Document:

EX-10.12

 Exhibit 10.12 

ADDITIONAL OFFERING 
  

			
		  	October 9, 2013
		
	To:	  	BioMarin Pharmaceutical Inc.
		  	105 Digital Drive
		  	Novato, CA 94949
		  	Attn: General Counsel
		  	Telephone: 415-506-6700
		  	Facsimile: 415-506-6425
		
	From:	  	Barclays Bank PLC
		  	5 The North Colonnade
		  	Canary Wharf, London E14 4BB
		  	Facsimile: +44(20)77736461
		  	Telephone: +44 (20) 777 36810
		
		  	c/o Barclays Capital Inc.
		  	as Agent for Barclays Bank PLC
		  	745 Seventh Ave
		  	New York, NY 10019
		  	Telephone: +1 212 412 4000
		
	Re:	  	Additional Capped Call Transaction

 Ladies and Gentlemen: 

The purpose of this communication (this “Confirmation”) is to set forth the terms and conditions of the
above-referenced transaction entered into on the Trade Date specified below (the “Transaction”) between Barclays Bank PLC (“Dealer”) through its agent Barclays Capital Inc. (the “Agent”), and
BioMarin Pharmaceutical Inc. (“Counterparty”). This communication constitutes a “Confirmation” as referred to in the ISDA Master Agreement specified below. Barclays Bank PLC is not a member of the Securities Investor
Protection Corporation (“SIPC”). Barclays is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. 

1. This Confirmation is subject to, and incorporates, the definitions and provisions of the 2006 ISDA Definitions (the “2006
Definitions”) and the definitions and provisions of the 2002 ISDA Equity Derivatives Definitions (the “Equity Definitions”, and together with the 2006 Definitions, the “Definitions”), in each case as
published by the International Swaps and Derivatives Association, Inc. (“ISDA”). In the event of any inconsistency between the 2006 Definitions and the Equity Definitions, the Equity Definitions will govern. Certain defined terms
used herein have the meanings assigned to them in the Indenture to be dated as of October 15, 2013 between Counterparty and Wilmington Trust, National Association as trustee (the “Base Indenture”), as supplemented by a
supplemental indenture thereto to be dated as of October 15, 2013 (such supplemental indenture, the “Supplemental Indenture”, and the Base Indenture, as so supplemented, the “Indenture”) relating to the USD
340,000,000 principal amount of 1.50% senior subordinated convertible notes due 2020 and the additional USD 35,000,000 principal amount of 1.50% senior subordinated convertible notes due 2020 issued pursuant to the over-allotment option exercised on
the date hereof (the “Convertible Securities”). In the event of any inconsistency between the terms defined in the Indenture and this Confirmation, this Confirmation shall govern. For the avoidance of doubt, references herein to
sections of the Indenture are based on the draft of the Indenture most recently reviewed by the parties at the time of execution of this Confirmation. If any relevant sections of the Indenture are changed, added or renumbered following execution of
this Confirmation but prior to the execution of the Indenture, the parties will amend this Confirmation in good faith to preserve the economic intent of the parties based on the draft of the Indenture so reviewed. The parties further acknowledge
that references to the Indenture herein are references to the Indenture as in effect on the date of its execution and if the Indenture is amended following its execution, any such amendment will be disregarded for purposes of this Confirmation
(other than as provided in Section 8(a) below) unless the parties agree otherwise in writing.  

 This Confirmation evidences a complete and binding agreement between Dealer and
Counterparty as to the terms of the Transaction to which this Confirmation relates. This Confirmation shall be subject to an agreement (the “Agreement”) in the form of the ISDA 2002 Master Agreement as if Dealer and Counterparty had
executed an agreement in such form (without any Schedule but with the elections set forth in this Confirmation and except for the election that the “Cross Default” provisions of Section 5(a)(vi) of the Agreement (which, for the
avoidance of doubt, shall include any “Event of Default” resulting in the principal and the interest with respect to the Convertible Securities becoming immediately due and payable) shall apply to both Dealer, with respect to which a
“Threshold Amount” of 3% of the shareholders’ equity of Dealer as set forth on its most recent filing on Form 10-K or Form 10-Q as applicable shall be applicable, and Counterparty, with respect to which a “Threshold Amount”
of USD 15.0 million shall be applicable). For the avoidance of doubt, the Transaction shall be the only transaction under the Agreement. 

All provisions contained in, or incorporated by reference to, the Agreement will govern this Confirmation except as expressly modified herein.
In the event of any inconsistency between this Confirmation and either the Definitions or the Agreement, this Confirmation shall govern. 

2. The Transaction constitutes a Share Option Transaction for purposes of the Equity Definitions. The terms of the particular Transaction to
which this Confirmation relates are as follows: 
 General Terms: 
  

			
	 Trade Date:
	 	October 10, 2013
		
	 Effective Date:
	 	The closing date of the Convertible Securities issued pursuant to the over-allotment option exercised on the date hereof.
		
	 Option Type:
	 	Call
		
	 Seller:
	 	Dealer
		
	 Buyer:
	 	Counterparty
		
	 Shares:
	 	The common stock of Counterparty, par value USD 0.001 per share (Ticker Symbol: “BMRN”).
		
	 Number of Options:
	 	The number of additional Convertible Securities (the “Optional Securities”) in denominations of USD1,000 principal amount purchased by Merrill Lynch, Pierce, Fenner & Smith Incorporated, as representative of the
Underwriters (as defined in the Underwriting Agreement), of their option pursuant to Section 2(b) of the Underwriting Agreement (as defined below).
		
	 Number of Shares:
	 	As of any date, the product of (i) the Number of Options, (ii) the Conversion Rate and (iii) the Applicable Percentage.
		
	 Conversion Rate:
	 	As of any date, the “Conversion Rate” (as defined in the Indenture) as of such date but without regard to any adjustments to the “Conversion Rate” pursuant to Sections 4.01(e), 4.12 or 4.13 of the Supplemental
Indenture.
		
	 Strike Price:
	 	The “Conversion Price” (as defined in the Indenture, but without regard to any adjustments to the “Conversion Rate” (as defined in the Indenture) pursuant to Sections 4.01(e), 4.12 or 4.13 of the Supplemental
Indenture).
		
	 Cap Price:
	 	USD 121.05
		
	 Applicable Percentage:
	 	15%
		
	 Premium:
	 	As provided in Annex A to this Confirmation.
		
	 Premium Payment Date:
	 	The Effective Date

  
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	 Exchange:
	 	The NASDAQ Global Select Market
		
	 Related Exchange:
	 	All Exchanges
		
	Procedures for Exercise:	 	
		
	 Exercise Dates:
	 	Each Conversion Date.
		
	 Conversion Date:
	 	Each “Conversion Date”, as defined in the Indenture, occurring during the period from and excluding the Trade Date to and including the Expiration Date, for Convertible Securities, each in denominations of USD1,000
principal amount, that are submitted for conversion on such Conversion Date in accordance with the terms of the Indenture (excluding Convertible Securities that are Excluded Convertible Securities), excluding Convertible Securities that are
“Excluded Convertible Securities” or “Relevant Convertible Securities” under, and as defined in, the confirmation between the parties hereto regarding the Base Convertible Capped Call Transaction dated October 8, 2013 (the
“Base Convertible Capped Call Transaction Confirmation”) (such Convertible Securities, each in denominations of USD1,000 principal amount and other than those excluded as set forth above, the “Relevant Convertible
Securities” for such Conversion Date). For the purposes of determining whether any Convertible Securities will be Relevant Convertible Securities hereunder or under the Base Convertible Capped Call Transaction Confirmation, Convertible
Securities that are converted pursuant to the Indenture shall be allocated first to the Base Convertible Capped Call Transaction Confirmation until all Options thereunder are exercised or terminated.
		
	 Required Exercise on Conversion Dates:
	 	On each Conversion Date, a number of Options equal to the number of Relevant Convertible Securities for such Conversion Date in denominations of USD1,000 principal amount shall be automatically exercised.
		
	 Excluded Convertible Securities:
	 	Convertible Securities surrendered for conversion on any date prior to the Free Convertibility Period that are not “Excluded Convertible Securities” under, and as defined in, the Base Convertible Capped Call Transaction
Confirmation. For purposes of determining whether any Convertible Securities will be Excluded Convertible Securities hereunder or under the Base Convertible Capped Call Transaction Confirmation, Convertible Securities that are converted prior to
such date shall be allocated first to the Base Convertible Capped Call Transaction Confirmation until all Options thereunder are exercised or terminated.
		
	 Expiration Date:
	 	The second “Scheduled Trading Day” immediately preceding the “Final Maturity Date” (each as defined in the Indenture).
		
	 Automatic Exercise:
	 	As provided above under “Required Exercise on Conversion Dates”.
		
	 Exercise Notice Deadline:
	 	In respect of any exercise of Options hereunder on any Conversion Date, the Exchange Business Day immediately following such Conversion Date.

  
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	 Notice of Exercise:
	 	Notwithstanding anything to the contrary in the Equity Definitions, Dealer shall have no obligation to make any payment or delivery in respect of any exercise of Options hereunder unless Counterparty notifies Dealer in writing prior
to 4:00 PM, New York City time, on the Exercise Notice Deadline in respect of such exercise of the number of Options being exercised on the relevant Exercise Date; provided that any “Notice of Exercise” delivered to Dealer pursuant
to the Base Convertible Capped Call Transaction Confirmation shall deemed to be a Notice of Exercise pursuant to this Confirmation and the terms of such Notice of Exercise shall apply, mutatis mutandis, to this Confirmation. For the avoidance
of doubt, if Counterparty fails to give such notice when due in respect of any exercise of Options hereunder, Dealer’s obligation to make any payment or delivery in respect of such exercise shall be permanently extinguished, and late notice
shall not cure such failure; provided that notwithstanding the foregoing, such notice (and the related exercise of Options) shall be effective if given after the Exercise Notice Deadline, but prior to 4:00 PM New York City time, on the fifth
Exchange Business Day following the Exercise Notice Deadline, in which event the Calculation Agent shall have the right to adjust the Delivery Obligation as appropriate to reflect the additional costs (to account solely for hedging mismatches and
market losses) and expenses incurred by Dealer in connection with its hedging activities (including the unwinding of any hedge position), with such adjustments made assuming that the Dealer maintains a commercially reasonable hedge position, as a
result of Dealer not having received such notice on or prior to the Exercise Notice Deadline.
		
	 Notice of Convertible Security Settlement Method:
	 	 

 Counterparty shall notify Dealer in writing before 4:00 P.M. (New York City time) on the earlier to occur of (x) the date on which it makes the
irrevocable election of a settlement method and, if applicable, the “Specified Dollar Amount” (as defined in the Indenture) in accordance with Section 9.01(g) of the Supplemental Indenture and (y) July 15, 2020 (the period from the date in
this clause (y) to and including the second “Scheduled Trading Day” immediately preceding the “Final Maturity Date” (each as defined in the Indenture), the “Free Convertibility Period”). If Counterparty fails
timely to provide such notice, Counterparty shall be deemed to have notified Dealer of combination settlement with a “Specified Dollar Amount” (as defined in the Indenture) of USD1,000 for all conversions occurring during the Free
Convertibility Period. Counterparty agrees that it shall settle any Relevant Convertible Securities with a Conversion Date occurring during the Free Convertibility Period in the same manner as provided in the Notice of Convertible Security
Settlement Method it provides or is deemed to have provided hereunder.

		
	 Dealer’s Telephone Number and Telex and/or Facsimile Number and Contact Details for purpose of Giving Notice:
	 	To be provided by Dealer.
		
	Settlement Terms:	 	
		
	 Settlement Date:
	 	The settlement date for the cash (if any) and/or Shares (if any) to be delivered in respect of the Relevant Convertible Securities

  
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		 	converted on such Conversion Date pursuant to Section 4.02 of the Supplemental Indenture; provided that the Settlement Date will not be prior to the later of (i) the date one Settlement Cycle following the last day of the
relevant “Observation Period” (as defined in the Indenture and as modified by the provision set forth opposite the caption “Convertible Security Settlement Method”) and (ii) the Exchange Business Day immediately following the
date Counterparty provides the Notice of Delivery Obligation prior to 4:00 PM, New York City time.
		
