EXHIBIT 10.1
371 Bel Marin Keys Blvd., Suite #210, Novato, CA 94949 tel. 415.884.6700
June 14, 2002
Louis Drapeau
8 Whiting Court
Moraga, CA 94556
Subject: Offer of Employment
Dear Lou:
I am pleased to offer you the position of VP, Finance, Chief Financial
Officer and Secretary at BioMarin Pharmaceutical Inc. You will report to Fredric
D. Price, Chairman and Chief Executive Officer. You will be responsible for
Financial Control and Accounting, Investor Relations, Financial Analysis,
Purchasing and Supply Chain Management, and other duties as required. Contingent
on approval at the next Board of Director's meeting, you will be named an
officer of the Company.
Your starting salary at BioMarin will be $250,000 per year, payable
bi-weekly.
In addition, the Company will grant you stock options to purchase 150,000
shares of the common stock of BioMarin Pharmaceutical Inc. The exercise price of
125,000 shares will be $9.25. The exercise price for the remaining 25,000 shares
will be equal to the NASDAQ closing price on your first day of employment. All
of these options will vest as follows: 6/48ths upon the completion of six months
of employment and 1/48 per month thereafter. The options will expire ten years
after the date of grant. You will receive a detailed Stock Option Agreement in
the coming month.
You will accrue vacation at the rate of four weeks per year. You will be
eligible to be covered by the Company's benefit plans including medical, dental,
disability and group life insurance.
Your employment is "at-will." This policy of at-will employment is the sole
and entire agreement concerning the duration of your employment, and the
circumstance under which you may be terminated, and may only be modified in
writing and signed by you and the Chief Executive Officer of the Company. No
verbal statements or representations or implied conduct can modify this policy
of at-will employment.
SEVERANCE
(1) Voluntary resignation: In the event that you resign or leave the
Company for any other voluntary reason, or in the event that the Company
terminates your employment for cause, you will not be eligible to receive
severance pay under the Company's policy.
(2) Change of control: In the event that the Company terminates your
employment for reasons other than cause within one year after a change of
control, you will be eligible to receive benefits as specified by the Company's
Change of Control Plan document.
(3) Termination not related to a Change of Control:
a) Basic severance without a release: In the event that the
Company terminates your employment for reasons other than cause, not
related to a change of control, you will be eligible to receive
severance pay, in accordance with the Company's severance policy.
b) Enhanced severance with a release: The Company will, at the
time of such termination, offer you an enhanced severance pay package
equal to six months of base salary continuation, and will continue
your participation in the Company's medical insurance plan, in lieu of
the basic Company policy on severance pay, in consideration for your
agreement, at the time of such termination, to release the Company
from all claims. A copy of the release agreement that the Company uses
is attached only as a sample.
It is an essential condition of this offer that you acknowledge that you
have received, understood and agree to the terms of the BioMarin Proprietary
Information and Inventions Agreement, a copy of which is appended hereto, and
which you agree to sign and execute upon acceptance of this offer.
This offer of employment is contingent on your providing BioMarin with the
legally required proof of your identity and authorization to work in the United
States.
If you accept this offer, you can plan on starting on or before Thursday,
August 1, 2002.
We are eagerly looking forward to working with you. As you know, this is an
exciting time at BioMarin, and I believe you will find this a challenging and
rewarding experience.
Please confirm your acceptance of this offer by signing below and returning
to me by Wednesday, June 19, 2002, otherwise this offer will expire on that
date.
Sincerely,
/s/ Fredric D. Price
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Fredric D. Price
Chairman & Chief Executive Officer
I accept this offer and the conditions stated herein:
/s/ Louis Drapeau
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Signature
Print Name: Louis Drapeau
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Date: June 14, 2002
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Attachments:
Sample Release Agreement
BioMarin Proprietary Information and Inventions Agreement