Document:

<PAGE>   1

                                                                    EXHIBIT 10.7

THIS CONSULTANCY CONTRACT is made on the 1 day of December, 1997

BETWEEN

(1)      deCODE genetics, Inc., a Delaware
         Corporation with its principal place of business at
         Lynghals, 1
         110 Reykjavik
         Iceland ("Company")

(2)      Vane Associates, a partnership,
         "White Angles"
         7 Beech Dell
         Keston Park
         Keston
         Kent BR2 6EP
         Great Britain ("Consultant")

IT IS AGREED:

ENGAGEMENT OF SERVICES

         Consultant shall procure that Professor Sir John Vane ("Sir John Vane")
         acts as directors and will serve as a member of the Company's Board of
         Directors (the "Board") and perform the duties of a director, in
         accordance with the Company's Amended and Restated Articles of
         Incorporation, Bylaws, and the general Corporation Law of Delaware (the
         "Services"). The Services will take place from time to time as
         reasonably requested by the Company at times mutually acceptable to
         Consultant and the Company at meetings in either Reykjavik or,
         occasionally, in Boston, Massachusetts and by reviewing and, if thought
         fit, executing written consents that may be submitted to members of the
         Board from time to time. Sir John Vane may participate in such meetings
         by teleconference. It is anticipated that the Board will meet
         approximately five times per year and have approximately five written
         consents to review and sign, if thought fit, and that Sir John's time
         commitment per year to the Company shall not materially exceed that
         number of days.

<PAGE>   2

2.      COMMENCEMENT

        This Agreement shall be deemed to commence with effect from 27 October
        1997 and shall continue until the close of business on the third
        anniversary of the date of this Agreement and thereafter until
        terminated by either party upon 90 days written notice to the other.

3.       COMPENSATION

3.1      In consideration of the Consultant's Services and subject to approval
         by the Company's Board of Directors, which shall pay to Vane Associates
         $2,000 per day for each Board Meeting that Sir John Vane attends and
         shall issue (being each 12 monthly period this Agreement subsists) each
         year at monthly intervals to Vane Associates nonstatutory stock options
         (the "Options") to purchase up to 15,000 shares of common stock of the
         Company in each year at a price equal to its fair market value on the
         date of grant pursuant to the terms of the Company's 1996 Equity
         Incentive Plan for each of the next four years, provided that Sir John
         Vane continues to serve as a director of the Company at the time the
         Options are to be issued. The Options will vest monthly during each
         year or part year of this Agreement.

3.2      The Company will also reimburse Vane Associates for reasonable travel
         lodging food and other incidental expenses incurred by Consultant in
         performing the Services under this Agreement (including travelling to
         and from Board Meetings). Consultant agrees to provide the Company with
         appropriate receipts or other relevant documentation for all such costs
         as part of any submission for reimbursement.

4.       FEES

4.1      The Consultant will be entitled to receive the fee referred to above
         per meeting or teleconference or agreed day's services of the Company
         attended by Sir John Vane payable to its account at

         Midland Bank Plc
         31 Holborn
         London EC1N 2HR, Great Britain

         Sort Code:  40-03-28
         Account No:  41187805

         payable in full without deduction for bank transfer changes within 28
         days of each meeting;

<PAGE>   3

5.       EXPENSES

5.1      Company will reimburse the Consultant's first class travel and
         out-of-pocket disbursements on behalf of Sir John Vane for travel,
         accommodation and incidental expenses made on behalf of or for the
         benefit of Company including travelling to and from Company meetings
         which shall be billed to Company at cost as incurred and shall be
         supported by appropriate receipts and other relevant documentation.

5.2      Company agrees to reimburse the Consultant all its legal expenses in
         reviewing, negotiating and amending this Agreement and the associated
         Indemnity Agreement.

6.       COPYRIGHT

6.1      All copyrights and/or design rights in any work created in the course
         of or under this Agreement shall belong to Company save for papers the
         Consultant and/or Sir John Vane publishes and lectures or delivers
         where the copyright and right to copyright become a moral right and a
         right to use, deliver and exploit which shall belong to the Consultant
         and /or Sir John Vane.

6.2      For the avoidance of doubt Company, acquires no rights to any
         copyright, design rights, moral right, patents or similar intellectual
         property rights arising in the course of the Consultant's or Sir John
         Vane's work under any other consultancies or appointments held from
         time to time.

6.3      Sir John Vance and consultant shall execute Non-Disclosure Agreements
         in favour of Company in the form attached hereto as Exhibit A.

