Document:

exv10w56

 

Exhibit 10.56

BIOGEN IDEC INC.

VOLUNTARY BOARD OF DIRECTORS SAVINGS PLAN

(Plan Provisions as in Effect on January 1, 2008)

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	ARTICLE 1 INTRODUCTION 
	 	 	1	 
	1.1 Purpose and Effective Date 
	 	 	1	 
	 
	 	 	 	 
	ARTICLE 2 DEFINITIONS 
	 	 	1	 
	2.1 Biogen Idec 
	 	 	1	 
	2.2 Board 
	 	 	1	 
	2.3 Change in Control 
	 	 	1	 
	2.4 Committee 
	 	 	1	 
	2.5 Director 
	 	 	1	 
	2.6 Fees 
	 	 	1	 
	2.7 Participant 
	 	 	1	 
	2.8 Plan 
	 	 	1	 
	2.9 Plan Year 
	 	 	2	 
	2.10 Retainer 
	 	 	2	 
	2.11 Savings Plan 
	 	 	2	 
	 
	 	 	 	 
	ARTICLE 3 PARTICIPATION 
	 	 	2	 
	3.1 Eligibility and Participation 
	 	 	2	 
	3.2 End of Participation 
	 	 	2	 
	 
	 	 	 	 
	ARTICLE 4 VOLUNTARY DEFERRALS BY PARTICIPANTS 
	 	 	2	 
	4.1 Voluntary Deferrals 
	 	 	2	 
	4.2 Election Procedures 
	 	 	2	 
	 
	 	 	 	 
	ARTICLE 5 PARTICIPANT ACCOUNTS 
	 	 	4	 
	5.1 Participant Accounts 
	 	 	4	 
	5.2 Vesting 
	 	 	5	 
	 
	 	 	 	 
	ARTICLE 6 DISTRIBUTIONS TO PARTICIPANT 
	 	 	5	 
	6.1 Distributions for Unforeseeable Emergency 
	 	 	5	 
	6.2 In-Service Distribution(s) at a Time Specified by Participant 
	 	 	5	 
	6.3 Distribution Upon a Change in Control 
	 	 	6	 
	6.4 Distribution Upon Death of a Participant 
	 	 	6	 
	6.5 Other Distributions 
	 	 	6	 
	6.6 Installment Distributions in Certain Cases 
	 	 	6	 
	6.7 Certain Other Distributions 
	 	 	7	 
	6.8 Delay in Distributions 
	 	 	8	 
	6.9 Compliance with Code Section 409A 
	 	 	8	 
	 
	 	 	 	 
	ARTICLE 7 MISCELLANEOUS 
	 	 	8	 
	7.1 Amendment or Termination of Plan 
	 	 	8	 
	7.2 Benefits Not Currently Funded 
	 	 	8	 
	7.3 No Assignment 
	 	 	9	 
	7.4 Effect of Change in Control 
	 	 	9	 
	7.5 Responsibilities and Authority of Committee 
	 	 	10	 
	7.6 Limitation on Rights Created by Plan 
	 	 	10	 
	7.7 Tax Withholding 
	 	 	10	 
	7.8 Text Controls 
	 	 	10	 
	7.9 Applicable State Law 
	 	 	10	 
	7.10 Paperless Administration 
	 	 	10	 
	 
	 	 	 	 
	APPENDIX A 
	 	 	A-l	 

 

 

ARTICLE 1

INTRODUCTION

1.1 Purpose and Effective Date. The purpose of this plan is to provide members of the Board
of Directors of Biogen Idec with a tax-deferred savings opportunity. This plan allows participants
to defer all or a portion of their cash directors’ fees and retainer by so electing before such
fees and retainer have been earned.

     This amended and restated plan is effective as of January 1, 2005, except as otherwise
stated. Certain historical information about the plan and any amendments thereto is set forth
in Appendix A.

ARTICLE 2

DEFINITIONS

     This section contains definitions of terms used in the plan. Where the context so requires,
the masculine includes the feminine, the singular includes the plural, and the plural includes the
singular.

2.1 Biogen Idec means Biogen Idec Inc., a Delaware corporation, or any successor to all or the
major portion of its assets or business which assumes the obligations of Biogen Idec Inc. under
this plan.

2.2 Board means the Board of Directors of Biogen Idec.

2.3 Change in Control

     (a) For purposes of Section 7.4: a change in control means a “Corporate Change in
Control” or a “Corporate Transaction” as each is defined in the Biogen Idec 2005 Omnibus
Equity Plan.

     (b) For purposes of Section 4.2(b) and Section 6.3: a change in control means (i) the
acquisition by a person or group of stock of Biogen Idec that, together with stock previously held
by such person or group, constitutes more than 50 percent of the total fair market value or total
voting power of the stock of Biogen Idec; (ii) a change in the effective control of Biogen Idec
resulting from either the acquisition by any person or group during a 12-month period of stock of
Biogen Idec possessing 30 percent or more of the total voting power of Biogen Idec stock; or the
replacement of a majority of the members of the Board during any 12-month period by directors whose
appointment or election was not endorsed by a majority of the members of the Board in office
immediately before the start of such 12-month period; or (iii) the acquisition by any person or
group (during any 12-month period) of assets having a gross fair market value equal to or greater
than 40 percent of the total gross fair market value of all assets of Biogen Idec. This subsection
(b) and terms used herein will be interpreted in accordance with the regulations under Code Section
409A relating to a change in the ownership or effective control of a corporation or a change in the
ownership of a substantial portion of the assets of a corporation.

