Document:

Exhibit 10.14 - Executive Change in Control Severance Plan

Exhibit 10.14

Mead Johnson & Company, LLC
Second Amended and Restated
Executive Change in Control
Severance Plan
and
Summary Plan Description

Executive Change in Control Severance Plan & SPD - Second Amended and Restated                                            Mead Johnson & Company, LLC

Contents
Introduction and Highlights                1
Eligibility to Participate                    2
Eligibility for Severance Benefits                3
Severance Payments and Benefits                7
Continuation of Employee Benefits/Special Benefits        8
Amendment and Plan Termination                13
Additional Plan Information                14
Section 409A                        15
Administrative Information About Your Plan            17
Your Rights and Privileges Under ERISA            19
Other Administrative Facts                21
Glossary                            22

Executive Change in Control Severance Plan & SPD - Second Amended and Restated                                            Mead Johnson & Company, LLC

Introduction and Highlights                                                                                                                                                                  
Mead Johnson & Company, LLC (the "Company") adopted the Mead Johnson & Company, LLC Executive Change in Control Severance Plan (the "Plan") effective as of December 23, 2009 for eligible executive level employees of the Company and its subsidiaries and affiliates.  The purpose of the Plan is to encourage eligible executives to remain employed by the Company and/or its subsidiaries and affiliates and to provide such eligible executives with additional protections in the event their employment is terminated in connection with a Change in Control.  The Company further believes that the Plan will aid the Company in attracting and retaining highly qualified executive level employees who are essential to its success.
The Plan has been amended and restated to clarify certain provisions and provide enhanced alternatives for Plan participants.  This document sets out the Plan's provisions as of September 13, 2011 which is the effective date of the amendment and restatement of the Plan.  This document serves as the Plan's official document and summary plan description.  It replaces and supersedes any plan document, summary, or description you may have previously received regarding the Company's severance benefits as they apply to you following a change in control, other than as described herein.  The Glossary at the end of this document defines the capitalized terms used in the Plan or tells you where in this document to find a term's meaning.  When you encounter a capitalized term, turn to the Glossary to find its meaning.
You are eligible to receive Severance Pay and other benefits under the Plan if (i) you are selected for participation in the Plan by the Compensation Committee (or its designee), (ii) your employment terminates in a Qualifying Termination, (iii) you timely sign and return an Executive Separation Agreement & General Release, and (iv) the Executive Separation Agreement & General Release has become effective as described below.  The “Release Requirements” will be considered satisfied as of a specified date if the requirements set forth in paragraphs (iii) and (iv) are met as of such date.

Executive Change in Control Severance Plan & SPD - Second Amended and Restated                                            Mead Johnson & Company, LLC

Eligibility to Participate                                                                                                                                                                        
You are eligible to participate in the Plan only if (and during the period that) your role for MJN is a Participating Executive Role. 
Who Is Not Eligible to Participate 
Notwithstanding any other Plan provision, you are not eligible to participate in the Plan and will be excluded from coverage under the Plan if you are an employee who is a party to an individual arrangement or a written employment agreement providing severance payments other than pursuant to the Plan.  You will not be entitled to Severance Pay or other benefits under the Senior Executive Severance Plan if you are entitled to benefits under the Plan.

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Executive Change in Control Severance Plan & SPD - Second Amended and Restated                                            Mead Johnson & Company, LLC

Eligibility for Severance Benefits                                                                                                                                                        
Right To Severance Payments And Benefits 
You will be eligible to receive severance payments and benefits from the Company as set forth in the Severance Payments and Benefits Section of this Plan if your Termination Date occurs as the result of a Qualifying Termination.  For purposes of the Plan, your Termination Date will be considered to have occurred as the result of a “Qualifying Termination” if your Termination Date occurs during the Protected Period for any one or more of the following reasons:  
		
	(A)
	Your employment is terminated involuntarily by the Company other than for Cause; or 

		
	(B)
	You voluntarily terminate your employment for Good Reason.

To qualify for severance payments and benefits under the Plan upon voluntary termination for Good Reason, you must notify the Company in writing of termination for Good Reason, specifying the event constituting Good Reason, within 90 days after you first become aware of the event that you believe constitutes Good Reason.  Failure for any reason to give written notice of termination of employment for Good Reason in accordance with the foregoing will be deemed a waiver of the right to terminate your employment for that Good Reason event.  The Company will have a period of 30 days after receipt of your notice in which to cure the Good Reason.  If the Good Reason is cured within this period, you will not be entitled to severance payments and benefits under the Plan.  If the Company waives its right to cure or does not, within the 30 day period, cure the Good Reason, you may terminate your employment for Good Reason within 30 days following the earlier of the date on which the Company waives its right to cure or the end of the cure period.  If you do not terminate your employment within such 30 day period, you will waive your right to terminate your employment for that Good Reason event.
Ineligibility for Severance Benefits 
Notwithstanding any other provision of the Plan, you will not be eligible for severance payments and benefits under the Plan if your Termination Date occurs for any reason other than a Qualifying Termination, including if your Termination Date occurs as the result of any of the following:  
		
	•
	Voluntary termination or voluntary retirement other than for Good Reason;

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

		
	•
	Disability (as defined in the Company's Long-Term Disability Plan); 

		
	•
	For Cause;  or

		
	•
	Termination other than during the Protected Period.

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Executive Change in Control Severance Plan & SPD - Second Amended and Restated                                            Mead Johnson & Company, LLC

Cause 
"Cause" means the following
		
	(A)
	Willful and continued failure by you to substantially perform your duties with the Company or MJN (except where the failure results from incapacity due to Disability) for a period of 30 consecutive days after a written demand for substantial performance is delivered to you by the Board, which demand specifically identifies the manner in which the Board believes that you have not substantially performed your duties; 

		
	(B)
	Willful engaging by you in conduct which is demonstrably and materially injurious to the Company or its subsidiaries or affiliates, monetarily or otherwise;

		
	(C)
	You are convicted of, or have entered a plea of nolo contendere to, a felony.

For purposes of paragraphs (A) and (B) next above, no act, or failure to act, on your part shall be deemed “willful” unless done, or omitted to be done, by you not in good faith and without reasonable belief that your act, or failure to act, was in the best interest of the Company.  "Cause" will be interpreted by the Compensation Committee (or its designee) in its sole discretion and such interpretation will be conclusive and binding on all parties.  
Good Reason
"Good Reason" means the occurrence of any one or more of the following events which occur without your express written consent:  
		
	(A)
	the assignment to you of any duties materially inconsistent with your status as an officer of MJN (e.g., no longer reporting to the CEO) or a substantial adverse alteration in the nature or status of your authorities, duties or responsibilities from those in effect immediately prior to the Change in Control (e.g., reduction in signing authority); 

		
	(B)
	a material adverse change in your reporting relationships;

		
	(C)
	a material reduction by the Company in your base salary or bonus from the levels in effect immediately prior to a Change in Control or as the same may be increased from time to time after a Change in Control;

		
	(D)
	the relocation of your principal place of employment to a location more than 50 miles from the location of such place of employment immediately prior to a Change in Control, except for required travel on the Company's business to an extent substantially consistent with your business travel obligations prior to the Change in Control or, if you have consented to a relocation, the failure by the Company to provide you with all of the benefits of the Company's relocation policy as in operation immediately prior to a Change in Control; 

		
	(E)
	the failure of the Company to pay to you any material amount or portion of your compensation or to pay to you any portion of an installment of deferred compensation under any deferred compensation program of the Company within seven days of the date on which such compensation was due; or 

		
	(F)
	the failure by the Company to continue in effect any compensation or benefit plan which is material to your compensation and in which you participated immediately prior to the Change in Control, unless an equitable arrangement (embodied in an ongoing substitute or alternative plan) has been made with respect to such plan, or the failure by the Company to continue your participation therein (or in such substitute or alternative plan) on a basis not materially less favorable, both in terms of the amounts of benefits provided and the level of your participation relative to other participants, as existed at the time of the Change in Control.

