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Amgen Inc. Profit Sharing 401k Plan & Trust

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Sectors: Biotechnology / Pharmaceuticals
Governing Law: Washington, View Washington State Laws
Effective Date: January 01, 2000
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EXHIBIT 10.5


IMMUNEX CORPORATION


PROFIT SHARING 401(k) PLAN AND TRUST


(As Amended and Restated Effective January 1, 2000)


CONTENTS


I. NAME AND EFFECTIVE DATE............................................... I-1
1.1 Name........................................................... I-1
1.2 Effective Date................................................. I-1


II. DEFINITIONS........................................................... II-1
2.1 Accounts....................................................... II-1
2.2 Accrued Benefit................................................ II-1
2.3 Affiliate...................................................... II-1
2.4 Allocable Income............................................... II-1
2.5 Beneficiary.................................................... II-1
2.6 Board.......................................................... II-2
2.6 Code........................................................... II-2
2.7 Compensation................................................... II-2
2.8 Computation Period............................................. II-3
2.9 Employee....................................................... II-3
2.10 Employer....................................................... II-4
2.11 Enrollment Date................................................ II-4
2.12 ERISA.......................................................... II-4
2.13 Highly Compensated Employee.................................... II-4
2.14 Hour of Service................................................ II-5
2.15 Investment Fund................................................ II-7
2.16 Investment Manager............................................. II-7
2.17 Limitation Year................................................ II-7
2.18 Nonhighly Compensated Employee................................. II-7
2.19 Normal Retirement Age.......................................... II-8
2.20 One-Year Break in Service...................................... II-8
2.21 Participant.................................................... II-8


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2.22 Participant Elected Contribution............................. II-8
2.23 Plan or Trust................................................ II-8
2.24 Plan Administrator or Committee.............................. II-8
2.25 Plan Year.................................................... II-8
2.26 Required Beginning Date...................................... II-8
2.27 Salary Deferral Agreement.................................... II-9
2.28 Section 402(g) Limit......................................... II-9
2.29 Spouse....................................................... II-9
2.30 Surviving Spouse............................................. II-10
2.31 Trust Fund or Fund........................................... II-10
2.32 Trustee...................................................... II-10
2.33 Trust Fund or Fund........................................... II-10
2.34 Valuation Date............................................... II-10
2.35 Year of Service.............................................. II-10


III. ELIGIBLE EMPLOYEES................................................. III-1
3.1 Participation................................................ III-1
3.2 Participation on Reemployment................................ III-1
3.3 Ineligible Employees......................................... III-2
3.4 Inactive Participants........................................ III-2
3.5 End of Participation......................................... III-3
3.6 Qualified Military Service................................... III-3


IV. CONTRIBUTIONS...................................................... IV-1
4.1 Participant Elected Contributions............................ IV-1
4.2. Employer Matching Contributions.............................. IV-5
4.3. Employer's Profit Sharing Contribution....................... IV-6
4.4 Employee Contributions....................................... IV-6
4.5 Nondiscrimination Test: Matching Contributions
and Employee Contributions................................... IV-6
4.6 Rollover Contributions....................................... IV-8


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V. PARTICIPANT ACCOUNTS AND CREDITING OF CONTRIBUTIONS...................... V-1
5.1 Accounts............................................................ V-1
5.2 Allocation and Crediting of Contributions........................... V-1
5.3 Valuation of Assets................................................. V-2
5.4 Adjustment of Participants' Accounts................................ V-2
5.5 Limitation on Allocations........................................... V-3
5.6 Controlled Groups................................................... V-5
5.7 Protection of Accrued Benefits...................................... V-5
5.8 Title to Assets in Trustee.......................................... V-5


VI. INVESTMENT FUNDS......................................................... VI-1
6.1 Separate Funds...................................................... VI-1
6.2 Participant Direction............................................... VI-1
6.3 Investment Results.................................................. VI-1
6.4 Voting of Stock Held in Investment Funds............................ VI-1
6.5 Voting of Employer Stock............................................ VI-1
6.6 Tender of Employer Stock............................................ VI-2