	 Delivery Obligation:
	 	In lieu of the obligations set forth in Sections 8.1 and 9.1 of the Equity Definitions, and subject to “Notice of Exercise” above and “Share Adjustments” below, in respect of an Exercise Date occurring on a
Conversion Date, Dealer will deliver to Counterparty, on the related Settlement Date, a number of Shares and/or amount of cash in USD equal to the product of (i) the Applicable Percentage and (ii) the aggregate number of Shares, if
any, that Counterparty would be obligated to deliver to the holder(s) of the Relevant Convertible Securities converted on such Conversion Date pursuant to Section 4.02(a)(iv) of the Supplemental Indenture and/or the aggregate amount of cash, if any,
in excess of USD1,000 per Convertible Security (in denominations of USD1,000) that Counterparty would be obligated to deliver to holder(s) pursuant to Section 4.02(a)(iv) of the Supplemental Indenture (except that such aggregate number of Shares
shall be determined without taking into consideration any rounding pursuant to Section 4.03 of the Supplemental Indenture and shall be rounded down to the nearest whole number) and cash in lieu of fractional Shares, if any, resulting from such
rounding, as if Counterparty had elected to satisfy its conversion obligation in respect of such Relevant Convertible Securities by the Convertible Security Settlement Method, notwithstanding any different actual election by Counterparty with
respect to the settlement of such Convertible Securities (such product, the “Convertible Obligation”); provided that (i) if the Convertible Obligation exceeds the Capped Convertible Obligation, then the Delivery Obligation
shall be the Capped Convertible Obligation; (ii) the Convertible Obligation (and, for the avoidance of doubt, the Capped Convertible Obligation) shall be determined (A) excluding any Shares and/or cash that Counterparty is obligated to deliver to
holder(s) of the Relevant Convertible Securities as a result of any adjustments to the Conversion Rate pursuant to Sections 4.01(e) or 4.13 of the Supplemental Indenture and (B) without regard to the election, if any, by Counterparty to adjust the
Conversion Rate and the related conversion obligation pursuant to Section 4.12 of the Supplemental Indenture (and, for the avoidance of doubt, the Delivery Obligation shall not include any interest payment on the Relevant Convertible Securities that
the Counterparty is (or would have been) obligated to deliver to holder(s) of the Relevant Convertible Securities for such Conversion Date); and (iii) if such exercise relates to the conversion of Relevant Convertible Securities in connection with
which holders thereof are entitled to receive additional Shares and/or cash pursuant to the adjustment to the Conversion Rate set forth in Section 4.01(e) of the Supplemental Indenture, then, notwithstanding the foregoing,
the

  
 5 

			
		 	Delivery Obligation shall include the Applicable Percentage of such additional Shares and/or cash, except that the Delivery Obligation shall be capped so that the value of the Delivery Obligation per Option (with the value of any
Shares included in the Delivery Obligation determined by the Calculation Agent using the VWAP Price on the last day of the relevant “Observation Period”) does not exceed the amount as determined by the Calculation Agent that would be
payable by Dealer pursuant to Section 6 of the Agreement if such Conversion Date were an Early Termination Date resulting from an Additional Termination Event with respect to which the Transaction (except that, for purposes of determining such
amount (x) the Number of Options shall be deemed to be equal to the number of Options exercised on such Exercise Date and (y) such amount payable will be determined as if Section 4.01(e) of the Supplemental Indenture were deleted) was the sole
Affected Transaction and Counterparty was the sole Affected Party (determined without regard to Section 8(b) of this Confirmation), it being understood that the cap described in this clause (iii) is in addition to, and cumulative with, clauses (i)
and (ii) of this proviso. Notwithstanding the foregoing, and in addition to the caps described in clauses (i), (ii) and (iii) of the proviso above, in all events the Delivery Obligation shall be capped so that the value of the Delivery Obligation
does not exceed the value of the ratio the numerator of which is the Convertible Obligation (with the Convertible Obligation determined based on the actual settlement method elected by Counterparty with respect to such Relevant Convertible
Securities instead of the Convertible Security Settlement Method and with the value of any Shares included in either the Delivery Obligation or such Convertible Obligation determined by the Calculation Agent using the VWAP Price on the last day of
the relevant “Observation Period” (as defined in the Indenture and as modified by the provision set forth opposite the caption “Convertible Security Settlement Method”)) and the denominator of which is the aggregate of all
Applicable Percentages under all outstanding Capped Call Transactions in respect of Convertible Securities as of the time of such calculation.
		
	 Capped Convertible Obligation:
	 	In respect of an Exercise Date occurring on a Conversion Date, the Convertible Obligation that would apply if the “Daily VWAP” for each “Trading Day” in the “Observation Period” (each as defined in the
Indenture) or, if applicable, the assumed “Observation Period” specified in clause (ii) of “Convertible Security Settlement Method” below, were the lesser of (x) the Cap Price and (y) the actual Daily VWAP for such Trading Day as
defined in the Indenture.
		
	 Convertible Security Settlement Method:
	 	For any Relevant Convertible Securities, if Counterparty has notified Dealer in the related Notice of Exercise (or in the Notice of Convertible Security Settlement Method, as the case may be) that it has elected to satisfy its
conversion obligation in respect of such Relevant Convertible Securities in cash or in a combination of cash and Shares in accordance with Section 4.02(a) of the Supplemental Indenture (a “Cash Election”) with a “Specified
Dollar Amount” (as defined in the Indenture) of at least USD1,000, the Convertible Security Settlement Method shall be the settlement method actually so elected by Counterparty in respect of
such

  
 6 

			
		 	Relevant Convertible Securities; otherwise, the Convertible Security Settlement Method shall (i) assume Counterparty made a Cash Election with respect to such Relevant Convertible Securities with a “Specified Dollar
Amount” (as defined in the Indenture) of USD1,000 per Relevant Convertible Security and (ii) be calculated as if the relevant “Observation Period” (as defined in the Indenture) pursuant to Section 4.02(a)(iv) of the Supplemental
Indenture consisted of 50 “Trading Days” (as defined in the Indenture) commencing on (x) the third “Scheduled Trading Day” (as defined in the Indenture) after the Conversion Date for conversions occurring prior to the Free
Convertibility Period or (y) the 52nd “Scheduled Trading Day” prior to the “Final Maturity Date” (each as defined in the Indenture) for conversion occurring during the Free Convertibility Period.
		
	 Notice of Delivery Obligation:
	 	No later than the Exchange Business Day immediately following the last day of the relevant “Observation Period” (as defined in the Indenture and as modified by the provision set forth opposite the caption “Convertible
Security Settlement Method”), Counterparty shall give Dealer notice of the aggregate number of Shares and/or cash comprising the Convertible Obligations for all Relevant Convertible Securities (it being understood, for the avoidance of doubt,
that the requirement of Counterparty to deliver such notice shall not limit Counterparty’s obligations with respect to Notice of Exercise or Notice of Convertible Security Settlement Method or Dealer’s obligations with respect to Delivery
Obligation, each as set forth above, in any way).
		
	 Other Applicable Provisions:
	 	To the extent Dealer is obligated to deliver Shares hereunder, the provisions of Sections 9.1(c), 9.8, 9.9, 9.10 and 9.11 (except that the Representation and Agreement contained in Section 9.11 of the Equity Definitions shall be
modified by excluding any representations therein relating to restrictions, obligations, limitations or requirements under applicable securities laws arising as a result of the fact that Counterparty is the Issuer of the Shares) of the Equity
Definitions will be applicable as if “Physical Settlement” applied to the Transaction.
		
	 Restricted Certificated Shares:
	 	Notwithstanding anything to the contrary in the Equity Definitions, Dealer may, in whole or in part, deliver Shares required to be delivered to Counterparty hereunder in certificated form in lieu of delivery through the Clearance
System. With respect to such certificated Shares, the Representation and Agreement contained in Section 9.11 of the Equity Definitions shall be modified by deleting the remainder of the provision after the word “encumbrance” in the
fourth line thereof.
		
	Share Adjustments:	 	
		
	 Method of Adjustment:
	 	Notwithstanding Section 11.2 of the Equity Definitions, upon the occurrence of any event or condition set forth in Section 4.06 of the Supplemental Indenture that results in an adjustment under the Indenture, the Calculation Agent
shall make a corresponding adjustment to the terms relevant to the exercise, settlement or payment of the Transaction and may adjust the Cap Price as appropriate to account for the economic effect on the Transaction of such event or condition;
provided that the Cap Price shall not be

  
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		 	adjusted so that it is less than the Strike Price. Immediately upon the occurrence of any such event or condition contemplated by Section 4.06 of the Supplemental Indenture, Counterparty shall notify the Calculation Agent of such
event or condition; and once the adjustments to be made to the terms of the Indenture and the Convertible Securities in respect of such event or condition have been determined, Counterparty shall immediately notify the Calculation Agent in writing
of the details of such adjustments.
		
	Extraordinary Events:	 	
		
	 Merger Events and Tender Offers:
	 	Notwithstanding Section 12.1(b) of the Equity Definitions, a “Merger Event” means the occurrence of any event or condition set forth in Section 7.01 of the Supplemental Indenture.
		
	 Consequences of Merger Events and Tender Offer:
	 	 

 Notwithstanding Sections 12.2 and 12.3 of the Equity Definitions, (i) upon the occurrence of a Merger Event that results in an adjustment under
the Indenture, the Calculation Agent shall make a corresponding adjustment to the terms relevant to the exercise, settlement or payment of the Transaction; provided that such adjustment shall be made without regard to any adjustment to the
Conversion Rate pursuant to Sections 4.01(e) 4.13 of the Supplemental Indenture and the election, if any, by Counterparty to adjust the Conversion Rate and the related conversion obligation pursuant to Section 4.12 of the Supplemental Indenture;
and provided further that the Calculation Agent may limit or alter any such adjustment referenced in this clause (i) so that the fair value of the Transaction to Dealer (taking into account a commercially reasonable hedge position) is not
adversely affected as a result of such adjustment); and provided further that if, with respect to a Merger Event, (x) the consideration for the Shares includes (or, at the option of a holder of Shares, may include) shares of an entity or
person that is not a corporation organized under the laws of the United States, any State thereof or the District of Columbia or (y) the Counterparty following such Merger Event will not be a corporation organized under the laws of the United
States, any State thereof or the District of Columbia or will not be the Issuer following such Merger Event, Cancellation and Payment (Calculation Agent Determination) shall apply; and (ii) in such event, the Calculation Agent may adjust the Cap
Price as appropriate to account for the economic effect on the Transaction of such event; provided that the Cap Price shall not be adjusted so that it is less than the Strike Price.

		
	 Notice of Merger Consideration:
	 	Upon the occurrence of a Merger Event that causes the Shares to be converted into the right to receive more than a single type of consideration (determined based in part upon any form of stockholder election), Counterparty shall
reasonably promptly (but, in any event prior to the effective time of such Merger Event) notify the Calculation Agent of (i) the weighted average of the types and amounts of consideration received by the holders of Shares entitled to receive cash,
securities or other property or assets with respect to or in exchange for such Shares in any Merger Event who affirmatively make such an election and (ii) the details of the adjustment made under the Indenture in respect of such Merger
Event.

  
 8 

			
	 Nationalization, Insolvency or Delisting:
	 	Cancellation and Payment (Calculation Agent Determination); provided that, in addition to the provisions of Section 12.6(a)(iii) of the Equity Definitions, it shall also constitute a Delisting if the Shares are not
immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or their respective successors); if the Shares are immediately re-listed, re-traded or re-quoted on any
such exchange or quotation system, such exchange or quotation system shall thereafter be deemed to be the Exchange.
		
	 Additional Disruption Events:
	 	
		
	 (a) Change in Law:
	 	Applicable; provided that Section 12.9(a)(ii) of the Equity Definitions is hereby amended by (w) replacing the parenthetical beginning after the word “regulation” in the second line thereof with the words
“(including, for the avoidance of doubt and without limitation, adoption or promulgation of new regulations authorized or mandated by existing statute)”, (x) replacing the phrase “the interpretation” in the third line thereof
with the phrase “, or public announcement of, the formal or informal interpretation”, (y) adding the words “and/or any Hedge Positions” after the word “Shares” in the clause (X) thereof and (z) adding the words “,
or holding, acquiring or disposing of Shares or any Hedge Positions relating to,” after the word “obligations” in clause (Y) thereto.
		
	 (b) Failure to Deliver:
	 	Applicable
		
	 (c) Insolvency Filing:
	 	Applicable
		
	 (d) Hedging Disruption:
	 	Applicable; provided that:
		
		 	(i) Section 12.9(a)(v) of the Equity Definitions is hereby modified by (x) inserting the following words at the end of clause (A) thereof: “in the manner contemplated by the Hedging Party on the Trade Date” and (y)
inserting the following two phrases at the end of such Section:
		
		 	“For the avoidance of doubt, the term “equity price risk” shall be deemed to include, but shall not be limited to, stock price and volatility risk. And, for the further avoidance of doubt, any such transactions or
assets referred to in phrases (A) or (B) above must be available on commercially reasonable pricing terms.”; and
		
		 	(ii) Section 12.9(b)(iii) of the Equity Definitions is hereby amended by inserting in the third line thereof, after the words “to terminate the Transaction”, the words “or a portion of the Transaction affected by such
Hedging Disruption”.
		
	 (e) Increased Cost of Hedging:
	 	Applicable
		
	 Hedging Party:
	 	For all applicable Potential Adjustment Events and Extraordinary Events, Dealer
		
	 Determining Party:
	 	For all applicable Extraordinary Events other than Failure to Deliver, Dealer; For Failure to Deliver, Counterparty

  
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	 Non-Reliance:
	 	Applicable
		
	 Agreements and Acknowledgments Regarding Hedging Activities:
	 	Applicable
		
	 Additional Acknowledgments:
	 	Applicable
		
	 3. Calculation Agent:
	 	Dealer, whose judgments, assumptions, determinations and calculations shall be made in good faith and in a commercially reasonable manner. Following any determination or calculation by the Calculation Agent hereunder, upon a written
request by Counterparty, the Calculation Agent shall reasonably promptly provide to Counterparty by e-mail to the e-mail address provided by Counterparty in such request a report (in a commonly used file format for the storage and manipulation of
financial data) displaying in reasonable detail the basis for such determination or calculation (including any assumptions used in making such determination or calculation); provided, however, that in no event will Dealer be obligated
to share with Counterparty any proprietary models or other proprietary information or proprietary data used by it or any other party.
		
	 4. Account Details:
	 	
		
	 Dealer Payment Instructions:
	 	Bank: Barclays Bank plc NY
		 	ABA# 026 00 2574
		 	BIC: BARCUS33
		 	Acct: 50038524
		 	Beneficiary: BARCGB33
		 	Ref: Barclays Bank plc London Equity Derivatives
		
	 Counterparty Payment Instructions:
	 	To be provided by Counterparty.

