Document:

Exhibit 10.15  

VIACOM BONUS DEFERRAL PLAN

FOR DESIGNATED SENIOR EXECUTIVES  

EFFECTIVE JANUARY 1, 2006  

Section 1.    Establishment
and Purpose of the Plan. 

        1.1    Establishment.

        (a)    Effective
August 28, 2002 Viacom Inc. established and maintained an unfunded plan of voluntarily deferred compensation. This plan was known as the Viacom
Bonus Deferral Plan for Designated Senior Executives. The discussion below refers to Viacom Inc. prior to 2006 as "Old Viacom" and to the Viacom Bonus Deferral Plan for Designated Senior
Executives prior to 2006 as the "Old Viacom Bonus Deferral Plan for Designated Senior Executives." 

        (b)    On
December 31, 2005, Old Viacom was restructured and separated into two publicly traded companies – Old Viacom, which was renamed CBS
Corporation, and a new company outside the controlled group of Old Viacom, which was named Viacom Inc. (EIN 20-3515052). New Viacom Inc. consists principally of the following
businesses: MTV Networks, BET, Paramount Pictures, Paramount Home Entertainment, and Famous Music. This new plan – the new Viacom Excess 401(k) Plan for Designated Senior
Executives – was created, effective January 1, 2006, to benefit the employees of the new Viacom Inc. (the "Company" or "Viacom Inc.") and its participating
subsidiaries. Old Viacom approved the spinoff of benefit liabilities associated with (1) participants in the Old Viacom Bonus Deferral Plan for Designated Senior Executives who were employees
of Old Viacom and its subsidiaries on December 31, 2005 and became employees of a business which is part of the new Viacom Inc. controlled group on January 1, 2006 and
(2) participants in the Old Viacom Bonus Deferral Plan for Designated Senior Executives who terminated employment with Old Viacom and its subsidiaries prior to December 31, 2005 and
whose last employment with Old Viacom and its subsidiaries prior to January 1, 2006 was with a business which is part of the new Viacom Inc. controlled group on January 1, 2006
(including last employment with the Paramount Pictures corporate office, but not with the Old Viacom corporate office). The new Viacom Inc. adopted this new Plan, which was first effective on
January 1, 2006. The amount of any spun-off liabilities was determined under the terms of the Old Viacom Bonus Deferral Plan for Designated Senior Executives as in effect on
December 31, 2005. 

        1.2    Purpose.    The
purpose of this Plan is to provide a means by which a Reporting Employee may, in certain circumstances, elect to
defer receipt of a portion of his cash bonus paid under the Viacom Inc. Short-Term Incentive Plan and any other comparable annual cash bonus plan sponsored by any Employer. This
Plan is intended to comply with Section 409A of the Internal Revenue Code. However, the Plan remains 

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subject
to further modifications once final Section 409A regulations or Internal Revenue Service guidance has been issued. 

        1.3    Reporting
Employees.    Participation in this Plan is limited to employees of an Employer who are Reporting Employees. Any Bonus
deferrals made under the Viacom Bonus Deferral Plan by a Reporting Employee prior to the date he becomes a Reporting Employee shall be transferred to the Plan as of the date such employee becomes a
Reporting Employee. Except as provided to the contrary herein, any elections made under the Viacom Bonus Deferral Plan by a Reporting Employee prior to the date his account is transferred to the Plan
shall remain in full force and effect in this Plan. 

Section 2.    Definitions.

        The
following words and phrases as used in this Plan have the following meanings: 

        2.1    Account.    The
term "Account" shall mean a Participant's individual account, as described in Section 4 of the Plan. For
Participants who have a positive Account as of December 31, 2005, their Account shall equal the sum of their Grandfathered Account and their Ongoing Account. 

        2.2    Board
of Directors.    The term "Board of Directors" means the Board of Directors of the Company. 

        2.3    Bonus.    The
term "Bonus" means any cash bonus paid under the Viacom Inc. Short-Term Incentive Plan and any
other comparable annual cash bonus plan sponsored by any Employer. 

        2.4    Bonus
Deferral Contributions.    The term "Bonus Deferral Contributions" means the portion of the Participant's Bonus that he
elects to defer under the terms of this Plan. 

        2.5    Committee.    The
term "Committee" means the Retirement Committee appointed by the Board of Directors. The Committee may act on
its own behalf or through the actions of its duly authorized delegate. 

        2.6    Company.    The
term "Company" means Viacom Inc. (EIN 20-3515052). 

        2.7    Disability.    A
Participant shall be deemed to have incurred a "Disability" or to be "Disabled" if the Participant was Disabled
under the terms of the Old Viacom Bonus Deferral Plan for Designated Senior Executives as of December 31, 2004 or if the Participant: 

        (a)    is
unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or
can be expected to last for a continuous period of not less than 12 months; or 

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        (b)    is,
by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of
not less than 12 months, receiving income replacement benefits for a period of not less than 3 months under an accident and health plan covering employees of the participant's employer. 

        (c)    Relationship
to Termination. The date a Participant meets the definition of Disability shall be treated as the date he terminates employment for purposes of
Section 5 of the Plan. 

        2.8    Eligible
Employee.    The term "Eligible Employee" means an employee of an Employer who is an eligible employee under the Viacom
Excess 401(k) Plan for Designated Senior Executives. If an employee becomes an Eligible Employee in any Plan Year, such employee shall remain an Eligible Employee for all future Plan Years during
which the Eligible Employee remains an eligible employee under the Viacom 401(k) Excess Plan for Designated Senior Executives. All Employees who were Eligible Employees under the Old Viacom Bonus
Deferral Plan for Designated Senior Executives immediately prior to January 1, 2006 will remain Eligible Employees of this Plan, subject to this Section 2.8. 

