Document:

Form of 1.875% Convertible Senior Note

 Exhibit 4.2 
 NO AFFILIATE (AS DEFINED IN RULE 144 UNDER THE SECURITIES ACT) OF REGENERON PHARMACEUTICALS, INC. (THE “COMPANY”) OR PERSON THAT HAS BEEN AN AFFILIATE (AS DEFINED IN RULE 144 UNDER THE
SECURITIES ACT) OF THE COMPANY DURING THE THREE IMMEDIATELY PRECEDING MONTHS MAY PURCHASE OR OTHERWISE ACQUIRE THIS NOTE OR A BENEFICIAL INTEREST HEREIN. 
 THIS IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY, WHICH MAY BE TREATED BY THE COMPANY, THE
TRUSTEE AND ANY AGENT THEREOF AS OWNER AND HOLDER OF THIS SECURITY FOR ALL PURPOSES. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF THE DEPOSITORY TRUST COMPANY, OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS
OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN ARTICLE TWO OF THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 
 THIS SECURITY AND THE COMMON STOCK, IF ANY, ISSUABLE UPON CONVERSION OF THIS SECURITY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) MAY NOT
BE OFFERED, SOLD, PLEDGED, OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER: 

 

	(1)	REPRESENTS THAT IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS A “QUALIFIED INSTITUTIONAL BUYER” (WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT) AND
THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT, AND 

	(2)	AGREES FOR THE BENEFIT OF THE COMPANY THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN PRIOR TO THE DATE THAT
IS THE LATER OF (X) ONE YEAR AFTER THE LAST ORIGINAL ISSUE DATE HEREOF OR SUCH SHORTER PERIOD OF TIME AS PERMITTED BY RULE 144 UNDER THE SECURITIES ACT OR ANY SUCCESSOR PROVISION THEREUNDER, AND (Y) SUCH LATER DATE, IF ANY, AS MAY BE
REQUIRED BY APPLICABLE LAW, EXCEPT: 

  

	 	(A)	TO THE COMPANY OR ANY OF ITS SUBSIDIARIES; OR 

  

	 	(B)	PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT; OR 

 

	 	(C)	TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT; OR 

 

	 	(D)	PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT OR ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT. 

 PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH CLAUSE (2)(D) ABOVE, THE COMPANY AND THE
TRUSTEE RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND
APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 
 THIS NOTE HAS BEEN ISSUED WITH ORIGINAL ISSUE DISCOUNT, FOR PURPOSES OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED. UPON REQUEST OF THE HOLDER OF THIS NOTE, THE COMPANY WILL PROMPTLY MAKE
AVAILABLE TO THE HOLDER OF THIS NOTE, (I) THE ISSUE PRICE OF THE NOTE, (II) THE AMOUNT OF ORIGINAL ISSUE DISCOUNT IN RESPECT THEREOF, (III) THE ISSUE DATE OF THE NOTE, AND (IV) THE YIELD TO MATURITY OF THE NOTE, IN EACH CASE AS
DETERMINED UNDER THE ORIGINAL ISSUE DISCOUNT RULES OF THE U.S. INTERNAL REVENUE CODE. PLEASE CONTACT INVESTOR RELATIONS DEPARTMENT, REGENERON PHARMACEUTICALS, INC., 777 OLD SAW MILL RIVER ROAD, TARRYTOWN, NEW YORK 10591, TELEPHONE NO.:
(914) 345-7741. 

 REGENERON PHARMACEUTICALS, INC. 

1.875% Convertible Senior Notes due 2016 
  

			
	No. 1	  	CUSIP: 75886FAC1 *
	Issue Date: October 21, 2011	  	ISIN: US75886FAC14

 Principal Amount: $400,000,000 
 as revised by the Schedule of Increases 
 and Decreases in the Global Note attached
hereto 
 REGENERON PHARMACEUTICALS, INC., a New York corporation, promises to pay to Cede & Co. or registered
assigns, the Principal Amount of four hundred million dollars ($400,000,000) on October 1, 2016 (the “Maturity Date”). This Note shall bear cash interest at the rate of 1.875% per annum. This Note is convertible as
specified on the other side of this Note. 
 Additional provisions of this Note are set forth on the other side of this Note.

  

	*	At such time as the Company provides the Free Transferability Certificate to the Trustee and the Registrar, these CUSIP and ISIN numbers will be deemed removed and
replaced with the CUSIP number 75886F AD9 and ISIN number US75886FAD96 respectively (or, if required by the Depositary, the Company and the Trustee will cooperate to cause the execution and authentication of a replacement Global Note bearing such
CUSIP and ISIN numbers pursuant to the terms of the Indenture). 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

 

			
	REGENERON PHARMACEUTICALS, INC.
		
	By:	 	 /s/ Leonard S. Schleifer

		 	Name: Leonard S. Schleifer
		 	Title:   President and Chief Executive Officer
		 	Dated: October 21, 2011

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 Wells Fargo Bank, National Association, 
 as Trustee, certifies that this 

is one of the Notes referred 
 to in the
within-mentioned Indenture. 
  

			
	By:	 	 /s/ Raymond Delli Colli

		 	Authorized Signatory
		
	Date:	 	 October 21, 2011

 REVERSE SIDE OF NOTE 

1.875% Convertible Senior Notes due 2016 
  

	1.	Interest. 

 This Note shall bear
cash interest at the rate of 1.875% per annum. Interest on this Note shall accrue from the most recent date to which interest has been paid or provided for, or if no interest has been paid or provided for, the Issue Date. Interest shall be
payable semiannually in arrears on April 1 and October 1 of each year, beginning on April 1, 2012, to the holders of record of Notes at the Close of Business on the March 15 or September 15 (whether or not a Business Day),
as the case may be, immediately preceding the relevant Interest Payment Date. Subject to certain exceptions described in the Indenture, each payment of cash interest on this Note shall include interest accrued for the period commencing on and
including the immediately preceding Interest Payment Date (or, if none, the Issue Date) through the day before the applicable Interest Payment Date or purchase date. Any payment required to be made on any day that is not a Business Day shall be made
on the next succeeding Business Day, and no interest or other amount will be paid as a result of such postponment. Interest shall be calculated using a 360-day year composed of twelve 30-day months. Interest shall cease to accrue on this Note upon
its Stated Maturity, conversion or purchase by the Company at the option of the Holder upon a Fundamental Change in accordance with paragraph 5 hereof. The Notes are not subject to redemption through the operation of any sinking fund or otherwise.

