability, such Liability shall be allocated to JVCo and if a Liability is incurred solely in respect of the GSK Business, such Liability shall be allocated to GSK Parent; and 

 

	 	(ii)	 if a Liability cannot be so allocated under clause (i), such Liability shall be allocated to GSK Parent or JVCo
as the case may be, based on the relative proportion of total benefit received by the relevant Parties under the relevant Shared Contract, as reasonably agreed by GSK Parent and JVCo. 

Notwithstanding the foregoing: 
  

	 	(A)	 each of GSK Parent and JVCo shall be responsible for any Liabilities arising from its (or its Affiliates’
(but, in the case of GSK Parent, excluding JVCo and is Subsidiaries) direct or indirect breach of any Shared Contract; and 

  

	 	(B)	 JVCo shall be solely responsible for any Liabilities arising out of or relating to any Replacement Shared
Contract. 

  

	4.	 Consideration 

 

	4.1	 In consideration of the transfer to the relevant Transferee of the applicable Transferor’s right, title
and interest in the Transferring Assets and/or the Transferring Businesses in accordance with and subject to the terms of this Agreement, at each Relevant Closing (or as expressly stated otherwise in the relevant Schedule), the relevant Transferee
shall pay such consideration (in such amount and such manner) as is set out in the relevant Schedule; provided, that, for the avoidance of doubt, following the adjustment set forth in Section 5, the JVCo Group shall not (subject to Section 11.2) be
liable for more than the BSD Amount in the aggregate for all of the transactions contemplated hereunder and provided, further, it is the parties’ intention for the Transferors to compensate the Transferees in respect of the full amount of any
consideration paid or given for local law purposes over and above the applicable Agreed BSD Amount set forth in the Country Schedules. The parties further agree that, notwithstanding anything to the contrary herein, it is the express intent,
agreement and understanding of the parties that the transactions contemplated by [***] are not intended to, and shall not, [***]. 

  

	4.2	 Transfer Tax and VAT, where applicable, shall be payable in respect of each Asset Transfer and/or Business
Transfer in accordance with Section 11 and the relevant Schedule. 

  
 23 

	5.	 Share Subscriptions 

 

	5.1	 Deferred Share A 

 

	 	(a)	 Subject to the remainder of this Section 5.1, JVCo agrees to allot and issue one (1) Deferred Share
(“Deferred Share A”) to GSK CH on or before 30 June 2022, and GSK CH shall subscribe and pay for Deferred Share A at a price equal to the nominal value of Deferred Share A plus the Deferred Share A Consideration.

  

	 	(b)	 At completion of the issuance of Deferred Share A to GSK CH: 

 

	 	(i)	 GSK CH shall pay to JVCo the subscription price set out in Section 5.1(a) in cash or in other immediately
available funds to such bank account as JVCo shall have notified to GSK CH; and 

  

	 	(ii)	 subject to receipt of the subscription price set out in Section 5.1(a): 

 

	 	(A)	 the Deferred Share A shall be issued as fully paid and free from all charges and encumbrances and all other
rights or claims of third parties; and 

  

	 	(B)	 JVCo shall enter the name of GSK CH in JVCo’s register of members as the registered holder of Deferred
Share A. 

   

	6.	 Employment 

The provisions of Schedule 18 shall apply. 
  

	7.	 Pensions 

The provisions of Schedule 19 shall apply. 
  

	8.	 Closing 

  

	8.1	 In respect of a Jurisdiction, the Relevant Closing shall take place in accordance with the provisions set out
in the relevant Country Schedule. 

  

	8.2	 In respect of all other transfers of Transferring Assets or assumption of any Assumed Consumer Healthcare
Business Liabilities, the Relevant Closing shall take place in accordance with the provisions set out in the relevant Schedule. 

  

	9.	 GSK Parent Warranties 

Except as set forth in the Disclosure Letter, GSK Parent hereby warrants to JVCo on the terms set out in this Article 9, provided that: 

 

	 	(a)	 notwithstanding the verb tenses used in this Article 9, the warranties of the GSK Parent solely with respect to
such Transferred Assets and/or Transferred Businesses for which the Relevant Closing has already occurred prior to the date of this Agreement shall be as of such Relevant Closing as though made as of such Relevant Closing (and, for the avoidance of
doubt, such warranties shall not be given by GSK Parent as at the date of this Agreement); 

  
 24 

	 	(b)	 the warranties of the GSK Parent: 

 

	 	(i)	 in Sections 9.6 (No Litigation), 9.7 (Compliance with Laws), Sections 9.8 (Manufacturing Registrations;
Regulatory Compliance) and 9.9 (Environmental Matters), 9.10 (Material Contracts), 9.11(b) (Transferring Business IT Systems), 9.12 (Real Property), 9.14 (Global Trade Controls; Anti-Corruption Matters) and 9.17 (Taxes) are given only in respect of
the Transferring Businesses set out in Schedules 1 (Chile), 3 (Egypt), 5 (Indonesia) and 7 (Peru), and Schedule 13 (Cambodia, Singapore and Vietnam); 

  

	 	(ii)	 in Sections 9.15(a) (No material liabilities) is given only in respect of the Transferring Business or the
Transferring Asset set out in Schedule 3 (Egypt), and Schedule 13 (Cambodia, Singapore and Vietnam); and 

  

	 	(iii)	 in Sections 9.15(c) (No material liabilities) is given only in respect of the Transferring Businesses or the
Transferring Assets set out in [***] and Schedule 24 (WREF and other Matters relating to the Demerger): 

   

	9.1	 Organization. GSK Parent is a corporation duly organized, validly existing and in good standing under
the Laws of England and Wales. Each Transferor is, or will be as of the Relevant Closing, a corporation, partnership or other legal entity duly organized, validly existing and, where applicable, in good standing under the Laws of the jurisdiction of
its organization, except where the failure to be so organized, existing or in good standing would not, individually or in the aggregate, be materially adverse to the Transferring Businesses or the Transferring Assets, taken as a whole, or prevent or
reasonably be expected to prevent the GSK Parent or the Transferors from consummating any Relevant Closing. 

  

	9.2	 Authority; Binding Effect. 

 

	 	(a)	 GSK Parent has all requisite corporate power and authority to execute and deliver this Agreement and each
Ancillary Implementing Agreement to which it will be a party and to perform its obligations hereunder and thereunder. The execution and delivery by GSK Parent of this Agreement and each such Ancillary Implementing Agreement, and the performance by
GSK Parent of its obligations hereunder and thereunder, have been, or will have been as of the Relevant Closing, duly authorized by all requisite corporate action. Each Transferor has and will have as of the Relevant Closing, all requisite corporate
or other similar applicable power and authority to execute and deliver each Ancillary Implementing Agreement to which it will be a party and to perform its obligations thereunder. The execution and delivery by each Transferor of each Ancillary
Implementing Agreement to which it will be a party, if applicable, and the performance by it of its obligations thereunder, have been, or will have been as of the Relevant Closing, duly authorized by all requisite corporate or other similar
applicable action. 

  

	 	(b)	 GSK Parent has and each other Transferor has, or will have as of the Relevant Closing, all requisite corporate
or other similar applicable power and authority to own, lease and operate the Transferring Assets, except where the failure to have such power and authority would not, individually or in the aggregate, be materially adverse to the Transferring
Businesses or the Transferring Assets, taken as a whole, or prevent or reasonably be expected to prevent the GSK Parent or the Transferors from consummating any Relevant Closing. 

 

	 	(c)	 This Agreement has been duly executed and delivered by GSK Parent and, assuming this Agreement has been duly
executed and delivered by JVCo and GSK CH constitutes a legal, valid and binding obligation of GSK Parent, and each Ancillary Implementing Agreement will be as of the Relevant Closing duly executed and

  
 25 

	 	
delivered by each Transferor that will be a party thereto and will, assuming such Ancillary Implementing Agreement has been duly executed and delivered by the other parties thereto, constitute a
legal, valid and binding obligation of such Transferor, in each case enforceable against GSK Parent or such other Transferor in accordance with its terms, except as enforcement may be limited by bankruptcy, insolvency, reorganization, fraudulent
conveyance, moratorium or similar Laws affecting creditors’ rights generally or by general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or law). 

 

	9.3	 No Conflicts; Consents. The execution, delivery and performance of this Agreement by GSK Parent and each
Ancillary Implementing Agreement by a Transferor party to such Ancillary Implementing Agreement, and the consummation of the transactions contemplated hereby and thereby, by GSK Parent and such Transferor do not and will not at the Relevant Closing
(a) violate any provision of the articles of association or equivalent organisational documents of GSK Parent or the comparable organizational documents of any of the other Transferors, (b) subject to obtaining the consents set forth in
the Schedules to this Agreement or the Disclosure Letter, result in a violation of, or require the consent of any Person pursuant to, or conflict with, constitute a default under, or result in the breach or termination, cancellation or acceleration
(whether with or without the giving of notice or the lapse of time or both) of any right or obligation of the Transferors (or any Subsidiary thereof) or to a loss of any benefit of the Transferring Businesses or the Transferring Assets, or prevent
or reasonably be expected to prevent the GSK Parent or the Transferors from consummating any Relevant Closing or result in the imposition of a Lien on any Transferring Asset, other than Permitted Liens, or (c) assuming compliance with the
matters set forth in the Schedules to this Agreement or the Disclosure Letter, violate or result in a breach of or constitute a default under any Law, Governmental Authorization or other restriction of any Governmental Authority to which any
Transferor (or Subsidiary thereof) is subject, except, as would not, individually or in the aggregate, be materially adverse to the Transferring Businesses or the Transferring Assets, taken as a whole, or prevent or reasonably be expected to prevent
the GSK Parent or the Transferors from consummating any Relevant Closing. 

  

	9.4	 Governmental Authorization. The execution, delivery and performance of this Agreement by GSK Parent and
each Ancillary Implementing Agreement by a Transferor party to such Ancillary Implementing Agreement does not and will not at any Relevant Closing require any Approval of, or Filing with, any Governmental Authority, except for (a) the Approvals
and Filings set forth in the Country Schedules and (b) the Approvals and Filings which if not obtained or made would not, individually or in the aggregate, be materially adverse to the Transferring Businesses or the Transferring Assets, taken
as a whole, or prevent or reasonably be expected to prevent the GSK Parent or the Transferors from consummating any Relevant Closing. 

  

	9.5	 Conveyed Subsidiary; Capital Structure 

 

	 	(a)	 The Conveyed Subsidiary is and will be as of the Relevant Closing, a corporation, partnership or other legal
entity duly organized and validly existing, with all requisite corporate or other similar applicable power and authority to own, lease and operate its properties and assets related to the Consumer Healthcare Business and to carry on its business as
it pertains to the Consumer Healthcare Business, as currently conducted, except where the failure to be so organized or existing or to have such power and authority would not, individually or in the aggregate, be materially adverse to the
Transferring Businesses or the Transferring Assets, taken as a whole. The Conveyed Subsidiary is and will be as of the Relevant Closing duly qualified to do business and, where applicable, in good standing in each jurisdiction where the nature of
its business or properties makes such qualification necessary, except where the failure to 

  
 26 

	 	
be so qualified or in good standing would not, individually or in the aggregate, be materially adverse to the Transferring Businesses or the Transferring Assets, taken as a whole.

  

	 	(b)	 The Disclosure Letter sets forth, as of immediately prior to the date of this Agreement, (i) the name and
the jurisdiction of organization of the Conveyed Subsidiary and (ii) the record owners of all outstanding equity interests. All of the outstanding equity interests of the Conveyed Subsidiary are, or will be as of the Relevant Closing, validly
issued, fully paid and, non-assessable, and such equity interests are not subject to, and were not issued in violation of, any pre-emptive right. As of the Relevant
Closing, there will be no outstanding warrants, options, agreements, subscriptions, convertible or exchangeable securities or other commitments pursuant to which the Conveyed Subsidiary is or may become obliged to issue, sell, purchase, return,
redeem or otherwise acquire any equity interests of the Conveyed Subsidiary, or any securities convertible into or exchangeable for the capital stock or voting securities of the Conveyed Subsidiary. As of the Relevant Closing, there will be no
rights of first refusal, rights of first offer, voting trusts, stockholder agreements, proxies or other Contracts in effect with respect to the sale or voting of the outstanding equity interests of the Conveyed Subsidiary. GSK Parent (or one of its
Affiliates) owns of record and beneficially as of the date of this Agreement, and will own of record and beneficially as of immediately prior to the Relevant Closing, all of the issued and outstanding equity securities in the Conveyed Subsidiary,
free and clear of all material Liens except for Liens arising under applicable securities Laws. The Conveyed Subsidiary does not own, any other equity interests of any Person. 

 

	9.6	 No Litigation  

 

	 	(a)	 Except as set forth in the Disclosure Letter, there is no Action pending or, to the Knowledge of GSK Parent,
threatened against a Transferor or its Affiliates (excluding JVCo and its Subsidiaries) relating to any Transferring Asset, before any Governmental Authority or arbitration tribunal other than Actions which would not, individually or in the
aggregate, be materially adverse to the Transferring Businesses or the Transferring Assets, taken as a whole. 

  

	 	(b)	 Except as set forth in the Disclosure Letter, none of the Transferors is subject to any Governmental Order
relating to any Transferring Asset other than those which would not, individually or in the aggregate, be materially adverse to the Transferring Businesses or the Transferring Assets, taken as a whole. 

 

	9.7	 Compliance with Laws 

 

	 	(a)	 Except as set forth in the Disclosure Letter, each Transferor is and will be as of the Relevant Closing, and
for the last three (3) years has been, in compliance with all Laws applicable to the ownership, lease or operation of the Transferring Assets or Transferring Businesses which it is transferring pursuant to this Agreement, including (i) the
Federal Food, Drug, and Cosmetic Act, 21 U.S.C. §301 et seq. and applicable binding implementing regulations issued by the U.S. Food and Drug Administration, (ii) the applicable Laws of the European Union and applicable binding
implementing regulations issued by applicable Governmental Authorities in those jurisdictions in the European Union in which each Transferor, commercializes, distributes and sells products, or otherwise operates, or has marketed, commercialized,
distributed or sold products, or otherwise operated, in the last three (3) years (including European Union’s Directive 95/46/EC, as amended, and Regulation EU 2016/679 (the General Data Protection Regulation), and any national implementing
legislation of the 

  
 27 

	 	
foregoing) and as of the Relevant Closing and (iii) the applicable Laws of any other jurisdiction in which each Transferor markets, commercializes, distributes and sells products, or
otherwise operates, or has marketed, commercialized, distributed or sold products, or otherwise operated, in the last three (3) years and as of the Relevant Closing, except in the case of each of the foregoing clauses (i), (ii)
and (iii) to the extent that the failure to comply therewith would not, individually or in the aggregate, be materially adverse to the Transferring Businesses or the Transferring Assets, taken as a whole. 

 

	 	(b)	 Each Transferor possesses, and will possess as of the Relevant Closing, all Governmental Authorizations
necessary for the conduct of the Transferring Businesses or ownership of the Transferring Assets which it is transferring pursuant to this Agreement, as currently conducted, and each such Governmental Authorization , is and will be as of the
Relevant Closing in full force and effect, except where the failure to possess any such Governmental Authorization or the failure of such Governmental Authorization to be in full force and effect would not, individually or in the aggregate,
materially impair the operations of the Transferring Businesses or the Transferring Assets, taken as a whole. 

  

	9.8	 Manufacturing Registrations; Regulatory Compliance.  

 

	 	(a)	 Except with respect to Environmental Permits (which are the subject of Section 9.9):

  

	 	(i)	 Each Transferor of the Consumer Healthcare Facility owns, possesses or validly has the right to use all
Governmental Authorizations necessary to operate such facility as operated as at the Relevant Closing, except where the failure to so own, possess or validly have such right would not, individually or in the aggregate, materially impair the
operations of the Consumer Healthcare Facility; and 

  

	 	(ii)	 Each Transferor in respect of the Transferring Assets and Transferring Businesses owns, possesses or validly
has the right to use all Governmental Authorizations necessary to research, develop, manufacture, market, commercialize, test, use, store, distribute and sell the products as it sells or will sell at the Relevant Closing in connection with the
Transferring Businesses or the Transferring Assets, except where the failure to comply therewith would not, individually or in the aggregate, be materially adverse to the relevant Transferring Businesses or Transferring Assets taken as a whole.

  

	 	(b)	 Except as set forth in the Disclosure Letter, there is and will be as of the Relevant Closing no Action
pending, or, to the Knowledge of GSK Parent, threatened, relating to the Consumer Healthcare Facility (i) arising from complaints, allegations or Actions relating to any injury to person or property solely as a result of manufacture or
processing of any of the products in the Consumer Healthcare Business that were manufactured or processed prior to the Relevant Closing at the Consumer Healthcare Facility. Except as set forth in the Disclosure Letter, there is and will be as of the
Relevant Closing no Action pending, or, to the Knowledge of GSK Parent, threatened, relating to the Consumer Healthcare Facility (i) arising from complaints, allegations or Actions relating to any injury to person or property solely as a result
of defective or deficient manufacture or processing of any of the products in the Consumer Healthcare Business that were manufactured or processed prior to the Relevant Closing at the Consumer Healthcare Facility (“Consumer Healthcare
Facilities Products”) or (ii) relating to any alleged hazard or alleged defect in design, manufacture, materials or workmanship, including any failure to warn or alleged breach of express or implied warranty or representation, relating
to manufacture or 

  
 28 

	 	
processing of the Consumer Healthcare Facilities Products, except in each case of clauses (i) and (ii), for (x) Actions which would not, individually or in the aggregate, be materially
adverse to the Transferring Businesses relating to the Consumer Healthcare Facility, and/or (y) where any Actions relate to or arise in connection with the design of such products or the defective or deficient manufacture or processing of any
products resulting from any action or omission of JVCo or its Affiliates. 

  

	 	(c)	 Notwithstanding any other provision of this Agreement, this Section 9.8 and Section 9.14 (only to the
extent it relates to Manufacturing Registrations, products liability and product recalls) set forth the sole and exclusive warranties of GSK Parent with respect to Manufacturing Registrations, products liability and product recalls under this
Agreement. 

   

	9.9	 Environmental Matters. Except as set forth in the Disclosure Letter: 

 

	 	(a)	 (i) The Consumer Healthcare Facility is and will be as of the Relevant Closing and has been since July 31,
2019 until the Relevant Closing in compliance with all applicable Environmental Laws and Governmental Authorizations required under Environmental Law (including Environmental Permits); (ii) none of the relevant Transferors nor their Affiliates (in
each case, with respect to the Consumer Healthcare Facility or the Transferring Assets or Transferring Businesses) are undertaking or will be required at the Relevant Closing to undertake any Remedial Action at the Consumer Healthcare Facility or
the Transferring Assets or Transferring Businesses; and (iii) since July 31, 2019 until the Relevant Closing, none of the Transferors has received written notice from a Governmental Authority or other Person that it is subject to any
unresolved enforcement action or Liability with respect to the Consumer Healthcare Facility or the Transferring Assets or Transferring Businesses under any applicable Environmental Laws or Environmental Permits, except for such noncompliance,
Remedial Actions, Liabilities or enforcement actions that would not, individually or in the aggregate, be materially adverse to the Transferring Businesses or the Transferring Assets, taken as a whole; 

 

	 	(b)	 all Governmental Authorizations (including Environmental Permits) required of the relevant Transferors (in each
case, with respect to the Consumer Healthcare Facility or the Transferring Assets or Transferring Businesses) under all applicable Environmental Laws have been obtained and are held at the Relevant Closing by such Transferor, except for such
failures to obtain as would not, individually or in the aggregate, materially impair the operations of the Transferring Businesses or the Transferring Assets, taken as a whole; and 

 

	 	(c)	 no Actions or written claims are pending or, to the Knowledge of GSK Parent, threatened against any Transferor
or their Affiliates (in each case, with respect to the Consumer Healthcare Facility or the Transferring Assets or Transferring Businesses) arising from or as a result of, and there have been, in each case at the Relevant Closing, no
(i) exposures to Hazardous Materials, including on, in, under, about or at the Consumer Healthcare Facility, (ii) Releases of Hazardous Materials, including at, on, in, under, or from the Consumer Healthcare Facility, (iii) off-site treatment, storage or disposal of Hazardous Materials generated by the Consumer Healthcare Facility (as currently or formerly conducted), the Transferors (with respect to the Transferring
Businesses or the Transferring Assets), or (iv) any violations of any Environmental Laws arising, directly or indirectly, in connection with the Consumer Healthcare Facility or the

  
 29 

	 	
Transferring Businesses as currently or formerly conducted at the Consumer Healthcare Facility, in each case that has resulted or would result in Environmental Liability, except for such claims,
Actions, Environmental Liabilities or investigations that would not, individually or in the aggregate, be materially adverse to the Transferring Businesses or the Transferring Assets, taken as a whole. 

 

	 	(d)	 Notwithstanding any other provision of this Agreement, the warranties set forth in this Section 9.9 and
Section 9.14 (only to the extent it relates to Environmental Laws, Environmental Permits, Environmental Liabilities, Hazardous Materials and other environmental matters) are the sole and exclusive warranties of GSK Parent with respect to
Environmental Laws, Environmental Permits, Environmental Liabilities, Hazardous Materials and other environmental matters under this Agreement. 

  

	9.10	 Material Contracts.  

 

	 	(a)	 None of GSK Parent or any of its Affiliates is a party to or bound at the Relevant Closing by any Contract in
effect as of the date hereof that is material to the Transferring Businesses or the Transferring Assets, taken as a whole (a “Material Contract”). 

 

	9.11	 Intellectual Property.  

 

	 	(a)	 GSK Parent or its Subsidiaries (including the Conveyed Subsidiary), as applicable, are the sole legal owners of
all Transferring Intellectual Property that is owned or purported to be owned by GSK Parent or its Affiliates at the Relevant Closing. None of the Transferring Intellectual Property is subject to any Lien, other than Permitted Liens.

  

	 	(b)	 Since July 31, 2019, to the Knowledge of GSK Parent, there (i) have been no failures of the
Transferring Business IT Systems that have materially and adversely impacted the conduct of the Transferring Businesses and (ii) has been no unauthorized access, loss, use or breach of security with respect to the Transferring Business IT
Systems or any material sensitive, confidential or proprietary information (including personally identifiable information) relating to the Transferring Businesses that have materially and adversely impacted the Transferring Businesses, taken as a
whole. 

   

	 	(c)	 Notwithstanding any provision of this Agreement to the contrary, this Section 9.11 and Section 9.14
(only to the extent it relates to the Transferring Intellectual Property) set forth the sole and exclusive warranties of GSK Parent with respect to Intellectual Property under this Agreement. 

 

	9.12	 Real Property.  

 

	 	(a)	 The Transferor(s) of the Consumer Healthcare Facility each have, and will have as of the Relevant Closing,
insurable title in fee simple to the Real Property which is owned, free and clear of any Liens, other than Permitted Liens. Except as set forth in the Disclosure Letter or as would not, individually or in the aggregate, materially impair the
operations of the Transferring Businesses or the Transferring Assets, taken as a whole, none of the Transferors nor any of their respective Affiliates are leasing or otherwise granting at the Relevant Closing to any third party the right to use or
occupy any Real Property or any portion thereof. 

  

	 	(b)	 Each Transferor has and will have at the Relevant Closing a valid leasehold interest and valid and continuing
right to use and occupy each Real Property which is leased 

  
 30 

	 	
pursuant to a real property lease. Except as set forth in the Disclosure Letter, or as would not, individually or in the aggregate, materially impair the operations of the Transferring Businesses
or the Transferring Assets, taken as a whole, at the Relevant Closing (i) each such lease is legal, valid and binding on the Transferor that is a party thereto and, to the Knowledge of GSK Parent, each other party thereto and is in full force
and effect, except as enforcement may be limited by bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium or similar Laws affecting creditors’ rights generally or by general principles of equity (regardless of whether
enforcement is sought in a proceeding in equity or law), (ii) no Transferor, to the Knowledge of GSK Parent, any other party thereto, is in breach of, or default under, any such lease and (iii) no Transferor is leasing or otherwise granting to
any third party the right to use or occupy any such Real Property or any portion thereof. 

