Document:

Exchange Agreement Dated February 25, 2009

 Exhibit 10.1 
 EXCHANGE AGREEMENT 
 THIS EXCHANGE AGREEMENT (this “Agreement”) is dated as of
February 25, 2009, by and between Arrowhead Research Corporation, a Delaware corporation (the “Corporation”), and each of Bob G. Gower, Allison Gower Trust, Rachel Gower Trust, Morganne Gower Trust, William A. McMinn (each, a
“Holder” and collectively, the “Holders”). The Corporation and each Holder are referred to as a “Party” and collectively as the “Parties”. 
 W I T N E S S E T H: 
 WHEREAS, the Corporation and each of the Holders are shareholders of Unidym, Inc., a Delaware corporation (“Unidym”); 
 WHEREAS, the Holders own shares of Series A Preferred Stock, $0.0001 par value per share, of Unidym ( each, a “Unidym Share” and,
collectively, the “Unidym Shares”) in the amounts set forth on Exhibit A, attached hereto; 
 WHEREAS, the Holders
each desire to exchange all their Unidym Shares (including any such Holder’s Unidym Shares held or previously held in escrow but reduced by the number of shares that are subject to the proper exercise of any right of first refusal) for common
stock of the Corporation, $0.001 par value per share (each, an “Arrowhead Share” and, collectively the “Arrowhead Shares”); and 
 WHEREAS, the Corporation desires to exchange (the “Exchange”) one newly issued and unregistered Arrowhead Share for each Unidym Share and the agreement of each Holder to certain restrictions on the
transfer and sale of any Arrowhead Shares they receive pursuant to this Agreement (the Arrowhead Shares received in the Exchange, referred to in this Agreement as the “Exchanged Shares”). 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 1. Exchange. 
 (a)
Exchange Ratio. The Corporation and each Holder hereby agree to exchange at the Closing the Unidym Shares in the amounts set forth on Exhibit A, attached hereto, for Arrowhead Shares in the following ratio: one Unidym Share for one
Arrowhead Share (1:1). 
 (b) Exchange. To effect this exchange, each Holder will deliver to the Corporation the stock certificate or
certificates representing the pro-rata number of Unidym Shares together with duly executed stock powers related thereto and the Corporation will deliver to each Holder a stock certificate or certificates representing the pro-rata number of Exchanged
Shares. 

 2. The Closing. 
 (a) Closing Date. The closing of the transactions contemplated by this Agreement (the “Closing”) shall take place at the offices of Neal, Gerber & Eisenberg, LLP, Two North LaSalle
Street, Suite 2200, Chicago, Illinois at 10:00 a.m., Chicago time, on such date as agreed to by the parties on or after the date the conditions to closing set forth in this Agreement are satisfied (“Closing Date”), or at such other
place, date or time as the parties may mutually agree in writing. 
 (b) Conditions to Closing of Holders. The obligation of Holders
to consummate the transactions on the Closing Date as contemplated by this Agreement shall be subject to the satisfaction or waiver on or prior to the Closing Date of the following conditions: 
 (i) the Corporation shall have performed and complied in all material respects with all obligations and agreements required to be
performed and complied with by the Corporation hereunder on or prior to the Closing Date; 
 (ii) the representations and
warranties of the Corporation contained in this Agreement shall be true and correct in all material respects as of the Closing Date as if made as of such date; 
 (iii) the Corporation shall have delivered to each Holder one or more stock certificates evidencing such Holder’s ownership of the
Exchanged Shares to be delivered on the Closing Date duly executed by the Corporation; 
 (iv) the Corporation shall have
delivered to the Transfer Agent the instructions and pre-authorizations described in Section 5(b) of this Agreement relating to the acceptance of the opinion of counsel satisfactory to the Corporation authorizing the removal of the legends from
the Exchanged Shares after the expiration of the Prohibited Period (as defined herein); and 
 (v) the Corporation shall have
received all third party consents and all authorizations, consents and approvals of any Governmental Authority necessary to consummate the transactions contemplated hereby. 
 (c) Conditions to Closing of Corporation. The obligation of the Corporation to consummate the transactions on the Closing Date shall be subject to
the satisfaction or waiver on or prior to the Closing Date of the following conditions: 
 (i) Each Holder shall have each
performed and complied in all material respects with all obligations and agreements required to be performed and complied with by each Holder hereunder on or prior to the Closing Date; 
 (ii) Holders shall have delivered to Corporation evidence and supporting documents satisfactory to Corporation that the Holders have
complied with or obtained all necessary consents under the terms and conditions of the Amended and Restated Right of first Refusal and Co-Sale Agreement, (the “ROFR and Co-Sale Agreement”) to exchange all the Unidym Shares free and
clear of any Claims as required under this Agreement and with the requested assistance of the Corporation in obtaining such consents as set forth in Section 10(c) of this Agreement; 
  

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 (iii) the representations and warranties of each Holder contained in this Agreement shall
be true and correct in all material respects as of the Closing Date as if made as of such date; 
 (iv) Holders shall have
delivered to the Corporation a certificate or the certificates representing all the Unidym Shares owned by Holder to be exchanged on such date and related executed stock powers; and 
 (v) Holders shall have received all third party consents and all authorizations, consents and approvals of any Governmental Authority
necessary to consummate the transactions contemplated hereby. 
 3. Representations and Warranties of the Corporation. The
Corporation represents and warrants to Holder as follows: 
 (a) Corporate Status. The Corporation is a corporation incorporated,
validly existing and in good standing under the laws of the State of Delaware with full right, power and authority to execute, deliver and perform this Agreement. 
 (b) Authorization/Enforceability. This Agreement has been duly authorized, executed and delivered by the Corporation and constitutes the valid and legally binding obligation of the Corporation, enforceable in
accordance with its terms and conditions. The Corporation need not give any notice to, make any filing with, or obtain any authorization, consent, or approval of any Governmental Authority in order to consummate the transactions contemplated by this
Agreement. 
 (c) Non-Contravention. Neither the execution and the delivery of this Agreement, nor the consummation of the
transactions contemplated hereby, will (i) violate any constitution, statute, regulation, rule, injunction, judgment, order, decree, ruling, charge, or other restriction of any Governmental Authority to which the Corporation is subject, or
(ii) conflict with, result in a breach of, constitute a default under, result in the acceleration of, create in any party the right to accelerate, terminate, modify, or cancel, or require any notice under the certificate of incorporation or
bylaws of the Corporation, or any agreement, contract, lease, license, instrument, or other arrangement to which the Corporation is a party or by which it is bound or to which any of its assets is subject. 
 (d) Consents/Approvals. No consent, approval, authorization, order, registration or qualification of or with any Governmental Authority or other
Person or entity is required for the issuance and sale of the Exchanged Shares by the Corporation to Holder or the consummation by the Corporation of the transactions contemplated by this Agreement. 
 (e) Exchanged Shares Authorization. The Exchanged Shares have been duly authorized and, when issued and delivered, will be duly and validly issued
and fully paid and nonassessable. Upon consummation of the transactions contemplated hereby, good and valid title to the Exchanged Shares, free and clear of all Claims, will be transferred by the Corporation to Holder. 
  

