Document:

Registration Rights Agreement

 Exhibit 10.4 
  

			
		 	REGISTRATION RIGHTS AGREEMENT, dated as of February 17, 2009, among Mead Johnson Nutrition Company, a Delaware corporation (the “Company”), Bristol-Myers Squibb
Company, a Delaware corporation (“BMS”), and E.R. Squibb & Sons, L.L.C., a Delaware limited liability company (“ERS”) (together with BMS and any affiliate of BMS holding common stock of the Company, the
“Holders”).

 WHEREAS, the Company and BMS have entered into a Separation Agreement dated as of
February 17, 2009, providing for the separation of the Mead Johnson nutritionals business (the “Separation”) from BMS; 
 WHEREAS, after the Separation, the Company intends to sell 25,000,000 shares of its Class A Common Stock, par value $0.01 per share (“Class A Common Stock”) (28,750,000 shares if the underwriters exercise their
over-allotment option in full), in a public offering (the “Offering”); 
 WHEREAS, the Holders will own 68,590,000 shares of
Class A Common Stock and 131,410,000 shares of the Company’s Class B Common Stock, par value $0.01 per share (“Class B Common Stock”); and 
 WHEREAS, the Holders and the Company desire to make certain arrangements to provide the Holders with registration rights with respect to the Registrable Securities (as defined below). 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereby agree as follows: 
 SECTION 1.01.
Definitions. The following terms shall have the following meanings for purposes of this Agreement: 
 “Affiliate” of
any specified Person means any other Person, directly or indirectly, through one or more intermediaries, Controlling, Controlled By or Under Common Control With such specified Person. 
 “Agreement” means this Registration Rights Agreement, including all amendments, modifications and supplements and any exhibits or
schedules to any of the foregoing, and shall refer to this Registration Rights Agreement as the same may be in effect at the time such reference becomes operative. 

 “BMS” is defined in the preamble hereto. 
 “Board” is defined in Section 1.02(a). 
 “Business Day” means any day other than a Saturday, a Sunday or a U.S. Federal holiday. 
 “Class A Common Stock” is defined in the recitals hereto. 
 “Class B Common Stock” is defined in
the recitals hereto. 
 “Company” is defined in the preamble hereto. 
 “Company Funded Registration” is defined in Section 1.02(a). 
 “Control” (including the terms “Controlled By” and “Under Common Control With”) is defined in the
Restated Certificate of Incorporation of the Company as in effect at consummation of the Offering. 
 “Demand Request” is
defined in Section 1.02(a). 
 “Disadvantageous Condition” is defined in Section 1.02(a). 
 “ERS” is defined in the recitals hereto. 
 “Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended, together with the rules and regulations promulgated thereunder. 
 “FINRA” means the Financial Industry Regulatory Authority, Inc. 
 “Group” has the meaning assigned to such term in Section 13(d)(3) of the Exchange Act. 
 “Holders” is defined in the preamble hereto. 
 “Inspectors” is defined in Section 1.04(a)(9). 
 “Minimum Demand
Request” means, in the case of any Requesting Holder, on the date a Demand Request is delivered, such number of shares of Class A Common Stock that have an aggregate minimum market value (based on the closing price on the NYSE on the
date preceding the date of the Demand Request) of at least $100 million, before calculation of underwriting discounts and commissions. 
 “Minimum Registration Amount” means not less than the number of shares of Registrable Securities that could be sold by the applicable Holder in a consecutive three month period pursuant to Rule 144 (or any similar provision
then in force) under the Securities Act; provided, however, that if the total number of shares of Registrable Securities owned by any Holder as of the date 

  

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of this Agreement is less than the number of shares of Registrable Securities that could be sold by such Holder in a consecutive three month period pursuant
to Rule 144 (or any similar provision then in force) under the Securities Act, then the Minimum Registration Amount solely with respect to such Holder shall be such number of shares of Registrable Securities that have an aggregate minimum market
value (based on the closing price on the NYSE on the date preceding the date such Registrable Securities are requested by such Holder to be included in a registration pursuant to this Agreement) of at least $10 million, before calculation of
underwriting discounts and commissions. 
 “NYSE” means The New York Stock Exchange. 
 “Offering” is defined in the recitals hereto. 
 “Person” means any individual, corporation, limited liability company, limited or general partnership, joint venture, association, joint-stock company, trust, unincorporated organization, government
or any agency or political subdivisions thereof or any Group comprised of two or more of the foregoing. 
 “Priority
Securities” is defined in Section 1.03(a). 
 “Proceeding” is defined in Section 1.07(k). 
 “Records” is defined in Section 1.04(a)(9). 
 “Registrable Securities” means shares of Class A Common Stock (including shares of Class A Common Stock issuable upon conversion of shares of Class B Common Stock or any other securities of
the Company that are acquired by way of a stock dividend or stock split or in connection with a combination of shares, recapitalization, merger, consolidation or other reorganization of the Company or similar transaction); provided,
however, that a security shall cease to be a Registrable Security if and when (i) a registration statement with respect to such security becomes effective under the Securities Act and such security is disposed of pursuant to such
effective registration statement, (ii) such security may be sold without restriction (including volume and manner of sale restrictions) pursuant to Rule 144 (or any similar provision then in force) under the Securities Act, (iii) such
security is otherwise transferred (other than to an Affiliate of the Holder), if a new certificate or other evidence of ownership for such security not bearing a legend restricting further transfer and not subject to any stop transfer order or other
restrictions on transfer is delivered by the Company and subsequent disposition of such security does not require registration or qualification of such security under the Securities Act, and the Company’s outside counsel provides the Holder
with an unqualified opinion to such effect, or (iv) such security ceases to be outstanding. 
 “Registration Expenses”
means all fees and expenses incident to the Company’s performance of or compliance with this Agreement, consisting of (i) all SEC, stock exchange, FINRA and other registration, listing and filing fees and expenses, (ii) fees 

  

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and expenses of compliance with securities or blue sky laws (including fees and disbursements of one counsel for the Holders who are including Registrable
Securities in a registration statement in connection with blue sky qualification of such Registrable Securities and determination of the eligibility of such Registrable Securities for investment under applicable blue sky laws), (iii) rating
agency fees, (iv) printing expenses, (v) messenger, telephone and delivery expenses, (vi) fees, expenses and disbursements of counsel for the Company, (vii) fees, expenses and disbursements of one counsel selected by Holders of a
majority-in-interest of Registrable Securities to be sold in connection with the relevant registration, (viii) fees, expenses and disbursements of the Company’s independent certified public accountants, (ix) costs of Securities Act
liability insurance (if the Company so desires such insurance), (x) fees and expenses of all other Persons retained by the Company in connection with the consummation of the transactions contemplated by this Agreement and (xi) all internal
expenses of the Company incurred in connection with the consummation of the transactions contemplated in this Agreement (including all salaries and expenses of its officers and employees performing legal or accounting duties, the expense of any
annual audit and the fees and expenses incurred in listing the Registrable Securities on any securities exchange); provided, however, that “Registration Expenses” shall not include any fees, expenses or disbursements of any
Holder participating in the relevant registration or those of any underwriters, selling brokers or similar professionals, including any discounts, commissions or fees of such underwriters, selling brokers or similar professionals and including any
fees, expenses or disbursements of counsel to any such Holder (except as provided above) or any such underwriter, selling broker or professional. 
 “Requesting Holder” is defined in Section 1.02(a). 
 “SEC” means the United States
Securities and Exchange Commission. 
 “Securities Act” means the United States Securities Act of 1933, as amended, together
with the rules and regulations promulgated thereunder. 
 “Seller” is defined in Section 1.06(a). 
 “Shelf Registration” means a “shelf” registration statement on an appropriate form pursuant to Rule 415 under the
Securities Act (or any successor rule that may be adopted by the SEC). 
 “Separation” is defined in the recitals hereto.

 “Underwriter” is defined in Section 1.06(a). 
 SECTION 1.02. Certain Demand Registration Rights. (a) General. At any time in respect of any Holder, commencing six months following
consummation of the Offering (or, if later, the closing of any over-allotment option granted in connection with the Offering), upon the written request (a “Demand Request”) of any of the Holders (the “Requesting
Holder”) requesting that the 

  

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Company effect the registration under the Securities Act of Registrable Securities of such Requesting Holder representing, in the case of a request by any
Holder, at least the Minimum Demand Request (which request shall specify the number of shares of Registrable Securities to be offered by such Requesting Holder, subject to reduction to the extent provided herein, and the intended method of
disposition thereof), the Company shall promptly (but in no event more than five Business Days after receipt of the applicable Demand Request) deliver written notice of such requested registration to all other Holders of Registrable Securities and
shall use its reasonable best efforts to effect, as expeditiously as possible, the registration under the Securities Act of: 
 (i) the Registrable Securities which the Company has been so requested to register by the Requesting Holder; and 
 (ii) all other Registrable Securities which the Company has been requested to register by any other Holder thereof by written request received by the Company within 15 days after the giving of such written notice by the Company (which
request shall specify the number of shares of Registrable Securities to be offered by such Holder, subject to reduction as provided herein, and the intended method of disposition thereof); provided, however, that the number of shares
of Registrable Securities requested to be offered by each such Holder shall not be less than the Minimum Registration Amount for such Holder; 
 all to the
extent necessary to permit the disposition (in accordance with the intended methods thereof as aforesaid) of the Registrable Securities so to be registered; provided, however, that (A) notwithstanding any other provision of this
Agreement, with respect to all other registration requests under this Agreement, the Company shall not be required to file a registration statement relating to a registration request under this Section 1.02 within a period of six months after
the effective date of any other registration statement of the Company with respect to Class A Common Stock (other than in the case of any registration statement relating to equity securities issuable upon exercise of employee stock or similar
options or in connection with any employee benefit or similar plan of the Company or in connection with an acquisition by the Company of another entity), (B) with respect to any registration statement filed, or to be filed, pursuant to this
Section 1.02, if there is (i) material non-public information regarding the Company which the Company’s board of directors (the “Board”) reasonably determines to be significantly disadvantageous for the Company to
disclose and which the Company is not otherwise required to disclose at such time, (ii) there is a significant business opportunity (including the acquisition or disposition of assets (other than in the ordinary course of business) or any
merger, consolidation, share exchange, tender offer or other similar transaction) available to the Company which the Board reasonably determines to be significantly disadvantageous for the Company to disclose or (iii) there is any other event
or condition of similar significance to the Company that the Board reasonably determines to be significantly disadvantageous for the Company to disclose and which the Company is not 

  

