Document:

EX-4.1

 

Exhibit 4.1

SCHERING-PLOUGH CORPORATION

THE BANK OF NEW YORK

Trustee

 

FOURTH SUPPLEMENTAL INDENTURE

Dated as of October 1, 2007

 

€500,000,000 5.000% Senior Notes due 2010

€1,500,000,000 5.375% Senior Notes due 2014

 

 

SCHERING-PLOUGH CORPORATION

FOURTH SUPPLEMENTAL INDENTURE

€500,000,000 5.000% Senior Notes due 2010

€1,500,000,000 5.375% Senior Notes due 2014

     FOURTH SUPPLEMENTAL INDENTURE, dated as of October 1, 2007, between SCHERING-PLOUGH
CORPORATION, a New Jersey corporation (the “Company”), and THE BANK OF NEW YORK, as trustee (the
“Trustee”).

RECITALS

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

     B. Pursuant to the terms of the Indenture, the Company desires to provide for the
establishment of a series of Debt Securities to be designated as the “5.000% Senior Notes due 2010”
(the “2010 Notes”) and a series of Debt Securities to be designated as the “5.375% Senior Notes due
2014” (the “2014 Notes”, and together with the 2010 Notes, the “Notes”), the form and substance of
such Notes and the terms, provisions and conditions thereof to be set forth as provided in the Base
Indenture and this Fourth Supplemental Indenture.

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

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

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

 

 

ARTICLE ONE

Relation to Base Indenture; Additional Definitions

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

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

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

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

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

     “2010 Notes” has the meaning set forth in the paragraph B of the Recitals hereof.

     “2010 Note Interest Payment Date” has the meaning set forth in Section 204(a) hereof.

     “2010 Notes Maturity Date” has the meaning set forth in Section 203 hereof.

     “2014 Notes” has the meaning set forth in the paragraph B of the Recitals hereof.

     “2014 Note Interest Payment Date” has the meaning set forth in Section 304(a) hereof.

     “2014 Notes Maturity Date” has the meaning set forth in Section 303 hereof.

     “Additional Amounts” has the meaning set forth in Section 701(b) hereof.

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

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

     “Below Investment Grade Rating Event” means the ratings on the 2010 Notes or the 2014
Notes are lowered by each of the Rating Agencies and the Notes are rated below an Investment
Grade Rating by each of the Rating Agencies on any date from the date of the public notice
of an arrangement that could result in a Change of Control until the end of the 60-day
period following public notice of the occurrence of the Change of Control (which 60-day
period shall be extended so long as the rating of the 2010 Notes or
the 2014 Notes, as applicable, is under publicly announced consideration for possible

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

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

     “Business Day” means any Monday, Tuesday, Wednesday, Thursday or Friday that is not a
day when banking institutions are authorized or obligated to be closed in The City of New
York and, for any place of payment outside The City of New York, in such place of payment,
and on which the Trans-European Automated Real-Time Gross Settlement Express Transfer
(“TARGET”) System is open for settlement of payment in euros.

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

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

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

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

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

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

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

     “Common Depositary” means The Bank of New York, London, which shall act as common
depositary for Euroclear and Clearstream with respect to the Notes.

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

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

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

     “Depositary” means the Depositary Trust Company.

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

     “Fitch” means Fitch Ratings or its successor.

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

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

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

     “Irish Paying Agent” means a paying agent with respect to the Notes located in Dublin,
Ireland that is selected by the Company, which shall initially be BNY Financial Services
Plc.

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     “Issue Date” means September 17, 2007.

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

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

     “Person” means any individual, corporation, partnership, joint venture, association,
joint stock company, trust, unincorporated organization, limited liability company,
government or any agency or political subdivision thereof or any other entity and, for
purposes of the definition of Person within the definition of “Change of Control”, including
a “person” as that term is used in Section 13(d)(3) of the Exchange Act.

     “Principal Paying Agent” means a paying agent with respect to the Notes located in
London, England, which shall initially be the Trustee, through its corporate trust office in
London, England.

     “Quotation Agent” means the Reference Dealer selected by the Company.

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

     “Reference Dealer” means any of Goldman Sachs International, BNP Paribas, Credit Suisse
Securities (Europe) Limited and J.P. Morgan Securities Ltd. or their successors.

     “Reference Dealer Rate” means, with respect to any redemption date, the average of the
four quotations of the average midmarket annual yield to maturity of (1) the 3.250% German
OBL due April 2010, in the case of the 2010 Notes, or (2) the 4.250% German DBR due July
2014, in the case of the 2014 Notes, or, if the applicable security is no longer
outstanding, a similar security in the reasonable judgment of the Reference Dealer, at 11:00
a.m. (London time) on the third business day in London preceding such redemption date quoted
in writing to the Trustee by the Reference Dealer.

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

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

     “Taxes” has the meaning set forth in Section 701(a) hereof.

     “U.S. holder” means a beneficial owner of the Notes that is for U.S. federal income tax
purposes (i) a citizen or individual resident of the United States; (ii) a corporation
created or organized in the United States or under the laws of the United

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States or of any
State (or the District of Columbia); (iii) an estate whose income is subject to United
States federal income tax regardless of its source; or (iv) a trust if (x) a United States
court can exercise primary supervision over the trust’s administration and one or more
United States persons are authorized to control all substantial decisions of the trust or
(y) the trust has validly elected to be treated as a U.S. domestic trust.

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

ARTICLE TWO

The 2010 Notes

     Section 201. Title of the Series of Debt Securities. The 2010 Notes shall be known and designated as the “5.000% Senior Notes due 2010”.

     Section 202. Limitation on Aggregate Principal Amount. The Trustee shall authenticate and deliver 2010 Notes for original issue on the Issue Date
in the aggregate principal amount of $500,000,000 upon a Company Order for the authentication and
delivery thereof and satisfaction of Section 303 of the Base Indenture. Such order shall specify
the amount of the 2010 Notes to be authenticated, the date on which the original issue of Notes is
to be authenticated and the name or names of the initial Holder or Holders. The aggregate
principal amount of 2010 Notes that may initially be outstanding shall not exceed $500,000,000;
provided, however, that the authorized aggregate principal amount of the Notes may be increased
above such amount by a Board Resolution to such effect.

     Section 203. Stated Maturity. The Stated Maturity of the 2010 Notes shall be October 1, 2010 (the “2010 Notes Maturity
Date”).

     Section 204. Interest and Interest Rates.

     (a) The 2010 Notes shall bear interest at the rate of 5.000% per annum. Such interest shall
be payable annually in arrears on October 1 of each year (each such date, a “2010 Notes Interest
Payment Date”), commencing October 1, 2008. Interest is payable to the Holders of record of the
2010 Notes at the close of business on the September 15 preceding the Interest Payment Date.

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

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ARTICLE THREE

The 2014 Notes

     Section 301. Title of the Series of Debt Securities. The 2014 Notes shall be known and designated as the “5.375% Senior Notes due 2014”.

     Section 302. Limitation on Aggregate Principal Amount. The Trustee shall authenticate and deliver 2014 Notes for original issue on the Issue Date
in the aggregate principal amount of $1,500,000,000 upon a Company Order for the authentication and
delivery thereof and satisfaction of Section 303 of the Base Indenture. Such order shall specify
the amount of the 2014 Notes to be authenticated, the date on which the original issue of Notes is
to be authenticated and the name or names of the initial Holder or Holders. The aggregate
principal amount of 2014 Notes that may initially be outstanding shall not exceed $1,500,000,000;
provided, however, that the authorized aggregate principal amount of the Notes may be increased
above such amount by a Board Resolution to such effect.

     Section 303. Stated Maturity. The Stated Maturity of the 2014 Notes shall be September 15, 2014 (the “2014 Notes Maturity
Date”).

     Section 304. Interest and Interest Rates.

     (a) The 2014 Notes shall bear interest at the rate of 5.375% per annum. Such interest shall
be payable annually in arrears on October 1 of each year (each such date, a “2014 Note Interest
Payment Date”), commencing October 1, 2008. Interest is payable to the Holders of record of the
2014 Notes at the close of business on the September 15 preceding the Interest Payment Date.

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

ARTICLE FOUR

General Provisions Applicable to Each Series of the Notes

     Section 401. Place of Payment. The Trustee shall initially serve as the Security Registrar
and transfer agent for the Notes. The Principal Paying Agent and the Irish Paying Agent shall
serve as paying agents for the Notes. The Place of Payment where the Notes may be presented or
surrendered for payment shall initially be the office of the Principal Paying Agent.

     Section 402. Place of Registration or Exchange; Notices and Demands With Respect to the Notes. The place where the Holders of the Notes may present the Notes for registration of

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transfer or exchange and may make notices and demands to or upon the Company in respect of the Notes shall
be the Corporate Trust Office of the Trustee.

     Section 403. Form of Debt Securities. The Notes and the Trustee’s certificate of authentication shall be substantially in the
form provided for in the Base Indenture with such appropriate insertions, omissions, substitutions
and other variations as are required or permitted herein. The Notes may have notations, legends or
endorsements required by law, the Irish Stock Exchange, other stock exchanges or agreements to
which the Company is subject or usage. The terms and provisions contained in the form of the Notes
annexed hereto as Exhibit A and Exhibit B shall constitute, and are hereby expressly made, a part
of this Fourth Supplemental Indenture. To the extent applicable, the Company and the Trustee, by
their execution and delivery of this Fourth Supplemental Indenture, expressly agree to such terms
and provisions and to be bound thereby. Each note shall be dated the date of its authentication.
The Notes shall be issued in the form of a permanent global note in the form set forth in Exhibit A
with respect to the 2017 Notes and Exhibit B with respect to the 2037 Notes (the “Global Notes”).

     Section 404. Book-Entry Provisions for Global Notes.

     (a) The Global Notes initially shall (i) be registered in the name of the nominee of the
Common Depositary for such Global Notes for the accounts of Euroclear and Clearstream and (ii) be
delivered to the Common Depositary and be deposited with, or on behalf of, the Common Depositary.

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

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

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

     (e) Notwithstanding anything herein to the contrary, none of the Company, the Security
Registrar, or the Trustee or any Paying Agent shall recognize as an owner of the Notes, or make any
payments on the Notes to, any person other than those persons in whose names the

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Notes are
registered or whose names appear in the book entry system described in this Section 404 or which
otherwise meets the requirements of the U.S. Treasury Regulation Section 5f.103-1(c) or any
successor provisions thereof.

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

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

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

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

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

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

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

     Section 407. Stamp or Other Taxes and Duties. The Company shall pay all stamp and other
duties, if any, which may be imposed by the United States or any political subdivision thereof or
taxing authority therein with respect to the issuance (but not in connection with any subsequent
transfer, acquisition or disposition) of the Notes. Except as specifically provided in the Notes,
the Company shall not be required to make any payment with respect to any tax, duty, assessment or
other governmental charge imposed by any government or any political subdivision or taxing
authority.

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     Section 408. Payments in Euro. All payments of principal and interest on the Notes shall be
payable in euro.

     Section 409. Irish Stock Exchange; Irish Paying Agent.

     (a) The Company shall use its reasonable best efforts to maintain the admission and listing of
the Notes on the regulated market of the Irish Stock Exchange for as long as any of the Notes are
outstanding and, if the Notes cease to be admitted to trading on the Irish Stock Exchange’s
regulated market, to use its reasonable best efforts promptly to admit the Notes to trading on
another European Economic Area regulated market (for the purposes of (i) the Investment Services
Directive (Directive 93/22/EEC) and (ii) after its coming into force and implementation, the
Markets in Financial Instruments Directive (Directive 2004/35/EC)).

     (b) In addition to the notice provisions and requirements set forth elsewhere in this Fourth
Supplemental Indenture and in the Base Indenture, all notices to the holders of an interest in the
Notes will be given by publication at least once through the Regulatory News System offered by the
Irish Stock Exchange through its Companies Announcements Office. Such notices will be deemed to
have been given on the date of such publication. For so long as any Notes are represented by
Global Notes, all notices to holders of the Notes will be delivered to Euroclear and Clearstream.

     (c) The Company shall maintain an Irish Paying Agent for as long as any of the Notes are
listed on the Irish Stock Exchange. Notwithstanding the preceding sentence, the Company may vary
such appointment and will notify the Irish Stock Exchange of such change of appointment.

     Section 410. Principal Paying Agent. The following provisions shall apply with respect to any
payments to be made by the Company with respect to the Notes:

     (a) In order to provide for the payment of the principal and interest in respect of the 2010
Notes and the 2014 Notes as and when the same shall become due, the Company shall unconditionally
make payment or cause payment to be made in euro in immediately available
funds to an account specified by the Principal Paying Agent (such account to be notified by
the Principal Paying Agent to the Company) in London of the amounts, at the times and in the manner
set forth below:

     (i) on each Interest Payment Date, an amount sufficient (together with any funds then
held by the Principal Paying Agent which are available for such purpose) to pay the interest
becoming due in respect of all the 2010 Notes or 2014 Notes outstanding immediately prior to
such Interest Payment Date; and

     (ii) whenever the Company shall elect or be required to redeem Notes, on the redemption
date thereof an amount sufficient (together with any funds then held by the Principal Paying
Agent which are available for such purpose) to pay the amount payable upon such redemption,
together with any accrued interest, of such Notes.

     (b) The Company shall notify the Principal Paying Agent by facsimile by no later than the
close of business on the Business Day prior to the due date for any payment under

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Section 410(a)
above if such payment shall not be made in accordance with the conditions set forth in this Section
410. The Principal Paying Agent shall notify each of the other Paying Agents (if any), the Trustee
and the Company by facsimile transmission as soon as possible and in any event not later than the
close of business on each Interest Payment Date or redemption date, as the case may be, if the full
payments as required under Section 410(a) hereof have not been made or if notification of
non-payment referred to in the immediately preceding sentence has been made by the Company.

     Section 411. Computation of Interest. Interest on the Notes shall be computed as specified in
the 2010 Notes and the 2014 Notes, and Section 311 of the Base Indenture shall not be applicable to
the Notes.

     Section 412. European Union Paying Agents. The Company shall, to the extent permitted by law,
maintain a paying agent in a Member State of the European Union (if any) that will not require
withholding or deduction of tax pursuant to European Council Directive 2003/48/EC on the taxation
of savings income or any law implementing or complying with, or introduced in order to conform to,
such European Council Directive.

ARTICLE FIVE

Optional Redemption of the Notes of Each Series

     Section 501. Redemption Price. Each of the 2017 Notes and the 2037 Notes will be redeemable at any time, at the option of
the Company, in whole or from time to time in part, on at least 30 days’ but no more than 60 days’
prior written notice mailed to the Holders of the Notes to be redeemed. In addition, notice of any
such optional redemption will be published as described in the Base Indenture. The redemption
price of the Notes to be redeemed will be equal to the greater of (1) 100% of the principal amount
of the Notes to be redeemed and (2) as calculated by the Quotation Agent, the sum of the present
values of the remaining scheduled payments of principal and
interest on the Notes to be redeemed (exclusive of interest accrued to the Redemption Date)
discounted from their respective scheduled payment dates to the Redemption Date on an annual basis
(computed on the basis of the actual number of days in the relevant annual interest period, from
and including the date from which interest begins to accrue, to, but excluding, the date on which
it falls due) using a discount rate equal to the sum of the applicable Reference Dealer Rate plus
0.15% for the 2010 Notes or the applicable Reference Dealer Rate plus 0.25% for the 2014 Notes,
plus, in each case, accrued and unpaid interest on the principal amount being redeemed to the
Redemption Date. For the avoidance of doubt, any calculation of the remaining scheduled payments
of interest pursuant to clause (2) of the preceding sentence shall not include accrued and unpaid
interest for the period up to and including the Redemption Date. The Trustee shall be entitled to
rely on the Quotation Agent’s determination of the redemption price of the Notes. The redemption
price of the Notes to be redeemed shall be payable in Euro.

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ARTICLE SIX

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

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

     (a) Upon the occurrence of a Change of Control Triggering Event with respect to the 2017 Notes
or the 2037 Notes, unless the Company has exercised its right to redeem the 2017 Notes or the 2037
Notes pursuant to Section 501 or Section 702 of this Fourth Supplemental Indenture, each Holder
will have the right to require the Company to repurchase all or any part (equal to $2,000 or an
integral multiple of $1,000 in excess thereof) of each Holder’s Notes of the applicable series
pursuant to the offer described below (the “Change of Control Offer”) at a purchase price equal to
101% of the aggregate principal amount thereof plus accrued and unpaid interest, if any, to the
date of purchase (the “Change of Control Payment”), pursuant to and in accordance with the offer
described in this Section 601.

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

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

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

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

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

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

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

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

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

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

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

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

ARTICLE SEVEN

Additional Amounts and Tax Redemption

     Section 701. Additional Amounts.

     (a) All payments of principal and interest in respect of the 2010 Notes and the 2014 Notes
will be made free and clear of, and without deduction or withholding for or on account of any
present or future taxes, duties, assessments or other governmental charges of whatsoever nature
imposed, levied, collected, withheld or assessed by the United States or any political subdivision
or taxing authority of or in the United States (collectively, “Taxes”), unless such withholding or
deduction is required by law.