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 4. Representations and Warranties of Holder. Each Holder represents and warrants to the
Corporation as follows: 
 (a) Legal Capacity. Each Holder has full legal right, power and capacity to execute and deliver this
Agreement and to perform his, her or its obligations hereunder. This Agreement constitutes the valid and legally binding obligation of Holder, enforceable in accordance with its terms and conditions. Holder need not give any notice to, make any
filing with, or obtain any authorization, consent, or approval of any third party or Governmental Authority in order to consummate the transactions contemplated by this Agreement. Except as set forth on attached Schedule 4(a), no Person has
any community property rights by virtue of marriage or otherwise in any of the Unidym Shares owned by such Holder. Any such Person with community property rights has duly executed and delivered to the Corporation at or prior to the Closing a copy of
the consent attached hereto as Exhibit C. If such Holder is not a natural person, it has been duly organized, and is validly existing and in good standing, under the laws of its jurisdiction of formation, and it has properly taken all
corporate, limited liability, partnership or other action required to be taken by such Holder with respect to the execution and delivery of this Agreement and consummate the transactions contemplated by this Agreement. 
 (b) Title to Unidym Shares. Holder is the lawful record and beneficial owner of the Unidym Shares that will be transferred pursuant to
Section 1 of this Agreement with good and marketable title thereto, and the Holder has the right to sell, assign, convey, transfer and deliver the Unidym Shares and any and all rights and benefits incident to the ownership thereof (including,
without limitation, any registration or other rights pertaining to the Unidym Shares and the shares of common stock underlying such securities), all of which rights and benefits are transferable by the Holder to the Corporation pursuant to this
Agreement, free and clear of all Claims, except as set forth on the attached Schedule 4(b). The exchange of the securities as contemplated herein will (i) pass good and marketable title to all the Unidym Shares transferred pursuant to
Section 1 of this Agreement to the Corporation, free and clear of all Claims, and (ii) convey, free and clear of all Claims, any and all rights and benefits incident to the ownership of such securities (including, without limitation, any
registration or other rights pertaining to the securities and the shares of common stock underlying such securities). 
 (c)
Non-Contravention. Neither the execution and the delivery of this Agreement, nor the consummation of the transactions contemplated hereby, will (i) violate any constitution, statute, regulation, rule, injunction, judgment, order, decree,
ruling, charge, or other restriction of any Governmental Authority to which Holder is subject, or (ii) conflict with, result in a breach of, constitute a default under, result in the acceleration of, create in any party the right to accelerate,
terminate, modify, or cancel, or require any notice under any agreement, organizational document, bylaws, partnership agreement, trust agreement, agreement any trust is bound by, contract, lease, license, instrument, or other arrangement to which
Holder, as applicable, is a party or by which it is bound or to which any of its assets is subject. 
 (d) Consents/Approvals. No
consent, approval, authorization, order, registration or qualification of or with any Governmental Authority or other entity or Person is required for the Exchange or the consummation by Holder of the transactions contemplated by this Agreement.

  

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 (e) Investment Representations. 
 (i) Holder qualifies as an “accredited investor” (as defined in Rule 501(a) of Regulation D under the Securities Act of 1933, as
amended (the “Securities Act”)) and is acquiring the Exchanged Shares hereunder for its own account and with no intention of distributing or selling the Exchanged Shares except pursuant to a registration or an available exemption
under applicable law. Holder understands that the Exchanged Shares have not been (and are not being) registered under the Securities Act by reason of their contemplated issuance in transaction(s) exempt from the registration and prospectus delivery
requirements of the Securities Act pursuant to Section 4(2) thereof (including the rules and regulations promulgated thereunder), and that the reliance of the Corporation on such exemption from registration is predicated in part on the
representations and warranties of Holder hereunder. 
 (ii) Holder agrees that it will not sell or otherwise dispose of any of
the Exchanged Shares unless such sale or other disposition has been registered or is exempt from registration under the Securities Act and has been registered or qualified or is exempt from registration or qualification under applicable securities
laws of any State. 
 (iii) Holder understands that a restrictive legend consistent with the foregoing set forth in
Section 10(a) of this Agreement has been or will be placed on the certificates evidencing the Exchanged Shares to be issued to it hereunder, and related stop transfer instructions will be noted in the transfer records of the Corporation and/or
its transfer agent for the Exchanged Shares during the Prohibited Period. 
 (iv) Each Holder represents that it is not an
Affiliate (as defined herein) of the Corporation and will covenant and agree that if it becomes an Affiliate, it will promptly provide notice to the Corporation of such status and comply with insider trading laws and policies and the applicable
“control securities” provisions of Rule 144 in addition to any other obligations set forth in this Agreement. 
 (v)
Each Holder has such knowledge and experience in financial and business matters so as to be capable of evaluating the merits and risk of an investment in the Exchanged Shares. Each Holder acknowledges that it has had access to all information
concerning the Corporation and Unidym and their respective businesses, assets, liabilities, financial statements, and obligations which have been requested and has been provided the opportunity to ask questions of and receive answers from the
Corporation and/or Unidym to fully and effectively evaluate the Exchange and the transactions contemplated herein. Each Holder understands that a new holding period for purposes of Rule 144 under the Securities Act will be triggered with respect to
the Exchanged Shares, and such Holder is able to bear the economic risk of loss of the investment in such Exchanged Shares and is able to afford a complete loss of such investment. 
  

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 5. Covenants. 
 (a) Current Public Information. The Corporation agrees to keep current in the filing of its quarterly and annual reports as required under the Securities and Exchange Act of 1934, as amended (“Exchange
Act”), for at least 12 months from the Closing Date in order to allow resales under Rule 144 of the Securities Act, it being understood that the Holders shall remain subject to the contractual lock-up and prohibited sales period set forth
in this Agreement. The Corporation shall notify Holders during any period it is not current with any such filing and shall take all commercially reasonable steps to cure any such late filing in a timely fashion. 
 (b) Pre-Authorization to Transfer Agent. The Corporation shall give instructions to the Transfer Agent authorizing it on or after the date 12
months after the Closing Date (i) to accept the form of opinion of counsel pre-approved by the Corporation regarding the removal of the non-registered securities legend set forth in Section 10(a) of this Agreement from any or all of the
Exchanged Shares and (ii) to remove the legend set forth in Section 10(a) of this Agreement referencing the restrictions imposed by this Agreement from any or all of the Exchanged Shares. The Corporation’s instructions and
pre-authorization to the Transfer Agent may not be revoked by the Corporation with respect to the opinion for so long as the assumptions set forth therein are reasonably believed by the Corporation to be correct and the form of opinion complies with
applicable law on the date it is to be relied upon by the Transfer Agent to remove the legend. In the event the assumptions set forth in any such form of opinion are not reasonably believed by the Corporation to be correct or no longer comply with
applicable law, the Corporation may rescind its pre-approval and instructions until approved counsel has submitted an acceptable opinion. In the event that the Corporation changes to a successor Transfer Agent, it shall give such pre-authorization
at the time of the appointment of the successor for as long as any Exchanged Shares remain outstanding with restricted legends. 
 (c)
Removal of Legend. The Corporation shall use commercially reasonable efforts with the assistance of the Holders to facilitate removal of the restrictive legends set forth in Section 10(a) of this Agreement from the Exchanged Shares
within ten (10) business days after expiration of the Prohibited Period (provided certificates have been submitted to the Transfer Agent prior to the end of the Prohibited Period). If for any reason the Legend cannot be removed as contemplated
by this section, the Corporation shall use commercially reasonable efforts to work with the Holders to find an alternative solution that does not require any extraordinary or material costs to be incurred by the Corporation and the liquidated
damages contemplated by this section shall not apply. 
  