 5. Offices: 

The Office of Dealer for the Transaction is: Inapplicable, Barclays is not a Multibranch Party. 

The Office of Counterparty for the Transaction is: Not applicable 

6. Notices: For purposes of this Confirmation: 

Address for notices or communications to Counterparty: 

 

			
	To:	  	BioMarin Pharmaceutical Inc.
		  	105 Digital Drive
		  	Novato, CA 94949
	Attn:	  	General Counsel
	Telephone:	  	415-506-6700
	Facsimile:	  	415-506-6425

 Address for notices or communications to Dealer: 

 

			
	To:	  	Barclays Bank PLC
		  	c/o Barclays Capital Inc.
		  	745 Seventh Ave.
		  	New York, NY 10019
	Attn:	  	Paul Robinson
	Telephone:	  	(+1) 212-526-0111
	Facsimile:	  	(+1) 917-522-0458

  
 10 

 7. Representations, Warranties and Agreements: 

(a) In addition to the representations and warranties in the Agreement and those contained elsewhere herein, Counterparty
represents and warrants to and for the benefit of, and agrees with, Dealer as follows: 
 (i) On the Trade Date, and as of
the date of any election by Counterparty of the Share Termination Alternative under (and as defined in) Section 8(b) below, (A) none of Counterparty and its officers and directors is aware of any material nonpublic information regarding
Counterparty or the Shares and (B) all reports and other documents filed by Counterparty with the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange Act”) when
considered as a whole (with the more recent such reports and documents deemed to amend inconsistent statements contained in any earlier such reports and documents), do not contain any untrue statement of a material fact or any omission of a material
fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances in which they were made, not misleading. 

(ii) On the Trade Date and on each day during the Observation Period (or, if applicable, the assumed “Observation
Period” specified in clause (ii) of “Convertible Security Settlement Method” above) applicable to the Relevant Convertible Securities and any Early Termination Period, neither Counterparty nor any “affiliated purchaser”
(each as defined in Rule 10b-18 under the Exchange Act (“Rule 10b-18”)) shall directly or indirectly (including, without limitation, by means of any cash-settled or other derivative instrument) purchase, offer to purchase, place any
bid or limit order that would effect a purchase of, or commence any tender offer relating to, any Shares (or an equivalent interest, including a unit of beneficial interest in a trust or limited partnership or a depository share) or any security
convertible into or exchangeable or exercisable for Shares, except through Dealer. 
 (iii) Without limiting the generality
of Section 13.1 of the Equity Definitions, Counterparty acknowledges that Dealer is not making any representations or warranties or taking any position or expressing any view with respect to the treatment of the Transaction under any accounting
standards including ASC Topic 260, Earnings Per Share, ASC Topic 815, Derivatives and Hedging, or ASC Topic 480, Distinguishing Liabilities from Equity and ASC 815-40, Derivatives and Hedging – Contracts in Entity’s
Own Equity (or any successor issue statements) or under FASB’s Liabilities & Equity Project. 
 (iv)
Without limiting the generality of Section 3(a)(iii) of the Agreement, to Counterparty’s knowledge, the Transaction will not violate Rule 13e-1 or Rule 13e-4 under the Exchange Act. 

(v) Prior to the Trade Date, Counterparty shall deliver to Dealer a resolution of Counterparty’s board of directors
authorizing the Transaction and such other certificate or certificates as Dealer shall reasonably request. 
 (vi)
Counterparty is not entering into this Confirmation to create actual or apparent trading activity in the Shares (or any security convertible into or exchangeable for Shares) or to raise or depress or otherwise manipulate the price of the Shares (or
any security convertible into or exchangeable for Shares) or otherwise in violation of the Exchange Act. 
 (vii)
Counterparty is not, and after giving effect to the transactions contemplated hereby will not be, required to register as an “investment company” as such term is defined in the Investment Company Act of 1940, as amended. 

(viii) On each of the Trade Date and the Premium Payment Date, Counterparty is not, or will not be, “insolvent” (as
such term is defined under Section 101(32) of the U.S. Bankruptcy Code (Title 11 of the United States Code) (the “Bankruptcy Code”)) and Counterparty would be able to purchase the Shares hereunder in compliance with the laws of
the jurisdiction of its incorporation. 

  
 11 

 (ix) No law, rule, regulation or regulatory order of (x) any state or local
jurisdiction (including non-U.S. jurisdictions) applicable to the Shares as a result of Counterparty’s particular industry or (y) any material jurisdiction (including non-U.S. jurisdictions) applicable to the Shares would give rise to any
reporting, consent, registration or other requirement (including without limitation a requirement to obtain prior approval from any person or entity) as a result of Dealer or its affiliates owning or holding (however defined) Shares. 

(x) Counterparty understands no obligations of Dealer to it hereunder will be entitled to the benefit of deposit insurance and
that such obligations will not be guaranteed by any affiliate of Dealer or any governmental agency. 
 (b) Each of Dealer and
Counterparty agrees and represents that it is an “eligible contract participant” as defined in the U.S. Commodity Exchange Act, as amended. 

(c) Each of Dealer and Counterparty acknowledges that the offer and sale of the Transaction to it is intended to be exempt from
registration under the Securities Act of 1933, as amended (the “Securities Act”), by virtue of Section 4(2) thereof. Accordingly, Counterparty represents and warrants to Dealer that (i) it has the financial ability to bear
the economic risk of its investment in the Transaction and is able to bear a total loss of its investment, (ii) it is an “accredited investor” as that term is defined in Regulation D as promulgated under the Securities Act,
(iii) it is entering into the Transaction for its own account and without a view to the distribution or resale thereof, and (iv) the assignment, transfer or other disposition of the Transaction has not been and will not be registered under
the Securities Act and is restricted under this Confirmation, the Securities Act and state securities laws. 
 (d)
Counterparty acknowledges that during (x) the Observation Period (or, if applicable, the assumed “Observation Period” specified in clause (ii) of “Convertible Security Settlement Method” above) applicable to the
Relevant Convertible Securities and (y) in the event an Early Termination Date is designated due to an Additional Termination Event as a result of an Excluded Conversion Event, a period starting on or about such Early Termination Date as
reasonably determined by Dealer and notified to Counterparty (an “Early Termination Period”), the Shares or securities that are convertible into, or exchangeable or exercisable for, Shares will not be subject to a “restricted
period,” as such term is defined in Regulation M under the Exchange Act (“Regulation M”) due to the actions of Counterparty. Dealer acknowledges that it intends to hedge its obligations with respect to the Transaction on the
Trade Date by entering into cash-settled total return swaps on the Shares. 
 (e) Dealer represents that it is a
“financial institution,” “swap participant” and “financial participant” within the meaning of Sections 101(22), 101(53C) and 101(22A) of the Bankruptcy Code. The parties hereto further agree and acknowledge that it is
the intent of the parties that (A) this Confirmation is (i) a “securities contract,” as such term is defined in Section 741(7) of the Bankruptcy Code, with respect to which each payment and delivery hereunder or in
connection herewith is a “termination value,” “payment amount” or “other transfer obligation” within the meaning of Section 362 of the Bankruptcy Code and a “settlement payment,” within the meaning of
Section 546 of the Bankruptcy Code and (ii) a “swap agreement,” as such term is defined in Section 101(53B) of the Bankruptcy Code, with respect to which each payment and delivery hereunder or in connection herewith is a
“termination value,” “payment amount” or “other transfer obligation” within the meaning of Section 362 of the Bankruptcy Code and a “transfer,” as such term is defined in Section 101(54) of the
Bankruptcy Code and a “payment or other transfer of property” within the meaning of Sections 362 and 546 of the Bankruptcy Code, and (B) Dealer is entitled to the protections afforded by, among other sections, Sections 362(b)(6),
362(b)(17), 362(o), 546(e), 546(g), 548(d)(2), 555, 560 and 561 of the Bankruptcy Code. 
 (f) Counterparty represents that
it (i) is capable of evaluating investment risks independently, both in general and with regard to all transactions and investment strategies involving a security or securities; (ii) will exercise independent judgment in evaluating the
recommendations of any broker-dealer or its associated persons, unless it has otherwise notified the broker-dealer in writing; and (iii) has total assets of at least USD 50.0 million. 

  
 12 

 (g) Counterparty understands that notwithstanding any other relationship between
Counterparty and Dealer and its affiliates, in connection with this Transaction and any other over-the-counter derivative transactions between Counterparty and Dealer or its affiliates, Dealer or its affiliates is acting as principal and is not a
fiduciary or advisor in respect of any such transaction, including any entry, exercise, amendment, unwind or termination thereof. 

(h) Counterparty represents and warrants that it has received, read and understands the OTC Options Risk Disclosure
Statement and a copy of the most recent disclosure pamphlet prepared by The Options Clearing Corporation entitled “Characteristics and Risks of Standardized Options”. 

(i) Each party acknowledges and agrees to be bound by the Conduct Rules of the Financial Industry Regulatory Authority, Inc.
applicable to transactions in options, and further agrees not to violate the position and exercise limits set forth therein. 

(j) Counterparty shall deliver to Dealer an opinion of counsel, dated as of the Effective Date and reasonably acceptable to
Dealer in form and substance, with respect to the matters set forth in Section 3(a) of the Agreement. 
 8. Other Provisions:

 (a) Additional Termination Events. The occurrence of (i) an Amendment Event or (ii) an Excluded
Conversion Event shall be an Additional Termination Event with respect to which the Transaction is the sole Affected Transaction and Counterparty is the sole Affected Party, Dealer shall be the party entitled to designate an Early Termination Date
pursuant to Section 6(b) of the Agreement and Dealer shall so designate an Early Termination Date; provided that in the case of an Excluded Conversion Event the Transaction shall be subject to termination only in respect of a number of
Options equal to the number of Convertible Securities that cease to be outstanding in connection with or as a result of such Excluded Conversion Event. For the avoidance of doubt, in determining the amount payable in respect of such Affected
Transaction pursuant to Section 6 of the Agreement in connection with an Excluded Conversion Event, the Calculation Agent shall assume that (x) the relevant Excluded Convertible Securities shall not have been converted and remain
outstanding, and (y) in the case of an Induced Conversion, any adjustments, agreements, additional payments, deliveries or acquisitions by or on behalf of Counterparty or any affiliate of Counterparty in connection therewith had not occurred.

 Counterparty shall, within one Scheduled Trading Day of the “Conversion Date” (as defined in the Indenture) for
any Excluded Conversion Event, provide Dealer with written notice of (i) such number of Excluded Convertible Securities, (ii) the scheduled settlement under the Indenture for the Excluded Convertible Securities converted on such Conversion
Date, (iii) whether such Excluded Convertible Securities will be settled by Counterparty by delivery of cash, Shares or a combination of cash and Shares and, if such a combination, the “Specified Dollar Amount” (as defined in the
Indenture) and (iv) the first “Scheduled Trading Day” of the “Observation Period” (as defined in the Indenture). Counterparty acknowledges its responsibilities under applicable securities laws, and in particular
Section 9 and Section 10(b) of the Exchange Act and the rules and regulations thereunder, in respect of any election of a settlement method with respect to the Excluded Convertible Securities. 

“Amendment Event” means that Counterparty amends, modifies, supplements, waives or obtains a waiver that is
material in nature, whether considered individually or in the aggregate, in respect of any term of the Indenture or the Convertible Securities governing the principal amount, coupon, maturity, repurchase obligation of Counterparty, redemption right
of Counterparty, any term relating to conversion of the Convertible Securities (including changes to the conversion price, conversion settlement dates or conversion conditions), or any term that would require consent of the holders of not less than
100% of the principal amount of the Convertible Securities to amend, in each case without the consent of Dealer. 

“Excluded Conversion Event” means any conversion of any Excluded Convertible Securities. 

“Induced Conversion” means a conversion of any Excluded Convertible Securities (A) in connection with
(x) an adjustment to the Conversion Rate effected by Counterparty (whether pursuant to Section 4.12 of 

  
 13 

 
the Supplemental Indenture or otherwise) that is not required under the terms of the Indenture or (y) an agreement by Counterparty with the holder(s) of such Convertible Securities whereby,
in the case of either (x) or (y), the holder(s) of such Convertible Securities receive upon conversion or pursuant to such agreement, as the case may be, a payment of cash or delivery of Shares or any other property or item of value that was
not required under the terms of the Indenture or (B) after having been acquired from a holder of Convertible Securities by or on behalf of Counterparty or any of its affiliates other than pursuant to a conversion by such Holder and thereafter
converted by or on behalf of Counterparty or any affiliate of Counterparty. 
 In no event shall the Close-out Amount paid to
Counterparty in connection with an Additional Termination Event occurring as a result of an Excluded Conversion Event exceed an amount (if positive) equal to the product of (i) (a) the amount of cash paid and the number of Shares issued by
Counterparty under the Indenture upon conversion of the Excluded Convertible Securities, less (b) the principal amount of the Excluded Convertible Securities so converted, and (ii) the ratio the numerator of which is the Applicable
Percentage and the denominator of which is the aggregate of all Applicable Percentages under all outstanding Capped Call Transactions in respect of Convertible Securities as of the time of such Excluded Conversion Event. 

