On January 21, 2022, Fuad El-Hibri, Chairman of the Board of Directors of Aptevo Therapeutics Inc., notified the Company of his retirement and resignation as a director of the Company, effective April 1, 2022. Mr. El-Hibri's retirement is not the result of any dispute or disagreement with the Company, its management or the Board. It is expected that Mr. El-Hibri will be available following his retirement as needed on an advisory and consulting basis on terms to be agreed by the Company and Mr. El-Hibri.

On January 21, 2022, the Board appointed John Niederhuber, M.D. as Chairman of the Board effective April 1, 2022. Dr. Niederhuber has served on Board and as Vice Chairman (previously lead independent director) since August 2016. Also effective April 1, 2022, the size of the Company's Board of Directors will be reduced from seven to six directors.

Dr. Niederhuber currently serves as vice chairman and has been a member of the board since Aptevo's inception. It is expected that Mr. El-Hibri will be available following his retirement as needed on an advisory and consulting basis on terms to be agreed by the Company and Mr. El-Hibri.