INNOVIVA,INC. (NASDAQ:INVA) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

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INNOVIVA,INC. (NASDAQ:INVA) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

INNOVIVA,INC. (NASDAQ:INVA) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 9.01. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On September26, 2018,Innoviva,Inc. (the “Company”) determined to terminate the employment of George B. Abercrombie, its Senior Vice President and Chief Commercial Officer, “without cause,” effective as of September26, 2018 (as set forth in the Form 8-K filed by the Company with the Commission on October 1, 2018). In connection with the termination, the Company and Mr.Abercrombie entered into a separation and release agreement dated October 1, 2018 (the “Abercrombie Separation Letter”), which, among other things, provides that in exchange for a mutual release of claims, the Company will pay Mr.Abercrombie a lump sum payment equal to: (i)12 months of his base salary plus a pro-rata bonus for 2018 based on the number of full months of employment completed in 2018, and (ii)$19,324.

On September26, 2018, the Company also determined to terminate the employment of Theodore J. Witek,Jr., its Senior Vice President and Chief Scientific Officer, “without cause,” effective as of September26, 2018 (as set forth in the Form 8-K filed by the Company with the Commission on October 1, 2018). In connection with the termination, the Company and Dr.Witek entered into a separation and release agreement dated October 1, 2018 (the “Witek Separation Letter,” and together with the Abercrombie Separation Letter, the “Separation Letters”), which, among other things, provides that in exchange for a mutual release of claims, the Company will pay Dr.Witek a lump sum payment equal to: (i)12 months of his base salary plus a pro-rata bonus for 2018 based on the number of full months of employment completed in 2018, and (ii)$13,216.

The foregoing summary of the Separation Letters does not purport to be complete and is qualified in its entirety by reference to the complete text of the Separation Letters, copies of which are attached as Exhibits10.1 and 10.2 to this Current Report on Form8-K and are incorporated herein by reference in their entirety.

Item 9.01. Financial Statements and Exhibits.

(d)Exhibits


Innoviva, Inc. Exhibit
EX-10.1 2 a18-36163_1ex10d1.htm EX-10.1 Exhibit 10.1   SEPARATION AND RELEASE AGREEMENT   This Separation and Release Agreement (this “Agreement”),…
To view the full exhibit click here

About INNOVIVA,INC. (NASDAQ:INVA)

Innoviva, Inc., formerly Theravance, Inc., focuses on bringing new medicines to patients in areas of unmet need. The Company is engaged in the development, commercialization and financial management of bio-pharmaceuticals. Its portfolio focuses on the respiratory assets partnered with Glaxo Group Limited (GSK), including RELVAR/BREO ELLIPTA (fluticasone furoate/vilanterol (FF/VI)) and ANORO ELLIPTA (umeclidinium bromide/vilanterol (UMEC/VI)). It operates in providing capital return to stockholders by maximizing the potential value of its respiratory assets partnered with GSK segment. RELVAR/BREO is a once-a-day combination inhaled respiratory medicine consisting of VI, a LABA and FF, an inhaled corticosteroid (FF/VI) delivered via the ELLIPTA dry powder inhaler. ANORO ELLIPTA is a dual bronchodilator consisting of UMEC, a long-acting muscarinic antagonist (LAMA) and VI, a LABA for the treatment of chronic obstructive pulmonary diseases (COPD).