Document:

Form of Market Share Units

 EXHIBIT 10dd. 

 
 

 
 MARKET SHARE UNITS AGREEMENT 

UNDER THE BRISTOL-MYERS SQUIBB COMPANY 
 2007 STOCK AWARD AND INCENTIVE PLAN 
 BRISTOL-MYERS SQUIBB COMPANY, a Delaware
corporation (the “Company”), has granted to you the Market Share Units (“MSUs”) specified in the Grant Summary above, which is incorporated into this Market Share Units Agreement (the “Agreement”) and deemed to be a
part hereof. The MSUs have been granted to you under Sections 6(i) and 7 of the 2007 Stock Award and Incentive Plan (the “Plan”), on the terms and conditions specified in the Grant Summary and this Agreement. Capitalized terms used in this
Agreement that are not specifically defined herein shall have the meanings ascribed to such terms in the Plan. 
  

	1.	MARKET SHARE UNITS AWARD 

The Compensation and Management Development Committee of the Board of Directors of Bristol-Myers Squibb Company (the
“Committee”) has granted to you on the Award Date an Award of MSUs as designated herein subject to the terms, conditions, and restrictions set forth in this Agreement and the Plan. Each MSU shall represent the conditional right to receive,
upon settlement of the MSU, one share of Bristol-Myers Squibb Common Stock (“Common Stock”), or, at the discretion of the Company, the cash equivalent thereof, (subject to any tax withholding as described in Section 4). MSUs include
the right to receive dividend equivalents as specified in Section 5 (“Dividend Equivalents”). The purpose of such Award is to motivate and retain you as an employee of the Company or a subsidiary of the Company, to encourage you to
continue to give your best efforts for the Company’s future success, to increase your proprietary interest in the Company, and to further align your compensation with the interests of the Company’s shareholders. Except as may be required
by law, you are not required to make any payment (other than payments for taxes pursuant to Section 4 hereof) or provide any consideration other than the rendering of future services to the Company or a subsidiary of the Company. 

 

	2.	RESTRICTIONS, FORFEITURES, AND SETTLEMENT 

 Except as otherwise provided in this Section 2, MSUs shall be subject to the restrictions and conditions set forth herein during the Restricted Period (as defined below). Vesting of the MSUs is
conditioned upon you remaining continuously employed by the Company or a subsidiary of the Company from the Award Date until the relevant vesting date, subject to the provisions of this Section 2. In addition, for purposes of vesting, the MSU
grant shall be divided into four tranches, each of which shall include 25% of the number of MSUs specified in the Grant Summary above and any additional MSUs and/or cash that results from Dividend Equivalents that are attributable to the MSUs in
that tranche. 

  
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 Assuming satisfaction of such employment conditions, the MSUs shall vest only if the Share
Price (as defined below) on the applicable vesting date equals at least 60% of the Share Price on the Award Date. If this threshold condition is satisfied, MSUs shall vest to the extent provided in the following schedule: 

 

									
	 (A)

Tranche
	  	 (B)

MSUs in

Tranche
	  	 (C)

Vesting Date
	  	 (D)

Payout Factor
	  	 (E)

Number of MSUs
 Vested

					
	 1
	  	25% of Total	  	1st Anniversary of Award Date	  	Share Price on vesting date divided by Share Price on Award Date	  	MSUs in Tranche (Column B) times Payout Factor (Column D)
					
	 2
	  	25% of Total	  	2nd Anniversary of Award Date	  	Share Price on vesting date divided by Share Price on Award Date	  	MSUs in Tranche (Column B) times Payout Factor (Column D)
					
	 3
	  	25% of Total	  	3rd Anniversary of Award Date	  	Share Price on vesting date divided by Share Price on Award Date	  	MSUs in Tranche (Column B) times Payout Factor (Column D)
					
	 4
	  	25% of Total	  	4th Anniversary of Award Date	  	Share Price on vesting date divided by Share Price on Award Date	  	MSUs in Tranche (Column B) times Payout Factor (Column D)

 For purposes of the table set forth above— 

 

	 	(A)	“Share Price” shall equal the average of the closing share price of the Company’s Common Stock on the vesting date or Award Date, as applicable, and the
nine trading days immediately preceding the vesting date or Award Date. If there were no trades on the vesting date or Award Date, the closing price on the most recent date on which there were trades and the nine trading days immediately preceding
that date shall be used. 

  

	 	(B)	“Payout Factor” shall be rounded to the nearest hundredth (two places after the decimal), except that if the “Payout Factor” equals more than 2.00,
the Payout Factor used in Column E shall be 2.00. Notwithstanding the formula in the table, the Payout Factor for any vesting date that occurs on or after a Change in Control (as defined in the Plan) shall equal the Share Price on the date of the
Change in Control divided by the Share Price on the Award Date. 

 Any MSUs that fail to vest, either because the
employment condition is not satisfied or because the Payout Factor on the applicable vesting date is less than 60% shall be forfeited, subject to the special provisions set forth in Sections 2(c)-(g) hereof. 

 

	 	(a)	Nontransferability. During the Restricted Period and any further period prior to settlement of your MSUs, you may not sell, transfer, pledge or assign any of the
MSUs or your rights relating thereto. 

  

	 	(b)	 Time of Settlement. MSUs shall be settled promptly upon expiration of the Restricted Period without forfeiture of the MSUs (i.e., upon vesting)
by delivery of one share of Common Stock for each MSU being settled, or, at the discretion of the Company, the cash equivalent thereof; provided, however, that settlement of an MSU shall be subject to Plan Section 11(k), including, if
applicable, the six-month delay rule in Plan Section 11(k)(i)(C) to the extent the MSUs are subject to Section 409A of the Code, payment is on account of your “separation from service” and you are a “key employee,” both
within the meaning of Section 409A. (Note: This rule may apply to any portion of the MSUs that vest after the time you become Retirement eligible under the Plan, and could apply in other cases as well). Settlement of MSUs which directly
or indirectly result from non-cash Dividend Equivalents on MSUs or adjustments to MSUs shall occur at the time of settlement of the granted MSUs. Until shares are delivered to you in settlement of MSUs,

  
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you shall have none of the rights of a stockholder of the Company with respect to the shares issuable in settlement of the MSUs, including the right to vote the shares and receive actual
dividends and other distributions on the underlying shares of Common Stock (you are entitled to Dividend Equivalents, however). Shares of stock issuable in settlement of MSUs shall be delivered to you upon settlement in certificated form or in such
other manner as the Company may reasonably determine. At that time, you will have all of the rights of a stockholder of the Company. 

  

	 	(c)	 Retirement. In the event of your Retirement (as that term is defined in Plan Section 2(v)(i)) at or after your 65th birthday and prior to the end of the Restricted Period, the
continuous employment requirement shall be eliminated and you shall vest in and be entitled to settlement of (i.e., the Restricted Period shall expire with respect to) any MSUs that have not previously been vested or forfeited, provided that you
have been continuously employed by the Company (or a subsidiary) for at least one year following the Award Date and your employment has not been terminated by the Company (or a subsidiary) for misconduct or other conduct deemed detrimental to the
interests of the Company. Any MSU that vests upon your Retirement shall vest based on the Payout Factor determined by substituting your last day of work (or the date of a Change in Control, if a Change in Control has occurred before your Retirement)
for the vesting date. 

  

	 	(d)	Early Retirement; Termination not for Misconduct/Detrimental Conduct. This Section 2(d) shall apply in the event of (1) your Retirement (as that term
is defined in Plan Sections 2(v)(ii) or 2(v)(iii)) (A) at or after age 55 with at least 10 years of service or (B) after attaining eligibility for the “Rule of 70” or (2) the termination of your employment by the Company (or
a subsidiary) for reasons other than misconduct or other conduct deemed detrimental to the interests of the Company (and you are not eligible for Retirement). If one of the events described in the preceding sentence occurs before the end of the
Restricted Period, the continuous employment requirement shall be eliminated and you shall vest in and be entitled to settlement of (i.e., the Restricted Period shall expire with respect to) a proportionate number of the MSUs that would otherwise
have vested on the vesting date that next follows the date on which the event occurs, provided that you have been continuously employed by the Company (or a subsidiary) for at least one year following the Award Date and your employment has not been
terminated by the Company (or a subsidiary) for misconduct or other conduct deemed detrimental to the interests of the Company. Any MSU that vests upon your early Retirement or termination shall vest based on the Payout Factor determined by
substituting your last day of work (or the date of a Change in Control, if a Change in Control has occurred before your early Retirement or termination) for the vesting date. If you are employed in the United States (including in Puerto Rico), and
you are not eligible for Retirement, you shall be entitled to the pro rata vesting described in the preceding sentence only if you execute and do not revoke a release in favor of the Company and its predecessors, successors, affiliates,
subsidiaries, directors and employees in a form satisfactory to the Company and, where deemed applicable by the Company, a non-compete and/or a non-solicitation agreement; if you fail to execute or revoke the release or fail to execute the
non-compete or non-solicitation agreement, you shall forfeit any MSUs that are unvested as of the date your employment terminates. The formula for determining the proportionate number of your MSUs to become vested and non-forfeitable upon your early
Retirement or involuntary termination not for misconduct or other detrimental conduct is available by request from the Office of the Corporate Secretary at 345 Park Avenue, New York, New York 10154. 