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otherwise required to disclose at such time (each, a “Disadvantageous Condition”), and the Company shall furnish to the Requesting Holder a
resolution of the Board stating that the Company is deferring such registration pursuant to this Section 1.02(a)(B) and setting forth in reasonable detail the Disadvantageous Condition (giving due regard to any confidentiality or competitive
considerations), its reasons for such judgment and an approximation of the anticipated delay, then the Company shall be entitled to cause such registration statement to be withdrawn and the effectiveness of such registration statement terminated
(and, in the case of a Shelf Registration, the Company shall not be required to file any amendment or supplement thereto required to maintain the effectiveness of such Shelf Registration), or, in the event no registration statement shall have been
filed, shall be entitled not to file any such registration statement, until the earlier of (x) 180 days following the date such resolution was delivered to the Requesting Holder and (y) the date such Disadvantageous Condition no longer
exists (notice of which the Company shall promptly deliver to the Requesting Holder and the other Holders of Registrable Securities) and upon receipt of any such notice of a Disadvantageous Condition such Requesting Holder and any other Holders of
Registrable Securities selling securities pursuant to an effective registration statement shall discontinue use of the prospectus contained in such registration statement and, if so directed by the Company, each such Holder shall deliver to the
Company all copies, other than permanent file copies then in such Holder’s possession, of the prospectus then covering such Registrable Securities current at the time of receipt of such notice, and, in the event no registration statement shall
have been filed, all drafts of the prospectus covering such Registrable Securities, (C) the Company shall only be obligated to effect a total of three registrations requested by the Holders pursuant to this Section 1.02 and (D) the
Company shall not be required to, and shall not, allow a registration statement relating to a registration request under this Section 1.02 to be declared effective prior to the date that is six months after consummation of the Offering (or, if
later, six months after consummation of any over-allotment option granted in connection with the Offering). Each registration under this Section 1.02 shall be at the Company’s own expense as provided in Section 1.02(c) (each such
registration, a “Company Funded Registration”). Promptly after the expiration of the 15-day period referred to in clause (ii) above, the Company shall notify all the Holders to be included in the registration of the identity of
each such Holder and the number of shares of Registrable Securities requested to be included therein. The Company shall be permitted to satisfy its obligations under this Section 1.02 by amending (to the extent permitted by applicable law) any
Shelf Registration previously filed by the Company under the Securities Act so that such Shelf Registration (as amended) shall permit the disposition of all of the Registrable Securities for which a registration request under this Section 1.02
shall have been made. Notwithstanding the foregoing, the Company shall have no obligation under this Agreement to file any Shelf Registration. The Requesting Holder may, at any time prior to the effective date of the registration statement relating
to the relevant registration, revoke such request, without liability (except as set forth in Section 1.02(b)) to any other Holders of Registrable Securities requested to be registered pursuant to Section 1.02(a)(ii), by providing a written
notice to the Company revoking such request. In the event that the Company shall give any notice of the withdrawal of, or delay in filing, a registration statement contemplated by clause (B) above, 

  

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the Company shall, following the end of the period specified in Section 1.02(a)(B), file the delayed registration statement with the SEC and such
registration statement shall be maintained effective for such time as may be necessary so that the period of effectiveness of such new registration statement, when aggregated with the period during which such initial registration statement was
effective, if any, shall be equal to the 180 days that a registration statement is required to be kept effective pursuant to Section 1.04(a)(2). The Company may not withdraw or suspend the effectiveness or availability of a registration
statement pursuant to this Section 1.02(a) for more than 180 consecutive days. Within 20 days after receiving a notice contemplated in clause (B) above, the Requesting Holder may withdraw its Demand Request by giving written notice thereof
to the Company. If withdrawn, such Demand Request shall be deemed not to have been made for purposes of this Agreement. 
 (b)
Expenses. The Company shall pay all Registration Expenses in connection with each Company Funded Registration which is requested and becomes effective, or which is withdrawn prior to effectiveness by the Company, pursuant to this
Section 1.02. The Company shall not be liable for Registration Expenses in connection with a registration that shall not have become effective due to a revocation by the Holders requesting such registration under this Section 1.02 (other
than pursuant to the last sentence of Section 1.02(a)), unless such Holders agree that such revoked registration counts as one of the Company Funded Registrations which may be requested by such Holders pursuant hereto. If such Holders have not
agreed to count such revoked registration as one of the Company Funded Registrations, the obligation to pay the Registration Expenses in connection with such further registration or such revoked registration shall be due and payable by the Holders
who participated in such registration or who initially requested and revoked such registration, and such expenses shall be borne by them in proportion to the number of shares of Registrable Securities requested by them to be registered. The
Company’s obligation to pay all Registration Expenses in connection with each Company Funded Registration under this paragraph (b) shall not be reduced by any such revoked registration unless the Holders so elect as provided above.

 (c) Effective Registration Statement. A registration requested pursuant to this Section 1.02 shall not be deemed to have been
effected unless the registration statement relating thereto (i) has become effective under the Securities Act and, except in the case of a Shelf Registration, any of the Registrable Securities of the Requesting Holder included in such
registration have actually been sold thereunder and (ii) except in the case of a Shelf Registration, has remained effective for a period of at least that specified in Section 1.04(a)(2); provided, however, that if any
effective registration statement requested pursuant to this Section 1.02 is discontinued in connection with a Disadvantageous Condition, such registration statement shall be at the sole expense of the Company and shall not be included as one of
the Company Funded Registrations which may be requested pursuant to this Section 1.02; provided further, however, that if, after any registration statement requested pursuant to this Section 1.02 becomes effective,
such registration statement is interfered with by any stop order, injunction or other order or requirement of the SEC or other governmental agency or court solely due to the actions or omissions to act of the Company, such registration statement
shall be at the 

  

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sole expense of the Company and shall not be included as one of the Company Funded Registrations which may be requested at the cost of the Company pursuant
to this Section 1.02. 
 (d) Selection of Underwriters. The Company shall have the right to select the underwriters for each
registration made pursuant to Section 1.02(a); provided, however, that (i) the Holder selling a majority-in-interest of Registrable Securities to be sold in connection with the relevant registration shall have the right to
select the joint lead bookrunning underwriters (including the joint lead bookrunning underwriter that will be on the left of the cover page of any offering materials related to such registration or the stabilization agent), which joint lead
bookrunning underwriters shall have participation in pricing and bookbuilding and shall be subject to the reasonable approval of the Company. 
 (e) Pro Rata Participation in Demand Registrations. If a requested registration pursuant to this Section 1.02 involves an underwritten offering and a majority of the joint lead bookrunning underwriters selected in
accordance with Section 1.02(d) shall advise the Company that, in their good faith view (based primarily upon prevailing market conditions), the number of securities requested to be included in such registration (including securities which the
Company requests to be included) exceeds the largest number of securities which can be sold without having a significant negative effect on the price at which such securities can be sold in such offering, the Company shall include the following
Registrable Securities in the following order: 
 (i) all Registrable Securities requested to be registered by the Requesting
Holder pursuant to Section 1.02(a)(i); 
 (ii) to the extent that the number of Registrable Securities requested to be
included in such registration pursuant to Section 1.02(a)(i) is less than the number of securities which the Company has been advised can be sold in such offering without having the negative effect referred to above, all Registrable Securities
requested to be included in such registration pursuant to Section 1.02(a)(ii) that are not otherwise included in Section 1.02(e)(i) (provided, however, that if the number of Registrable Securities requested to be included in
such registration pursuant to Section 1.02(a)(ii), together with the Registrable Securities requested to be included in such registration pursuant to Section 1.02(a)(i), exceeds the number which the Company has been advised can be sold in
such offering without having the negative effect referred to above, the number of such Registrable Securities included in such registration pursuant to this Section 1.02(e)(ii) shall be that number of securities which the Company has been
advised it can sell in excess of the number of Registrable Securities being included in such registration pursuant to Section 1.02(a)(i), allocated first, to BMS on the basis of the shares of Registrable Securities BMS has requested to
be included in such registration and second, pro rata among the other Holders referred to in this Section 1.02(e)(ii) on the basis of the shares of Registrable Securities each such other Holder has requested to be included in such
registration); and 
  

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 (iii) to the extent that the number of Registrable Securities requested to be included in
such registration pursuant to Sections 1.02(a)(i) and 1.02(a)(ii) is, in the aggregate, less than the number of securities which the Company has been advised can be sold in such offering without having the significant negative effect on pricing
referred to above, any equity securities proposed to be sold by the Company (provided, however, that if the number of securities proposed to be sold by the Company, together with the number of Registrable Securities to be included in
such registration pursuant to Sections 1.02(a)(i) and 1.02(a)(ii), exceeds the number which the Company has been advised can be sold in such offering without having the negative effect referred to above, the number of such securities included in
such registration pursuant to this Section 1.02(e)(iii) shall be that number of securities which the Company has been advised it can sell in excess of the number of Registrable Securities being included in such registration pursuant to Sections
1.02(a)(i) and 1.02(a)(ii)). 
 (f) Additional Registration. If at least 75% of the Registrable Securities requested to be registered
by the Requesting Holder in one of the Company Funded Registrations are not included in such registration, then such Requesting Holder may request that the Company effect an additional registration under the Securities Act of all or part of such
Requesting Holder’s Registrable Securities in accordance with the provisions of this Section 1.02, and the Company shall effect, and pay the Registration Expenses in connection with, such additional registration (in addition to the Company
Funded Registrations referred to in Section 1.02(a)) requested pursuant to this Section 1.02(f). 
 (g) No-Cutbacks.
Notwithstanding anything to the contrary in this Agreement, and for the avoidance of doubt, with respect to any Requesting Holder, all Registrable Securities of such Requesting Holder requested to be included in a registration pursuant to
Section 1.02(a)(i) shall be included in such registration (regardless of whether the underwriters agree that inclusion of all such securities would have a significant negative effect on the price at which such securities can be sold in such
offering). 
 SECTION 1.03. Certain Piggyback Registration Rights. (a) General. If the Company at any time proposes
to register any of its equity securities (the “Priority Securities”) under the Securities Act (other than a registration (i) on Form S-4 or S-8 or any successor or similar forms, (ii) relating to equity securities issuable
upon exercise of employee stock or similar options or in connection with any employee benefit or similar plan of the Company, (iii) in connection with an acquisition by the Company of another entity or (iv) pursuant to a registration under
Section 1.02), whether or not for sale for its own account, in a manner which 

  