     This subsection 2.3(b) is effective as of the date of execution of this amended and
restated plan document.

2.4 Committee means the committee designated by the Board to administer this Plan.

2.5 Director means an individual serving as a non-employee director of Biogen Idec in accordance
with its articles and by-laws.

2.6
Fees means the cash amounts payable to a director as compensation for his or her attendance at
a meeting of the Board or a committee of the Board or for other special services.

2.7 Participant means a director who has made a voluntary deferral hereunder or for whom an amount
has been transferred to this plan.

2.8 Plan means the Biogen Idec Inc. Voluntary Board of Directors Savings Plan, as set forth in
this plan instrument, and as it may be amended from time to time.

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2.9 Plan Year means the 12-month periods commencing on January 1, 2005 and on each subsequent
January 1 while this plan remains in effect.

2.10 Retainer means the cash amount payable to a director as an annual retainer for service in such
capacity, as in effect from time to time.

2.11 Savings Plan means the Biogen Idec 401(k) Savings Plan, as amended from time to time. Any
term defined in the Savings Plan will have the same meaning when used in this plan unless
otherwise defined herein.

ARTICLE 3

PARTICIPATION

3.1 Eligibility and Participation. Each director will be eligible to be a participant in this plan
as long as he is a director. A director will become a participant hereunder when he makes a
voluntary deferral to this plan or when his account balance under the Biogen, Inc. Voluntary Board
of Directors Savings Plan (the “Biogen Directors Plan”) is transferred to this plan. Voluntary
deferrals under this plan are voluntary and no director will be required to make such deferrals.

3.2 End of Participation. A participant’s participation in this plan will end upon the termination
of his service as a director of Biogen Idec because of death, retirement, resignation, failure of
reelection, or any other reason. Upon the termination of a participant’s participation in this plan
in accordance with this section, the participant may make no further voluntary deferrals hereunder.
However, the participant will be entitled to receive any amounts in his account in accordance with
this plan.

ARTICLE 4

VOLUNTARY DEFERRALS BY PARTICIPANTS

     4.1 Voluntary Deferrals. Each director may make voluntary deferrals to the plan from his
fees and
retainer in any whole percentage of such fees and/or such retainer, from a minimum of 1% to a
maximum of 100%, by electing to reduce his fees and/or retainer by such amount in accordance with
this plan. If a director’s fees include separately identified types of fees (for example, meeting
fees or special service fees), the committee may permit separate elections to defer with respect to
different categories of fees.

     All amounts by which a participant reduces his fees and/or retainer hereunder are referred to
herein as the participant’s voluntary deferrals.

4.2 Election Procedures

     (a) Voluntary Deferrals. A director who wishes to reduce his fees and/or retainer
to be earned during
a particular plan year in order to make voluntary deferrals under Section 4.1 must complete an
enrollment form specifying the amount of his voluntary deferrals (with separate percentages for his
meeting fees, special service fees (if any) and/or retainer, if desired), agreeing to reduce such
fees and/or retainer by the amount(s) he specifies, and providing such other information as the
committee may require.

     A director’s enrollment form electing voluntary deferrals for any plan year must be filed with
the committee by such deadline as the committee specifies, but in any event before the start of
such plan year. In addition, in the case of an individual who anticipates being elected as a
director during a plan year, such person may make an election hereunder in anticipation of his or
her election and such election will be effective with respect to fees and/or retainer to be earned
after the date of such election; such an election will be effective as of the date when it is made
but will be subject to such individual’s actual election as a director. Finally, in the case of a
newly elected director, who did not make an election under the preceding sentence, such person may
elect to defer his fees and/or retainer for the plan year of his election to office, within 30 days
after the committee sends him an enrollment form, provided that such election will relate only to
fees and retainer to be earned after the date of filing his completed enrollment form, and provided
further that such person had not previously been eligible to make voluntary deferrals under this
plan for a period of at least 24 months. A participant may change the amount of his voluntary
deferrals

2

 

with respect to any subsequent plan year by filing a new enrollment form before the start of such
subsequent plan year, and the change will become effective as of the first day of such subsequent
plan year. Once a participant has elected to defer fees and/or retainer, his enrollment form will
remain in effect for future plan years unless the participant changes or terminates his prior
elections by filing a new enrollment form in accordance with the preceding sentence.

     After a plan year has begun, a participant may not change the amount of voluntary deferrals
(if any) he had elected for such plan year. However, if during a plan year a participant has an
unforeseeable emergency (as defined in Section 6.1) and receives a distribution under Section 6.1,
the participant’s voluntary deferral election for the balance of that year will automatically be
cancelled.

     (b) Form and Time of Payment.

     (i) Initial Election. Each participant in the initial enrollment form filed hereunder
or another form designated by the committee must specify the form of payment (lump sum or
installments in accordance with Section 6.4(a), 6.5 and/or 6.6(a) below, as applicable) of
his account hereunder in the event of the participant’s death or other termination of
service as a director (including as a result of disability). In addition, effective as of
the date of execution of this amended and restated plan document, a participant may elect
payment of his account under Section 6.3 in the event of a change in control (as defined in
Section 2.3(b)).

