Document:

Exhibit

7477 east dry creek parkway niwot, colorado 80503

Exhibit 10.1

August 1, 2018

ANNE MEHLMAN
PERSONAL & CONFIDENTIAL
DELIVERED VIA EMAIL

Dear Anne,

We are pleased to offer you full-time employment with Crocs, Inc. (the “Company” or “Crocs”) effective August 24, 2018, on the following terms:

		
	1.
	Title - Your initial position will be Chief Financial Officer reporting to Andrew Rees, Chief Executive Officer.  Your position, duties and reporting relationships are subject to change in accordance with operational needs. 

		
	2.
	Compensation - Your starting salary will be $550,000 ($21,153.85 per two weeks), payable in accordance with our published payroll cycle for similarly-situated employees. 

		
	3.
	Short-term Incentive Plan - Your total compensation includes eligibility to participate in the Company’s Short Term Incentive Plan (STIP) for the 2018 and beyond STIP Plan years.  In this plan, your target discretionary bonus is 75% of your base salary which is derived from achievement of financial goals including Company profitability and individual performance.  Please note, your target 2018 STIP amount is subject to your actual eligible earnings for the year. 

		
	4.
	Long-term Incentive Plan - Additionally, you will be eligible to participate in the Company’s Long Term Incentive Plan. In this plan, your target long-term incentive is 75% of your base salary, and will be discretionary based on Company and individual performance.

		
	5.
	Attraction Grant - Subject to the approval of the Compensation Committee, you will be granted USD $200,000 in Restricted Stock Units (“RSUs”) of the Company’s stock under the 2015 Crocs, Inc. Equity Incentive Plan, which will vest in accordance with the Plan.  The RSU award is subject to you executing the applicable award agreement.

		
	6.
	Sign-On Award - You are eligible for a USD $200,000 signing bonus payable on your first paycheck after your start date. As a condition of receiving this bonus, you agree that you will remain employed for a minimum of twenty-four (24) months with the Company.  Should you voluntarily end your employment with the Company or are terminated for Cause (as defined in Section 9) prior to that time, you agree to reimburse the Company in accordance with the attached Repayment Agreement.

		
	7.
	Relocation - You are eligible for certain relocation benefits upon your hire including but not limited to packing, shipment, and unpacking of household goods, temporary housing up to six months, storage and house-hunting assistance. As a condition of receiving these relocation benefits, you agree that you will remain employed for a minimum of twenty-four (24) months with the Company.  Should you voluntarily end your employment with the Company or are terminated for Cause (as defined in Section 9) prior to that time, you agree to reimburse the Company in accordance with the attached Repayment Agreement.

		
	8.
	Benefits - You will be eligible for the Company's health and welfare plans on the first of the month after employment commences. You will also be eligible for paid time-off, as well as other benefits, in accordance with the Company's policies for similarly situated employees.

		
	9.
	Severance - Should your employment terminate without Cause (as defined below), or you resign for Good Reason (as defined below), you will receive a minimum of 12 months’ pay at your then current base salary, in a lump sum, less applicable taxes and withholdings.  In addition, you will be eligible for executive outplacement at the Executive Vice President Level conditioned upon your signing the Company’s Separation Agreement 

7477 east dry creek parkway niwot, colorado 80503

and General Release. You are not eligible to receive severance if you voluntarily resign your employment or are terminated by Crocs for Cause. 

For purposes of this offer letter, “Cause” means the occurrence of any of the following: (1) a conviction of or pleading guilty to (a) a felony, or (b) a misdemeanor that is reasonably likely to cause material harm to the business, financial condition, or operating results of Crocs; (2) theft, embezzlement or fraud; (3) any material failure to comply with known Company policy, including, without limitation, those regarding conflicts of interest or disclosure of confidential information; (4) substance abuse or use of illegal drugs that materially impairs the performance of your job duties or that is likely to cause material harm to the business, financial condition, or operating results of Crocs; or (5) the continued failure to substantially perform your job duties (other than any such failure resulting from incapacity due to physical or mental illness). 

For purposes of this offer letter, “Good Reason” means the occurrence of any of the following without your consent: (1) material diminution in your responsibilities, authorities or duties; (2) reduction in your base salary (unless such reduction is part of an across the broad uniformly applied reduction affecting all senior executives and does not exceed the average percentage reduction for all such senior executives and such reduction does not exceed 10% in any one year); (3) a reduction in your incentive or equity compensation opportunity such that it is materially less favorable to you than those provided generally to all other senior executives; (4) any change in your reporting relationship such that you would not report directly to the Company’s CEO; (5) Any requirement that you relocate your primary residence more than 50 miles, provided your primary residence is in the continental US; (5) a material breach of this letter agreement by the Company. Provided, however, that “Good Reason” will not exist unless you have first provided written notice to the Company of the occurrence of one or more of the conditions under the clauses (1) through (5) above within 180 days of the condition’s occurrence, and such conditions(s) is (are) not fully remedied by the Company within 30 days after the Company’s receipt of written notice from you.

		
	10.
	Change in Control Plan - So long as the Company maintains the Company’s Change in Control Plan (the “CIC Plan”), you will be eligible to participate in the CIC Plan with a Severance Payment Percentage of 200%, subject to the terms and conditions of the CIC Plan.