     (b) In the event such withholding or deduction of Taxes is required by law, subject to the
limitations described below, the Company shall pay to the holder or beneficial owner of any

13

 

Note affected that is not a U.S. holder such additional amounts (“Additional Amounts”) as may be
necessary in order that every net payment by the Company or any paying agent of principal of or
interest on the affected Notes (including upon redemption), after deduction or withholding for or
on account of such Taxes, will not be less than the amount provided for in such Note to be then due
and payable before deduction or withholding for or on account of such Taxes.

     (c) However, the Company’s obligation to pay Additional Amounts shall not apply to:

     (i) any Taxes which would not have been so imposed but for:

	 	(1)	 	the existence of any present or former
connection between such holder or beneficial owner (or between a
fiduciary, settlor, beneficiary, member or shareholder or other equity
owner of, or a person having a power over, such holder or beneficial
owner, if such holder or beneficial owner is an estate, a trust, a
limited liability company, a partnership, a corporation or other
entity) and the United States, including, without limitation, such
holder or beneficial owner (or such fiduciary, settlor, beneficiary,
member, shareholder or other equity owner or person having such a
power) being or having been a citizen or resident or treated as a
resident of the United States or being or having been engaged in a
trade or business in the United States or being or having been present
in the United States or having or having had a permanent establishment
in the United States;
	 
	 	(2)	 	the failure of such holder or beneficial owner
to comply with any requirement under United States tax laws and
regulations to establish entitlement to a partial or complete exemption
from such Taxes (including, but not limited to, the requirement to
provide Internal Revenue Service Forms W-8BEN, Forms W-8ECI, or any
subsequent versions thereof or successor thereto, and including,
without limitation, any documentation requirement under an applicable
income tax treaty); or
	 
	 	(3)	 	such holder’s or beneficial owner’s present or
former status as a personal holding company or a foreign personal
holding company with respect to the United States, as a controlled
foreign corporation with respect to the United States, as a passive
foreign investment company with respect to the United States, as a
foreign tax exempt organization with respect to the United States or as
a corporation which accumulates earnings to avoid United States federal
income tax;

     (ii) any Taxes imposed by reason of the holder or beneficial owner:

14

 

	 	(1)	 	owning or having owned, directly or indirectly,
actually or constructively, 10% or more of the total combined voting
power of all classes of the Company’s stock;
	 
	 	(2)	 	being a bank receiving interest described in
section 881(c)(3)(A) of the Internal Revenue Code; or
	 
	 	(3)	 	being a controlled foreign corporation with
respect to the United States that is related to the Company by stock
ownership;

     (iii) any Taxes which would not have been so imposed but for the presentation by the
holder or beneficial owner of such Note for payment on a date more than 10 days after the
date on which such payment became due and payable or the date on which payment of the Note
is duly provided for and notice is given to holders, whichever occurs later, except to the
extent that the holder or beneficial owner would have been entitled to such additional
amounts on presenting such Note on any date during such 10-day period;

     (iv) any Taxes which would not have been so imposed but for the presentation by the
holder or beneficial owner of such Note for payment on a date after the date on which such
payment became due and payable or the date on which payment of the Note was duly provided
for and notice was given to holders, whichever occurs later, imposed solely because of a
change in law, regulation or administrative or judicial interpretation that became effective
after the day on which the payment became due and payable or the date on which payment of
the Note was duly provided for, whichever occurs later;

     (v) any estate, inheritance, gift, sales, excise, transfer, personal property, wealth,
interest equalization or similar Taxes;

     (vi) any Taxes which are payable otherwise than by withholding by the Company or a
paying agent from payment of principal of or interest on such Note;

     (vii) any Taxes which are payable by a holder that is not the beneficial owner of the
Note, or a portion of the Note, or that is a fiduciary, partnership, limited liability
company or other fiscally transparent entity, but only to the extent that a beneficial
owner, a beneficiary or settlor with respect to such fiduciary or member of such
partnership, limited liability company or similar entity would not have been entitled to the
payment of an additional amount had such beneficial owner, settlor, beneficiary or member
received directly its beneficial or distributive share of the payment;

     (viii) any Taxes required to be withheld by any paying agent (which term for purposes
of this subparagraph (viii) includes the Company) from any payment of principal of or
interest on any Note, if such payment can be made without such withholding by any other
paying agent;

     (ix) any Taxes required to be withheld or deducted where such withholding or deduction
is imposed pursuant to European Council Directive 2003/48/EC on the taxation of savings
income or any law implementing or complying with, or introduced in order to conform to, such
European Council Directive;

15

 

     (x) any Taxes that would not have been imposed in respect of any Notes or coupon if
such Note or coupon had been presented to another paying agent in a Member State of the
European Union; or

     (xi) any combination of items (i), (ii), (iii), (iv), (v), (vi), (vii), (viii), (ix)
and (x).

     (d) For purposes of this Section 701, the mere holding of and receipt of any payment with
respect to a Note will not constitute a connection (1) between the holder or beneficial owner and
the United States or (2) between a fiduciary, settlor, beneficiary, member or shareholder or other
equity owner of, or a person having a power over, such holder or beneficial owner if such holder or
beneficial owner is an estate, a trust, a limited liability company, a partnership, a corporation
or other entity and the United States.

     (e) Any reference in this Fourth Supplemental Indenture, in the Indenture or in the Notes to
principal or interest shall be deemed to refer also to Additional Amounts which may be payable
under the provisions of this Section 701.

     (f) Except as modified by this Section 701, Section 1005 of the Base Indenture shall remain in
effect and be applicable to the 2010 Notes and the 2014 Notes.

     Section 702. Tax Redemption.

     (a) In addition to the Company’s option to redeem the 2010 Notes and the 2014 Notes pursuant
to Section 501 of this Fourth Supplemental Indenture, the 2010 Notes and the 2014 Notes may be
redeemed at the option of the Company, in whole but not in part, at a redemption price equal to
100% of the principal amount of the Notes to be redeemed, together with interest accrued and unpaid
to the date fixed for redemption, at any time, on giving not less
than 30 nor more than 60 days’ prior written notice mailed to the holders of the Notes to be
redeemed. In addition, notice of any such optional redemption will be published as described in
the Base Indenture. Such notice shall be irrevocable, if:

     (i) the Company has or will become obligated to pay Additional Amounts as a result of
any change in or amendment to the laws, regulations or rulings of the United States or any
political subdivision or any taxing authority of or in the United States affecting taxation,
or any change in or amendment to an official application, interpretation, administration or
enforcement of such laws, regulations or rulings, which change or amendment is announced or
becomes effective on or after September 26, 2007; or

     (ii) any action shall have been taken by a taxing authority, or any action has been
brought in a court of competent jurisdiction, in the United States or any political
subdivision or taxing authority of or in the United States, including any of those actions
specified in (i) above, whether or not such action was taken or brought with respect to the
Company, or any change, clarification, amendment, application or interpretation of such
laws, regulations or rulings shall be officially proposed, in any such case on or after
September 26, 2007, which results (or, in the case of any such proposal, would result if
enacted) in a substantial likelihood that the Company will be required to pay Additional

16

 

Amounts on the next 2010 Notes Interest Payment Date or 2014 Notes Interest Payment Date, as
applicable.

     However, no such notice of redemption shall be given earlier than 90 days prior to the
earliest date on which the Company would be, in the case of a redemption for the reasons specified
in (i) above, or there would be a substantial likelihood that the Company would be, in the case of
a redemption for the reasons specified in (ii) above, obligated to pay such Additional Amounts if a
payment in respect of the 2010 Notes or the 2014 Notes, as the case may be, were then due.

     (b) Prior to the publication of any notice of redemption pursuant to this Section 702, the
Company shall deliver to the Trustee:

     (i) an Officers’ Certificate stating that the Company is entitled to effect such
redemption and setting forth a statement of facts showing that the conditions precedent to
its right so to redeem have occurred, and

     (ii) in the case of a redemption for the reasons specified in (i) or (ii) above, a
written opinion of independent legal counsel of recognized standing to the effect that the
Company has or will become obligated to pay such Additional Amounts as a result of such
change or amendment or that there is a substantial likelihood that it will be required to
pay such Additional Amounts as a result of such action or proposed change, clarification,
amendment, application or interpretation (treating, for this purpose, any such proposed
change, clarification, amendment, application or interpretation as actually enacted), as the
case may be.

Such notice, once delivered by the Company to the Trustee, shall be irrevocable.

ARTICLE EIGHT

Miscellaneous Provisions

     Section 801. This Fourth Supplemental Indenture is executed and shall be construed as an
indenture supplemental to the Base Indenture and, as provided in the Base Indenture, this Fourth
Supplemental Indenture forms a part of the Base Indenture. Except to the extent amended by or
supplemented by this Fourth Supplemental Indenture, the Company and the Trustee hereby ratify,
confirm and reaffirm the Base Indenture in all respects.

     Section 802. This Fourth Supplemental Indenture may be executed in any number of counterparts,
each of which shall be an original, but such counterparts shall together constitute one and the
same instrument.

     Section 803. THIS FOURTH SUPPLEMENTAL INDENTURE AND EACH NOTE SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF

17

 

THE STATE OF NEW YORK (WITHOUT REFERENCE TO PRINCIPLES OF
CONFLICTS OF LAWS).

     Section 804. This Fourth Supplemental Indenture is subject to the provisions of the Trust
Indenture Act that are required to be part of this Indenture and shall, to the extent applicable,
be governed by such provisions. If any provision in this Fourth Supplemental Indenture limits,
qualifies or conflicts with another provision hereof which is required to be included herein by any
provisions of the Trust Indenture Act, such required provision shall control.

     Section 805. In case any provision in this Fourth Supplemental Indenture or the Notes shall be
invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby.

     Section 806. The Trustee makes no representations as to the validity or sufficiency of this
Fourth Supplemental Indenture. The recitals and statements herein are deemed to be those of the
Company and not those of the Trustee.

[SIGNATURE PAGE FOLLOWS]

18

 

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

	 	 	 	 	 
	 	 	SCHERING-PLOUGH CORPORATION
	 
	 	 	 	 
	 

	 	By:
	 	/s/ E. Kevin Moore
	 

	 	 	 	 
	 	 	Name:	 	E. Kevin Moore
	 	 	Title:	 	Vice President and Treasurer
	 
	 	 	 	 
	 	 	THE BANK OF NEW YORK, as Trustee
	 
	 	 	 	 
	 

	 	By:	 	/s/ Robert A. Massimillo
	 

	 	 	 	 
	 	 	Name:	 	Robert A. Massimillo
	 	 	Title:	 	Vice President

 

EXHIBIT A

ISIN NO. XS0322866749

COMMON CODE 032286674

NO. [   ]

SCHERING-PLOUGH CORPORATION

5.000% GLOBAL SENIOR NOTE DUE 2010

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE BANK OF NEW YORK
DEPOSITORY (NOMINEES) LIMITED AS NOMINEE FOR THE BANK OF NEW YORK (THE “COMMON DEPOSITARY”) AS
COMMON DEPOSITARY FOR CLEARSTREAM BANKING, SOCIÉTÉ ANONYME AND EUROCLEAR BANK SA/NV, AS OPERATOR OF
THE EUROCLEAR SYSTEM, TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT,
AND SUCH CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF THE BANK OF NEW YORK AS COMMON DEPOSITARY,
OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE COMMON DEPOSITARY, ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL, SINCE
THE REGISTERED OWNER HEREOF, THE BANK OF NEW YORK AS COMMON DEPOSITARY, HAS AN INTEREST HEREIN.

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

A-1

 

     SCHERING-PLOUGH CORPORATION, a New Jersey corporation (herein referred to as the “Company,”
which term includes any successor corporation under the Indenture hereinafter referred to), for
value received, hereby promises to pay to The Bank of New York Depository (Nominees) Limited, or
registered assigns, the principal sum of €[          ] on October 1, 2010 (the “Maturity Date”) and
to pay interest thereon from October 1, 2007 or from the most recent Interest Payment Date to which
interest has been paid or duly provided for, annually on October 1 of each year (each, an “Interest
Payment Date”), commencing October 1, 2008, at 5.000 % per annum until the principal hereof is paid
or duly provided for.

     Any payment of principal or interest required to be made on a day that is not a Business Day
need not be made on such day, but may be made on the next succeeding Business Day with the same
force and effect as if made on such day and no interest shall accrue as a result of such delayed
payment. Interest payable on each Interest Payment Date will include interest accrued from and
including October 1, 2007 or from and including the most recent Interest Payment Date to which
interest has been paid or duly provided for, as the case may be, to but excluding such Interest
Payment Date.

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

     For purposes of this Note, “Business Day” means any Monday, Tuesday, Wednesday, Thursday or
Friday that is not a day on which banking institutions are authorized or obligated by law or
executive order to close in the City of New York and, for any place of payment outside the City of
New York, in such place of payment, and on which the Trans-European Automated Real-Time Gross
Settlement Express Transfer System is open for settlement of payment in euros.

     Where interest is to be calculated in respect of a period which is equal to or shorter than
the relevant interest period, it will be calculated on the basis of the actual number of days in
such equal or shorter period, from and including the date from which interest begins to accrue, to,
but excluding, the date on which it falls due, divided by the number of days in the relevant
interest period (including the first day but excluding the last).

     Payment of the principal of this Note on the Maturity Date will be made against presentation
of this Note at the Corporate Trust Office of the Trustee maintained for that purpose in London,
England in euro or such other lawful currency of the participating member states in the Third Stage
of European Economic and Monetary Union of the Treaty Establishing the European Community that at
the time of payment is legal tender for the payment of public and

A-2

 

private debts. So long as this Note remains in book-entry form, all payments of principal and
interest will be made by the Company in immediately available funds.

     GENERAL. This Note is one of a duly authorized issue of securities (herein called the
“Securities”) of the Company, issued and to be issued under an indenture dated as of November 26,
2003 (the “Base Indenture”), as supplemented by the Fourth Supplemental Indenture dated as of
October 1, 2007 (the “Fourth Supplemental Indenture”), and as it may be further supplemented from
time to time (herein collectively called the “Indenture”), between the Company and The Bank of New
York, as Trustee (herein called the “Trustee,” which term includes any successor trustee under the
indenture with respect to a series of which this Note is a part), to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the respective rights,
limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders
of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and
delivered. The Securities may be issued in one or more series, which different series may be
issued in various aggregate principal amounts, may mature at different times, may bear interest (if
any) at different rates, may be subject to different redemption provisions (if any), may be subject
to different sinking, purchase or analogous funds (if any), may be subject to different covenants
and Events of Default and may otherwise vary as provided or permitted in the Indenture. This Note
is one of a duly authorized series of Securities designated as “5.000% Senior Notes due 2010”
(collectively, the “Notes”).

     The Notes are initially limited to €500,000,000 aggregate principal amount. The Company may,
without the consent of the Holder hereof, create and issue additional securities ranking pari passu
with the Notes in all respects and so that such additional securities shall be consolidated and
form a single series having the same terms as to status, redemption or otherwise as the Notes
initially issued. No additional Notes may be issued if an Event of Default has occurred.

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

     ADDITIONAL AMOUNTS. All payments of principal and interest in respect of the Notes will be
made free and clear of, and without deduction or withholding for or on account of any present or
future taxes, duties, assessments or other governmental charges of whatsoever nature imposed,
levied, collected, withheld or assessed by the United States or any political subdivision or taxing
authority of or in the United States (collectively, “Taxes”), unless such withholding or deduction
is required by law. In the event such withholding or deduction of Taxes is required by law, then
the Company shall pay “Additional Amounts” in accordance with and subject to the exceptions set
forth in Section 701 of the Fourth Supplemental Indenture.

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

A-3

 

     TAX REDEMPTION. If, due to certain reasons specified in Section 701 of the Fourth
Supplemental Indenture, the Company has or will become obligated to pay Additional Amounts on the
Notes or if there is a substantial likelihood that Schering-Plough will become obligated to pay
Additional Amounts on the Notes, then the Company may at its option, redeem the Notes at any time,
in whole but not in part, at a redemption price equal to 100% of the principal amount of the Notes
to be redeemed, together with interest accrued and unpaid to the date fixed for redemption,
pursuant to and in accordance with Section 702 of the Fourth Supplemental Indenture.

     OFFER TO REPURCHASE UPON A CHANGE OF CONTROL TRIGGERING EVENT. Upon the occurrence of a
Change of Control Triggering Event, unless the Company has exercised its right to redeem the Notes
pursuant to Section 501 or Section 702 of the Fourth Supplemental Indenture, each Holder will have
the right to require the Company to repurchase all or any part (equal to €50,000 or an integral
multiple of €1,000 in excess thereof) of each Holder’s Notes pursuant to a Change of Control Offer
at a purchase price equal to 101% of the aggregate principal amount thereof plus accrued and unpaid
interest, if any, to the date of purchase, pursuant to and in accordance with Section 601 of the
Fourth Supplemental Indenture.

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

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

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

A-4

 

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

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

     This Note is a Global Security. If the Common Depositary is at any time unwilling, unable or
ineligible to continue as depositary and a successor depositary is not appointed by the Company
within 90 days or an Event of Default under the Indenture has occurred and is continuing, the
Company will issue Notes in certificated form in exchange for each Global Security. In addition,
the Company may at any time determine not to have Notes represented by a Global Security and, in
such event, will issue Notes in certificated form in exchange in whole for the Global Security
representing such Note. In any such instance, an owner of a beneficial interest in a Global
Security will be entitled to physical delivery in certificated form of Notes equal in principal
amount to such beneficial interest and to have such Notes registered in its name. Notes so issued
in certificated form will be issued in denominations of €50,000 or any amount in excess thereof
which is an integral multiple of €1,000 and will be issued in registered form only, without
coupons.

