Document:

Guaranty of Non-Recourse Carveout - Tresa at Arrowhead

 Exhibit 10.19 
 GUARANTY OF NON-RECOURSE CARVEOUTS 
 THIS
GUARANTY OF NON-RECOURSE CARVEOUTS (this “Guaranty”) is dated effective as of the 29th day of April, 2011, is made by INDEPENDENCE REALTY OPERATING PARTNERSHIP, LP, a Delaware limited partnership (“Guarantor”), for the benefit of RAIT CRE CDO I, LTD., a Cayman Islands
limited liability company (together with its successors and assigns, “Lender”). 
 BACKGROUND 

A. Lender is the current owner and holder of that certain Promissory Note dated effective as of December 8, 2006 (the
“Note”), evidencing a loan (the “Loan”) in the original principal amount of Thirty-Six Million Six Hundred Seventy-Five Thousand and 00/100 Dollars ($36,675,000.00), which Note was made by Arrowhead 20/20 L.P., an
Arizona limited partnership (“Original Borrower”), and payable to the order of RAIT Partnership, L.P., a Delaware limited partnership (the “Original Lender”). 

B. The Loan is further evidenced by that certain Loan and Security Agreement dated effective as of December 8, 2006, by and between
Original Borrower and Original Lender (together with any and all amendments, restatements and other modifications thereof, the “Loan Agreement”), which is hereby incorporated herein and made a material part hereof. Capitalized terms
used but not otherwise defined herein shall have the meanings set forth in the Loan Agreement. 
 C. On or about
December 8, 2006, Original Lender assigned, sold and transferred its interest in the Loan, the Note and all Loan Documents to RAIT Preferred Holdings I, LLC, a Delaware limited liability company (“Interim Lender”), as evidenced
by, among other things, that certain Allonge to $36,675,000.00 Promissory Note effective as of December 8, 2006, made by Original Lender in favor of Interim Lender. 
 D. On or about December 8, 2006, Interim Lender assigned, sold and transferred its interest in the Loan, the Note and all Loan Documents to Lender, as evidenced by, among other things, that certain
Allonge to $36,675,000.00 Promissory Note effective as of December 8, 2006, made by Interim Lender in favor of Lender. Lender is the current holder of all of Original Lender’s interest in and to the Loan, the Note and Loan Documents.

 E. On or about October 13, 2009, Original Borrower, with the consent of Lender, transferred the Property to Tresa at
Arrowhead Arizona, LLC, a Delaware limited liability company (“Interim Borrower”), subject to the Loan Documents, and Interim Borrower assumed certain obligations of Original Borrower under the Loan Documents. 

F. Interim Borrower, with the consent of Lender, has contemporaneously herewith transferred the Property to IRT Tresa at Arrowhead
Arizona, LLC, a Delaware limited liability company (“Borrower”), subject to the Loan Documents, and Borrower has assumed certain obligations of Interim Borrower under the Loan Documents. In connection therewith, Interim Borrower and
Borrower and the other parties named therein executed and delivered to Lender, among other things, a certain Second Loan Assumption and Substitution Agreement and 

 
Amendment to Deed of Trust, Security Agreement and Fixture Filing and Assignment of Leases and Rents dated of even date herewith. 

G. It is a condition precedent to Lender’s agreement to permit the assumption of the Loan by Borrower that Guarantor shall have
executed and delivered this Guaranty to Lender. 
 H. Guarantor will benefit directly and indirectly from Lender agreeing to
permit the assumption of the Loan by Borrower. 
 NOW, THEREFORE, as an inducement to Lender to agree to permit the assumption
of the Loan by Borrower, and for other good and valuable consideration, the receipt and legal sufficiency of which are hereby acknowledged, Guarantor, intending to be legally bound hereby, represents, warrants, covenants and agrees for the benefit
of Lender as follows: 
 1. Guaranty Agreement. Guarantor hereby absolutely, unconditionally, and irrevocably
(a) guarantees and agrees to act as surety with respect to the recourse obligations of Borrower set forth in Section 12(c)(vii) and Section 12(d) of the Loan Agreement and (b) agrees to indemnify, hold harmless and
defend Lender and each holder of the Note for any and all costs and expenses (including reasonable attorney’s fees and expenses) incurred in enforcing any rights under this Guaranty (the foregoing subsections (a) and (b) being
sometimes referred to herein collectively as the “Guaranteed Obligations”); provided, however, that Guarantor shall be liable under this Guaranty for the maximum amount of such liability that can be hereby incurred
without rendering this Guaranty, as it relates to Guarantor, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount. This Guaranty constitutes a guaranty of payment when due and not of
collection, and Guarantor specifically agrees that it shall not be necessary or required that Lender or any holder of the Note exercise any right, assert any claim or demand or enforce any remedy whatsoever against Borrower or any other obligor (or
any other person) before or as a condition to the obligations of Guarantor hereunder. Notwithstanding anything to the contrary contained in this Guaranty, Guarantor shall not be liable under this Guaranty for any recourse obligations set forth in
Section 12(c)(vii) or Section 12(d) of the Loan Agreement that were caused or permitted by Interim Borrower or Interim Guarantor and that occurred or were breached prior to the date hereof. 