(b) Alternative Calculations and Payment on Early Termination and on Certain Extraordinary Events. If Dealer shall owe
Counterparty any amount pursuant to “Consequences of Merger Events and Tender Offers” above or Sections 12.6, 12.7 or 12.9 of the Equity Definitions or pursuant to Section 6(d)(ii) of the Agreement (a “Payment
Obligation”), Counterparty shall have the right, in its sole discretion, to require Dealer to satisfy any such Payment Obligation by the Share Termination Alternative (as defined below) by giving irrevocable telephonic notice to Dealer,
confirmed in writing within one Scheduled Trading Day, no later than 9:30 A.M. New York City time on the relevant merger date, Announcement Date, Early Termination Date or date of cancellation or termination in respect of an Extraordinary Event, as
applicable (“Notice of Share Termination”); provided that if Counterparty does not elect to require Dealer to satisfy its Payment Obligation by the Share Termination Alternative, Dealer shall have the right, in its sole
discretion, to elect to satisfy its Payment Obligation by the Share Termination Alternative, notwithstanding Counterparty’s failure to elect or election to the contrary; and provided further that Counterparty shall not have the
right to so elect (but, for the avoidance of doubt, Dealer shall have the right to so elect) in the event of (i) an Insolvency, a Nationalization or a Merger Event, in each case, in which the consideration or proceeds to be paid to holders of
Shares consists solely of cash or (ii) an Event of Default in which Counterparty is the Defaulting Party or a Termination Event in which Counterparty is the Affected Party, which Event of Default or Termination Event resulted from an event or
events within Counterparty’s control. Upon such Notice of Share Termination, the following provisions shall apply on the Scheduled Trading Day immediately following the relevant merger date, Announcement Date, Early Termination Date or date of
cancellation or termination in respect of an Extraordinary Event, as applicable: 
  

			
	Share Termination Alternative:	  	Applicable and means that Dealer shall deliver to Counterparty the Share Termination Delivery Property on the date on which the Payment Obligation would otherwise be due pursuant to “Consequences of Merger Events and Tender
Offers” above, Section 12.7 or 12.9 of the Equity Definitions or Section 6(d)(ii) of the Agreement, as applicable, or such later date as the Calculation Agent may reasonably determine (the “Share Termination Payment Date”), in
satisfaction of the Payment Obligation.
		
	Share Termination Delivery Property:	  	A number of Share Termination Delivery Units, as calculated by the Calculation Agent, equal to the Payment Obligation divided by the Share Termination Unit Price. The Calculation Agent shall adjust the Share Termination Delivery
Property by replacing any fractional portion of the aggregate amount of a security therein with an amount of cash equal to the value of such fractional security based on the values used to calculate the Share Termination Unit Price.
		
	Share Termination Unit Price:	  	The value of property contained in one Share Termination Delivery Unit on the date such Share Termination Delivery Units are to be delivered as Share Termination Delivery Property, as determined by the Calculation Agent
in

  
 14 

			
		  	its discretion by commercially reasonable means and notified by the Calculation Agent to Dealer at the time of notification of the Payment Obligation.
		
	Share Termination Delivery Unit:	  	In the case of a Termination Event, Event of Default, Delisting or Additional Disruption Event, one Share or, in the case of an Insolvency, Nationalization or Merger Event, one Share or a unit consisting of the number or amount of
each type of property received by a holder of one Share (without consideration of any requirement to pay cash or other consideration in lieu of fractional amounts of any securities) in such Insolvency, Nationalization or Merger Event, as applicable.
If such Insolvency, Nationalization or Merger Event involves a choice of consideration to be received by holders, such holder shall be deemed to have elected to receive the maximum possible amount of cash.
		
	Failure to Deliver:	  	Applicable
		
	Other applicable provisions:	  	If Share Termination Alternative is applicable, the provisions of Sections 9.8, 9.9, 9.10 and 9.11 (except that the Representation and Agreement contained in Section 9.11 of the Equity Definitions shall be modified by
excluding any representations therein relating to restrictions, obligations, limitations or requirements under applicable securities laws arising as a result of the fact that Counterparty is the issuer of the Shares or any portion of the Share
Termination Delivery Units) of the Equity Definitions will be applicable as if “Physical Settlement” applied to the Transaction, except that all references to “Shares” shall be read as references to “Share Termination
Delivery Units.”

 (c) Disposition of Hedge Shares. Counterparty hereby agrees that if, in the good
faith reasonable judgment of Dealer based on advice of outside counsel, any Shares (the “Hedge Shares”) acquired by Dealer for the purpose of hedging its obligations pursuant to the Transaction (other than any Hedge Shares that were
“restricted securities” as defined in Rule 144(a) of the Securities Act) cannot be sold in the public market by Dealer without registration under the Securities Act, Counterparty shall, at its election: (i) in order to allow Dealer to
sell the Hedge Shares in a registered offering, make available to Dealer an effective registration statement under the Securities Act to cover the resale of such Hedge Shares and (A) enter into an agreement, in form and substance reasonably
satisfactory to Dealer, substantially in the form of an underwriting agreement for a registered secondary offering of similar size of an issuer of similar size and (B) afford Dealer a reasonable opportunity to conduct a “due
diligence” investigation with respect to Counterparty customary in scope for underwritten offerings of equity securities; provided, however, that if Dealer, in its sole reasonable discretion, is not satisfied with access to due diligence
materials, the results of its due diligence investigation, or the procedures and documentation for the registered offering referred to above, then clause (ii) or clause (iii) of this Section 8(c) shall apply at the election of
Counterparty; (ii) in order to allow Dealer to sell the Hedge Shares in a private placement, enter into a private placement agreement substantially similar to private placement purchase agreements customary for private placements of equity
securities of similar size of an issuer of similar size, in form and substance commercially reasonably satisfactory to Dealer (in which case, the Calculation Agent shall make any adjustments to the terms of the Transaction that are necessary, in its
commercially reasonable judgment, to compensate Dealer for any discount from the public market price of the Shares incurred on the sale of Hedge Shares in a private placement; for the avoidance of doubt, any such adjustment will be solely based on
the variables permitted under ASC 815-40); or (iii) purchase the Hedge Shares from Dealer at the VWAP Price on such Exchange Business Days, and in the amounts, requested by Dealer. “VWAP Price” means, on any Exchange Business
Day, the per Share volume-weighted average price as displayed under the heading “Bloomberg VWAP” on Bloomberg page “BMRN <equity> VAP” (or any successor thereto) in respect of the period from 9:30 a.m. to 4:00 p.m. (New
York City time) on such Exchange Business Day (or if such volume-weighted average price is unavailable or is manifestly incorrect, the market value of one Share on such Exchange Business Day, as determined by the Calculation Agent using a
volume-weighted method). 

  
 15 

 (d) Amendment to Equity Definitions. The following amendment shall be made
to the Equity Definitions: 
 Section 12.6(a)(ii) of the Equity Definitions is hereby amended by (1) deleting from
the fourth line thereof the word “or” after the word “official” and inserting a comma therefor, and (2) deleting the semi-colon at the end of subsection (B) thereof and inserting the following words therefor “or
(C) at Dealer’s option, the occurrence of any of the events specified in Section 5(a)(vii) (1) through (9) of the ISDA Master Agreement with respect to that Issuer.” 

(e) Repurchase and Conversion Rate Adjustment Notices. Counterparty shall, simultaneously with, or immediately after,
effecting any repurchase of Shares or consummating or otherwise executing or engaging in any transaction or event (a “Conversion Rate Adjustment Event”) that would lead to an increase in the Conversion Rate (as such term is defined
in the Indenture), give Dealer a written notice of such repurchase or Conversion Rate Adjustment Event (a “Repurchase Notice”) if, following such repurchase or Conversion Rate Adjustment Event, the Notice Percentage as determined on
the date of such Repurchase Notice is (i) greater than 4.5% and (ii) greater by 0.5% than the Notice Percentage included in the immediately preceding Repurchase Notice (or, in the case of the first such Repurchase Notice, greater than the
Notice Percentage as of the date hereof), and, if such repurchase or Conversion Rate Adjustment Event, or the intention to effect the same, would constitute material non-public information with respect to Counterparty or the Shares, Counterparty
shall make public disclosure thereof at or prior to delivery of such Repurchase Notice. The “Notice Percentage” as of any day is the fraction, expressed as a percentage, the numerator of which is the Number of Shares and the
denominator of which is the number of Shares outstanding on such day. In the event that Counterparty fails to provide Dealer with a Repurchase Notice on the day and in the manner specified in this Section 8(e) then Counterparty agrees to
indemnify and hold harmless Dealer, its affiliates and their respective directors, officers, employees, agents and controlling persons (Dealer and each such person being an “Indemnified Party”) from and against any and all losses,
claims, damages and liabilities (or actions in respect thereof), joint or several, to which such Indemnified Party may become subject under applicable securities laws, including without limitation, Section 16 of the Exchange Act, relating to or
arising out of such failure. If for any reason the foregoing indemnification is unavailable to any Indemnified Party or insufficient to hold harmless any Indemnified Party, then Counterparty shall contribute, to the maximum extent permitted by law,
to the amount paid or payable by the Indemnified Party as a result of such loss, claim, damage or liability. In addition, Counterparty will reimburse any Indemnified Party for all expenses (including reasonable counsel fees and expenses) as they are
incurred (after notice to Counterparty) in connection with the investigation of, preparation for or defense or settlement of any pending or threatened claim or any action, suit or proceeding arising therefrom, whether or not such Indemnified Party
is a party thereto and whether or not such claim, action, suit or proceeding is initiated or brought by or on behalf of Counterparty. This indemnity shall survive the completion of the Transaction contemplated by this Confirmation and any assignment
and delegation of the Transaction made pursuant to this Confirmation or the Agreement shall inure to the benefit of any permitted assignee of Dealer. 

(f) Transfer and Assignment. Either party may transfer any of its rights or obligations under the Transaction with the
prior written consent of the non-transferring party, such consent not to be unreasonably withheld or delayed. Counterparty may transfer or assign any of its rights or obligations under the Transaction with the prior written consent of Dealer, such
consent not to be unreasonably withheld or delayed, in connection with a transaction where the rights or obligations of the Counterparty under the Indenture are being transferred or assigned under the terms of the Indenture; provided Dealer
may condition its consent on any of the following, without limitation: (i) the receipt by Dealer of opinions and documents reasonably satisfactory to Dealer in connection with such assignment, (ii) such assignment being effected on terms
reasonably satisfactory to Dealer with respect to any legal and regulatory requirements relevant to Dealer, and (iii) Counterparty continuing to be obligated to provide notices hereunder relating to the Convertible Securities and continuing to
be obligated with respect to “Disposition of Hedge Shares” and “Repurchase Notices” above. In addition, Dealer may transfer or assign without any consent of the Counterparty its rights and obligations hereunder and under the
Agreement, in whole or in part, to any of its affiliates if such affiliate or its guarantor has a long-term rating equal to or higher than Dealer as rated by either Moody’s or Standard & Poor’s. Any such assignment shall be fully
effective upon notice to Counterparty of such assignment, together with notice of such affiliate’s 

  
 16 

 
agreement to perform the Transaction and be bound by its terms in every way as if the affiliate had been an original party to the Transaction in place with Dealer and Dealer shall be released
from its obligations hereunder. At any time at which any Excess Ownership Position or a Hedging Disruption exists, if Dealer, in its discretion, is unable to effect a transfer or assignment to an affiliate in accordance with the requirements set
forth above after using its commercially reasonable efforts on pricing terms and within a time period reasonably acceptable to Dealer such that an Excess Ownership Position or a Hedging Disruption, as the case may be, no longer exists, Dealer may
designate any Scheduled Trading Day as an Early Termination Date with respect to a portion (the “Terminated Portion”) of the Transaction, such that such Excess Ownership Position or Hedging Disruption, as the case may be, no longer
exists. In the event that Dealer so designates an Early Termination Date with respect to a portion of the Transaction, a payment or delivery shall be made pursuant to Section 6 of the Agreement and Section 8(b) of this Confirmation as if
(i) an Early Termination Date had been designated in respect of a Transaction having terms identical to the Terminated Portion of the Transaction, (ii) Counterparty shall be the sole Affected Party with respect to such partial termination
and (iii) such portion of the Transaction shall be the only Terminated Transaction. “Excess Ownership Position” means any of the following: (i) the Equity Percentage exceeds 9.0%, (ii) Dealer or any
“affiliate” or “associate” of Dealer would own in excess of 14% of the outstanding Shares for purposes of Section 203 of the Delaware General Corporation Law or (iii) Dealer, Dealer Group (as defined below) or any
person whose ownership position would be aggregated with that of Dealer or Dealer Group (Dealer, Dealer Group or any such person, a “Dealer Person”) under any federal, state or local laws, regulations, regulatory orders or
organizational documents or contracts of Counterparty that are, in each case, applicable to ownership of Shares (“Applicable Restrictions”), owns, beneficially owns, constructively owns, controls, holds the power to vote or
otherwise meets a relevant definition of ownership in excess of a number of Shares equal to (x) the number of Shares that would give rise to reporting or registration obligations or other requirements (including obtaining prior approval by a
state or federal regulator) of a Dealer Person, or could result in an adverse effect on a Dealer Person, under Applicable Restrictions, as determined by Dealer in its reasonable discretion, and with respect to which such requirements have not been
met or the relevant approval has not been received or that would give rise to any consequences under the constitutive documents of Counterparty or any contract or agreement to which Counterparty is a party, in each case minus (y) 1% of
the number of Shares outstanding on the date of determination. The “Equity Percentage” as of any day is the fraction, expressed as a percentage, (A) the numerator of which is the number of Shares that Dealer and any of its
affiliates or any other person subject to aggregation with Dealer, for purposes of the “beneficial ownership” test under Section 13 of the Exchange Act, or any “group” (within the meaning of Section 13) of which Dealer
is or may be deemed to be a part (Dealer and any such affiliates, persons and groups, collectively, “Dealer Group”) beneficially owns (within the meaning of Section 13 of the Exchange Act), without duplication, on such day (or,
to the extent that, as a result of a change in law, regulation or interpretation after the date hereof, the equivalent calculation under Section 16 of the Exchange Act and the rules and regulations thereunder results in a higher number, such
number) and (B) the denominator of which is the number of Shares outstanding on such day. 
 (g) Staggered
Settlement. If based upon advice of counsel based on applicable legal requirements, Dealer reasonably and in good faith determines that it would not be advisable to settle the Transaction on a single Settlement Date, Dealer may, by notice to
Counterparty on or prior to any Settlement Date (a “Nominal Settlement Date”), elect to deliver the Shares on two or more dates (each, a “Staggered Settlement Date”) or at two or more times on the Nominal Settlement
Date as follows: 
 (i) in such notice, Dealer will specify to Counterparty the related Staggered Settlement Dates (each of
which will be on or prior to such Nominal Settlement Date, but not prior to the beginning of the related “Observation Period” (as defined in the Indenture)) or delivery times and how it will allocate the Shares it is required to deliver
under “Delivery Obligation” (above) among the Staggered Settlement Dates or delivery times; and 
 (ii) the
aggregate number of Shares that Dealer will deliver to Counterparty hereunder on all such Staggered Settlement Dates and delivery times will equal the number of Shares that Dealer would otherwise be required to deliver on such Nominal Settlement
Date. 

