<SEC-DOCUMENT>0000899140-20-000275.txt : 20200526
<SEC-HEADER>0000899140-20-000275.hdr.sgml : 20200526
<ACCEPTANCE-DATETIME>20200526171413
ACCESSION NUMBER:		0000899140-20-000275
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20200520
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200526
DATE AS OF CHANGE:		20200526

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Innoviva, Inc.
		CENTRAL INDEX KEY:			0001080014
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				943265960
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-30319
		FILM NUMBER:		20911709

	BUSINESS ADDRESS:	
		STREET 1:		2000 SIERRA POINT PARKWAY
		STREET 2:		SUITE 500
		CITY:			BRISBANE
		STATE:			CA
		ZIP:			94005
		BUSINESS PHONE:		6502389600

	MAIL ADDRESS:	
		STREET 1:		2000 SIERRA POINT PARKWAY
		STREET 2:		SUITE 500
		CITY:			BRISBANE
		STATE:			CA
		ZIP:			94005

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	THERAVANCE INC
		DATE OF NAME CHANGE:	20020207

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ADVANCED MEDICINE INC
		DATE OF NAME CHANGE:	20000302
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>i35135265a.htm
<DESCRIPTION>FORM 8K
<TEXT>
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      <div style="text-align: center; margin-right: 93.9pt; margin-left: 92.6pt; font-size: 14pt; font-weight: bold;">UNITED STATES</div>
      <div style="text-align: center; margin-right: 93.9pt; margin-left: 93.4pt; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
      <div style="text-align: center; margin-right: 93.9pt; margin-left: 93.4pt; margin-top: 0.65pt; font-size: 8pt; font-weight: bold;">Washington, DC 20549</div>
      <div style="margin: 0.65pt 93.9pt 0px 93.4pt; font-size: 0pt; font-weight: bold;"> _____________________________</div>
    </div>
    <div style="text-align: center;"> <font style="font-size: 8pt;">_____________________________</font></div>
    <div>
      <div style="margin: 2px 0px 0px; text-align: center;"> FORM 8-K</div>
      <div style="text-align: center; margin-left: 9pt; text-indent: -9pt; font-size: 8pt;">_____________________________</div>
      <div style="text-align: center; margin-right: 93.9pt; margin-left: 92.9pt; margin-top: 4.8pt; font-size: 10pt; font-weight: bold;">CURRENT REPORT</div>
      <div style="text-align: center; margin-right: 93.9pt; margin-left: 92.75pt; margin-top: 1.1pt; font-size: 10pt; font-weight: bold;">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</div>
      <div style="text-align: center; margin-right: 93.55pt; margin-left: 93.4pt; margin-top: 1.1pt; font-size: 8pt;">Date of Report (Date of earliest event reported): <font style="font-weight: bold;">May 20, 2020</font></div>
      <div style="text-align: center; margin-right: 93.55pt; margin-left: 93.4pt; margin-top: 1.1pt; font-size: 8pt;">_____________________________<font style="font-weight: bold;"> </font></div>
      <div style="text-align: center; margin-right: 93.9pt; margin-left: 92.7pt; margin-top: 2.85pt; font-size: 14pt; font-weight: bold;">INNOVIVA, INC.</div>
      <div style="text-align: center; margin-right: 93.85pt; margin-left: 93.4pt; margin-top: 0.65pt; font-size: 8pt;">(Exact Name of Registrant as Specified in its Charter)</div>
      <div style="text-align: center; margin-right: 93.85pt; margin-left: 93.4pt; margin-top: 0.65pt; font-size: 8pt;">_____________________________ </div>
    </div>
    <div><br>
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    <div style="text-align: center; margin-left: 21.95pt; margin-top: 3.7pt; font-size: 8pt; font-weight: bold;">Delaware</div>
    <div style="text-align: center; margin-left: 22.15pt; margin-top: 0.9pt; font-size: 8pt;">(State or Other Jurisdiction of Incorporation)</div>
    <div style="text-align: center; margin-left: 37.05pt; margin-top: 3.7pt; font-size: 8pt; font-weight: bold;">000-30319</div>
    <div style="text-align: center; margin-left: 36.7pt; margin-top: 0.9pt; font-size: 8pt;">(Commission&#160; File Number)</div>
    <div style="text-align: center; margin-left: 14.15pt; margin-top: 0.9pt; font-size: 8pt; font-weight: bold;">1350 Bayshore Highway</div>
    <div style="text-align: center; margin-left: 14.15pt; margin-top: 0.9pt; font-size: 8pt; font-weight: bold;">Suite 400</div>
    <div style="text-align: center; margin-left: 13.95pt; font-size: 8pt; font-weight: bold;">Burlingame, California 94010</div>
    <div style="text-align: center; margin-left: 14.85pt; margin-top: 0.85pt; font-size: 8pt; font-weight: bold;">(650) 238-9600</div>
    <div style="text-align: center; margin-right: 16.4pt; margin-left: 18.2pt; margin-top: 3.7pt; font-size: 8pt; font-weight: bold;">94-3265960</div>
    <div style="text-align: center; margin-right: 17.3pt; margin-left: 18.2pt; margin-top: 0.9pt; font-size: 8pt;">(I.R.S. Employer Identification Number)</div>
    <div>
      <div><br>
      </div>
      <div style="margin-top: 0.85pt;"><br>
      </div>
      <div style="text-indent: -77.65pt; margin-right: 72.95pt; margin-left: 152.85pt; margin-top: 0.85pt; font-size: 8pt;">(Addresses, including zip code, and telephone numbers, including area code, of principal executive offices) (Former name or former
        address, if changed since last report)</div>
      <div style="margin-left: 7pt; margin-top: 3.7pt; font-size: 8pt;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General
        Instruction A.2. below):</div>
      <div style="margin-left: 7pt; font-size: 8pt;">&#9744; Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>
      <div style="margin-left: 7pt; margin-top: 0.85pt; font-size: 8pt;">&#9744; Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>
      <div style="margin-left: 7pt; margin-top: 0.85pt; font-size: 8pt;">&#9744; Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>
      <div style="margin-left: 7pt; margin-top: 0.85pt; font-size: 8pt;">&#9744; Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>
      <div style="margin-left: 7pt; margin-top: 0.85pt; font-size: 8pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933(&#167;230.405 of this chapter) or Rule 12b-2 of the
        Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</div>
      <div style="text-align: right; text-indent: 393.5pt; margin-right: 5.4pt; margin-left: 7pt; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">Emerging growth company &#9744;</div>
      <div style="margin: 0px; font-size: 8pt; text-indent: 0px;"><font style="font-family: 'Times New Roman',Times,serif;"> </font>If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition
        period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. &#9744;</div>
      <div>
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    <div style="text-align: justify; margin-left: 6pt;"><font style="font-size: 10pt; font-weight: bold; color: #000000;">Item 5.02.&#160;&#160; </font><font style="font-size: 10pt; font-weight: bold;">Departure of Directors or Certain Officers; Election of
        Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 9pt; margin-bottom: 12pt; font-size: 10pt;">On May 20, 2020, Innoviva, Inc. (the &#8220;Company&#8221;) hired and appointed Pavel Raifeld as its new Chief Executive Officer, effective as of May 20, 2020.&#160; Mr. Raifeld
      will succeed Geoffrey L. Hulme as the Company&#8217;s principal executive officer and will report directly to the Board of Directors of the Company.</div>
    <div style="text-align: justify; margin-left: 9pt; margin-bottom: 12pt; font-size: 10pt;">In connection with his hiring, Mr.&#160;Raifeld and the Company entered into an offer letter (the&#160;&#8220;Offer Letter&#8221;) and a restrictive covenant agreement which contains,
      among other things, customary non-competition, non-solicitation, confidentiality and invention assignment covenants.&#160; The Offer Letter provides for an initial base salary of $360,000 per year and annual bonus eligibility with an annual target payout
      of 60% of his base salary.</div>
    <div style="text-align: justify; margin-left: 9pt; margin-bottom: 12pt; font-size: 10pt;">In addition, Mr.&#160;Raifeld has been granted options (the &#8220;Options&#8221;) to purchase 250,000 shares of the Company&#8217;s common stock, subject to the terms and conditions of
      the Company&#8217;s 2012 Equity Incentive Plan (the&#160;&#8220;Plan&#8221;) and a stock option agreement.&#160; 25% of the Options will vest on May&#160;20, 2021 and the balance will vest in twelve&#160;(12) substantially equal installments thereafter on each three&#160;(3) month anniversary
      of the initial vesting date, in each case, subject to Mr. Raifeld&#8217;s continuous service through the applicable vesting date, with accelerated vesting in the event that Mr.&#160;Raifeld experiences an &#8220;involuntary termination&#8221; (as defined in Mr. Raifeld&#8217;s
      option agreement) within twenty-four (24) months following a &#8220;change in control&#8221; (as defined in the Plan).</div>
    <div style="text-align: justify; margin-left: 9pt; margin-bottom: 12pt; font-size: 10pt;">Pursuant to the Offer Letter, if the Company terminates Mr.&#160;Raifeld&#8217;s employment without &#8220;cause&#8221; (other than due to his death or disability), the Company will,
      subject to his execution of a general release of claims in favor of the Company, provide Mr. Raifeld (i)&#160;continued payment of his base salary during the six&#160;(6) month period immediately following the date of such termination, payable in accordance
      with the Company&#8217;s regular payroll practices, and (ii)&#160;continued eligibility to receive a pro-rata bonus (based on the number of full months of employment completed in the year of termination) for the year of termination, subject to the terms and
      conditions of the Company&#8217;s bonus program in effect at the time of termination (other than continued employment) including the achievement of any performance conditions, payable at the same time as bonuses are paid to active employees.</div>
    <div style="text-align: justify; margin-left: 9pt; margin-bottom: 12pt; font-size: 10pt;">The foregoing description of the terms and conditions of the Offer Letter does not purport to be complete and is qualified in its entirety by reference to the
      full text of the Offer Letter (including the restrictive covenant agreement), a copy of which is attached as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference in its entirety.</div>
    <div style="text-align: justify; margin-left: 9pt; margin-bottom: 12pt; font-size: 10pt;">Prior to his appointment, Mr. Raifeld, CFA, age 37, served on the investment team at Sarissa Capital Management LP, an investment management firm focused on
      improving strategies of companies to enhance shareholder value.&#160; Earlier, he was a senior member of the healthcare investment banking team at Credit Suisse Securities (USA) LLC.&#160; Previously, Mr.&#160;Raifeld worked as a consultant, primarily specializing
      in advising biopharmaceutical companies, at McKinsey &amp; Company, Inc. and The Boston Consulting Group Ltd.&#160; Mr. Raifeld earned an AB degree from Harvard University and an MBA degree from Columbia University.</div>
    <div style="text-align: justify; margin-left: 9pt; margin-bottom: 12pt; font-size: 10pt;">There are no family relationships between Mr. Raifeld and any of the Company&#8217;s directors or executive officers, and there is no arrangement or understanding
      between Mr. Raifeld or any other person and the Company or any of its subsidiaries pursuant to which he was appointed as an officer of the Company.&#160; There are no transactions between Mr. Raifeld or any of his immediate family members and the Company
      or any of its subsidiaries that would be required to be reported under Item 404(a) of Regulation S-K.</div>
    <div style="text-align: justify; margin-left: 9pt; margin-bottom: 12pt; font-size: 10pt;">Mr.&#160;Raifeld and the Company will also enter into an indemnification agreement requiring the Company to indemnify him to the fullest extent permitted by the
      General Corporation Law of the State of Delaware with respect to his service as an officer of the Company.&#160; The indemnification agreement will be in substantially the form entered into with the Company&#8217;s other executive officers.&#160; This form of
      indemnification agreement is attached hereto as Exhibit&#160;99.1 to this Current Report on Form&#160;8-K.</div>
    <div style="text-align: justify; margin-left: 9pt; margin-bottom: 12pt; font-size: 10pt;">A copy of the press release announcing Mr.&#160;Raifeld&#8217;s appointment is attached hereto as Exhibit&#160;99.2.</div>
    <div style="text-align: justify; margin-left: 9pt; margin-bottom: 12pt; font-size: 10pt;">In connection with the hiring of Mr. Raifeld, the Company ended, effective as of the close of business on May 20, 2020, the employment of Mr. Hulme, who was
      serving as the Company&#8217;s Interim Principal Executive Officer.</div>
    <div><br>
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    <div style="color: #000000; font-size: 10pt;"><font style="font-weight: bold;">Item&#160;9.01.</font>&#160;&#160; <font style="font-weight: bold;">Financial Statements and Exhibits.</font></div>
    <div style="color: #000000; font-size: 10pt;">&#160;</div>
    <div style="color: #000000; font-size: 10pt; font-weight: bold;">(d)&#160;Exhibits</div>
