Document:

Renewal and Extension of Amusement Services Agreement

 
Exhibit 10.29

 
RENEWAL AND EXTENSION 
OF 
PETRO/EL PASO AMUSEMENT SERVICES AGREEMENT 
 
This Renewal and Extension of Petro/El Paso Amusement Services Agreement (the “Amendment”) is made as of April 1, 2003 (the “Effective Date”), by and between PETRO STOPPING CENTERS, L.P., a Delaware
limited partnership (“Petro”) and EL PASO VENDING AND AMUSEMENT COMPANY, a Texas general partnership (“EPAC”). 
 
W I T N E S S E T H : 
 
WHEREAS, on January 30, 1997, Petro and EPAC entered into that certain Petro/El Paso Amusement Services Agreement (the
“Original Agreement” or the “Agreement”), pursuant to which EPAC agreed to provide services at certain truck/auto travel center facilities (collectively, the “Facilities”) known as “Petro Stopping Centers”;
and 
 
WHEREAS, Section 11(i) of the
Agreement provides for the term of the Original Agreement to expire on May 1, 2002; and 
 
WHEREAS, additional Facilities have been added since the inception of the Original Agreement’ and 
 
WHEREAS, from May 1, 2002 to the date hereof, Petro and EPAC have operated on a month-to-month basis under the terms of the
Original Agreement. 
 
NOW, THEREFORE, in
consideration of the mutual benefits to be derived and the representations and warranties, conditions and promises contained in the Original Agreement, as amended by this Amendment (collectively, the “Amended Agreement”), and other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereby agree as follows: 
 

	 	1.	 	Exhibit A describing the full service truck/auto travel center facilities owned or leased and operated by Petro is hereby replaced by Exhibit A attached hereto and
made a part hereof (“New Exhibit A”). To the extent Petro and EPAC agree to add additional full service truck/auto travel centers to this Agreement after the Effective Date (the “Additional Facilities”), Petro and EPAC shall
execute an amended New Exhibit A. 

 

	 	2.	 	Section 2.1 Division of Revenues is hereby amended to read as follows: 

 
During the term of this Agreement, except as may otherwise be required by applicable law, Petro shall
distribute to EPAC for its 

services as described above a percentage of the total gross revenues from the Amusements
provided by EPAC at the Facilities (and at such other Additional Facilities to which services are rendered by EPAC) (the “Amusement Revenues”), and, Petro shall retain for itself for the services it provides and the use of the Amusement
Areas the remaining percentage of the Amusement Revenues. The percentage amounts which Petro shall distribute to EPAC and the percentage amounts to be retained by Petro shall be as set forth on the New Exhibit A. 
 

	 	3.	 	Section 11. Termination is hereby amended to read as follows: 

 
This Agreement shall terminate (i) at the end of the Term (as hereinafter defined) of this
Agreement or (ii) if any party remains in material breach for thirty (30) days (or ten (10) days if the default is a payment default) after receipt of written notice from the non-defaulting party of such breach (and describing such breach with
reasonable detail). 
 
EPAC shall
remove the Amusements from the Facilities and Additional Facilities within fifteen(15) days after the termination of this Agreement. The removal of the Amusements by EPAC shall be done as expeditiously and with as little disruption as reasonably
possible to allow substitute Amusements to be located within the Amusement Areas at the Facilities and Additional Facilities to provide Amusement services to Petro’s customers on a continuous and uninterrupted basis. 
 

	 	4.	 	Section 14. Notices is hereby amended to read as follows: 

 
Any and all notices or other communications required or permitted to be given under any of
the provisions of this Agreement shall be given in writing and shall be deemed to have been duly given when personally delivered or mailed by first class mail, certified, return receipt requested, postage prepaid and addressed as follows, if mailed:

 
To Petro: 
 
Petro Stopping Centers, L.P. 
6080 Surety Drive 
El Paso, Texas 79905 
Attn: J. A. Cardwell, Jr., Chief
Operating Officer 
 

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with copy to: 
 
Petro Stopping Centers, L.P. 
6080 Surety Drive 
El Paso, Texas 79905 
Attn: Legal Department 
 
To EPAC: 
 
El Paso Vending and Amusement Company 
3630 Buckner

El Paso, Texas 79925 
Attn: Gary Dodson, General Manager 
 
with copy to: 
 
J. A. Cardwell, Sr. 
6080 Surety Drive 
El Paso, Texas 79905 
 
Any party may change its address and/or the party to whom the notice is to be sent by giving notice to all other parties hereto in accordance with this Section 14. 
 

	 	5.	 	Section 19. Term is hereby added as follows: 

 
The term of the Amended Agreement is three (3) years commencing April 1, 2003 and ending on March 31, 2006 (the
“Extended Initial Term”). The Amended Agreement shall automatically renew for successive one (1) year terms (the “Renewal Term(s)”) thereafter unless either Petro or EPAC shall given written notice of termination by certified
mail to the other party at least ninety (90) days prior to the termination of the Extended Initial Term or any Renewal Term. 
 

	 	6.	 	Section 20. Nonexclusive is hereby added as follows: 

 
The rights and privileges granted EPAC hereunder are non-exclusive as to the Petro network of truckstops. Accordingly,
Petro hereby reserves the right to open the Amusement(s) for bid at any existing Petro location serviced by EPAC under the terms of this Agreement at the end of the Term or any Extended Term, as applicable, upon ninety (90) days prior written notice
to EPAC, 
 

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In addition, Petro retains the right to open for bid any truck stop facilities not covered in New Exhibit A or facilities added to the network after the Effective Date. 
 
7. The Agreement, as amended by this Amendment, shall remain in full force and effect between the parties in
accordance with its terms and conditions. All terms not otherwise defined herein shall have the meaning subscribed thereto in the Agreement. 
 
In all other respects, the terms and provisions of the Agreement are hereby ratified and confirmed as therein stated. 
 
EXECUTED as of the Effective Date. 
 

	 PETRO  STOPPING  CENTERS,  L.P.