  
 17 

 (h) Right to Extend. Dealer may postpone any Exercise Date or Settlement
Date or any other date of valuation or delivery by Dealer, with respect to some or all of the relevant Options (in which event the Calculation Agent shall make appropriate adjustments to the Delivery Obligation), if Dealer in good faith determines,
in its commercially reasonable discretion and based on advice of counsel in the case of the immediately following clause (ii), that such extension is reasonably necessary or appropriate to (i) preserve Dealer’s hedging or hedge unwind
activity hereunder in light of existing liquidity conditions in the cash market, the stock loan market or any other relevant market or (ii) to enable Dealer to effect purchases of Shares in connection with its hedging, hedge unwind or
settlement activity hereunder in a manner that would, if Dealer were Counterparty or an affiliated purchaser of Counterparty, be in compliance with applicable legal, regulatory or self-regulatory requirements, or with related policies and procedures
applicable to Dealer. 
 (i) Adjustments. For the avoidance of doubt, whenever the Calculation Agent is called upon to
make an adjustment pursuant to the terms of this Confirmation or the Definitions to take into account the effect of an event, the Calculation Agent shall make such adjustment by reference to the effect of such event on the Hedging Party, assuming
that the Hedging Party maintains a commercially reasonable hedge position. 
 (j) Disclosure. Effective from the date
of commencement of discussions concerning the Transaction, Counterparty and each of its employees, representatives, or other agents may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the
Transaction and all materials of any kind (including opinions or other tax analyses) that are provided to Counterparty relating to such tax treatment and tax structure. 

(k) Designation by Dealer. Notwithstanding any other provision in this Confirmation to the contrary requiring or
allowing Dealer to purchase, sell, receive or deliver any Shares or other securities to or from Counterparty, Dealer may designate any of its affiliates to purchase, sell, receive or deliver such shares or other securities and otherwise to perform
Dealer obligations in respect of the Transaction and any such designee may assume such obligations. Dealer shall be discharged of its obligations to Counterparty to the extent of any such performance. 

(l) No Netting and Set-off. Each party waives any and all rights it may have to set off obligations arising under the
Agreement and the Transaction against other obligations between the parties, whether arising under any other agreement, applicable law or otherwise. 

(m) Equity Rights. Dealer acknowledges and agrees that this Confirmation is not intended to convey to it rights with
respect to the Transaction that are senior to the claims of common stockholders in the event of Counterparty’s bankruptcy. For the avoidance of doubt, the parties agree that the preceding sentence shall not apply at any time other than during
Counterparty’s bankruptcy to any claim arising as a result of a breach by Counterparty of any of its obligations under this Confirmation or the Agreement. For the avoidance of doubt, the parties acknowledge that this Confirmation is not secured
by any collateral that would otherwise secure the obligations of Counterparty herein under or pursuant to any other agreement. 

(n) Early Unwind. In the event the sale by Counterparty of the Optional Securities is not consummated with the initial
purchasers pursuant to the Underwriting Agreement dated as of October 8, 2013, between the Counterparty and Merrill Lynch, Pierce, Fenner & Smith Incorporated as representative of the Underwriters party thereto (the
“Underwriting Agreement”) for any reason other than due to Dealer’s fault by the close of business in New York on October 15, 2013 (or such later date as agreed upon by the parties, which in no event shall be later than
October 23, 2013) (October 15, 2013 or such later date being the “Early Unwind Date”), the Transaction shall automatically terminate (the “Early Unwind”), on the Early Unwind Date and (i) the Transaction
and all of the respective rights and obligations of Dealer and Counterparty thereunder shall be cancelled and terminated and (ii) Counterparty shall reimburse Dealer for the aggregate amount of costs and expenses actually incurred in connection
with the unwinding of Dealer’s hedging activities in respect of the Transaction (including market losses incurred in reselling any Shares purchased by Dealer or its affiliates in connection with such hedging activities). At the election of
Counterparty, in lieu of such payment Counterparty may deliver to Dealer, on such Early Unwind Date, Shares with a value equal to such amount, as determined by the Calculation Agent, in which event the parties shall enter into customary and
commercially reasonable 

  
 18 

 
documentation relating to the registered or exempt resale of such Shares; provided that in no event shall Counterparty be obligated to so deliver a number of Shares in excess of two
multiplied by the Number Shares. Following such termination, cancellation and payment, each party shall be released and discharged by the other party from and agrees not to make any claim against the other party with respect to any
obligations or liabilities of either party arising out of and to be performed in connection with the Transaction either prior to or after the Early Unwind Date. Dealer and Counterparty represent and acknowledge to the other that upon an Early Unwind
and following the payment referred to above, all obligations with respect to the Transaction shall be deemed fully and finally discharged. 

(o) Role of Agent. Each of Dealer and Counterparty acknowledges to and agrees with the other party hereto and to and
with the Agent that (i) the Agent is acting as agent for Dealer under the Transaction pursuant to instructions from such party, (ii) the Agent is not a principal or party to the Transaction, and may transfer its rights and obligations with
respect to the Transaction, (iii) the Agent shall have no responsibility, obligation or liability, by way of issuance, guaranty, endorsement or otherwise in any manner with respect to the performance of either party under the Transaction,
(iv) Dealer and the Agent have not given, and Counterparty is not relying (for purposes of making any investment decision or otherwise) upon, any statements, opinions or representations (whether written or oral) of Dealer or the Agent, other
than the representations expressly set forth in this Confirmation or the Agreement, and (v) each party agrees to proceed solely against the other party, and not the Agent, to collect or recover any money or securities owed to it in connection
with the Transaction. Each party hereto acknowledges and agrees that the Agent is an intended third party beneficiary hereunder. Counterparty acknowledges that the Agent is an affiliate of Dealer. Dealer will be acting for its own account in respect
of this Confirmation and the Transaction contemplated hereunder. 
 (p) Regulatory Provisions. The time of dealing for
the Transaction will be confirmed by Dealer upon written request by Counterparty. The Agent will furnish to Counterparty upon written request a statement as to the source and amount of any remuneration received or to be received by the Agent in
connection with the Transaction. 
 (q) Wall Street Transparency and Accountability Act of 2010. The parties hereby
agree that none of (v) Section 739 of the Wall Street Transparency and Accountability Act of 2010 (“WSTAA”), (w) any similar legal certainty provision in any legislation enacted, or rule or regulation promulgated, on
or after the Trade Date, (x) the enactment of WSTAA or any regulation under the WSTAA, (y) any requirement under WSTAA nor (z) an amendment made by WSTAA, shall limit or otherwise impair either party’s rights to terminate,
renegotiate, modify, amend or supplement this Confirmation or the Agreement, as applicable, arising from a termination event, force majeure, illegality, increased costs, regulatory change or similar event under this Confirmation, the Equity
Definitions incorporated herein, or the Agreement (including, but not limited to, rights arising from Change in Law, Hedging Disruption, Increased Cost of Hedging, an Excess Ownership Position or Illegality (as defined in the Agreement)). 

(r) Withholding Tax imposed on payments to non-US counterparties under the United States Foreign Account Tax Compliance
Act. “Tax” and “Indemnifiable Tax” each as defined in Section 14 of the Agreement shall not include any U.S. federal withholding tax imposed or collected pursuant to Sections 1471 through 1474 of the U.S. Internal
Revenue Code of 1986, as amended (the “Code”), any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules
or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (a “FATCA Withholding Tax”). For the avoidance of doubt, a FATCA Withholding Tax is a Tax the
deduction or withholding of which is required by applicable law for the purposes of Section 2(d) of the Agreement. 

(s) Waiver of Trial by Jury. EACH OF COUNTERPARTY AND DEALER HEREBY IRREVOCABLY WAIVES (ON ITS OWN BEHALF AND, TO THE
EXTENT PERMITTED BY APPLICABLE LAW, ON BEHALF OF ITS STOCKHOLDERS) ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THE TRANSACTION OR THE ACTIONS OF
DEALER OR ITS AFFILIATES IN THE NEGOTIATION, PERFORMANCE OR ENFORCEMENT HEREOF. 

  
 19 

 (t) Governing Law; Jurisdiction. THIS CONFIRMATION AND ANY CLAIM,
CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS CONFIRMATION SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. THE PARTIES HERETO IRREVOCABLY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND THE UNITED
STATES COURT FOR THE SOUTHERN DISTRICT OF NEW YORK IN CONNECTION WITH ALL MATTERS RELATING HERETO AND WAIVE ANY OBJECTION TO THE LAYING OF VENUE IN, AND ANY CLAIM OF INCONVENIENT FORUM WITH RESPECT TO, THESE COURTS. 

[Signature pages follow] 

  
 20 

 Counterparty hereby agrees (a) to check this Confirmation carefully and immediately upon
receipt so that errors or discrepancies can be promptly identified and rectified and (b) to confirm that the foregoing (in the exact form provided by Dealer) correctly sets forth the terms of the agreement between Dealer and Counterparty with
respect to the Transaction, by manually signing this Confirmation or this page hereof as evidence of agreement to such terms and providing the other information requested herein and immediately returning an executed copy to Dealer. 

 

					
	Yours faithfully,
	
	BARCLAYS CAPITAL INC.
	acting solely as Agent in connection with this Transaction
		
	By:	 	 /s/ Cory Terzis

		 	Name:	 	Cory Terzis
		 	Title:	 	Authorised Signatory

  

					
	Agreed and Accepted By:
	
	BIOMARIN PHARMACEUTICAL INC.
		
	By:	 	 /s/ G. Eric Davis

		 	Name:	 	G. Eric Davis
		 	Title:	 	Executive Vice President, General Counsel

  
 21 

 Annex A 

to the Confirmation 
  

			
	Premium:	  	USD 427,875 (Premium per Option USD 7.6733)

  
 Annex A-1EX-10.1

 Exhibit 10.1 

Tier I Agreement 

RESTATED EMPLOYMENT AGREEMENT 

of 
 [—] 
 EMPLOYMENT AGREEMENT (this “Agreement”), dated as of October 9, 2013 (the
“Effective Date”), between NEWSTAR FINANCIAL, INC., a Delaware corporation (the “Company”), and [—] (“Executive”). This Agreement fully supersedes the Employment
Agreement that Executive executed on December 11, 2009. 
 In consideration of the mutual agreements set forth below and for other good and valuable
consideration given by each party to this Agreement to the other, the receipt and sufficiency of which are hereby acknowledged, the Company agrees to employ Executive and Executive agrees to serve the Company as an employee pursuant to the terms and
subject to the conditions that follow. 
  

	1.	Employment. 

  

	 	(a)	The Company hereby agrees to employ Executive, and Executive hereby agrees to accept employment with the Company, upon the terms and conditions contained in this Agreement, effective as of the Effective Date.

  

	 	(b)	Executive’s employment with the Company shall continue, subject to earlier termination of such employment pursuant to the terms hereof, until the date that is [—]
from the Effective Date and thereafter shall automatically renew for one additional one (1) year period unless a notice of intent not to renew shall be delivered in accordance with Section 18 by either the Company or Executive, as the case
may be, at least ninety (90) days prior to the date that is [—] from the Effective Date, provided that either party may make any renewal contingent upon the parties’ agreement to add to,
delete, or modify the terms of this Agreement by providing a notice to the other party at least ninety (90) days prior to the date that is [—] from the Effective Date. The parties shall have a
30-day window to agree to any additional, deleted or modified terms and, if no agreement can be reached, then the initial contingent notice of renewal shall be deemed a notice of non-renewal unless the parties agree otherwise. The term of
Executive’s employment under this Agreement shall be referred to as the “Term.” 

  

	 	(c)	In the event that this Agreement expires, whether as a result of non-renewal or as a result of the end of the one-year renewal, Executive shall revert to being an at-will employee of the Company, subject to the terms of
Sections 8, 9 and 10 of this Agreement and any related enforcement provisions, and provided that nothing in this Agreement shall prevent either party from terminating this Agreement pursuant to Section 6 at any time prior to the expiration of
the Term. 

  

	 	(d)	Executive represents to the Company that he has no present intention to terminate employment with the Company. 

