Amendment to Biogen Idec Inc. 2005 Omnibus Equity Plan (April 18, 2008)

Contract Categories: Business Finance › Equity Distribution Agreements
Summary

This amendment to the Biogen Idec Inc. 2005 Omnibus Equity Plan updates the terms for exercising stock options. It states that if, on the last day an option can be exercised, the option's exercise price is less than the fair market value of the stock, the option will automatically be exercised on a net share settlement basis. The company will then deliver the net shares to the participant after deducting shares to cover the exercise price and any required taxes. This change was approved on April 18, 2008.

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EX-10.7 7 b71135biexv10w7.htm EX-10.7 AMENDMENT TO BIOGEN IDEC INC. 2005 OMNIBUS EQUITY PLAN DATED APRIL 18, 2008. exv10w7
EXHIBIT 10.7
BIOGEN IDEC INC.
2005 OMNIBUS EQUITY PLAN
AMENDMENT
     The Biogen Idec Inc. 2005 Omnibus Equity Plan (“the Plan”) is hereby amended as follows:
Section 7(c) of the Plan is hereby amended by adding a new clause (iv) to read as follows:
(iv)   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 Award, 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 Participant 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 (i) the aggregate exercise price for the Option and (ii) the amount necessary to satisfy any federal, state and local withholding taxes related to the exercise.
Date: April 18, 2008
         
  BIOGEN IDEC INC.
 		  
  By:   /s/ Craig Eric Schneier    
    Craig Eric Schneier   
    Executive Vice President, Human Resources, Public Affairs & Communications