On August 16, 2019, Peter Garcia, the former Vice President and Chief Financial Officer of PDL BioPharma, Inc. (the Company), and the Company entered into a Confidential Severance Agreement and Release of All Claims (the “Agreement”). Under the Agreement, Mr. Garcia agreed to a general release of claims in favor of the Company and a covenant not to sue, among other promises. In consideration for the Agreement, including the release of claims and covenants, Mr. Garcia will receive a one-time payment of $1,246,285.47. In addition, to the terms of the Agreement, the following stock options held by Mr. Garcia vested: (i) 575,593 stock options with an exercise price of $2.94, (ii) 137,732 stock options with an exercise price of $2.52 and (iii) 99,666 stock options with an exercise price of $3.72. Mr. Garcia will be retained as a consultant to support the transition to a new chief financial officer for the Company for a nine month period following his resignation, which was effective as of August 15, 2019. The foregoing description is qualified in its entirety by reference to the full text of the Agreement, which is attached as Exhibit 10.1 to this current report filed on Form 8-K. The Company has initiated the search for a new chief financial officer.

Item 9.01 Financial Statements and Exhibits

>

PDL BIOPHARMA, INC. Exhibit
EX-10.1 2 exhibit101.htm EMPLOYMENT SEPARATION AGREEMENT Exhibit  CONFIDENTIAL SEVERANCE AGREEMENT AND RELEASE OF ALL CLAIMSThis Confidential Severance Agreement and Release of All Claims (“Agreement” or “Release”) is made and entered into by and between Peter Garcia (hereinafter referred to as “Executive”) and PDL BIOPHARMA,…
To view the full exhibit click here

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.