2. Guaranty Agreement Absolute, etc. This Guaranty shall in all respects be a continuing, absolute, unconditional and irrevocable
guaranty of payment, and shall remain in full force and effect until all the Guaranteed Obligations shall have been paid in full irrespective of: (a) any lack of validity, legality or enforceability of the Loan Agreement, the Note or any other
Loan Document; (b) the failure of Lender or any holder of the Note (i) to assert any claim or demand or to enforce any right or remedy against Borrower, any other obligor or any other person (including any other guarantor) under the
provisions of the Loan Agreement, the Note, any other Loan Document or otherwise, (ii) to exercise any right or remedy against any other guarantor of, or collateral securing, the Debt, or (iii) to exercise diligence or reasonable care in
the preservation, protection, enforcement, sale or other handling or treatment of all or any part of any collateral, property or security with respect to the Debt; (c) any change in the time, manner or place of payment of, or in any other term
of, all or any of the Debt, or any other extension, compromise or renewal of the Debt; (d) any reduction, limitation, impairment or termination of the Debt, including any claim of waiver, release, surrender, alteration or compromise, and shall

  
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not be subject to (and Guarantor hereby waives any right to or claim of) any defense or setoff, counterclaim, recoupment or termination whatsoever by reason of the invalidity, illegality,
nongenuineness, irregularity, compromise, unenforceability of, or any other event or occurrence affecting the Debt or any obligation of the Borrower, any other obligor or otherwise; (e) any amendment to, rescission, waiver, or other
modification of, or any consent to departure from, any of the terms of the Loan Agreement, the Note or any other Loan Document; (f) any addition, exchange, release, surrender or non-perfection of any collateral, or any amendment to or waiver or
release or addition of, or consent to departure from, any other guaranty, held by Lender or any holder of the Note securing any of the Debt; (g) the insolvency or bankruptcy of, or similar event affecting, Borrower or any other obligor; or
(h) any other circumstance which might otherwise constitute a defense available to, or a legal or equitable discharge of, Borrower, any other obligor, any surety or any guarantor. Guarantor waives all rights and defenses which may arise with
respect to any of the foregoing, and Guarantor waives any right to revoke this Guaranty with respect to future indebtedness. Guarantor waives all rights or defenses under common law, in equity, under contract, by statute, or otherwise. 

3. Reinstatement. The Guarantor agrees that this Guaranty shall continue to be effective or be reinstated, as the case may be, if
at any time any payment (in whole or in part) of any of the Guaranteed Obligations is rescinded or must otherwise be restored by Lender or any holder of the Note, upon the insolvency, bankruptcy or reorganization of Borrower, any other obligor or
otherwise, all as though such payment had not been made. 
 4. Waiver, etc. Guarantor hereby waives promptness,
diligence, notice of acceptance and any other notice with respect to the Debt and this Guaranty (including notice of any of the matters set forth in Section 3) and any requirement that Lender or any holder of the Note protect, secure, perfect
or insure any security interest or lien, or any property subject thereto, or exhaust any right or take any action against the Borrower, any other obligor or any other person (including any other guarantor) or entity or any collateral securing the
Debt. Lender shall not be required to mitigate damages. 
 5. Deferment of Rights of Subrogation, Reimbursement and
Contribution. 
 (a) Notwithstanding any payment or payments made by Guarantor hereunder, Guarantor shall not assert or
exercise any right of Lender or of Guarantor against Borrower to recover the amount of any payment made by Guarantor to Lender by way of subrogation, reimbursement, contribution, indemnity or otherwise arising by contract or operation of law, and
Guarantor shall not have any right of recourse to or any claim against assets or property of Borrower, whether or not the obligations of Borrower have been satisfied, all of such rights being herein expressly waived by Guarantor. If any amount shall
nevertheless be paid to Guarantor by Borrower or another guarantor prior to payment in full of the Debt and the Guaranteed Obligations, such amount shall be held in trust for the benefit of Lender and shall forthwith be paid to Lender to be credited
and applied to the Debt, whether matured or unmatured. The provisions of this Section shall survive the termination of this Guaranty, and any satisfaction and discharge of Borrower by virtue of any payment, court order or any applicable law.
Guarantor acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by the Loan Agreement and that the waiver set forth in this Section is knowingly made in contemplation of such benefits.