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

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

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

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

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

A-5

 

given on the date of publication or, if published more than once, on the date of the first
publication.

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

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

Dated: [          ]

	 	 	 	 	 	 	 
	 	 	SCHERING-PLOUGH CORPORATION
	 

	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 

	 	 	 	 	 	 	 
	 

	 	Attest:
	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 

	 	 	 	 	 
	TRUSTEE’S CERTIFICATE
	OF AUTHENTICATION
	 

	 	 	 	 
	This is one of the Securities of the series
	designated therein referred to in the
	within-mentioned Indenture
	 
	 	 	 	 
	THE BANK OF NEW YORK,
	as Trustee
	 
	 	 	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 	 	 
	 

	 	Authorized Signatory	 	 

A-6

 

OPTION OF HOLDER TO ELECT PURCHASE

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

     o Section 601

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

	 	 	 	 	 
	$

	 	 	 	 
	 

	 	 	 	 

	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Date:

	 	 	 	Your	 	 
	 

	 	 	 	Signature:	 	 
	 

	 	 
	 	 	 	 
	 
	 	 	 	 	 	 
	 

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

	 	 	 	 	 
	 
	 	 	 	 
	 

	 	Tax Identification No:	 	 
	 

	 	 	 	 

	 	 	 
	Signature Guarantee*:
	 	 
	 

	 	 
	 
	 	 
	 
	 	 
	 

(*Participant in a Recognized Signature

	 	 
	Guarantee Medallion Program)
	 	 

A-7

 

EXECUTION VERSION

EXHIBIT B

ISIN NO. XS0323955541

COMMON CODE 032395554

NO. [   ]

SCHERING-PLOUGH CORPORATION

5.375% GLOBAL SENIOR NOTE DUE 2014

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE BANK OF NEW YORK
DEPOSITORY (NOMINEES) LIMITED AS NOMINEE FOR THE BANK OF NEW YORK (THE “COMMON DEPOSITARY”) AS
COMMON DEPOSITARY FOR CLEARSTREAM BANKING, SOCIÉTÉ ANONYME AND EUROCLEAR BANK SA/NV, AS OPERATOR OF
THE EUROCLEAR SYSTEM, TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT,
AND SUCH CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF THE BANK OF NEW YORK AS COMMON DEPOSITARY,
OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE COMMON DEPOSITARY, ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL, SINCE
THE REGISTERED OWNER HEREOF, THE BANK OF NEW YORK AS COMMON DEPOSITARY, HAS AN INTEREST HEREIN.

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

B-1

 

     SCHERING-PLOUGH CORPORATION, a New Jersey corporation (herein referred to as the “Company,”
which term includes any successor corporation under the Indenture hereinafter referred to), for
value received, hereby promises to pay to The Bank of New York Depository (Nominees) Limited, or
registered assigns, the principal sum of €[          ] on October 1, 2014 (the “Maturity Date”) and to
pay interest thereon from October 1, 2007 or from the most recent Interest Payment Date to which
interest has been paid or duly provided for, annually on October 1 of each year (each, an “Interest
Payment Date”), commencing October 1, 2008, at 5.375 % per annum until the principal hereof is paid
or duly provided for.

     Any payment of principal or interest required to be made on a day that is not a Business Day
need not be made on such day, but may be made on the next succeeding Business Day with the same
force and effect as if made on such day and no interest shall accrue as a result of such delayed
payment. Interest payable on each Interest Payment Date will include interest accrued from and
including October 1, 2007 or from and including the most recent Interest Payment Date to which
interest has been paid or duly provided for, as the case may be, to but excluding such Interest
Payment Date.

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

     For purposes of this Note, “Business Day” means any Monday, Tuesday, Wednesday, Thursday or
Friday that is not a day on which banking institutions are authorized or obligated by law or
executive order to close in the City of New York and, for any place of payment outside the City of
New York, in such place of payment, and on which the Trans-European Automated Real-Time Gross
Settlement Express Transfer System is open for settlement of payment in euros.

     Where interest is to be calculated in respect of a period which is equal to or shorter than
the relevant interest period, it will be calculated on the basis of the actual number of days in
such equal or shorter period, from and including the date from which interest begins to accrue, to,
but excluding, the date on which it falls due, divided by the number of days in the relevant
interest period (including the first day but excluding the last).

     Payment of the principal of this Note on the Maturity Date will be made against presentation
of this Note at the Corporate Trust Office of the Trustee maintained for that purpose in London,
England in euro or such other lawful currency of the participating member states in

B-2

 

the Third Stage of European Economic and Monetary Union of the Treaty Establishing the
European Community that at the time of payment is legal tender for the payment of public and
private debts. So long as this Note remains in book-entry form, all payments of principal and
interest will be made by the Company in immediately available funds.

     GENERAL. This Note is one of a duly authorized issue of securities (herein called the
“Securities”) of the Company, issued and to be issued under an indenture dated as of November 26,
2003 (the “Base Indenture”), as supplemented by the Fourth Supplemental Indenture dated as of
October 1, 2007 (the “Fourth Supplemental Indenture”), and as it may be further supplemented from
time to time (herein collectively called the “Indenture”), between the Company and The Bank of New
York, as Trustee (herein called the “Trustee,” which term includes any successor trustee under the
indenture with respect to a series of which this Note is a part), to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the respective rights,
limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders
of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and
delivered. The Securities may be issued in one or more series, which different series may be
issued in various aggregate principal amounts, may mature at different times, may bear interest (if
any) at different rates, may be subject to different redemption provisions (if any), may be subject
to different sinking, purchase or analogous funds (if any), may be subject to different covenants
and Events of Default and may otherwise vary as provided or permitted in the Indenture. This Note
is one of a duly authorized series of Securities designated as “5.375% Senior Notes due 2014”
(collectively, the “Notes”).

     The Notes are initially limited to €1,500,000,000 aggregate principal amount. The Company
may, without the consent of the Holder hereof, create and issue additional securities ranking pari
passu with the Notes in all respects and so that such additional securities shall be consolidated
and form a single series having the same terms as to status, redemption or otherwise as the Notes
initially issued. No additional Notes may be issued if an Event of Default has occurred.

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

     ADDITIONAL AMOUNTS. All payments of principal and interest in respect of the Notes will be
made free and clear of, and without deduction or withholding for or on account of any present or
future taxes, duties, assessments or other governmental charges of whatsoever nature imposed,
levied, collected, withheld or assessed by the United States or any political subdivision or taxing
authority of or in the United States (collectively, “Taxes”), unless such withholding or deduction
is required by law. In the event such withholding or deduction of Taxes is required by law, then
the Company shall pay “Additional Amounts” in accordance with and subject to the exceptions set
forth in Section 701 of the Fourth Supplemental Indenture.

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

B-3

 

     TAX REDEMPTION. If, due to certain reasons specified in Section 701 of the Fourth
Supplemental Indenture, the Company has or will become obligated to pay Additional Amounts on the
Notes or if there is a substantial likelihood that Schering-Plough will become obligated to pay
Additional Amounts on the Notes, then the Company may at its option, redeem the Notes at any time,
in whole but not in part, at a redemption price equal to 100% of the principal amount of the Notes
to be redeemed, together with interest accrued and unpaid to the date fixed for redemption,
pursuant to and in accordance with Section 702 of the Fourth Supplemental Indenture.

     OFFER TO REPURCHASE UPON A CHANGE OF CONTROL TRIGGERING EVENT. Upon the occurrence of a
Change of Control Triggering Event, unless the Company has exercised its right to redeem the Notes
pursuant to Section 501 or Section 702 of the Fourth Supplemental Indenture, each Holder will have
the right to require the Company to repurchase all or any part (equal to €50,000 or an integral
multiple of €1,000 in excess thereof) of each Holder’s Notes pursuant to a Change of Control Offer
at a purchase price equal to 101% of the aggregate principal amount thereof plus accrued and unpaid
interest, if any, to the date of purchase, pursuant to and in accordance with Section 601 of the
Fourth Supplemental Indenture.

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

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

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

B-4

 

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

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

     This Note is a Global Security. If the Common Depositary is at any time unwilling, unable or
ineligible to continue as depositary and a successor depositary is not appointed by the Company
within 90 days or an Event of Default under the Indenture has occurred and is continuing, the
Company will issue Notes in certificated form in exchange for each Global Security. In addition,
the Company may at any time determine not to have Notes represented by a Global Security and, in
such event, will issue Notes in certificated form in exchange in whole for the Global Security
representing such Note. In any such instance, an owner of a beneficial interest in a Global
Security will be entitled to physical delivery in certificated form of Notes equal in principal
amount to such beneficial interest and to have such Notes registered in its name. Notes so issued
in certificated form will be issued in denominations of €50,000 or any amount in excess thereof
which is an integral multiple of €1,000 and will be issued in registered form only, without
coupons.

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

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

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

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

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

B-5

 

given on the date of publication or, if published more than once, on the date of the first
publication.

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

B-6

 

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

Dated: [     ]

	 	 	 	 	 	 	 
	 	 	SCHERING-PLOUGH CORPORATION
	 

	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 

	 	 	 	 	 	 	 
	 

	 	Attest:
	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 

	 	 	 	 	 
	TRUSTEE’S CERTIFICATE
	OF AUTHENTICATION
	 

	 	 	 	 
	This is one of the Securities of the series
	designated therein referred to in the
	within-mentioned Indenture
	 
	 	 	 	 
	THE BANK OF NEW YORK,
	as Trustee
	 
	 	 	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 	 	 
	 

	 	Authorized Signatory	 	 

B-7

 

OPTION OF HOLDER TO ELECT PURCHASE

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

     o Section 601

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

	 	 	 	 	 
	$

	 	 	 	 
	 

	 	 	 	 

	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Date:

	 	 	 	Your	 	 
	 

	 	 	 	Signature:	 	 
	 

	 	 
	 	 	 	 
	 
	 	 	 	 	 	 
	 

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

	 	 	 	 	 
	 
	 	 	 	 
	 

	 	Tax Identification No:	 	 
	 

	 	 	 	 

	 	 	 
	Signature Guarantee*:
	 	 
	 

	 	 
	 
	 	 
	 
	 	 
	 

(*Participant in a Recognized Signature

	 	 
	Guarantee Medallion Program)
	 	 

B-8EX-10.1

 

Exhibit 10.1

SHARE PURCHASE AGREEMENT

relating to the shares in Organon BioSciences N.V.,
the holding company for the human healthcare and
animal healthcare activities of the Akzo Nobel group

Between

AKZO NOBEL N.V.

(as Seller)

And

SCHERING-PLOUGH INTERNATIONAL C.V.

(as Purchaser)

and

SCHERING-PLOUGH CORPORATION

(as Purchaser Parent and Guarantor)

dated       30 September 2007

 

 

Table of Contents

			
	     Clause
	 	Page

	 	 	 	 	 	 	 
	1.

	 	INTERPRETATION
	 	 	7	 
	 
	 	 	 	 	 	 
	1.1

	 	Definitions
	 	 	7	 
	 
	 	 	 	 	 	 
	1.2

	 	References to persons and companies
	 	 	7	 
	 
	 	 	 	 	 	 
	1.3

	 	Headings and references to Clauses, Schedules, Parts and Paragraphs
	 	 	7	 
	 
	 	 	 	 	 	 
	1.4

	 	References to liabilities and obligations
	 	 	7	 
	 
	 	 	 	 	 	 
	1.5

	 	Information
	 	 	8	 
	 
	 	 	 	 	 	 
	1.6

	 	Legal terms
	 	 	8	 
	 
	 	 	 	 	 	 
	1.7

	 	Other references
	 	 	8	 
	 
	 	 	 	 	 	 
	1.8

	 	Third party stipulations
	 	 	8	 
	 
	 	 	 	 	 	 
	1.9

	 	Drafting Party
	 	 	8	 
	 
	 	 	 	 	 	 
	2.

	 	SALE AND PURCHASE
	 	 	8	 
	 
	 	 	 	 	 	 
	2.1

	 	Shares
	 	 	8	 
	 
	 	 	 	 	 	 
	2.2

	 	Purchase of Group Companies
	 	 	8	 
	 
	 	 	 	 	 	 
	3.

	 	CONSIDERATION
	 	 	10	 
	 
	 	 	 	 	 	 
	3.1

	 	Purchase Price
	 	 	10	 
	 
	 	 	 	 	 	 
	3.2

	 	Payments at Closing
	 	 	10	 
	 
	 	 	 	 	 	 
	3.3

	 	Adjustment to Purchase Price
	 	 	10	 
	 
	 	 	 	 	 	 
	4.

	 	CONDITIONS PRECEDENT; ANTI-TRUST APPROVALS
	 	 	10	 
	 
	 	 	 	 	 	 
	4.1

	 	Conditions
	 	 	10	 
	 
	 	 	 	 	 	 
	4.2

	 	Responsibility for satisfaction; Anti-trust Approvals
	 	 	11	 
	 
	 	 	 	 	 	 
	4.3

	 	(Non-)Satisfaction/Waiver
	 	 	13	 
	 
	 	 	 	 	 	 
	5.

	 	PRE-CLOSING COVENANTS
	 	 	13	 
	 
	 	 	 	 	 	 
	5.1

	 	Conduct of business
	 	 	13	 
	 
	 	 	 	 	 	 
	5.2

	 	Access to Operations
	 	 	15	 
	 
	 	 	 	 	 	 
	5.3

	 	Intra-group agreements and Master TSA
	 	 	16	 
	 
	 	 	 	 	 	 
	5.4

	 	Estimated Net Debt Statement
	 	 	16	 
	 
	 	 	 	 	 	 
	5.5

	 	Cooperation with Financing
	 	 	17	 
	 
	 	 	 	 	 	 
	5.6

	 	Financing obligations of Purchaser and Purchaser Parent and Guarantor
	 	 	18	 
	 
	 	 	 	 	 	 
	5.7

	 	Loan agreements
	 	 	18	 
	 
	 	 	 	 	 	 
	6.

	 	CLOSING
	 	 	19	 
	 
	 	 	 	 	 	 
	6.1

	 	Date and place
	 	 	19	 

2

 

	 	 	 	 	 	 	 
	6.2

	 	Payment of Estimated Purchase Price; Closing actions
	 	 	19	 
	 
	 	 	 	 	 	 
	6.3

	 	Repayment of Estimated Intra-Group Indebtedness
	 	 	19	 
	 
	 	 	 	 	 	 
	6.4

	 	Breach of Closing obligations
	 	 	19	 
	 
	 	 	 	 	 	 
	7.

	 	POST-CLOSING ADJUSTMENT
	 	 	20	 
	 
	 	 	 	 	 	 
	7.1

	 	Net Debt Statement
	 	 	20	 
	 
	 	 	 	 	 	 
	7.2

	 	Adjustments to Purchase Price and repayment of Intra-Group Indebtedness
	 	 	21	 
	 
	 	 	 	 	 	 
	8.

	 	WARRANTIES
	 	 	22	 
	 
	 	 	 	 	 	 
	8.1

	 	Seller’s Warranties
	 	 	22	 
	 
	 	 	 	 	 	 
	8.2

	 	Disclosure
	 	 	23	 
	 
	 	 	 	 	 	 
	8.3

	 	Purchaser’s and Purchaser Parent and Guarantor’s Warranties
	 	 	23	 
	 
	 	 	 	 	 	 
	8.4

	 	Liability for breach
	 	 	24	 
	 
	 	 	 	 	 	 
	8.5

	 	Master Separation Agreement
	 	 	24	 
	 
	 	 	 	 	 	 
	9.

	 	LIMITATION OF LIABILITY
	 	 	25	 
	 
	 	 	 	 	 	 
	9.1

	 	Time limitation
	 	 	25	 
	 
	 	 	 	 	 	 
	9.2

	 	Minimum claims
	 	 	26	 
	 
	 	 	 	 	 	 
	9.3

	 	Aggregate minimum claims
	 	 	26	 
	 
	 	 	 	 	 	 
	9.4

	 	Maximum liability
	 	 	26	 
	 
	 	 	 	 	 	 
	9.5

	 	Provisions
	 	 	26	 
	 
	 	 	 	 	 	 
	9.6

	 	Matters arising after Reference Time / Effective Time
	 	 	26	 
	 
	 	 	 	 	 	 
	9.7

	 	Purchaser’s Insurance
	 	 	27	 
	 
	 	 	 	 	 	 
	9.8

	 	Net financial benefit
	 	 	27	 
	 
	 	 	 	 	 	 
	9.9

	 	Mitigation of Losses
	 	 	27	 
	 
	 	 	 	 	 	 
	9.10

	 	Purchaser’s right to recover
	 	 	27	 
	 
	 	 	 	 	 	 
	10.