		
	11.
	At-Will Employment - Your employment with Crocs is at-will, meaning the Company retains the right to terminate the employment relationship at any time, with or without notice, for any reason not prohibited by law. 

		
	12.
	Confidentiality. -   You will become privy to information that is confidential and/or intended for Company use only.  As such, all employees are required to maintain such information in strict confidence both during and after their employment with the Company, and to comply with all terms of such agreement.  “Confidential Information” means all trade secrets belonging to the Company (and its subsidiaries and affiliates), and all nonpublic or proprietary information relating to Company's business or that of any Company customer. Examples of Confidential Information include, but are not limited to, software (in source or object code form), databases, algorithms, processes, designs, prototypes, methodologies, reports, specifications, information regarding products sold, distributed or being developed by Company and any other nonpublic information regarding Company’s current and developing technology; information regarding customers, prospective customers, clients, business contacts, prospective and executed contracts and subcontracts, marketing and/or sales plans, or any other initiatives, strategies, plans and proposals used by Company in the course of its business, and any non-public or proprietary information regarding Company’s present or future business plans, financial information, or any intellectual property, whether any of the foregoing is embodied in hard copy, computer-readable form, electronic or optical form, or otherwise. You shall at all times during and after your employment has ended, maintain the confidentiality of the Confidential Information. You shall not, without Company’s prior written consent, directly or indirectly: (i) copy or use any Confidential Information for any purpose not within the scope of your work on Company’s behalf; or (ii) show, give, sell, disclose or otherwise communicate any Confidential Information to any person or entity other than Company unless such person or entity is authorized by Company to have access to the Confidential Information in question, These restrictions do not apply if the Confidential Information has been made generally available to the public by Company or becomes generally available to the public through some other normal course of events. All Confidential Information prepared by or provided to you are and shall remain Company’s property or the property of the Company’s customer to which they belong.

7477 east dry creek parkway niwot, colorado 80503

		
	13.
	Non-Compete.  In order to protect Company’s Confidential Information and trade secrets, which would cause irreparable harm to Company if disclosed to a competitor, while employed by Company and for a period of twelve (12) months following the termination of your employment for any reason (the “Restriction Period”), you shall not, without the prior written consent of the Company, directly or indirectly engage in any employment, independent contracting, consulting engagement, business opportunity or individual activity in the United States of America or abroad with the following casual footwear companies: Skechers USA, Inc., Wolverine Worldwide, Inc., Deckers Outdoor Corporation, and any other entity or business that is primarily engaged in the design and distribution of casual footwear (collectively, the “Restricted Activities”).  You further acknowledge and agree that in light of your knowledge of and access to Company’s Confidential Information and trade secrets, and the international nature of Company’s business, that the restrictions set forth herein are reasonable.  In the event you breach this covenant not to compete, the Restriction Period shall automatically toll from the date of the first breach, and all subsequent breaches, until the resolution of the breach through private settlement, judicial or other action, including all appeals. The Restriction Period shall continue upon the effective date of any such settlement, judicial or other resolution.

		
	14.
	Non-Solicitation.    During your employment and for twelve (12) months after termination of such employment for any reason, you shall not: (i) encourage or solicit any employee or consultant who worked for the Company on the date of your termination to leave the Company for any reason, nor will you solicit such person’s services; (ii) assist any other person or entity in such encouragement or solicitation; (iii) otherwise interfere with the relationship any employee or consultant has with the Company; or (iv) encourage or solicit any customer, vendor, supplier or contractor of Company who has a business relationship with the Company on the date of your termination to terminate or seek to modify its relationship with the Company, or otherwise interfere with the relationship any customer, vendor, supplier or contractor has with the Company.

Your hire is conditioned upon the following: (a) you accurately complete an employment application and provide any other information needed to evaluate your background and qualifications, and process your hire; (b) you authorize the Company to investigate your background and history, and the Company determines after investigation that the information is satisfactory to the Company, in the Company’s sole discretion; (c) you establish your eligibility to work in the United States in accordance with legal requirements; (d) you disclose the existence of any agreements you may have entered into with any third party, including any former employer(s), that may restrict your ability to work at the Company so that the Company may determine, in its sole discretion, if any such restrictions preclude the Company from hiring you, prior to your first day of work.

We are delighted to extend this conditional offer and look forward to welcoming you to Crocs!  If you have any questions, please feel free to call me at 303-808-9222.

Sincerely,

Shannon Sisler

Shannon Sisler
SVP, Global Human Resources
Crocs, Inc.

7477 east dry creek parkway niwot, colorado 80503

Please confirm your acceptance of this conditional employment offer by signing the letter where indicated below, and initialing on each page. Please return one copy to me at ssisler@crocs.com.
Signed and Accepted by: /s/ Anne Mehlman                                   
Print Name: Anne Mehlman                                                             
Date: 08/01/18                                                                               _EX-10.1

 Execution Version 
  

 Exhibit 10.1 

SETTLEMENT AGREEMENT 

THIS SETTLEMENT AGREEMENT (“Agreement”) is effective as of July 26, 2018 (the “Effective Date”) by and
among, (i) Aceras BioMedical LLC, a Delaware limited liability company (“Aceras”), in its capacity as Stockholder Representative for the former stockholders (the “Stockholders”) of Huxley Pharmaceuticals, Inc.,
a Delaware corporation (“Huxley”), that are a party to the SPA (as such term is defined below), (ii) BioMarin Pharmaceutical Inc., a Delaware corporation (“BioMarin”), and (iii) Catalyst Pharmaceuticals, Inc.
(f/k/a Catalyst Pharmaceutical Partners, Inc.), a Delaware corporation (“Catalyst”). Aceras, BioMarin, and Catalyst may be individually referred to herein as a “Party” and collectively referred to herein as the
“Parties”. 
 RECITALS 