 If the Principal Amount hereof or any portion of such Principal Amount is not paid when due (whether upon acceleration
pursuant to Section 6.02 of the Indenture, upon the date set for payment of the Fundamental Change Repurchase Price pursuant to paragraph 5 hereof or upon the Stated Maturity of this Note), or if interest due hereon or any portion of such
interest is not paid when due in accordance with paragraph 7 hereof, then in each such case the overdue amount shall, to the extent permitted by law, bear interest at the same interest rate, compounded semiannually, which interest shall accrue from
the date such overdue amount was originally due to the date payment of such amount, including interest thereon, has been made or duly provided for. All such interest shall be payable on the next Interest Payment Date. 

Pursuant to Section 4.02 of the Indenture, in certain circumstances, the Company will pay Additional Interest or Special Interest on
this Note. 
 Pursuant to Section 6.04 of the Indenture, in certain circumstances, the Company will pay an Extension Fee on
this Note. 

  
 6 

 Pursuant to Section 11.02 of the Indenture and paragraph 7 hereof, in certain
circumstances, the Company will pay Defaulted Interest on this Note. 
 Unless the context requires otherwise, all references to
“interest” in this Note will be deemed to include any Additional Interest, Special Interest and the Extension Fee. 
  

	2.	Method of Payment. 

 Subject to
the terms and conditions of the Indenture, the Company will make payments in respect of Fundamental Change Repurchase Prices and at Stated Maturity to Holders who surrender Notes to a Paying Agent to collect such payments in respect of the Notes.
Payments in respect of Notes represented by a Global Note (including principal and interest) will be made by wire transfer of immediately available funds to the accounts specified by The Depository Trust Company. The Company will pay any cash
amounts in money of the United States that at the time of payment is legal tender for payment of public and private debts. However, the Company may make such cash payments by check payable in such money. 

 

	3.	Paying Agent, Conversion Agent, Bid Solicitation Agent and Registrar. 

 Initially, Wells Fargo Bank, National Association, a national banking association, organized and existing under the laws of the United States of America (the “Trustee”), will act as
Paying Agent, Conversion Agent, Bid Solicitation Agent and Registrar. The Company may appoint and change any Paying Agent, Conversion Agent, Bid Solicitation Agent or Registrar without notice, other than notice to the Trustee; provided,
however, that the Company will maintain at least one Paying Agent in the United States of America, which will initially be an office or agency of the Trustee. The Company or any of its Subsidiaries or any of their Affiliates may act as Paying
Agent, Conversion Agent or Registrar. The Company may maintain deposit accounts and conduct other banking transactions with the Trustee in the normal course of business. 

 

	4.	Indenture 

 The Company issued
the Notes under an Indenture dated as of October 21, 2011 (the “Indenture”), between the Company and the Trustee. The terms of the Notes include those stated in the Indenture. Capitalized terms used herein and not defined
herein have the meanings ascribed thereto in the Indenture. The Notes are subject to all such terms, and Holders are referred to the Indenture for a statement of those terms. 
 The Notes are senior unsecured obligations of the Company limited to $400,000,000 aggregate Principal Amount, as may be increased by the aggregate Principal Amount of additional Notes purchased by the
Initial Purchaser pursuant to its option to purchase additional Notes set forth in Section 2 of the Purchase Agreement, which aggregate 

  
 7 

 
Principal Amount shall not exceed $60,000,000 (subject to Section 2.01 of the Indenture) or qualified reopening. The Indenture does not limit other indebtedness of the Company, secured or
unsecured. 
  

	5.	Repurchase by the Company at the Option of the Holder upon a Fundamental Change. 

 At the option of the Holder and subject to the terms and conditions of the Indenture, the Company shall become obligated to repurchase the Notes held by such Holder on a date no earlier than 20 calendar
days, and no later than 35 calendar days, after the Fundamental Change Notice Date for a Fundamental Change for a Fundamental Change Repurchase Price equal to the Principal Amount of the Notes to be repurchased, plus accrued and unpaid interest to,
but excluding, the Fundamental Change Repurchase Date, unless the Fundamental Change Repurchase Date is after a Regular Record Date and on or prior to the Interest Payment Date to which it relates, in which case interest accrued to the Interest
Payment Date will be paid to Holders of the Notes as of the preceding Regular Record Date, which Fundamental Change Repurchase Price shall be paid in cash. 
 Holders have the right to withdraw any Fundamental Change Repurchase Notice by delivering to the Paying Agent a written notice of withdrawal in accordance with the provisions of the Indenture. 

If cash sufficient to pay the Fundamental Change Repurchase Price, of, together with any accrued and unpaid interest with respect to, all
Notes or portions thereof to be repurchased as of the Fundamental Change Repurchase Date is deposited with the Paying Agent on the Fundamental Change Repurchase Date, interest shall cease to accrue on such Notes (or portions thereof) immediately
after such Fundamental Change Repurchase Date whether or not the Note is delivered to the Paying Agent, and the Holder thereof shall have no other rights as such (other than the right to receive the Fundamental Change Repurchase Price and previously
accrued and unpaid interest upon delivery, book-entry transfer or transfer of such Note). 
  

	6.	Conversion. 

 Subject to and upon
compliance with the provisions set forth in the Indenture (including the conditions to conversion set forth in Section 10.01 of the Indenture), a Holder of this Note has the right, at such Holder’s option, to convert the Principal Amount
hereof or any portion thereof such that the Principal Amount that is not so converted equals $1,000 or an integral multiple of $1,000 in excess thereof into an amount of cash, a number of shares of Common Stock, or a combination thereof, based on
the Conversion Rate in effect on the Conversion Date for this Note. The Conversion Rate will initially equal 11.9021 shares of Common Stock per $1,000 Principal Amount of the Notes and is subject to adjustment as described in the Indenture.