  
 1 

 Tier I Agreement 

 

	2.	Duties. During the Term, Executive shall serve on a full-time basis as the [—] of the Company. Executive’s duties and responsibilities as the
[—] of the Company shall include those duties customarily associated with an officer with a similar title or as may be assigned to him from time to time by the Board of Directors of the Company or
any committee thereof (the “Board of Directors”). Executive shall be assigned to work primarily out of the Company’s [—] office or any other Company office that is or will be located
within 20 miles thereof (the “Primary Office Location”), it being understood and agreed that Executive shall be required to travel as necessary in the course of his employment. Executive shall devote his full business-time attention and
energies and use his best efforts in his employment with the Company; provided, however, that this Agreement shall not be interpreted as prohibiting Executive from 

 

	 	(a)	serving on the boards of directors of unrelated, non-competitive companies; or 

  

	 	(b)	managing his personal affairs or engaging in charitable or civic activities; 

 so long as, in
each case, such activities do not interfere in any material respect with the performance of Executive’s duties and responsibilities hereunder and are in accordance with the policies and procedures of the Company. 

 

	3.	Compensation and Benefits. In consideration of entering into this Agreement and as full compensation for Executive’s services hereunder, during the Term, Executive shall receive the following
compensation and benefits: 

  

	 	(a)	Base Salary. The Company shall pay to Executive a base salary (“Base Salary”) at a gross rate of $ [—] per annum for the remainder of calendar
year 2013, a gross rate of $ [—] per annum for calendar year 2014, and a gross rate of $ [—] per annum for calendar year 2015. Executive’s
Base Salary shall be payable in substantially equal installments in accordance with the payroll policies from time to time in effect at the Company. Executive’s Base Salary may be subject to additional increase (but shall not be subject to
decrease) on an annual basis as the Board of Directors shall determine. 

  

	 	(b)	 Incentive Bonuses. Executive shall be eligible to participate in such annual incentive bonus programs as the Board of Directors may adopt from
time to time for members of senior management of the Company (“Incentive Bonus”). The Company will establish a target for the Incentive Bonus for the Executive at the beginning of each year (“Target Incentive Bonus”), provided
that for each year of the Term the Target Incentive Bonus will not be below the 2013 Target Incentive Bonus of $ [—], and provided that if the Company does not establish a Target Incentive

  
 2 

 Tier I Agreement 

 

	 	
Bonus within 30 days of the start of the year, the Target Incentive Bonus shall be set automatically at the same amount as the last Company-established Target Incentive Bonus. The Target
Incentive Bonus is not a guarantee. Actual Incentive Bonus payments, if any, will be determined by the Company in its sole discretion and based on Company, business and individual performance, and the actual Incentive Bonus paid, if any, may include
a mix of current-year cash compensation, deferred cash compensation and/or equity compensation in the Company’s sole discretion. 

  

	 	(c)	Vacation. Executive shall be entitled to accrue up to five (5) weeks of paid vacation per calendar year. Vacation time will accrue in accordance with the usual vacation policies in effect at the Company from
time to time, provided that notwithstanding anything in any Company policy to the contrary, Executive shall not be permitted to carry over any accrued but unused vacation time from one calendar year to the next; any accrued but unused vacation time
at the end of a calendar year shall be forfeited. 

  

	 	(d)	Parking. The Company shall pay the costs of monthly automobile parking for Executive at Executive’s Primary Office Location. 

 

	 	(e)	Other Benefits. Executive shall participate in and be eligible to receive, but without duplication, all other benefits (i.e., benefits other than those of the types covered in Sections 3(a) - (d)) offered to
senior executives of the Company, including, without limitation, retirement income and health plans and other health and welfare plans, under and in accordance with the provisions of any employee benefit plan adopted or to be adopted by the Company
(collectively, the “Benefit Plans”) other than any severance benefits offered to senior executives in accordance with any such plan. Except as set forth herein, Executive shall not be entitled to any other benefits. 

 

	4.	Equity Holdback. During the Term, Executive shall be required to own Company stock in an aggregate then-current fair market value equal to Executive’s then-current Base Salary multiplied by [—] (the “Ownership Level”). 

  

	 	(a)	Stock Eligible for Holdback. To satisfy his obligations under this Section, the following forms of Company stock shall be considered: 

 

	 	(i)	All vested and unvested shares awarded under the Company’s Equity Incentive Award Plan (the “Plan”), including restricted stock and performance shares but not including any vested but unexercised stock
options; 

  

	 	(ii)	All stock beneficially owned by Executive and Executive’s spouse; and 

  

	 	(iii)	All stock held by any of Executive’s estate planning vehicles. 

  
 3 

 Tier I Agreement 

 

	 	(b)	Certification of Holdback. For purposes of calculating compliance with the Ownership Level, Executive’s Base Salary and the fair market value of the Company’s stock shall be measured once per calendar
year at such time as the Compensation Committee of the Board of Directors may direct, but in any event no later than December 1 of each calendar year beginning in 2014. Executive shall certify to the Company’s Head of Human Resources once
per calendar year whether the Ownership Level required under this Section has been satisfied, and Executive shall provide such documentation as may reasonably be requested to allow the Head of Human Resources to confirm such certification.

  

	 	(c)	Insufficient Awards of Stock. If Executive has not been granted or has not vested sufficient stock to meet the Ownership Level, then all shares resulting from the vesting of any restricted stock award under the
Plan shall be subject to the holdback described in this Section until such time as the value of all of Executive’s shares eligible for the holdback exceeds the Ownership Level. 

 

	 	(d)	Exceptions. The Ownership Level requirements set forth in this Section are subject to such exceptions as the Compensation Committee of the Board of Directors may grant in its sole discretion if compliance with
this Section would create a severe hardship for Executive or would prevent Executive from complying with a court order (e.g., as part of a divorce settlement). 

  

	5.	Reimbursement for Expenses. During the Term, Executive shall be entitled to incur on behalf of the Company reasonable and necessary expenses in connection with his duties in accordance with Company’s
policies and the Company shall pay for or reimburse Executive for all such expenses upon presentation of proper receipts therefore. Executive shall comply with such reasonable limitations and reporting requirements with respect to such expenses as
the Company may establish from time to time. 

  

	6.	Termination. Executive’s employment hereunder may be terminated at any time during the Term as follows (each, a “Termination Event”): 

 

	 	(a)	Automatically in the event of the death of Executive. 

  

	 	(b)	At the option of the Company, by the Board of Directors (acting through the Chairman or Secretary) or by written notice to Executive in the event of the Permanent Disability of Executive. As used herein, the term
“Permanent Disability” shall mean a physical or mental incapacity or disability which renders Executive unable, with or without a reasonable accommodation, to render the services required hereunder (A) for one hundred eighty
(180) days in any twelve (12) month period or (B) for a period of ninety (90) consecutive days. 

  
 4 

 Tier I Agreement 

 

	 	(c)	At the option of the Company for Cause. For purposes of this Agreement, the Company shall have “Cause” to terminate Executive’s employment if any of the following occurs: 

 

	 	(i)	Executive continuously fails to perform substantially Executive’s duties with the Company or one of its affiliates (other than any such failure resulting from incapacity due to physical or mental illness), after a
written demand for substantial conformance is delivered to Executive by the Board of Directors, which specifically identifies the manner in which the Board of Directors believes that Executive has not substantially performed Executive’s duties,
or 

  

	 	(ii)	Executive engages in illegal conduct or gross misconduct which is injurious to the Company or its affiliates, whether from a monetary perspective or otherwise, or 

 

	 	(iii)	Executive is convicted of, or pleads guilty or nolo contendere to, any felony or any other crime involving moral turpitude, or 

  

	 	(iv)	Executive materially breaches his obligations under Section 8 or Section 9 hereof, or 

  

	 	(v)	Executive materially violates his obligations under Section 4 hereof. 

 Executive cannot be
terminated for “Cause” as defined in (i), (iv), or (v) unless the Company first has notified Executive in writing that his employment is being terminated for Cause which notice shall specify the Cause event and Executive is given an
opportunity, at least 30 days after receipt of such written notice from the Company, to make a presentation to the Board of Directors that Executive should not be terminated for Cause. 

 

	 	(d)	At the option of the Company at any time without Cause. 

  

	 	(e)	At the option of Executive for Good Reason. For purposes of this Agreement, Executive shall have “Good Reason” to terminate this Agreement if any of the following occurs without the written consent of
Executive (each a “Good Reason Condition”): 

  

	 	(i)	a reduction in Executive’s annual Base Salary from such Executive’s annual Base Salary then in effect; 

  

	 	(ii)	 a material diminution of Executive’s duties following a Change in Control (for purposes of this Agreement, a material diminution of duties shall
include, but not be limited to [TJC: (i) the loss of the Executive’s position and title of Chief Executive Officer with the 

  
 5 

 Tier I Agreement 

 

	 	
Company; (ii) any requirement that the Executive report to a corporate officer or employee of the company instead of reporting directly to the Board of Directors; (iii)] the assignment to
the Executive of any duties inconsistent with or significantly different from his duties, responsibilities, and status as an officer and executive with a public company as then in effect); or 

 

	 	(iii)	a forced relocation by the Company of Executive from the Primary Office Location to a location greater than twenty (20) miles from his Primary Office Location. 

Notwithstanding the foregoing, in order for Good Reason to occur, Executive must reasonably determine in good faith that a Good Reason
Condition has occurred, Executive must provide written notice to the Board of Directors of the occurrence of the Good Reason Condition within 45 days of the initial occurrence of such condition, Executive must cooperate in good faith with the
Company’s efforts, for a period not less than 30 days following such notice (the “Cure Period”), to remedy the Good Reason Condition, notwithstanding such efforts, the Good Reason Condition must continue to exist, and Executive must
provide the Company with written notice of termination which establishes a termination date within 30 days after the end of the Cure Period. If the Company cures the Good Reason Condition during the Cure Period, Good Reason shall be deemed not to
have occurred. 
  

	 	(f)	At the option of Executive, at any time, for any reason, on ninety (90) days prior written notice to the Company. 

  

	 	(g)	At the option of Executive upon Retirement. For purposes of this Agreement, “Retirement” shall mean when Executive is fifty-five (55) years of age or older, Executive has completed at least five
(5) years of service with the Company, and Executive provides at least ninety (90) days advance written notice of his intent to retire. 

  

	7.	Payments. 

  

	 	(a)	Death. If the Termination Event is due to Executive’s death, Executive’s legal representatives shall be entitled to receive, as soon as practicable following the date of termination: 

 

	 	(i)	any accrued but unpaid Base Salary through the date of termination and any accrued and unpaid vacation pay or other benefits which may be owing in accordance with the Company policies and applicable law (the
“Accrued Obligations”), plus 

  

	 	(ii)	an amount equal to the Target Incentive Bonus in respect of the then-current year, pro-rated for the period from the beginning of the then current year and ending on the date of termination, payable in a lump sum as
soon as practicable following the date of termination (the “Pro Rated Bonus”), plus 

  
 6 

 Tier I Agreement 

 

	 	(iii)	acceleration of vesting and exercisability of all equity and deferred cash incentive awards (the “Incentive Equity”) issued to Executive under the Plan. For purposes of this Agreement, “vesting”
shall mean, in the case of any restricted stock issued under the Plan, ceasing to be subject to forfeiture, and payment dates of any deferred cash awards granted under the Plan are not accelerated as a result of the application of any such vesting
acceleration provision of this Agreement, plus 

  

	 	(iv)	a period of the lesser of (A) two (2) years following the date of termination or (B) the remaining term (as set forth in the applicable grant notice) to exercise any vested stock options.

  

	 	(b)	Permanent Disability. If the Termination Event is due to Executive’s Permanent Disability, Executive or his legal representatives shall be entitled to receive, as soon as practicable following the date of
termination: 

  

	 	(i)	Any Accrued Obligations, plus 

  

	 	(ii)	the Pro Rated Bonus, plus 

  

	 	(iii)	acceleration of vesting and exercisability of all Incentive Equity, plus 

  

	 	(iv)	a period of the lesser of (A) one (1) year following the date of termination or (B) the remaining term (as set forth in the applicable grant notice) to exercise any vested stock options.

  

	 	(c)	Termination Without Cause or for Good Reason. If the Termination Event is termination by the Company at any time during the Term without Cause or by Executive at any time during the Term for Good Reason,
Executive shall be entitled to: 

  

	 	(i)	any Accrued Obligations, plus 

  

	 	(ii)	an amount equal to the Incentive Bonus paid or earned but unpaid to Executive in respect of the previous year, pro-rated for the period from the beginning of the then current year and ending on the date of termination,
payable in a lump sum as soon as practicable after the date of termination, plus 

  

	 	(iii)	the Base Salary (which shall be the Base Salary as of the date of termination) during the Severance Period (as defined in Section 7(g)), payable in accordance with the payroll practices then in effect at the
Company, plus 

  
 7 

 Tier I Agreement 

 

	 	(iv)	an amount equal to two times the Incentive Bonus paid or earned but unpaid to Executive in respect of the previous year, payable as soon as practicable following the date of termination, plus 

 

	 	(v)	the continuation of all health benefits during the Severance Period at the same cost to Executive as though Executive continued his employment with the Company, plus 

 

	 	(vi)	the continued vesting and exercisability of all Incentive Equity, plus 

  

	 	(vii)	a period equal to the full length of the remaining term (as set forth in the applicable grant notice) to exercise any vested stock options 

 

	 	(d)	Termination for Cause or Voluntary Termination by Executive. If the Termination Event is termination by the Company for Cause pursuant to Section 6(c) or termination by Executive pursuant to
Section 6(f), except for any Accrued Obligations, Executive shall not be entitled to receive severance or any other compensation or benefits after the last date of employment with the Company. If the termination is a Voluntary Termination by
Executive, all of the Incentive Equity that is unvested as of the date of termination shall be forfeited for no consideration and Executive shall have the lesser of (i) one (1) year following the date of termination or (ii) the
remaining term (as set forth in the applicable grant notice) to exercise any vested stock options. If the termination is for Cause, all of the Incentive Equity that is unvested as of the date of termination shall be forfeited for no consideration
and, in the Company’s sole discretion, Executive may be granted the lesser of (i) one (1) year following the date of termination or (ii) the remaining term (as set forth in the applicable grant notice) to exercise any vested
stock options. 

