<SEC-DOCUMENT>0000899140-22-000493.txt : 20220502
<SEC-HEADER>0000899140-22-000493.hdr.sgml : 20220502
<ACCEPTANCE-DATETIME>20220502172702
ACCESSION NUMBER:		0000899140-22-000493
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20220429
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:		20220502
DATE AS OF CHANGE:		20220502

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:		22883416

	BUSINESS ADDRESS:	
		STREET 1:		1350 OLD BAYSHORE HIGHWAY
		STREET 2:		SUITE 400
		CITY:			BURLINGAME
		STATE:			CA
		ZIP:			94010
		BUSINESS PHONE:		6502389600

	MAIL ADDRESS:	
		STREET 1:		1350 OLD BAYSHORE HIGHWAY
		STREET 2:		SUITE 400
		CITY:			BURLINGAME
		STATE:			CA
		ZIP:			94010

	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>i52714371a.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="margin: 0.65pt 0px 0px; font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-weight: bold; text-align: center; text-indent: 0px;">Washington, DC 20549</div>
    <div style="margin-right: 93.9pt; margin-left: 93.4pt; margin-top: 0.65pt; font-family: 'Times New Roman', serif; font-size: 0pt; font-weight: bold;">_____________________________</div>
    <div style="text-align: center; font-size: 8pt;">_____________________________</div>
    <div style="text-align: center; margin-top: 1.5pt; font-size: 12pt;">FORM 8-K</div>
    <div style="text-align: center; text-indent: -9pt; margin-left: 9pt; font-size: 8pt;">_____________________________</div>
    <div style="text-align: center; margin-right: 93.9pt; margin-left: 92.9pt; margin-top: 4.8pt; font-weight: bold;">CURRENT REPORT</div>
    <div style="text-align: center; margin-right: 93.9pt; margin-left: 92.75pt; margin-top: 1.1pt; 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;">April 29, 2022</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;">&#160;</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 style="text-align: center; margin-top: 3.7pt; font-size: 8pt; font-weight: bold;">Delaware</div>
    <div style="text-align: center; margin-top: 0.9pt; font-size: 8pt;">(State or Other Jurisdiction of Incorporation)</div>
    <div style="text-align: center; margin-top: 3.7pt; font-size: 8pt; font-weight: bold;">000-30319</div>
    <div style="text-align: center; margin-top: 0.9pt; font-size: 8pt;">(Commission File Number)</div>
    <div style="text-align: center; margin-top: 0.9pt; font-size: 8pt; font-weight: bold;">1350 Bayshore Highway</div>
    <div style="text-align: center; margin-top: 0.9pt; font-size: 8pt; font-weight: bold;">Suite 400</div>
    <div style="text-align: center; font-size: 8pt; font-weight: bold;">Burlingame, California 94010</div>
    <div style="text-align: center; font-size: 8pt; font-weight: bold;">(650) 238-9600</div>
    <div style="text-align: center; font-size: 8pt; font-weight: bold;">94-3265960</div>
    <div style="text-align: center; margin-right: 17.3pt; margin-top: 0.9pt; font-size: 8pt;">(I.R.S. Employer Identification Number)</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;"><font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font> 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;"><font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font> 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;"><font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font> 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;"><font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font> 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-size: 8pt;">Emerging growth company <font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font></div>
    <div style="font-size: 8pt;">&#160;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. <font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font></div>
    <div>
      <hr align="center" style="border: none; border-bottom: 4px solid black; border-top: 1px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;"></div>
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    <div style="text-align: justify; margin-left: 4.3pt; font-weight: bold;">Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</div>
    <div style="text-align: justify; margin-left: 4.3pt; font-weight: bold;"> <br>
    </div>
    <div style="text-align: justify; margin-left: 4.3pt; margin-bottom: 12pt;">On April 29, 2022, Innoviva, Inc. (the &#8220;Company&#8221;) entered into an offer letter agreement (the &#8220;Offer Letter&#8221;) with Pavel Raifeld, the Chief Executive Officer of the Company,
      pursuant to which, among other things, Mr. Raifeld will continue his employment with the Company in the role of Chief Executive Officer, effective as of May 1, 2022 for a term ending April 30, 2024 (the &#8220;Initial Term&#8221;).</div>
    <div style="text-align: justify; margin-left: 4.5pt; margin-bottom: 12pt;">The Offer Letter provides for an initial base salary of $455,000 during the portion of the initial term beginning May 1, 2022 and ending April 30, 2023, and $500,000 during the
      portion of the Initial Term beginning May 1, 2023 and ending April 30, 2024. The Offer Letter provides for Mr. Raifeld&#8217;s eligibility to receive an annual discretionary bonus with an annual target payout of 70% of his base salary starting in May 2022
      and 80% of his base salary starting in May 2023.</div>
    <div style="text-align: justify; margin-left: 4.5pt; margin-bottom: 12pt;">In addition, on May 2, 2022, Mr. Raifeld was granted options (the &#8220;Options&#8221;) to purchase 150,000 shares of the Company&#8217;s common stock, subject to the terms and conditions of the