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Executive Change in Control Severance Plan & SPD - Second Amended and Restated                                            Mead Johnson & Company, LLC

Change in Control
For purposes of the Plan, a “Change in Control” shall be deemed to have occurred upon the first to occur of any of the following: 
		
	(A)
	Any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended) (a “Person”) shall have become the direct or indirect beneficial owner of thirty percent (30%) or more of (i) the then outstanding shares of common stock of MJN (the “Outstanding MJN Common Shares”) or (ii) the combined voting power of the then outstanding voting securities of MJN entitled to vote generally in the election of directors (the “Outstanding MJN Voting Securities”)(other than, in each case, in connection with a merger or consolidation as a result of which (1) MJN becomes a direct or indirect wholly-owned subsidiary of a holding company, (2) the direct or indirect holders of the common stock and the voting securities of such holding company immediately following the transaction are substantially the same as the holders of the Outstanding MJN Common Shares and the Outstanding MJN Voting Securities, as the case may be, immediately prior to the transaction, and (3) immediately following the transaction no Person is the beneficial owner, directly or indirectly, of thirty percent (30%) or more of the common stock or the voting securities of such holding company);

		
	(B)
	The consummation of a reorganization, merger, statutory share exchange, consolidation, or similar transaction involving MJN or any of its subsidiaries, the sale or other disposition of all or substantially all of the assets of MJN and its subsidiaries (taken as a whole), or the acquisition of assets or stock of another entity by MJN or any of its subsidiaries (each a “Business Combination”), in each case, unless, following such Business Combination, (i) all or substantially all of the individuals and entities that were the beneficial owners of the Outstanding MJN Common Shares and the Outstanding MJN Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than fifty percent (50%) of the then outstanding shares of common stock (or, for a non-corporate entity, equivalent securities) and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of members of the board of directors (or, for a non-corporate entity, equivalent governing body), as the case may be, of the entity surviving or resulting from such Business Combination (including an entity that, as a result of such transaction, owns all or substantially all of the common stock or the voting securities of MJN or all or substantially all of MJN's assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership immediately prior to such Business Combination of the Outstanding MJN Common Shares and the Outstanding MJN Voting Securities, as the case may be, (ii) no Person (excluding MJN or any employee benefit plan (or related trust) of MJN or such entity surviving or resulting from such Business Combination) beneficially owns, directly or indirectly, thirty percent (30%) or more of, respectively, the then outstanding shares of common stock (or, for a non-corporate entity, equivalent securities) of the entity surviving or resulting from such Business Combination (or any parent thereof) or the combined voting power of the then outstanding voting securities of such entity (or any parent thereof) entitled to vote generally in the election of members of the board of directors (or, for a non-corporate entity, equivalent governing body) and (iii) at least a majority of the members of the board of directors (or, for a non-corporate entity, equivalent governing body) of the entity  surviving or resulting from such Business Combination (or any parent thereof) were members of the MJN Board at the time of the execution of the initial agreement or action of the MJN Board providing for such Business Combination;

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Executive Change in Control Severance Plan & SPD - Second Amended and Restated                                            Mead Johnson & Company, LLC

		
	(C)
	The stockholders of MJN approve a plan of complete liquidation or dissolution of MJN; or

		
	(D)
	There shall have been a change in the composition of the MJN Board within a two (2) year period such that a majority of the MJN Board does not consist of directors who were serving at the beginning of such period together with directors whose initial nomination for election by MJN stockholders or, if earlier, initial appointment to the MJN Board was approved by the vote of two-thirds of the directors then still in office who were in office at the beginning of the two (2) year period together with the directors who were previously so approved (either by a specific vote of approval or by approval of MJN's proxy statement in which such person was named as a nominee for election as a director).

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Executive Change in Control Severance Plan & SPD - Second Amended and Restated                                            Mead Johnson & Company, LLC

Severance Payments and Benefits                                                                                                                                                        
Cash Severance Payments
If your Termination Date occurs as the result of a Qualifying Termination, then, subject to the terms and conditions of the Plan, you will be entitled to a cash severance benefit (“Severance Pay”) in accordance with the following:
	
		
	Tier
	Amount of Severance Pay

	Tier 1 (Chief Executive Officer)
	Three times Base Salary and Bonus

	Tier 2 (Management Committee))
	Two times Base Salary and Bonus

	Tier 3 (Designated eligible employees not in            Tier 1 or Tier 2)
	One or One and one half times Base Salary (as determined by the Compensation Committee) and Bonus

Payments of Severance Pay will be made in a lump sum as of the date that is 60 days after your Termination Date (the “Payment Start Date”) provided that the Release Requirements are satisfied as of such date.  If the Release Requirements are not satisfied as of the Payment Start Date, you will not receive any Severance Pay (or other benefits) under the Plan.  
Notwithstanding the foregoing, if a payment of Severance Pay is a direct payment or a substitute or replacement for a right to payment that constitutes nonqualified deferred compensation within the meaning of Code Section 409A, including, to the extent applicable, amounts payable under the Senior Executive Severance Plan or another plan or agreement between the employee and the Company (the “Protected Amount”) and if the Protected Amount is payable upon termination of employment, and if a Change in Control does not constitute a change in control event within the meaning of Code Section 409A, then the Severance Pay shall be paid at the same time and in the same form as the Protected Amount. 
No Duplication of Benefits/No Substitution 
Nothing in the Plan, a change in control plan or agreement, an offer letter or letter agreement from the Company or any of its subsidiaries or affiliates, a prevailing practice of the Company or any of its subsidiaries or affiliates, or any oral statement made by or on behalf of the Company or any of its subsidiaries or affiliates will entitle you to receive duplicate benefits in connection with a voluntary or involuntary termination of employment.  For example, you are not eligible for payments and benefits under both this Plan and a change in control letter agreement between you and the Company.  The Company's obligation to make payments under the Plan will be expressly conditioned upon you not receiving duplicate payments.  In addition, if you are entitled to Severance Pay under the Plan, you will not receive payment of your Bonus for the year in which your Termination Date occurs.
To the extent that any amounts would otherwise be payable (or benefits would otherwise be provided) to an employee under another plan of the Company or its subsidiaries or affiliates or an agreement with an employee and the Company or its subsidiaries or affiliates, including a change in control plan or agreement, an offer letter or letter agreement, or to the extent that an employee who is eligible for benefits under the Plan moves between Tiers, and to the extent that such other payments or benefits or the severance payments and benefits provided under this Plan are subject to Code Section 409A, the Plan shall be administered to ensure that no payment or benefit under the Plan will be (i) accelerated in violation of Code Section 409A or (ii) further deferred in violation of Code Section 409A.  

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Executive Change in Control Severance Plan & SPD - Second Amended and Restated                                            Mead Johnson & Company, LLC

Continuation of Employee Benefits/Special Benefits                                                                                                                          
During your Severance Pay Period (and from and after your Termination Date), you are not considered an employee of the Company or any of its subsidiaries or affiliates for any purpose -- including eligibility under any Company employee benefit plan.  The following benefits, however, will continue to be available as outlined below:  
Health Care Plans 
If you and your dependents were enrolled in the Company's medical and/or dental plan on your Termination Date, this coverage will continue until the end of the month in which you are no longer employed with the Company.  At termination of employment, you and your enrolled eligible dependents will be offered the opportunity to elect to continue your current plan coverage beyond the end of the month in which you are no longer employed with the Company under one of two options.  The option that applies to you will depend upon whether or not the Release Requirements have been satisfied as of the Payment Start Date.
Option I applies to you if the Release Requirements are satisfied as of the Payment Start Date.  Under Option I, your eligibility for Company subsidized medical and/or dental plan coverage will continue for you and your family until the earliest of (i) the end of your Severance Pay Period, (ii) the date you begin new employment, or (iii) the date that COBRA coverage would otherwise end by its terms, provided, in any case, that you timely elect COBRA continuation coverage for you and your family on the forms provided to you. (Option I continuation coverage is COBRA continuation coverage, but its cost is subsidized by the Company to the same extent as coverage for similarly situated active employees and their families from time to time.)  Please remember that your eligible dependents will be able to continue their medical and/or dental coverage under Option I only if you are also entitled to continue coverage under this option.
Option II applies to you if the Release Requirements are not satisfied as of the Payment Start Date. Option II provides for the continuation of medical and/or dental plan coverage as required under COBRA.  Under COBRA you are required to pay the full cost of coverage for you and your covered dependents plus a 2% administrative fee.  The COBRA continuation period begins as of the first day following the month in which your Termination Date occurs.  As with Option 1, you are only entitled to COBRA continuation coverage if you timely elect the coverage on forms provided to you. 
If Option I applies to you, then after your Company-subsidized continuation coverage ends, you can continue COBRA coverage, if any.   In any event, any medical and/or dental coverage that continues during your Severance Pay Period is also applied toward the maximum continuation period and does not extend the COBRA continuation coverage period.  
Detailed information about the two benefit continuation options described above will be mailed to your home at the time of termination.
Note that if you are eligible for severance benefits but not eligible to retire,1 you may qualify for the "Rule of 70" benefits under the group health plan.  More information regarding this benefit is included in the summary plan description for the health plan.  