    <div><br>
    </div>
    <div style="margin-left: 6pt; font-size: 10pt;"><a href="i35135265b.htm">10.1 Offer Letter between Innoviva, Inc. and Pavel Raifeld, dated May 20, 2020.</a></div>
    <div><br>
    </div>
    <div style="margin-left: 6pt; font-size: 10pt;"><a href="i35135265c.htm">99.1 Form of Indemnification Agreement between Innoviva, Inc. and its executive
        officers.</a></div>
    <div><br>
    </div>
    <div style="margin-left: 6pt; font-size: 10pt;"><a href="i35135265d.htm">99.2 Press Release of Innoviva, Inc., dated May 20, 2020.</a></div>
    <div><br>
    </div>
    <div style="margin-top: 0.85pt;"><br>
    </div>
    <div style="margin-top: 0.85pt;"><br>
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    <div style="text-align: center; margin-right: 174.85pt; margin-left: 172.4pt; margin-top: 4.1pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">SIGNATURE</div>
    <div style="text-indent: 20.8pt; margin-right: 13.95pt; margin-left: 6pt; margin-top: 0.9pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant
      has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</div>
    <div style="text-indent: 20.8pt; margin-right: 13.95pt; margin-left: 6pt; margin-top: 0.9pt; font-size: 8pt;"> <br>
    </div>
    <div style="text-indent: 20.8pt; margin-right: 13.95pt; margin-left: 6pt; margin-top: 0.9pt; font-size: 8pt;"> <br>
    </div>
    <br>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman',Times,serif; font-size: 12pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="ze6ccb3d7258e4e6a99f71eb07d65be27">

        <tr>
          <td style="width: 49.86%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Date: May 26, 2020</div>
          </td>
          <td colspan="2" style="width: 50.14%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">INNOVIVA, INC.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 49.86%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="width: 50.14%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 49.86%; vertical-align: top;">&#160;</td>
          <td style="width: 5.3%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">By:</div>
          </td>
          <td style="width: 44.84%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><u>/s/ Pavel Raifeld&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <br>
              </u></div>
          </td>
        </tr>
        <tr>
          <td style="width: 49.86%; vertical-align: top;">&#160;</td>
          <td style="width: 5.3%; vertical-align: top;">&#160;</td>
          <td style="width: 44.84%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Pavel Raifeld</div>
          </td>
        </tr>
        <tr>
          <td style="width: 49.86%; vertical-align: top;">&#160;</td>
          <td style="width: 5.3%; vertical-align: top;">&#160;</td>
          <td style="width: 44.84%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Chief Executive Officer</div>
          </td>
        </tr>
        <tr>
          <td style="width: 49.86%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="width: 50.14%; vertical-align: top;">&#160;</td>
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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>i35135265b.htm
<DESCRIPTION>PAVEL RAIFELD OFFER LETTER
<TEXT>
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  <div style="text-align: right;">Exhibit 10.1<br>
  </div>
  <div> <br>
  </div>
  <div style="margin: 0px 0px 12pt;">
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">INNOVIVA, INC.</div>
    <div style="text-align: right; margin-top: 24pt; margin-bottom: 12pt;">May 20, 2020</div>
    <div style="margin-bottom: 12pt;">Pavel Raifeld<br>
      BY EMAIL</div>
    <div style="margin-bottom: 12pt;">Re:<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><u>Employment Offer Letter Agreement</u></div>
    <div style="margin-bottom: 12pt;">Dear Pavel,<br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">The purpose of this letter is to set forth the terms of the mutual understanding between Innoviva, Inc. (the &#8220;<font style="font-weight: bold; font-style: italic;">Company</font>&#8221;) and you regarding
      the details of your employment with the Company.&#160; Your employment with the Company hereunder will commence on May&#160;20, 2020 (the&#160;&#8220;<font style="font-weight: bold; font-style: italic;">Commencement Date</font>&#8221;) and will continue until it is terminated
      as provided herein.&#160; During your employment, you will serve as the Chief Executive Officer and will report to, and have such duties and responsibilities as are assigned from time to time by, the Company&#8217;s Board of Directors (the&#160;&#8220;<font style="font-weight: bold; font-style: italic;">Board</font>&#8221;).&#160; Your principal place of employment shall initially be in Connecticut, although you understand and agree that you may be required to travel from time to time for business reasons.&#160;
      However, you acknowledge and agree that you may be required to relocate to the Company&#8217;s headquarters in California promptly (and in all events within sixty (60) days) following receipt of written notice from the Board.&#160; In no event shall you
      relocate your principal place of employment to a jurisdiction other than California without the prior written consent of the Board.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">As a condition to your employment with the Company, you agree to observe and comply with all of the rules, regulations, policies and procedures established by the Company from time to time, as well
      as all applicable laws and all rules and regulations imposed by any governmental regulatory authority from time to time.&#160; Without limiting the foregoing, you agree that during your employment, you will devote your full business time, attention, skill
      and best efforts to the performance of your duties and responsibilities hereunder and not to engage in any other business or occupation during your employment, including, without limitation, any activity that (x)&#160;conflicts with the interests of the
      Company or any of its subsidiaries, (y)&#160;interferes with the proper and efficient performance of your duties for the Company, or (z)&#160;interferes with your exercise of judgment in the Company&#8217;s best interests.&#160; Notwithstanding the foregoing, nothing
      herein shall preclude you from (i)&#160;serving, with the prior written consent of the Board, as a member of the boards of directors or advisory boards (or their equivalents in the case of a non-corporate entity) of non-competing businesses and charitable
      organizations, (ii)&#160;engaging in charitable activities and community affairs, and (iii)&#160;managing your personal investments and affairs; <font style="font-style: italic;">provided</font>, <font style="font-style: italic;">however</font>, that the
      activities set out in clauses (i), (ii), and (iii) shall be limited by you so as not to materially interfere, individually or in the aggregate, with the performance of your duties and responsibilities hereunder.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">Your initial base salary on an annualized basis will be $360,000.&#160; You will be eligible to receive an annual discretionary bonus with a target of 60% of your annual salary, which may, at the
      discretion of the Board or its Compensation Committee (the&#160;&#8220;<font style="font-weight: bold; font-style: italic;">Committee</font>&#8221;), be based on the Company&#8217;s performance against its annual goals and a review of your individual performance, and
      determined at the sole discretion of the Board or the Committee.&#160; You must be an active employee in good standing at the time the bonus is paid in order to receive the bonus.&#160; You will be eligible for a pro-rated bonus for the 2020 calendar year.&#160;
      Your bonus, if any, will be paid on the same date that such bonuses are paid to similarly-situated employees of the Company.</div>
    <div style="text-align: justify; margin-bottom: 12pt;"> <br>
    </div>
    <div style="clear: both; margin-top: 12pt; margin-bottom: 12pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 10pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">1</font></div>
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    </div>
    <div style="text-align: justify;"> Within sixty (60) days following the Commencement Date and subject to the approval of the Board or the Committee, the Company will grant you options to purchase 250,000 shares of the Company&#8217;s Common Stock in
      accordance with the Notice of Stock Option Grant and Stock Option Agreement substantially in the form attached hereto as <u>Exhibit A</u>.</div>
  </div>
  <div>
    <div style="text-align: justify; margin-bottom: 12pt;">During your employment, you will be eligible to participate in all employee benefits plans from time to time adopted by the Company and in effect for similarly-situated employees of the Company,
      and you will be entitled to paid time off and holidays in accordance with Company policy.&#160; Notwithstanding the foregoing, the Company expressly reserves the right to amend, modify or terminate any employee benefit plan or policy at any time, with or
      without notice.&#160; You will also be reimbursed for all pre-approved and documented out-of-pocket business expenses reasonably incurred by you in the course of performing your duties hereunder in accordance with the Company&#8217;s policies.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">You acknowledge and agree that the Company may withhold and deposit all federal, state and local income and employment taxes that are owed with respect to all amounts paid or benefits provided to
      or for you by the Company.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">As a condition of, and prior to commencement of, your employment with the Company, you will have executed and delivered to the Company the Restrictive Covenant Agreement attached hereto as <u>Exhibit



        B</u> (the &#8220;<font style="font-weight: bold; font-style: italic;">Restrictive Covenant Agreement</font>&#8221;).&#160; You acknowledge and agree that this letter and the Restrictive Covenant Agreement shall be considered separate contracts, and the Restrictive
      Covenant Agreement will survive the termination of this letter for any reason.</div>
    <div style="margin-bottom: 12pt; text-align: justify;">While we hope that your employment with the Company be mutually satisfactory, your employment status will be &#8220;at-will.&#8221;&#160; As a result, both you and the Company are free to terminate the employment
      relationship at any time for any reason, with or without cause.&#160; This is the full and complete agreement between us with respect to the nature of your employment status.&#160; Although your job duties, title, compensation and benefits, as well as the
      Company&#8217;s personnel policies and procedures to which you will be subject, may change from time to time, the &#8220;at-will&#8221; nature of your employment may only be changed in an express writing signed by you and a Director of the Company.&#160; Notwithstanding
      the foregoing, if your employment is terminated by the Company without Cause (as defined below) (other than due to your death or disability), you will be entitled to: (i)&#160;continued payment of your base salary during the six (6) month period
      immediately following the date of such termination, payable in accordance with the Company&#8217;s regular payroll practices, and (ii) continued eligibility to receive a pro-rata bonus (based on the number of full months of employment completed in the year
      of termination) for the year of termination (less all applicable withholding taxes), subject to the terms and conditions of the Company&#8217;s bonus program in effect at the time of termination (other than continued employment) including the achievement
      of any performance conditions, payable at the same time as bonuses are paid to active employees.&#160; Your receipt of such severance payments will be conditioned upon your execution, delivery to the Company and non-revocation of a general release of
      claims in a form acceptable to the Company within sixty (60) days following the date of termination of your employment and any payments otherwise payable prior to the effective date of such release shall be automatically delayed until the effective
      date of the release.&#160; If you fail to return the release on or before the deadline set forth in the form of release, or if you revoke the release, then you will not be entitled to any severance payments.&#160; In addition, your receipt of such severance
      payments will be conditioned upon your continued compliance with this letter and the Restrictive Covenant Agreement and upon any breach of such obligations and restrictions, the Company shall be entitled (in addition to any other remedies available
      under applicable law) to an immediate refund of any such severance payments already received by you.&#160; For the avoidance of doubt, your sole and exclusive remedy upon a termination of employment without Cause shall be receipt of the severance payments