 

	 	(e)	 Death. In the event of your death during the Restricted Period, the continuous employment requirement shall be eliminated and your estate shall
vest in and be entitled to settlement of (i.e., the Restricted Period shall expire with respect to) a proportionate number of the MSUs that would otherwise have vested, provided that you have been

  
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continuously employed by the Company for at least one year following the Award Date. Any MSU that vests upon your death shall vest based on the Payout Factor determined by substituting your last
day of work (or the date of a Change in Control, if a Change in Control has occurred before your death) for the vesting date. The formula for determining the proportionate number of your MSUs to become vested and non-forfeitable upon your death is
available by request from the Office of the Corporate Secretary at 345 Park Avenue, New York, New York 10154. In the event of your death prior to the delivery of shares in settlement of MSUs (not previously forfeited), shares in settlement of your
MSUs shall be delivered to your estate, upon presentation to the Committee of letters testamentary or other documentation satisfactory to the Committee, and your estate shall succeed to any other rights provided hereunder in the event of your death.

  

	 	(f)	Disability. In the event you become Disabled (as that term is defined below), for the period during which you continue to be deemed to be employed by the Company
or a subsidiary (i.e., the period during which you receive Disability benefits), you will not be deemed to have terminated employment for purposes of the MSUs. Upon the termination of your receipt of Disability benefits, (i) you will not be
deemed to have terminated employment if you return to employment status, and (ii), if you do not return to employment status, you will be deemed to have terminated employment at the date of cessation of payments to you under all disability pay plans
of the Company and its subsidiaries, with such termination treated for purposes of the MSUs as a Retirement, death, or voluntary termination based on your circumstances at the time of such termination. For purposes of this Agreement,
“Disability” or “Disabled” shall mean qualifying for and receiving payments under a disability plan of the Company or any subsidiary or affiliate either in the United States or in a jurisdiction outside of the United States, and
in jurisdictions outside of the United States shall also include qualifying for and receiving payments under a mandatory or universal disability plan or program managed or maintained by the government. 

 

	 	(g)	Qualifying Termination Following Change in Control. In the event your employment is terminated by reason of a Qualifying Termination (as defined in the Plan)
during the protection period (as referenced in your current Change-in-Control Agreement or the Change-in-Control Plan, as applicable) following a Change in Control (as defined in the Plan), the continuous employment requirement shall be eliminated
and you shall vest in and be entitled to settlement of (i.e., the Restricted Period shall expire with respect to) any MSUs that have not previously been forfeited. Any MSU that vests following a Qualifying Termination during the applicable
protection period following a Change in Control shall vest based on the Payout Factor determined by substituting the date of the Change in Control for the vesting date. 

 

	 	(h)	Other Termination of Employment. In the event of your voluntary termination, or termination by the Company or a subsidiary for misconduct or other conduct deemed
by the Company to be detrimental to the interests of the Company, you shall forfeit all unvested MSUs on the date of termination. 

  

	 	(i)	Other Terms. 

  

	 	(i)	In the event that you fail promptly to pay or make satisfactory arrangements as to the Tax Related Items as provided in Section 4, all MSUs then subject to
restriction shall be forfeited by you and shall be deemed to be reacquired by the Company. 

  
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	 	(ii)	You may, at any time prior to the expiration of the Restricted Period, waive all rights with respect to all or some of the MSUs by delivering to the Company a written
notice of such waiver. 

  

	 	(iii)	Termination of employment includes any event if immediately thereafter you are no longer an employee of the Company or any subsidiary of the Company, subject to
Section 2(j) hereof. References in this Section 2 to employment by the Company include employment by a subsidiary of the Company. Termination of employment means an event after which you are no longer employed by the Company or any
subsidiary of the Company. Such an event could include the disposition of a subsidiary or business unit by the Company or a subsidiary. 

  

	 	(iv)	Upon any termination of your employment, any MSUs as to which the Restricted Period has not expired at or before such termination shall be forfeited, subject to
Sections 2(c)-(g) hereof. Other provisions of this Agreement notwithstanding, in no event will an MSU that has been forfeited thereafter vest or be settled. 

 

	 	(j)	The following events shall not be deemed a termination of employment: 

  

	 	(i)	A transfer of you from the Company to a subsidiary, or vice versa, or from one subsidiary to another; 

 

	 	(ii)	A leave of absence, duly authorized in writing by the Company, for military service or sickness or for any other purpose approved by the Company if the period of such
leave does not exceed ninety (90) days; and 

  

	 	(iii)	A leave of absence in excess of ninety (90) days, duly authorized in writing, by the Company, provided your right to reemployment is guaranteed either by a statute
or by contract. 

 However, your failure to return to active service with the Company or a subsidiary at the end of
an approved leave of absence shall be deemed a termination of employment. During a leave of absence as defined in (ii) or (iii), although you will be considered to have been continuously employed by the Company or a subsidiary and not to have
had a termination of employment under this Section 2, the Committee may specify that such leave period shall not be counted in determining the period of employment for purposes of the vesting of the MSUs. In such case, the vesting dates for
unvested MSUs shall be extended by the length of any such leave of absence. 
  

	3.	FORFEITURE IN THE EVENT OF COMPETITION AND/OR SOLICITATION OR OTHER ACTS 

 You acknowledge that your continued employment with the Company or a subsidiary and the grant of MSUs is sufficient consideration for this Agreement, including, without limitation, the restrictions
imposed upon you by this Section 3. 
  

	 	(a)	By accepting the MSUs, you expressly agree and covenant that during the Restricted Period (as defined below) and the Non-Competition and Non-Solicitation Period (as
defined below), you shall not, without the prior consent of the Company, directly or indirectly: 

  

	 	(i)	own or have any financial interest in a Competitive Business (as defined below), except that nothing in this clause shall prevent you from owning one per cent or less
of the outstanding securities of any entity whose securities are traded on a U.S. national securities exchange (including NASDAQ) or an equivalent foreign exchange; 

  
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	 	(ii)	be actively connected with a Competitive Business by managing, operating, controlling, being an employee or consultant (or accepting an offer to be an employee or
consultant) or otherwise advising or assisting a Competitive Business in such a way that such connection might result in an increase in value or worth of any product, technology or service, that competes with any product, technology or service upon
which you worked or about which you became familiar as a result of your employment with the Company or a subsidiary or affiliate. You may, however, be actively connected with a Competitive Business after your employment with the Company or a
subsidiary terminates for any reason, so long as your connection to the business does not involve any product, technology or service, that competes with any product, technology or service upon which you worked or about which you became familiar as a
result of your employment with the Company or a subsidiary and the Company is provided written assurances of this fact from the Competing Company prior to your beginning such connection; 

 

	 	(iii)	take any action that might divert any opportunity from the Company or any of its affiliates, successors or assigns (the “Related Parties”) that is within the
scope of the present or future operations or business of any Related Parties; 

  

	 	(iv)	employ, solicit for employment, advise or recommend to any other person that they employ or solicit for employment or form an association with any person who is
employed by the Company or its Related Parties or who has been employed by the Company or its Related Parties within one year of the date your employment with the Company or a subsidiary ceased for any reason whatsoever; 

 

	 	(v)	contact, call upon or solicit any customer of the Company, or attempt to divert or take away from the Company the business of any of its customers;

  

	 	(vi)	contact, call upon or solicit any prospective customer of the Company that you became aware of or were introduced to in the course of your duties for the Company or its
Related Parties, or otherwise divert or take away from the Company the business of any prospective customer of the Company; or 

  

	 	(vii)	engage in any activity that is harmful to the interests of the Company, including without limitation, any conduct during the term of your employment that violates the
Company’s Standards of Business Conduct and Ethics, securities trading policy and other policies. 

  

	 	(b)	Forfeiture. If the Company determines that you have violated any provisions of Section 3(a) above during the Restricted Period or the Non-Competition and
Non-Solicitation Period, then you agree and covenant that: 

  

	 	(i)	any unvested portion of the MSUs shall be immediately rescinded; 

  

	 	(ii)	you shall automatically forfeit any rights you may have with respect to the MSUs as of the date of such determination; 

 

	 	(iii)	 if any part of the MSUs vests within the twelve-month period immediately preceding a violation of Section 3(a) above (or following the date of any
such 

  
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violation), upon the Company’s demand, you shall immediately deliver to it a certificate or certificates for shares of the Company’s Common Stock that you acquired upon settlement of
such MSUs (or an equivalent number of other shares); and 

  

	 	(iv)	the foregoing remedies set forth in this Section 3(b) shall not be the Company’s exclusive remedies. The Company reserves all other rights and remedies
available to it at law or in equity. 

  

	 	(c)	Company Policy. You agree that the Company may recover any incentive-based compensation received by you under this Agreement if such recovery is pursuant to a
clawback policy approved by the Committee. 

  

	 	(d)	Definitions. For purposes of this Agreement, the following definitions shall apply: 

 

	 	(i)	The Company directly advertises and solicits business from customers wherever they may be found and its business is thus worldwide in scope. Therefore,
“Competitive Business” means any person or entity that engages in any business activity that competes with the Company’s business in any way, in any geographic area in which the Company engages in business, including, without
limitation, any state in the United States in which the Company sells or offers to sell its products from time to time. 

  

	 	(ii)	“Non-Competition and Non-Solicitation Period” means the period during which you are employed by the Company and twelve months following the date that you
cease to be employed by the Company for any reason whatsoever. 

