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EXHIBIT 4.8    
    

 
  REGISTRATION RIGHTS AGREEMENT    
    

        THIS
REGISTRATION RIGHTS AGREEMENT (the "Agreement") is made and entered into as of July 15, 2003, by and between
MedImmune, Inc., a Delaware corporation (the "Company"), and Merrill Lynch, Pierce, Fenner & Smith Incorporated and UBS Securities LLC
(the "Initial Purchasers"), pursuant to that certain Purchase Agreement, dated as of July 10, 2003 (the "Purchase
Agreement") between the Company and the Initial Purchasers. 

        In
order to induce the Initial Purchasers to enter into the Purchase Agreement, the Company has agreed to provide the registration rights set forth in this Agreement. The execution of
this Agreement is a condition to the closing under the Purchase Agreement. 

        The
Company agrees with the Initial Purchasers (i) for their benefit as Initial Purchasers and (ii) for the benefit of the beneficial owners (including any Initial
Purchaser) from time to time of the Notes (as defined herein) and the beneficial owners from time to time of the Underlying Common Stock (as defined herein) issued upon conversion of the Notes (each
of the foregoing a "Holder" and together the "Holders"), as follows: 

Section 1    Definitions.

        Capitalized
terms used herein without definition shall have their respective meanings set forth in the Purchase Agreement. As used in this Agreement, the following terms shall have the
following meanings: 

        "Affiliate" means with respect to any specified person, an "affiliate," as defined in Rule 144, of such person. 

        "Applicable Conversion Price" means, as of any date of determination, $1,000 principal amount at maturity of Notes divided by the
Conversion Rate then in effect as of the date of determination or, if no Notes are then outstanding, the Conversion Rate that would be in effect were Notes then outstanding. 

        "Business Day" means each day on which the New York Stock Exchange is open for trading. 

        "Common Stock" means the shares of common stock, par value $.01 per share, of the Company and any other shares of capital stock as may
constitute "Common Stock" for purposes of the Indenture, including the Underlying Common Stock. 

        "Conversion Rate" has the meaning assigned to such term in the Indenture. 

        "Damages Accrual Period" has the meaning set forth in Section 2(e) hereof. 

        "Damages Payment Date" means each interest payment date under the Indenture in the case of Notes, and each January 15 and
July 15 in the case of the Underlying Common Stock. 

        "Effectiveness Deadline Date" has the meaning set forth in Section 2(a) hereof. 

        "Effectiveness Period" means a period of two years after the later of (1) the original issuance of the Notes and (2) the
last date that the Company or any of its Affiliates was the owner of such Notes (or any predecessor thereto), or such shorter period of time (x) as permitted by Rule 144(k) under the
Securities Act or any successor provisions thereunder or (y) that will terminate when each of the Registrable Securities covered by the Shelf Registration Statement ceases to be a Registrable
Security. 

        "Event" has the meaning set forth in Section 2(e) hereof. 

        "Event Date" has the meaning set forth in Section 2(e) hereof. 

        "Exchange Act" means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder. 

        "Filing Deadline Date" has the meaning set forth in Section 2(a) hereof. 

 

        "Holder" has the meaning set forth in the preamble hereto. 

        "Indenture" means the Indenture, dated as of July 15, 2003, between the Company and The Bank of New York, as trustee, pursuant to
which the Notes are being issued. 

        "Initial Purchasers" has the meaning set forth in the preamble hereto. 

        "Initial Shelf Registration Statement" has the meaning set forth in Section 2(a) hereof. 

        "Issue Date" means the first date of original issuance of the Notes. 

        "liquidated damages" has the meaning set forth in Section 2(e) hereof. 

        "Liquidated Damages Amount" has the meaning set forth in Section 2(e) hereof. 

        "Material Event" has the meaning set forth in Section 3(i) hereof. 

        "Notes" means the 1% Convertible Senior Notes due 2023 of the Company to be purchased pursuant to the Purchase Agreement. 

        "Notice and Questionnaire" means a written notice and questionnaire delivered to the Company containing substantially the information
called for by the Selling Securityholder Notice and Questionnaire attached as Annex A to the Offering Memorandum dated July 10, 2003 relating to the Notes. 

        "Notice Holder" means, on any date, any Holder that has delivered a Notice and Questionnaire to the Company on or prior to such date, so
long as all of such Holder's Registrable Securities that have been registered for resale pursuant to a Notice and Questionnaire have not been sold in accordance with a Shelf Registration Statement. 

        "Prospectus" means the prospectus included in any Shelf Registration Statement (including, without limitation, a prospectus that discloses
information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 415 promulgated under the Securities Act), as amended or supplemented
by any amendment or prospectus supplement, including post-effective amendments, and all materials incorporated by reference or deemed to be incorporated by reference in such Prospectus. 

        "Purchase Agreement" has the meaning set forth in the preamble hereof. 

        "Record Holder" means (i) with respect to any Damages Payment Date relating to any Notes as to which any Liquidated Damages Amount
has accrued, the holder of record of such Note on the record date with respect to the interest payment date under the Indenture on which such Damages Payment Date shall occur and (ii) with
respect to any Damages Payment Date relating to the Underlying Common Stock as to which any Liquidated Damages Amount has accrued, the registered holder of such Underlying Common Stock fifteen
(15) days prior to such Damages Payment Date. 

        "Registrable Securities" means the Notes until such Notes have been converted into the Underlying Common Stock and, at all times the
Underlying Common Stock and any securities into or for which such Underlying Common Stock has been converted, and any security issued with respect thereto upon any stock dividend, split or similar
event until, in the case of any such security, the earliest of (x) the date on which such security has been effectively registered under the Securities Act and disposed of in accordance with
the Registration Statement relating thereto and (y) the date that is two (2) years after the later of (1) the Issue Date and (2) the last date that the Company or any of
its Affiliates was the owner of such Notes (or any predecessor thereto), or such shorter period of time as permitted by Rule 144(k) under the Securities Act or any successor provisions
thereunder. 

        "Registration Expenses" has the meaning set forth in Section 5 hereof. 

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        "Registration Statement" means any registration statement of the Company that covers any of the Registrable Securities pursuant to the
provisions of this Agreement, including the Prospectus, amendments and supplements to such registration statement, including post-effective amendments, all exhibits, and all materials
incorporated by reference or deemed to be incorporated by reference in such registration statement. 

        "Rule 144" means Rule 144 under the Securities Act, as such Rule may be amended from time to time, or any similar rule or
regulation hereafter adopted by the SEC. 

        "Rule 144A" means Rule 144A under the Securities Act, as such Rule may be amended from time to time, or any similar rule or
regulation hereafter adopted by the SEC. 

        "SEC" means the Securities and Exchange Commission. 

        "Securities Act" means the Securities Act of 1933, as amended, and the rules and regulations promulgated by the SEC thereunder. 

        "Shelf Registration Statement" means the Initial Shelf Registration Statement and any Subsequent Shelf Registration Statement. 

        "Subsequent Shelf Registration Statement" has the meaning set forth in Section 2(b) hereof. 

        "Suspension Notice" has the meaning set forth in Section 3(i) hereof. 

        "Suspension Period" has the meaning set forth in Section 3(i) hereof. 

        "TIA" means the Trust Indenture Act of 1939, as amended. 

        "Trustee" means The Bank of New York, the trustee under the Indenture. 

        "Underlying Common Stock" means the Common Stock into which the Notes are convertible or issued upon any such conversion. 

Section 2    Shelf Registration.

        (a)   The
Company shall use its reasonable best efforts to prepare and file or cause to be prepared and filed with the SEC, as soon as practicable but in any event by the date
(the "Filing Deadline Date") that is ninety (90) days after the Issue Date, a Registration Statement for an offering to be made on a delayed or
continuous basis pursuant to Rule 415 of the Securities Act registering the resale from time to time by Holders thereof of all of the Registrable Securities (or, if registration of Registrable
Securities not held by Notice Holders is not permitted by the rules and regulations of the SEC, then registering all Registrable Securities held by Notice Holders) (the
"Initial Shelf Registration Statement"). The Initial Shelf Registration Statement shall be on Form S-1 or S-3 or another
appropriate form permitting registration of such Registrable Securities for resale by such Holders in accordance with the reasonable methods of distribution elected by the Holders, approved by the
Company, and set forth in the Initial Shelf Registration Statement (provided, however, that in no event will such methods of distribution take the form of an underwritten offering of Registrable
Securities without the Company's prior agreement). The Company shall use its reasonable best efforts to cause the Initial Shelf Registration Statement to be declared effective under the Securities Act
as promptly as is practicable but in any event by the date (the "Effectiveness Deadline Date") that is one hundred eighty (180) days after the
Issue Date, and to keep the Initial Shelf Registration Statement (or any Subsequent Shelf Registration Statement (as hereinafter defined)) continuously effective under the Securities Act until the
expiration of the Effectiveness Period. At the time the Initial Shelf Registration Statement is declared effective, each Holder that became a Notice Holder prior to the date of effectiveness shall be
named as a selling securityholder in the Initial Shelf Registration Statement and the related Prospectus in such a manner as to permit such Holder to deliver such Prospectus to purchasers of
Registrable Securities in accordance with applicable law. 