      described herein, and such payments are in lieu of, and not in addition to, any other severance that you may be eligible to receive pursuant to any other agreement, plan or policy of the Company or any of its affiliates (collectively, the &#8220;<font style="font-weight: bold; font-style: italic;">Group</font>&#8221;).</div>
    <div style="text-align: justify; margin-bottom: 12pt;"> <br>
    </div>
    <div style="clear: both; margin-top: 12pt; margin-bottom: 12pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 10pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">2</font></div>
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    </div>
    <div style="text-align: justify;"> For purposes of the above severance provision, &#8220;<font style="font-weight: bold; font-style: italic;">Cause</font>&#8221; shall mean your: (i)&#160;unauthorized use or disclosure of the confidential information or trade secrets
      of the Company or any other member of the Group, which use causes material harm to the Company or any other member of the Group, (ii) material breach of any written agreement between you and the Company or any other member of the Group, (iii)
      material failure to comply with the written policies or rules of the Company or any other member of the Group, (iv)&#160;conviction of, or your plea of &#8220;guilty&#8221; or &#8220;no contest&#8221; to, a felony under the laws of the United States or any state thereof,
      (v)&#160;willful misconduct or negligence in the performance of your duties, (vi)&#160;continued failure to perform lawful assigned duties after receiving written notification from the Board, or (vii) failure to cooperate in good faith with a governmental or
      internal investigation of the Company or any other member of the Group or their respective directors, officers or employees, if the Company has requested your cooperation. </div>
    <div style="text-align: justify; margin-bottom: 12pt;">To the extent the severance payment described in this letter is deemed to be nonqualified deferred compensation that is subject to Section 409A of the Internal Revenue Code of 1986, as amended
      (the&#160;&#8220;<font style="font-weight: bold; font-style: italic;">Code</font>&#8221;) and if the Company determines that you are a &#8220;specified employee&#8221; under Section 409A(a)(2)(B)(i) of the Code at the time of your termination, then the severance payment will be
      made on the first business day following (i)&#160;expiration of the six (6) month period measured from your separation or (ii) the date of your death.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">Upon any termination of your employment for any reason, except as may otherwise be requested by the Company in writing and agreed upon in writing by you, you will be deemed to have resigned from
      any and all directorships, committee memberships, and any other positions you hold with the Company or any other member of the Group and you hereby agree to execute any documents that the Company (or any member of the Group) determines necessary to
      effectuate such resignations.</div>
    <div style="margin-bottom: 12pt; text-align: justify;">You represent and warrant that: (i) you are not subject to any legal or contractual duty or agreement that would prevent or prohibit you from performing your duties for the Company or complying
      with this letter, and (ii) you are not in breach of any legal or contractual duty or agreement, including any agreement concerning trade secrets or confidential information, owned by any other person or entity.&#160; You further agree that during your
      employment with the Company and in connection with the performance of your duties for the Company, you will not breach any legal or contractual duty or agreement you entered into with any former employer or third party.&#160; You acknowledge that you are
      in possession of material non-public information regarding the Company and that you will be bound by the Company&#8217;s policies with respect to securities trading restrictions during your employment with the Company.</div>
    <div style="text-align: justify; margin-bottom: 12pt;"> <br>
    </div>
    <div style="clear: both; margin-top: 12pt; margin-bottom: 12pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 10pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">3</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    </div>
    <br>
    <div style="text-align: justify; margin-bottom: 12pt;">The terms contained in this letter constitute and embody our full and complete understanding and agreement with respect to your employment with the Company, and supersede and replace any prior or
      contemporaneous agreements or understandings, written or oral, concerning such subject matter.&#160; The terms of this letter may be modified only by a writing duly executed by you and the Company, and this letter, and your obligations hereunder, may not
      be assigned by you without the prior written consent of the Company.&#160; The benefits and obligations contained in this letter will inure to the benefit of and be binding upon the Company and its respective successors and assigns.&#160; The provisions of
      this letter will survive any termination of your employment to the extent necessary to give effect thereto.</div>
    <div style="margin-bottom: 12pt; text-align: justify;">This letter is governed by and construed under the laws of the State of Connecticut applicable to agreements made and to be performed in that state, without regard to conflict of laws rules.&#160; By
      signing below, you agree that all disputes and claims of any nature that you may have against the Company or any other member of the Group including, without limitation, all statutory, contractual, and common law claims and claims pursuant to this
      letter, will be submitted solely and exclusively first to mandatory mediation and, if mediation is unsuccessful, then to binding arbitration in accordance with the then-current arbitration rules and procedures of the Judicial Arbitration Mediation
      Services (JAMS) to be held in the closest JAMS office to Stamford, Connecticut (or such other location as mutually agreed to by the parties).&#160; All information regarding the dispute or claim and mediation and arbitration proceedings, including any
      settlement, shall not be disclosed by you or any mediator or arbitrator to any third party without the written consent of the Company, except with respect to judicial enforcement of any arbitration award.&#160; The cost of any mediation or arbitration
      will be borne by the non-prevailing party or, if neither party is the prevailing party, such cost will be borne equally between you and the Company, except where prohibited by applicable law.</div>
    <div style="text-align: center; margin-bottom: 12pt;">*<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>*<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>*</div>
    <div style="text-align: center; margin-bottom: 12pt;">[Remainder of Page Intentionally Blank]</div>
    <div style="text-align: center; margin-bottom: 12pt;"> <br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt;"> <br>
    </div>
    <div style="clear: both; margin-top: 12pt; margin-bottom: 12pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 10pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">4</font></div>
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    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">If you are in agreement with the terms of your employment with the Company described above, please execute this Agreement where indicated below and return to me.&#160; The execution of this letter may
      be by actual or facsimile signature.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <table cellspacing="0" cellpadding="0" border="0" id="z6bbb932776e144b8a1474cb7cb84981f" style="font-family: 'Times New Roman',Times,serif; font-size: 12pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 40%; vertical-align: top;">&#160;</td>
            <td style="vertical-align: top;" colspan="2">
              <div style="font-family: 'Times New Roman', Times, serif;">Sincerely,</div>
            </td>
          </tr>
          <tr>
            <td style="width: 40%; vertical-align: top;">&#160;</td>
            <td style="vertical-align: top;" colspan="2">&#160;</td>
          </tr>
          <tr>
            <td style="width: 40%; vertical-align: top;">&#160;</td>
            <td style="vertical-align: top;" colspan="2">
              <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">INNOVIVA, INC.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 40%; vertical-align: top;">&#160;</td>
            <td style="vertical-align: top;" colspan="2">&#160;</td>
          </tr>
          <tr>
            <td style="width: 40%; vertical-align: top;">&#160;</td>
            <td style="width: 6%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">By:</div>
            </td>
            <td style="width: 50%; vertical-align: top;">&#160;<u>/s/ Marianne Zhen</u>____________________________</td>
          </tr>
          <tr>
            <td style="width: 40%; vertical-align: top;">&#160;</td>
            <td style="width: 6%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">Name:</div>
            </td>
            <td style="width: 50%; vertical-align: top;">&#160;Marianne Zhen<br>
            </td>
          </tr>
          <tr>
            <td style="width: 40%; vertical-align: top;">&#160;</td>
            <td style="width: 6%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">Title:</div>
            </td>
            <td style="width: 50%; vertical-align: top;">&#160;Chief Accounting Officer<br>
            </td>
          </tr>
          <tr>
            <td style="width: 40%; vertical-align: top;">&#160;</td>
            <td style="vertical-align: top;" colspan="2">&#160;</td>
          </tr>
          <tr>
            <td style="width: 40%; vertical-align: top;">&#160;</td>
            <td style="vertical-align: top;" colspan="2">&#160;</td>
          </tr>
          <tr>
            <td style="width: 40%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">AGREED AND ACCEPTED as of this</div>
            </td>
            <td style="vertical-align: top;" colspan="2">&#160;</td>
          </tr>
          <tr>
            <td style="width: 40%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">20 day of May, 2020 by:</div>
            </td>
            <td style="vertical-align: top;" colspan="2">&#160;</td>
          </tr>
          <tr>
            <td style="width: 40%; vertical-align: top;">&#160;</td>
            <td style="vertical-align: top;" colspan="2">&#160;</td>
          </tr>
          <tr>
            <td style="width: 40%; vertical-align: top;">&#160;</td>
            <td style="vertical-align: top;" colspan="2">&#160;</td>
          </tr>
          <tr>
            <td style="width: 40%; vertical-align: top;">&#160;</td>
            <td style="vertical-align: top;" colspan="2">&#160;</td>
          </tr>
          <tr>
            <td style="width: 40%; vertical-align: top;"><u>&#160;/s/ Pavel Raifeld</u>__________________________________</td>
            <td style="vertical-align: top;" colspan="2">&#160;</td>
          </tr>
          <tr>
            <td style="width: 40%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">Pavel Raifeld</div>
            </td>
            <td style="vertical-align: top;" colspan="2">&#160;</td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <div>
          <div>
            <div>
              <div>
                <div>
                  <div><br>
                  </div>
                  <div>
                    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-style: italic;">[Signature Page to P. Raifeld Letter Agreement]</div>
                  </div>
                  <br>
                </div>
                <br>
              </div>
              <div style="clear: both; margin-top: 12pt; margin-bottom: 12pt;" id="DSPFPageBreakArea">
                <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 10pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">5</font></div>
                <div style="page-break-after: always;" id="DSPFPageBreak">
                  <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
              </div>
              <div> <br>
              </div>
              <br>
              <div style="text-align: center; font-weight: bold;"><u>Exhibit A</u></div>
              <div><br>
              </div>
              <div style="text-align: center; font-weight: bold;">Option Agreement</div>
              <div><br>
              </div>
              <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif;">(See attached)</div>
            </div>
            <br>
          </div>
          <div style="clear: both; margin-top: 12pt; margin-bottom: 12pt;" id="DSPFPageBreakArea">
            <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 10pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">6</font></div>
            <div style="page-break-after: always;" id="DSPFPageBreak">
              <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
          </div>
          <div> <br>
          </div>
          <br>
