Item 5.02. Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers; Compensatory Arrangements of Certain Officers

On March 7, 2008, Nabi Biopharmaceuticals (the "Company") entered into a Letter Agreement with Jordan Siegel dated February 27, 2008 (the "Letter Agreement"). Mr. Siegel is the Company's Senior Vice President, Finance, Chief Financial Officer and Treasurer.

Under the Letter Agreement, the Company confirmed that Mr. Siegel could continue to be employed or engaged by both Biotest Pharmaceuticals Corporation ("Biotest") and the Company until March 28, 2008. Mr. Siegel also is serving as the Chief Financial Officer of Biotest. On December 4, 2007, Biotest acquired the Company's Biologics strategic business unit assets and Corporate Shared Services group assets (other than cash, cash equivalents and accounts receivable) and the Company's Boca Raton, Florida headquarters and real properties.

As a result of signing the Letter Agreement and continuing as the Chief Financial Officer and Chief Accounting Officer of the Company through the filing on February 28, 2008 of the Company's Annual Report on Form 10-K for the fiscal year ended December 29, 3007, all of Mr. Siegel's unvested restricted stock that would have vested through 2009 and all of his unvested stock options issued under the Company's equity inventive plans immediately vested. Also under the Letter Agreement, because Mr. Siegel continued as Chief Financial Officer and Chief Accounting Officer of the Company through the filing on the 10-K, if Mr. Siegel provides a release to the Company when he resigns as an officer of the Company, (i) he will receive a one-time cash bonus of $42,900 in lieu of all other bonuses for 2008 to which he may be entitled under the Company's 2008 VIP Management Incentive Plan, (ii) all of Mr. Siegel's remaining unvested restricted stock will immediately vest and (iii) all of Mr. Siegel's stock option agreements shall be automatically amended to provide that all stock options outstanding under those agreement shall be exercisable for 12 months from the date of his resignation.

This description of the Letter Agreement is qualified in its entirety by reference to the Letter Agreement, which the Company intends to file as an exhibit to its Quarterly Report on Form 10-Q for the quarterly period ending March 29, 2008.

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