INNOVUS PHARMACEUTICALS, INC. (OTCMKTS:INNV) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

Rauly Gutierrez, CPA, our Vice President, Finance, has been
promoted to the position as the Companys principal financial and
accounting officer and has been named by the Company as a Section
16 executive officer effective as of April 24, 2017.

Mr. Gutierrez was appointed as Vice President, Finance on
September 23, 2016. He was recently an Audit Senior Manager at
KMJ Corbin Company LLP, a regional public accounting firm. Mr.
Gutierrez began his career at KMJ Corbin Company in 2006 and
mainly serviced clients in the pharmaceutical and life science
industries which included multiple publicly-traded companies with
market caps ranging from $50 million to $2 billion and revenues
ranging from pre-revenue to $125 million. He has a wide range of
experience dealing with SEC 1933 and 1934 Act filings, including
IPOs, reverse mergers, SEC comment letters, Sarbanes-Oxley Act
attestation services and periodic SEC reporting requirements. His
areas of expertise include complex debt and equity transactions,
such as derivatives, convertible instruments, and stock-based
compensation. He also has expertise in accounting for
gross-to-net revenue recognition for pharmaceutical product
sales, pharmacy drug billings and in business combination
transactions. Mr. Gutierrez has led several training sessions for
audit professionals in professional ethics and independence,
PCAOB auditing standards and technical accounting updates. Mr.
Gutierrez received hisBachelor of Science Degree in Accounting
from the Leventhal School of Accounting at the University of
Southern California, and is licensed as a CPA in the State of
California. He is also a member of the AICPA, CalCPA and the
Association for Corporate Growth.

The Company and Mr. Gutierrez entered into an employment
agreement, effective, September 23, 2016 (the Employment
Agreement) wherein Mr. Gutierrez receives an annual base salary
of $200,000 as well as an annual bonus based on personal
performance and as approved by the Board of Directors. The target
bonus amount is 25% of his annual base salary. Mr. Gutierrez also
received Restricted Stock Units (RSUs) covering 1,250,000 shares
of the Companys common stock; 312,500 of which will vest after
one year of employment. The remaining RSUs will vest in eight
equal quarterly installments over two years of continued service.
The Employment Agreement is filed herewith as Exhibit 10.1.

On April 12, 2017, to the Employment Agreement and his additional
duties with the Company, the Board of Directors approved an
additional grant to Mr. Gutierrez of 500,000 RSUs on April 24,
2017, which will vest as to 166,666 after one year from the date
of grant and in eight equal quarterly installments over two years
of continued service thereafter.

There are no family relationships between Mr. Gutierrez and any
of the directors and executive officers of the Company. There are
no transactions with the Company in which Mr. Gutierrez has an
interest requiring disclosure under Item 404(a) of Regulation
S-K.

On April 10, 2017, we accepted the resignation of Robert E.
Hoffman as Executive Vice President, Chief Financial Officer of
the Company to be effective as of April 21, 2017. Mr. Hoffman has
served as the Executive Vice President, Chief Financial Officer
of the Company since September 2016. Mr. Hoffmans departure is
not due to a dispute or disagreement with the Company and Mr.
Hoffman is pursuing other opportunities.

(d) Exhibits

Exhibit Number		Description
10.1		Employment Agreement, dated September 23, 2016 by and between the Company and Rauly Gutierrez.