        2.9    Employer.    The
term "Employer" means the Company and any affiliate or subsidiary that adopts the Plan on behalf of its Eligible
Employees. 

        2.10    Grandfathered
Account.    "Grandfathered Account" means the portion of a Participant's vested Account balance as of
December 31, 2004 under the Old Viacom Bonus Deferral Plan for Designated Senior Executives, adjusted for earnings (or losses) thereon. The Company will keep appropriate records of the
Grandfathered Account. 

        2.11    Grandfathered
Account Payment Option.    "Grandfathered Account Payment Option" means the payment option that applies to a
Participant's Grandfathered Account in this Plan (see Section 4.2) and to his Grandfathered Account in the Viacom Excess 401(k) Plan for Designated Senior Executives. A Participant's
Grandfathered Account Payment Option will be his "Joint Payment Option" in effect for the Old Viacom Bonus Deferral Plan for Designated Senior Executives unless and until he changes his Grandfathered
Account Payment Option pursuant to Section 4.2(d)(1). 

        2.12    Investment
Options.    The term "Investment Options" means the investment funds available to participants in the Viacom 401(k)
Plan, excluding the Self-Directed Brokerage Account. 

        2.13    Old
Viacom.    "Old Viacom" shall mean Viacom Inc., EIN 04-2949533, and its successors. Effective
January 1, 2006, this entity was renamed CBS Corporation. 

        2.14    Old
Viacom Bonus Deferral Plan for Designated Senior Executives.    "Old Viacom Bonus Deferral Plan for Designated Senior
Executives" shall mean the Viacom 

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Bonus
Deferral Plan for Designated Senior Executives, as sponsored by Old Viacom. Effective January 1, 2006, this plan was renamed the CBS Bonus Deferral Plan for Designated Senior Executives. 

        2.15    Ongoing
Account.    "Ongoing Account" means the portion of a Participant's Account other than his Grandfathered Account. 

        2.16    Ongoing
Account Payment Option.    "Ongoing Account Payment Option" means the payment option that applies to a Participant's
Ongoing Account in this Plan (see Section 4.2) and to his Ongoing Account in the Viacom Excess 401(k) Plan for Designated Senior Executives. A Participant's Ongoing Account Payment Option in
effect for the Old Viacom Bonus Deferral Plan for Designated Senior Executives, if any, shall continue in effect under this Plan and shall be irrevocable. 

        2.17    Participant.    The
term "Participant" means an Eligible Employee who elects to have Bonus Deferral Contributions made to the
Plan. 

        2.18    Plan.    The
term "Plan" means the Viacom Bonus Deferral Plan for Designated Senior Executives as set forth herein, as amended
from time to time. 

        2.19    Reporting
Employee.    "Reporting Employee" means an Eligible Employee who is identified by the Company as a reporting person for
purposes of Section 16 of the Securities and Exchange Act of 1934 or any employee of an Employer who is eligible to participate in the Plan and whose securities may be attributable to a
Reporting Employee for purposes of Section 16 of the Securities and Exchange Act of 1934. 

        2.20    Viacom
401(k) Plan.    "Viacom 401(k) Plan" means, effective January 1, 2006, the Viacom 401(k) Plan sponsored by the
Company. 

Section 3.    Participation.

        3.1    Election
to Participate. 

        (a)    An
Eligible Employee must elect to participate in the Plan. 

        (b)    For
the Plan Year in which an employee first becomes an Eligible Employee, such Eligible Employee must elect to make a Bonus Deferral Contribution with respect to any
Bonus scheduled to be paid in the next succeeding calendar year within 30 days of the date he first becomes an Eligible Employee in order for the election to be valid. Prior to
December 31 of each Plan Year, an Eligible Employee may elect to make a Bonus Deferral Contribution with respect to any Bonus scheduled to be paid in the second succeeding calendar year. For
example, prior to December 31, 2006, an Eligible Employee may make a Bonus Deferral Contribution election with respect to any cash bonus to be earned in 2007 that is scheduled to be paid in
2008 under the Viacom Inc. Short-Term Incentive Plan. An Eligible Employee may make an Excess Bonus 

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Deferral
Contribution election whether or not such employee previously has made, or currently has in effect, any Excess Salary Reduction Contribution election. 

        3.2    Amount
of Elections. 

        Each
election filed by an Eligible Employee must specify the amount of Bonus Deferral Contributions in a whole percentage between 1% and 15% of the Participants' applicable Bonus. 

Section 4.    Individual
Account. 

        4.1    Creation
of Accounts.    The Company will maintain an Ongoing Account in the name of each Participant. Each Participant's Ongoing
Account will be credited with the amount of the Participant's Bonus Deferral Contributions, made in all Plan Years. The Company will also maintain a Grandfathered Account for Participants who have a
vested Account Balance as of December 31, 2004 under the Old Viacom Bonus Deferral Plan for Designated Senior Executives. 

        4.2    Election
of Payment Option. 

        (a)    Any
Grandfathered Account Payment Option shall continue to apply until changed by the Participant in accordance with this Section 4. 

        (b)    Any
Eligible Employee who does not have an Ongoing Account Payment Option in effect shall elect an Ongoing Account Payment Option at the same time that the Participant
files his initial election to commence participation in the Plan pursuant to this Section 4. 

