EX-10.5 Amendment to IDEC Pharmaceuticals Corporation 1993 Non-Employee Directors Stock Option Plan dated April 18, 2008
EX-10.5 5 b71135biexv10w5.htm EX-10.5 AMENDMENT TO IDEC PHARMACEUTICALS CORPORATION 1993 NON-EMPLOYEE DIRECTORS STOCK OPTION PLAN DATED APRIL 18, 2008. exv10w5
EXHIBIT 10.5
IDEC PHARMACEUTICALS CORPORATION
1993 NON-EMPLOYEE DIRECTORS STOCK OPTION PLAN
1993 NON-EMPLOYEE DIRECTORS STOCK OPTION PLAN
AMENDMENT
The Idec Pharmaceuticals Corporation 1993 Non-Employee Directors Stock Option Plan (“the Plan”) is hereby amended as follows:
Section VI of the Plan is hereby amended by adding a new subsection J to read as follows:
| J. | 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 Corporation will deliver to the option holder the number of shares underlying the stock 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 | ||||