  
 8 

	7.	Defaulted Interest. 

 Except as
otherwise specified with respect to the Notes, any Defaulted Interest on any Note shall forthwith cease to be payable to the registered Holder thereof on the relevant Regular Record Date or accrual date, as the case may be, by virtue of having been
such Holder, and such Defaulted Interest may be paid by the Company as provided for in Section 11.02 of the Indenture. 
  

	8.	Denominations; Transfer; Exchange. 

 The Notes are in fully registered form, without coupons, in denominations of $1,000 and integral multiples of $1,000 in excess thereof. A Holder may transfer or exchange Notes in accordance with the
Indenture. The Registrar may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. The Registrar need not register the transfer
or exchange of any Notes in respect of which a Fundamental Change Repurchase Notice has been given and not withdrawn (except, in the case of a Note to be repurchased in part, the portion of the Note not to be repurchased) or in respect of which a
Conversion Notice has been given (except, in the case of a Note to be converted in part, the portion of the Note not to be converted). 
  

	9.	Persons Deemed Owners. 

 The
registered Holder of this Note may be treated as the owner of this Note for all purposes. 
  

	10.	Unclaimed Money or Securities. 

The Trustee and the Paying Agent shall return to the Company upon written request any money or securities held by them for the payment of
any amount with respect to the Notes that remains unclaimed for two years, subject to applicable unclaimed property laws. After return to the Company, Holders entitled to the money or securities must look to the Company for payment as general
creditors unless an applicable abandoned property law designates another person. 
  

	11.	Amendment; Waiver. 

 Subject to
certain exceptions set forth in the Indenture, (i) the Indenture or the Notes may be amended with the written consent of the Holders of at least a majority in aggregate Principal Amount of the Notes at the time outstanding and (ii) certain
Defaults may be waived with the written consent of the Holders of a majority in aggregate Principal Amount of the Notes at the time outstanding. Subject to certain exceptions set forth in the Indenture, without the consent of any Holder, the Company
and the Trustee may amend the Indenture or the Notes (i) to cure any ambiguity, omission, defect or inconsistency in the Indenture or the Notes; (ii) to comply with Article 5 or Section 10.08 of the Indenture; (iii) to conform
the provisions of the Indenture to the “Description of Notes” section in the Offering Circular, as supplemented by the related pricing term sheet; (iv) to add guarantees with 

  
 9 

 
respect to the Notes; (v) to secure the Company’s obligations under the Notes and the Indenture; (vi) to add to the Company’s covenants for the benefit of the Holders or to
surrender any right or power conferred upon the Company; (vii) to make any change that does not materially adversely affect the rights of any Holder; (viii) to appoint a successor Trustee with respect to the Notes; or (ix) to
irrevocably elect to settle Conversion Obligation in cash, shares or combination thereof. 
  

	12.	Defaults and Remedies. 

 Under
the Indenture, Events of Default include: (i) Default in the payment of the Principal Amount of any Note when due and payable at its Stated Maturity, upon required repurchase in connection with a Fundamental Change, upon declaration of
acceleration or otherwise; (ii) Default in any payment of interest on any Note when due and payable if the default continues for a period of 30 days; (iii) Default in the performance, or breach, of any covenant or agreement of the Company
in this Indenture (other than a covenant or agreement a default in whose performance or whose breach is specifically dealt with in clauses (i) or (ii) above or in clause (vi) below), and continuance of such default or breach for a
period of 60 days after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the holders of at least 25% in aggregate Principal Amount of the outstanding Notes (any such notice must specify the
Default, demand that it be remedied and state that such notice is a “Notice of Default”); (iv) a Default or Defaults under any bonds, debentures, notes or other evidences of indebtedness (other than the Notes) having,
individually or in the aggregate, a principal or similar amount outstanding of at least $15.0 million, whether such indebtedness now exists or shall hereafter be created, which default or defaults shall have resulted in the acceleration of the
maturity of such indebtedness prior to its express maturity or shall constitute a failure to pay at least $15.0 million of such indebtedness when due and payable after the expiration of any applicable grace period with respect thereto, without such
indebtedness having been paid or discharged within a period of 30 days after the occurrence of such indebtedness becoming or being declared due and payable or the failure to pay, as the case may be; (v) the failure by the Company to comply with
the obligation to convert the Notes into Common Stock, cash or a combination of cash and Common Stock, as applicable, in accordance with Article 10 hereof upon exercise of a Holder’s conversion right and such failure continues for 5 days;
(vi) failure by the Company to provide a Fundamental Change Notice pursuant to Section 3.03(a) of the Indenture when due if such failure continues for 5 days; and (vii) certain events of bankruptcy or insolvency. 

If an Event of Default occurs and is continuing (other than certain events of bankruptcy or insolvency with respect to the Company), the
Trustee, or the Holders of at least 25% in aggregate Principal Amount of the Notes at the time outstanding, may declare the Principal Amount through the date of such declaration, and any accrued and unpaid interest through the date of such
declaration, on all the Notes to be due and payable immediately. Certain events of bankruptcy or insolvency with respect to the Company, however, are Events of Default which will result in the Principal Amount on the Notes, and any accrued and
unpaid interest through the occurrence of such event, becoming due and payable immediately upon the occurrence of such Events of Default. 

  
 10 

 Holders may not enforce the Indenture or the Notes except as provided in the Indenture. The
Trustee may refuse to enforce the Indenture or the Notes unless it receives indemnity and/or security reasonably satisfactory to it. Subject to certain limitations, Holders of a majority in aggregate Principal Amount of the Notes at the time
outstanding may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders notice of any continuing Default (except a Default in payment of amounts specified in clauses (i) and (ii) above) if it
determines that withholding notice is in their interests. 
  

	13.	Trustee Dealings with the Company. 

 The Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with and collect obligations owed to it by the Company or its
Affiliates and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not Trustee. 
  

	14.	No Recourse Against Others. 

 A
director, officer, employee or stockholder, as such, of the Company shall not have any liability for any obligations of the Company under the Notes or the Indenture or for any claim based on, in respect of or by reason of such obligations or their
creation. By accepting a Note, each Holder waives and releases all such liability. The waiver and release are part of the consideration for the issue of the Notes. 
  