  
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 (b) Notwithstanding the provisions of subsection (a), Guarantor shall have and be entitled
to (i) all rights of subrogation otherwise provided by applicable law in respect of any payment it may make or be obligated to make under this Guaranty and (ii) all claims it would have against any other guarantor in the absence of
subsection (a) and to assert and enforce same, in each case on and after, but at no time prior to, the date (the “Subrogation Trigger Date”) which is ninety-one (91) days after the date on which all of the Debt has been
paid in full, if and only if (y) no Event of Default arising under Section 10(a)(iv) and Section 10(a)(v) of the Loan Agreement with respect to Borrower, Guarantor or any other guarantor has existed at any time on and
after the date of this Guaranty to and including the Subrogation Trigger Date and (z) the existence of Guarantor’s rights under this subsection (b) would not make Guarantor a creditor (as defined in the Bankruptcy Code) of Borrower or
any other guarantor in any insolvency, bankruptcy, reorganization or similar proceeding commenced on or prior to the Subrogation Trigger Date. 
 6. Bankruptcy Code Waiver. It is the intention of the parties that Guarantor shall not be deemed to be a “creditor” or “creditors” (as defined in Section 101 of the
Bankruptcy Code) of Borrower, by reason of the existence of this Guaranty in the event that Borrower becomes a debtor in any proceeding under the Bankruptcy Code, and in connection herewith, Guarantor hereby waives any such right as a
“creditor” under the Bankruptcy Code. This waiver is given to induce Lender to make the Loan. 
 7. Subordination
of all Guarantor Claims. 
 (a) As used herein, “Guarantor Claims” means all debts and liabilities of
Borrower or any other obligor (other than Interim Guarantor) to Guarantor, whether such debts and liabilities now exist or are hereafter incurred or arise, or whether the obligations are direct, contingent, primary, secondary, several, joint and
several, or otherwise, and irrespective of whether such debts or liabilities be evidenced by note, contract, open account, or otherwise, and irrespective of the person or persons in whose favor such debts or liabilities may, at their inception, have
been, or may hereafter be created, or the manner in which they have been or may hereafter be acquired by Guarantor. The Guarantor Claims shall be, and such indebtedness is, hereby deferred, postponed and subordinated to the prior payment in full of
the Debt. Until payment in full of the Debt (and including interest accruing on the Note after the commencement of a proceeding by or against Borrower under the Bankruptcy Code, which interest Guarantor agrees shall remain a claim that is prior and
superior to any claim of Guarantor notwithstanding any contrary practice, custom or ruling in cases under the Bankruptcy Code generally), Guarantor agrees not to accept any payment or satisfaction of any kind of the Guarantor Claims and hereby
assigns the Guarantor Claims to Lender, including the right to file proof of claim and to vote thereon in connection with any such proceeding under the Bankruptcy Code, including the right to vote on any plan of reorganization. 

(b) In the event of receivership, bankruptcy, reorganization, arrangement, debtor’s relief, or other insolvency proceedings
involving Guarantor as debtor, Lender shall have the right to prove its claim in any such proceeding so as to establish its rights hereunder and receive directly from the receiver, trustee or other court custodian dividends and payments which would
otherwise be payable upon the Guarantor Claims. Guarantor hereby assigns such dividends and payments to Lender. 

  
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 (c) Without the prior written consent of Lender, Guarantor shall not (i) exercise or
enforce any creditor’s right it may have against Borrower, or (ii) foreclose, repossess, sequester or otherwise take steps or institute any action or proceedings (judicial or otherwise, including without limitation the commencement of, or
joinder in, any liquidation, bankruptcy, rearrangement, debtor’s relief or insolvency proceeding) to enforce any liens, mortgages, deeds of trust, security interest, collateral rights, judgments or other encumbrances on assets of Borrower held
by Guarantor. 
 8. Representations and Warranties. Guarantor represents and warrants to Lender as follows: 

(a) Benefit. Guarantor is an affiliate of Borrower, or is the owner of a direct or indirect interest in Borrower, and has
received, or will receive, direct or indirect benefit from the making of this Guaranty. 
 (b) Familiarity and Reliance.
Guarantor is familiar with, and has independently reviewed books and records regarding, the financial condition of Borrower and is familiar with the value of any and all collateral intended to be created as security for the payment of the Debt;
provided, however, Guarantor is not relying on such financial condition or the collateral as an inducement to enter into this Guaranty. 
 (c) No Representation by Lender. Neither Lender nor any other party has made any representation, warranty or statement to Guarantor in order to induce Guarantor to execute this Guaranty.

 (d) Guarantor’s Financial Condition. As of the date hereof, and after giving effect to this Guaranty and the
contingent obligation evidenced hereby, Guarantor is, and will be, solvent, and has and will have assets which, fairly valued, exceed its obligations, liabilities (including contingent liabilities) and debts, and has and will have property and
assets sufficient to satisfy and repay its obligations and liabilities. 
 (e) Legality. The execution, delivery and
performance by Guarantor of this Guaranty and the consummation of the transactions contemplated hereunder do not, and will not, contravene or conflict with any law, statute or regulation whatsoever to which Guarantor is subject or constitute a
default (or an event which with notice or lapse of time or both would constitute a default) under, or result in the breach of, any indenture, mortgage, deed of trust, charge, lien, or any contract, agreement or other instrument to which Guarantor is
a party or which may be applicable to Guarantor. Guarantor has full power and authority to execute and deliver this Guaranty and to perform its obligations hereunder. This Guaranty is a legal and binding obligation of Guarantor, enforceable against
it in accordance with its terms, except as limited by bankruptcy, insolvency or other laws of general application relating to the enforcement of creditors’ rights. 
 (f) Litigation. Except as otherwise disclosed to Lender, there are no proceedings pending or, so far as Guarantor knows, threatened before any court or administrative agency which, if decided
adversely to Guarantor, would have a material adverse effect on the use, operation or value of the Property, taken as a whole, the ongoing revenues and expenses of 