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would permit registration of Registrable Securities for sale to the public under the Securities Act, it shall each such time, subject to the provisions of
Section 1.03(b), give written notice to all Holders of record of Registrable Securities of its intention to do so and of such Holders’ rights under this Section 1.03 at least 15 days prior to the anticipated filing date of the
registration statement relating to such registration. Such notice shall offer all such Holders the opportunity to include in such registration statement such number of Registrable Securities as each such Holder may request, but in no event shall any
Holder request inclusion of less than the Minimum Registration Amount. Upon the written request of any such Holder made within 15 days after the receipt of the Company’s notice (which request shall specify the number of Registrable Securities
intended to be disposed of by such Holder, subject to reduction as provided herein, and the intended method of disposition thereof), the Company shall use its reasonable best efforts to effect the registration under the Securities Act of all
Registrable Securities which the Company has been so requested to register by the Holders thereof, to the extent required to permit the disposition (in accordance with such intended methods thereof) of the Registrable Securities so to be registered;
provided, however, that (A) if such registration involves an underwritten offering, all Holders of Registrable Securities requesting to be included in the Company’s registration must sell their Registrable Securities to the
underwriters selected by the Company on the same terms and conditions as apply to the Company or the original selling holders for whose account the registration has been made; provided, however, that in respect of any offering under
this Agreement (whether under Section 1.02 or this Section 1.03 or otherwise) no Holder or any of its Affiliates (other than, for the avoidance of doubt, the Company) shall be required to directly or indirectly make any representations or
warranties to, or agreements with, the Company or the underwriters (including agreements with respect to indemnification) other than representations, warranties or agreements regarding such Holder or its Affiliates, its ownership of and title to the
Registrable Securities and its intended method of distribution, and any liability of such Holder or its Affiliates to any underwriter or other Person under such underwriting agreement shall be limited to liability arising from breach of its
representations and warranties and shall be limited to an amount equal to the total price at which the securities sold by such Holder or its Affiliates were offered to the public (net of discounts and commissions paid by such Holder or its
Affiliates in connection with such underwritten offering) and (B) if, at any time after giving written notice of its intention to register any securities pursuant to this Section 1.03(a) and prior to the effective date of the registration
statement filed in connection with such registration, the Company shall determine for any reason not to register such securities, the Company shall give written notice to all Holders of Registrable Securities and, thereupon, shall be relieved of its
obligation to register any Registrable Securities in connection with such registration (without prejudice, however, to rights of Holders under Section 1.02). If a registration pursuant to this Section 1.03(a) involves an underwritten
public offering, any Holder of Registrable Securities requesting to be included in such registration may elect, in writing prior to the effective date of the registration statement filed in connection with such registration, not to register such
securities in connection with such registration. No registration effected under this Section 1.03 shall 

  

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relieve the Company of its obligations to effect registrations upon request under Section 1.02. The Company shall pay all Registration Expenses in
connection with each registration of Registrable Securities pursuant to this Section 1.03. Nothing contained in this Section 1.03 shall create any liability on the part of the Company to the Holders if the Company should for any reason
decide not to file a registration statement for which piggyback registration rights are available or withdraw such registration statement subsequent to its filing, regardless of any action Holders may have taken, whether as a result of the issuance
by the Company of any notice hereunder or otherwise. 
 (b) Priority in Piggyback Registrations. If a registration pursuant to
this Section 1.03 involves an underwritten offering and a majority of the joint lead bookrunning underwriters shall advise the Company that, in their good faith view (based primarily upon prevailing market conditions), the number of securities
(including all Registrable Securities) which the Company, the Holders and any other Persons intend to include in such registration exceeds the largest number of securities which can be sold without having a significant negative effect on the price
at which such securities can be sold in such offering, the Company will include in such registration in the following order: (i) all the Priority Securities (including any to be sold for the Company’s own account or for other holders of
Priority Securities (other than for the account of any Holders)), on a pro rata basis, and (ii) to the extent that the number of securities which the Company proposes to sell for its own account or for other holders of Priority Securities
pursuant to Section 1.03(a) is less than the number of securities which the Company has been advised can be sold in such offering without having the negative effect referred to above, all Registrable Securities requested to be included in such
registration by the Holders pursuant to Section 1.03(a) (provided, however, that if the number of Registrable Securities requested to be included in such registration by the Holders pursuant to Section 1.03(a), together with
the number of Priority Securities to be included in such registration pursuant to clause (i) of this Section 1.03(b), exceeds the number which the Company has been advised can be sold in such offering without having the negative effect
referred to above, the number of such Registrable Securities requested to be included in such registration by the Holders pursuant to Section 1.03(a) shall be allocated first, to BMS on the basis of the shares of Registrable Securities
BMS has requested to be included in such registration and second, pro rata among all such other requesting Holders on the basis of the number of Registrable Securities each such other Holder has requested to be included in such registration).

 SECTION 1.04. Registration Procedures. (a) If and whenever the Company is required to use its reasonable best efforts to
effect or cause the registration under the Securities Act as provided in this Agreement of any Registrable Securities, the Company shall, as expeditiously as possible: 
 (1) use its reasonable best efforts to prepare and file, or cause to be prepared and filed as soon as practicable but in any event within
90 days of receipt of a request for registration, a registration statement on any form for which the Company then 

  

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qualifies or which counsel for the Company shall deem appropriate, and which form shall be available for the sale of the Registrable Securities in accordance
with the intended methods of distribution thereof, and use its reasonable best efforts to cause such registration statement to (A) become effective within 270 days of the initial filing date of such registration statement and (B) remain
effective for the period specified in paragraph (2) below; provided, however, that at least ten days before filing with the SEC a registration statement or prospectus and at least two days before filing with the SEC any amendments
or supplements thereto, the Company shall (A) furnish to the underwriters, if any, and to one counsel selected by Holders of a majority-in-interest of the Registrable Securities covered by such registration statement copies of all such
documents proposed to be filed, which documents shall be subject to the review and comments of the underwriters and such counsel (provided, however, that the determination to accept any such comments not relating to the underwriters or
such selling stockholders shall be in the Company’s sole discretion), and (B) notify each Holder of Registrable Securities covered by such registration statement of any stop order issued or threatened by the SEC and take all reasonable
actions required to prevent the entry of such stop order or to remove it if entered; 
 (2) prepare and file with the SEC such
amendments and supplements to such registration statement and the prospectus used in connection therewith as may be necessary to keep such registration statement effective for a period of not less than 180 days (subject to blackouts upon the good
faith declaration of any Disadvantageous Condition in accordance with Section 1.02(a)) or such shorter period which shall terminate when all Registrable Securities covered by such registration statement have been sold (but not before the
expiration of the 90-day period referred to in Section 4(3) of the Securities Act and Rule 174 thereunder, if applicable), and comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such
registration statement during such period in accordance with the intended methods of disposition by the sellers thereof set forth in such registration statement; 
 (3) notify each Holder of Registrable Securities covered by such registration statement when such registration statement or any amendment
thereto has been filed or becomes effective; 
 (4) notify each Holder of Registrable Securities covered by such registration
statement of any notice from the SEC that there will be a review of such registration statement and promptly provide such Holders with a copy of any SEC comments received by the Company in connection therewith; 
 (5) furnish, without charge, to each Holder and each underwriter, if any, of Registrable Securities covered by such registration statement
such number of copies of such registration statement, each amendment and supplement thereto (including 

  

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one conformed copy to each Holder and one signed copy to each joint lead bookrunning underwriter and in each case including all exhibits thereto), and the
prospectus included in such registration statement (including each preliminary prospectus), in conformity with the requirements of the Securities Act, and such other documents as such Holder may reasonably request in order to facilitate the
disposition of the Registrable Securities owned by such Holder; 
 (6) use its reasonable best efforts to register or qualify
the Registrable Securities covered by such registration statement under such other securities or blue sky laws of such jurisdictions as any underwriter of Registrable Securities covered by such registration statement reasonably requests and do any
and all other acts and things which may be reasonably necessary or advisable to enable each Holder and each underwriter to consummate the disposition in such jurisdictions of the Registrable Securities owned by such Holder; provided,
however, that the Company shall not be required to (i) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this paragraph (6), (ii) subject itself to taxation in any such
jurisdiction or (iii) consent to general service of process in any such jurisdiction; 
 (7) use its reasonable best
efforts to cause the Registrable Securities covered by such registration statement to be registered with or approved by such other governmental agencies or authorities as may be necessary by virtue of the business and operations of the Company to
enable the Holder or Holders thereof to consummate the disposition of such Registrable Securities; 
 (8) immediately notify
each of the joint lead bookrunning underwriters, if any, and each Holder of Registrable Securities covered by such registration statement, at any time when a prospectus relating thereto is required to be delivered under the Securities Act of the
happening of any event which comes to the Company’s attention if as a result of such event the prospectus included in such registration statement contains an untrue statement of a material fact or omits to state any material fact required to be
stated therein or necessary to make the statements therein not misleading, and the Company shall promptly prepare and file with the SEC such amendment or supplement to such registration statement or prospectus and furnish to such Holder a supplement
or amendment to such prospectus so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus shall not contain an untrue statement of a material fact or omit to state any material fact required to be stated
therein or necessary to make the statements therein not misleading; 
 (9) use its reasonable best efforts to cause all
Registrable Securities covered by such registration statement to be listed on the national securities exchange or national market interdealer quotation system on which the Class A Common Stock is then listed, and enter into such customary
agreements including a supplemental listing application and indemnification agreement in customary form (provided, however, that the applicable listing requirements are satisfied), and to provide a transfer agent and registrar for such
Registrable Securities covered by such registration statement no later than the effective date of such registration statement; 
  

 13 

 (10) enter into such customary agreements (including an underwriting agreement in
customary form) and take all such other actions as the underwriters reasonably request in order to expedite or facilitate the disposition of such Registrable Securities, including customary indemnification; 
 (11) make available for inspection by any Holder of Registrable Securities covered by such registration statement, any underwriter
participating in any disposition pursuant to such registration statement, and any attorney, accountant or other agent retained by any such Holder or underwriter (collectively, the “Inspectors”), those financial and other records,
organizational documents and properties of the Company and its controlled entities (collectively, “Records”), and cause the Company’s and its controlled entities’ officers, directors and employees to supply that
information and respond to those inquiries reasonably requested by any such Inspector in connection with such registration statement, in each case under this paragraph (11) only to the extent reasonably necessary, as mutually determined by the
Company and the underwriters or Holders, to enable such underwriters or Holders to conduct their due diligence investigation; 
 (12) use its reasonable best efforts to furnish to any underwriter participating in any disposition pursuant to such registration statement a signed counterpart of a “cold comfort” letter from the Company’s independent public
accountants who have audited the Company’s financial statements included or incorporated by reference in such registration statement (and prospectus included therein), in customary form and covering such matter of the type customarily covered
by “cold comfort” letters delivered in connection with underwritten public offerings of securities (including with respect to events subsequent to the date of such financial statements) as the underwriters reasonably request (and dated the
dates such comfort letters are customarily dated); 
 (13) use its reasonable best efforts to furnish to each underwriter
participating in any disposition pursuant to such registration statement a signed counterpart of an opinion and negative assurance letter of counsel from the Company’s outside counsel in customary form and covering such matters of the type
customarily covered in opinions and negative assurance letters of counsel delivered in connection with underwritten public offerings of securities; 
 (14) cooperate with each seller of Registrable Securities and each underwriter or agent participating in the disposition of such Registrable Securities and their respective counsel in connection with any filings with
the FINRA; 
  