      Company&#8217;s 2012 Equity Incentive Plan (the &#8220;Plan&#8221;) and a stock option agreement. 25% of the Options vested on May 1, 2022 and the balance will vest in twelve (12) substantially equal installments thereafter on each three (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. Raifeld experiences an &#8220;involuntary termination&#8221; (as defined in Mr. Raifeld&#8217;s stock
      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: 4.5pt; margin-bottom: 12pt;">Pursuant to the Offer Letter, if the Company terminates Mr. 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) continued payment of his base salary in accordance with the Company&#8217;s regular payroll practices during the longer of (x) the six (6) month period immediately
      following the date of such termination or (y) the period beginning on the termination date and ending April 30, 2024, 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.</div>
    <div style="text-align: justify; margin-left: 4.5pt; margin-bottom: 12pt;">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="margin-bottom: 12pt;"><br>
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    <div><font style="font-weight: bold;">Item 9.01.</font>&#160;<font style="font-weight: bold;">Financial Statements and Exhibits.</font></div>
    <div>&#160;</div>
    <div style="font-weight: bold;">(d) Exhibits</div>
    <div style="margin-left: 6pt;"><a href="i5271437b.htm">10.1 Offer Letter between Innoviva, Inc. and Pavel Raifeld, dated April 29, 2022.</a></div>
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    <div><br>
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    <div style="text-align: center; margin-right: 174.85pt; margin-left: 172.4pt; margin-top: 4.1pt; font-weight: bold;">SIGNATURE</div>
    <div style="text-indent: 20.8pt; margin-right: 13.95pt; margin-left: 6pt; margin-top: 0.9pt;">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><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zc00a319354d54fcebd10e09fa7cd8ea5" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td style="width: 49.86%; vertical-align: top;">
            <div>Date: May 2, 2022</div>
          </td>
          <td style="width: 50.14%; vertical-align: top;" colspan="2">
            <div style="font-weight: bold;">INNOVIVA, INC.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 49.86%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 50.14%; vertical-align: top;" colspan="2">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 49.86%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 5.3%; vertical-align: top;">
            <div>By:</div>
          </td>
          <td style="width: 44.84%; vertical-align: top; border-bottom: 2px solid black;">
            <div>/s/ Pavel Raifeld</div>
          </td>
        </tr>
        <tr>
          <td style="width: 49.86%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 5.3%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 44.84%; vertical-align: top;">
            <div>Pavel Raifeld</div>
          </td>
        </tr>
        <tr>
          <td style="width: 49.86%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 5.3%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 44.84%; vertical-align: top;">
            <div>Chief Executive Officer</div>
          </td>
        </tr>
        <tr>
          <td style="width: 49.86%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 50.14%; vertical-align: top;" colspan="2">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
        </tr>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>i5271437b.htm
<DESCRIPTION>OFFER LETTER BETWEEN INNOVIVA, INC. AND PAVEL RAIFELD, DATED APRIL 29, 2022
<TEXT>
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  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 10.1</font><br>
  </div>
  <div> <br>
  </div>
  <div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;">INNOVIVA, INC.</div>
    <div style="text-align: right; margin-top: 24pt; margin-bottom: 12pt; font-size: 12pt;">April 29, 2022</div>
    <div style="margin-bottom: 12pt; font-size: 12pt;">Pavel Raifeld<br>
      BY EMAIL</div>
    <div style="margin-bottom: 12pt;"><font style="font-size: 12pt;">Re:</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-size: 12pt;"><u>Employment Offer Letter Agreement</u></font></div>
    <div style="margin-bottom: 12pt; font-size: 12pt;">Dear Pavel,</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 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 continued employment with the Company.&#160; The term of your employment with the Company hereunder will
      commence on May&#160;1, 2022 (the&#160;&#8220;<font style="font-weight: bold; font-style: italic;">Commencement Date</font>&#8221;) and will continue until April 30, 2024 (the&#160;&#8220;<font style="font-weight: bold; font-style: italic;">Initial Term</font>&#8221;).&#160; The term of your employment hereunder will automatically be
        extended for successive one-year periods (collectively with the Initial Term, the &#8220;<font style="font-weight: bold; font-style: italic;">Term</font>&#8221;) unless either party gives written notice of non-extension to the other no later than sixty&#160;(60) days prior to the expiration of the then-applicable Term.&#160; Notwithstanding the foregoing, your
      employment hereunder may be earlier terminated in accordance with this letter.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">During the Term, you will continue to 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 be at the Company&#8217;s headquarters in California, although you understand and agree that you may be required to travel from time to time for business reasons.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 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; font-size: 12pt;">Your base salary on an annualized basis will be $455,000 during the portion of the Initial Term beginning May 1, 2022 and ending April
