Amendment No. 3 to Employment Agreement between BioMarin Pharmaceutical Inc. and Robert A. Baffi
This amendment updates the employment agreement between BioMarin Pharmaceutical Inc. and Robert A. Baffi, Ph.D. It changes the definition of "Termination Compensation" to provide Dr. Baffi with a lump sum payment equal to 150% of his current annual base salary if his employment ends, provided he signs the company's standard severance and release agreement within 20 days of termination. All other terms of the original agreement remain unchanged.
Exhibit 10.4
AMENDMENT NO. 3 TO
EMPLOYMENT AGREEMENT
THIS AMENDMENT NO. 3 TO EMPLOYMENT AGREEMENT (the “Amendment”) made as of December 17, 2012 (“Effective Date”) by and between BioMarin Pharmaceutical Inc., a Delaware corporation (the “Company”) and Robert A. Baffi, Ph.D (“Employee”).
| 1. | This Amendment No. 3 is intended to amend and modify that certain Employment Agreement by and between the Company and Employee dated January 1, 2009 and amended on May 8, 2012 and May 24, 2012 (the “Agreement”). The Agreement, together with this Amendment, shall constitute a single agreement. Capitalized terms not otherwise defined in this Amendment shall have the meaning ascribed to such terms in the Agreement. Except as expressly modified by this Amendment, the Agreement shall remaining full force and effect according to its terms. |
| 2. | The defined term “Termination Compensation,” as provided in Section 7(c) of the Agreement, is hereby deleted and replaced in its entirety by the following definition: |
Termination Compensation. For purposes of this Agreement, the term “Termination Compensation” shall mean: (i) one hundred fifty percent (150%) of the Employee’s then current annual base salary which shall be payable in a lump sum within forty-five (45) days after separation of employment, conditioned on Employee executing the Company’s standard form severance and release agreement within twenty (20) days of the Employee’s termination, and shall be subject to customary withholding and other applicable payroll processes. If Employee fails to execute and deliver the Company’s standard form severance and release agreement within twenty (20) days after the Employee’s termination, Employee will have no right to any Termination Compensation under this Agreement.
| 3. | This Amendment No. 3 may be executed in any number of counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. |
IN WITNESS WHEREOF, the parties to this Amendment have executed this Amendment as of the date first written above.
| BIOMARIN PHARMACEUTICAL INC. | EMPLOYEE | |||||||
| By: | /s/ Jean-Jacques Bienaimé | By: | /s/ Robert A. Baffi, Ph.D | |||||
| Name: Jean-Jacques Bienaimé | Robert A. Baffi, Ph.D | |||||||
| Its: Chief Executive Officer | ||||||||