_______________________
		
	1 
	To be eligible to retire, you must be at least age 55 with 10 years of service or age 65.

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Executive Change in Control Severance Plan & SPD - Second Amended and Restated                                            Mead Johnson & Company, LLC

Life Insurance 
Your level of employee life insurance coverage as of your Termination Date will continue at the same level until the end of the month in which your Termination Date occurs.  Thereafter, if the Release Requirements are satisfied by the Payment Start Date, Company-provided life insurance coverage equal to one times your Base Salary at your Termination Date will be continued until the earlier of (i) the end of your Severance Pay Period or (ii) the date you begin new employment.  
If you have survivor income coverage or dependent life insurance coverage under the Company's life insurance plan as of your Termination Date, that coverage will end on the last day of the month in which your Termination Date occurs.  When your employment terminates, you may have the opportunity to elect to convert all or part of any terminating life insurance coverage to an individual policy with the insurer.  Those conversion rights, if any, are determined under the terms of the life insurance plan.
Employee Assistance Program (EAP)
You may continue to participate in the Company's employee assistance program (EAP) during the Severance Pay Period, as long as you remain eligible for benefits under the Company's medical plan.  If you elect COBRA continuation coverage, you may continue to participate in the EAP.  You will receive additional information regarding participation at the time of your termination.
Outplacement 
You will be eligible for outplacement services in accordance with the Company's outplacement services that are in effect for employees at your level as of your Termination Date for up to 12 months following the Payment Start Date; provided, however, that no outplacement services will be provided unless the Release Requirements are satisfied as of the Payment Start Date.  
Financial Planning Assistance
You will be eligible for financial planning assistance up to a maximum $15,000; provided, however, that no financial planning assistance will be provided unless the Release Requirements are satisfied as of the Payment Start Date.  The assistance may be provided as an in-kind benefit or through a reimbursement arrangement, as determined by the Company.  In any event, any expenses that you incur for financial planning assistance (including pursuant to an in-kind arrangement) must be incurred within the first twelve months following your Termination Date.  In addition, to the extent that any such financial planning assistance is taxable to you (whether provided as a in-kind benefit or a reimbursement), the amount of the financial planning assistance that will be provided to you during one calendar year may not affect the amount of financial planning assistance that is to be provided to you in any subsequent calendar year, your right to receive financial planning assistance shall not be subject to liquidation or exchange for any other benefit and if the assistance is provided through a reimbursement arrangement, the reimbursement will be made on or before the last day of your taxable year following the year in which the expense was incurred.  
Expatriation/Repatriation Benefits 
You will be entitled to expatriation and/or repatriation benefits in accordance with the Company's Expatriate policy for a period of three months following your Termination Date. 
Enhanced Supplemental Retirement Benefits
Supplemental Retirement Benefit

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Executive Change in Control Severance Plan & SPD - Second Amended and Restated                                            Mead Johnson & Company, LLC

You will be entitled to a lump sum cash payment (the “Supplemental Retirement Benefit”) in an amount (if any, but not less than zero) equal to the actuarial present value of:
		
	(A)
	the BEP Benefit, if any, to which you are entitled under the Benefit Equalization Plan-Retirement Plan as of your Termination Date calculated (i) without regard to the reduction provided in the BEP Benefit formula for the benefit payable under the Retirement Plan (the “Gross BEP Benefit”), and (ii) for purposes of calculating the Gross BEP Benefit, as if your Severance Pay had been taken into account as Final Average Compensation under the Retirement Plan for the Severance Pay Period; MINUS

		
	(B)
	your accrued benefit under the Retirement Plan determined as of your Termination Date; MINUS;

		
	(C)
	your BEP Benefit determined as of your Termination Date.

All determinations of your accrued benefit under the Retirement Plan and/or the benefit to which you would have been entitled under the Retirement Plan taking into account the foregoing provisions shall be determined in accordance with the terms of the Retirement Plan, including by application of any actuarial assumptions applicable under the Retirement Plan.  All determinations of your Supplemental Retirement Benefit, BEP Benefit, your Gross BEP Benefit and any benefit to which you would have been entitled under the Benefit Equalization Plan taking into account the foregoing provisions shall be determined in accordance with the Benefit Equalization Plan, including by application of any actuarial assumption applicable under the Benefit Equalization Plan. The Supplemental Retirement Benefit will be made in a lump sum as of the Payment Start Date provided that the Release Requirements are satisfied as of such date.  If the Release Requirements are not satisfied as of the Payment Start Date, you will not receive the Supplemental Retirement Benefit (or Severance Pay or any other benefits) under the Plan.  
In addition to the foregoing and notwithstanding the provisions of the Benefit Equalization Plan-Retirement Plan, (i) your BEP Benefit will be fully vested upon your Qualifying Termination, and (ii) your BEP Benefit will be paid to you in a lump sum as of the Payment Start Date notwithstanding your payment elections under the Benefit Equalization Plan-Retirement Plan provided that (1) the Change in Control is a change in control event within the meaning of Section 409A of the Code, and (2) a lump sum payment of your BEP Benefit as of the Payment Start Date would be permitted without violating the provisions of Section 409A of the Code.  Unless both of the requirements of paragraphs (1) and (2) above are satisfied, your BEP Benefit will be paid at the time and in the form determined under the Benefit Equalization Plan-Retirement Plan without regard to the provisions of paragraph (2) above. 
Supplemental Retirement Savings Plan Benefit
You will be entitled to a lump sum cash payment (the “Supplemental Retirement Savings Plan Benefit”) in an amount (if any, but not less than zero) equal to the sum of:
		
	(A)
	the amount of the Employing Company Contributions which would have been credited to you under the Retirement Savings Plan for the Severance Period if (i) you had continued in employment with the Company through the last day of the Severance Period, (ii) the Severance Payment had been taken into account under Retirement Savings Plan as benefit eligible compensation or wages ratably over the Severance Period and if the Severance Payment had been the only benefit eligible compensation or wages you received during such period, and (iii) you had contributed at the maximum rate permitted under the Retirement Savings Plan during the Severance Period; PLUS

		
	(B)
	the amount of Employer Credits which would have been credited to you under the Benefit Equalization Plan-Retirement Savings Plan for the Severance Period if (i) you had continued in employment with the Company through the last day of the Severance Period, (ii) the Severance Payment had been taken into account under Benefit Equalization Plan-Retirement Savings Plan as compensation for purposes of Employer Credits ratably over the Severance Period and if the Severance Payment had been the only compensation you received during such period, and (iii) you had contributed at the maximum rate permitted under the Benefit Equalization Plan-Retirement Savings Plan during the Severance Period.