VII. PARTICIPANT LOANS........................................................ VII-1
7.1 Loans to Participants............................................... VII-1
7.2 Accounting for Loans................................................ VII-4


VIII. NONFORFEITABLE BENEFITS.................................................. VIII-1
8.1 Nonforfeitable Interest............................................. VIII-1
8.2 Years of Service.................................................... VIII-1
8.3 No Increase in Pre-break Vesting.................................... VIII-2
8.4 Forfeitable Interests............................................... VIII-2
8.5 Distribution to Separated Participants.............................. VIII-4


IX. RETIREMENT............................................................... IX-1
9.1 Retirement Age and Benefit.......................................... IX-1


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X. DEATH BENEFIT............................................................ X-1
10.1 Death of Participant............................................... X-1
10.2 Payments Upon Failure to Designate Beneficiary..................... X-1


XI. DISABILITY BENEFIT....................................................... XI-1
11.1 Payment Due........................................................ XI-1
11.2 "Permanently Disabled"............................................. XI-1


XII. DISTRIBUTIONS AND WITHDRAWALS............................................ XII-1
12.1 Distribution of Benefits........................................... XII-1
12.2 Required Distributions............................................. XII-2
12.3 Distributions to Minors and Incompetents........................... XII-4
12.4 Qualified Domestic Relations Orders................................ XII-4
12.5 Hardship Distributions............................................. XII-6
12.6 Direct Rollover Distributions...................................... XII-8
12.7 Waiver of 30-Day Election Period................................... XII-9


XIII. TOP HEAVY PROVISIONS..................................................... XIII-1
13.1 Applicability...................................................... XIII-1
13.2 Definitions........................................................ XIII-1
13.3 Minimum Contributions.............................................. XIII-4
13.5 Benefits Under Different Plans..................................... XIII-5


XIV. PROVISION AGAINST ANTICIPATION........................................... XIV-1


XV. ADMINISTRATIVE COMMITTEE - NAMED FIDUCIARY AND ADMINISTRATOR............. XV-1
15.1 Appointment of Committee........................................... XV-1
15.2 Committee Action................................................... XV-1
15.3 Rights and Duties.................................................. XV-1
15.4 Investments........................................................ XV-3
15.5 Information, Reporting and Disclosure.............................. XV-3
15.6 Independent Qualified Accountant................................... XV-3


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15.7 Standard of Care Imposed Upon the Committee..................... XV-4
15.8 Allocation and Delegation of Responsibility..................... XV-4
15.9 Bonding......................................................... XV-5
15.10 Claims Procedure................................................ XV-5
15.11 Unclaimed Account Procedures.................................... XV-9
15.12 Funding Policy.................................................. XV-10
15.13 Indemnification................................................. XV-10


XVI. APPOINTMENT OF INVESTMENT MANAGER...................................... XVI-1
16.1 Authority for Appointment....................................... XVI-1
16.2 Investment Manager Discretion................................... XVI-1


XVII. INVESTMENT OF TRUST FUNDS BY TRUSTEE................................... XVII-1


XVIII. POWERS AND DUTIES OF TRUSTEE........................................... XVIII-1
18.1 Powers of Trustee............................................... XVIII-1
18.2 Annual Accounts................................................. XVIII-3
18.3 Notices and Directions.......................................... XVIII-3
18.4 Standard of Care Imposed Upon Trustee........................... XVIII-4
18.5 Trustee's Acknowledgment of Responsibility...................... XVIII-5


XIX. CONSTRUCTION........................................................... XIX-1


XX. LIABILITY OF TRUSTEE................................................... XX-1
20.1 Actions of Trustee Conclusive................................... XX-1
20.2 Distributions by Trustee........................................ XX-1
20.3 Expenses of Administration...................................... XX-1
20.4 Indemnity of Trustee............................................ XX-1