  

	 	(c)	 No certificate, permit or license from any Governmental Authority having jurisdiction over any of the Real
Property, or any Contract, easement or other right which is or will be at the Relevant Closing necessary to permit the lawful occupancy of the buildings and improvements on any of the Real Property or which is or will be at the Relevant Closing
necessary to permit the lawful use of all driveways, roads and other means of egress and ingress to and from any of the Real Property, in each case, with respect to the Transferring Businesses or the Transferring Assets, has not been obtained or, to
the Knowledge of GSK Parent, is not in full force and effect, which would, individually or in the aggregate, materially impair the operations of the Transferring Businesses or the Transferring Assets, taken as a whole, and none of the relevant
Transferors has received any written notice from any Governmental Authority that the Real Property is currently in violation of any applicable Law that would, individually or in the aggregate, materially impair the operations of the Transferring
Businesses or the Transferring Assets, taken as a whole. 

  

	9.13	 Assets. 

  

	 	(a)	 Except as otherwise provided in this Agreement or as would not, individually or in the aggregate, materially
impair the operations of the Transferring Businesses and the Transferring Assets, taken as a whole, the Transferors have, or will have as of the Relevant Closing, good and valid title to, or other legal rights to possess and use the Transferred
Assets and all of the assets comprising the Transferred Businesses, free and clear of any Liens other than Permitted Liens. 

  

	 	(b)	 Except (i) as set forth in the Disclosure Letter, (ii) for the Excluded Services (as defined in the
Transition Services Agreement), and (iii) as would not, individually or in the aggregate, materially impair the operations of relevant Transferring Business or the relevant Transferring Assets (assuming all consents and Approvals as may be
required in connection with the consummation of the transactions contemplated by this Agreement and the Ancillary Implementing Agreements have been obtained; provided that no such assumption shall be made to the extent GSK Parent is not in
compliance with its obligations under Section 3 of this Agreement), the relevant Transferring Businesses, together with the benefits, services, assets, licenses, sublicenses and other rights and benefits to be provided to JVCo and its
Subsidiaries pursuant to this Agreement, the Ancillary Implementing Agreements, and the Transaction Documents, do and will following any Relevant Closing, in the aggregate, constitute all of the assets either used in or necessary for the JVCo Group
to conduct the relevant Transferring Business as conducted as of the date of this Agreement and as of the Relevant Closing. For the avoidance of doubt, whether any relevant Transferring Business has all of the asset either used in or necessary for
the JVCo Group to conduct the relevant Transferring Business will be determined solely in respect of that Transferring Business. 

  
 31 

	9.14	 Global Trade Controls; Anti-Corruption Matters.  

 

	 	(a)	 The Transferors in respect of the Jurisdictions (with respect to their respective Transferring Businesses or
Transferring Assets), as well as their respective directors, officers, and employees, are in compliance with all Global Trade Control Laws, including possession of and compliance with Governmental Authorizations required by Global Trade Control
Laws, except for such noncompliance as would not, individually or in the aggregate, be materially adverse to the Transferring Businesses or the Transferring Assets, taken as a whole. 

 

	 	(b)	 The Transferors in respect of the Jurisdictions (with respect to their respective Transferring Businesses and
Transferring Assets) do not engage in any business with, or use, directly or indirectly, any corporate funds to contribute to or finance the activities of, any Restricted Party or in any Restricted Market except as permitted by Governmental
Authorization, except as would not, individually or in the aggregate, be materially adverse to the Transferring Businesses or the Transferring Assets, taken as a whole. 

 

	 	(c)	 None of the Transferors in respect of the Jurisdictions (with respect to their respective Transferring
Businesses and Transferring Assets), nor any of their respective directors, officers, and employees, is a Restricted Party or owned or controlled by a Restricted Party. 

 

	 	(d)	 To the Knowledge of GSK Parent, the Transferors in respect of the Jurisdictions (with respect to their
respective Transferring Businesses and Transferring Assets), as well as their respective directors, officers, and employees are in compliance with all Anti-Corruption Laws, except for such noncompliance as would not, individually or in the
aggregate, be materially adverse to the Transferring Businesses or the Transferring Assets, taken as a whole. 

  

	 	(e)	 Notwithstanding any other provision of this Agreement, the warranties set forth in this Section 9.14 are
the sole and exclusive warranties of GSK Parent with respect to Global Trade Control Laws and Anti-Corruption Laws under this Agreement. 

  

	9.15	 No material liabilities  

 

	 	(a)	 The transfer of the Transferring Assets and Transferring Business in Schedule 3 (Egypt) and
Schedule 13 (Cambodia, Singapore and Vietnam) contemplated by this Agreement did not (at the Relevant Closing) or will not (at the Relevant Closing) result in the transfer to, or assumption by, any member of the JVCo Group of any material
liabilities that have not been specifically reflected in and taken into account in the calculation of, the NBV Statements for such Transferring Assets and Transferring Business set forth on the applicable Country Schedule. 

 

	 	(b)	 The NBV Statements were prepared by GSK Parent reasonably and in good faith, are extracted from the financial
systems of GSK and its Affiliates, and are true and correct statements of net book value of the Transferring Businesses and the Transferring Assets as at the Relevant Closing in all material respects, it being acknowledged that (i) such
statements have not been prepared on a statutory or audited basis, (ii) the information does not relate to a separate legal entity, and (iii) GSK Parent has relied on information provided by the relevant members of the JVCo Group in
preparing such statements. 

  

	 	(c)	 The transfer of the Transferring Businesses and the Transferring Assets contemplated by this Agreement did not
(at the Relevant Closing) or do not result in the transfer to, or assumption by, any member of the JVCo Group of any material liabilities. 

  
 32 

	9.16	 Brokers.  

No broker, finder or investment banker is or will be entitled to any brokerage, finder’s or other fee or commission in connection with the
transactions contemplated by this Agreement based upon arrangements made by or on behalf of GSK Parent for which JVCo or any of its Affiliates (including, after the Relevant Closing, the Conveyed Subsidiary) would be liable. 

 

	9.17	 Taxes: 

  

	 	(a)	 All income and other material Tax Returns that are required to be filed in respect of the Transferring Assets
or the Transferring Business have been timely filed (taking into account any applicable extensions), and all such Tax Returns are true, correct and complete in all material respects. 

 

	 	(b)	 All income and other material Taxes required to be paid in respect of the Transferring Assets or the
Transferring Business have been timely paid (taking into account any applicable extensions). 

  

	 	(c)	 All material Taxes required to have been deducted or withheld in connection with any amounts paid or owing to
any employee, independent contractor, creditor, stockholder or other third party with respect to the Transferring Business have been paid over to the applicable Taxing Authority and (if required by any applicable Laws to do so) appropriate
certificates of deduction have been provided. 

  

	 	(d)	 There are no Liens for material Taxes upon any of the Transferring Assets except for Permitted Liens.

  

	 	(e)	 There are no current or pending audits, examinations, contests or other Actions with respect to material Taxes
of any Seller with respect to the Transferring Assets or the Transferring Business, and no such audits, examinations, contests or other Actions have been threatened in writing. 

 

	9.18	 No Other Representations or Warranties. 

 

	 	(a)	 Except for the warranties contained in this Article 9 or in any Ancillary Implementing Agreement, neither GSK
Parent, the other Transferors nor any of their respective Affiliates, representatives or any other Person makes any express or implied representation or warranty with respect to GSK Parent, the other Transferors, the Conveyed Subsidiary or any of
their respective Subsidiaries or Affiliates (other than JVCo and its Subsidiaries), the Transferring Assets, the Transferring Businesses, the Consumer Healthcare Business Liabilities or with respect to any other information provided, or made
available, to JVCo or any of its Subsidiaries in connection with the transactions contemplated hereby. Except as expressly set forth in the warranties contained in this Article 9 or in any Ancillary Implementing Agreement, neither GSK Parent nor any
of its Affiliates (other than JVCo and its Subsidiaries), representatives or any other Person has made any representation or warranty, express or implied, as to the prospects of the Transferring Businesses or their respective profitability, or with
respect to any forecasts, projections or business plans or other information delivered to JVCo or any of its Subsidiaries in connection with its review of the Transferring Assets, the Transferring Businesses and the negotiation and execution of this
Agreement, including as to the accuracy or completeness thereof or the reasonableness of any assumptions underlying any such forecasts, projections or business plans or other information. Except to the extent expressly provided in this Agreement
with respect to the warranties contained in this Article 9 or in any Ancillary Implementing Agreement, neither GSK Parent, the other Transferors nor any of their respective Affiliates (other than JVCo and its Subsidiaries), representatives or any
other Person will have, or be subject to, any Liability or other obligation to JVCo or any of its Subsidiaries or any other Person resulting from the sale and purchase of the Transferring Assets or the Transferring Businesses to JVCo or JVCo’s
use of, or the use by any of their Subsidiaries of, any information, including information, documents, projections, forecasts, business plans or other material made available to JVCo by, or on behalf of, GSK Parent, the other Transferors or any of
their respective Affiliates or representatives. Each of GSK Parent and the other Transferors and their respective Affiliates (other than JVCo and its Subsidiaries) disclaims any and all representations and warranties, whether express or implied,
except for the warranties contained in this Article 9 or in any Ancillary Implementing Agreement. Notwithstanding anything to the contrary contained in this Agreement, neither GSK Parent, the other Transferors nor any of their respective Affiliates
(other than JVCo and its Subsidiaries) makes any express or implied representation or warranty with respect to Excluded Assets, the GSK Business or the GSK Retained Liabilities. 

 

	 	(b)	 Save as expressly provided in this Article 9, each of the warranties contained in this Article 9 apply to all
Transferring Assets and Transferring Businesses. 

  
 33 

	10.	 Warranties of JVCo 

JVCo hereby warrants to GSK Parent as follows: 
  

	10.1	 Organization. JVCo is validly existing and is a company duly incorporated and registered under the laws
of England. Each Transferee is and will be as of the Relevant Closing, a corporation, partnership or other legal entity duly organized, validly existing and, where applicable, in good standing under the Laws of the jurisdiction of its organization,
except where the failure to be so organized, existing or in good standing would not, individually or in the aggregate, be materially adverse to the Consumer Healthcare Business. 

 

	10.2	 Authority; Binding Effect 

 

	 	(a)	 JVCo has all requisite corporate power and authority to execute and deliver this Agreement [and each Ancillary
Implementing Agreement to which it will be a party] and to perform its obligations hereunder and thereunder. The execution and delivery by JVCo of this Agreement [and each such Ancillary Implementing Agreement], and the performance by JVCo of its
obligations hereunder and thereunder, have been, or will have been as of the Relevant Closing, duly authorized by all requisite corporate action. Each Transferee has, or will have as of the Relevant Closing, all requisite corporate or other similar
applicable power and authority to execute and deliver each Ancillary Implementing Agreement to which it will be a party and to perform its obligations thereunder. The execution and delivery by each Transferee of each Ancillary Implementing Agreement
to which it will be a party, if applicable, and the performance by it of its obligations thereunder, have been, or will have been as of the Relevant Closing, duly authorized by all requisite corporate or other similar applicable action.

  

	 	(b)	 This Agreement has been duly executed and delivered by JVCo and, assuming this Agreement has been duly executed
and delivered by GSK Parent and GSK CH, constitutes a legal, valid and binding obligation of JVCo, and each Ancillary Implementing Agreement will be as of the Relevant Closing duly executed and delivered by each Transferee that will be a party
thereto and will, assuming such Ancillary Implementing Agreement has been duly executed and delivered by all other parties thereto, constitute a legal, valid and binding obligation of such Transferee, in each case enforceable against JVCo or such
other Transferee in accordance with its terms, except as enforcement may be limited by bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium or similar Laws affecting creditors’ rights generally or by general principles of
equity (regardless of whether enforcement is sought in a proceeding in equity or law). 

  

	10.3	 No Conflicts; Consents. The execution, delivery and performance of this Agreement by JVCo and each
Ancillary Implementing Agreement by a Transferee party to such Ancillary Implementing Agreement, and the consummation of the transactions contemplated hereby and thereby, by JVCo and such Transferee do not and will not (a) violate any provision
of the certificate of incorporation or bylaws of JVCo or the comparable organizational documents of any of the other Transferees, and (b) assuming compliance with the matters set forth in Schedules to this Agreement or the Disclosure Letter,
violate or result in a breach of or constitute a default under any Law, Governmental Authorization or other restriction of any Governmental Authority to which any Transferee (or Subsidiary thereof) is subject, except, as would not, individually or
in the aggregate, be materially adverse to the Consumer Healthcare Business. 

  

	10.4	 Governmental Authorization. The execution, delivery and performance of this Agreement by JVCo and each
Ancillary Implementing Agreement by a Transferee party to such Ancillary Implementing Agreement does not require any Approval of, or Filing with, any Governmental Authority, except for (a) the Approvals and Filings set forth in Schedules to
this Agreement or the Disclosure Letter and (b) the Approvals and Filings which if not obtained or made would not, individually or in the aggregate, be materially adverse to the Consumer Healthcare Business. 

  
 34 

	11.	 Covenants 

  

	11.1	 The GSK Parent hereby covenants that from the date of this Agreement until the Relevant Closing, it shall not
and shall procure that none of its Affiliates shall, sell, assign, transfer, license, sublicense, abandon or otherwise dispose of any material Transferring Asset, other than in the ordinary course of business. 

 

	11.2	 

  

	 	(a)	 Tax Indemnity. GSK Parent shall, from and after each Relevant Closing, indemnify and hold harmless JVCo
and its Subsidiaries from and against all liability for all (i) Taxes of GSK Parent and its Affiliates (except for Transfer Taxes or VAT for which JVCo or any Transferee is ultimately responsible for pursuant to Section 11.2), including Taxes for
any pre-Relevant Closing period imposed with respect to arising out of or relating to or pertaining to the applicable Transferring Business or Transferring Assets (other than the Conveyed Subsidiary) ; and (ii) any costs and expenses, including
reasonable legal and accounting fees and expenses, attributable to any item described in Section 11.2(i). Section 6.5 of the SAPA shall apply, mutatis mutandis, to such Taxes as though they were “Purchaser Parent Indemnified Taxes” (and to
the extent that any other provision of Section 6.5(d)(ii) of the SAPA and this Section 11.2 would otherwise conflict in relation to such Taxes, this Section 11.2 shall take precedence). For the avoidance of doubt, references to the SAPA include the
SAPA as amended from time to time (including pursuant to such documents as are to be entered into in connection with the Demerger). Notwithstanding anything herein to the contrary, any and all indemnification in respect of Tax matters within the
scope of this Section 11.2 and the procedures relating thereto shall be governed exclusively by this Section 11.2. 

  

	 	(b)	 Transfer Taxes. Notwithstanding anything to the contrary in this Agreement, including Section 4.2,
and the Schedules, which are intended to govern the specific Transfer Tax payment logistics, JVCo shall each ultimately be responsible for half of, and GSK Parent shall be responsible for half of any Transfer Taxes imposed on the transfer of the
Transferring Assets, the Transferring Businesses and Assumed Consumer Healthcare Business Liabilities to any Transferee and the costs of preparing and filing Tax Returns in respect of any such Transfer Taxes, and each of JVCo and GSK Parent shall
pay to the other such amount (if any), or put in place appropriate arrangements, as is required to give effect to that equal division of liability, taking into account any Transfer Taxes paid by their respective Affiliates pursuant to
Section 4.2 and the relevant Schedules. The Party responsible under applicable Law for filing Tax Returns with respect to Transfer Taxes shall prepare and timely file such Tax Returns. GSK Parent and JVCo shall, and shall cause their respective
Affiliates to, reasonably cooperate to timely prepare and file any Tax Returns or other filings relating to such Transfer Taxes and to minimize any such Transfer Taxes. 

 

	 	(c)	 VAT. All payments made pursuant to this Agreement are exclusive of VAT. Any VAT imposed on the transfers
of the Transferring Assets and Assumed Consumer Healthcare Business Liabilities to JVCo or any Transferee shall be charged to JVCo or the relevant Transferee in addition to the consideration specified in the relevant Schedule. JVCo (or the relevant
Transferee) shall pay any such VAT upon receipt of the relevant VAT invoices, if such invoice is required under applicable Law. JVCo and GSK Parent shall, and shall cause their respective Affiliates to, exercise

  
 35 

	 	
commercially reasonable endeavours to satisfy all compliance obligations necessary in order to treat any such transfer as a transfer of a going concern for VAT purposes where permissible under
applicable Law. Where GSK Parent has treated, or caused its Affiliates to treat, a transaction under this Agreement as a transfer of a going concern or otherwise exempt from or outside the scope of VAT and it receives notice that a Taxing Authority
disagrees with that treatment, it shall promptly notify JVCo and reasonably cooperate with JVCo to contest such disagreement upon JVCo’s request, provided that JVCo shall indemnify GSK Parent in respect of any costs, expenses, fees or
Taxes incurred in connection with such contest. GSK Parent shall issue (or shall cause to be issued) (a) any invoice necessary and reasonably cooperate with JVCo and its Affiliates to provide information and documentation necessary for JVCo and its
Affiliates to comply with its VAT obligations in respect of the transfers of the Transferring Assets and Assumed Consumer Healthcare Business Liabilities pursuant to this Agreement. This Section 11.2(c) is subject to the provisions in Schedule 3
(Egypt), which shall control with respect to the liability for VAT in respect of the Transferring Egypt Business, but only to the extent there is any discrepancy between such Schedule and the provisions of this Section 11.2(c). 

 

	 	(d)	 Tax Covenant. This Agreement is subject in its entirety to the Tax Covenant. In the event of any conflict
between this Agreement and the Tax Covenant, the provisions of the Tax Covenant shall prevail. 

   

	11.3	 GSK Parent and JVCo shall agree on the method and content of the notifications to partners, customers,
suppliers, wholesalers and distributors of the Consumer Healthcare Business of the transactions contemplated by this Agreement prior to each Relevant Closing. GSK Parent and JVCo agree that such notifications are to provide sufficient advance notice
of the transactions contemplated hereby and the plans associated therewith, with the objective of minimizing any disruption of the Consumer Healthcare Business. 

 

	11.4	 After any Relevant Closing Date, each Party and their respective Affiliates may receive mail and other
communications properly belonging to another Party (or that other Party’s Affiliates). Accordingly, at all times after the Relevant Closing Date, each Party authorizes the other Parties and their respective Affiliates to receive and open all
mail and other communications received by it and not unambiguously intended for any other Party (or its Affiliates) or any other Party’s (or its Affiliates’) officers or directors, and to retain the same to the extent that they relate to
the business of the receiving Party or, to the extent that they do not relate to the business of the receiving Party, the receiving Party shall promptly deliver such mail or other communications (or, in case the same relate to both businesses,
copies thereof) to the Party for which such mail and communications are intended. The provisions of this Section 11.4 are not intended to, and shall not be deemed to, constitute an authorization by any Party to permit the other to accept
service of process on its behalf and no Party is or shall be deemed to be the agent of any other for service of process purposes. 

  

	11.5	 All payments and reimbursements received by GSK Parent or its Affiliates (excluding JVCo and its Subsidiaries)
after any Relevant Closing that, consistent with the terms and conditions of this Agreement or any Ancillary Implementing Agreement, are the property of JVCo or its Subsidiaries shall be held by such Person in trust for the benefit of JVCo and,
promptly following receipt by such Person of any such payment or reimbursement, such Person shall pay over to JVCo the amount of such payment or reimbursement without right of set-off. 

 

	11.6	 For the avoidance of doubt: 

 

	 	(a)	 Sections 6.22(b) and 6.22(c) of the SAPA shall apply to this Agreement, mutatis mutandis, including in
respect of: 

  

	 	(i)	 any part of the Consumer Healthcare Business transferring under the terms of this Agreement, and

  

	 	(ii)	 any assets or liabilities that are not part of the Consumer Healthcare Business that are transferring from JVCo
(or its Affiliates) to GSK Parent (or its Affiliates) under the terms of this Agreement; and 

  
 36 

	 	(b)	 Section 6.20 of the SAPA shall apply to this Agreement, mutatis mutandis, including in respect of:

  

	 	(i)	 all payments and reimbursements received by GSK Parent or its Affiliates (other than JVCo or its Subsidiaries)
after the Relevant Closing Date that, consistent with the terms and conditions of this Agreement or any Ancillary Implementing Agreements, are the property of JVCo or its Subsidiaries; and 

 

	 	(ii)	 all payments and reimbursements received by JVCo or its Subsidiaries after the Relevant Closing Date that,
consistent with the terms and conditions of this Agreement or any Ancillary Implementing Agreements, are the property of GSK Parent or any of its Affiliates (other than JVCo and its Subsidiaries). 

except that, in each case of clauses (a) and (b), each reference to (i) “Seller Parent” shall be deemed to reference “GSK
Parent,” (ii) “Seller” shall be deemed to reference “Transferor,” (iii) “Purchaser Parent” or “Purchaser” shall be deemed to reference “JVCo,” (iv) “Purchased Assets” shall be deemed
to reference “Transferring Assets” (v) “Business” shall be deemed to reference “Transferring Businesses,” (vi) all other capitalized terms defined specifically in this Agreement, including “Excluded Assets,”
shall have the meaning assigned to such term in this Agreement and (vii) “Closing” shall be deemed to reference “Relevant Closing.” 
  

	12.	 Transfer of Intellectual Property 

 

	12.1	 Except as expressly set out in this Article 12, each Party acknowledges and agrees on behalf of itself and each
of its Subsidiaries that nothing in this agreement shall operate as an agreement to transfer (nor shall transfer) any right, title or interest in or to, nor constitute any licence of, any Excluded Intellectual Property (or any Know-How relating thereto). 

  

	12.2	 In the event that any Intellectual Property transferring under Section 2.1 or Section 2.3 is subject
to any infringement, challenge to validity or other proceedings, the transferee Party shall assume responsibility for control of such proceedings with effect on and from the Relevant Closing Date. 

 

	12.3	 The transferee Party undertakes to assume (and shall procure that its Subsidiaries shall assume) all ongoing
obligations and liabilities of arising out of or in connection with any Intellectual Property transferring under Section 2.1 or Section 2.3 (including any licence to third parties of any of the same). 

 

	12.4	 Notwithstanding anything to the contrary in this Agreement (other than Section 18.7) or any Ancillary
Implementing Agreement, but Subject in all cases to Section 18.7, the transferee Party shall be responsible for preparing and filing all instruments and documents necessary to effect the assignment of the Intellectual Property listed in Schedule 20
that is owned by the transferring Party or its Subsidiaries to the transferee Party and its Affiliates, including all costs and expenses of preparing and recording country-specific assignments and legalization of signatures (where required). The
transferring Party shall, and shall cause its Affiliates to, cooperate with the foregoing; provided that, notwithstanding anything to the contrary herein, such obligation of the transferring Party to cooperate shall expire twenty-four
(24) months following the Relevant Closing Date (except with respect to such Intellectual Property that is owned or purported to be owned by the transferring Party or its Subsidiaries or their predecessors with respect to which there are gaps
in the chain of title and the record or beneficial title is, as of the Relevant Closing Date, not in the name of a Transferor, which obligation shall continue until forty-eight (48) months following the Relevant Closing Date (except with
respect to such Intellectual Property that is owned or purported to be owned by the transferring Party or its Subsidiaries or their predecessors with respect to which there are gaps in the chain of title and the record or beneficial title is, as of
the Relevant Closing Date, not in the name of the Affiliate of the transferring Party listed in the relevant Schedule, which obligation shall continue until forty-eight (48) months following the Relevant Closing Date). 

  
 37 

	12.5	 The Parties acknowledge that certain Trademarks and Internet Identifiers other than those in Part 1 of Schedule
20 have been identified as being held by the wrong Party, which such Trademarks and Internet Identifiers are marked as of the Demerger Date as both “Wrong pockets” in the Classificaion field and as “to lapse” in the Action Type
field of the Anaqua management database (being those set out in Part 4 of Schedule 20). However, the Parties agree that for reasons of cost and efficiency, such Trademarks and Internet Identifiers will not be transferred pursuant to this Agreement.
In each case, the Party that owns (or whose Affiliate owns) such Trademark or Internet Identifier agrees that: 

   

	 	(a)	 it has no rights in and no right to use such Trademark or Internet Identifier; and 

 

	 	(b)	 it shall allow such Trademark or Internet Identifier to lapse at the next available opportunity including,
where applicable at the request and expense of the other Party to actively abandon the same. 