          <div style="text-align: center; font-weight: bold;"><u>Exhibit B</u></div>
          <div><br>
          </div>
          <div style="text-align: center; font-weight: bold;">Restrictive Covenant Agreement</div>
          <div><br>
          </div>
          <div style="text-align: center;">(See attached)</div>
        </div>
        <br>
      </div>
      <br>
    </div>
  </div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>i35135265c.htm
<DESCRIPTION>FORM OF INDEMNIFICATION AGREEMENT
<TEXT>
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    <title></title>
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  <div style="text-align: right;">Exhibit 99.1<br>
  </div>
  <div> <br>
  </div>
  <div>
    <div style="text-align: center; margin-bottom: 18pt; font-weight: bold;">INDEMNIFICATION AGREEMENT</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">THIS INDEMNIFICATION AGREEMENT (the &#8220;<font style="font-weight: bold;">Agreement</font>&#8221;) is made and entered into as of May [&#9679;], 2020 between Innoviva, Inc., a Delaware
      corporation (the &#8220;<font style="font-weight: bold;">Company</font>&#8221;), and [______________] (&#8220;<font style="font-weight: bold;">Indemnitee</font>&#8221;).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-weight: bold;">WITNESSETH THAT:</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">WHEREAS</font>, highly competent persons have become more reluctant to serve publicly-held corporations as directors, officers or in other
      capacities unless they are provided with adequate protection through insurance or adequate indemnification against inordinate risks of claims and actions against them arising out of their service to and activities on behalf of the corporation;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">WHEREAS</font>, the Board of Directors of the Company (the &#8220;<font style="font-weight: bold;">Board</font>&#8221;) has determined that, in order to
      attract and retain qualified individuals, the Company will attempt to maintain on an ongoing basis, at its sole expense, liability insurance to protect persons serving the Company and its subsidiaries from certain liabilities.&#160; Although the
      furnishing of such insurance has been a customary and widespread practice among United States-based corporations and other business enterprises, the Company believes that, given current market conditions and trends, such insurance may be available to
      it in the future only at higher premiums and with more exclusions.&#160; At the same time, directors, officers, and other persons in service to corporations or business enterprises are being increasingly subjected to expensive and time-consuming
      litigation relating to, among other things, matters that traditionally would have been brought only against the Company or business enterprise itself.&#160; The Bylaws of the Company require indemnification of the officers and directors of the Company.&#160;
      Indemnitee may also be entitled to indemnification pursuant to the General Corporation Law of the State of Delaware (&#8220;<font style="font-weight: bold;">DGCL</font>&#8221;).&#160; The Bylaws and and the DGCL expressly provide that the indemnification provisions
      set forth therein are not exclusive, and thereby contemplate that contracts may be entered into between the Company and members of the Board, officers and other persons with respect to indemnification;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">WHEREAS</font>, the uncertainties relating to such insurance and to indemnification have increased the difficulty of attracting and retaining
      such persons;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">WHEREAS</font>, the Board has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best
      interests of the Company's stockholders and that the Company should act to assure such persons that there will be increased certainty of such protection in the future;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">WHEREAS</font>, it is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify, and to advance expenses on
      behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from undue concern that they will not be so indemnified;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">WHEREAS</font>, this Agreement is a supplement to and in furtherance of the indemnification provided in the Company&#8217;s Bylaws, the Certificate of
      Incorporation and any resolutions adopted pursuant thereto, as well as any rights of Indemnitee under any directors&#8217; and officers&#8217; liability insurance policy, and this Agreement shall not be deemed a substitute therefor, nor to limit, diminish or
      abrogate any rights of Indemnitee thereunder; and</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 12pt; margin-bottom: 12pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 10pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">1</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">WHEREAS</font>, Indemnitee is willing to serve, continue to serve and to take on additional service for or on behalf of the Company on the
      condition that he be indemnified in accordance with the terms of this Agreement; and</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">NOW, THEREFORE</font>, in consideration of Indemnitee&#8217;s agreement to serve as an officer from and after the date hereof, the parties hereto agree
      as follows:</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">1.&#160; &#160; <u>Indemnity of Indemnitee</u>.&#160; The Company hereby agrees to hold harmless and indemnify Indemnitee to the fullest extent permitted by law, as such may be amended from
      time to time.&#160; In furtherance of the foregoing indemnification, and without limiting the generality thereof:</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(a)&#160; &#160; <u>Proceedings Other Than Proceedings by or in the Right of the Company</u>.&#160; The Company shall indemnify Indemnitee in accordance with the provisions of this <u>Section
        l(a)</u> if, by reason of his Corporate Status (as hereinafter defined), the Indemnitee is, or is threatened to be made, a party to or participant in any Proceeding (as hereinafter defined) other than a Proceeding by or in the right of the
      Company.&#160; Pursuant to this <u>Section 1(a)</u>, Indemnitee shall be indemnified to the fullest extent permitted by applicable law against all Expenses (as hereinafter defined), judgments, penalties, fines and amounts paid in settlement actually and
      reasonably incurred by him, or on his behalf, in connection with such Proceeding or any claim, issue or matter therein, if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to be in or not opposed to the best
      interests of the Company, and with respect to any criminal Proceeding, had no reasonable cause to believe the Indemnitee&#8217;s conduct was unlawful.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(b)&#160; &#160; <u>Proceedings by or in the Right of the Company</u>.&#160; The Company shall indemnify Indemnitee in accordance with the provisions of this <u>Section 1(b)</u> if, by reason
      of his Corporate Status, the Indemnitee is, or is threatened to be made, a party to or participant in any Proceeding brought by or in the right of the Company.&#160; Pursuant to this <u>Section 1(b)</u>, Indemnitee shall be indemnified to the fullest
      extent permitted by applicable law against all Expenses actually and reasonably incurred by the Indemnitee, or on the Indemnitee&#8217;s behalf, in connection with such Proceeding if the Indemnitee acted in good faith and in a manner the Indemnitee
      reasonably believed to be in or not opposed to the best interests of the Company; <u>provided</u>, <u>however</u>, if applicable law so provides, no indemnification against such Expenses shall be made in respect of any claim, issue or matter in
      such Proceeding as to which Indemnitee shall have been adjudged to be liable to the Company unless and to the extent that the Court of Chancery of the State of Delaware shall determine that such indemnification may be made.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(c)&#160; &#160; <u>Indemnification for Expenses of a Party Who is Wholly or Partly Successful</u>.&#160; Notwithstanding any other provision of this Agreement, to the extent that Indemnitee
      is, by reason of his Corporate Status, a party to and is successful, on the merits or otherwise, in any Proceeding, the Company shall indemnify to the fullest extent permitted by applicable law, as such may be amended from time to time, against all
      Expenses actually and reasonably incurred by him or on his behalf in connection therewith.&#160; If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or
      matters in such Proceeding, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by him or on his behalf in connection with each successfully resolved claim, issue or matter.&#160; For purposes of this Section and
      without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.</div>
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    <div style="margin: 0px 0px 12pt; text-align: justify; text-indent: 72pt;">(d)&#160; &#160; <u>Indemnification of Appointing Stockholder</u>.&#160; If (i) Indemnitee is or was affiliated with one or more venture capital funds, hedge funds, private equity funds or
      similar institutional investors that has invested in the Company (an &#8220;<font style="font-weight: bold;">Appointing Stockholder</font>&#8221;), and (ii) the Appointing Stockholder is, or is threatened to be made, a party to or a participant in any
      Proceeding, and (iii) the Appointing Stockholder's involvement in the Proceeding (A) arises primarily out of, or relates to, any action taken by the Company that was approved by the Company&#8217;s Board, and (B) arises out of facts or circumstances that
      are the same or substantially similar to the facts and circumstances that form the basis of claims that have been, could have been or could be brought against the Indemnitee in a Proceeding, regardless of whether the legal basis of the claims against
      the Indemnitee and the Appointing Stockholder are the same or similar, then the Company shall to the fullest extent permitted by applicable law indemnify the Appointing Stockholder under this Agreement as if the Appointing Stockholder were the
      Indemnitee.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">2.&#160; &#160; <u>Additional Indemnity</u>.&#160; In addition to, and without regard to any limitations on, the indemnification provided for in <u>Section 1</u> of this Agreement, the
      Company shall and hereby does indemnify and hold harmless Indemnitee to the fullest extent permitted by applicable law against all Expenses, judgments, penalties, fines and amounts paid in settlement actually and reasonably incurred by him or on his
      behalf if, by reason of his Corporate Status, he is, or is threatened to be made, a party to or participant in any Proceeding (including a Proceeding by or in the right of the Company), including, without limitation, all liability arising out of the
      negligence or active or passive wrongdoing of Indemnitee.&#160; The only limitation that shall exist upon the Company&#8217;s obligations pursuant to this Agreement shall be that the Company shall not be obligated to make any payment to Indemnitee that is
      finally determined (under the procedures, and subject to the presumptions, set forth in <u>Sections 7</u> and <u>8</u> hereof) to be unlawful.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">3.&#160; &#160; <u>Partial Indemnification</u>.&#160; If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion of Expenses, but
      not, however, for the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion thereof to which Indemnitee is entitled.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">4.&#160; &#160; <u>Indemnification for Expenses of a Witness</u>.&#160; Notwithstanding any other provision of this Agreement, to the fullest extent permitted by applicable law and to the
      extent that Indemnitee is, by reason of his Corporate Status, a witness, is or was made (or asked) to respond to discovery requests in any Proceeding or otherwise asked to participate in any aspect of a Proceeding to which Indemnitee is not a party,
      he shall be indemnified against all Expenses actually and reasonably incurred by him or on his behalf in connection therewith.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">5.&#160; &#160; <u>Contribution</u>.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(a)&#160; &#160; Whether or not the indemnification provided in <u>Sections 1</u> and <u>2</u> hereof is available, in respect of any threatened, pending or completed action, suit or
      proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), the Company shall pay, in the first instance, the entire amount of any judgment or settlement of such action, suit or
      proceeding without requiring Indemnitee to contribute to such payment and the Company hereby waives and relinquishes any right of contribution it may have against Indemnitee.&#160; For the avoidance of doubt, the Company does not waive any other rights
