Document:

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                                                                Exhibit 10(p)(4)

                                 THIRD AMENDMENT
                          TO THE BANKNORTH GROUP, INC.
                PROFIT SHARING AND EMPLOYEE STOCK OWNERSHIP PLAN

         The Banknorth Group, Inc. Profit Sharing and Employee Stock Ownership
Plan (known before May 10, 2000, as the Peoples Heritage Financial Group, Inc.
Profit Sharing and Employee Stock Ownership Plan) (the "Plan") was last amended
and restated effective generally January 1, 1997, and subsequently amended by
First and Second Amendments effective as of the dates set forth in the
respective amendments, and shall be further amended as set forth herein.

         1. The terms used in this Third Amendment shall have the meanings set
forth in the Plan unless the context indicates otherwise.

         2. Effective May 10, 2000, the Plan shall be formally known as the
Banknorth Group, Inc. Profit Sharing and Employee Stock Ownership Plan.

         IN WITNESS WHEREOF, to record the adoption of this Third Amendment,
Banknorth Group, Inc. has caused this instrument to be executed by its duly
authorized officer this 29th day of December, 2000.

                                          BANKNORTH GROUP, INC.

                                          By /s/ Susan G. Shorey
                                          --------------------------------------
                                          Its Senior Vice President<PAGE>   1
                                                                   EXHIBIT 10.36

                     THIRD AMENDMENT TO EMPLOYMENT AGREEMENT

This AMENDMENT TO EMPLOYMENT AGREEMENT (the "Third Amendment") made as of
November 10, 2000, between ARIAD Pharmaceuticals, Inc., a Delaware corporation
(the "Company"), and Jay R. LaMarche (the "Employee").

The Company and the Employee have entered into an Employment Agreement dated as
of January 1, 1992 and amended as of March 2, 1994 and January 1, 1997 (the
"Agreement"), and the parties hereto desire to further amend certain provisions
of the Agreement.

NOW, THEREFORE, in consideration of the premises set forth herein and for other
good and valuable consideration, the receipt of which is hereby acknowledged,
the parties hereto agree to further amend the Agreement as follows:

I.     Employment, Duties and Acceptance. Section 1.1 is hereby amended to read
       as follows: "The Company hereby employs the Employee, for the Term (as
       hereinafter defined), to render part-time services to the Company, and to
       perform such duties as he shall reasonably be directed by the Chief
       Executive Officer of the Company to perform. The Employee's title shall
       be designated by the Chief Executive Officer and initially shall be
       Special Advisor to the Chief Executive Officer. The employee shall not be
       an executive officer of the Company."

       Section 1.3 is hereby replaced and amended in its entirety to read as
       follows: "The principal place of employment of the Employee hereunder
       shall be at the employee's legal residence, or other locations reasonably
       acceptable to the Company and the Employee."

       Section 1.4 is hereby replaced and amended in its entirety to read as
       follows: "The Employee shall provide services as a part-time employee and
       be obligated to work for the Company up to the equivalent of two (2) days
       per month."

II.    Term of Employment. Section 2 is hereby replaced and amended in its
       entirety to read as follows:

       "The term of the Employee's employment under the Agreement is hereby
       extended to June 30, 2003 (the "Term"), unless sooner terminated pursuant
       to Section 4 or 5 of this Agreement."

III.   Compensation. Section 3.1 is hereby replaced and amended in its entirety
       as follows:

       "3.1. As full compensation for all services to be rendered pursuant to
       this Agreement, the Company agrees to pay the Employee, during the Term,
       a salary at the fixed rate of $3,500 per month, less such deductions or
       amounts to be withheld, if any, as shall be required by applicable law
       and regulations."

       Section 3.2 is hereby deleted in its entirety.

       Section 3.4 is hereby replaced and amended in its entirety as follows:

       "The Employee shall be eligible under any group health, disability and
       life insurance plan which the Company provides for its senior employees."

