Independent Consulting and Project Agreement - Biogen Inc. and Kenneth Murray
[BIOGEN LETTERHEAD]
September 11, 1998
Sir Kenneth Murray
4 Mortonhall Road
Edinburgh EH9 2HW
Scotland, United Kingdom
Re: RENEWAL OF INDEPENDENT CONSULTING AND PROJECT AGREEMENT
Dear Ken:
Your Independent Consulting and Project Agreement with Biogen, Inc.,
dated June 29, 1979, as previously amended (the "Agreement"), under which you
serve as a member of the Scientific Board of the Company expires on September
30, 1998. Biogen greatly values your input on the Scientific Board, and would
like to renew the Agreement for an additional three-year period commencing as of
September 30, 1998 and ending on September 30, 2001. The terms and conditions of
the Agreement will continue to apply during the renewal term except that
compensation for your services under the Agreement during the renewal term will
be as follows:
1. You will receive (i) a $20,000 per year retainer, (ii) $2,000 per
day for attendance at Scientific Board meetings, plus reasonable
travel and lodging expenses and (iii) $500 per day for time spent
in Biogen=s laboratories.
2. Subject to approval by the Stock and Option Plan Administration
Committee, on your renewal date, you will be granted an option to
purchase 30,000 shares of Biogen Common Stock. The option will vest
over three years (33-1/3% per year) and will be exercisable at a
price equal to the average of the high and low sales prices on your
renewal date.
If you agree to renewal of the Agreement on these terms, please sign
both copies of this renewal letter and return one copy to the attention of Anne
Marie Cook, Associate General Counsel, Biogen, Inc., 14 Cambridge Center,
Cambridge, MA 02142.
<PAGE> 2
We look forward to your continued participation on the Scientific
Board.
Very truly yours,
BIOGEN, INC.
By:________________________________
James R. Tobin
President and Chief Executive
Officer
By:________________________________
Phillip A. Sharp, Ph.D.
Chairman of Scientific Board
AGREED TO AND ACCEPTED:
___________________________________
Sir Kenneth Murray, Ph.D.