	
	 By:     
	 	  

	
	 Name:
	 	  

	
	 Title:  
	 	  

 
PETRO 
 

	 EL PASO VENDING AND AMUSEMENT COMPANY

	
	 By:     
	 	  

	
	 Name:
	 	  

	
	 Title:  
	 	  

 
EPAC 
 

4Amendment #1 to 1998 Director Option Plan

  Exhibit 10.1
 Amendment No. 1 to
 BioMarin Pharmaceutical Inc.
 1998 Director
Option Plan
 Pursuant to the authority granted to the BioMarin Pharmaceutical Inc. (the “Company”) board of directors (the “Board”) by the terms of Section 11(a) of the
Company’s 1998 Director Option Plan (the “Plan”), effective March 26, 2003, the Board has amended the Plan as follows:

	 A.
 	 Section 4(c) of the Plan is amended to read, in its entirety:
 
	  
 	  
 
	  
 	 Each Outside Director shall automatically be granted an Option to purchase 20,000 Shares (a “Subsequent Option”) on each anniversary of the date on which such person
first became an Outside Director, whether through Election by the stockholders of the Company or appointment by the Board to fill a vacancy, provided he or she is then an Outside Director.
 
	  
 	  
 
	 B.
 	 The foregoing amendment shall apply to all Subsequent Options issued after the effective date of this Amendment No. 1.Amended and Restated Employment Agreement

  Exhibit 10.2
  AMENDED AND RESTATED
 EMPLOYMENT AGREEMENT
            This AMENDED AND RESTATED EMPLOYMENT AGREEMENT (the “Agreement”), made as of March 14, 2003 (the “Effective Date”) by and between
BioMarin Pharmaceutical Inc., a Delaware corporation, with its principal executive offices located at 371 Bel Marin Keys Boulevard, Suite 210, Novato, California 94949 (the “Company”) and FREDRIC D. PRICE, residing at 64 Quarry Lane,
Bedford, New York 10506 (the “Executive”).
  W I T N E S S E T H :
            WHEREAS, the Company and Executive entered into that certain Employment Agreement dated as of October 31, 2000 (the “Prior Agreement”);
            WHEREAS, the Company and Executive desire to amend and restate the Prior Agreement, on the terms and conditions herein contained;
            WHEREAS, the Company is a developer of carbohydrate enzyme therapies for the treatment of debilitating, life-threatening, chronic genetic disorders and other
diseases and conditions (the “Business”); and
            WHEREAS, the Company recognizes that Executive possesses unique skills and
abilities which are essential to the Company’s Business, the Company desires to employ Executive and Executive desires to be so employed by the Company.
            NOW THEREFORE, in consideration of the foregoing premises, and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, intending to be legally bound, the parties hereto hereby agree as follows:
 1.       EMPLOYMENT.  The Company hereby employs
Executive as Chairman and Chief Executive Officer (“CEO”) of the Company on the terms and conditions contained herein.  Executive hereby agrees to be employed by the Company in such capacity and to discharge and perform faithfully and
to the best of his ability such duties and services of an executive, administrative and managerial nature consistent with the positions of Chairman and CEO as shall be specified and determined from time to time by the Board of Directors of the
Company (the “Board”) in connection with the Business.
  2.       DUTIES.  During the term of this Agreement, Executive, as the
Company’s Chairman and CEO, shall devote substantially all of his business time, skill, labor and attention to the affairs of the Company in furtherance of the Business.  Without limiting the foregoing, Executive shall report directly to
the Board and shall be subject to the general direction and control of the Board.
  3.       WORKING FACILITIES.  Executive shall be furnished
with working facilities, including office space, secretarial services and other services suitable to his position and adequate for the performance of his duties, as reasonably determined by the Company.