  
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the Property or the ability of Borrower to pay its obligations in respect of the Loan or the Property. 
 (g) Tax Returns. Guarantor has filed all required federal, state and local tax returns and has paid all taxes as shown on such returns as they have become due. No claims have been assessed and are
unpaid with respect to such taxes. 
 9. Financial Reports. Guarantor shall keep adequate books and records of account in
accordance with methods acceptable to Lender, consistently applied and furnish to Lender: 
 (a) an annual balance sheet and
income statement of Guarantor in the form required by Lender, prepared and certified by Guarantor, within sixty (60) days after the close of each fiscal year of Guarantor; 

(b) copies of all federal tax returns filed by Guarantor, within thirty (30) days after the filing thereof; and 

(c) such other financial statements as may, from time to time, be required by Lender. 

10. Right to Examine. Lender and its accountants shall have the right to examine the records, books, management and other papers
of Guarantor which reflect upon Guarantor’s financial condition, at the Property or at any office (or such other location) regularly maintained by any Guarantor where the books and records are located. Lender and its accountants shall have the
right to make copies and extracts from the foregoing records and other papers. In addition, Lender and its accountants shall have the right to examine and audit the books and records of Guarantor pertaining to the income, expenses and operation of
the Property during reasonable business hours at any office of Guarantor where the books and records are located. 
 11.
Review of Financial Condition. Guarantor hereby consents and agrees that Lender shall be permitted at any time and from time to time to review and/or confirm the financial condition of Guarantor, including ordering and reviewing credit
reports from a nationally recognized credit agency. 
 12. INTENTIONALLY OMITTED. 

13. Miscellaneous. 
 (a) Waiver of Notice. Guarantor hereby expressly waives the right to receive any notice from Lender with respect to any matter for which this Guaranty does not specifically and expressly provide
for the giving of notice by Lender to Guarantor. No release of any security for the Loan or one or more extensions of time for payment of the Note or any installment thereof, and no alteration, amendment or waiver of any provision of this Guaranty,
the Note or the other Loan Documents made by agreement between Lender or any other person, shall release, modify, amend, waive, extend, change, discharge, terminate or affect the liability of Guarantor or any other person who may become liable for
the payment of all or any part of the Loan under the Note, this Guaranty or the other Loan Documents. 

  
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 (b) Jurisdiction; Court Proceedings. Guarantor, to the fullest extent permitted by
law, hereby knowingly, intentionally and voluntarily, with and upon the advice of competent counsel, (i) submits to personal, nonexclusive jurisdiction in the Commonwealth of Pennsylvania with respect to any suit, action or proceeding by any
person arising from, relating to or in connection with the Loan Documents or the Loan, (ii) agrees that any such suit, action or proceeding may be brought in any state or federal court of competent jurisdiction sitting in Philadelphia,
Pennsylvania, (iii) submits to the jurisdiction of such courts, (iv) agrees that it will not bring any action, suit or proceeding in any forum other than Philadelphia, Pennsylvania (but nothing herein shall affect the right of Lender to
bring any action, suit or proceeding in any other forum), (v) irrevocably agrees not to assert any objection which it may ever have to the laying of venue of any such suit, action or proceeding in any federal or state court located in
Pennsylvania and any claim that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum, and (vi) consents and agrees to service of any summons, complaint or other legal process in any such suit,
action or proceeding by registered or certified U.S. mail, postage prepaid, to Guarantor, at the address for notices described herein and consents and agrees that such service shall constitute in every respect valid and effective service (but
nothing herein shall affect the validity or effectiveness of process served in any other manner permitted by law). 
 (c)
Waiver of Jury Trial. GUARANTOR, TO THE FULLEST EXTENT PERMITTED BY LAW, HEREBY KNOWINGLY, INTENTIONALLY AND VOLUNTARILY, WITH AND UPON THE ADVICE OF COMPETENT COUNSEL, WAIVES, RELINQUISHES AND FOREVER FORGOES THE RIGHT TO A TRIAL BY JURY
IN ANY ACTION OR PROCEEDING, INCLUDING ANY TORT ACTION, BROUGHT BY ANY PARTY TO THE LOAN DOCUMENTS AGAINST ANY OTHER BASED UPON, ARISING OUT OF, OR IN ANY WAY RELATING TO OR IN CONNECTION WITH THE LOAN DOCUMENTS, THE LOAN OR ANY COURSE OF CONDUCT,
ACT, OMISSION, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PERSON (INCLUDING, WITHOUT LIMITATION, SUCH PERSON’S DIRECTORS, OFFICERS, PARTNERS, MEMBERS, EMPLOYEES, AGENTS OR ATTORNEYS, OR ANY OTHER PERSONS
AFFILIATED WITH SUCH PERSON), IN CONNECTION WITH THE LOAN OR THE LOAN DOCUMENTS, INCLUDING ANY COUNTERCLAIM WHICH GUARANTOR MAY BE PERMITTED TO ASSERT THEREUNDER OR WHICH MAY BE ASSERTED BY LENDER OR ITS AGENTS AGAINST GUARANTOR, WHETHER SOUNDING IN
CONTRACT, TORT OR OTHERWISE. THIS WAIVER BY GUARANTOR OF ITS RIGHT TO A JURY TRIAL IS A MATERIAL INDUCEMENT FOR LENDER TO PERMIT THE ASSUMPTION OF THE LOAN BY BORROWER. 
 (d) Offsets, Counterclaims and Defenses. Guarantor hereby knowingly waives the right to assert any counterclaim, other than a compulsory counterclaim, in any action or proceeding brought against
Guarantor by Lender. Any assignee of the Loan Documents or any successor of Lender shall take the same free and clear of all offsets, counterclaims or defenses which are unrelated to the Loan Documents which Guarantor may otherwise have against any
assignor of the Loan Documents, and no such unrelated counterclaim or defense shall be interposed or asserted by Guarantor in any action or proceeding brought by any such assignee under any Loan Document. Any such right to interpose or assert any
such unrelated 