WHEREAS, pursuant to that certain Stock Purchase Agreement, dated as of October 20, 2009, by and among BioMarin, Huxley, and the
Stockholders (the “Original SPA”), as amended by the First Amendment to Stock Purchase Agreement, dated March 26, 2010 (“SPA Amendment 1”), and the Second Amendment to Stock Purchase Agreement, dated
October 26, 2012 (“SPA Amendment 2”), (the Original SPA, as amended by SPA Amendment 1 and SPA Amendment 2, the “SPA”), the Stockholders sold, assigned, transferred and delivered to BioMarin, and BioMarin
purchased and acquired from the Stockholders, all right, title and interest in and to all of the issued and outstanding shares of capital stock of Huxley; 

WHEREAS, pursuant to Section 1.4 of the SPA, BioMarin was obligated to make contingent payments (the “SPA Milestone
Payments”) to the Stockholders if certain regulatory and commercial milestones (the “SPA Milestones”) were met before April 20, 2018 (the “SPA Milestones Expiration Date”); 

WHEREAS, pursuant to that certain License Agreement, dated as of October 26, 2012, as amended April 8, 2014, by and between BioMarin
and Catalyst (the “License Agreement”), BioMarin licensed to Catalyst certain technology and granted to Catalyst certain rights previously acquired by BioMarin as part of its acquisition of Huxley under the SPA; 

WHEREAS, pursuant to Sections 3.3, 6.2, and 7.5 of the License Agreement and Exhibit F thereto, Catalyst is obligated to satisfy
BioMarin’s obligations or allow BioMarin to satisfy its obligations to the Stockholders under the SPA that are related to the subject matter of the License Agreement, including without limitation, make the SPA Milestone Payments if they are
required to be made under the terms of the SPA; 
 WHEREAS, the SPA Milestones described in Sections 1.4(g) and 1.4(h) of the SPA did not
occur before the SPA Milestones Expiration Date, and therefore, the related SPA Milestone Payments were not payable and have expired by their terms; 

WHEREAS, disputes arose among the Parties regarding the Parties’ respective obligations related to the SPA Milestones and SPA Milestone
Payments described in Sections 1.4(g) and 1.4(h) of the SPA, and, in order to fully resolve such disputes, the Parties have entered into this Agreement; and 

  
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 WHEREAS, Aceras and Catalyst desire to establish two new regulatory milestones, as further
described below in this Agreement. 
 NOW, THEREFORE, in consideration of the foregoing, the mutual promises and covenants contained in this
Agreement, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows: 
  

	1.	 RELATION TO OTHER AGREEMENTS 

 

	 	1.1.	 This Agreement does not amend either the SPA or the License Agreement. 

 

	 	1.2.	 The SPA continues in full force and effect in accordance with its terms and continues to be an agreement
between BioMarin and the Stockholders. The rights granted to Catalyst under Section 5.11(b) (Noncompetition) of the SPA remain in full force and effect, and Catalyst continues to be a third-party beneficiary of Section 5.11(b)
(Noncompetition) of the SPA. 

  

	 	1.3.	 The License Agreement continues in full force and effect in accordance with its terms, including without
limitation, Section 15.14 (Non Compete) of the License Agreement, and continues to be an agreement between BioMarin and Catalyst. 

  

	2.	 SETTLEMENT, DISCLAIMER, AND RELEASE 

 

	 	2.1.	 Settlement. The Parties agree that by entering into this Agreement they are resolving all outstanding
disputes concerning the Parties’ respective obligations related to the SPA Milestones and/or SPA Milestone Payments described in Sections 1.4(g) and/or 1.4(h) of the SPA that have arisen since the beginning of time through the Effective Date
and will take all necessary steps to stop and abandon any presently existing efforts to continue with any such disputes. For the avoidance of doubt, this Agreement does not limit the rights of the Stockholders to enforce this Agreement against
Catalyst if the milestones set forth in Section 3 of this Agreement are met and the related payments set forth in Section 3 of this Agreement are not made when due. For the avoidance of doubt, BioMarin shall not be liable to any other
Party or Third Party, and no other Party or Third Party shall seek recourse against BioMarin, for any matter relating to, based upon, or arising out of the milestones and milestone payments set forth in Section 3 of this Agreement. For purposes
of this Agreement, “Third Party” means any Person other than a Party or an Affiliate of a Party. 

  

	 	2.2.	 Disclaimer. Nothing contained in this Agreement, nor any actions taken by any Party in connection with
this Agreement, shall constitute, be construed as, or be deemed to be an admission of any kind whatsoever on the part of any of the Parties. Each of the Parties expressly denies any fault, wrongdoing, or liability to each other and, by entering into
this Agreement, intends to avoid potential litigation with respect to the matters covered by this Agreement. 

  
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	 	2.3.	 Releases. 