  

	 	(iii)	“Restricted Period” means, with respect to each MSU, the period from the Award Date until the date such MSU has become vested and non-forfeitable.

  

	 	(e)	Severability. You acknowledge and agree that the period, scope and geographic areas of restriction imposed upon you by the provisions of Section 3 are fair
and reasonable and are reasonably required for the protection of the Company. In the event that all or any part of this Section 3 is held to be unenforceable or invalid, the remaining parts of Section 3 and this Agreement shall
nevertheless continue to be valid and enforceable as though the invalid portions were not a part of this Agreement. If any one of the provisions in Section 3 is held to be excessively broad as to period, scope and geographic areas, any such
provision shall be construed by limiting it to the extent necessary to be enforceable under applicable law. 

  

	 	(f)	Additional Remedies. You acknowledge that breach by you of this Agreement would cause irreparable harm to the Company and that in the event of such breach, the
Company shall have, in addition to monetary damages and other remedies at law, the right to an injunction, specific performance and other equitable relief to prevent violations of your obligations hereunder. 

 

	4.	RESPONSIBILITY FOR TAXES 

Regardless of any action the Company, any subsidiary or affiliate or your employer (“Employer”) takes with respect to any or all
income tax (including federal, state and local taxes), social security, payroll tax, payment on account or other tax-related items related to your participation in the Plan and legally applicable to you or deemed by the Company or the Employer to be
an appropriate charge to you even if technically due by the Company or the Employer (“Tax Related Items”), you acknowledge that the 

  
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ultimate liability for all Tax Related Items is and remains your responsibility and may exceed the amount actually withheld by the Company or the Employer. You further acknowledge that the
Company, any subsidiary or affiliate and/or the Employer: (a) make no representations or undertakings regarding the treatment of any Tax Related Items in connection with any aspect of the MSUs, including the grant of the MSUs, the vesting of
MSUs, the conversion of the MSUs into Common Stock or the receipt of an equivalent cash payment, the subsequent sale of any Common Stock acquired at vesting and the receipt of any dividends and/or Dividend Equivalents; and, (b) do not commit to
structure the terms of the grant or any aspect of the MSUs to reduce or eliminate your liability for Tax Related Items or achieve any particular tax result. Further, if you have become subject to tax in more than one jurisdiction between the Award
Date and the date of any relevant taxable event, you acknowledge that the Company and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax Related Items in more than one jurisdiction. 

Prior to the relevant taxable event, you shall pay, or make adequate arrangements satisfactory to the Company or the Employer to satisfy
all Tax Related Items. In this regard, you authorize the Company or the Employer to withhold all applicable Tax Related Items legally by one or a combination of the following: 

 

	 	(a)	withholding from your wages or other cash compensation payable to you by the Company or the Employer; or 

 

	 	(b)	withholding from proceeds from the sale of shares of Common Stock to be issued on the vesting/settlement of MSUs either through a voluntary sale or through a mandatory
sale arranged by the Company (on your behalf pursuant to this authorization); or 

  

	 	(c)	withholding in shares of Common Stock to be issued on the vesting/settlement of the MSUs. 

To avoid negative accounting treatment, the Company may withhold or account for Tax Related Items by considering applicable minimum
withholding amounts or other applicable withholding rates. If the obligation for Tax Related Items is satisfied by withholding in shares of Common Stock, for tax purposes, you are deemed to have been issued the full number of shares of Common Stock
subject to the award of MSUs, notwithstanding that a number of the shares of Common Stock are held back solely for the purpose of paying Tax Related Items due as a result of any aspect of your participation in the Plan.  

You shall pay to the Company, a subsidiary or your Employer (as applicable) any amount of Tax Related Items that the Company or the
Employer may be required to withhold as a result of your participation in the Plan that cannot be satisfied by the means previously described. The Company may refuse to issue or deliver Common Stock, their cash equivalent or the proceeds of the sale
of Common Stock, if you fail to comply with your obligation in connection with the Tax Related Items. 
  

	5.	DIVIDEND EQUIVALENTS AND ADJUSTMENTS 

  

	 	(a)	Dividend Equivalents shall be paid or credited on MSUs (other than MSUs that, at the relevant record date, previously have been settled or forfeited) as follows, except
that the Committee may specify an alternative treatment from that specified in (i), (ii), or (iii) below for any dividend or distribution: 

  

	 	(i)	 Cash Dividends. If the Company declares and pays a dividend or distribution on Common Stock in the form of cash, then you will be credited, as
of the payment date for such dividend or distribution, an amount equal to the number of MSUs credited to you as of the record date for such dividend or distribution, multiplied by the amount that would have been paid as a dividend or distribution on
each 

  
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outstanding share of Common Stock at such payment date. Any payment made under this Section 5(a)(i) shall be included as part of your regular payroll payment as soon as administratively
practicable after the settlement date for the underlying MSU and shall be subject to the Payout Factor that applies to the underlying MSU. At the time the underlying MSU becomes payable, the Company has the discretion to pay any accrued Dividend
Equivalents either in cash or in shares of Common Stock. If the underlying MSU does not vest or is forfeited, any amounts credited under this Section 5(a)(i) with respect to the underlying MSU also will fail to vest and will be forfeited.

  

	 	(ii)	 Non-Share Dividends. If the Company declares and pays a dividend or distribution on Common Stock in the form of property other than shares, then
a number of additional MSUs shall be credited to you as of the payment date for such dividend or distribution equal to (A) the number of MSUs credited to you as of the record date for such dividend or distribution, multiplied by (B) the
Fair Market Value of such property actually paid as a dividend or distribution on each outstanding share of Common Stock at such payment date, divided by (C) the Fair Market Value of a share at such payment date. Any MSUs payable under this
Section 5(a)(ii) shall be settled on the settlement date for the underlying MSU and shall be subject to the Payout Factor that applies to the underlying MSU. If the underlying MSU does not vest or is forfeited, any amounts credited under this
Section 5(a)(ii) with respect to the underlying MSU also will fail to vest and will be forfeited. You will be eligible to receive Dividend Equivalents on any MSUs credited to you under this Section 5(a)(ii). 

 

	 	(iii)	Common Stock Dividends and Splits. If the Company declares and pays a dividend or distribution on Common Stock in the form of additional shares, or there occurs
a forward split of Common Stock, then a number of additional MSUs shall be credited to you as of the payment date for such dividend or distribution or forward split equal to (A) the number of MSUs credited to you as of the record date for such
dividend or distribution or split, multiplied by (B) the number of additional shares actually paid as a dividend or distribution or issued in such split in respect of each outstanding share of Common Stock. Any MSUs payable under this
Section 5(a)(iii) shall be settled on the settlement date for the underlying MSU and shall be subject to the Payout Factor that applies to the underlying MSU. If the underlying MSU does not vest or is forfeited, any amounts credited under this
Section 5(a)(iii) with respect to the underlying MSU also will fail to vest and will be forfeited. You will be eligible to receive Dividend Equivalents on any MSUs credited to you under this Section 5(a)(iii). 

 

	 	(b)	The number of your MSUs and other related terms shall be appropriately adjusted, in order to prevent dilution or enlargement of your rights with respect to MSUs, to
reflect any changes in the outstanding shares of Common Stock resulting from any event referred to in Plan Section 11(c) or any other “equity restructuring” as defined in FASB ASC Topic 718, taking into account any MSUs credited to
you in connection with such event under Section 5(a). 

  

	 	(c)	When the Dividend Equivalents you receive under this Section 5, if any, become payable to you, they will be compensation (wages) for tax purposes and will be
included on your W-2 form. The Company will be required to withhold applicable taxes on such Dividend Equivalents. The Company may deduct such taxes in the manner set forth in Section 4 hereof. 

  
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	6.	EFFECT ON OTHER BENEFITS 

In no event shall the value, at any time, of the MSUs or any other payment under this Agreement be included as compensation or earnings
for purposes of any other compensation, retirement, or benefit plan offered to employees of the Company or any subsidiary unless otherwise specifically provided for in such plan. The MSUs and the underlying shares of Common Stock (or their cash
equivalent) are not part of normal or expected compensation or salary for any purposes including, but not limited to, calculation of any severance, resignation, termination, redundancy or end of service payments, bonuses, long-service awards,
pension or retirement benefits, or similar payments. 
  