   4.       TERM.  (a)     Executive’s employment under this Agreement commenced on October 31,
2000, and shall continue until October 30, 2006 unless earlier terminated by Executive or by the Company pursuant to the provisions hereof.  The “Initial Employment Period” means the period commencing on October 31, 2000 and ending on
October 30, 2003.  The “Second Employment Period” means the period commencing on October 31, 2003 and ending on October 30, 2006.
            (b)     This Agreement shall automatically be renewed at the end of the Second Employment Period for one additional (3) year period in
accordance with the terms and conditions set forth herein (the “Third Employment Period”) unless either party gives written notice to the other not later than nine (9) months prior to the expiration of the Second Employment
Period.
 5.       COMPENSATION AND RELATED MATTERS.
            (a)     Base Salary – The Company shall pay Executive a base salary (the “Base Salary”) for his services hereunder in
accordance with the provisions set forth below:  (i) for the first year of employment, commencing on October 31, 2000 and ending on October 30, 2001 (the “First Year”), the amount of Four Hundred Thousand Dollars ($400,000) per annum;
(ii) for the second year of employment, commencing on October 31, 2001 and ending on October 30, 2002 (the “Second Year”), the amount of Four Hundred Fifty Thousand Dollars ($450,000) per annum; (iii) for the third year of employment,
commencing on October 31, 2002 and ending on October 30, 2003 (the “Third Year”), the amount of Five Hundred Thousand Dollars ($500,000) per annum; (iv) for the fourth year of employment, commencing on October 31, 2003 and ending on
October 30, 2004 (the “Fourth Year”), the amount of Five Hundred Fifty Thousand Dollars ($550,000) per annum; and (v) for each of the fifth year of employment, commencing on October 31, 2004 and ending on October 30, 2005 (the “Fifth
Year”), and the sixth year of employment, commencing on October 31, 2005 and ending on October 30, 2006 (the “Sixth Year”), an amount per annum to be determined by the Board in an annual review of the Company’s and
Executive’s achievement of goals, mutually agreed upon by Executive and the Board, the review to occur at the end of the Fourth Year and the end of the Fifth Year; provided, however, that the amount payable for the Fifth Year or the Sixth Year
shall not be less than five hundred fifty thousand dollars ($550,000).  The Base Salary shall be subject to withholding for appropriate taxes as required by applicable law, and shall be payable in approximately equal installments in accordance
with the Company’s customary payroll practices but not less frequently than semi-monthly.
            (b)     Bonus – (i)  During the Initial Employment Period, Executive shall be entitled to a yearly bonus (the
“Initial Employment Period Bonus”) payable in cash in accordance with the provisions set forth below: (1) for the First Year the amount of Two Hundred Thousand Dollars ($200,000) (the “First Year Bonus”); and (2) for each of the
Second Year and the Third Year, the amount of the Initial Employment Period Bonus (each such bonus, the “Second Year Bonus” or the “Third Year Bonus”) shall be based on the Company’s achievement of goals mutually agreed upon
by Executive and the Board; provided, however, that:  (A) the amount of each of the Second Year Bonus and the Third Year Bonus shall not be less than twenty-five percent (25%) of the Base Salary for the applicable year of employment; (B) the
target amount of each of the Second Year Bonus and the Third Year Bonus shall be fifty percent (50%) of the Base Salary for
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   the applicable year of employment; and (C) the maximum amount of each of the Second Year Bonus and the Third Year Bonus shall not exceed one hundred percent (100%) of the Base
Salary of the applicable year of employment.
                      (ii)    During the Second Employment Period, Executive shall be entitled to a yearly
bonus (each, a “Second Employment Period Bonus,” and together with any Initial Employment Period Bonus, the “Bonus”) payable in cash, within thirty (30) days of the end of each year during the Second Employment Period.  The
amount of each Second Employment Period Bonus shall be based on the Company’s and Executive’s achievement of goals mutually agreed upon by Executive and the Board; provided, however, that the amount of each Second Employment Period Bonus
shall be within a range of zero percent (0%) to one hundred twenty-five percent (125%) of the Base Salary of the applicable year of employment.
                      (iii)    In addition, Executive received a one-time ‘sign-on’ bonus (the
“Sign-On Bonus”) in the amount of One Hundred Thousand Dollars ($100,000) which was paid as of October 31, 2000.
            (c)     Benefits – During the Initial Employment Period, the Second Employment Period and the Third Employment Period, if any,
Executive shall be entitled to participate in all employee benefit plans and programs, to the same extent generally available to other similarly situated Company executives, in accordance with the terms of those plans and programs.  The Company
shall have the right to terminate or change any such plan or program at any time.
            (d)     Expenses
– The Company shall reimburse Executive for all reasonable and customary travel, business and entertainment expenses incurred in connection with Executive’s title and the performance of his services hereunder in accordance with the
policies and procedures established by the Company.
           (e)     Vacation – Executive shall be entitled
to annual paid vacation time of four (4) weeks, accruing ratably over the course of each year of employment, to be taken at such time or times as Executive may select, consistent with his obligations hereunder.  Any vacation days not taken
during an applicable fiscal year may be carried over to the following fiscal year pursuant to the Company’s existing plan.
            (f)     Stock Grant – (i) On October 31, 2000, the Company granted Executive twenty-five thousand (25,000) restricted shares (the
“Initial Stock Grant”) of the Company’s common stock (the “Initial Restricted Shares”).  The Initial Restricted Shares vested as follows:  (i) one-third (1/3) of the Restricted Shares on January 1, 2001; (ii)
one-third (1/3) of the Restricted Shares on January 1, 2002; and (iii) one-third (1/3) of the Restricted Shares on January 1, 2003.  In addition to the foregoing, the Company paid Executive a payment in an amount equal to Executive’s
“Grossed-Up Tax Liability” (as defined in subparagraph (iii) below) for the Initial Stock Grant.
                      (ii)     On October 31, 2003, the Company shall grant Executive twenty-five
thousand (25,000) restricted shares (the “Second Stock Grant”) of the Company’s common stock (the “Second Restricted Shares,” and together with the Initial Restricted Shares, the “Restricted Shares”); provided,
however, (A) if the closing price of the Company’s common stock on the
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   close of business on October 30, 2003, as reported by Nasdaq, is less than $11.00 per share (as adjusted for any stock dividends, combinations, splits, recapitalizations and
the like with respect to such shares), then the number of shares granted in the Second Stock Grant shall be increased to a number equal to the quotient of $275,000, divided by such closing price; and (B) if the closing price of the Company’s
common stock on the close of business on October 30, 2003, as reported by Nasdaq, is greater than $14.00 per share (as adjusted for any stock dividends, combinations, splits, recapitalizations and the like with respect to such shares), then the
number of shares granted in the Second Stock Grant shall be decreased to a number equal to the quotient of $350,000, divided by such closing price.  All of the Second Restricted Shares shall vest on October 30, 2004; provided, however, in the
event of Executive’s “Retirement” (as such term is defined in the Company’s 1997 Employee Stock Option Plan (or a successor plan thereto) (the “Plan”)), all of the Second Restricted Shares shall immediately vest. 
In addition to the foregoing, the Company shall pay Executive a payment in an amount equal to Executive’s “Grossed-Up Tax Liability” (as defined in subparagraph (iii) below) for the Second Stock Grant.
                     (iii)    “Grossed-Up Tax Liability” means an amount which, after
Executive’s payment of federal, state and local income tax liabilities arising upon his receipt of the Grossed-Up Tax Liability payment, shall equal the amount of the “Stock Grant Tax Liability.”  The term “Stock Grant Tax
Liability” shall mean the sum of federal, state and local income tax liability which is payable by Executive due to his receipt of the Initial Stock Grant and the Second Stock Grant at the time the liability arises.
                      (iv)     The Restricted Shares shall be subject to the terms and
conditions set forth on Exhibit A hereto.
            (g)     Stock Option – (i) On October 31, 2000 (the
“Initial Grant Date”), the Company granted Executive an option (the “Initial Option”) to purchase five hundred thousand (500,000) shares of the Company’s common stock at an exercise price of $12.50 per share, the closing
price as reported by Nasdaq on October 30, 2000.  During the Initial Employment Period, upon the Company’s achievement of goals mutually agreed to by the Board and Executive, during the Initial Employment Period, Executive shall be granted
an option or options (the “Annual Options”) to purchase a minimum of an additional one hundred twenty five thousand (125,000) shares of the Company’s common stock on October 31, 2001 and October 31, 2002 (each such date, an
“Annual Grant Date”), at an exercise price equal to the closing price as reported by Nasdaq on each such Annual Grant Date.  The Initial Option and each Annual Option vest in equal amounts on a monthly basis over a three (3) year
period from the Initial Grant Date and each Annual Grant Date, respectively, and shall remain exercisable for a period of ten (10) years from the Initial Grant Date and each Annual Grant Date, respectively.  
                      (ii)     On October 31, 2003 (the “Renewal Grant Date”), Executive
shall be granted an option or options (the “Renewal Option”) to purchase five hundred thousand (500,000) shares of the Company’s common stock at an exercise price equal to the closing price as reported by Nasdaq on October 30,
2003.  During the Second Employment Period, Executive shall be granted an option or options (the “Renewal Annual Options,” together with the Initial Option, the Annual Options and the Renewal Option, the “Stock Options”) to
purchase between fifty thousand (50,000) and two hundred thousand (200,000) shares of the Company’s common stock per year of employment beginning on the first anniversary of October 31, 2003 (each such
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   anniversary, a “Renewal Annual Grant Date”), at an exercise price equal to the closing price as reported by Nasdaq on each such Renewal Annual Grant Date.  The
exact number of options shall be determined by the Board, based on its review of the Company’s and Executive’s achievement of goals, mutually agreed upon by Executive and the Board.  The Renewal Option and each Renewal Annual Option
shall vest in equal amounts on a monthly basis over a three (3) year period from the Renewal Grant Date and each Renewal Annual Grant Date, respectively, and shall remain exercisable for a period of ten (10) years from the Renewal Grant Date and
each Renewal Annual Grant Date, respectively. 
                      (iii)    The Stock Options shall be granted in accordance with the Plan, and except as
specifically set forth in this Agreement, in the case if a conflict between this Agreement and the terms of the Plan, the terms of the Plan shall govern. 
            (h)     Relocation – (i) During the Initial Employment Period, the Company reimbursed Executive for any expenses incurred in
connection with the purchase of a residence within commuting distance of the Company including, but not limited to:  (A) costs (other than the purchase price) associated with the sale and purchase of Executive’s house including, but not
limited to, realtor expenses; (B) the moving of household goods; (C) the moving trip; (D) trips to the new location for, among other purposes, purchasing a residence; and (E) lodging and car expenses incurred during trips to the new location. 
If any such reimbursement shall be subject to income tax, the Company shall make such additional payment to Executive so that the net after tax payment to him under this Paragraph 5(h) shall not be less than the expenses to be reimbursed.