  

	13.	 Maintenance and transfer of Marketing Authorisations 

The provisions of Schedule 17 shall apply. 
  

	14.	 Indemnification 

 

	14.1	 Subject to the provisions of this Article 14, from and after each Relevant Closing, GSK Parent agrees to
indemnify and hold harmless JVCo and its Subsidiaries (collectively, the “JVCo Indemnified Parties”) from and against any and all Losses (other than Taxes arising out of a Tax claim, which are the subject of Section 11.2, the
SAPA or the Tax Covenant, as applicable) that any such JVCo Indemnified Party suffers or incurs to the extent resulting from (i) any GSK Retained Liability, (ii) any breach by GSK Parent of any of its covenants or agreements contained in
this Agreement or in any Ancillary Implementing Agreement or (iii) any breach of any warranty of GSK Parent contained in Section 9, Paragraph 9 of Schedule 18 or in any Ancillary Implementing Agreement, in each case as of the Relevant
Closing Date as though made on the Relevant Closing Date (or, in the case of warranties that address matters only as of a particular date, as of such date). 

  

	14.2	 Subject to the provisions of this Article 14, from and after each Relevant Closing, JVCo agrees to indemnify
and hold harmless GSK Parent and its Affiliates (other than JVCo and its Subsidiaries) (collectively, the “GSK Parent Indemnified Parties”) from and against any and all Losses (other than Taxes arising out of a Tax claim,
which are the subject of Section 11.2, the SAPA or the Tax Covenant, as applicable) that any such GSK Parent Indemnified Party suffers or incurs to the extent resulting from (i) any Assumed Consumer Healthcare Business Liability,
(ii) any New ATFA Consumer Healthcare Business Liability, or (iii) any breach by JVCo of any of its covenant or agreements contained in this Agreement or in any Ancillary Implementing Agreement, in its capacity as a Party hereto (and not
in its capacity as an Affiliate or Subsidiary of GSK Parent), provided that to the extent that any of the GSK Parent Indemnified Parties have a claim under section 7.2 (Indemnification by Purchaser) of the SAPA, such GSK Parent Indemnified Party
shall have no claim, and the JVCo shall have no liability, under this Section 14.2 in respect of the same Loss. 

   

	14.3	 The provisions relating to Indemnification Procedures set out in section 7.3 of the SAPA shall apply to the
indemnifications set out in this Article 14 mutatis mutandis. 

  

	14.4	 If any Relevant Closing has occurred, all covenants and agreements made herein or in any Ancillary Implementing
Agreement which, in each case, by their terms contemplate actions or 

  
 38 

	 	
impose obligations following such Relevant Closing shall survive the Relevant Closing and remain in full force and effect in accordance with their terms; provided that, other than
indemnification obligations in respect of Taxes (the survival of which shall be governed exclusively by Section 6.5(l) of the SAPA) (a) the obligations of JVCo to assume, and to indemnify and hold harmless the GSK Parent Indemnified
Parties for, the Assumed Consumer Healthcare Business Liabilities, (b) the obligations of GSK Parent to retain, and indemnify and hold harmless the JVCo Indemnified Parties for, the GSK Retained Liabilities, shall in each case survive the
Relevant Closing indefinitely. All other covenants and agreements contained herein or in any Ancillary Implementing Agreement shall survive the Relevant Closing and shall terminate and expire on the twelve (12) month anniversary of the Demerger
Date (other than the covenants and agreements set forth therein which by their terms contemplate actions or impose obligations following the Relevant Closing, which shall survive the Relevant Closing and remain in full force and effect in accordance
with their terms). All warranties made herein or in any Ancillary Implementing Agreement, and all indemnification obligations under Section 14.1 with respect to any such warranties, shall terminate and expire on the fifteen (15) month
anniversary of the Demerger Date; provided, however, that the Fundamental GSK Parent Warranties shall terminate and expire on the three (3) year anniversary of the Demerger Date. No Person shall be entitled to indemnification, and no Action
seeking to recover Taxes, Losses or other relief shall be commenced or maintained, with respect to any breach of any covenants, agreements or warranties contained in this Agreement or any Ancillary Implementing Agreement after the date on which such
covenant, agreement or warranty shall terminate pursuant to this Section 14.4 or Section 6.5(l) of the SAPA, unless prior to such termination date a claim for indemnification with respect thereto has been made by written notice in
accordance with Section 14.3 (in the case of Losses or other relief) or Section 11.2(a) (in the case of Taxes), in which case such claim for indemnification shall survive until finally resolved in accordance with this Agreement.

  

	14.5	 Notwithstanding the other provisions of this Agreement, neither GSK Parent nor JVCo, as applicable, shall have
any indemnification obligations under Section 14.1(iii) or Section 14.2(ii), as applicable, for any Loss (together with any and all other Losses resulting from the same facts or circumstances) that is less than [***] (the “De
Minimis”), (except with respect to any breach of a Fundamental GSK Parent Warranty), and the maximum aggregate liability of any Transferor in respect of all such Losses (except with respect to any breach of a Fundamental GSK Parent
Warranty) relating to any Transferring Asset or Transferring Business shall not exceed: 

   

	 	(a)	 the amount that is equal to the consideration payable under this Agreement in respect of such Transferring
Asset or Transferring Business for which the consideration being paid is above[***]; or 

  

	 	(b)	 [***] in aggregate in respect of all Transferring Assets and Transferring Businesses for which the
consideration being paid is [***]. 

  

	14.6	 The amount of any Loss for which indemnification is provided under this Article 14 shall be net of (i) any
amounts recovered by any Person entitled to be indemnified under this Article 14 (the “Indemnified Party”) pursuant to any indemnification by or indemnification agreement with any third party, and (ii) any insurance proceeds or
other cash receipts or sources of reimbursement received with respect to such Loss, [and (iii) in the case of GSK Parent as the Party from whom indemnification may be sought (the applicable “Indemnifying Party”), any amounts
recovered by the JVCo pursuant to the Contribution Agreement, dated as of April 22, 2014, by and among GSK Parent, GSK CH and Novartis AG, as amended (the source of any such amounts referred to in clause (i) or (ii), a
“Collateral Source”), in each case net of any Taxes imposed or reasonable out of-pocket costs incurred in connection with the collection of such insurance proceeds, cash receipts or
sources of reimbursement. The applicable Indemnified Party shall use its commercially reasonable endeavours to seek 

  
 39 

	 	
recovery for such Losses from all Collateral Sources. The Indemnifying Party may require an Indemnified Party to assign to the Indemnifying Party the rights to seek recovery from any Collateral
Sources (to the extent such rights are capable of assignment); provided that the Indemnifying Party will then be responsible for pursuing such claim at its own expense; provided, further, that the Indemnified Party shall
cooperate (at the Indemnifying Party’s expense) with the Indemnifying Party to seek such recovery. If the amount to be netted hereunder from any payment required under this Article 14 is determined after payment by the Indemnifying Party
of any amount otherwise required to be paid to an Indemnified Party pursuant to this Article 14, the Indemnified Party shall repay to the Indemnifying Party, promptly after such determination, any amount that the Indemnifying Party would not
have had to pay pursuant to this Article 14 had such determination been made at the time of such payment. 

  

	14.7	 To the extent that any of the GSK Retained Liabilities (including the Retained ATFA Facilities Liabilities) are
covered by the indemnification obligations granted by GSK Parent under section 7.1(b) of the SAPA, such GSK Retained Liabilities shall be deemed not to be covered by the indemnity set out in Section 14.1 above. 

 

	14.8	 To the extent that any of the Assumed Consumer Healthcare Business Liabilities are covered by the
indemnification obligations granted by JVCo under section 7.2 of the SAPA, such Liabilities shall be deemed not to be covered by the indemnity set out in Section 14.2 above. 

 

	14.9	 The provisions set out in section 7.7 (No Right of Set-Off), section
7.8 (Materiality), section 7.9 (Mitigation; Other Limitations), and section 7.10 (Sole Remedy/Waiver) of the SAPA shall apply to the indemnifications set out in this Article 14 mutatis mutandis. 

 

	15.	 Transfer of businesses in Brazil and Argentina 

The parties acknowledge and agree that: 
  

	 	(a)	 the assets related to the manufacturing business carried on at the manufacturing site at Carlos Casares 3690,
Victoria, San Fernando, B1644BCD, Province of Buenos Aires, Argentina will be retained by GlaxoSmithKline Argentina S.A. and the shares in GlaxoSmithKline Argentina S.A. will transfer from the relevant member of the GSK Group to the relevant member
of the JVCo Group pursuant to the terms of the BA Site NEBA (other than Marketing Authorisations and Registration Information which transfer pursuant to the terms of this Agreement); 

 

	 	(b)	 the assets related to the manufacturing business carried on at the manufacturing site in Jacarepaguá
will transfer from the relevant member of the GSK Group to the relevant member of the JVCo Group pursuant to the terms of the Brazil ATFA (other than Marketing Authorisations and Registration Information which transfer pursuant to the terms of this
Agreement); and 

  

	 	(c)	 all rights, obligations and Liabilities in respect of the businesses referred into Clauses (a) and (b) above
shall be dealt with in the BA Site NEBA and the Brazil ATFA (respectively) (other than with respect to Marketing Authorisations and Registration Information). 

 

	16.	 Other transactions relating to the Demerger 

 

	16.1	 Collapsing of certain Alliance Markets structures 

Each Party shall use reasonable endeavours to procure that the transactions contemplated by Schedules 11, 12, 13, 14 and 16 are given full
effect, in each case subject to the terms and conditions set forth in this Agreement and in such relevant Country Schedules; provided, that, notwithstanding anything to the contrary herein or in any Country Schedules, any Local Implementing
Agreements, including any associated transitional distribution and supply arrangements, shall be on arms’ length terms for the interim period until the applicable distribution or supply arrangement is terminated; provided, that if at any time
from the date of this Agreement until the applicable distribution or supply arrangement is terminated, the GSK Group provides services to a third party contemplated by Schedules 11, 12, 13, 14 and 16 that contains terms and provisions that are more
favorable than the terms and provisions than that provided to the JVCo Group, the GSK Group shall enter into amendments to the applicable Local Implementing Agreements, including any associated transitional distribution and supply arrangements, to
provide for the same more favorable terms and provision. 

  
 40 

	16.2	 WREF and other matters 

The provisions of Schedule 24 shall apply. 
   

	17.	 Confidentiality 

 

	17.1	 Each Party shall treat as confidential all information obtained as a precursor to or as a result of negotiating
or entering into or performing this Agreement or which relates to: 

  

	 	(a)	 the provisions of this Agreement; 

 

	 	(b)	 the negotiations relating to this Agreement; and 

 

	 	(c)	 the subject matter of this Agreement. 

 

	17.2	 Without limiting Section 17.1, on and from Relevant Closing, GSK Parent and GSK CH shall treat as
confidential all information relating to any Transferring Business or Transferring Asset or any Assumed Consumer Healthcare Business Liability and JVCo shall treat as confidential all information relating to the GSK Parent and its Affiliates (other
than JVCo and its Subsidiaries) that relates to this Agreement. 

  

	17.3	 Each Party shall: 

  

	 	(a)	 not disclose any such confidential information to any person other than: 

 

	 	(i)	 any of its directors or employees who need to know such information in order to discharge their duties; and

  

	 	(ii)	 other Affiliates of such Party; 

 

	 	(b)	 not use any such confidential information other than for the purpose of: 

 

	 	(i)	 in the case of JVCo, conducting the Consumer Healthcare Business; 

 

	 	(ii)	 and in the case of GSK Parent or any its Affiliates (other than JVCo and its Subsidiaries), managing or
monitoring its investment in JVCo or its Affiliates; and 

  

	 	(iii)	 in connection with the performance of its obligations and the exercise of its rights under this Agreement or
any Ancillary Implementing Agreement; and 

  

	 	(c)	 procure that any Person to whom any such confidential information is disclosed by it complies with the
restrictions contained in this Article 17 as if such Person were a Party to this Agreement. 

  

	17.4	 Notwithstanding the other provisions of this Article 17, any Party may disclose any such confidential
information: 

  

	 	(a)	 if and to the extent required by Law or for the purpose of any judicial or arbitral proceedings;

  

	 	(b)	 if and to the extent required by any securities exchange or regulatory or Tax or other Governmental Authority
to which that Party or its Affiliates is subject or submits, wherever situated, including (amongst other bodies) the FCA, London Stock Exchange, Panel on Takeovers and Mergers, HMRC, the SEC or the New York Stock Exchange, whether or not the
requirement for information has the force of Law; 

  

	 	(c)	 to a Taxing Authority in connection with the disclosing Party’s (or a member of its group’s) Tax
affairs; 

  

	 	(d)	 to its advisers, auditors, actual or proposed debt financiers and bankers, provided they have a duty to keep
such information confidential; 

  
 41 

	 	(e)	 to the extent the information has come into the public domain through no fault of that Party;

  

	 	(f)	 to the extent the Party (or Parties) to which such information relates has (or have) given prior written
consent to the disclosure; 

  

	 	(g)	 to the extent expressly permitted by this Agreement or to the extent it is expressly permitted to do so
pursuant to any Ancillary Implementing Agreement; 

  

	 	(h)	 if and to the extent required in connection with any regulatory consent or clearance process required by
applicable Law; or 

  

	 	(i)	 if it was in the possession of a Party or any of its advisers (in either case as evidenced by written records)
without any obligation of secrecy prior to it being received or held. 

  

	17.5	 The restrictions contained in this Article 17 shall continue to apply to each Party without limit in time.

  

	17.6	 Notwithstanding the foregoing in this Article 17, to the extent that the SAPA, the Shareholders’ Agreement
or any other agreements relating to the transactions contemplated by this Agreement, or any other contract pursuant to which any Party or any of its Affiliates is bound provides that certain information shall be maintained confidential on a basis
that is more protective of such information or for a longer period of time than provided for in this Article 17, then the applicable provisions contained in the SAPA, the Shareholders’ Agreement or such other agreements relating to the
transactions contemplated by this Agreement shall control with respect thereto but only to the extent such provision is more protective or runs for a longer period of time. 

 

	18.	 Miscellaneous 

 

	18.1	 Notices 

All notices or other communications hereunder shall be deemed to have been duly given and made if in writing and (a) when served by
personal delivery upon the Party for whom it is intended, (b) one (1) Business Day following the day sent by overnight courier, return receipt requested, (c) when sent by facsimile, provided that the facsimile is promptly confirmed,
or (d) when sent by e-mail, provided that a copy of the same notice or other communication sent by e-mail is also sent by overnight courier, return receipt
requested, personal delivery, or facsimile as provided herein, on the same day as such e-mail is sent, in each case to the Person at the address, facsimile number or
e-mail address set forth below, or such other address, facsimile number or e-mail address as may be designated in writing hereafter, in the same manner, by such Person:

 To GSK Parent: 
  GSK plc

 980 Great Western Road 

Brentford, Middlesex, TW8 9GS 

United Kingdom 
  

	 	Attn:	 General Counsel 

Email address: 
 To JVCo and/or
GSK CH: 
 Haleon plc 
 1st
Floor, Building 5 
 The Heights 

Weybridge 
 Surrey 

KT13 0NY 
  

	 	Attn:	 General Counsel Consumer Healthcare 

Email address: 

  
 42 

	18.2	 Amendment; waiver 

Any provision of this Agreement may be amended or waived if, and only if, such amendment or waiver is in writing and signed, in the case of an
amendment, by the Parties hereto, or in the case of a waiver, by the Party against whom the waiver is to be effective. No failure or delay by any Party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall
any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. 
  

	18.3	 Assignment 

No Party may assign any of its rights or obligations under this Agreement, including by sale of stock, operation of Law in connection with a
merger or sale of all or substantially all of the assets of such Party, without the prior written consent of the other Parties. 
  

	18.4	 Entire Agreement 

This Agreement (including the Schedules and all Annexes and Exhibits) contains the entire agreement between the Parties with respect to the
subject matter hereof and supersedes all prior agreements and understandings, oral or written, with respect to such matters, except for (i) the SAPA and (ii) the Ancillary Implementing Agreements and any other written agreement of the
Parties that expressly provides that it is not superseded by this Agreement. In the event of a conflict between the terms of this Agreement and the SAPA, the terms of this Agreement shall control in respect of Transferring Assets, Transferring
Businesses and Assumed Consumer Healthcare Business Liabilities. In the event of a conflict between the terms of this Agreement and the terms of any Ancillary Implementing Agreement, the terms of this Agreement shall control. In the event of a
conflict between the terms of the body of this Agreement and the terms of any Schedule to this Agreement, the terms of this Agreement shall control except to the extent expressly provided otherwise in any Schedule. In the event of a conflict between
the terms of this Agreement and the terms of any Pfizer Consent Letter, the terms of this Agreement shall control. 
 The Parties agree that
nothing in this Agreement shall limit the rights or obligations of Pfizer, GSK Parent or JVCo under the SAPA, other than as between GSK Parent and JVCo as expressly set forth in the body of this Agreement (which for the avoidance of doubt, shall not
include any provisions of the schedules which conflicts with the principles set forth in the body of this Agreement). The Parties further agree that neither the Ancillary Implementing Agreements nor the Pfizer Consent Letters shall expand or limit
the rights and obligations of the Parties or their Affiliates beyond those provided for in this Agreement, and that neither the Ancillary Implementing Agreements nor the Pfizer Consent Letters shall provide for any additional rights, obligations or
indemnities of the Parties or their Affiliates, that are not provided for in this Agreement. 
   

	18.5	 Parties in interest 

 

	 	(a)	 Subject to the remaining provisions of this Section 18.5, each member of the GSK Group and each member of
the JVCo Group (“Third Parties”) may enforce the terms 

  
 43 

	 	
and accordingly shall have the benefit of those provisions in this Agreement that are, or are stated to be, for their benefit subject to and in accordance with the provisions of the Contracts
(Rights of Third Parties) Act 1999. 

  

	 	(b)	 The Parties may by agreement terminate, rescind or vary the terms of this Agreement (including this
Section 18.5) at any time and in any way without the prior consent of or notice to any Third Party. 

  

	 	(c)	 Except as provided in this Section 18.5, the Parties do not intend that any term of this Agreement shall
be enforceable by virtue of the Contracts (Rights of Third Parties) Act 1999 by any person who is not a party to this agreement. 

  

	18.6	 Public disclosure 

Notwithstanding anything herein to the contrary, each Party agrees that, except as may be required to comply with the requirements of any
applicable Laws, and/or the rules and regulations of each stock exchange upon which the securities of either of the Parties are listed (in which case the disclosing Party will use its commercially reasonable endeavours to (a) advise the other
Party before making such disclosure and (b) provide such other Party a reasonable opportunity to review and comment on such release or announcement and consider in good faith any comments with respect thereto), no press release or similar
public announcement or communication shall be made or caused to be made by the Parties or their Affiliates concerning the execution or performance of this Agreement unless the Parties shall have consulted in advance with respect thereto. 

 

	18.7	 Expenses 

  

	 	(a)	 Except as otherwise expressly provided in this Agreement, whether or not the transactions contemplated by this
Agreement are consummated, all costs and expenses (which, for the avoidance of doubt, shall not include any Taxes) incurred prior to the Demerger Date in connection with this Letter Agreement and the transactions contemplated hereby shall be [***].
Notwithstanding anything to the contrary herein, all costs and expenses (which, for the avoidance of doubt, shall not include any Taxes) incurred on or after the Demerger Date in connection with this Letter Agreement and the transactions
contemplated hereby shall (save as otherwise agreed between the parties) be borne by the Party incurring such costs and expenses. 

  

	 	(b)	 To the extent that either Party (or any member of the GSK Group or the JV Group, as applicable) is required to
be reimbursed by the other Party for any payments made or incurred by GSK Parent or the JVCo Group pursuant to Section 18(a) above, then such reimbursements shall be made to the other Party or the relevant entity within the GSK Group or the JV
Group, as applicable, that has incurred such costs and expenses (including, without limitation, the Transferor or Transferee, as applicable) or as otherwise determined by such Party. 

 

	18.8	 No admission 

Nothing in this Agreement or any Ancillary Implementing Agreement shall be deemed an admission by any Party or any of their respective
Affiliates, in any Action by or on behalf of or with a Governmental Authority or other third party, that any such Party or any of their respective Affiliates, or that such third party or any of its respective Affiliates, is or is not violating or in
contravention or breach of or default under, as applicable, any Law, Governmental Authorization, Contract or Intellectual Property of any other Person. 
  

	18.9	 Governing law; Jurisdiction 

 

	 	(a)	 This Agreement is to be governed by and construed in accordance with English law. Any matter, claim or dispute
arising out of or in connection with this Agreement, whether contractual or non-contractual, is to be governed by and determined in accordance with English law. 

 

	 	(b)	 The courts of England are to have exclusive jurisdiction to settle any dispute arising out of or in connection
with this Agreement. Any Proceedings shall be brought only in the courts of England. 

  

	 	(c)	 Each Party waives (and agrees not to raise) any objection, on the ground of forum non conveniens or on
any other ground, to the taking of Proceedings in the courts of England. Each Party also agrees that a judgment against it in Proceedings brought in England shall be conclusive and binding upon it and may be enforced in any other jurisdiction.

  
 44 

	 	(d)	 Each Party irrevocably submits and agrees to submit to the jurisdiction of the courts of England.

  

	18.10	 Counterparts 

This Agreement may be executed in counterparts (including by facsimile or electronic .pdf submission), each of which shall be deemed an
original, and all of which shall constitute one and the same agreement and shall become effective when one or more counterparts have been signed by each of the Parties and delivered (by telecopy or otherwise) to the other Parties, it being
understood that all Parties need not sign the same counterpart. 
  

	18.11	 Headings 

The heading references herein and the table of contents hereto are for convenience purposes only, do not constitute a part of this Agreement
and shall not be deemed to limit or affect any of the provisions hereof. 
  

	18.12	 Severability 

The provisions of this Agreement shall be deemed severable and the invalidity, illegality or unenforceability of any provision shall not affect
the validity, legality or enforceability of the other provisions hereof. If any term or other provision of this Agreement, or the application thereof to any Person or any circumstance, is invalid, illegal or unenforceable, (a) a suitable and
equitable provision shall be substituted therefor in order to carry out, so far as may be valid, legal and enforceable, the intent and purpose of such invalid, illegal or unenforceable provision and (b) the remainder of this Agreement and the
application of such provision to other Persons or circumstances shall not be affected by such invalidity, illegality or unenforceability, nor shall such invalidity, illegality or unenforceability affect the validity, legality or enforceability of
such provision, or the application thereof, in any other jurisdiction. 
  

	18.13	 Specific performance 

The Parties acknowledge and agree that irreparable harm would occur and that the Parties would not have any adequate remedy at Law (i) for
any actual or threatened breach of the provisions of this Agreement or (ii) in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms. It is accordingly agreed that the Parties shall be
entitled to an injunction or injunctions to prevent breaches or threatened breaches of this Agreement and to specifically enforce the terms and provisions of this Agreement and any other agreement or instrument executed in connection herewith,
without proof of actual damages, and each Party further agrees to waive any requirement for the securing or posting of any bond in connection with such remedy. Each of the Parties agrees that it will not oppose the granting of an injunction,
specific performance and other equitable relief on the basis that any other Party has an adequate remedy at Law or that any award of specific performance is not an appropriate remedy for any reason at Law or in equity. The Parties further agree that
(x) by seeking the remedies provided for in this Section 18.13, a Party shall not in any respect waive its right to seek any other form of relief that may be available to a Party under this Agreement, including monetary damages (or the
right to reimbursement of its costs and expenses relating to any enforcement actions hereunder) and (y) neither the commencement of any action pursuant to this Section 18.13 nor anything contained in this Section 18.13 shall restrict
or limit any Party’s right to pursue any other remedies under this Agreement that may be available to them 

  
 45 

	18.14	 Affiliate status 

To the extent that a Party is required hereunder to take certain action with respect to entities designated in this Agreement as such
Party’s Affiliates, such obligation shall apply to such entities only during such period of time that such entities are Affiliates of such Party. To the extent that this Agreement or any Ancillary Agreement requires an Affiliate of any Party to
take or omit to take any action, such agreement and obligation includes the obligation of such Party to cause such Affiliate to take or omit to take such action. 
  

