Aviragen Therapeutics (NASDAQ:AVIR) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

Item 5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.

On April 3, 2017 (the Grant Date), the
executive officers of Aviragen Therapeutics, Inc. (the
Company) named below (the
Executive Officers) were granted stock
options (the Options) under the
Aviragen Therapeutics, Inc. 2016 Equity Incentive Plan (the
Plan), as approved by the Compensation
Committee of the Board of Directors (the Compensation
Committee).

Awards of the Options to the Executive Officers were granted in
the following amounts:

Thirty-three percent (33%) of the Options granted to each
Executive Officer will vest six (6) months after the Grant Date
and the remainder of the Options will vest monthly thereafter
over the succeeding six months (the Initial Vesting
Terms). If the Executive Officers position is
eliminated and there is a Change of Control (as defined in the
Plan) or the Executive Officer resigns for Good Reason (as
defined in the applicable employment agreement), vesting will
accelerate to 100% and such Executive Officer will have eighteen
(18) months to exercise all vested Options. If there is no Change
of Control and the Executive Officers position is eliminated,
then vesting will accelerate to 100% and such Executive Officer
will have eighteen (18) months to exercise all vested Options. If
the Executive Officers position is not eliminated after the
Change of Control transaction and it is not a resignation for
Good Reason, the Initial Vesting Terms shall be applicable. If
the employee resigns without Good Reason at any time after the
Grant Date, the customary 90-day exercise period will be
applicable with respect to any vested Options. The term of the
Option is ten (10) years.

Item 8.01Other
Events

On April 4, 2017, Aviragen Therapeutics, Inc. issued a press
release announcing a review of strategic alternatives and a
corporate update. A copy of the press release is attached as
Exhibit 99.1.

Item9.01Exhibits.

(d) The following exhibit is filed as part of this Current Report
on Form 8-K.

About Aviragen Therapeutics (NASDAQ:AVIR)

Aviragen Therapeutics, Inc., formerly Biota Pharmaceuticals, Inc., is focused on the discovery and development of direct-acting antivirals to treat infections that affect patients globally. The Company has three product candidates in clinical development that address viral infections that have limited therapeutic options. Its products include vapendavir, an oral treatment for human rhinovirus (HRV) upper respiratory infections in moderate-to-severe asthmatics in Phase IIb SPIRITUS trial; BTA585, an oral fusion (F) protein inhibitor in Phase II development for the treatment and prevention of respiratory syncytial virus (RSV) infections, and BTA074, a topical antiviral treatment in Phase II development for condyloma caused by human papillomavirus Types 6 and 11. It has preclinical RSV non-fusion inhibitor program. It has focused its research and drug development capabilities on discovering and developing small molecule compounds that can prevent or treat infectious diseases.

Aviragen Therapeutics (NASDAQ:AVIR) Recent Trading Information

Aviragen Therapeutics (NASDAQ:AVIR) closed its last trading session down -0.038 at 0.618 with 93,961 shares trading hands.