Document:

Director and Executive Deferred Compensation Plan

 EXHIBIT 10.10 
  
 CENTENNIAL BANK HOLDINGS, INC. 
 DIRECTOR AND EXECUTIVE DEFERRED COMPENSATION PLAN 
  
 1. Deferral of Incentive or other Bonus Compensation, Fees or Salaries and Stock Awards. 
  
 a. From time to time eligible directors and employees (“Participants”) of Centennial Bank Holdings, Inc. (“Centennial”) or any of its direct or
indirect subsidiaries (each of Centennial and its participating direct or indirect subsidiaries being referred to hereinafter as a “Company” and, collectively, being referred to as the “Companies”) ) may, by written notice, elect
to have payment of (i) all or a portion of their director fees or salary for the next succeeding calendar year; (ii) all or a portion of their incentive or other bonus compensation payable for the next succeeding calendar year (or for the year in
which a Participant first becomes eligible to participate in the Plan, in the case of incentive or other bonus compensation deferred during the calendar year in which this Plan is adopted), and (iii) all or a portion of a stock award of Centennial
Common Stock (“Centennial Stock”) deferred as hereinafter provided. Notwithstanding the foregoing, for the first year in which a Participant becomes eligible to participate in this plan (the “Plan”), the Participant shall make an
election within thirty (30) days of such initial eligibility with respect to the deferral of compensation payable in such calendar year for services to be performed subsequent to such election. Each such deferral of compensation or a Centennial
Stock award shall be (and is hereinafter referred to as) a “Deferred Amount.” Notwithstanding the foregoing, however, a Participant may not elect to defer any portion of director fees, salary or incentive or other bonus compensation with
respect to any calendar year, unless such Participant’s deferrals with respect to such year are at least $1,000 in the aggregate. 
  
 b. Any elections with respect to Deferred Amounts of director fees or salary shall be exercised in writing by the Participant prior to the latest to occur of the
following: (i) the beginning of the calendar year for which the director fees or salary is to be earned; or (ii) within thirty (30) days of the date the Participant first becomes eligible to participate in the Plan. Any election with respect to
Deferred Amounts of incentive or other bonus compensation shall be made no later than the first to occur of the following: (i) December 31 of the calendar year preceding the calendar year in which the periods of service are rendered for which the
incentive or other bonus compensation is to be paid or (ii) within thirty (30) days of the date the Participant first becomes eligible to participate in the Plan. Any election with respect to Deferred Amounts of Centennial Stock awards shall be
exercised in writing by the Participant on or before the effective date of the award. Any cash or stock dividends (other than stock dividends in the nature of stock splits) declared with respect to such shares shall be credited to the
Participant’s Account and shall be deemed to be invested in additional shares of Centennial Stock based on the price per share of Centennial Stock on the date each such dividend is declared. An election of Deferred Amounts, once made, is
irrevocable, except as provided in Section 6 hereof. 
  
 c. Deferred Amounts shall
be subject to the rules set forth in this document, and each Participant shall have the right to receive payments on account of previously Deferred Amounts only in the amounts and under the circumstances hereinafter set forth. A Participant’s
election of Deferred Amounts for a calendar year shall also include an election of the timing for payment of the Deferred Amounts elected for that year, from among the alternatives set forth in Section 5.a. of this Plan. 
  
 d. Individuals eligible to participate in this Plan are employees of the Company as
determined by the Committee (as defined below) in its sole discretion and the members of the Board of Directors of Centennial (the “Board”). 
  
 2. Committee. The Committee (the “Committee”) shall consist of such members of the Board as determined by the Board in its discretion;
provided, however, that in the event the officers of Centennial become subject to the reporting requirements of Section 16(a) of the Securities Exchange Act of 1934, the Committee shall consist of such members of the Compensation Committee of the
Board who qualify as non-employee directors from time to time under Rule 16b-3 of the Securities and Exchange Commission. 

 
Full power and authority to construe, interpret, and administer this Plan document shall be vested in the Committee. The Committee shall have full power and
authority to make each determination provided for in this Plan document, and in this connection, to promulgate such rules and regulations as the Committee considers necessary or appropriate for the implementation and management of this Plan as are
consistent with the terms of this Plan. The Committee shall have authority to designate officers of Centennial and to delegate authority to such officers to receive documents which are required to be filed with the Committee, to execute and provide
directions to the Trustee (if any) and other administrators, and to do such other actions as the Committee may specify on its behalf, and any such actions undertaken by such officers shall be deemed to have the same authority and effect as if done
by the Committee itself. Notwithstanding anything in this Section 2 to the contrary, no action or determination made or taken following a Change in Control by any officer of Centennial on behalf of the Committee, and no action or determination by
the Committee following a Change in Control affecting the amount payable under this Plan to a Participant or beneficiary, shall be entitled to any deference by a reviewing court (i.e., judicial review of any such actions or determinations shall be
de novo). 
  
 3. Deferred Compensation Accounts. Each Company shall
establish on its books a separate account (“Account”) for each of its Employees who become a participant in this Plan (each, a “Participant”), and each such Account shall be maintained as follows: 
  
 a. Each Account shall be credited with the Deferred Amounts elected by the Participant for
whom such Account is established as of the date on which such Deferred Amount would otherwise have been paid to the Participant. Separate Accounts will be maintained for any Deferred Amounts that are payable at different times or in different forms
than other Deferred Amounts. 
  
 b. Deferred Amounts that are credited to a
Participant’s Account shall be deemed to be invested in Centennial Stock at such time or times as determined by the Committee in its discretion, unless such stock is deemed to have been sold pursuant to a Change in Control Diversification
Election (as defined below). Centennial Stock shall be deemed to be credited to each Participant’s Account based on the fair market value of such stock as determined by the Company from time to time; provided, however, that through December 31,
2004, such fair market value shall be deemed to equal $10 per share and; provided, further, that for each calendar year following the year 2004, the Company shall have the fair market value of such stock determined at least every six months. During
the period from the date a Deferred Amount would have been payable to a Participant absent the deferral election through the date such Deferred Amount is deemed credited to the Participant’s Account in the form of Centennial Stock, such
Deferred Amount shall be deemed to be invested in a money market account or mutual fund selected by the Committee in its discretion. While a Participant’s Account is deemed to be invested in Centennial Stock, it shall be credited with all
dividends (whether in stock, cash, or other property, other than dividends in the nature of stock splits) or other property that would have been received if the Deferred Amounts had actually been so invested. Accounts for each Participant shall be
separately maintained on a calendar year basis, with each year’s account (the “Class Year Account”) reflecting the Deferred Amounts that have been deferred under the Plan in each such year and the investments in Centennial Stock in
which the Deferred Amounts are deemed to be invested. 
  
 c. Although the value of
a Participant’s Account is to be measured by the value of Centennial Stock in which an Account is deemed to be invested, the Companies need not actually make such investments. The value of such stock is merely a measuring device to determine
the payments to be made to each Participant hereunder. Each Participant, and each other recipient of a Participant’s Deferred Amounts pursuant to Section 7, shall be and remain an unsecured general creditor of Centennial, in the case of
Participants who are members of the Board, or the Company by which he is employed, in the case of all other Participants, with respect to any payments due and owing to such Participant hereunder. If a Company should from time to time, in its
discretion, actually purchase the Centennial Stock in which an Account is deemed to be invested, either directly or through a trust described in Section 4, such investment shall be solely for the Company’s or such trust’s own account, and
the Participants shall have no right, title or interest therein. 
  

