PDL BioPharma, Inc. announced it has entered into a cooperation agreement with Engine Capital Management LP (together with its affiliates, “Engine”), which owns approximately 5.5% of the Company’s outstanding shares, pursuant to which Alan L. Bazaar will immediately join PDL’s Board of Directors as a Class III director serving until the Company’s 2022 Annual Meeting of Stockholders. PDL has also agreed to form a Cost Committee of the Board, chaired by Mr. Bazaar, to oversee cost reduction initiatives and will present a proposal to declassify the Board at the 2020 Annual Meeting. Following the 2020 Annual Meeting, Mr. Bazaar will be appointed to the Compensation Committee of the Board, and PDL’s Board will be comprised of seven directors, five of whom are independent. At that time, the Company will have refreshed five of the seven seats on the Board since June 2018.