	 	CLAIMS
	 	 	28	 
	 
	 	 	 	 	 	 
	10.1

	 	Notification of potential claims
	 	 	28	 
	 
	 	 	 	 	 	 
	10.2

	 	Notification of claims
	 	 	28	 
	 
	 	 	 	 	 	 
	10.3

	 	Commencement of proceedings
	 	 	29	 
	 
	 	 	 	 	 	 
	10.4

	 	Investigation by Seller
	 	 	29	 
	 
	 	 	 	 	 	 
	10.5

	 	Procedure for third party claims
	 	 	29	 
	 
	 	 	 	 	 	 
	10.6

	 	Third party stipulation limitation
	 	 	30	 
	 
	 	 	 	 	 	 
	11.

	 	TAX MATTERS
	 	 	30	 
	 
	 	 	 	 	 	 
	12.

	 	RESTRICTIONS
	 	 	30	 
	 
	 	 	 	 	 	 
	12.1

	 	Restrictions on Seller
	 	 	30	 
	 
	 	 	 	 	 	 
	12.2

	 	Restriction on Purchaser
	 	 	31	 
	 
	 	 	 	 	 	 
	13.

	 	PURCHASER PARENT AND GUARANTOR GUARANTEE
	 	 	31	 

3

 

	 	 	 	 	 	 	 
	13.1

	 	Guarantee
	 	 	31	 
	 
	 	 	 	 	 	 
	13.2

	 	Default; enforcement; non-waiver
	 	 	31	 
	 
	 	 	 	 	 	 
	14.

	 	CONFIDENTIALITY
	 	 	31	 
	 
	 	 	 	 	 	 
	14.1

	 	Announcements
	 	 	31	 
	 
	 	 	 	 	 	 
	14.2

	 	Confidentiality undertaking
	 	 	32	 
	 
	 	 	 	 	 	 
	15.

	 	MISCELLANEOUS
	 	 	33	 
	 
	 	 	 	 	 	 
	15.1

	 	Further assurances
	 	 	33	 
	 
	 	 	 	 	 	 
	15.2

	 	Whole agreement
	 	 	33	 
	 
	 	 	 	 	 	 
	15.3

	 	No assignment
	 	 	33	 
	 
	 	 	 	 	 	 
	15.4

	 	Waiver
	 	 	33	 
	 
	 	 	 	 	 	 
	15.5

	 	Variation
	 	 	34	 
	 
	 	 	 	 	 	 
	15.6

	 	Third party rights
	 	 	34	 
	 
	 	 	 	 	 	 
	15.7

	 	Rescission
	 	 	34	 
	 
	 	 	 	 	 	 
	15.8

	 	Method of payment
	 	 	34	 
	 
	 	 	 	 	 	 
	15.9

	 	Costs
	 	 	34	 
	 
	 	 	 	 	 	 
	15.10

	 	Interest
	 	 	34	 
	 
	 	 	 	 	 	 
	15.11

	 	Notices
	 	 	35	 
	 
	 	 	 	 	 	 
	15.12

	 	Invalidity
	 	 	35	 
	 
	 	 	 	 	 	 
	15.13

	 	Counterparts
	 	 	36	 
	 
	 	 	 	 	 	 
	15.14

	 	Notary
	 	 	36	 
	 
	 	 	 	 	 	 
	15.15

	 	Dispute resolution
	 	 	36	 
	 
	 	 	 	 	 	 
	15.16

	 	Governing law
	 	 	37	 

4

 

Schedules

	 	 	 
	Schedule 1

	 	Definitions
	 
	 	 
	Schedule 2

	 	Group Companies
	 
	 	 
	Schedule 3

	 	Retained Intra-Group Agreements
	 
	 	 
	Schedule 4

	 	Closing obligations
	 
	 	 
	Schedule 5

	 	Closing Anti-trust Approvals
	 
	 	 
	Schedule 6

	 	Net Debt Statement, Reporting Accountants
	 
	 	 
	Schedule 7

	 	Warranties and Disclosure
	 
	 	 
	Schedule 8

	 	Tax Indemnities and Tax matters
	 
	 	 
	Schedule 9

	 	Commitment Letter
	 
	 	 
	Schedule 10

	 	Data Room
	 
	 	 
	Schedule 11

	 	Certain correspondence and written material
	 
	 	 
	Schedule 12

	 	Amended and Restated Master Separation Agreement and related
Amendment Agreement
	 
	 	 
	Schedule 13

	 	Affiliation Agreement
	 
	 	 
	Schedule 14

	 	Addendum

5

 

Share Purchase Agreement

THIS AGREEMENT IS MADE BETWEEN:

	 	(1)	 	Akzo Nobel N.V., a public limited liability company
(`naamloze vennootschap ́)
incorporated in the Netherlands, whose corporate seat is in Amsterdam, the Netherlands,
and whose address is at Strawinskylaan 2555, 1077 ZZ Amsterdam, the Netherlands,
(“Seller”),
	 
	 	(2)	 	Schering-Plough International C.V., a limited partnership (commanditaire
vennootschap) established in Amsterdam, the Netherlands and whose address is at 2000
Galloping Hill Road, Kenilworth, NJ 07033, United States of America (“Purchaser”),

and

	 	(3)	 	Schering-Plough Corporation, a New Jersey corporation, with principal executive
offices at 2000 Galloping Hill Road, Kenilworth, NJ 07033, United States of America,
acting for and on behalf of itself, (“Purchaser Parent and Guarantor”).

WHEREAS:

	 	(A)	 	Organon BioSciences N.V., (as further defined in Schedule 1, the “Company”) is the
holding company for the Group, which comprises the human healthcare and animal healthcare
activities of Seller’s Group;
	 
	 	(B)	 	Immediately prior to the Reference Time, Seller and the Company were in the final
stages of preparing for the commencement of an initial public offering of shares of the
Company;
	 
	 	(C)	 	Purchaser Parent and Guarantor has approached Seller expressing its confidence in
acquiring the Shares of the Company on terms and conditions that, in Purchaser Parent and
Guarantor’s view, offer Seller’s shareholders significantly greater value than an initial
public offering of the Company, even on a long-term basis;
	 
	 	(D)	 	Seller and Purchaser entered into the Confidentiality Agreement, pursuant to which
certain confidential information relating to the Group was made available to Purchaser
and its Representatives;
	 
	 	(E)	 	Seller gave Purchaser and its Representatives access to the Data Room, as well as
the opportunity to attend and participate in management presentations, and to ask
questions and carry out investigations in relation to the Group and the Operations;

6

 

	 	(F)	 	Seller wishes to sell and transfer the Shares in the Company to Purchaser, and
Purchaser wishes to acquire same, on and subject to the terms and conditions set out in
this Agreement; and
	 
	 	(G)	 	Purchaser Parent and Guarantor has agreed to guarantee to Seller the performance by
Purchaser of its obligations under this Agreement.

IT IS AGREED AS FOLLOWS:

	1.	 	INTERPRETATION
	 
	 	 	In this Agreement, unless the context otherwise requires, the provisions in this Clause 1
apply throughout:
	 
	1.1	 	Definitions
	 
	 	 	Capitalized words, including those used in the introduction and preamble of this Agreement,
shall have the meaning as defined in Schedule 1.
	 
	1.2	 	References to persons and companies
	 
	 	 	References to:

	 	1.2.1	 	a person include any individual, company, partnership or unincorporated association
(whether or not having separate legal personality); and
	 
	 	1.2.2	 	a company include any company, corporation or any body corporate, wherever
incorporated.

	1.3	 	Headings and references to Clauses, Schedules, Parts and Paragraphs

	 	1.3.1	 	Headings have been inserted for convenience of reference only and do not affect the
interpretation of any of the provisions of this Agreement.
	 
	 	1.3.2	 	A reference in this Agreement to a Clause or Schedule is to the relevant Clause of or
Schedule to this Agreement; to a Part is to the relevant Part of the relevant Schedule; and
to a Paragraph is to the relevant Paragraph of (the relevant Part of) the relevant
Schedule.

	1.4	 	References to liabilities and obligations

	 	1.4.1	 	Any reference in this Agreement to a liability or obligation of (any member of)
Seller’s Group shall be deemed to incorporate a reference to an obligation on the part of
Seller to procure that the relevant liability is discharged or obligation is performed by
the relevant member of Seller’s Group, on and subject to the terms and conditions set out
in this Agreement.
	 
	 	1.4.2	 	Any reference in this Agreement to a liability or obligation of (any member of)
Purchaser’s Group shall be deemed to incorporate a reference to an obligation on the

7

 

	 	 	 	part of Purchaser to procure that the relevant liability is discharged or obligation is
performed by the relevant member of Purchaser’s Group, on and subject to the terms and
conditions set out in this Agreement.

	1.5	 	Information
	 
	 	 	References to books, records or other information include books, records or other information
stored in any form including paper, magnetic media, films, microfilms, electronic storage
devices and any other data carriers.
	 
	1.6	 	Legal terms
	 
	 	 	In respect of any jurisdiction other than the Netherlands, a reference to any Netherlands
legal term shall be construed as a reference to the term or concept which most nearly
corresponds to it in that jurisdiction.
	 
	1.7	 	Other references

	 	1.7.1	 	Whenever used in this Agreement, the words “include”, “includes” and “including” shall
be deemed to be followed by the phrase “without limitation”.
	 
	 	1.7.2	 	Any reference in this Agreement to any gender shall include all genders, and words
importing the singular shall include the plural and vice versa.

	1.8	 	Third party stipulations
	 
	 	 	A third party stipulation (`derdenbeding ́) expressly identified as such in this Agreement,
shall be for the benefit of and enforceable by the relevant third parties, provided that the
Parties exclude the applicability of articles 6:254, 6:255 and 6:256 of the Netherlands Civil
Code. A third party stipulation expressly contained in this Agreement shall only be available
to the third party after written acceptance thereof, delivered to the Party that has given the
third party stipulation, which acceptance shall also be required to expressly state acceptance
of the application of the relevant provisions of this Agreement (including the provisions of
Clauses 9, 10, 15.15 and 15.16) to the third party stipulation. No Party that has given a
third party stipulation herein will revoke such stipulation.
	 
	1.9	 	Drafting Party
	 
	 	 	No provision of this Agreement shall be interpreted against a Party solely as a result of the
fact that such Party was responsible for the drafting of such provision.
	 
	2.	 	SALE AND PURCHASE
	 
	2.1	 	Shares
	 
	 	 	On and subject to the terms and conditions of this Agreement, Seller hereby sells to
Purchaser, which hereby purchases, the Shares.
	 
	2.2	 	Purchase of Group Companies

	 	2.2.1	 	Upon the written request of Purchaser, given not less than 30 (thirty) Business Days
prior to Closing, and subject to the prior written consent of Seller, which may be given or
withheld or withdrawn at any time in Seller’s sole discretion, on the Closing Date Seller
shall directly sell and transfer to Purchaser or another member of Purchaser’s Group, as
the case may be, in one or more transactions, all of the Interests in one or

8

 

	 	 	 	more Group
Companies (other than the Company) for an amount of consideration agreed upon between
Purchaser and Seller (in each case, a “Group Company Sale”), provided that Purchaser shall,
at its risk, cost and expense, procure that all preparatory actions, filings and documents are taken or prepared, subject to Seller’s prior review
and approval, by Purchaser’s relevant Representatives in connection with each Group
Company Sale.
	 
	 	2.2.2	 	In the event of a Group Company Sale, Seller shall undertake any transactions
consistent with Law necessary to enable Seller to hold directly on the Closing Date the
Interests in any Group Company that is the subject of the Group Company Sale (each, a
“Restructuring Transaction”).
	 
	 	2.2.3	 	Purchaser and Seller agree that the Purchase Price shall be reduced by the aggregate
amount of consideration paid by Purchaser or another member of Purchaser’s Group as the
case may be, to Seller, in all Group Company Sales.
	 
	 	2.2.4	 	To the extent Seller determines, in its sole judgment, that the aggregate amount of
Tax or other costs incurred by Seller or another member of Seller’s Group in connection
with any Group Company Sales (and any Restructuring Transactions described in Clause 2.2.2)
is increased compared to the amount of Tax or other costs that otherwise would have been
incurred by Seller or another member of Seller’s Group with respect to the transactions
contemplated by this Agreement in the absence of such Group Company Sales or Restructuring
Transactions, Purchaser agrees to indemnify and hold harmless Seller against the amount of
such increase in Tax or other cost, and shall pay the amount of such Tax or other cost,
including gross-up, as reasonably demonstrated by Seller (and, in the event of a
disagreement, determined by an independent third party to be agreed upon by Seller and
Purchaser), to Seller on the Closing Date or, if Closing does not occur for any reason,
immediately upon termination of this Agreement.
	 
	 	2.2.5	 	The following is agreed with respect to the French Companies:

	 	(a)	 	It is expressly acknowledged that the shares or partnership shares held
in the French Companies of which Purchaser will indirectly become the owner on
Closing, will immediately after Closing be reassigned to the company
Schering-Plough Holding France SAS or any other French affiliated company which the
Purchaser would wish to substitute itself with.
	 
	 	(b)	 	With this reassignment Purchaser means to comply with the provisions of
the section 223 B c. of the Code General des Impôts (French Tax Code) which
provides that “the provisions of the seventh subparagraph of section 223 B of the
Code General des Impôts do not apply if the shares sold to the company member of
the tax group have been acquired, directly or through the acquisition of a company
which controls directly or indirectly, the purchased company in the meaning of
section L 233-3 of the Commercial Code, immediately before, from people other than
those mentioned in the seventh subparagraph, with the intention to reassign them”.

9

 

	 	(c)	 	It is Purchaser’s intention that the above-mentioned reassignment
operation will be carried out in accordance with the provisions of the French tax
administration guidelines as specified in paragraph 101 of the Bulletin Officiel
des Impôts 4 H-3-
89 of May 2, 1989, in paragraph 101 of the documentation de base 4 H-6623 of July
12, 1997, and in paragraphs 54 to 56 of the Bulletin Officiel des Impôts 4 H-4-07
of March 21, 2007.

	3.	 	CONSIDERATION
	 
	3.1	 	Purchase Price
	 
	 	 	The consideration payable by Purchaser for the Shares (the “Purchase Price”) shall be an
amount equal to the aggregate of:

	 	3.1.1	 	the Bid Value; less
	 
	 	3.1.2	 	the Net Debt; less
	 
	 	3.1.3	 	the Pension Obligations.

	3.2	 	Payments at Closing
	 
	 	 	At Closing, Purchaser shall pay to Seller in accordance with Clause 6.2.1 an estimate of the
Purchase Price (the “Estimated Purchase Price”), equal to the aggregate of:

	 	3.2.1	 	the Bid Value; less
	 
	 	3.2.2	 	the Estimated Net Debt; less
	 
	 	3.2.3	 	the Pension Obligations.

	3.3	 	Adjustment to Purchase Price
	 
	 	 	If any payment is made by Seller to Purchaser or by Purchaser to Seller in respect of any
claim (i) for any breach of this Agreement (including, for the avoidance of doubt, a breach of
a Seller’s Warranty) or (ii) pursuant to an indemnity under this Agreement, the Purchase Price
shall be deemed to be adjusted by the amount of such payment.
	 
	4.	 	CONDITIONS PRECEDENT; ANTI-TRUST APPROVALS
	 
	4.1	 	Conditions
	 
	 	 	Closing is conditional upon satisfaction or waiver of the following Conditions Precedent:

	 	4.1.1	 	the Closing Anti-trust Approvals shall have been obtained or, alternatively, any
waiting periods under the Laws applicable to such approvals, shall have expired or been
terminated;
	 
	 	4.1.2	 	no Governmental Authority shall have enacted, issued, promulgated or enforced any Law,
non-appealable judgment, decree or injunction that is in effect and prohibits this
Agreement or the consummation of the Transaction;
	 
	 	4.1.3	 	there shall not be pending or threatened any action or proceeding by a Governmental
Authority seeking to prohibit consummation of the Transaction; and

10

 

	 	4.1.4	 	Seller shall not be in breach of any of the obligations required to be performed by it
under this Agreement that would be singly or in aggregate reasonably likely to have a
Material Adverse Effect.

	4.2	 	Responsibility for satisfaction; Anti-trust Approvals

	 	4.2.1	 	Save as otherwise provided in Clause 4.2.2, each of the Parties shall use its
reasonable best efforts to ensure satisfaction of and compliance with the Conditions
Precedent.
	 