7.       ACKNOWLEDGEMENT AND ASSIGNMENT

7.1      It is agreed that this Agreement shall enure for the benefit of and be
         enforceable by the Consultant and its successors in title.

7.2      This Agreement is not assignable by either party without the prior
         written approval of the other.

8.       AMENDMENTS

         Changes, amendments and supplements to this Agreement must be made in
         writing and signed by the parties.

9.       GOVERNING LAW

9.1      This Agreement shall be governed by the laws of England.

<PAGE>   4

9.2      By their execution of this agreement, the parties hereby irrevocably
         agree to submit to the exclusive jurisdiction of the English Courts.

10.      TERMINATION

10.1     This Agreement may be terminated by either party without liability to
         the other on 90 days written notice to expire no earlier than the close
         of business on the third anniversary of this Agreement.

10.2     If either party is in breach of any provision of this Agreement, the
         non-breaching party may in writing give the allegedly breaching party
         written notice to cure or remedy such breach within 28 days of receipt
         of such written notice. If the allegedly breaching party has not cured
         or remedied the alleged breach within that period, then this Agreement
         may be terminated forthwith upon further written notice.

10.3     The Company shall ensure that the Consultant is reimbursed for the
         consultants fees and expenses down to the date of termination howsoever
         arising without set-off or deduction.

11.      PRE-EXISTING AGREEMENTS

         This Agreement is subject to the understanding that the consultant
         and/or Sir John Vane are contracted to and affiliated with various
         organizations and other companies and may from time to time become
         contracted to and affiliated with other similar organizations and other
         companies, including but without limitation on an equity investment
         basis (collectively, the "Affiliated Entities"). It is particularly
         understood that the Consultant and/or Sir John Vane are required to
         fulfil certain obligations to the Affiliated Entities pursuant to the
         guidelines or the policies if any, adopted by the Affiliated Entities
         or pursuant to a contract entered into with such Affiliated Entities.

12.      INDEMNITY AGREEMENT

         In connection with this Agreement, Sir John Vane and the Company have
         executed that certain Indemnity Agreement, dated as             1997.

13.      NOTICES

         Any notice required or permitted to be given under this Agreement shall
         be in writing and shall be deemed effectively served upon personal
         delivery or upon delivery by courier or 7 days after posting by
         certified mail if sent from the USA or by registered post if sent from
         England, in either case sent by express pre-paid air, addressed to the
         other party at its address as shown above or to such other address as
         such party may designate in writing for the purpose of this Agreement
         from time to time.

<PAGE>   5

  /s/ Kari Stefansson                   /s/ Sir John Vane
  ---------------------                 ---------------------
  Company                               Consultant

<PAGE>   6

                              DECODE GENETICS, INC.
                            (A DELAWARE CORPORATION)

          NONDISCLOSURE AGREEMENT FOR MEMBERS OF THE BOARD OF DIRECTORS

         In connection with your review of certain confidential information of
DECODE GENETICS, INC. (the "Company") as a member of the Company's Board of
Directors, we ask that you read and accept the following conditions concerning
the Company's disclosure of such information to you:

         "Proprietary Information" shall mean all information obtained by you
from or disclosed to you by the Company (I) which relates to the Company's past,
present or future research, development or business activities or the results
of such activities or (ii) which the Company has received from others and is
obligated to treat as confidential or proprietary. Proprietary Information shall
not include information previously known to you or publicly disclosed without
breach of an obligation of confidentiality, either prior or subsequent to your
receipt of such information. You agree that you shall hold all Proprietary
Information in confidence and shall not use any Proprietary Information except
as may be authorized by the Company in writing. You shall not disclose any such
Proprietary Information to any person by publication or otherwise. You further
agree that at any time upon request of the Company, you shall return to the
Company any and all written or descriptive matter including, but not limited to,
financial information, descriptions or other papers or documents that contain
any such Proprietary Information, together with all copies thereof. You
acknowledge the receipt of consideration.

         If the foregoing reflects your understanding, please sign this
Agreement in the space provided below.

