Biogen Idec Inc. Contracts
Sample Business Contracts
Employment Agreement - Biogen Inc. and Burt Adelman
Employment Forms
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[BIOGEN, INC. LETTERHEAD]
PERSONAL AND CONFIDENTIAL
April 2, 1996
Burt Adelman, M.D.
Vice President, Regulatory Affairs
Biogen Inc.
14 Cambridge Center
Cambridge, MA 02142
Dear Burt:
To confirm our recent discussions, your employment letter is hereby amended to
include the following additional provisions, in recognition of your position as
Vice President, Regulatory Affairs and an executive officer of Biogen.
1. PERFORMANCE BONUS: Your performance bonus target is 25%.
2. SUPPLEMENTAL SAVINGS PLAN: You are eligible to participate in the Voluntary
Executive Supplemental Savings Plan.
3. LIFE INSURANCE: You will be provided Biogen's Executive Term Life Insurance
coverage for a total of $1,000,000. This coverage is based on your
successfully meeting the medical standards as stated in the Executive Term
insurance policy.
4. TAX REVIEW/PREPARATION: You are entitled to the preparation and/or review,
including review of estimated taxes of your annual Federal and State tax
returns, which is currently administered through Price Waterhouse. The cost
of this service is covered by Biogen.
5. INVOLUNTARY TERMINATION: If you are involuntarily terminated from
employment with Biogen (other than for cause), Biogen will protect you by
paying you a supplementary amount (the "Supplementary Amount") equal to
your then present BASE salary for a period (the "Extra Period") ending on
the earlier of (i) the date twelve months from your termination and (ii)
the date you start another job. During such period, Biogen will also pay to
continue your health benefits (i.e.,
<PAGE> 2
April 2, 1996
Burt Adelman, M.D.
Page 2
health and dental plan coverage), provided such benefits are accorded
employees generally and Biogen can obtain the relevant coverage. If you
need continued coverage to prevent a gap in health coverage between your
Biogen coverage and that at your new job, Biogen will extend such coverage
for up to 30 days (to the extent that the Extra Period is less than 12
months) after you start your new job. The Supplementary Amount will be paid
on the same schedule as your salary would have been paid. You will not be
an employee of Biogen during the time of such payments and will not accrue
any benefits or other rights (such as, but not limited to, pension plan
vesting or accrual, stock option vesting, vacation pay, etc.) during such
period except health benefits as described above. You agree to notify us
when you accept a new job.
Sincerely,
/s/ Frank A. Burke, Jr.
Frank A. Burke, Jr.
Vice President, Human Resources
cc: Personnel File