IV.    Termination by the Company. Section 4(b) is hereby deleted in its
       entirety.

V.     Severance. Section 6 is hereby replaced and amended in its entirety as
       follows:
<PAGE>   2
       "6. If (i) the Company terminates this Agreement without Cause or (ii)
       the Employee terminates this Agreement pursuant to Section 5.1 (a), then:
       (1) except in the case of death, the Company shall continue to pay
       Employee his current salary for the remaining period of the applicable
       Term; and (2) all options and bonus awards granted pursuant to this
       Agreement that would have vested during the Term shall vest immediately
       prior to such termination.

       In the event of a consummation of a Change in Control of the Company, and
       if the Employee gives notice of termination within 90 days after such
       occurrence, then (i) all bonus awards, stock options, and similar equity
       rights granted to the Employee shall immediately vest and remain fully
       exercisable through their original term with all rights; and (ii) the
       Company shall pay the Employee, as a single lump sum, the total amount of
       his salary for the remaining period of the applicable Term."

VI.    Other Benefits. Sections 7(a), 7(b) and 7(d) are hereby deleted in their
       entirety.

VII.   Notices. Section 12 is hereby amended to provide notice to the Employee
       as follows:

       Jay R. LaMarche
       176 Helios Drive, Apt. 505
       Jupiter, FL  33477

VIII.  Definitions. Section 14 (b) is hereby amended as follows:

       "(b)   The "Company's Field of Interest" is the discovery, development
              and commercialization of pharmaceutical products based on (a)
              intervention in signal transduction pathways and (b) gene and cell
              therapy. The Company's Field of Interest may be changed at any
              time at the sole discretion of the Company."

IX.    Except as modified by this Third Amendment, the Agreement remains in full
       force and effect and unchanged.

IN WITNESS WHEREOF, the parties have executed this Third Amendment as of the
date first written above.

                                      ARIAD PHARMACEUTICALS, INC.

                                      By:/s/ Harvey J. Berger, M.D.
                                         --------------------------------
                                         Harvey J. Berger, M.D.
                                         Chairman and Chief Executive Officer

                                      EMPLOYEE

                                      /s/ Jay R. LaMarche
                                      -----------------------------------
                                      Jay R. LaMarche<PAGE>   1
                                                                   EXHIBIT 10.37

                         EXECUTIVE EMPLOYMENT AGREEMENT

EMPLOYMENT AGREEMENT (the "Agreement") made as of December 15, 2000 between
ARIAD Pharmaceuticals, Inc. (the "Company") a Delaware corporation, and Lee C.
Steele (the "Employee").

1.     Employment, Duties and Acceptance.

       1.1    The Company hereby employs the Employee, for the Term (as
              hereinafter defined), to render full-time services to the Company,
              and to perform such duties as he shall reasonably be directed by
              the Chief Executive Officer of the Company to perform. The
              Employee's title shall be designated by the Chief Executive
              Officer and initially shall be Chief Financial Officer and Senior
              Vice President.

       1.2    The Employee hereby accepts such employment and agrees to render
              the services described above.

       1.3    The principal place of employment of the Employee hereunder shall
              be in the greater Boston, Massachusetts area, or other locations
              reasonably acceptable to the Employee. The Employee acknowledges
              that for limited periods of time he may be required to provide
              services to the Company outside of the Boston, Massachusetts area.

       1.4    Notwithstanding anything to the contrary herein, although the
              Employee shall provide services as a full-time employee, it is
              understood that the Employee may (a) have an academic appointment
              and (b) participate in professional activities (collectively,
              "Permitted Activities'); provided, however, that such Permitted
              Activities do not interfere with the Employee's duties to the
              Company.

2.     Term of Employment.

       The term of the Employee's employment under this Agreement (the "Term")
       shall commence on January 15, 2001 (the "Effective Date"), or such other
       date mutually agreed upon by the parties, and shall end on December 31,
       2003, unless sooner terminated pursuant to Section 4 or 5 of this
       Agreement; provided that this Agreement shall automatically be renewed
       for successive one-year terms (the Term and, if the period of employment
       is so renewed, such additional period(s) of employment are collectively
       referred to herein as the "Term") unless terminated by written notice
       given by either party to the other at least ninety days prior to the end
       of the applicable Term.