	7.	ACKNOWLEDGMENT OF NATURE OF PLAN AND MSUs 

 In accepting the MSUs, you acknowledge, understand and agree that: 
  

	 	(a)	The Plan is established voluntarily by the Company, it is discretionary in nature and may be modified, amended, suspended or terminated by the Company at any time;

  

	 	(b)	The award of MSUs is voluntary and occasional and does not create any contractual or other right to receive future awards of MSUs, or benefits in lieu of MSUs even if
MSUs have been awarded repeatedly in the past; 

  

	 	(c)	All decisions with respect to future awards of MSUs, if any, will be at the sole discretion of the Company; 

 

	 	(d)	Your participation in the Plan shall not create a right to further employment with the Employer and shall not interfere with the ability of the Employer to terminate
your employment relationship at any time; 

  

	 	(e)	Your participation in the Plan is voluntary; 

  

	 	(f)	MSUs and the Common Stock subject to the MSUs are an extraordinary item that do not constitute compensation of any kind for services of any kind rendered to the Company
or to the Employer, and MSUs are outside the scope of your employment contract, if any; 

  

	 	(g)	The MSUs and your participation in the Plan will not be interpreted to form an employment contract with the Company or any subsidiary or affiliate of the Company;

  

	 	(h)	The future value of the underlying shares of Common Stock is unknown and cannot be predicted with certainty; 

 

	 	(i)	The MSUs and the shares of Common Stock subject to the MSUs are not intended to replace any pension rights or compensation that you may otherwise be entitled to;

  

	 	(j)	The MSUs and the underlying shares of Common Stock should not be considered as compensation for, or relating in any way to, past services for the Company, its
subsidiaries or affiliates or the Employer; and 

  

	 	(k)	 No claim or entitlement to compensation or damages arises from the forfeiture of MSUs, resulting from termination of your employment by the Company,
any subsidiary or affiliate or your Employer (for any reason whatsoever and whether or not in breach of labor laws), and in consideration of the grant of the MSUs to which you are otherwise not entitled, you irrevocably agree never to institute any
claim against the Company or the Employer, waive your ability, if any, to bring such claim, and release the Company, any subsidiary or affiliate and/or the Employer from any such claim; if, notwithstanding the foregoing, any

  
 10 

	 	
such claim is allowed by a court of competent jurisdiction, then, by participating in the Plan, you shall be deemed irrevocably to have agreed not to pursue such claim and agree to execute any
and all documents necessary to request dismissal or withdrawal of such claims. 

  

	8.	NO ADVICE REGARDING GRANT 

The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding your
participation in the Plan or your acquisition or sale of the underlying shares of Common Stock. You are hereby advised to consult with your own personal tax, legal and financial advisors regarding your participation in the Plan before taking any
action related to the Plan. 
  

	9.	RIGHT TO CONTINUED EMPLOYMENT 

 Nothing in the Plan or this Agreement shall confer on you any right to continue in the employ of the Company or any subsidiary or affiliate or any specific position or level of employment with the Company
or any subsidiary or affiliate or affect in any way the right of the Company or any subsidiary or affiliate to terminate your employment without prior notice at any time for any reason or no reason. 

 

	10.	ADMINISTRATION; UNFUNDED OBLIGATIONS 

 The Committee shall have full authority and discretion, subject only to the express terms of the Plan, to decide all matters relating to the administration and interpretation of the Plan and this
Agreement, and all such Committee determinations shall be final, conclusive, and binding upon the Company, any subsidiary or affiliate, you, and all interested parties. Any provision for distribution in settlement of your MSUs and other obligations
hereunder (including cash amounts set aside under Section 5(a)(i)) shall be by means of bookkeeping entries on the books of the Company and shall not create in you or any beneficiary any right to, or claim against any, specific assets of the
Company, nor result in the creation of any trust or escrow account for you or any beneficiary. You and any of your beneficiaries entitled to any settlement or distribution hereunder shall be a general creditor of the Company. 

 

	11.	DEEMED ACCEPTANCE 

 You
are required to accept the terms and conditions set forth in this Agreement prior to the first vest date in order for you to receive the Award granted to you hereunder. If you wish to decline this Award, you must reject this Agreement prior to the
first vest date. For your benefit, if you have not rejected the Agreement prior to the first vest date, you will be deemed to have automatically accepted this Award and all the terms and conditions set forth in this Agreement. Deemed acceptance will
allow the shares to be released to you in a timely manner. 
  

	12.	AMENDMENT 

 This Agreement
shall be subject to the terms of the Plan, as amended from time to time, except that the Award which is the subject of this Agreement may not be materially adversely affected by any amendment or termination of the Plan approved after the Award Date
without your written consent. 

  
 11 

	13.	SEVERABILITY AND VALIDITY 

The various provisions of this Agreement are severable, and any determination of invalidity or unenforceability of any one provision shall
have no effect on the remaining provisions. 
  

	14.	GOVERNING LAW, JURISDICTION AND VENUE 

 This Agreement and Award grant shall be governed by the substantive laws (but not the choice of law rules) of the State of New York. For purposes of litigating any dispute that arises under this MSU grant
or Agreement, the parties hereby submit to and consent to the jurisdiction of the State of New York, agree that such litigation shall be conducted in the courts of New York, New York, or the federal courts for the United States for the Southern
District of New York, and no other courts where this MSU grant is made and/or performed. 
  

	15.	SUCCESSORS 

 This
Agreement shall be binding upon and inure to the benefit of the successors, assigns, and heirs of the respective parties. 
  

	16.	DATA PRIVACY 

 You
hereby explicitly and unambiguously consent to the collection, use and transfer, in electronic or other form, of your personal data as described in this Agreement by and among, as applicable, your Employer, the Company and its subsidiaries for the
exclusive purpose of implementing, administering and managing your participation in the Plan. 
 You understand
that the Company, any subsidiary and/or your Employer may hold certain personal information about you, including, but not limited to, your name, home address and telephone number, date of birth, social security number or other identification number,
salary, nationality, job title, any shares of stock or directorships held in the Company, details of all MSUs or any other entitlement to shares awarded, canceled, vested, unvested or outstanding in your favor, for the purpose of implementing,
administering and managing the Plan (“Data”). 
 You understand that Data may be transferred to Morgan
Stanley Smith Barney, or such other stock plan service provider as may be selected by the Company in the future, which assists in the implementation, administration and management of the Plan. You authorize the Company, Morgan Stanley Smith Barney
and other possible recipients which may assist the Company (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the purposes of
implementing, administering and managing your participation in the Plan, including any requisite transfer of such Data as may be required to a broker, escrow agent or other third party with whom the shares of Common Stock received upon vesting of
the MSUs may be deposited. You understand that Data will be held only as long as is necessary to implement, administer and manage your participation in the Plan. 

 

	17.	ELECTRONIC DELIVERY 

 The
Company may, in its sole discretion, decide to deliver any documents related to current or future participation in the Plan by electronic means. You hereby consent to receive such documents by electronic delivery and agree to participate in the Plan
through an on-line or electronic systems established and maintained by the Company or a third-party designated by the Company. 

  
 12 

	18.	COMPLIANCE WITH LAWS AND REGULATIONS 

 Notwithstanding any other provisions of this Agreement, you understand that the Company will not be obligated to issue any shares of Common Stock pursuant to the vesting of the MSUs, if the issuance of
such Common Stock shall constitute a violation by you or the Company of any provision of law or regulation of any governmental authority. Any determination by the Company in this regard shall be final, binding and conclusive. 

 

	19.	ENTIRE AGREEMENT AND NO ORAL MODIFICATION OR WAIVER 

 This Agreement contains the entire understanding of the parties. This Agreement shall not be modified or amended except in writing duly signed by the parties, except that the Company may adopt a
modification or amendment to the Agreement that is not materially adverse to you in writing signed only by the Company. Any waiver of any right or failure to perform under this Agreement shall be in writing signed by the party granting the waiver
and shall not be deemed a waiver of any subsequent failure to perform. 
  

			
		 	For the Company
		
		 	Bristol-Myers Squibb Company
		
	By	 	  

 I have read this Agreement in its entirety. I understand that this Award has been granted to
provide a means for me to acquire and/or expand an ownership position in Bristol-Myers Squibb Company. I acknowledge and agree that sales of shares will be subject to the Company’s policies regulating trading by employees. In accepting this
Award, I hereby agree that Morgan Stanley Smith Barney, or such other vendor as the Company may choose to administer the Plan, may provide the Company with any and all account information for the administration of this Award. 

I hereby agree to all the terms, restrictions and conditions set forth in the Agreement. 

  
 13Senior Executive Severance Plan

 EXHIBIT 10ll. 
 Bristol-Myers Squibb Company 
 Senior Executive Severance Plan

 and 
 Summary Plan Description 
 The information contained in this Severance Plan and Summary
Plan Description (SPD) is effective as of the date at the bottom of this page. To ensure that you have the most up-to-date benefit plan information, be sure to review this Plan and SPD in combination with more recent communications to eligible
employees. 

 Contents 

 
  

					
	 Purpose
	  	 	1	  
		
	 Section 1 – Eligibility to Participate
	  	 	1	  
		
	 Section 2 – Eligibility for Severance Payments and Benefits
	  	 	1	  
		
	 Section 3 – Severance Payments And Benefits
	  	 	3	  
		
	 Section 4 – Amendment and Plan Termination
	  	 	9	  
		
	 Section 5 – Miscellaneous
	  	 	9	  
		
	 Section 6 – Administrative Information About Your Plan
	  	 	14	  
		
	 Section 7 – Your Rights and Privileges Under ERISA
	  	 	15	  
		
	 Section 8 – Other Administrative Facts
	  	 	17	  

  

					
		 	 Words that appear in
bold have
 specific definitions that are included
 in the Glossary. You should refer to
 the Glossary as you read this

document.
	 	

 Purpose 

 
 The Compensation and Management Development
Committee of the Board of Directors of Bristol-Myers Squibb Company (“BMS” or the “Company”) has adopted the Bristol-Myers Squibb Company Senior Executive Severance Plan (the “Plan”) for eligible senior executives of
the Company and its participating subsidiaries and affiliates (“Participating Employer”). The purpose of the Plan is to provide equitable treatment for terminated senior executives consistent with the values and culture of the Company,
provide financial support for senior executives seeking new employment, recognize senior executives’ contributions to the Company, and to avoid or mitigate the Company’s potential exposure to litigation. The Company further believes that
the Plan will aid the Company in attracting and retaining highly qualified senior executives who are essential to its success. 