	15.	Authentication. 

 This Note shall
not be valid until an authorized signatory of the Trustee manually signs the Trustee’s Certificate of Authentication on the other side of this Note. 
  

	16.	Abbreviations. 

 Customary
abbreviations may be used in the name of a Holder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the entireties), JT TEN (=joint tenants with right of survivorship and not as tenants in common), CUST (=custodian), and
U/G/M/A (=Uniform Gift to Minors Act). 
  

	17.	GOVERNING LAW. 

 THE LAWS OF THE
STATE OF NEW YORK SHALL GOVERN THIS INDENTURE AND THE NOTES, BUT WITHOUT GIVING EFFECT TO THE CHOICE OF LAW DOCTRINE THEREOF OTHER THAN TITLE 14 OF ARTICLE 5 OF NEW YORK GENERAL OBLIGATIONS LAW. 

  
 11 

   
 The Company will furnish to any Holder upon written request and without charge a copy of the Indenture which has in it the text of this Note in larger type. Requests may be made to: 

Investor Relations Department 
 Regeneron Pharmaceuticals, Inc. 
 777 Old Saw Mill River Road 

Tarrytown, New York 10591 
 Telephone No.: (914) 345-7400 
 Facsimile No.: (914) 593-1506 

  
 12 

 ASSIGNMENT FORM 

REGENERON PHARMACEUTICALS, INC. 
 1.875% CONVERTIBLE SENIOR NOTES DUE 2016 
 To assign this Note, fill in the form
below: 
 I or we assign and transfer this Note to: 

 
  
  

 
 (Insert assignee’s Soc. Sec.
or Tax ID no.) 
  
  

 
  
  

 
 (Print or type Assignee’s
name, address and zip code) 
 and irrevocably appoint 
                                   
              agent to transfer this Note on the books of the Company. The agent may substitute another to act for him. 

 

			
	Signature Guaranteed
	
	  

	 Participant in a Recognized Signature
 Guarantee Medallion Program

		
	By:	 	  

		 	    Authorized Signatory

  
 13 

 CONVERSION NOTICE 

REGENERON PHARMACEUTICALS, INC. 
 1.875% CONVERTIBLE SENIOR NOTES DUE 2016 
 To convert this Note into cash and Common Stock of the
Company, if any, check the box:  ̈ 
 To convert only part of this Note, state the Principal
Amount to be converted (which must be such that the Principal Amount of this Note that is not converted equals $1,000 or an integral multiple of $1,000 in excess thereof): 
 $                                  
                           
 If you want any stock certificate issuable upon conversion of this Note made out in another person’s name, fill in the form below: 

 
  
  

 
 (Insert other person’s Soc.
Sec. or Tax ID no.) 
  
  

 
  
  

 
 (Print or type Assignee’s
name, address and zip code) 
  

			
	Signature Guaranteed
	
	  

	 Participant in a Recognized Signature
 Guarantee Medallion Program

		
	By:	 	  

		 	    Authorized Signatory

  
 14 

 FUNDAMENTAL CHANGE REPURCHASE NOTICE 

REGENERON PHARMACEUTICALS, INC. 
 1.875% CONVERTIBLE SENIOR NOTES DUE 2016 
 Wells Fargo Bank, National Association 

45 Broadway, 14th Floor, 
 New York, New York
10006, 
 Attention: Corporate Trust Services – Administrator, Regeneron Pharmaceuticals, Inc. 

The undersigned registered owner of this Note hereby acknowledges receipt of a notice from Regeneron Pharmaceuticals, Inc. (the
“Company”) as to the occurrence of a Fundamental Change with respect to the Company and specifying the Fundamental Change Repurchase Date and requests and instructs the Company to pay to the registered holder hereof in accordance
with the applicable provisions of the Indenture referred to in this Note (1) the entire Principal Amount of this Note, or the portion thereof (that is such that the Principal Amount of this Note that is repurchased will equal $1,000 Principal
Amount or an integral multiple of $1,000 in excess thereof) below designated, and (2) if such Fundamental Change Repurchase Date does not occur during the period after a Regular Record Date and on or prior to the corresponding Interest Payment
Date, accrued and unpaid interest, if any, thereon to, but excluding, such Fundamental Change Repurchase Date. 
 Certificate
Number: 
  

					
	Dated:	  		  	
	
	  

	Signature(s)
	
	  

	Social Note or Other Taxpayer Identification Number
	
	Principal amount to be repaid (if less than all): $            ,000

  
 15 

 NOTICE: The above signature(s) of the Holder(s) hereof must correspond with the name as written upon the
face of the Note in every particular without alteration or enlargement or any change whatever. 

  
 16 

 SCHEDULE OF INCREASES AND DECREASES OF GLOBAL NOTE 

Initial Principal Amount of Global Note: 
  

									
	 Date
	  	 Amount of Increase in
Principal Amount of
Global
Note
	  	 Amount of Decrease in
Principal Amount of
Global
Note
	  	 Principal Amount of
Global Note After
Increase or
Decrease
	  	 Notation by Registrar,
Trustee or
Note
Custodian

		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  
 17<![CDATA[Master Terms and Conditions for Convertible Note Hedging (Goldman, Sachs & Co.)]]>

 Exhibit 10.1 
 Execution Version 
 MASTER TERMS AND CONDITIONS FOR CONVERTIBLE BOND
HEDGING TRANSACTIONS 
 BETWEEN GOLDMAN, SACHS & CO. AND REGENERON PHARMACEUTICALS, INC. 

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

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

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

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

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

  
 2 

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

 4. Procedure for Exercise: 

 

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

  
 3 

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

  
 4 

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

 5. Settlement Terms: 

 

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

  
 5 

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

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

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

  
 6 

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

  
 7 

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

 6. Adjustments: 

 

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

  
 8 

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

 7. Extraordinary Events: 

 

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

  
 9 

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

 8. Additional Disruption Events: 

 

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

  
 10 

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

 9. Acknowledgements: 

 

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

 10. Representations, Warranties and Agreements: 

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

(ii) it is an “eligible contract participant” as defined in Section 1(a)(12) of the Commodity Exchange Act,
as amended (the “CEA”), and this Master Confirmation and each Transaction hereunder are subject to individual negotiation by the parties and have not been executed or traded on a “trading facility” as defined in
Section 1a(33) of the CEA; and 
 (iii) it is bound by the Conduct Rules of the Financial Industry
Regulatory Authority, Inc. applicable to transactions in options, and further agrees not to violate the position and exercise limits set forth therein. 