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Executive Change in Control Severance Plan & SPD - Second Amended and Restated                                            Mead Johnson & Company, LLC

All determinations of the benefits to which you would have been entitled under the Retirement Savings Plan and/or the Benefit Equalization Plan-Retirement Savings Plan shall be determined in accordance with the terms of the Retirement Savings Plan and the Benefit Equalization Plan-Retirement Savings Plan, as applicable.  The Supplemental Retirement Savings Plan Benefit will be made in a lump sum as of the Payment Start Date provided that the Release Requirements are satisfied as of such date.  If the Release Requirements are not satisfied as of the Payment Start Date, you will not receive the Supplemental Retirement Savings Plan Benefit (or Severance Pay or any other benefits) under the Plan.  
In no event shall the amount of your Supplemental Retirement Plan Benefit be contingent on the amount of your actual contributions to the Retirement Savings Plan and/or whether or to what extent you actually made contributions to the Retirement Savings Plan. 
In addition to the foregoing and notwithstanding the provisions of the Benefit Equalization Plan-Retirement Savings Plan, (i) your Account Balance will be fully vested upon your Qualifying Termination, and (ii) your Account Balance will be paid to you in a lump sum as of the Payment Start Date notwithstanding your payment elections under the Benefit Equalization Plan-Retirement Savings Plan provided that (1) the Change in Control is a change in control event within the meaning of Section 409A of the Code, and (2) a lump sum payment of your Account Balance as of the Payment Start Date would be permitted without violating the provisions of Section 409A of the Code.  Unless both of the requirements of paragraphs (1) and (2) above are satisfied, your Account Balance will be paid at the time and in the form determined under the Benefit Equalization Plan-Retirement Savings Plan without regard to the provisions of paragraph (2) above. 
Other Benefits 
Accrued and unused vacation days (including banked vacation), long-term performance awards, vesting and exercising of stock options, vesting of restricted stock and restricted stock units, and bonus payments will be determined in accordance with the applicable Company plans, programs and/or policies.  All other benefits coverage and eligibility to participate in the Company's benefit plans will end as of your Termination Date except as otherwise expressly provided by the terms of the applicable benefit plans  
Notwithstanding the foregoing, if you are entitled to Severance Pay under the Plan, you will not receive payment of any portion of your Bonus for the year in which your Termination Date occurs. 
The benefits that will end include, but are not limited to:
		
	•
	Contributions to the Dependent Care Reimbursement Account;

		
	•
	Contributions to the Company's Retirement Savings Plan;

		
	•
	Earning additional service for vesting and benefit accrual purposes under the Company's Retirement Plan; and 

		
	•
	Participation in the Company's disability plans.

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Executive Change in Control Severance Plan & SPD - Second Amended and Restated                                            Mead Johnson & Company, LLC

Reduction of Payments and Benefits in Certain Circumstances
If (A) any payment or benefit to which you are entitled from the Company and/or any affiliate of the Company under the Plan or otherwise (collectively, “Payments”) are subject to an Excise Tax, and (B) reduction of the Payments to the amount necessary to avoid the application of the Excise Tax would result in you retaining an amount that is greater than the amount you would retain if the Payments were made without such reduction but after the application of the Excise Tax, then, in accordance with the following, you may elect to have the Payments reduced to the extent required to avoid application of the Excise Tax.  The determination of whether the Payments would result in the application of the Excise Tax, and the amount of reduction that is necessary so that no such Excise Tax is applied, shall be made by the independent accounting firm selected by the Company. To the extent that you elect to have any of the Payments reduced, you shall be treated as having forfeited such Payments and you will have no further rights to them. 
Any reductions in your Payments shall be made in the following order:
		
	(i)
	first, by reducing Payments (other than Low Ratio Benefits) that are not subject to section 409A of the Code (in the order that you elect);

		
	(ii)
	next, if further reduction is necessary, from Payments (other than Low Ratio Benefits) that are subject to section 409A of the Code, which Payments shall be reduced in the order of lowest to highest value and if more than one Payment has the same value, the reduction shall be in the order that such Payments would have been paid or provided beginning with the last such Payment to be paid or provided and ending with the first such Payment to be paid or provided and if the Payments would have been provided at the same time, the reduction will be made first from cash benefits and next from non-cash benefits; 

		
	(iii)
	next, if further reduction is necessary, from Low Ratio Benefits that are subject to section 409A of the Code, which Low Ratio Benefits shall be reduced in the order of lowest to highest value and if a Low Ratio Benefit has the same value, the reduction shall be in the order that such Low Ratio Benefits would be paid or provided beginning with the last Low Ratio Benefits to be paid or provided and ending with the first such Low Ratio Benefit to be paid or provided and if the Low Ratio Benefits would have been provided at the same time, the reduction will be made first from cash benefits and next from non-cash benefits; and 

		
	(iv) 
	finally, if further reduction is necessary, from Low Ratio Benefits that are not subject to section 409A of the Code (in the order that you elect). 

12

Executive Change in Control Severance Plan & SPD - Second Amended and Restated                                            Mead Johnson & Company, LLC

Amendment and Plan Termination                                                                                                                                                       
The Company reserves the right to terminate or amend the Plan, in whole or in part, at any time in the Company's sole discretion.  The Company reserves the right to implement changes even if the changes have not been reprinted or substituted in this document.  Notwithstanding the foregoing, the Plan may not be amended during the Protected Period in a manner that reduces payments or benefits to be provided to any person who was eligible to participate in the Plan on the date of a Change in Control.

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Executive Change in Control Severance Plan & SPD - Second Amended and Restated                                            Mead Johnson & Company, LLC

Additional Plan Information                                                                                                                                                                 
Employment Status                                                                                                                                                                            
The Plan does not constitute a contract of employment, and nothing in the Plan provides or may be construed to provide that participation in the Plan is a guarantee of continued employment with the Company or any of its subsidiaries or affiliates.
Withholding of Taxes                                                                                                                                                                           
The Company will withhold from any amounts payable under the Plan all Federal, state, local or other taxes that are legally required to be withheld from your severance payments.
No Effect on Other Benefits                                                                                                                                                                 
Neither the provisions of this Plan nor the severance payments and benefits provided for under the Plan will reduce any amounts otherwise payable to you under any incentive, retirement, stock option, stock bonus, stock ownership, group insurance or other benefit plan.
Validity and Severability                                                                                                                                                                      
The invalidity or unenforceability of any provision of the Plan will not affect the validity or enforceability of any other provision of the Plan, which will remain in full force and effect, and any prohibition or unenforceability in any jurisdiction will not invalidate that provision, or render it unenforceable, in any other jurisdiction.
Unfunded Obligation                                                                                                                                                                                             
All severance payments and benefits under the Plan constitute unfunded obligations of the Company.  Severance payments will be made, as due, from the general funds of the Company.  The Plan constitutes solely an unsecured promise by the Company to provide severance benefits to you to the extent provided in the Plan.  For avoidance of doubt, any medical, dental or life insurance coverage to which you may be entitled under the Plan will be provided under other applicable employee benefit plans of the Company.
Type of Plan and Governing Law                                                                                                                                                         
This plan is designed to qualify as a severance pay arrangement within the meaning of Section 3(2)(B)(i) of ERISA and is intended to be excepted from the definitions of "employee pension benefit plan" and "pension plan" set forth under Section 3(2) of ERISA and is intended to meet the descriptive requirements of a plan constituting a "severance pay plan" within the meaning of the regulations published by the Secretary of Labor.  The Plan and all rights under it will be governed and construed in accordance with ERISA and, to the extent not preempted by Federal law, with the laws of the state of Illinois.

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Executive Change in Control Severance Plan & SPD - Second Amended and Restated                                            Mead Johnson & Company, LLC