        (c)    (1)
A Participant may elect to receive his Ongoing Account under either of the following Payment Options: (i) a single lump sum; or (ii) annual payments
over a period of two, three, four or five years beginning, in either case, the later of (I) on or about January 31 of the calendar year immediately following the end of the Plan Year in
which the Participant terminates employment, or (II) as soon as practicable following the first of the month following or coincident with the six-month anniversary of the Employee's
separation from service, within the meaning of Code Section 409A. If no Ongoing Account Payment Option election is made in accordance with the terms of the Plan or under the Viacom Excess
401(k) Plan for Designated Senior Executives, a Participant shall be deemed to have elected to receive his Ongoing Account in a single lump sum to be paid the later of (i) on or about
January 31 of the calendar year immediately following the end of the Plan Year in which the Participant terminates employment or (ii) as soon as practicable following the first of the
month following or coincident with the six-month anniversary of the Employee's separation from service, within the meaning of Code Section 409A, unless the Participant elects to be
paid on or about January 31 of the 2nd, 3rd, 4th or 5th calendar year following the year in which the Participant terminates employment. If a Participant elects to receive annual payments over
a period of two or more years, such annual payments shall be made in substantially equal annual payments, unless the Participant designates, at the time of making his Ongoing Account Payment Option
election, a specific percentage of his Ongoing 

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Account
to be distributed in each year. All specified percentages must be a whole multiple of 10% and the total of all designated percentages must be equal to 100%. 

        (2)    A
Participant may elect to receive his Grandfathered Account under either of the following Payment Options: (i) a single lump sum; or (ii) annual payments
over a period of two, three, four or five years beginning on or about January 31 of the calendar year immediately following the end of the Plan Year in which the Participant terminates
employment. If no Grandfathered Account Payment Option election is made in accordance with the terms of the Plan or under the Viacom Excess 401(k) Plan for Designated Senior Executives, a Participant
shall be deemed to have elected to receive his Grandfathered Account in a single lump sum on or about January 31 of the calendar year immediately following the end of the Plan Year in which the
Participant terminates employment. If a Participant makes a Grandfathered Account Payment Option election to receive payments in a single lump sum, such lump sum shall be payable on or about
January 31 of the calendar year immediately following the
end of the Plan Year in which the Participant terminates employment, unless the Participant elects to be paid on or about January 31 of the 2nd, 3rd, 4th or 5th calendar year following the year
in which the Participant terminates employment. If a Participant elects to receive annual payments over a period of two or more years, such annual payments shall be made in substantially equal annual
payments, unless the Participant designates, at the time of making his Grandfathered Account Payment Option election, a specific percentage of his Grandfathered Account to be distributed in each year.
All specified percentages must be a whole multiple of 10% and the total of all designated percentages must be equal to 100%. 

Example
1:    If a Participant (i) elects (or is deemed to elect) a Grandfathered Account or Ongoing Account Payment Option that provides for a lump sum payment in the year following
the Plan Year in which he terminates employment and (ii) terminates employment in February 2006, such lump sum shall be paid on or about January 31, 2007. A Participant
alternatively could designate January 31 of 2008, 2009, 2010 or 2011 in which to receive his lump sum. 

Example
2:    If a Participant (i) elects a Grandfathered Account or Ongoing Account Payment Option that provides for annual payments over a period of four years and
(ii) terminates employment in February 2006, the first installment from his Grandfathered Account and his Ongoing Account will be paid on or about January 31, 2007 and the
subsequent payments will be made on or about January 31 of 2008 through 2010. Each payment on or about January 31 of 2007 through 2010 will be comprised of approximately 25% of the
Participant's Grandfathered or Ongoing Account as of December 31 of the calendar year in which the Participant terminates employment. A Participant alternatively could designate 10% of his
Grandfathered or Ongoing Account to be distributed in January 2007, 20% in January 2008, 30% in January 2009 and 40% in January 2010; or, any other combination of
percentages that totals 100%. 

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Example 3:    If a Participant (i) elects (or is deemed to elect) a Grandfathered Account or Ongoing Account Payment Option that provides for a lump sum payment in the year following
the Plan Year in which the Participate terminates employment and (ii) terminates employment in October 2006, his Grandfathered Account lump sum shall be paid on or about
January 31, 2007 and his Ongoing Account lump sum shall be paid in May 2007 (as soon as administratively practicable following 6 months after his termination of employment). 

Example
4:    If a Participant (i) elects a Grandfathered Account or Ongoing Account Payment Option that provides for annual payments over a period of four years and
(ii) terminates employment in August 2006, the first installment from his Grandfathered Account will be paid on or about January 31, 2007 and the subsequent payments will be made
on or about January 31 of 2008 through 2010. Each payment on or about January 31 of 2007 through 2010 will be comprised of approximately 25% of the Participant's Grandfathered Account as
of December 31 of the calendar year in which the Participant terminates employment. The first installment from his Ongoing Account will be paid in March 2007 (as soon as administratively
practicable following 6 months after his termination of employment) and each subsequent payment made in January of 2008 through 2010 will be comprised of approximately 25% of the Participant's
Ongoing Account as of the Participant's date of termination. 

        (d)   Changes.