  

	 	2.3.1.	 Definitions. For purposes of this Agreement, “Affiliate” means, with respect to a
Party, any Person that controls, is controlled by, or is under common control with that Party. For the purpose of this definition, “control” will refer to: (a) the possession, directly or indirectly, of the power to direct the
management or policies of an entity, whether through the ownership of voting securities, by contract or otherwise; or (b) the ownership, directly or indirectly, of 50% or more of the voting securities of such entity. For purposes of this
Agreement, “Person” means an individual, corporation, partnership, limited liability company, trust, business trust, association, joint stock company, joint venture, pool, syndicate, sole proprietorship, unincorporated organization,
governmental authority or any other form of entity not specifically listed herein. 

  

	 	2.3.2.	 Release of Certain Claims by Aceras and the Stockholders in Favor of BioMarin and Catalyst. For and in
consideration of the agreements set forth herein, Aceras, on its own behalf and on behalf of the Stockholders, for itself, for the Stockholders, for their Affiliates, and for each of its present and former directors, officers, shareholders, members,
managers, agents, attorneys, and successors, and anyone claiming by or through it, (the “Huxley Parties”) do herewith now and forever absolutely, unconditionally and irrevocably release, indemnify and discharge BioMarin and
Catalyst, and each of their present and former Affiliates, directors, officers, shareholders, members, managers, agents, attorneys, and successors, and anyone claiming by or through them (all of the foregoing being referred to as the
“BioMarin Released Parties” and the “Catalyst Released Parties” respectively) from any and all claims, demands, rights, actions, suits, proceedings, liabilities, obligations and causes of action of any kind and
nature whatsoever, fixed or contingent, known or unknown, liquidated or unliquidated, that any of the Huxley Parties ever had, now have or hereafter may possibly have, against the BioMarin Released Parties and the Catalyst Released Parties based
upon or by reason of any matter, cause or thing resulting from, arising out of or incurred with respect to, or alleged to result from, arise out of or be incurred with respect to, acts or omissions to act of any nature and kind whatsoever by any of
the BioMarin Released Parties or the Catalyst Released Parties that both (a) occurred, in whole or in part, prior to or as of the Effective Date of this Agreement, and (b) are based upon, or arise out of, the SPA Milestones and/or SPA
Milestone Payments described in Sections 1.4(g) and/or 1.4(h) of the SPA (the “Huxley Released Claims”). For the avoidance of doubt, the following claims are not released hereunder: (x) claims that are not based upon, or do not
arise out of, the SPA Milestones and/or SPA Milestone Payments described in Sections 1.4(g) and/or 1.4(h) of the SPA, and (y) claims for enforcement of the terms of this Agreement. Each of the Huxley Parties releases and discharges the BioMarin
Released Parties and the Catalyst Released Parties from any and all claims that relate to the Huxley Released Claims, and they 

  
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specifically waive any right to become, and promise not to become, a member of any class in any proceeding or case in which a claim or claims that relate to the Huxley Released Claims is asserted
against the BioMarin Released Parties or the Catalyst Released Parties, arising, in whole or in part, from any event which occurred as of and through the date of this Agreement. If any of the Huxley Parties violate this Agreement by instituting a
lawsuit or other action that relates to the Huxley Released Claims against the BioMarin Released Parties or the Catalyst Released Parties (other than a lawsuit to enforce this Agreement), each of the Huxley Parties, jointly and severally, agrees
that it will pay all reasonable costs and expenses of defending against the suit incurred by the BioMarin Released Parties or the Catalyst Released Parties, including reasonable attorney’s fees. Each of the Huxley Parties agrees that it will
not assert or file any claim, complaint, charge, suit, or action against any of the parties they have released hereunder relating to or arising out of any of the Huxley Released Claims. In the event that any claim, complaint, charge, suit, or action
is asserted or filed in breach of this section (collectively, an “Aceras Claim-In-Breach”), each affected BioMarin Released Party or Catalyst
Released Party shall be entitled to deliver this Agreement to the court in which such suit has been brought seeking a dismissal of such suit, and it will be a bar to such suit. Further, the party that has brought an Aceras Claim-In-Breach shall be obligated to reimburse the BioMarin Released Party or Catalyst Released Party against whom such suit has been brought in violation of this section for
all reasonable costs and attorney’s fees that the BioMarin Released Party or the Catalyst Released Party incurs in investigating and defending against such Aceras
Claim-In-Breach, whether incurred by such BioMarin Released Party or Catalyst Released Party prior to the filing of any claim in any tribunal, or prior to any trial or
hearing, or at trial, or on appeal. The Huxley Parties acknowledge that they may hereafter discover facts different from, or in addition to, those which such party now believes to be true with respect to any and all of the Huxley Released Claims,
and no such additional fact shall affect the validity or enforceability of this Agreement and the release contemplated hereby. 