                      (ii)     During the Initial Employment Period, the
Company provided Executive with a loan of $860,000 (with interest deferred) for the purpose of purchasing a residence (the “Loan”) in connection with the relocation described in Paragraph 5(h)(i) above.  The Loan is secured by the
residence purchased by Executive with the Loan (the “Residence”).  Upon the sale of any common stock, acquired pursuant to the exercise of any vested Stock Option granted pursuant to Paragraph 5(g), fifty percent (50%) of the net
after tax proceeds therefrom shall be used to repay the Loan, unless circumstances described in Paragraphs 6 or 9(b) below occur.  Upon the sale, encumbrance or other transfer of the Residence, whether voluntary, involuntary or by operation of
law, Executive will pay the Company the remaining principal amount due on the Loan, together with any interest deferred and accrued thereon.  Any remaining principal amount due on the Loan, together with any interest deferred and accrued
thereon, shall become due and payable in full to the Company on October 31, 2006.
           (i)     Transforming
Event.  In its sole discretion, the Board will consider providing Executive with a bonus (in an amount as the Board may determine) to be paid in the event Executive creates a “Transforming Event” at any time after January 31,
2003.  A “Transforming Event” is defined as an event determined by the Board, in its discretion, to have a significant and positive impact on the Company or its stockholders.
  6.       CHANGE IN CONTROL.  (a)  For the purposes of this Agreement, the term “Change in Control” shall mean the occurrence of any of the following
events with respect to the Company:
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                       (i)     All or substantially
all of the assets of the Company are sold or transferred to another corporation or entity, with the result that upon conclusion of the transaction less than a majority of the outstanding securities entitled to vote generally in the election of
directors or other capital interests of the acquiring corporation or entity are owned, directly or indirectly, by the shareholders of the Company immediately prior to the sale, transfer, merger, consolidation, venture or reorganization;

                     (ii)    The Company is sold, transferred, merged, consolidated,
ventured or reorganized into or with another corporation or entity, with the result that upon the conclusion of the transaction less than a majority of the outstanding securities entitled to vote generally in the election of directors or other
capital interests of the acquiring corporation or entity are owned, directly or indirectly, by the shareholders of the Company immediately prior to the sale, transfer, merger, consolidation, venture or reorganization;
                     (iii)    There is a report filed on Schedule 13D or Schedule 14D-1 (or any successor
schedule, form or report), each as promulgated pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange Act”), disclosing that any person (as the term “person” is used in Section 13(d)(3) or Section 14(d)(2) of
the Exchange Act) has become the beneficial owner (as the term “beneficial owner”) is defined under Rule 13d-3 or any successor rule or regulation promulgated under the Exchange Act) of securities representing more than fifty percent (50%)
of the combined voting power of the then-outstanding voting securities of the Company; or
                      (iv)     The Company shall file a report or proxy statement with the Securities
and Exchange Commission pursuant to the Exchange Act disclosing in response to Item 1 of Form 8-K thereunder or Item 14 of Schedule 14A thereunder (or any successor schedule, form or report or item therein) that a change in control of the Company
has or may have occurred.
            (b)     The “Change Date” shall be the date on which a Change in Control of
the Company, as described in Paragraph 6(a) above, occurs.
            (c)     The term “Discharge” shall mean
the termination by the Company of Executive’s employment following the Change in Control or the resignation of Executive upon a reasonable determination by Executive that, as a result of the Change in Control and a change in circumstances
thereafter significantly affecting his position, he is unable to exercise the authorities, powers, functions or duties attached to his position as contemplated by Paragraph 2 herein.
            (d)     In the event of a Discharge:
                     (i)     Within thirty (30) days of the date of a Discharge, unless the parties
mutually agree in writing to a different arrangement, the Company shall pay Executive a lump-sum amount such that the net payment to Executive after deduction of all payroll taxes and all income taxes at the highest marginal rates applicable to
Executive shall be equal to twice (A) the aggregate Base Salary payable to Executive in the year the Change Date occurs and (B) any Second Employment Period Bonus earned for the year the Change Date occurs (calculated as the
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   same percentage of Executive’s then current annual Base Salary paid in accordance with Section 5(a) above, as the previous year’s Bonus as a percentage of the
previous year’s Base Salary).
                      (ii)    The
Restricted Shares shall vest and Executive shall be entitled to a Registration Right (as such term is defined in Paragraph 8(d) below) with respect thereto, and the Stock Options shall vest on the Change Date; provided, however, that the exercise
period for the Stock Options shall be subject to the greater of that provided for by the Plan or that provided for by the acquiring company in the Change in Control.
                      (iii)   Executive shall continue to be entitled to the benefits under any employee benefit
plans to which he was entitled during the Initial Employment Period, Second Employment Period or Third Employment Period, if any, for the remainder of the Initial Employment Period, Second Employment Period or Third Employment Period, if any,
hereunder, respectively.
                      (iv)    Any principal or
interest amounts due under the Loan provided for in Paragraph 5(h)(ii) above, if any, shall be forgiven in full.  The Company shall pay Executive an amount such that the net payment to Executive after deduction of all income taxes at the
highest marginal rates applicable to Executive shall be equal to the amount of the Loan.
 7.       TERMINATION DURING THE INITIAL EMPLOYMENT
PERIOD.  Executive’s employment hereunder may be terminated during the Initial Employment Period under the following circumstances in accordance with the provisions of this Paragraph:
            (a)     Executive’s employment will immediately terminate upon the death of Executive.  Executive’s legal representatives
shall be entitled to receive the Base Salary due Executive through the last day of the month during which his death shall have occurred and any annual Initial Employment Period Bonus earned for the year through the date on which his death shall have
occurred.
            (b)     (i)     The Company may terminate Executive’s employment
pursuant to a written notice (a “Notice of Termination”) at least sixty (60) days prior to the date of termination (the “Date of Termination”) as a result of Executive’s inability to perform his duties hereunder, due to
physical or mental illness, injury or condition, as determined by a physician certified by the Company, for a period exceeding one hundred and eighty (180) days, in a three hundred sixty-five (365) day period. 
                      (ii)    This Agreement shall remain valid and in full force and effect until the Date
of Termination in the event that circumstances under Paragraph 7(b)(i) above occur.
            (c)     The Company may
terminate Executive’s employment for “Cause” pursuant to a Notice of Termination delivered to Executive at least sixty (60) days prior to the Date of Termination.  For the purposes of this Agreement, “Cause” shall
mean:
                      (i)     Executive’s willful failure or
refusal to perform specific material directives of the Board, when such material directives are consistent with the scope and nature of Executive’s duties and responsibilities as set forth in Paragraph 2 above, after notice thereof, stating
with specificity the nature of such failure or refusal, and Executive shall have failed to
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   correct such failure or to cease such refusal prior to the Date of Termination provided for in the Notice of Termination;  provided, however that no failure to act by
Executive shall be considered “willful” if such failure to act is due to Executive’s good faith belief that such action would be materially harmful to the Company; 
                      (ii)    Executive’s material failure to comply with policies of the Company,
after notice thereof, stating with specificity the nature of such failure, and Executive shall have failed to correct such failure or to cease such refusal prior to the Date of Termination provided for in the Notice of Termination;
 