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        (b)   If
the Initial Shelf Registration Statement or any Subsequent Shelf Registration Statement ceases to be effective for any reason at any time during the Effectiveness
Period, the Company shall use its reasonable best efforts to obtain the prompt withdrawal of any order suspending the effectiveness thereof, and in any event shall within thirty (30) days of
such cessation of effectiveness, use its reasonable best efforts to amend such Shelf Registration Statement in a manner reasonably expected to obtain the withdrawal of the order suspending the
effectiveness thereof or file an additional Shelf Registration Statement covering all of the securities that as of the date of such filing are Registrable Securities (or, if registration of
Registrable Securities not held by Notice Holders is not permitted by the rules and regulations of the SEC, then registering all Registrable Securities held by Notice Holders) (a
"Subsequent Shelf Registration Statement"). If a Subsequent Shelf Registration Statement is filed, the Company shall use its reasonable best efforts to
cause the Subsequent Shelf Registration Statement to become effective as promptly as is reasonably practicable after such filing and to use its reasonable best efforts to keep such Shelf Registration
Statement (or subsequent Shelf Registration Statement) continuously effective until the end of the Effectiveness Period. 

        (c)   The
Company shall supplement and amend any Shelf Registration Statement if required by the rules, regulations or instructions applicable to the registration form used by
the Company for such Shelf Registration Statement, if required by the Securities Act or as reasonably requested by any Initial Purchaser or by the Trustee on behalf of the Holders of the Registrable
Securities covered by such Shelf Registration Statement. 

        (d)   (i) Each
Holder of Registrable Securities agrees that if such Holder wishes to sell Registrable Securities pursuant to a Shelf Registration Statement and related
Prospectus, it will do so only in accordance with this Section 2(d) and Section 3(i). Each Holder of Registrable Securities wishing to sell Registrable Securities pursuant to a Shelf
Registration Statement and related Prospectus agrees to deliver a completed and executed Notice and Questionnaire to the Company prior to any attempted or actual distribution of Registrable Securities
under a Shelf Registration Statement; provided, that at least 10 Business Days prior to the filing of the Initial Shelf Registration Statement, the Company shall provide a notice to the Trustee for
delivery to Holders of Registrable Securities stating the proposed filing date of such Initial Shelf Registration Statement and the address at which such holder can request a Notice and Questionnaire.
With respect to any Holder who delivers a completed and executed Notice and Questionnaire on or after the date the Initial Shelf Registration Statement is declared effective, the Company shall, as
promptly as reasonably practicable after the date a Notice and Questionnaire is delivered, 

        (A)  if
required to permit such Holder to sell its Registrable Securities pursuant to a Shelf Registration Statement, file with the SEC a supplement to the related Prospectus
or a post-effective amendment to the Shelf Registration Statement or a Subsequent Shelf Registration Statement and any necessary supplement or amendment to any document incorporated
therein by reference to the applicable Shelf Registration Statement and file any other required document with the SEC so that the Holder delivering such Notice and Questionnaire is named as a selling
securityholder in a Shelf Registration Statement and the related Prospectus in such a manner as to permit such Holder to deliver such Prospectus to purchasers of the Registrable Securities in
accordance with applicable law; 

        (B)  if
the Company shall file a post-effective amendment to the Shelf Registration Statement or file a Subsequent Shelf Registration Statement, it
shall use its reasonable best efforts to cause such post-effective amendment or Subsequent Shelf Registration Statement, as the case may be, to be declared effective under the Securities
Act as promptly as is reasonably practicable; provided, however, that if counsel to the Company advises
the Company that a post-effective amendment or a Subsequent Shelf Registration Statement is required by the rules and regulations of the SEC in order to permit resales by Holders
submitting a Notice and Questionnaire on or after the date of effectiveness of the Initial Shelf Registration Statement, the Company shall not be required to file 

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more
than one post-effective amendment or Subsequent Shelf Registration Statement for such purpose in any three (3) month period; 

        (C)  the
Company shall provide such Holder a reasonable number of copies of any documents filed pursuant to Sections 2(d)(i)(A) and 2(d)(i)(B); 

        (D)  the
Company shall notify such Holder as promptly as reasonably practicable after the effectiveness under the Securities Act of any post-effective amendment
or Subsequent Shelf Registration Statement filed pursuant to Sections 2(d)(i)(A) and 2(d)(i)(B); and 

        (E)  if
under applicable law, the Company has more than one option as to the type or manner of making any such filing, the Company shall make the required filing or filings
in the manner or of a type that is reasonably expected to result in the earliest availability of a Prospectus for effecting resales of Registrable Securities. 

If
a Notice and Questionnaire is delivered during a Suspension Period, or a Suspension Period is to be put into effect within five (5) Business Days after such delivery date, the Company shall
so inform the Holder delivering such Notice and Questionnaire. 

        (ii)   Notwithstanding
anything contained herein to the contrary, the Company shall be under no obligation to name any Holder that is not a Notice Holder as a selling
securityholder in any Shelf Registration Statement or related Prospectus; provided, however, that any Holder that becomes a Notice Holder pursuant to
the provisions of this Section 2(d) (whether or not such Holder was a Notice Holder at the time the applicable Shelf Registration Statement was declared effective) shall be named as a selling
securityholder in the applicable Shelf Registration Statement or related Prospectus in accordance with the requirements of this Section 2(d). 

        (e)   The
parties hereto agree that the Holders of Registrable Securities will suffer damages, and that it would not be feasible to ascertain the extent of such damages with
precision, if (i) the Initial Shelf Registration Statement has not been filed on or prior to the Filing Deadline Date, (ii) the Initial Shelf Registration Statement has not been declared
effective under the Securities Act on or prior to the Effectiveness Deadline Date or (iii) the Initial Shelf Registration Statement or any Subsequent Registration Statement is filed and
declared effective but shall thereafter cease to be effective (without being succeeded immediately by a new registration statement filed and declared effective) or usable for the offer and sale of
Registrable Securities for a period of time (including any Suspension Period) which shall exceed forty-five (45) consecutive days or ninety (90) days in the aggregate in any
twelve (12) month period (each of the events of a type described in any of the foregoing clauses (i) through (iii) are individually referred to herein as an
"Event," and the Filing Deadline Date in the case of clause (i), the Effectiveness Deadline Date in the case of clause (ii), and the date
on which the duration of the ineffectiveness or unusability of such Shelf Registration Statement in any period exceeds the number of days permitted by clause (iii) hereof in the case of
clause (iii), being referred to herein as an "Event Date"). Events shall be deemed to continue until the following dates with respect to the
respective types of Events: the date the Initial Shelf Registration Statement is filed in the case of an Event of the type described in clause (i), the date the Initial Shelf Registration
Statement is declared effective under the Securities Act in the case of an Event of the type described in clause (ii), and the date the Shelf Registration Statement becomes effective or usable
again in the case of an Event of the type described in clause (iii). 

        Accordingly,
commencing on (and including) any Event Date and ending on (but excluding) the next date on which there are no Events that have occurred and are continuing (a
"Damages Accrual Period"), the Company agrees to pay in cash, as liquidated damages ("liquidated
damages") and not as a penalty, an amount (the "Liquidated Damages Amount") at the rate described below, payable periodically on
each Damages Payment Date to Notice Holders, to the extent of, for each such Damages Payment Date, accrued and unpaid Liquidated Damages Amount to (but excluding) such 

5

 

Damages
Payment Date (or, if the Damages Accrual Period shall have ended prior to such Damages Payment Date, the date of the end of the Damages Accrual Period); provided,
that any Liquidated Damages Amount accrued with respect to any Note or portion thereof called for redemption on a redemption date or converted into Underlying Common Stock on a
conversion date prior to the Damages Payment Date, shall, in any such event, be paid instead to the Holder who submitted such Note or portion thereof for redemption or conversion on the applicable
redemption date or conversion date, as the case may be, on such date (or promptly following the conversion date, in the case of conversion). The Liquidated Damages Amount shall accrue at a rate per
annum equal to one-quarter of one percent (0.25%) for the first 90-day period from the Event Date, and thereafter at a rate per annum equal to one-half of one
percent (0.50%), of (i) the principal amount of such Notes or, without duplication, (ii) in the case of Notes that have been converted into Underlying Common Stock, the Applicable
Conversion Price of such shares of Underlying Common Stock, as the case may be, in each case determined as of the Business Day immediately preceding the next Damage Payment Date. Notwithstanding the
foregoing, no Liquidated Damages Amounts shall accrue as to any Registrable Security from and after the earlier of (x) the date such security is no longer a Registrable Security and
(y) expiration of the Effectiveness Period. The rate of accrual of the Liquidated Damages Amount with respect to any period shall not exceed the rate provided for in this paragraph
notwithstanding the occurrence of multiple concurrent Events. In no event shall the Liquidated Damages Amount exceed a rate of one-half of one percent (0.50%) per annum. Following the cure
of all Events requiring the payment by the Company of Liquidated Damages Amounts to the Holders of Registrable Securities pursuant to this Section, the accrual of Liquidated Damages Amounts shall
cease (without in any way limiting the effect of any subsequent Event requiring the payment of Liquidated Damages Amount by the Company). 

        The
Trustee shall be entitled, on behalf of Holders of Notes, to seek any available remedy for the enforcement of this Agreement, including for the payment of any Liquidated Damages
Amount. Notwithstanding the foregoing, the parties agree that the sole damages payable in violation of the terms of this Agreement with respect to which liquidated damages are expressly provided shall
be such liquidated damages. 

        All
of the Company's obligations set forth in this Section 2(e) that are outstanding with respect to any Registrable Security at the time such security ceases to be a Registrable
Security shall survive until such time as all such obligations with respect to such security have been satisfied in full (notwithstanding termination of this Agreement pursuant to
Section 9(l)). 