        (1)   Grandfathered
Account.  With respect to a Grandfathered Account, a Participant may change his Grandfathered Account Payment
Option no more than three times over the course of his employment with the Company or any affiliate. A Participant may change an existing Grandfathered Account Payment Option only one time in any
calendar year. Any change of a Participant's existing Grandfathered Account Payment Option election made less than six months prior to the Participant's termination of employment for any reason shall
be null and void and the Participant's last valid Grandfathered Account Payment Option shall remain in effect. 

        (2)   Excess
401(k) Plan for Designated Senior Executives Changes.  Any change of Grandfathered Account Payment Option election made
by a Participant under the Viacom Excess 401(k) Plan for Designated Senior Executives shall apply to the Participant's Account in this Plan. 

        4.3   Investments.

        (a)   All
Bonus Deferral Contributions will be credited through December 31st of the calendar year in which the Participant terminates employment with an amount equal
to such amount which would have been earned had such contributions been invested in the same Investment Options and in the same proportion as the Participant may elect, from time to time, to have his
Salary Reduction Contributions and Matching Employer Contributions invested under the Viacom 401(k) Plan; or if no such election has been made, in the Plan's stable value fund as designated by the
Committee. 

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        (b)   If
a Participant elects (or is deemed to elect) a single lump sum Grandfathered Account or Ongoing Account Payment Option payable in the first calendar year following
the calendar year in which the Participant terminates employment and such payment is made on or about January 31 of the calendar year immediately following the end of the Plan Year in which the
Participant terminates employment, no additional adjustments will be made to the Participant's Grandfathered Account or Ongoing Account after December 31st of the calendar year in which the
Participant terminates employment. If, however, payment of the Participant's Ongoing Account cannot be made until at least the six-month anniversary of the Employee's separation from
service within the meaning of Code Section 409A, the Participant's Ongoing Account shall be credited with earnings based on the rate of return in the Plan's stable value fund as designated by
the Committee beginning January 1st of the calendar year following the year in which the Participant terminates employment and continuing through the end of the month of such
six-month anniversary. If a Participant elects a single lump sum Grandfathered Account or Ongoing Account Payment Option payable in the second, third, fourth or fifth calendar year
following the calendar year in which the Participant terminates employment, the Participant' Grandfathered Account or Ongoing Account shall be credited with earnings based on the rate of return in the
Plan's stable value fund as designated by the Committee beginning January 1st of the calendar year following the year in which the Participant terminates employment and continuing through
December 31st of the calendar year immediately preceding the calendar year in which the single lump sum is paid. 

        (c)   If
a Participant elects annual payments, no additional adjustments will be made to any amount payable in the first calendar year following the year in which the
Participant terminates employment. If, however, payment of the first installment of a Participant's Ongoing Account cannot be made until at least the six-month anniversary of the
Employee's separation from service within the meaning of Code Section 409A, the Participant's Ongoing Account shall be credited with earnings based on the rate of return in the Plan's stable
value fund as designated by the Committee beginning January 1st of the calendar year following the year in which the Participant terminates employment and continuing through the end of the
month of such six-month anniversary. For any annual payments made in the second, third, fourth or fifth year following the calendar year in which the Participant terminates employment, the
Participant's Grandfathered or Ongoing Account shall be credited with earnings based on the rate of return in the Plan's stable value fund as designated by the Committee beginning January 1st
of the calendar year following the year in which the Participant terminates employment and continuing through December 31st of the calendar year immediately preceding the calendar year in which
each payment is made. 

        (d)   No
provision of this Plan shall require the Company or the Employer to actually invest any amounts in any fund or in any other investment vehicle. 

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        4.4   Account
Statements.  Each Participant will be given, at least annually, a statement showing (a) the amount of all
Contributions, (b) the amount of Employer Match, if any, made with respect to his Account for such Plan Year, and (c) the balance of the Participant's Account after crediting
Investments. 

Section 5.    Payment.

        5.1   Payment
on Account of Termination of Employment For Reasons Other Than Disability.  A Participant (or a Participant's
beneficiary) shall be paid the balance in his Grandfathered Account or Ongoing Account following termination of employment in accordance with the Grandfathered Account or Ongoing Account Payment
Option in effect with respect to the Participant. 

        5.2   Payment
on Account of Disability.  A Participant (or a Participant's beneficiary) shall be paid the balance in his Grandfathered
Account or Ongoing Account following the date he meets the definition of Disability in accordance with the Grandfathered Account or Ongoing Account Payment Option in effect with respect to the
Participant. If a Participant no longer meets the definition of Disability and returns to work with an Employer, no further payments shall be made on account of the prior Disability, and distribution
of his remaining Grandfathered Account or Ongoing Account shall be made as otherwise provided in this Section 5 at the time of his subsequent termination of employment. 

Section 6.    Nature
of Interest of Participant. 

        Participation
in this Plan will not create, in favor of any Participant, any right or lien in or against any of the assets of the Company or any Employer, and all amounts of Compensation
deferred here under shall at all times remain an unrestricted asset of the Company or the Employer. A Participant's rights to benefits payable under the Plan are not subject in any manner to
anticipation, alienation, sale, transfer, assignment, pledge, or encumbrance. All payments hereunder shall be paid in cash from the general funds of the Company or applicable Employer and no special
or separate fund shall be established and no other segregation of assets shall be made to assure the payment of benefits hereunder. Nothing contained in this Plan, and no action taken pursuant to its
provisions, shall create or be construed to create a trust of any kind, or a fiduciary relationship, between any Employer and a Participant or any other person, and the Company's and each Employer's
promise to pay benefits hereunder shall at all times remain unfunded as to the Participant. 

Section 7.    Hardship
Distributions. 