  

	 	(e)	Termination Upon Retirement. If the Termination Event is due to the Retirement of Executive, Executive shall be entitled to receive, as soon as practicable following the date of termination: 

 

	 	(i)	any Accrued Obligations, plus 

  

	 	(ii)	an amount equal to the Incentive Bonus paid or earned but unpaid to Executive in respect of the previous year, pro-rated for the period from the beginning of the then current year and ending on the date of termination,
payable in a lump sum as soon as practicable following the date of such termination, but only if Executive retires effective as of the expiration of the Term of this Agreement, plus 

 

	 	(iii)	continued vesting all Incentive Equity, plus 

  

	 	(iv)	a period equal to the full length of the remaining term (as set forth in the applicable grant notice) to exercise any vested stock options; 

  
 8 

 Tier I Agreement 

 

	 	(f)	Change of Control. 

  

	 	(i)	Special Payment. If, at any time during the two (2) year period following a Change of Control (as defined in Section 7(f)(ii)), Executive’s employment is terminated without Cause or by Executive
for Good Reason, then instead of the payment set forth in subsection 7(c) Executive will receive: 

  

	 	(1)	Any Accrued Obligations, plus 

  

	 	(2)	an amount equal to two (2) times Base Salary (which shall be the Base Salary as of the date of termination), payable in a lump sum as soon as practicable following the date of termination, plus 

 

	 	(3)	the Pro Rated Bonus, plus 

  

	 	(4)	an amount equal to two (2) times the Target Incentive Bonus in respect of the then-current year, payable in a lump sum as soon as practicable following the date of termination, plus 

 

	 	(5)	the continuation of all health benefits during the Severance Period, plus 

  

	 	(6)	acceleration of vesting and exercisability of all Incentive Equity, plus 

  

	 	(7)	a period equal to the full length of the remaining term (as set forth in the applicable grant notice) to exercise any vested stock options; 

 

	 	(ii)	Change of Control Defined. For purposes of this Section, the term “Change of Control” shall mean the occurrence of one or more of the following events: 

 

	 	(1)	the consummation of a merger or consolidation of the Company with or into any other corporation or other entity in which holders of the Company’s voting securities immediately prior to such merger or consolidation
will not, directly or indirectly, continue to hold at least a majority of the outstanding voting securities of the Company; 

  

	 	(2)	a sale, lease, exchange or other transfer (in one transaction or a related series of transactions) of all or substantially all of the Company’s assets; 

 

	 	(3)	 the acquisition by any person or any group of persons, acting together in any transaction or related series of transactions,

  
 9 

 Tier I Agreement 

 

	 	
of such quantity of the Company’s voting securities as causes such person, or group of persons, to own beneficially, directly or indirectly, as of the time immediately after such transaction
or series of transactions, 50% or more of the combined voting power of the voting securities of the Company other than as a result of 

  

	 	(A)	an acquisition of securities directly from the Company or 

  

	 	(B)	an acquisition of securities by the Company which by reducing the voting securities outstanding increases the proportionate voting power represented by the voting securities owned by any such person or group of persons
to 50% or more of the combined voting power of such voting securities; or 

  

	 	(4)	a change in the composition of the Board of Directors within a two (2) year period such that a majority of the members of the Board of Directors are not Continuing Directors. As used herein, the term
“Continuing Directors” shall mean as of any date of determination, any member of the Board of Directors of the Company who 

  

	 	(A)	was a member of Board of Directors of the Company immediately after the Effective Date of this Agreement, or 

  

	 	(B)	was nominated for election or elected to the Company’s Board of Directors with the approval of, or whose election to the Board of Directors was ratified by, at least a majority of the Continuing Directors who were
members of the Company’s Board of Directors at the time of that nomination or election; 

 provided,
however, (i) that each such event shall also constitute a “change in control event” within the meaning of Treas. Reg. §1.409A-3(i)(5)(i) and (ii) that in no case shall the public offering and sale of the
Company’s Common Stock by its stockholders pursuant to a registered secondary offering or the voluntary or involuntary bankruptcy of the Company constitute a Change of Control. 

 

	 	(g)	Severance Period Defined. For purposes of this Agreement, “Severance Period” shall mean the period beginning on the date of termination of Executive’s employment and ending on the date which is two
(2) years thereafter. 

  
 10 

 Tier I Agreement 

 

	 	(h)	Condition to Payment. All payments and benefits due to Executive under this Section 7 which are not otherwise required by law shall be contingent upon (i) delivery by Executive (or Executive’s
beneficiary or estate), within 60 days of the effective date of termination of an irrevocable separation agreement in such form as determined by the Company in its sole discretion, including a general release of all claims to the maximum extent
permitted by law against the Company, its affiliates and its and their current and former stockholders, directors, employees and agents (in substantially the form attached as Exhibit A) and (ii) compliance by Executive with his obligations
under any stockholder, restricted stock or other agreement to which the Company and Executive are a party; and further provided that if the 60 day period in clause (i) spans two calendar years, then no payment shall begin prior to
January 1 of such second calendar year. 

  

	 	(i)	No Other Severance. Executive hereby acknowledges and agrees that, other than the severance payments described in this Section 7, upon termination, Executive shall not be entitled to any other severance
under any Company benefit plan or severance policy generally available to the Company’s employees or otherwise. 

  

	8.	Confidentiality. 

  

	 	(a)	Executive agrees that Confidential Information was and shall be made available in connection with Executive’s employment by or consultancy with the Company. Executive acknowledges that the Confidential Information
that he develops or invents in connection with his employment by the Company or has obtained or will obtain in connection therewith is the property of the Company. Executive agrees that he will not use any Confidential Information for his own
benefit or for the benefit or any other person or entity or disclose any Confidential Information to any other person, except that Confidential Information may be disclosed: (i) to the extent required by applicable law, rule or regulation
(including complying with any oral or written questions, interrogatories, requests for information or documents, subpoena, civil investigative demand or similar process to which Executive is subject); provided that Executive gives the Company
prompt notice of such requests, to the extent practicable, so that the Company may seek an appropriate protective order or similar relief (and Executive shall cooperate with such efforts by the Company at the Company’s expense, and shall in any
event make only the minimum disclosure required by such law, rule or regulation unless Executive reasonably believes that other disclosure is necessary or advisable in order to avoid adverse consequences to Executive), (ii) if the prior written
consent of the Board of Directors shall have been obtained, or (iii) to such Persons to the extent necessary in the reasonable judgment of Executive to perform his duties as an employee of the Company and, in his reasonable judgment, such
disclosure is not harmful to the Company. 

  
 11 

 Tier I Agreement 

 

	 	(b)	“Confidential Information” shall mean any information relating to the business or affairs of the Company or, as provided below, any of its affiliates, including, but not limited to, customer identities,
potential customers, employees, business and financial strategies, methods or practices, business plans, financial models, proposals, documents or materials owned, developed or possessed by the Company, profit margins or other proprietary
information used by the Company or any of its affiliates; provided that Confidential Information shall not include (i) information that is or becomes generally known to the public other than as a result of a disclosure by
Executive in violation of this Agreement, (ii) information that was known to Executive prior to becoming an employee of the Company or (iii) information which becomes known to Executive following a Termination Event, through no wrongful
act of Executive, by disclosure from a third party unless Executive has reason to believe that such third party is under an obligation or duty of confidentiality or secrecy with respect to such information or is an employee, officer, director or
stockholder of the Company; and provided, further, that (A) in such case where any affiliate has a separate confidentiality requirement or agreement to which the Company is subject, such confidentiality requirement or agreement
shall supersede the requirements herein and (B) unless a confidentiality requirement or agreement referred to in the preceding clause (A) exists with respect to an affiliate, Confidential Information for purposes of this definition as it
relates to affiliates shall be deemed to include only Confidential Information of affiliates, the employees or consultants of which, are participants or observers at meetings of the Board of Directors of the Company. 

 

	9.	Restrictive Covenants. 

  

	 	(a)	During the Term and for a period of two (2) years following the cessation of Executive’s employment with the Company for any reason (whether initiated by the Company or by Executive, and whether during or
following the expiration of the Term of this Agreement), Executive shall not, directly or indirectly 

  

	 	(i)	cause, solicit, induce or encourage any employees, consultants or contractors of the Company to leave such employment or service, or hire, employ or otherwise engage any such individual, or 

 

	 	(ii)	cause, induce or encourage any customer, supplier or licensor of the Company, or any other Person who has a material business relationship with the Company, to terminate or modify any such relationship.

  

	 	(b)	 During the Term and for a period of two (2) years following cessation of Executive’s employment with the Company for any reason (whether
initiated by the Company or by Executive, and whether during or 

  
 12 

 Tier I Agreement 

 

	 	
following the expiration of the Term of this Agreement) Executive shall not, directly or indirectly alone or as a partner, officer, director, shareholder, member, sole proprietor, employee or
consultant of any other firm or entity, personally engage or participate in any Restricted Business, as such term is defined below, as a material portion of his responsibilities. 

 

	 	(c)	The parties hereto agree that, if any court of competent jurisdiction in a final nonappealable judgment determines that a specified time period, a specified business limitation or any other relevant feature of this
Section 9 is unreasonable, arbitrary or against public policy, then a lesser time period, business limitation or other relevant feature which is determined to be reasonable, not arbitrary and not against public policy may be enforced against
the applicable party. 

  

	 	(d)	“Restricted Business” shall mean any of the following: 

  

	 	(i)	the business of directly extending senior loans to middle-market companies as targeted by the Company at the effective date of Executive’s cessation of employment with the Company; 

 

	 	(ii)	providing real estate financing of the types offered by the Company at the effective date of the Executive’s cessation of employment with the Company; 

 

	 	(iii)	extending asset based loans or investing in asset based securities with financial products of the types then offered by the Company at the effective date of Executive’s cessation of employment with the Company; or

  

	 	(iv)	any other material line of business engaged in by the Company, and in which Executive materially participated or obtained Confidential Information about, as of the effective date of Executive’s cessation of
employment with the Company. 

  

	 	(e)	The Board of Directors of the Company, or following a Change of Control the senior management team of the acquiring company, shall, in its sole discretion, have the authority and discretion to waive any provision of
this Section 9 or to make a determination that a business is not a Restricted Business for purposes hereof. 

  

	10.	 Injunctive Relief. The parties acknowledge and agree that restrictions contained in Sections 8 and 9 of this Agreement are necessary for
the protection of the business and goodwill of the Company and are considered by Executive to be reasonable for such purpose. Executive agrees that any breach or threatened breach of Sections 8 or 9 will cause the Company substantial and irrevocable
damage that is difficult to measure. Therefore, in the event of any such breach or threatened breach, Executive agrees that the Company, in addition to such other 

  
 13 

 Tier I Agreement 

 

	 	
remedies which may be available, shall have the right to obtain an injunction from a court restraining such a breach or threatened breach and the right to specific performance of the provisions
of Sections 8 and 9 of this Agreement and Executive hereby waives the adequacy of a remedy at law as a defense to such relief. 

  

	11.	Excess Parachute Payments. If any payment or benefit Executive would receive under this Agreement, when combined with any other payment or benefit Executive receives pursuant to the termination of
Executive’s employment with the Company (“Payment”) would constitute in whole or in part an “excess parachute payment” within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (the
“Code”) subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then such Payment shall be either (i) the full amount of such Payment or (ii) such lesser amount (with cash payments being
reduced before equity compensation) as would result if the Payment were reduced until no portion of the Payment was subject to the Excise Tax, whichever of the foregoing amounts, taking into account the applicable federal state and local employment
taxes, income taxes, and the Excise Tax, results in Executive’s retention, on an after-tax basis, of the greater net amount. 

  

	12.	Survival; Conflicting Terms. The provisions of Section 7, Section 8 and Section 9, and all related enforcement provisions, shall survive any termination of this Agreement and remain
applicable according to their terms (whether under Section 6 or as a result of the expiration of the Term). Section 7(f) shall survive a Change of Control regardless of whether this Agreement is terminated in connection with a Change of
Control or expires by its terms following a Change of Control. In the event of a conflict between the terms of this Agreement and any Incentive Equity documentation, the terms of this Agreement regarding the Incentive Equity shall prevail.

  

	13.	Indemnification. If Executive is a party to any action, suit or proceeding by reason of the fact that Executive is or was an officer or agent of the Company (a “Proceeding”), the Company will
indemnify Executive to the fullest extent permitted by the laws of the state of the Company’s incorporation, in effect at that time, or the certificate of incorporation and bylaws of the Company, whichever affords the greater protection to
Executive. 

  

	14.	Advancement of Expenses. The Company shall advance, to the extent not prohibited by law, expenses incurred by Executive in connection with any Proceeding not initiated by the Executive, and such
advancement shall be made within thirty (30) days after the receipt by the Company of a statement or statements requesting such advances from time to time, whether prior to or after final disposition of any Proceeding. The Executive shall
qualify for advances upon the execution and delivery to the Company of this Agreement, which shall constitute an undertaking providing that the Executive undertakes to repay the amounts advanced (without interest) to the extent that it is ultimately
determined by the Company, in its sole discretion that Executive is not entitled to be indemnified by the Company. No other form of undertaking shall be required other than the execution of this Agreement. This Section 13 shall not apply to any
claim made by Executive for which indemnity is excluded by applicable law. 