 14 

 (15) make available its officers, employees and personnel and otherwise provide
reasonable assistance to the underwriters in their marketing of Registrable Securities as the underwriters shall reasonably request, including participation in “road show” presentations or such other selling efforts as the underwriters
shall reasonably request; and 
 (16) otherwise use its reasonable best efforts to comply with all applicable rules and
regulations of the SEC, and make available or cause to be made available, as applicable, to the Holders of Registrable Securities sold under such registration statement, as soon as reasonably practicable, an earnings statement covering a period of
at least 12 months, beginning with the first month after the effective date of the registration statement (as the term “effective date” is defined in Rule 158(c) under the Securities Act), which earnings statement shall satisfy the
provisions of Section 11(a) of the Securities Act and Rule 158 thereunder. 
 (b) It shall be a condition precedent to the obligation of
the Company to take any action pursuant to this Agreement in respect of the Registrable Securities which are to be registered at the request of any Holder thereof that such Holder shall furnish to the Company such information regarding the
Registrable Securities held by such Holder and the intended method of disposition thereof as the Company shall reasonably request and as shall be reasonably required in connection with the action taken by the Company. 
 (c) Each Holder agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section 1.04(a)(8),
such Holder shall discontinue disposition of Registrable Securities pursuant to the registration statement covering such Registrable Securities until such Holder’s receipt of the copies of the supplemented or amended prospectus contemplated by
Section 1.04(a)(8), and, if so directed by the Company, such Holder shall deliver to the Company (at the Company’s expense) all copies (including any and all drafts), other than permanent file copies, then in such Holder’s possession,
of the prospectus covering such Registrable Securities, current at the time of receipt of such notice. In the event the Company shall give any such notice, the period referred to in Section 1.04(a)(2) shall be extended by the greater of
(i) 180 days and (ii) the number of days during the period from and including the date of the giving of such notice pursuant to Section 1.04(a)(8) to and including the date when each Holder of Registrable Securities covered by such
registration statement shall have received the copies of the supplemented or amended prospectus contemplated by Section 1.04(a)(8). 
 SECTION 1.05. Holdback Agreements. (a) If any registration of Registrable Securities shall be in connection with an underwritten public offering, each Holder of Registrable Securities agrees not to effect any public sale or
distribution, including any sale pursuant to Rule 144, or any successor provision, under the Securities Act, of any Registrable Securities and not to effect any such public sale or distribution of any other equity security of the Company or of any
security convertible into or exchangeable or exercisable for any equity security of the Company or publicly announce an intention to do any of the foregoing (in each case, other 

  

 15 

 
than as part of such underwritten public offering) during the seven days prior to, and during the 90-day period which begins on, the effective date of such
registration statement (which 90-day period shall be tolled to the extent of any blackouts upon the good faith declaration of any Disadvantageous Conditions in accordance with Section 1.02(a)) (except as part of such registration) and agrees
further to enter into a customary lock-up with the underwriters of such offering (not to exceed six months from the date of consummation of such offering); provided, however, that such Holder of Registrable Securities has received
written notice of such registration at least 15 days prior to the anticipated beginning of the seven-day period referred to above. 
 (b) If
any registration of Registrable Securities shall be in connection with an underwritten public offering, the Company agrees not to effect any public sale or distribution of any of its equity securities or of any security convertible into or
exchangeable or exercisable for any equity security of the Company (other than any such sale or distribution of such securities in connection with any merger or consolidation by the Company or any subsidiary of the Company or the acquisition by the
Company or a subsidiary of the Company of the capital stock or substantially all the assets of any other Person or in connection with an employee stock ownership or other benefit plan) during the seven days prior to, and during the 90-day period
which begins on, the effective date of such registration statement (which 90-day period shall be tolled to the extent of any blackouts upon the good faith declaration of any Disadvantageous Conditions in accordance with Section 1.02(a)) (except
as part of such registration) and agrees further to enter into a customary lock-up with the underwriters of such offering (not to exceed six months from the date of consummation of such offering). 
 (c) During the term of this Agreement, each certificate evidencing Registrable Securities held of record or beneficially owned by a Holder shall bear the
following legend: 
 “THE SECURITIES EVIDENCED BY THIS CERTIFICATE ARE SUBJECT TO AND TRANSFERABLE ONLY UPON COMPLIANCE WITH THE
PROVISIONS OF A REGISTRATION RIGHTS AGREEMENT, DATED AS OF                 , 2009, AMONG MEAD JOHNSON NUTRITION COMPANY AND THE STOCKHOLDERS PARTY THERETO. A COPY OF
SUCH REGISTRATION RIGHTS AGREEMENT IS ON FILE AT THE PRINCIPAL OFFICE OF MEAD JOHNSON NUTRITION COMPANY AT 2400 WEST LLOYD EXPRESSWAY, EVANSVILLE, INDIANA 47721-0001.” 
 (d) Upon a Person ceasing to have rights and obligations under this Agreement pursuant to the terms hereof or upon termination of this Agreement, such
Person may surrender to the Company any certificates held of record by such Person and bearing the legend set forth in Section 1.05(c), and upon surrender of such certificates, the Company shall reissue such certificates without such legend.

  

 16 

 SECTION 1.06. Indemnification and Contribution. (a) To the fullest extent permitted by
applicable law, the Company shall indemnify and hold harmless each Person who participates as an underwriter (any such Person being an “Underwriter”), each Holder of Registrable Securities to be sold in connection with the relevant
registration (each such Holder being a “Seller”) and their respective partners, directors, officers and employees and each Person, if any, who controls any Seller or Underwriter within the meaning of Section 15 of the
Securities Act or Section 20 of the Exchange Act as follows: 
 (i) against any and all losses, liabilities, claims,
damages, judgments and reasonable expenses whatsoever, as incurred, arising out of any untrue statement or alleged untrue statement of a material fact contained in any registration statement (or any amendment thereto) relating to such registration,
including all documents incorporated therein by reference, or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein not misleading or arising out of any untrue
statement or alleged untrue statement of a material fact contained in any prospectus (or any amendment or supplement thereto) relating to such registration, including all documents incorporated therein by reference, or the omission or alleged
omission therefrom of a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; 
 (ii) against any and all losses, liabilities, claims, damages, judgments and reasonable expenses whatsoever, as incurred, to the extent of
the aggregate amount paid in settlement of any litigation, investigation or proceeding by any governmental agency or body, commenced or threatened, or of any other claim whatsoever based upon any such untrue statement or omission, or any such
alleged untrue statement or omission, if such settlement is effected with the written consent of the Company; and 
 (iii)
against any and all reasonable expense whatsoever, as incurred (including, subject to Section 1.06(c), fees and disbursements of counsel) incurred in investigating, preparing or defending against any litigation, investigation or proceeding by
any governmental agency or body, commenced or threatened, in each case whether or not such Person is a party, or any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission, to the extent
that any such expense is not paid under subparagraph (i) or (ii) above; 
 provided, however, that this indemnity agreement does not
apply to any Seller or Underwriter with respect to any loss, liability, claim, damage, judgment or expense to the extent arising out of any untrue statement or omission or alleged untrue statement or omission 

  

 17 

 
(A) made in reliance upon and in conformity with written information furnished to the Company by such Seller or Underwriter expressly for use in a
registration statement (or any amendment thereto) or any related prospectus (or any amendment or supplement thereto) or (B) if such untrue statement or omission or alleged untrue statement or omission was corrected in an amended or supplemented
registration statement or prospectus and the Company had furnished copies thereof to the Underwriter or Seller from which the Person asserting such loss, liability, claim, damage, judgment or expense purchased the securities that are the subject
thereof on a timely basis prior to the date of sale by such Underwriter or Seller to such Person. 
 (b) Each Seller shall severally
indemnify and hold harmless the Company, each Underwriter and the other Sellers, and each of their respective partners, directors, officers and employees (including each director and officer of the Company who signed the relevant registration
statement) and each Person, if any, who controls the Company, any Underwriter or any other Seller within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, against any and all losses, liabilities, claims,
damages, judgments and expenses described in the indemnity contained in Section 1.06(a) (provided, however, that any settlement of the type described therein is effected with the written consent of such Seller) as incurred, but
only with respect to untrue statements or omissions, or alleged untrue statements or omissions, made in a registration statement or any related prospectus (or any amendment or supplement thereto) in reliance upon and in conformity with written
information furnished to the Company by such Seller expressly for use in such registration statement (or any amendment thereto) or such prospectus (or any amendment or supplement thereto); provided, however, that an indemnifying Seller
shall not be required to provide indemnification in any amount in excess of the amount by which (x) the total price at which the securities sold by such indemnifying Seller and its affiliated indemnifying Sellers and distributed to the public
were offered to the public (net of discounts and commissions paid by the indemnifying Seller in connection with such offering) exceeds (y) the amount of any damages which such indemnifying Seller has otherwise been required to pay by reason of
such untrue or alleged untrue statement or omission or alleged omission. The Company shall be entitled, to the extent customary, to receive indemnification and contribution from underwriters, selling brokers, dealer managers and similar securities
industry professionals participating in the distribution, to the same extent as provided above with respect to information so furnished in writing by such Persons specifically for inclusion in any prospectus or registration statement. 
 (c) Each indemnified party or parties shall give reasonably prompt notice to each indemnifying party or parties of any action or proceeding commenced
against it in respect of which indemnity may be sought hereunder, but failure so to notify an indemnifying party or parties shall not relieve it or them from any liability which it or they may have under this indemnity agreement, except to the
extent that the indemnifying party is materially prejudiced by such failure to give notice. If the indemnifying party or parties so elects within a reasonable time after receipt of such notice, the indemnifying party or parties may assume the
defense of such action or proceeding at such indemnifying party’s or parties’ expense with counsel chosen by the indemnifying party or parties 

  

 18 

 
and approved by the indemnified party defendant in such action or proceeding, which approval shall not be unreasonably withheld; provided,
however, that, if such indemnified party or parties reasonably determine that a conflict of interest exists and that therefore it is advisable for such indemnified party or parties to be represented by separate counsel or that, upon advice of
counsel, there may be legal defenses available to it or them which are different from or in addition to those available to the indemnifying party, then the indemnifying party or parties shall not be entitled to assume such defense and the
indemnified party or parties shall be entitled to separate counsel (limited in each jurisdiction to one counsel for all Underwriters and another counsel for all other indemnified parties under this Agreement) at the indemnifying party’s or
parties’ expense. The indemnified party or parties shall have the right to engage separate counsel and participate in the defense of any action, but, except as stated above, the fees and expenses of such counsel shall be the expense of such
indemnified party or parties. If any indemnifying party or parties are not so entitled to assume the defense of such action or do not assume such defense, after having received the notice referred to in the first sentence of this paragraph, the
indemnifying party or parties will pay the reasonable fees and expenses of counsel for the indemnified party or parties (limited in each jurisdiction to one counsel for all Underwriters and another counsel for all other indemnified parties under
this Agreement). In such event, however, no indemnifying party or parties will be liable for any settlement effected without the written consent of such indemnifying party or parties (which consent shall not be unreasonably withheld or delayed);
provided, however, that if at any time the indemnified party or parties shall have requested the indemnifying party or parties to reimburse the indemnified party or parties for fees and expenses of counsel as contemplated by this
paragraph, the indemnifying party or parties shall be liable for any settlement of any proceeding effected without the written consent of such indemnifying party or parties if (x) such settlement is entered into more than 15 business days after
receipt by such indemnifying party or parties of the aforesaid request accompanied by supporting documents reasonably satisfactory to the indemnifying party or parties and (y) such indemnifying party or parties shall not have reimbursed the
indemnified party or parties in accordance with such request prior to the date of such settlement. No indemnifying party or parties shall, without the prior written consent of the indemnified party or parties, effect any settlement of any action in
respect of which any indemnified party or parties is a party, unless such settlement includes an unconditional release of such indemnified party or parties from all liability on claims that are the subject matter of such action. If an indemnifying
party is entitled to assume, and assumes, the defense of such action or proceeding in accordance with this paragraph, such indemnifying party or parties shall not, except as otherwise provided in this subsection (c), be liable for any fees and
expenses of counsel for the indemnified parties incurred thereafter in connection with such action or proceeding. 
 (d) (i) In order to
provide for just and equitable contribution in circumstances in which the indemnity agreement provided for in this Section 1.06 is for any reason held to be unenforceable by the indemnified parties although applicable in accordance with its
terms in respect of any losses, liabilities, claims, damages, judgments and expenses suffered by an indemnified party referred to 