                                         Accepted and Agreed to:

  1 December 1997                          /s/ John Vane
                                           ------------------------------
  [Date]                                   [Signature]

                                           Sir John Vane
                                           ------------------------------
                                           [Print Name]

                                           White Angles 7 Beech Dell
                                           ------------------------------

                                           Keston Kent UK
                                           ------------------------------
                                           [Address]

<PAGE>   7

                        AMENDMENT TO CONSULTANCY CONTRACT

         This Amendment to Consultancy Contract (this "Amendment") is entered
into as of this 1st day of December, 1997 by and among deCODE genetics, Inc., a
Delaware Corporation having its principal place of business at Lynghalsi 1, 110
Reykjavik, Iceland (the "Company"), Vane Associates, a partnership having its
principal place of business at 7 Beech Dell, Keston Park, Keston, Kent BR26EP,
Great Britain (the "Consultant") and Sir John Vane, having an address of 7 Beech
Dell, Keston Park, Keston, Kent BR26EP, Great Britain.

                             PRELIMINARY STATEMENTS

         A. The Company and the Consultant have entered into that certain
Consultancy Contract (the "Contract") dated as of December 1, 1997 pursuant to
which the Consultant has agreed to provide consulting services to the Company.

         B. Section 3.1 of the Contract provides for the payment of certain fees
and the issuance of options to purchase the Company's common stock to the
Consultant as compensation for the Consultant's services.

         C. The Company and the Consultant wish to amend Section 3.1 of the
Contract as provided herein.

         NOW, THEREFORE, in consideration of the foregoing statements and the
mutual covenants and agreements of the parties contained in this Amendment, the
parties hereto agree as follows:

         1. Section 3.1 of the Contract is hereby deleted in its entirety and
replaced with the following paragraphs:

         "3.1     In consideration of the Consultant's Services and subject to
                  approval by the Company's Board of Directors, which shall be
                  confirmed to Consultant prior to commencement, the Company
                  shall pay to Vane Associates $2,000 per day for each Board
                  Meeting that Sir John Vane ("Sir John") attends and shall
                  issue to Sir John, on the date of this agreement, and on each
                  of the subsequent three anniversaries of this agreement, an
                  option to purchase up to 15,000 shares of Common Stock of the
                  Company (the "Options"), provided that Sir John continues to
                  serves as a director of the Company at the time the Options
                  are to be issued.

         "3.2     The Options shall be nonstatutory stock options, issued
                  outside of the Company's 1996 Equity Incentive Plan, and shall
                  have an exercise price equal to the fair market value of the
                  Company's Common Stock on each date of grant. The Options
                  shall vest immediately upon grant thereof.

                                      -1-
<PAGE>   8

         "3.3     In consideration of the exercise price of the Options, and in
                  the event that Sir John elects a deferred payment arrangement
                  as the method of payment Sir John shall (1) deliver payment to
                  the Company in an amount equal to the par value of the shares
                  of stock received upon exercise of the Options, and (2)
                  execute and deliver a nonrecourse promissory note, in form and
                  substance mutually agreeable to the parties (the "Note") to
                  the Company as payment for the remainder of the exercise price
                  of such Options. The Note shall be secured by a pledge to the
                  Company of the shares purchased upon exercise of the Options,
                  as evidenced by a pledge agreement to be entered into by the
                  Company and Sir John, in form and substance mutually agreeable
                  to the parties (the "Pledge Agreement"). Further, in the case
                  of any event of default under the Note, the Company's
                  exclusive remedy under the Note and Pledge Agreement shall be
                  the return of any shares of stock subject to the Pledge
                  Agreement having a fair market value equal to the then
                  outstanding principal balance of the Note, to the Company's
                  treasury."

         2.       Section 3.2 of the Contract shall be renumbered as Section 3.
                  4.

         3. Except as specifically provided herein, the Contract shall be
unaffected by this Amendment and shall continue in full force and effect. Unless
otherwise expressly provided herein, the capitalized terms used in this
Amendment without further definition have the meanings ascribed thereto in the
Contract.

                                      *****

                                      -2-
<PAGE>   9

         IN WITNESS WHEREOF, each of the parties hereto has caused to be
executed by its duly authorized representative this Amendment to Consultancy
Contract as of the date first set forth above.

                                            deCODE genetics, Inc.

                                            By:  /s/ Kari Stefansson
                                                 -------------------
                                                    Kari Stefansson
                                                    President

                                            VANE ASSOCIATES, a partnership

                                            By:   /s/ John Vane
                                                  ----------------
                                            Name: Sir John Vane

                                            Title:

                                                  /s/ John Vane
                                                  ---------------
                                                  Sir John Vane

                                      -3-<PAGE>   1

                                                                    EXHIBIT 10.8

                               INDEMNITY AGREEMENT

         THIS AGREEMENT is made and entered into this 1 day of December by and
between deCODE genetics, Inc., a Delaware corporation (the "Corporation"), and
SIR JOHN VANE ("Agent").