	 	4.2.2	 	Notwithstanding Clause 4.2.1, Purchaser shall:

	 	(a)	 	as soon as practicable and advisable prepare and file with the relevant
Governmental Authorities the notices and applications necessary to (i) satisfy the
Condition Precedent set out in Clause 4.1.1 and (ii) obtain any other Anti-trust
Approval, provided that Seller shall have the right to review and provide comments
on such notices and applications, and provided further that Seller and Purchaser
shall cooperate with each other and file, as soon as practicable or advisable,
their respective notification and report form, if any, required for the Transaction
under the HSR Act;
	 
	 	(b)	 	supply as promptly as practicable any additional information and
documentary material that may be requested by any relevant Governmental Authority
in connection with (i) the Condition Precedent set out in Clause 4.1.1 or (ii) any
other Anti-trust Approval, provided that, with respect to any written submission,
information or documentary materials, Seller shall have the right to review and
provide comments on the same, and provided further that Seller shall, as promptly
as practicable, provide any necessary information or documentary material that may
reasonably be requested by Purchaser in order to fulfill its obligations under this
Clause, or by any relevant Governmental Authority in connection with the Condition
Precedent set out in Clause 4.1.1 or any other Anti-trust Approval, to the extent
that it is in Seller’s possession and control; and
	 
	 	(c)	 	take promptly any and all steps necessary to avoid or eliminate each
and every impediment to, and procure as soon as practicable, the fulfillment of the
Condition Precedent set out in Clause 4.1.1 and the obtaining of all other
Anti-trust Approvals by no later than 15 December 2007 (the “Outside Date”),
including by (i) taking or giving to the competent Governmental Authorities a
binding undertaking to take any action that may be necessary or appropriate in
order to obtain clearance of the Transaction (including by agreeing to sell, lease,
license or otherwise dispose of, or to hold separate pending such disposition, and
promptly to effect the sale, lease, license, disposal and holding separate of,
assets, rights, product lines, licenses, categories of any assets or businesses or
other operations, or interests therein, of Purchaser Parent and Guarantor or its
subsidiaries, including the shares, properties and all other assets to be acquired
(directly or indirectly) by Purchaser hereunder, and the entry into agreements
with, and submission to orders of, the relevant Governmental Authority giving
effect thereto, that may be required by any relevant Governmental Authority) or

11

 

	 	(ii)	 	duly and promptly complying with any condition that any relevant Governmental
Authority may impose to approve the consummation of the Transaction and that cannot
be resisted in accordance with the terms of this
Agreement. For the avoidance of doubt, Purchaser shall take any and all actions
necessary in order to ensure that (x) no requirement for a waiver, consent or
approval of any Governmental Authority, (y) no decree, decision, judgment,
injunction, temporary restraining order or any other order in any suit or
proceeding, and (z) no other matter relating to any antitrust or competition Law,
would preclude consummation of the Transaction by the Outside Date. For the
avoidance of doubt, Seller shall take all steps reasonably practicable or
necessary in order to cooperate with Purchaser in obtaining all necessary
Anti-trust Approvals.

	 	4.2.3	 	Purchaser shall use its reasonable best efforts to obtain all Anti-trust Approvals at
the earliest possible date prior to the Outside Date and shall seek all relevant Anti-trust
Approvals for each of the human healthcare and veterinary healthcare activities of Seller’s
Group, individually and in the aggregate.
	 
	 	4.2.4	 	Notwithstanding the foregoing, none of Seller nor any other member of Seller’s Group
shall have any obligation to hold separate or divest any assets, rights, product lines,
licenses, categories of assets or businesses or other operations, or interests therein, of
Seller or any other member of Seller’s Group.
	 
	 	4.2.5	 	Purchaser shall bear all filing fees and other costs incurred in relation to any
anti-trust or similar filing required to be made in any jurisdiction in connection with
Purchaser’s acquisition of the Shares. Purchaser shall also bear all costs, penalties and
fines resulting from not filing in any jurisdiction where it is determined that filing
should have taken place.
	 
	 	4.2.6	 	Without prejudice to Clause 4.2.2, Seller and Purchaser shall (i) promptly co-operate
with and provide all necessary information and assistance reasonably required by any
Governmental Authority in connection with the Condition Precedent set out in Clause 4.1.1
upon being requested to do so by the other Party, (ii) promptly inform, and provide copies
to, the other Party of any communication received from, or given by it to, any Governmental
Authority with respect to the said Condition Precedent, (iii) to the extent practicable,
provide the other party and its counsel with advance notice of and the opportunity to
participate in any discussion, telephone call or meeting with any Governmental Authority in
respect of any filing, investigation or other inquiry in connection with the Transaction
and to participate in the preparation for such discussion, telephone call or meeting, (iv)
not enter into, or consummate, any acquisition or license agreement which would present a
material risk of making it materially more difficult to obtain any approval or
authorization required in connection with the Condition Precedent set out in Clause 4.1.1,
and (v) to the extent permitted by Law, consult with each other prior to filing or
submitting documents or entering into discussions with any Governmental Authority and give
each other advance notice to engage in meaningful consultation.

12

 

	 	4.2.7	 	Without prejudice to Clauses 4.2.2(c) and 4.2.6, in the event that any administrative
or judicial action or proceeding is instituted (or threatened, or becomes reasonably
foreseeable, to be instituted) by a Governmental Authority or any other person
challenging (any part of) the Transaction, each Party shall co-operate in all respects
with the other Party and use its reasonable best efforts to defend, contest and resist
any such actual, anticipated or threatened action or proceeding and, without avoidable
delay, to have vacated, lifted, reversed or overturned any order, whether temporary,
preliminary or permanent, that is in effect and that prohibits, prevents or restricts
the consummation of the Transaction.

	4.3	 	(Non-)Satisfaction/Waiver

	 	4.3.1	 	Within 2 (two) Business Days of becoming aware of the same, (i) Purchaser shall give
notice to Seller, or vice versa, of the satisfaction of the Condition Precedent set out in
Clause 4.1.1, and (ii) if applicable, Purchaser shall give notice to Seller, or vice versa,
of non-satisfaction of any of the other Conditions Precedent.
	 
	 	4.3.2	 	The Conditions Precedent may only be waived by written agreement between Seller and
Purchaser.
	 
	 	4.3.3	 	If the Conditions Precedent are not satisfied or waived on or before the Outside Date,
Purchaser or Seller may, in its sole discretion, terminate this Agreement by notice to the
other, and no party shall have any claim pursuant to this Agreement save for any claim of a
Party arising from breach of any obligation contained in Clauses 2.2.4 or 4.2, provided
that no such termination notice may be given by a Party which is in default of its material
obligations under this Agreement, including, for the avoidance of doubt, Purchaser’s or
Seller’s obligations under Clause 4.2.

	5.	 	PRE-CLOSING COVENANTS
	 
	5.1	 	Conduct of business
	 
	 	 	Seller undertakes to procure that between Signing and Closing:

	 	5.1.1	 	the business of the Group is carried on with reasonable care as a going concern in the
ordinary course as carried on prior to Signing consistent in all material respects with
applicable Laws, and the present business organization, properties and assets and
relationships with third parties is maintained in a reasonable manner and preserved
consistent with the Group’s current practice, except as consented to in writing by
Purchaser, such consent not to be unreasonably withheld or delayed, or as would be contrary
to any Law;
	 
	 	5.1.2	 	without prejudice to the generality, and in furtherance, of Clause 5.1.1, to the
extent relating to any Group Company, Seller and the Group Companies do not, without the
prior written consent of Purchaser, such consent not to be unreasonably withheld or
delayed, or except as would be contrary to any Law:

	 	(a)	 	reclassify, split (`splitsing van aandelen, samenvoeging van
verschillende klassen van aandelen ́), repay, recapitalize (`omzetting reserves in
aandelenkapitaal ́),

13

 

	 	 	 	redeem, adjust the par value of, pay out stock dividend or
repurchase, or allow to be reclassified, split, repaid, redeemed or repurchased any shares or other ownership interests of the Company or any other Group Company;
	 
	 	(b)	 	create, allot, issue, pledge, dispose of or encumber, or allow to be
created, allotted, issued, pledged, disposed or encumbered any shares, ownership
interests or voting securities, or any warrants, convertible securities, other
rights of any kind to acquire or receive any shares, any other ownership interests
or any voting securities of the Company or any other Group Company, or issue any
instruments that give rise to the right of the holder to obtain shares, ownership
interests or voting securities in the Company or any other Group Company;
	 
	 	(c)	 	declare, set aside, make or pay any dividend or make any equity
distribution to shareholders of the Company, except pursuant to Clause 2.2;
	 
	 	(d)	 	incur any additional indebtedness, or issue any debt securities or
assume, guarantee or endorse any material obligations of any other person, in each
case having maturities of more than one year and which may not be terminated on
less than 30 (thirty) days’ notice, without any material termination, pre-payment
or similar payments;
	 
	 	(e)	 	acquire (by merger, consolidation or acquisition of stock or assets)
any corporation, partnership or other business organization or division thereof or
any equity interest therein;
	 
	 	(f)	 	(A) directly or indirectly, sell, assign, lease, transfer, license or
otherwise dispose of, or extend or exercise any option to sell, assign, lease,
transfer, license or otherwise dispose of, any Intellectual Property, except
pursuant to binding, written contracts existing as of Signing or as required by
Law; or (B) sell, assign, lease, transfer, license, or otherwise dispose of, or
extend or exercise any option to sell, assign, lease, transfer, license, or
otherwise dispose of, any asset, other than Intellectual Property, other than in
the ordinary course of business consistent with past practice;
	 
	 	(g)	 	mortgage or pledge any assets, other than by operation of Law;
	 
	 	(h)	 	terminate or materially extend or materially modify, or waive any
rights under, any contract that is material to the Operations, other than in the
ordinary course of business and consistent with reasonable oversight of the
Operations;
	 
	 	(i)	 	enter into any contract, arrangement or commitment or amend any
contract, arrangement or commitment, other than in the ordinary course of business
and consistent with reasonable oversight of the Operations and, for this purpose,
letters of credit with a value in excess of EUR 10 million (ten million euro) shall
not be considered to be in the ordinary course of business and consistent with
reasonable oversight of the Operations;
	 
	 	(j)	 	to the extent relating to any Employees, materially increase, amend or
grant any employee benefits (including, but not limited to, pension, retirement,
profit-

14

 

	 	 	 	sharing or other incentive plans, but excluding any commercially reasonable
retention bonuses and similar compensation) in any material manner or, without
prior consultation with Purchaser and due consideration of Purchaser’s view,
enter into or amend any collective bargaining agreement concerning any employee of
the Group Companies or, without prior consultation with Purchaser and due
consideration of Purchaser’s view, change the actuarial assumptions under any
pension scheme;
	 
	 	(k)	 	make any payments or settle any claims under any indemnity given by the
Company to Seller’s Group under the Master Separation Agreement;
	 
	 	(l)	 	settle any legal proceeding or other dispute in respect of class
actions, intellectual property matters or, to the extent such settlement is
reasonably likely to adversely affect the Company in a material way, any material
investigations or other legal proceedings or actions by any Governmental Authority,
or settle any other legal proceedings or other disputes other than in the ordinary
course of business consistent with past practice;
	 
	 	(m)	 	incur any capital expenditure other than any capital expenditure
incurred in connection with any repairs, replacements, maintenance, or binding
written commitments of, or relating to, assets of the Company existing as of
Signing, or purchases of any individual items for less than (A) EUR 300,000 (three
hundred thousand euro) in the case of purchases relating to the human health
activities of the Group and (B) EUR 200,000 (two hundred thousand euro) in the case
of purchases relating to the animal health activities of the Group, as the case may
be, or as required by Law;
	 
	 	(n)	 	change the accountancy and tax procedures, principles or practices of
any Group Company except as and when required by applicable accounting guidelines
or in the ordinary course of business;
	 
	 	(o)	 	amend or change the articles of association or similar organizational
documents of any Group Company or adopt or pass resolutions for such purposes; and
	 
	 	(p)	 	to the extent relating to any period of Taxation in respect of a Group
Company, commencing on or after 1 January 2007, and unless in the ordinary course
of business, file or amend any Tax Return or claim for refund of Taxes with any Tax
Authority, change any method of reporting income or deductions for Tax purposes,
waive or consent to extend any period of limitations for the payment or assessment
of any Tax, settle or compromise any Tax liability or refund.

	5.2	 	Access to Operations

	 	5.2.1	 	Subject to Clauses 5.2.2 and 5.2.3, Seller undertakes to procure that, until the
Closing Date or, if applicable and earlier, termination of this Agreement, the Group
Companies shall allow Purchaser and its Representatives upon reasonable notice to Seller,
and subject to compliance with the relevant site access procedures, access during normal
working hours to the premises, books and records of or relating to the Operations.

15

 

	5.2.2	 	The obligation of Seller under Clause 5.2.1 shall be subject to the right of the
relevant member(s) of Seller’s Group to refuse access to the Operations on the grounds that
access:

	 	(a)	 	would be contrary to any Law;
	 
	 	(b)	 	would cause undue disruption to the relevant Operations or their
management; or
	 
	 	(c)	 	would in the reasonable opinion of the relevant management of the
relevant Operations involve issues of proprietary nature, commercial sensitivity or
confidentiality such that access could materially damage such proprietary nature,
value, competitiveness or confidentiality of the relevant Group Company or lead to
a material breach of any obligations of the relevant Group Company, it being agreed
that any information relating to sales force commissions of the Group shall
constitute such issues.

	 	5.2.3	 	Without detracting from the grounds for refusal set out in Clause 5.2.2, Purchaser
shall only be entitled to have such access to the extent reasonably necessary for Purchaser
to ensure the transfer of the Group in an efficient and timely manner at Closing and to
allow Purchaser to help prepare for the transition of the Group into Purchaser’s Group.

	5.3	 	Intra-group agreements and Master TSA

	 	5.3.1	 	Seller covenants that, except as expressly set out in this Agreement or otherwise
agreed by the Parties, all existing agreements and arrangements (except for the Retained
Intra-Group Agreements) between one or more members of Seller’s Group (excluding the Group
Companies) on the one hand and one or more Group Companies on the other hand shall be
terminated prior to or at Closing to the extent related to the Operations. Without
detracting from any longer duration periods as may be specified in the Master TSA in
respect of any specific service, Seller agrees not to, and Purchaser shall procure that the
relevant Group Company does not, terminate any Retained Intra-Group Agreement prematurely
for a period of 6 (six) months after the Closing Date. Seller shall reasonably consider any
reasonable requests of Purchaser, and vice versa, for any extension of the aforesaid 6
(six) month period.
	 
	 	5.3.2	 	Between Signing and Closing, Seller shall, and shall cause the Company to, and
Purchaser shall, in good faith negotiate and shall execute an agreement for the rendering,
for a temporary period after Closing, of certain services by one or members of Seller’s
Group to one or more of the Group Companies, and vice versa, (the “Master TSA”) provided
that the failure for whatever reason to sign the Master TSA prior to or at Closing, shall
not in any way delay or prevent Closing from taking place.

	5.4	 	Estimated Net Debt Statement

	 	5.4.1	 	No later than 3 (three) Business Days prior to the date set in Clause 6.1 for Closing,
Seller shall deliver to Purchaser the Estimated Net Debt Statement.
	 
	 	5.4.2	 	The Estimated Net Debt Statement shall be drawn up in good faith in the form set out
in Schedule 6 (Part 1).

16

 

	 	5.4.3	 	Any amounts included in the determination of the Estimated Net Debt Statement in
currencies other than Euro shall be translated into Euro at such exchange rates as are used
by Seller for its internal accounting purposes and communicated to Purchaser, at the date
of drawing up the Estimated Net Debt Statement.
	 
	 	5.4.4	 	The Estimated Net Debt Statement shall for purposes of the calculation and allocation
of the Estimated Purchase Price, not be subject to review by Purchaser and shall be final
and binding on the Parties.

	5.5	 	Cooperation with Financing

	 	5.5.1	 	At the request and cost of Purchaser, prior to the Closing, Seller shall reasonably
cooperate, shall use all reasonable efforts to cause any Group Company to reasonably
cooperate, and shall request that their respective Representatives, including legal and
accounting, reasonably cooperate, in connection with the financing to be provided under the
Commitment Letter and any equity, debt or other securities issuance to refinance or,
subject to Clause 5.6, to replace all or any part of such financing (together, the
“Financing”), in each case for the purchase or transfer of the Shares and the other
transactions contemplated by this Agreement (provided that such requested cooperation does
not unreasonably interfere with the ongoing management or operations of the Group, or
require travel or demands on the time of management or employees prior to Closing that in
the view of Seller is unreasonably disruptive to the management or operations of the
Group), including (i) participation in a reasonable number of meetings, presentations,
update due diligence sessions and sessions with rating agencies, (ii) assisting with the
preparation of materials for rating agency presentations, offering documents, private
placement memoranda, bank information memoranda, prospectuses and similar documents
required in connection with the Financing, including a reconciliation of the Accounts to US
GAAP; (iii) executing and delivering any pledge and security documents, other definitive
financing documents, or other certificates, legal opinions or documents as may be
reasonably requested by Purchaser or Purchaser Parent and Guarantor, and (iv) the making of
any notifications required in relation to the Financing under the Netherlands Works Council
Act.
	 
	 	5.5.2	 	The obligations of Seller under this Clause 5.5 shall be limited as follows: (i)
Seller and its Representatives shall not be required to incur any Liabilities in respect of
the Financing, none of the Group Companies nor their respective Representatives shall be
required to incur any Liabilities in respect of the Financing prior to Closing, and
Purchaser shall indemnify and hold harmless each of Seller, the Group Companies and their
respective Representatives for and against any and all liabilities, losses, damages,
claims, costs, expenses, interest, awards, judgments and penalties arising from or relating
to their involvement or cooperation in connection with the Financing and any information
utilized in connection therewith, including under any securities law, (ii) none of Seller,
any Group Company or any Representative shall have any obligation to meet or participate in
any meetings with any potential lender, investor or member of a banking syndicate (other
than Goldman Sachs International) prior to Closing, in a manner that would unreasonably
interfere with the operation of Seller’s

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	 	 	 	business, (iii) nothing in this Clause 5.5 shall be deemed to permit or require the disclosure of information that would otherwise be
prevented under Clause 14 (Confidentiality), (iv) arrangement of the Financing is the sole
responsibility of Purchaser, and (v) obtaining the Financing, and cooperation by Seller,
the Group
Companies and their Representatives in obtaining the Financing, is not a condition to
the obligations of Purchaser hereunder.