        The
parties hereto agree that the liquidated damages provided for in this Section 2(e) constitute a reasonable estimate of the damages that may be incurred by Holders of
Registrable Securities by
reason of the failure of a Shelf Registration Statement to be filed, declared effective, amended or replaced to include the names of all Notice Holders or available for effecting resales of
Registrable Securities in accordance with the provisions hereof. 

Section 3    Registration Procedures. 

In
connection with the registration obligations of the Company under Section 2 hereof, the Company shall: 

        (a)    Prepare
and file with the SEC a Shelf Registration Statement or Shelf Registration Statements on Form S-1 or S-3 or any other appropriate
form under the Securities Act available for the sale of the Registrable Securities by the Holders thereof in accordance with the intended method or methods of distribution thereof, and use its
reasonable best efforts to cause each such Shelf Registration Statement to become effective and remain effective as provided herein; provided that
before filing any Shelf Registration Statement or Prospectus or any amendments or supplements thereto with the SEC, the Company shall furnish to the Initial Purchasers and counsel for the Holders and
the Initial Purchasers (or, if applicable, separate counsel for the Holders) 

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copies
of all such documents proposed to be filed and use its best efforts to reflect in each such document when so filed with the SEC such comments as the Initial Purchasers or such counsel
reasonably shall propose within three (3) Business Days of the delivery of such copies to the Initial Purchasers and such counsel; 

        (b)    Prepare
and file with the SEC such amendments and post-effective amendments to each Shelf Registration Statement as may be reasonably necessary to keep such
Shelf Registration Statement continuously effective until the expiration of the Effectiveness Period; cause the related Prospectus to be supplemented by any required Prospectus supplement, and as so
supplemented to be filed pursuant to Rule 424 (or any similar provisions then in force) under the Securities Act; and use its reasonable best efforts to comply with the provisions of the
Securities Act applicable to it with respect to the disposition of all securities covered by such Shelf Registration Statement during the Effectiveness Period in accordance with the intended methods
of disposition by the sellers thereof set forth in such Shelf Registration Statement as so amended or such Prospectus as so supplemented; 

        (c)    As
promptly as reasonably practicable give notice to the Notice Holders, Initial Purchasers and counsel for the Holders and the Initial Purchasers (or, if applicable,
separate counsel for the Holders) (i) when any Prospectus, Prospectus supplement, Shelf Registration Statement or post-effective amendment to a Shelf Registration Statement has been
filed with the SEC and, with respect to a Shelf Registration Statement or any post-effective amendment, when the same has been declared effective, (ii) of any request, following the
effectiveness of a Shelf
Registration Statement under the Securities Act, by the SEC or any other federal or state governmental authority for amendments or supplements to such Shelf Registration Statement or the related
Prospectus or for additional information, (iii) of the issuance by the SEC or any other federal or state governmental authority of any stop order suspending the effectiveness of any Shelf
Registration Statement or the initiation or threatening of any proceedings for that purpose, (iv) of the receipt by the Company or its legal counsel of any notification with respect to the
suspension of the qualification or exemption from qualification of any of the Registrable Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose,
(v) after the effective date of any Shelf Registration Statement filed pursuant to this Agreement of the occurrence of (but not the nature of or details concerning) a Material Event and
(vi) of the determination by the Company that a post-effective amendment to a Shelf Registration Statement or a Subsequent Shelf Registration Statement will be filed with the SEC,
which notice may, at the discretion of the Company (or as required pursuant to Section 3(i)), state that it constitutes a Suspension Notice, in which event the provisions of
Section 3(i) shall apply; 

        (d)    Use
its reasonable best efforts to prevent the issuance of, and, if issued, to obtain the withdrawal of any order suspending the effectiveness of a Shelf Registration
Statement or the lifting of any suspension of the qualification (or exemption from qualification) of any of the Registrable Securities for sale in any jurisdiction in which they have been qualified
for sale, in either case at the earliest reasonably practicable time, and provide prompt notice to each Notice Holder and the Initial Purchasers of the withdrawal of any such order; 

        (e)    If
requested by any Initial Purchaser or any Notice Holder, as promptly as reasonably practicable incorporate in a Prospectus supplement or a post-effective
amendment to a Shelf Registration Statement such information as such Initial Purchaser, such Notice Holder or counsel for the Holders and such Initial Purchaser (or, if applicable, separate counsel
for the Holders) shall reasonably determine to be required to be included therein by applicable law and make any required filings of such Prospectus supplement or such post-effective
amendment; provided that the Company shall not be required to take any actions under this Section 3(e) that, in the view of counsel for the
Company, are not in compliance with applicable law; 

7

  

        (f)    As
promptly as reasonably practicable furnish to each Notice Holder, each Initial Purchaser and counsel for the Holders and the Initial Purchasers (or, if applicable,
separate counsel for the Holders), without charge, at least one (1) conformed copy of any Shelf Registration Statement and any amendment thereto, including financial statements but excluding
schedules, all documents incorporated or deemed to be incorporated therein by reference and all exhibits (unless requested in writing to the Company by such Notice Holder, such Initial Purchaser or
such counsel); 

        (g)    During
the Effectiveness Period, deliver to each Notice Holder, each Initial Purchaser and counsel for the Holders and the Initial Purchasers (or, if applicable,
separate counsel for the Holders), in connection with any sale of Registrable Securities pursuant to a Shelf Registration Statement, without charge, as many copies of the Prospectus or Prospectuses
relating to such Registrable Securities (including each preliminary prospectus) and any amendment or supplement thereto as such Notice Holder, such Initial Purchaser or such counsel may reasonably
request; and the Company hereby consents (except during such periods that a Suspension Notice is outstanding and has not been revoked) to the use of such Prospectus or each amendment or supplement
thereto by each Notice Holder, in connection with any offering and sale of the Registrable Securities covered by such Prospectus or any amendment or supplement thereto in the manner set forth therein; 

        (h)    Prior
to any public offering of the Registrable Securities pursuant to a Shelf Registration Statement, use its reasonable best efforts to cooperate with the Notice
Holders in connection with the registration or qualification (or exemption from such registration or qualification) of such Registrable Securities for offer and sale under the securities or Blue Sky
laws of such jurisdictions within the United States as any Notice Holder reasonably requests in writing (which request may be included in the Notice and Questionnaire); prior to any public offering of
the Registrable Securities pursuant to a Shelf Registration Statement, use its reasonable best efforts to keep each such registration or qualification (or exemption therefrom) effective during the
Effectiveness Period in connection with such Notice Holder's offer and sale of Registrable Securities pursuant to such registration or qualification (or exemption therefrom) and do any and all other
acts or things reasonably necessary or advisable to enable the disposition in such jurisdictions of such Registrable Securities in the manner set forth in the relevant Shelf Registration Statement and
the related Prospectus; provided that the Company will not be required to (i) qualify as a foreign corporation or as a dealer in securities in
any jurisdiction where it would not otherwise be required to qualify but for this Agreement or (ii) take any action that would subject it to general service of process in suits or to taxation
in any such jurisdiction where it is not then so subject; 

        (i)    Upon
(A) the issuance by the SEC of a stop order suspending the effectiveness of any Shelf Registration Statement or the initiation of proceedings with respect to
any Shelf Registration Statement under Section 8(d) or 8(e) of the Securities Act, (B) the occurrence of any event or the existence of any fact as a result of which any Shelf
Registration Statement shall contain any 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, or any Prospectus shall contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading, or (C) the occurrence or existence of any pending corporate development (a "Material
Event") that, in the reasonable discretion of the Company, makes it appropriate to suspend the availability of any Shelf Registration Statement and the related Prospectus,
(i) in the case of clause (B) or (C) above, subject to the next sentence, as promptly as reasonably practicable, prepare and file, if necessary pursuant to applicable law, a
post-effective amendment to such Shelf Registration Statement or a supplement to the related Prospectus or any document incorporated therein by reference or file any other required
document that would be incorporated by reference 

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into
such Shelf Registration Statement and Prospectus so that such Shelf Registration Statement does not contain any 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, and such Prospectus does not contain any untrue statement of a material fact or omit to state any material fact necessary
in order to make the statements therein, in the light of the circumstances under which they were made, not misleading (it being understood that the Company may rely on information provided by each
Notice Holder with respect to such Notice Holder), as thereafter delivered to the purchasers of the Registrable Securities being sold thereunder, and, in the case of a post-effective
amendment to a Shelf Registration Statement, subject to the next sentence, use its reasonable best efforts to cause it to be declared effective as promptly as is reasonably practicable, and
(ii) give notice to the Notice Holders, the Initial Purchasers and counsel for the Holders and the Initial Purchasers (or, if applicable, separate counsel for the Holders) that the availability
of the Shelf Registration Statement is suspended (a "Suspension Notice") and, upon receipt of any Suspension Notice, each Notice Holder agrees not to
sell any Registrable Securities pursuant to such Shelf Registration Statement until such Notice Holder's receipt of copies of the supplemented or amended Prospectus provided for in clause (i)
above, or until it is advised in writing by the Company that the Prospectus may be used, and has received copies of any additional or supplemental filings that are incorporated or deemed incorporated
by reference in such Prospectus. The Company will use its reasonable best efforts to ensure that the use of the Prospectus may be resumed (x) in the case of clause (A) above, as promptly
as is reasonably practicable, (y) in the case of clause (B) above, as soon as, in the judgment of the Company, the Shelf Registration Statement does not contain any 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 and the Prospectus does not contain any untrue statement of a
material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, and (z) in the
case of clause (C) above, as soon as, in the reasonable discretion of the Company, such suspension is no longer appropriate. The period during which the availability of the Shelf Registration
Statement and any Prospectus may be suspended (the "Suspension Period") without the Company incurring any obligation to pay liquidated damages pursuant
to Section 2(e) shall not exceed forty-five (45) consecutive days or an aggregate of ninety (90) days in any twelve (12) month period. 

