Savient Letterhead)Separation and Release Agreement • January 23rd, 2009 • Savient Pharmaceuticals Inc • Medicinal chemicals & botanical products • New Jersey
The purpose of this letter (the “Letter Agreement”) is to clarify the terms of your separation from employment with Savient Pharmaceuticals, Inc. (the “Company”), to release the Company from all claims, to permit you to receive severance pay and related benefits as if your termination were an involuntary termination by the Company without Cause and to provide that payments to you either (a) do not constitute “nonqualified deferred compensation” under Section 409A of the U.S. Internal Revenue Code of 1986, as amended (the “Section 409A”) or (b) are payments that comply with the requirements of Section 409A. Capitalized terms used but not otherwise defined herein have the meanings given to them in the Employment Agreement, dated as of May 14, 2002, between you and the Company, as amended on July 12, 2004 and on February 15, 2008 (as so amended, the “Employment Agreement”), which is attached as Exhibit A. With these understandings and in exchange for the promises by you and the Company as