	5.6	 	Financing obligations of Purchaser and Purchaser Parent and Guarantor

	 	5.6.1	 	Purchaser and Purchaser Parent and Guarantor shall procure that the Bridge Facility
and any other credit facility (other than the Credit Agreement) or other financing
documents entered into pursuant to the Commitment Letter (together, “Financing Documents”)
reflect in all material respects the terms set out in the Commitment Letter (including all
terms relating to the amount of funds committed, the availability period and certain
funds). Purchaser and Purchaser Parent and Guarantor shall perform their respective
obligations under the Commitment Letter, Financing Documents and the Credit Agreement and
shall use their respective reasonable best efforts to maintain the Commitment Letter, any
Financing Documents and the Credit Agreement in full force and effect, shall not cancel any
commitments thereunder, and shall not permit any amendment, modification, termination,
replacement, restatement, cancellation or other change to be made to the Commitment Letter,
any Financing Documents or the Credit Agreement, or grant any waiver, that would in any
way (i) reduce the aggregate amount of the financing committed and available to be drawn
thereunder, (ii) reduce the period of time for which funds are available to be drawn, (iii)
make the conditions to disbursement more onerous to Purchaser or Purchaser Parent and
Guarantor than those set forth in the Commitment Letter and the Credit Agreement,
respectively, or (iv) adversely affect Purchaser’s ability to draw funds thereunder on the
Closing Date sufficient to enable Purchaser to pay the amount payable by Purchaser under
Clause 3 and all fees and expenses required to be paid in connection with such financing,
refinancing existing indebtedness, and achieve Closing hereunder. The limitations set out
in the preceding sentence shall not apply to the Commitment Letter or Credit Agreement once
the Financing Documents have been entered into.
	 
	 	5.6.2	 	Purchaser undertakes to Seller that Purchaser shall take all action necessary to draw
on the Closing Date under either the Bridge Facility or the Credit Agreement or both
amounts sufficient for Purchaser to pay the amount payable under Clause 3 to the extent
Purchaser does not use cash from Purchaser Parent and Guarantor. Purchaser shall not be
entitled to delay Closing in order to draw amounts under any debt facility or to arrange
any equity, debt or other securities issuance to refinance or replace all or any part of
the Bridge Facility.

	5.7	 	Loan and deposit agreements
	 
	 	 	Seller covenants that, prior to Closing, the loan under the Shareholder Loan Agreement,
together with accrued interest thereon, netted against (i) the loan under that certain loan
agreement entered into between the Company (as lender) and Seller (as borrower) during or
about September 2007, together with accrued interest thereon, and (ii) certain cash deposits

18

 

	 	 	made by the Company with Seller since 28 February 2007, together with accrued interest
thereon, shall have been converted, by way of an informal capital contribution, to share
premium on the Shares so that all of the parties’ obligations under the said loan agreements
and deposit arrangements shall have been terminated.

	6.	 	CLOSING
	 
	6.1	 	Date and place
	 
	 	 	Subject to the satisfaction (or waiver under Clause 4.3.2) of each of the Conditions
Precedent:

	 	6.1.1	 	Closing shall take place in Amsterdam, the Netherlands, at the offices of Seller’s
Lawyers, commencing at 11h00 CET, but not completed before 16h30 CET, on the 5th (fifth)
Business Day after satisfaction or waiver of the Condition Precedent set out in Clause
4.1.1 (subject to the satisfaction (or waiver occurs under Clause 4.3.2) of the other
Conditions Precedent); or
	 
	 	6.1.2	 	at such other date, time or location as may be agreed in writing by the Parties.

	6.2	 	Payment of Estimated Purchase Price; Closing actions

	 	6.2.1	 	Purchaser shall pay the Estimated Purchase Price in three parts to its euro resident
accounts with ABN AMRO, ING and Rabobank no later than on the day immediately preceding the
date scheduled for Closing pursuant to Clause 6.1, and shall procure that, immediately
after performance of the actions set out in Paragraph 2 of Schedule 4, the Estimated
Purchase Price is paid, with value on the Closing Date, from the aforesaid accounts to
three designated bank accounts of Seller with the same banks.
	 
	 	6.2.2	 	At Closing, the Parties shall procure that the actions set out in Schedule 4 are taken
in the sequence set out therein.

	6.3	 	Repayment of Estimated Intra-Group Indebtedness

	 	6.3.1	 	Immediately following Closing:

	 	(a)	 	Purchaser shall procure that each relevant Group Company repays to the
relevant member of Seller’s Group (excluding any Group Company) the Estimated
Intra-Group Payables of said Group Company; and
	 
	 	(b)	 	Seller shall procure that each relevant member of Seller’s Group
(excluding any Group Company) repays to each relevant Group Company the Estimated
Intra-Group Receivables of said Group Company;
	 
	 	 	 	in each case as set out in the Estimated Net Debt Statement.

	 	6.3.2	 	The repayments made pursuant to Clause 6.3.1 shall, to the extent legally permissible,
be aggregated and discharged by way of set-off.

	6.4	 	Breach of Closing obligations
	 
	 	 	If any Party breaches any material obligation in Clauses 6.2 and 6.3 and Schedule 4 in
relation to Closing, Purchaser, in the case of breach by Seller, or

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	 	 	Seller, in the case of breach by Purchaser, shall be entitled (in addition to and without prejudice to all other
rights or remedies available, including the right to claim damages) by notice served on or
after the date set in Clause 6.1.1 for Closing:

	 	6.4.1	 	to terminate this Agreement (other than Clauses 1, 13 and 15.2 through 15.16), in
which event the Parties shall forthwith take all such action as is necessary to reverse any
action already taken under Clauses 6.2 and 6.3 and Schedule 4;
	 
	 	6.4.2	 	to effect Closing as far as practicable having regard to the defaults which have
occurred; or
	 
	 	6.4.3	 	to set a new date for Closing (not being more than 20 (twenty) Business Days after the
previously set date for Closing) in which case the provisions of Clauses 6.2, 6.3 and 6.4
and Schedule 4 shall apply to Closing as so deferred.

	7.	 	POST-CLOSING ADJUSTMENT
	 
	7.1	 	Net Debt Statement

	 	7.1.1	 	Within 5 (five) Business Days after the Closing Date, Seller shall prepare and deliver
to Purchaser a draft of the Net Debt Statement in the form set out in Schedule 6 (Part 1)
and prepared in accordance with Schedule 6 (Part 2).
	 
	 	7.1.2	 	In the event that Purchaser disagrees with the draft Net Debt Statement, Purchaser
shall within 10 (ten) Business Days after receipt thereof, deliver notice of such
disagreement to Seller, such notice (the “Notice of Disagreement”) to specify (i) each line
item in the draft statement with which Purchaser disagrees, (ii) the amount of each
adjustment proposed by Purchaser and (iii) in reasonable detail, the reason for Purchaser’s
disagreement in respect of each such line item.
	 
	 	7.1.3	 	If Purchaser does not deliver a Notice of Disagreement in terms of Clause 7.1.2, the
draft Net Debt Statement shall be final and binding on Seller and Purchaser (and each
relevant other member of Purchaser’s Group) for all purposes.
	 
	 	7.1.4	 	If Purchaser delivers a Notice of Disagreement in terms of Clause 7.1.2, then:

	 	(a)	 	at the election of Seller, each line item in the draft Net Debt
Statement in respect of which Purchaser does not deliver a Notice of Disagreement
in accordance with Clause 7.1.2, shall be final and binding on Seller and Purchaser
(and each other member of Purchaser’s Group) for all purposes; and
	 
	 	(b)	 	Seller and Purchaser shall attempt in good faith to reach agreement in
respect of those line items in the draft Net Debt Statement in respect of which
Purchaser has thus given Notice of Disagreement, provided that if Seller and
Purchaser do not reach such agreement within 10 (ten) Business Days of delivery of
the Notice of Disagreement, Seller or Purchaser may by notice to the other require
that those line items in the draft Net Debt Statement that have been properly
specified in Purchaser’s Notice of Disagreement in accordance with Clause 7.1.2

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	 	 	 	and subsequently have not been agreed upon between Seller and Purchaser within the
aforesaid 10 (ten) Business Days, be referred to the Reporting Accountants in the
terms of Schedule 6 (Part 3).

	 	7.1.5	 	In order to enable the preparation and determination of the Net Debt Statement,
Purchaser shall procure the keeping up-to-date and, subject to reasonable notice, making
available to Seller’s Representatives during normal office hours of all books and records
relating to the Group, and co-operate with them with regard to the preparation and
determination of the Net Debt Statement. Purchaser shall procure that
the Group Companies shall, in so far as it is reasonable to do so, make available the
services of their employees to assist Seller in the performance of Seller’s duties and
exercise of Seller’s rights under this Clause 7.1.

	7.2	 	Adjustments to Purchase Price and repayment of Intra-Group Indebtedness

	 	7.2.1	 	Net Debt

	 	(a)	 	If the Net Debt reflected in the Net Debt Statement is less than the
Estimated Net Debt, Purchaser shall pay to Seller an amount equal to such deficit.
	 
	 	(b)	 	If the Net Debt reflected in the Net Debt Statement exceeds the
Estimated Net Debt, Seller shall repay Purchaser an amount equal to such excess.

	 	7.2.2	 	Intra-Group Indebtedness
	 
	 	 	 	In respect of each Group Company:

	 	(a)	 	to the extent that the amount of any Intra-Group Payable reflected in
the Net Debt Statement is less than the amount of the Estimated Intra-Group Payable
repaid pursuant to Clause 6.3.1(a), Seller shall procure that the relevant member
of Seller’s Group pays to the Group Company an amount equal to such deficit;
	 
	 	(b)	 	to the extent that the amount of any Intra-Group Payable reflected in
the Net Debt Statement exceeds the amount of the Estimated Intra-Group Payable
repaid pursuant to Clause 6.3.1(a), Purchaser shall procure that the Group Company
pays to the relevant member of Seller’s Group an amount equal to such excess;
	 
	 	(c)	 	to the extent that the amount of any Intra-Group Receivable reflected
in the Net Debt Statement is less than the amount of the Estimated Intra-Group
Receivable repaid pursuant to Clause 6.3.1(b), Purchaser shall procure that the
Group Company pays to the relevant member of Seller’s Group an amount equal to such
deficit; and
	 
	 	(d)	 	to the extent that the amount of any Intra-Group Receivable reflected
in the Net Debt Statement exceeds the amount of the Estimated Intra-Group
Receivable repaid pursuant to Clause 6.3.1(b), Seller shall procure that the
relevant member of Seller’s Group pays to the Group Company an amount equal to such
excess.

	 	7.2.3	 	Interest
	 
	 	 	 	Any payment to be made in accordance with this Clause 7.2 shall include interest thereon
calculated, at the Interest Rate, from the day after the Effective Time to the day of
payment, both days inclusive.

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	 	7.2.4	 	Payment

	 	(a)	 	The due date for any payment to be made under this Clause 7.2, shall be
the 5th (fifth) Business Day after the Net Debt Statement has been finally
determined in accordance with Clause 7.1.4.
	 
	 	(b)	 	All payments (including interest payments) made under this Clause 7.2
(excluding Clause 7.2.2) shall be made on account of the Purchase Price.
	 
	 	(c)	 	To the extent legally permissible, the payments to be made pursuant to
this Clause 7.2, shall be aggregated and discharged by way of set-off.

	8.	 	WARRANTIES
	 
	8.1	 	Seller’s Warranties

	 	8.1.1	 	Subject to the remaining provisions of this Clause 8 and to Clauses 9 and 10, Seller
represents and warrants to Purchaser and Purchaser Parent and Guarantor and, as an
irrevocable third party stipulation (`derdenbeding ́) after Closing, to the Company and
members of the Group that the statements set out in Schedule 7 (Part 1) were true and
accurate at the Reference Time, except for the Seller’s Warranty set out in Paragraph
2(a)(ii) (the Accounts) which Seller represents and warrants as being true and accurate at
the Accounts Date.
	 
	 	8.1.2	 	Each Seller’s Warranty applies only to the subject expressly referred to therein.
Without detracting from the generality of the foregoing, but with the exception of the
generality of Paragraphs 2(a), 4(b), and 15(a) of Schedule 7 (Part 1), the only Seller’s
Warranties given:

	 	(a)	 	in respect of real property, are those contained in Paragraph 5 of
Schedule 7 (Part 1) and all other Seller’s Warranties shall be deemed not to be
given in respect of real property;
	 
	 	(b)	 	in respect of Intellectual Property, are those contained in Paragraph 6
of Schedule 7 (Part 1) and all other Seller’s Warranties shall be deemed not to be
given in respect of Intellectual Property;
	 
	 	(c)	 	in respect of employment or pension matters, are those contained in
Paragraph 8 of Schedule 7 (Part 1) and all other Seller’s Warranties shall be
deemed not to be given in respect of such matters;
	 
	 	(d)	 	in respect of HSE matters, are those contained in Paragraph 8(a)(iii)
and Paragraph 10 of Schedule 7 (Part 1) and all other Seller’s Warranties shall be
deemed not to be given in respect of HSE matters;
	 
	 	(e)	 	in respect of anti-trust, fair trading, dumping, state and consumer
protection or similar matters, are those contained in Paragraph 11 of Schedule 7
(Part 1) and all other Seller’s Warranties shall be deemed not to be given in
respect of such matters; and

22

 

	 	(f)	 	in respect of Tax matters, are those contained in Paragraph 14 of
Schedule 7 (Part 1) and all other Seller’s Warranties shall be deemed not to be
given in respect of such matters.

	 	8.1.3	 	Seller shall provide to Purchaser and Purchaser Parent and Guarantor a certificate at
Closing representing and warranting that Seller’s Warranties are true and accurate at
Closing as if they had been repeated at Closing, except for those that refer to a specific
date, provided that:

	 	(a)	 	the reference to the 12-month period in Paragraph 7(c) of Schedule 7
(Part 1) shall be deemed to be the 12-month period commencing at the Reference
Time; and
	 
	 	(b)	 	the foregoing repetition of warranties provided for above shall not
apply to Paragraphs 2(a), 8(b)(i), and 15(a)(iv) of Schedule 7 (Part 1).

	 	8.1.4	 	Each of Purchaser and Purchaser Parent and Guarantor acknowledges and agrees that
Seller makes no representation or warranty as to the accuracy of any forecasts, estimates,
projections, statements of intent or statements of opinion howsoever provided to Purchaser
or any of its Representatives. Purchaser acknowledges that no representations or
warranties, express or implied, have been given or are given by Seller or any of its
Representatives other than Seller’s Warranties.
	 
	 	8.1.5	 	Any Seller’s Warranty qualified by the expression “so far as Seller is aware” or any
similar expression shall be deemed to refer to the knowledge of those members of Seller’s
corporate staff whose names are set out in Schedule 7 (Part 3), who shall be deemed to have
knowledge of such matters as they would have discovered had they made reasonable enquiries
within the Group.
	 
	 	8.1.6	 	The applicability of article 7:17 of the Netherlands Civil Code is hereby excluded.

	8.2	 	Disclosure
	 
	 	 	Seller’s Warranties are limited by, and Seller shall not be in breach of or liable for any
Seller’s Warranties in respect of, the matters disclosed in:

	 	8.2.1	 	the Prospectus;
	 
	 	8.2.2	 	the Accounts;
	 
	 	8.2.3	 	the Disclosure Letter;
	 
	 	8.2.4	 	this Agreement;
	 
	 	8.2.5	 	those documents made available in the Data Room in respect of which Purchaser Parent
and Guarantor and its Representatives were granted printing privileges on or prior to 9
March 2007 which are listed in Schedule 10;
	 
	 	8.2.6	 	any publicly available documents filed with, or furnished to, the U.S. Securities and
Exchange Commission by Seller prior to Closing;
	 
	 	8.2.7	 	the written management presentation held on 7 March 2007 as made available to
Purchaser Parent and Guarantor at or prior to Signing; and

23

 

	 	8.2.8	 	in correspondence or other written material, sent or provided (including by electronic
transmission) by Seller or its Representatives, as from 28 February 2007 to the Reference
Time, to Purchaser Parent and Guarantor or its Representatives, together with the contents
of all enclosures thereto, which are attached on Schedule 11.

	8.3	 	Purchaser’s and Purchaser Parent and Guarantor’s Warranties

	 	8.3.1	 	Purchaser represents and warrants to Seller that, as at the date of the execution of
this Agreement:

	 	(a)	 	the statements set out in Schedule 7 (Part 4) are true and accurate in
all material respects; and
	 
	 	(b)	 	neither Purchaser nor any of its Representatives, is aware of any
breach of Seller’s Warranties or of any fact or circumstance which could give rise
to a breach of Seller’s Warranties.