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 d. Notwithstanding anything herein to the contrary, in the event of a Change in Control (as defined in Section 5.f.
hereof), each Participant may make a one-time diversification election (“Change in Control Diversification Election”) prior to the consummation of the Change in Control to have the Centennial Stock then deemed to be held in the
Participant’s Account deemed to have been sold in an orderly liquidation after the consummation, and the proceeds deemed to have been reinvested in such investments as the Participant shall elect and credited to the Participant’s Account.
If the Participant does not make such a diversification election, the shares of Centennial Stock that were deemed to have been allocated to the Participant’s Account immediately prior to the consummation shall be deemed to have been exchanged
for the same consideration in the Change in Control as shares of Centennial Stock generally receive in the Change in Control. Any portion of such consideration consisting of securities of a successor company will be allocated to each
Participant’s Account and thereafter will be subject to the same restrictions on deemed sales as applied to Centennial Stock prior to the Change in Control. Any portion of such consideration consisting of assets other than securities of a
successor company will be allocated to the Participant’s Account. 
  
 4.
Trust. Centennial may establish a trust (of the type commonly known as a “rabbi trust”) to aid in the accumulation of assets for payment of Deferred Amounts. If established, the trust shall provide for separate accounts in the
name of each Participant who has elected a Deferred Amount. 
  
 The assets of the trust shall be invested in accordance with the provisions of the agreement pursuant to which the trust is maintained, which agreement(s) shall be consistent with the terms of this Plan. The trustee of the trust shall be a
corporate trustee independent of the Companies. The trust assets shall remain subject to the claims of the Companies’ general creditors. 
  
 5. Payment of Deferred Amounts. 
  
 a. Class Year Accounts. For Deferred Amounts of compensation earned on or after the effective date of the Plan and of Centennial Stock awards made on or after that
date, at the same time as the Participant elects the Deferred Amounts for a calendar year (and for the remainder of the calendar year during which this Plan is adopted), or for a Centennial Stock award, the Participant shall also elect the timing of
distribution of such Deferred Amounts for that year, or for the Centennial Stock award, from among the following options: 
  

	 	(i)	Upon a Date Certain. As to Deferred Amounts, the Participant may designate the distribution to be either a lump sum or annual installments (but no fewer than two and no more
than ten (10)) to be paid or to commence on a date in a year designated by the Participant (“Date Certain”) either before or after employment termination but in no event sooner than two (2) calendar years after the calendar year when the
Deferred Amount was earned or granted, subject to the Committee’s designation of a uniform month and day for each year. Notwithstanding the foregoing, a Participant may elect to make a subsequent election to delay a payment or make a change in
the form of payment, provided such delay or change does not take effect until at least twelve (12) months after the date the subsequent election is made, and provided, further, that the first payment with respect to which such subsequent election is
made is deferred for a period of not less than five (5) years from the date such payment would otherwise have been made. Any distribution in annual installments shall commence 30 days after the Date Certain with succeeding installments paid
thereafter on the date designated by the Committee in each subsequent year. Each installment shall consist of the balance of the Participant’s Account at the end of the previous calendar year, multiplied by a fraction, the numerator of which is
1 and the denominator of which is the number of installments remaining to be paid. Unless otherwise determined by the Committee in its discretion, distributions of amounts credited to the Participant’s Account shall be made in whole shares of
Centennial Stock (or the stock of a successor), unless the Participant has made the election set forth in Section 3(d) hereof. 

  

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	 	(ii)	Upon Disability. The Participant may designate an alternative distribution in the event of Disability, as defined in this Plan, in the form of either a lump sum or annual
installments (but no fewer than two and no more than ten (10)) to be paid or to commence 30 days after such Disability occurs. The determination of payments and installments, including the distribution of only whole shares of Centennial Stock with
respect to amounts credited to such Participant’s Account shall be the same as under the preceding paragraph (i). 

  

	 	(iii)	Upon Other Termination of Employment, Including Retirement and Death. The Participant may designate an alternative distribution in the event of a termination of employment,
including retirement, in the form of either a lump sum or annual installments (but no fewer than two and no more than ten (10)) to be paid or to commence 30 days after such termination of employment occurs. The determination of payments and
installments, including the distribution of only whole shares of Centennial Stock with respect to amounts credited to such Participant’s Account, shall be the same as under the preceding paragraph (i). 

  

	 	(iv)	Upon a Change in Control. The Participant may designate an alternative distribution in the event of a Change in Control (as defined in Section 5.f.) in the form of either a
lump sum or annual installments (but no fewer than two and no more than ten (10) to be paid or, in the case of annual installments, to commence 30 days after the one year anniversary of the consummation of such Change in Control.

  
 b. For purposes of this Section 5, a Participant’s
employment or service is considered to terminate as of the date which is the later of (i) Participant’s last date of service for a Company, or (ii) the last date on which there is an employment relationship between the Participant and a
Company. 
  
 c. For purposes of this section, a Participant has suffered a
“Disability” as of the date the Participant is eligible to receive benefits under the Company’s long term disability plan or such other date as determined in accordance with applicable law or regulation. 
  
 d. In the event installment payments commence and any installments are unpaid at the time of
Participant’s death, the payments shall be made at the times and in such amounts as if Participant were living to the persons specified in Section 7.a, unless Centennial elects in its sole discretion to make a lump sum payment equal to the
remaining balance of such Participant’s Account. 
  
 e. For purposes of this
Section 5, a Participant’s termination of employment is a retirement if so determined by the Committee under all the facts and circumstances. 
  
 f. For purposes of this Plan, a Change in Control shall be deemed to have occurred if (i) any “person” as defined in Sections 13(d) and 14(d) of the Securities
Exchange Act of 1934 (the “Exchange Act”) is or becomes the “beneficial owner” as defined in Rule 13d-3 under the Exchange Act, directly or indirectly, of securities of Centennial representing fifty percent (50%) or more of the
combined voting power of Centennial’s then outstanding securities (for purposes of this clause (i), the term “beneficial owner” does not include any employee benefit plan maintained by a Company that invests in Centennial’s
voting securities; or (ii) during any period of two (2) consecutive years there shall cease to be a majority of the Board comprised as follows: individuals who at the beginning of such period constitute the Board or new directors whose nomination
for election by the company’s shareholders was approved by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was
previously so approved; or (iii) the shareholders of Centennial approve a merger or consolidation of Centennial with any other corporation, other than a merger or consolidation which would result in the voting securities of Centennial outstanding
immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) at least fifty percent (50%) of the combined voting power of the voting securities of Centennial
or such surviving entity outstanding immediately after such merger or consolidation, or the shareholders of Centennial approve a plan of complete liquidation of Centennial or an 

  

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agreement for the sale or disposition by Centennial of all or substantially all Centennial’s assets; provided, however, that no Change in Control will
be deemed to have occurred if such merger, consolidation, sale or disposition of assets, or liquidation is not subsequently consummated. The date of a Change in Control, for purposes of this Plan, is the date on which the Change in Control is
consummated. Notwithstanding anything herein to the contrary, the consummation of the business combination contemplated by the Agreement and Plan of Merger, dated as of March 3, 2004, by and between Western States Opportunity LLC and Centennial
shall not constitute a Change in Control for purposes of this Plan. 
  
 g.
Notwithstanding any other provision of this Section 5 or any payment schedule approved by the Committee pursuant to this Section 5 and regardless of whether payments have commenced under this Section 5, in the event that there is a change in
current law such that, or the Internal Revenue Service should finally determine with respect to a Participant that, part or all of the value of the Participant’s Deferred Amounts or Plan Account which has not actually been distributed to the
Participant, or that part or all of a separate account that has been established for the Participant under a trust described in Section 4, is nevertheless required to be included in the Participant’s gross income for federal and/or State income
tax purposes, then the Deferred Amounts or the Account or the part thereof that was determined to be includible in gross income shall be distributed to the Participant in a lump sum as soon as practicable after such determination without any action
or approval by the Committee. A “final determination” of the Internal Revenue Service for purposes of this Section 5.g. is a determination in writing by said Service ordering the payment of additional tax, reporting of additional gross
income or otherwise requiring Plan amounts to be included in gross income, which is not appealable or which the Participant does not appeal within the time prescribed for appeals. 
  