                                    RECITALS

         WHEREAS, Agent performs a valuable service to the Corporation in his
capacity as a director of the Corporation;

         WHEREAS, the Corporation has adopted bylaws (the "Bylaws") providing
for the indemnification of the directors, officers, employees and other agents
of the Corporation, including persons serving at the request of the Corporation
in such capacities with other corporations or enterprises, as authorized by the
Delaware General Corporation Law, as amended (the "Code");

         WHEREAS, the Bylaws and the Code, by their non-exclusive nature, permit
contracts between the Corporation and its agents, officers, employees and other
agents with respect to indemnification of such persons; and

         WHEREAS, in order to induce Agent to continue to serve as director of
the Corporation, the Corporation has determined and agreed to enter into this
Agreement with Agent;

         NOW, THEREFORE, in consideration of Agent's continued service as
director after the date hereof, the parties hereto agree as follows:

                                    AGREEMENT

         1. SERVICES TO THE CORPORATION. Agent will serve, subject to the terms
of the Corporation's Restated Certificate of Incorporation and Bylaws, as
director of the Corporation or as a director, officer or other fiduciary of an
affiliate of the Corporation (including any employee benefit plan of the
Corporation) faithfully and to the best of his ability so long as he is duly
elected and qualified in accordance with the provisions of the Bylaws or other
applicable charter documents of the Corporation or such affiliate; provided,
however, that Agent may at any time and for any reason resign from such position
(subject to any contractual obligation that Agent may have assumed apart from
this Agreement) and the Corporation or any affiliate shall have no obligation
under this Agreement to continue Agent in any such position.

         2. INDEMNITY OF AGENT. The Corporation hereby agrees to hold harmless
and indemnify Agent to the fullest extent authorized or permitted by the
provisions of the Bylaws and the Code, as the same may be amended from time to
time (but, only to the extent that such amendment permits the Corporation to
provide broader indemnificationrights than the Bylaws or the Code permitted
prior to adoption of such amendment).

                                       1
<PAGE>   2

         3. ADDITIONAL INDEMNITY. In addition to and not in limitation of the
indemnification otherwise provided for herein, and subject only to the
exclusions set forth in Section 4 hereof, the Corporation hereby further agrees
to hold harmless and indemnify Agent:

         (a) against any and all expenses (including attorneys' fees), witness
fees, damages, judgments, fines and amounts paid in settlement and any other
amounts that Agent becomes legally obligated to pay because of any claim or
claims made against or by him in connection with any threatened, pending or
completed action, suit or proceeding, whether civil, criminal, arbitrational,
administrative or investigative (including an action by or in the right of the
Corporation) to which Agent is, was or at any time becomes a party, or is
threatened to be made a party, by reason of the fact that Agent is, was or at
any time becomes a director, officer, employee or other agent of Corporation, or
is or was serving or at any time serves at the request of the Corporation as a
director, officer, employee or other agent of another corporation, partnership,
joint venture, trust, employee benefit plan or other enterprise; and

         (b) otherwise to the fullest extent as may be provided to Agent by the
Corporation under the non-exclusivity provisions of the Code and Section 41 of
the Bylaws.

         4. LIMITATIONS ON ADDITIONAL INDEMNITY. No indemnity pursuant to
Section 3 hereof shall be paid by the Corporation:

         (a) on account of any claim against Agent for an accounting of profits
made from the purchase or sale by Agent of securities of the Corporation
pursuant to the provisions of Section 16(b) of the Securities Exchange Act of
1934 and amendments thereto or similar provisions of any federal, state or local
statutory law;

         (b) on account of Agent's conduct that was knowingly fraudulent or
deliberately dishonest or that constituted willful misconduct;

         (c) on account of Agent's conduct that constituted a breach of Agent's
duty of loyalty to the Corporation or resulted in any personal profit or
advantage to which Agent was not legally entitled;

         (d) for which payment is actually made to Agent under a valid and
collectible insurance policy or under a valid and enforceable indemnity clause,
bylaw or agreement, except in respect of any excess beyond payment under such
insurance, clause, bylaw or agreement;

         (e) if indemnification is not lawful (and, in this respect, both the
Corporation and Agent have been advised that the Securities and Exchange
Commission believes that indemnification for liabilities arising under the
federal securities laws is against public policy and is, therefore,
unenforceable and that claims for indemnification should be submitted to
appropriate courts for adjudication); or

         (f) in connection with any proceeding (or part thereof) initiated by
Agent, or any proceeding by Agent against the Corporation or its directors,
officers, employees or other

                                       2
<PAGE>   3

agents, unless (i) such indemnification is expressly required to be made by law,
(ii) the proceeding was authorized by the Board of Directors of the Corporation,
(iii) such indemnification is provided by the Corporation, in its sole
discretion, pursuant to the powers vested in the Corporation under the Code, or
(iv) the proceeding is initiated pursuant to Section 9 hereof.

