BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
On December 5, 2016, the Compensation Committee (the Committee)
of BioMarin Pharmaceutical Inc., a Delaware corporation (the
Company) approved a retirement benefit (the Retirement Benefit)
applicable to certain of the Companys senior executives,
including the named executive officers other than the Companys
Chief Executive Officer. The Company’s Chief Executive Officer
is specifically excluded from the Retirement Benefit. The
Retirement Benefit provides that, upon the attainment of
retirement eligibility for purposes of the Retirement Benefit,
all outstanding and unvested restricted share unit (RSU) awards,
future RSU award grants, and future non-qualified stock option
award grants, whether time-based or performance-based, will
continue to vest according to their terms, whether or not the
individual is performing Continuous Service (as defined in the
Companys 2006 Share Incentive Plan (the Plan)); provided,
however, that vesting shall cease in the event that the
individuals Continuous Service is terminated for Cause (as
defined in the Plan). For purposes of the Retirement Benefit,
retirement eligibility for each eligible named executive officer
means that the individual has both reached the age of 64 and
completed at least 5 years of Continuous Service with the
Company. None of the Companys named executive officers expect to
receive the benefit until 2019 and, therefore, the value of the
Retirement Benefit as to any individual named executive officer
cannot be determined at this time.
In order to implement the Retirement Benefit, the Committee
approved amendments to each outstanding RSU award agreement held
by an eligible senior executive that will not be fully vested on
the date that such respective eligible senior executive reaches
his 64th birthday, a form of which is attached hereto as Exhibit
10.1. The Committee also intends to include the Retirement
Benefit in all future RSU and non-qualified stock option award
grants to eligible senior executives.
Item 9.01Financial Statements and Exhibits.
(d)Exhibits.
| Exhibit 10.1 | Form of Amendment to Agreement Regarding Restricted Share |
About BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)