        (j)    Make
available for inspection during normal business hours by representatives for the majority of Notice Holders of such Registrable Securities and any underwriters,
attorneys and accountants retained by such Notice Holders, all relevant financial and other records and pertinent corporate documents and properties of the Company and its subsidiaries, and cause the
appropriate officers, directors and employees of the Company and its subsidiaries to make available for inspection during normal business hours all relevant information reasonably requested by such
representatives for the majority of Notice Holders, or any such attorneys or accountants in connection with such disposition, in each case as is customary for similar "due diligence" examinations;  provided, however, that such persons shall, at the Company's request, first agree in writing with the
Company that any information that is reasonably and in good faith designated by the Company as confidential at the time of delivery of such information shall be kept confidential by such persons and
shall be used solely for the purposes of exercising rights under this Agreement unless (i) disclosure of such information is required by court or administrative order or is necessary to respond
to inquiries of regulatory authorities, (ii) disclosure of such information is required by law (including any disclosure requirements pursuant to federal securities laws in connection with the
filing of any Shelf Registration Statement or the use of any Prospectus referred to in this Agreement), (iii) such information becomes generally available to the public other than as a result
of a disclosure or failure to safeguard by any such person or (iv) such information becomes available to any such person from a source other than the Company and such 

9

 

source
is not bound by a confidentiality agreement or is not otherwise under a duty of trust to the Company, and provided that the foregoing inspection
and information gathering shall, to the greatest extent possible, be coordinated on behalf of all the Notice Holders and the other parties entitled thereto by the counsel referred to in
Section 5; 

        (k)   Comply
in all material respects with all applicable rules and regulations of the SEC and make generally available to its securityholders earning statements (which need
not be audited) satisfying the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any similar rule promulgated under the Securities Act) no later than
forty-five (45) days after the end of any twelve (12) month period (or ninety (90) days after the end of any twelve (12) month period if such period is a fiscal
year) commencing on the first day of the first fiscal quarter of the Company commencing after the effective date of a Shelf Registration Statement, which statements shall cover said twelve
(12) month periods; 

        (l)    Cooperate
with each Notice Holder to facilitate the timely preparation and delivery of certificates representing Registrable Securities sold pursuant to a Shelf
Registration Statement, which certificates shall not bear any restrictive legends, and cause such Registrable Securities to be in such denominations as are permitted by the Indenture and registered in
such names as such Notice Holder may request in writing at least two (2) Business Days prior to any sale of such Registrable Securities; 

        (m)  Provide
a CUSIP number for all Registrable Securities covered by a Shelf Registration Statement not later than the effective date of the Initial Shelf Registration
Statement and provide the Trustee and the transfer agent for the Common Stock with certificates for the Registrable Securities that are in a form eligible for deposit with The Depository Trust
Company; 

        (n)   Cause
the Indenture to be qualified under the TIA not later than the effective date of the Initial Shelf Registration Statement; and in connection therewith, cooperate
with the Trustee to effect such changes to the Indenture as may reasonably be required for the Indenture to be so qualified in accordance with the terms of the TIA and execute, and use its reasonable
best efforts to cause the Trustee to execute, all documents as may be required to effect such changes, and all other forms and documents reasonably required to be filed with the SEC to enable the
Indenture to be so qualified in a timely manner; and 

        (o)   Use
its best efforts to cause the Underlying Common Stock to be listed on the Nasdaq National Market. 

Section 4    Holder's Obligations. 

Each
Holder agrees, by acquisition of the Registrable Securities, that no Holder of Registrable Securities shall be entitled to sell any of such Registrable Securities pursuant to a Shelf Registration
Statement or to receive a Prospectus relating thereto, unless such Holder has furnished the Company with a Notice and Questionnaire as required pursuant to Section 2(d) hereof (including the
information required to be included in such Notice and Questionnaire) and the information set forth in the next sentence. Each Notice Holder agrees promptly to furnish to the Company all information
required to be disclosed in order to make the information previously furnished to the Company by such Notice Holder not misleading and any other information regarding such Notice Holder and the
distribution of such Registrable Securities as the Company may from time to time reasonably request. Any sale of any Registrable Securities by any Holder shall constitute a representation and warranty
by such Holder that the information relating to such Holder and its plan of distribution is as set forth in the Prospectus delivered by such Holder in connection with such disposition, that such
Prospectus does not as of the time of such sale contain any untrue statement of a material fact relating to or provided by such Holder or its plan of distribution and that such Prospectus does not as
of the time of such sale omit to state any material fact relating to or provided by such Holder or its plan of distribution necessary in order to make the statements in such Prospectus, in the light
of the circumstances under which they were made, not misleading. 

10

   Section 5    Registration Expenses. 

The
Company shall bear all fees and expenses incurred by it in connection with the performance by the Company of its obligations under Sections 2 and 3 of this Agreement whether or not any Shelf
Registration Statements are filed or declared effective. Such fees and expenses ("Registration Expenses") shall include, without limitation,
(i) all registration and filing fees and expenses (including, without limitation, fees and expenses (x) with respect to filings required to be made with the National Association of
Securities Dealers, Inc. and (y) of compliance with federal securities laws and state securities or Blue Sky laws (including, without limitation, reasonable fees and disbursements of
counsel for the Holders in connection with Blue Sky qualifications of the Registrable Securities under the laws of such jurisdictions as the Notice Holders of a majority of the Registrable Securities
being sold pursuant to a Shelf Registration Statement may designate), (ii) all printing expenses (including, without limitation, expenses of printing certificates for Registrable Securities in
a form eligible for deposit with The Depository Trust Company and printing Prospectuses), (iii) all duplication and mailing expenses relating to copies of any Shelf Registration Statement or
Prospectus delivered to any Holders hereunder, (iv) all fees and disbursements of counsel for the Company and the fees and disbursements of one counsel for the Holders in connection with the
Shelf Registration Statement, (v) all fees and disbursements of the Trustee and its counsel and of the registrar and transfer agent for the Common Stock and (vi) Securities Act liability
insurance obtained by the Company in its sole discretion. In addition, the Company shall pay the internal expenses of the Company (including, without limitation, all salaries and expenses of officers
and employees performing legal or accounting duties), the expense of any annual audit, the fees and expenses incurred in connection with the listing by the Company of the Registrable Securities on any
securities exchange on which similar securities of the Company are then listed and the fees and expenses of any person, including special experts, retained by the Company. 

Section 6    Indemnification; Contribution. 

        (a)   The
Company agrees to indemnify, defend and hold harmless each Holder and each person, if any, who controls any Holder (a "Controlling
Person") within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (each, an "Indemnified
Party"), from and against any loss, damage, expense, liability, claim or action in respect thereof (including the reasonable cost of investigation) which such Indemnified Party
may incur or become subject to under the Securities Act, the Exchange Act or otherwise, insofar as such loss, damage, expense, liability, claim or action arises out of or is based upon any untrue
statement or alleged untrue statement of a material fact contained in any Shelf Registration Statement or Prospectus, including any document incorporated by reference therein, or in any amendment or
supplement thereto or in any preliminary prospectus, or arises out of or is based upon any omission or alleged omission to state a material fact required to be stated in any Shelf Registration
Statement or in any amendment or supplement thereto or necessary to make the statements therein not misleading, or arises out of or is based upon any omission or alleged omission to state a material
fact necessary in order to make the statements made in any Prospectus or in any amendment or supplement thereto or in any preliminary prospectus, in the light of the circumstances under which they
were made, not misleading, and the Company shall reimburse, as incurred, the Indemnified Parties for any legal or other expenses reasonably incurred by them in connection with investigating or
defending any such loss, damage, expense, liability, claim or action in respect thereof; provided, however, that the indemnity agreement contained in
this subsection (a) shall not inure to the benefit of any Holder or related Controlling Person (i) insofar as any such loss, damage, expense, liability, claim or action arises out of or
is based upon any untrue statement or omission or alleged untrue statement or omission of a material fact contained in, or omitted from, and in conformity with information furnished in writing by or
on behalf of such Holder or related Controlling Person to the Company expressly for use in connection with any Shelf Registration Statement or Prospectus, (ii) with respect to any untrue
statement or omission or alleged untrue statement or omission made in any 

11

 

preliminary
prospectus relating to a Shelf Registration Statement, to the extent that a final Prospectus relating to such Registrable Securities was not delivered by such Holder, at or prior to the
written confirmation of the sale of such Registrable Securities, to the person asserting the claim from which such loss, damage, expense, liability, claim or action arises, a copy of the final
Prospectus if the Company had previously furnished copies thereof to such Holder and the final Prospectus would have corrected such untrue statement or alleged untrue statement or such omission or
alleged omission or (iii) if such untrue statement or alleged untrue statement, omission or alleged omission is corrected in an amendment or supplement to the final Prospectus and having been
previously furnished by or on behalf of the Company with copies of the final Prospectus as so amended or supplemented, such Holder thereafter fails to deliver such Prospectus as so amended or
supplemented, at or prior to the written confirmation of the sale of Registrable Securities to the person asserting the claim from which such loss, damage, expense, liability, claim or action arises.
This indemnity agreement will be in addition to any liability which the Company may otherwise have to any Holder or any of its Controlling Persons. 