3.     Compensation.

       3.1    As full compensation for all services to be rendered pursuant to
              this Agreement, the Company agrees to pay the Employee, during the
              Term, a salary at the fixed rate of $210,000 per annum during the
              first year of the Term and increased each year thereafter, by
              amounts, if any, to be determined by the Board of Directors of the
              Company (the "Board"), in its sole discretion, payable in equal
              biweekly installments, less such deductions or amounts to be
              withheld as shall be required by applicable law and regulations.

       3.2    Each year, the Company shall pay the Employee a discretionary
              bonus of up to 30% of base salary, which bonus shall be determined
              annually by the Board. The bonus, if any, may be paid in the form
              of stock options, stock awards, deferred compensation or cash, as
              determined by the Board.
<PAGE>   2
       3.3    The Company shall pay or reimburse the Employee for all reasonable
              expenses actually incurred or paid by him during the Term in the
              performance of his services under this Agreement, upon
              presentation of expense statements or vouchers or such other
              supporting information as it may require.

       3.4    The Employee shall be eligible under any incentive plan, stock
              award plan, bonus, deferred or extra compensation plan, pension,
              group health, disability and life insurance or other so-called
              "fringe" benefits which the Company provides for its executives at
              the comparable level. All stock options and stock awards granted
              to the Employee shall be subject to a vesting schedule which shall
              be determined by the Compensation and Stock Option Committee of
              the Board. The stock options and stock awards, if any, to be
              granted to the Employee shall also be subject to the terms of a
              stock option plan and certificate and stock award plan and
              certificate, respectively. Any unvested options shall be forfeited
              to the Company in the event (a) this Agreement is terminated by
              the Company for Cause pursuant to Section 4 herein, or (b) either
              party elects not to renew this Agreement pursuant to Section 2
              herein.

       3.5    The Company shall grant the Employee an option to purchase 110,000
              shares of the Company's Common Stock at the fair market value on
              the date of the Board's approval, in accordance with the Company's
              1991 Stock Option Plan for Employees, as amended. The Employee
              agrees that all such options shall be subject to a four-year
              vesting schedule, vesting in equal increments of 25% on each
              anniversary of their issuance. Any unvested options shall be
              forfeited to the Company in the event (a) this Agreement is
              terminated by the Company for Cause pursuant to Section 4 herein,
              or (b) either party elects not to renew this Agreement pursuant to
              Section 2 herein.

4.     Termination by the Company.

       The Company may terminate this Agreement, if any one or more of the
       following shall occur:

       (a)    The Employee shall die during the Term; provided, however, the
              Employee's legal representatives shall be entitled to receive the
              compensation provided for hereunder to the last day of the month
              in which his death occurs.

       (b)    The Employee shall become physically or mentally disabled, whether
              totally or partially, so that he is unable substantially to
              perform his services hereunder for (i) a period of 180 consecutive
              days, or (ii) for shorter periods aggregating 180 days during any
              twelve month period.

       (c)    The Employee acts, or fails to act, in a manner that provides
              Cause for termination. For purposes of this Agreement, the term
              "Cause" means (i) the failure by the Employee to perform any of
              his material duties hereunder, (ii) the conviction of the Employee
              of any felony involving moral turpitude, (iii) any acts of fraud
              or embezzlement by the Employee involving the Company or any of
              its Affiliates, (iv) violation of any federal, state or local law,
              or administrative regulation related to the business of the
              Company, (v) a conflict of interest, (vi) conduct that could
              result in publicity reflecting unfavorably on the Company in a
              material way, (vii) failure to comply with the written policies of
              the Company, or (viii) a breach of the terms of this Agreement by
              the Employee. The Company shall provide the Employee written
              notice of termination pursuant to this Section 4, and Employee
              shall have 30 days to cure or remedy such failure or breach, in
              which case this Agreement shall not be terminated.
<PAGE>   3
5.     Termination by the Employee.