Section 409A                                                                                                                                                                                         
Exemption 
It is intended that payments of Severance Pay under the Plan will be exempt from Code Section 409A to the extent payments (i) do not exceed two times the lesser of (1) the employee's total annual compensation based on the employee's annual rate of pay for the prior taxable year (adjusted for any increase that was expected to continue indefinitely) or (2) the limitation under Code Section 401(a)(17) for the year in which the employee has a separation from service within the meaning of Code Section 409A and Treasury regulation Section 1.409A-1(h) ($245,000 in 2010 (2x = $490,000)), and (ii) are paid in full no later than December 31 of the second year following a separation from service or to the extent that such payments otherwise fit within an exemption provided by Code Section 409A or applicable guidance.  Similarly, other benefits provided under the Plan are intended to be exempt from Code Section 409A to the extent an exemption is applicable.
Specified Employees 
In general, Code Section 409A prohibits certain payments of nonqualified deferred compensation (within the meaning of Code Section 409A) to “Specified Employees” (generally defined as an officer of the Company who is one of the top 50 highest paid employees as determined by the Company) within 6 months following the Specified Employee's separation from service.  This rule does not apply to amounts which are exempt from the requirements of Code Section 409A.  To comply with this rule and notwithstanding any other provision of the Plan to the contrary, if any payment or benefit under the Plan is subject to Code Section 409A, and if such payment or benefit is to be paid or provided on account of the employee's Termination Date and if the employee is a Specified Employee (within the meaning of Code Section 409A(a)(2)(B)) and if any such payment or benefit is required to be made or provided prior to the first day of the seventh month following the employee's Termination Date, such payment or benefit shall be delayed until the first day of the seventh month following the employee's separation from service and shall at that time be paid in a lump sum (or, in the case of a non-cash benefit, shall be provided in a manner that is consistent with Code Section 409A).   Any amount that would have been paid or provided during this six month period will be paid on the first business day of the seventh month following the separation from service, or, if earlier, the date of the individual's death.  
Statement of Intent  
To the fullest extent possible, amounts and other benefits payable under the Plan are intended to be exempt from the definition of "nonqualified deferred compensation" under Code Section 409A in accordance with one or more exemptions available under the final Treasury regulations promulgated under Code Section 409A.  To the extent that any such amount or benefit is or becomes subject to Code Section 409A, this Plan is intended to comply with the applicable requirements of Code Section 409A with respect to those amounts or benefits so as to avoid the imposition of taxes and penalties.  This Plan will be interpreted and administered to the extent possible in a manner consistent with the foregoing statement of intent.
If you notify the Company (specifying the reasons for your position) that you believe that any provision of this Plan or of any payment to be made or benefit granted under this Plan would cause you to incur any additional tax, penalty or interest under Code Section 409A and if the Company concurs, or if the Company (without any obligation whatsoever to do so) independently makes such a determination, the Company will, after consulting with you and to the extent permitted by law, reform the provision to try to comply with Code Section 409A or to be exempt from Code Section 409A to the extent possible without thereby creating other liability, including liability for any other Plan participant.  The Company in its sole discretion may modify the timing of payments and benefits under the Plan for the sole purpose of exempting those payments and benefits from Code Section 409A.  To the extent that any payment or benefit under the Plan is modified to comply with Code Section 409A or to be exempt from Code Section 409A, the modification or exemption will be made in good faith and will, to the maximum extent reasonably possible, maintain the original intent and economic benefit to you and the Company of the applicable payment or benefit without violating the provisions of Code Section 409A.

15

Executive Change in Control Severance Plan & SPD - Second Amended and Restated                                            Mead Johnson & Company, LLC

In no event whatsoever will the Company be liable for any additional tax, interest or penalties that may be imposed on you by Code Section 409A or any damages for failing to comply with Code Section 409A.
Assignment                                                                                                                                                                                           
The Plan will inure to the benefit of and will be enforceable by your personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees.  If you should die while any amount is still payable to you under the Plan had you continued to live, all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of the Plan to your estate.  Your rights under the Plan will not otherwise be transferable or subject to lien or attachment.
Other Benefits                                                                                                                                                                                            
Nothing in this document is intended to guarantee that benefit levels or costs will remain unchanged in the future in any other plan, program or arrangement of the Company.  The Company and its affiliates and subsidiaries reserve the right to terminate, amend, modify, suspend, or discontinue any other plan, program or arrangement of the Company or its subsidiaries or affiliates in accordance with the terms of that plan, program or arrangement and applicable law.
Oral Statements                                                                                                                                                                                     
The provisions of this document supersede any oral statements made by any employee, officer, or Board member of the Company or any of its subsidiaries or affiliates regarding eligibility, severance payments and benefits.
Successors and Assigns                                                                                                                                                                        
This Plan will be binding upon and inure to the benefit of the Company and its successors and assigns and will be binding upon and insure to the benefit of you and your legal representatives, heirs and legatees.

16

Executive Change in Control Severance Plan & SPD - Second Amended and Restated                                            Mead Johnson & Company, LLC

Administrative Information About Your Plan                                                                                                                                      
	
	
	Employer Identification Number

The Company's employer identification number is 35-1140848.
Claim for Benefits                                                                                                                                                                                
If you believe that you are entitled to payments and benefits under the Plan that are not provided to you, or you disagree with any other action taken by the Plan Administrator with respect to the Plan, then you may submit a claim to the Plan Administrator in writing.  A claim must be made in writing and submitted within 6 months of your Termination Date.  In the event you make a claim for benefits beyond 6 months of your Termination Date, then you are expressly precluded from receiving any severance payments and/or benefits under the Plan.
Claims Review Procedures 
You will be notified in writing by the Plan Administrator if your claim under the Plan is denied.
If a claim for benefits under the Plan is denied in full or in part, you Or your duly authorized representative. may appeal the decision to the Plan Administrator.
To appeal a decision, you* must submit a written document through the U.S. Postal Service or other courier service appealing the denial of the claim within 60 days after you receive notice of the claim denial described above.  You* may also include information or other documentation in support of your claim.  
You* will be notified of a decision within 90 days (which may be extended to 180 days, if required) of the date your appeal is received.  This notice will include the reasons for the denial and the specific provision(s) on which the denial is based, a description of any additional information needed to resubmit the claim, and an explanation of the claims review procedure.  If the Plan Administrator requires an extension of time to respond to your appeal, you* will receive notice of the reason for the extension within the initial 90-day period and a date by which you can expect a decision.
If the original denial is upheld on first appeal, you* may request a review of this decision.  You* may submit a written request for reconsideration to the Plan Administrator (as listed on the last page of this Section) within 60 days after receiving the denial.
You* can review all plan documents in preparing your appeal and you* may have a qualified person represent you* during the appeal process.  Any documents or records that support your position must be submitted with your appeal letter.
The case will be reviewed, and you* will receive written notice of the decision within 60 days (which may be extended to 120 days, if required).  The written notice will include the specific reasons for the decision and specific reference to the Plan provision(s) on which the decision is based.
Any decision on final appeal will be final, conclusive and binding upon all parties.  If the final appeal is denied, however, you will be advised of your right to file a claim in court.  It is the Company's intent that in any challenge to a denial of benefits on final appeal under these procedures, the court of law or a professional arbitrator conducting the review will apply to  a deferential ("arbitrary and capricious") standard and not a de novo review.

_______________________
*  Or your duly authorized representative.

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Executive Change in Control Severance Plan & SPD - Second Amended and Restated                                            Mead Johnson & Company, LLC

Legal Action 
You may not bring a lawsuit to recover benefits under the Plan until you have exhausted the internal administrative process described above.  No legal action may be commenced at all unless commenced no later than 1 year following the issuance of a final decision on the claim for benefits, or the expiration of the appeal decision period if no decision is issued.  This one-year statute of limitations on suits for all benefits will apply in any forum where you may initiate such a suit.
Plan Administrator                                                                                                                                                                                
The administration of the Plan is the responsibility of the Plan Administrator.  The Plan Administrator has the discretionary authority and responsibility for, among other things, determining eligibility for benefits and construing and interpreting the terms of the Plan.  In addition, the Plan Administrator has the authority, at its discretion, to delegate its responsibility to others.  The chart at the end of this Section contains the name and address of the Plan Administrator.  Notwithstanding the foregoing, if and to the extent required by applicable law, the rules of any applicable securities exchange on which the shares of MJN common stock is traded or MJN's by-laws or articles of incorporation, the Plan will be administered by the MJN Board or the Compensation Committee.

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Executive Change in Control Severance Plan & SPD - Second Amended and Restated                                            Mead Johnson & Company, LLC

Your Rights and Privileges Under ERISA                                                                                                                                            
As a participant in the Plan, you are entitled to certain rights and protection under the Employee Retirement Income Security Act of 1974 ("ERISA").  ERISA provides that you shall be entitled to:
Receive Information About Your Plan and Benefits 
		
	•
	Examine, without charge, at the Company's offices and at other specified locations all documents governing the plan filed by the plan with the U.S. Department of Labor and available at the Public Disclosure Room of the Employee Benefits Security Administration.

		
	•
	Obtain, upon written request to the Plan Administrator, copies of documents governing the operation of the plan and updated summary plan description.  The administrator may make a reasonable charge for the copies.