 6. Emergency Payments. In the event of an “unforeseeable emergency” as determined hereafter, the Committee may
distribute to a Participant his or her Deferred Amounts without regard to the payment dates provided in Section 5 but only to the extent the Committee determines that such distribution is needed to satisfy the emergency (plus any taxes as a result
of such distribution). For the purposes of this Section 6, an “unforeseeable emergency” is a severe financial hardship to the Participant resulting from a sudden and unexpected illness or accident of the Participant or beneficiary, or of a
spouse or a dependent (as defined in Section 152(a) of the Internal Revenue Code of 1986, as amended) of the Participant or beneficiary, loss of the Participant’s or beneficiary’s property due to casualty, or other similar extraordinary
and unforeseeable circumstances arising as a result of events beyond the control of the Participant or beneficiary. Payments shall not be made pursuant to this Section 6 to the extent that such hardship is or may be relieved: (a) through
reimbursement or compensation by insurance or otherwise, (b) by liquidation of the Participant’s or beneficiary’s assets, to the extent the liquidation of such assets would not itself cause severe financial hardship, or (c) by cessation of
the Participant’s deferrals under the Plan. Such action shall be taken only if Participant (or Participant’s legal representatives or successors) signs an application describing fully the circumstances which are deemed to justify the
payment, together with an estimate of the amounts necessary to prevent such hardship, which application shall be approved by the Committee after making such inquiries as the Committee deems necessary or appropriate. 
  
 7. Method of Payments. 
  
 a. In the event of Participant’s death, payments shall be made to the persons
(including a trustee or trustees) named in the last written instrument signed by Participant and received by the Committee prior to Participant’s death, or if Participant fails to so name any person, the amounts shall be paid to
Participant’s estate or the appropriate distributee thereof. The Committee, the Companies, and the Trustee shall be fully protected in making any payments due hereunder in accordance with what the Committee believes to be such last written
instrument received by it. 
  
 b. Payments due to a legally incompetent person may
be made in such of the following ways as the Committee shall determine: 
  

	 	(i)	directly to such incompetent person, 

  

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	 	(ii)	to the legal representative of such incompetent person, or 

  

	 	(iii)	to some near relative of the incompetent person to be used for the latter’s benefit. 

  
 c. Except as otherwise provided in Sections 7.a. and b., all payments to persons entitled to benefits hereunder shall be made to such
persons in person or upon their personal receipt or endorsement, and shall not be grantable, transferable, or otherwise assignable in anticipation of payment thereof, in whole or in part, by the voluntary or involuntary acts of any such persons, or
by operation of law, and shall not be pledged, encumbered, or otherwise liable or taken for any obligation of such person. 
  
 d. All payments to persons entitled to benefits hereunder shall be made out of the general assets, and shall be the sole obligations, of the Company(ies) by which the
Participant was employed, except to the extent that such payments are made out of the trust described in Section 4, in which case, payments shall be made in accordance with the terms of the trust agreement. 
  
 8. Claims Procedures. 
  
 a. If a claim for benefits made by any person (the “Applicant”) is denied, the
Committee shall furnish to the Applicant within 90 days after its receipt of such claim (or within 180 days after such receipt if special circumstances require an extension of time) a written notice which: (i) specifies the reasons for the denial,
(ii) refers to the pertinent provisions of the Plan on which the denial is based, (iii) describes any additional material or information necessary for the perfection of the claim and explains why such material or information is necessary, and (iv)
explains the claim review procedures. 
  
 b. Upon the written request of the
Applicant submitted within 60 days after his receipt of such written notice, the Committee shall afford the Applicant a full and fair review of the decision denying the claim and, if so requested: (i) permit the Applicant to review any documents
which are pertinent to the claim, (ii) permit the Applicant to submit to the Committee issues and comments in writing, and (iii) afford the Applicant an opportunity to meet with a quorum of the Committee as a part of the review procedure.

  
 c. Within 60 days after its receipt of a request for review (or within 120
days after such receipt if special circumstances, such as the need to hold a hearing, require an extension of time) the Committee shall notify the Applicant in writing of its decision and the reasons for its decision and shall refer the Applicant to
the provisions of the Plan which form the basis for its decision. 
  
 9.
Miscellaneous. 
  
 a. Except as limited by Section 7.c. and except
that a Participant shall have a continuing power to designate a new recipient in the event of Participant’s death at any time prior to such death without the consent or approval of any person theretofore named as Participant’s recipient by
an instrument meeting the requirements of Section 7.a., this document shall be binding upon and inure to the benefit of each Company, the Participants, their legal representatives, successors and assigns, and all persons entitled to benefits
hereunder. 
  
 b. Any notice given in connection with this document shall be in
writing and shall be delivered in person or by registered mail or overnight delivery service, return receipt requested. Any notice given by registered mail or overnight delivery service shall be deemed to have been given upon the date of delivery
indicated on the return receipt, if correctly addressed. 
  
 c. Nothing in this
document shall interfere with the rights of any Participant to participate or share in any profit sharing or pension plan or other employee benefit plan which is now in force or which may at some future time become a recognized plan of any Company.

  
 d. Nothing in this document shall be construed as an employment agreement nor
as in any way impairing the right of any Company to terminate a Participant’s employment at will. 
  

 6 

 e. This Plan constitutes a mere promise by the Companies to make benefit payments in the future, and it is intended to be
unfunded for tax purposes and for the purposes of Title I of ERISA. The rights of a Participant or beneficiary to receive benefit payments hereunder are solely those of an unsecured general creditor. 
  
 f. Any amounts that are payable in cash that are paid more than 30 days after the later of
the date on which they are due according to the terms of this Plan or the date on which a written claim for such amounts is received by the Committee shall incur interest at the rate of fifteen percent per annum (eighteen percent per annum if the
payment occurs after a Change in Control) from the date as of which payment was due. In addition, if all or any portion of the distribution is payable in the form of Centennial stock or the stock of a successor, and the value of such stock at the
time of distribution is less than its value on the date as of which payment was due, the payee shall be entitled to liquidated damages equal to 100% (120% if the payment occurs after a Change in Control) of the aggregate difference in value between
the value of the distributed shares on the date their distribution was due (without regard to the 30-day grace period or the requirement of a claim) and the value of the distributed shares on the actual date of distribution. 
  
 g. Any costs or attorneys’ fees incurred by a Participant or beneficiary in connection
with the collection of benefits that were not timely paid under this Plan shall be reimbursed by the Companies. 
  
 h. Notwithstanding anything in this Plan to the contrary, if the beneficiary of a Participant is not the Participant’s spouse, the Committee may determine that the
payment to that beneficiary shall be made in the form of an immediate lump sum distribution of the entire portion of the Participant’s Account payable to that beneficiary, without regard to any outstanding installment payment election.