	 	8.3.2	 	Purchaser Parent and Guarantor represents and warrants to Seller that, at the
Reference Time:

	 	(a)	 	the statements set out in Schedule 7 (Part 4) were true and accurate in
all material respects as if made by Purchaser Parent and Guarantor in respect of
itself; and
	 
	 	(b)	 	neither Purchaser Parent and Guarantor, nor any other member of
Purchaser’s Group, nor any of their respective Representatives, is aware of any
breach of Seller’s Warranties or of any fact or circumstance which could give rise
to a breach of Seller’s Warranties.

	 	8.3.3	 	Purchaser shall provide to Seller a certificate at Closing representing and
warranting that the statements set out in Schedule 7 (Part 4) are true and accurate at
Closing as if they had been repeated at Closing.
	 
	 	8.3.4	 	Purchaser Parent and Guarantor shall provide to Seller a certificate at Closing
representing and warranting that the statements set out in Schedule 7 (Part 4) are true
and accurate at Closing as if they had been repeated by Purchaser Parent and Guarantor in
respect of itself at Closing.

	8.4	 	Liability for breach

	 	8.4.1	 	Subject to Clauses 4.3.3 and 6.4.1, in the event of any breach by Seller under this
Agreement, Purchaser shall not have the right to terminate or rescind this Agreement and as
its sole and exclusive remedy and subject to any other applicable limitations of liability,
shall have the right, after the Closing Date, to claim the Losses suffered or incurred by
Purchaser as a result of such breach, it being agreed that a Loss suffered by the relevant
Group Company in respect of such breach shall, subject to any other applicable limitations
of liability, be deemed to be a Loss suffered by Purchaser.
	 
	 	8.4.2	 	In the event of any breach of Purchaser’s Warranties, Seller shall be entitled to
claim the Losses suffered or incurred by Seller and any other member of Seller’s Group as a
result of such breach.

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	 	8.4.3	 	For purposes of this Agreement and subject to Clause 8.2, it is agreed that a breach
of a Seller’s Warranty or Purchaser’s Warranty, as the case may be, shall occur where same
is untrue or inaccurate on any date as at which the same is given.

	8.5	 	Master Separation Agreement

	 	8.5.1	 	For purposes of the Master Separation Agreement, Seller agrees, as an irrevocable
third party stipulation (`derdenbeding ́) in favour of the Company, that the Company shall
have no obligation under the Master Separation Agreement to compensate or indemnify Seller
(or any other member of Seller’s Group (excluding the Group)), for any
Liabilities or Losses which, but for this provision, would give rise to such obligation
as a result of contamination with Hazardous Substances caused by an act or omission of
(a) any member of Seller’s Group (excluding the Group) or (b) any third party (excluding
the Group Companies) for whose acts or omissions a member of Seller’s Group (excluding
the Group) is responsible.
	 
	 	8.5.2	 	For purposes of the Master Separation Agreement, Seller agrees, as an irrevocable
third party stipulation (`derdenbeding ́) in favour of Purchaser and Purchaser Parent and
Guarantor, that they shall be the beneficiary of the obligations of Seller to the Company
under the Master Separation Agreement, provided that the foregoing shall not apply to the
extent that it would result in any increase of Seller’s obligations under the Master
Separation Agreement.
	 
	 	8.5.3	 	For purposes of the Master Separation Agreement, Purchaser shall, as of and after
Closing, procure that no member of Purchaser’s Group exercises any right under the Master
Separation Agreement to be compensated or indemnified for any Liabilities or Losses which,
but for this provision, would give rise to such right as a result of contamination with
Hazardous Substances caused by an act or omission of (a) any member of the Group or (b) any
third party (excluding Seller’s Group) for whose acts or omissions a member of the Group is
responsible.
	 
	 	8.5.4	 	Seller and Purchaser agree that, for purposes of the Master Separation Agreement, any
liability of Seller, or any liability that Seller would have but for Clauses 9.2 (minimum
claims), 9.3 (aggregate minimum claims) and 9.4 (maximum liability), under this Agreement
shall not qualify as an Assumed Liability (as defined in the Master Separation Agreement)
or a Liability referred to in Clause 3.1.2 of the Master Separation Agreement or any other
matter for which the Company is required to indemnify or compensate Seller under the Master
Separation Agreement.
	 
	 	8.5.5	 	As between Seller and Purchaser and Purchaser Parent and Guarantor, in the event of a
conflict between the provisions of the Master Separation Agreement and this Agreement, the
provisions of this Agreement shall prevail.

	9.	 	LIMITATION OF LIABILITY
	 
	9.1	 	Time limitation
	 
	 	 	Seller shall not be liable in respect of any claim under this Agreement unless a notice of the
claim is given to Seller specifying the matters set out in Clause 10.2:

25

 

	 	9.1.1	 	in the case of any claim under Paragraphs 1 and 2(b) of Schedule 7 (Part 1)
(Incorporation, authority, corporate action, the Shares and the Group Companies), within
the statutory limitation period applicable in the relevant jurisdiction for giving notice
of any such claim;
	 
	 	9.1.2	 	in the case of any claim under Paragraph 14 of Schedule 7 (Part 1) (Tax warranties),
within 30 (thirty) days after expiry of the statutory limitation period applicable in the
relevant jurisdiction for the Tax matter giving rise to such claims and any applicable term
during which additional assessments can be levied under the relevant Law;
	 
	 	9.1.3	 	in the case of any claim under Paragraph 8(a)(iii) and Paragraph 10 of Schedule 7
(Part 1) (HSE matters), within 36 (thirty-six) months after the Effective Time; and
	 
	 	9.1.4	 	in the case of any other claim, within 18 (eighteen) months after the Effective Time.

	9.2	 	Minimum claims
	 
	 	 	Without detracting from any other limitations of liability set out in this Agreement, Seller
shall only be liable under this Agreement in respect of any individual claim, or a series of
claims arising from identical facts, to the extent that the liability agreed or determined in
respect of such claim or series of claims exceeds EUR 10 million (ten million euro), provided
that this limitation shall not apply to any liability of Seller arising under Schedule 8 (Tax
Indemnities and Tax matters).
	 
	9.3	 	Aggregate minimum claims
	 
	 	 	Without detracting from any other limitations of liability set out in this Agreement, Seller
shall not be liable under this Agreement in respect of a claim unless and until the aggregate
amount of all claims for which Seller would otherwise be liable under this Agreement, exceeds
EUR 50 million (fifty million euro) (but then for the full amount), provided that this
limitation shall not apply to any liability of Seller arising under Schedule 8 (Tax
Indemnities and Tax matters).
	 
	9.4	 	Maximum liability
	 
	 	 	The aggregate liability of Seller in respect of all claims under this Agreement shall not
exceed EUR 850 million (eight hundred and fifty million), provided that this limitation shall
not apply to any liability of Seller arising (a) from a breach of Seller’s Warranty in respect
of Paragraphs 1(a), 1(b), 1(e), 2(b)(i) and 2(b)(ii) of Schedule 7 (Part 1), or (b) under
Schedule 8 (Tax Indemnities and Tax matters).
	 
	9.5	 	Provisions
	 
	 	 	Seller shall not be liable under this Agreement in respect of any claim if and to the extent
that any allowance, provision or reserve is made in the Net Debt Statement, or in the Accounts
for the matter giving rise to the claim.
	 
	9.6	 	Matters arising after Reference Time / Effective Time
	 
	 	 	Seller shall not be liable under this Agreement in respect of any matter, act, omission or
circumstance (or any combination thereof), including the aggravation of a matter or
circumstance, to the extent that the same would not have occurred but for:

26

 

	 	9.6.1	 	any matter or thing done or omitted to be done as required by this Agreement or
otherwise at the request and with the written approval of Purchaser, or any other member of
Purchaser’s Group;
	 
	 	9.6.2	 	any act, omission or transaction of Purchaser or any other member of Purchaser’s
Group, or their respective directors, officers, employees or agents or successors in title,
after the Reference Time;
	 
	 	9.6.3	 	any act, omission or transaction of any of the Group Companies, or their respective
directors, officers, employees or agents or successors in title, after Closing;
	 
	 	9.6.4	 	the passing of, or any change in, any Law or administrative practice of any
Governmental Authority after the Reference Time, including any increase in the rates of
Taxation or any imposition of Taxation or any withdrawal of relief from Taxation not
actually in effect at the Reference Time;
	 
	 	9.6.5	 	any change in any accounting or Taxation policy, basis or practice of Purchaser or any
other member of Purchaser’s Group introduced after the Reference Time; or
	 
	 	9.6.6	 	any change in any accounting or Taxation policy, basis or practice of any of the Group
Companies introduced after the Effective Time.

	9.7	 	Purchaser’s Insurance
	 
	 	 	Seller shall not be liable in respect of any claims made by Purchaser or any other member of
Purchaser’s Group, to the extent that the Losses in respect of which a claim is made, are
covered by a policy of insurance in force immediately prior to the Closing Date and insofar as
any member of the Group or another member of Purchaser’s Group actually has recovered under
such insurance, provided that Purchaser shall procure that the relevant insurance claim is and
continues to be pursued with reasonable diligence.
	 
	9.8	 	Net financial benefit
	 
	 	 	Seller shall not be liable under this Agreement in respect of any claims to the extent of any
corresponding savings realized by or quantifiable net financial benefit realized to Purchaser
or any other member of Purchaser’s Group arising in respect of such Losses or the facts giving
rise to such Losses (for example, without limitation, where the amount (if any) by which any
Taxation for which Purchaser or any other member of Purchaser’s Group would otherwise have
been accountable or liable to be assessed is actually or will actually be reduced or
extinguished as a result of the matter giving rise to such liability).
	 
	9.9	 	Mitigation of Losses
	 
	 	 	Purchaser shall procure that all commercially reasonable efforts are made and all commercially
reasonable assistance is given to avoid or mitigate any Losses which in the absence of
mitigation might give rise to a liability in respect of any claim under this Agreement.
	 
	9.10	 	Purchaser’s right to recover

	 	9.10.1	 	Recovery for direct Losses
	 
	 	 	 	Seller shall only be liable in respect of direct losses and shall not be liable in
respect of any indirect or consequential losses.

27

 

	 	9.10.2	 	Recovery from third parties
	 
	 	 	 	Purchaser shall, and shall procure that any other relevant member of Purchaser’s Group
shall, promptly take all reasonably necessary steps to enforce recovery against all
third parties in respect of Losses that are the subject matter of a claim against
Seller. If, before Seller pays an amount in discharge of any claim under this Agreement,
any member of Purchaser’s Group has recovered (whether by payment, discount, credit,
relief, insurance or otherwise) from a third party a sum which compensates any member of
Purchaser’s Group (in whole or in part) in respect of the
Loss which is the subject matter of the claim, then Seller’s obligations shall be
reduced to the extent of the recoveries so received by any member of Purchaser’s Group.
If Seller has paid an amount in discharge of any claim under this Agreement and any
member of Purchaser’s Group subsequently recovers (whether by payment, discount, credit,
relief, insurance or otherwise) from a third party a sum which compensates any member of
Purchaser’s Group (in whole or in part) in respect of the Loss which is the subject
matter of the claim, then Purchaser shall procure that the relevant member of
Purchaser’s Group forthwith pays to Seller the amount recovered, less any costs and
expenses reasonably incurred in obtaining such recovery and limited to the amount
actually paid by Seller in respect of the claim.
	 
	 	9.10.3	 	Double claims
	 
	 	 	 	Purchaser shall not be entitled to recover from Seller under this Agreement more than
once in respect of the same Losses suffered. Without detracting from any other
limitations of liability set out in this Agreement, in the event that any matter, act,
omission or circumstance (or any combination thereof) giving rise to a breach of a
Seller’s Warranty is the subject of an indemnity under this Agreement, Purchaser’s claim
shall be limited to a claim under said indemnity.
	 
	 	9.10.4	 	Fraud
	 
	 	 	 	The limitations set out in this Clause 9 shall not apply to the extent the relevant
claim relates to any fraudulent acts or willful misconduct on part of Seller’s Group
(excluding the Group).

	10.	 	CLAIMS
	 
	10.1	 	Notification of potential claims
	 
	 	 	If Purchaser or any other member of Purchaser’s Group becomes aware of any matter or
circumstance that may give rise to a claim against Seller under this Agreement, save for any
claim made under Schedule 8 (Tax Indemnities and Tax matters), Purchaser shall within 40
(forty) Business Days deliver a notice to Seller setting out such information as is available
to Purchaser or any other member of Purchaser’s Group as is reasonably necessary to enable
Seller to assess the merits of the claim, to act to preserve evidence and to make such
provision as Seller may consider necessary, provided that failure to give such notification
within the aforesaid 40 (forty) Business Days shall not affect Purchaser’s right to make the
claim except to the extent any member of Seller’s Group shall

28

 

	 	 	have been or will be actually
prejudiced as a result of such failure.
	 
	10.2	 	Notification of claims
	 
	 	 	Without detracting from Clause 10.1, notices of claims under this Agreement shall be given by
Purchaser to Seller within the time limits specified in Clause 9.1, specifying full
information of the legal and, to the extent available, factual basis of the claim and the
evidence on which Purchaser relies and, if practicable, an estimate of the amount of Losses
which are, or are to be, the subject of the claim (including any Losses which are contingent
on the occurrence of any future event).
	 
	10.3	 	Commencement of proceedings
	 
	 	 	Without detracting from Clause 10.2, any claim notified to Seller shall (if it has not been
previously satisfied, settled or withdrawn) be deemed to be irrevocably withdrawn 12 (twelve)
months after the notice is given pursuant to Clause 10.2 unless legal proceedings (including
the dispute resolution procedures set forth in Clause 15.15.3) in respect of it have been
formally commenced.
	 
	10.4	 	Investigation by Seller
	 
	 	 	In connection with any matter or circumstance notified by Purchaser pursuant to Clause 10.1 or
10.2:

	 	10.4.1	 	Purchaser shall procure that the relevant members of Purchaser’s Group allow reasonable
access during normal business hours to Seller and its financial, accounting, legal and
other advisers to investigate the matter or circumstance alleged to give rise to such claim
and whether and to what extent any amount is or may be payable in respect of such claim;
and
	 
	 	10.4.2	 	Purchaser shall use its reasonable efforts to procure that the relevant members of
Purchaser’s Group disclose to Seller all relevant information of which Purchaser or any
other member of Purchaser’s Group is aware which relates to the claim and shall procure
that all relevant members of Purchaser’s Group shall give, subject to their being paid
reasonable costs and expenses, all such information and assistance, including reasonable
access to premises and personnel, and the right to examine and copy or photograph any
assets, accounts, documents and records, in each case as Seller or its financial,
accounting, legal or other advisers may reasonably request.

	10.5	 	Procedure for third party claims
	 
	 	 	If the claim notified to Seller is a result of or in connection with a claim by or liability
to a third party then:

	 	10.5.1	 	no admissions in relation to such third party claim shall be made by or on behalf of
Purchaser or any other member of Purchaser’s Group and the claim shall not be compromised,
disposed of or settled without the prior written consent of Seller;
	 
	 	10.5.2	 	Seller shall be entitled at its own expense and in its absolute discretion, by notice to
Purchaser, and Purchaser’s Group shall duly and fully co-operate to allow Seller, to take
such action after consultation with Purchaser as it deems reasonably necessary to avoid,
dispute, deny, defend, resist, appeal, compromise or contest such claim or liability
(including making counterclaims or other claims against third parties) in the

29

 

	 	 	 	name of and
on behalf of Purchaser or other member of Purchaser’s Group concerned and to control the
conduct of any related proceedings, negotiations or appeals; and
	 
	 	10.5.3	 	where Seller has issued a notice pursuant to Clause 10.5.2, Purchaser’s Group shall give,
subject to their being paid reasonable costs and expenses, all such information (other than
such correspondence as is subject to legal professional privilege of any member of
Purchaser’s Group or their advisors) and assistance including access to premises and
personnel, and the right to examine and copy or photograph any assets, accounts, documents
and records, as Seller may reasonably request for the purpose
referred to in Clause 10.5.2, including instructing such professional or legal advisers
as Seller may nominate to act on behalf of Purchaser or other member of Purchaser’s
Group concerned but in accordance with Seller’s instructions, it being agreed that
Seller shall consult with Purchaser on all relevant matters relating to the claim and
shall forward or procure to be forwarded to Purchaser copies of all material external
correspondence (other than such correspondence as is subject to legal professional
privilege of any member of Seller’s Group) relating to the claim.

	10.6	 	Third party stipulation limitation
	 
	 	 	The provisions of this Clause 10 shall apply mutatis mutandis to any claim made by a third
party under a third party stipulation included in this Agreement.
	 
	11.	 	TAX MATTERS
	 
	 	 	Purchaser and Seller hereby agree to the matters set out in Schedule 8.
	 
	12.	 	RESTRICTIONS
	 
	12.1	 	Restrictions on Seller

	 	12.1.1	 	Seller undertakes with Purchaser and, as an irrevocable third party stipulation
(`derdenbeding ́) after Closing, the Company and all other Group Companies, to procure that
no member of Seller’s Group will, during the Restricted Period:

	 	(a)	 	undertake in any capacity any Restricted Activity or any business
activity which is of the same or similar type thereto and which is or is likely to
be in competition therewith; or
	 
	 	(b)	 	induce or seek to induce any Restricted Employee to become employed
whether as employee, consultant or otherwise by any member of Seller’s Group,
whether or not such Restricted Employee would thereby commit a breach of his
contract of service, provided that the placing of an advertisement of a post
available to a member of the public generally and the recruitment of a person
through an employment agency shall not constitute a breach of this Clause
12.1.1(b), provided that no member of Seller’s Group instructs or encourages such
agency to approach any Restricted Employee.