     In addition, a participant may (but is not required to) specify one or more in-service
distributions to the participant in accordance with Section 6.2 if desired by the
participant.

     The time and form payments under the plan are governed by the provisions of Article
6 and participant elections must conform to the requirements of such provisions.

     (ii) Change of Election. Notwithstanding subsection (i) above, the following
changes of
election will be permitted. If such a subsequent election becomes effective as provided
below, then the participant’s account will be payable at the time and in the form specified
in his subsequent election.

	 	(A)	 	In-Service Distributions. In the case of a participant
who elected an in-service distribution, at any time that is at least one year
prior to the date for payment originally elected by the participant, if the
participant is still a director of Biogen Idec at such time, the participant
may make one subsequent election to defer the time when any previously elected
in-service distribution under Section 6.2 from his account would otherwise be
payable (or installment payments would otherwise begin) to a subsequent date
specified by him, and/or may elect another form of payment or a different
number of installments with respect to the in-service distribution of his
account, subject in all cases to the requirements of this section and to the
requirements of Section 6.2.
	 
	 	(B)	 	Death or Termination of Employment. A participant who
is still a director of Biogen Idec may make one subsequent election to change
the form of payment hereunder that will be used following his death or other
termination of employment. Such an election must comply with the applicable
requirements of Sections 6.4, 6.5 and 6.6 (as applicable).
	 
	 	(C)	 	Effectiveness of Subsequent Election. A participant’s
subsequent election under this subsection (ii) will become effective only if
the following requirements are satisfied: (1) the subsequent election does not
take effect until one year after the date of the subsequent election and the
participant remains a director of Biogen Idec during such one year period, (2)
the election extends the date for payment, or the start date for installment
payments, by at least five years, and (3) in the case of a subsequent election
to defer a previously elected in-service distribution (under subsection (A)
above), the subsequent election is made at least 12 months before the date
previously elected for such in-service distribution.

3

 

     No election under this subsection (ii) may operate to accelerate any payment or
distribution hereunder or violate any requirement of Code Section 409A or the
regulations and rulings thereunder.

     A participant may make only one subsequent election under subsection (ii) (A) and only
one subsequent election under subsection (ii)(B). Such subsequent election(s) may be made at
the same or at different times. Also, the committee may permit additional election
opportunities (in accordance with the transition or other rules under the regulations or
other Internal Revenue Service guidance under Code Section 409A or in such other
circumstances as the committee deems appropriate). Any such additional subsequent elections
under subsection (ii) must satisfy all the requirements of this section and any other
applicable requirements under the plan or, alternatively, must satisfy such requirements as
the committee may impose in connection with a new election under a Code Section 409A
transition or other rule.

ARTICLE 5

PARTICIPANT ACCOUNTS

5.1 Participant Accounts.

     (a) Voluntary Deferrals Accounts. Voluntary deferrals by a participant from his fees
and/or retainer hereunder will be credited to an account in the name of such participant. Such
account will be called his voluntary deferrals account.

     (b) Participant’s Account Value. A participant’s account will be credited with deemed
investment results as if his voluntary deferrals account were invested in one or more designated
investment funds and all dividends and distributions on shares of a particular investment fund were
reinvested in shares of such fund. The investment funds available for this purpose will be those
from time to time available as investment options under the Savings Plan.

     In addition to the investment funds offered under the Savings Plan as described in the
preceding paragraph, a participant may elect to have his account credited with the deemed
investment results as if such amounts were invested in a fixed income option earning a rate of
return specified by the committee. The rate of return under the fixed income option will be 8% for
the 2008 plan year. The rate of return of future plan years will be determined by the committee.

     Investment funds hereunder are for the sole purpose of providing a basis for crediting deemed
investment results to participants’ accounts, and do not represent any actual funds or assets held
hereunder for the benefit of participants.

     Each participant will indicate with his initial enrollment form (or other form specified by
the committee) the investment fund or funds (and the proportion in each fund when the participant
designates more than one) he wishes to designate for this purpose. Thereafter, a participant may
change his designation either with respect to the deemed investment of future voluntary deferrals
or the deemed transfer of amounts from a previously designated investment fund to another fund. The
committee shall establish the frequency by which such a change may be made, the method of making
such a change, and the effective date of such a change and shall prescribe such other rules and
procedures as it deems appropriate. Such designation will remain in effect until subsequently
changed by the participant in accordance with this paragraph. Following a participant’s death and
before the payment of any amount due to the participant’s beneficiary hereunder has been completed,
the beneficiary will exercise the participant’s designation powers under this section.

     Notwithstanding the preceding paragraph, the committee may establish one or more default
investment funds that will be used to determine deemed investment results in the case of any
participant or group of participants who have not made a designation under the preceding paragraph.
Such default investment fund(s) will be used to determine deemed investment results applicable to
the account of such participant or participants until any such participant makes a designation of
investment fund(s) in accordance with the plan.

4

 

     Deemed investment results under this subsection will be credited to a participant’s account
effective as of the last day of each plan year (and as of such other valuation dates during a plan
year as the committee may establish).