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 6. Restrictions on Exchanged Shares. 
 (a) Prohibited Sale Period. For a period of twelve (12) months from the Closing Date (the “Prohibited Period”), each Holder
agrees that he, she or it shall not (i) offer, sell, contract to sell, pledge or otherwise dispose of any of such Holder’s Exchanged Shares (or securities convertible into or exchangeable for such Exchanged Shares) received in the
Exchange, whether held directly or indirectly, or (ii) enter into a transaction which would have the same effect, or enter into any swap, option, contract to purchase or sell, hedge or other arrangement that transfers, in whole or in part, any
economic consequences of owning any such security. 
 (b) Permitted Sales. For the purpose of clarification, the Corporation
acknowledges that nothing contained in Section 6(a) of this Agreement is intended to restrict a Holder’s ability to sell Arrowhead Shares that are not Exchanged Shares that are held or acquired by the Holder in transactions outside of this
Agreement in the open market (unless as part of a plan or scheme to evade the terms and conditions of this Agreement). Notwithstanding the foregoing, each Holder acknowledges that they may be subject to other restrictions imposed on them by the
federal or state securities laws of the United States. 
 7. Termination. 
 (a) In the event the Closing Date does not occur on or before June 1, 2009, this Agreement may be terminated in writing after such date (i) by
the Corporation or (ii) by any Holder as to itself only (but not with respect to the other Holders) and withdraw all of such Holder’s portion of Unidym Shares from the Exchange, upon two (2) days prior written notice to the
Corporation. 
 (b) In the event that any Person exercises its co-sale rights under the ROFR and Co-Sale Agreement, and the number of Unidym
Shares to be exchanged is reduced, any Holder shall have the option to terminate this Agreement as to itself only, and withdraw all of such Holder’s Unidym Shares from the Exchange, upon two (2) days prior written notice to the
Corporation. 
 8. Indemnification. 
 (a) Each Holder understands and acknowledges that the Corporation is relying on representations, warranties, covenants and agreements made by such Holder to the Corporation in this Agreement. Each Holder, as
applicable, hereby agrees to indemnify, defend and hold harmless the Corporation and its directors, officers, shareholders, principals, Affiliates, representatives, agents and employees (each, a “Corporation Indemnified Party”),
against any and all loss, damage, liability or expense (including, but not limited to, expenses related to the investigation and enforcement of any provisions of this Agreement and/or any reasonable attorneys’ fees) (collectively,
“Losses”) which any Corporation Indemnified Party may suffer, sustain or incur by reason of or in connection with or arising under (i) any inaccuracy or breach of representation or warranty of such Holder contained in this
Agreement; (ii) the breach of this Agreement or any covenant or agreement made by such Holder in this Agreement; or (iii) the sale or distribution by such Holder of the Exchanged Shares in violation of this Agreement and/or the Securities
Act or any other applicable law. This right to indemnification is in addition to any other remedy available to the Corporation under this Agreement. 
  

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 (b) The Corporation understands and acknowledges that each Holder is relying on representations,
warranties, covenants and agreements made by the Corporation to such Holder in this Agreement. The Corporation hereby agrees to indemnify, defend and hold harmless each Holder and its officers, principals, Affiliates, trustees, agents and
representatives, as applicable, (each, a “Holder Indemnified Party”), against any and all Losses which any Holder Indemnified Party may suffer, sustain or incur by reason of or in connection with or arising under (i) any
inaccuracy or breach of representation or warranty of the Corporation contained in this Agreement; or (ii) the breach of this Agreement or any covenant or agreement made by the Corporation in this Agreement. This right to indemnification is in
addition to any other remedy available to each Holder under this Agreement. 
 9. Certain Definitions. 
 (a) “Affiliate” (and, with a correlative meaning, “affiliated”) means, with respect to any Person, any direct or
indirect subsidiary of such Person, and any other Person that directly, or through one or more intermediaries, Controls or is Controlled by or is under common Control with such first Person. As used in this definition, “Control”
(and, with correlative meanings, “Controlled by” and “under common Control with”) means the possession, directly or indirectly, of the power to direct the management or policies of a Person (whether through
ownership of securities or partnership or other ownership interests, by contract or otherwise). 
 (b) “Claims” shall mean
the following of any nature whatsoever: security interests, liens, deeds of trust, hypothecations, pledges, claims (pending or threatened), charges, escrows, encumbrances, lock-up arrangements, options, rights of first offer or refusal, community
property rights, mortgages, indentures, security agreements or other agreements, arrangements, contracts, commitments, understandings or obligations, whether written or oral and whether or not relating in any way to credit or the borrowing of money.

 (c) “Governmental Authority” means any entity exercising executive, legislative, judicial, regulatory or administrative
functions of or pertaining to government, including any governmental authority, independent or autonomous official authority, agency, department, board, commission or instrumentality of the United States or any other country, or any political
subdivision thereof, whether federal, state or local, and any tribunal, court or arbitrator(s) of competent jurisdiction. 
 (d)
“Person(s)” means and includes any natural persons, sole proprietorships, corporations, limited partnerships, limited liability companies, general partnerships, joint stock companies, joint ventures, associations, companies, trusts,
banks, trust companies, land trusts, business trusts or other organizations, whether or not legal entities, all Governmental Authorities and all other entities. 
 (e) “Transfer Agent” shall mean Computershare Limited, 350 Indiana St., Suite 800, Golden, CO 80401, in its capacity as transfer agent to the Corporation, or any successor transfer agent to the
Corporation. 
  

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 10. Miscellaneous. 
 (a) Legend Requirement. Each certificate representing Exchanged Shares held or acquired by a Holder will contain legends acknowledging that the shares represented by such certificate are restricted securities
and are subject to this Agreement, as follows: 
 THE SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS, AND NO SALE, ASSIGNMENT, PLEDGE, HYPOTHECATION, GIFT, TRANSFER OR OTHER DISPOSITION OR OFFER TO DO ANY OF THE FOREGOING MAY BE MADE UNLESS A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND OTHER APPLICABLE SECURITIES LAWS WITH RESPECT TO SUCH SECURITIES IS THEN IN EFFECT, OR IN THE OPINION OF COUNSEL ACCEPTABLE TO THE ISSUER, SUCH REGISTRATION UNDER THE SECURITIES ACT AND OTHER
APPLICABLE SECURITIES LAWS IS NOT REQUIRED. 
 THE OWNERSHIP, ENCUMBRANCE, PLEDGE, ASSIGNMENT, SALE, TRANSFER OR OTHER DISPOSITION OF
THIS CERTIFICATE OF STOCK, OR SHARES ISSUED IN LIEU HEREOF, IS SUBJECT TO THE RESTRICTIONS CONTAINED IN AN EXCHANGE AGREEMENT (“EXCHANGE AGREEMENT”) BY AND AMONG THE CORPORATION AND CERTAIN STOCKHOLDERS OF THE CORPORATION THAT REMAINS IN
EFFECT UNTIL                      2010. A COPY OF THE EXCHANGE AGREEMENT IS ON FILE AT THE OFFICE OF THE CORPORATION. ANY ENCUMBRANCE, PLEDGE,
ASSIGNMENT, SALE, TRANSFER OR OTHER DISPOSITION OF THIS STOCK CONTRARY TO THE EXCHANGE AGREEMENT SHALL BE NULL AND VOID AND OF NO EFFECT WHATSOEVER. 
 The Transfer Agent and any applicable broker shall each be instructed not to recognize any transfer by a Holder that does not comply with this Agreement. 
 (b) Pre-Approval. The Corporation hereby pre-approves: (i) Wong, Cabello, Lutsch, Rutherford & Brucculeri, L.L.P., counsel for certain of the Holders, as “counsel acceptable to the
issuer” for purpose of removing the Securities Act legend set forth in Section 10(a) of this Agreement; and (ii) the form of opinion of Wong, Cabello, Lutsch, Rutherford & Brucculeri, L.L.P. attached hereto as
Exhibit B relating to the removal of the restrictive legends set forth in Section 10(a) of this Agreement from any or all of the Exchanged Shares as long as such form of opinion and the applicable Holder complies with the terms and
conditions set forth in Section 5(b) of this Agreement. 
 (c) Assistance. By executing this Agreement, each of the Holders
hereby requests that the Corporation endeavor to assist Holders (without warranty of any kind) in their compliance with the right of first refusal and co-sale mechanics and requirements set forth in the ROFR and Co-Sale 

  