       5.1    The Employee may terminate this Agreement, if any one or more of
              the following shall occur:

              (a)    a material breach of the terms of this Agreement by the
                     Company and such breach continues for 30 days after the
                     Employee gives the Company written notice of such breach;

              (b)    the Company shall make a general assignment for benefit of
                     creditors; or any proceeding shall be instituted by the
                     Company seeking to adjudicate it as bankrupt or insolvent,
                     or seeking liquidation, winding up, reorganization,
                     arrangement, adjustment, protection, relief, or composition
                     of it or its debts under law relating to bankruptcy,
                     insolvency or reorganization or relief of debtors, or
                     seeking entry of an order for relief or the appointment of
                     a receiver, trustee, or other similar official for it or
                     for any substantial part of its property or the Company
                     shall take any corporate action to authorize any of the
                     actions set forth above in this subsection 5(b);

              (c)    an involuntary petition shall be filed or an action or
                     proceeding otherwise commenced against the Company seeking
                     reorganization, arrangement or readjustment of the
                     Company's debts or for any other relief under the Federal
                     Bankruptcy Code, as amended, or under any other bankruptcy
                     or insolvency act or law, state or federal, now or
                     hereafter existing and remain undismissed or unstayed for a
                     period of 30 days; or

              (d)    a receiver, assignee, liquidator, trustee or similar
                     officer for the Company or for all or any part of its
                     property shall be appointed involuntarily a Change in
                     Control as defined in Section 14.

6.     Severance.

       6.1    If (i) the Company terminates this Agreement without Cause or (ii)
              the Employee terminates this Agreement pursuant to Section 5.1(a),
              then: (1) except in the case of death or disability, the Company
              shall continue to pay Employee his current salary for the
              remaining period of the applicable Term; (2) all stock options and
              Bonus Options (as hereinafter defined) granted pursuant to this
              Agreement that would have vested during the Term shall vest
              immediately prior to such termination; and (3) the Company shall
              continue to provide all benefits subject to COBRA at its expense
              for up to one year.

       6.2    In the event of a consummation of a Change in Control of the
              Company, and if the Employee gives notice of termination within 90
              days after such occurrence, then (i) all stock, stock options,
              stock awards, similar equity rights, and Bonus Options granted to
              the Employee shall immediately vest and remain fully exercisable
              through their original term with all rights; and (ii) the Company
              shall continue to pay the Employee his then-current salary for the
              shorter of (a) six months, or (b) the remaining period of the
              applicable Term.

7.     Other Benefits.

       In addition to all other benefits contained herein, the Employee shall be
       entitled to:

       (a)    Vacation time of four weeks per year taken in accordance with the
              vacation policy of the Company.

       (b)    After six years of employment, one three-month period of fully
              paid leave of absence in accordance with Company policies in place
              at that time; it being understood that such
<PAGE>   4
              policies may restrict the Employee from taking such leave of
              absence until a time that is acceptable to the Company and may

       (c)    Group health, disability and life insurance.

       (d)    The Company shall provide the Employee with an automobile
              allowance of $750 per month and standard tax preparation and
              planning services.

       (e)    The Company will provide the Employee with a deferred compensation
              option award (the "Option") under the Company's 1997 Executive
              Compensation Plan (the "Plan") in the amount of $35,000. The
              Option shall be subject to a four-year vesting schedule, vesting
              in equal increments of 25% on each anniversary of their issuance,
              and the other terms and provisions of the Plan. The Option,
              whether vested or not, and not previously exercised, shall be
              forfeited to the Company in the event (a) this Agreement is
              terminated by the Company for Cause pursuant to Section 4 herein
              or (b) violation of the non-competition and non-solicitation
              provisions of Section 10 herein.

8.     Confidentiality.

       8.1    The Employee acknowledges that, during the course of performing
              his services hereunder, the Company shall be disclosing
              information to the Employee related to the Company's Field of
              Interest, Inventions, projects and business plans, as well as
              other information (collectively, "Confidential Information"). The
              Employee acknowledges that the Company's business is extremely
              competitive, dependent in part upon the maintenance of secrecy,
              and that any disclosure of the Confidential Information would
              result in serious harm to the Company.