  
 11 

 (b) Counterparty hereby represents and warrants to, and agrees with, Dealer on the Trade
Date of each Transaction that: 
 (i) its financial condition is such that it has no need for liquidity with
respect to its investment in such Transaction and no need to dispose of any portion thereof to satisfy any existing or contemplated undertaking or indebtedness; 
 (ii) its investments in and liabilities in respect of such Transaction, which it understands are not readily marketable, are not disproportionate to its net worth, and it is able to bear any loss in
connection with such Transaction, including the loss of its entire investment in such Transaction; 
 (iii) it
understands that Dealer has no obligation or intention to register such Transaction under the Securities Act or any state securities law or other applicable federal securities law; 

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

 (vii) It is not, on the date hereof, and will not be, on any date on which it elects to require Dealer to
satisfy any Dealer Payment Obligation by delivery of Termination Delivery Units pursuant to Section 11(b) below, in possession of any material non-public information with respect to it or the Shares and its most recent Annual Report on Form
10-K, taken together with all reports and other documents subsequently filed by it with the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange Act”) when considered as a whole
(with the more recent such reports and documents deemed to amend inconsistent statements contained in any earlier such reports and documents) do not contain any untrue statement of a material fact or any omission of a material fact required to be
stated therein or necessary to make the statements therein, in the light of the circumstances in which they were made, not misleading; 
 (viii) it is not entering into any Transaction to create, and will not engage in any other securities or derivatives transactions to create, actual or apparent trading activity in the Shares (or any
security convertible into or exchangeable for Shares) or to raise or depress or to manipulate the price of the Shares (or any security convertible into or exchangeable for Shares); 

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

(xi) RESERVED 
 (xii) it is not, and after giving effect to the transactions contemplated hereby will not be, an “investment company” as such term is defined in the Investment Company Act of 1940, as amended;

 (xiii) without limiting the generality of Section 13.1 of the Definitions, Counterparty acknowledges that
neither Dealer nor any of its affiliates is making any representations or warranties or taking any position or expressing any view with respect to the treatment of the Transaction under any accounting standards including ASC Topic 260, Earnings
Per Share, ASC Topic 815, Derivatives and 

  
 12 

 
Hedging, or ASC Topic 480, Distinguishing Liabilities from Equity and ASC 815-40, Derivatives and Hedging—Contracts in Entity’s Own Equity (or any successor issue
statements) or under FASB’s Liabilities & Equity Project; 
 (xiv) RESERVED 

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

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

  
 13 

 
type described in Section 5(b)(i), (ii), (iii), (iv), or (v) of the Agreement that in the case of either (x) or (y) resulted from an event or events within Counterparty’s
control. Within a commercially reasonable period of time following receipt of a Notice of Dealer Termination Delivery or such notice by Dealer to Counterparty, as the case may be, Dealer shall deliver to Counterparty a number of Termination Delivery
Units having a cash value equal to the amount of such Dealer Payment Obligation (such number of Termination Delivery Units to be delivered to be determined by the Calculation Agent as the number of whole Termination Delivery Units that could be
purchased over a commercially reasonable period of time with the cash equivalent of such payment obligation). 

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

(d) Transfer and Assignment. Counterparty may transfer any of its rights or obligations under any Transaction with the prior
written consent of the Dealer, such consent not to be unreasonably withheld. Dealer may transfer or assign without any consent of Counterparty its rights and obligations hereunder or under the Agreement, in whole or in part, to any of its
affiliates; provided that Counterparty shall have recourse to Dealer in the event of the failure by the transferee to perform any of its obligations hereunder. At any time at which (1) Dealer and any of its affiliates subject to
aggregation with Dealer for purposes of the “beneficial ownership” test under Section 13 of the Exchange Act and all persons who may form a “group” (within the meaning of Rule 13d-5(b)(1) under the Exchange Act) with Dealer
(collectively, “Dealer Group”) or any person whose ownership position would be aggregated with that of Dealer or Dealer Group (Dealer, Dealer Group or any such person, a “Dealer Person”) under any state or federal
bank holding company or banking laws, or other federal, state or local laws, regulations or regulatory orders applicable to ownership of Shares (“Applicable Laws”), owns, beneficially owns, constructively owns, controls, holds the
power to vote or otherwise meets a relevant definition of ownership in excess of a number of Shares equal to (x) the number of Shares that would give rise to reporting or registration obligations or other requirements (including obtaining prior
approval by a state or federal regulator) of a Dealer 

  
 14 

 
Person under Applicable Laws and with respect to which such requirements have not been met or the relevant approval has not been received minus (y) 1% of the number of Shares
outstanding on the date of determination (such condition, an “Excess Ownership Position”) or (2) the Units Equity Percentage exceeds 9.0%, if Dealer, in its discretion, is unable to effect a transfer or assignment to a third
party in accordance with the requirements set forth above after using its commercially reasonable efforts on pricing and other terms reasonably acceptable to Dealer within a time period reasonably acceptable to Dealer such that an Excess Ownership
Position no longer exists or that the Units Equity Percentage is equal to or less than 9.0%, as the case may be, Dealer may designate any Scheduled Trading Day as an Early Termination Date with respect to a portion (the “Terminated
Portion”) of the Transaction, such that such Excess Ownership Position no longer exists or the Units Equity Percentage following such partial termination is equal to or less than 9.0%, as the case may be. In the event that Dealer so
designates an Early Termination Date with respect to a portion of the Transaction, a payment or delivery shall be made pursuant to Section 6 of the Agreement and Section 11(b) of this Master Confirmation as if (i) an Early Termination
Date had been designated in respect of a Transaction having terms identical to the Terminated Portion of the Transaction, (ii) Counterparty shall be the sole Affected Party with respect to such partial termination and (iii) such portion of
the Transaction shall be the only Terminated Transaction. The “Units Equity Percentage” as of any day is the fraction, expressed as a percentage, (A) the numerator of which is the total Number of Shares for all Transactions
hereunder and (B) the denominator of which is the number of Shares outstanding. 
 (e) Additional Termination
Events. For any Transaction: 
 (i) The occurrence of an event of default with respect to Counterparty under the terms of
the Convertible Notes for such Transaction that results in an acceleration of such Convertible Notes pursuant to the terms of the Indenture as described in the Offering Memorandum under “Description of Notes—Events of Default” for
such Transaction shall be an Additional Termination Event with respect to which (A) such Transaction is the sole Affected Transaction, (B) Counterparty shall be the sole Affected Party and (C) Seller shall designate an Early
Termination Date pursuant to Section 6(b) of the Agreement, which shall be no later than the fifth Exchange Business Day following acceleration of such Convertible Notes (unless otherwise agreed by the parties). 