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Agreement. Each such Holder agrees to fully and promptly cooperate with the Corporation and, upon request, each such Holder shall reimburse the Corporation
for such Holder’s pro rata amount of any expenses incurred by the Corporation in so complying up to a maximum aggregate amount of $2,000. 
 (d) Equitable Remedy. Each Party shall agree that in addition to any other remedy that may be available to such Party hereunder, the Party shall be entitled to specific performance. Notwithstanding anything to the contrary in this
Agreement, each Party shall be responsible for paying its own expenses, including legal fees, incurred in enforcing this Agreement. 
 (e)
Notices. All notices, claims, demands and other communications hereunder shall be in writing and shall be deemed given upon (i) confirmation of receipt of a facsimile transmission, (ii) confirmation of delivery when delivered by a
standard overnight carrier or (iii) the expiration of five (5) business days after the day when mailed by registered or certified mail (postage prepaid, return receipt requested), addressed to the respective Parties at the following
addresses (or such other address for a Party as shall be specified by like notice): 
  

			
	If to the Corporation, to:	    	Arrowhead Research Corporation
		    	201 South Lake Avenue, Suite 703
		    	Pasadena, CA 91101
		
		    	Attention: Dr. Christopher Anzalone
		    	Telephone: (626) 304-3400
		    	Fax: (626) 304-3401
		
	with a copy to:	    	Neal, Gerber & Eisenberg LLP
		    	2 North LaSalle St.
		    	 Chicago, IL 60602
 Attn: Jonathan D. Wasserman

Telephone: (312) 269-8000

		    	Fax: (312) 269-1747
		
	If to any Holder, to:	    	At the Holder’s address, phone or fax number appearing on Exhibit A, attached hereto.
		
		    	
	with a copy to:	    	 Wong, Cabello, Lutsch, Rutherford
 & Brucculeri,
L.L.P.
 Chasewood Bank Building
 20333 SH 249
 Suite 600
 Houston, Texas 77070
 Attn: Russell T. Wong
 Telephone: (832) 446-2420
 Fax: (832) 446-2424

  

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 (f) No Third-Party Beneficiaries. Unless otherwise specifically set forth herein, this Agreement
shall not confer any rights or remedies upon any Person other than the Parties hereto and their respective successors and assigns. 
 (g)
Entire Agreement. This Agreement (including the documents referred to herein) constitutes the entire agreement among the parties hereto and supersedes any prior understandings, agreements, or representations by or among the parties, written
or oral, to the extent they relate in any way to the subject matter hereof. 
 (h) Counterparts. This Agreement may be executed in one
or more counterparts, each of which shall be deemed an original but all of which together will constitute one and the same instrument. 
 (i)
Headings. The section headings contained in this Agreement are inserted for convenience only and shall not affect in any way the meaning or interpretation of this Agreement. 
 (j) Governing Law. This Agreement shall be governed by and construed in accordance with the domestic laws of the State of Delaware without giving
effect to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware. 
 (k) Amendments and Waivers. No amendment of any provision of this Agreement shall be valid unless the same shall be in writing and signed by the
Corporation and each Holder. 
 (l) Gender. All pronouns and any variation thereof shall be deemed to refer to the masculine,
feminine, neuter, singular, or plural as the identity of the person or entity or the context may require. 
 (m) Severability. Any
term or provision of this Agreement that is invalid or unenforceable in any situation in any jurisdiction shall not affect the validity or enforceability of the remaining terms and provisions hereof or the validity or enforceability of the offending
term or provision in any other situation or in any other jurisdiction. 
 (n) No Presumption Against Drafter. Each of the Parties has
jointly participated in the negotiation and drafting of this Agreement. In the event of any ambiguity or a question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by each of the Parties and no
presumptions or burdens of proof shall arise favoring any Party by virtue of the authorship of any of the provisions of this Agreement. 
 (o) Successors and Assigns. Except as otherwise specifically provided herein, this Agreement shall be binding upon, and inure to the benefit of, the Parties hereto and their respective successors and permitted assigns. 
 (p) Survival. All covenants, agreements, representations and warranties made herein shall survive the Closing and the consummation of the Exchange
of the Unidym Shares. 
  

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 IN WITNESS WHEREOF, this Exchange Agreement has been duly executed by or on behalf of each of the parties
hereto on the date first above written. 
  

			
	ARROWHEAD RESEARCH CORPORATION, a Delaware corporation
		
	By:	 	 /s/    Christopher Anzalone

	Name:	 	Christopher Anzalone
	Title:	 	President & Chief Executive Officer
	
	HOLDERS:
	
	Bob G. Gower
	
	 /s/    Bob G. Gower

	Bob G. Gower
	
	Allison Gower Trust
		
	By:	 	 /s/    Allison Gower, Trustee

		 	Allison Gower, Trustee
		 	Allison Gower Trust
	
	Rachel Gower Trust
		
	By:	 	 /s/    Rachel Gower, Trustee

		 	Rachel Gower, Trustee
		 	Rachel Gower Trust
	
	Morganne Gower Trust
		
	By:	 	 /s/    Morganne Mathew, Trustee

		 	Morganne Mathew, Trustee
		 	Morganne Gower Trust
	
	William A. McMinn
		
	By:	 	 /s/    William A. McMinn

		 	William A. McMinn

  

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 EXHIBIT A – Exchanged Shares 
  

					
	 Holder
 (Name and Address)
	  	Number of
Unidym
Shares
Prior to
Exchange	  	Number of
Exchanged
Shares
Received1
	 Bob G. Gower
	  	480,671	  	
	 Allison Gower Trust
	  	338,000	  	
	 Rachel Gower Trust
	  	338,000	  	
	 Morganne Gower Trust
	  	338,000	  	
	 William A. McMinn
	  	5,114	  	

  

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	 Please note that the Exchanged Shares shall include all shares beneficially
owned by such Holders, including any Unidym Shares released from escrow but reduced by any shares that are subject to the proper exercise of any right of first refusal.Subscription Agreement Dated March 30, 2009

 EXHIBIT 10.2 
  
 UNIDYM, INC. 
 SUBSCRIPTION
AGREEMENT 
 SERIES C-1 PREFERRED STOCK 

 SUBSCRIPTION AGREEMENT 
 THIS SUBSCRIPTION AGREEMENT (this “Agreement”) is made as of the last date indicated on the signature pages hereto between
Unidym, Inc., a Delaware corporation (the “Company”), and the undersigned investor party hereto (“Investor”). 
 RECITALS 
 WHEREAS, the Company wishes to sell up to an aggregate of 1,111,111 shares of the
Company’s Series C-1 Preferred Stock (“Shares”) to the Investor, at a purchase price of $1.80 per Share, and the Investor wishes to purchase Shares from the Company. 
 NOW, THEREFORE, in consideration of the mutual covenants, agreements and conditions, and upon acknowledgement of each of the parties of the receipt of
valuable consideration, the parties herein agree as follows: 
 1. Purchase and Sale of Shares. 
 1.1 The Closing. At the Closing (as defined below), the Company shall issue and sell to Investor such number of Shares as is set forth
immediately below Investor’s name on the signature pages hereto against delivery to the Company by Investor of an amount equal to $1.80 times the number of Shares to be purchased by the Investor (the “Purchase Price”),
paid by (a) cash (by check or wire transfer) in United States Dollars to the Company to be held in escrow until the Closing, for release to the Company thereafter or (b) cancellation of indebtedness of the Company to Investor. Promptly
after the Closing, the Company shall deliver to Investor a duly executed certificate representing the Shares which Investor is purchasing hereunder. The purchase and sale transaction contemplated hereby will close on the first business day
immediately following the satisfaction of the Closing conditions set forth herein, which is targeted to be no later than 5:00 p.m., Pacific Time on Tuesday, February [20], 2009, as such date and time may be modified by the Company in its sole
discretion (such day, the “Closing”). 
 1.2 Additional Closing(s). 
 (a) Conditions of Additional Closing(s). At any time and from time to time following the Closing, the Company may, at one or more additional
closings (each an “Additional Closing”), without obtaining the signature, consent or permission of Investor, offer and sell to other investors (the “New Investors”), at a price of $1.80 per Share, up
to that number of Shares that is equal to 1,111,111 Shares less the number of Shares previously issued and sold by the Company. New Investors may include persons or entities who are already owners of shares of the Company’s Series C-1 Preferred
Stock or other capital stock. 
 (b) Amendments. The Company and the New Investors purchasing Shares at each Additional Closing will
execute a Subscription Agreement in substantially the same form hereof, and the New Investors will, to the extent not already a party thereto, execute counterpart signature pages to: (i) the Amended and Restated Investors’ Rights Agreement
in the form attached to this Agreement as Exhibit A, as amended (the “Investors’ Rights Agreement”), (ii) the Amended and Restated Right of First Refusal and Co-Sale Agreement in the form attached to
this Agreement as Exhibit B, as amended (the “ROFR Agreement”), and (iii) the Amended and Restated Voting Agreement in the form attached to this Agreement as Exhibit C, as amended (the “Voting
Agreement”) (the Investors’ Rights Agreement, ROFR Agreement and Voting Agreement, as such agreements may be amended, collectively, the “Related Agreements”). Such New Investors will, upon delivery to the
Company of such signature pages, become parties to, and bound by, the Related Agreements, each to the same extent as if they had been an Investor at the time of issuance of the first share of Series C-1 Preferred Stock. 
  