        (b)   Each
Holder, severally and not jointly, agrees to indemnify, defend and hold harmless the Company, its directors, officers, employees, representatives, agents and any
person who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (each, a "Company Indemnified
Party") from and against any loss, damage, expense, liability, claim or any action in respect thereof (including the reasonable cost of investigation) which such Company
Indemnified Party may incur or become subject to under the Securities Act, the Exchange Act or otherwise, insofar as such loss, damage, expense, liability, claim or action arises out of or is based
upon any untrue statement or alleged untrue statement of a material fact contained in information furnished in writing by or on behalf of such Holder to the Company expressly for use in any Shelf
Registration Statement or Prospectus, including any document incorporated by reference therein, or in any amendment or supplement thereto or in any preliminary prospectus, or arises out of or is based
upon any omission or alleged omission to state a material fact required to be stated in any Shelf Registration Statement or in any amendment or supplement thereto or necessary to make the statements
therein not misleading, or arises out of or is based upon any omission or alleged omission to state a material fact necessary in order to make the statements in any Prospectus or in any amendment or
supplement thereto or in any preliminary prospectus, in the light of the circumstances under which they were made, not misleading, in connection with such information; and, subject to the limitation
set forth immediately preceding this clause, each Holder shall reimburse, as incurred, the Company for any legal or other expenses reasonably incurred by the Company or any such other person in
connection with investigating or defending any loss, damage, expense, liability, claim or action in respect thereof. This indemnity agreement will be in addition to any liability which such Holder may
otherwise have to the Company or any Company Indemnified Party. In no event shall the liability of any selling Holder of Registrable Securities hereunder be greater in amount than the dollar amount of
the proceeds received by such Holder upon the sale of the Registrable Securities pursuant to the Shelf Registration Statement giving rise to such indemnification obligation. 

        (c)   If
any action, suit or proceeding (each, a "Proceeding") is brought against any person in respect of which indemnity may
be sought pursuant to either subsection (a) or (b) of this Section 6, such person (the "Indemnified Party") shall promptly notify
the person against whom such indemnity may be sought (the "Indemnifying Party") in writing of the institution of such Proceeding and the Indemnifying
Party shall assume the defense of such Proceeding; provided, however, that the omission to notify such Indemnifying Party shall not relieve such
Indemnifying Party from any liability which it may have to such Indemnified Party under this Section 6 except to the extent it is materially prejudiced thereby. Such Indemnified Party shall
have the right to employ its own counsel in any such case, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party unless the employment of such counsel shall have
been authorized in writing by such Indemnifying Party in connection with the defense of such Proceeding or such Indemnifying Party shall not have employed 

12

 

counsel
to have charge of the defense of such Proceeding within thirty (30) days of the receipt of notice thereof or such Indemnified Party shall have reasonably concluded upon the written
advice of counsel that there may be one or more defenses available to it that are different from, additional to or in conflict with those available to such Indemnifying Party (in which case such
Indemnifying Party shall not have the right to direct that portion of the defense of such Proceeding on behalf of the Indemnified Party, but such Indemnifying Party may employ counsel and participate
in the defense thereof but the fees and expenses of such counsel shall be at the expense of such Indemnifying Party), in any of which events such reasonable fees and expenses shall be borne by such
Indemnifying Party and paid as incurred (it being understood, however, that such Indemnifying Party shall not be liable for the expenses of more than one separate counsel in any one Proceeding or
series of related Proceedings together with reasonably necessary local counsel representing the Indemnified Parties who are parties to such action). An Indemnifying Party shall not be liable for any
settlement of such Proceeding effected without the written consent of such Indemnifying Party, but if settled with the written consent of such Indemnifying Party, such Indemnifying Party agrees to
indemnify and hold harmless an Indemnified Party from and against any loss or liability by reason of such settlement. Notwithstanding the foregoing sentence, if at any time an Indemnified Party shall
have requested an Indemnifying Party to reimburse such Indemnified Party for fees and expenses of counsel as contemplated by the second sentence of this paragraph, then such Indemnifying Party agrees
that it shall be liable for any settlement of any Proceeding effected without its written consent if (i) such settlement is entered into more than sixty (60) Business Days after receipt
by such Indemnifying Party of the aforesaid request, (ii) such Indemnifying Party shall not have reimbursed such Indemnified Party in accordance with such request prior to the date of such
settlement and (iii) such Indemnified Party shall have given such Indemnifying Party at least forty-five (45) days prior notice of its intention to settle. No Indemnifying
Party shall, without the prior written consent of any Indemnified Party, effect any settlement of any pending or threatened Proceeding in respect of which such Indemnified Party is or could have been
a party and indemnity could have been sought hereunder by such Indemnified Party, unless such settlement includes an unconditional release of such Indemnified Party from all liability on claims that
are the subject matter of such Proceeding and does not include an admission of fault, culpability or a failure to act, by or on behalf of such Indemnified Party. 

        (d)   If
the indemnification provided for in this Section 6 is unavailable to an Indemnified Party under subsections (a) and (b) of this Section 6
in respect of any losses, damages, expenses, liabilities, claims or actions referred to therein, then 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, damages, expenses, liabilities, claims or actions (i) in such proportion as is appropriate to
reflect the relative benefits received by the Company on the one hand and the Holders on the other hand from the offering of the Registrable Securities or (ii) if the allocation provided by
clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative
fault of the Company on the one hand and the Holders on the other in connection with the statements or omissions which resulted in such losses, damages, expenses, liabilities, claims or actions, as
well as any other relevant equitable considerations. The relative fault of the Company on the one hand and the Holders on the other shall be determined by reference to, among other things, whether the
untrue statement or alleged untrue statement of a material fact or omission or alleged omission relates to information supplied by the Company or by the Holders 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, damages, expenses, liabilities,
claims and actions referred to above shall be deemed to include any legal or other fees or expenses reasonably incurred by such party in connection with investigating or defending any Proceeding. 

        (e)   The
Company and the Holders agree that it would not be just and equitable if contribution pursuant to this Section 6 were determined by pro rata allocation or by
any other method of allocation 

13

 

which
does not take account of the equitable considerations referred to in subsection (d) above. Notwithstanding the provisions of this Section 6, no Holder shall be required to
contribute any amount in excess of the amount by which the total price at which the Registrable Securities sold by it were offered to the public exceeds the amount of any damages which it 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. The Holders' respective obligations to contribute
pursuant to this Section 6 are several in proportion to the respective amount of Registrable Securities they have sold pursuant to a Shelf Registration Statement, and not joint. The remedies
provided for in this Section 6 are not exclusive and shall not limit any rights or remedies which may otherwise be available to any indemnified party at law or in equity. 

        (f)    The
indemnity and contribution provisions contained in this Section 6 shall remain operative and in full force and effect regardless of (i) any termination
of this Agreement, (ii) any investigation made by or on behalf of any Holder or any person controlling any Holder, or the Company or the Company's directors, officers, employees,
representatives, agents or any person controlling the Company and (iii) the sale of any Registrable Security by any Holder. 

Section 7    Information Requirements. 

The
Company covenants that, if at any time before the end of the Effectiveness Period it is not subject to the reporting requirements of the Exchange Act, it will cooperate with any Holder of
Registrable Securities and take such further action as any Holder of Registrable Securities may reasonably request in writing (including, without limitation, making such representations as any such
Holder may reasonably request), all to the extent required from time to time to enable such Holder to sell Registrable Securities without registration under the Securities Act within the limitations
of the exemptions provided by Rule 144, Rule 144A, Regulation S and Regulation D under the Securities Act and customarily taken in connection with sales pursuant to such
exemptions. Upon the written request of any Holder of Registrable Securities, the Company shall deliver to such Holder a written statement as to whether it has complied with such filing requirements,
unless such a statement has been included in the Company's most recent report filed with the SEC pursuant to Section 13 or Section 15(d) of Exchange Act. Notwithstanding the foregoing,
nothing in this Section 7 shall be deemed to require the Company to register any of its securities (other than the Common Stock) under any section of the Exchange Act. 

Section 8    Miscellaneous. 

        (a)   No Conflicting Agreements. The Company is not, as of the date hereof, a party to, nor shall it, on or after the date of
this Agreement, enter into, any agreement with respect to its securities that conflicts with the rights granted to the Holders of Registrable Securities in this Agreement. The Company represents and
warrants that the rights granted to the Holders of Registrable Securities hereunder do not in any way conflict with the rights granted to the holders of the Company's securities under any other
agreements. 

        (b)   Amendments and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended,
modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, unless the Company has obtained the written consent of Holders of a majority of the then
outstanding Underlying Common Stock constituting Registrable Securities (with Holders of Notes deemed to be the Holders, for purposes of this Section, of the number of outstanding shares of Underlying
Common Stock into which such Notes are or would be convertible as of the date on which such consent is requested); provided that, this Agreement may be
amended, modified or supplemented by written agreement signed by the Company and the Initial Purchasers, without the consent of the Holders, to cure any ambiguity, defect or inconsistency herein, or
to make such other provisions in regard to matters or questions arising under this Agreement that 

14

 

shall
not adversely affect the rights of any Holders. Notwithstanding the foregoing, a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the
rights of Holders of Registrable Securities whose securities are being sold pursuant to a Shelf Registration Statement and that does not directly or indirectly affect the rights of other Holders of
Registrable Securities may be given by Holders of at least a majority of the Registrable Securities being sold by such Holders pursuant to such Shelf Registration Statement;  provided that the provisions
of this sentence may not be amended, modified, or supplemented except in accordance with the provisions of the immediately
preceding sentence. Each Holder of Registrable Securities outstanding at the time of any such amendment, modification, supplement, waiver or consent or thereafter shall be bound by any such amendment,
modification, supplement, waiver or consent effected pursuant to this Section 9(b), whether or not any notice, writing or marking indicating such amendment, modification, supplement, waiver or
consent appears on the Registrable Securities or is delivered to such Holder. 