Prudent Actions by Plan Fiduciaries 
In addition to creating certain rights for you, ERISA imposes duties upon the people who are responsible for the operation of the employee benefit plan.  The people who operate your plan, called "fiduciaries" of the plan, have a duty to do so prudently and in the interest of you and other plan participants and beneficiaries.  No one, including your employer, or any other person, may fire you or otherwise discriminate against you in any way to prevent you from obtaining a welfare benefit or exercising your rights under ERISA.
Enforce Your Rights 
If your claim for a welfare benefit is denied or ignored, in whole or in part, you have a right to know why this was done, to obtain copies of documents relating to the decision without charge, and to appeal any denial, all within certain time schedules.
Under ERISA, there are steps you can take to enforce the above rights.  For instance, if you request a copy of plan documents or the latest annual report from the plan and do not receive them within 30 days, you may file suit in a Federal court.  In such a case, the court may require the Plan Administrator to provide the materials and pay you up to $110 a day until you receive the materials, unless the materials were not sent because of reasons beyond the control of the administrator.
If you have a claim for benefits which is denied or ignored, in whole or in part, you may file suit in a state or Federal court.  In addition, if you disagree with the plan's decision or lack thereof concerning the qualified status of a medical child support order, you may file suit in a Federal court.
If it should happen that plan fiduciaries misuse the plan's money, or if you are discriminated against for asserting your rights, you may seek assistance from the U.S. Department of Labor, or you may file suit in a Federal court.  The court will decide who should pay court costs and legal fees.  If you are successful, the court may order the person you sued to pay these costs and fees.  If you lose, the court may order you to pay these costs and fees, for example, if it finds your claim is frivolous.
Assistance with Your Questions 
If you have any questions about your plan, you should contact the Plan Administrator.  If you have any questions about this statement or about your rights under ERISA, or if you need assistance in obtaining documents from the Plan Administrator, you should contact the nearest office of the Employee Benefits Security Administration, U.S. Department of Labor, listed in your telephone directory or the Division of Technical Assistance and Inquiries, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue N.W., Washington, D.C. 20210.

19

Executive Change in Control Severance Plan & SPD - Second Amended and Restated                                            Mead Johnson & Company, LLC

You may also obtain certain publications about your rights and responsibilities under ERISA by calling the publications hotline of the Employee Benefits Security Administration at 1-866-444-EBSA (3272) or accessing their website at http://www.dol.gov/ebsa.

20

Executive Change in Control Severance Plan & SPD - Second Amended and Restated                                            Mead Johnson & Company, LLC

Other Administrative Facts                                                                                                                                                                   
	
		
	Severance Plan

	Name of Plan
	Mead Johnson & Company, LLC Executive Change in Control Severance Plan, a component plan of the Mead Johnson & Company, LLC Welfare Benefit Plan

	Type of Plan
	"Welfare" plan

	Plan Records
	Kept on a calendar-year basis

	Plan Year
	January 1 - December 31

	Plan Funding
	Company provides severance benefits from general assets.

	Plan Sponsor
	Mead Johnson & Company, LLC

	Plan Number
	501

	Plan Administrator 
and Named Fiduciary 
	Mead Johnson & Company, LLC 
2701 Patriot Blvd.
4th Floor
Glenview, IL  60026

	Agent for 
Service of Legal 
Process on the Plan 
	Mead Johnson & Company, LLC 
c/o Senior Vice President and General Counsel
2701 Patriot Blvd.
4th Floor
Glenview, IL  60026
 

	Trustee
	Not applicable

	Insurance Company
	Not applicable

21

Executive Change in Control Severance Plan & SPD - Second Amended and Restated                                            Mead Johnson & Company, LLC

Glossary                                                                                                                                                                                                
It is important to know about the following terms as they apply to the Plan.	
		
	Account Balance
	Account Balance has the meaning set forth in the Benefit Equalization Plan-Retirement Savings Plan.

	Base Salary
	Your annual base rate of salary in effect as of your Termination Date (determined without regard to any reduction in your rate of base salary under circumstances that constitute an event of Good Reason), including salary reductions under Code Sections 132(f), 125, 137, or 401(k), and excluding overtime, bonuses, income from stock options, stock grants, dividend equivalents, benefits-in-kind, allowances (including, but not limited to, car values, vacation bonuses, food coupons) or other incentives, and any other forms of extra compensation.  No foreign service or expatriate allowances shall be included in determining base salary or the amount of severance payments payable under the Plan.

	Benefit Equalization                            Plan-Retirement Plan
	The Mead Johnson & Company Benefit Equalization Plan-Retirement Plan.

	Benefit Equalization                           Plan-Retirement Savings Plan
	The Mead Johnson & Company Benefit Equalization Plan-Retirement Savings Plan.

	BEP Benefit
	BEP Benefit has the meaning set forth in the Benefit Equalization Plan-Retirement Plan.

	Board
	The Board of Directors of the Company.

	Bonus
	Your target annual incentive bonus for the year in which your Termination Date occurs as determined under the Company's annual incentive bonus plan (and determined without regard to any reduction in your target annual bonus under circumstances that constitute an event of Good Reason).

	Business Combination
	Business Combination is defined in the Eligibility for Benefits Section, under the subheading “Change in Control”.

	Cause
	Cause is defined in the Eligibility For Severance Benefits Section, under the subheading "Cause".

	Change in Control
	Change in Control is defined in the Eligibility for Severance Benefits Section, under the subheading “Change in Control”.

	COBRA
	The continuation coverage provisions of the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended.  It is a federal law allowing certain individuals, under certain circumstances, to continue group health coverage that would otherwise end due to certain qualifying events, including termination of employment.

	Code
	The Internal Revenue Code of 1986, as amended, which is the Federal tax code.

	Company
	Mead Johnson & Company, LLC.

 22

Executive Change in Control Severance Plan & SPD - Second Amended and Restated                                            Mead Johnson & Company, LLC

	
		
	Compensation Committee
	The Compensation and Management Development Committee of the MJN Board.

	Disability
	Disability is defined in the Eligibility for Severance Benefits Section, under the subheading “Ineligibility for Severance Benefits”.

	Employer Credits
	Employer Credits has the meaning set forth in the Benefit Equalization Plan-Retirement Savings Plan.

	Employing Company Contributions
	Employing Company Contributions has the meaning set forth in the Retirement Savings Plan.

	ERISA
	The Employee Retirement Income Security Act of 1974, as amended, which is a Federal employee benefits law.

	Executive Separation Agreement & General Release
	An Executive Separation Agreement & General Release in a form determined by the Company which an employee is required to execute and which must become effective as a condition of severance pay and benefits under the Plan.  The Agreement will include, but is not limited to: a general release of claims against the Company, its subsidiaries, its affiliates and their respective officers, directors, employees and agents; certain restrictive covenants and obligations including, but not limited to, non-competition and non-solicitation covenants for a period of one-year following the Termination Date; and agreements not to make use of confidential or proprietary information of the Company, its subsidiaries or its affiliates, not to disparage or encourage or induce others to disparage the Company, its subsidiaries or its affiliates or their respective products, and to cooperate with the Company, its subsidiaries and its affiliates concerning legal matters.

	Good Reason
	Good Reason is defined in the Eligibility for Severance Benefits Section, under the subheading "Good Reason".

	Gross BEP Benefit
	Gross BEP Benefit is defined in the Continuation of Employee Benefits/Special Benefits Section, under the subheading “Supplemental Retirement Benefit”.

	Excise Tax
	An excise tax imposed under section 4999 of the Code or any similar federal or state law.

	Low Ratio Benefit
	A payment or benefit which is taken into account for purposes of calculating an Excise Tax and which has a value for purposes of calculating the Excise Tax that is less than the actual value of such payment or benefit such that the ratio of the value of the payment or benefit for purposes of calculating the Excise Tax to the actual value of the payment or benefit is less than one hundred percent (100%).

	MJN
	Mead Johnson Nutrition Company.

	MJN Board
	The Board of Directors of MJN.

	Outstanding MJN Common Shares
	Outstanding MJN Common Shares is defined in the Eligibility for Benefits Section, under the subheading “Change in Control”.

	Outstanding MJN Voting Securities
	Outstanding MJN Voting Stock is defined in the Eligibility for Benefits Section, under the subheading “Change in Control”.

23

Executive Change in Control Severance Plan & SPD - Second Amended and Restated                                            Mead Johnson & Company, LLC

	
		
	Payments
	Payments is defined in the Severance Payments and Benefits Section, under the subheading “Reduction of Payments and Benefits in Certain Cases”.

	Payment Start Date
	Payment Start Date is defined in the Severance Payments and Benefits Section, under the subheading “Cash Severance Payments”.

	Person
	Person is defined in the Eligibility for Benefits Section, under the subheading “Change in Control”.

	Plan
	The Mead Johnson & Company, LLC Executive Change in Control Severance Plan, as set forth in this document and as it may be amended from time to time.

	Protected Amount
	Protected Amount is defined in the Severance Payments and Benefits Section, under the subheading “Cash Severance Payments”.

