Employment Agreement - Biogen Inc. and M. W. Leuchtenberger
[BIOGEN, INC. LETTERHEAD]
PERSONAL AND CONFIDENTIAL
November 14, 1996
Mr. M. W. Leuchtenberger
Vice President, Marketing and Sales
Biogen Inc.
14 Cambridge Center
Cambridge, MA 02142
Dear Mark:
To confirm our recent discussions, your employment letter is hereby amended to
include the following additional provisions, in recognition of your position as
Vice President, Marketing and Sales and an executive officer of Biogen.
1. BASE SALARY: Your base salary will be $200,000 (through 1997), and will be
reviewed at year-end 1997.
2. PERFORMANCE BONUS: Your performance bonus target is 30% (effective January
1, 1997).
3. SUPPLEMENTAL SAVINGS PLAN: You are eligible to participate in the Voluntary
Executive Supplemental Savings Plan.
4. LIFE INSURANCE: You will be provided Biogen's Executive Term Life Insurance
coverage for a total of $1,000,000. This coverage is based on your
successfully meeting the medical standards as stated in the Executive Term
insurance policy.
5. TAX REVIEW/PREPARATION: You are entitled to the preparation and/or review,
including review of estimated taxes of your annual Federal and State tax
returns, which is currently administered through Price Waterhouse. The cost
of this service is covered by Biogen.
6. INVOLUNTARY TERMINATION: If you are involuntarily terminated from
employment with Biogen (other than for cause), Biogen will protect you by
paying you a
<PAGE> 2
November 14, 1996
Mr. M. W. Leuchtenberger
Page 2
supplementary amount (the "Supplementary Amount") equal to your then
present BASE salary for a period ending on the earlier of (i) the date
twelve months from your termination and (ii) the date you start another
job. During such period, Biogen will also pay to continue your health
benefits (i.e., health and dental plan coverage), provided such benefits
are accorded employees generally and Biogen can obtain the relevant
coverage. In the event you have not obtained alternative medical and dental
insurance coverage at the earlier of twelve months from your termination or
the commencement of your new job, you shall have the right to continue your
medical and dental coverages at your sole expense to the extent required by
the provisions of the Consolidated Omnibus Budget Reconciliation Act of
1985 ("COBRA"). The COBRA period shall be deemed to have commenced on the
date of your involuntary termination from employment with Biogen.
The Supplementary Amount will be paid on the same schedule as your salary
would have been paid. You will not be an employee of Biogen during the time
of such payments and will not accrue any benefits or other rights (such as,
but not limited to, pension plan vesting or accrual, stock option vesting,
vacation pay, etc.) during such period except health benefits as described
above. You agree to notify us when you accept a new job.
Sincerely,
/s/ Frank A. Burke, Jr.
Frank A. Burke, Jr.
Vice President, Human Resources
/bk
cc: Personnel File
<DOCUMENT>
<TYPE>EX-10.54
<SEQUENCE>12
<DESCRIPTION>LETTER REGARDING EMPLOYMENT OF MARK LEUCHTENBERGER
<TEXT>
<PAGE> 1
[BIOGEN, INC. LETTERHEAD]
EXHIBIT 10.54
PERSONAL AND CONFIDENTIAL
November 14, 1996
Mr. M. W. Leuchtenberger
Vice President, Marketing and Sales
Biogen Inc.
14 Cambridge Center
Cambridge, MA 02142
Dear Mark:
To confirm our recent discussions, your employment letter is hereby amended to
include the following additional provisions, in recognition of your position as
Vice President, Marketing and Sales and an executive officer of Biogen.
1. BASE SALARY: Your base salary will be $200,000 (through 1997), and will be
reviewed at year-end 1997.
2. PERFORMANCE BONUS: Your performance bonus target is 30% (effective January
1, 1997).
3. SUPPLEMENTAL SAVINGS PLAN: You are eligible to participate in the Voluntary
Executive Supplemental Savings Plan.
4. LIFE INSURANCE: You will be provided Biogen's Executive Term Life Insurance
coverage for a total of $1,000,000. This coverage is based on your
successfully meeting the medical standards as stated in the Executive Term
insurance policy.
5. TAX REVIEW/PREPARATION: You are entitled to the preparation and/or review,
including review of estimated taxes of your annual Federal and State tax
returns, which is currently administered through Price Waterhouse. The cost
of this service is covered by Biogen.
6. INVOLUNTARY TERMINATION: If you are involuntarily terminated from
employment with Biogen (other than for cause), Biogen will protect you by
paying you a
<PAGE> 2
November 14, 1996
Mr. M. W. Leuchtenberger
Page 2
supplementary amount (the "Supplementary Amount") equal to your then
present BASE salary for a period ending on the earlier of (i) the date
twelve months from your termination and (ii) the date you start another
job. During such period, Biogen will also pay to continue your health
benefits (i.e., health and dental plan coverage), provided such benefits
are accorded employees generally and Biogen can obtain the relevant
coverage. In the event you have not obtained alternative medical and dental
insurance coverage at the earlier of twelve months from your termination or
the commencement of your new job, you shall have the right to continue your
medical and dental coverages at your sole expense to the extent required by
the provisions of the Consolidated Omnibus Budget Reconciliation Act of
1985 ("COBRA"). The COBRA period shall be deemed to have commenced on the
date of your involuntary termination from employment with Biogen.
The Supplementary Amount will be paid on the same schedule as your salary
would have been paid. You will not be an employee of Biogen during the time
of such payments and will not accrue any benefits or other rights (such as,
but not limited to, pension plan vesting or accrual, stock option vesting,
vacation pay, etc.) during such period except health benefits as described
above. You agree to notify us when you accept a new job.
Sincerely,
/s/ Frank A. Burke, Jr.
Frank A. Burke, Jr.
Vice President, Human Resources
/bk
cc: Personnel File