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Actionable news in PDLI: PDL BioPharma, Inc.,

Departure of Directors or Certain

2015 Annual Bonus Plan

On September 29, 2015, the Compensation Committee approved, and the Board of Directors (the Board) of PDL BioPharma, Inc. (the Company) later ratified, an amendment to the cash bonus plan covering certain of our named executive officers for fiscal year 2015 (the 2015 Annual Bonus Plan). Under the 2015 Annual Bonus Plan, each of the Companys named executive officers is eligible to receive cash bonuses upon on the achievement by the Company of the Compensation Committee-designated threshold goal of consummating corporate transactions resulting in the acquisition of income generating assets of an amount specified in the 2015 Annual Bonus Plan.

The amount of the bonuses paid under the 2015 Annual Bonus Plan will be determined by the Compensation Committee after e valuating (i) certain specified corporate and individual goals adopted by the Compensation Committee and set forth in the 2015 Annual Bonus Plan and (ii) other individual or corporate performance metrics that the Compensation Committee may consider in its sole discretion. The corporate and individual performance determinations are then weighted for each named executive officer. The Compensation Committee shall have the discretion to award amounts equal to or less than (but not greater than) the maximum awards permitted under the 2015 Annual Bonus Plan.

The target bonus percentages and the maximum bonus percentage of certain of our named executive officers annual base salary compensation and the weighting of corporate and individual goals that will be used to determine certain of our named executive officers fiscal year 2015 bonuses are set forth in the chart below:



Target Bonus

Maximum Bonus

Ratio of 2015 Corporate Goals/

2015 Individual Goals

Christopher Stone