      hereunder or under applicable law.&#160; The Company shall not enter into any settlement of any action, suit or proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding) unless such
      settlement provides for a full and final release of all claims asserted against Indemnitee.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"> <br>
    </div>
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    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(b)&#160; &#160; Without diminishing or impairing the obligations of the Company set forth in the preceding subparagraph, if, for any reason, Indemnitee shall elect or be required to pay
      all or any portion of any judgment or settlement in any threatened, pending or completed action, suit or proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), the Company shall
      contribute to the amount of Expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred and paid or payable by Indemnitee in proportion to the relative benefits received by the Company and all officers, directors or
      employees of the Company, other than Indemnitee, who are jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), on the one hand, and Indemnitee, on the other hand, from the transaction or events from which such
      action, suit or proceeding arose; <u>provided</u>, <u>however</u>, that the proportion determined on the basis of relative benefit may, to the extent necessary to conform to law, be further adjusted by reference to the relative fault of the Company
      and all officers, directors or employees of the Company other than Indemnitee who are jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), on the one hand, and Indemnitee, on the other hand, in connection with
      the transaction or events that resulted in such expenses, judgments, fines or settlement amounts, as well as any other equitable considerations which applicable law may require to be considered.&#160; The relative fault of the Company and all officers,
      directors or employees of the Company, other than Indemnitee, who are jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), on the one hand, and Indemnitee, on the other hand, shall be determined by reference to,
      among other things, the degree to which their actions were motivated by intent to gain personal profit or advantage, the degree to which their liability is primary or secondary and the degree to which their conduct is active or passive.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(c)&#160; &#160; The Company hereby agrees to fully indemnify and hold Indemnitee harmless from any claims of contribution which may be brought by officers, directors, or employees of the
      Company, other than Indemnitee, who may be jointly liable with Indemnitee.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(d)&#160; &#160; To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee for any reason whatsoever, the
      Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee, whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses, in connection with any claim
      relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect (i) the relative benefits received by the Company and Indemnitee
      as a result of the event(s) and/or transaction(s) giving cause to such Proceeding and/or (ii) the relative fault of the Company (and its directors, officers, employees and agents) and Indemnitee in connection with such event(s) and/or transaction(s).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">6.&#160; &#160; <u>Advancement of Expenses</u>.&#160; Notwithstanding any other provision of this Agreement, the Company shall advance, to the extent not prohibited by applicable law, all
      Expenses incurred by or on behalf of Indemnitee in connection with any Proceeding by reason of Indemnitee&#8217;s Corporate Status within twenty (20) days after the receipt by the Company of a written statement or statements from Indemnitee requesting such
      advance or advances from time to time (which shall include invoices received by Indemnitee in connection with such Expenses or otherwise reasonable evidence with respect to the Expenses incurred by Indemnitee, but, in the case of invoices in
      connection with legal services, any references to legal work performed or to expenditures made that would cause Indemnitee to waive any privilege accorded by applicable law shall not be required to be so included), whether prior to or after final
      disposition of such Proceeding.&#160; Such statement or statements also include or be preceded or accompanied by a written undertaking by or on behalf of Indemnitee to repay any Expenses advanced if it shall ultimately be determined that Indemnitee is not
      entitled to be indemnified against such Expenses.&#160; Any advances and undertakings to repay pursuant to this <u>Section 6</u> shall be unsecured and interest free.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"> <br>
    </div>
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">7.&#160; &#160; <u>Procedures and Presumptions for Determination of Entitlement to Indemnification</u>.&#160; It is the intent of this Agreement to secure for Indemnitee rights of indemnity
      that are as favorable as may be permitted under the DGCL and public policy of the State of Delaware.&#160; Accordingly, the parties agree that the following procedures and presumptions shall apply in the event of any question as to whether Indemnitee is
      entitled to indemnification under this Agreement:</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(a)&#160; &#160; To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including therein or therewith such documentation and information
      as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification.&#160; The Secretary of the Company shall, promptly upon receipt of such a request for indemnification,
      advise the Board in writing that Indemnitee has requested indemnification.&#160; Notwithstanding the foregoing, any failure of Indemnitee to provide such a request to the Company, or to provide such a request in a timely fashion, shall not relieve the
      Company of any liability that it may have to Indemnitee unless, and to the extent that, such failure actually and materially prejudices the interests of the Company.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(b)&#160; &#160; Upon written request by Indemnitee for indemnification pursuant to the first sentence of <u>Section 7(a)</u> hereof, a determination with respect to Indemnitee&#8217;s
      entitlement thereto shall be made in the specific case by one of the following four methods, which shall be at the election of the Board (1) by a majority vote of the disinterested directors, even though less than a quorum, (2) by a committee of
      disinterested directors designated by a majority vote of the disinterested directors, even though less than a quorum, (3) if there are no disinterested directors or if the disinterested directors so direct, by independent legal counsel in a written
      opinion to the Board, a copy of which shall be delivered to the Indemnitee, or (4) if so directed by the Board, by the stockholders of the Company.&#160; For purposes hereof, disinterested directors are those members of the Board who are not parties to
      the action, suit or proceeding in respect of which indemnification is sought by Indemnitee.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(c)&#160; &#160; If the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to <u>Section 7(b)</u> hereof, the Independent Counsel shall be
      selected as provided in this <u>Section 7(c)</u>.&#160; The Independent Counsel shall be selected by the Board.&#160; Indemnitee may, within ten (10) days after such written notice of selection shall have been given, deliver to the Company a written objection
      to such selection; provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of &#8220;<font style="font-weight: bold;">Independent Counsel</font>&#8221; as defined in <u>Section
        14</u> of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion.&#160; Absent a proper and timely objection, the person so selected shall act as Independent Counsel.&#160; If a written objection is made and
      substantiated, the Independent Counsel selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court has determined that such objection is without merit.&#160; If, within twenty (20) days after submission by
      Indemnitee of a written request for indemnification pursuant to <u>Section 7(a)</u> hereof, no Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee may petition the Court of Chancery of the State of
      Delaware or other court of competent jurisdiction for resolution of any objection which shall have been made by the Indemnitee to the Company&#8217;s selection of Independent Counsel and/or for the appointment as Independent Counsel of a person selected by
      the court or by such other person as the court shall designate, and the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel under <u>Section 7(b)</u> hereof.&#160; The Company shall pay
      any and all reasonable fees and expenses of Independent Counsel incurred by such Independent Counsel in connection with acting pursuant to <u>Section 7(b)</u> hereof, and the Company shall pay all reasonable fees and expenses incident to the
      procedures of this <u>Section 7(c)</u>, regardless of the manner in which such Independent Counsel was selected or appointed.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"> <br>
    </div>
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    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(d)&#160; &#160; In making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination shall presume that Indemnitee
      is entitled to indemnification under this Agreement.&#160; Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion by clear and convincing evidence.&#160; Neither the failure of the Company (including by its
      directors or independent legal counsel) to have made a determination prior to the commencement of any action pursuant to this Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable standard of conduct,
      nor an actual determination by the Company (including by its directors or independent legal counsel) that Indemnitee has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has not met
      the applicable standard of conduct.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(e)&#160; &#160; Indemnitee shall be deemed to have acted in good faith if Indemnitee reasonably relied on the records or books of account of the Enterprise (as hereinafter defined),
      including financial statements, or on information supplied to Indemnitee by the officers of the Enterprise in the course of their duties, or on the advice of legal counsel for the Enterprise or on information or records given or reports made to the
      Enterprise by an independent certified public accountant or by an appraiser or other expert selected with reasonable care by the Enterprise.&#160; In addition, the knowledge and/or actions, or failure to act, of any director, officer, agent or employee of
      the Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(f)&#160; &#160; If the person, persons or entity empowered or selected under <u>Section 7</u> to determine whether Indemnitee is entitled to indemnification shall not have made a
      determination within sixty (60) days after receipt by the Company of the request therefor, the requisite determination of entitlement to indemnification shall be deemed to have been made and Indemnitee shall be entitled to such indemnification absent
      (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee&#8217;s statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such
      indemnification under applicable law; <u>provided</u>, <u>however</u>, that such sixty (60) day period may be extended for a reasonable time, not to exceed an additional thirty (30) days, if the person, persons or entity making such determination
      with respect to entitlement to indemnification in good faith requires such additional time to obtain or evaluate documentation and/or information relating thereto; and <u>provided</u>&#160;<u>further</u>, that the foregoing provisions of this <u>Section
        7(f)</u> shall not apply if the determination of entitlement to indemnification is to be made by the stockholders pursuant to <u>Section 7(b)</u> of this Agreement and if (A) within fifteen (15) days after receipt by the Company of the request for
      such determination, the Board or the Disinterested Directors, if appropriate, resolve to submit such determination to the stockholders for their consideration at an annual meeting thereof to be held within seventy five (75) days after such receipt
      and such determination is made thereat, or (B) a special meeting of stockholders is called within fifteen (15) days after such receipt for the purpose of making such determination, such meeting is held for such purpose within sixty (60) days after
      having been so called and such determination is made thereat.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"> <br>
    </div>
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    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(g)&#160; &#160; Indemnitee shall cooperate with the person, persons or entity making such determination with respect to Indemnitee&#8217;s entitlement to indemnification, including providing to