(ii) The occurrence of any amendment, modification, supplement or waiver of any term of the Indenture as described in the Offering
Memorandum under “Description of Notes—Modification and Amendment” for such Transaction or the Convertible Notes for such Transaction governing the principal amount, coupon, maturity, repurchase obligation of Counterparty, redemption
right of Counterparty, any term relating to conversion or settlement of the Convertible Notes for such Transaction (including changes to the conversion rate or price, conversion settlement dates, conversion conditions or provisions related to
adjustments to the “Conversion Rate”), or any term that would require consent of the holders of not less than 100% of the principal amount of the Convertible Notes for such Transaction to amend, in each case without the prior consent of
Seller, such consent not to be unreasonably withheld, shall be an Additional Termination Event with respect to which (A) such Transaction is the sole Affected Transaction, (B) Counterparty shall be the sole Affected Party and
(C) Seller shall be the party entitled to designate an Early Termination Date pursuant to Section 6(b) of the Agreement. 
 (iii) The repurchase or cancellation of Convertible Notes (whether pursuant to the provision of the Indenture as described in the Offering Memorandum under “Description of Notes—Fundamental
Change Permits Holders to Require Us to Purchase Notes” or otherwise) shall be an Additional Termination Event with respect to which (A) the sole Affected Transaction shall be the portion of the Transaction corresponding to the number of
Units (the “Repurchase Units”) equal to the lesser of (x) the aggregate principal amount of such Convertible Notes specified in Counterparty’s Note Repurchase Notice divided by USD 1,000 and (y) the Number of
Units as of the date Dealer designates such Early Termination Date; and, as of such date, the Number of Units shall be reduced by the number of Repurchase Units, (B) Counterparty shall be the sole Affected Party and (C) Seller shall
designate an Early Termination Date pursuant to Section 6(b) of the Agreement, which shall be no later than the fifth Exchange Business Day following receipt of such Note Repurchase Notice (unless otherwise agreed by the parties); provided
that Counterparty shall provide Dealer a notice (any such notice, a “Note Repurchase Notice”) no later than the third Exchange Business Day following any such repurchase or cancellation specifying the aggregate principal amount
of Convertible Notes so repurchased or cancelled. 

  
 15 

 (f) Status of Claims in Bankruptcy. Dealer acknowledges and agrees that this Master
Confirmation, together with any Confirmation, is not intended to convey to Dealer rights with respect to any Transaction that are senior to the claims of common stockholders in any U.S. bankruptcy proceedings of Counterparty; provided that
nothing herein shall limit or shall be deemed to limit Dealer’s right to pursue remedies in the event of a breach by Counterparty of its obligations and agreements with respect to any Transaction; and provided, further, that
nothing herein shall limit or shall be deemed to limit Dealer’s rights in respect of any transactions other than the Transactions. 
 (g) No Collateral. Notwithstanding any provision of this Master Confirmation, any Confirmation or the Agreement, or any other agreement between the parties, to the contrary, the obligations of
Counterparty under the Transactions are not secured by any collateral. Without limiting the generality of the foregoing, if this Master Confirmation, the Agreement or any other agreement between the parties includes an ISDA Credit Support Annex or
other agreement pursuant to which Counterparty collateralizes obligations to Dealer, then the obligations of Counterparty hereunder will not be considered to be obligations under such Credit Support Annex or other agreement pursuant to which
Counterparty collateralizes obligations to Dealer, and any Transactions hereunder shall be disregarded for purposes of calculating any Exposure, Market Value or similar term thereunder. 

(h) RESERVED 

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

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

  
 16 

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

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

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

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

  
 17 

 
for, providing testimony or other evidence in connection with or defending any of the foregoing. If any suit, action, proceeding (including any governmental or regulatory investigation), claim or
demand shall be brought or asserted against any Section 16 Indemnified Person, such Section 16 Indemnified Person shall promptly notify Counterparty in writing, and Counterparty, upon request of such Section 16 Indemnified Person,
shall retain counsel reasonably satisfactory to such Section 16 Indemnified Person to represent such Section 16 Indemnified Person and any others Counterparty may designate in such proceeding and shall pay the fees and expenses of such
counsel related to such proceeding. Counterparty shall be relieved from liability to the extent that such Section 16 Indemnified Person fails to promptly notify Counterparty of any action commenced against it in respect of which indemnity may
be sought hereunder; provided, that failure to notify Counterparty (i) shall not relieve Counterparty from any liability hereunder to the extent it is not materially prejudiced as a result thereof and (ii) shall not, in any event,
relieve Counterparty from any liability that it may have otherwise than on account of this paragraph (o). Counterparty shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent or
if there be a final judgment for the plaintiff, Counterparty agrees to indemnify any Section 16 Indemnified Person from and against any loss or liability by reason of such settlement or judgment. Counterparty shall not, without the prior
written consent of each Section 16 Indemnified Person, effect any settlement of any pending or threatened proceeding in respect of which any Section 16 Indemnified Person is or could have been a party and indemnity could have been sought
hereunder by any such Section 16 Indemnified Person, unless such settlement includes an unconditional release of each such Section 16 Indemnified Person from all liability on claims that are the subject matter of such proceeding on terms
reasonably satisfactory to each such Section 16 Indemnified Person. If the indemnification provided for in this paragraph (o) is unavailable to a Section 16 Indemnified Person or insufficient in respect of any losses, claims, damages
or liabilities referred to therein, then Counterparty, in lieu of indemnifying such Section 16 Indemnified Person thereunder, shall contribute to the amount paid or payable by such Section 16 Indemnified Person as a result of such losses,
claims, damages or liabilities. The remedies provided for in this paragraph (o) are not exclusive and shall not limit any rights or remedies that may otherwise be available to any Section 16 Indemnified Person at law or in equity. The
indemnity and contribution agreements contained in this paragraph (o) shall remain operative and in full force and effect regardless of the termination of any Transaction. 

