SEVERANCE AGREEMENT

                               -------------------



         THIS AGREEMENT, dated as of December 16, 2001, is made by and between

Immunex Corporation, a Washington corporation (the "Company"), and Barry G. Pea

(the "Executive").



         WHEREAS, the Company considers it essential to the best interests of

its shareholders to foster the continued employment of key management personnel;

and



         WHEREAS, the Board recognizes that, as is the case with many publicly

held corporations, the possibility of a Change in Control exists and that such

possibility, and the uncertainty and questions which it may raise among

management, may result in the departure or distraction of management personnel

to the detriment of the Company and its shareholders; and



         WHEREAS, the Board has determined that appropriate steps should be

taken to reinforce and encourage the continued attention and dedication of

members of the Company's management, including the Executive, to their assigned

duties without distraction in the face of potentially disturbing circumstances

arising from the possibility of a Change in Control;



         NOW, THEREFORE, in consideration of the premises and the mutual

covenants herein contained, the Company and the Executive hereby agree as

follows:



         1. Defined Terms. The definitions of capitalized terms used in this

            -------------

Agreement are provided in the last Section hereof.



         2. Term of Agreement. The Term of this Agreement shall commence on the

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date hereof and shall continue in effect through December 31, 2004; provided,

                                                                    --------

however, that commencing on January 1, 2002 and each January 1 thereafter, the

-------

Term shall automatically be extended for one additional year unless, not later

than September 30 of the preceding year, the Company or the Executive shall have

given notice not to extend the Term; and further provided, however, that if a

                                         ------- --------  -------

Change in Control shall have occurred during the Term, the Term shall expire on

the date which is twenty-four (24) months immediately following the date on

which such Change in Control occurred.



         3. Company's Covenants Summarized. In order to induce the Executive to

            ------------------------------

remain in the employ of the Company and in consideration of the Executive's

covenants set forth in Section 4 hereof, the Company agrees, under the

conditions described herein, to pay the Executive the Severance Payments and the

other payments and benefits described herein. Except as provided in Section 9.1

hereof, no Severance Payments shall be payable under this Agreement unless there

shall have been a termination of the Executive's employment with the Company

under the circumstances described herein within the two year period immediately

following a Change in Control that occurs during the Term. This Agreement shall

not be construed as creating an express or implied contract of employment and,

except as otherwise agreed in writing between the Executive and the Company, the

Executive shall not have any right to be retained in the employ of the Company.



{PAGE}



         4. The Executive's Covenants. The Executive agrees that, subject to the

            -------------------------

terms and conditions of this Agreement, in the event of a Potential Change in

Control during the Term, the Executive will remain in the employ of the Company

until the earliest of (i) a date which is six (6) months from the date of such

Potential Change in Control, (ii) the date of a Change in Control, (iii) the

date of termination by the Executive of the Executive's employment for Good

Reason or by reason of death, Disability or Retirement, or (iv) the termination

by the Company of the Executive's employment for any reason.



         5. Compensation Other Than Severance Payments.

            ------------------------------------------



         5.1    If the Executive's employment shall be terminated for any reason

following a Change in Control and during the Term, the Company shall pay the

Executive's full salary to the Executive through the Date of Termination at the

rate in effect immediately prior to the Date of Termination or, if higher, the

rate in effect immediately prior to the Change in Control, together with all

compensation and benefits payable to the Executive through the Date of

Termination under the terms of the Company's compensation and benefit plans,

programs or arrangements as in effect immediately prior to the Date of

Termination or, if more favorable to the Executive, as in effect immediately

prior to the Change in Control.



         5.2    If the Executive's employment shall be terminated for any reason

following a Change in Control and during the Term, the Company shall pay to the

Executive the Executive's normal post-termination compensation and benefits as

such payments become due. Such post-termination compensation and benefits shall

be determined under, and paid in accordance with, the Company's retirement,

insurance and other compensation or benefit plans, programs and arrangements as

in effect immediately prior to the Date of Termination or, if more favorable to

the Executive, as in effect immediately prior to the Change in Control.



         6. Severance Payments.

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         6.1    If the Executive's employment is terminated within the two year

period immediately following a Change in Control that occurs during the Term,

other than (A) by the Company for Cause, (B) by reason of death or Disability,

or (C) by the Executive without Good Reason, then, subject to Section 6.5, the

Company shall pay the Executive the amounts, and provide the Executive the

benefits, described in this Section 6.1 ("Severance Payments") and Section 6.2,

in addition to any payments and benefits to which the Executive is entitled

under Section 5 hereof.



                (A) In lieu of any further salary payments to the Executive for

    periods subsequent to the Date of Termination and in lieu of any severance

    benefit otherwise payable to the Executive including amounts payable

    pursuant to the Immunex Corporation Leadership Continuity Plan (but not in

    lieu of amounts payable pursuant to the Immunex Corporation Retention Plan,

    except as expressly provided in such plan), the Company shall pay to the

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