  
 10. Deferred Centennial Stock Awards; Purchase Procedures for Purposes
of Rule 16b-3. 
  
 a. Deferred Amounts consisting of Centennial Stock
awards shall be held unallocated until such time as the shares vest in accordance with the terms of the award agreement. As of the date any such shares become vested, the number of shares vesting shall be allocated to the Participant’s Account
and shall thereafter become subject to distribution the same as any other shares of Centennial Stock in which such Participant’s Account is deemed invested. Any cash dividends paid on unvested shares of Centennial Stock shall be allocated to
the Participant’s Account and deemed invested in Centennial Stock based on the price per share of Centennial Stock on the date such dividend is declared. Any stock dividends paid on unvested shares of Centennial Stock shall be allocated to the
Participant’s Account unless such dividends are in the nature of a stock split, in which case they shall be held unallocated until such time as the award vests. 
  
 b. Investments of Deferred Amounts in Centennial Stock shall be deemed to occur as soon as practicable after the payroll date for which the
Deferred Amount is received, but in no event later than two weeks after such payroll date, with the exact date and purchase terms to be determined by the Committee on such basis as it reasonably determines. 
  
 11. Termination or Amendment. 
  
 a. This Plan may be amended at any time and from time to time upon the approval of the
Board; provided, however, that no such amendment shall adversely impact amounts deferred prior to the date of such amendment, and provided, further, that following a Change in Control, no amendment shall be effective unless it has the written
consent of all Participants, including all Participants who are former directors or employees but who are entitled to benefits under the Plan, and all beneficiaries of deceased Participants who are entitled to benefits under the Plan. In the event
that, following a Change in Control, all of the Plan’s participants and beneficiaries do not consent to a proposed amendment, such amendment shall not take effect but the Plan Accounts of the consenting Participants and beneficiaries shall be
transferred to a separate plan that is identical to this Plan in all respects except that it may include the proposed amendment. The Board of Directors may terminate this Plan in its discretion, except that, following a Change in Control, any such
termination shall require the written consent of all Participants, 

  

 7 

 
including all Participants who are former employees but who are entitled to benefits under the Plan, and all beneficiaries of deceased Participants who are
entitled to benefits under the Plan, unless it is an automatic termination of the Plan under Section 5.g. hereof. In the event that, following a Change in Control, all of the Plan’s Participants and beneficiaries do not consent to a proposed
termination of the Plan, the Plan shall terminate as to the consenting Participants and beneficiaries and shall continue in effect for the Participants and beneficiaries who do not consent. 
  
 b. Notwithstanding anything herein to the contrary (including, but not limited to the
provisions of Section 11(a) above), if the Company determines (based on advice of tax counsel), by reason of legislation relating to, or interpretation by a court or administrative body of, the provisions of the Internal Revenue Code or any rules or
regulations promulgated thereunder, that this Plan or any trust or any portion thereof is ERISA Funded or Tax Funded, the Company, with the advice of tax counsel, shall determine which of the following is advisable: 
  
 (i) amendment of the Plan or any trust or portion thereof
that is deemed to be ERISA Funded or Tax Funded to eliminate such funded status; 
  
 (ii) transfer of the assets of any trust or portion thereof to another trust which is not deemed to be ERISA Funded or Tax Funded;

  
 (iii) distribution of the assets of any
trust or portion thereof that is deemed to be ERISA Funded or Tax Funded to the affected Participant; 
  
 (iv) termination of the Plan, any trust or portion thereof; or 
  
 (v) such other action that is determined to result in the Plan, any trust or portion thereof not being Tax
Funded or ERISA Funded. 
  
 This Plan or any trust or portion
thereof is “Tax Funded” if any provision of the Plan or any trust causes the interest or benefits of a Participant hereunder to be includible for federal income tax purposes in the gross income of the Participant prior to actual payment of
Plan benefits to the Participant. 
  
 This Plan or any trust or
portion thereof is “ERISA Funded” if any provision of the Plan or any trust prevents the Plan from meeting the “unfunded” criterion of the exceptions to application of the provisions of Parts 2 through 4 of Subtitle B of Title I
of ERISA for plans that are unfunded and maintained primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees. 
  

 8Employment Agreement

 Exhibit 10.1 
  
 EMPLOYMENT AGREEMENT 
  
 THIS EMPLOYMENT AGREEMENT made as of May 11, 2005 (“Effective Date”) by and between BioMarin Pharmaceutical Inc., a Delaware corporation,
with its principal executive offices located at 105 Digital Drive, Novato, California 94949 (the “Company”) and Jean-Jacques Bienaimé (“Employee”), residing at 500 Kingsley Ave, Palo Alto, California 94301.

  
 WHEREAS, the Company desires to employ the Employee and the
Employee desires to work for the Company, and the Company and the Employee desire to define the terms and conditions under which the Company will employ the Employee. 
  
 NOW, THEREFORE, for good and valuable consideration (the receipt and adequacy of which are hereby acknowledged and agreed)
the parties hereby covenant and agree as follows: 
  
 1. Title;
Duties. The Company hereby employs the Employee as Chief Executive Officer to perform such duties consistent with his title and position as may be determined and assigned to him by the Company’s board of directors (the
“Board”). The Employee shall also serve as a member of the Board, subject to election by the stockholders of the Company to the extent required by applicable law and the Company’s governing documents. The Employee shall be
based in Novato, California. 
  
 2. Time and Effort. The
Employee agrees to devote substantially all of his professional employment time and effort to the performance of his duties as Chief Executive Officer and member of the Board for the Company and to perform such other duties consistent with his title
and position as are reasonably assigned him from time to time by the Board. 
  
 3. Term. The Company agrees to employ the Employee in accordance with the terms of this Agreement, and the Employee agrees to accept such employment, commencing as of the Effective Date and continuing
thereafter until terminated pursuant to Section 8 hereof (the “term” of this Agreement). A review of the Employee’s total compensation based on the Company’s assessment of the Employee’s contributions to the Company’s
performance will be conducted at least annually following submission of the Company’s audited financial results to the Board, although the Board shall not be under any obligation to make adjustments other than pursuant to its discretion.

  
 4. Compensation; Benefits. 
  
 (a) Base Salary. For all the services to be rendered
by the Employee in any capacity hereunder, including services as an officer, director, member of any committee or any other duties assigned him by the Board, the Company agrees to pay the Employee a base salary (“Base Salary”) of
$468,000 per annum, during the first year of employment hereunder and not less than $568,000 per annum, during the second year of employment (commencing on the first anniversary of the Effective Date) hereunder and each succeeding year thereafter.
Base Salary shall be payable in approximately equal installments in accordance with the Company’s customary payroll practices. The foregoing annual compensation amount may be, from time to time, increased by action of the Board or appropriate
Committee of the Board. 
  

 (b) Bonus. 
  
 (i) One-Time Bonus. On the Effective Date, the Company agrees to pay the Employee a one-time sign-on
bonus in the amount of $100,000. 
  
 (ii)
Annual Bonus. The Employee shall be entitled to a bonus (a “Bonus”) for each year of employment hereunder, payable in cash, within fifteen (15) days following the completion of the audit of the Company’s financial
statements for such year. The amount of each Bonus shall be based on the Company’s and the Employee’s achievement (as determined by the Board) of goals mutually agreed upon by the Employee and the Board; provided, however,
that the amount of each Bonus shall be within a range of zero percent (0%) to one hundred percent (100%) of the Employee’s Base Salary for the applicable year of employment. For purposes of the calculation of a Bonus that may be payable to the
Employee with respect to the calendar year 2005, the Base Salary shall include the bonus paid to the Employee as described in Section 4(b)(i). 
  