        7.1   Hardship
Definition.  A Participant may request the Committee to accelerate distribution of all or any part of the value of his
Account solely for the purpose of alleviating an immediate financial emergency. For purposes of this Section 7.1, such an immediate financial emergency shall mean a severe financial hardship to
the 

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Participant
resulting from an illness or accident of the Participant, the Participant's spouse, or a dependent (as defined in Section 152(a) of the Code) of the Participant, loss of the
Participant's property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant. This requirement is met only
if the amounts distributed with respect to an emergency do not exceed the amounts necessary to satisfy such emergency plus amounts necessary to pay taxes reasonably anticipated as a result of the
distribution, after taking into account the extent to which such hardship is or may be relieved through reimbursement or compensation by insurance or otherwise or by liquidation of the Participant's
assets (to the extent the liquidation of such assets would not itself cause severe financial hardship), including loans and withdrawals from the Viacom 401(k) Plan. 

        (b)   Committee
Discretion.  The Committee may request that the Participant provide certifications and other evidence of qualification
for such emergency hardship distribution as it determines appropriate. The decision of the Committee with respect to the grant or denial of all or any part of such request shall be in the sole
discretion of the Committee, whether or not the Participant demonstrates that an immediate financial emergency exists, and shall be final and binding and not subject to review. 

Section 8.    Beneficiary
Designation. 

        A
Participant's beneficiary designation for this Plan will automatically be the same as the Participant's beneficiary designation recognized under the Viacom Excess 401(k) Plan for
Designated Senior Executives, unless a separate Designation of Beneficiary Form for this Plan has been properly filed. 

Section 9.    Administration.

        9.1   Committee.  This
Plan will be administered by the Committee, the members of which will be selected by the Board of Directors. 

        9.2   Powers
of the Committee.  The Committee's powers will include, but will not be limited to, the power: 

        (a)   to
determine who are Eligible Employees for purposes of participation in the Plan; 

        (b)   to
interpret the terms and provisions of the Plan and to determine any and all questions arising under the Plan, including without limitation, the right to remedy
possible ambiguities, inconsistencies, or omissions by a general rule or particular decision; 

        (c)   to
adopt rules consistent with the Plan; and 

        (d)   to
approve certain amendments to the Plan. 

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        9.3   Claims
Procedure.  The Committee shall have the exclusive right to interpret the Plan and to decide any and all matters arising
thereunder. 

        (a)   Claim
for Benefit.  Claims as to the amount of any distribution or method of payment under the Plan must be submitted in writing
to the Committee. The Committee shall notify the Participant of its decision by written or electronic notice, in a manner calculated to be understood by the Participant. The notice shall set forth: 

        (1)   the
specific reasons for the denial of the claim; 

        (2)   a
reference to specific provisions of the Plan on which the denial is based; 

        (3)   a
description of any additional material or information necessary to perfect the claim and an explanation of why such material or information is necessary; and 

        (4)   an
explanation of the Plan's claims review procedure for the denied or partially denied claim and any applicable time limits, and a statement that the Participant has a
right to bring a civil action under Section 502(a) of the Employee Retirement Income Security Act of 1974, as amended ("ERISA") following an adverse benefit determination on review. 

        Such
notification shall be given within 90 days after the claim is received by the Committee (or within 180 days, if special circumstances require an extension of time for
processing the claim, and provided written notice of such extension and circumstances and the date a decision is expected is given the Participant within the initial 90-day period). The
time period begins when the claim is filed, regardless of whether the Plan has all of the information necessary to decide the claim at the time of filing. A claim is considered approved only if its
approval is communicated in writing to the Participant. 

        (b)   Review
or Denial of Claim. Upon denial of a claim in whole or in part, a Participant shall have the right to submit a written request to the
Committee for a full and fair review of the denied claim. A request for review of a claim must be submitted within 60 days of receipt by the Participant of written notice of the denial of the
claim. If the Participant fails to file a request for review within 60 days of the denial notification, the claim will be deemed abandoned and the Participant precluded from reasserting
it. Also, if the Participant is not provided a notice of denial, the Participant may submit a written request for review to the Committee. 

        The
Participant shall have, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to the Participant's claim for
benefits. The Participant may submit written comments, documents, records, and other information relating to the claim for benefits. The review shall take into account all comments, documents,
records, and other information submitted by the 

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Participant
relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination. Failure to raise issues or present evidence on review
will preclude those issues or evidence from being presented in any subsequent proceeding or judicial review of the claim. 

        (c)   Decision
by the Committee.  The Committee will advise the Participant of the results of the review within 60 days after
receipt of the written request for review (or within 120 days if special circumstances require an extension of time for processing the request, and if notice of such extension and circumstances
is given to such Participant within the initial 60 day period). 

        The
decision on review shall be in written or electronic form, in a manner calculated to be understood by the Participant. The notice shall set forth: 

        (1)   the
specific reasons for the denial of the appeal of the claim; 

        (2)   the
specific reference to pertinent provisions of the Plan on which the denial is based; 

        (3)   a
statement that the Participant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other
information relevant to the Participant's claim for benefits; 

        (4)   a
statement describing any voluntary appeal procedures offered by the Plan (if any) and the Participant's right to obtain the information about such procedures and a
statement of the Participant's right to bring an action under Section 502(a) of ERISA. 

        To
the extent of its responsibility to review the denial of benefit claims, the Committee shall have full authority to interpret and apply in its discretion the provisions of the Plan.
The Committee may request a meeting to clarify any matters deemed appropriate. 

