Company: ABBV
Filing Date: 2025-05-13
Form Type: 8-K
Source: 0001104659-25-047402
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Company: AbbVie Inc.
Filing Date: 2025-05-13
Form: 8-K
Item: Item 5.02
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Item 5.02      Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of  

On May 9, 2025, AbbVie Inc. (“ AbbVie”) expanded
the size of its Board of Directors (the “ Board”) from fourteen directors to fifteen directors and appointed Thomas J.
Falk as a Class III director. Mr. Falk was previously the Chairman and Chief Executive Officer of Kimberly-Clark
Corporation. Mr. Falk has been appointed to the Audit Committee. The Board affirmatively determined that Mr. Falk is an
“independent director” under each of the standards set forth in section 303A.02 of the New York Stock Exchange Listed
Company Manual and AbbVie’s governance guidelines and director independence guidelines. Mr. Falk will be entitled to
compensation as an independent director as disclosed in Exhibit 10.5 to AbbVie’s Quarterly Report on Form 10-Q for
the quarterly period ended March 31, 2025. The Board also determined that the size of the Board will decrease from fifteen
directors to thirteen directors upon the retirement of Richard A. Gonzalez and Glenn F. Tilton from the Board, effective
July 1, 2025.

On February 14, 2025, AbbVie filed
a Form 8-K to announce that the Board elected Robert A. Michael to succeed Mr. Gonzalez as the Company’s Chairman,
effective July 1, 2025. On May 8, 2025, the Compensation Committee approved a change to Mr. Michael’s
compensation in recognition of his new responsibilities as Chairman. Mr. Michael’s annual bonus target for 2025
will be 165% of his base salary.