 (c) Stock Options. 
  
 (i) Initial Options. On the Effective Date, the Company shall grant the Employee an option to purchase three hundred twenty-five
thousand (325,000) shares of the Company’s common stock, $.001 per value per share (the “Common Stock”). During the Employee’s employment, on the sixth month anniversary of the Effective Date, the Company shall grant the
Employee an option to purchase one hundred sixty-two thousand five hundred shares of Common Stock. During the Employee’s employment, on the twelfth month anniversary of the Effective Date, the Company shall grant the Employee an option to
purchase one hundred sixty-two thousand five hundred shares of Common Stock. 
  
 (ii) Additional Options. During the Employee’s employment, on each annual anniversary date of the Effective Date (starting with 2006) (each such date, an “Annual Grant Date”), the Company
shall grant to the Employee an option to purchase one hundred twenty-five thousand (125,000) shares of the Company’s Common Stock. 
  
 (iii) Option Terms. Each option described in this Section 4(c) shall have an exercise price equal to the closing price per share of
Common Stock as reported by Nasdaq on the date of grant. Each such option shall be a non-qualified stock option, shall vest in equal amounts on the first, second and third year anniversary of the date of grant, shall remain exercisable for a period
of ten (10) years from the date of grant, and shall otherwise be subject to the terms and conditions of any stock award plan and associated agreements by which the Company makes stock option grants to its executive officers. 
  
 (d) Benefits Plans. The Employee also shall
participate fully in all insurance, pension, retirement, deferred compensation, stock and stock option, stock purchase or similar compensation and benefit plans and programs pursuant to the terms of such plans or programs. The Employee shall be
entitled to one cash payment per calendar year of up to $2,000 to cover the out-of-pocket expenses incurred by the Employee for financial planning and state and federal income tax return preparation by an independent certified public accountant of
the Employee’s choice (plus an additional cash payment for any taxes payable on such cash payment for tax 

  

 
return preparation). The Company shall maintain for the Employee’s benefit a fully-paid whole life insurance policy with a stated death benefit of
$500,000, subject to the Employee’s satisfaction of any physical examination that the insurer may require as a qualification for coverage at standard rates for the Employee’s age category. 
  
 (e) Vacation. The Employee shall be entitled to
annual paid vacation time of four (4) weeks, accruing ratably over the course of each year of employment, to be taken at such time or times as the Employee may select, consistent with his obligations hereunder. Vacation days not taken during an
applicable fiscal year may be carried over to the extent permitted under the Company’s vacation policy to the following fiscal year pursuant such policy. 
  

(f) Expenses. The Company shall reimburse the Employee for all reasonable and customary travel, business and entertainment
expenses incurred in connection with the Employee’s performance of his services hereunder in accordance with the policies and procedures established by the Company, including a quarterly review of such expenses by the chair of the Audit
Committee of the Board. 
  
 (g)
Withholding. The amounts payable pursuant to this Agreement shall be subject to withholding for appropriate taxes, assessments or withholdings as required by applicable law. 
  
 (h) Relocation Assistance and Temporary Housing Allowance. The Company shall reimburse the Employee
for costs and expenses incurred by the Employee in relocating his residence to the Novato, California area, up to, in the aggregate, $30,000. Such reimbursement shall be made promptly after the Employee makes a request therefor, which shall be
accompanied by receipts and other supporting documentation. In addition, the Company shall pay the Employee an amount equal to $2,000 per month, for a period not to exceed six months, to cover the cost of temporary housing used by the Employee prior
to relocating his residence to the Novato, California area. 
  
 (i) Prorated Amounts. The amounts payable pursuant to Sections 4(a) and 4(b)(ii), with respect to any partial calendar year shall be prorated by a factor equal to the quotient, the numerator of
which shall be the number of calendar days in such calendar year for which the Employee is employed by the Company hereunder and the denominator of which shall be 365. 
  
 5. Other Plans. The Company and the Employee hereby agree that nothing contained herein is intended to or shall be
deemed to affect any of the Employee’s rights as a participant under any retirement, stock option, stock purchase, pension, insurance, profit-sharing or similar plans of the Company now or hereafter declared to be in effect. The Company
recognizes that the Employee is induced to execute this Agreement and to accept compensation at the rate set forth herein in part because he expects to be a participant under such plans as are, from time to time, in effect for the Company’s
executives and/or employees in general. 
  
 6. Confidential
Information and Inventions Agreement. The Employee agrees to execute and be bound by the Non-Competition Agreement in the form attached hereto as Exhibit A (the “Non-Competition Agreement”) and the Employee
Confidentiality and Inventions 

  

 
Agreement in the form attached hereto as Exhibit B (the “Confidentiality Agreement”); and the Form of Confidentiality Agreement
attached hereto as Exhibit C; and whether employed by the Company or not, agrees to execute Exhibit C at any time at the direction of the Board in order to avoid disclosure of confidential information (as defined in the Confidentiality
Agreement) as this Exhibit is needed at a future date. The terms of each Exhibit are hereby incorporated by reference and made a part hereof. 
  
 7. Termination for Cause; Resignation Without Good Reason. 
  
 (a) Termination for Cause. This Agreement may be terminated for Cause (as defined below) by the
Company before the expiration of the term provided for herein if, during the term of this Agreement, the Employee (i) materially violates the provisions of the Non-Competition Agreement or the Confidentiality Agreement as executed; (ii) refuses to
execute Exhibit C as subsequently directed, (iii) is convicted of, or pleads nolo contendere to, any crime involving misuse or misappropriation of money or other property of the Company or any felony; (iv) exhibits repeated willful or
wanton failure or refusal to perform his duties in furtherance of the Company’s business interest or in accordance with this Agreement, which failure or refusal is not remedied by the Employee within thirty (30) days after notice from the
Company; (v) commits an intentional tort against the Company, which materially adversely affects the business of the Company; (vi) commits any flagrant act of dishonesty or disloyalty or any act involving gross moral turpitude, which materially
adversely affects the business of the Company; or (vii) exhibits immoderate use of alcohol or drugs which, in the opinion of an independent physician selected by the Company, impairs the Employee’s ability to perform his duties hereunder (all
of the foregoing clauses (i) through (vii) constituting reasons for termination for “Cause”), provided that unsatisfactory business performance of the Company, or mere inefficiency, or good faith errors in judgment or discretion by
the Employee shall not constitute grounds for termination for Cause hereunder. In the event of a termination for Cause, the Company may by written notice immediately terminate his employment and, in that event, the Company shall be obligated only to
pay the Employee the compensation due him up to the date of termination, all accrued, vested or earned benefits under any applicable benefit plan and any other compensation to which the Employee is entitled under Section 4 up to and ending on
the date of the Employee’s termination. 
  