      such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such
      determination.&#160; Any Independent Counsel, member of the Board or stockholder of the Company shall act reasonably and in good faith in making a determination regarding the Indemnitee&#8217;s entitlement to indemnification under this Agreement.&#160; Any costs or
      expenses (including attorneys&#8217; fees and disbursements) incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee&#8217;s
      entitlement to indemnification) and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(h)&#160; &#160; The Company acknowledges that a settlement or other disposition short of final judgment may be successful if it permits a party to avoid expense, delay, distraction,
      disruption and uncertainty.&#160; In the event that any action, claim or proceeding to which Indemnitee is a party is resolved in any manner other than by adverse judgment against Indemnitee (including, without limitation, settlement of such action, claim
      or proceeding with or without payment of money or other consideration) it shall be presumed that Indemnitee has been successful on the merits or otherwise in such action, suit or proceeding.&#160; Anyone seeking to overcome this presumption shall have the
      burden of proof and the burden of persuasion by clear and convincing evidence.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(i)&#160; &#160; The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of nolo contendere or its
      equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which he
      reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that his conduct was unlawful.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">8.&#160; &#160; <u>Remedies of Indemnitee</u>.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(a)&#160; &#160; In the event that (i) a determination is made pursuant to <u>Section 7</u> of this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii)
      advancement of Expenses is not timely made pursuant to <u>Section 6</u> of this Agreement, (iii) no determination of entitlement to indemnification is made pursuant to <u>Section 7(b)</u> of this Agreement within ninety (90) days after receipt by
      the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant to this Agreement within sixty (60) days after receipt by the Company of a written request therefor, or (v) payment of indemnification is not made
      within sixty (60) days after a determination has been made that Indemnitee is entitled to indemnification or such determination is deemed to have been made pursuant to <u>Section 7</u> of this Agreement, Indemnitee shall be entitled to an
      adjudication in an appropriate court of the State of Delaware, or in any other court of competent jurisdiction, of Indemnitee&#8217;s entitlement to such indemnification.&#160; Indemnitee shall commence such proceeding seeking an adjudication within one hundred
      eighty (180) days following the date on which Indemnitee first has the right to commence such proceeding pursuant to this <u>Section 8(a)</u>.&#160; The Company shall not oppose Indemnitee&#8217;s right to seek any such adjudication.</div>
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      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 10pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">7</font></div>
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    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(b)&#160; &#160; In the event that a determination shall have been made pursuant to <u>Section 7(b)</u> of this Agreement that Indemnitee is not entitled to indemnification, any judicial
      proceeding commenced pursuant to this <u>Section 8</u> shall be conducted in all respects as a de novo trial on the merits, and Indemnitee shall not be prejudiced by reason of the adverse determination under <u>Section 7(b)</u>.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(c)&#160; &#160; If a determination shall have been made pursuant to <u>Section 7(b)</u> of this Agreement that Indemnitee is entitled to indemnification, the Company shall be bound by
      such determination in any judicial proceeding commenced pursuant to this <u>Section 8</u>, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee&#8217;s misstatement not materially
      misleading in connection with the application for indemnification, or (ii) a prohibition of such indemnification under applicable law.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(d)&#160; &#160; In the event that Indemnitee, pursuant to this <u>Section 8</u>, seeks a judicial adjudication of his rights under, or to recover damages for breach of, this Agreement,
      or to recover under any directors&#8217; and officers&#8217; liability insurance policies maintained by the Company, the Company shall pay on his behalf, in advance, any and all expenses (of the types described in the definition of Expenses in <u>Section 14</u>
      of this Agreement) actually and reasonably incurred by him in such judicial adjudication, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, advancement of expenses or insurance recovery.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(e)&#160; &#160; The Company shall be precluded from asserting in any judicial proceeding commenced pursuant to this <u>Section 8</u> that the procedures and presumptions of this
      Agreement are not valid, binding and enforceable and shall stipulate in any such court that the Company is bound by all the provisions of this Agreement. The Company shall indemnify Indemnitee against any and all Expenses and, if requested by
      Indemnitee, shall (within twenty (20) days after receipt by the Company of a written request therefore) advance, to the extent not prohibited by law, such expenses to Indemnitee, which are incurred by Indemnitee in connection with any action brought
      by Indemnitee for indemnification or advance of Expenses from the Company under this Agreement or under any directors' and officers' liability insurance policies maintained by the Company, regardless of whether Indemnitee ultimately is determined to
      be entitled to such indemnification, advancement of Expenses or insurance recovery, as the case may be.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(f)&#160; &#160; Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement to indemnification under this Agreement shall be required to be made prior
      to the final disposition of the Proceeding.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 12pt; margin-bottom: 12pt;">
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      <div id="DSPFPageBreak" style="page-break-after: always;">
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">9.&#160; &#160; <u>Non-Exclusivity; Survival of Rights; Insurance; Primacy of Indemnification; Subrogation</u>.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(a)&#160; &#160; The rights of indemnification as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under
      applicable law, the Certificate of Incorporation, the Bylaws, any agreement, a vote of stockholders, a resolution of directors of the Company, or otherwise.&#160; No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit
      or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in his Corporate Status prior to such amendment, alteration or repeal.&#160; The Company shall not adopt any amendment or alteration to,
      or repeal of, the Certificate of Incorporation or the Bylaws, the effect of which would be to deny, diminish or encumber the Indemnitee&#8217;s rights to indemnification pursuant to this Agreement, the Certificate of Incorporation, the Bylaws or applicable
      law relative to such rights prior to such amendment, alteration or repeal.&#160; To the extent that a change in the DGCL, whether by statute or judicial decision, permits greater indemnification than would be afforded currently under the Certificate of
      Incorporation, By-laws and this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change.&#160; No right or remedy herein conferred is intended to be exclusive of any
      other right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise.&#160; The assertion or employment of any right or
      remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(b)&#160; &#160; To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, employees, or agents or fiduciaries of the
      Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise that such person serves at the request of the Company, Indemnitee shall be covered by such policy or policies in accordance with its or
      their terms to the maximum extent of the coverage available for any director, officer, employee, agent or fiduciary under such policy or policies.&#160; If, at the time of the receipt of a notice of a claim pursuant to the terms hereof, the Company has
      directors' and officers' liability insurance in effect, the Company shall give prompt notice of the commencement of such proceeding to the insurers in accordance with the procedures set forth in the respective policies.&#160; The Company shall thereafter
      take all necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such proceeding in accordance with the terms of such policies.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(c)&#160; &#160;&#160; The Company hereby acknowledges that Indemnitee may have certain rights to indemnification, advancement and insurance provided by one or more Persons with whom or which
      Indemnitee may be associated. The Company hereby acknowledges and agrees that (i) the Company shall be the indemnitor of first resort with respect to any Proceeding, Expense, liability or matter that is the subject of the Indemnity Obligations, (ii)
      the Company shall be primarily liable for all Indemnity Obligations and any indemnification afforded to Indemnitee in respect of any Proceeding, Expense, liability or matter that is the subject of Indemnity Obligations, whether created by applicable
      law, organizational or constituent documents, contract (including this Agreement) or otherwise, (iii) any obligation of any other Persons with whom or which Indemnitee may be associated to indemnify Indemnitee or advance Expenses or liabilities to
      Indemnitee in respect of any Proceeding shall be secondary to the obligations of the Company hereunder, (iv) the Company shall be required to indemnify Indemnitee and advance Expenses or liabilities to Indemnitee hereunder to the fullest extent
      provided herein without regard to any rights Indemnitee may have against any other Person with whom or which Indemnitee may be associated or insurer of any such Person and (v) the Company irrevocably waives, relinquishes and releases any other Person
      with whom or which Indemnitee may be associated from any claim of contribution, subrogation or any other recovery of any kind in respect of amounts paid by the Company hereunder. In the event any other Person with whom or which Indemnitee may be
      associated or their insurers advances or extinguishes any liability or loss which is the subject of any Indemnity Obligation owed by the Company or payable under any Company insurance policy, the payor shall have a right of subrogation against the
      Company or its insurer or insurers for all amounts so paid which would otherwise be payable by the Company or its insurer or insurers under this</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 12pt; margin-bottom: 12pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 10pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">9</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="margin: 0px 0px 12pt; text-align: justify; text-indent: 0px;"> Agreement. In no event will payment of an Indemnity Obligation by any other Person with whom or which Indemnitee may be associated or their insurers affect the obligations of
      the Company hereunder or shift primary liability for any Indemnity Obligation to any other Person with whom or which Indemnitee may be associated. Any indemnification, insurance or advancement provided by any other Person with whom or which
      Indemnitee may be associated with respect to any liability arising as a result of Indemnitee&#8217;s status as director, officer, employee or agent of the Company or capacity as an officer or director of any Person is specifically in excess over any
      Indemnity Obligation of the Company or valid and any collectible insurance (including but not limited to any malpractice insurance or professional errors and omissions insurance) provided by the Company under this Agreement.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(d)&#160; &#160; Except as provided in paragraph (c) above, in the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the
      rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(e)&#160; &#160; Except as provided in paragraph (c) above, the Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder if and to
      the extent that Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(f)&#160; &#160; Except as provided in paragraph (c) above, the Company's obligation to indemnify or advance Expenses hereunder to Indemnitee who is or was serving at the request of the