  

 19 

 
therein, each applicable indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by such
indemnified party as a result of such losses, liabilities, claims, damages, judgments and expenses in such proportion as is appropriate to reflect the relative fault of the Company on the one hand and of the liable Sellers or Underwriters
(including, in each case, that of their respective officers, directors, employees and agents), as the case may be, on the other in connection with the statements or omissions which resulted in such losses, liabilities, claims, damages, judgments or
expenses, as well as any other relevant equitable considerations. The relative fault of the Company on the one hand and of the liable Sellers or Underwriters (including, in each case, that of their respective officers, directors, employees and
agents), as the case may be, on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information
supplied by the Company, on the one hand, or by or on behalf of the Sellers or Underwriters, on the other, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The
amount paid or payable by a party as a result of the losses, liabilities, claims, damages, judgments and expenses referred to above shall be deemed to include, subject to the limitations set forth in Section 1.06(c), any legal or other fees or
expenses reasonably incurred by such party in connection with investigating or defending any action or claim. 
 (ii) The
Company and each Seller agree that it would not be just and equitable if contribution pursuant to this Section 1.06 were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable
considerations referred to in sub-paragraph (i) above. Notwithstanding anything in this Section 1.06(d) to the contrary, in the case of distributions to the public, an indemnifying Seller shall not be required to contribute any amount in
excess of the amount by which (A) the total price at which the securities sold by such indemnifying Seller and its affiliated indemnifying Sellers and distributed to the public were offered to the public (net of discounts and commissions paid
by the indemnifying Seller in connection with such offering) exceeds (B) the amount of any damages which such indemnifying Seller has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged
omission. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. 
 (iii) For purposes of this Section, each Person, if any, who controls a Seller or an Underwriter within the meaning of Section 15 of
the Securities Act or Section 20 of the Exchange Act shall have the same rights to contribution as such Seller or Underwriter; and each director of the Company, each officer of the Company who signed the relevant registration 

  

 20 

 
statement, and each Person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange
Act, shall have the same rights to contribution as the Company. 
 SECTION 1.07. Miscellaneous. 
 (a) No Inconsistent Agreements. Neither the Company nor the Holders have, as of the date hereof, entered into, nor shall they, on or after the date
hereof, enter into, any agreement with respect to the Registrable Securities that is inconsistent with the rights granted to the Holders herein or otherwise conflicts with the provisions hereof. 
 (b) Complete Agreement. This Agreement shall constitute the entire agreement among the parties hereto with respect to the subject matter hereof
and shall supersede all prior agreements and understandings, whether written or oral, between or among the parties with respect to such subject matter. 
 (c) Amendments and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended, qualified, modified or supplemented, and waivers or consents to departures from the
provisions hereof may not be given, without the prior written consent of the Company, BMS, ERS and Holders of a majority-in-interest of the Registrable Securities; provided, however, that no amendment shall affect any rights or
obligations of a Holder without the consent of such Holder. 
 (d) Notices. All notices and other communications provided for or
permitted hereunder shall be made in writing by hand-delivery, first-class mail, telex, telecopier or air courier guaranteeing overnight delivery: 
 (i) if to a Holder other than BMS, at the most current address indicated for such Holder in the Company’s stock transfer records; 
  

			
	(ii) if to the Company, at:
	  
 Mead Johnson Nutrition Company
 2400 West Lloyd Expressway
 Evansville, Indiana 47721-0001
 Attention: General Counsel

  

 21 

			
	  
 (iii) if to BMS, at:
  
 Bristol-Myers Squibb Company
 345 Park Avenue
 New York, New York 10154
 Attention: General Counsel
  
 with a copy to:
  
 Cravath, Swaine & Moore LLP
 Worldwide Plaza
 825 Eighth Avenue
 New York, New York 10019

	Attention:	 	 Susan Webster, Esq.
 Ronald Cami,
Esq.

 All such notices and communications shall be deemed to have been duly given when received.

 The Holders or the Company by notice to the other parties may designate additional or different addresses for subsequent notices or
communications. 
 (e) Successors and Assigns. This Agreement shall be binding on and inure to the benefit of and be enforceable by
the parties hereto and, with respect to the Company, its successors and assigns. 
 (f) Counterparts. This Agreement may be executed
in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 
 (g) Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning
hereof. 
 (h) Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York
without giving effect to applicable principles of conflicts of laws, except to the extent the substantive laws of the State of Delaware are mandatorily applicable under Delaware law. 
 (i) Severability. In the event that any one or more of the provisions contained herein, or the application thereof in any circumstances, is
held invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions hereof shall not be in any way impaired or affected thereby,
it being intended that all of the rights and privileges of the parties shall be enforceable to the fullest extent permitted by law. 
  

 22 

 (j) No Third Party Beneficiaries. Except as provided in Section 1.06, this Agreement is not
intended to confer any rights or remedies hereunder upon, and shall not be enforceable by, any Person other than the parties hereto. 
 (k)
Submission to Jurisdiction; Waivers. With respect to any suit, action or proceeding relating to this Agreement (collectively, a “Proceeding”), each party to this Agreement irrevocably (a) consents and submits to the
exclusive jurisdiction of the courts of the State of New York and the State of Delaware and any court of the United States located in the Borough of Manhattan in New York City or the State of Delaware; (b) waives any objection which such party
may have at any time to the laying of venue of any Proceeding brought in any such court, waives any claim that such Proceeding has been brought in an inconvenient forum and further waives the right to object, with respect to such Proceeding, that
such court does not have jurisdiction over such party; (c) consents to the service of process at the address set forth for notices in Section 1.07(d) herein; provided, however, that such manner of service of process shall not
preclude the service of process in any other manner permitted under applicable law; and (d) waives, to the fullest extent permitted by applicable law, any and all rights to trial by jury in connection with any Proceeding. 
 (l) Enforcement. (i) Each party hereto acknowledges that the other parties would not have an adequate remedy at law for money damages in the
event that any of the covenants or agreements of any of the other parties to this Agreement were not performed in accordance with its terms, and it is therefore agreed that each party hereto, in addition to and without limiting any other remedy or
right it may have, will have the right to an injunction or other equitable relief in any court of competent jurisdiction, enjoining any such breach and enforcing specifically the terms and provisions hereof, and each party hereto hereby waives any
and all defenses it may have on the ground of lack of jurisdiction or competence of the court to grant such an injunction or other equitable relief. 
 (ii) All rights, powers and remedies provided under this Agreement or otherwise available in respect hereof at law or in equity shall be cumulative and not alternative, and the exercise or beginning of the exercise of
any thereof by any party shall not preclude the simultaneous or later exercise of any other such right, power or remedy by such party. 
  

 23 

 IN WITNESS HEREOF, the parties hereto have caused this Agreement to be duly executed and delivered as of
the date first written above. 
  

			
	MEAD JOHNSON NUTRITION COMPANY,
		
	By	 	 /s/ William P’Pool

	Name:	 	William P’Pool
	Title:	 	Sr. V.P., General Counsel and Secretary
	
	BRISTOL-MYERS SQUIBB COMPANY,
		
	By	 	 /s/ Gary Lewbel

	Name:	 	Gary Lewbel
	Title:	 	Vice President
	
	E.R. SQUIBB & SONS, L.L.C.,
		
	By	 	 /s/ Katherine Kelly

	Name:	 	Katherine Kelly
	Title:	 	Authorized SignatoryTax Matters Agreement

 Exhibit 10.5 
 TAX MATTERS AGREEMENT dated as of February 4, 2009 (this “Agreement”) between Bristol Myers Squibb Company, a Delaware
corporation (“BMS”), and MJN Restructuring Holdco, Inc., a Delaware corporation (“MJN”, collectively, the “Companies”). 
 WHEREAS, BMS is the common parent of an affiliated group of corporations, within the meaning of Code Section 1504(a), that has elected to file consolidated Federal income Tax Returns, and MJN is a member of that
group; 
 WHEREAS, MJN intends to issue common stock in an initial public offering (the “IPO”), after which MJN will continue to be
a member of the BMS Consolidated Group; and 
 WHEREAS, BMS and MJN desire to set forth their agreement as to certain matters relating to the
inclusion of the MJN Consolidated Group in the BMS Consolidated Group; 
 NOW, THEREFORE, in consideration of the mutual covenants and
agreements contained herein, BMS and MJN hereby agree as follows: 
 ARTICLE I 
 Definitions 
 SECTION 1.01. Definition of Terms. The following terms
shall have the following meanings (such meanings to apply equally to the singular and plural forms of the terms defined). All section references are to this Agreement unless otherwise stated. All references to “includes” and
“including” mean “includes without limitation” or “including without limitation”, as the case may be. 
 “Adjustment” has the meaning set forth in Section 8.03. 
 “Agreement” has the meaning set
forth in the recitals. 
 “BMS” has the meaning set forth in the recitals. 
 “BMS Combined Return” has the meaning set forth in Section 2.01(b). 
 “BMS Consolidated Group” means BMS and the affiliated group of corporations, within the meaning of Code Section 1504(a), of which
BMS is the common parent. 
 “BMS Consolidated Return” has the meaning set forth in Section 2.01(a). 
 “China Services Agreement” means the China Services Agreement dated at or around the date of this Agreement, between BMS and MJN.

 “Code” means the Internal Revenue Code of 1986, as amended. 
 “Consolidation Year” means any taxable period (or portion thereof) ending on or before Deconsolidation. 
 “Deconsolidation” means that the MJN Consolidated Group ceases to be included in the BMS Consolidated Group. 
 “Determination” means the final resolution of liability for any tax for any taxable period by or as a result of (i) a final and
unappealable decision, judgment, decree or other order by any court of competent jurisdiction; (ii) a final settlement, compromise or other agreement with the relevant Taxing Authority, an agreement that constitutes a determination under Code
Section 1313(a)(4), an agreement contained in an IRS Form 870-AD, a closing agreement or accepted offer in compromise under Code Sections 7121 or 7122, or a comparable agreement under state, local or foreign law; (iii) the expiration of
the applicable statute of limitations; or (iv) the payment of the tax by the party responsible for payment of that tax under Article III if BMS and MJN agree that no action should be taken to recoup that payment. 
 “Dutch Holdco” means MJN Holdings (Netherlands) B.V. 
 “Gain Recognition Agreement” has the meaning set forth in Section 4.02(c). 
 “IRS” means the Internal Revenue Service. 
 “MJN” has the meaning set forth in the recitals.