 (b) Resignation Without Good Reason. The benefits and compensation set forth in Section 7(a) are the only compensation and benefits that the Employee will receive in the event that Employee resigns without Good Reason (as
defined below). If the Employee resigns without Good Reason prior to a Change in Control (as defined below), the Employee agrees to give the Company at least four (4) weeks’ prior notice and in exchange the Company agrees to pay the Employee
for all compensation Employee would be entitled to pursuant to Section 4 for such four (4)-week period as if Employee had not resigned without Good Reason. Any resignation of the Employee hereunder, whether for Good Reason or otherwise, shall
be deemed to include a resignation from all positions and in all capacities with the Company and its subsidiaries, including, without limitation, membership on the Board of the Company and all committees thereof and on the boards of directors (and
committees thereof) of subsidiaries of the Company, and the Employee shall execute such documentation as requested by the Company with respect thereto. 
  

 (c) Change in Control. For purposes of this Agreement, the term “Change in
Control” shall mean either (i) a merger, consolidation, share exchange, business combination, issuance of securities, direct or indirect acquisition of securities, tender offer, exchange offer or other similar transaction as a result of
which the persons that beneficially owned, directly or indirectly, the shares of the Company’s voting stock immediately prior to such transaction cease to beneficially own, directly or indirectly, shares of voting stock representing more than
fifty percent (50%) of the total voting power of all outstanding classes of voting stock of the Company or the continuing or surviving corporation if the Company is not the continuing or surviving corporation in such transaction, or (ii) a sale of
all or substantially all of the assets of the Company. 
  
 8.
Termination Without Cause; Resignation For Good Reason; Disability; Death. 
  
 (a) Termination Without Cause; Resignation For Good Reason. The Company may terminate the Employee’s employment at any time
for any reason or no reason, upon written notice to the Employee. If (i) the Company terminates the Employee’s employment without Cause at any time prior to the end of the term of the Agreement, or (ii) the Employee provides the Company with
written notice (a “Notice of Termination”) of his resignation for Good Reason (as defined below) at least four (4) weeks prior to the date of termination, or (iii) there is a substantial change in the financial condition of the
Company as evidenced only by the Company filing a petition for reorganization under any bankruptcy, insolvency, reorganization or similar law or making an assignment for the benefit of creditors, then the Employee shall receive the Termination
Compensation (as defined below) during the Severance Period (as defined below), provided that the Employee remains in full compliance with the Non-Competition Agreement and the Confidentiality Agreement during the Severance Period. Notwithstanding
the foregoing, in the event the Company terminates the Employee’s employment without Cause or the Employee’s employment ceases due to a resignation for Good Reason, in either case following a Change in Control, in that instance only and in
lieu of the Termination Compensation, the Employee shall receive the Enhanced Termination Compensation (as defined below) during the Enhanced Severance Period (as defined below). Without limiting any right or remedy of the Company hereunder or under
the Non-Competition Agreement or the Confidentiality Agreement, from and after the date of any breach by the Employee of any covenant set forth in the Non-Competition Agreement or the Confidentiality Agreement, the Company shall have no obligation
to pay any Termination Compensation or Enhanced Termination Compensation. 
  
 (b) Resignation for Good Reason. A resignation for any one or more of the following events, without the written consent of Employee or his approval of such event in his capacity as Chief Executive Officer,
shall be referred to herein as “Good Reason”: 
  
 (i) a change in the Employee’s title or a substantial reduction in the Employee’s duties, status, or reporting structure, in either case by reference to the position held by the Employee on the Effective
Date; 
  
 (ii) a relocation of the
Employee’s assigned office more than thirty-five (35) miles from its then-current location; 
  

 (iii) any decrease in the Employee’s Base Salary or a material decrease in his
Company benefits in the aggregate, other than as part of a reduction (not exceeding twenty-five percent) that equitably applies to all of the Company’s executive officers; 
  
 (iv) a failure by any successor-in-interest to assume the Company’s obligations under this Agreement;
or 
  
 (v) a material breach of this Agreement by
the Company; 
  
 provided, however, that an event that is or would
constitute grounds for a resignation for Good Reason shall not constitute such grounds for a resignation for Good Reason if: (1) the Employee does not send a Notice of Termination to the Company within forty-five (45) days after the event occurs; or
(2) the Company reverses the action or cures the default that constitutes Good Reason within twenty (20) days after the delivery of the Notice of Termination. 
  

(c) Termination Compensation. For purposes of this Agreement, the term “Termination Compensation” shall mean:
(i) cash compensation in an amount equal to the Employee’s then current annual Base Salary as of the date of termination, which shall be payable in approximately equal monthly installments during the Severance Period; (ii) if senior vice
presidents of the Company are paid bonuses under the Company’s bonus plan for the year of the Employee’s termination and if the Employee has achieved (as determined by the Board) the goals mutually agreed upon by the Company and the
Employee with respect to the Employee’s target bonus for the year of termination, a cash bonus shall be paid to the Employee equal to 100 percent of the Employee’s target bonus for such year; (iii) continuation of all company-paid medical,
dental and vision benefits or additional compensation sufficient for the Employee to acquire substantially equivalent benefits for the Severance Period; (iv) reimbursement for customary executive outplacement services or transitional counseling
services actually incurred in an amount not to exceed $18,000; and (v) automatic vesting of all options granted to the Employee as described in Section 4(c) that have not vested as of the date of termination. 
  
 (d) Enhanced Termination Compensation. For purposes
of this Agreement, the term “Enhanced Termination Compensation” shall mean: (i) cash compensation in an amount equal to the present value (determined using applicable federal interest rates) of the annual Base Salary that Employee
would have collected over the Enhanced Severance Period based on his then current annual Base Salary as of the date of termination; (ii) a cash bonus in an amount equal to 100 percent or, in the event that as of the date of termination the Employee
has been employed by the Company for more than three years, 250 percent of the Employee’s then-annual target bonus, provided that the Employee has achieved (as determined by the Board) the goals mutually agreed upon by the Company and the
Employee with respect to such bonus; (iii) continuation of all company-paid medical, vision and dental benefits or additional compensation sufficient for the Employee to acquire substantially equivalent benefits for the Enhanced Severance Period;
(iv) a cash payment of $18,000 for customary executive outplacement services or transitional counseling (plus an additional cash payment for any taxes payable on the cash payment for services or counseling); (v) the Employee’s fully-paid whole
life insurance policy with a stated death benefit of $500,000 (plus a cash payment in an amount sufficient to defray all federal and state income and payroll tax on any imputed income from this subsection (v) and the cash payment); (vi) a
one-time cash payment in an amount not to exceed 

  

 
$5,000 intended to cover the out-of-pocket expenses incurred by the Employee annually for state and federal income tax return preparation by an independent
certified public accountant of the Employee’s choice for the year of termination and two additional years (plus an additional cash payment for any taxes payable on such cash payment for tax return preparation); (viii) the Company’s annual
contribution to the Employee’s 401k Plan for the year in which the termination occurs, to the extent allowable under the terms of the 401k Plan (regardless of when the termination occurs during such year); and (ix) automatic vesting of all
options granted to the Employee as described in Section 4(c) that have not vested as of the date of termination. In addition, in connection with a Change in Control, the Employee may be eligible for a discretionary bonus as determined by and in the
discretion of the Board (or the compensation committee of the Board) of the Company or an officer of the Company designated by the Board (or designated by the compensation committee of the Board). 
  
 (e) Severance Period and Enhanced Severance Period.
For purposes of this Agreement, the term “Severance Period” shall mean the period commencing on the date of termination of the Employee’s employment hereunder as described in the second sentence of Section 8(a) and
concluding on the eighteenth (18th) month anniversary thereof or, in the event that as of the date of such termination the Employee has been employed by the Company for more than three years, the twenty-fourth (24th) month anniversary thereof. For
purposes of this Agreement, the term “Enhanced Severance Period” shall mean the period commencing on the date of termination of the Employee’s employment hereunder as described in the second sentence of Section 8(a) and
concluding on the twenty-fourth (24th) month anniversary thereof or, in the event that as of the date of such termination the Employee has been employed by the Company for more than three years, the thirtieth (30th) month anniversary thereof.