         5. CONTINUATION OF INDEMNITY. All agreements and obligations of the
Corporation contained herein shall continue during the period Agent is a
director, officer, employee or other agent of the Corporation (or is or was
serving at the request of the Corporation as a director, officer, employee or
other agent of another corporation, partnership, joint venture, trust, employee
benefit plan or other enterprise) and shall continue thereafter so long as Agent
shall be subject to any possible claim or threatened, pending or completed
action, suit or proceeding, whether civil, criminal, arbitrational,
administrative or investigative, by reason of the fact that Agent was serving in
the capacity referred to herein.

         6. PARTIAL INDEMNIFICATION. Agent shall be entitled under this
Agreement to indemnification by the Corporation for a portion of the expenses
(including attorneys' fees), witness fees, damages, judgments, fines and amounts
paid in settlement and any other amounts that Agent becomes legally obligated to
pay in connection with any action, suit or proceeding referred to in Section 3
hereof even if not entitled hereunder to indemnification for the total amount
thereof, and the Corporation shall indemnify Agent for the portion thereof to
which Agent is entitled.

         7. NOTIFICATION AND DEFENSE OF CLAIM. Not later than thirty (30) days
after receipt by Agent of notice of the commencement of any action, suit or
proceeding, Agent will, if a claim in respect thereof is to be made against the
Corporation under this Agreement, notify the Corporation of the commencement
thereof; but the omission so to notify the Corporation will not relieve it from
any liability which it may have to Agent otherwise than under this Agreement.
With respect to any such action, suit or proceeding as to which Agent notifies
the Corporation of the commencement thereof:

         (a) the Corporation will be entitled to participate therein at its own
expense;

         (b) except as otherwise provided below, the Corporation may, at its
option and jointly with any other indemnifying party similarly notified and
electing to assume such defense, assume the defense thereof, with counsel
reasonably satisfactory to Agent. After notice from the Corporation to Agent of
its election to assume the defense thereof, the Corporation will not be liable
to Agent under this Agreement for any legal or other expenses subsequently
incurred by Agent in connection with the defense thereof except for reasonable
costs of investigation or otherwise as provided below. Agent shall have the
right to employ separate counsel in such action, suit or proceeding but the fees
and expenses of such counsel incurred after notice from the Corporation of its
assumption of the defense thereof shall be at the expense of Agent unless (i)
the employment of counsel by Agent has been authorized by the Corporation, (ii)
Agent shall have reasonably concluded that there may be a conflict of interest
between the Corporation and Agent in the conduct of the defense of such action
or (iii) the Corporation shall not in fact have

                                       3
<PAGE>   4

employed counsel to assume the defense of such action, in each of which cases
the fees and expenses of Agent's separate counsel shall be at the expense of the
Corporation. The Corporation shall not be entitled to assume the defense of any
action, suit or proceeding brought by or on behalf of the Corporation or as to
which Agent shall have made the conclusion provided for in clause (ii) above;
and

                  (c) the Corporation shall not be liable to indemnify Agent
under this Agreement for any amounts paid in settlement of any action or claim
effected without its written consent, which shall not be unreasonably withheld.
The Corporation shall be permitted to settle any action except that it shall not
settle any action or claim in any manner which would impose any penalty or
limitation on Agent without Agent's written consent, which may be given or
withheld in Agent's sole discretion.

         8. EXPENSES. The Corporation shall advance, prior to the final
disposition of any proceeding, promptly following request therefor, all expenses
incurred by Agent in connection with such proceeding upon receipt of an
undertaking by or on behalf of Agent to repay said amounts if it shall be
determined ultimately that Agent is not entitled to be indemnified under the
provisions of this Agreement, the Bylaws, the Code or otherwise.