        A
Participant, beneficiary, or other individual alleging a violation of or seeking any remedy under any provision of ERISA shall also be subject to the claims procedure described in this
Section 9.3. Any such claim shall be filed within one year of the time the claim arises or it shall be deemed waived and abandoned. Also, any suit or legal action will be subject to a
one-year limitation period, measured from the date a claim arises and tolled during the period that any claim is pending under the claims procedures of this Section 9.3. 

        9.4   Finality
of Committee Determinations.  Determinations by the Committee and any interpretation, rule, or decision adopted by the
Committee under the Plan or in carrying out or administering the Plan shall be final and binding for all purposes and upon all interested persons, their heirs, and personal representatives. 

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        9.5   Severability.  If
a provision of the Plan shall be held illegal or invalid, the illegality or invalidity shall not affect the
remaining parts of the Plan, and the Plan shall be construed and enforced as if the illegal or invalid provision had not been included in the Plan. 

        9.6   Governing
Law.  The provisions of the Plan shall be governed by and construed in accordance with the laws of the State of New
York, to the extent not preempted by the laws of the United States. 

        9.7   Gender.  Wherein
used herein, words in the masculine form shall be deemed to refer to females as well as males. 

Section 10.    No
Employment Rights. 

        No
provisions of the Plan or any action taken by the Company, the Board of Directors, or the Committee shall give any person any right to be retained in the employ of any Employer, and
the right and power of the Company to dismiss or discharge any Participant is specifically reserved. 

Section 11.    Amendment,
Suspension, and Termination. 

        The
Committee shall have the right to amend the Plan at any time, unless provided otherwise in the Company's governing documents. The Board of Directors shall have the right to suspend
or terminate the Plan at any time. No amendment, suspension or termination shall, without the consent of a Participant, adversely affect the value of such Participant's Account. In the event the Plan
is terminated, the Committee shall continue to administer the Plan in accordance with the relevant provisions thereof. 

13Confidential Treatment Requested. Confidential portions of this document have been redacted and have been separately filed with the Commission

AMENDMENT NO. 1

TO

RESEARCH, DEVELOPMENT AND

COMMECIALIZATION AGREEMENT (the "Existing Agreement")

DATED MAY 24, 2004 BY AND BETWEEN VERTEX PHARMACEUTICALS

INCORPORATED ("Vertex") and CYSTIC FIBROSIS FOUNDATION

THERAPEUTICS INCORPORATED ("CFFT")  

        This Amendment No. 1 (the "Amendment") is made this 6th day of January, 2006 (the "Effective Date") between Vertex, a Massachusetts
corporation with principal offices at 130 Waverly Street, Cambridge, MA 02139-4242 and CFFT, a Delaware corporation with principal offices at 6931 Arlington Road, Bethesda, Maryland 20814.
Vertex and CFFT are referred to hereinafter collectively as the Parties. 

INTRODUCTION  

        In 1998, CFFT made an award to Aurora Biosciences to do a feasibility study using high throughput screening for cf targets. On May 19, 2000, CFFT selected
and provided support for Aurora Biosciences to conduct high throughput screening with respect to the CFTR target identified by CFFT. Since that time, Aurora Biosciences, and then after its merger into
Vertex, Vertex, have been conducting a Research Program with CFFT's support aimed at identification and design of Potentiator and Corrector Compounds, both of which are directed as a principal mode of
therapeutic action at modulation of the biological effect of CFTR in different ways and with different anticipated results. The Existing Agreement contemplated that during the course of the Research
Program, Vertex, with CFFT's agreement, would select either the Potentiator or the Corrector approaches as its Primary Program, to which a majority of resources under the Research Program would be
directed, and the other approach would be designated as an Alternative Program, to which the balance of resources would be directed. 

        Vertex
has selected the Potentiator approach as the Primary Program, with the concurrence of CFFT, and expects to designate a Potentiator Compound as a Development Candidate on or before
December 31, 2005. 

        The
Parties continue to believe that it may be possible to create Corrector Compounds of significant potential value as therapeutics in the Field. To further this effort, CFFT and Vertex
agree hereinafter to provide additional funding and Vertex intends to continue its research efforts with respect to Correctors beyond the current Research Termination Date of December 31, 2005.
The purpose of this Amendment is to modify the terms of the Existing Agreement to reflect the progress made in the Research Program during its current term and to set forth the terms of the extended
Corrector Research Program. 

        Capitalized
terms not otherwise defined in this Amendment shall have the meaning ascribed to them in the Existing Agreement. If specific provisions of this Amendment are inconsistent
with specific provisions of the Existing Agreement, the provisions of this Amendment shall control. 

Information redacted pursuant to a confidential treatment request. An unredacted version of this

exhibit has been filed separately with the Commission.

1

 

        In
consideration of the mutual covenants set forth in this Amendment, and other good and valuable consideration, the receipt of which is hereby acknowledged, the Parties agree as
follows: 

1.     General.  

	1.1.
	Vertex
and CFFT acknowledge that the "Primary Program" under the Existing Agreement refers to research activities relating to Potentiator Compounds. CFFT has no further right to
request under Section 2.5 of the Existing Agreement that Vertex designate Correctors as the Primary Program, or to terminate the Existing Agreement under Section 10.5.1 thereof.