                    (iii)   drunkenness or use of drugs which interferes with the performance of
Executive’s duties and responsibilities hereunder, continuing after warning; 
                      (iv)   Executive’s conviction of a felony or of any crime involving moral turpitude,
fraud or misrepresentation; or
                      (v)    Executive’s
material breach of his obligations provided for in Paragraph 12 below.
            (d)     Executive may terminate his
employment hereunder by providing the Company with a Notice of Termination delivered sixty (60) days prior to the Date of Termination upon the occurrence of an event or circumstance constituting Good Reason.  For the purposes of this Agreement
“Good Reason” shall mean the occurrence of any of the following without the written consent of Executive or his approval in his capacity as Chairman of the Board and/or Chief Executive Officer:
                     (i)     the assignment to Executive of duties inconsistent with this Agreement or
a material and substantial diminution of his duties hereunder;
                      (ii)    any material failure by the Company to comply with Paragraph 5 herein; 

                      (iii)   the requirement of Executive to relocate to a
location not agreed to by Executive and which is unreasonable considering Executive’s personal circumstances; and 
                      (iv)   any material breach of this Agreement by the Company; 
                      provided however, that an event that is or would constitute Good Reason shall cease to be Good Reason
if:  (1) Executive does not send a Notice of Termination to the Company within forty-five (45) days after the event occurs; (2) the Company reverses the action or cures the default that constitutes Good Reason within forty-five (45) days after
the delivery of the Notice of Termination; or (3) Executive was a primary instigator of the Good Reason event and the circumstances make it inappropriate for him to receive Good Reason resignation benefits under this Agreement.
  8.       TERMINATION DURING THE SECOND EMPLOYMENT PERIOD.  Executive’s employment hereunder may be terminated during the Second Employment Period under the following
circumstances in accordance with the provisions of this Paragraph:
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            (a)     Executive’s employment will immediately terminate upon the death of
Executive.  In the event of the death of Executive, one-hundred percent (100%) of the Second Stock Grant shall vest, and Executive’s legal representatives shall be entitled to receive within thirty (30) days of such death in one lump-sum
payment: (i) the aggregate Base Salary that would be payable to Executive if he had continued to be employed through October 30, 2006, and (ii) any Second Employment Period Bonus earned for the year through the date on which his death shall have
occurred (calculated as the same percentage of Executive’s then current annual Base Salary paid in accordance with Section 5(a) above, as the previous year’s Bonus as a percentage of the previous year’s Base Salary).
 
          (b)     (i)     The Company may terminate Executive’s employment pursuant to a Notice of
Termination at least sixty (60) days prior to the Date of Termination as a result of Executive’s inability to perform his duties hereunder, due to physical or mental illness, injury or condition, as determined by a physician certified by the
Company, for a period exceeding one hundred and eighty (180) days, in a three hundred sixty-five (365) day period.
                      (ii)    This Agreement shall remain valid and in full force and effect until the Date
of Termination in the event that circumstances under Paragraph 8(b)(i) above occur.
                      (iii)   Within thirty (30) days of the Date of Termination described in Paragraph 8(b)(i)
above, unless the parties mutually agree in writing to a different arrangement, one-hundred percent (100%) of the Second Stock Grant shall vest and the Company shall pay Executive in one-lump sum: (A) the aggregate Base Salary that would be payable
to Executive if he had continued to be employed through October 30, 2006, and (B) any Second Employment Period Bonus earned for the year through the Date of Termination (calculated as the same percentage of Executive’s then current annual Base
Salary paid in accordance with Section 5(a) above, as the previous year’s Bonus as a percentage of the previous year’s Base Salary).
           (c)     The Company may terminate Executive’s employment for “Cause” pursuant to a Notice of Termination delivered to
Executive at least sixty (60) days prior to the Date of Termination.  
            (d)     Executive may terminate his
employment hereunder by providing the Company with a Notice of Termination delivered sixty (60) days prior to the Date of Termination upon the occurrence of an event or circumstance constituting Good Reason.  
  9.       COMPENSATION UPON TERMINATION
            (a)     Termination for Cause or Resignation without Good Reason - If Executive’s employment shall be terminated for Cause, or
without Good Reason:  (i) the Company shall pay Executive his Base Salary up to the date on which a Notice of Termination is delivered; (ii) the unvested portion of the Second Stock Grant (if the termination occurs on or after October 31, 2003)
and any unvested Stock Options shall remain unvested and shall no longer be exercisable by Executive; and (iii) neither Executive nor the Company shall have any further obligation hereunder other than Executive’s obligations under Paragraph 12
below.
  -9-