  
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offset, counterclaim or defense in any such action or proceeding is hereby expressly waived by Guarantor. 
 (e) Voluntary Agreement. GUARANTOR HEREBY REPRESENTS AND WARRANTS THAT GUARANTOR IS FULLY AWARE OF THE TERMS CONTAINED IN THE LOAN DOCUMENTS AND THAT GUARANTOR HAS VOLUNTARILY AND WITHOUT
COERCION OR DURESS OF ANY KIND ENTERED INTO THE LOAN DOCUMENTS TO WHICH IT IS A PARTY. 
 (f) Assignments. Guarantor
acknowledges and agrees that Lender may, in the ordinary course of its business and in accordance with applicable law, at any time assign, the Note and its rights and obligations under this Guaranty and the other Loan Documents to a bank or other
person. 
 (g) Further Assurances. Guarantor agrees that it will execute and deliver such further instruments and perform
such further acts as may be requested by Lender from time to time to confirm the provisions of any Loan Document to which it is a party, to carry out more effectively the purposes of this Guaranty or the Loan Documents. 

(h) Waiver. Guarantor hereby waives and releases all errors, defects and imperfections in any proceedings instituted by Lender
under the Loan Documents. 
 (i) Governing Law. This Guaranty shall be governed by Pennsylvania law without giving effect
to the principles of conflicts of laws. 
 14. Rules of Construction. This Guaranty is governed by and hereby
incorporates by reference the Rules of Construction contained in the Loan Agreement, which shall apply with the same effect as though fully set forth herein, and Guarantor shall be bound by them to the same extent as Borrower, except that notices to
Guarantor shall be addressed as follows: 
  

	
	 Independence Realty Operating Partnership, LP

	 Cira Centre

	 2929 Arch Street, 17th Floor

	 Philadelphia, PA 19104-2870

	 Attention: Scott F. Schaeffer, President

	 Facsimile No.: (215) 243-9097

	
	 With a copy to:

	
	 Ledgewood, a Professional Corporation

	 1900 Market Street, Suite 750

	 Philadelphia, PA 19103

	 Attention: David Mallenbaum, Esquire

	 Facsimile No.: (215) 735-2513

 [SIGNATURE APPEARS ON THE FOLLOWING PAGE] 

  
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 EXECUTED as of the day and year first above written. 

 

					
	GUARANTOR:
	
	INDEPENDENCE REALTY OPERATING PARTNERSHIP, LP,
	a Delaware limited partnership
		
	By:	 	Independence Realty Trust, Inc.,
		 	a Maryland corporation, its General Partner
			
		 	By:	 	 /s/ Jack E. Salmon

		 	Name: Jack E. Salmon
		 	Title: President and Chief Financial Officer

 STATE OF PENNSYLVANIA 
 COUNTY OF PHILADELPHIA 

On April 29, 2011, before me, the undersigned, a Notary Public in and for said State, personally appeared Jack E. Salmon as
President and Chief Financial Officer of Independence Realty Trust, Inc., a Maryland corporation, which is the General Partner of Independence Realty Operating Partnership, LP, a Delaware limited partnership, personally known to me to be the
person whose name is subscribed to the within instrument, and acknowledged to me that he executed the same in his authorized capacity, and that by his signature on the instrument the person, or the entity upon which the person acted, executed the
instrument. 
 WITNESS my hand and seal the day and year aforesaid. 