(p) Early Unwind. In the event the sale of Convertible Notes for any Transaction hereunder is not consummated with the Initial
Purchasers for any reason by the close of business in New York City on the Early Unwind Date set forth in the Confirmation for such Transaction, such Transaction shall automatically terminate on such Early Unwind Date and (i) such Transaction
and all of the respective rights and obligations of Dealer and Counterparty under such Transaction shall be cancelled and terminated and (ii) each party shall be released and discharged by the other party from and agrees not to make any claim
against the other party with respect to any obligations or liabilities of the other party arising out of and to be performed in connection with such Transaction either prior to or after such Early Unwind Date; provided that Counterparty shall
purchase from Dealer on such Early Unwind Date all Shares purchased by Dealer or one or more of its Affiliates in connection with such Transaction. The purchase price paid by Counterparty shall be Dealer’s actual cost of such Shares as Dealer
informs Counterparty and shall be paid in immediately available funds on such Early Unwind Date. 
 (q) Registration.
Counterparty hereby agrees that if the Shares (the “Hedge Shares”) acquired by Dealer for the purpose of hedging its obligations pursuant to the Transaction, in Dealer’s good-faith reasonable judgment based on advice of
counsel, cannot be sold in the U.S. public market by Dealer without registration under the Securities Act, Counterparty shall, at its election: (i) in order to allow Dealer to sell the Hedge Shares in a registered offering, make available to
Dealer an effective registration statement under the Securities Act to cover the resale of such Hedge Shares and (A) enter into an agreement, in form and substance reasonably satisfactory to Dealer and Counterparty, substantially in the form of
an underwriting agreement for a registered secondary offering, (B) provide accountant’s “comfort” letters in customary form for registered offerings of equity securities, (C) provide disclosure opinions of nationally
recognized outside counsel to Counterparty reasonably acceptable to Dealer, (D) provide other customary opinions, certificates and closing documents customary in form for registered offerings of equity securities and (E) afford Dealer a
reasonable opportunity to conduct a “due diligence” investigation with respect to Counterparty customary in scope for underwritten offerings of equity securities; provided that if Dealer, in its sole reasonable discretion, is not
satisfied with access to due diligence 

  
 18 

 
materials, the results of its due diligence investigation, or the procedures and documentation for the registered offering referred to above, then clause (ii) or (iii) of this paragraph
(q) shall apply at the election of Counterparty; (ii) in order to allow Dealer to sell the Hedge Shares in a private placement, enter into a private placement agreement substantially similar to private placement agreements customary for
private placements of equity securities, in form and substance reasonably satisfactory to Dealer and Counterparty, including customary representations, covenants, blue sky and other governmental filings and/or registrations, indemnities to Dealer,
due diligence rights (for Dealer or any designated buyer of the Hedge Shares from Dealer), opinions and certificates and such other documentation as is customary for private placement agreements, all reasonably acceptable to Dealer (in which case,
the Calculation Agent shall make any adjustments to the terms of the Transaction that are necessary, in its reasonable judgment, to compensate Dealer for any discount from the public market price of the Shares incurred on the sale of Hedge Shares in
a private placement); or (iii) purchase the Hedge Shares from Dealer at the price displayed under the heading “Bloomberg VWAP” on Bloomberg page REGN.Q <equity> AQR (or any successor thereto) in respect of the period from the
scheduled opening time of the Exchange to the Scheduled Closing Time of the Exchange on a relevant Exchange Business Day (or if such volume-weighted average price is unavailable, the market value of one Share on such Exchange Business Day, as
determined by the Calculation Agent using a volume-weighted method) on such Exchange Business Days, and in the amounts requested by Dealer. For the avoidance of doubt, under no circumstances shall Counterparty be obligated to make the election
described in clause (iii) of the preceding sentence. 
 (r) Conversion Rate Adjustments. Counterparty shall provide
to Dealer written notice, promptly following the public announcement of any transaction or event (a “Conversion Rate Adjustment Event”) that is reasonably expected to lead to an increase in the Conversion Rate (as such term is defined in
the Indenture as described in the Offering Memorandum under “Description of Notes—Conversion Rights—General”), and, once the adjustments to the Conversion Rate as a result of such Conversion Rate Adjustment Event have been
determined, shall notify Dealer in writing of the details of such adjustments. 
 (s) Delivery or Receipt of Cash. For
the avoidance of doubt, other than receipt of the Premium by Buyer, nothing in the Agreement, the Definitions, this Master Confirmation or any Confirmation hereunder shall be interpreted as requiring Counterparty to deliver or receive cash in
respect of the settlement of the Transactions contemplated by this Master Confirmation and any Confirmation hereunder, except in circumstances where the cash settlement thereof is within Counterparty’s control (including, without limitation,
where an Event of Default by Counterparty has occurred under Section 5(a)(ii) or Section 5(a)(iv) of the Agreement, where Counterparty elects to deliver or receive cash or fails timely to elect to deliver or receive Termination Delivery
Units in respect of the settlement of such Transaction) or in those circumstances in which holders of the Shares would also receive cash. 