        (c)   Notices. All notices and other communications provided for or permitted hereunder shall be made in writing by hand
delivery, by telecopier, by courier guaranteeing overnight delivery or by first-class mail, return receipt requested, and shall be deemed given (i) when made, if made by hand delivery,
(ii) upon confirmation, if made by telecopier, (iii) one (1) Business Day after being deposited with such courier, if made by overnight courier or (iv) on the date
indicated on the notice of receipt, if made by first-class mail, to the parties as follows: 

        (x)   if
to a Holder of Registrable Securities, at the most current address given by such Holder to the Company in a Notice and Questionnaire or any amendment thereto; 

        (y)   if
to the Company, to: 

MedImmune, Inc.

35 West Watkins Mill Road

Gaithersburg, Maryland 20878

Attention: Chief Financial Officer

Telecopy No.: (301) 527-4207 

        (z)   if
to the Initial Purchasers, to: 

Merrill
Lynch, Pierce, Fenner & Smith Incorporated

4 World Financial Center

New York, New York 10080

Attention: Syndicate Department

Telecopy No.: (212) 449-3886 

UBS
Securities LLC

299 Park Avenue

New York, New York 10171

Attention: Syndicate Department

Telecopy No.: (212) 713-3460 

or
to such other address as such person may have furnished to the other persons identified in this Section 9(c) in writing in accordance herewith. 

        (d)   Approval of Holders. Whenever the consent or approval of Holders of a specified percentage of Registrable Securities is
required hereunder, Registrable Securities held by the Company or its affiliates (as such term is defined in Rule 405 under the Securities Act) (other than the Initial Purchasers or subsequent
Holders of Registrable Securities if such subsequent Holders are deemed to be such affiliates solely by reason of their holdings of such Registrable Securities) shall not be counted in determining
whether such consent or approval was given by the Holders of such required percentage. 

15

 

        (e)   Third Party Beneficiaries. The Holders shall be third party beneficiaries to the agreements made hereunder between the
Company, on the one hand, and the Initial Purchasers, on the other hand, and shall have the right to enforce such agreements directly to the extent they may deem such enforcement necessary or
advisable to protect their rights or the rights of Holders hereunder. 

        (f)    Successors and Assigns. Any person who purchases any Registrable Securities from any Initial Purchaser or any Holder
shall be deemed, for purposes of this Agreement, to be an assignee of such Initial Purchaser or such Holder, as the case may be. This Agreement shall inure to the benefit of and be binding upon the
successors and assigns of each of the parties and shall inure to the benefit of and be binding upon each Holder of any Registrable Securities. 

        (g)   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 original and all of which taken together shall constitute one and the same agreement. 

        (h)   Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect
the meaning hereof. 

        (i)    Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK,
WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES THEREOF. 

        (j)    Severability. If any term, provision, covenant or restriction of this Agreement is held to be invalid, illegal, void or
unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated
thereby, and the parties hereto shall use its best efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision,
covenant or restriction, it being intended that all of the rights and privileges of the parties shall be enforceable to the fullest extent permitted by law. 

        (k)   Entire Agreement. This Agreement is intended by the parties as a final expression of their agreement and is intended to
be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein and the registration rights granted by the Company with
respect to the Registrable Securities. Except as provided in the Purchase Agreement, there are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein,
with respect to the registration rights granted by the Company with respect to the Registrable Securities. This Agreement supersedes all prior agreements and undertakings among the parties with
respect to such registration rights. No party hereto shall have any rights, duties or obligations other than those specifically set forth in this Agreement. 

        (l)    Termination. This Agreement and the obligations of the parties hereunder shall terminate upon the end of the
Effectiveness Period, except for any liabilities or obligations under Sections 4, 5 or 6 hereof and the obligations to make payments of and provide for liquidated damages under Section 2(e)
hereof to the extent such damages accrue prior to the end of the Effectiveness Period, each of which shall remain in effect in accordance with its terms. 

16

 

        IN
WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above. 

	 
	 	 
	 
	 

	 	 	MEDIMMUNE, INC.
	

 	
 	

By:	

/s/  TIMOTHY R. PEARSON      

	 	 	 	Name:	Timothy R. Pearson
	 	 	 	Title:	V.P. Treasurer and Secretary

	 
	 
	 	 
	 

	Confirmed and accepted as of the date

first above written:	 	 	 
	

MERRILL LYNCH, PIERCE,

FENNER & SMITH INCORPORATED	
 	

UBS SECURITIES LLC
	

By:	

/s/  SAMUEL THONG      
 Name: Samuel Thong

Title: Vice President	
 	

By:	

/s/  CHRIS HITE      
 Name: Chris Hite

Title: Managing Director
	

 	

 	
 	

By:	

/s/  JAMES P. BOYLAN      
 Name: James P. Boylan

Title: Managing Director

17

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EXHIBIT 4.8

REGISTRATION RIGHTS AGREEMENTQuickLinks
 -- Click here to rapidly navigate through this document

 
 

EXHIBIT 4.9    
    

        THIS SECURITY HAS BEEN ISSUED WITH ORIGINAL ISSUE DISCOUNT, FOR PURPOSES OF SECTIONS 1272, 1273, AND 1275 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED. THE
ISSUE PRICE OF THIS SECURITY IS $955 PER $1,000 OF PRINCIPAL AMOUNT AT MATURITY; THE ISSUE DATE OF THIS SECURITY IS JULY 15, 2003; AND THE COMPARABLE YIELD FOR THE PURPOSES OF ACCRUING ORIGINAL
ISSUE DISCOUNT IS 4.13% PER ANNUM, CALCULATED ON A SEMIANNUAL BOND EQUIVALENT BASIS. HOLDERS OF THIS SECURITY MAY OBTAIN INFORMATION REGARDING THE AMOUNT OF ORIGINAL ISSUE DISCOUNT AND THE PROJECTED
PAYMENT SCHEDULE FOR THIS SECURITY BY SUBMITTING A WRITTEN REQUEST FOR SUCH INFORMATION TO: MEDIMMUNE, INC., 35 WEST WATKINS MILL ROAD, GAITHERSBURG, MARYLAND 20878, ATTN: TREASURER. 

        UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND
ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT HEREON IS
MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED
TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. 

        THIS
SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND,
UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A
NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. 

 
 
 

MEDIMMUNE, INC.
  
    1% Convertible Senior Notes due 2023    
    

	No. 2	 	CUSIP: 584 699 AE2

        MEDIMMUNE, INC.,
a Delaware corporation (the "Company", which term shall include any successor corporation under the Indenture referred to on the reverse hereof), promises to pay
to Cede & Co., or registered assigns, the principal amount of Five Hundred Million Dollars ($500,000,000.00), or such greater or lesser amount as is indicated in the records of the Trustee and
the Depositary, on July 15, 2023, and to pay interest thereon from July 15, 2003 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, on
January 15 and July 15 in each year (each, an "Interest Payment Date"), commencing on January 15, 2004, at the rate of 1% per annum, until the principal hereof is paid or made
available for payment on July 15, 2023 or upon acceleration, or until such date on which the Securities are converted, redeemed or purchased as provided herein, and at the rate of 1% per annum
on any overdue principal and on any overdue installment of interest and Liquidated Damages, if any. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date
will, as provided in the Indenture (as hereinafter defined), be paid to the Person in whose name this Security (or one or more predecessor Securities) is registered at the close of business on the
regular record date for such interest, which will be the January 1 or July 1 (whether or not a Business Day), as the case may be, next preceding the corresponding Interest Payment Date
(a "Regular Record Date"). Any such interest and Liquidated Damages, if any, not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date
and may be paid (a) to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a special record date for the payment of such
defaulted interest to be fixed by the Trustee (a "Special Record Date"), notice whereof will be given to Holders not less than 10 days prior to such Special Record Date, or (b) at any
time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities may be listed, and upon such notice as may be required by such exchange, all
as more fully provided in the Indenture. 

        Reference
is hereby made to the further provisions of this Security set forth on the reverse side of this Security, which further provisions shall for all purposes have the same effect
as if set forth at this place. 

2

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

	Dated: September [    ], 2003	 	MEDIMMUNE, INC.	 
	

