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EXHIBIT 10.9
March 24, 1998
Xxxxxxxxx X. Xxxxx, M.D.
Executive Director
American Philosophical Society
000 Xxxxx 0xx Xx.
Xxxxxxxxxxxx, XX 00000-0000
Re: RENEWAL OF CONSULTANCY AGREEMENT
Dear Xxxxx:
Your Consultancy Agreement with Biogen, Inc., dated April 1, 1991 (the
"Agreement"), under which you serve as a member of the Scientific Board of the
Company, expires on April 1, 1998. Biogen greatly values your input on the Board
and would like to renew the Agreement for an additional three-year period
commencing as of April 1, 1998 and ending on April 1, 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.
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If you agree to renewal of the Agreement on the above terms, please
sign both copies of this letter and return one copy to the attention of Xxxx
Xxxxx Xxxx, Associate General Counsel, Biogen, Inc., 00 Xxxxxxxxx Xxxxxx,
Xxxxxxxxx, XX 00000.
BIOGEN, INC.
By:____________________________
Xxxxx X. Xxxxx
President and Chief
Executive Officer
By:____________________________
Xxxxxxx X. Xxxxx
Chairman of Scientific Board
AGREED TO AND ACCEPTED:
_______________________________
Xxxxxxxxx X. Xxxxx, M.D.
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