	1.2.
	After
December 31, 2005, the "Research Program" will refer to research undertaken under the Existing Agreement, as amended hereby, with respect only to Corrector Compounds
(except for the Potentiator research funded during 2006 as specified in the attached Research Plan). The "Research Plan" under Section 2.4 of the Existing Agreement will mean, after
December 31, 2005, the initial plan for conduct of the Research Program focused on Correctors (and to a limited extent, Potentiators, as provided in the Research Plan), subject to applicable
provisions of Section 2.4.1 of the Existing Agreement regarding modifications to that Research Plan. A copy of the initial Research Plan for continuing Corrector research (the "Initial
Corrector Research Plan") is attached to this Amendment as Exhibit 1.2. The concepts of Primary Subplan and Alternative Subplan as referenced in
Section 2.4.3 of the Existing Agreement will no longer apply to activities undertaken under the Research Program after December 31, 2005. The terms of the Existing Agreement that provide
for the allocation of resources between the Primary and the Alternative Programs will not be applicable to the Research Program after December 31, 2005.

	1.3.
	The
budget for the Research Program under the Existing Agreement for the one year period ending December 31, 2005 (the "Current Budget") is attached hereto as  Exhibit 1.3, has been approved by
both Parties hereto and represents an agreed allocation of funding between the Primary and the Alternative
Programs for the period ending December 31, 2005. The Parties have agreed on a separate budget (the "Initial Corrector Budget") representing an agreed allocation of additional Corrector
research funding to be provided under this Amendment, as referenced in Section 4.1 below, for the period commencing on the Effective Date of this Amendment and ending on the Research
Termination Date referenced in Section 1.4 below.

	1.4.
	The
Research Termination Date shall mean the end of the revised Research Program directed at the identification and design of Corrector Drug Product Candidates (the "Corrector
Research Program") which shall be March 31, 2008, unless the Research Program under the Existing Agreement as amended hereby is otherwise extended or terminated in accordance with its terms.

	1.5.
	The
term "Drug Product[s]" is amended to mean a finished dosage form that is prepared from Bulk Drug Substance covered by Vertex CF Technology and is ready
for administration to the ultimate consumer as a pharmaceutical.

	1.6.
	The
term "Vertex CF Technology" as defined in the Existing Agreement shall also be deemed to refer to data, technical information, know-how, inventions (whether or not
patented), trade secrets, processes and methods discovered or developed, and Controlled by Vertex or its Affiliates, in the course of the performance of the Research Program under this Amendment, but
shall not refer to Vertex's general drug design technology whether in hardware or software form, tangible or intangible. 

Information redacted pursuant to a confidential treatment request. An unredacted version of this

exhibit has been filed separately with the Commission.

2

 
	1.7.
	The
provisions of Section 6.3 of the Existing Agreement shall apply to this Amendment as if it were being entered into as part of the Existing Agreement. The Parties will
agree on the timing and content of a press release relating to this Amendment. 

2.     Termination Provisions.  

	2.1.
	On
the Effective Date of this Amendment, CFFT shall no longer have the right to terminate the Existing Agreement under Section 10.5.1 (relating to a disagreement over the
choice of Primary and Alternative Programs) or Section 10.6.3 (relating to termination of the Alternative Program). Therefore, those sections of the Existing Agreement are hereby deleted.

	2.2.
	Section 10.5.2
of the Existing Agreement is hereby amended to read as follows: 

"At
its sole discretion, CFFT may terminate the Research Program effective June 30, 2006 or June 30, 2007, upon not less than sixty (60) days prior written notice to Vertex (an
"Early Termination Notice")." 

	2.3.
	Sections
10.5.4, 10.5.6 and 10.7 of the Existing Agreement are hereby deleted.

	2.4.
	Section 10.6.1
of the Existing Agreement is hereby amended by substituting the word "if" for the word "unless" in the fourth-to-last line of that
section. 

3.     Other CFTR Research.  

        During the period for which funding is provided to Vertex by CFFT under the Existing Agreement (as amended herein or subsequently from time to time), and under a
separate agreement providing for continued Potentiator funding (the "Potentiator Funding Agreement"), if such funding is provided in other than in the Existing Agreement, all of Vertex's research
efforts directed at the identification, development and commercialization of pharmaceutical products that have as their principal mode of action the modulation of CFTR shall be conducted under the
Existing Agreement (as amended herein or subsequently from time to time) and under the Potentiator Funding Agreement. During the  [***] period following the later of the last date upon which CFFT
provides funding to Vertex under the Existing Agreement (as
amended herein or subsequently from time to time), or the last date upon which CFFT provides continuing Potentiator funding under the Potentiator Funding Agreement, if such funding is provided for
other than in the Existing Agreement, Vertex shall not enter into any research, development or commercialization agreement (a "Third Party Agreement") with a third party directed toward the eventual
commercialization (including the acquisition and sale of a marketed product) of a pharmaceutical product that has as its principal mode of action the modulation of CFTR and is not a Drug Product (the
"New Product"), unless CFFT will receive the same royalty rate from Vertex or the third party under the Third Party Agreement as is provided under Section 5.3.1 of the Existing Agreement (as it
may be subsequently amended), on account of any Net Sales of the New Product. An agreement between Vertex and a third party for the conduct of research activities, under which that third party does
not then (or by subsequent agreement with such third party) receive any license rights to, or compensation with respect to the development or sale of, any pharmaceutical product that has CFTR
modulation as its principal mode of action, shall not be deemed a Third Party Agreement for the purposes of the foregoing restriction. The foregoing provisions of this Section 3 shall not apply
to any Third Party Agreement relating to a New Product that is a Corrector from and after the date upon which CFFT exercises its termination rights under section 10.5.2 of the Existing
Agreement (as amended pursuant to this Amendment No. 1). In the event of an Interruption under Section 10.6.2 of the Existing Agreement with respect to either Potentiator or Corrector
research programs, Vertex shall not enter into any agreement with a third party for commercial purposes, for a period of [***]
after such Interruption, relating to the program to which the Interruption related. 