Section 1 – Eligibility to Participate 

 
 You are eligible to participate in the Plan if
you are a full-time or part-time active eligible employee who is a senior executive at the E9 grade level or above of the Company or a Participating Employer. 
 Notwithstanding anything contained herein, you are not eligible to participate in the Plan and are excluded from coverage under the Plan if you are: 

 

	 	•	 	 a party to an individual arrangement or a written employment agreement with the Company containing a severance provision other than pursuant to the
Plan or a change in control letter agreement with the Company; 

  

	 	•	 	 covered by a local practice outside the U.S. and Puerto Rico that provides for severance payments and/or benefits in connection with a voluntary or
involuntary termination of employment that are greater than the severance payments and/or benefits set forth
herein1 

Section 2 – Eligibility for Severance Payments and Benefits 

 
 Right to Severance Payments and Benefits

 You will be eligible to receive the severance payments and benefits provided by this Plan if your employment by the Company or a
Participating Employer is terminated for any one or more of the following reasons: 
  

	 	(a)	Involuntary termination by the Company or Participating Employer other than for Cause (as defined below). 

 

	1 	 For further information, see “Offset for Executives in Puerto Rico and U.S. Expatriates” and “Pay in Lieu of Notice Periods and
Offsets for Executives Employed Outside the U.S. and Puerto Rico Who Are Not U.S. Expatriates” on pages 4-5. 

	 	(b)	You voluntarily terminate your employment within ten (10) business days after the occurrence of any event constituting Good Reason (as defined below).

 To qualify for severance payments and benefits under the Plan upon voluntary termination for Good Reason, you must notify the
Company in writing of termination for Good Reason specifying the event constituting Good Reason within ten (10) calendar days of the event. Failure for any reason to give written notice of termination of employment for Good Reason shall be
deemed a waiver of the right to voluntarily terminate employment and claim Good Reason under this Plan in relation to such event. The Company shall have a period of thirty (30) days in which to cure the Good Reason. If the Good Reason is cured
within this period, you will not be entitled to severance payments and benefits hereunder. If the Company waives its right to cure or does not, within the thirty (30) day period, cure the Good Reason, you shall be entitled to severance payments
and benefits and your actual termination date shall be determined in the sole discretion of the Company but in no event later than thirty (30) calendar days from the date the Company waives its right to cure or the end of the period in which to
cure the Good Reason, whichever is earlier. 
 Ineligibility for Severance Payments and Benefits 

Notwithstanding any provision of the Plan, you shall not be eligible for severance payments and benefits under this Plan if your termination of employment
occurs by reason of any of the following: 
  

	 	•	 	 voluntary termination other than for Good Reason (as defined below); 

 

	 	•	 	 mandatory retirement from employment in accordance with Company policy or statutory requirements; 

 

	 	•	 	 disability (as defined in the Company’s Long-Term Disability Income Plan); 

 

	 	•	 	 for Cause; 

  

	 	•	 	 refusal, rejecting or declining to accept a transfer to a position with the Company or a Participating Employer, as applicable (for which you are
qualified as determined by the Company by reason of knowledge, training, and experience), provided the transfer would not constitute Good Reason for a voluntary termination; 

 

	 	•	 	 the sale of all or part of the Company or Participating Employer’s business assets if you are offered employment within four (4) weeks of the
date your employment with the Company terminates by the acquirer of such assets regardless of the terms and conditions of employment offered by the acquirer, and regardless of whether you accept the offer; 

 

	 	•	 	 upon the formation of a joint venture or other business entity in which the Company or a Participating Employer directly or indirectly will own some
outstanding voting or other ownership interest if you are offered employment by the joint venture entity or other business entity regardless of the terms and conditions of employment offered by the joint venture entity or other business entity
within four (4) weeks of the date your employment with the Company terminates and regardless of whether you accept the offer; or 

  

	 	•	 	 you are reporting to a different person. 

 Cause 
 “Cause” shall mean: 

 

	 	(i)	failure or refusal by you to substantially perform your duties with the Company or a Participating Employer (except where the failure results from incapacity due to
disability); or 

	 	(ii)	severe misconduct or engaging in an activity, which may include a failure to take action, deemed detrimental to the interests of the Company or a Participating
Employer. Examples of the foregoing include, but are not limited to, acts involving dishonesty, violation of Company or a Participating Employer written policies (which includes BMS Standards of Business Conduct and Ethics), violation of safety
rules, disorderly conduct, discriminatory harassment, unauthorized disclosure of Company or a Participating Employer confidential information, or the entry of a plea of nolo contendere to, or the conviction of, a crime. 

“Cause” shall be interpreted by the Company in its sole discretion and such interpretation shall be conclusive and binding on all parties.

 Good Reason 

“Good Reason” shall mean the occurrence of any one or more of the following events: 

 

	 	(i)	A material reduction in your Base Pay (as defined in the Glossary). 

  

	 	(ii)	A material reduction in your executive grade level (e.g., the Company changes your job level from an E10 to an E9) resulting in a material diminution of your authority,
duties, or responsibilities. 

  

	 	(iii)	A change in the location of your job or office, so that you will be based at a location which is more than 50 miles farther (determined in accordance with the
Company’s relocation policy) from your primary residence than your work location immediately prior to the proposed change in job or office. 

 Section 3 – Severance Payments And Benefits 
  

Under the Plan, you are eligible to receive Basic Severance and Supplemental Severance, provided you meet the eligibility criteria for severance payments
and benefits in Section 2. 
 Basic Severance 

 
 As Basic Severance, you shall receive severance
payments equal to four (4) times your Base Pay (as defined below, see page 14). You are not required to sign a separation agreement or general release to receive Basic Severance. 
 Supplemental Severance 
  
 Supplemental Severance is based on your grade level as follows: 
  

			
	 Grade Level
	  	 Supplemental Severance

		
	 E9
	  	74 times your Base Pay (as defined in Glossary)
	 E10 and above
	  	100 times your Base Pay (as defined in Glossary)

 Payment of Supplemental Severance is contingent upon your signing a Separation Agreement containing a
general release and allowing the general release to become effective (see “Separation Agreement, Including General Release and Restrictive Covenants,” below). 
 Nothing in this Section 3, the Plan, a change in control letter agreement, an offer letter from the Company or a Participating Employer, a prevailing practice of the Company or a Participating
Employer, or any oral statement made by or on behalf of the Company or a Participating Employer shall entitle you to receive duplicate benefits in connection with a voluntary or involuntary termination of employment. For example, you are not
eligible for payments and benefits under both this Plan and a change in control letter agreement between you and the Company. The obligation of the Company, to make payments hereunder shall be expressly conditioned upon you not receiving duplicate
payments. 
 Pay in Lieu of Notice Periods for U.S. and Puerto Rico Executives and U.S. Expatriate Executives 

The Basic Severance and Supplemental Severance payments under the Plan shall not be reduced by any cash payments to which you may be entitled under any
federal, state or local plant-closing or mass layoff law (or similar or analogous) law, including, without limitation, pursuant to the U.S. Worker Adjustment and Retraining Notification Act or any state or local “pay in lieu of notice” law
or regulation (“WARN Act”); provided, however, Basic Severance will be reduced by the payment for time not worked during a WARN Act notice period up to a maximum of four weeks’ base pay. 

Offset for Executives in Puerto Rico and U.S. Expatriates 
 The Basic Severance and Supplemental Severance payments under the Plan shall be reduced (but not below zero) for executives in Puerto Rico by any payments under Puerto Rico Act 80, as amended on
October 7, 2005 and thereafter. The Basic Severance and Supplemental Severance payments under the Plan shall be reduced (but not below zero) for U.S. expatriates with respect to any statutory payments of severance in any country other than the
U.S. and the payments and benefits hereunder are conditioned upon statutory payments, if any, being offset. 

 Pay in Lieu of Notice Periods and Offsets for Executives Employed Outside the U.S. and Puerto Rico Who
Are Not U.S. Expatriates 
 The Basic Severance and Supplemental Severance payments under the Plan shall be reduced (but not below zero)
by any cash payments to which you may be entitled under or in respect of any of the following: (i) “pay in lieu of notice” or “notice” laws, (ii) any pay in lieu of notice under your contract of employment,
(iii) any damages for breach of your employment contract calculated by reference to any period of notice required to be given to terminate your contract which was not given in full, (iv) any compensation required to be paid by any law of
any jurisdiction in respect of the termination of your employment, (v) any law of any jurisdiction with respect to the payment of severance, termination indemnities or other similar payments, or (vi) any contract, agreement, plan, program,
practice or arrangement which are payable due to your termination of employment with the Company or an affiliate or subsidiary of the Company (but excluding, for the avoidance of doubt, any payments made on retirement from a retirement savings plan,
pension plan or provident fund). 
 No Mitigation 
 You shall not be required to mitigate the amount of any payment provided for in the Plan by seeking other employment and no such payment shall be offset or reduced by the amount of any compensation or
benefits provided to you in any subsequent employment. 
 Debt Owed to the Company or a Participating Employer 

If you owe the Company or a Participating Employer money for any reason, including, but not limited to, overpayment of employee benefits self-insured by
the Company or Participating Employer, the Company or Participating Employer shall have the right, at its sole discretion, to offset the amount of the debt from your severance payments to the fullest extent permitted by law. 