30

 

	 	12.1.2	 	The restriction in Clause 12.1.1(a) shall not operate to prohibit any member of Seller’s
Group from:

	 	(a)	 	acquiring all or part of the outstanding issued share capital of a
company that undertakes Restricted Activity, provided that such company’s
Restricted Activities represent less than 25% (twenty-five percent) of its
aggregate annual turnover, as published in its last approved annual accounts, or
less than 10% of the combined aggregate turnover of such company and Seller’s
Group, based on the last approved consolidated annual accounts of Seller’s Group
and such company on a pro forma basis, provided that, notwithstanding anything to
the contrary, Seller shall not be prohibited from merging with, or being acquired
by, any
company if the primary purpose of such merger or acquisition was not to avoid the
application of this Clause 12.1; or
	 
	 	(b)	 	fulfilling any obligation pursuant to this Agreement and any agreement
to be entered into pursuant to this Agreement.

	12.2	 	Restriction on Purchaser
	 
	 	 	Purchaser’s Group shall not during the Restricted Period actively induce or directly seek to
induce any person employed in Seller’s Group to become employed by any member of Purchaser’s
Group, provided that the placing of an advertisement of a post available to a member of the
public generally and the recruitment of a person through an employment agency shall not
constitute a breach of this Clause 12.2, provided that no member of Purchaser’s Group
instructs or encourages such agency to approach any such person.
	 
	13.	 	PURCHASER PARENT AND GUARANTOR GUARANTEE
	 
	13.1	 	Guarantee
	 
	 	 	Purchaser Parent and Guarantor hereby, as a separate and independent obligation,
unconditionally and irrevocably guarantees to Seller, and shall be jointly and severally
liable, as co-principal debtor, (`hoofdelijke aansprakelijkheid ́) to Seller for the due and
punctual performance and observance by Purchaser, and any other relevant member of Purchaser’s
Group, and their assigns, of all their obligations, commitments, undertakings, warranties and
indemnities under or pursuant to this Agreement and the Retained Intra-Group Agreements (the
“Guaranteed Obligations”).
	 
	13.2	 	Default; enforcement; non-waiver

	 	13.2.1	 	If and whenever a default occurs for any reason whatsoever in the performance of any of
the Guaranteed Obligations, Purchaser Parent and Guarantor shall forthwith upon demand
unconditionally perform (or procure performance of) and satisfy (or procure the
satisfaction of) the Guaranteed Obligations in regard to which such default has been made
in the manner prescribed by and subject to the rights and limitations contained in this
Agreement.
	 
	 	13.2.2	 	The liability of Purchaser Parent and Guarantor under this Clause 13 shall not be
released or diminished by any variation of the Guaranteed Obligations or any

31

 

	 	 	 	forbearance,
neglect or delay in seeking performance of the Guaranteed Obligations or any granting of
time for such performance.

	14.	 	CONFIDENTIALITY
	 
	14.1	 	Announcements
	 
	 	 	No announcement or circular in connection with the existence or the subject matter of this
Agreement shall be made or issued by or on behalf of any member of Seller’s Group or
Purchaser’s Group without the prior written approval of Seller and Purchaser. This shall not
affect any announcement, filing or circular required by Law or the rules of any recognized
stock exchange on which the shares of Seller or Purchaser Parent and Guarantor are listed,
provided that the party with an obligation to make an announcement or issue a circular shall
consult with Purchaser Parent and Guarantor or Seller, as the case may be, insofar as is
reasonably practicable before complying with such an obligation, and afford such party
reasonable opportunity to review and comment upon any such announcement, filing or circular.
	 
	14.2	 	Confidentiality undertaking

	 	14.2.1	 	The Confidentiality Agreement shall cease to have any force or effect from Closing.
	 
	 	14.2.2	 	Subject to Clause 14.1 and Clause 14.2.3, each of the Parties shall treat as strictly
confidential and not disclose or use any information contained in or received or obtained
as a result of entering into this Agreement (or any agreement entered into pursuant to this
Agreement) which relates to:

	 	(a)	 	the provisions of this Agreement or any agreement entered into pursuant
to this Agreement;
	 
	 	(b)	 	the negotiations relating to this Agreement (or any such other
agreement); or
	 
	 	(c)	 	a Party to this Agreement or the business carried on by it or any
member of its group of companies.

	 	14.2.3	 	Clause 14.2.2 shall not prohibit disclosure or use of any information if and to the
extent:

	 	(a)	 	the disclosure or use is required by or reasonably necessary under Law
or any recognized stock exchange on which the shares of any Party are listed;
	 
	 	(b)	 	the disclosure or use is required to vest the full (reasonably
expected) benefit of this Agreement in any Party;
	 
	 	(c)	 	the disclosure or use is required for the purpose of any judicial
proceedings arising out of this Agreement or any other agreement entered into under
or pursuant to this Agreement or the disclosure is made to a Tax Authority in
connection with the Tax affairs of the disclosing Party;
	 
	 	(d)	 	the disclosure is made to professional advisers of any Party or to
lenders, underwriters or financial advisers to any Party or their legal advisers on
terms that such professional advisers, lenders, underwriters or financial advisers
or

32

 

	 	 	 	legal advisers undertake to comply with the provisions of Clause 14.2.2 in
respect of such information as if they were a party to this Agreement, or to
ratings agencies;
	 
	 	(e)	 	the information is or becomes publicly available (other than by breach
of the Confidentiality Agreement or of this Agreement);
	 
	 	(f)	 	the other Party has given prior written approval to the disclosure or
use;
	 
	 	(g)	 	the information is independently developed after Closing; or
	 
	 	(h)	 	the disclosure is made by a Party in connection with an offering of
debt or equity securities made after a positive advice has been secured by Seller
in relation to
the transactions contemplated by this Agreement under the Netherlands Works
Council Act;

	 	 	 	provided that prior to disclosure or use of any information pursuant to Clause
14.2.3(a), 14.2.3(b), or 14.2.3(c), the Party concerned shall, to the extent
practically possible, promptly notify the other Party of such requirement with a view to
providing the other Party with the opportunity to contest such disclosure or use or to
otherwise agree the timing and content of such disclosure or use.

	15.	 	MISCELLANEOUS
	 
	15.1	 	Further assurances
	 
	 	 	Each of the Parties shall from time to time execute such documents and perform such acts and
things as the other Party may reasonably require to give either Party the full benefit of this
Agreement. Seller will provide Purchaser with such assistance as Purchaser may reasonably
require in order to allow Purchaser to accomplish the purposes of any Restructuring
Transaction.
	 
	15.2	 	Whole agreement

	 	15.2.1	 	This Agreement contains the whole agreement between the parties to this Agreement
relating to the subject matter of this Agreement, to the exclusion of any terms implied by
Law which may be excluded by contract, and supersedes any previous written or oral
agreement between the parties to this Agreement in relation to the matters dealt with in
this Agreement.
	 
	 	15.2.2	 	Purchaser acknowledges that it has not been induced to enter into this Agreement by any
representation, warranty or undertaking not expressly set out in this Agreement.

	15.3	 	No assignment

	 	15.3.1	 	This Agreement shall be binding upon and inure to the benefit of the Parties and their
respective successors and permitted assigns. None of the Parties may assign any of its
rights or delegate any of its obligations under this Agreement, by operation of Law or
otherwise, without the prior written consent of the other Party, except as provided in
Clause 15.3.2, except with respect to any Group Company Sale by a member of Purchaser’s
Group in accordance with the terms of this Agreement, and except that each of Seller and
Purchaser may assign any and all of its rights or delegate any and

33

 

	 	 	 	all of its obligations
under this Agreement to one or more of its direct or indirect wholly owned subsidiaries
(but no such assignment shall relieve Seller or Purchaser, as applicable, of any of its
obligations under this Agreement).
	 
	 	15.3.2	 	Any obligation of any Party to the other Party under this Agreement which is performed,
satisfied or fulfilled completely by a member of such Party’s Group, shall be deemed to
have been performed, satisfied or fulfilled by such Party.

	15.4	 	Waiver
	 
	 	 	No waiver of any provision of this Agreement shall be effective unless in writing and signed
by or on behalf of the party entitled to give such waiver.
	 
	15.5	 	Variation
	 
	 	 	No variation of this Agreement shall be effective unless in writing and signed by or on behalf
of each of the Parties.
	 
	15.6	 	Third party rights
	 
	 	 	Save as expressly otherwise stated, this Agreement does not contain a stipulation in favour of
a third party (`derdenbeding ́).
	 
	15.7	 	Rescission
	 
	 	 	Without prejudice to Clauses 4.3.3 and 6.4.1, each Party waives its right to rescind
(`ontbinden ́) this Agreement on the basis of section 6:265 of the Netherlands Civil Code.
Furthermore, a mistaken party shall bear the risk of any mistake (`dwaling ́) in making this
Agreement.
	 
	15.8	 	Method of payment

	 	15.8.1	 	Wherever in this Agreement provision is made for a payment to be made or procured by
Seller to Purchaser, Seller shall arrange that such payment shall be made by Seller for
itself and on behalf of the relevant member of Seller’s Group to Purchaser for itself and
on behalf of the relevant member of Purchaser’s Group.
	 
	 	15.8.2	 	Wherever in this Agreement provision is made for a payment to be made or procured by
Purchaser to Seller, Purchaser shall arrange that such payment shall be made by Purchaser
for itself and on behalf of the relevant member of Purchaser’s Group to Seller for itself
and on behalf of the relevant member of Seller’s Group.
	 
	 	15.8.3	 	Any such payments shall be effected by crediting for same day value the account specified
by Seller or Purchaser, as the case may be, on behalf of the Party entitled to the payment
(reasonably in advance and in sufficient detail to enable payment by telegraphic or other
electronic means to be effected) on or before the due date for payment.
	 
	 	15.8.4	 	Payment of a sum in accordance with this Clause shall be a good discharge to the payer
(and those on whose behalf such payment is made) of its obligation to make such payment and
the payer (and those on whose behalf such payment is made) shall not be obliged to see to
the application of the payment as between those on whose behalf the payment is received.

34

 

	15.9	 	Costs
	 
	 	 	Unless this Agreement provides otherwise, all costs which a party has incurred or must incur
in preparing, concluding or performing this Agreement are for its own account. All transfer
and other similar Taxes and all notarial fees payable in connection with the sale, transfer or
purchase of the Shares and the Shareholder Loan Claim under this Agreement shall be paid by
Purchaser.
	 
	15.10	 	Interest
	 
	 	 	If any Party defaults in the payment when due of any sum payable under this Agreement, the
liability of that Party shall be increased to include interest on such sum from the date when
such payment is due until the date of actual payment (as well after as before judgment) at the
Interest Rate.
	 
	15.11	 	Notices

	 	15.11.1	 	Any notice in connection with this Agreement (a “Notice”) shall be:

	 	(a)	 	in writing;
	 
	 	(b)	 	in English; and
	 
	 	(c)	 	delivered by hand, fax, registered post or by courier using an
internationally recognized courier company.

	 	15.11.2	 	A Notice to Seller shall be sent to Seller at the following address, or such other
person or address as Seller may notify to Purchaser from time to time:
	 
	 	 	 	Akzo Nobel N.V.
	 
	 	 	 	Strawinskylaan 2555
	 
	 	 	 	 1077 ZZ Amsterdam
	 
	 	 	 	The Netherlands
	 
	 	 	 	Fax: +31 20 502 7620
	 
	 	 	 	Attention: General Counsel
	 
	 	15.11.3	 	A Notice to Purchaser and/or Purchaser Parent and Guarantor shall be sent to Purchaser
and/or Purchaser Parent and Guarantor, as the case may be, at the following address, or
such other person or address as Purchaser Parent and Guarantor may notify to Seller from
time to time:
	 
	 	 	 	Schering-Plough Corporation
	 
	 	 	 	2000 Galloping Hill Road
	 
	 	 	 	Kenilworth, NJ 07033-0530
	 
	 	 	 	United States of America
	 
	 	 	 	Fax: +1 (0) 908 298 7555

35

 

	 	 	    Attention: General Counsel
	 

	 	15.11.4	 	A Notice shall be effective upon receipt and shall be deemed to have been received:

	 	(a)	 	at the time of delivery, if delivered by hand, registered post or
courier;
	 
	 	(b)	 	at the time of transmission in legible form, if delivered by fax.

	15.12	 	Invalidity
	 
	 	 	If any provision in this Agreement shall be held to be illegal, invalid or unenforceable, in
whole or in part, under any Law:

	 	15.12.1	 	such provision or part shall to that extent be deemed not to form part of this Agreement
but the legality, validity or enforceability of the remainder of this Agreement shall not
be affected;
	 
	 	15.12.2	 	Seller and Purchaser shall use reasonable efforts to agree a replacement provision that
is legal, valid and enforceable to achieve so far as possible the intended effect of the
illegal, invalid or unenforceable provision.

	15.13	 	Counterparts
	 
	 	 	This Agreement may be entered into in any number of counterparts, all of which taken together
shall constitute one and the same instrument. Parties may enter into this Agreement by signing
any such counterpart.
	 
	15.14	 	Notary
	 
	 	 	With reference to the Rules of Professional Conduct (`Verordening beroeps- en gedragsregels ́)
of the Royal Dutch Organization of Civil Law Notaries (`Koninklijke Notariële
Beroepsorganisatie ́) all parties expressly agree that (i) De Brauw Blackstone Westbroek N.V.
acts as counsel to Seller in connection with, or acts as counsel for or on behalf of Seller in
the event of any dispute relating to, this Agreement or any related agreement, and that (ii) a
civil law notary of De Brauw Blackstone Westbroek N.V. executes deeds connected with this
Agreement or any related agreement.
	 
	15.15	 	Dispute resolution

	 	15.15.1	 	Seller and Purchaser and, if applicable, Purchaser Parent and Guarantor shall attempt in
good faith to resolve promptly any dispute arising out of or relating to this Agreement by
negotiation, with the exception of disputes with regard to the determination of the Net
Debt Statement pursuant to Clause 7.1.2 which are to be negotiated and resolved as set out
in said Clause. If the matter (excluding disputes with regard to the determination of the
Net Debt Statement pursuant to Clause 7.1.2) is not resolved in the normal course of
business, either Party may give the other Party written notice of any such unresolved
dispute, after which the dispute shall be referred to senior executives of each Party, who
shall similarly attempt to resolve the dispute.
	 
	 	15.15.2	 	If the dispute referred to in Clause 15.15.1 (with the exception of disputes with regard
to the determination of the Net Debt Statement pursuant to Clause 7.1.2) has not been
resolved by negotiation within 45 (forty-five) Business Days after delivery of the written
notice referred to in Clause 15.15.1, or if Seller’s, Purchaser’s or Purchaser Parent and
Guarantor’s senior executives, as the case may be, fail to meet within 20 (twenty)

36

 

	 	 	 	Business
Days after delivery of such notice, then Seller and Purchaser and/or Purchaser’s Parent, as
the case may be, shall endeavour to settle the dispute by mediation in the Netherlands in
accordance with the rules of ACB Mediation. The language of the mediation shall be English.
	 
	 	15.15.3	 	If the dispute referred to in Clause 15.15.1 (with the exception of disputes with regard
to the determination of the Net Debt Statement pursuant to Clause 7.1.2) has not been
resolved by mediation as provided in Clause 15.15.2 within 90 (ninety) Business Days after
the initiation of such procedure, then, at the election of Seller or Purchaser or Purchaser
Parent and Guarantor, as the case may be, the dispute shall be finally and exclusively
settled by arbitration in the Netherlands in accordance with the rules of arbitration of
the Netherlands Arbitration Institute (`Nederlands Arbitrage Instituut ́). The
tribunal shall comprise three arbitrators. The procedure shall be conducted in the
English language in accordance with the rules of law (`regelen des rechts ́).

	15.16	 	Governing law

	 	15.16.1	 	This Agreement and the documents to be entered into pursuant to it, save as expressly
otherwise provided therein, shall be governed by and construed in accordance with the Law
of the Netherlands.
	 
	 	15.16.2	 	Parties exclude the application of the United Nations Convention on Contracts for the
International Sale of Goods to this Agreement and the documents to be entered into pursuant
to it.

AGREED AND SIGNED:

on 30 September 2007 for and on behalf of Purchaser:

	 	 	 	 	 	 	 	 	 
	SCHERING-PLOUGH INTERNATIONAL C.V.	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 
	Name:

	 	 	 	 	 	Name:	 	 
	Title:

	 	 	 	 	 	Title:	 	 

On 30 September 2007 for and on behalf of Purchaser Parent and Guarantor:

SCHERING-PLOUGH
CORPORATION

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 
	Name:

	 	 	 	 	 	Name:	 	 
	Title:

	 	 	 	 	 	Title:	 	 

37

 

on 30 September 2007 for and on behalf of Seller:

	 	 	 	 	 	 	 	 	 
	AKZO NOBEL N.V.	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 
	Name:

	 	 	 	 	 	Name:	 	 
	Title:

	 	 	 	 	 	Title:	 	 

38

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