 

	
	 /s/ Lisa D. Schumm

	Notary Public
	My Commission expires:

 [Notarial Seal] 

  
 9Executive Employment Agreement

 EXHIBIT 10.1 
 AVI BIOPHARMA, INC. 
 EXECUTIVE EMPLOYMENT AGREEMENT 

This Employment Agreement (the “Agreement”) is entered into as of January 10, 2011 (the
“Effective Date”) by and between AVI BioPharma, Inc. (the “Company”), and Effie Toshav (“Executive”). 
 1. Duties and Scope of Employment. 
 (a) Positions and
Duties. As of January 10, 2011 (the “Start Date”), Executive will serve as the Company’s Senior Vice President and General Counsel. Executive will report to the Chief Executive Officer of the Company and render such
business and professional services in the performance of her duties as will reasonably be assigned to him by the Company’s Chief Executive Officer. 
 (b) Obligations. During the Employment Term, Executive will perform her duties faithfully and to the best of her ability and will devote her full business efforts and time to the Company. For the
duration of the Employment Term, Executive agrees not to actively engage in any other employment, occupation or consulting activity for any direct or indirect remuneration without the prior approval of the Board. 

2. At-Will Employment. The parties agree that Executive’s employment with the Company will be
“at-will” employment and may be terminated at any time with or without Cause or notice. Executive understands and agrees that neither her job performance nor promotions, commendations, bonuses or the like from the Company give rise to or
in any way serve as the basis for modification, amendment, or extension, by implication or otherwise, of her employment with the Company. However, as described in this Agreement, Executive may be entitled to severance benefits depending on the
circumstances of Executive’s termination of employment with the Company. 
 3. Term of Agreement.
Subject to Section 2 above, this Agreement will have an initial term of two (2) years, commencing on the Effective Date (the “Employment Term”). Unless the Company provides at least 90 days’ prior written notice of
non-renewal prior to the end of an Employment Term, an Employment Term will be extended for an additional two (2) years commencing on the day immediately following the most recently completed Employment Term. If notice of non-renewal is
delivered in accordance herewith, at the end of the then current Employment Term, the Agreement will expire in accordance with its terms. Non-renewal at the end of the Employment Term shall not constitute termination without Cause or give Executive
an opportunity to terminate her employment for Good Reason; however Executive will be entitled to receive continuing payments of severance pay at a rate equal to Executive’s Base Salary, as then in effect, for six (6) months from the date
of the end of the Employment Term, which will be paid in accordance with the Company’s regular payroll procedures. Notwithstanding anything herein to the contrary, if, during the Employment Term, the Company experiences a Change of Control, the

 
Employment Term shall be extended to the end of the Change of Control Period (as defined in Section 8(b) below). 

4. Compensation. 
 (a) Base Salary. During the Employment Term, the Company will pay Executive an annual salary of $335,000 as compensation for her services (the “Base Salary”). The Base Salary will
be paid periodically in accordance with the Company’s normal payroll practices and be subject to the usual, required withholdings. Executive’s salary will be subject to review and adjustments will be made based upon the Company’s
normal performance review practices. 
 (b) Target Bonus. Executive will be eligible
to receive a target annual bonus of thirty percent (30%) of Executive’s Base Salary, less applicable withholdings, upon achievement of performance objectives to be determined by the Board in its sole discretion (the “Target
Bonus”). The maximum bonus Executive will be eligible to receive is forty-five percent (45%) of her Base Salary. The Target Bonus, or any portion thereof, will be paid as soon as practicable after the Board determines that the Target
Bonus has been earned, but in no event shall the Target Bonus be paid after the later of (i) the fifteenth
(15th) day of the third (3rd) month following the close of the Company’s fiscal year in
which the Target Bonus is earned and (ii) March 15 following the calendar year in which the Target Bonus is earned. 
 (c) Stock Option. Following the Effective Date, it will be recommended that Executive be granted a stock option to purchase 650,000 shares at an exercise price equal to the fair market value on the
date of grant (the “Option”). Subject to the accelerated vesting provisions set forth herein, the Option will vest as to twenty-five percent (25%) of the shares subject to the Option on the first anniversary of the Start Date,
and as to 1/48th of the shares subject to the Option monthly anniversary thereafter on the same day of the month as the Start Date (and if there is no corresponding day, the last day of the month), so that the Option will be fully vested and
exercisable four (4) years from the Start Date, subject to Executive continuing to provide services to the Company through the relevant vesting dates. The Option will be subject to the terms, definitions and provisions of the Company’s
2002 Equity Incentive Plan (the “Equity Plan”) and the stock option agreement by and between Executive and the Company (the “Option Agreement”), both of which documents are incorporated herein by reference.