  
 14 

 Tier I Agreement 

 

	15.	Withholding Taxes. Executive acknowledges and agrees that the Company may directly or indirectly withhold from any payments under this Agreement all federal, state, city or other taxes that will be
required pursuant to any law or governmental regulation. 

  

	16.	Section 409A. To the extent applicable, this Agreement shall be interpreted in accordance with Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”) and any
Department of Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the Effective Date (“Section 409A Guidance”).
Notwithstanding any provision of the Agreement to the contrary, (i) if, at the time of Executive’s separation of service from the Company, Executive is a “specified employee” as defined in 409A Guidance and the deferral of the
commencement of any payments or benefits otherwise payable hereunder as a result of such separation of service is necessary in order to prevent any accelerated or additional tax under 409A Guidance, then the Company will defer the commencement of
the payment of any such payments or benefits hereunder (without any reduction in such payments or benefits ultimately paid or provided to Executive) until the date that is six months following Executive’s separation of service with the Company
(or the earliest date as is permitted under Section 409A), with any payments that otherwise would have been paid during the six-month period accumulating and paid to Executive in a lump sum on the first business day following the expiration of
such six-month period and the remaining payments, if any, due after the six-month period following Executive’s separation from service paid in accordance with the terms of the applicable provision of this Agreement and (ii) if any other
payments of money or other benefits due to Executive hereunder could cause the application of an accelerated or additional tax under Section 409A, the Company may (a) adopt such amendments to the Agreement, including amendments with
retroactive effect, that the Company determines necessary or appropriate to preserve the intended tax treatment of the benefits provided by the Agreement and/or (b) take such other actions as the Company determines necessary or appropriate to
comply with the requirements of 409A Guidance. The Company shall consult with Executive in good faith regarding the implementation of this Section 16; provided that none of the Company, any of its affiliates, or any of their employees or
representatives shall have any liability to Executive with respect thereto. Each payment under this Agreement shall be designated as a “separate payment” within the meaning of Section 409A of the Code, and all payments payable as soon
as practicable following a date of termination will be paid prior to the 15th day of the third month following the date such payment becomes due hereunder. To the extent any reimbursement or
in-kind benefit due to Executive under this Agreement constitutes “deferred compensation” under Section 409A of the Code, any such reimbursement or in-kind benefit shall be paid to Executive in a manner consistent with Treas. Reg.
Section 1.409A-3(i)(1)(iv). 

  
 15 

 Tier I Agreement 

 

	17.	Effect of Prior Agreements. This Agreement constitutes the sole and entire agreement and understanding between Executive and the Company with respect to the matters covered hereby and thereby, and there
are no other promises, agreements, representations, warranties or other statements between Executive and the Company in respect to such matters not expressly set forth in this Agreement. This Agreement supersedes all prior and contemporaneous
agreements, understandings or other arrangements, whether written or oral, concerning the subject matter hereof, except that the terms of the Plan and any grant documents relating to any pre-existing Incentive Equity shall remain in full force and
effect following Executive’s execution of this Agreement. 

  

	18.	Notices. Any notice required, permitted, or desired to be given pursuant to any of the provisions of this Agreement shall be deemed to have been sufficiently given or served for all purposes when
telecopied, when delivered by hand or received by registered or certified mail, postage prepaid, or by nationally reorganized overnight courier service addressed to the party to receive such notice at the following address or any other address
substituted therefore by notice pursuant to these provisions: 

 If to the Company, at: 

NewStar Financial, Inc. 
 500
Boylston Street 
 Suite 1250 

Boston, MA 02116 
 Attention:
Jennifer H. Muldoon 
 Facsimile: (617) 830-0010 

If to Executive, at: 
 [—] 
  

	19.	Assignability. The obligations of Executive may not be delegated and Executive may not, without the Company’s written consent thereto, assign, transfer, convey, pledge, encumber, hypothecate or
otherwise dispose of this Agreement or any interest herein. Any such attempted delegation or disposition shall be null and void and without effect. The Company and Executive agree that this Agreement and all of the Company’ rights and
obligations hereunder may be assigned or transferred by the Company to and may be assumed by and become binding upon and may inure to the benefit of any affiliate of or successor to the Company. The term “successor” shall mean, with
respect to the Company, any other corporation or other business entity which, by merger, consolidation, purchase of the assets, or otherwise, acquires all or a material part of its assets. Any assignment by either of the Company of its rights or
obligations hereunder to any affiliate of or successor of the Company shall not be a termination of employment for purposes of this Agreement. 

  
 16 

 Tier I Agreement 

 

	20.	Modification. This Agreement may not be modified or amended except in writing signed by the parties. No term or condition of this Agreement will be deemed to have been waived except in writing by the party
charged with waiver. A waiver will operate only as to the specific term or condition waived and will not constitute a waiver for the future or act on anything other than that which is specifically waived. 

 

	21.	Governing Law. This Agreement has been executed and delivered in the Commonwealth of Massachusetts and its validity, interpretation, performance and enforcement will be governed by the laws of that state
applicable to contacts made and to be performed entirely within that state. 

  

	22.	Severability. All provisions of this Agreement are intended to be severable. In the event any provision or restriction contained herein is held to be invalid or unenforceable in any respect, in whole or in
part, such finding will in no way affect the validity or enforceability of any other provision of this Agreement. The parties hereto further agree that any such invalid or unenforceable provision will be deemed modified so that it will be enforced
to the greatest extent permissible under law, and to the extent that any court of competent jurisdiction determines any restriction herein to be unreasonable in any respect, such court may limit this Agreement to render it reasonable in the light of
the circumstances in which it was entered into and specifically enforce this Agreement as limited. 

  

	23.	No Waiver. No course of dealing or any delay on the part of the Company or Executive in exercising any rights hereunder shall operate as a waiver of any such rights. No waiver of any default or breach of
this Agreement shall be deemed a continuing waiver of any other breach or default. 

  

	24.	Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original by the party executing the same but all of which together will constitute one and
the same instrument. For the convenience of the parties, facsimile and pdf signatures shall be accepted as originals. 

  

	25.	Binding Arbitration. 

  

	 	(a)	 Binding Arbitration. Except as expressly set forth in this Section, in the event any dispute should arise between the Parties with respect to
any of the terms and conditions of this Agreement and/or Executive’s employment with the Company, the parties agree that any and all controversies, claims or disputes between them, including but not limited to any claim arising under tort or
contract law and any claim arising under Title VII of the Civil Rights Act of 1964, 42 U.S.C. § 1981, the Americans with Disabilities Act, the Family and Medical Leave Act, the Genetic Information Nondiscrimination Act, the Rehabilitation Act,
the Age Discrimination in Employment Act, the Massachusetts Fair Employment Practices Act (G.L. c. 151B), the Massachusetts Wage Act or any other 

  
 17 

 Tier I Agreement 

 

	 	
local, state or federal statute, regulation or policy in any way relating to rights of employees, shall be submitted to final and binding arbitration, to be held in Boston, Massachusetts in
accordance with the Employment Arbitration Rules and Procedures, including the Optional Appeal Procedure, as established by JAMS or its successor (“JAMS”) and as in effect at the time the request for arbitration is made (the
“Arbitration Rules”), and to be administered by JAMS. Issues of arbitrability shall be governed by the Federal Arbitration Act, 9 U.S.C. §§ 1-16, and not state law. The arbitration shall be conducted before a single neutral
arbitrator appointed in accordance with the Arbitration Rules. The arbitrator may award any form of remedy or relief that would otherwise be available in court (including equitable relief such as injunctions, temporary restraining orders, etc.),
consistent with applicable law. Unless the parties agree otherwise, the neutral arbitrator and the members of any appeal panel shall be former or retired judges or justices of any Massachusetts state or federal court with experience in matters
involving employment disputes. The party initiating arbitration will be responsible for paying the filing fee for the arbitration required by the arbitration service provider; provided, however, Executive’s payment of any such filing fee shall
not exceed the filing fee for a civil action in the Massachusetts state court system and the Company shall reimburse Executive for any such fee in excess of that amount. The Company will pay the arbitrator’s fee to the extent required by law.
Any award pursuant to said arbitration shall be accompanied by a detailed written opinion of the arbitrator setting forth the reason for the award. Executive knows that options other than arbitration, such as state and federal administrative and
judicial remedies, are available to resolve any discrimination claim, and despite such knowledge Executive agrees to arbitrate all claims pursuant to this Section. Executive understands that by signing this Agreement, he is waiving, and will forever
be precluded from asserting, his right to utilize statutory administrative procedures and to seek judicial remedies with respect to such claims. 

  

	 	(b)	 Exceptions. The Parties agree not to institute any litigation or proceedings against each other in connection with this Agreement except as
provided in this Section, provided, however, that the Company shall have the right to seek injunctive relief or other equitable remedies in a court of competent jurisdiction as provided in Section 10 or with regard to any other Restrictive
Covenant (e.g., non-disclosure, non-competition, non-solicitation, etc.) between the Company and Executive. Any such injunctive relief or other equitable remedies shall be sought exclusively in any federal or state court of competent jurisdiction in
the Commonwealth of Massachusetts, and both parties consent to the exclusive jurisdiction of the state and federal courts of Massachusetts for such purposes. Moreover, nothing in this Section shall be construed to preclude Executive from
participating or cooperating in any investigation or proceeding conducted by the Massachusetts Commission Against 

  
 18 

 Tier I Agreement 

 

	 	
Discrimination, the Equal Employment Opportunity Commission or any other administrative agency. However, in the event that a charge or complaint is filed against the Company with any
administrative agency or in the event of an authorized investigation, charge or lawsuit filed against the Company by any administrative agency, Executive expressly waives and shall not accept any award or damages from such a proceeding but instead
will pursue any claim for such damages in an arbitration proceeding as set forth in this Section. 

  

	 	(c)	Fees and Expenses. Executive or his beneficiaries shall pay all attorney’s fees and expenses incurred by Executive or his beneficiaries in resolving any claim or dispute arising out of or relating to this
Agreement. If it is finally determined that Executive or his beneficiaries prevailed with respect to such claim or dispute, the Company shall reimburse all attorney’s fees and expenses incurred by Executive. 

 

	 	(d)	Confidentiality. The parties will keep confidential, and will not disclose to any person, except as may be required by law, the existence of any controversy under this Section 25, the referral of any such
controversy to arbitration or the status or resolution thereof. In addition, the confidentiality restrictions set forth in Section 8 shall continue in full force and effect. 

 

	26.	Acknowledgment. Executive acknowledges that before entering into this Agreement, Executive has had the opportunity to consult with any attorney or other advisor of Executive’s choice, and that this
provision constitutes advice from the Company to do so if Executive chooses. Executive further acknowledges that Executive has entered into this Agreement of Executive’s own free will, and that no promises or representations have been made to
Executive by any person to induce Executive to enter into this Agreement other than the express terms set forth herein. Executive further acknowledges that Executive has read this Agreement and understands all of its terms, including the waiver of
rights set forth in Section 25. 

  
 19 

 Tier I Agreement 

 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed as of the day
written above. 
  

			
	NEWSTAR FINANCIAL, INC.
		
	By:	 	  

		 	Name:
		 	Title:
	
	[—]
	
	  

  
 20 

 Tier I Agreement 

 

 Exhibit A 

Form of General Release of Claims (to be included in a comprehensive separation agreement, which will contain additional terms) 

General Release. Except with respect to any rights, obligations or duties arising out of this Agreement, and in consideration of the payments and benefits set
forth in this Agreement, Executive hereby releases and discharges NewStar and anyone acting by, through or on behalf of NewStar, including but not limited NewStar’s directors, officers, employees, stockholders, representatives and agents
(collectively, the “Releasees”), to the fullest extent permitted by law, of and from any and all complaints, charges, lawsuits or claims for relief of any kind by Executive that he now has, ever had or ever may have against the Releasees,
or any of them, whether known or unknown, arising out of any matter or thing that has happened before he signs this Agreement, including but not limited to (i) claims for tort or contract; (ii) claims arising out of, based on, or connected
with Executive’s employment, including terms and conditions of employment, by NewStar and the cessation of that employment; and (iii) claims arising under any federal, state or local labor, employment or discrimination laws, including but
not limited to the following (all as amended): Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act of 1967 (“ADEA”), the Americans with Disabilities Act (“ADA”), the Equal Pay Act of 1963, the
Genetic Information Non-Discrimination Act, the Family and Medical Leave Act, the Massachusetts Fair Employment Practices Act (G.L. c. 151B), the Massachusetts Civil Rights Act, the Massachusetts Equal Rights Act, the Massachusetts Wage Act, and any
other local, state or federal law, policy, order, regulation or guideline affecting or relating to claims or rights of employees. The release contained herein is a GENERAL RELEASE, including of statutory claims. Nothing in this Agreement shall be
construed to preclude Executive from participating or cooperating in any investigation or proceeding conducted by the Equal Employment Opportunity Commission, or any other local, state or federal administrative agency, including with respect to a
challenge to this General Release. However, in the event that a charge or complaint is filed against the Releasees, or any of them, with any administrative agency or in the event of an authorized investigation, charge or lawsuit filed against the
Releasees, or any of them, by any administrative agency, Executive expressly waives and shall not accept any award or damages therefrom. 

  
 21

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