 1 

 (c) Status of New Investors. Upon the completion of each Additional Closing as provided in this
Section 1.2, each New Investor will be deemed to be an “Investor” for all purposes of the Related Agreements. 
 2.
Representations and Warranties of the Company. The Company hereby represents and warrants to Investor, that the statements in the following paragraphs of this Section 2 are all true and complete as of the date hereof: 
 2.1 Organization, Good Standing and Qualification. The Company is a corporation duly organized, validly existing and in good standing under the
laws of the State of Delaware. The Company is duly qualified to transact business and is in good standing in each jurisdiction in which the failure to so qualify would reasonably be expected to have a material adverse effect on (a) the present
or future business, assets, or operations, of the Company, taken as a whole or (b) the Company’s ability to perform this Agreement or the Related Agreements (as defined below) (a “Material Adverse Effect”).

 2.2 Capitalization and Voting Rights. 
 (a) Authorized Stock. There are authorized for issuance 40,000,000 shares of common stock, par value $0.0001 (the “Common Stock”) and 20,284,364 shares of preferred stock, par value
$0.0001 (the “Preferred Stock”), of which 5,000,000 shares are designated as Series A Convertible Preferred Stock (“Series A Preferred Stock”), 5,673,252 shares are designated as Series B Senior
Convertible Preferred Stock (“Series B Preferred Stock”), 8,500,000 shares are designated as Series C Senior Convertible Preferred Stock (“Series C Preferred Stock”), and 2,222,223 shares are
designated as Series C-1 Preferred Stock (“Series C-1 Preferred Stock”). Immediately prior to the Closing, the outstanding stock of the Company consists of the following: 
 (i) Common Stock. Three Million Seven Hundred Eighty Thousand One Hundred (3,780,100) shares of issued and outstanding
Common Stock. 
 (ii) Series A Preferred Stock. Five Million (5,000,000) shares of issued and outstanding Series
A Preferred Stock, which shares of Series A Preferred Stock are convertible into 1.680096462 shares of Common Stock upon (x) an involuntary or voluntary liquidation, dissolution and winding up of the Company, (y) a Deemed Liquidation Event
(as such term is defined in the Restated Certificate (as defined below)) or (z) a Qualified IPO (as such term is defined in the Restated Certificate). 
 (iii) Series B Preferred Stock. Five Million Six Hundred Seventy Three Thousand Two Hundred and Fifty Two (5,673,252) shares
of issued and outstanding Series B Preferred Stock, which shares of Series B Preferred Stock are convertible into 1.000042304 shares of Common Stock. 
 (iv) Series C Preferred Stock. Eight Million One Hundred Twenty Five Thousand Eight Hundred Eighty-Nine (8,125,889) shares of issued and outstanding Series C Preferred Stock. 
 (v) Series C-1 Preferred Stock. One Million One Hundred Twenty-Six Thousand One Hundred Eleven (1,111,111) shares of issued
and outstanding Series C-1 Preferred Stock. 
 Upon the Closing, the rights, preferences and privileges of each series of Preferred Stock will be as stated
in the Restated Certificate and as provided by law. 
  

 2 

 (b) Valid Issuance. The outstanding shares of Common Stock and Preferred Stock are all duly and
validly authorized and issued, fully paid and nonassessable. 
 (c) Rights to Acquire. Except for (i) the conversion privileges
of the Preferred Stock, (ii) the rights of first refusal provided in Section 4 of the Investors’ Rights Agreement, (iii) the Five Million (5,000,000) shares of Common Stock reserved for issuance to employees, consultants
and/or directors pursuant to the Company’s 2006 Stock Option/Stock Issuance Plan (the “Option Plan”), of which options to purchase an aggregate of Three Million Eight Hundred and Seven Thousand Two Hundred and Two
(3,807,202) shares of Common Stock are currently outstanding, (iv) outstanding warrants to purchase One Hundred and Sixty Four Thousand (164,000) shares of Common Stock and (vi) outstanding restricted stock units for the issuance
of One Million One Hundred and Four Thousand and Ten (1,104,010) shares of Common Stock, there are not outstanding any options, warrants, rights (including conversion or preemptive rights) or agreements for the purchase or acquisition from the
Company of any shares of its capital stock. 
 (d) Voting of Shares. Other than the Voting Agreement, the Company is not a party or
subject to any agreement or understanding and, to the Company’s knowledge, there is no agreement or understanding between any persons and/or entities which affects or relates to the voting or giving of written consents with respect to any
security or by a director of the Company. 
 (e) Market Stand-Off. To the Company’s best knowledge, all outstanding shares of
preferred stock of the Company and all capital stock of the Company issuable upon the exercise of outstanding employee incentive stock options are subject to a one hundred eighty (180) day “market stand-off” restriction upon an
initial public offering by the Company resulting in at least $20 Million in gross proceeds pursuant to a registration statement filed with the Securities and Exchange Commission (“SEC”) pursuant to the Securities Act of 1933,
as amended (the “Act”). 
 2.3 Subsidiaries. Except for (i) the minority ownership position in Nexeon
MedSystems pursuant to the license agreement with Nanotech Catheter Solutions, and (ii) the 100% ownership position in Nanoconduction, Inc., the Company does not presently own or control, directly or indirectly, any interest in any other
corporation, association, or other business entity. The Company is not a participant in any joint venture, partnership, or similar arrangement. 
 2.4 Authorization. All corporate action on the part of the Company, its officers, directors and stockholders necessary for the authorization, execution and delivery of this Agreement, the Related Agreements, the performance of all
obligations of the Company hereunder and thereunder, and the authorization, sale and issuance of the Shares being sold hereunder, and the Common Stock issuable upon conversion of the Shares, has been taken or will be taken prior to the Closing. As
of the Closing, this Agreement and the Related Agreements constitute valid and legally binding obligations of the Company, enforceable in accordance with their respective terms, except (i) as limited by applicable bankruptcy, insolvency,
reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable
remedies, and (iii) to the extent the indemnification provisions contained in the Related Agreements may be limited by applicable federal or state securities laws. 
 2.5 Valid Issuance of Preferred and Common Stock. The Shares that are being purchased by Investor hereunder, when issued, sold and delivered in accordance with the terms of this Agreement for the consideration
expressed herein, will be duly and validly issued, fully paid and nonassessable and will be free of restrictions on transfer, other than restrictions on transfer, if any, (i) under this Agreement, the Investor’s Rights Agreement and the
ROFR Agreement, (ii) under applicable state and federal securities laws and (iii) otherwise imposed as a result of actions taken by Investor. The Common Stock issuable upon conversion of the Shares purchased under this Agreement has been
duly and validly reserved for issuance and, upon issuance in accordance with the terms of 

  