     The value of a participant’s account at any point in time will be his voluntary deferrals
(plus, if applicable, his transferred account balance from the Biogen Directors Plan), increased or
decreased by deemed investment results as provided in this subsection (b) through the end of the
most recent valuation date, and reduced by any distributions from the participant’s account.

     Notwithstanding the foregoing, in connection with the transfer of participants’ Biogen
Directors Plan account balances to this plan, transferred account balances will be initially
credited with deemed investment results as if the participant had selected the money market fund
investment option under the Savings Plan. Deemed investment results in accordance with the
preceding sentence will apply to such transferred account balances until a participant changes such
designation in accordance with this section.

     (c) Bookkeeping Accounts. Participants’ accounts and subaccounts will be
maintained on Biogen Idec’s books for bookkeeping purposes only; such accounts will not
represent any property or any secured or priority interest in any trust or in any segregated
asset.

     In order to facilitate the administration of the plan, the committee may arrange for a
participant’s voluntary deferrals account to be divided for recordkeeping purposes into two or more
subaccounts, in accordance with procedures established by the committee.

5.2 Vesting. A participant will have a fully vested interest in his voluntary deferrals
account at all times. For this purpose, “fully vested” means that such account is not subject to
forfeiture; however, all participant accounts are subject to (i) fluctuation as a result of the
crediting of deemed investment results (including losses) to such accounts as provided in the plan
and (ii) the possibility of the insolvency or bankruptcy of Biogen Idec (see Section 7.2(a)).

ARTICLE 6

DISTRIBUTIONS TO PARTICIPANT

6.1 Distributions for Unforeseeable Emergency. If a participant has an unforeseeable
emergency prior to his termination of service as a director, he may apply to the committee for a
distribution from his account. If such application for an unforeseeable emergency distribution is
approved by the committee, distribution of the approved amount will be made on the date of approval
by the committee. The amount of the distribution will be the amount reasonably needed to alleviate
the participant’s unforeseeable emergency (including the amount necessary to pay any federal, state
or local income taxes and penalties reasonably anticipated to result from the distribution), as
determined by the committee, up to a maximum of the participant’s account balance. Such a
distribution will be made from the participant’s account in a single lump sum payment. If such a
participant’s account has two or more subaccounts, the committee will determine which subaccount(s)
will be debited to reflect the unforeseeable emergency distribution.

     An unforeseeable emergency is a severe financial hardship affecting the participant resulting
from illness of the participant or spouse, dependent or designated beneficiary, need to rebuild the
participant’s principal residence following damage not covered by insurance, or other similar
extraordinary and unforeseeable circumstances arising as a result of events beyond the
participant’s control. A circumstance or exigency of the participant does not constitute an
unforeseeable emergency to the extent that the participant’s financial need is or may be relieved
through reimbursement or compensation by insurance or otherwise, by liquidation of assets (to the
extent that such liquidation would not itself cause severe hardship), or by cessation of voluntary
deferrals in accordance with Section 4.1.

     The committee will determine whether a participant has incurred an unforeseeable emergency
and the amount needed to alleviate the unforeseeable emergency. A participant is not entitled
to a distribution under this section regardless of the participant’s circumstances or
exigencies, and all such distributions and the amounts thereof are subject to the determination
of the committee.

5

 

6.2. In-Service Distribution(s) at a Time Specified by Participant. A participant shall be
permitted, in accordance with this section, to elect an in-service distribution at a specified date
(but not earlier than five years after the date he is making such election) of the portion of his
account that is not invested in the fixed income option described in the second paragraph of
Section 5.1(b). If, in his initial enrollment or other election form (or, if applicable, a
subsequent election under Section 4.2(b)(ii)), the participant elected payment of such portion of
his account (or a specified part of such portion) at a specified time(s) and he is still a director
at such time(s), the participant will receive payment of the amount elected, payable on the
designated date(s). A participant’s election for in-service distributions under this Section 6.2
may be for a single payment or up to five annual payments (with the first payment on the date
specified by the participant and subsequent payments on anniversaries of such date), in each case
in an amount or portion specified by the participant in his enrollment or other election form. Each
payment will be the amount specified (or the entire balance remaining in the participant’s account,
if less).

     Any amount in a participant’s account hereunder not distributed to the participant under this
Section 6.2 will be distributed under Section 6.3, 6.4 or 6.5, whichever may be applicable, and
Section 6.6 (if applicable). If a participant is receiving multiple payments under this Section 6.2
and dies or otherwise terminates service as a director, payments under this subsection will cease
and subsequent payments will be governed by Section 6.4 or 6.5, as the case may be.

6.3 Distribution Upon a Change in Control. In the event of a change in control (as defined in
Section 2.3(b), a participant who elected payment of his account under Section 4.2(b)(i) will
receive a lump sum payment equal to the amount credited to his account hereunder. Such payment will
be made 30 days after the occurrence of the change in control (but not before January 1, 2008 in
the case of a change in control that occurs during 2007). This Section 6.2 is effective as of the
date of execution of this amended and restated plan document.

