Company: TBPH
Filing Date: 2025-04-10
Form Type: DEF 14A
Source: 0001104659-25-033819
Chunk: 61

Company: Theravance Biopharma, Inc.
Filing Date: 2025-04-10
Form: DEF 14A
Chunk 61
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 As a result, we provide enhanced severance and equity acceleration benefits if their involuntary termination of employment is in connection with our change in control. We believe this aligns the interests of our executive officers with those of our shareholders and alleviates concerns regarding the possible occurrence of such a transaction, allowing them to focus their attention on our business in a highly competitive labor market. In addition, these protections encourage executives to remain with us during the threat or negotiation of a change in control transaction, which preserves our value and the potential benefit to be received by our shareholders in the transaction. Pursuant to our executive severance plan, if a named executive officer is subject to an involuntary termination within 3 months prior to or 24 months after our change in control, the officer is entitled to the following benefits provided he or she signs a release of claims: • In the case of our Senior Vice Presidents, a lump sum payment equal to 150% of the officer’s annual base salary and target bonus. • In the case of our Chief Executive Officer, a lump sum payment equal to 200% of the officer’s annual base salary and target bonus. • A pro-rata portion of the named executive officer’s target bonus based on the number of full months of employment completed in the year of termination. • Continuation of the officer’s health and welfare benefits for the shorter of 18 months or the expiration of the officer’s continuation coverage under COBRA. 38 TABLE OF CONTENTS • Full vesting of any unvested options or other equity awards held by the officer; provided, however, that the PSUs granted to our named executive officers are potentially subject to forfeiture if the performance-based conditions have not been achieved as of the change in control as described below. • In the case of named executive officers who were eligible to participate in the Theravance, Inc. Amended and Restated Change in Control Severance Plan (i.e., such named executive officer was an officer of Innoviva as of December 16, 2009), a tax gross-up payment in the event an independent accounting firm selected by us determines that the named executive officer would be subject to excise taxes under IRC Section 4999 as a result of payments under the executive severance plan or otherwise. Mr Winningham is the only named executive officer who is eligible for this benefit. A “change in control” for purposes of our executive severance plan includes: • The consummation of a merger or consolidation if persons who were not our shareholders prior to the merger or consolidation