  

	 	2.3.3.	 Release of Certain Claims by Catalyst in Favor of BioMarin and the Stockholders. For and in
consideration of the agreements set forth herein, Catalyst, for itself and its Affiliates, and for each of its present and former directors, officers, shareholders, members, managers, agents, attorneys, and successors, and anyone claiming by or
through it, (the “Catalyst Parties”) does herewith now and forever absolutely, unconditionally and irrevocably release, indemnify and discharge the BioMarin Released Parties and the Stockholders, and each of the Stockholders’
present and former Affiliates, directors, officers, shareholders, members, managers, agents, attorneys, and successors, and anyone claiming by or through them (all of the foregoing being referred to as the “Huxley Released Parties”)
from any and all claims, demands, rights, actions, suits, proceedings, liabilities, obligations and causes of action of any kind and nature whatsoever, fixed or contingent, 

  
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known or unknown, liquidated or unliquidated, that any of the Catalyst Parties ever had, now have or hereafter may possibly have, against the BioMarin Released Parties and the Huxley Released
Parties based upon or by reason of any matter, cause or thing resulting from, arising out of or incurred with respect to, or alleged to result from, arise out of or be incurred with respect to, acts or omissions to act of any nature and kind
whatsoever by any of the BioMarin Released Parties or the Huxley Released Parties that both (a) occurred, in whole or in part, prior to or as of the Effective Date of this Agreement, and (b) are based upon, or arise out of, the SPA
Milestones and/or SPA Milestone Payments described in Sections 1.4(g) and/or 1.4(h) of the SPA (the “Catalyst Released Claims”). For the avoidance of doubt, the following claims are not released hereunder: (x) claims that are
not based upon, or do not arise out of, the SPA Milestones and/or SPA Milestone Payments described in Sections 1.4(g) and/or 1.4(h) of the SPA, and (y) claims for enforcement of the terms of this Agreement. Each of the Catalyst Parties releases
and discharges the BioMarin Released Parties and the Huxley Released Parties from any and all claims that relate to the Catalyst Released Claims, and they specifically waive any right to become, and promise not to become, a member of any class in
any proceeding or case in which a claim or claims that relate to the Catalyst Released Claims is asserted against the BioMarin Released Parties or the Huxley Released Parties, arising, in whole or in part, from any event which occurred as of and
through the date of this Agreement. If any of the Catalyst Parties violate this Agreement by instituting a lawsuit or other action that relates to the Catalyst Released Claims against the BioMarin Released Parties or the Huxley Released Parties
(other than a lawsuit to enforce this Agreement), each of the Catalyst Parties, jointly and severally, agrees that it will pay all reasonable costs and expenses of defending against the suit incurred by the BioMarin Released Parties or the Huxley
Released Parties, including reasonable attorney’s fees. Each of the Catalyst Parties agrees that it will not assert or file any claim, complaint, charge, suit, or action against any of the parties they have released hereunder relating to or
arising out of any of the Catalyst Released Claims. In the event that any claim, complaint, charge, suit, or action is asserted or filed in breach of this section (collectively, a “Catalyst Claim-In-Breach”), each affected BioMarin Released Party or Huxley Released Party shall be entitled to deliver this Agreement to the court in which such suit has been brought seeking a dismissal of
such suit, and it will be a bar to such suit. Further, the party that has brought a Catalyst Claim-In-Breach shall be obligated to reimburse the BioMarin Released Party
or Huxley Released Party against whom such suit has been brought in violation of this section for all reasonable costs and attorney’s fees that the BioMarin Released Party or the Huxley Released Party incurs in investigating and defending
against such Catalyst Claim-In-Breach, whether incurred by such BioMarin Released Party or Huxley Released Party prior to the filing of any claim in any tribunal, or
prior to any trial or hearing, or at trial, or on appeal. The Catalyst Parties 

  
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acknowledge that they may hereafter discover facts different from, or in addition to, those which such party now believes to be true with respect to any and all of the Catalyst Released Claims,
and no such additional fact shall affect the validity or enforceability of this Agreement and the release contemplated hereby. 

  

	 	2.3.4.	 Release of Certain Claims by BioMarin in Favor of Catalyst and the Stockholders. For and in
consideration of the agreements set forth herein, BioMarin, for itself and its Affiliates, and for each of its present and former directors, officers, shareholders, members, managers, agents, attorneys, and successors, and anyone claiming by or
through it, (the “BioMarin Parties”) does herewith now and forever absolutely, unconditionally and irrevocably release, indemnify and discharge the Catalyst Released Parties and the Huxley Released Parties from any and all claims,
demands, rights, actions, suits, proceedings, liabilities, obligations and causes of action of any kind and nature whatsoever, fixed or contingent, known or unknown, liquidated or unliquidated, that any of the BioMarin Parties ever had, now have or
hereafter may possibly have, against the Catalyst Released Parties and the Huxley Released Parties based upon or by reason of any matter, cause or thing resulting from, arising out of or incurred with respect to, or alleged to result from, arise out
of or be incurred with respect to, acts or omissions to act of any nature and kind whatsoever by any of the Catalyst Released Parties or the Huxley Released Parties that both (a) occurred, in whole or in part, prior to or as of the Effective
Date of this Agreement, and (b) are based upon, or arise out of, the SPA Milestones and/or SPA Milestone Payments described in Sections 1.4(g) and/or 1.4(h) of the SPA (the “BioMarin Released Claims”). For the avoidance of
doubt, the following claims are not released hereunder: (x) claims that are not based upon, or do not arise out of, the SPA Milestones and/or SPA Milestone Payments described in Sections 1.4(g) and/or 1.4(h) of the SPA, and (y) claims for
enforcement of the terms of this Agreement. Each of the BioMarin Parties releases and discharges the Catalyst Released Parties and the Huxley Released Parties from any and all claims that relate to the BioMarin Released Claims, and they specifically
waive any right to become, and promise not to become, a member of any class in any proceeding or case in which a claim or claims that relate to the BioMarin Released Claims is asserted against the Catalyst Released Parties or the Huxley Released
Parties, arising, in whole or in part, from any event which occurred as of and through the date of this Agreement. If any of the BioMarin Parties violate this Agreement by instituting a lawsuit or other action that relates to the BioMarin Released
Claims against the Catalyst Released Parties or the Huxley Released Parties (other than a lawsuit to enforce this Agreement), each of the BioMarin Parties, jointly and severally, agrees that it will pay all reasonable costs and expenses of defending
against the suit incurred by the Catalyst Released Parties or the Huxley Released Parties, including reasonable attorney’s fees. Each of the BioMarin Parties agrees that it will not assert or file any claim, complaint, charge, suit, or action
against any of the parties they have 