6.4 Distribution upon Death of a Participant.

     (a) In general. If a participant dies before his entire account balance has been
distributed, his beneficiary will receive the amount remaining in the participant’s account.
Except as provided in Section 6.6, distribution will be made in a single sum payment on the
first day of the month after the committee receives appropriate evidence of the participant’s
death and of the right of any beneficiary to receive such payment (and in the case of payment
to the participant’s estate, the appointment of a personal representative).

     (b) Beneficiary. A participant may designate one or more beneficiaries to receive a
distribution payable under subsection (a) above and may revoke or change such a designation at any
time. If the participant names two or more beneficiaries, distribution to them will be in such
proportions as the participant designates or, if the participant does not so designate, in equal
shares. Any designation of beneficiary will be made in accordance with such procedures or in such
form as the committee may prescribe or deem acceptable.

     Any portion of a distribution payable upon the death of a participant that is not disposed of
by a designation of beneficiary under the preceding paragraph, for any reason whatsoever, will be
paid to the participant’s spouse if living at his death, otherwise equally to the participant’s
natural and adopted children (and the issue of a deceased child by right of representation),
otherwise to the participant’s estate.

     The committee may direct payment in accordance with a prior designation of beneficiary (and
will be fully protected in so doing) if such direction (i) is given before a later designation is
received, or (ii) is due to the committee’s inability to verify the authenticity of a later
designation. Such a distribution will discharge all liability therefor under the plan.

6.5 Other Distributions. Except in the case of the participant’s death (in which case distribution
is made in accordance with Section 6.4), distribution of a participant’s account will be made at
the time elected by the participant in accordance with Section 4.2. In the absence of such an
election, distribution of the participant’s account will be made on the first day of the month
after the participant’s termination of service as a director. Distribution will be made in a single
lump sum payment.

     In applying the distribution provisions of this Article 6, in the case of a participant who
terminates service as a director but thereupon becomes an employee of Biogen Idec (or a subsidiary
or other affiliate of Biogen Idec),

6

 

such participant will be deemed not to have a termination of service as a director until he
terminates employment with Biogen Idec (or subsidiary or other affiliate).

6.6 Installment Distributions in Certain Cases.

     (a) Participant. Notwithstanding the provisions of Section 6.5, a participant may, at
the time of filing his initial enrollment form under Section 4.2(b)(i) (or, if applicable, in a
subsequent election under Section 4.2(b)(ii)), designate that the amount payable to him hereunder
upon termination of service as a director will be paid in a number (minimum of two and maximum of
fifteen) of annual installment payments, as specified by the participant. However, in the event the
participant’s account balance as of the date that installment distribution would begin in
accordance with Section 6.5 is equal to or less than the limit under Code Section 402(g)(l)(B) and
(g)(4) as in effect when installments would begin (for example, $15,500 for 2008)), such account
balance will automatically be paid in the form of a lump sum payment to the extent not prohibited
by the regulations under Code Section 409A.

     (b) Beneficiary. Notwithstanding Section 6.4, a participant may at the time of filing
his initial enrollment form under Section 4.2 (or, if applicable, in a subsequent election)
designate that, if the participant dies before receiving the entire amount payable to him
hereunder, the beneficiary will receive either:

	 	(i)	 	A number of annual installment payments equal to:

	 	(A)	 	the number the participant elected for himself
under subsection (a) above (if the participant dies before receiving
any installment payments), or
	 
	 	(B)	 	the number of remaining installment
payments due to the participant under subsection (a) above (if the
participant dies after receiving one or more installment payments);
or

	 	(ii)	 	a single payment.

     Payment to the beneficiary (or the first installment) will be made or begin as provided in
Section 6.4(a).

     If the participant fails to designate the form of payment to the beneficiary, the default form
of payment will be a single payment under (ii) above.

     (c) Installment Payments. Where installment payments are due, the first annual
installment payment will be made on the date specified in Section 6.4 or 6.5 (whichever is
applicable) and subsequent annual installments will be paid on succeeding anniversaries of the
first payment date. The amount of each annual installment payment will be determined by multiplying
the amount then remaining to be paid by a fraction whose numerator is one and whose denominator is
the number of remaining annual installment payments.

     (d) Death of Beneficiary. If a participant’s designated beneficiary is receiving
installment payments and dies before receiving payment of all the annual installments, the
designated beneficiary’s estate will receive a lump sum payment of the amount remaining to the
distributed to such deceased beneficiary. Such payment will be made on the first day of the month
next following the committee’s receipt of satisfactory evidence of the death of the designated
beneficiary and the appointment of a personal representative.

     (e) Deemed Single Payment. As provided in the regulations under Code Section 409A,
installment payments to a participant will be deemed a single payment on the date of the first
installment for purposes of the anti-acceleration rule (Section 4.2(b) and Section 6.9) and the
rules governing the timing of changes in elections with respect to time and form of payment
hereunder (Section 4.2(b)).

6.7 Certain Other Distributions. In addition to the distributions provided for in the preceding
sections of this
Article 6, the committee may provide for a distribution from a participant’s account under
the following circumstances:

     (a) Domestic Relations Order. Distribution of the amount necessary to fulfill the
requirements of a
domestic relations order (as defined in Code Section 414(p)) requiring the payment of all
or a portion of participant’s account to another individual (see Section 7.3(b)).

7

 

     (b) Conflicts of Interest. Distribution to the extent reasonably necessary to comply
with a federal government ethics agreement or a federal, state, local or foreign ethics or
conflicts of interest law (as described in the regulations under Code Section 409A.