       8.2    The Employee agrees that the Confidential Information only shall
              be used by the Employee in connection with his activities
              hereunder as an employee of the Company, and shall not be used in
              any way that is detrimental to the Company.

       8.3    The Employee agrees not to disclose, directly or indirectly, the
              Confidential Information to any third person or entity, other than
              representatives or agents of the Company. The Employee shall treat
              all such information as confidential and proprietary property of
              the Company.

       8.4    The term "Confidential Information" does not include information
              that (a) is or becomes generally available to the public other
              than by disclosure in violation of this Agreement, (b) was within
              the Employee's possession prior to being furnished to such
              Employee, (c) becomes available to the Employee on a
              nonconfidential basis or (d) was independently developed by the
              Employee without reference to the information provided by the
              Company.

       8.5    The Employee may disclose any Confidential Information that is
              required to be disclosed by law, government regulation or court
              order. If disclosure is required, the Employee shall give the
              Company advance notice so that the Company may seek a protective
              order or take other action reasonable in light of the
              circumstances.

       8.6    Upon termination of this Agreement, the Employee shall promptly
              return to the Company all materials containing Confidential
              Information, as well as data, records, reports and other property,
              furnished by the Company to the Employee or produced by the
              Employee in connection with services rendered hereunder.
              Notwithstanding such return or any of the provisions of this
              Agreement, the Employee shall continue to be bound by the terms of
              the confidentiality provisions contained in this Section 8 for a
              period of three years after the termination of this Agreement.
<PAGE>   5
       8.7    In connection with his employment by the Company, the Employee
              hereby acknowledges that he may enter into more than one agreement
              with regard to (a) the confidentiality of certain books, records,
              documents and business, (b) rights to certain inventions,
              proprietary information, and writings, (c) publication of certain
              materials, and (d) other related matters (the "Confidential
              Matters") of the Company (the "Confidentiality Agreements"). In
              order to clarify any potential conflicts between certain
              respective provisions of such Confidentiality Agreements, the
              Employee and the Company hereby agree that, as among such
              Confidentiality Agreements, the provision (or part thereof) in any
              such Confidentiality Agreement which affords the greatest
              protection to the Company with respect to the Confidential Matters
              shall control.

9.     Inventions Discovered by the Employee While Performing Services
       Hereunder.

       During the Term, the Employee shall promptly disclose to the Company any
       invention, improvement, discovery, process, formula, or method or other
       intellectual property, whether or not patentable, whether or not
       copyrightable (collectively, "Inventions") made, conceived or first
       reduced to practice by the Employee, either alone or jointly with others,
       while performing service hereunder. The Employee hereby assigns to the
       Company all of his right, title and interest in and to any such
       Inventions. During and after the Term, the Employee shall execute any
       documents necessary to perfect the assignment of such Inventions to the
       Company and to enable the Company to apply for, obtain, and enforce
       patents and copyrights in any and all countries on such Inventions. The
       Employee hereby irrevocably designates the Chief Patent Counsel to the
       Company as his agent and attorney-in-fact to execute and file any such
       document and to do all lawful acts necessary to apply for and obtain
       patents and copyrights and to enforce the Company's rights under this
       paragraph. This Section 9 shall survive the termination of this
       Agreement.