XXI. RESIGNATION OR REMOVAL OF TRUSTEE...................................... XXI-1
21.1 Resignation..................................................... XXI-1
21.2 Removal......................................................... XXI-1
21.3 Settlement of Account........................................... XXI-1


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XXII. SUITS.................................................................... XXII-1


XXIII. MERGERS AND CONSOLIDATIONS............................................... XXIII-1


XXIV. AMENDMENT AND TERMINATION OF PLAN........................................ XXIV-1
24.1 Right to Amend and Terminate...................................... XXIV-1
24.2 No Revesting...................................................... XXIV-1
24.3 Exclusive Benefit of Participants................................. XXIV-1
24.4 Termination and Discontinuance of Contributions................... XXIV-1


XXV. RIGHT TO DISCHARGE EMPLOYEES............................................. XXV-1


XXVI. RETURN OF CONTRIBUTIONS.................................................. XXVI-1
26.1 Mistake of Fact................................................... XXVI-1
26.2 Allowance of Deductibility........................................ XXVI-1


XXVII. PUERTO RICO.............................................................. XXVII-2


Immunex Corporation Profit Sharing 401(k) Plan and Trust Page vi


IMMUNEX CORPORATION


PROFIT SHARING 401(k) PLAN AND TRUST


THIS DOCUMENT, made and executed by Immunex Corporation, a Washington corporation, hereinafter referred to as the "Employer":


WITNESSETH


WHEREAS, the Employer established its profit sharing plan effective as of January 1, 1987 and to conform the plan to applicable law, the Employer intends to amend the plan by complete restatement; and


WHEREAS, the Employer intends that the plan and trust established hereunder be qualified under Sections 401(a) and 401(k) of the Internal Revenue Code (the "Code") and be exempt from federal income taxation under Section 501(a) of the Code; and


WHEREAS, the form of this plan and trust has been approved by the Employer;


NOW, THEREFORE, it is agreed:


Immunex Corporation Profit Sharing 401(k) Plan and Trust


I. NAME AND EFFECTIVE DATE


1.1 Name


This Plan shall be known as the Immunex Corporation Profit Sharing 401(k)
Plan and Trust.


1.2 Effective Date


The original effective date of the Plan was January 1, 1987. Unless
specifically provided otherwise, the effective date of this Agreement (and
the amended and restated Plan set forth herein) shall be January 1, 2000.
The benefit payable to or on behalf of a Participant included under the
Plan in accordance with the following provisions shall not be affected by
the terms of any amendment to the Plan adopted after such Participant's
service with the Employer terminates, unless the amendment expressly
provides otherwise.


Immunex Corporation Profit Sharing 401(k) Plan and Trust Page I-1


II. DEFINITIONS


Whenever used herein, unless the context clearly indicates otherwise, masculine, feminine, and neuter words may be used interchangeably, singular shall mean the plural and vice versa, and the following words and phrases shall have the following meanings:


2.1 Accounts


"Accounts" means the individual separate Accounts established by the Plan
Administrator in the name of each Participant in accordance with the Plan.


2.2 Accrued Benefit


"Accrued Benefit" means the balance of a Participant's Accounts including
investment experience, as of the most recent Valuation Date, plus
accumulated contributions since such date and less any distributions since
such date.


2.3 Affiliate


"Affiliate" means any member of a controlled group of corporations (within
the meaning of Code Section 414(b), as modified in accordance with Code
Section 415(h) for purposes of Sections 5.5 and 5.6), a group of trades or
businesses under common control (within the meaning of Code Section 414(c),
as modified in accordance with Code Section 415(h) for purposes of Sections
5.5 and 5.6) or an affiliated service group (within the meaning of Code
Section 414(m) or (o)) of which the Employer is a member.