 5. Employee Benefits. During the Employment Term, Executive will be entitled to participate in the
employee benefit plans currently and hereafter maintained by the Company of general applicability to other executive officers of the Company. The Company reserves the right to cancel or change the benefit plans and programs it offers to its
employees at any time. 
 6. Vacation. Executive will be entitled to paid vacation in accordance with the
Company’s vacation policy, with the timing and duration of specific days off mutually and reasonably agreed to by the parties hereto. 
 7. Business Expenses. The Company will reimburse Executive for reasonable travel, entertainment or other business expenses incurred by Executive in the furtherance of, or in connection with, the
performance of Executive’s duties hereunder, in accordance with the Company’s expense reimbursement policy as in effect from time to time. 

  
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 8. Severance. 

(a) Termination for other than Cause, Death or Disability Apart from a Change of Control. If prior to a Change of
Control or after twelve (12) months following a Change of Control, the Company (or any parent or subsidiary or successor of the Company) terminates Executive’s employment with the Company other than for Cause, death or disability after
providing at least thirty (30) days advance notice to Executive, or the Executive resigns from such employment for Good Reason as a result of clause (iv) of such term, then, subject to Section 9, Executive will be entitled to

 (i) receive continuing payments of severance pay at a rate equal to Executive’s Base Salary, as then in
effect, for twelve (12) months from the date of such termination, which will be paid in accordance with the Company’s regular payroll procedures; 
 (ii) accelerated vesting as to 50% of Executive’s outstanding and unvested equity awards; and 
 (iii) an extension of the post-termination exercise period applicable to Executive’s outstanding options to one hundred and eighty (180) days following the date of Executive’s termination
of employment. 
 (b) Termination for other than Cause, Death or Disability or Resignation by Executive for
Good Reason upon or within Twelve Months Following a Change of Control. If upon or within twelve (12) months following a Change of Control (the “Change of Control Period”), the Company (or any parent or subsidiary or
successor of the Company) terminates Executive’s employment with the Company other than for Cause, death or disability after providing at least thirty (30) days advance notice to Executive, or the Executive resigns from such employment for
Good Reason, then, subject to Section 9, Executive will be entitled to 
 (i) receive continuing payments
of severance pay at a rate equal to Executive’s Base Salary, as then in effect, for twenty-four (24) months from the date of such termination, which will be paid in accordance with the Company’s regular payroll procedures; 

(ii) accelerated vesting as to 100% of Executive’s outstanding and unvested equity awards; and 

(iii) an extension of the post-termination exercise period applicable to Executive’s outstanding options to one
hundred and eighty (180) days following the date of Executive’s termination of employment. 
 (c)
Termination for Cause, Death or Disability; Resignation without Good Reason. If Executive’s employment with the Company (or any parent or subsidiary or successor of the Company) terminates voluntarily by Executive (except upon
resignation for Good Reason during the Change of Control Period), for Cause by the Company or due to Executive’s death or disability, then 
 (i) all vesting will terminate immediately with respect to Executive’s outstanding equity awards; 

  
 -3-

 (ii) all payments of compensation by the Company to Executive hereunder
will terminate immediately (except as to amounts already earned); and 
 (iii) Executive will only be eligible
for severance benefits in accordance with the Company’s established policies, if any, as then in effect. 

(d) Exclusive Remedy. In the event of a termination of Executive’s employment with the Company (or any parent
or subsidiary or successor of the Company), the provisions of this Section 8 are intended to be and are exclusive and in lieu of any other rights or remedies to which Executive or the Company may otherwise be entitled, whether at law, tort or
contract, in equity, or under this Agreement. Executive will be entitled to no severance or other benefits upon termination of employment with respect to acceleration of award vesting, extension of the option exercise period, or severance pay other
than those benefits expressly set forth in this Section 8. 
 9. Conditions to Receipt of Severance; No
Duty to Mitigate. 
 (a) Separation Agreement and Release of Claims. The receipt of any severance
pursuant to Section 8(a) or (b) will be subject to Executive signing and not revoking a separation agreement and release of claims in a form reasonably satisfactory to the Company (the “Release”) and provided that such
Release becomes effective and irrevocable no later than sixty (60) days following the termination date (such deadline, the “Release Deadline”). No severance will be paid or provided until the Release becomes effective. If the
Release does not become effective by the Release Deadline, Executive forfeits her right to any severance or similar payment under the Agreement. In the event Executive’s termination of employment occurs at a time during the calendar year where
it would be possible for the Release to become effective in the calendar year following the calendar year in which her termination of employment occurs, then any severance that would be deferred in accordance with the paragraph below will be paid on
the first payroll date to occur during the calendar year following the calendar year in which such termination of employment occurs, or such later time as required by (i) the payment schedule applicable to each payment or benefit, (ii) the
date the Release becomes effective, or (iii) Section 9(c) below. 
 (b) Non-Competition;
Non-Solicitation. The receipt of any severance benefits pursuant to Section 8(a) or (b) will be subject to Executive not violating the provisions of Sections 13 and 14. In the event Executive breaches the provisions of Sections 13
and/or 14, or otherwise materially breaches this Agreement, all continuing payments and benefits to which Executive may otherwise be entitled pursuant to Section 8(a) or (b), as applicable, will immediately cease. 