10.    Non-Competition and Non-Solicitation.

       During the Term and for a period of one year following the date of
       termination or nonrenewal for any reason (other than termination pursuant
       to Section 5.1(a): (a) the Employee shall not in the United States or in
       any country in which the Company shall then be doing business, directly
       or indirectly, enter the employ of, or render any services to, any
       person, firm or corporation engaged in any business competitive with the
       business of the Company or of any of its subsidiaries or affiliates of
       which the Employee may become an employee or officer during the Term; he
       shall not engage in such business on his own account; and he shall not
       become interested in any such business, directly or indirectly, as an
       individual, partner, shareholder, director, officer, principal, agent,
       employee, trustee, consultant, or any other relationship or capacity;
       provided, however, that nothing contained in this Section 10 shall be
       deemed to prohibit the Employee from acquiring, solely as an investment,
       shares of capital stock of any public corporation; (b) neither the
       Employee nor any Affiliate of the Employee shall solicit or utilize, or
       assist any person in any way to solicit or utilize, the services,
       directly or indirectly, of any of the Company's directors, consultants,
       members of the Board of Scientific and Medical Advisors, officers or
       employees (collectively, "Associates of the Company"). This
       nonsolicitation and nonutilization provision shall not apply to
       Associates of the Company who have previously terminated their
       relationship with the Company.

       10.1   If the Employee commits a breach, or threatens to commit a breach,
              of any of the provisions of this Section 10, the Company shall
              have the following rights and remedies:

              10.1.1 The right and remedy to have the provisions of this
                     Agreement specifically enforced by any court having equity
                     jurisdiction, it being acknowledged and agreed that any
                     such breach or threatened breach shall cause irreparable
                     injury to the Company and that money damages shall not
                     provide an adequate remedy to the Company; and
<PAGE>   6
              10.1.2 The right and remedy to require the Employee to account for
                     and pay over to the Company all compensation, profits,
                     monies, accruals, increments or other benefits
                     (collectively "Benefits") derived or received by the
                     Employee as the result of any transactions constituting a
                     breach of any of the provisions of the preceding paragraph,
                     and the Employee hereby agrees to account for and pay over
                     such Benefits to the Company.

                     Each of the rights and remedies enumerated above shall be
                     independent of the other, and shall be severally
                     enforceable, and all of such rights and remedies shall be
                     in addition to, and not in lieu of, any other rights and
                     remedies available to the Company under law or in equity.

       10.2   If any of the covenants contained in Section 8, 9 or 10, or any
              part thereof, is hereafter construed to be invalid or
              unenforceable, the same shall not affect the remainder of the
              covenant or covenants, which shall be given full effect without
              regard to the invalid portions.

       10.3   If any of the covenants contained in Section 8, 9 or 10, or any
              part thereof, is held to be unenforceable because of the duration
              of such provision or the area covered thereby, the parties agree
              that the court making such determination shall have the power to
              reduce the duration and/or area of such provision and, in its
              reduced form, such provision shall then be enforceable.

       10.4   The parties hereto intend to and hereby confer jurisdiction to
              enforce the covenants contained in Sections 8, 9 and 10 upon the
              courts of any state within the geographical scope of such
              covenants. In the event that the courts of any one or more of such
              states shall hold any such covenant wholly unenforceable by reason
              of the breadth of such scope or otherwise, it is the intention of
              the parties hereto that such determination not bar or in any way
              affect the Company's right to the relief provided above in the
              courts of any other states within the geographical scope of such
              covenants, as to breaches of such covenants in such other
              respective jurisdictions, the above covenants as they relate to
              each state being, for this purpose, severable into diverse and
              independent covenants.

11.    Indemnification.

       The Company shall indemnify the Employee, to the maximum extent permitted
       by applicable law, against all costs, charges and expenses incurred or
       sustained by him in connection with any action, suit or proceeding to
       which he may be made a party by reason of his being an officer, director
       or employee of the Company or of any subsidiary or affiliate of the
       Company. The Company shall provide, subject to its availability upon
       reasonable terms (which determination shall be made by the Board) at its
       expense, directors and officers insurance for the Employee in reasonable
       amounts. Determination with respect to (a) the availability of insurance
       upon reasonable terms and (b) the amount of such insurance coverage shall
       be made by the Board in its sole discretion.

