SEC Contract Filing

Filing Date: 2023-03-01

Document Content:
<DOCUMENT>
<TYPE>EX-10.77
<SEQUENCE>3
<FILENAME>tbph-20221231xex10d77.htm
<DESCRIPTION>EX-10.77
<TEXT>
<!--Enhanced HTML document created with Toppan Merrill Bridge 9.14.0.96--><!--Created on: 3/1/2023 08:37:14 PM (UTC)--><!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head><meta charset="UTF-8"><title></title></head><body><div style="margin-top:30pt;"></div><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Exhibit 10.77</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">SEPARATION AGREEMENT AND RELEASE OF CLAIMS</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 5.95pt;"><font style="font-size:12pt;">This Separation Agreement and Release of Claims (&#8220;Agreement&#8221;) is made and entered into by and between Andrew Hindman (&#8220;Employee&#8221;) and Theravance Biopharma US, Inc. (&#8220;Theravance&#8221; or &#8220;Company&#8221;). Employee and Theravance shall be referred to herein as the &#8220;Parties.&#8221;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 5.95pt;"><font style="font-size:12pt;">Employee&#8217;s employment with Theravance terminated on December 31, 2022 (the &#8220;Termination Date&#8221;). When this Agreement becomes effective as set forth in paragraph L it will constitute the agreement to provide severance benefits to Employee in exchange for Employee entering this Agreement which among other things includes a release of claims. A version of this Agreement was originally provided to Employee on December 9, 2022 and he was not eligible to accept it before December 31, 2022. Pursuant to Paragraph I Employee had until January 23,2023 to consider whether to enter the Agreement. Following provision of the Agreement to Employee on December 9, 2022 the Parties had discussions that resulted in modifications to the Agreement. The Parties agree that the modifications to the Agreement shall not have the effect of extending the consideration period or the January 23, 2023 date by which Employee must determine whether he will enter this Agreement.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 6pt;"><font style="font-size:12pt;">Employee acknowledges that he has been paid all earned wages including accrued PTO/vacation through December 31, 2022, whether or not he accepts Agreement.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 42pt;"><font style="font-size:12pt;">Employee and Theravance agree as follows:</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:6pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:35.95pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-size:12pt;font-weight:bold;">A.</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-size:12pt;font-weight:bold;">Severance Benefits</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 42pt;"><font style="font-size:12pt;">After this Agreement becomes effective pursuant to paragraph L Theravance shall provide Employee with the following severance benefits:</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:41.95pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:12pt;">1.</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-size:12pt;font-weight:bold;">Severance Payment: </b><font style="font-size:12pt;">Following the Termination Date, Theravance will pay Employee: 1) a lump sum equivalent of twenty-four (24) weeks of Employee&#8217;s base salary as of December 30, 2022, which equals the gross amount of $264,003 and which will be subject to all applicable taxes, deductions, and other withholdings; and 2) a lump sum equivalent to 100% of Employee&#8217;s target cash bonus, which equals the gross amount of $286,003 and which will be subject to all applicable taxes, deductions, and other withholdings. The severance payments provided for in this paragraph will be paid within ten (10) business days of this Agreement becoming effective pursuant to paragraph L.</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:42pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:12pt;">2.</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-size:12pt;font-weight:bold;">Health Insurance Continuation: </b><font style="font-size:12pt;">Provided Employee completes the required documentation to continue Employee&#8217;s health insurance coverage under COBRA Theravance will pay the cost