  
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released hereunder relating to or arising out of any of the BioMarin Released Claims. In the event that any claim, complaint, charge, suit, or action is asserted or filed in breach of this
section (collectively, a “BioMarin Claim-In-Breach”), each affected Catalyst Released Party or Huxley Released Party shall be entitled to deliver
this Agreement to the court in which such suit has been brought seeking a dismissal of such suit, and it will be a bar to such suit. Further, the party that has brought a BioMarin
Claim-In-Breach shall be obligated to reimburse the Catalyst Released Party or Huxley Released Party against whom such suit has been brought in violation of this section
for all reasonable costs and attorney’s fees that the Catalyst Released Party or Huxley Released Party incurs in investigating and defending against such BioMarin
Claim-In-Breach, whether incurred by such Catalyst Released Party or Huxley Released Party prior to the filing of any claim in any tribunal, or prior to any trial or
hearing, or at trial, or on appeal. The BioMarin Parties acknowledge that they may hereafter discover facts different from, or in addition to, those which such party now believes to be true with respect to any and all of the BioMarin Released
Claims, and no such additional fact shall affect the validity or enforceability of this Agreement and the release contemplated hereby. 

  

	3.	 CATALYST MILESTONES 

 

	 	3.1.	 Milestone Payments. Catalyst shall directly pay to the Stockholders any payment that may become due to
the Stockholders pursuant to the provisions of this Section 3.1 within thirty (30) days of the date such payment becomes due as provided herein, and each Stockholder shall receive only that portion of each contingent payment that is the
product of (A) the aggregate amount payable to the Stockholders, and (B) the earnout percentage set forth opposite such Stockholder’s name on Exhibit 3.2 to this Agreement. All payments to the Stockholders under this Section 3.1
are one-time payments, and once a payment is triggered under a subsection of this Section 3.1, no further or other payment shall be triggered under such subsection, regardless of the number of times the
described event occurs. For the sake of clarity, in no event will the total amount payable under this Section 3.1 exceed an aggregate of Two Million Dollars (US $2,000,000). 

 

	 	3.1.1.	 Execution. Upon execution of this Agreement, Catalyst shall pay to the Stockholders an aggregate of One
Million Dollars (US $1,000,000). 

  

	 	3.1.2.	 NDA Approval. Upon first receipt of an approval by Catalyst or any Affiliate or Sublicensee (as such
term is defined in the SPA) of Catalyst of an NDA (as such term is defined in the SPA) for a Product (as such term is defined in the SPA), Catalyst shall pay to the Stockholders an aggregate of One Million Dollars (US $1,000,000).

  
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 Execution Version 
  

	4.	 REPRESENTATIONS, WARRANTIES AND COVENANTS 

 

	 	4.1.	 Representations and Warranties by Each Party. Each Party represents and warrants, and covenants, as
applicable, to the other Parties as of the Effective Date that: 

  

	 	(a)	 Organization; Power and Authority. Such Party (i) is duly organized, validly existing and in
good standing under the laws of its jurisdiction of organization and (ii) has the power, authority and legal right, and is free to enter into this Agreement and, in so doing, will not violate any other agreement to which such Party is a party
as of the Effective Date, or conflict with the rights granted to any Third Party; 

  

	 	(b)	 Due Execution. This Agreement has been duly executed and delivered on behalf of such Party and
constitutes a legal, valid, and binding obligation of such Party and is enforceable against it in accordance with its terms, subject to the effects of bankruptcy, insolvency, or other laws of general application affecting the enforcement of creditor
rights and judicial principles affecting the availability of specific performance and general principles of equity; 

  

	 	(c)	 Authorization. Such Party has taken all action necessary to authorize the execution and delivery
of this Agreement; 

  

	 	(d)	 Consents. Such Party has obtained all necessary consents, approvals, and authorizations of all
regulatory authorities and other Third Parties required to be obtained by such Party in connection with the execution and delivery of this Agreement and the performance of its obligations hereunder; 

 

	 	(e)	 No Litigation. There is no action or proceeding pending or, to the knowledge of such Party,
threatened that could reasonably be expected to impair or delay the ability of such Party to perform its obligations under this Agreement; and 

  

	 	(f)	 No Conflicts. The execution and delivery of this Agreement and the performance of such
Party’s obligations hereunder (i) do not and will not conflict with or violate any requirement of Applicable Law or any provision of the articles of incorporation, bylaws, limited partnership agreement, or any similar instrument of such
Party, as applicable, in any material way, and (ii) do not and will not conflict with, violate or breach, or constitute a default or require any consent under, any contractual obligation or court or administrative order by which such Party is
or will be bound. 