	Protected Period
	The two year period beginning on the date of a Change in Control.

	Qualifying Termination
	Qualifying Termination is defined in the Eligibility for Severance Benefits Section, under the subheading “Right to Severance Payments and Benefits”.

	Release Requirements
	Release Requirements is defined in the Introduction and Highlights Section.

	Retirement Plan
	The Mead Johnson & Company, LLC Retirement Plan.

	Retirement Savings Plan
	The Mead Johnson & Company, LLC Retirement Savings Plan.

	Senior Executive Severance Plan
	Mead Johnson & Company, LLC Senior Executive Severance Plan.

	Severance Pay
	Severance Pay is the cash severance benefits to which you are entitled under the Plan, as described in the Severance Payments and Benefits Section, under the subheading “Cash Severance Payments”.

	Severance Pay Period
	The number of years (or years and months) of Base Salary and Bonus included in your Severance Pay (i.e., 3 years for Tier 1, 2 years for Tier 2, and one year for Tier 3).

	Specified Employee
	Specified Employee is defined in the Section 409A Section, under the subheading "Specified Employees".

	Supplemental Retirement Benefit
	Supplemental Retirement Benefit is defined in the Continuation of Employee Benefits/Special Benefits Section, under the subheading “Supplemental Retirement Benefit”.

	Supplemental Retirement Savings Plan Benefit
	Supplemental Retirement Savings Plan Benefit is defined in the Continuation of Employee Benefits/Special Benefits Section, under the subheading “Supplemental Retirement Savings Plan Benefit”.

24

Executive Change in Control Severance Plan & SPD - Second Amended and Restated                                            Mead Johnson & Company, LLC

	
		
	Termination Date
	The date on which your employment with the Company, its subsidiaries and its affiliates terminates for any reason.  To the extent that any payments or benefits under the Plan are subject to Code Section 409A, the determination of whether your Termination Date has occurred (or whether you have otherwise had a termination of employment) shall be made in accordance with the provisions of Code Section 409A and the guidance issued thereunder without application of any alternative levels of reductions of bona fide services permitted thereunder.

25

Executive Change in Control Severance Plan & SPD - Second Amended and Restated                                            Mead Johnson & Company, LLCENPH-2013.12.31-EX10.51

EXHIBIT 10.51

AMENDMENT NO. 1 TO CREDIT AGREEMENT

AMENDMENT NO. 1 TO CREDIT AGREEMENT (this “Amendment”), dated as of February 14, 2014, among ENPHASE ENERGY, INC., a Delaware corporation (“Borrower”), the lenders identified on the signature pages hereto (together with their respective successors and assigns, each individually a “Lender” and collectively, the “Lenders”) and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as administrative agent for each member of the Lender Group and the Bank Product Providers (in such capacity, together with its successors and assigns in such capacity, “Agent”), and is made with reference to that certain Credit Agreement, dated as of November 7, 2012 (the “Credit Agreement”), by and among Borrower, the Lenders and Agent.  Capitalized terms used herein without definition shall have the same meanings herein as set forth in the Credit Agreement.  
RECITALS
WHEREAS, Agent, the Lenders and Borrower have entered into financing arrangements pursuant to which Lenders (or Agent on behalf of Lenders) have made and provided and may hereafter make and provide loans, advances and other financial accommodations to Borrower as set forth in the Credit Agreement and the other agreements, documents and instruments referred to therein or any time executed and/or delivered in connection therewith or related thereto; 
WHEREAS, Borrower has requested that Agent and the Lenders make certain amendments to the Credit Agreement, and Agent and the Lenders are willing to make such amendments, subject to the terms and conditions set forth herein; and
WHEREAS, by this Amendment, Borrower, Agent and the Lenders desire and intend to evidence such amendments.
NOW, THEREFORE, in consideration of the foregoing, and the respective agreements and covenants contained herein, the parties hereto agree as follows:
		
	Section 1.
	AMENDMENTS TO THE CREDIT AGREEMENT

A.    Amendment to Section 7 - Financial Covenants
(i)    Section 7 of the Credit Agreement is hereby amended by amending and restating Section 7 in its entirety as follows:
“7.    FINANCIAL COVENANTS.
Borrower covenants and agrees that, until termination of all of the Commitments and payment in full of the Obligations, Borrower will cause the Loan Parties, on a consolidated basis, to maintain at least $15,000,000 of Liquidity at all times, which shall consist of (i) prior to the Amendment No. 1 Effective Date, at least $8,000,000 in Availability and (ii) on or after the Amendment No. 1 Effective Date, at least $5,000,000 in Availability; provided that, if Borrower maintains a Fixed Charge Coverage Ratio, measured on a month-end basis for the trailing 12-months, greater than or equal to 1.1:1, then, so long as no Event of Default has occurred and is continuing, Borrower may, at its option upon 10 Business Days prior written notice to Agent, elect to convert its financial covenant test from maintaining at least $15,000,000 of Liquidity at all times, which shall consist of (i) prior to the Amendment No. 1 Effective Date, at least $8,000,000 in Availability and (ii) on or after the Amendment No. 1 Effective Date, at least $5,000,000 in Availability, to maintaining a minimum Fixed Charge Coverage Ratio of 1.1:1 tested on a monthly basis; provided further that, after Borrower so elects, Borrower will be subject to the minimum Fixed Charge Coverage Ratio for the remainder of the term of this Agreement and cannot elect to switch back to the minimum Liquidity covenant in lieu thereof.”. 
		
	Section 2.
	AMENDMENTS TO SCHEDULE 1 (DEFINITIONS) TO THE CREDIT AGREEMENT

A.    Schedule 1.1 (Definitions) to the Credit Agreement is hereby amended by inserting the following defined terms in alphabetical order:

““Amendment No. 1” means that certain Amendment No. 1 to Credit Agreement, dated as of February 14, 2014, by and among Borrower, the Lenders and Agent.  
“Amendment No. 1 Effective Date” has the meaning specified therefor in Amendment No. 1.  
B.    Schedule 1.1 (Definitions) to the Credit Agreement is hereby further amended by amending and restating the following defined term in its entirety as follows:
““Maturity Date” means November 7, 2015; provided that, if either (x) the “Maturity Date” (as defined in the Hercules Facility) is extended to February 7, 2017 or later, (y) the Hercules Facility is refinanced, renewed or otherwise replaced with a new facility and documentation on terms reasonably acceptable to Agent and not otherwise in contradiction of this Agreement, or (z) (i) Borrower does not exercise its option to request any Growth Loans (as defined in the Hercules Facility) under the Hercules Facility on or prior to the Availability Termination Date (as defined in the Hercules Facility) and (ii) the Availability Termination Date (as defined in the Hercules Facility) is not amended, modified or otherwise extended past March 31, 2014, then the Maturity Date shall mean November 7, 2016.”.
C.    Schedule 1.1 (Definitions) to the Credit Agreement is hereby further amended by amending the definition of “Eligible Accounts” by amending and restating clause (i) thereof in its entirety as follows:
“(i)  Accounts with respect to (x) prior to the Amendment No. 1 Effective Date, those Account Debtors disclosed in writing to Agent by Borrower prior to the Closing Date, whose total obligations owing to Borrower exceed 20% (such percentage, as applied to a particular such Account Debtor, being subject to reduction by Agent in its Permitted Discretion if the creditworthiness of such Account Debtor deteriorates) of all Eligible Accounts (but the portion of the Accounts not in excess of the foregoing applicable percentages may be deemed Eligible Accounts), to the extent of the obligations owing by such Account Debtor in excess of such percentage, (y) on and after the Amendment No. 1 Effective Date, those Account Debtors disclosed in writing to Agent by Borrower on or prior to the Amendment No. 1 Effective Date, whose total obligations exceed 25% or 20%, as so disclosed (in each case, such percentage, as applied to a particular such Account Debtor, being subject to reduction by Agent in its Permitted Discretion if the creditworthiness of such Account Debtor deteriorates) of all Eligible Accounts (but the portion of the Accounts not in excess of the foregoing applicable percentages may be deemed Eligible Accounts), to the extent of the obligations owing by such Account Debtor in excess of such percentage, and (z) all other Account Debtors, whose total obligations to Borrower exceed 10% (such percentage, as applied to a particular such Account Debtor, being subject to reduction by Agent in its Permitted Discretion if the creditworthiness of such Account Debtor deteriorates) of all Eligible Accounts (but the portion of the Accounts not in excess of the foregoing applicable percentages may be deemed Eligible Accounts), to the extent of the obligations owing by such Account Debtor in excess of such percentage; provided, that, in each case, the amount of Eligible Accounts that are excluded because they exceed the foregoing percentage shall be determined by Agent based on all of the otherwise Eligible Accounts prior to giving effect to any eliminations based upon the foregoing concentration limit,”.  
		