         9. ENFORCEMENT. Any right to indemnification or advances granted by
this Agreement to Agent shall be enforceable by or on behalf of Agent in any
court of competent jurisdiction if (i) the claim for indemnification or advances
is denied, in whole or in part, or (ii) no disposition of such claim is made
within ninety (90) days of request therefor. Agent, in such enforcement action,
if successful in whole or in part, shall be entitled to be paid also the expense
of prosecuting his claim. It shall be a defense to any action for which a claim
for indemnification is made under Section 3 hereof (other than an action brought
to enforce a claim for expenses pursuant to Section 8 hereof, provided that the
required undertaking has been tendered to the Corporation) that Agent is not
entitled to indemnification because of the limitations set forth in Section 4
hereof. Neither the failure of the Corporation (including its Board of Directors
or its stockholders) to have made a determination prior to the commencement of
such enforcement action that indemnification of Agent is proper in the
circumstances, nor an actual determination by the Corporation (including its
Board of Directors or its stockholders) that such indemnification is improper
shall be a defense to the action or create a presumption that Agent is not
entitled to indemnification under this Agreement or otherwise.

         10. SUBROGATION. In the event of payment under this Agreement, the
Corporation shall be subrogated to the extent of such payment to all of the
rights of recovery of Agent, who shall execute all documents required and shall
do all acts that may be necessary to secure such rights and to enable the
Corporation effectively to bring suit to enforce such rights.

         11. NON-EXCLUSIVITY OF RIGHTS. The rights conferred on Agent by this
Agreement shall not be exclusive of any other right which Agent may have or
hereafter acquire under any statute, provision of the Corporation's Certificate
of Incorporation or Bylaws, agreement, vote of stockholders or directors, or
otherwise, both as to action in his official capacity and as to action in
another capacity while holding office.

                                       4
<PAGE>   5

         12. SURVIVAL OF RIGHTS.

         (a) The rights conferred on Agent by this Agreement shall continue
after Agent has ceased to be a director, officer, employee or other agent of the
Corporation or to serve at the request of the Corporation as a director,
officer, employee or other agent of another corporation, partnership, joint
venture, trust, employee benefit plan or other enterprise and shall inure to the
benefit of Agent's heirs, executors and administrators.

         (b) The Corporation shall require any successor (whether direct or
indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the business or assets of the Corporation, expressly to
assume and agree to perform this Agreement in the same manner and to the same
extent that the Corporation would be required to perform if no such succession
had taken place.

         13. SEPARABILITY. Each of the provision of this Agreement is a separate
and distinct agreement and independent of the others, so that if any provision
hereof shall be held to be invalid for any reason, such invalidity or
unenforceability shall not affect the validity or enforceability of the other
provisions hereof. Furthermore, if this Agreement shall be invalidated in its
entirety on any ground, then the Corporation shall nevertheless indemnify Agent
to the fullest extent provided by the Bylaws, the Code or any other applicable
law.

         14. GOVERNING LAW. This Agreement shall be interpreted and enforced in
accordance with the laws of the State of Delaware.

         15. AMENDMENT AND TERMINATION. No amendment, modification, termination
or cancellation of this Agreement shall be effective unless in writing signed by
both parties hereto.

         16. IDENTICAL COUNTERPARTS. This Agreement may be executed in one or
more counterparts, each of which shall for all purposes be deemed to be an
original but all of which together shall constitute but one and the same
Agreement. Only one such counterpart need be produced to evidence the existence
of this Agreement.

         17. HEADINGS. The headings of the sections of this Agreement are
inserted for convenience only and shall not be deemed to constitute part of this
Agreement or to affect the construction hereof.

         18. NOTICES. All notices, requests, demands and other communications
hereunder shall be in writing and shall be deemed to have been duly given (i)
upon delivery if delivered by hand to the party to whom such communication was
directed or (ii) upon the third business day after the date on which such
communication was mailed if mailed by certified or registered mail with postage
prepaid:

         (a) If to Agent, at the address indicated on the signature page hereof.

                                       5
<PAGE>   6

                  (b)      If to the Corporation, to

                           deCODE genetics, Inc.
                           Attention:  Dr. Kari Stefansson
                           Lynghalsi 1
                           IS-110 Reykjavik, Iceland

or to such other address as may have been furnished to Agent by the Corporation.

         IN WITNESS WHEREOF, the parties hereto have signed this Agreement on
and as of the day and year first above written.

                                            deCODE genetics, Inc.

                                            By: /s/ Kari Stefansson
                                                ---------------------
                                                Kari Stefansson
                                                President and Secretary

                                            AGENT

                                                /s/ John Vane
                                                -------------
                                                Name: Sir John Vane

                                                Address:

                                                White Angles 7 Beech Dell
                                                Keston, Kent BR26EP
                                                UK

                                       6.

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