	18.15	 Translation of currencies 

 

	 	(a)	 All payments to be made under or pursuant to this Agreement or any Ancillary Implementing Agreements shall be
made in Pound sterling, unless required by Law to be made in local currency. 

  

	 	(b)	 For the purposes of translating the Consideration (Local Consideration (as defined in the applicable Country
Schedules)) and BSD Amount into Pound sterling (as applicable): 

  

	 	(i)	 in respect of [***], such amounts shall be translated into Pound sterling using the GSK Group’s
consolidation system (BISON) cumulative average exchange rate in the month where the Relevant Closing occurred; 

  

	 	(ii)	 in respect of [***], such amounts shall be translated into Pound sterling using the Bloomberg BFIX rate in
effect as of 3.00pm London time) on the Relevant Closing Date. 

  [Signature page follows] 

  
 46 

 Execution 
  

					
	 SIGNED by a duly authorised

representative for and on behalf
 of GSK plc
	  	  

	  	
	  	Print name:	  	
                     
    

	  	Director / Authorised Signatory

   

					
	 SIGNED by a duly authorised

representative for and on behalf
 of GlaxoSmithKline Consumer
Healthcare Holdings Limited
	  	  

	  	
	  	Print name:	  	
                     
    

	  	Director / Authorised Signatory

  
 47 

					
	 SIGNED by a duly authorised

representative for and on behalf
 of GlaxoSmithKline Consumer
Healthcare Holdings (No.2) Limited
	  	  

	  	
	  	Print name:	  	
                     
    

	  	Director / Authorised Signatory

  
  48EX-4.7

 Exhibit 4.7 

DATED [•] 
 GSK PLC

 and 
 HALEON PLC

  
  

DEMERGER AGREEMENT 
  

 
 Slaughter and
May 
 One Bunhill Row 
 London
EC1Y 8YY 
 (SRN/TGXF) 
 Exhibits and schedules
have been omitted pursuant to the Instructions as to Exhibits in Form 20-F and will be furnished on a supplemental basis to the Securities and Exchange Commission upon request. 

 CONTENTS 
  

							
	 	 	 	  	Page	 
	 1.
	 	 Interpretation
	  	 	6	 
			
	 2.
	 	 Conditions Precedent
	  	 	29	 
			
	 3.
	 	 Termination
	  	 	31	 
			
	 4.
	 	 Circular, Prospectus and Pre-Completion
Obligations
	  	 	31	 
			
	 5.
	 	 Transfer and Issue of Shares
	  	 	32	 
			
	 6.
	 	 Completion Obligations
	  	 	33	 
			
	 7.
	 	 Tax
	  	 	36	 
			
	 8.
	 	 GSK DMA Indemnities
	  	 	36	 
			
	 9.
	 	 [Reserved]
	  	 	37	 
			
	 10.
	 	 Guarantees
	  	 	37	 
			
	 11.
	 	 Contractual Arrangements and Dealings with Third Parties
	  	 	39	 
			
	 12.
	 	 [Reserved]
	  	 	41	 
			
	 13.
	 	 Insurance
	  	 	41	 
			
	 14.
	 	 Confidentiality
	  	 	42	 
			
	 15.
	 	 Announcements
	  	 	43	 
			
	 16.
	 	 Warranties
	  	 	44	 
			
	 17.
	 	 Costs and Expenses
	  	 	45	 
			
	 18.
	 	 Payments
	  	 	45	 
			
	 19.
	 	 Further Assurance
	  	 	46	 
			
	 20.
	 	 Notices
	  	 	47	 
			
	 21.
	 	 Entire Agreement
	  	 	48	 
			
	 22.
	 	 Contracts (Rights of Third Parties) Act 1999
	  	 	49	 
			
	 23.
	 	 Assignment
	  	 	49	 

							
	 24.
	 	 Remedies and Waivers
	  	 	50	 
			
	 25.
	 	 Variation
	  	 	50	 
			
	 26.
	 	 No partnership or agency
	  	 	51	 
			
	 27.
	 	 Invalidity
	  	 	51	 
			
	 28.
	 	 Continuing effect
	  	 	51	 
			
	 29.
	 	 Counterparts
	  	 	51	 
			
	 30.
	 	 Language
	  	 	52	 
			
	 31.
	 	 Governing Law and Jurisdiction
	  	 	52	 

 SCHEDULES 
  

					
	 Schedule 1 Provisions on Claims under the GSK DMA Indemnities and the Mutual DMA
Indemnities
	  	 	55	
		
	 Schedule 2 Insurance
	  	 	60	
		
	 Schedule 3 Haleon Allotment Authorities
	  	 	62	

 This Agreement is made as a deed on [•] 2022. 

BETWEEN: 
  

	1.	 GSK PLC, a public limited company incorporated in England with number 03888792, having its registered
office at 980 Great West Road, Brentford, Middlesex, TW8 9GS (“GSK”); and 

  

	2.	 HALEON PLC, a public limited company incorporated in England with number 13691224, having its
registered office at 980 Great West Road, Brentford, Middlesex, United Kingdom, TW8 9GS (“Haleon”). 

WHEREAS: 
  

	(A)	 GSK intends to demerge approximately 80.1% of its interest in the Consumer Healthcare Business, by way of an
indirect dividend demerger, for the purpose of benefiting both the Consumer Healthcare Business and the GSK Business. GSK also intends that, subsequent to such demerger, Haleon, as the holder of the Consumer Healthcare Business, shall be listed on
the London Stock Exchange as a separate and independently managed group. 

  

	(B)	 Haleon is a company that is not part of the GSK Group or the Pfizer Group. GSKCHHL is (and will be,
immediately prior to Completion) a subsidiary of GSK with 100% of its A Shares and B Shares held by GSK and 100% of its C Shares held by the SLPs (which A Shares, B Shares and C Shares comprise all ownership interests of whatever nature in GSKCHHL).
GSKCHHL is (and will be immediately following Completion and the completion of the Share Exchanges) the registered holder of 100% of the issued ordinary A shares and 100% of the issued preference shares in JVCo, which is the current parent company
of the Consumer Healthcare Group. 

  

	(C)	 GSK and Haleon have conditionally agreed on the terms of this Agreement pursuant to which GSK will transfer
to Haleon the Relevant GSKCHHL Shares (being all of the A Shares, representing in excess of 80% of the entire issued ordinary share capital of GSKCHHL which comprises A Shares, B Shares and C Shares) in consideration for which Haleon will allot and
issue, credited as fully paid up, the Haleon Demerger Shares to the Qualifying GSK Shareholders, in satisfaction of the Demerger Dividend to be declared on the GSK Shares pursuant to the Demerger Resolution. 

 

	(D)	 Separately, pursuant to: (i) the GSK Exchange Agreement, GSK has agreed to transfer GSK’s entire
shareholding of B Shares to Haleon in exchange for Haleon issuing the GSK Haleon Exchange Shares to GSK; (ii) the Pfizer Exchange Agreement, Anacor and Pfizer have agreed that the Pfizer Group PFCHHL Transferor shall transfer the PFCHHL
Interests (being all of the common interests in PFCHHL (which comprise all ownership interests of whatever nature in PFCHHL) and which shall be held by Anacor until the commencement of the PFCHHL Transfer and by Pfizer following completion of the
PFCHHL Transfer until completion of the Pfizer Share Exchange) to Haleon in exchange for Haleon issuing the Pfizer Haleon Exchange Shares (comprising new Haleon Ordinary Shares and the Haleon NVPS) to the Pfizer Group PFCHHL Transferor and the
Depositary and, following which, the Pfizer Group PFCHHL Transferor will sell the Haleon NVPS immediately upon receipt of such Haleon NVPS pursuant to a binding commitment made prior to its transfer of the PFCHHL Interests to Haleon; and
(iii) the SLP Exchange Agreement, each SLP has agreed to transfer its entire shareholding of C Shares to Haleon in exchange for Haleon issuing the applicable portion of the SLP Haleon Exchange Shares to each such SLP. 

  
 4 

	(E)	 As a result of Completion and the completion of the Share Exchanges: (i) (A) the Pfizer Group
PFCHHL Transferor and the Depositary (with respect to the Haleon Ordinary Shares held on behalf of the Pfizer Group PFCHHL Transferor) will hold, in aggregate, 32% of the issued Haleon Ordinary Shares (rounded to the nearest whole ordinary share)
and 100% of the issued preference shares in Haleon, it being understood that any Haleon Ordinary Shares issued to the Depositary pursuant to the Pfizer Exchange Agreement will be held by the Depositary on behalf of the Pfizer Group PFCHHL Transferor
in connection with and under the establishment of the Haleon ADR Programme, (B) the Qualifying GSK Shareholders will hold at least approximately 54.47% of the issued ordinary shares of Haleon, (C) GSK will hold up to approximately 6.03% of the
issued ordinary shares of Haleon (and with the issued ordinary shares comprised in (B) and (C) together representing 60.5% of the issued ordinary shares of Haleon (rounded to the nearest whole ordinary share)), and (D) the SLPs will
collectively hold 7.5% of the issued ordinary shares of Haleon (rounded to the nearest whole ordinary share); (ii) Haleon will hold 100% of the issued ordinary shares and common interests, respectively, in each of GSKCHHL and PFCHHL; and
(iii) (1) GSKCHHL will hold 100% of the issued ordinary A shares and 100% of the issued preference shares in JVCo and (2) PFCHHL will hold 100% of the issued ordinary B shares in JVCo. 

 

	(F)	 It is also intended that, prior to commencement of the Completion Steps, the relevant Parties will have
taken all necessary actions so that each of the following actions shall have occurred: (i) JVCo will declare and pay the Final Quarterly Dividend, the Final Sweep Dividend and, separately, the
Pre-Separation Dividend to GSKCHHL and PFCHHL in accordance with the Cosmos SHA and the Treasury Side Letter; (ii) GSKCHHL will declare and pay the Pre-Separation
GSKCHHL Onward Dividend to GSK in respect of the A Shares and the B Shares; (iii) GSKCHHL will declare and pay the Final Sweep GSKCHHL Onward Dividend to GSK in respect of the A Shares and the B Shares and to the SLPs in respect of the C
Shares; (iv) GSKCHHL will declare and pay the Final Quarterly GSKCHHL Onward Dividend to GSK in respect of the A Shares and the B Shares and (if and only to the extent the SLPs are entitled to receive such dividend under the GSKCHHL Articles of
Association) to the SLPs in respect of the C Shares; and (v) PFCHHL will declare and pay or otherwise effect the Pre-Separation PFCHHL Onward Dividend, the Final Quarterly PFCHHL Onward Dividend and the
Final Sweep PFCHHL Onward Dividend to Anacor or, if completion of the PFCHHL Transfer has occured prior to such time, Pfizer. 

  

	(G)	 It is further noted that Haleon redeemed the Redeemable Shares on 11 April 2022. 

 

	(H)	 In connection with the proposed listing of Haleon, and prior to the Demerger, it is also intended that:
(i) the Prospectus and Circular shall be published and posted; (ii) the GSK General Meeting shall take place to, among other things, approve the Demerger and the relevant parts of the Separation Transaction as a Class 1 transaction
for the purposes of Chapter 10 of the Listing Rules; (iii) the Haleon ADR Programme shall be established to come into effect on or around the time of Admission; and (iv) following payment by JVCo of the dividends referred to in recital
(F)(i) above, the ATB Re-organisation shall be completed. 

  

	(I)	 Following completion of the Demerger and the Share Exchanges, it is intended that Admission shall occur,
subsequent to which GSK shall implement the GSK Share Consolidation. 

  

	(J)	 This Agreement, which is a deed, sets out the terms on which the Demerger is intended to be effected and
certain terms on which relations between GSK and Haleon will be governed following Completion. 

  
 5 

	(K)	 For U.S. federal income tax purposes, it is intended that the Demerger, together with certain related
transactions, qualify as a reorganization under Sections 368(a)(1)(D) and 355 of the Internal Revenue Code of 1986, as amended (the “Code”), and this Agreement, together with the SCIA (as defined below), constitute a “plan of
reorganization” for the purposes of Section 368 of the Code. 

 THIS DEED PROVIDES as follows: 

 

	1.	 INTERPRETATION 

 

	1.1	 In this Agreement and the schedules: 

 

			
	“Admission”	  	 means admission of the Haleon Admission Shares to the premium listing segment of the Official List of the FCA and to
trading on the London Stock Exchange’s main market for listed securities;

		
	“Agreed Form”	  	 means, in relation to any document, that document in a form agreed by the parties thereto and initialled for identification
purposes by or on behalf of each of the parties thereto, and, to the extent their agreement is required pursuant to the terms of the Cosmos SAPA, Cosmos SHA or any other agreements between members of the GSK Group, members of the Haleon Group
and/or members of the Pfizer Group, agreed by each of GSK, Haleon and Pfizer (whether or not parties thereto);

		
	“Agreed Rate”	  	 has the meaning given to it in clause 18.1;

		
	 “Anacor”
	  	 means Anacor Pharmaceuticals, Inc., a corporation incorporated under the laws of Delaware whose registered office is at 235
East 42nd Street, New York, New York 10017;

		
	“Ancillary Agreements”	  	 means the Listing Ancillary Agreements and the Separation Ancillary Agreements;

		
	“Argentina NEBA”	  	 means the letter agreement relating to the retention, operation and transfer of the manufacturing site located in Buenos
Aires, Argentina entered into or to be entered into between GSK and JVCo on or around the date of the SCIA;

		
	“A Shares”	  	 means the A ordinary shares of £1.00 each in the share capital of GSKCHHL all of which are fully paid and held as at
the date of this Agreement by GSK;

		
	“ATB Re-organisation”	  	 means all of (i) the distribution in specie of the ordinary shares of GSKCHH3 by JVCo to GSKCHHL only, (ii) the
distribution of £53.125m by JVCo to GSKCHHL only, and (iii) the conversion of a portion of A shares in the share capital of JVCo held by GSKCHHL (of equivalent value to the distribution mentioned at (i)) into preference shares in the
share capital of JVCo in a manner consistent with the SCA Side Letter;

  
 6 

			
	 “ATFA”
	  	 means the asset transfer framework agreement between GSK, GSKCHHL and JVCo entered into on or around the date of the
SCIA;

		
	 “Brazil ATFA”
	  	 means the asset transfer framework agreement relating to the transfer of the manufacturing site located in
Jacarepaguá, Brazil entered into or to be entered into between GSK, GSKCHHL and JVCo on or around the date of the SCIA;

		
	 “B Shares”
	  	 means the B ordinary shares of £1.00 each in the share capital of GSKCHHL all of which are fully paid and held as at
the date of this Agreement by GSK;

		
	 “Business Day”
	  	 means a day (other than a Saturday or Sunday) on which banks are open for general business in London, UK;

		
	 “Circular”
	  	 means the circular to be dated with the Posting Date and to be sent to the shareholders of GSK in connection with the
Demerger, including a notice of general meeting of GSK;

		
	 “Co-Existence Agreement”
	  	 means the co-existence agreement in respect of certain trade marks and domain names
of the GSK Group and Consumer Healthcare Group entered into or to be entered into between Glaxo Group Limited, SmithKline Beecham Limited and Haleon on or around the date of the SCIA;

		
	 “Completion”
	  	 means the time and date when the Conditions Precedent have been fulfilled and the Completion Steps have taken
place;

		
	 “Completion Steps”
	  	 means the actions required to satisfy the obligations set out in clause 6.3 (Completion Obligations);

		
	 “Conditions Precedent”
	  	 means the conditions set out in clause 2.1 (Conditions);

		
	 “Connected Persons”
	  	 means, in relation to a Party, any member of its Group and any officer, employee, agent, adviser or representative of that
Party or any member of its Group, in each case, from time to time;

  
 7 

			
	“Consumer Healthcare Business”	  	 means the consumer healthcare business which, as at the date of Demerger Completion is operated within the JVCo Group and
any other asset or business of the consumer healthcare business that, as at the date of Demerger Completion, is contemplated to be operated within the Haleon Group after Separation Completion pursuant to the ATFA, the Argentina NEBA and/or the
Brazil ATFA;

		
	“Consumer Healthcare Group”	  	 means:
  

(i) prior to Completion, the JVCo Group; and

 

(ii)  from Completion, the Haleon Group;

		
	“Consumer Healthcare Group Companies”	  	 means any member of the Consumer Healthcare Group from time to time, and “Consumer Healthcare Group
Company” shall be construed accordingly;

		
	“Consumer Healthcare Group Company Guarantee”	  	 means any guarantee, indemnity, bond, warranty, covenant, security or collateral obligations given by any Consumer
Healthcare Group Company to any Third Party in respect of any GSK Group Company or any liabilities or obligations of any GSK Group Company or the GSK Business, and therefore excluding (for the avoidance of doubt) any guarantee, indemnity, bond,
warranty, covenant, security or collateral obligations given under or pursuant to the terms of the Cosmos SAPA or otherwise given by any Consumer Healthcare Group Company to any GSK Group Company;

		
	“Consumer Manufacturing and Supply Agreement”	  	 means the manufacturing and supply agreement entered into or to be entered into between GlaxoSmithKline Consumer Trading
Services Limited as supplier and GlaxoSmithKline Trading Services Limited as purchaser on or around the date of the SCIA;

		
	“Consumer Quality Agreement”	  	 means the quality agreement entered into or to be entered into between GlaxoSmithKline Consumer Trading Services Limited
and GlaxoSmithKline Trading Services Limited in respect of the Consumer Manufacturing and Supply Agreement on or around the date of the SCIA;

		
	“Corporate Brand Licence Agreement”	  	 means the brand licence agreement in respect of corporate marks entered into or to be entered into between certain
licensors, certain licensees and certain registered proprietors on or around the date of the SCIA;

  
 8 

			
	“Cosmos SAPA”	  	 means the stock and asset purchase agreement entered into among Pfizer, GSK, GSKCHHL and JVCo dated 19 December 2018,
as amended from time to time including on 31 July 2019 and by the Cosmos SAPA Amendment Agreement;

		
	“Cosmos SAPA Amendment Agreement”	  	 means the amendment agreement to the Cosmos SAPA entered into or to be entered into among Pfizer, GSK, GSKCHHL and JVCo on
or around the date of the SCIA;

		
	“Cosmos SCA”	  	 means the structuring considerations agreement entered into among GSKCHHL, Pfizer, PFCHHL, GSK and JVCo dated 31 July
2019, as amended or supplemented from time to time;

		
	“Cosmos SHA”	  	 means the shareholders’ agreement in relation to JVCo entered into among GSKCHHL, Pfizer, PFCHHL, GSK and JVCo dated
31 July 2019, as amended or supplemented from time to time;

		
	“Costs”	  	 means charges and reasonable costs (including legal costs) and expenses (other than, subject to the below, Tax), which are
properly incurred and of an out-of-pocket nature, together with any amounts in respect of VAT comprised in such charges, costs and expenses but only to the extent not
recoverable;

		
	“C Shares”	  	 means the C ordinary shares of £1.00 each in the share capital of GSKCHHL, which shares rank pari passu with
the A Shares and the B Shares except that they carry no right to any Pre-Separation GSKCHHL Onward Dividend and carry no voting rights, all of which are fully paid and held as at the date of this Agreement by
the SLPs;

		
	“Deed of Termination”	  	 means the global deed of termination relating to certain services provided by GSK or members of the GSK Group to Haleon or
members of the Consumer Healthcare Group entered into or to be entered into between GSK and JVCo on or around the date of the SCIA;

		
	“Delayed Completion Date”	  	 has the meaning given to that term in clause 6.2(B);

		
	“Demerger”	  	 means the proposed demerger of approximately 80.1% of GSK’s interest in the Consumer Healthcare Business pursuant to
this Agreement and the Demerger Dividend;

  
 9 

			
	“Demerger Dividend”	  	 means the interim dividend, in specie, proposed to be declared by the GSK Board to effect the Demerger pursuant to the
authority granted to the GSK Board under the Demerger Resolution;

		
	“Demerger Record Time”	  	 means [6.00 p.m.] on [●] 2022, or such other time and/or date as the GSK Board may determine;

		
	“Demerger Resolution”	  	 means resolution [1] set out in the notice of general meeting of GSK included in the Circular;

		
	“Depositary”	  	 means JPMorgan Chase Bank N.A., as depositary for the Haleon ADSs;

		
	“Exchange Act”	  	 means the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated
thereunder;

		
	“Exchange Agreements”	  	 means the GSK Exchange Agreement, the Pfizer Exchange Agreement and the SLP Exchange Agreement;

		
	“FCA”	  	 means the Financial Conduct Authority acting in its capacity as the competent authority under Part VI of
FSMA;

		
	“Final Quarterly Dividend”	  	 means the final quarterly interim dividend to be paid by JVCo to GSKCHHL and PFCHHL prior to the Demerger on or around
[●];

		
	“Final Quarterly GSKCHHL Onward Dividend”	  	 means the dividend to be paid by GSKCHHL to GSK (as holder of the A Shares and B Shares) and (if and only to the extent the
SLPs are entitled to receive such dividend under the GSKCHHL Articles of Association) to the SLPs (as holders of the C Shares) in accordance with the GSKCHHL Articles of Association prior to the Demerger following any Final Quarterly Dividend and
comprising amounts received pursuant thereto;

		
	“Final Quarterly PFCHHL Onward Dividend”	  	 means one or more dividend(s), distribution(s), transfer(s) or other similar transaction(s) from PFCHHL to Anacor (or, if
completion of the PFCHHL Transfer has occurred prior to such dividend(s), distribution(s), transfer(s) or other similar transaction(s), Pfizer) prior to the Demerger following any Final Quarterly Dividend and comprising amounts received by PFCHHL
pursuant thereto;

		
	“Final Sweep Dividend”	  	 has the meaning given to that term in the Treasury Side Letter;

		
	“Final Sweep GSKCHHL Onward Dividend”	  	 means the dividend to be paid by GSKCHHL to GSK (as holder of the A Shares and B Shares) and to the SLPs (as holders of the
C Shares) in accordance with the GSKCHHL Articles of Association prior to the Demerger following the Final Sweep Dividend and comprising amounts received pursuant thereto;

  
 10 

			
	 “Final Sweep PFCHHL Onward Dividend”
	  	 means one or more dividend(s), distribution(s), transfer(s) or other similar transaction(s) from PFCHHL to Anacor (or, if
completion of the PFCHHL Transfer has occurred prior to such dividend(s), distribution(s), transfer(s) or other similar transaction(s), Pfizer) prior to the Demerger following the Final Sweep Dividend and comprising amounts received by PFCHHL
pursuant thereto;

		
	 “FSMA”
	  	 means the Financial Services and Markets Act 2000;

		
	 “Governmental Entity”
	  	 means any supra national, national, state, municipal or local government (including any subdivision, court, administrative
agency or commission or other authority thereof) or any quasi-governmental or private body exercising any regulatory, taxing, importing or other governmental or quasi-governmental authority, including the European Union;

		
	 “Group”
	  	 means:
  

(i) in relation to GSK, the GSK Group;

 
 (ii)  in
relation to Pfizer and/or Anacor, the Pfizer Group;
  

(iii)  in relation to Haleon, the Consumer Healthcare Group; and

 
 (iv) in
relation to JVCo, the JVCo Group;

		
	 “GSK Board”
	  	 means the board of directors of GSK and any duly authorised committee of that board, from time to time;

		
	 “GSK Business”
	  	 means the business operated within the GSK Group, which is described in the Circular and which, for the avoidance of doubt,
does not include the Consumer Healthcare Business;

		
	 “GSKCHHL”
	  	 means GlaxoSmithKline Consumer Healthcare Holdings Limited, a company incorporated in England with number 08998608, having
its registered office at 980 Great West Road, Brentford, Middlesex, TW8 9GS;

		
	 “GSKCHHL Articles of Association”
	  	 means the articles of association adopted by GSKCHHL (as amended or replaced from time to time);