             (b)     Termination without Cause or Resignation with Good Reason - In the event
that this Agreement is terminated by the Company without Cause or by Executive with Good Reason: 
                      (i)     Within thirty (30) days of the date this Agreement is terminated, unless
the parties mutually agree in writing to a different arrangement, Executive shall be entitled to receive a lump-sump amount such that the net payment to Executive after deduction of all payroll taxes and all income taxes at the highest marginal
rates applicable to Executive shall be equal to one times (A) the aggregate Base Salary payable to Executive in the year the Agreement is terminated; (B) any Second Employment Period Bonus earned for the year through the date the Agreement is
Terminated (calculated as the same percentage of Executive’s then current annual Base Salary paid in accordance with Section 5(a) above, as the previous year’s Bonus as a percentage of the previous year’s Base Salary);

                    (ii)    One hundred percent (100%) of the Second Stock Grant (if the
termination occurs on or after October 31, 2003) shall vest, and Executive shall be entitled to a Registration Right (as such term is defined in Paragraph 9(d) below) with respect thereto;
                      (iii)   Any principal and interest amounts due under the Loan provided for in Paragraph
5(h)(ii) above, if any, shall be forgiven in full;
                      (iv)    If Executive’s employment is terminated by the Company without Cause or
by Executive with Good Reason during the Second Employment Period and prior to the end of the Fifth Year, within thirty (30) days of such date of termination, unless the parties mutually agree in writing to a different arrangement, the Company shall
pay Executive a payment in an amount, which, after Executive’s payment of federal, state, and local income tax liabilities arising upon his receipt of such payment, is equal to the sum of federal, state and local income tax liability which is
payable by Executive due to the forgiveness, in accordance with subparagraph (iii) above, of any principal and interest amounts due under the Loan;
                      (v)     The exercise period for all vested Stock Options shall be one (1) year
from the Date of Termination; 
                      (vi)    Any unvested
Stock Options remaining unvested in the month after the Date of Termination shall remain unvested and shall no longer be exercisable by Executive; and 
                      (vii)   Executive shall continue to be entitled to the benefits under any employee benefit
plans to which he was entitled during the Initial Employment Period, Second Employment Period, or Third Employment Period, if any, for the remainder of the Initial Employment Period, Second Employment Period, or Third Employment Period, if any,
respectively, hereunder.
           (c)     The Non-Renewal of this Agreement - In the event that this Agreement
shall not be renewed at the end of the Second Employment Period as specified in Paragraph 4(b) herein:  (i) within thirty (30) days of October 30, 2006, unless the parties mutually agree in writing to a different arrangement, Executive shall be
entitled to receive a lump-sum amount such that the net payment to Executive after deduction of all payroll taxes and all income taxes at the highest marginal rates applicable to Executive shall be equal to one times (A) the Base Salary for the
Sixth Year and (B) a bonus for the Sixth Year (calculated as the same percentage of Executive’s
  -10-

   Sixth Year Base Salary paid in accordance with Section 5(a) above, as the Fifth Year Bonus as a percentage of the Fifth Year Base Salary); (ii) the exercise period for any
vested Stock Options shall be one (1) year from the Date of Termination; and (iii) any unvested Stock Options shall remain unvested and shall no longer be exercisable by Executive. 
            (d)     Registration Right – The “Registration Right” shall consist of:  (i) one demand registration on Form S-3
(or a successor form thereto) covering any of Executive’s unregistered securities which shall remain effective for not more than thirty (30) days; (ii) payment of customary registration expenses, by the Company; (iii) customary indemnification
and contribution; and (iv) other usual and customary terms then being included in agreements of that type; provided, however, that Executive shall not be entitled to any Registration Right if he may otherwise sell his unregistered securities
pursuant to an exemption under Rule 144.
  10.     RENEWAL PERIOD.  Prior to the Third Employment Period, if any, the Base Salary (the “Third Period
Base Salary”), the annual bonus range (the “Third Period Bonus Range”), the stock grant (the “Third Period Stock Grant”), the initial stock option grant (the “Third Period Initial Option”) and the range of the
annual options (the “Third Period Annual Option Range”) to be paid or granted during the Third Employment Period will be determined by the Company and Executive in good faith negotiation no later than nine (9) months prior to the
expiration of the Second Employment Period, but in no event will the Third Period Base Salary, the Third Period Bonus Range, the Third Period Stock Grant, the Third Period Initial Option and the Third Period Annual Option Range be less than the
Sixth Year Base Salary, the range of the Second Employment Period Bonus, the Second Stock Grant, the Renewal Option and the range of the Renewal Annual Options, respectively.
 11.     LIFE INSURANCE.  The Company may, in its discretion, at any time after the October 31, 2000, apply for and procure as owner and for its own benefit, insurance on the life of
Executive, in such amounts and in such form or forms as the Company may choose.  Executive shall have no interest whatsoever in any such policy or policies.  At the request of the Company, Executive shall submit to such medical
examinations, supply such information, and execute such documents as may be required by the insurance company or companies to which the Company has applied for such insurance; provided Executive’s expectation of medical confidentiality is not
to be compromised by the insurance company.
  -11-

   12.     CONFIDENTIALITY. 
            (a)     Non-disclosure – Executive shall not at any time during the term of this Agreement or thereafter, either directly or
indirectly, disclose or divulge to any other person, firm or corporation the names, addresses, preferences, prices being charged or any other confidential information concerning or relating to any of the former or existing suppliers, contractors,
employees or customers of the Company, or any parent, affiliate or subsidiary of the Company (collectively, the “Customers”) with respect to the past, present or future business of the Company, or any parent, affiliate or subsidiary of the
Company, or any secret, proprietary or confidential information concerning or relating to the past, present or future business of the Company, or any parent, affiliate or subsidiary of the Company (collectively, “Confidential
Information”), and he will not divert or attempt to divert any of the Customers or do any act to impair, prejudice or destroy the goodwill of the Company with the Customers; provided, however, Confidential Information shall not include
information which was known to the public prior to the date of communication thereof by the Company to Executive or which subsequently became known to the public other than through communication by Executive; provided, further, such Confidential
Information shall include, but shall not be limited to:
                     (i)     information regarding the Company’s proprietary research,
technology, trade secrets, patented processes, market studies and forecasts, competitive analyses, pricing policies, the substance of agreements with customers, suppliers and others, marketing arrangements, training programs and arrangements, and
other information, written and oral, relating to the Company’s technology, systems and products not generally available to the public;
                      (ii)    information regarding the Company’s trademarks, trade names, service
marks, or patents;
                      (iii)   the Company’s equipment,
management, internal policies, and other activities relating to the conduct of the Company’s Business; and
                      (iv)    other data, developments, research, trade secrets, methods or techniques used
by the Company in the conduct of its Business.
            (b)     Ownership of Intellectual Property –
Executive acknowledges and agrees that all intellectual property (including without limitation all ideas, concepts, inventions, plans, developments, software, data, configurations, materials (whether written or machine-readable), designs, drawings,
illustrations and photographs, which may be protectable, in whole or in part, under any patent, copyright, trademark, trade secret or other intellectual property law), developed, created, conceived, made or reduced to practice during his employment
with the Company or the Parent which: (i) relate to the current, future or potential business of the Company or the Parent; (ii) result from the duties or work performed by Executive hereunder; or (iii) are developed during working time or using the
Company’s equipment, supplies, facilities, resources, materials or information, shall be the sole and exclusive property of the Company, and Executive shall and hereby does assign all right, title and interest in and to such intellectual
property to the Company.
 -12-

