On November 15, 2019, in connection with Mr. Imbrogno’s June 20, 2019 appointment as Vice President, Finance and Chief Accounting Officer of the Company, the Compensation Committee of the Board of Directors (the “Board”) of PDL BioPharma, Inc. (the “Company”), approved an increase in Mr. Imbrogno’s annual base salary to $346,000 from $288,400. The change in base salary was made retroactively effective to July 1, 2019.

Also on November 15, 2019, the Board appointed Edward A. Imbrogno as the Company’s Acting Chief Financial Officer while the Company continues its search for a permanent chief financial officer. During this time, Mr. Imbrogno will continue his duties as the Company’s Vice President, Finance and Chief Accounting Officer and will receive no compensation for his additional service to the Company.

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About PDL BioPharma, Inc. (NASDAQ:PDLI)

PDL BioPharma, Inc., formerly Protein Design Labs, Inc., manages a portfolio of patents and royalty assets, consisting of its Queen et al. patents, license agreements with various biotechnology and pharmaceutical companies, and royalty and other assets acquired. The Company provides non-dilutive growth capital and financing solutions to late-stage public and private healthcare companies and offers immediate financial monetization of royalty streams to companies, academic institutions and inventors. It evaluates its investments based on the quality of the income generating assets and potential returns on investment. It is focused on intellectual property asset management, acquiring income generating assets and maximizing value for its stockholders, among others. It receives royalties on sales of over ten humanized antibody products, which include Avastin, Herceptin, Xolair, Kadcyla, Tysabri, Actemra, Gazyva and Entyvio all of which are approved for use.