Amendment to Biogen Idec Inc. 2005 Omnibus Equity Plan (April 4, 2006)

Contract Categories: Business Finance › Modification Agreements
Summary

This amendment updates the Biogen Idec Inc. 2005 Omnibus Equity Plan. It changes the rules for how long participants can exercise their stock options after their employment ends for reasons other than cause, death, disability, or retirement. Under the amendment, exercisable options remain available for three months after termination, unless the plan committee sets a different period, but never beyond the option's original expiration date. The amendment is signed by the company's Executive Vice President of Human Resources.

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EX-10.1 2 b65131biexv10w1.htm EX-10.1 AMENDMENT DATED APRIL 4, 2006, TO 2005 OMNIBUS EQUITY PLAN exv10w1  

Exhibit 10.1
 
BIOGEN IDEC INC.
2005 OMNIBUS EQUITY PLAN
 
AMENDMENT
 
The Biogen Idec Inc. 2005 Omnibus Equity Plan (“the Plan”) is hereby amended as follows:
 
The first sentence of Section 7(f) of the Plan is amended to read in full as follows:
 
In the event that the employment of a Participant with the Company or an Affiliate shall terminate for any reason other than (i) For Cause, (ii) death, (iii) Disability or (iv) Retirement, each Option granted to such Participant, to the extent that it is exercisable at the time of such termination, shall remain exercisable for the three month period following such termination (or for such other period as may be provided by the Committee), but in no event following the expiration of its term.
 
Date: April 4, 2006
BIOGEN IDEC INC.
 
  By: 
/s/  Craig Eric Schneier
Craig Eric Schneier
Executive Vice President, Human Resources