Information redacted pursuant to a confidential treatment request. An unredacted version of this

exhibit has been filed separately with the Commission.

3

 

4.     Budget and Funding. 

        From
and after the Effective Date of this Amendment, the following provisions shall apply to any incremental funding for Corrector research in 2005, and to the budget and funding for all
Corrector research thereafter under the Research Plan, in lieu of the provisions in Sections 4.1, 4.2 and 4.3 of the Existing Agreement. 

	4.1.
	The
initial budget for incremental funding of the Corrector Research Program, relating to discovery, optimization and IND-enabling activities for Corrector Compounds, is
attached hereto as Exhibit 4.1 (the "Initial Corrector Budget"). The Initial Corrector Budget includes only amounts that are incremental to the
funding currently provided for Corrector research in the "Alternative Program" under the Current Budget. Any material revisions to the Initial Corrector Budget which would result in an increase in
total funding for the Corrector Research Program beyond the amount provided under this Amendment will require the prior approval of CFFT. Any other adjustments to the Initial Corrector Budget may be
undertaken by Vertex with prior notice to, but without prior approval from, CFFT. Vertex will provide CFFT with [***] reports
within [***] showing expenses incurred under the Corrector Research Program during the quarter just ended against budgeted
expenses for that quarter. For [***], the report will cover the period from the Effective Date of this Amendment through the end
of that quarter.

	4.2.
	CFFT
will fund [***] of the Initial Corrector Budget and Vertex will fund  [***] of the Initial Corrector Budget. Based on the approved Initial Corrector Budget
of  [***], CFFT will make the payments to Vertex specified below during the specified periods.
 

	 
	 	INITIAL CORRECTOR BUDGET

(millions $)

	Research Period
 
	 	Aggregate Budget Amount
	 	CFFT Financial Commitment

	January 1, 2006—December 31, 2006	 	[***]	 	[***]
	January 1, 2007—March 31, 2008	 	[***]	 	[***]

Payments
due under the Initial Corrector Budget on account of internal FTEs shall be made by CFFT [***]. Payments due under the
Initial Corrector Budget on account of external costs shall be made by CFFT to Vertex [***] within  [***] following [***]
. All payments shall be made
without deduction for withholding or similar taxes in United States dollars to the credit of such bank account as may be designated in writing to CFFT. Any payments which fall due on a date that is a
legal holiday in The Commonwealth of Massachusetts may be made on the next following day that is not a legal holiday in The Commonwealth. On or before January 31 of 2006, 2007, 2008 and 2009,
Vertex will provide CFFT with an accounting of all internal FTE costs and external Research costs (including documentary evidence of such external costs) incurred under the Research Program during the
most recently concluded calendar year. Internal FTE costs will be calculated at an annual rate of [***] per FTE. 

	4.3.
	If
CFFT's contribution for any reporting period is in excess of its agreed portion of the total expense incurred by Vertex (internal and external) for the Corrector Research Program
for that period, the excess amount will be carried over and applied as a credit against CFFT's required contribution in future periods, except that any aggregate excess contributions provided by CFFT
as of the end of the Research Program Term will be refunded to CFFT within [***]thereafter. To the extent not inconsistent with
the provisions of this Amendment, the provisions of Section 4.5 will apply to the Corrector Research Program. 

Information redacted pursuant to a confidential treatment request. An unredacted version of this

exhibit has been filed separately with the Commission.

4

 
	4.4.
	Vertex
will dedicate a minimum average of [***] FTE scientists (on an annualized basis) to the Corrector
Research Program during its term, [***]. 

5.     Royalties Outside the Field

Section 5.3.2
of the Existing Agreement is amended as follows: 

"5.3.2
Net Sales outside the Field. Vertex shall pay CFFT a royalty of [***]." 

[Signature
Page Follows] 

Information redacted pursuant to a confidential treatment request. An unredacted version of this

exhibit has been filed separately with the Commission.

5

 

        IN
WITNESS WHEREOF, the Parties hereto have executed this Agreement the day and year first above written. 

	VERTEX PHARMACEUTICALS

INCORPORATED	 	CYSTIC FIBROSIS FOUNDATION

THERAPEUTICS, INCORPORATED
	

By:	
 	

/s/  KENNETH S. BOGER      
 Senior Vice President

and General Counsel	
 	

By:	
 	

/s/  ROBERT J. BEALL, PH.D.      
 President and Chief Executive Officer

Information redacted pursuant to a confidential treatment request. An unredacted version of this

exhibit has been filed separately with the Commission.

6

Exhibit 1.2

Corrector Research Plan  

        [***]

Information redacted pursuant to a confidential treatment request. An unredacted version of this

exhibit has been filed separately with the Commission.

Exhibit 1.3

Current Budget  

        [***]

Information redacted pursuant to a confidential treatment request. An unredacted version of this

exhibit has been filed separately with the Commission.

Exhibit 4.1

Initial Corrector Budget  

        [***]

Information redacted pursuant to a confidential treatment request. An unredacted version of this

exhibit has been filed separately with the Commission.

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