  
 (f) Employee’s Disability. The
Company shall be entitled, by providing written notice to the Employee, to terminate the Employee’s employment under this Agreement if the Employee shall become permanently disabled such that he is unable to carry out his duties hereunder for
four (4) consecutive calendar months or for a period aggregating one hundred twenty (120) days in any period of twelve (12) consecutive calendar months. If the Employee is eligible to receive benefits under the Company’s Long-Term Disability
Plan, then the Company will pay the Employee additional compensation so that the total received by the Employee (after taking into consideration the amounts payable to the Employee under the Long-Term Disability Plan) equals the Termination
Compensation or the Enhanced Termination Compensation, whichever is applicable, set forth in Section 8(a). If the Employee is not eligible to receive benefits under such Plan, then he will upon termination of his employment for permanent
disability be entitled to receive the full Termination Compensation or Enhanced Termination Compensation, whichever is applicable. Any delay or forbearance by the Company in exercising any such right to terminate this Agreement shall not constitute
a waiver thereof. 
  
 (g) Employee’s
Death. The Employee’s employment will immediately terminate upon the death of the Employee. The Employee’s surviving designated beneficiary, or, if none, the Employee’s estate, shall be entitled to receive the compensation due the
Employee up to the date of the Employee’s death, all accrued, vested or earned benefits under any applicable benefit plan and any other compensation to which the Employee is entitled under this Agreement up to and ending on the date of the
Employee’s death. Should the Employee die during the time he is receiving the severance payments set forth in Subsections 8(c)(i) or (ii) or 

  

 
Subsection 8(d)(i) above, these payments shall be paid to the Employee’s surviving designated beneficiary, or, if none, to the Employee’s
estate. 
  
 (h) Mechanics. All Termination
Compensation, if any, shall be payable in accordance with the customary payroll practices of the Company. All Enhanced Termination Compensation described in Subsections 8(d)(i) through (vi) above, if any, shall be payable in one
lump-sum payment within thirty (30) days of the Employee’s termination date, provided that the Company and the Employee agree that the Company shall defer making any payments otherwise due within six months following the Employee’s
termination date until six months and a day thereafter to the extent necessary to comply with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). The parties shall in good faith cooperate to amend this
Agreement in any reasonable way that the Employee may request in order to conform the Agreement with Section 409A of the Code; provided that the Company shall have no obligation to amend this Agreement in a manner that increases the Employee’s
benefits under the Agreement. The Employee’s entitlement to such payments as provided herein shall be in addition to any rights the Employee may have to payments or participation to the date of termination under any retirement, stock option,
stock purchase, pension, insurance, profit-sharing, or similar plans applicable to the Employee or employees in general, as defined in the appropriate plan documents and in accordance with the appropriate plan documents. In addition, if the Company
provides notice that this Agreement is terminated, the Company shall have no additional obligations hereunder, other than to pay to the Employee (i) any unpaid amount of accrued Base Salary (as defined in Section 4) to the date of
termination; (ii) any unpaid amount of accrued vacation pay in accordance with the Company policy to the date of termination; (iii) a pro rata amount of any vested incentive compensation to the date of termination that has been awarded to the
Employee pursuant to the Company policy prior to the date of termination; and (iv) other obligations which may be owed to the Employee to the date of termination, or thereafter pursuant to Subsection (c), (d), or (f) of this Section or pursuant to
Section 9, under a specific provision of this Agreement. 
  
 9.
280G Gross-Up. The acceleration or payment of the Termination Compensation or the Enhanced Termination Compensation pursuant to Section 8 either alone or when combined with other benefits or payments to be provided to the
Employee(collectively, the “Payments”) could, in certain circumstances, subject the Employee to the excise tax provided under Section 4999 of the Code. If Section 4999 of the Code applies to any Payment, the following provisions shall
apply: 
  
 (a) Anything in this Agreement to the
contrary notwithstanding, in the event of a 280G Change in Control, as defined below, the Company shall reasonably determine whether at any time for any reason any payment or distribution or any acceleration of vesting of any benefit or award (a
“Payment”) by the Company or any other person or entity to or for the benefit of the Employee would result in a “parachute payment” (within the meaning of Section 280G(b)(2) of the Code) whether paid or payable or
distributed or distributable (or accelerated or subject to acceleration) pursuant to the terms of this Agreement or otherwise in connection with or arising out of the Employee’s employment with the Company which would be subject to the excise
tax imposed by Section 4999 of the Code or any interest or penalties are incurred by the Employee with respect to such excise tax (such excise tax, together with any such interest and penalties thereon, are hereinafter collectively referred to as
the “Excise Tax”). 

  

 
Within thirty (30) days after each Payment, the Company shall pay and the Employee shall be entitled to receive an additional payment (a “Gross-Up
Payment”) in an amount such that after payment by the Employee of all taxes (including, without limitation, any income or employment taxes and the Excise Tax) imposed upon the Gross-Up Payment and any interest or penalties imposed with
respect to such taxes, the Employee retains an amount of the Gross-Up Payment equal to the sum of: (i) the Excise Tax imposed upon the Payments; and (ii) the product of any individual income tax deductions disallowed to the Employee because of the
inclusion of the Gross-Up Payment in the Employee’s adjusted gross income and the highest applicable marginal rate of federal income taxation for the calendar year in which the Gross-Up Payment is to be made. For purposes of determining the
amount of the Gross-Up Payment, the Employee shall be deemed: (x) to be subject to federal income taxes at the highest marginal rate of federal income taxation for the calendar year in which the Gross-Up Payment is to be made; (y) to be subject to
applicable state and local income taxes at the highest rate of taxation for the calendar year in which the Gross-Up Payment is to be made, net of the maximum reduction in federal income taxes which could be obtained from deduction of such state and
local taxes; and (z) to have otherwise allowable deductions for federal income tax purposes at least equal to those which would be disallowed because of the inclusion of the Gross-Up Payment in the Employee’s adjusted gross income. 

 
 (b) In the event of a dispute between the Company and the
Employee as to whether the provisions of Section 9(a) apply or how such provisions are to be applied, such determination shall be made by a nationally recognized firm of independent accountants (the “Accounting Firm”) or a
law firm (the “Law Firm”), jointly selected by the Company and the Employee, whose determination shall be conclusive and binding on all parties for purposes of paying the Gross-Up Payment. The fees and expenses of such accountants
or counsel shall be borne by the Company. If the Accounting Firm or Law Firm determines that the Excise Tax that might be payable by the Employee is less than the amount of the Excise Tax the Employee believes might be payable by the Employee, the
Accounting Firm or Law Firm shall furnish the Employee with a written opinion that the Employee will not be required to report any Excise Tax on the Employee’s federal income tax return in excess of the amount determined by the Accounting Firm
or Law Firm. 
  
 (c) Once a Gross-Up Payment has
been received by the Employee, the Employee shall not be obligated to return to the Company any portion of the Gross-Up Payment so received in the event it is subsequently determined that the amount of the Gross-Up Payment received was in excess of
the amount the Company should have paid. 
  
