/s/ Alfred SandrockOctober 20, 2015Alfred SandrockSignature Date New Level24New Bonus Target70% of salaryNew PositionEVP, CMO, Neurology & NeurodegenerationReports toCEOCurrentNew% DifferenceCompensationCompensation(New vs. Current)CommentsSalary$591,993$700,00018%Target Bonus($)$500,000$490,000(2)%Bonus guarantee removed(%)(guaranteed min)70%Target Cash$1,091,993$1,190,0009%LTI Grant Value$1,500,000$0 - $2.15m - $4.8mnaEVP LTI follows a range (no target)(guaranteed min)LTI guarantee removedTotal Compensation$2,591,993$3,340,00029%Assumes $2.15m annual LTIBIIB Summary of Promotion ElementsPromotion to L24EVP, CMO, Neurology & NeurodegenerationAnnual Bonus70% bonus target; Bonus guarantee removed starting in the 2016 performance yearSalary Increase18% increaseAnnual LTIEligible for EVP LTI range; LTI guarantee removed; All future grants are eligible for retirement acceleration according to the terms of 2008 Omnibus Equity Plan
EX-10.37 4 biib-20151231xex1037.htm EXHIBIT 10.37 Exhibit
October 19, 2015
Al Sandrock
Dear Al,
I am pleased to extend you the promotion offer detailed on the attached term sheet. Your promotion will be effective on the first payroll date following your written acceptance of this offer.
Upon your acceptance of this offer, you will continue to be a member of the G8 and an Executive Officer of the company. You will also continue to be subject to all disclosure and share ownership requirements of 3x salary related to Executive Officer status as an Executive Vice President.
Al, once again, we are all very excited about your appointment to this important position, and look forward to continuing a great future together.
To confirm your acceptance of this offer, please sign and return this letter and keep a copy for your records.
Sincerely,
George Scangos,
Chief Executive Officer
ACCEPTED:
/s/ Alfred Sandrock | October 20, 2015 | |
Alfred Sandrock | Signature Date | |
New Level | 24 | |||||||
New Bonus Target | 70% of salary | |||||||
New Position | EVP, CMO, Neurology & Neurodegeneration | |||||||
Reports to | CEO | |||||||
Current | New | % Difference | ||||||
Compensation | Compensation | (New vs. Current) | Comments | |||||
Salary | $591,993 | $700,000 | 18% | |||||
Target Bonus | ||||||||
($) | $500,000 | $490,000 | (2)% | Bonus guarantee removed | ||||
(%) | (guaranteed min) | 70% | ||||||
Target Cash | $1,091,993 | $1,190,000 | 9% | |||||
LTI Grant Value | $1,500,000 | $0 - $2.15m - $4.8m | na | EVP LTI follows a range (no target) | ||||
(guaranteed min) | LTI guarantee removed | |||||||
Total Compensation | $2,591,993 | $3,340,000 | 29% | Assumes $2.15m annual LTI | ||||
BIIB Summary of Promotion Elements | ||||||||
Promotion to L24 | EVP, CMO, Neurology & Neurodegeneration | |||||||
Annual Bonus | 70% bonus target; Bonus guarantee removed starting in the 2016 performance year | |||||||
Salary Increase | 18% increase | |||||||
Annual LTI | Eligible for EVP LTI range; LTI guarantee removed; All future grants are eligible for retirement acceleration according to the terms of 2008 Omnibus Equity Plan | |||||||