     (c) Violation of Code Section 409A. In the event that, notwithstanding the intent that
this plan satisfy in form and operation the requirements of Code Section 409A, it is determined
that the requirements of Code Section 409A have been violated with respect to any participant or
group of participants, distribution of the amount determined to be includable in taxable income of
such participant or participants as a result of such violation of Code Section 409A.

     (d) Other Circumstances. Distribution of any amount specifically permitted by Code
Section 409A and the regulations thereunder.

6.8 Delay in Distributions. Notwithstanding the provisions of any of the foregoing sections in this
Article 6, the committee may delay the making of any payment to a subsequent date, provided that
the delayed payment is made not later than the latest time permitted under Code Section 409A and
the regulations and rulings thereunder (generally, the later of the end of the calendar year in
which the specified payment date occurs or the 15th day of the third month after the
specified payment date).

6.9 Compliance with Code Section 409A. Notwithstanding any other provision of this plan (including,
without limitation, Section 6.7(c)), distributions and elections respecting distributions are
intended to be and will be administered in accordance with the provisions of Code Section 409A and
the regulations and rulings thereunder (including the provisions prohibiting acceleration of
payment unless specifically permitted by such regulations and rulings).

ARTICLE 7

MISCELLANEOUS

7.1 Amendment or Termination of Plan. Biogen Idec, by action of the Board or of the Compensation
Committee (or such committee thereof or officer or officers of Biogen Idec to whom the Board has
delegated this authority), at any time and from time to time, may amend or modify any or all of the
provisions of this plan or may terminate this plan without the consent of any participant (or
beneficiary or other person claiming through a participant). In addition, any amendment may be made
by the committee, or the Executive Vice President — Chief Financial Officer, or the Executive Vice
President — Human Resources of Biogen Idec except for an amendment that would materially increase
or reduce the benefits of the plan to participants or materially increase the cost of maintaining
the plan to Biogen Idec; such committee or specified officers may not terminate the plan.

     No termination or amendment of the plan may reduce the amount credited to the account of any
participant under the plan (including a participant whose service as a director terminated before
such plan termination or amendment). However, Biogen Idec may change the deemed investment options
under Section 5.1(b), and Biogen Idec may upon termination of this plan pay participants’ account
balances to the participants regardless of the times elected for payment (or the start of
installment payments) elected by the participants and may pay such amounts in single sum payments
regardless of whether installment distributions would otherwise be payable under Section 6.6;
provided that any such distributions upon plan termination must be permitted by Code Section 409A
and the regulations and rulings thereunder. In addition, Biogen Idec may, from time to time, make
any amendment that it deems necessary or desirable to satisfy the applicable requirements of the
tax laws and rulings and regulations thereunder in order to preserve, if possible, the tax deferral
features of this plan for participants. No diminution or restriction on a participant’s opportunity
to make elections or withdrawals, or exercise other privileges or rights hereunder pursuant to the
preceding sentence will be deemed to violate the rights of any participant or beneficiary hereunder
so long as such change does not render a participant’s account balance forfeitable. Any amendment
that is required by Code Section 409A and the regulations and rulings thereunder to have a delayed
effective date will be effective no earlier than such required date.

8

 

7.2 Benefits Not Currently Funded.

     (a) Nothing in this plan will be construed to create a trust or to obligate Biogen Idec to
segregate a fund, purchase an insurance contract or other investment, or in any other way currently
to fund the future payment of any benefits hereunder, nor will anything herein be construed to give
any participant or any other person rights to any specific assets of Biogen Idec or any other
entity. However, in order to make provision for its obligations hereunder, Biogen Idec may in its
discretion purchase an insurance contract or other investment; any such contract or investment will
be a general asset belonging to Biogen Idec, and no participant or beneficiary will have any rights
to any such asset. The rights of a participant or beneficiary hereunder will be solely those of a
general, unsecured creditor of Biogen Idec.

     (b) Notwithstanding subsection (a) above, Biogen Idec in its sole discretion may establish a
grantor trust of which it is treated as the owner under Code Section 671 to provide for the payment
of benefits hereunder, subject to such terms and conditions as Biogen Idec may deem necessary or
advisable to ensure that trust assets and benefit payments hereunder are not includable, by reason
of the trust, in the taxable income of trust beneficiaries before actual distribution and that the
existence of the trust does not cause the plan or any other arrangement to be considered funded for
purposes of Title I of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) or
for purposes of the Internal Revenue Code of 1986, as amended. Biogen Idec may terminate any such
trust in accordance with its terms.

7.3 No Assignment.

     (a) No participant or beneficiary will have any power or right to transfer, assign, anticipate
or otherwise encumber any benefit or amount payable under this plan, nor shall any such benefit or
amount payable be subject to seizure or attachment by any creditor of a participant or a
beneficiary, or to any other legal, equitable or other process, or be liable for, or subject to,
the debts, liabilities or other obligations of a participant or beneficiary except as otherwise
required by law.