 (d)
For the purposes of this Section 9, a “280G Change in Control” shall be deemed to have occurred if: (i) there is a “change in the ownership” of the Company, (ii) there is a “change in the effective
control” of the Company, or (iii) there is a “change in the ownership of a substantial portion of the assets” of the Company, as defined in Q/A-27, Q/A-28, or Q/A-29, respectively, of Treas. Reg. Section 1.280G-1. 
  
 10. Choice of Law; Venue. This Agreement shall be construed and
performed in accordance to the laws (but not the conflicts of laws) of the State of California. Venue of any proceeding shall be exclusively in the County of Marin in the foregoing state, and both parties consent and agree to such exclusive venue.

  

 11. Arbitration.  
  
 (a) The Employee and the Company understand that litigation is a costly and time-consuming process and agree
that they will exclusively resolve any disputes between them by binding arbitration. The Employee and the Company understand that this agreement to arbitrate covers all disputes that the Company may have against the Employee, or that the Employee
might have against the Company or its related entities or employees, including those that relate to the Employee’s employment or termination of employment (for example claims of unlawful discrimination or harassment). 
  
 (b) The arbitration will be conducted by an impartial
arbitrator experienced in employment law (selected from either the JAMS or the American Arbitration Association (at the Employee’s election) panel of arbitrators) in accordance with the applicable entity’s then current employment
arbitration rules (except as otherwise provided in this agreement or unless the parties agree to use the then-current commercial arbitration rules). The Employee and the Company waive the right to institute a court action, except for requests for
injunctive relief pending arbitration, and understand that they are giving up their right to a jury trial. The parties shall be entitled to reasonable discovery. The arbitrator’s award and opinion shall be in writing and in the form typically
rendered in labor and employment arbitrations. 
  
 (c) The Company will pay any filing fee and the fees and costs of the arbitrator, unless the Employee initiates the claim, in which case the Employee only will be required to contribute an amount equal to the filing fee for a claim
initiated in a court of general jurisdiction in the State of California. The Employee and the Company each shall be responsible for their own attorneys’ fees and costs; provided, however, the arbitrator may award attorneys’
fees to the prevailing party, if permitted by applicable law. This arbitration agreement does not prohibit either the Employee or the Company from filing a claim with an administrative agency (e.g., the EEOC), nor does it apply to claims for
workers’ compensation or unemployment benefits, or claims for benefits under an employee welfare or pension plan that specifies a different dispute resolution procedure. The arbitration shall take place in Marin County, California unless the
Employee and the Company agree otherwise. 
  
 12. Notices.
All notices provided for or permitted to be given pursuant to this Agreement must be in writing. All notices shall be given to the other party by personal delivery, overnight courier (with receipt signature), or facsimile transmission (with
“answerback” confirmation of transmission), to the Company or the Employee at the address or telecopy number set forth on the signature page hereto, or to such other address or telecopy number as the Company or the Employee may notify the
other in accordance with the provisions of this section, or the last known permanent residence or telecopy number. Each such notice shall be deemed effective upon the date of actual receipt in the case of personal delivery, receipt signature in the
case of overnight courier, or confirmation of transmission in the case of facsimile. 
  
 13. Entire Agreement; Amendment. This Agreement contains the sole and entire agreement of the parties and supersedes all prior agreements and understandings between the Employee and the Company and cannot be
modified or changed by any oral or verbal promise or statement by whomsoever made; nor shall any written modification of it be binding upon the Company until such written modification shall have been approved in writing by the Board. 
  

 14. Waiver; Consent. In the event any term or condition contained in this Agreement should be
breached by any party and thereafter waived or consented to by the other party, which waiver or consent must be effectuated by a written instrument signed by the party against whom any waiver or consent is sought (and, in the case of the Company,
approved by the Board), such waiver or consent shall be limited to the particular breach so waived or consented to and shall not be deemed to waive or consent to any other breach occurring prior or subsequent to the breach so waived or consented to.

  
 15. Severability. If any provisions of this Agreement
or the application thereof to any person or circumstances shall be invalid or unenforceable to any extent, the remainder of this Agreement and the application of such provisions to other persons or circumstances shall not be affected thereby and
shall be enforced to the extent permitted by law. 
  
 16.
Survival. The provisions hereof, including without limitation those incorporated herein pursuant to Section 6, which are to be performed or observed after the termination of this Agreement, and the representations, covenants and
agreements of the parties contained herein with respect thereto shall survive the termination of this Agreement and be effective according to their terms. 
  
 17. Successors. All of the terms and provisions of this Agreement shall be binding upon and shall inure to the benefit of and be enforceable by and
against the parties to this Agreement and the respective heirs, executors, and successors in interest; provided, however, that the duties of the Employee hereunder are personal in nature and may not be delegated without a written
consent of the Company. 
  
 18. Confidentiality. This
Agreement, including its existence and the terms thereof, is considered confidential business information by the Company, and the Employee agrees for the period of his employment hereunder and for twenty-four (24) months thereafter not to disclose
same to any other person or entity. 
  
 19. Assignment.
This Agreement and the rights and benefits contained herein may not be assigned by either party hereto, except by the Company in connection with a merger, consolidation, share exchange, business combination or other reorganization of the Company or
a sale of all or substantially all of the Company’s business or assets. 
  
 20. Certain Representations, Covenants and Acknowledgements. 
  
 (a) The Employee represents that he is not subject to any employment, confidentiality, or other agreement or restriction that would
prevent him from fully satisfying his duties under this Agreement or that would be violated if he did so. 
  
 (b) Without the Company’s prior written approval, the Employee agrees not to: (i) disclose proprietary information belonging to a
former employer or other entity without its written permission; (ii) contact any former employer’s customers or employees to solicit their business or employment on behalf of the Company; or (iii) distribute announcements about or otherwise
publicize his employment with the Company. 
  

 (c) The Employee acknowledges that he is free to seek advice from independent counsel
with respect to this Agreement and the Employee has obtained such advice. The Employee is not relying on any representation or advice from the Company or any of its officers, directors, attorneys or other representatives regarding this Agreement,
its content or effect. 
  
 21. Construction. The masculine
pronoun, wherever used herein, shall be construed to include the feminine and the neuter, where appropriate. The singular form, wherever used herein, shall be construed to include the plural, where appropriate. 
  
 22. Drafting. The parties represent and acknowledge that they both
have participated in the preparation and drafting of this Agreement and have each given their approval to all of the language contained in this Agreement, and it is expressly agreed and acknowledged that if either party later claims that there is an
ambiguity in the language of this Agreement, there shall be no presumption that such ambiguity be construed for or against either party hereto. 
  
 23. Counterparts. This Agreement may be executed and delivered (including by facsimile transmission) in one or more counterparts, each of which
shall be deemed an original, but all of which together shall constitute one and the same instrument. 
  
 [Signature Page Follows] 
  

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

					
	BIOMARIN PHARMACEUTICAL INC.
		
	By:	 	/s/ Pierre Lapalme
	 	 	 Name:
	 	 Pierre Lapalme

	 	 	 Its:
	 	 Chairman of the Board of Directors

		
	 Address:
	 	 105 Digital Drive
 Novato, California 94949

		
	 Facsimile:
	 	 (415) 382-7889

	
	EMPLOYEE
		
	By:	 	/s/ Jean-Jacques Bienaimé
	 	 	 Jean-Jacques Bienaimé

		
	 Address:
	 	 500 Kingsley Avenue
 Palo Alto, CA 94301

		
	 Facsimile:
	 	 (650) 327-5084

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