Sample Business Contracts


Employment Agreement - Biogen Inc. and Irvin D. Smith

Employment Forms

  • Employers can customize an employment agreement that states the salary, benefits, working hours and other important provisions for their new or existing employee.
  • Answer simple questions to build a contract with a consultant. Specify the services rendered, when payment is due, as well as IP rights.
  • Employers who compensate their sales employees based on commissions can prepare an agreement to reduce misunderstandings by specifying the base salary and how commissions are calculated.
  • Companies may offer their business executives a contract that is different from the one provided to their regular employees. Executive employment agreements may be more complex because the compensation structure may include a combination of salary and commissions, provide for bonuses based on sales, stock or other financial targets, and include non-compete, confidentiality and severance provisions.
  • Independent sales representatives offer companies the potential to increase the sale of products or services without the burden of increasing headcount. Both parties should understand how commissions are calculated, when commissions will be paid, as well as how the representative will treat confidential information from the company and whether the representative may also sell a competing line of products or services.
  • More Employment Agreements 

                                August 30, 1993

Irvin D. Smith, Ph.D.
Biogen, Inc.
14 Cambridge Center
Cambridge, MA 02142

Dear Irv:

     I am very please to confirm your appointment to the position
of Vice President, QA/QC and Drug Development, effective August 1,
1993.  You will become a member of the Operating Team and report to
me.  As we both have agreed, this appointment will be for a two-
year period.

     Your annual base salary is $225,000.  At year-end 1993, and
for each year thereafter, you will be eligible to receive a cash
bonus based on the attainment of your performance objectives and
against a target of 30% of your base salary.  Your salary will be
reviewed at year-end 1994.

     I will propose to the Compensation and Management Resources
Committee at our September meeting that you be granted an option to
purchase up to 25,000 shares of Biogen Common Stock, with a two-
year, straight line vesting schedule.  Furthermore, you will have
special rights to exercise the option beyond your termination date
of employment, consistent with the terms of the stock option grant
made to you on your previous appointment to Bioferon which are
specified in my letter to you dated April 1, 1991.

     You will refrain from engaging in any activity that might
raise an issue regarding your adherence to any remaining
contractual obligations you may have to your previous employer.  If
you have any questions regarding possible conflicts, you will
consult promptly with the Legal Department.

     Irv, I look forward to your contributions as a key member of
our senior management team over these next several years.

                                Sincerely,

                      
                                James L. Vincent
                                Chairman & Chief Executive Officer

cook.employee.smith.ltr

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