  

	 	4.2.	 Representations and Warranties by Aceras. Aceras represents and warrants to each of BioMarin and
Catalyst as of the Effective Date that: 

  
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 Execution Version 
  

	 	(a)	 Authority to Bind the Stockholders. Aceras has the power, authority and legal right to bind the
Stockholders pursuant to any section of this Agreement under which Aceras agrees to anything on behalf of the Stockholders. 

  

	 	(b)	 No Withholding Required. No U.S. federal income tax withholding is required for the payment that
Catalyst is required to make to the Stockholders under Section 3.1.1 of this Agreement. Further, the Stockholders shall provide Catalyst with updated W-9s and
W-8BENs, as applicable, if and when a second payment becomes due to the Stockholders under Section 3.1.2 of this Agreement. In that regard, Aceras agrees, if it is asserted by the Internal Revenue Service
(“IRS”) that Catalyst was obligated to withhold on any payments made under Section 3.1 of this Agreement and to remit such amounts to the IRS, it will indemnify Catalyst for any amounts that Catalyst becomes obligated to remit to the
IRS (including any applicable interest and penalties) relating to such payments. 

  

	5.	 TERM 

  

	 	5.1.	 Term. The term of this Agreement will commence as of the Effective Date and will continue indefinitely.

  

	6.	 GENERAL PROVISIONS 

 

	 	6.1.	 Assignment. No Party may assign its rights and obligations under this Agreement without the prior
written consent of the other Parties, except that: (a) any Party may assign its rights and obligations under this Agreement in whole or in part to one or more of its Affiliates without the consent of the other Parties; and (b) any Party
may assign this Agreement in connection with a change of control transaction or sale of substantially all the assets to which this Agreement relates; provided, that any such permitted assignee assumes all obligations of its assignor under this
Agreement. The assigning Party will provide the other Parties with prompt written notice of any such assignment. No permitted assignment will relieve the assignor of liability for its obligations hereunder. Any attempted assignment in contravention
of the foregoing will be void. 

  

	 	6.2.	 Severability. Should one or more of the provisions of this Agreement become void or unenforceable as a
matter of law, then such provision will be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this Agreement, and the Parties agree to substitute a valid and enforceable provision therefor which,
as nearly as possible, achieves the desired economic effect and mutual understanding of the Parties under this Agreement. 

  

	 	6.3.	 Governing Law; Disputes. 

 

	 	6.3.1.	 Governing Law. This Agreement will be governed by and construed under the laws in effect in the State of
New York, United States of America, without giving effect to any conflicts of laws provision thereof or of any other jurisdiction that would produce a contrary result. 

  
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 Execution Version 
  

	 	6.3.2.	 Disputes. 

  

	 	(a)	 Arbitration. Any dispute arising under this Agreement or other legal proceeding relating to this
Agreement or the enforcement of any provision of this Agreement shall be finally resolved by binding arbitration administered by JAMS pursuant to JAMS Streamlined Arbitration Rules and Procedures then in effect (the “JAMS Rules”),
and judgment on the arbitration award may be entered in any court having jurisdiction thereof. The arbitration shall be conducted by a single, neutral arbitrator who shall have experience with respect to the matter(s) to be arbitrated. If, within
thirty (30) days after initiation of arbitration, the Parties are unable to agree on a single arbitrator, the arbitrator shall be appointed by JAMS. The place of arbitration shall be New York City, New York. Any Party may apply to the
arbitrator for interim injunctive relief until the arbitration award is rendered or the controversy is otherwise resolved. Nothing contained herein shall be construed to permit the arbitrator to award punitive, exemplary or similar damages. Each
Party shall bear its own costs and expenses and attorneys’ fees and an equal share of the arbitrators’ fees and any administrative fees of arbitration. Except to the extent necessary to confirm an award or as may be required by law,
neither a Party nor an arbitrator may disclose the existence, content, or results of an arbitration without the prior written consent of all Parties. In no event shall an arbitration be initiated after the date when commencement of a legal or
equitable proceeding based on the dispute, controversy or claim would be barred by the applicable New York statute of limitations. The Parties further agree that any payments made pursuant to this Agreement pending resolution of the dispute shall be
refunded if the arbitrator determines that such payments are not due. 

  

	 	6.4.	 Waivers and Amendments. The failure of any Party to assert a right hereunder or to insist upon
compliance with any term or condition of this Agreement will not constitute a waiver of that right or excuse a similar subsequent failure to perform any such term or condition by the other Parties. No waiver will be effective unless it has been
given in writing and signed by the Party giving such waiver. No provision of this Agreement may be amended or modified other than by a written document signed by authorized representatives of each Party. 

 

	 	6.5.	 Relationship of the Parties. Nothing contained in this Agreement will be deemed to constitute a
partnership, joint venture, or legal entity of any type between the Parties, or to constitute one Party as the agent of the other. Moreover, each Party agrees not to construe this Agreement, or

  
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 Execution Version 
  

	 	
any of the transactions contemplated hereby, as a partnership for any tax purposes. Each Party will act solely as an independent contractor, and nothing in this Agreement will be construed to
give any Party the power or authority to act for, bind, or commit the other Parties. 

  

	 	6.6.	 Successors and Assigns. This Agreement will be binding upon and inure to the benefit of the Parties
hereto and their respective successors and permitted assigns. 