		
	 “GSKCHHL Board”
	  	 means the board of directors of GSKCHHL and any duly authorised committee of that board, from time to time;

  
 11 

			
	 “GSKCHH3”
	  	 means GSK Consumer Healthcare Holdings (No. 3) Limited, a company incorporated in England with number 13401293, having its
registered office at 980 Great West Road, Brentford, Middlesex, TW8 9GS;

		
	 “GSK Consolidation Resolution”
	  	 means the relevant parts of resolution [1] relating to the proposed consolidation of the share capital of GSK as set out in
the notice of general meeting of GSK included in the Circular;

		
	 “GSK DMA Indemnities”
	  	 means the indemnities given by GSK which are set out in clause 8 (GSK DMA Indemnities);

		
	 “GSK Exchange Agreement”
	  	 means the exchange agreement between GSK and Haleon setting out the terms of the GSK Share Exchange;

		
	 “GSK General Meeting”
	  	 means the general meeting of GSK to approve, among other things:

 
 (i) the
Demerger and the relevant parts of the Separation Transaction as a Class 1 transaction for the purposes of Listing Rule 10;
  

(ii)  the relevant parts of the Separation Transaction and the associated and ancillary
agreements and arrangements relating thereto or to be entered into pursuant thereto for the purposes of Chapter 11 of the Listing Rules; and
  

(iii)  the GSK Share Consolidation;

		
	 “GSK Group”
	  	 means GSK and its subsidiaries and subsidiary undertakings from time to time, excluding Haleon and the Consumer Healthcare
Group Companies;

		
	 “GSK Group Companies”
	  	 means any member of the GSK Group from time to time, and “GSK Group Company” shall be construed
accordingly;

	 “GSK Group Company Guarantee”
	  	 means any guarantee, indemnity, bond, warranty, covenant, security or collateral obligations given by any GSK Group Company
to a Third Party in respect of any Consumer Healthcare Group Company or any liabilities or obligations of any Consumer Healthcare Group Company or the Consumer Healthcare Business, and therefore (for the avoidance of doubt) excluding any guarantee,
indemnity, bond, warranty, covenant, security or collateral obligations given under or pursuant to the terms of the Cosmos SAPA or otherwise given by any GSK Group Company to any Consumer Healthcare Group
Company;

  
 12 

			
	 “GSK Haleon Exchange Shares”
	  	 means the Haleon Ordinary Shares to be allotted and issued, credited as fully paid up, in accordance with the GSK Exchange
Agreement, which immediately following completion of the Demerger and the Share Exchanges, represent up to approximately 6.03% of the issued Haleon Ordinary Shares;

		
	 “GSK Manufacturing and Supply Agreement”
	  	 means the manufacturing and supply agreement entered into or to be entered into between GlaxoSmithKline Trading Services
Limited as supplier and GlaxoSmithKline Consumer Trading Services Limited as purchaser on or around the date of the SCIA;

		
	 “GSK NEB Agreement”
	  	 means the net economic benefit agreement entered into between GSK, Pfizer and JVCo and dated 31 July 2019, as amended
or supplemented from time to time;

		
	 “GSK Pre-Separation Bonds Guarantee”
	  	 means the guarantee given by GSK in respect of the Pre-Separation
Bonds;

		
	 “GSK Quality Agreement”
	  	 means the quality agreement entered into or to be entered into between GlaxoSmithKline Trading Services Limited and
GlaxoSmithKline Consumer Trading Services Limited in respect of the GSK Manufacturing and Supply Agreement on or around the date of the SCIA;

		
	 “GSK Share Consolidation”
	  	 means the consolidation of the share capital of GSK pursuant to and in accordance with the GSK Consolidation
Resolution;

		
	 “GSK Share Exchange”
	  	 means the transfer of GSK’s entire shareholding of B Shares to Haleon in exchange for Haleon issuing the GSK Haleon
Exchange Shares to GSK pursuant to and in accordance with the terms of the GSK Exchange Agreement;

		
	 “GSK Shareholders”
	  	 means holders of GSK Shares on the register of members of GSK from time to time;

  
 13 

			
	 “GSK Shares”
	  	 means ordinary shares in the capital of GSK having the rights set out in GSK’s articles of association from time to
time;

		
	 “Guarantee Fee Arrangements”
	  	 means the guarantee fee arrangements effected pursuant to:

 
 (i) the
guarantee fee agreement between Haleon (as guarantor) and GlaxoSmithKline Consumer Healthcare Holdings (US) LLC (as beneficiary) dated [•]; and
  

(ii)  the guarantee fee agreement between GSK (as guarantor) and GlaxoSmithKline Consumer
Healthcare Holdings (US) LLC (as beneficiary) dated 28 April 2022;

		
	 “Haleon Admission Shares”
	  	 means the Haleon Demerger Shares and the Haleon Exchange Shares (excluding the Haleon NVPS);

		
	 “Haleon ADR Programme”
	  	 means the American depositary receipt programme to be established for Haleon on or around Admission, as detailed in the
Steps Plan;

		
	 “Haleon ADSs”
	  	 means the American depositary shares each representing [2] Haleon Ordinary Shares to be admitted to listing and trading on
the NYSE pursuant to the establishment of the Haleon ADR Programme;

		
	 “Haleon Allotment Authorities”
	  	 means the ordinary and special resolutions of Haleon’s shareholders to be passed prior to Admission, as described more
fully in Schedule 3 (Haleon Allotment Authorities);

		
	 “Haleon Board”
	  	 means the board of directors of Haleon and any duly authorised committee of that board, from time to time;

		
	 “Haleon Demerger Shares”
	  	 means the Haleon Ordinary Shares to be allotted and issued to the Qualifying GSK Shareholders as GSK shall direct, credited
as fully paid up, in accordance with this Agreement, together with (where the context so requires) any Haleon Ordinary Shares in issue prior to commencement of the Completion Steps;

		
	 “Haleon Directors”
	  	 means the directors of Haleon from time to time;

  
 14 

			
	 “Haleon Exchange Shares”
	  	 means:
  

(i) the GSK Haleon Exchange Shares;

 

(ii)  the SLP Haleon Exchange Shares; and

 

(iii)  the Pfizer Haleon Exchange Shares,

 
 which, together, immediately following completion of the
Demerger and the Share Exchanges, represent up to approximately 45.53% of the issued Haleon Ordinary Shares (rounded to the nearest whole Haleon Ordinary Share) and 100% of the issued preference shares of Haleon;

		
	 “Haleon Group”
	  	 means Haleon and its subsidiaries and subsidiary undertakings from time to time;

		
	 “Haleon NVPS”
	  	 means 25,000,000 unlisted redeemable non-voting preference shares of £1.00
each in the share capital of Haleon which carry a right to a fixed rate dividend payable quarterly and on a cumulative basis at a rate of [•], the terms of which are set forth in greater detail in schedule 2 (Haleon NVPS Terms) to the Pfizer
Exchange Agreement and Haleon’s articles of association;

		
	 “Haleon Ordinary Shares”
	  	 means ordinary shares in the capital of Haleon having the rights set out in Haleon’s articles of association from time
to time;

		
	 “HMRC”
	  	 means HM Revenue & Customs;

		
	 “India Condition”
	  	 means the Condition Precedent specified in clause 2.1(C);

		
	 “Indemnified Party”
	  	 has the meaning given to that term in Schedule 1 (Provisions on Claims under the GSK DMA Indemnities and the Mutual
DMA Indemnities);

		
	 “Indemnifying Party”
	  	 has the meaning given to that term in Schedule 1 (Provisions on Claims under the GSK DMA Indemnities and the Mutual
DMA Indemnities);

		
	 “Intellectual Property Rights”
	  	 means all patents, trade and service marks, trade and service names, logos, copyrights (including, without limitation,
rights in computer software), rights in designs and rights in databases (whether or not any of these is registered and including any applications for registration of any such thing) and all other intellectual property rights or forms of protection
of a similar nature or having equivalent or similar effect to any of the foregoing, which subsist anywhere in the world;

		
	 “Investigation”
	  	 has the meaning given to that term in clause 19.4(B);

		
	 “Israel Condition”
	  	 means the Condition Precedent specified in clause 2.1(F);

		
	 “Japan Condition”
	  	 means the Condition Precedent specified in clause 2.1(E);

  
 15 

			
	 “JVCo”
	  	 means GlaxoSmithKline Consumer Healthcare Holdings (No.2) Limited, a company incorporated in England with number 11961650,
having its registered office at 980 Great West Road, Brentford, Middlesex, TW8 9GS;

		
	 “JVCo Group”
	  	 means JVCo and its subsidiaries and subsidiary undertakings from time to time;

		
	 “Korea Condition”
	  	 means the Condition Precedent specified in clause 2.1(D);

		
	 “Law”
	  	 means any statute, law, rule, regulation, ordinance, code or rule of common law issued, administered or enforced by any
Governmental Entity, or any judicial or administrative interpretation thereof, including the rules of any stock exchange or listing authority;

		
	 “Listing Ancillary Agreements”
	  	 means:
  

(i) the Pfizer Relationship Agreement;

 

(ii)  the Orderly Marketing Agreement;

 

(iii)  the Registration Rights Agreement;

 
 (iv) the
Sponsors’ Agreements; and
  

(v)   the Lock-up Deed,

 
 and any document, agreement or arrangement pursuant thereto
or in connection therewith;

		
	 “Listing Conditions”
	  	 means the conditions to which an approval by the FCA of the admission of the Haleon Admission Shares to the Official List
with a premium listing is expressed to be subject;

		
	 “Listing Rules”
	  	 means the rules and regulations made by the FCA (acting in its capacity as the competent authority for the purposes of
FSMA) under FSMA, and contained in the publication of the same name, as amended from time to time (including any successor rules);

		
	 “Lock-up Deed”
	  	 means the lock-up deed entered into or to be entered into in the Agreed Form
between GSK, Pfizer, the SLPs and [one bank designated by GSK and one bank designated by Pfizer] on or around the date of this Agreement;

		
	 “London Stock Exchange”
	  	 means London Stock Exchange plc;

		
	 “Long Term Access Agreement”
	  	 means the long term access agreement entered into or to be entered into between GSK and Haleon on or around the date of the
SCIA;

  
 16 

			
	 “Mutual DMA Indemnities”
	  	 means the indemnities given by GSK to Haleon, or by Haleon to GSK, which are contained in clause 10 (Guarantees) and
Schedule 1 (Provisions on Claims under the GSK DMA Indemnities and the Mutual DMA Indemnities);

		
	 “NEBA”
	  	 means the net economic benefit arrangements, comprising the GSK NEB Agreement and the Pfizer NEB Agreement as may be
amended and restated from time to time, including pursuant to the NEBA Amendment Agreement;

		
	 “NEBA Amendment Agreement”
	  	 means the amendment and restatement agreement with respect to the GSK NEB Agreement entered into or to be entered into
between GSK, [JVCo] and Pfizer on or around the date of this Agreement;

		
	 “Official List”
	  	 means the Official List maintained by the FCA pursuant to Part 6 of FSMA;

		
	 “Orderly Marketing Agreement”
	  	 means the orderly marketing agreement entered into or to be entered into between GSK, Pfizer and the SLPs on or around the
date of the SCIA;

		
	 “Other Group”
	  	 means, in relation to a GSK Group Company, the Consumer Healthcare Group and, in relation to a Consumer Healthcare Group
Company, the GSK Group;

		
	 “Party”
	  	 means a party to this Agreement;

		
	 “PFCHHL”
	  	 means PF Consumer Healthcare Holdings LLC, a limited liability company incorporated under the laws of Delaware whose
registered office is at 235 East 42nd Street, New York, New York 10017;

		
	 “PFCHHL Interests”
	  	 means all of the common interests in the capital of PFCHHL in issue immediately prior to the completion of the Pfizer Share
Exchange, which comprise all ownership interests of whatever nature in PFCHHL and all of which are held by Anacor as at the date of this Agreement and all of which, from completion of the PFCHHL Transfer until the completion of the Pfizer Share
Exchange, shall be held by Pfizer;

		
	 “PFCHHL Transfer”
	  	 means the series of transactions pursuant to which the PFCHHL Interests will be transferred, distributed or otherwise
assigned from Anacor to Pfizer;

		
	 “Pfizer”
	  	 means Pfizer Inc., a corporation incorporated under the laws of Delaware whose registered office is at 235 East 42nd
Street, New York, New York 10017;

		
	 “Pfizer Exchange Agreement”
	  	 means the exchange agreement between Pfizer, Anacor and Haleon setting out the terms of the Pfizer Share
Exchange;

  
 17 

			
	 “Pfizer Group”
	  	 means Pfizer and its subsidiaries and subsidiary undertakings from time to time, excluding the Consumer Healthcare Group
Companies;

		
	 “Pfizer Group PFCHHL Transferor”
	  	 means Anacor or, if the PFCHHL Transfer has completed by the time of Demerger Completion, Pfizer;

		
	 “Pfizer Haleon Exchange Shares”
	  	 means the Haleon Ordinary Shares and the Haleon NVPS to be allotted and issued, credited as fully paid up, in accordance
with the Pfizer Exchange Agreement, which immediately following completion of the Demerger and the Share Exchanges, represent 32% of the issued Haleon Ordinary Shares (rounded to the nearest whole Haleon Ordinary Share) and 100% of the issued
preference shares of Haleon;

		
	 “Pfizer NEB Agreement”
	  	 means the net economic benefit agreement entered into between Pfizer, GSK and JVCo and dated 31 July 2019, as amended
or supplemented from time to time;

		
	 “Pfizer Pre-Separation Bonds Indemnity”
	  	 means the indemnity given by Pfizer to GSK in respect of the specified portion of GSK’s liability under the GSK Pre-Separation Bonds Guarantee;

		
	 “Pfizer Relationship Agreement”
	  	 means the relationship agreement entered into or to be entered into between Pfizer and Haleon on or around the Posting
Date; 

		
	 “Pfizer Share Exchange”
	  	 means the transfer of the PFCHHL Interests from the Pfizer Group PFCHHL Transferor to Haleon in exchange for Haleon issuing
the Pfizer Haleon Exchange Shares to the Pfizer Group PFCHHL Transferor and the Depositary pursuant to and in accordance with the terms of the Pfizer Exchange Agreement;

		
	 “Pharmacovigilance Agreement”
	  	 means the pharmacovigilance agreement entered into or to be entered into between [GSK Group entity] and [Consumer
Healthcare Group entity] on or around the date of the SCIA;

		
	 “Posting Date”
	  	 means the date of this Agreement (or such other date as may be determined by GSK and notified to Haleon and Pfizer as the
date for the issue and dispatch of the Circular and the publication of the Prospectus);

  
 18 

			
	 “Pre-Separation Bonds”
	  	 means the:
  

- GBP 300,000,000 2.875 per cent Fixed Rate Notes due 29 October 2028 issued by GSK Consumer Healthcare Capital UK plc;

 
 - GBP 400,000,000 3.375 per cent Fixed Rate Notes due
29 October 2038 issued by GSK Consumer Healthcare Capital UK plc;
  

- USD 1,750,000,000 3.125 per cent Fixed Rate Senior Notes due 2025 issued by GSK Consumer Healthcare Capital UK plc;

 
 - EUR 850,000,000 1.250 per cent Fixed Rate Notes due
29 March 2026 issued by GSK Consumer Healthcare Capital NL B.V.;
  

- EUR 750,000,000 1.750 per cent. Fixed Rate Notes due 29 March 2030 issued by GSK Consumer Healthcare Capital NL B.V.;

 
 - EUR 750,000,000 2.125 per cent Fixed Rate Senior
Notes due 29 March 2034 issued by GSK Consumer Healthcare Capital NL B.V.;
  

- USD 700,000,000 3.024 per cent Callable Fixed Rate Senior Notes due 2024 issued by GSK Consumer Healthcare Capital US LLC;

 
 - USD 300,000,000 Callable Floating Rate Senior Notes due
2024 issued by GSK Consumer Healthcare Capital US LLC;
  

- USD 2,000,000,000 3.375 per cent Fixed Rate Senior Notes due 2027 issued by GSK Consumer Healthcare Capital US LLC;

 
 - USD 1,000,000,000 3.375 per cent Fixed Rate Senior
Notes due 2029 issued by GSK Consumer Healthcare Capital US LLC;
  

- USD 2,000,000,000 3.625 per cent Fixed Rate Senior Notes due 2032 issued by GSK Consumer Healthcare Capital US LLC; and

 
 - USD 1,000,000,000 4.000 per cent Fixed Rate Senior
Notes due 2052 issued by GSK Consumer Healthcare Capital US LLC;

		
	 “Pre-Separation Dividend”
	  	 means the dividend to be paid by JVCo to GSKCHHL and PFCHHL prior to the Demerger (as provided in clause 17.32(B) of the
Cosmos SHA and as otherwise agreed between the parties to the Cosmos SHA, including pursuant to the Treasury Side Letter);

  
 19 

			
	 “Pre-Separation GSKCHHL Onward
Dividend”
	  	 means the dividend to be paid by GSKCHHL to GSK (as holder of the A Shares and B Shares) prior to the Demerger following
the Pre-Separation Dividend and comprising amounts received by GSKCHHL pursuant to the Pre-Separation Dividend;

		
	“Pre-Separation PFCHHL Onward Dividend”	  	 means one or more dividend(s), distribution(s), transfer(s) or other similar transaction(s) from PFCHHL to Anacor (or, if
completion of the PFCHHL Transfer has occurred prior to such dividend(s), distribution(s), transfer(s) or other similar transaction(s), Pfizer) prior to the Demerger following the Pre-Separation Dividend and comprising amounts received by PFCHHL
pursuant thereto;

		
	 “Proceedings”
	  	 means any proceeding, suit or action arising out of or in connection with this Agreement or the negotiation, existence,
validity or enforceability of this Agreement, whether contractual or non-contractual;

		
	 “Prospectus”
	  	 means the prospectus relating to the Admission of the Haleon Admission Shares to be dated the Posting Date;

		
	 “Qualifying GSK Shareholders”
	  	 means the GSK Shareholders on the register of members of GSK at the Demerger Record Time;

		
	 “Redeemable Shares”
	  	 means the fully paid redeemable preference shares of £1.00 each in the share capital of Haleon (subscribed by Trexco
on or around the re-registration of Haleon as a public limited company);

		
	 “Registration Rights Agreement”
	  	 means the registration rights agreement between Haleon, Pfizer, GSK and each of the SLPs dated on or around the date of the
SCIA;

		
	 “Regulatory Conditions”
	  	 means, subject to clause [2.11] of the SCIA, the India Condition, [the Israel Condition,] the Japan Condition and the Korea
Condition;

		
	 “Regulatory Information Access and Service Agreement”
	  	 means the regulatory information access and service (linked products) agreement entered into or to be entered into between
GlaxoSmithKline Services Unlimited and GlaxoSmithKline Consumer Healthcare (Overseas) Unlimited on or around the date of the SCIA;

		
	 “Related Party Transactions Resolution”
	  	 means resolution [2] set out in the notice of general meeting of GSK included in the Circular;

		
	 “Relevant GSKCHHL Shares”
	  	 means all of the class A ordinary shares of £1.00 each in the capital of GSKCHHL in issue immediately prior to
Completion;

		
	 “SCA Side Letter”
	  	 means the letter agreement between GSKCHHL, Pfizer, PFCHHL, GSK and JVCo dated 22 November 2021;

  
 20 

			
	 “SCIA”
	  	 means the Separation Co-operation and Implementation Agreement entered into or to
be entered into between GSK, Pfizer, Anacor, Haleon, JVCo, GSKCHHL and PFCHHL on or around the date of this Agreement;

		
	 “SEC”
	  	 means the U.S. Securities and Exchange Commission;

		
	 “Separation Ancillary Agreements”
	  	 means the:
  

(i)  SCIA;

 

(ii)  Exchange Agreements;

 

(iii)   Cosmos SAPA Amendment Agreement;

 
 (iv) Tax
Covenant;
  

(v)   ATFA;

 

(vi) Transitional Services Agreement;

 

(vii)  GSK Manufacturing and Supply Agreement;

 

(viii)  Consumer Manufacturing and Supply Agreement;

 
 (ix) GSK
Quality Agreement;
  

(x)   Consumer Quality Agreement;

 
 (xi) Shared
Brands Licences Agreement;
  

(xii)  Shared Brands Committee Agreement;

 

(xiii)  Corporate Brand Licence Agreement;

 
 (xiv) Co-Existence Agreement;
  

(xv)   Long Term Access Agreement;

 

(xvi) Pharmacovigilance Agreement;

 
 (xvii) NEBA
Amendment Agreement;
  

(xviii)Argentina NEBA;

 
 (xix) Brazil
ATFA;

  
 21 

			
		  	 (xx)   Deed of Termination;

 

(xxi) Regulatory Information Access and Service Agreement; and

 

(xxii) Guarantee Fee Arrangements,

 
 and any document, agreement or arrangement pursuant thereto
or in connection therewith;

		
	 “Separation Completion”
	  	 means completion of the final step in the Separation Transaction;

		
	 “Separation Transaction”
	  	 means the steps comprised in the Demerger, the Exchange Agreements, execution of the Separation Ancillary Agreements and
Admission, pursuant to which, among other things, Haleon will become a listed company holding the Consumer Healthcare Business;

		
	 “Service Document”
	  	 means a claim form, application notice, order, judgment or other document relating to any Proceedings;

		
	 “Shared Brands Committee Agreement”
	  	 means the shared brands committee agreement entered into or to be entered into between [GSK Group entity] and
[Consumer Healthcare Group entity] on or around the date of the SCIA;

		
	 “Shared Brands Licences Agreement”
	  	 means the deed of amendment and restatement to amend and restate certain shared brand licence agreements entered into or to
be entered into between certain licensors, certain licensees and certain registered proprietors on or around the date of this Agreement;

		
	 “Shared Contract”
	  	 means any agreement or contractual arrangement between: (i) a Third Party; and (ii) any member of the GSK Group
and/or any member of the Consumer Healthcare Group, under which (as at Completion) services or support are (or are reasonably contemplated to be) provided by the Third Party for the benefit (or burden) of each of the GSK Business and the Consumer
Healthcare Business, excluding, for the avoidance of doubt, the Transaction Documents, the Cosmos SAPA and any other agreement connected to the Demerger and/or the Separation Transaction;

  
 22 

			
	 “Share Exchanges”
	  	 means the GSK Share Exchange, the Pfizer Share Exchange and the SLP Share Exchange;

		
	 “SLP Exchange Agreement”
	  	 means the exchange agreement between the SLPs and Haleon setting out the terms of the SLP Share Exchange;

		
	 “SLP Haleon Exchange Shares”
	  	 means the Haleon Ordinary Shares to be allotted and issued, credited as fully paid up, in accordance with the SLP Exchange
Agreement, which immediately following completion of the Demerger and the Share Exchanges, represent 7.5% of the issued Haleon Ordinary Shares (rounded to the nearest whole Haleon Ordinary Share);

		
	 “SLPs”
	  	 means:
  

(i) GSK (No. 1) Scottish Limited Partnership, a private fund limited partnership registered in
Scotland with registration number SL035527 and whose principal place of business is at 50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ;
  

(ii)  GSK (No. 2) Scottish Limited Partnership, a private fund limited partnership
registered in Scotland with registration number SL035526 and whose principal place of business is at 50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ; and
  

(iii)  GSK (No. 3) Scottish Limited Partnership, a private fund limited partnership
registered in Scotland with registration number SL035525 and whose principal place of business is at 50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ,
  

being the Scottish limited partnerships that will each receive shares in Haleon pursuant to the SLP Exchange Agreement, and
“SLP” shall be construed accordingly;

		
	 “SLP Share Exchange”
	  	 means the transfer of each SLP’s entire shareholding of C Shares to Haleon in exchange for Haleon issuing the
applicable portion of the SLP Haleon Exchange Shares to each such SLP, pursuant to and in accordance with the terms of the SLP Exchange Agreement;

  
 23 

			
	 “Sponsors”
	  	 means:
  

(i) Citigroup Global Markets Limited, a company incorporated in England and Wales with
registered number 01763297 whose registered office is Citigroup Centre, Canada Square, Canary Wharf, London E14 5LB;
  