 3 

 
the Company’s Second Amended and Restated Certificate of Incorporation in the form attached hereto as Exhibit D (the “Restated
Certificate”), will be duly and validly issued, fully paid and nonassessable and will be free of restrictions on transfer, other than restrictions on transfer, if any (i) under this Agreement, the Investor’s Rights Agreement
and the ROFR Agreement, (ii) under applicable state and federal securities laws and (iii) otherwise imposed as a result of actions taken by Investor. 
 2.6 Governmental Consents. No consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any federal, state or local governmental authority on the
part of the Company is required in connection with the consummation of the transactions contemplated by this Agreement and the Related Agreements, except for such consents, approvals, orders, authorizations, registrations, qualifications,
designations, declarations or filings which are not required to be obtained prior to the Closing, and such filings as are required pursuant to applicable federal and state securities laws and blue sky laws, which filings will be effected within the
required statutory period. 
 2.7 Offering. Subject in part to the truth and accuracy of Investor’s representations set forth in
Section 3 of this Agreement, the offer, sale and issuance of the Shares as contemplated by this Agreement are exempt from the registration requirements of the Act, and the qualification or registration requirements of applicable state blue sky
laws, as such registration requirements and laws currently exist. 
 2.8 Litigation. There is no action, suit, proceeding or
investigation pending or, to the Company’s knowledge, currently threatened in writing against the Company that questions the validity of this Agreement or the Related Agreements, or the right of the Company to enter into such agreements or to
consummate the transactions contemplated hereby and thereby, or that would reasonably be expected to result in a Material Adverse Effect. The Company is not a party or subject to the provisions of any order, writ, injunction, judgment or decree of
any court or government agency or instrumentality. There is no action, suit, proceeding or investigation by the Company currently pending or that the Company currently intends to initiate. 
 2.9 Proprietary Information Agreements. Each current employee of the Company has executed a Proprietary Information and Inventions Agreement in
substantially the form provided to Investor upon request by Investor. The Company is not aware that any such employee is in violation thereof. 
 2.10 Compliance with Other Instruments. The Company is not in violation of any provision of its Restated Certificate or Bylaws nor, to its knowledge, of any instrument, judgment, order, writ, decree or contract, statute, rule or
regulation to which the Company is subject and a violation of which would reasonably be expected to have a Material Adverse Effect. The execution, delivery and performance of this Agreement and the Related Agreements, and the consummation of the
transactions contemplated hereby and thereby will not result in any such violation, or be in conflict with or constitute, with or without the passage of time and giving of notice, either a default under any such provision or an event that results in
the creation of any lien, charge or encumbrance upon any assets of the Company or the suspension, revocation, impairment, forfeiture or nonrenewal of any material permit, license, authorization or approval applicable to the Company, its business or
operations or any of its assets or properties. 
 2.11 Related-Party Transactions. No employee, officer or director of the Company or
member of his or her immediate family is indebted to the Company, nor is the Company indebted (or committed to make loans or extend or guarantee credit) to any of them. To the best of the Company’s knowledge, other than in Investor or in any of
Investor’s subsidiaries, none of such persons has any direct or indirect ownership interest in any firm or corporation with which the Company is affiliated or with which the Company has a business relationship, or any firm or corporation that
competes with the Company, except that employees, officers or directors of the Company and members of their immediate families may own stock in publicly traded companies that may compete with the Company. No member of the immediate family of any
officer or director of the Company is directly or indirectly interested in any material contract with the Company. 
  

 4 

 2.12 No Undisclosed Liabilities. Except as set forth in the Company financial statements, the
Company does not have any liabilities (whether accrued, absolute, unliquidated, contingent or otherwise, whether or not known to the Company, whether due or to become due and regardless of when asserted) arising out of transactions entered into at
or prior to the Closing, or any action or inaction at or prior to the Closing or any state of facts existing at or prior to the Closing other than (i) liabilities and obligations that have arisen after the date of the Company’s most recent
financial statements in the ordinary course of business (none of which is material and none of which is a liability resulting from breach of contract, breach of warranty, tort, infringement, claim or lawsuit), or (ii) obligations under
contracts and commitments incurred in the ordinary course of business that would not be required to be reflected in financial statements prepared in accordance with generally accepted accounting principles. The Company is not a guarantor or
indemnitor of any indebtedness of any other person, firm or corporation. 
 2.13 Permits. The Company has all franchises, permits,
licenses and any similar authority necessary for the conduct of its business as now being conducted by it, except to the extent the lack of which would not reasonably be expected to have a Material Adversely Effect. The Company is not in default
under any of such franchises, permits, licenses or other similar authority which would be reasonably expected to have a Material Adverse Effect. 
 2.14 Environmental and Safety Laws. 
 (a) Except as set forth in Section 2.14(b), to its knowledge, the Company is not
in violation of any applicable statute, law or regulation relating to the environment or occupational health and safety, and, to its knowledge, no material expenditures are or will be required in order to comply with any such existing statute, law
or regulation. 
 (b) The US Environmental Protection Agency (the “EPA”) has issued recent guidance regarding the
classification of carbon nanotubes under the Toxic Substances Control Act. The EPA has stated that it now considers carbon nanotubes to be “new chemicals” rather than materials previously listed on the TSCA Inventory, such as synthetic
graphite or other carbon compounds. The Company is in the process of reviewing its compliance with this guidance and has filed paperwork with the EPA. Accordingly, the Company withholds any representation or warranty regarding the matters disclosed
in this Section 2.14(b), including its compliance with the new EPA guidance. 
 2.15 Disclosure. The Company has fully provided
Investor with all the information that Investor has requested in writing for deciding whether to purchase the Shares. Neither this Agreement (including all the exhibits and schedules hereto) nor any other statements or certificates made or delivered
in connection herewith contains any untrue statement of a material fact or omits to state a material fact necessary to make the statements herein or therein not misleading in light of the circumstances under which they were made. 
 2.16 Registration Rights. Except as provided in the Investors’ Rights Agreement, the Company has not granted or agreed to grant any
registration rights, including piggyback rights, to any person or entity. 
 2.17 Title to Property and Assets. The property and
assets used by the Company in its business are owned by the Company free and clear of all mortgages, liens, loans and encumbrances, except for (i) statutory liens for the payment of current taxes that are not yet delinquent and (ii) for
liens, encumbrances and security interests that arise in the ordinary course of business and/or pursuant to applicable law, and minor defects in title, none of which, individually or in the aggregate, would reasonably be expected to have a Material
Adverse Effect. With respect to the property and assets it leases, the Company is in compliance with such leases and, to its knowledge, holds a valid leasehold interest free of any liens, claims or encumbrances, subject to clauses (i)-(ii) of the
foregoing sentence, except to the extent the failure to be in compliance or hold a valid leasehold interest would not reasonably be expected to have a Material Adverse Effect. 
  