2.4 Allocable Income


"Allocable Income" means net income or net loss. To calculate Allocable
Income for the Plan Year, the Plan Administrator will use a uniform
nondiscriminatory method that reasonably reflects the manner used by the
Plan to allocate income to the Participant's Accounts. Allocable Income
will not be determined for the period between the end of the Plan Year and
the date of distribution.


2.5 Beneficiary


"Beneficiary" means the person or persons designated as such by a
Participant in accordance with Article X.


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2.6 Board


"Board" means the Board of Directors of Immunex Corporation.


2.6 Code


"Code" means the Internal Revenue Code of 1986, as amended.


2.7 Compensation


Except as otherwise expressly modified by other provisions of the Plan,
"Compensation" means an Employee's wages, salary, fees for professional
services and other amounts received during the Plan Year (without regard to
whether or not an amount is paid in cash) for personal services actually
rendered in the course of employment with the Employer to the extent that
such amounts are includible in gross income, including, but not limited to,
overtime, bonuses and commissions, but excluding fringe benefits and
reimbursements or other expense allowances under a nonaccountable plan (as
defined in Treasury Regulation (S) 1.62-2(c)). Compensation shall not
include Employer contributions to a plan of deferred compensation to the
extent that, before the application of the Section 415 limitations to that
plan, the contributions are not includible in the employee's gross income
for the taxable year in which contributed; deductible Employer
contributions to a simplified employee pension plan described in Code
Section 408(k); distribution from a plan of deferred compensation,
regardless of whether such amounts are includible in the employee's gross
income when distributed; amounts realized from the exercise of a
non-qualified stock option or when restricted stock (or property) held by
an employee becomes freely transferable or is no longer subject to a
substantial risk of forfeiture; amounts realized from the sale, exchange or
other disposition of stock acquired under a qualified stock option; or any
other amounts which receive special tax benefits. Notwithstanding the
foregoing, (i) Compensation shall include amounts excludable from the
Employee's gross income by reason of Code Section 125, 402(e)(3), 402(h) or
403(b), and (ii) solely for purposes of Sections 2.27, 4.1A, 4.1E, 4.2A and
5.2A, Compensation shall not include commissions or, effective March 1,
2002, retention bonuses. Effective on and after January 1, 2001,
Compensation shall also include amounts excludable from the Employee's
gross income for qualified taxable fringe benefits pursuant to Code Section
132(f)(4).


A Participant's Compensation for any Plan Year shall not exceed the
Compensation Limit in effect under Code Section 401(a)(17), as adjusted for
increases in the cost-of-living in accordance with Code


Immunex Corporation Profit Sharing 401(k) Plan and Trust Page II-2


Section 401(a)(17)(B) for such Plan Year. The Compensation Limit in effect
for any Plan Year is the Compensation Limit in effect at the beginning of
that Plan Year. For a Plan Year of less than 12 months, the Compensation
Limit is a prorated dollar amount, determined by multiplying the
Compensation Limit by a fraction, the numerator of which equals the number
of months in the short period and the denominator of which equals 12.


2.8 Computation Period


"Computation Period" shall mean a twelve (12) consecutive month period
designated for purposes of determining an Employee's Years of Service and
One-Year Breaks in Service for benefit accrual and vesting as follows:


Eligibility Computation Period shall mean the twelve (12) consecutive
month period beginning on the date on which the Employee first
completes an Hour of Service. The second and subsequent Eligibility
Computation Periods shall be the Plan Year, beginning with the Plan
Year that includes the first anniversary of the date on which the
Employee first completed an Hour of Service. In the case of an
Employee who incurs a One-Year Break in Service prior to becoming a
Participant, a new Eligibility Computation Period shall begin on the
date on which the Employee first completes an Hour of Service
following such One-Year Break in Service. The second and subsequent
Eligibility Computation Periods for such Employee shall be the Plan
Year, beginning with the Plan Year that includes the first anniversary
of the date on which the Employee first completed an Hour of Service
following his reemployment.