(ii)  Goldman Sachs International, a company incorporated in England and Wales with
registered number 02263951 whose registered office is Plumtree Court, 25 Shoe Lane, London, EC4A 4AU; and
  

(iii)  Merrill Lynch International, a company incorporated in England and Wales with
registered number 02312079 whose registered office is 2 King Edward Street, London, EC1A 1HQ;

		
	 “Sponsors’ Agreements”
	  	 means:
  

(i) the sponsors’ agreement between Haleon, JVCo and each of the Sponsors dated [•];
and
  

(ii)  the sponsors’ agreement between GSK and each of the Sponsors dated
[•];

		
	 “Steps Plan”
	  	 means the demerger steps plan prepared by Slaughter and May summarising the proposals in relation to the Separation
Transaction, and initialled for identification purposes by or on behalf of each of GSK, Pfizer and Haleon;

		
	 “subsidiary undertaking”
	  	 means a subsidiary undertaking as defined in section 1162 Companies Act 2006 (and a company shall be treated, for the
purposes only of the membership requirement contained in subsections 1162(2)(b) and (d) respectively, as a member of another company even if its shares in that other company are registered in the name of (A) another person (or its nominee)
whether by way of security or in connection with the taking of security or (B) its nominee);

  
 24 

			
	 “Tax”
	  	 means all taxes, and all levies, duties, imposts, charges and withholdings in the nature of tax, including taxes on gross
or net income, profits or gains and taxes on receipts, sales, use, employment, payroll, land, stamp, transfer, occupation, franchise, value added, wealth and personal property, together with all penalties, charges, additions to tax, and interest
relating to any of them, and regardless of whether any such amounts are chargeable or attributable directly or primarily to any other person or are recoverable from any other person;

		
	 “Tax Authority”
	  	 means any taxing, revenue or other authority competent to impose any liability to, or to assess or collect, any Tax,
including, without limitation, HMRC and the Internal Revenue Service;

		
	 “Tax Covenant”
	  	 means the deed of tax covenant relating to the Separation Transaction, entered into or to be entered into between GSK,
Haleon, GSKCHHL, Pfizer and JVCo on or around the date of the SCIA;

		
	 “Third Party”
	  	 means a person who:
  

(i) is not a member of the GSK Group or the Pfizer Group;

 
 (ii)  is
not connected with GSK or Pfizer; and
  

(iii)  is not a member of the Consumer Healthcare Group;

		
	 “Third Party Consents”
	  	 means all consents, licences, permits, approvals of any agreements of third party providers as are required for the
performance of the obligations of the Parties under this Agreement and for the GSK Group Companies and the Consumer Healthcare Group Companies (as appropriate) to receive the full benefit of its rights under this Agreement;

		
	 “Transaction Documents”
	  	 means this Agreement, the SCIA and the Ancillary Agreements;

		
	 “Transitional Services Agreement”
	  	 means the transitional services agreement entered into or to be entered into between GlaxoSmithKline Services Unlimited,
GlaxoSmithKline LLC, GlaxoSmithKline Consumer Healthcare (Overseas) Limited and GlaxoSmithKline Consumer Healthcare Holdings (US) LLC on or around the date of the SCIA;

  
 25 

			
	 “Treasury Side Letter”
	  	 means the letter agreement entered into between GSKCHHL, Pfizer, PFCHHL, GSK and JVCo dated 4 November 2021 pursuant
to which the parties thereto have agreed the interpretation, and confirmed the application, of certain provisions of the Cosmos SHA;

		
	 “Trexco”
	  	 means Trexco Limited, a company incorporated in England with number 00461588, having its registered office at 2 Lambs
Passage, London, EC1Y 8BB;

		
	 “VAT”
	  	 means:
  

(i) any value added tax imposed by the Value Added Tax Act 1994 and legislation and regulations
supplemental thereto;
  

(ii)  to the extent not included in paragraph (i) above, any Tax imposed in
compliance with the council directive of 28 November 2006 on the common system of value added tax (EC Directive 2006/112); and
  

(iii)  any other Tax of a similar nature to the Taxes referred to in paragraph (i) or
paragraph (ii) above, whether imposed in the UK or a member state of the EU in substitution for, or levied in addition to, the Taxes referred to in paragraph (i) or paragraph (ii) above or imposed elsewhere; and

		
	 “Working Hours”
	  	 means 9.30 a.m. to 5.30 p.m. (local time) on a Business Day.

  

	1.2	 In this Agreement, unless otherwise specified: 

 

	 	(A)	 references to clauses, sub clauses, paragraphs, sub paragraphs, and Schedules are to clauses, sub clauses,
paragraphs, sub paragraphs of, and Schedules to, this Agreement; 

  

	 	(B)	 use of any gender includes the other genders and (unless the context otherwise requires) the singular shall
include the plural and vice versa; 

  

	 	(C)	 references to a “company” shall be construed so as to include any corporation or other body
corporate, wherever and however incorporated or established; 

  

	 	(D)	 references to a “person” shall be construed so as to include any individual, firm, company,
corporation, body corporate, government, state or agency of a state, local or municipal authority or government body or any joint venture, association or partnership (whether or not having separate legal personality); 

  
 26 

	 	(E)	 references to a “holding company” or a “subsidiary” shall be construed as
a holding company or subsidiary (as the case may be) as defined in section 1159 of the Companies Act 2006; 

  

	 	(F)	 references to a “body corporate” shall be construed as a body corporate as defined in
section 1173 of the Companies Act 2006; 

  

	 	(G)	 references to a “parent undertaking” shall be construed as a parent undertaking as defined
in section 1162 of the Companies Act 2006; 

   

	 	(H)	 references to a “party” shall be construed so as to include a reference to that
party’s successors and permitted assigns; 

  

	 	(I)	 a reference to any statute or statutory provision or other regulation shall be construed as a reference to
the same as it may have been, or may from time to time be, amended, modified or re-enacted and shall include any subordinate legislation made from time to time under that statute or statutory provision, except
to the extent that any amendment or modification made after the date of this Agreement would increase or alter the liability of any Party under this Agreement; 

 

	 	(J)	 references to “include” and “including” shall be deemed to be followed by
the words “without limitation”; 

  

	 	(K)	 any reference to a “day” (including within the phrase “Business Day”)
shall mean a period of 24 hours running from midnight to midnight; 

  

	 	(L)	 references to times are to London time (unless otherwise stated); 

 

	 	(M)	 reference to “liabilities”, “costs” and/or “expenses”
incurred by a person shall not include any amount in respect of VAT or any Tax of a similar nature included in such liabilities, costs and/or expenses for which that person or any other member of its Group is entitled to credit or repayment from any
Tax Authority; 

  

	 	(N)	 references to “indemnify” any person against any circumstance shall include indemnifying
and keeping such person harmless from all actions, claims and proceedings from time to time made against such person and all loss, damage, payments, costs or expenses suffered, made or incurred by such person as a consequence of that circumstance
and, unless otherwise specified, any indemnity given in this Agreement shall be deemed to have been given on an after-Tax basis; 

 

	 	(O)	 any indemnity or obligation to pay (the “Payment Obligation”) being given or assumed on an
“after-Tax basis” or expressed to be “calculated on an after-Tax basis” means that the amount payable pursuant to such Payment
Obligation (the “Payment”) shall be calculated in such a manner as will ensure that, after taking into account: 

  

	 	(i)	 any Tax required to be deducted or withheld from the Payment; 

  
 27 

	 	(ii)	 the amount and timing of any additional Tax which becomes (or would, but for the use of any credit or other
relief which would otherwise have been available to reduce the Tax liabilities of any member of the Consumer Healthcare Group or the GSK Group, as the case may be, have become) payable as a result of the Payment’s being subject to Tax; and

  

	 	(iii)	 the amount and timing of any Tax benefit which is obtained, to the extent that such Tax benefit is
attributable to the matter giving rise to the Payment Obligation, 

 the recipient of the Payment is in the
same position as that in which it would have been if the matter giving rise to the Payment Obligation had not occurred (or, in the case of a Payment Obligation arising by reference to a matter affecting a person other than the recipient of the
Payment, the recipient of the Payment and that other person are, taken together, in the same position as that in which they would have been had the matter giving rise to the Payment Obligation not occurred), provided that the amount of the Payment
shall not exceed that which it would have been if it had been regarded for all Tax purposes as received solely by the recipient and not any other person; 
  

	 	(P)	 references to a “liability to Tax” or “Tax payable” (and equivalent terms)
include circumstances where Tax would be (or become) payable but for the use of a Relief (as such term is defined in the Tax Covenant); 

  

	 	(Q)	 a reference to any other document referred to in this Agreement is a reference to that other document as
amended, varied, novated or supplemented (other than in breach of the provisions of this Agreement or that other document) at any time; 

  

	 	(R)	 a reference to any English legal term for any action, remedy, method of judicial proceeding, legal document,
legal status, court, official or any legal concept or thing shall in respect of any jurisdiction other than England be treated as a reference to any analogous term in that jurisdiction; and 

 

	 	(S)	 the rule known as the ejusdem generis rule shall not apply and accordingly: 

 

	 	(i)	 general words introduced by the word “other” shall not be given a restrictive meaning by reason of
the fact that they are preceded by words indicating a particular class of acts, matters or things; and 

  

	 	(ii)	 general words shall not be given a restrictive meaning by reason of the fact that they are followed by
particular examples intended to be embraced by the general words. 

  

	1.3	 In this Agreement, unless otherwise specified: 

 

	 	(A)	 all headings and titles are inserted for convenience only and are to be ignored in the interpretation of
this Agreement; and 

  
 28 

	 	(B)	 the Schedules form part of this Agreement and shall have the same force and effect as if expressly set out
in the body of this Agreement, and any reference to this Agreement shall include the Schedules. 

  

	1.4	 In this Agreement: 

 

	 	(A)	 references to members of Pfizer Group’s or members of GSK Group’s aggregate holding of Haleon
Ordinary Shares shall include both Haleon Ordinary Shares held directly in the form of shares and Haleon Ordinary Shares held indirectly as a result of a holding of Haleon ADSs. 

 

	2.	 CONDITIONS PRECEDENT 

 

	2.1	 The provisions of this Agreement, other than those arising under clause 1 (Interpretation), clause
2 (Conditions Precedent), clause 3 (Termination), [clause 4 (Circular, Prospectus and Pre-Completion Obligations), clauses 5.1, 5.2 and 5.5 (Transfer and Issue of Shares), clause 14 (Confidentiality),
clause 19 (Further Assurance) and clause 20 (Notices) to clause 29 (Counterparts) (inclusive)], shall be conditional upon all of the following: 

 

	 	(A)	 completion of the ATB Re-organisation; 

 

	 	(B)	 the passing of the Demerger Resolution and the Related Party Transactions Resolution by GSK Shareholders at
the GSK General Meeting; 

  

	 	(C)	 approval of the Competition Commission of India pursuant to the Competition Act, 2002 in order to permit the
implementation of the Separation Transaction and any related corporate restructuring steps; 

  

	 	(D)	 [approval of the Korea Fair Trade Commission pursuant to the Korean merger control laws, namely Article
11(1) of the Monopoly Regulation and Fair Trade Law and Article 18(4) of its Enforcement Decree, in order to permit the implementation of the Separation Transaction and any related corporate restructuring steps;] 

 

	 	(E)	 approval of the Japan Fair Trade Commission (the “JFTC”) pursuant to the Japanese merger
control laws namely the Act on Prohibition of Private Monopolization and Maintenance of Fair Trade (the “Antimonopoly Act”) and relevant rules (following submission of prior notification of the plan of share acquisition to the JFTC
under Paragraph 2, Article 10 of the Antimonopoly Act) comprising: 

  

	 	(i)	 receipt from the JFTC of a notification not to issue a cease and desist order under Paragraph 1, Article 50
of the Antimonopoly Act, pursuant to Article 9 of the Rules on Applications for Approval, Reporting, Notification, etc.; and 

  

	 	(ii)	 the applicable waiting period stipulated in Paragraph 8, Article 10 of the Antimonopoly Act (as may be
shortened in the JFTC’s discretion) having expired, 

  

	 	 	 in each case, in order to permit the implementation of the Separation Transaction and any related corporate
restructuring steps; 

  

	 	(F)	 approval of the Israeli Competition Authority or deemed approval of the Israeli Competition Authority (as a
consequence of the applicable statutory waiting period expiring) pursuant to Israeli Economic Competition Law – 1998 in order to permit the implementation of the Separation Transaction and any related corporate restructuring steps or
confirmation from the Israeli Competition Authority that no such approval is necessary to permit the implementation of the Separation Transaction and any related corporate restructuring steps; 

 

	 	(G)	 the payment of the Final Quarterly Dividend, the Final Sweep Dividend, and the Pre-Separation Dividend;

  

	 	(H)	 approval of the Demerger Dividend by the GSK Board; 

 

	 	(I)	 GSK having not terminated this Agreement prior to Completion in accordance with clause 3.1;

  

	 	(J)	 no order, injunction or decree issued by any Governmental Entity of competent jurisdiction or other legal
restraint or prohibition preventing the consummation of the Separation Transaction being in effect; 

  

	 	(K)	 the Sponsors’ Agreements not having terminated in accordance with their terms; 

 

	 	(L)	 approval of the Haleon Allotment Authorities by the shareholders of Haleon; 

 

	 	(M)	 the FCA having acknowledged to Haleon or its agent (and such acknowledgement not having been withdrawn) that
the application for admission of the Haleon Admission Shares to the Official List with a premium listing: 

  

	 	(i)	 has been approved; and 

 

	 	(ii)	 will become effective as soon as a dealing notice has been issued by the FCA and any Listing Conditions have
been satisfied; 

  

	 	(N)	 the London Stock Exchange having acknowledged to Haleon or its agent (and such acknowledgement not having
been withdrawn) that the Haleon Admission Shares will be admitted to trading on its main market for listed securities; 

  

	 	(O)	 (i) the registration statement on Form 20-F filed by Haleon with the SEC to effect the registration of the
Haleon ADSs underlying the Haleon ADR Programme under the Exchange Act having been declared effective by the SEC and (ii) no stop order suspending its effectiveness being in effect, and no proceedings for such purpose being pending before or
threatened by the SEC; 

  

	 	(P)	 the Haleon ADSs underlying the Haleon ADR Programme having been approved for listing on the New York Stock
Exchange, subject only to official notice of issuance; 

  

	 	(Q)	 the Exchange Agreements having been duly executed, continuing to bind all parties thereto and having become
unconditional in all respects (save for any condition relating to Completion or this Agreement being unconditional) such that the Share Exchanges shall be capable of occurring, subject only to due performance of the relevant agreement(s) under the
Exchange Agreements, and all parties thereto shall stand ready to perform such agreements and complete the Share Exchanges, no later than 23:59 the Sunday after Completion; and 

 

	 	(R)	 subject to clause 2.2, completion of the PFCHHL Transfer. 

  
 29 

	2.2	 The Parties agree and acknowledge that the Condition Precedent specified in clause 2.1(R) shall be
deemed fully and absolutely satisfied and fulfilled in the event that the PFCHHL Transfer has not been completed by 8.00 p.m. on the date that is three (3) Business Days after the date on which the last of the Regulatory Conditions is satisfied.

  

	2.3	 Subject to clause 2.4, each of GSK and Haleon shall use all reasonable endeavours to ensure
fulfilment of the Conditions Precedent, none of which may be waived by either GSK or Haleon. If the Conditions Precedent are not satisfied by 5:00 p.m. on 23 February 2023 (or such other time and/or date as GSK may determine), this Agreement
shall automatically terminate and neither GSK nor Haleon shall have any claim of any nature whatsoever against the other under this Agreement, save in respect of any rights and liability set forth in the Cosmos SHA. 

 

	2.4	 Each of GSK and Haleon undertakes to the other to disclose anything which will or may prevent or delay any
of the Conditions Precedent from being satisfied immediately after it comes to the notice of that Party. 

  

	2.5	 The Parties agree and acknowledge that nothing in this Agreement shall: 

 

	 	(A)	 prevent or inhibit compliance with the Cosmos SHA to any extent; or 

 

	 	(B)	 derogate from or qualify to any extent any party’s rights or obligations pursuant to the Cosmos SHA.

  

	 	2.6	 The Parties agree and acknowledge that they shall comply in all respects with the Cosmos SHA and shall
procure such compliance by the members of their respective Groups. The Parties further agree and acknowledge that compliance with the Cosmos SHA by GSK, the members of the GSK Group, Haleon and the members of the Consumer Healthcare Group is
permitted and the Parties hereby consent in all respects to such compliance with the Cosmos SHA. For the avoidance of doubt, the Parties agree and acknowledge that this Agreement, and any third party rights Pfizer has with respect to this Agreement,
is without prejudice to GSK’s and Pfizer’s rights under the Cosmos SHA, the Cosmos SCA, the SCA Side Letter, the Treasury Side Letter and the obligations of Pfizer, GSK and the members of the Pfizer Group and the GSK Group pursuant to the
terms of the Cosmos SHA, the Cosmos SCA, the SCA Side Letter and the Treasury Side Letter. 

  

	 	2.7	 Notwithstanding anything to the contrary in this Agreement or the Cosmos SHA, the Cosmos SCA or the Treasury
Side Letter, the Parties agree and acknowledge that in connection with the Demerger, and in accordance with and subject to the SCA Side Letter, (1) the issuance to the Pfizer Group PFCHHL Transferor of the Haleon NVPS pursuant to the Pfizer Share
Exchange and the sale or disposition of the Haleon NVPS by the Pfizer Group PFCHHL Transferor immediately thereafter and (2) the distribution referred to in limb (ii) of the definition of ATB Re-organisation shall be expressly permitted for all
purposes hereunder and thereunder. 

  
 30 

	3.	 TERMINATION 

 

	3.1	 Notwithstanding any other provision of this Agreement (but subject to the Cosmos SHA), the Parties hereby
agree and acknowledge that GSK shall have the right in its absolute discretion to abandon the Separation Transaction by providing notice of the same in writing to Haleon and Pfizer at any time prior to Completion, and upon GSK providing such notice
this Agreement shall automatically terminate. 

  

	3.2	 The Parties hereby agree and acknowledge that, in the event that this Agreement is terminated pursuant to
clause 3.1: 

  

	 	(A)	 no Party will have any claim against any other Party for compensation, Costs, damages or otherwise except as
otherwise provided in the Cosmos SHA or the SCIA; 

  

	 	(B)	 this Agreement shall be of no further force or effect; and 

 

	 	(C)	 for the avoidance of doubt, the Cosmos SHA shall continue in full force and effect. 

 

	3.3	 Save as provided in clause 3.1, no Party shall have the right to rescind or unilaterally terminate
this Agreement, whether before or after Completion. 

  

	4.	 CIRCULAR, PROSPECTUS AND PRE-COMPLETION OBLIGATIONS

  

	4.1	 On the Posting Date: 

 

	 	(A)	 subject to the prior approval of the Circular by the GSK Board and the FCA, GSK shall procure the despatch
of the Circular to all of its shareholders; and 

  

	 	(B)	 subject to the prior approval of the Prospectus by the Haleon Board (and any relevant proposed directors)
and the FCA, Haleon shall procure the publication of the Prospectus. 

  

	4.2	 Without prejudice to the Sponsors’ Agreements, each of GSK and Haleon undertakes to the other that if,
at any time after the date hereof and before the commencement of dealings in Haleon Admission Shares, it comes to the notice of either of them that: 

  

	 	(A)	 any statement contained in the Circular or the Prospectus has become or been discovered to be untrue,
incorrect or misleading in any material respect; 

  

	 	(B)	 it has been discovered that either the Circular or the Prospectus does not contain a statement that it
should contain in order to comply with any applicable Law or the rules of any relevant regulatory authority and that omission is or may be material; 

  
 31 

	 	(C)	 there has been a significant change affecting any matter contained in the Circular or the Prospectus which
would have been required to be disclosed in any such document had it occurred before the Posting Date; or 

  

	 	(D)	 a significant new matter has arisen, the inclusion of information in respect of which would have been
required in the Circular or in the Prospectus had it arisen before the Posting Date, 

 then that Party
shall immediately notify the other Party of the same in writing. 
  

	4.3	 Each of GSK and Haleon undertakes: 

 

	 	(A)	 to procure that, prior to Completion, except as required by Law, the FCA or the London Stock Exchange, and
without prejudice to clause 3, no action will be taken by it which is inconsistent with the provisions of this Agreement or the completion of the Demerger; 

 

	 	(B)	 that it shall comply with applicable legal and regulatory requirements in relation to the Demerger, the
Circular and the Prospectus and the matters and transactions contemplated thereby and by this Agreement; and 

  

	 	(C)	 to notify and consult with the other Party before taking any action as a consequence of any matter referred
to in clause 4.2, except to the extent that such undertaking to notify and consult with the other Party inhibits either Party from complying with any of its legal, regulatory or fiduciary obligations. In the case of Haleon, such action may include
the publication of a supplementary prospectus in accordance with section 87G of FSMA. 

  

	5.	 TRANSFER AND ISSUE OF SHARES 

 

	5.1	 Subject to: 

  

	 	(A)	 this Agreement not having been terminated pursuant to clause 3.1; 

 

	 	(B)	 the passing of the Demerger Resolution; and 

 

	 	(C)	 the GSK Board determining, in its absolute discretion, that the Demerger continues to be in the best
interests of GSK and the GSK Shareholders and that the Demerger should proceed, 

 GSK agrees to declare
the Demerger Dividend in accordance with the Demerger Resolution and resolve to transfer, with full title guarantee and free from all security interests, options, claims, or encumbrances whatsoever, the Relevant GSKCHHL Shares to Haleon, and Haleon
agrees to acquire the Relevant GSKCHHL Shares on the same basis. 
  

	5.2	 Prior to Completion (but subject thereto), GSK shall procure that the GSKCHHL Board shall meet to approve
the transfer of the Relevant GSKCHHL Shares from GSK to Haleon and to resolve that, as soon as reasonably practicable following Completion, Haleon will be recorded in the register of members of GSKCHHL as the holder of the Relevant GSKCHHL Shares.

  
 32 

	5.3	 As soon as reasonably practicable following Completion, Haleon shall procure that (subject to stamping of
the relevant instrument of transfer or, as applicable, receipt of appropriate confirmation from HMRC that relief has been adjudicated or otherwise that the change in ownership may be duly registered) Haleon is recorded in the register of members of
GSKCHHL as the holder of the Relevant GSKCHHL Shares. 

  

	5.4	 In consideration for the transfer of the Relevant GSKCHHL Shares from GSK to Haleon, and in satisfaction of
the Demerger Dividend, Haleon shall allot and issue to the Qualifying GSK Shareholders such number of Haleon Demerger Shares which, when aggregated with any Haleon Demerger Shares already then in issue, is equal to the number of GSK Shares in issue
at the Demerger Record Time (less any GSK Shares held in treasury). 

  

	5.5	 Immediately after the Demerger Record Time, GSK shall make available to Haleon the registered names,
addresses and shareholdings of the Qualifying GSK Shareholders. 

  

	5.6	 GSK hereby directs, and Haleon shall ensure, that the Haleon Demerger Shares to be allotted and issued to
the Qualifying GSK Shareholders pursuant to clause 5.4 shall: 

  

	 	(A)	 be allotted and issued on the basis of one Haleon Ordinary Share for every GSK Share held by each GSK
Shareholder at the Demerger Record Time, save that in respect of each of [David Redfern], [Victoria Whyte], [Subesh Williams] and [Adam Walker] the number of such shares to be issued to each of them pursuant to the foregoing shall be reduced by the
number of shares in the share capital of Haleon already held by each of them at the Demerger Record Time; and 

  

	 	(B)	 be allotted credited as fully paid and free from all liens, charges and encumbrances whatsoever and shall
have the rights described in Haleon’s articles of association in the Agreed Form. 

  

	5.7	 As soon as reasonably practicable following the allotment and issuance of Haleon Demerger Shares pursuant to
clause 5.4, Haleon shall procure that each Qualifying GSK Shareholder that has been allotted and issued Haleon Demerger Shares is recorded in the register of members of Haleon as the holder of the applicable Haleon Demerger Shares.

