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[BIOGEN, INC. LETTERHEAD]
EXHIBIT 10.50
March 10, 2000
Xx. Xxxxx X. Xxxxxxx
0 Xxxxxxx Xxxx
Xxxxxx, XX 00000
Dear Xxx:
This letter will serve as notice that Biogen, Inc. would like to extend
your chairmanship of the Board of Directors under the terms of the letter
agreement dated November 21, 1996 (the "Letter Agreement") amending your
Employment Agreement dated as of September 23, 1985 (the "Employment
Agreement"), provided, that, notwithstanding the extension term specified in the
Letter Agreement, your chairmanship will continue after the end of the Initial
Chairmanship Term on February 14, 2001 until the Annual Meeting to be held in
2004 (the "Extended Term"), unless earlier terminated by your resignation or
earlier removal.
During the Extended Term, after appointment of a successor Chief Executive
Officer, your duties as Chairman will once again consist of those activities
specified under Section 1 of the Letter Agreement.
All other terms of the Letter Agreement and the Employment Agreement, as
amended by the Letter Agreement and this letter, shall apply during the Extended
Term.
If you agree with extension of your chairmanship on the above terms, please
execute this letter and the enclosed copy in the space provided below.
Sincerely,
Biogen, Inc.
Date: March 10, 2000 By: /s/ Xxxxx X. Xxxxxx
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Xxxxx X. Xxxxxx
Chairman, Compensation and
Management Resources Committee
Date: March 10, 2000 By: /s/ Xxxxxx X. Xxxxxxx
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Xxxxxx X. Xxxxxxx
Member, Compensation and
Management Resources Committee
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Date: March 10, 2000 By: /s/ Xxxxxxx X. Xxxxx
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Xxxxxxx X. Xxxxx
Member, Compensation and
Management Resources Committee
Date: March 10, 2000 By: /s/ Xxxx X. Xxxx
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Xxxx X. Xxxx
Member, Compensation and
Management Resources Committee
Acknowledged and agreed
/s/ Xxxxx X. Xxxxxxx
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Xxxxx X. Xxxxxxx
Date: March 10, 2000
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