     (b) Notwithstanding subsection (a) above, all or a portion of a participant’s account balance
may be assigned to the participant’s spouse, former spouse, or other dependent (for purposes of
this section, an “alternate recipient”) in connection with a domestic relations order (as defined
in Code Section 414(p)) awarding such portion to the alternate recipient. However, no such order
may award an alternate recipient greater rights than the participant has with respect to his
account. Upon receipt of a copy of the relevant provisions of any such order or property settlement
agreement, certified to be accurate and in effect by the participant, and an acknowledgment by the
alternate recipient that such alternate recipient will be responsible for income taxes on such
amounts when distributed or made available to such alternate recipient and that such amounts are
subject to income tax withholding as provided in this plan, and such other information (including
the alternate recipient’s social security number) as the committee may reasonably request, the
committee will assign such amount to a separate account hereunder and will distribute such account
to the alternate recipient at the time specified under the domestic relations order.

7.4 Effect of Change in Control.

     (a) Amendments. Notwithstanding Section 7.1, following the occurrence of a change in
control (as defined in Section 2.3(a)): No amendment will be made following a change in control
without the consent of the affected participant (or beneficiary or other person claiming through a
participant) that adversely affects the rights of a participant (or beneficiary or other person
claiming through a participant) under the plan as in effect immediately before such change in
control, including (i) the right to make elections concerning the form and time of payment of
distributions in accordance with Section 4.2(b) and the right to receive distributions in the form
elected by the participant thereunder; and (ii) the right to the investment funds or options
specified herein for the determination of deemed investment results applicable to participants’
accounts, as in effect immediately before such change in control. In particular, for purposes of
clause (ii) of the preceding sentence (i) the committee may not set the rate of return of the fixed
income option under Section 5.1(b) at a rate lower than that available under life insurance or
annuity contracts obtained by a vendor or service provider (currently, The Todd Organization) for
purposes of the plan; and (ii) the committee will maintain a menu of investment funds under Section
5.1(b) that is substantially similar (in terms of investment styles and ability to position an
account on a risk/reward spectrum) to the array of funds available immediately prior to the change
in control.

     (b) Termination. The plan will not be terminated before the payment of all benefits
hereunder in accordance with the terms of the plan as in effect immediately before such change in
control without the consent of a majority of the participants (including, in the case of the
deceased participant, the beneficiary or other person

9

 

claiming through such deceased participant). This subsection (b) will not preclude the merger of
this plan into a nonqualified deferred compensation plan maintained by a successor to Biogen Idec
provided that the benefits and rights of participants hereunder (including this Section 7.4) are
preserved in such successor plan.

     (c) Effective Date. This Section 7.4 is effective as of the date of
execution of this amended and restated plan document.

7.5 Responsibilities and Authority of Committee. The committee will control and manage the
operation and administration of the plan except to the extent that such responsibilities are
specifically assigned hereunder to Biogen Idec, the Board, the Compensation Committee (or a
delegatee of the Board or the Compensation Committee).

     The committee will have all powers and authority necessary or appropriate to carry out its
responsibilities for the operation and administration of the plan. It will have discretionary
authority to interpret and apply all plan provisions and to correct any defect, supply any omission
or reconcile any inconsistency or ambiguity in such manner as it deems advisable. It will make all
final determinations concerning eligibility, benefits and rights hereunder, and all other matters
concerning plan administration and interpretation. All determinations and actions of the committee
will be conclusive and binding upon all persons, except as otherwise provided herein or by law, and
except that the committee may revoke or modify a determination or action previously made in error.
It is intended that any action or inaction by the committee will be given the maximum possible
deference by any reviewing body (whether a court or other reviewing body), and will be reversed by
such reviewing court or other body only if found to be arbitrary and capricious.

     Biogen Idec will be the “plan administrator” and the “named fiduciary” for purposes of
ERISA.

7.6 Limitation on Rights Created by Plan. Nothing appearing in the plan will be construed (a) to
give any person any benefit, right or interest except as expressly provided herein, or (b) to
create a contract of employment or to give any director the right to continue in such capacity or
to affect or modify the terms of his service as a director in any way.

7.7 Tax Withholding. Any payment hereunder to a participant, beneficiary or alternate recipient
will be subject to withholding of income and other taxes to the extent required by law.

7.8 Text Controls. Headings and titles are for convenience only, and the text will control in all
matters.

7.9 Applicable State Law. To the extent that state law applies, the provisions of the plan will be
construed, enforced and administered according to the laws of the Commonwealth of Massachusetts.

7.10 Paperless Administration. The committee may establish procedures whereby an electronic,
internet or voice recognized authorization or election will or may be utilized under the plan in
lieu a written form or document otherwise required by the terms of the plan. In such event, any
reference herein to a written election, authorization or other form shall be deemed to include such
other authorization or election.

BIOGEN IDEC INC.

	 	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Craig Schneier
 

	 	 
	 

	 	 	 	Craig Schneier	 	 
	 

	 	 	 	EVP, HR, Public Affairs & Communications	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	
10/25/07
	 	 
	 

	 	 	 	Dated:	 	 

10

 

APPENDIX A 

Historical Information; Amendments

A.1 Adoption of Plan Document. This plan document was approved by the Board of
Directors of the Corporation (Biogen Idec Inc.), effective as of January 1, 2004.