  

	6.	 COMPLETION OBLIGATIONS 

 

	6.1	 Subject to clause 6.2, Completion of this Agreement will take place at 8.00 p.m. (and in any event
after the close of business in London) on the later of (1) [●] and (2) the first Friday to occur on or after the satisfaction or deemed satisfaction of the last of the Conditions Precedent specified in clauses 2.1(A) to
2.1(H) (inclusive) and clauses 2.1(L) to 2.1(R) (inclusive) (except for the Conditions Precedent which will be satisfied only upon Completion, being the Conditions Precedent specified in clauses 2.1(M) and 2.1(N),
provided that such Conditions Precedent would be satisfied assuming the Completion were to occur at such time, and except for the Condition Precedent specified in clause 2.1(O)(ii)), unless otherwise agreed by the Parties and provided that
none of the events specified in clause 2.1(I) to clause 2.1(K) (inclusive) and clause 2.1(O)(ii) have occurred at such time. 

  
 33 

	6.2	 In the event that the Regulatory Conditions are not satisfied by 8.00 p.m. on [●] or such other time
as GSK shall determine with the agreement of Pfizer then: 

  

	 	(A)	 the Parties agree and acknowledge that Completion of this Agreement shall be delayed past [●] and
Admission shall not occur on the scheduled date of [●]; 

  

	 	(B)	 Completion of this Agreement shall instead take place at 8.00 p.m. (and in any event after the close of
business in London) on the first Friday (1) that is at least three (3) Business Days after satisfaction of the Regulatory Conditions and (2) on or after which the Conditions Precedent specified in clauses 2.1(A) to 2.1(H) (inclusive)
and clauses 2.1(L) to 2.1(R) (inclusive) are satisfied or deemed satisfied (except for the Conditions Precedent which will be satisfied only upon Completion, being the Conditions Precedent specified in clauses 2.1(M) and
2.1(N), provided that such Conditions Precedent would be satisfied assuming the Completion were to occur at such time, and except for the Condition Precedent specified in clause 2.1(O)(ii)), unless otherwise agreed by the Parties,
provided that none of the events specified in clause 2.1(I) to clause 2.1(K) (inclusive) and clause 2.1(O)(ii) have occurred at such time (such Friday being the “Delayed Completion Date”); and

  

	 	(C)	 for the avoidance of doubt, the Parties agree and acknowledge that, in such circumstances, completion of the
Share Exchanges shall be scheduled to occur on the first Sunday after the Delayed Completion Date and Admission shall be scheduled to occur on the first Monday after the Delayed Completion Date. 

 

	6.3	 At Completion, the following business shall be transacted: 

 

	 	(A)	 GSK shall deliver to Haleon a duly executed transfer of the Relevant GSKCHHL Shares in favour of Haleon,
together with the relevant share certificate(s); 

  

	 	(B)	 Haleon shall procure that the names of the Qualifying GSK Shareholders to whom Haleon Demerger Shares are to
be allotted and issued pursuant to this Agreement are entered into the Haleon register of members; and 

  

	 	(C)	 each of GSK and Haleon shall deliver, or procure the delivery of, a duly executed counterpart of each of the
Ancillary Agreements (other than those Ancillary Agreements that have already been entered into prior to Completion) to which they or any members of their respective Groups are party in the Agreed Form. 

 

	6.4	 [Reserved.] 

  

	6.5	 GSK and Haleon shall procure that, on or before Completion: 

 

	 	(A)	 employees or non-executive directors of the Consumer Healthcare
Group or the GSK Group who hold the office of director or secretary of a company in the Other Group shall have resigned from the company or companies in the Other Group and suitable persons employed by or identified as appropriate non-executive directors for the Other Group shall have been appointed in their place; and 

  

	 	(B)	 employees of the Consumer Healthcare Group or the GSK Group who are authorised signatories on bank mandates
for accounts of companies in the Other Group shall have signed, executed and delivered all such documents as are necessary to cancel their status as authorised signatories on such mandates and to ensure that suitable persons employed by the Other
Group shall have been appointed as authorised signatories in their place. 

  

	6.6	 To secure the interest of Haleon in the Relevant GSKCHHL Shares, GSK irrevocably appoints Haleon, with
effect from Completion, as GSK’s attorney with authority on its behalf and in its name or otherwise in relation to the Relevant GSKCHHL Shares to exercise all rights, powers and privileges which are capable of exercise by GSK in the capacity of
registered holder of the Relevant GSKCHHL Shares and for such purpose to do all such acts and things and to execute all such deeds and other documents as Haleon shall consider necessary or desirable pending registration of the Relevant GSKCHHL
Shares in the name of Haleon, in connection with any matter including, without limitation, all or any of the following: 

   

	 	(A)	 receiving notice of, attending, participating in and directing the exercise of any voting rights attaching
to the Relevant GSKCHHL Shares in any general meeting, class meeting of the shareholders of GSKCHHL or other meeting at which such voting rights are capable of being exercised, or signing any resolution or decision as the registered holder of the
Relevant GSKCHHL Shares; 

  

	 	(B)	 approving, completing or otherwise signing or executing and returning any requisition of any meeting,
consent to short notice or proxy form, written resolution, agreement of the members of GSKCHHL or other document capable of being validly signed or executed by the registered holder of the Relevant GSKCHHL Shares; 

  
 34 

	 	(C)	 dealing with and giving directions as to any monies, securities, benefits, documents, notices or other
communications (in whatever form) arising by right of the Relevant GSKCHHL Shares or received in connection with the Relevant GSKCHHL Shares from GSKCHHL (including, but not limited to, altering the registered address relating to the Relevant
GSKCHHL Shares and agreeing terms with GSKCHHL for receiving any such thing by means of electronic communications); 

  

	 	(D)	 selling, transferring, exchanging or otherwise disposing of the Relevant GSKCHHL Shares or any interest in
any of them; 

  

	 	(E)	 agreeing to any compromise or arrangement affecting the Relevant GSKCHHL Shares and/or using any lawful
means to safeguard any interest and/or enforce any right of the registered holder of the Relevant GSKCHHL Shares; and 

  

	 	(F)	 otherwise endorsing, signing, executing, delivering and doing all agreements, deeds, receipts, dividend and
interest warrants, cheques, releases, discharges, instruments and all other documents, deeds and acts whatsoever in the name of GSK insofar as may be done in that capacity, 

in each case, as Haleon in its absolute discretion sees fit. 

 

	6.7	 Any document to be signed or executed under the authority granted pursuant to clause 6.6 may be
signed or otherwise executed by Haleon in GSK’s name or (at Haleon’s option) in Haleon’s name on behalf of GSK. 

  

	6.8	 GSK undertakes with effect from Completion: 

 

	 	(A)	 to hold the Relevant GSKCHHL Shares upon trust for Haleon as beneficial owner; 

 

	 	(B)	 to account to Haleon for all dividends, interest, bonuses, in specie or other distributions or payments of
whatever nature paid or made to Haleon in respect of the Relevant GSKCHHL Shares in respect of the period following Completion; 

  

	 	(C)	 not to exercise any rights, powers or privileges attaching to the Relevant GSKCHHL Shares or exercisable in
the capacity of registered holder of the Relevant GSKCHHL Shares or conferred on Haleon by this Agreement without Haleon’s prior written consent; and 

  

	 	(D)	 promptly on receipt to deliver to Haleon any notice, letter or other document of any nature whatsoever
relating to the Relevant GSKCHHL Shares which GSK receives after the date of this Agreement. 

  

	6.9	 Subject to clause 6.10 below, Haleon undertakes fully to indemnify GSK and hold it harmless against
all liabilities (including liabilities to Tax), Costs, claims, actions, charges and expenses (if any) arising out of or in consequence of the proper or purported exercise of any power under the power of attorney constituted by clause 6.6.

  
 35 

	6.10	 The indemnity in clause 6.9 shall not apply to any liabilities, Costs, claims, actions, charges or
expenses which would not have been incurred but for the negligence or wilful default of GSK. 

  

	6.11	 The power of attorney constituted by clause 6.6 and the undertaking given in clause 6.8 shall
be irrevocable but shall terminate automatically on the date on which Haleon is entered in the register of members of GSKCHHL as the holder of the Relevant GSKCHHL Shares. 

 

	7.	 TAX 

  

	7.1	 The Parties agree that, except where arrangements in respect of Tax are expressly made in this Agreement,
any claim or potential claim in respect of any liability relating to Tax shall be determined and calculated solely in accordance with the Tax Covenant. To the extent that provisions of this Agreement conflict with any provisions of the Tax Covenant,
those in the Tax Covenant shall prevail. 

  

	7.2	 The Parties agree that GSK will, where appropriate on Haleon’s behalf and with such assistance from
Haleon as GSK may reasonably require, be responsible for claiming relief from stamp duty under section 75 of the Finance Act 1986 in respect of the transfer of the Relevant GSKCHHL Shares. Each of GSK and Haleon will use all reasonable endeavours to
make and enforce such arrangements with its respective registrars as will enable the conditions for relief from stamp duty under section 75 of the Finance Act 1986 in respect of the transfer of the Relevant GSKCHHL Shares to be fulfilled.

  

	8.	 GSK DMA INDEMNITIES 

 

	8.1	 The issue by Haleon of the Haleon Demerger Shares pursuant to clauses 5.4 to 5.6 (inclusive)
to Qualifying GSK Shareholders on Completion in accordance with this Agreement shall extinguish any obligation whatsoever of Haleon to issue any shares to any former, present or future GSK Shareholders or holder of other securities of GSK in
consideration of the transfer of the Relevant GSKCHHL Shares to Haleon or otherwise in connection with the Demerger, the Demerger Dividend or the other transactions contemplated by this Agreement, and GSK hereby covenants and undertakes to indemnify
and keep indemnified Haleon (for itself and as trustee for each Consumer Healthcare Group Company) and each Consumer Healthcare Group Company from and against any such obligation, including any liabilities, losses, demands, claims, Costs and damages
whatsoever suffered or arising, directly or indirectly from or in consequence of: 

  

	 	(A)	 any claim by any person that they became a holder of or were otherwise entitled to GSK Shares (or other
securities they shall claim to be relevant for such purposes) prior to or at the Demerger Record Time and was, by virtue of such holding, entitled to be issued with Haleon Demerger Shares or was otherwise (other than by virtue of holding any
interest or purported interest in Pfizer, Anacor, PFCHHL or any member of the Pfizer Group) entitled to be issued with Haleon Demerger Shares or any other shares or securities; and 

  
 36 

	 	(B)	 any claim by any person that their rights to be entered into the register of members of Haleon in respect of
Haleon Demerger Shares have not been satisfied as a result of a dispute over the time or otherwise in respect of the sale or transfer to or by them of GSK Shares (or other securities they shall claim to be relevant for such purpose).

  

	8.2	 GSK hereby covenants and undertakes to indemnify and keep indemnified Haleon (for itself and as trustee for
each Consumer Healthcare Group Company) and each Consumer Healthcare Group Company from and against any and all losses, Costs and damages suffered or arising, directly or indirectly, from or in consequence of any and all obligations, claims,
liabilities, actions, demands or proceedings of, made against or incurred by GSKCHHL (which, for the avoidance of doubt, does not include any obligations, claims, liabilities, actions, demands or proceedings of, made against, or incurred by any
member of the Consumer Healthcare Group (other than solely GSKCHHL)) to the extent that they arise or are suffered (whether before or after completion of the GSK Share Exchange) as a consequence of or by reference to any transaction, arrangement,
action or omission of any member of the GSK Group or GSKCHHL itself which occurred on or before completion of the GSK Share Exchange, but excluding: 

  

	 	(A)	 any obligation, claim, liability, expense, action, demand or proceeding which has been met, settled or paid,
in each case, by or for the account of GSK or any member of the GSK Group (including, for the avoidance of doubt, GSKCHHL), before completion of the GSK Share Exchange; 

 

	 	(B)	 any obligation, claim, liability, action, demand or proceeding of, made against, or incurred by GSKCHHL
which is referable to transactions, arrangements, actions or omissions of any member of the Consumer Healthcare Group (other than solely GSKCHHL) and for which a member of the Consumer Healthcare Group (other than solely GSKCHHL) is primarily liable
and GSKCHHL is or may be secondarily liable under applicable law by reason of its position as a parent company or as a direct or indirect shareholder; and 

  

	 	(C)	 any such matter relating to the Pre-Separation GSKCHHL Onward Dividend, the Final Quarterly GSKCHHL Onward
Dividend, the Final Sweep GSKCHHL Onward Dividend or any dividend previously paid or to be paid after the date hereof by JVCo, which are the subject of separate arrangements under clause [4] (Dividends) of the SCIA. 

 

	8.3	 The provisions of Schedule 1 (Provisions on Claims under the GSK DMA Indemnities and the Mutual DMA
Indemnities) shall apply in relation to the making of any claim under the GSK DMA Indemnities. 

  

	9.	 [RESERVED] 

 

	10.	 GUARANTEES 

 

	10.1	 Haleon undertakes to GSK at any time and from time to time on or after Separation Completion to use all
reasonable endeavours to execute and deliver (or procure the execution and delivery by another Consumer Healthcare Group Company of) all such instruments of assumption and acknowledgement or take such other action as GSK may reasonably request in
order to effect the release and discharge in full of each GSK Group Company from any GSK Group Company Guarantee to which it is a party. 

  
 37 

	10.2	 For so long as and to the extent that any release from a GSK Group Company Guarantee has not been obtained
on or after Separation Completion, Haleon shall: 

  

	 	(A)	 ensure that no Consumer Healthcare Group Company shall enter into any further commitment or obligation,
other than in respect of existing contractual arrangements or pursuant to applicable Law, which would increase any GSK Group Company’s actual or contingent liability under any such GSK Group Company Guarantee; and 

 

	 	(B)	 indemnify any GSK Group Company from and against any and all liabilities (including liabilities to Tax) and
Costs (whether arising in respect of any event or circumstance either before, on, or after Completion) under or by reason of that GSK Group Company Guarantee (whether as a result of any breach by any Consumer Healthcare Group Company of its
obligations to which such GSK Group Company Guarantee relates or otherwise). 

  

	10.3	 GSK undertakes to Haleon at any time and from time to time on or after Separation Completion to use all
reasonable endeavours to execute and deliver (or procure the execution and delivery by another GSK Group Company of) all such instruments of assumption and acknowledgement or take such other action as Haleon may reasonably request in order to effect
the release and discharge in full of each Consumer Healthcare Group Company from any Consumer Healthcare Group Company Guarantee to which it is a party. 

  

	10.4	 For so long as and to the extent that any release from a Consumer Healthcare Group Company Guarantee has not
been obtained on or after Separation Completion, GSK shall: 

  

	 	(A)	 ensure that no GSK Group Company shall enter into any further commitment or obligation, other than in
respect of existing contractual arrangements or pursuant to applicable Law, which would increase any Consumer Healthcare Group Company’s actual or contingent liability under any such Consumer Healthcare Group Company Guarantee; and

  

	 	(B)	 indemnify any Consumer Healthcare Group Company from and against any and all liabilities (including
liabilities to Tax) and Costs (whether arising in respect of any event or circumstance either before, on, or after Completion) under or by reason of that Consumer Healthcare Group Company Guarantee (whether as a result of any breach by any GSK Group
Company of its obligations to which such Consumer Healthcare Group Company Guarantee relates or otherwise). 

  

	10.5	 The provisions of Schedule 1 (Provisions on Claims under the GSK DMA Indemnities and the Mutual DMA
Indemnities) shall apply in relation to the making of any claim under this clause 10. 

  

	10.6	 For the avoidance of doubt and without limitation, the Parties hereby agree and acknowledge that nothing in
this clause 10 shall apply to or affect the various indemnities given under the Cosmos SAPA, including (without limitation) under Article 7 of the Cosmos SAPA. 

 

	10.7	 For the avoidance of doubt, the Parties hereby agree and acknowledge that, in accordance with each of their
respective terms, both the GSK Pre-Separation Bonds Guarantee and the Pfizer Pre-Separation Bonds Indemnity shall cease to apply and shall have no further force or
effect from completion of the Share Exchanges. 

  
 38 

	11.	 CONTRACTUAL ARRANGEMENTS AND DEALINGS WITH THIRD PARTIES 

 

	11.1	 GSK and Haleon agree to consult one another about the relevant actions to take in relation to any existing
intra-group agreement between any GSK Group Company and any Consumer Healthcare Group Company which has not been taken into account within the provisions of this Agreement, any Ancillary Agreement or otherwise prior to Completion.

  

	11.2	 If, following Completion, there are any agreements or contractual arrangements with Third Parties which,
prior to the Demerger, have been entered into: 

  

	 	(A)	 by any GSK Group Company relating exclusively to its provision of services or support to the Consumer
Healthcare Business or the business of any Consumer Healthcare Group Company; or 

  

	 	(B)	 by any Consumer Healthcare Group Company relating exclusively to its provision of services or support to the
GSK Business or the business of any GSK Group Company, 

 and which have not been taken into account within
the provisions of any Ancillary Agreement or otherwise prior to Completion and which remain wholly or partly unperformed (“Outstanding Agreements”), GSK and Haleon will use all reasonable endeavours to procure the entering into of a
novation agreement on terms to be agreed with the relevant Third Party in relation to each of the Outstanding Agreements, and each of GSK and Haleon shall procure that any member of their Groups which is a party to such Outstanding Agreement will
join the relevant novation agreement, provided that such reasonable endeavours: 
  

	 	(I)	 on the part of the transferring company, shall in no event require it to do more than:

  

	 	(i)	 agreeing (acting reasonably) and entering into the novation agreement; 

 

	 	(ii)	 procuring that any relevant Group member does likewise; and 

 

	 	(iii)	 bearing its own Costs and the Costs of any member of the relevant Group in connection with such novation;
and 

  

	 	(II)	 on the part of the receiving company, shall in no event require it to do more than: 

 

	 	(i)	 paying or performing any accrued liability or obligation which is properly required to be paid or performed
as a condition of such novation or under the Outstanding Agreement; 

  

	 	(ii)	 agreeing the form of (acting reasonably) and entering into the novation agreement (including giving any new
guarantee reasonably required in respect thereof); 

  

	 	(iii)	 procuring that any relevant member of the relevant Group does likewise; and 

 

	 	(iv)	 bearing its own Costs and the Costs of any member of its Group in connection with such novation.

  
 39 

	11.3	 In relation to each Outstanding Agreement, pending the entering into of a novation agreement in respect of
it: 

  

	 	(A)	 the transferring company shall hold the benefit of such Outstanding Agreement on trust for the receiving
company absolutely; 

   

	 	(B)	 the transferring company shall, if so required by the receiving company in writing, assign the benefit of
the Outstanding Agreement to the receiving company in so far as it is able to do so; 

  

	 	(C)	 [to the extent the transferring company is not able to assign the benefit of an Outstanding Agreement under
clause 11.3(B) and such Outstanding Agreement is a licence of Intellectual Property Rights or know-how pursuant to which the transferring company is entitled to
sub-license to the receiving company, the transferring company shall, if so required by the receiving company in writing, sub-license to the receiving company under that
Outstanding Agreement to the extent it is able to do so;] 

  

	 	(D)	 unless and until any assignment or sub-licence pursuant to clause
11.3(B) and clause 11.3(C) above has taken place, the transferring company shall take such action as the receiving company may reasonably require in writing to enforce for the benefit of the receiving company such Outstanding Agreement
against the other parties to it or to defend or settle for the benefit of the receiving company any action or claim brought or made by any person entitled to the benefit of such Outstanding Agreement; 

 

	 	(E)	 save as is otherwise specifically provided in this Agreement in relation to Costs, GSK or Haleon as the case
may be (being either itself, or the parent of, the receiving company) covenants to pay the other Party or the relevant member of that Party’s Group on an after-Tax basis an amount equal to any losses,
liabilities and Costs suffered or incurred by the transferring company or any other member of that Party’s Group in pursuance of this clause 11.3 or otherwise in relation to such Outstanding Agreement; and 

 

	 	(F)	 without prejudice to clause 11.3(A), GSK or Haleon as the case may be (being either itself, or the
parent of, the transferring company) covenants to pay the other Party or the relevant member of that Party’s Group an amount equal to any profits, benefits or other amounts realized or obtained by the transferring company or any other member of
that Party’s Group (net of any liability to Tax of the transferring company and any other member of that Party’s Group on such profits, benefits or other amounts) in pursuance of this clause 11.3 or otherwise in relation to such
Outstanding Agreement. 

  

	11.4	 If following Completion there are any Shared Contracts which have not been taken into account within the
provisions of any Ancillary Agreement, then GSK and Haleon shall co-operate fully to procure, so far as is practicable or desirable to both, either that: 

  
 40 

	 	(A)	 such Shared Contracts are terminated as soon as possible and replaced by such separate agreements or
contractual arrangements as may be considered necessary or appropriate between any relevant Third Parties on the one hand and the relevant members of the GSK Group and/or the relevant members of the Consumer Healthcare Group on the other hand; or

  

	 	(B)	 to the extent possible, appropriate sharing arrangements are entered into between the relevant GSK Group
Company and the relevant Consumer Healthcare Group Company in relation to such Shared Contracts. 

  

	11.5	 Save as is otherwise specifically provided in this Agreement in relation to Costs, each of GSK and Haleon
(as the case may be) shall pay to and indemnify the other against all claims, demands, actions, losses, Costs and liabilities which that other company or any GSK Group Company or Consumer Healthcare Group Company (as the case may be) suffers or
incurs in relation to the Shared Contracts referred to in clause 11.4 which properly relate to the business of the indemnifying party or to any other GSK Group Company (in the case of GSK as the indemnifying party) or Consumer Healthcare
Group Company (in the case of Haleon as the indemnifying party) (as the case may be). Pending the replacement of any such agreements or contractual arrangements by separate agreements or contractual arrangements, the relevant GSK Group Company or
Consumer Healthcare Group Company (as the case may be) shall hold the benefit of such agreements or contractual arrangements on trust for itself (and any other GSK Group Company or any other Consumer Healthcare Group Company as the case may be) and
for the other company (and any other Consumer Healthcare Group Company or any other GSK Group Company as the case may be). 

   

	11.6	 For the avoidance of doubt, clause 11.2 to clause 11.5 (inclusive) shall not apply to matters
in connection with clause 8 (GSK DMA Indemnities) or clause 10 (Guarantees), which shall be dealt with in accordance with Schedule 1 (Provisions on Claims under the GSK DMA Indemnities and the Mutual DMA Indemnities).

  

	11.7	 Each of GSK and Haleon shall use their reasonable endeavours in
co-operation with each other to obtain all Third Party Consents on or prior to Completion and to ensure that the Costs associated with the acquisition of any such Third Party Consents (including, without
limitation, any sums paid or payable to third parties in connection therewith) are minimised to the fullest extent practicable. 

  

	11.8	 Each Party shall bear its own internal Costs[, and any Costs incurred by such Party to third parties,] in
the performance of clause 11.7. 

  

	12.	 [DEALINGS BETWEEN GROUPS] 

 

	13.	 INSURANCE 

  

	13.1	 Without prejudice to any entitlement of a Consumer Healthcare Group Company arising under insurance
arrangements in place before Completion, each of Haleon and GSK confirms to the other that it shall put in place or maintain (as applicable) separate arrangements for insurance that such Group deems appropriate for itself, [prior to Completion].

  
 41 

	13.2	 The terms on which the relevant policy excess or deductible in respect of
pre-Completion insurance claims relating to the period prior to Completion is to be dealt with are as set out in Schedule 2 (Insurance). 

 

	14.	 CONFIDENTIALITY 

 

	14.1	 Each Party shall treat as confidential all information obtained as a precursor to or as a result of
negotiating or entering into or performing this Agreement or which relates to: 

  

	 	(A)	 the provisions of this Agreement; 

 

	 	(B)	 the negotiations relating to this Agreement; or 

 

	 	(C)	 the subject matter of this Agreement. 

 

	14.2	 Without limiting clause 14.1, on and from Completion, GSK shall treat as confidential all information
relating to the Consumer Healthcare Group and Haleon shall treat as confidential all information relating to the GSK Group. 