  
 19 

 12. Addresses for Notice: 

 

					
	If to Dealer:	  	Goldman, Sachs & Co.
		  	200 West Street
		  	New York, NY 10282-2198
		  	Attn:	  	Serge Marguié
		  		  	Equity Capital Markets
		  	Telephone:	  	(212) 902-9779
		  	Facsimile:	  	(917) 977-4253
		  	Email:	  	marqse@am.ibd.gs.com
			
	With a copy to:	  	Attn:	  	Michael Voris
		  		  	Equity Capital Markets
		  	Telephone:	  	(212) 902-4895
		  	Facsimile:	  	(212) 291-5027
		  	Email:	  	Michael.Voris@gs.com
	
	And email notification to the following address:
		  	Eq-derivs-notifications@am.ibd.gs.com
		
	If to Counterparty:	  	Regeneron Pharmaceuticals, Inc.
		  	777 Old Saw Mill River Road
		  	Tarrytown, NY 10591-6707
		  	Telephone:	  	(914) 345-7400

 13. Accounts for Payment: 

 

					
	To Dealer:	  	Chase Manhattan Bank New York
		  	For A/C Goldman, Sachs & Co.
		  	A/C #930-1-011483
		  	ABA: 021-000021
		
	To Counterparty:	  	JPMorgan Chase
		  	ABA No.:	  	021000021
		  	Account No.:	  	6701772200
		  	Swift Code:	  	CHASEUS33
		  	Address:	  	JP Morgan Chase Bank, N.A.
		  		  	106 Corporate Park Drive
		  		  	Floor 2
		  		  	White Plains, NY 10604
		  	Benefit of:	  	Regeneron Pharmaceuticals, Inc.
		  	Bank Contact:	  	Elanor Barreto
		  	Phone:	  	(914) 993-2241

 14. Delivery Instructions: 

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

To Counterparty:      To be advised. 

  
 20 

 15. Amendments to Definitions: 

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

  
 21 

 Counterparty hereby agrees (a) to check this Master Confirmation carefully and
immediately upon receipt so that errors or discrepancies can be promptly identified and rectified and (b) to confirm that the foregoing (in the exact form provided by Dealer) correctly sets forth the terms of the agreement between Dealer and
Counterparty with respect to the Transaction, by manually signing this Master Confirmation or this page hereof as evidence of agreement to such terms and providing the other information requested herein and immediately returning an executed copy to
Goldman, Sachs & Co., Equity Derivatives Documentation Department, Facsimile No. (212) 428-1980/83. 
  

			
	Yours faithfully,
	
	GOLDMAN, SACHS & CO.
		
	By:	 	 /s/    Daniel Kopper

		 	Name:    Daniel Kopper
		 	Title:      Vice President

  

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

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

 [Signature Page to Bond Hedge Master Confirm] 

  
 A-1

 EXHIBIT A 
 FORM OF CONVERTIBLE BOND HEDGING 
 TRANSACTION CONFIRMATION 

CONFIRMATION 
  

			
	Date:	  	October 18, 2011
		
	To:	  	Regeneron Pharmaceuticals, Inc. (“Counterparty”)
		
	Telefax No.:	  	(914) 593-1506
		
	From:	  	Goldman, Sachs & Co. (“Dealer”)
		
	Telefax No.:	  	(917) 977-4253

 Transaction Reference Number:
                     
 The
purpose of this communication (this “Confirmation”) is to set forth the terms and conditions of the above-referenced Transaction entered into on the Trade Date specified below between you and us. This Confirmation supplements, forms
a part of, and is subject to the Master Terms and Conditions for Convertible Bond Hedging Transactions dated as of October 18, 2011 and as amended from time to time (the “Master Confirmation”) between you and us. 

1. The definitions and provisions contained in the Definitions (as such term is defined in the Master Confirmation) and in the Master
Confirmation are incorporated into this Confirmation. In the event of any inconsistency between those definitions and provisions and this Confirmation, this Confirmation will govern. 

2. The particular Transaction to which this Confirmation relates is entered into as part of an integrated hedging transaction of the
Convertible Notes pursuant to the provisions of Treasury Regulation Section 1.1275-6. 
 3. The particular Transaction to
which this Confirmation relates shall have the following terms: 
  

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

  
 A-2

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

  
 A-3

			
	Make-whole Provision:	  	The provision of the Indenture as described in the Offering Memorandum under “Description of Notes—Conversion Rights—Adjustment to Shares Delivered upon Conversion
upon Certain Corporate Transactions”
		
	Conversion Rate Adjustment Fallback Provision:	  	The provision of the Indenture as described in the Offering Memorandum in the second paragraph of clause (3) under “Description of Notes—Conversion
Rights—Conversion Rate Adjustments”
		
	Dilution Provision:	  	The provisions of the Indenture as described in the Offering Memorandum in clause (1) to (5) under “Description of Notes—Conversion Rights—Conversion Rate
Adjustments”
		
	Merger Provision:	  	The provision of the Indenture as described in the Offering Memorandum in the sixth and seventh to last paragraphs under “Description of Notes— Conversion
Rights—Conversion Rate Adjustments”
		
	Tender Offer Provision:	  	The provision of the Indenture as described in the Offering Memorandum in clause (5) under “Description of Notes—Conversion Rights—Conversion Rate
Adjustments”
		
	Early Unwind Date:	  	October 21, 2011, or such later date as agreed by the parties hereto.

  
 A-4

 4. Counterparty hereby agrees (a) to check this Confirmation carefully and immediately
upon receipt so that errors or discrepancies can be promptly identified and rectified and (b) to confirm that the foregoing (in the exact form provided by Dealer) correctly sets forth the terms of the agreement between Dealer and Counterparty
with respect to the Transaction, by manually signing this Confirmation or this page hereof as evidence of agreement to such terms and providing the other information requested herein and immediately returning an executed copy to Goldman,
Sachs & Co., Equity Derivatives Documentation Department, Facsimile No. (212) 428-1980/83. 
  

			
	Yours faithfully,
	
	GOLDMAN, SACHS & CO.
		
	By:	 	 /s/ Daniel Kopper

		 	Name: Daniel Kopper
		 	Title: Vice President

  

			
	 Agreed and Accepted By:
  

REGENERON PHARMACEUTICALS, INC.

		
	By:	 	 /s/ Joseph J. LaRosa

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

 [Signature Page to Bond Hedge Confirm]

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