             (c)     Nonsolicitation – Because Executive’s solicitation of the
Customers of the Company, or any parent, affiliate or subsidiary of the Company, under certain circumstances would necessarily involve the use or disclosure of Confidential Information, Executive shall not, either directly or indirectly, at any time
during the term of this Agreement and for a period of one (1) year from the Date of Termination or the date of expiration of this Agreement:  (i) call on, solicit or take away, or attempt to call on, solicit or take away, any past or present
Customers of the Company, or any parent, affiliate or subsidiary of the Company; (ii) employ, hire or solicit the employment of any person employed by the Company, or any parent, affiliate or subsidiary of the Company; (iii) do any act to impair,
prejudice or destroy the goodwill of the Company, or any parent, affiliate or subsidiary of the Company, or to prejudice or impair the relationship or dealing between the Company, or any parent, affiliate or subsidiary of the Company, and the
Customers; or (iv) assist any other person, firm or corporation in any such acts.
            (d)     Other
Employment – Executive agrees that, while this Agreement is in effect and for twelve (12) months after its termination, he will not accept any employment or engage in any activity, without the written consent of the Board, if the loyal and
complete fulfillment of his duties would inevitably require him to reveal or utilize Confidential Information that Executive has promised not to disclose, as reasonably determined by the Board.
            (e)     Return of Confidential Information – Promptly after the Date of Termination or expiration of this Agreement, Executive
will deliver to the Company or, at its written instruction, destroy all documents, data, drawings, manuals, letters, notes, reports, electronic mail, recordings, and copies thereof, in his possession or control.
           (f)     Promise to Discuss Proposed Actions in Advance- To prevent the inevitable use or disclosure of trade secrets or Confidential
Information, Executive promises that, before Executive discloses or uses information and before Executive commences employment, solicitations, or any other activity that could possibly violate the terms of this Paragraph, Executive will discuss his
proposed actions with the Board, which will advise Executive whether his proposed actions would violate this Paragraph. 
            (g)     Survival and Enforcement – The provisions of this Paragraph 12 shall survive the termination of this Agreement,
irrespective of the reason therefor.  Executive acknowledges that:  (i) his services are of a special, unique, and extraordinary character and it would be very difficult or impossible to replace his services; (ii) this Paragraph’s
terms are reasonable and necessary to protect the Company’s legitimate interests (iii) this Paragraph’s restrictions will not prevent Executive from earning or seeking a livelihood; (iv) this Paragraph’s restrictions shall apply
wherever permitted by law; and (v) Executive’s  violation of any of this Paragraph’s terms would irreparably harm the Company.  Accordingly, Executive agrees that, notwithstanding any other Paragraph of this Agreement, if he
violates any of the provisions of this Paragraph, the Company shall be entitled to, in addition to other remedies available to it, an injunction to be issued by any court of competent jurisdiction restraining Executive from committing or continuing
any such violation, without the need to post any bond or for any other undertaking or prove the inadequacy of money damages.
  -13-

   13.     MISCELLANEOUS.
            (a)     Notices to be given in writing shall be transmitted by Facsimile, by personal delivery or by certified mail, return receipt
requested, addressed as set forth below or to another address given through written notice under the provisions of this Paragraph:
           If to
the Company:
                                    BioMarin
Pharmaceutical Inc.
                                   Attention: Board of
Directors
                                   371 Bel Marin Keys, Suite
210
                                   Novato, California 94949

           If to Executive:
                                    Fredric D. Price

                                  64 Quarry Lane

                                  Bedford, New York 10506
            Notice shall be deemed to have been given when delivered or, if earlier (1) when mailed by United States certified or registered mail, return receipt
requested, postage prepaid, or (2) faxed with confirmation of delivery, in either case, addressed as required in this Paragraph.
            (b)     This Agreement shall be governed by and construed in accordance with the internal, substantive laws of the State of California. 
Venue of any proceeding shall be exclusively in the County of Marin in the foregoing state, and both parties hereby consent and agree to such exclusive venue. 
           (c)     Except as explicitly set forth in this Agreement, all disputes between Executive and the Company arising under this Agreement or
relating to Executive’s employment or termination thereof are to be resolved by final and binding arbitration in accordance with the commercial rules of the American Arbitration Association in the County of Marin in California.  The
parties agree that the awarding of any costs and expenses, including attorney’s fees, incurred in such arbitration, shall be determined by the arbitrators.  This Paragraph shall remain in effect after the termination of this
Agreement.
            (d)     This Agreement may be executed simultaneously in two (2) or more counterparts, each of which
shall be deemed to be an original, but all of which together shall constitute one (1) and the same instrument.  Furthermore, facsimiles of signatures may be taken as the actual signatures, and each party agrees to furnish the other with
documents bearing the original signatures within ten (10) days of the facsimile transmission.
            (e)     This
Agreement, including the exhibits hereto, contains the entire understanding between the parties hereto with respect to the subject matter hereof and supersedes any prior agreements and understandings relating thereto, including without limitation
the Prior Agreement.  This Agreement may not be waived, changed, modified, extended or discharged orally, but only by a written instrument signed by the party against whom enforcement of any waiver, change, modification, extension or discharge
is sought.
  -14-