      30, 2023 (the&#160;&#8220;<font style="font-weight: bold; font-style: italic;">First Year</font>&#8221;) and will be $500,000 during the portion of the Initial Term beginning May 1, 2023 and ending April
      30, 2024 (the&#160;&#8220;<font style="font-weight: bold; font-style: italic;">Second Year</font>&#8221;).&#160; You will be eligible to receive an annual discretionary bonus, 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; The amount of the bonus will be up to 70% of your annual salary during the First Year and up to 80% of your annual base salary during the
      Second Year, which the Board or the Committee may elect to apply on a pro-rated basis for any bonus year for which the maximum bonus opportunity changes mid-year.&#160; You must be an active employee in good standing at the time the bonus is paid in order
      to receive the bonus.&#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="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <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 style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">Within sixty (60) days following the Commencement Date and subject to the approval of the Board or the Committee, the Company will
      grant you nonqualified options (the&#160;&#8220;<font style="font-weight: bold; font-style: italic;">Options</font>&#8221;) to purchase 150,000 shares of the Company&#8217;s Common Stock in accordance with the
      Company&#8217;s standard Notice of Stock Option Grant and Stock Option Agreement.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 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; font-size: 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; font-size: 12pt;">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 in accordance with the Company&#8217;s regular payroll practices during the longer of (x) the six&#160;(6) month period immediately following the date of such termination or (y)&#160;the period beginning on the termination date and ending April 30,
      2024, 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 (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&#160;&#8220;<font style="font-weight: bold; font-style: italic;">Group</font>&#8221;).</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">2</font></div>
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    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">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; font-size: 12pt;">Any payment otherwise required to be made hereunder to you at any date as a result of the termination of your employment shall be
      delayed for such period of time (the&#160;&#8220;<font style="font-weight: bold; font-style: italic;">Delay Period</font>&#8221;) as may be necessary to meet the requirements of Section&#160;409A(a)(2)(B)(i)
      of the Internal Revenue Code of 1986, as amended.&#160; On the first business day following the expiration of the Delay Period, you shall be paid, in a single cash lump sum, an amount equal to the aggregate amount of all payments delayed pursuant to the
      preceding sentence, and any remaining payments not so delayed shall continue to be paid pursuant to the payment schedule set forth herein.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 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="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">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; font-size: 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, including, without limitation, that certain employment offer letter agreement, dated
      May&#160;20, 2020, by and between you and the Company.&#160; For the avoidance of doubt, this letter shall not affect that certain Restrictive Covenant Agreement, dated as of May 20, 2020, by and between you and the Company.&#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="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">This letter is governed by and construed under the laws of the State of California 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 Burlingame, California (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 style="font-size: 12pt;">*</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-size: 12pt;">*<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>*</font></div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt;">[Remainder of Page Intentionally Blank]</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">3</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
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    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 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-left: 216pt; margin-bottom: 12pt; font-size: 12pt;">Sincerely,</div>
    <div style="text-align: justify; margin-left: 216pt; margin-bottom: 30pt; font-size: 12pt; font-weight: bold;">INNOVIVA, INC.</div>
    <div style="margin-left: 216pt; margin-bottom: 30pt; font-size: 12pt;">By: ____________________________<br>
      Name:<br>
      Title:</div>
    <div style="margin-bottom: 36pt; font-size: 12pt;">AGREED AND ACCEPTED as of this<br>
      ___ day of _______, 2022 by:</div>
    <div style="margin-bottom: 12pt; font-size: 12pt;">_________________________________<br>
      <font style="font-weight: bold;">Pavel Raifeld</font></div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div>
      <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-style: italic;">[Signature Page to P. Raifeld Letter Agreement]</div>
    </div>
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</SEC-DOCUMENT>