Accrual Computation Period shall mean the Plan Year.


Vesting Computation Period shall mean the Plan Year.


2.9 Employee


"Employee" means any person, including officers, in the service of the
Employer. Employee shall not mean an independent contractor. Employee shall
also mean any leased employee, within the meaning of Code Section 414(n),
unless such leased employee is covered by a plan maintained by the leasing
organization that meets the requirements of Code Section 414(n)(5)(B) and
leased employees do not constitute more than 20 percent of the Employer's
Nonhighly Compensated Employee work force.


Immunex Corporation Profit Sharing 401(k) Plan and Trust Page II-3


2.10 Employer


"Employer" means Immunex Corporation and any Affiliate that, with the
consent of the Board, elects to adopt the Plan and any organization that
acquires the Employer's business and adopts the Plan; provided, that for
purposes of Article XV (Administrative Committee) and Article XXIV
(Amendment and Termination of Plan), Employer means Immunex Corporation.


2.11 Enrollment Date


"Enrollment Date" means the first day of any month and shall be the date on
which the Employee commences participation in the Plan.


2.12 ERISA


"ERISA" means the Employee Retirement Income Security Act of 1974, as
amended.


2.13 Highly Compensated Employee


A. Effective for Plan Years beginning on and after January 1, 1997,
"Highly Compensated Employee" means an Employee who:


1. Was a more than 5% owner of an Employer (applying the
constructive ownership rules of Code Section 318) during the Plan
Year or during the preceding 12-month period; or


2. For the preceding Plan Year (i) had Compensation in excess of
$80,000 (as adjusted by the Commissioner of Internal Revenue for
the relevant year); and (ii) if the Employer so elects, was in
the top-paid group of Employees (i.e., the group consisting of
the top 20% of the Employees when ranked on the basis of
Compensation paid during such Plan Year).


B. A Highly Compensated Employee also includes a former Employee who must
be treated as a Highly Compensated Employee for the relevant Plan Year
pursuant to Regulation Section 1.414(q)-1T Q&A-4 and Notice 97-45.


C. The Employer and its Affiliates shall be treated as a single Employer
for purposes of determining the number and identity of Highly
Compensated Employees.


Immunex Corporation Profit Sharing 401(k) Plan and Trust Page II-4


2.14 Hour of Service


"Hour of Service" means the following:


A. Each hour for which an Employee is paid, or entitled to payment, for
the performance of duties for the Employer during the applicable
Computation Period.


B. Each hour for which an Employee is paid, or entitled to payment, by
the Employer on account of a period of time during which no duties are
performed (irrespective of whether the employment relationship has
terminated) due to vacation, holiday, illness, incapacity (including
disability), layoff, jury duty, military duty or leave of absence.


Notwithstanding the preceding sentence,


1. No more than 501 Hours of Service shall be credited under this
paragraph to an Employee on account of any single continuous
period during which the Employee performs no duties (whether or
not such period occurs in a single Computation Period);


2. An hour for which an Employee is directly or indirectly paid, or
entitled to payment, on account of a period during which no
duties are performed is not required to be credited to the
Employee if such payment is made or due under an insured
disability plan or a plan maintained solely for the purposes of
complying with applicable worker's compensation, unemployment
compensation, or disability insurance laws;


3. Hours of Service are not required to be credited for a payment
that solely reimburses an Employee for medically related expenses
incurred by the Employee; and


4. For purposes of this paragraph, a payment shall be deemed to be
made by or due from the Employer, regardless of whether such
payment is made by or due from the Employer directly or
indirectly through a trust fund or insurer to which the Employer
contributes or pays premiums, and, regardless of whether
contributions made or due to the trust fund, insurer or other
entity are for the benefit of particular Employees or are on
behalf of a group of Employees in the aggregate.


Immunex Corporation Profit Sharing 401(k) Plan and Trust Page II-5


C. Each hour for which back
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