             (f)     The invalidity or unenforceability of any provision of this Agreement shall not
affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect.
           (g)     Executive represents that he is not subject to any employment, confidentiality, or other agreement or restriction that would prevent
him from fully satisfying his duties under this Agreement or that would be violated if he did so.  Without the Company’s prior written approval, Executive agrees not to:
                      (i)     disclose proprietary information belonging to a former employer or other
entity without its written permission;
                      (ii)    contact
any former employer’s customers or employees to solicit their business or employment on behalf of the Company; or
                      (iii)   distribute announcements about or otherwise publicize his employment with the
Company.
            Executive agrees to indemnify and hold the Company harmless from any liabilities, including defense costs, it may incur because
he is alleged to have broken any of these promises or improperly revealed or used such proprietary information or to have threatened to do so, or if a former employer challenges his entering into this Agreement or rendering services pursuant to
it.
            (h)     Executive agrees that any payments and benefits under this Agreement and all other contracts,
arrangements, or programs shall not, in the aggregate, exceed the maximum amount that may be paid to him without triggering golden parachute penalties under Section 280G and related provisions of the Internal Revenue Code, as determined in good
faith by the Company’s independent auditors.  If any benefits must be cut back to avoid triggering such penalties, the benefits shall be cut back in the priority order designated by the Company.  If an amount in excess of the limit
set forth in this Paragraph is paid to Executive, Executive agrees to repay the excess amount to the Company upon demand, with interest at the rate provided for in Internal Revenue Code Section 1274(b)(2)(B).  The Company and Executive agree to
cooperate with each other in connection with any administrative or judicial proceedings concerning the existence or amount of golden parachute penalties with respect to payments or benefits received by Executive. 
 -15-

             IN WITNESS WHEREOF, the parties have duly executed this Agreement as of the date first above written.

	  BIOMARIN PHARMACEUTICAL INC.
 	  
 	  EXECUTIVE:
 
	  
 	  
 	  
 
	  By:
 	  /s/ GWYNN R. WILLIAMS
 	  
 	  /s/ FREDRIC D. PRICE
 
	  
 	 
 	  
 	 
 
	  
 	  
 	  
 	  Fredric D. Price
 
	 Company Title: Director and Chairman, Corporate Governance and Nominating Committee
 	  
 	  
 

  -16-

   EXHIBIT A
  TERMS AND CONDITIONS OF RESTRICTED SHARES
  1.       SECURITIES LAW COMPLIANCE
            (a)     Restricted Securities.  The Restricted Shares have not been registered under the Securities Act of 1933, as amended (the
“1933 Act”).  By his signature on the Employment Agreement, Executive hereby confirms that Executive has been informed that the Restricted Shares are restricted securities under the 1933 Act and may not be sold or transferred unless
the Restricted Shares are first registered under the federal securities laws or unless an exemption from such registration is available.  
            (b)     Restrictions on Disposition of Restricted Shares.  Executive shall not make transfer or sell the Restricted Shares or any
interest therein unless and until the Restricted Shares have vested.  The Company shall not be required (i) to transfer on its books any Restricted Shares which have been sold or transferred in violation of the provisions of this Agreement (and
the Company may issue appropriate “stop transfer” instructions to its transfer agent accordingly) or (ii) to treat as the owner of the Restricted Shares, or otherwise to accord voting, dividend or liquidation rights to, any transferee to
whom the Restricted Shares have been transferred in contravention of this Agreement.
  2.       TRANSFER RESTRICTIONS
           (a)     Restriction on Transfer.  Executive shall not sell, transfer, assign, pledge, encumber or otherwise dispose of any of the
Restricted Shares that are subject to the Repurchase Right (as defined below). 
  3.       REPURCHASE RIGHT
            (a)     Repurchase Option.  If the Employment Agreement shall be terminated for Cause, or without Good Reason, before all of the
Shares are released from the Company’s Repurchase Right (as defined below), the Company shall, upon the date of such termination, have the right to repurchase up to that number of unvested shares at the original par value per share of $0.001
(the “Repurchase Right”).  The Repurchase Right shall be exercised by the Company by delivering written notice to the Executive.  Upon delivery of such notice, the Company shall become the legal and beneficial owner of the Shares
being repurchased and all rights and interests therein or relating thereto, and the Company shall have the right to retain and transfer to its own name the number of Shares being repurchased by the Company.
            (b)     Termination of the Repurchase Right.  (i)  The Repurchase Right shall terminate and cease to be exercisable with
respect to any and all Restricted Shares which have vested in accordance with the vesting schedule set forth in Paragraph 5(f) of the Agreement;
                      (ii)     The Repurchase Right shall terminate and cease to be exercisable with
respect to all Restricted Shares if Executive becomes entitled to compensation under Paragraphs 6(d)(ii), 8(a), 8(b)(iii) or 9(b)(ii) of the Agreement.
  -17-

  4.       LEGENDS
            (a)     Legends.  The share certificate evidencing the Restricted Shares, issued hereunder shall be endorsed with the following
legends, or legends substantially equivalent thereto (in addition to any legend required under applicable state securities laws):

	  
 	  THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”) AND MAY NOT BE OFFERED, SOLD OR OTHERWISE
TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT OR, IF IN THE OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER OF THESE SECURITIES, SUCH OFFER, SALE, TRANSFER, PLEDGE OR HYPOTHECATION IS IN
COMPLIANCE THEREWITH.
 
	  
 	  
 
	  
 	  THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS UPON TRANSFER AND A RIGHT OF REPURCHASE AS SET FORTH IN AN AGREEMENT BETWEEN THE COMPANY AND THE
SHAREHOLDER, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY.
 

            (b)     Investment Intent. Executive represents to the Company the following:
                      (i)     Executive is acquiring these Securities for investment for
Executive’s own account only and not with a view to, or for resale in connection with, any “distribution” thereof within the meaning of the 1933 Act. 
                     (ii)    Executive acknowledges and understands that the Securities constitute
“restricted securities” under the Act and have not been registered under the Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of Executive’s investment intent
as expressed herein.  Executive further understands that the Securities must be held indefinitely unless they are subsequently registered under the Act or an exemption from such registration is available.  Executive further acknowledges
and understands that the Company is under no obligation to register the Securities, except as set forth in the Agreement. 
                     (iii)   Executive hereby agrees that if so requested by the Company or any representative
of the underwriters in connection with any registration of the offering of any securities of the Company under the Act, Executive shall not sell or otherwise transfer any Shares or other securities of the Company during a period of up to 180 days
following the effective date of a registration statement of the Company filed under the Act.  The Company may impose stop-transfer instructions with respect to securities subject to the foregoing restrictions until the end of such 180-day
period.
 -18-

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