BIOMARIN PHARMACEUTICAL INC. 1998 DIRECTOR OPTION PLAN, AS AMENDED

EX-10.2 3 dex102.htm AMENDMENT NO. 3 TO 1998 DIRECTOR OPTION PLAN Amendment No. 3 to 1998 Director Option Plan

Exhibit 10.2

Date Adopted: May 5, 2004

Amendment No. 3 To

BIOMARIN PHARMACEUTICAL INC.

1998 DIRECTOR OPTION PLAN, AS AMENDED

This AMENDMENT dated as of May 5, 2004 (this “Amendment”), amends the BioMarin Pharmaceutical Inc. (the “Corporation”) 1998 Director Option Plan, as amended (the “Plan”) as follows:

1. Amendment to the Plan.

(a) The following is added as Subsection 11(c) to the Plan:

Notwithstanding anything contained herein to the contrary, unless the Company has obtained the consent of a majority of the shareholders of the Company, in no event will the Board authorize any amendment to the Plan, or to any Option under the plan, that would effect a reduction in the exercise price of such Option, other than as a result of a stock split or other recapitalization as contemplated by Section 10.

(b) Capitalized terms not otherwise defined in this Amendment shall have the meaning ascribed to such term in the Plan. Except as expressly amended herein, the Plan shall continue in full force and effect in accordance with its terms.

2. Effective Date of Amendment. The effective date of this Amendment shall be May 5, 2004.