Separation Agreement, Including General Release and Restrictive Covenants 
 The obligation of the Company to pay Supplemental Severance and provide you Benefits Continuation (see “Benefits Continuation” on page 7), shall be and is expressly conditioned upon you timely
executing a separation agreement in a form that is satisfactory to the Company (the “Separation Agreement”) during the requisite time period and allowing such Separation Agreement to become effective. 

As to the Separation Agreement: 
  

	 	•	 	 It shall include but not be limited to a general release of claims against the Company, its affiliates and their respective officers, directors,
employees and agents, and shall contain certain restrictive covenants and obligations of you including, but not limited to, non-competition and non-solicitation covenants for a period of one-year following your separation date, an agreement by you
not to make use of confidential or proprietary information of the Company or its affiliates, an agreement not to disparage or encourage or induce others to disparage the Company, its affiliates or their respective products for a period no more than
the period you are receiving payments hereunder, an agreement to return Company property, and an agreement to cooperate with legal matters of the Company in which you might have knowledge. 

 

	 	•	 	 The Company will provide a form of such Separation Agreement not later than the date of your Separation from Service. 

 

	 	•	 	 You must sign and return the Separation Agreement within the minimum time period required by law and not revoke it during any permitted revocation
period2, in order for the Separation Agreement to become
effective. Otherwise, you will not be eligible for, and the Company shall not have any obligation to, pay you any Supplemental Severance payments. 

 

	2 	 In general, the shortest minimum time period for reviewing and signing a general release is 21 days, but that may be longer or shorter depending on the
circumstances. Also, in general, individuals have a 5-day period after signing a general release within which to revoke the release. A Separation Agreement will specify these time periods. 

 How Your Benefit Is Paid 

 
 Basic Severance, if payable, will be paid at
regular payroll intervals according to your pay schedule prior to your termination. 
 In general, Supplemental Severance payments, if payable,
will not begin until at least eight days after you return a signed Separation Agreement (containing the general release) to the Company, but in no event later than 60 days after your effective date of termination. Supplemental Severance will be paid
at regular payroll intervals according to your pay schedule prior to your termination. 
 It is possible that Basic and Supplemental Severance
could constitute payment of deferred compensation under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). In that event, payment may be subject to the six-month delay rule and other limitations required to
comply with Code Section 409A requirements. See “Section 409A” starting on page 11. 
 The “Severance Pay
Period” is defined as the number of weeks’ base pay for which you are eligible under the Plan counting both Basic and Supplemental Severance. For example, if you would be eligible for 4 weeks of Basic Severance and 74 weeks of Supplemental
Severance, your Severance Pay Period would be 78 weeks. 
 Continuation of Employee Benefits For U.S. and Puerto Rico and U.S. Expatriate
Executives E9 and Above Only 
  

During the Severance Pay Period, you are not considered an employee of the Company or a Participating Employer for any purpose – including
eligibility under any employee benefit plan. The following benefits, however, will continue to be available as outlined to a U.S. or Puerto Rico senior executive or a U.S. expatriate senior executive in all events at the E9 grade level or above:

 Health Care Plans 
 If
you and your dependents were enrolled in the Company’s health plan on your termination date, this coverage will continue until the end of the month in which Basic Severance ends. As of the date of your termination of employment, you and your
enrolled eligible dependents will be offered the opportunity to elect COBRA continuation coverage and have the opportunity to receive subsidized COBRA: 
 Subsidized COBRA: If you sign and return the Separation Agreement in the requisite time period and allow it to become effective, the Company will subsidize your COBRA until the end of the
month in which occurs the earlier of (i) fifty-six weeks measured from the date you separated employment with the Company or (ii) the date you begin new employment (the “Benefits Continuation Period”). 

That means that during the subsidized COBRA period, you would owe the same amount as active employees for the same coverage rather than
the standard COBRA rate. However, at the end of the subsidy period, you would then owe the standard COBRA rate to maintain COBRA coverage. 
 Please note that if you do not sign and return the Separation Agreement in the requisite time period and allow it to become effective, neither you nor your eligible dependents will receive subsidized
COBRA; of course, you and your eligible dependents would still be entitled to standard COBRA. 

 Standard COBRA: Standard COBRA is unsubsidized COBRA, meaning you (and your eligible
dependents if they elect separately) would owe the standard COBRA rate for COBRA coverage. 
 Detailed information about COBRA coverage will be
mailed to your home at the time of termination. 
 Life Insurance 
 Your current level of basic life insurance coverage will continue until the end of the month in which your termination occurs. Thereafter, Company-provided life insurance coverage equal to one times (two
times if you are an executive employed in Puerto Rico and retiree eligible (i.e., age 55 or older with at least ten years of service)) your base pay at termination date will be continued until the end of your Benefits Continuation Period.

 When you are terminated, if you are participating in the Survivor Income Plan (not applicable for executives in Puerto Rico), Dependent Life
Insurance Plan(s), or the Voluntary Life Insurance Plan(s), coverage will end on the last day of the month in which your termination occurs. When your employment terminates, you may have the opportunity to elect to convert all or part of any
terminating life insurance coverage to an individual policy with the insurer. 
 Long Term Care Plan (not applicable for executives in
Puerto Rico) 
 If you are participating in the Long Term Care Plan, you may be able to continue coverage directly through the Long Term
Care Plan’s insurer, Aetna. 
 Employee Assistance Program (EAP) 
 You may continue to participate in the Employee Assistance Program during the benefits continuation period, as long as you remain eligible for benefits under the Company’s Medical Plan. If you elect
COBRA continuation coverage, you may continue to participate in the EAP. You will receive additional information regarding participation at the time of your termination. 
 Outplacement 
 You will be eligible for outplacement services in accordance with the
Company’s outplacement services that are in effect for executives at your level as of the date your employment ends with the Company, provided you timely sign and return the Separation Agreement (as set forth above). 

Company Perquisites 
 Effective
December 31, 2007, the Company eliminated the executive perquisite program. As such, no perquisites will be made available to you after your separation from the Company. 
 Other Benefits 
 Accrued and unused vacation days (including banked vacation),
long-term performance awards, vesting and exercising of stock options, vesting of restricted stock and restricted stock units, deferred distributions under the Performance Incentive Plan (PIP) and bonus payments will be determined in accordance with
the applicable Company plans, programs and/or policies. 

 All other benefit coverage, and eligibility to participate in the Company’s plans, will end as of your
termination date. These benefits include, but are not limited to: 
  

	 	•	 	 contributions to the Dependent Care Reimbursement Account (not applicable for executives in Puerto Rico); 

 

	 	•	 	 contributions to and earning service for vesting under the Company’s Savings and Investment Program; 

 

	 	•	 	 earning additional service for vesting under the Company’s Retirement Income Plan; and 

 

	 	•	 	 participation in the Company’s disability plans. 

 Rule of 70 (for U.S. and Puerto Rico and U.S. expatriate executives E9 and above only) 

 
 If you are eligible for
severance benefits but not eligible to retire3, you may
qualify for the “Rule of 70” benefits when you are terminated if: 
  

	 	•	 	 you sign and return the General Release during the requisite time period and allow it to become effective; and 

 

	 	•	 	 on termination, your age plus years of service4 equals at least 70 (rounded to the next higher whole number); and 

 

	 	•	 	 you have a minimum of 10 years of service. 

 Example: If you have been employed for 16.7 years and you are 52 years and 3 months old, you add your years of service without any rounding (16.7) with your age without any rounding (52.25)
to get a total number (16.7 + 52.25 = 68.95) This total number is then rounded up to the next whole number (69) and you would not qualify for Rule of 70 benefits. 
 Medical Plan 
 The Rule of 70 benefits give you the opportunity to extend Medical
Plan coverage beyond the end of COBRA coverage as long as you have no other group medical coverage available to you and no other group medical coverage becomes available. 
 Between the time that COBRA coverage would normally end (the end of your Severance Pay Period or the end of your COBRA continuation period, whichever is later) and until the date you reach age 55, you can
continue medical coverage by paying the full cost of medical coverage, plus a 2% administrative fee. After the date you reach age 55, you can continue coverage under the Medical Plan as if you were a retired employee by paying the retiree medical
coverage contribution rate in effect at that time. 
  

	3 	 To be eligible to retire, you must be at least age 55 and have at least 10 years of service or be at least age 65. 

	4 	 For severance benefits, “years of service” means the total years of employment from your adjusted date of hire to date of termination,
rounded up to the next higher whole number. Employees with less than one year of service will not have their length of service rounded up to one whole year. 

 Retiree Medical Coverage Contribution Rate 

The retiree medical coverage contribution rate, which takes effect at age 55 will be based on your service as of your actual date of termination of
employment pursuant to the terms of the Company’s medical plans. 
 Under the Retiree Medical Plan, if you are eligible to enroll in
Medicare coverage, Medicare will be your primary coverage and the Company plan will be secondary whether or not you actually enroll in Medicare. For more information, you should review the Comprehensive Medical Plan Summary Plan Description
specific to retirement. The Company reserves the right to amend, suspend or terminate its Retiree Medical Plan (and your rights with regard thereto), in whole or in part, any time in its sole and absolute discretion. 