 	
 	

By:	

 	

 
	 	 	 	

	

 	
 	

Name:  Timothy R. Pearson	

 
	 	 	Title:    Vice President, Treasurer and Secretary

3

  

 
 

TRUSTEE'S CERTIFICATE OF AUTHENTICATION    
    

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

	Dated: September[    ], 2003	 	THE BANK OF NEW YORK,

as Trustee
	

 	
 	

By:	

 
	 	 	 	

	 	 	 	Authorized Signatory

4

  

 
 

REVERSE OF SECURITY    
    

        1% Convertible Senior Notes due 2023 

        This
Security is one of a duly authorized issue of 1% Convertible Senior Notes due 2023 (the "Securities") of MEDIMMUNE, INC., a Delaware corporation (including any successor
corporation under the Indenture hereinafter referred to, the "Company"), issued under an Indenture, dated as of July 15, 2003 (the "Indenture"), between the Company and The Bank of New York, as
trustee (the "Trustee"). The terms of the Security include those stated in the Indenture, those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended ("TIA"), and
those set forth in this Security. This Security is subject to all such terms, and Holders are referred to the Indenture and the TIA for a statement of all such terms. To the extent permitted by
applicable law, in the event of any inconsistency between the terms of this Security and the terms of the Indenture, the terms of the Indenture shall control. Capitalized terms used but not defined
herein have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 

	1.
	Interest.

        Interest
on the Securities shall be computed on the basis of a 360-day year of twelve 30-day months. 

        In
addition, the Company shall pay contingent interest ("Contingent Interest") to the Holders during any six-month period (a
"Contingent Interest Period") from January 15 to July 14 and from July 15 to January 14, commencing July 15, 2006, if
the average Market Price of a Security for the five Trading Day period (a "Contingent Interest Measurement Period") ending on the third Trading Day
immediately preceding the first day of such Contingent Interest Period equals $1,200 (120% of the principal amount of a Security) or more. 

        Upon
a determination by the Company that Holders will be entitled to receive Contingent Interest which will become payable during a Contingent Interest Period, on or prior to the first
day of such
Contingent Interest Period, the Company shall deliver an Officer's Certificate to the Trustee setting forth the amount of such Contingent Interest per $1,000 principal amount of Securities and shall
issue a press release through a public medium as is customary for such a press release and shall publish such information on its website. 

        The
amount of Contingent Interest payable per $1,000 principal amount of Securities in respect of any Contingent Interest Period shall equal 0.175% of the average Market Price of a
Security during the relevant Contingent Interest Measurement Period. Contingent Interest, if any, will accrue and be payable to Holders in the same manner as regular Cash interest as provided in
Section 6.1 of the Indenture. Regular Cash interest will continue to accrue at the rate of 1% per year on the principal amount of the Securities whether or not Contingent Interest is paid. 

        If
this Security is redeemed pursuant to Section 5 of this Security or the Holder elects to require the Company to purchase this Security pursuant to Section 6 of this
Security on a date that is after the Regular Record Date and prior to the corresponding Interest Payment Date, interest (including Contingent Interest, if any) and Liquidated Damages, if any, accrued
and unpaid hereon to, but not including, the applicable Redemption Date, Purchase Date or Change in Control Purchase Date will be paid to the same Holder to whom the Company pays the principal of such
Security regardless of whether such Holder was the registered Holder on the Regular Record Date immediately preceding the applicable Redemption Date, Purchase Date or Change in Control Purchase Date. 

        Interest,
including Contingent Interest, if any, and Liquidated Damages, if any, on Securities converted after the close of business on a Regular Record Date but on or prior to the
opening of business on the corresponding Interest Payment Date will be paid to the Holder of the Securities on the Regular Record Date but, upon conversion, the Holder must pay the Company the
interest, 

5

 

including
Contingent Interest, if any, and Liquidated Damages, if any, which have accrued and will be paid on such Interest Payment Date. No such payment need be made with respect to Securities which
will be converted after a Regular Record Date and on or prior to the corresponding Interest Payment Date if (i) the Company has specified a Redemption Date during such period, (ii) the
Company has specified a Change in Control Purchase Date during such period or (iii) any overdue interest (including any overdue Contingent Interest and any overdue Liquidated Damages) exists at
the time of the conversion with respect to the Securities converted, but only to the extent of the amount of such overdue interest, overdue Contingent Interest or overdue Liquidated Damages. 

        Any
reference herein to interest accrued or payable as of any date shall include any Liquidated Damages accrued or payable on such date as provided in the Registration Rights Agreement. 

	2.
	Method of Payment.

        Payment
of the principal of and interest, including Contingent Interest, if any, and Liquidated Damages, if any, on the Securities shall be in such coin or currency of the United States
of America as at the time of payment is legal tender for payment of public and private debts. The Holder must surrender the Securities to the Paying Agent to collect payment of principal. Payment of
interest, including Contingent Interest, if any, and Liquidated Damages, if any, on Certificated Securities will be made by wire transfer of immediately available funds to the account specified by the
Holder or, if no such account is specified, by check mailed to the address of the Person entitled thereto as such address appears in the Register. Notwithstanding the foregoing, so long as the
Securities are registered in the name of a Depositary or its nominee, all payments with respect to the Securities shall be made by wire transfer of immediately available funds to the account of the
Depositary or its nominee. 

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

        Initially,
The Bank of New York will act as Paying Agent, Registrar, Conversion Agent and Bid Solicitation Agent. The Company may appoint and change any Paying Agent, Registrar,
Conversion Agent or Bid Solicitation Agent without notice, other than notice to the Trustee; provided that the Company will maintain at least one Paying Agent in the State of New York, The City of New
York, Borough of Manhattan, which shall initially be an office or agency of the Trustee. The Company or any of its Subsidiaries or any of their Affiliates may act as Paying Agent, Registrar or
Conversion Agent. Neither the Company nor any Subsidiary or Affiliate of the Company may act as Bid Solicitation Agent. 

	4.
	Indenture.

        The
Securities are senior unsecured obligations of the Company limited to up to $575,000,000 aggregate principal amount. The Indenture does not limit other indebtedness of the Company,
secured or unsecured. 

	5.
	Redemption at the Option of the Company.

        The
Company may, at its option, redeem the Securities for Cash at any time as a whole, or from time to time in part, on or after July 15, 2006, at a redemption price equal to 100%
of the principal amount
of Securities to be redeemed plus any accrued and unpaid interest, including Contingent Interest, if any, and Liquidated Damages, if any, on those Securities to, but not including, the Redemption
Date. 

        Notice
of redemption pursuant to this Section of this Security will be mailed at least 30 days but not more than 60 days before the Redemption Date to each Holder of
Securities to be redeemed at the Holder's registered address. If Cash sufficient to pay the Redemption Price of all Securities (or portions thereof) to be redeemed on the Redemption Date is deposited
with the Paying Agent prior to 10:00 a.m., New York City time, on the Redemption Date, then on such Redemption Date interest, including Contingent Interest, if any, and Liquidated Damages, if
any, cease to accrue on such 

6

 

Securities
or portions thereof. Securities in denominations larger than $1,000 of principal amount may be redeemed in part but only in multiples of $1,000 of principal amount. 

	6.
	Purchase By the Company at the Option of the Holder or Upon a Change in Control.

        Subject
to the terms and conditions of the Indenture, the Company shall become obligated to purchase, at the option of the Holder, all or any portion of the Securities held by such
Holder on July 15, 2006, July 15, 2009, July 15, 2013 and July 15, 2019 in multiples of $1,000 at the Purchase Price. To exercise such right, a Holder shall deliver to the
Paying Agent a Purchase Notice containing the information set forth in the Indenture, at any time from 9:00 a.m., New York City time, on the date that is 20 Business Days immediately preceding
such Purchase Date until 5:00 p.m., New York City time, on the fifth Business Day immediately preceding the relevant Purchase Date, and shall deliver the Securities to the Paying Agent as set
forth in the Indenture. 

        Subject
to the terms and conditions of the Indenture, the Company shall become obligated to purchase, at the option of the Holder, all or any portion of the Securities held by such
Holder upon a Change in Control of the Company that occurs prior to July 15, 2006 in multiples of $1,000 at the Change in Control Purchase Price. To exercise such right, a Holder shall deliver
to the Paying Agent a Change in Control Purchase Notice containing the information set forth in the Indenture, at any time prior to 5:00 p.m., New York City time, on the fifth Business Day
immediately preceding the Change in Control Purchase Date, and shall deliver the Securities to the Paying Agent as set forth in the Indenture. 

        Holders
have the right to withdraw any Purchase Notice or Change in Control Purchase Notice by delivering to the Paying Agent a written notice of withdrawal in accordance with the
provisions of the Indenture. 

        If
Cash sufficient to pay the Purchase Price or Change in Control Purchase Price, as the case may be, of all Securities or portions thereof to be purchased with respect to a Purchase
Date or Change in Control Purchase Date, as the case may be, has been deposited with the Paying Agent, at 10:00 a.m., New York City time, on the Business Day immediately following the Purchase
Date or Change in Control Purchase Date, as the case may be, then, immediately after the Purchase Date or Change in Control Purchase Date, as applicable, such Securities will cease to be outstanding
and interest, including Contingent Interest, if any, and Liquidated Damages, if any, on such Securities will cease to accrue and the Holder thereof shall have no other rights as such other than the
right to receive the Purchase Price or Change in Control Purchase Price upon surrender of such Security. 

	7.
	Conversion.

        A
Holder may only convert the Holder's Security upon satisfaction of one of the conditions described in Section 12(a)(i), (ii), (iii) and (iv) of the Indenture,
subject to and in compliance with the provisions of the Indenture (including, without limitation, the conditions to conversion of this Security set forth in Section 12.1 thereof), a Holder is
entitled, at such Holder's option, to convert the Holder's Security (or any portion of the principal amount thereof that is $1,000 or a multiple of $1,000), into fully paid and nonassessable shares of
Common Stock at the Conversion Rate in effect on the date of conversion. 

        The
Company will notify Holders of any event triggering the right to convert the Securities as specified above in accordance with the Indenture. 

