Amendment to Biogen, Inc. 1987 Scientific Board Stock Option Plan (April 18, 2008)

Contract Categories: Business Finance › Stock Agreements
Summary

This amendment to the Biogen, Inc. 1987 Scientific Board Stock Option Plan introduces a new provision for "deemed exercise" of stock options. If an option's exercise price is less than the fair market value of the company's stock on the last day it can be exercised, the option will automatically be exercised on a net share settlement basis. The option holder will receive shares equal to the value of the option minus the exercise price. This amendment was signed by Biogen Idec Inc. on April 18, 2008.

Read More Arrow
EX-10.3 3 b71135biexv10w3.htm EX-10.3 AMENDMENT TO BIOGEN, INC. 1987 SCIENTIFIC BOARD STOCK OPTION PLAN DATED APRIL 18, 2008. exv10w3
EXHIBIT 10.3
BIOGEN, INC.
1987 SCIENTIFIC BOARD STOCK OPTION PLAN
AMENDMENT
     The Biogen, Inc. 1987 Scientific Board Stock Option Plan (“the Plan”) is hereby amended as follows:
Section VI of the Plan is hereby amended by adding a new subsection L to read as follows:
L.   Deemed Exercise: Notwithstanding anything to the contrary in this Plan, on the last day on which an Option is exercisable in accordance with the Plan and the terms of the grant of the Option, if the exercise price of the Option is less than the Fair Market Value of the Common Stock on that day, the stock option will be deemed to have been exercised on a net share settlement basis at the close of business on that day. As promptly as practicable thereafter, the Company will deliver to the Option holder the number of shares underlying the Option less the number of shares having a Fair Market Value on the date of the deemed exercise equal to the aggregate exercise price for the Option.
Date: April 18, 2008
         
  BIOGEN IDEC INC.
 		  
  By:   /s/ Craig Eric Schneier    
    Craig Eric Schneier   
    Executive Vice President, Human Resources, Public Affairs & Communications