For more detailed information about retiree medical coverage and the cost-sharing formula, refer to the “Coverage When You Retire” section of
the Comprehensive Medical Plan Summary Plan Description. 
 Retirement Income Plan 

The Rule of 70 gives you the opportunity to receive benefits under the Company’s Retirement Income Plan provided you were a participant in the
Retirement Income Plan prior to January 1, 2010. If you are Rule of 70 eligible, retirement benefits payable before age 65 are calculated using the same factors as those used for employees who retire at their Early Retirement Date (as defined
by the Retirement Income Plan). The Rule of 70 benefits make it possible for eligible participants to receive benefit payments before age 55 with additional reduction factors applied to account for payment over a longer period of time;
provided, however, this may not be applicable under the BEP-Retirement Income Plan. 
 For more information about the payment of
retirement benefits, refer to the Summary Plan Description of the Retirement Income Plan and the Summary Plan Description of the BEP – Retirement Income Plan. 
 NOTE: Although eligible for retiree medical coverage, a participant entitled to Rule of 70 benefits is not a Bristol-Myers Squibb Company retiree, regardless of when the participant ultimately chooses
benefit payments to begin. Your Human Resources representative will determine whether you qualify for Rule of 70 and advise you at the time of termination. 
 If You Are Rehired After Termination 
  

If you are rehired by the Company or a Participating Employer during the Severance Pay Period, severance payments will terminate. 

If you are a terminated employee who is subsequently reinstated to employee status back to the date you were terminated (including reinstatement as the
result of an appeal of a claim for disability benefits), all severance benefits must be repaid to the Company or a Participating Employer. 

 Section 4 – Amendment and Plan Termination 

 
 Bristol-Myers Squibb Company reserves the right
to terminate or amend, in whole or in part, the Plan at any time in its sole discretion by resolution adopted by the Compensation and Management Development Committee of the Board of Directors of the Company. The Company reserves the right to
implement changes even if they have not been reprinted or substituted in this document. 
 Section 5 – Miscellaneous

  
 Employment Status

 The Plan does not constitute a contract of employment and nothing in the Plan provides or may be construed to provide that
participation in the Plan is a guarantee of continued employment with the Company, a Participating Employer or any of their respective affiliates. 
 Withholding of Taxes 
 The Company shall withhold from any amounts payable under the
Plan all federal, state, local or other taxes that are legally required to be withheld. 
 No Effect on Other Benefits 

Neither the provisions of this Plan nor the severance payments and benefits provided for hereunder shall reduce any amounts otherwise payable to you under
any incentive, retirement, stock option, stock bonus, stock ownership, group insurance or other benefit plan. 
 Validity and Severability

 The invalidity or unenforceability of any provision of the Plan shall not affect the validity or enforceability of any other provision
of the Plan, which shall remain in full force and effect, and any prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

Unfunded Obligation 
 All
severance payments and benefits under the Plan shall constitute unfunded obligations of the Company. Severance payments shall be made, as due, from the general funds of the Company. The Plan shall constitute solely an unsecured promise by the
Company to provide such benefits to you to the extent provided herein. For avoidance of doubt, any health benefits to which you may be entitled under the Plan shall be provided under other applicable employee benefit plans of the Company.

 Type of Plan and Governing Law 
 This plan is designed to qualify as a severance pay arrangement within the meaning of Section 3(2)(B)(i) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and is
intended to be excepted from the definitions of “employee pension benefit plan” and “pension plan” set forth under Section 3(2) of ERISA and is intended to meet the descriptive requirements of a plan constituting a
“severance pay plan” within the meaning of the regulations published by the Secretary of Labor. The Plan and all rights thereunder shall be governed and construed in accordance with ERISA and, to the extent not preempted by Federal law,
with the laws of the state of New York. 

 Section 409A 
 Notwithstanding any other provision of the Plan: 
 Statement of
Intent 
 To the fullest extent possible, amounts and other benefits payable under the Plan are intended to be exempt from
the definition of “nonqualified deferred compensation” under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) in accordance with one or more exemptions available under the final Treasury regulations
promulgated under Code Section 409A. To the extent that any such amount or benefit is or becomes subject to Code Section 409A, this Plan is intended to comply with the applicable requirements of Code Section 409A with respect to such
amounts or benefits. This Plan shall be interpreted and administered to the extent possible in a manner consistent with the foregoing statement of intent. 
 Exemption 
 To the fullest extent possible, amounts and other benefits
payable under the Plan are intended to be exempt from the definition of “nonqualified deferred compensation” under Code Section 409A including, but not limited to, being exempt from Section 409A: 

 

	 	•	 	 as short-term deferrals under Treasury Regulation Section 1.409A-1(b)(4) (in general, a short-term deferral is an amount that is payable no later
than March 15 of the year following the year in which the amount becomes due and payable); and 

  

	 	•	 	 as to payments not qualifying as short-term deferrals, to the extent that the payments do not exceed two times the lesser of (1) the
employee’s total annual compensation based on the employee’s annual rate of pay for the prior taxable year (adjusted for any increases that were expected to continue indefinitely) or (2) the limitation under Code
Section 401(a)(17) for the year in which the employee has a Separation from Service (as defined below) ($245,000 in 2011 (2x = $490,000)) and such payments are made no later than December 31 of the second year following a Separation
from Service (the “409A Severance Limit”). 

 Separation from Service 

To the extent any payment under the Plan is or may become subject to Code Section 409A, such payment(s) shall be made only if you in
fact experience a “separation from service” within the meaning of Code Section 409A(a)(2)(A)(i) and final Treas. Reg. Section 1.409A-1(h)(“Separation from Service”). 

The transfer of an employee between related companies within the Company will not be deemed a Separation from Service for purposes of Code
Section 409A if the transfer from the Company or a Participating Employer is to an entity that is 50% or more owned or under common control with the transferring entity; provided, however, for purposes of determining whether a
Separation from Service has occurred, the Company may use a smaller percentage as low as 20% if it determines there exists legitimate business criteria. 

 Separate Payments 

Each installment payment of Basic Severance and Supplemental Severance (i.e., the amount payable in each payroll period) shall be deemed a
separate payment for all purposes, including for purposes of Code Section 409A. 
 Specified Employees 

A “Specified Employee” is an employee of the Company who is one of the top 50 highest paid employees as determined by the
Company. Code Section 409A provides for a six-month delay with respect to certain payments under Code Section 409A to Specified Employees. Under the Plan, Specified Employees may receive up to the 409A Severance Limit without regard to a
six-month delay however, payments in excess of the 409A Severance Limit that would have been paid within six months following the Specified Employee’s separation date will be paid the first business day of the seventh month following the
separation date, or, if earlier, the date of the Specified Employee’s death (the “Delayed Payment Date”). 

No Company Liability Under Code Section 409A 
 In no event whatsoever shall the Company be liable for any taxes, penalties or interest that may be imposed on you pursuant to Section 409A or under any other similar provision of state tax law,
including but not limited to, damages for failing to comply with Section 409A and/or any other similar provision of state tax law. 
 Limitation on Offsets 
 No payment under the Plan that constitutes a
deferral of compensation under Code Section 409A may be offset against any of your indebtedness or as a result of any other payment or benefit to you if and to the extent that such offset would constitute a change in the time of payment
(including as a result of deemed substitution of the indebtedness or other payment or benefit for the deferred compensation) not compliant with Code Section 409A. 
 Timing of Certain Payments 
 If any amount payable during a fixed period
following separation from service is subject to Code Section 409A and the fixed period over which such amount is payable could begin in one year or a subsequent year (depending on when you sign and return the Separation Agreement) payment shall
commence in the subsequent year regardless of when the Participant returns the Separation Agreement. 
 Payment Capped 

If at any time, it shall be determined by the Company’s independent auditors that any payment or benefit to you pursuant to this Plan
(“Potential Parachute Payment”) is or will become subject to the excise tax imposed by Section 4999 of the Code or any similar tax payable under any United States federal, state, local, foreign or other law (“Excise Taxes), then
the Potential Parachute Payment payable to you shall be reduced to the largest amount which would both (a) not cause any Excise Tax to be payable by you and (b) not cause any Potential Parachute Payments to become nondeductible by the
Company by reason of Section 280G of the Code (or any successor provision). 
 Assignment 

The Plan shall inure to the benefit of and shall be enforceable by your personal or legal representatives, executors, administrators, successors, heirs,
distributees, devisees and legatees. If you should die while any amount is still payable to you under the Plan had you continued to live, all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of the Plan to
your estate in a single lump-sum within 90 days of your death. Your rights under the Plan shall not otherwise be transferable or subject to lien or attachment. 

 Other Benefits 
 Nothing in this document is intended to guarantee that benefit levels or costs will remain unchanged in the future in any other plan, program or arrangement of the Company. The Company and its affiliates
and subsidiaries reserve the right to terminate, amend, modify, suspend, or discontinue any other plan, program or arrangement of the Company or its subsidiaries or affiliates in accordance with such, plan, program and arrangement and applicable
law. 
 Oral Statements 

The payments and benefits hereunder shall supersede any oral statements made by any employee, officer or Board member of the Company regarding severance
payments and benefits. 
 Successors and Assigns 
 This Plan shall be binding upon and inure to the benefit of the Company and its successors and assigns and shall be binding upon and insure to the benefit of you and your legal representatives, heirs and
legatees. 
 Section 6 – Administrative Information About Your Plan 

 
 Employer Identification Number

 Bristol-Myers Squibb Company’s employer identification number is #22-0790350. 

