Back to top

SEVERANCE AGREEMENT AND RELEASE OF ALL CLAIMS

Release Agreement

SEVERANCE AGREEMENT AND RELEASE OF ALL CLAIMS | Document Parties: BIOMARIN PHARMACEUTICAL INC You are currently viewing:
This Release Agreement involves

BIOMARIN PHARMACEUTICAL INC

. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here.
Title: SEVERANCE AGREEMENT AND RELEASE OF ALL CLAIMS
Date: 6/3/2009
Industry: Biotechnology and Drugs     Sector: Healthcare

SEVERANCE AGREEMENT AND RELEASE OF ALL CLAIMS, Parties: biomarin pharmaceutical inc
50 of the Top 250 law firms use our Products every day

Exhibit 10.1

SEVERANCE AGREEMENT

AND RELEASE OF ALL CLAIMS

 

1.

This Severance Agreement and Release of All Claims (this “ Agreement ”) is entered into between BioMarin Pharmaceutical Inc., including its officers, directors, managers, agents, and representatives (“ Company ”) and Emil D. Kakkis (“ Employee ”). The purpose of this Agreement is to arrange a severance of Employee’s employment with Company on a basis that is satisfactory both to the Company and to the Employee.

 

2.

Employee’s termination date for all purposes will be June 30, 2009 (“ Termination Date ”).

 

3.

Both Employee and Company are entering into this Agreement as a way of concluding the employment relationship between them and of settling voluntarily any dispute or potential dispute that Employee has or might have with Company as of the date this Agreement is signed.

 

4.

Company agrees to continue Employee’s salary through the Termination Date. All appropriate payroll taxes will be deducted therefrom.

 

5.

Company agrees to pay to Employee severance pay in the amount of Four Hundred Seventy Two Thousand Five Hundred Dollars ($472,500). This amount will be paid in a lump sum within ten business days of Employee signing this Release, subject to Section 21 of the Employment Agreement between Company and Employee as amended and restated effective January 1, 2009. All appropriate payroll taxes will be deducted therefrom.

 

6.

Employee will no longer be eligible to participate in the Company’s Life, Health or Dental Insurance Plans, 401(k) Plan, Short or Long-Term Disability Plans, Educational Assistance Plan, Employee Stock Purchase Plan, or other employee benefit plans as of the termination date. Employee will be covered under the Health and Dental Insurance plans through the Termination Date. Subsequently, employee will be eligible for COBRA coverage as required by law.

 

7.

As consideration for this severance payment, Employee, for Employee and Employee’s spouse, heirs, executors, representative and assigns, forever releases the Company from any and all claims, actions, and causes of action which Employee has or might have concerning Employee’s employment with Company or the termination of employment, up to the date of the signing of this Agreement. All such claims are forever barred by this Agreement and without regard as to whether those claims are based upon any alleged breach of contract or covenant of good faith and fair dealing; any alleged employment discrimination or other unlawful discriminatory acts, including claims under Title VII, the Fair Employment and Housing Act, the Americans with Disabilities Act, the California Labor Code, the Employee Retirement Income Security Act; the Age Discrimination in Employment Act; the Older Workers Benefit Protection Act of 1990, any alleged tortious act resulting in physical injury, emotional distress, or damage to reputation or other damages; or any other claim or cause of action as of the date of the signing of this Agreement.

 

8.

Employee agrees that the foregoing payments shall constitute all money and benefits owed or payable to employee and that Employee will not seek any further compensation for any other claims, damages, costs or attorneys fees.

 

9.

The parties acknowledge that California Civil Code Section 1542 provides as follows:

A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM MUST HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE DEBTOR.


Being fully informed of this provision of the Civil Code, Employee and Company waive any rights under that section, and acknowledge that this Agreement extends to all claims Employee has or might have against Company, whether known or unknown.

 

10.

Employee understands that:

 

 

10.1 

Employee has 21 days in which to consider signing this Agreement;

 

 

10.2 

Employee should carefully read and fully understand all of the terms of the Agreement;

 

 

10.3 

Employee is, through this Agreement, releasing Company from any and all claims Employee may have against it;

 

 

10.4 

Employee knowingly and voluntarily agrees to all of the terms set forth in this Agreement;

 

 

10.5 

Employee knowingly and voluntarily intends to be legally bound by this Agreement;

 

 

10.6 

Employee was advised and hereby is advise


 
SITE SEARCH

AGREEMENTS / CONTRACTS

Document Title:

Entire Document: (optional)

Governing Law:(optional)


Try our advanced search >>
 

CLAUSES

Search Contract Clauses >>

Browse Contract Clause Library>>

Get Email Updates
Email:
This is only a partial view of this document. We have millions of legal documents and clauses drafted by top law firms. learn more search for free browse for free learn more