 5 

 2.18 Labor Agreements and Actions. The Company is not bound by or subject to any contract,
commitment or arrangement with any labor union, and no labor union has requested or, to the Company’s knowledge, has sought to represent any of the employees, representatives or agents of the Company. There is no strike or other labor dispute
involving the Company pending, or to the Company’s knowledge, threatened in writing, that would reasonably be expected to have a Material Adverse Effect, nor is the Company aware of any labor organization activity involving its employees. The
Company is not aware that any officer or key employee, or that any group of key employees, intends to terminate their employment with the Company, nor does the Company have a present intention to terminate the employment of any of the foregoing. The
employment of each officer and employee of the Company is terminable at the will of the Company. The Company is not a party to or bound by any currently effective employment contract, deferred compensation agreement, bonus plan, incentive plan,
profit sharing plan, retirement agreement or other employee compensation agreement. To its knowledge, the Company has complied in all material respects with all applicable state and federal equal employment opportunity and other laws related
to employment. 
 2.19 Brokers Fees. The Company expects to pay third-party finders or advisors finder’s fees (in cash and/or
equity) for Shares placed by such third party. For the sake of clarity, no finder’s fees will be paid for Shares not placed by a third-party finder or advisor. 
 2.20 Intellectual Property. To its knowledge, the Company has rights to all patents, patent applications, trademarks, service marks, trade names, copyrights, trade secrets, licenses, inventions, information and
proprietary rights and processes (collectively, “Intellectual Property”) it needs to operate its business as currently conducted, other than Intellectual Property that it reasonably believes is invalid or it can obtain rights
to through a license or cross-licensing arrangement. 
 2.21 Tax Returns and Payments. There are no federal, state, county, local or
foreign taxes dues and payable by the Company which have not been timely paid. There are no accrued and unpaid federal, state, country, local or foreign taxes of the Company which are due, whether or not assessed or disputed. There have
been no examinations or audits of any tax returns or reports by any applicable federal, state, local or foreign governmental agency. The Company has duly and timely filed all federal, state, county, local and foreign tax returns required to
have been filed by it and there are in effect no waivers of applicable statutes of limitations with respect to taxes for any year. 
 2.22
Insurance. The Company has in full force and effect fire and casualty insurance policies with extended coverage, sufficient in amount (subject to reasonable deductions) to allow it to replace any of its properties that might be damaged
or destroyed. 
 2.23 ERISA. The Company has made all required contributions and has no liability to any such employee benefit plan,
other than liability for health plan continuation coverage described in Part 6 of Title I(B) of Employee Retirement Income Security Act of 1974, as amended, and has complied in all material respects with all applicable laws for any such
employee benefit plan. 
  

 6 

 3. Representations and Warranties of Investor. Investor hereby represents, warrants and covenants
to the Company that: 
 3.1 Authorization. Investor has full power and authority to enter into this Agreement and the Related
Agreements to which it is a party, and each such agreement constitutes its valid and legally binding obligation, enforceable in accordance with its terms except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium and
other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies, and (iii) to the
extent the indemnification provisions contained in the Related Agreements may be limited by applicable federal or state securities laws. 
 3.2 Purchase Entirely for Own Account. This Agreement is made with Investor in reliance upon Investor’s representation to the Company, which by Investor’s execution of this Agreement, Investor hereby confirms that the
Shares will be acquired for investment for Investor’s own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and that Investor has no present intention of selling, granting any
participation in or otherwise distributing the same. By executing this Agreement, Investor further represents that Investor does not have any contract, undertaking, agreement or arrangement with any person to sell, transfer or grant participations
to such person or to any third person, with respect to any of the Shares. 
 3.3 Disclosure of Information. Investor believes it has
received all the information it considers necessary or appropriate for deciding whether to purchase the Shares. Investor further represents that it has had an opportunity to ask questions and receive answers from the Company regarding the terms and
conditions of the offering of the Shares and the business, properties, prospects and financial condition of the Company. The foregoing, however, does not limit or modify the representations and warranties of the Company in Section 2 of this
Agreement or the right of Investor to rely thereon. 
 3.4 Investment Experience. Investor is an investor in securities of companies
in the development stage and acknowledges that he/she/it is able to bear the economic risk of its investment, and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the
investment in the Shares. If other than an individual, Investor also represents it has not been organized for the purpose of acquiring the Shares. 
 3.5 Accredited Investor. Investor is an “accredited investor” within the meaning of SEC Rule 501 of Regulation D. All of the information in the Investor Questionnaire delivered by Investor to the Company in connection with
Investor’s purchase of the Shares remains complete, true and correct as of the Closing or the Additional Closing, as applicable. 
 3.6
Restricted Securities. Investor understands that the Shares it is purchasing are characterized as “restricted securities” under the federal securities laws inasmuch as they are being acquired from the Company in a transaction not
involving a public offering, and that under such laws and applicable regulations, such Shares may be resold without registration under the Act only in certain limited circumstances. In the absence of an effective registration statement covering the
Shares or an available exemption from registration under the Act, the Shares (and any Common Stock issued on conversion of the Shares) must be held indefinitely. 
 3.7 No Brokers. Investor has not taken any action which would give rise to any claim by any person for brokerage commissions, finder’s fees or similar payments relating to this Agreement or the
transactions contemplated hereby. 
 3.8 Legends. It is understood that the certificates evidencing the Shares may bear one or all of
the following legends: 
  

 7 

 (a) “These securities have not been registered under the Securities Act of 1933, as amended. They
may not be sold, offered for sale, pledged or hypothecated in the absence of a registration statement in effect with respect to the securities under such Act or an opinion of counsel satisfactory to the Company that such registration is not required
or unless sold pursuant to Rule 144 of such Act.” 
 (b) Legends required to indicate that the Shares are subject to the terms of the
Investors Rights Agreement and ROFR Agreement. 
 (c) Any legend required by applicable laws. 
 4. Optional Conversion of the Shares. 
 4.1 Optional Conversion. Investor shall have the right, by giving notice thereof to the Company pursuant to this Section 4, to convert all (but not less than all) of the outstanding Shares held by the Investor (and purchased
under this Agreement) into shares of the Company’s Qualified Stock (as defined below), pursuant to the provisions of this Section 4 concurrently with the closing of a Qualified Transaction (as defined below)(or the first closing in a
series of closings). 
 4.2 Qualified Transaction. A “Qualified Transaction” shall mean the Company’s
receipt of at least $500,000 in proceeds from: (i) a sale by the Company, in one or more related transactions, of a new series of preferred stock (the “Qualified Stock”) in a financing event (the “Qualified
Financing”); or (ii) a combination of (a) a sale of Qualified Stock as described in Section 4.2(i), and (b) the sale by the Company of some or all of its assets and/or business operations in materials for anti-static
polymers. 
 4.3 Notice. The Company shall provide the Investor with a notice no later than 15 business days prior to the closing of
the Qualified Transaction indicating the proposed closing date, together with the terms and conditions of the Qualified Transactions, the rights, preferences and privileges of the Qualified Stock and the conversion calculation determined in
accordance with Section 4.4 below. Each Investor shall have the right to exercise its rights to convert its Shares into the Qualified Stock under Section 4.1 by giving notice thereof to the Company no later than 5 business days prior to
the proposed closing date. 
 4.4 Conversion Calculation. In connection with a Qualified Transaction, the Shares shall be converted
into Qualified Stock in accordance with the following formula: 
 A = B * [(C ÷ D) * E] 
 A = the number of shares of Qualified Stock issuable to Investor in connection with the Qualified Transaction; 
 B = the number of Shares purchased by Investor pursuant to this Agreement; 
 C
= $1.80; 
 D = the price per share at which the Qualified Stock is sold to investors in the Qualified Financing; and 
 E = a variable number between 1.06 and 1.10, which will adjust depending on the month that the closing of the Qualified Financing occurs (or the month that the first
closing in a series of related closings occurs). If the closing of the Qualified Financing occurs in February 2009, this number shall be 1.06; if the closing of the Qualified Financing occurs in March 2009, this number shall be 1.08; if the closing
of the Qualified Financing occurs in April 2009, or at any time after April 2009, this number shall be 1.10. In no event shall this number exceed 1.10. 
  