Claim for Benefits 
 If you
believe you are entitled to payments and benefits under the Plan, contact the Plan Administrator in writing. A claim must be made within six (6) months of your termination date. Any claim made beyond six (6) months after your termination
date shall be time barred and you will be expressly precluded from receiving any severance payments and/or benefits under the Plan. 

Claims Review Procedures 
 Only
the Plan Administrator or his or her delegate (identified in “Other Administrative Facts”) has the authority to decide claims. This means that if someone other than the Plan Administrator, for example, your HR Generalist, says that you are
not eligible for severance, that statement is not a decision on a claim for benefits – you would still have the right to make a claim and get an official decision from the Plan Administrator or Plan Administrator’s delegate. You will be
provided written or electronic notification by the Plan Administrator (or his or her delegate) if you are denied payments and benefits under the Plan or of any other adverse benefit determination. The notice shall provide the specific reason(s) for
the determination and reference to the specific Plan provisions on which the determination is based, a description of any additional material or information necessary to perfect the claim and an explanation why such material or information is
necessary (if applicable), a description of the Plan’s appeal procedures, including the time limits and a statement of your right to bring a civil action following an appeal. 

 If a claim for benefits under the Plan is denied in full or in part or you receive some other adverse
benefit determination, you* may appeal the decision to the Plan Administrator. To appeal a decision, you* must submit a written document through the U.S. Postal Service or other courier service appealing the denial of the claim within 60 days after
the date of the claim denial. If you do not submit an appeal within this 60 day period, you will not be entitled to appeal the denial or adverse benefit determination. You* may also include information or other documentation in support of your
claim. Upon request, you will be provided reasonable access to and copies of, all documents, records and other information relevant (as defined by ERISA) to your claim. You may have a qualified person represent you* during the appeal process. You*
will be notified of a decision within 60 days (which may be extended to 120 days, if required) of the date your appeal is received. If an extension of time is required by the plan, you* will receive notice of the reason for the extension within the
initial 60-day period and a date by which you can expect a decision. 
 Any decision on appeal shall be final, conclusive and binding upon all
parties. If the appeal is denied, however, you will be advised of your right to file a claim in court. It is the intent of the Company that the standard of review applied by a court of law or a professional arbitrator to any challenge to a denial of
benefits on final appeal under these procedures shall be an arbitrary and capricious standard and not a de novo review. 
 Legal
Action 
 You may not bring a lawsuit to recover benefits under the Plan until you have exhausted the internal administrative process
described above. No legal action may be commenced at all unless commenced no later than one (1) year following the issuance of a final decision on the claim for benefits, or the expiration of the appeal decision period if no decision is issued.
This one-year statute of limitations on suits for all benefits shall apply in any forum where you may initiate such a suit. 

Participating Employers 
 A
complete list of Bristol-Myers Squibb Company, affiliates, subsidiaries or divisions that participate in the Plan may be obtained from the Plan Administrator by written request. (See the chart at the end of this section for the name and address of
the Plan Administrator.) 
 Plan Administrator 
 The administration of the Plan is the responsibility of the Plan Administrator. The Plan Administrator has the discretionary authority and responsibility for, among other things, determining eligibility
for benefits and construing and interpreting the terms of the Plan. In addition, the Plan Administrator has the authority, at its discretion, to delegate its responsibility to others. The chart at the end of this section contains the name and
address of the Plan Administrator. 
  

	*	Or your duly authorized representative. 

 Section 7 – Your Rights and Privileges Under ERISA 

 
 As a participant in the Plan, you are entitled
to certain rights and protection under ERISA. ERISA provides that you shall be entitled to: 
 Receive Information About Your Plan and
Benefits 
 Examine, without charge, at the Plan Administrator’s office and at other specified locations all documents governing the
plan filed by the plan with the U.S. Department of Labor and available at the Public Disclosure Room of the Employee Benefits Security Administration. 
 Obtain, upon written request to the Plan Administrator, copies of documents governing the operation of the plan and updated summary plan description. The administrator may make a reasonable charge for the
copies. 
 Prudent Actions by Plan Fiduciaries 
 In addition to creating certain rights for you, ERISA imposes duties upon the people who are responsible for the operation of the employee benefit plan. The people who operate your plan, called
“fiduciaries” of the plan, have a duty to do so prudently and in the interest of you and other plan participants and beneficiaries. No one, including your employer, or any other person, may fire you or otherwise discriminate against you in
any way to prevent you from obtaining a welfare benefit or exercising your rights under ERISA. 
 Enforce Your Rights 

If your claim for a welfare benefit is denied or ignored, in whole or in part, you have a right to know why this was done, to obtain copies of documents
relating to the decision without charge, and to appeal any denial, all within certain time schedules. 
 Under ERISA, there are steps you can
take to enforce the above rights. For instance, if you request a copy of plan documents or the latest annual report from the plan and do not receive them within 30 days, you may file suit in a Federal court. In such a case, the court may require the
Plan Administrator to provide the materials and pay you up to $110 a day until you receive the materials, unless the materials were not sent because of reasons beyond the control of the administrator. 

If you have a claim for benefits which is denied or ignored, in whole or in part, you may file suit in a state or Federal court. In addition, if you
disagree with the plan’s decision or lack thereof concerning the qualified status of a medical child support order, you may file suit in a Federal court. 
 If it should happen that plan fiduciaries misuse the plan’s money, or if you are discriminated against for asserting your rights, you may seek assistance from the U.S. Department of Labor, or you may
file suit in a Federal court. The court will decide who should pay court costs and legal fees. If you are successful, the court may order the person you sued to pay these costs and fees. If you lose, the court may order you to pay these costs and
fees, for example, if it finds your claim is frivolous. 
 Assistance With Your Questions 

If you have any questions about your plan, you should contact the Plan Administrator. If you have any questions about this statement or about your rights
under ERISA, or if you need assistance in obtaining 

 
documents from the Plan Administrator, you should contact the nearest office of the Employee Benefits Security Administration, U.S. Department of Labor, listed in your telephone directory or the
Division of Technical Assistance and Inquiries, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue N.W., Washington, D.C. 20210. You may also obtain certain publications about your rights and
responsibilities under ERISA by calling the publications hotline of the Employee Benefits Security Administration at 1-866-444-EBSA (3272) or accessing their website at http://www.dol.gov/ebsa. 

 Section 8 – Other Administrative Facts 

 
  

			
	Senior Executive Severance Plan
		
	Name of Plan	  	Bristol-Myers Squibb Company Senior Executive Severance Plan
		
	Type of Plan	  	“Welfare” plan
		
	Plan Records	  	Kept on a calendar-year basis
		
	Plan Year	  	January 1 – December 31
		
	Plan Funding	  	Company and participating employers provide severance benefits from general revenues.
		
	Plan Sponsor	  	Bristol-Myers Squibb Company
		
	Plan Number	  	554
		
	Plan Administrator and Named Fiduciary	  	 Bristol-Myers Squibb Company

c/o Senior Vice President, Human Resources, Public Affairs,
 Philanthropy
 345 Park Avenue
 New York, NY 10154
 Telephone: (212) 546-4000

		
	Agent for Service of Legal Process on the Plan	  	 Bristol-Myers Squibb Company

c/o Senior Vice President and General Counsel

345 Park Avenue
 New York, NY 10154

Telephone: (212) 546-4000
  
 Bristol-Myers Squibb Company
 c/o Senior Vice President, Human Resources, Public
Affairs,
 Philanthropy
 345 Park
Avenue
 New York, NY 10154
 Telephone:
(212) 546-4000

		
	Trustee	  	Not applicable
		
	Insurance Company	  	Not applicable

 Glossary 

 
 It is important to know the following terms as
they apply to the Senior Executive Severance Plan. 
  

			
	Base Pay	  	Your weekly base rate of pay at your termination date, including salary reductions under Code sections 132(f), 125, 137, or 401(k), and excluding overtime, bonuses, income from
stock options, stock grants, dividend equivalents, benefits-in-kind, allowances (including, but not limited to car values, vacation bonuses, food coupons) or other incentives, and any other forms of extra compensation. No foreign service or
expatriate allowances shall be included in determining the amount of severance payments payable under the Plan.
		
	Full-Time, Active, Eligible Employee	  	An employee who is scheduled to work a minimum of 28 hours per week and does not include as a leased worker (employed and paid by another company), independent contractor or
consultant, even if later determined to be or to have been a common law employee of the Company or a Participating Employer.
		
	Outsourced	  	An employee’s position is considered outsourced if the Company has arranged for a third party to provide the services to the Company that the employee had been providing
immediately prior to the outsourcing.
		
	Part-Time, Active, Eligible Employee	  	An employee who is scheduled to work a minimum of 14 hours per week and less than 28 hours per week and does not include a leased worker (employed and paid by another company),
independent contractor or consultant, even if later determined to be or to have been a common law employee of the Company or a Participating Employer.
		
	Years of Service	  	For severance benefits, the total years of employment from your adjusted date of hire to date of termination, rounded up to the next higher whole number. Employees with less than
one year of service will not have their length of service rounded up to one whole year.

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