 “MJN Business” means the worldwide Mead Johnson Nutrition business operations included in the MJN financial statements.

 “MJN China” means Mead Johnson Nutritionals (China) Ltd. 
 “MJN Consolidated Group” means MJN and the affiliated group of corporations, within the meaning of Code Section 1504(a), of which
MJN would be the common parent if it were not included in the BMS Consolidated Group. For the avoidance of doubt, a corporation shall be treated as being a member of the MJN Consolidated Group only for that portion of a taxable period that such
corporation is actually described in the preceding sentence. 
 “MJN Group” means MJN and the affiliated group of
corporations, within the meaning of Code Section 1504(a) without regard to Code Section 1504(b), of which MJN would be the common parent if it were not included in the BMS Consolidated Group other than MJN China at any time before a put or
call option is exercised under the China Services Agreement. For the avoidance of doubt, a corporation shall be treated as being a member of the MJN Group only for that portion of a taxable period that such corporation is actually described in the
preceding sentence. 
  

 2 

 “MJN Return Items” has the meaning set forth in Section 8.01. 
 “MJN Tax Package” has the meaning set forth in Section 7.01. 
 “Parent Group” means BMS and the affiliated group of corporations, within the meaning of Code Section 1504(a) without regard to
Code Section 1504(b), of which BMS is the common parent, including MJN China at any time before a put or call option is exercised under the China Services Agreement, but excluding members of the MJN Group. 
 “Post-Deconsolidation Year” means any taxable period (or portion thereof) after Deconsolidation. 
 “Pro Forma MJN Combined Return” has the meaning set forth in Section 3.01(b). 
 “Pro Forma MJN Consolidated Return” has the meaning set forth in Section 3.01(a). 
 “Pro Forma MJN Return” means the Pro Forma MJN Consolidated Returns, the Pro Forma MJN Combined Returns and the Pro Forma MJN Separate
Returns. 
 “Pro Forma MJN Separate Return” has the meaning set forth in Section 3.01(c)). 
 “Records” has the meaning set forth in Section 9.02. 
 “Regulations” means the Treasury regulations promulgated under the Code or any successor Treasury regulations. 
 “Separate Return” has the meaning set forth in Section 2.01(c). 
 “Tax
Attributes” has the meaning set forth in Section 3.03(b). 
 “Tax Returns” means all tax returns,
declarations, statements, reports, forms, estimates and information returns relating to taxes, including any amendments thereto and any related or supporting information. 
 “taxes” means all Federal, state and local, and foreign, taxes, assessments, duties or similar charges of any kind whatsoever. 
 “Taxing Authority” means any governmental body charged with the determination, collection or imposition of taxes. 
 “Transitional Services Agreement” means the Transitional Services Agreement dated at or around the date of this Agreement between BMS
and MJN. 
  

 3 

 ARTICLE II 
 Preparation and Filing of Tax Returns 
 SECTION 2.01. Filing of Returns. (a) For each
taxable year for which BMS files a consolidated Federal income Tax Return (a “BMS Consolidated Return”), BMS shall include the MJN Consolidated Group in such Tax Return if entitled to do so. BMS shall prepare and timely file (or cause to
be prepared and timely filed) all BMS Consolidated Returns. To the extent that any BMS Consolidated Return directly relates to matters for which MJN must indemnify the Parent Group under Section 4.02, BMS shall (i) prepare that portion of
the BMS Consolidated Return on a basis consistent with past practice (except as required by applicable law or as determined by BMS acting in good faith) and (ii) give MJN a reasonable opportunity to review that portion of the BMS Consolidated
Return. BMS shall notify MJN of any such portions not prepared on a basis consistent with past practice, except where such change is required by applicable law. 
 (b) For each taxable year for which it is permissible to file a Tax Return on a consolidated, combined, unitary or similar basis (other than a BMS Consolidated Return) that would include one or more members of the MJN
Group and one or more members of the Parent Group (a “BMS Combined Return”), then the relevant member of the Parent Group may, in its sole discretion, determine whether to file such BMS Combined Return and whether to include certain or all
of the relevant members of the MJN Group in such Tax Return. BMS shall prepare and timely file (or cause to be prepared and timely filed) any BMS Combined Returns. To the extent that any BMS Combined Return directly relates to matters for which MJN
must indemnify the Parent Group under Section 4.02, BMS shall (i) prepare that portion of the BMS Combined Return on a basis consistent with past practice (except as required by applicable law or as determined by BMS acting in good faith)
and (ii) give MJN a reasonable opportunity to review that portion of the BMS Combined Return. BMS shall notify MJN of any such portions not prepared on a basis consistent with past practice, except where such change is required by applicable
law. Schedule A sets out a list of states in which BMS intends to file a BMS Combined Return that includes one or more members of the MJN Group. 
 (c) For all Tax Returns other than BMS Consolidated Returns and BMS Combined Returns (“Separate Returns”), the entity customarily responsible under applicable law for filing such Separate Returns shall prepare and timely file (or
cause to be prepared and timely filed) such Separate Returns. To the extent that any Separate Return filed by BMS directly relates to matters for which MJN must indemnify the Parent Group under Section 4.02, BMS shall (i) prepare that
portion of the Separate Return on a basis consistent with past practice (except as required by applicable law or as determined by BMS acting in good faith) and (ii) give MJN a reasonable opportunity to review that portion of the Separate
Return. BMS shall notify MJN of any such portions not prepared on a basis consistent with past practice, except where such change is required by applicable law. To the extent that any Separate Return filed by MJN directly relates to matters for
which BMS must indemnify the MJN Group under Section 4.01, MJN shall (i) prepare that portion of the Separate Return on a basis consistent with past practice (except as required by applicable law or as otherwise agreed by BMS and MJN) and
(ii) give BMS a reasonable opportunity to review that portion of the Separate Return. Schedule B sets 

  

 4 

 
out a list of each material state in which the parties intend that MJN will file a Separate Return. The parties intend that members of the MJN Group will
file Separate Returns in all foreign jurisdictions unless BMS otherwise provides notice to MJN that there is an opportunity in any such foreign jurisdiction to file a BMS Combined Return. 
 SECTION 2.02. Consents and Elections. BMS and MJN shall prepare, sign and timely file (or cause to be prepared, signed and timely filed) any
consents, elections and other documents and take any other actions necessary or appropriate to effect the filing of the Tax Returns described in Section 2.01. 
 SECTION 2.03. Payment of Taxes. The party responsible under Section 2.01 for preparing and filing a Tax Return shall pay to the relevant Taxing Authority any taxes shown as due on that Tax Return. The
obligation to make these payments shall not affect the payor’s right, if any, to receive payments under Article III or otherwise be indemnified with respect to that tax liability. 
 ARTICLE III 
 Pro Forma MJN Returns 
 SECTION 3.01. Pro Forma MJN Returns in General. (a) For each taxable period (or portion thereof) beginning on or after January 1, 2009
in which the MJN Consolidated Group is included in a BMS Consolidated Return, BMS shall prepare a pro forma Federal income Tax Return for the MJN Consolidated Group (a “Pro Forma MJN Consolidated Return”) based on the corresponding MJN Tax
Package. Except as otherwise provided in this Article III, the Pro Forma MJN Consolidated Return shall be prepared as if MJN filed a consolidated return on behalf of the MJN Consolidated Group. 
 (b) For each taxable period (or portion thereof) beginning on or after January 1, 2009 in which one or more members of the MJN Group is included in
a BMS Combined Return, BMS shall prepare a pro forma Tax Return for those members of the MJN Group (a “Pro Forma MJN Combined Return”) based on the corresponding MJN Tax Package. Except as otherwise provided in this Article III, the Pro
Forma MJN Combined Return shall be prepared as if the members of the MJN Group included in the BMS Combined Return instead filed a single combined return. 
 (c) For each taxable period (or portion thereof) beginning on or after January 1, 2009 in which a Separate Return is filed, a portion of which relates to the MJN Business and a portion of which does not, BMS
shall prepare a pro forma Tax Return for the first such portion (a “Pro Forma MJN Separate Return”) based on the corresponding MJN Tax Package. 
 SECTION 3.02. China. Notwithstanding anything in this Agreement, amounts of income, gain, loss and other similar items in relation to MJN China shall not be included on any Pro Forma MJN Return in relation to
any taxable periods (or portions thereof) ending on or before a put or call option is exercised under the China Services Agreement. 
  

 5 

 SECTION 3.03. Preparation of the Pro Forma MJN Returns. (a) The Pro Forma MJN Returns shall
be prepared in a manner consistent with the past practices of BMS (except as required by applicable law or as determined by BMS acting in good faith) and shall reflect all elections, positions and methods used in the relevant BMS Tax Returns. BMS
shall give MJN a reasonable opportunity to review any Pro Forma MJN Returns. BMS shall notify MJN of any such portions not prepared on a basis consistent with past practice, except where such change is required by applicable law. 
 (b) The Pro Forma MJN Returns shall reflect any carryovers or carrybacks of net operating losses, net capital losses, excess tax credits and any other
similar tax attributes (“Tax Attributes”) arising in an earlier or later taxable period for which a Pro Forma MJN Return was prepared, to the extent such item would be so reflected if all Pro Forma MJN Returns were actual Tax Returns.

 (c) For purposes of preparing a Pro Forma MJN Return, the provisions of applicable law shall be applied as if the entities included in
that Pro Forma MJN Return were a separate combined group or consolidated group, except that a transaction between any member of the MJN Group, on the one hand, and any member of the Parent Group, on the other hand, shall not be taken into account
until the first taxable year in which that transaction is required to be taken into account under Code Section 1502 or the comparable provision of state, local or foreign law. 
 SECTION 3.04. Taxes with Respect to Pro Forma MJN Returns. (a) Except as provided in Section 3.04(b), each of MJN and BMS shall make (or
cause to be made) payments to the other party with respect to any Pro Forma MJN Return as if (i) that Pro Forma MJN Return were actually required to be filed under the laws of the applicable taxing jurisdiction and (ii) BMS were the
relevant Taxing Authority of that taxing jurisdiction. The amount of any payment required to be made under this Section 3.04(a) with respect to any tax year commencing on January 1, 2009, shall be multiplied by a fraction (i) the
numerator of which is eleven and (ii) the denominator of which is twelve. 
 (b) Each of MJN and BMS shall make (or cause to be made)
payments to the other party with respect to any Separate Return filed by MJN under Section 2.01(c) (excluding any amount that would be due with respect to the related Pro Forma MJN Separate Return prepared by BMS under Section 3.01(c))
(“BMS Carveout Separate Return”) as if (i) that BMS Carveout Separate Return was actually required to be filed under the laws of the applicable taxing jurisdiction and (ii) MJN were the relevant Taxing Authority of that taxing
jurisdiction. 
 (c) In applying the general principles set out in this Section 3.04, all laws and regulations relating to timing and
computation of payments, interest, penalties, additions to tax and additional amounts shall be applied. 
  

 6 

 SECTION 3.05. Notification and Payment. Each party shall notify the other of any amounts due to it
under this Article III no later than five days prior to the date such payments are due (or would be due) to be paid to a Taxing Authority. Payments required to be made under this Article III must be made on or before such due date.