      Company as a director, officer, employee or agent of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise shall be reduced by any amount Indemnitee has actually received as indemnification or advancement
      of expenses from such other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">10.&#160; &#160; <u>Exception to Right of Indemnification</u>. Notwithstanding any provision in this Agreement, the Company shall not be obligated under this Agreement to make any
      indemnity in connection with any claim made against Indemnitee:</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(a)&#160; &#160; for which payment has actually been made to or on behalf of Indemnitee under any insurance policy or other indemnity provision, except with respect to any excess beyond
      the amount paid under any insurance policy or other indemnity provision, provided, that the foregoing shall not affect the rights of Indemnitee set forth in Section 9(c) above; or</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 12pt; margin-bottom: 12pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 10pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">10</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(b)&#160; &#160; for an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within the meaning of <u>Section 16(b)</u>
      of the Securities Exchange Act of 1934, as amended, or similar provisions of state statutory law or common law; or</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(c)&#160; &#160; in connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee
      against the Company or its directors, officers, employees or other indemnitees, unless (i) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation, or (ii) the Company provides the indemnification, in its sole
      discretion, pursuant to the powers vested in the Company under applicable law.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">11.&#160; &#160; <u>Duration of Agreement</u>.&#160; All agreements and obligations of the Company contained herein shall continue during the period Indemnitee is an officer or director of the
      Company (or is or was serving at the request of the Company as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise) and shall continue thereafter so long as Indemnitee shall be subject
      to any Proceeding (or any proceeding commenced under <u>Section 8</u> hereof) by reason of his Corporate Status, whether or not he is acting or serving in any such capacity at the time any liability or expense is incurred for which indemnification
      can be provided under this Agreement.&#160; This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors (including any direct or indirect successor by purchase, merger,
      consolidation or otherwise to all or substantially all of the business or assets of the Company), assigns, spouses, heirs, executors and personal and legal representatives. The Company shall require and shall cause any successor (whether direct or
      indirect by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company to, by written agreement, expressly assume and agree to perform this Agreement in the same manner and to the same extent
      that the Company would be required to perform if no such succession had taken place.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">12.&#160; &#160; <u>Security</u>.&#160; To the extent requested by Indemnitee and approved by the Board, the Company may at any time and from time to time provide security to Indemnitee for
      the Company&#8217;s obligations hereunder through an irrevocable bank line of credit, funded trust or other collateral.&#160; Any such security, once provided to Indemnitee, may not be revoked or released without the prior written consent of the Indemnitee.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">13.&#160; &#160; <u>Enforcement</u>.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(a)&#160; &#160; The Company expressly confirms and agrees that it has entered into this Agreement and assumes the obligations imposed on it hereby in order to induce Indemnitee to serve
      as an officer or director of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving as an officer or director of the Company.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(b)&#160; &#160; This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and
      understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(c)&#160; &#160; The Company shall not seek from a court, or agree to, a "bar order" which would have the effect of prohibiting or limiting the Indemnitee's rights to receive advancement
      of expenses under this Agreement.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 12pt; margin-bottom: 12pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 10pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">11</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">14.&#160; &#160; <u>Definitions</u>.&#160; For purposes of this Agreement:</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(a)&#160; &#160; &#8220;<font style="font-weight: bold;">Corporate Status</font>&#8221; describes the status of a person who is or was a director, officer, employee, agent or fiduciary of the Company
      or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise that such person is or was serving at the express written request of the Company.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(b)&#160; &#160; &#8220;<font style="font-weight: bold;">Disinterested Director</font>&#8221; means a director of the Company who is not and was not a party to the Proceeding in respect of which
      indemnification is sought by Indemnitee.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(c)&#160; &#160; &#8220;<font style="font-weight: bold;">Enterprise</font>&#8221; shall mean the Company and any other corporation, partnership, joint venture, trust, employee benefit plan or other
      enterprise that Indemnitee is or was serving at the express written request of the Company as a director, officer, employee, agent or fiduciary.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(d)&#160; &#160; &#8220;<font style="font-weight: bold;">Expenses</font>&#8221; shall include all reasonable attorneys&#8217; fees, retainers, court costs, transcript costs, fees and costs of experts and
      other professionals, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, fax transmission charges, secretarial services, any federal, state, local or foreign taxes imposed
      on Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement, ERISA excise taxes and penalties, and all other disbursements, obligations or expenses of the types customarily incurred in connection with, or as a
      result of, prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a deponent or witness in or otherwise participating in a Proceeding.&#160; Expenses also shall include (i) Expenses incurred in connection with
      any appeal resulting from any Proceeding, including, without limitation, the premium, security for and other costs relating to any cost bond, supersede as bond or other appeal bond or its equivalent, (ii) expenses incurred in connection with recovery
      under any directors&#8217; and officers&#8217; liability insurance policies maintained by the Company, regardless of whether Indemnitee is ultimately determined to be entitled to such indemnification, advancement or Expenses or insurance recovery, as the case
      may be, and (iii) for purposes of <u>Section 14(d)</u> only, Expenses incurred by or on behalf of Indemnitee in connection with the interpretation, enforcement or defense of Indemnitee&#8217;s rights under this Agreement, the Certificate of Incorporation,
      the Bylaws or under any officers&#8217; liability insurance policies maintained by the Company, by litigation or otherwise.&#160; The parties agree that for the purposes of any advancement of Expenses for which Indemnitee has made written demand to the Company
      in accordance with this Agreement, all Expenses included in such demand that are certified by affidavit of Indemnitee&#8217;s counsel as being reasonable shall be presumed conclusively to be reasonable.&#160; Expenses, however, shall not include amounts paid in
      settlement by Indemnitee or the amount of judgments or fines against Indemnitee.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(e)&#160; &#160; &#8220;<font style="font-weight: bold;">Indemnity Obligations</font>&#8221; shall mean all obligations of the Company to Indemnitee under this Agreement, including the Company&#8217;s
      obligations to provide indemnification to Indemnitee and advance Expenses to Indemnitee under this Agreement.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 12pt; margin-bottom: 12pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 10pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">12</font></div>
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    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(f)&#160; &#160; &#8220;<font style="font-weight: bold;">Independent Counsel</font>&#8221; means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither
      presently is, nor in the past five years has been, retained to represent (i) the Company or Indemnitee in any matter material to either such party (other than with respect to matters concerning Indemnitee under this Agreement, or of other indemnitees
      under similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder.&#160; Notwithstanding the foregoing, the term &#8220;Independent Counsel&#8221; shall not include any person who, under the
      applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee&#8217;s rights under this Agreement.&#160; The Company agrees to pay the
      reasonable fees of the Independent Counsel referred to above and to fully indemnify such counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(g)&#160; &#160; &#8220;<font style="font-weight: bold;">Proceeding</font>&#8221; shall include any threatened, pending or completed action, suit, claim, counterclaim, cross claim, arbitration,
      mediation, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought in the right of the Company or otherwise and whether of a civil, criminal,
      administrative, regulatory, legislative or investigative (formal or informal) nature, including any appeal therefrom and including without limitation any such Proceeding pending as of the date of this Agreement, in which Indemnitee was, is or will be
      involved as a party, potential party, non-party witness or otherwise by reason of the fact that Indemnitee is or was a director or officer of the Company, by reason of any action taken by him (or a failure to take action by him) or of any action (or
      failure to act) on his part while acting pursuant to his Corporate Status, in each case whether or not serving in such capacity at the time any liability or Expense is incurred for which indemnification, reimbursement or advancement of Expenses can
      be provided under this Agreement.&#160; If Indemnitee believes in good faith that a given situation may lead to or culminate in the institution of a Proceeding, this shall be considered a Proceeding under this paragraph.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(h)&#160; &#160; <u>Severability</u>.&#160; The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other provision.&#160; Without
      limiting the generality of the foregoing, this Agreement is intended to confer upon Indemnitee indemnification rights to the fullest extent permitted by applicable laws.&#160; In the event any provision hereof conflicts with any applicable law, such
      provision shall be deemed modified, consistent with the aforementioned intent, to the extent necessary to resolve such conflict.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">15.&#160; &#160; <u>Modification and Waiver</u>.&#160; No supplement, modification, termination or amendment of this Agreement shall be binding unless executed in writing by both of the
      parties hereto.&#160; No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">16.&#160; &#160; <u>Notice By Indemnitee</u>.&#160; Indemnitee agrees promptly to notify the Company in writing upon being served with or otherwise receiving any summons, citation, subpoena,
      complaint, indictment, information or other document relating to any Proceeding or matter which may be subject to indemnification covered hereunder.&#160; The failure to so notify the Company shall not relieve the Company of any obligation which it may
      have to Indemnitee under this Agreement or otherwise unless and only to the extent that such failure or delay materially prejudices the Company.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 12pt; margin-bottom: 12pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 10pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">13</font></div>
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    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">17.&#160; &#160; <u>Notices</u>.&#160; All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given (a) upon personal
      delivery to the party to be notified, (b) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient, and if not so confirmed, then on the next business day, (c) five (5) days after having been sent by
      registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt.&#160; All communications shall be
      sent:</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman',Times,serif; font-size: 12pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="zc107503b49ac4fc8b88aa7f1f94e26c6">

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            <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">(a)</div>
          </td>
          <td style="width: 79.14%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">To Indemnitee at the address set forth below Indemnitee signature hereto.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
          <td style="width: 79.14%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">(b)</div>
          </td>
          <td style="width: 79.14%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">To the Company at:</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
          <td style="width: 79.14%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
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          <td style="width: 79.14%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">Innoviva, Inc.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
          <td style="width: 79.14%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">1350 Bayshore Highway</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
          <td style="width: 79.14%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">Suite 400</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
          <td style="width: 79.14%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">Burlingame, Califonia 94010</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
          <td style="width: 79.14%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">Attention: Chief Executive Officer</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
          <td style="width: 79.14%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">[__________________]</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
          <td style="width: 79.14%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
          <td style="width: 79.14%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">With a copy, which shall not constitute notice to:</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
          <td style="width: 79.14%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
          <td style="width: 79.14%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">Willkie Farr &amp; Gallagher LLP</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
          <td style="width: 79.14%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">787 Seventh Avenue</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
          <td style="width: 79.14%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">New York, New York 10019</div>
          </td>
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<DESCRIPTION>PRESS RELEASE
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  <div style="text-align: right;">Exhibit 99.2<br>
  </div>
  <div><br>
  </div>
  <div><img src="image00001.jpg"> </div>
  <div><br>
  </div>
  <div>
    <div style="margin-left: 5.95pt; margin-top: 8.25pt; font-size: 10pt; font-weight: bold;">Innoviva Names Pavel Raifeld as Chief Executive Officer</div>
    <div style="margin-left: 5.95pt; margin-top: 9.25pt; font-size: 10pt;">May 21, 2020</div>
    <div style="margin-top: 0.45pt; font-size: 10pt;"><br>
    </div>
    <div style="margin-left: 5.95pt; margin-top: 0.05pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-style: italic; font-weight: bold;">Pavel Raifeld to continue the implementation of the Company&#8217;s strategy
      and focus on value creation for shareholders</div>
    <div style="margin-top: 0.25pt; font-size: 10pt;"><br>
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    <div style="margin-left: 5.95pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">BURLINGAME, Calif.--(BUSINESS WIRE)--May 21, 2020-- Innoviva, Inc. (NASDAQ: INVA) (&#8220;Innoviva&#8221;) today announced the appointment of
      Pavel Raifeld as Chief Executive Officer effective May 20, 2020. Mr. Raifeld is a seasoned healthcare executive with a strong background in strategy, business development and corporate finance and has focused much of his career on the creation of
      significant shareholder value. Mr. Raifeld replaces Geoff Hulme, who served as the Company&#8217;s principal executive officer since May 2018.</div>
    <div style="margin-left: 5.95pt; margin-top: 7.4pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">Prior to joining Innoviva, Pavel Raifeld, CFA, served on the investment team at Sarissa Capital Management LP,
      an investment management firm focused on improving strategies of companies to enhance shareholder value. Earlier, he was a senior member of the healthcare investment banking team at Credit Suisse (USA) LLC. Previously, Mr. Raifeld worked as a
      consultant, primarily specializing in advising biopharmaceutical companies, at McKinsey &amp; Company, Inc. and The Boston Consulting Group Ltd. Mr. Raifeld earned an AB degree from Harvard University and an MBA degree from Columbia University.</div>
    <div style="margin-left: 5.95pt; margin-top: 7.35pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">Dr. Odysseas Kostas, Chairman of the Board of Innoviva, stated, &#8220;We are excited to have Pavel join us. We
      believe the Company will benefit from his background and experience as the Company continues to move forward on the Board&#8217;s strategy to maximize shareholder value and its focus on capital allocation. On behalf of the Board and all Innoviva employees,
      I would also like to thank Geoff for his commitment and many contributions to the Company.&#8221;</div>
    <div style="margin-left: 5.95pt; margin-top: 7.4pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">Mr. Raifeld said, &#8220;I am honored by and excited about the opportunity to lead Innoviva. I look forward to
      working alongside the experienced Board and talented team to build an even brighter future for this great company.&#8221;</div>
    <div style="margin-left: 5.95pt; margin-top: 7.45pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">The Company expects that Geoff Hulme will remain with the Company as an advisor for a period of time to
      ensure continuity.</div>
    <div style="margin-top: 0.2pt; font-size: 10pt;"><br>
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    <div style="margin-left: 5.95pt; margin-top: 0.05pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">About Innoviva</div>
    <div style="margin-top: 0.2pt; font-size: 10pt;"><br>
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    <div style="margin-right: 30.7pt; margin-left: 5.95pt; margin-top: 0.05pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">Innoviva, Inc. (referred to as &#8220;Innoviva&#8221;, the &#8220;Company&#8221;, or &#8220;we&#8221; and other similar
      pronouns), is a company with a portfolio of royalties that include respiratory assets partnered with Glaxo Group Limited (&#8220;GSK&#8221;), including RELVAR&#174;/BREO&#174; ELLIPTA&#174; (fluticasone furoate/ vilanterol, &#8220;FF/VI&#8221;), ANORO&#174; ELLIPTA&#174; (umeclidinium bromide/
      vilanterol, &#8220;UMEC/VI&#8221;) and TRELEGY&#174; ELLIPTA&#174; (the combination FF/UMEC/VI). Under the Long-Acting Beta2 Agonist (&#8220;LABA&#8221;) Collaboration Agreement, Innoviva is entitled to receive royalties from GSK on sales of RELVAR&#174;/BREO&#174; ELLIPTA&#174; and ANORO&#174;
      ELLIPTA&#174;. Innoviva is also entitled to 15% of royalty payments made by GSK under its agreements originally entered into with us, and since assigned to Theravance Respiratory Company, LLC (&#8220;TRC&#8221;), relating to TRELEGY&#174; ELLIPTA&#174; and any other product or
      combination of products that may be discovered and developed in the future under the LABA Collaboration Agreement and the Strategic Alliance Agreement with GSK (referred to herein as the &#8220;GSK Agreements&#8221;), which have been assigned to TRC other than
      RELVAR&#174;/BREO&#174; ELLIPTA&#174; and ANORO&#174; ELLIPTA&#174;.</div>
    <div style="margin-left: 5.95pt; margin-top: 7.25pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">ANORO&#174;, RELVAR&#174;, BREO&#174;, TRELEGY&#174; and ELLIPTA&#174; are trademarks of the GlaxoSmithKline group of companies.</div>
    <div style="margin-top: 0.25pt; font-size: 10pt;"><br>
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    <div style="margin-left: 5.95pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">Forward-Looking Statements</div>
    <div style="margin-top: 0.25pt; font-size: 10pt;"><br>
    </div>
    <div style="margin-right: 6.85pt; margin-left: 5.95pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">This press release contains certain &#8220;forward-looking&#8221; statements as that term is defined in the Private
      Securities Litigation Reform Act of 1995 regarding, among other things, statements relating to goals, plans, objectives and future events. Innoviva intends such forward-looking statements to be covered by the safe harbor provisions for
      forward-looking statements contained in Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. The words &#8220;anticipate&#8221;, &#8220;expect&#8221;, &#8220;goal&#8221;, &#8220;intend&#8221;, &#8220;objective&#8221;, &#8220;opportunity&#8221;, &#8220;plan&#8221;, &#8220;potential&#8221;,
      &#8220;target&#8221; and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements involve substantial risks, uncertainties and assumptions. These statements are based on the current estimates and assumptions
      of the management of Innoviva as of the date of this press release and are subject to known and unknown risks, uncertainties, changes in circumstances, assumptions and other factors that may cause the actual results of Innoviva to be materially
      different from those reflected in the forward-looking statements. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include, among others, risks related to: expected cost
      savings; lower than expected future royalty revenue from respiratory products partnered with GSK; the commercialization of RELVAR&#174;/BREO&#174;ELLIPTA&#174;, ANORO&#174;ELLIPTA&#174; and TRELEGY&#174;ELLIPTA&#174; in the jurisdictions in which these products have been approved; the
      strategies, plans and objectives of Innoviva (including Innoviva&#8217;s growth strategy and corporate development initiatives beyond the existing respiratory portfolio); the timing, manner, and amount of potential capital returns to shareholders; the
      status and timing of clinical studies, data analysis and communication of results; the potential benefits and mechanisms of action of product candidates; expectations for product candidates through development and commercialization; the timing of
      regulatory approval of product candidates; projections of revenue, expenses and other financial items. Other risks affecting Innoviva are described under the headings &#8220;Risk Factors&#8221; and &#8220;Management&#8217;s Discussion and Analysis of Financial Condition and
      Results of Operations&#8221; contained in Innoviva&#8217;s Annual Report on Form 10-K for the year ended December 31, 2019, which is on file with the Securities and Exchange Commission (&#8220;SEC&#8221;) and available on the SEC&#8217;s website at <font style="color: rgb(0, 0, 237);"><u>www.sec.gov</u></font>.&#160;Past performance is not necessarily indicative of future results. No
      forward-looking statements can be guaranteed and actual results may differ materially from such statements. Given these uncertainties, you should not place undue reliance on these forward-looking statements. The information in this press release is
      provided only as of the date hereof, and Innoviva assumes no obligation to update its forward-looking statements on account of new information, future events or otherwise, except as required by law.</div>
    <div style="font-size: 10pt;"><br>
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    <div style="margin-right: 138.25pt; margin-left: 5.95pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">View source version on <font style="color: rgb(0, 0, 237);"><u>businesswire.com</u></font>: <font style="color: rgb(0, 0, 237);"><u>https://www.businesswire.com/news/home/20200521005727/en</u></font><font style="color: rgb(0, 0, 237);">/</font><font style="color: rgb(0, 0, 237);">&#160;</font>Dan Zacchei / Alex Kovtun</div>
    <div style="margin-right: 462.2pt; margin-left: 6pt; margin-top: 4pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">Sloane &amp; Company 212-486-9500</div>
    <div style="margin-right: 327.85pt; margin-left: 6pt; font-size: 8pt;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 237);"><u>dzacchei@sloanepr.com</u></font><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 237);">&#160;</font><font style="font-size: 10pt;">/ <font style="font-family: 'Times New Roman',Times,serif;">akovtun@sloanepr.com</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 237);">&#160;</font>Source: Innoviva, Inc.</font></div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