        A
Security in respect of which a Holder has delivered a Purchase Notice or Change in Control Purchase Notice, as the case may be, exercising the right of such Holder to require the
Company to purchase such Security may be converted only if such Purchase Notice or Change in Control Purchase Notice is withdrawn in accordance with the terms of the Indenture. 

7

 

        The
initial Conversion Rate is 14.6671 shares per $1,000 principal amount of Securities, subject to adjustment in certain events described in the Indenture. 

        To
surrender a Security for conversion, a Holder must, in the case of Global Securities, comply with the Applicable Procedures of the Depositary in effect at that time, and in the case
of Certificated Securities, (i) surrender the Security to the Conversion Agent, (ii) complete and manually sign the conversion notice below (or complete and manually sign a facsimile of
such notice) and deliver such notice to the Conversion Agent, (iii) furnish appropriate endorsements and transfer documents and
(iv) pay all funds required, if any, relating to interest, including Contingent Interest, if any, or Liquidated Damages, if any, and any transfer or similar tax, if required. 

        No
fractional share of Common Stock shall be issued upon conversion of any Security. Instead, the Company shall pay a Cash adjustment as provided in the Indenture. 

        No
payment or adjustment will be made for accrued and unpaid interest, including Contingent Interest, if any, and Liquidated Damages, if any, or dividends on the shares of Common Stock,
except as provided in the Indenture. 

        If
the Company (i) is a party to a consolidation, merger, statutory share exchange or combination of the Company with another corporation as a result of which all the holders of
Common Stock shall be entitled to receive stock, securities or other property or assets (including Cash or a combination thereof) with respect to or in exchange for all of their Common Stock,
(ii) reclassifies or changes the shares of Common Stock or (iii) conveys, transfers or leases its properties and assets as, or substantially as, an entirety to any person, the right to
convert a Security into shares of Common Stock may be changed to a right to convert a Security into the kind and amount of shares of stock and other securities or property or assets (including Cash)
which such Holder would have been entitled to receive upon such reclassification, change, merger, consolidation, statutory share exchange, combination, sale or conveyance had such Holder converted its
Security into Common Stock immediately prior to such transaction, in each case, in accordance with the Indenture. 

	8.
	Denominations; Transfer; Exchange.

        The
Securities are in fully registered form, without coupons, in denominations of $1,000 of principal amount and multiples of $1,000. A Holder may transfer or exchange Securities in
accordance with the Indenture. The Registrar may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and to pay any taxes and fees required by law or
permitted by the Indenture. The Registrar need not transfer or exchange any Securities selected for redemption (except, in the case of a Security to be redeemed in part, the portion of the Security
not to be redeemed) or any Securities in respect of which a Purchase Notice or Change in Control Purchase Notice has been given and not withdrawn (except, in the case of a Security to be purchased in
part, the portion of the Security not to be purchased) or any Securities for a period of 15 days before the mailing of a notice of redemption of Securities to be redeemed. 

	9.
	Persons Deemed Owners.

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

	10.
	Unclaimed Money or Securities.

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

	11.
	Amendment; Waiver.

8

 

        Subject
to certain exceptions set forth in the Indenture, (i) the Indenture or the Securities may be amended with the written consent or affirmative vote of the Holders of not
less than a majority in aggregate principal amount of the outstanding Securities and (ii) certain Defaults may be waived with the written consent or affirmative vote of the Holders of not less
than a majority in aggregate principal amount of the outstanding Securities. 

        Without
the consent of any Securityholder, the Company and the Trustee may amend the Indenture or the Securities to (i) add to the covenants of the Company for the benefit of the
Holders of Securities, (ii) surrender any right or power conferred upon the Company in the Indenture, (iii) provide for the assumption of the Company's obligations to the Holders of
Securities in the case of a merger, consolidation, conveyance, transfer, sale, lease or other disposition pursuant to Article VII of the Indenture, (iv) increase the Conversion Rate or
reduce the Conversion Price; provided, however, that such increase in the Conversion Rate or reduction in the Conversion Price is in accordance with the
terms of the Indenture or shall not adversely affect the interest of the Holders of Securities, (v) provide for a successor Trustee with respect to the Securities, (vi) add any
additional Events of Default with respect to all or any of the Securities, (vii) secure the Securities, (viii) supplement any of the provisions of the Indenture to such extent as shall
be necessary to permit or facilitate the discharge of the Securities, provided that such change or modification does not adversely affect the interests of the Holders of the Securities,
(ix) make any changes or modifications necessary in connection with the registration of the Securities under the Securities Act as contemplated in the Registration Rights Agreement;  provided, however, that such action pursuant to this clause does not adversely affect the interests of the Holders of Securities in any material
respect, (x) cure any ambiguity, correct or supplement any provision in the Indenture which may be inconsistent with any other provision therein
or which is otherwise defective, or to make any other provisions with respect to matters or questions arising under the Indenture which the Company may deem necessary or desirable and which shall not
be inconsistent with the provisions of the Indenture; provided, however, that such action pursuant to this clause does not adversely affect the
interests of the Holders of Securities, (xi) add or modify any other provisions in the Indenture with respect to matters or questions arising thereunder which the Company and the Trustee may
deem necessary or desirable and which would not adversely affect the interests of the Holders of Securities, and (xii) comply with the requirements of the SEC in order to effect or maintain the
qualification of this Indenture under the TIA. 

	12.
	Defaults and Remedies.

        If
any Event of Default other than as a result of certain events of bankruptcy, insolvency or reorganization of the Company occurs and is continuing, the principal of all the Securities
may be declared due and payable in the manner and with the effect provided in the Indenture. If an Event of Default occurs as a result of certain events of bankruptcy, insolvency or reorganization of
the Company, the principal of all the Securities shall become due and payable immediately without any declaration or other act on the part of the Trustee or any Holder, all as and to the extent
provided in the Indenture. 

	13.
	Trustee Dealings with the Company.

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

	14.
	Calculations in Respect of Securities.

        The
Company or its agents will be responsible for making all calculations called for under the Securities including, but not limited to, determination of the Market Price and Sale Price
of the Securities, the number of shares of Common Stock issuable upon conversion and the amounts of interest, Contingent Interest, if any, and Liquidated Damages, if any, on the Securities. Any 

9

 

calculations
made in good faith and without manifest error will be final and binding on Holders of the Securities. The Company or its agents will be required to deliver to the Trustee a schedule of
its calculations and the Trustee will be entitled to conclusively rely upon the accuracy of such calculations without independent verification. 

	15.
	No Recourse Against Others.

        No
recourse under or upon any obligation, covenant or agreement contained in the Indenture, or in this Security, or because of any indebtedness evidenced thereby, shall be had against
any incorporator, as such, or against any past, present or future stockholder, officer or director, as such, of the Company or of any successor, either directly or through the Company or any
successor, under any rule of law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly
waived and released by the acceptance of the Securities by the Holders and as part of the consideration for the issue of the Securities. 

	16.
	Authentication.

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

	17.
	Abbreviations.

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

	18.
	INDENTURE TO CONTROL; GOVERNING LAW.

        IN
THE CASE OF ANY CONFLICT BETWEEN THE PROVISIONS OF THIS SECURITY AND THE INDENTURE, THE PROVISIONS OF THE INDENTURE SHALL CONTROL. THE
INDENTURE AND THIS SECURITY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

        The
Company will furnish to any Securityholder upon written request and without charge a copy of the Indenture. Requests may be made to: 

MEDIMMUNE, INC.

35 West Watkins Mill Road

Gaithersburg, Maryland 20878

Attn: Chief Financial Officer

Facsimile No. (240) 632-4054 

10

  

 
 

ASSIGNMENT FORM    
    

        To assign this Security, fill in the form below: 

        I
or we assign and transfer this Security to 

(Insert assignee's soc. sec. or tax ID no.) 

(Print or type assignee's name, address and zip code) 

        and
irrevocably appoint agent to transfer this Security on the books of the Company. The agent may substitute another to act for him. 

	 	 	 	Your Signature:
	Date:	 	 	 
	 	
	 	

	 	 	 	(Sign exactly as your name appears on the other side of this Security)
	Signature Guaranteed	 	 
	
	 	 
	Participant in a Recognized

Signature Guarantee Medallion Program	 	 
	By:	 	 	 
	 	
	 	 
	 	Authorized Signatory	 	 

11

  

 
 

CONVERSION NOTICE    
    

To
convert this Security into shares of Common Stock (or Cash or a combination of shares of Common Stock and Cash, if the Company so elects) of the Company, check the box
o 

To
convert only part of this Security, state the principal amount to be converted (which must be $1,000 or a multiple of $1,000): 

If
you want the stock certificate made out in another person's name fill in the form below: 

	

	

 	
 	

 
	

 	
 	

 
	

 	
 	

 
	(Insert assignee's soc. sec. or tax ID no.)
	

	

	

 (Print or type assignee's name, address and zip code)

	

 	

 	
 	

Your Signature:
	

Date:	

	
 	

 (Sign exactly as your name appears on the

other side of this Security)
	

Signature Guaranteed	
 	

 
	

 Participant in a Recognized Signature

Guarantee Medallion Program	
 	

 

	

By:	

 Authorized Signatory	
 	

 

12

QuickLinks

EXHIBIT 4.9

MEDIMMUNE, INC. 1% Convertible Senior Notes due 2023

TRUSTEE'S CERTIFICATE OF AUTHENTICATION

REVERSE OF SECURITY

ASSIGNMENT FORM

CONVERSION NOTICE

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