 ARTICLE IV 
 Indemnity 

 SECTION 4.01. BMS Indemnity. BMS shall indemnify the MJN Group and hold it harmless from: 
 (i) any tax of any member of the Parent Group; 
 (ii) any tax for which BMS is responsible under Section 2.03; 
 (iii) any tax of any member of the MJN Group for taxable periods (or portions thereof) ending on or before December 31, 2008;

 (iv) any tax arising solely as a result of transferring the MJN Business to any member of the MJN Group for purposes of
separating the MJN Business from BMS for the IPO, whether or not that transfer happened before the IPO; 
 (v) any tax
incurred as a result of any excess loss account that must be taken into account pursuant to Section 1.1502-19 of the Regulations (“Excess Loss Account”) to the extent the Excess Loss Account relates to the stock of MJN; 
 (vi) any interest, penalties, additional amounts and additions to tax that have arisen solely as a result of an error by BMS in the
preparation of a Pro Forma MJN Return. 
 (vii) any interest, penalties, additional amounts and additions to tax related to
the foregoing; 
 excluding, in each case, any tax for which MJN is responsible under Section 4.02. 
 SECTION 4.02. MJN Indemnity. MJN shall indemnify the Parent Group and hold it harmless from: 
 (i) any tax for which MJN is responsible under Section 2.03; 
 (ii) any tax incurred as a result of any Excess Loss Account to the extent the Excess Loss Account relates to stock of a member of the MJN
Consolidated Group other than MJN; 
  

 7 

 (iii) any tax incurred as a result of any gain recognized pursuant to a gain recognition
agreement entered into by any member of the BMS Consolidated Group in relation to a member of the MJN Group in accordance with Section 1.367(a)-8T of the Regulations (“Gain Recognition Agreement”), excluding any gain required to be
recognized as a result of a Deconsolidation being a “triggering event” (within the meaning of those Regulations); 
 (iv) any interest (other than interest described in Section 4.01(vi)), penalties, additional amounts and additions to tax related to the foregoing. 
 SECTION 4.03. Calculating Indemnity Payments. For purposes of computing indemnity payments under this Article IV, each party is assumed to pay tax at the maximum applicable tax rate. 
 ARTICLE V 
 Post-Deconsolidation Periods

 SECTION 5.01. MJN Tax Attributes (a) If (i) any member of the MJN Group generated a Tax Attribute in a taxable period
(or portion thereof) for which a Pro Forma MJN Return is required to be prepared in accordance with Article III and (ii) that member holds that Tax Attribute immediately after Deconsolidation, then MJN shall pay to BMS an amount equal to the
amount, if any, by which any amount payable with respect to any Pro Forma MJN Return (y) by MJN to BMS was reduced or (z) by BMS to MJN was increased, by reason of including that Tax Attribute in that Pro Forma MJN Return. 
 (b) If any member of the MJN Group generated a Tax Attribute in a taxable period for which a Pro Forma MJN Return is required to be prepared in
accordance with Article III and no member of the MJN Group holds that Tax Attribute immediately after Deconsolidation, BMS shall pay to MJN an amount equal to the actual benefit that a member of the Parent Group realized from using that Tax
Attribute (the amount of such benefit determined by BMS in its sole discretion), but only if the inclusion of such Tax Attribute in a Pro Forma MJN Return did not (i) reduce the amount payable by MJN to BMS under Article III or
(ii) increase the amount payable by BMS to MJN under Article III. 
 SECTION 5.02. Post-Deconsolidation Year Carrybacks. MJN
shall (and shall cause members of the MJN Group to) waive the carrybacks of any Tax Attributes to the extent permitted under applicable law from any Post-Deconsolidation Year to any Consolidation Year unless such carryback does not have a material
effect on BMS (determined by BMS acting in good faith). If any member of the MJN Group carries a Tax Attribute back from a Post-Deconsolidation Year to a Consolidation Year no payment shall be due from BMS with respect to that carryback unless such
carryback does not have a material effect on BMS (determined by BMS acting in good faith). 
  

 8 

 SECTION 5.03. China. Immediately following the payment by BMS to MJN of any Net Actual
Distribution Amount (as defined in the China Services Agreement) on any BMS Payment Due Date (as defined in the China Services Agreement), MJN shall pay to BMS the amount by which that Net Actual Distribution Amount exceeds 65% of the pre-tax
(including withholding tax) earnings to which that Net Actual Distribution Amount relates. The intention of this clause is that MJN economically bear aggregate local and U.S. taxes with respect to MJN China at a 35% effective tax rate. 

ARTICLE VI 
 Preparation of Tax Package

 SECTION 6.01. Tax Package. MJN shall provide to BMS, in a format determined by BMS, all information requested by BMS as
reasonably necessary to prepare the BMS Consolidated Return, the BMS Combined Returns and the Pro Forma MJN Returns (the “MJN Tax Package”) and to determine any amounts payable under Article III. The MJN Tax Package shall be prepared on a
basis consistent with the principles set out in Article III. 
 ARTICLE VII 
 Audits, Amended Returns, Contests, Adjustments and Rulings 
 SECTION 7.01.
Audits and Contests. (a) BMS will have exclusive and sole responsibility and control with respect to the conduct and settlement of any examinations and contests by a Taxing Authority of any Tax Returns that BMS is responsible for filing
under Article II; provided, however, that BMS shall not settle any matter that would cause a payment obligation for any member of the MJN Group under this Agreement without the consent of MJN (which consent shall not unreasonably be withheld
or delayed). If MJN does not respond to BMS’s request for consent within 30 days, MJN shall be deemed to have consented. Within 10 days of the commencement of any such audit proceeding or contest, BMS shall give MJN notice of and consult with
MJN with respect to any issues relating to items of income, gain, loss, deduction or credit of MJN (any such items, “MJN Return Items”); provided, however, that MJN shall not be relieved of any obligation to make additional
payments under this Agreement if BMS fails to timely deliver the notice described above except to the extent that MJN is actually prejudiced thereby. Notwithstanding the foregoing, BMS shall have the right in its sole discretion to have MJN pay any
disputed taxes and sue for a refund in the forum of BMS’s choice. BMS shall act in good faith with respect to the matters described in this Section 8.01(a). 
 (b) BMS and MJN shall have joint control with respect to the conduct and settlement of any examinations and contests by a Taxing Authority of any Separate Tax Return that MJN is responsible for filing under Article II
for which a Pro Forma MJN Separate Return must be prepared; provided, however, that BMS and MJN shall not settle any such examinations or contests without the consent of the other party (which consent shall not unreasonably be withheld or delayed).
If either BMS or MJN do not respond to the 

  

 9 

 
other party’s request for consent within 30 days, that party shall be deemed to have consented. BMS and MJN shall act in good faith with respect to the
matters described in this Section 8.01(b). 
 SECTION 7.02. Expenses. MJN shall reimburse BMS for all reasonable out-of-pocket
expenses (including legal, consulting and accounting fees) in the course of proceedings described in Section 8.01 to the extent those expenses are reasonably attributable to any member of the MJN Group. 
 SECTION 7.03. Recalculation of Pro Forma MJN Return for a Determination. If there is a Determination that results in an additional payment of tax
(including a payment of tax made preliminary to commencing a refund claim or contest), use of a tax attribute or a refund of tax (including a refund of such a preliminary payment) (any such additional payment, use of a tax attribute or refund, an
“Adjustment”) relating to a BMS Consolidated Return or a BMS Combined Return for any taxable period for which a Pro Forma MJN Return is required to be prepared, a corresponding adjustment shall be made to the corresponding Pro Forma
MJN Return, as applicable. Within five days after any such Adjustment, MJN or BMS, as appropriate, shall make additional payments or refund payments to the other party reflecting such Adjustment, plus interest pursuant to Section 10.01 of this
Agreement, calculated as if payments by and to MJN pursuant to Articles III, IV and VI of this Agreement and this Article IIX were payments and refunds of applicable Federal, state, local or foreign taxes. MJN shall further pay to BMS, on
an after-tax basis, the amount of any penalties or additions to tax incurred by the a member of the Parent Group in connection with any Adjustment to any MJN Return Item for a taxable period for which a Pro Forma MJN Return is required to be
prepared. 
 ARTICLE VIII 
 General Cooperation and Document Retention 
 SECTION 8.01. Cooperation. Each member of the Parent Group and the MJN
Group shall cooperate fully with all reasonable requests from the other party in connection with the preparation and filing of Tax Returns, audits, contest and other matters covered by this Agreement. 
 (a) Such cooperation shall include: 
 (i) the execution of any document that may be necessary or reasonably helpful in connection with any audit or contest, the filing of a Tax Return by a member of the Parent Group or the MJN Group, or obtaining a tax opinion or private letter
ruling; and 
 (ii) monitoring any Excess Loss Account relating to stock of a member of the MJN Consolidated Group.

  

 10 

 SECTION 8.02. Duty to Mitigate Recognition or Recapture of Income. Prior to any event that may
result in recognition or recapture of income (including under any Gain Recognition Agreement), BMS and MJN shall use (and shall cause the members of the Parent Group and MJN Group, respectively, to use) all commercially reasonably efforts to
eliminate such recognition or recapture of income or otherwise avoid or minimize the impact thereof. For the avoidance of doubt: 
 (i) MJN agrees to enter into (or will cause the appropriate member of the MJN Group to enter into) a new gain recognition agreement pursuant to Regulation 1.367(a)-8T(g) (relating to nonrecognition transfers), if entering into that
agreement would preclude the recognition of gain described in Section 4.02(c); and 
 (ii) To the extent that any member
of the MJN Group is a “U.S. transferor” (within the meaning of Regulation 1.367(a)-8T(a)((1)(xi)) with respect to property for which a Gain Recognition Agreement was entered into, MJN agrees to comply (or will cause the appropriate member
of the MJN Group to comply) with the annual certification requirements of Regulation 1.367(a)-8T(b)(5) for the term of such Gain Recognition Agreement and to promptly provide copies of those annual certifications to BMS. 
 A current list of relevant Gain Recognition Agreements are set out in Schedule C (as amended from time to time). 
 SECTION 8.03. Authority. The person holding the office of Vice President, Taxes, BMS, (i) is hereby duly authorized to sign any Tax Return or
any other document relating to taxes as a duly authorized signatory of any member of the MJN Group and (ii) shall have final decision making authority in relation to the content of any Tax Returns or other documents relating to taxes, in each
case, unless, and solely with respect to Separate Returns filed by MJN under Section 2.01(c) (other than any Separate Returns described in the penultimate sentence of Section 2.01(c)), the Board of Directors of MJN affirmatively determines
otherwise. 
 SECTION 8.04. Document Retention, Access to Records & Use of Personnel. Until the expiration of the relevant
statute of limitations (including extensions), each of BMS and MJN shall (i) retain records, documents, accounting data, computer data and other information (collectively, the “Records”) necessary for the preparation, filing,
review, audit or defense of all Tax Returns relevant to an obligation, right or liability of either party under this Agreement; and (ii) give each other reasonable access to such Records and to its personnel (insuring their cooperation) and
premises to the extent relevant to an obligation, right or liability of either party under this Agreement. Prior to disposing of any such Records, each of BMS and MJN shall notify the other party in writing of such intention and afford the other
party the opportunity to take possession or make copies of such Records at its discretion. 
  