 8 

 For the avoidance of doubt, the calculation in this Section 4.3 shall be performed in the following order:
(i) divide C by D, (ii) multiply the amount in (i) by E, and (iii) multiply the amount in (ii) by B. 
 4.5
Deliverables. Upon any conversion of Shares under this Section 4, the Investor will execute and deliver to the Company, at the closing of such Qualified Financing, such stock purchase agreement, investors’ rights agreement, co-sale
agreement, voting and/or other agreements as are entered into by the investors in the Qualified Financing generally. The Company shall not be obligated to issue certificates evidencing the shares of Qualified Stock issuable upon conversion unless
the certificates evidencing the Shares are either delivered to the Company or its transfer agent, or the Investor notifies the Company or its transfer agent that such certificates have been lost, stolen or destroyed and executes an agreement
satisfactory to the Company to indemnify the Company from any loss incurred by it in connection with such certificates. Upon the occurrence of such conversion of the Shares, the Investor shall surrender the certificates representing such Shares at
the office of the Company or any transfer agent for the Company’s capital stock. Thereupon, there shall be issued and delivered to the Investor promptly at such office and in its name as shown on such surrendered certificate or certificates, a
certificate or certificates for the number of shares of Qualified Stock into which the Shares surrendered were convertible on the date on which such automatic conversion occurred. 
 5. Conditions to Investor’s Obligations at Closing. The following conditions must be satisfied by the Company, unless waived by Investor, in
Investor’s sole and absolute discretion. 
 5.1 Representations and Warranties. The representations and warranties of the
Company contained in Section 2 shall be true on and as of the Closing with the same effect as though such representations and warranties had been made on and as of the date of the Closing. 
 5.2 Performance. The Company shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that
are required to be performed or complied with by it on or before the Closing. 
 5.3 Qualifications. All authorizations, approvals or
permits, if any, of any governmental authority or regulatory body of the United States or of any state that are required in connection with the lawful issuance and sale of the Shares pursuant to this Agreement shall be duly obtained and effective,
other than such authorizations, approvals or permits or other filings which may be timely made after such issuance and sale of the Shares. 
 5.4 Restated Certificate. The Company shall have filed the Restated Certificate in the form attached hereto as Exhibit D with the Delaware Secretary of State. 
 5.5 Proceedings and Documents. All corporate and other proceedings in connection with the transactions contemplated at the Closing and all
documents incident thereto shall be reasonably satisfactory in form and substance to Investor, and Investor shall have received all such counterpart original and certified or other copies of such documents as may be reasonably requested. 

5.6 General. The holders of Common Stock and/or Preferred Stock shall have amended any other agreement or arrangement, or given any further
consent required to allow the Company to execute and perform this Agreement and the Related Agreements. 
  

 9 

 6. Conditions to the Company’s Obligations at Closing. The following conditions must be
satisfied by Investor, unless waived in writing by the Company, in the Company’s sole and absolute discretion. 
 6.1
Representations and Warranties. The representations and warranties of the Investor contained in Section 3 shall be true on and as of the Closing or the Additional Closing (as applicable) with the same effect as though such
representations and warranties had been made on and as of the date of such closing. 
 6.2 Payment of the Purchase Price. Investor
shall have delivered to the Company the purchase price for the Shares. 
 6.3 Restated Certificate. The Company shall have filed the
Restated Certificate in the form attached hereto as Exhibit D with the Delaware Secretary of State. 
 6.4 Securities
Exemptions. The offer and sale of the Shares to Investor pursuant to this Agreement shall be exempt from the registration requirements of the Act, the qualification requirements of the California General Corporation Law and the registration
and/or qualification requirements of all other applicable state securities laws. 
 6.5 Proceedings and Documents. All corporate and
other proceedings in connection with the transactions contemplated at the Closing or the Additional Closing (as applicable) and all documents incident thereto shall be reasonably satisfactory in form and substance to the Company, and the Company
shall have received all such counterpart original and certified or other copies of such documents as may be reasonably requested. 
 6.6
General. The Investor shall have amended any other agreement or arrangement, or given any further consent required to allow the Company to execute and perform this Agreement and the Related Agreements. 
 7. Miscellaneous. 
 7.1
Survival. The warranties, representations and covenants of the Company and Investor contained in or made pursuant to this Agreement shall survive the execution and delivery of this Agreement and the Closing or the Additional Closing (as
applicable) and shall in no way be affected by any investigation of the subject matter thereof made by or on behalf of Investor or the Company. 
 7.2 Successors and Assigns. Except as otherwise provided herein, the terms and conditions of this Agreement shall inure to the benefit of, and be binding upon, the respective successors and assigns of the parties (including
transferees of any Shares). Nothing in this Agreement, express or implied, is intended to confer upon any party, other than the parties hereto or their respective successors and assigns, any rights, remedies, obligations or liabilities under or by
reason of this Agreement, except as expressly provided in this Agreement. 
 7.3 Governing Law. This Agreement shall be governed by
and construed under the laws of the State of California as applied to agreements among California residents entered into and to be performed entirely within California, except with respect to conflict of laws. 
 7.4 Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in
construing or interpreting this Agreement. 
  

 10 

 7.5 Notices. All notices required or permitted hereunder shall be in writing and shall be deemed
effectively given: (i) upon personal delivery to the party to be notified, (ii) when sent by confirmed telex or facsimile if sent during normal business hours of the recipient, if not, then on the next business day; (iii) five
(5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid; or (iv) one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written
verification of receipt. All communications shall be sent to the address as set forth on the signature page hereof or at such other address as such party may designate by ten (10) days’ advance written notice to the other parties hereto.

 7.6 Responsibility for Brokers Fees. Investor indemnifies and holds harmless the Company from any liability for any commission or
compensation in the nature of a finders’ fee (and the costs and expenses of defending against such liability or asserted liability) for which Investor or any of its officers, partners, employees or representatives is responsible. The Company
indemnifies and holds harmless Investor from any liability for any commission or compensation in the nature of a finders’ fee (and the costs and expenses of defending against such liability or asserted liability) for which the Company or any of
its officers, employees or representatives is responsible. 
 7.7 Aggregation of Stock. All issued and outstanding shares of the
Series C-1 Preferred Stock and Common Stock issued upon conversion thereof held or acquired by affiliated entities or persons shall be aggregated together for the purpose of determining the availability of any rights under this Agreement.

 7.8 Amendments and Waivers. Any term of this Agreement may be amended, and the observance of any term of this Agreement may be
waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Company and Investor. 
 7.9 Severability. If one or more provisions of this Agreement are held to be unenforceable under applicable law, such provision shall be excluded from this Agreement and the balance of the Agreement shall be
interpreted as if such provision were so excluded and shall be enforceable in accordance with its terms. 
 7.10 Entire Agreement.
This Agreement and the documents referred to herein constitute the entire agreement among the parties, and this Agreement supersedes all prior written and oral agreements, and all contemporaneous written and oral agreements, relating to the subject
matter hereof. 
 7.11 Counterparts; Facsimile/PDF Signatures. This Agreement may be executed in two or more counterparts, and by
facsimile signatures or portable document format (.pdf or similar format), each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 [SIGNATURE PAGE FOLLOWS] 
  

 11 

 [Company Signature Page to Subscription Agreement] 
  

									
	Dated: March 31, 2009	 		 	 COMPANY:
  
 UNIDYM, INC.
 a Delaware corporation

					
		 		 		 	By:	 	/S/ MARK C. TILLEY
		 		 		 		 	 Mark C.Tilley
 CEO &
President

					
		 		 		 	Address:	 	 1430 Obrien Drive
 Menlo Park, CA
94025

 [Investor Signature Page to Subscription Agreement] 
 I HEREBY REPRESENT THAT I HAVE READ AND UNDERSTOOD THE SUBSCRIPTION AGREEMENT. 
 Dated: MARCH 30, 2009 
 Subscription: I hereby subscribe for the following number of Shares at the
Purchase Price indicated: 
 Total Number of Shares: 125,000 
 Total Purchase Price ($1.80 Per Share): $225,000, payable as follows: (a) $225,000 in cash. 
  

			
	 Arrowhead Research Corporation
	  	 
	Please print the exact name(s) in which the Shares will be issued

			
		
	Print Name of Signer:	  	Paul C. McDonnel

			
		
	Signature:	  	/S/ PAUL C. MCDONNEL

			
		
	Title of Signer (if purchaser is an entity):	  	Chief Financial Officer

			
		
	Address:	  	201 S. Lake Avenue, Suite 703
		
	City, State & Zip:	  	Pasadena, California 91101
		
	Phone:	  	626-304-3400
		
	Facsimile:	  	626-304-3401

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