  

	14.3	 Each Party shall: 

 

	 	(A)	 not disclose any such confidential information to any person other than: 

 

	 	(i)	 any of its directors or employees who need to know such information in order to discharge their duties; and

  

	 	(ii)	 other members of its Group (and/or, in the case of GSK: (a) the trustee of the GSK Pension Scheme; (b) the
trustee of the GSK Pension Fund; (c) the trustee of the SmithKline Beecham Pension Plan; and/or (d) the trustee of the SmithKline Beecham Senior Executive Pension Plan); 

 

	 	(B)	 not use any such confidential information other than for the purpose of: 

 

	 	(i)	 in the case of Haleon, conducting the Consumer Healthcare Business; 

 

	 	(ii)	 and in the case of GSK or any member of its Group, managing or monitoring its investment in Haleon; and

  

	 	(iii)	 in connection with the performance of its obligations and the exercise of its rights under this Agreement;
and 

  

	 	(C)	 procure that any person to whom any such confidential information is disclosed by it complies with the
restrictions contained in this clause 14 as if such person were a party to this Agreement. 

  

	14.4	 Notwithstanding the other provisions of this clause 14, any Party may disclose any such confidential
information: 

  

	 	(A)	 if and to the extent required by Law or for the purpose of any judicial or arbitral proceedings;

  
 42 

	 	(B)	 if and to the extent required by any securities exchange or regulatory or Tax or other Governmental Entity
to which that Party or a member of its Group is subject or submits, wherever situated, including (amongst other bodies) the FCA, London Stock Exchange, Panel on Takeovers and Mergers, HMRC, the SEC or the New York Stock Exchange, whether or not the
requirement for information has the force of Law; 

  

	 	(C)	 to a Tax Authority in connection with the disclosing Party’s (or a member of its Group’s) Tax
affairs; 

  

	 	(D)	 to its advisers, auditors, actual or proposed debt financiers and bankers, provided they have a duty to keep
such information confidential; 

  

	 	(E)	 to the extent the information has come into the public domain through no fault of that Party;

  

	 	(F)	 to the extent the Party (or Parties) to which such information relates has (or have) given prior written
consent to the disclosure; 

  

	 	(G)	 to the extent expressly permitted by this Agreement or to the extent it is expressly permitted to do so
pursuant to any Transaction Document; 

  

	 	(H)	 if and to the extent required in connection with any regulatory consent or clearance process required by
applicable Law; or 

  

	 	(I)	 if it was in the possession of a Party or any of its advisers (in either case as evidenced by written
records) without any obligation of secrecy prior to it being received or held. 

  

	14.5	 The restrictions contained in this clause 14 shall continue to apply to each Party without limit in
time. 

  

	14.6	 Notwithstanding the foregoing in this clause 14, to the extent that the Cosmos SAPA, the Cosmos SHA
or any other Transaction Document or any other contract pursuant to which any Party or any member of its Group is bound provides that certain information shall be maintained confidential on a basis that is more protective of such information or for
a longer period of time than provided for in this clause 14, then the applicable provisions contained in the Cosmos SAPA, the Cosmos SHA or such other Transaction Document or contract shall control with respect thereto but only to the extent
such provision is more protective or runs for a longer period of time. 

  

	15.	 ANNOUNCEMENTS 

 

	15.1	 Subject to clause 15.2, no announcement or other publication concerning the transactions contemplated
by the Transaction Documents or any ancillary matter shall be made by any Party or member of its Group without the prior written approval of the other Party, such approval not to be unreasonably withheld or delayed. 

 

	15.2	 Notwithstanding clause 15.1, any Party or member of its Group may, whenever practicable and
permissible after consultation with the other Party, make an announcement concerning this Agreement, the Transaction Documents, the Demerger or the Consumer Healthcare Business, if and to the extent required by: 

  
 43 

	 	(A)	 Law or for the purposes of any judicial or arbitral proceedings; or 

 

	 	(B)	 any securities exchange or regulatory or Governmental Entity to which that Party is subject or submits,
wherever situated, including (amongst other bodies) the FCA, London Stock Exchange, Panel on Takeovers and Mergers, HMRC, the SEC or the New York Stock Exchange, whether or not the requirement has the force of Law. 

 

	15.3	 The restrictions contained in this clause 15.3 shall continue to apply to each Party without limit in
time unless otherwise agreed between the Parties. 

  

	16.	 WARRANTIES 

 

	16.1	 Each Party warrants and undertakes to the other as at the date of this Agreement that:

  

	 	(A)	 it is validly existing and is a company duly incorporated and registered under the Law of its jurisdiction
of incorporation; 

  

	 	(B)	 it has the legal right and full power and authority to enter into and perform this Agreement, which will
constitute valid and binding obligations on it in accordance with its terms; and 

  

	 	(C)	 except as referred to in this Agreement (including, for the avoidance of doubt, the filings, notices and
approvals associated with the Regulatory Conditions), it: 

   

	 	(i)	 is not required to make any announcement, consultation, notice, report or filing; and 

 

	 	(ii)	 does not require any consent, approval, registration, authorisation or permit, 

in each case with or from any Governmental Entity in connection with the performance of this Agreement. 

 

	16.2	 GSK warrants and undertakes to Haleon as at the date of this Agreement and at all times until the completion
of the Share Exchanges that: 

  

	 	(A)	 the A Shares to be transferred to Haleon under this Agreement, the B Shares to be transferred to Haleon
under the GSK Exchange Agreement and the C Shares to be transferred to Haleon under the SLP Exchange Agreement together comprise the entire issued share capital of GSKCHHL; 

 

	 	(B)	 it is the sole legal and beneficial owner of the A Shares to be transferred by GSK to Haleon under this
Agreement and the B Shares to be transferred to Haleon under the GSK Exchange Agreement, and the SLPs are the sole legal and beneficial owners of the C Shares to be transferred to Haleon under the SLP Exchange Agreement; 

 

	 	(C)	 there is no option, right to acquire, mortgage, charge, pledge, lien or other form of security or
encumbrance or equity on, over or affecting the A Shares to be transferred by GSK to Haleon under this Agreement, the B Shares to be transferred to Haleon under the GSK Exchange Agreement or the C Shares to be transferred to Haleon under the SLP
Exchange Agreement, and there is no agreement or commitment to give or create any and no claim has been made by any person to be entitled to any; 

  
 44 

	 	(D)	 the A Shares to be transferred by GSK to Haleon under this Agreement, the B Shares to be transferred to
Haleon under the GSK Exchange Agreement and the C Shares to be transferred to Haleon under the SLP Exchange Agreement have been validly issued and allotted and are fully paid up; 

 

	 	(E)	 other than: 

  

	 	(i)	 the Transaction Documents; and 

 

	 	(ii)	 in respect of the C Shares only, a right to transfer the C Shares (x) following any valid termination of (or
any notification by GSK of its intention to validly terminate) the Separation Transaction prior to Completion; or (y) if Completion and completion of the Share Exchanges does not occur by [●], there is no agreement or commitment outstanding
which calls for the allotment, issue or transfer of, or accords to any person the right to call for the allotment, issue or transfer of, any A Shares, B Shares or C Shares; and 

 

	 	(F)	 none of the A Shares to be transferred by GSK to Haleon under this Agreement, the B Shares to be transferred
to Haleon under the GSK Exchange Agreement or the C Shares to be transferred to Haleon under the SLP Exchange Agreement are subject to any rights of pre-emption or restrictions on transfer: 

 

	 	(i)	 which will be in force following Separation Completion; or 

 

	 	(ii)	 which will prohibit, delay or impair the transfer of the A Shares pursuant to this Agreement, the transfer
of the B Shares pursuant to the GSK Exchange Agreement or the transfer of the C Shares pursuant to the SLP Exchange Agreement, and there are no circumstances existing which may give rise to any such restriction being placed on any such shares.

   

	16.3	 Haleon warrants and undertakes to GSK that the Haleon Demerger Shares to be issued by Haleon under this
Agreement shall be validly issued and allotted and shall be issued fully paid up and free from all security or encumbrance. 

  

	17.	 COSTS AND EXPENSES 

 

	17.1	 Each of GSK and Haleon agree to the apportionment of Costs as set out in [clause [19 (Costs and Expenses)]]
of the SCIA. 

  

	17.2	 In relation to any Costs not addressed by clause 17.1, except as otherwise set out in this Agreement,
the Cosmos SHA, the SCIA or, in respect of Tax matters, the Tax Covenant, each Party shall pay its own Costs incurred in relation to the negotiation, preparation, execution and carrying into effect of this Agreement and all other agreements forming
part of the Demerger. 

  

	18.	 PAYMENTS 

  

	18.1	 Payments due to be made under this Agreement shall, if not paid within thirty (30) days of the due date, and
except to the extent the liability giving rise to the payment compensates the recipient for late payment by virtue of its extending to interest and penalties, carry interest at a rate of (i) two (2) per cent. above the base lending rate from time to
time of the Bank of England, or (ii) if such base lending rate is less than zero, at two (2) per cent. (the “Agreed Rate”) for the period from the date falling thirty (30) days after the due date to the date of actual payment.

   

	18.2	 Payments due to be made under this Agreement shall be free and clear of all deductions, withholdings, set-offs, or counterclaims whatsoever, except as may be required by Law. If any deductions or withholdings are required by Law, the paying party shall be obliged to pay such sum as will, after such deduction,
withholdings, set-off or counter-claim has been made, leave the receiving party with the same amount as it would have been entitled to receive in the absence of any such requirement to make such deduction or
withholding. 

  
 45 

	19.	 FURTHER ASSURANCE 

 

	19.1	 Prior to Completion, GSK and Haleon shall use all reasonable endeavours to procure the entering into by the
respective parties thereto of such further agreements or documents as shall be necessary to give effect to the transactions set out in the Steps Plan, if and to the extent such agreements or documents are envisaged by the Steps Plan as occurring
prior to Completion. 

  

	19.2	 GSK and Haleon shall each procure the due performance of the obligations of the members of their respective
Groups under any agreements entered into or to be entered into by them in connection with the Demerger and the Separation Transaction. 

  

	19.3	 The Parties undertake to co-operate in good faith following
Completion to ensure they and their respective Groups do such acts and things as may reasonably be necessary for the purpose of giving to GSK and Haleon and their respective Groups the full benefit of the provisions of this Agreement and all other
agreements entered into in connection with the Demerger and the Separation Transaction. 

  

	19.4	 Following Completion: 

 

	 	(A)	 the Parties shall use all reasonable endeavours to procure that, and to procure that the members of their
respective Groups use all reasonable endeavours to procure that, any necessary third party execute such documents and do such acts and things as may be reasonably required for the purpose of giving to GSK and Haleon the full benefit of all relevant
provisions of this Agreement; and 

  

	 	(B)	 without prejudice to any other provision of this Agreement, GSK and Haleon undertake to use all reasonable
endeavours to co-operate and to ensure their respective Groups co-operate with each other in relation to the conduct of litigation, inquiries from government or
regulatory bodies (including, subject to the terms of the Tax Covenant, any Tax Authority), investigations or other proceedings of a like nature (“Investigation”) where: 

 

	 	(i)	 they have a mutual interest in the Investigation; and 

 

	 	(ii)	 co-operating in such manner would not materially adversely affect
any material interest of either of them. 

  

	19.5	 Nothing in this Agreement shall require any Party to act in breach of any provision of the Data Protection
Act 2018 (“DPA”) and any equivalent legislation in any other relevant jurisdiction, and each Party shall only be required to fulfil its obligations under this Agreement to the extent permissible under the DPA. Without prejudice to
the foregoing, neither Party shall be required to disclose or make available to the other Party any information the disclosure or making available of which would or might, in the reasonable opinion of the disclosing Party, cause the disclosing Party
to be in breach of any duty of confidentiality (whether arising at common law or by statute) owed to any person other than the Party requesting disclosure or any of its subsidiaries. 

  
 46 

	20.	 NOTICES 

  

	20.1	 A notice under this Agreement shall only be effective if it is in writing.
E-mail is permitted. Any notice validly served on one member of any Party’s Group in accordance with this clause 20 shall be deemed to have been served on each member of such Party’s Group.

  

	20.2	 Notices under this Agreement shall be sent to a party at its address and for the attention of the
individuals set out below: 

  

							
		 	 GSK
	  		  	
		 	 Address:
	  	 

                
	  	
		 	 E-mail address:
	  		  	
		 	 For the attention of:
	  		  	
		 	 Haleon
	  		  	
		 	 Address:
	  		  	
		 	 E-mail address:
	  		  	
		 	 For the attention of:
	  		  	

  provided that a Party may change its notice details on giving notice to the other Party of
the change in accordance with this clause 20. That notice shall only be effective on the date falling five (5) clear Business Days after the notification has been received or such later date as may be specified in the notice. 

 

	20.3	 Any notice given under this Agreement shall be deemed to have been duly given as follows:

  

	 	(A)	 if delivered personally, on delivery; 

 

	 	(B)	 if sent by first class inland post, two (2) clear Business Days after the date of posting;

  

	 	(C)	 if sent by airmail, six (6) clear Business Days after the date of posting; and 

 

	 	(D)	 if sent by e-mail, when despatched. 

 

	20.4	 Any notice given under this Agreement outside Working Hours in the place to which it is addressed shall be
deemed not to have been given until the start of the next period of Working Hours in such place. 

  

	20.5	 A notice under or in connection with this Agreement shall not be invalid by reason of any mistake or
typographical error or if the contents are incomplete, provided it should have been reasonably clear to the recipient what the correct or missing particulars should have been. 

  
 47 

  

	20.6	 The provisions of this clause 20 shall not apply in relation to the service of Service Documents.

  

	21.	 ENTIRE AGREEMENT 

 

	21.1	 This Agreement, any other Transaction Document and any other agreement or document entered into by each of
the Parties in connection with any such document, including the Cosmos SHA, the Cosmos SAPA and the other agreements and documents entered into in connection therewith (together, the “Cosmos Agreements”), together constitute the
whole and only agreement between the Parties relating to the subject matter of this Agreement, any other Transaction Document and any other agreement or document entered into by each of the Parties in connection with any such document.

  

	21.2	 All terms of the Cosmos Agreements shall remain unchanged and in full force and effect and nothing in this
Agreement or in any of the Transaction Documents shall amend, limit or otherwise modify the parties’ respective rights and obligations under the Cosmos Agreements, in each case except as, and only to the extent, expressly provided in this
Agreement or in any of the Transaction Documents. 

  

	21.3	 Each Party acknowledges that in entering into this Agreement, any other Transaction Document and any other
agreement or document entered into by each of the Parties in connection with any such document it is not relying upon any pre contractual statement which is not set out in this Agreement, any other Transaction Document, any Cosmos Agreement or any
other agreement or document entered into by each of the Parties in connection with any such document. 

  

	21.4	 Except in the case of fraud, no Party shall have any right of action against any other Party (or their
respective Connected Persons) arising out of or in connection with any pre contractual statement except to the extent that it is repeated in this Agreement or in a Transaction Document or any Cosmos Agreement or in any other agreement or document
entered into by each of the parties in connection with any such document. 

  

	21.5	 Except in the case of fraud and for any liability in respect of a breach of this Agreement or any
Transaction Document or any Cosmos Agreement, no Party (nor any of its Connected Persons) shall owe any duty of care or have any liability in tort or otherwise to the other Party (or its Connected Persons) in relation to the Demerger or any
Transaction Document. 

  

	21.6	 For the purposes of this clause 21, “pre contractual statement” means any draft,
agreement, undertaking, representation, warranty, promise, assurance or arrangement of any nature whatsoever, whether or not in writing, relating to the subject matter of this Agreement or any other Transaction Document or in any other agreement or
document entered into in connection with any such document (as the case may be) made or given by any person at any time prior to the date of this Agreement or any other Transaction Document, except for those contained in any Transaction Document or
any Cosmos Agreement. 

  
 48 

	21.7	 Each Party agrees to the terms of this clause 21 on its own behalf and as agent for each of its
Connected Persons. The provisions of this clause 21 shall not limit, supersede or otherwise affect any limitation of damages or remedies provisions that are expressly set forth in any Transaction Document or any Cosmos Agreement.

  

	22.	 CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999 

 

	22.1	 The Parties agree that: 

 

	 	(A)	 certain provisions of this Agreement confer a benefit on members of the Parties’ respective Groups,
their respective Connected Persons and such other third parties (each a “Relevant Third Party”) and, subject to the remaining provisions of this clause 22, are intended to be enforceable by each of the Relevant Third Parties
by virtue of the Contracts (Rights of Third Parties) Act 1999, provided that the Party in the same Group as (or with the relevant connection to) the Relevant Third Party shall have the sole conduct of any action to enforce such right on behalf of a
such Relevant Third Party; 

  

	 	(B)	 without prejudice to the obligations of Pfizer and members of the Pfizer Group pursuant to the terms of the
Cosmos SHA, prior to Completion, Pfizer shall be an express third party beneficiary of this Agreement and this Agreement may not be rescinded, varied or modified without Pfizer’s written consent; and 

 

	 	(C)	 notwithstanding the provisions of clause 22.1(A), but subject to clauses 22.1(B) and
25.1, this Agreement may be rescinded or varied in any way and at any time by the Parties to this Agreement without the consent of any Relevant Third Party. 

 

	22.2	 Save as set out in clauses 22.1(A), 22.1(B) and 25.1 a person who is not a Party shall
have no right under the Contracts (Rights of Third Parties) Act 1999 or any other statutory provision to enforce any of its terms. 

  

	23.	 ASSIGNMENT 

No Party shall, without the prior written consent of the other Party and, without prejudice to the obligations of Pfizer and
members of the Pfizer Group pursuant to the terms of the Cosmos SHA, Pfizer: 
  

	 	(A)	 assign or purport to assign all or any part of the benefit of, or its rights or benefits under, this
Agreement (together with any causes of action arising in connection with any of them); 

  

	 	(B)	 make a declaration of trust in respect of or enter into any arrangement whereby it agrees to hold in trust
for any other person all or any part of the benefit of, or its rights or benefits under, this Agreement; 

  

	 	(C)	 sub-contract or enter into any arrangement whereby another person is
to perform any or all of its obligations under this Agreement; 

  

	 	(D)	 transfer or charge any of its rights or obligations under this Agreement; or 

  
 49 

	 	(E)	 grant, declare, create or dispose of any right or interest in, in whole or in part, this Agreement,

 and any purported assignment in contravention of this clause 23 shall be null and void ab
initio. 
  

	24.	 REMEDIES AND WAIVERS 

 

	24.1	 No delay or omission by any Party in exercising any right, power or remedy provided by Law or under this
Agreement shall: 

  

	 	(A)	 affect that right, power or remedy; or 

 

	 	(B)	 operate as a waiver or variation of it. 

 

	24.2	 The single or partial exercise of any right, power or remedy provided by Law or under this Agreement shall
not preclude any other or further exercise of it or the exercise of any other right, power or remedy. 

  

	24.3	 The rights and remedies of each Party under, or pursuant to, this Agreement are cumulative, may be exercised
as often as such party considers appropriate and are in addition to its rights and remedies under general Law. 

  

	24.4	 Notwithstanding any express remedies provided under this Agreement and without prejudice to any other right
or remedy which any Party may have, each Party acknowledges and agrees that damages alone would not be an adequate remedy for any breach by it of the provisions of this Agreement, so that in the event of a breach or anticipated breach of such
provisions, the remedies of injunction, an order for specific performance and/or other equitable remedies would be available. Furthermore, each Party acknowledges and agrees that it will not raise any objection to the application by or on behalf of
the other Party or any member of its Group for any such remedies. 

  

	25.	 VARIATION 

  

	25.1	 No variation of this Agreement shall be valid unless it is in writing and duly executed by or on behalf of
all the Parties to it; provided that, and without prejudice to the obligations of Pfizer and members of the Pfizer Group pursuant to the terms of the Cosmos SHA, any such variation shall be subject to the prior written consent of Pfizer.

  

	25.2	 If this Agreement is varied: 

 

	 	(A)	 the variation shall not constitute a general waiver of any provisions of this Agreement;

  

	 	(B)	 the variation shall not affect any rights, obligations or liabilities under this Agreement that have already
accrued up to the date of variation; and 

  

	 	(C)	 the rights and obligations of the Parties under this Agreement shall remain in full force and effect, except
as, and only to the extent that, they are so varied. 

  
 50 

	26.	 NO PARTNERSHIP OR AGENCY 

Nothing in this Agreement (or in any other Transaction Document or any other arrangements contemplated hereby or therein) shall
constitute a partnership between the Parties or make any Party the agent of any other Party for any purpose. No Party has any authority or power to bind, to contract in the name of, or to create a liability for another Party in any way or for any
purpose save as specifically set out in this Agreement. 
  

	27.	 INVALIDITY 

 

	27.1	 If at any time any provision (or part of any provision) of this Agreement is or becomes illegal, invalid or
unenforceable in any respect under the Law of any jurisdiction, that shall not affect or impair: 

  

	 	(A)	 the legality, validity or enforceability in that jurisdiction of any other (or the remainder of a) provision
of this Agreement; or 

  

	 	(B)	 the legality, validity or enforceability under the Law of any other jurisdiction of that or any other
provision of this Agreement. 

  

	27.2	 Each of the provisions of this Agreement is severable. 

 

	27.3	 If and to the extent that any provision of this Agreement: 

 

	 	(A)	 is held to be, or becomes, invalid or unenforceable under the Law of any jurisdiction; but

  

	 	(B)	 would be valid, binding and enforceable if some part of the provision were deleted or amended,

 then the provision shall apply with the minimum modifications necessary to make it valid, binding and
enforceable. All other provisions of this Agreement shall remain in force. 
  

	28.	 CONTINUING EFFECT 

Each provision of this Agreement shall continue in full force and effect after Completion, unless such provision has been fully
performed on or before Completion. 
  

	29.	 COUNTERPARTS 

 

	29.1	 This Agreement may be executed in any number of counterparts, and by the Parties on separate counterparts,
but shall not be effective until each Party has executed at least one counterpart. Each counterpart shall constitute an original of this Agreement, but all the counterparts shall together constitute but one and the same instrument.

  

	29.2	 Delivery of a counterpart of this Agreement by e-mail attachment
shall be an effective mode of delivery. 

  
 51 

	30.	 LANGUAGE 

Each notice or communication under or in connection with this Agreement shall be in English. 

 

	31.	 GOVERNING LAW AND JURISDICTION 

 

	31.1	 This Agreement is to be governed by and construed in accordance with English law. Any matter, claim or
dispute arising out of or in connection with this Agreement, whether contractual or non-contractual, is to be governed by and determined in accordance with English law. 

 

	31.2	 The courts of England are to have exclusive jurisdiction to settle any dispute arising out of or in
connection with this Agreement. Any Proceedings shall be brought only in the courts of England. 

  

	31.3	 Each Party waives (and agrees not to raise) any objection, on the ground of forum non conveniens or
on any other ground, to the taking of proceedings in the courts of England. Each Party also agrees that a judgment against it in Proceedings brought in England shall be conclusive and binding upon it and may be enforced in any other jurisdiction.

  

	31.4	 Each Party irrevocably submits and agrees to submit to the jurisdiction of the courts of England.

  

  
 52 

 IN WITNESS of which this document has been executed as a deed on the date which appears on page 1 above.

  

									
	 SIGNED as a DEED by
	  	 	)	 	  	
                       
                         
	  	
	 DAVID REDFERN
	  	 	)	 	  	 (Signature of attorney)
	  	
	 as attorney for GSK PLC
	  	 	)	 	  	DAVID REDFERN as attorney for	  	
	 in the presence of:
	  	 	)	 	  	 GSK PLC
	  	

   

							
	 Witness’s signature:
	  	 	  		  	
				
	 Name (print):
	  	 	  		  	
				
	 Occupation:
	  	 	  		  	
				
	 Address:
	  	 	  		  	

									
	 SIGNED as a DEED by
	  	 	)	 	  	
                       
                         
	  	
	 AMANDA MELLOR as
	  	 	)	 	  	 (Signature of attorney)
	  	
	 attorney for HALEON PLC
	  	 	)	 	  	 AMANDA MELLOR as attorney
	  	
	 in the presence of:
	  	 	)	 	  	 for HALEON PLC
	  	

   

							
	 Witness’s signature:
	  	 	  		  	
	 Name (print):
	  	 	  		  	
	 Occupation:
	  	 	  		  	
	 Address:

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