  

	 	6.7.	 Notices. All notices, consents, waivers, and other communications under this Agreement must be in
writing and will be deemed to have been duly given when: (a) delivered by hand (with written confirmation of receipt); or (b) when received by the addressee, if sent by an internationally recognized overnight delivery service (receipt
requested), in each case to the appropriate addresses set forth below (or to such other addresses as a Party may designate by written notice): 

If to Aceras: 

Aceras BioMedical, LLC 

325 East 41st Street, Suite 107 

New York, NY 10017 

Attention: Matthew Wyckoff, M.D. 

If to BioMarin: 

BioMarin Pharmaceutical, Inc. 

105 Digital Drive 

Novato, Ca 94949 

Attention: G. Eric Davis, Esq., EVP & General Counsel 

If to Catalyst: 

Catalyst Pharmaceuticals, Inc. 

355 Alhambra Circle, Suite 1250 

Coral Gables, FL 33131 

Attention: Patrick J McEnany, CEO 
  

	 	6.8.	 No Third Party Beneficiary Rights. Except as expressly provided in this Agreement, this Agreement is not
intended to and will not be construed to give any Third Party any interest or rights (including, without limitation, any Third Party beneficiary rights) with respect to or in connection with any agreement or provision contained herein or
contemplated hereby. 

  
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 Execution Version 
  

	 	6.9.	 Entire Agreement. This Agreement sets forth the entire agreement and understanding of the Parties as to
the subject matter hereof and supersede all proposals, oral or written, and all other prior communications between the Parties with respect to such subject matter. 

 

	 	6.10.	 Headings. The headings to the Sections hereof are not a part of this Agreement, but are merely for
convenience to assist in locating and reading the several Sections hereof. 

  

	 	6.11.	 Interpretation. Except where the context expressly requires otherwise, (a) the use of any gender
herein will be deemed to encompass references to either or both genders, and the use of the singular will be deemed to include the plural (and vice versa), (b) the words “include”, “includes” and “including” will be
deemed to be followed by the phrase “without limitation”, (c) the word “will” will be construed to have the same meaning and effect as the word “shall,” (d) any definition of or reference to any agreement, instrument or
other document herein will be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set
forth herein), (e) any reference herein to any Person will be construed to include the Person’s successors and permitted assigns, (f) the words “herein”, “hereof” and “hereunder,” and words of similar import,
will be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (g) unless otherwise specified, all references herein to Sections will be construed to refer to Sections of this Agreement, (h) the
word “notice” means notice in writing (whether or not specifically stated) and will include notices, consents, approvals and other written communications contemplated under this Agreement, (i) provisions that require that a Party, the
Parties or any committee hereunder “agree,” “consent” or “approve” or the like will require that such agreement, consent or approval be specific and in writing, whether by written agreement, letter, approved minutes or
otherwise (but excluding e-mail and instant messaging), (j) references to any specific law, rule or regulation, or article, section or other division thereof, will be deemed to include the then-current
amendments thereto or any replacement or successor law, rule or regulation thereof and (k) the term “or” will be interpreted in the inclusive sense commonly associated with the term “and/or.” 

 

	 	6.12.	 Cumulative Remedies. No remedy referred to in this Agreement is intended to be exclusive, but each will
be cumulative and in addition to any other remedy referred to in this Agreement or otherwise available under law. 

  

	 	6.13.	 Waiver of Rule of Construction. Each Party has had the opportunity to consult with counsel in connection
with the review, drafting and negotiation of this Agreement. Accordingly, any rule of construction that any ambiguity in this Agreement will be construed against the drafting Party will not apply. 

  
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 Execution Version 
  

	 	6.14.	 Counterparts. The Agreement may be executed in two or more counterparts, including by facsimile or PDF
signature pages, each of which will be deemed an original, but all of which together will constitute one and the same instrument. 

[Signatures on next page] 

  
 -13- 

 IN WITNESS WHEREOF, the Parties intending to be bound have caused this Agreement to be
executed by their duly authorized representatives as of the Effective Date. 
  

					
	 ACERAS BIOMEDICAL, LLC
 On Behalf of
Itself and for All Stockholders

		
	By:	 	 /s/ John Liatos

			
		 	Name:	 	John Liatos
			
		 	Title:	 	Member
			
		 	Date:	 	July 27, 2018

  

					
	BIOMARIN PHARMACEUTICAL INC.
		
	By:	 	 /s/ G. Eric Davis

			
		 	Name:	 	G. Eric Davis
			
		 	Title:	 	EVP, General Counsel
			
		 	Date:	 	July 26, 2018

  

					
	CATALYST PHARMACEUTICALS, INC.
		
	By:	 	 /s/ Patrick J. McEnany

			
		 	Name:	 	Patrick J. McEnany
			
		 	Title:	 	Chairman, President and CEO
			
		 	Date:	 	July 27, 2018

  
 Signature Page to
Aceras-BioMarin-Catalyst Settlement Agreement 

 EXHIBIT 3.2 
  

					
	 Stockholder Name
	 	Earnout
Percentage	 
	Aceras BioMedical, LLC	 	 	92.5%	 
		
	Richard Stewart	 	 	5.25%	 
		
	Anthony Clarke	 	 	    2.25%	 
	TOTALS:	 	 	100.00%

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