 11 

 SECTION 8.05. The parties agree, for U.S. Federal income tax purposes, to treat the execution of the
China Services Agreement as the contribution (under Section 351 of the Code) by BMS of its partnership interest in MJN China to MJN in consideration for low vote stock of MJN. 
 SECTION 8.06. Value Added Taxes. Certain cooperation and other provisions relating to value added taxes payable in connection with transferring
the MJN Business to members of the MJN Group are set out in the Separation Agreement dated at or around the date of this Agreement between BMS, MJN and Mead Johnson Nutrition Company. 
 SECTION 8.07. Dutch Holdco Earnings and Profits. MJN will cause all direct and indirect subsidiaries of Dutch Holdco to pay distributions up to
Dutch Holdco during 2009 to the maximum extent possible; provided that no direct or indirect subsidiary of Dutch Holdco is left without a commercially reasonable amount of working capital after making any such distribution. Dutch Holdco will not pay
any distributions to MJN during 2009 except to the extent reasonably necessary to allow any member of the MJN Consolidated Group to service its debt obligations. 
 ARTICLE IX 
 Miscellaneous Provisions 
 SECTION 9.01. Interest. Interest required to be paid pursuant to this Agreement shall, unless otherwise specified, be computed at the rate and in
the manner provided in the Code (or, where relevant, under applicable state, local or foreign law) for interest on underpayments and overpayments, respectively, of tax for the relevant period. Any payments required pursuant to this Agreement that
are not made within the time period specified in this Agreement shall bear interest at a rate equal to two hundred basis points above the average interest rate on the senior bank debt of BMS. 
 SECTION 9.02. No Duplication of Payment. Notwithstanding anything to the contrary herein, nothing in this Agreement shall require MJN or BMS, as
the case may be, to make any payment to the extent that the payment is attributable to a Tax Attribute for which payment has previously been made under this Agreement. 
 SECTION 9.03. Confidentiality. Each of BMS and MJN agrees that any information furnished pursuant to this Agreement is confidential and, except as and to the extent required by law or otherwise during the
course of an audit or contest or other administrative or legal proceeding, shall not be disclosed to other persons. In addition, each of BMS and MJN shall cause its employees, agents and advisors to comply with the terms of this Section 10.03.

 SECTION 9.04. Successors and Access to Information. This Agreement shall be binding upon and inure to the benefit of any successor
to any of the parties, by merger (including, for the avoidance of doubt, a merger with Mead Johnson Nutrition Company), acquisition of assets or otherwise, to the same extent as if the successor had been an original party to this Agreement, and in
such event, all references herein to a party shall refer instead to the successor of such party. 
  

 12 

 SECTION 9.05. Governing Law. This Agreement shall be governed by and construed in accordance with
the laws of New York excluding (to the greatest extent permissible by law) any rule of law that would cause the application of the laws of any jurisdiction other than the State of New York. 
 SECTION 9.06. Headings. The headings in this Agreement are for convenience only and shall not be deemed for any purpose to constitute a part or to
affect the interpretation of this Agreement. 
 SECTION 9.07. Counterparts. This Agreement may be executed simultaneously in two or
more counterparts, each of which will be deemed an original, and it shall not be necessary in making proof of this Agreement to produce or account for more than one counterpart. 
 SECTION 9.08. Notices. Any payment, notice or communication required or permitted to be given under this Agreement shall be in writing (including
telecopy communication) and mailed, telecopied or delivered to the parties at the following addresses (or at such other address as one party may specify by notice to the other party): 
 If to BMS: 
  

			
	 Bristol-Myers Squibb Company
 345 Park Avenue

 New York, NY 10154-0037

	Attention:	 	 Gary Lewbel,
 Vice President, Taxes

 If to MJN: 
  

			
	 Mead Johnson Nutrition Company
 2400 West
Lloyd Expressway
 Evansville, IN 47721-0001

	Attention:	 	Kevin Wilson,
		 	Vice President, Treasurer
	CC:	 	 Pete Leemputte
 Chief Financial
Officer

 or to any other address as BMS or MJN shall furnish in writing to one another. All such notices and communications
shall be effective when received. 
 SECTION 9.09. Severability. If any provision of this Agreement is held to be unenforceable for
any reason, it shall be adjusted rather than voided, if possible, in order to achieve the intent of the parties to the maximum extent practicable. In any event, all other provisions of this Agreement shall be deemed valid, binding, and enforceable
to their full extent. 
  

 13 

 SECTION 9.10. Termination. This Agreement shall remain in force and be binding so long as the
applicable period of assessments (including extensions) remains unexpired for any taxes contemplated by this Agreement; provided, however, that neither BMS nor MJN shall have any liability to the other party with respect to tax liabilities for
taxable years in which MJN is not included in the BMS Consolidated Returns except as provided in Articles III and VI of this Agreement. 
 SECTION 9.11. Successor Provisions. Any reference herein to any provisions of the Code or Treasury Regulations shall be deemed to include any amendments or successor provisions thereto as appropriate. 
 SECTION 9.12. Compliance by Group Members. BMS and MJN each agrees to cause all present and future members of the Parent Group and the MJN Group
to comply with the terms of this Agreement. 
 SECTION 9.13. Survival. Notwithstanding anything in this agreement to the contrary, the
provisions of this agreement shall survive for the full period of all applicable statutes of limitations (giving effect to any waiver, mitigation or extensions thereof). 
 SECTION 9.14. Integration; Amendments. Except as explicitly stated herein, this Agreement embodies the entire understanding between the parties relating to its subject matter and supersedes and terminates all
prior agreements and understandings among the parties with respect to such matters. No promises, covenants or representations of any kind, other than those expressly stated herein, have been made to induce any party to enter into this Agreement.
This Agreement shall not be modified or terminated except by a writing duly signed by each of the parties hereto, and no waiver of any provisions of this Agreement shall be effective unless in a writing duly signed by the party sought to be bound.
If, and to the extent, the provisions of this Agreement conflict with the Transitional Services Agreement, the provisions of this Agreement shall control. 
 SECTION 9.15. Waiver of Jury Trial. Each party waivers, to the fullest extent permitted by applicable law, any right it may have to a trial by jury in respect of any dispute arising out of this agreement.

  

 14 

 IN WITNESS WHEREOF, each of the parties of this Agreement has caused this Agreement to be executed by its
duly authorized officer as of the date first set forth above. 
  

			
	Bristol Myers Squibb Company
		
	By	 	 /s/ Gary Lewbel

	Name:	 	Gary Lewbel
	Title:	 	Vice President

  

			
	MJN Restructuring Holdco, Inc.
		
	By	 	 /s/ Kevin Wilson

	Name:	 	Kevin Wilson
	Title:	 	Vice President and Treasurer

  

 15 

 SCHEDULE A 
 The following Schedule sets out a list of states in which BMS intends to file a BMS Combined Return that includes one or more members of the MJN Group. 
  

							
	 Entity
	 	 FEIN
	 	 State/Local
	 	 Type

	 BMS
	 	22-0790350	 	AK	 	Water’s Edge
	 BMS
	 	22-0790350	 	AZ	 	Consolidated
	 BMS
	 	22-0790350	 	CA	 	Water’s Edge
	 BMS
	 	22-0790350	 	CO	 	Water’s Edge
	 BMS
	 	22-0790350	 	CT	 	Combined
	 BMS
	 	22-0790350	 	FL	 	Consolidated
	 BMS
	 	22-0790350	 	HI	 	Consolidated
	 BMS
	 	22-0790350	 	IA	 	Combined
	 BMS
	 	22-0790350	 	ID	 	Worldwide
	 BMS
	 	22-0790350	 	IL	 	Water’s Edge
	 BMS
	 	22-0790350	 	IN	 	Combined
	 BMS
	 	22-0790350	 	KS	 	Consolidated
	 BMS
	 	22-0790350	 	ME	 	Consolidated
	 BMS
	 	22-0790350	 	MN	 	Water’s Edge
	 BMS
	 	22-0790350	 	MT	 	Worldwide
	 BMS
	 	22-0790350	 	ND	 	Worldwide
	 BMS
	 	22-0790350	 	NE	 	Consolidated
	 BMS
	 	22-0790350	 	NY	 	Combined
	 BMS
	 	22-0790350	 	NYNYC	 	Combined
	 BMS
	 	22-0790350	 	OR	 	Consolidated
	 BMS
	 	22-0790350	 	OR-Ptlnd/Mult	 	Consolidated
	 BMS
	 	22-0790350	 	TX	 	Consolidated
	 BMS
	 	22-0790350	 	UT	 	Worldwide
	 BMS
	 	22-0790350	 	Washington DC	 	Combined
	 E.R. Squibb & Sons LLC
	 	22-0790350	 	AR	 	Combined
	 E.R. Squibb & Sons LLC
	 	22-0790350	 	MA	 	Combined
	 E.R. Squibb & Sons LLC
	 	22-0790350	 	NM	 	Consolidated
	 E.R. Squibb & Sons LLC
	 	22-0790350	 	OH	 	Nexus Combined
	 E.R. Squibb & Sons LLC
	 	22-0790350	 	RI	 	Combined
	 E.R. Squibb & Sons LLC
	 	22-0790350	 	SC	 	Combined

  

 16 

 SCHEDULE B 
 The following Schedule sets out a list of each material taxing jurisdiction in which the parties intend that MJN will file a Separate Return. 
  

					
	 Entity
	 	 FEIN
	 	 State/Local

	 MJN
	 	35-1140848	 	AL
	 MJN
	 	35-1140848	 	AL
	 MJN
	 	35-1140848	 	GA
	 MJN
	 	35-1140848	 	KY
	 MJN
	 	35-1140848	 	MD
	 MJN
	 	35-1140848	 	MI
	 MJN
	 	35-1140848	 	MO
	 MJN
	 	35-1140848	 	MO-ST. LOUIS
	 MJN
	 	35-1140848	 	MS
	 MJN
	 	35-1140848	 	NC
	 MJN
	 	35-1140848	 	NH
	 MJN
	 	35-1140848	 	NJ
	 MJN
	 	35-1140848	 	OH-COLUMBUS
	 MJN
	 	35-1140848	 	PA
	 MJN
	 	35-1140848	 	PA-Philadelphia
	 MJN
	 	35-1140848	 	TN
	 MJN
	 	35-1140848	 	WI
	 MJN
	 	35-1140848	 	WV

  

 17 

 SCHEDULE C 
 Clauses 4.02(iv) and 8.02 - Below is a list of the entities for which GRAs will be entered into in connection with the IPO: 
 1. Bristol-Myers
Squibb (Hong Kong) Limited (to be renamed Mead Johnson Nutrition (Hong Kong) Limited); 
 2. Mead Johnson Nutrition Holdings (Singapore) Pte. Ltd.; and

 3. Triple J Ingredients Pte. Ltd. 
  

 18

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