SETTLEMENT AGREEMENTSettlement Agreement • April 22nd, 2010 • Avi Biopharma Inc • Pharmaceutical preparations • Washington
THIS SETTLEMENT AGREEMENT (this “Agreement”), dated as of April 20, 2010, is made by and between AVI BioPharma, Inc., an Oregon corporation with its principal executive office located in Bothell, Washington (“AVI” or the “Company”), and George W. Haywood (“Mr. Haywood”), Cheryl Haywood (“Ms. Haywood”), Rockall Emerging Markets Master Fund Limited (the “Fund”), Meldrum Asset Management, LLC (“Meldrum”), Con Egan (“Mr. Egan”) and Conor O’Driscoll (“Mr. O’Driscoll”) (“Mr. Haywood”, “Ms. Haywood”, the “Fund”, “Meldrum”, “Mr. Egan” and “Mr. O’Driscoll” each a “Shareholder Party” and, collectively, the “Shareholder Group”) (each of the Company and the Shareholder Group, a “Party” to this Agreement, and collectively, the “Parties”). Leslie Hudson (“Hudson”) is executing this Agreement solely for the purpose of his agreement with the provisions set forth in Section 3(a) and Section 8 and K. Michael Forrest (“Forrest”) is executing this Agreement solely for the purpose of his agreement with the