12.    Notices.

       All notices, requests, consents and other communications required or
       permitted to be given hereunder shall be in writing and shall be deemed
       to have been duly given if sent by prepaid telegram (confirmed delivery
       by the telegram service), private overnight mail service (delivery
       confirmed by such service), registered or certified mail (return receipt
       requested), or delivered personally, as follows (or to such other address
       as either party shall designate by notice in writing to the other in
       accordance herewith):
<PAGE>   7
       If to the Company:
       ARIAD Pharmaceuticals, Inc.
       26 Landsdowne Street
       Cambridge, Massachusetts 02139
       Attention: Chief Executive Officer
       Telephone: (617) 494-0400
       Fax:       (617) 494-1828

       If to the Employee:
       Mr. Lee C. Steele
       3 Durham Street, No. 2
       Boston, Massachusetts  02115

13.    General

       13.1   This Agreement shall be governed by and construed and enforced in
              accordance with the laws of the Commonwealth of Massachusetts
              applicable to agreements made and to be performed entirely in
              Massachusetts.

       13.2   The Section headings contained herein are for reference purposes
              only and shall not in any way affect the meaning or interpretation
              of this Agreement.

       13.3   This Agreement sets forth the entire agreement and understanding
              of the parties relating to the subject matter hereof, and
              supersedes all prior agreements, arrangements and understandings,
              written or oral, relating to the subject matter hereof. No
              representation, promise or inducement has been made by either
              party that is not embodied in this Agreement, and neither party
              shall be bound by or liable for any alleged representation,
              promise or inducement not so set forth.

       13.4   This Agreement and the Employee's rights and obligations hereunder
              may not be assigned by the Employee or the Company; provided,
              however, the Company may assign this Agreement to an Affiliate or
              a successor-in interest.

       13.5   This Agreement may be amended, modified, superseded, canceled,
              renewed or extended, and the terms or covenants hereof may be
              waived, only by a written instrument executed by the parties
              hereto, or in the case of a waiver, by the party waiving
              compliance. The failure of a party at any time or times to require
              performance of any provision hereof shall in no manner affect the
              right at a later time to enforce the same. No waiver by a party of
              the breach of any term or covenant contained in this Agreement,
              whether by conduct or otherwise, in any one or more instances,
              shall be deemed to be, or construed as, a further or continuing
              waiver of any such breach, or a waiver of the breach of any other
              term or covenant contained in this Agreement.

14.    Definitions. As used herein the following terms have the following
       meaning:

       (a)    "Affiliate" means and includes any corporation or other business
              entity controlling, controlled by or under common control with the
              corporation in question.

       (b)    The "Company's Field of Interest" is the discovery, development
              and commercialization of pharmaceutical products based on (a)
              intervention in signal transduction pathways and (b) gene and cell
              therapy. The Company's Field of Interest may be changed at any
              time at the sole discretion of the Company.
<PAGE>   8
       (c)    "Person" means any natural person, corporation, partnership, firm,
              joint venture, association, joint stock company, trust,
              unincorporated organization, governmental body or other entity.

       (d)    "Subsidiary" means any corporation or other business entity
              directly or indirectly controlled by the corporation in question.

       (e)    "Change in Control" means the occurrence of any of the following
              events (without the consent of the Employee):

              (i)    Any corporation, person or other entity makes a tender or
                     exchange offer for shares of the Company's Common Stock
                     pursuant to which such corporation, person or other entity
                     acquires more than 50% of the issued and outstanding shares
                     of the Company's Common Stock;

              (ii)   The stockholders of the Company approve a definitive
                     agreement to merge or consolidate the Company with or into
                     another corporation or to sell or otherwise dispose of all
                     or substantially all of the Company's assets; or

              (iii)  Any person within the meaning of Section 3 (a) (9) or
                     Section 13 (d) of the Securities Exchange Act of 1934
                     acquires more than 50% of the combined voting power of
                     Company's issued and outstanding voting securities entitled
                     to vote in the election of the Board."

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date
first above written.

                                      ARIAD PHARMACEUTICALS, INC.

                                      By /s/ Harvey J. Berger, M.D.
                                         ----------------------------------
                                         Harvey J. Berger, M.D.
                                         Chairman and Chief Executive Officer

                                      EMPLOYEE

                                      /s/ Lee C. Steele
                                      -------------------------------------
                                      Lee C. Steele

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