Exhibit 10.1
SEVERANCE
AGREEMENT
AND RELEASE OF ALL
CLAIMS
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1.
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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.
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2.
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Employee’s termination date for all
purposes will be June 30, 2009 (“ Termination
Date ”).
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3.
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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.
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4.
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Company agrees
to continue Employee’s salary through the Termination Date.
All appropriate payroll taxes will be deducted
therefrom.
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5.
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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.
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6.
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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.
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7.
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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.
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8.
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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.
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9.
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The parties
acknowledge that California Civil Code Section 1542 provides
as follows:
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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.
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10.
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Employee
understands that:
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10.1
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Employee has 21
days in which to consider signing this Agreement;
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10.2
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Employee should
carefully read and fully understand all of the terms of the
Agreement;
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10.3
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Employee is,
through this Agreement, releasing Company from any and all claims
Employee may have against it;
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10.4
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Employee
knowingly and voluntarily agrees to all of the terms set forth in
this Agreement;
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10.5
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Employee
knowingly and voluntarily intends to be legally bound by this
Agreement;
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10.6
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Employee was
advised and hereby is advise
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