     By appropriate votes, the account balances of certain directors who previously were
participants under the Biogen, Inc. Voluntary Board of Directors Savings Plan, maintained by
Biogen, Inc. prior to the merger transaction, were transferred to and merged into this plan.

A.2 2005 Amendment and Restatement. The plan was amended and restated in its entirety,
effective as of January 1, 2005 (except as otherwise specified), primarily to comply with the
requirements of Code Section 409A and regulations thereunder. During the period from January 1,
2005 until the date of execution of this amended and restated plan document, the plan was
interpreted and administered in accordance with a good faith interpretation of the requirements of
Code Section 409A and applicable guidance of the Internal Revenue Service thereunder.

     The provisions herein relating to distributions and other changes upon the occurrence of a
change in control (primarily Sections 2.3, 4.2(b), 6.3 and 7.4) are effective as of the date of
execution of this amended and restated plan document. The provisions relating to the increase in
the threshold for the payment of a lump sum in place of installments from $10,000 to the Code
Section 402(g)(l)(B) and (g)(4) limit (the last sentence of Section 6.6(a)) are effective as of
January 1, 2008.

A-1Exhibit 4.1

[SPECIMEN UNIT CERTIFICATE]

 

  	NUMBER
	UNITS

	U-
	 
	 
	 
	 

					

BPW ACQUISITION CORP.

Incorporated Under the Laws of the State of Delaware

CUSIP _________

SEE REVERSE FOR

CERTAIN DEFINITIONS

UNITS CONSISTING OF ONE SHARE OF COMMON STOCK AND ONE WARRANT EACH TO PURCHASE ONE SHARE OF COMMON STOCK

This certifies that __________________________ is the owner of __________________________ Units.

Each Unit (“Unit”) consists of one (1) share of common stock, par value $0.0001 per share (“Common Stock”), of BPW Acquisition Corp., a Delaware corporation (the “Company”), and one warrant (each a “Warrant”). Each Warrant entitles the holder to purchase one (1) share of Common Stock for $7.00 per share (subject to adjustment). Each Warrant will become exercisable on the later of (i) the Company’s completion of a merger, capital stock exchange, asset acquisition or other similar business combination and (ii) _________, 2009, and will expire unless exercised before 5:00 p.m., New York time, on _________, 2013, or earlier upon redemption. The Common Stock and Warrant comprising each Unit represented by this certificate are not transferable separately prior to the thirty-fifth day following the date of the prospectus with respect to the Company’s initial public offering (“IPO”) unless Citigroup Global Markets Inc. informs the Company of its decision to allow earlier separate trading, subject to the Company’s (i) filing of a Current Report on Form 8-K with the Securities and Exchange Commission containing an audited balance sheet reflecting the Company’s receipt of the gross proceeds of the IPO, and (ii) issuance of a press release announcing when separate trading will begin. The terms of the Warrants are governed by a Warrant Agreement, dated as of _________, 2008, by and between the Company and Mellon Bank, N.A., as Warrant Agent, and are subject to the terms and provisions contained therein, all of which terms and provisions the holder of this certificate consents to by acceptance hereof. Copies of the Warrant Agreement are on file at the office of the Warrant Agent at 480 Washington Boulevard, Jersey City, NJ 07310, and are available to any Warrant holder on written request and without cost.

This certificate is not valid unless countersigned by the Transfer Agent and Registrar of the Company. 

Witness the facsimile seal of the Company and the facsimile signatures of its duly authorized officers.

 

  	Dated: _________, 2008
	 
	[Corporate Seal]
	 
	 

	 
	 
	Delaware
	 
	Authorized Officer

 

 

BPW Acquisition Corp.

The Company will furnish without charge to each stockholder who so requests, a statement of the powers, designations, preferences and relative, participating, optional or other special rights of each class of stock or series thereof of the Company and the qualifications, limitations, or restrictions of such preferences and/or rights. This certificate and the Units represented hereby are issued and shall be held subject to the terms and conditions applicable to the securities underlying and comprising the Units.

The following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable laws or regulations:

 

  	TEN COM
	 
	as tenant in common
	 
	UNIF GIFT MIN ACT
	 
	Custodian
	 

	 
	 
	 
	 
	 
	(Cust)
	 
	(Minor)

	TEN ENT
	 
	tenants by the entireties
	 
	 
	Under Uniform Gifts to Minors Act:

	 
	 
	 
	 
	 
	 
	 

	JT TEN
	 
	as joint tenants with right of survivorship and not as tenants in common
	 
	 
	(State)

									

Additional abbreviations may also be used though not in the above list.

For value received, _______________ hereby sells, assigns and transfers unto __________________________

 

  	PLEASE INSERT SOCIAL SECURITY OR OTHER

          IDENTIFYING NUMBER OF ASSIGNEE
	 

	 
	 

 

  	(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)

_________________ Units represented by the within Certificate, and do hereby irrevocably constitute and appoint ____________________ Attorney to transfer said Units on the books of the within named Company with full power of substitution in the premises.

 

  	Dated 
	 
	 
	 

	 
	 
	Notice: The signature to this assignment must correspond with the name as written upon the face of the certificate in every particular, without alteration or enlargement or any change whatever.

 

  	Signatures(s) Guaranteed:
	 
	 
	 

	  
	 
	 
	  

THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15).

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00136-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00136-of-00352.parquet"}]]