	Section 3.
	CONDITIONS PRECEDENT 

This Amendment shall become effective on the first date upon which each of the following conditions precedent has been waived or satisfied in a manner satisfactory to Agent (such date being the “Amendment No. 1 Effective Date”): 
(i)    Agent shall have received this Amendment, duly authorized, executed and delivered by Borrower, Agent and the Lenders (the Credit Agreement, Exhibits and Schedules as so amended by this Amendment being referred to herein as the “Amended Credit Agreement”);
(ii)    Agent shall have received Amendment No. 1 to Intercreditor Agreement, duly authorized, executed and delivered by Agent and Hercules Technology Growth Capital, Inc., a Maryland corporation, as lender under the Hercules Facility, and acknowledged and agreed to by Borrower;
(iii)    on the date of this Amendment and after giving effect thereto, no Default or Event of Default shall have occurred and be continuing, nor shall either result from the entry into this Amendment;

2
 
 

(iv)    the representations and warranties contained in Section 4 of this Amendment shall be true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof) on and as of the date of this Amendment and on the Amendment No. 1 Effective Date (except, in each case, to the extent that such representations and warranties relate solely to an earlier date, in which case such representations and warranties shall be true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof) on and as of such earlier date); 
(v)    Agent shall have received a certificate from the Secretary of Borrower, (i) attesting to the resolutions of Borrower’s Board of Directors authorizing its execution and delivery of this Amendment and performance of the Amended Credit Agreement, (ii) authorizing specific officers of Borrower to execute this Amendment and (iii) attesting to the incumbency and signatures of such specific officers of Borrower;
(vi)    Agents shall have received a certificate of status with respect to Borrower, dated a date reasonably close to the Amendment No. 1 Effective Date, such certificate to be issued by the appropriate officer of the jurisdiction of organization of Borrower and each jurisdiction in which its failure to be duly qualified could reasonably be expected to result in a Material Adverse Effect, which certificates shall indicate that Borrower is in good standing in such jurisdiction; 
(vii)    Borrower shall have paid all Lender Group Expenses incurred in connection with the transactions evidenced by this Amendment (to the extent incurred on or prior to the Amendment No. 1 Effective Date); and
(viii)    Borrower shall have paid to Agent an amendment fee equal to $50,000.
		
	Section 4.
	BORROWER’S REPRESENTATIONS AND WARRANTIES

Borrower hereby represents and warrants to the Lender Group the following (which shall survive execution and delivery of this Amendment), the truth and accuracy of which representations and warranties are a continuing condition of the making of Revolving Loans and providing Letters of Credit to Borrower:    
A.    Due Organization.  Borrower (i) is duly organized and existing and in good standing under the laws of the jurisdiction of its organization (ii) is qualified to do business in any state where the failure to be so qualified could reasonably be expected to result in a Material Adverse Effect, and (iii) has all requisite power and authority to own and operate its properties, to carry on its business as now conducted and as proposed to be conducted, and, with respect to the Borrower, to enter into this Amendment and to carry out the transactions contemplated by the Amended Credit Agreement.
B.    Binding Obligations. This Amendment, when duly executed and delivered by Borrower, will be the legally valid and binding obligation of Borrower, enforceable against Borrower in accordance with its respective terms, except as enforcement may be limited by equitable principles or by bankruptcy, insolvency, reorganization, moratorium, or similar laws relating to or limiting creditors’ rights generally.
C.    Due Authorization; No Conflict.  
(i)    The execution and delivery by Borrower of this Amendment and the performance by Borrower of the Amended Credit Agreement have been duly authorized by all necessary action on the part of Borrower.
(ii)    The execution and delivery by Borrower of this Amendment, and the performance by Borrower of the Amended Credit Agreement do not and will not (a) violate any material provision of federal, state, or local law or regulation applicable to Borrower or its Subsidiaries, the Governing Documents of Borrower or its Subsidiaries, or any order, judgment, or decree of any court or other Governmental Authority binding on Borrower or its Subsidiaries, (b) conflict with, result in a breach of, or constitute (with due notice or lapse of time or both) a default under any material agreement of Borrower or its Subsidiaries where any such conflict, breach or default could individually or in the aggregate reasonably be expected to have a Material Adverse Effect, (c) result in or require the creation or imposition of any Lien of any nature whatsoever upon any assets of Borrower or its Subsidiaries, other than Permitted Liens, or (d) require any approval of any holder of Equity Interests of Borrower or any approval or consent of any Person under any material agreement of Borrower, other than consents or approvals that have been obtained and 

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that are still in force and effect and except, in the case of material agreements, for consents or approvals, the failure to obtain could not individually or in the aggregate reasonably be expected to cause a Material Adverse Effect.
D.    Governmental Consents.  The execution and delivery by Borrower of this Amendment, and the performance by Borrower of the Amended Credit Agreement and the consummation of the transactions contemplated hereby do not and will not require any registration with, consent, or approval of, or notice to, or other action with or by, any Governmental Authority, other than registrations, consents, approvals, notices, or other actions that (i) have been obtained and that are still in force and effect or (ii) the failure of which to obtain or perform could not reasonably be expected to result in a Material Adverse Effect.
E.    Incorporation of Representations and Warranties From Amended Credit Agreement.  The representations and warranties of the Loan Parties contained in the Credit Agreement, the Amended Credit Agreement and the other Loan Documents are true, correct and complete in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof) on and as of the Amendment No. 1 Effective Date as though made on and as the date hereof (except to the extent such representations and warranties specifically relate to an earlier date). 
F.    No Default. No event has occurred and is continuing or will result from the consummation of the transactions contemplated by this Amendment that would constitute a Default or an Event of Default.
		
	Section 5.
	MISCELLANEOUS

A.    Effect of this Amendment.  
(i)    On and after the Amendment No. 1 Effective Date, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words of like import referring to the Credit Agreement, and each reference in the other Loan Documents to the “Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the Credit Agreement shall mean and be a reference to the Amended Credit Agreement.
(ii)    Except as expressly amended pursuant hereto, no other changes, waiver or modifications to the Loan Documents are intended or implied, and in all other respects the Loan Documents are hereby specifically ratified and confirmed by all parties hereto as of the date hereof.  To the extent that any provision of the Credit Agreement or any of the other Loan Documents are inconsistent with the provisions of this Amendment, the provisions of this Amendment shall control.  
B.    Further Assurances.  The Loan Parties shall execute and deliver such additional documents and take such additional action as may be reasonably requested by Agent to effectuate the provisions and purposes hereof.
C.    Governing Law.  The validity of this Amendment, the construction, interpretation and enforcement hereof, and the rights of the parties hereto with respect to all matters arising hereunder or related thereto shall be determined under, governed by, and construed in accordance with the laws of the State of California.
D.    Binding Effect.  This Amendment shall bind and inure to the benefit of the respective successors and assigns of each of the parties hereto.
E.    Counterparts; Electronic Execution.  This Amendment may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one and the same agreement.  Delivery of an executed counterpart of this Amendment by telefacsimile or other electronic method of transmission (including .pdf format) shall be equally as effective as delivery of an original executed counterpart of this Amendment.  Any party delivering an executed counterpart of this Amendment by telefacsimile or other electronic method of transmission (including .pdf format) also shall deliver an original executed counterpart of this Amendment but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Amendment.  
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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered by their respective officers thereunto duly authorized as of the date first written above.
BORROWER:
	
			
	

	ENPHASE ENERGY, INC.
  

	 
	By:
	/s/ Kris Sennesael

	 
	 
	Name: Kris Sennesael

	 
	 
	Title: Vice President and Chief Financial Officer

	
			
	

	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Agent and as a Lender 

	 
	 
	 

	 
	By:
	/s/ Patrick McCormack

	 
	 
	Name: Patrick McCormack

	 
	 
	Title: Authorized Signatory

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