(c) Section 409A. 
 (i) Notwithstanding anything to the contrary in this Agreement, no severance pay or benefits to be paid or provided to Executive, if any, pursuant to this Agreement that, when considered together with any
other severance payments or separation benefits, are considered deferred compensation under Code Section 409A, and the final regulations and any guidance promulgated thereunder (“Section 409A”) (together, the “Deferred
Payments”) will be paid or otherwise provided until Executive has a “separation from service” within the meaning of Section 409A. Similarly, no severance payable to Executive, if any, pursuant to this Agreement that otherwise
would be exempt from Section 409A pursuant to Treasury Regulation Section 1.409A-

  
 -4-

 
1(b)(9) will be payable until Executive has a “separation from service” within the meaning of Section 409A. 

(ii) Any severance payments or benefits under this Agreement that would be considered Deferred
Payments will be paid on, or, in the case of installments, will not commence until, the sixtieth (60th) day following Executive’s separation from service, or, if later, such time as required by Section 9(c)(iii). Except as required by Section 9(c)(iii), any installment payments that
would have been made to Executive during the sixty (60) day period immediately following Executive’s separation from service but for the preceding sentence will be paid to Executive on the sixtieth (60th) day following Executive’s separation from service and the
remaining payments shall be made as provided in this Agreement. 
 (iii) Notwithstanding anything to the
contrary in this Agreement, if Executive is a “specified employee” within the meaning of Section 409A at the time of Executive’s termination (other than due to death), then the Deferred Payments that are payable within the first
six (6) months following Executive’s separation from service, will become payable on the first payroll date that occurs on or after the date six (6) months and one (1) day following the date of Executive’s separation from
service. All subsequent Deferred Payments, if any, will be payable in accordance with the payment schedule applicable to each payment or benefit. Notwithstanding anything herein to the contrary, if Executive dies following Executive’s
separation from service, but prior to the six (6) month anniversary of the separation from service, then any payments delayed in accordance with this paragraph will be payable in a lump sum as soon as administratively practicable after the date
of Executive’s death and all other Deferred Payments will be payable in accordance with the payment schedule applicable to each payment or benefit. Each payment and benefit payable under this Agreement is intended to constitute a separate
payment for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations. 
 (iv) Any amount paid under
this Agreement that satisfies the requirements of the “short-term deferral” rule set forth in Section 1.409A-1(b)(4) of the Treasury Regulations will not constitute Deferred Payments for purposes of clause (i) above. 

(v) Any amount paid under this Agreement that qualifies as a payment made as a result of an involuntary separation from
service pursuant to Section 1.409A-1(b)(9)(iii) of the Treasury Regulations that does not exceed the Section 409A Limit (as defined below) will not constitute Deferred Payments for purposes of clause (i) above. 

(vi) The foregoing provisions are intended to comply with the requirements of Section 409A so that none of the
severance payments and benefits to be provided hereunder will be subject to the additional tax imposed under Section 409A, and any ambiguities herein will be interpreted to so comply. The Company and Executive agree to work together in good
faith to consider amendments to this Agreement and to take such reasonable actions which are necessary, appropriate or desirable to avoid imposition of any additional tax or income recognition prior to actual payment to Executive under
Section 409A. 
 (d) Confidential Information Agreement. Executive’s receipt of any payments or
benefits under Section 8 will be subject to Executive continuing to comply with the terms of Confidential Information Agreement (as defined in Section 12). 

  
 -5-

 (e) No Duty to Mitigate. Executive will not be required to mitigate
the amount of any payment contemplated by this Agreement, nor will any earnings that Executive may receive from any other source reduce any such payment. 
 10. Definitions. 
 (a) Cause. For purposes of this
Agreement, “Cause” is defined as (i) an act of dishonesty made by Executive in connection with Executive’s responsibilities as an employee, (ii) Executive’s conviction of, or plea of nolo contendere to, a
felony or any crime involving fraud, embezzlement or any other act of moral turpitude; (iii) Executive’s gross misconduct; (iv) Executive’s unauthorized use or disclosure of any proprietary information or trade secrets of the
Company or any other party to whom Executive owes an obligation of nondisclosure as a result of Executive’s relationship with the Company; (v) Executive’s willful breach of any obligations under any written agreement or covenant with
the Company; or (vi) Executive’s continued failure to perform her employment duties after Executive has received a written demand of performance from the Company which specifically sets forth the factual basis for the Company’s belief
that Executive has not substantially performed her duties and has failed to cure such non-performance to the Company’s satisfaction within ten (10) business days after receiving such notice. 

(b) Change of Control. For purposes of this Agreement, “Change of Control” of the Company is
defined as: 
 (i) any “person” (as such term is used in Sections 12(d) and 13(d) of the Securities
Exchange Act of 1934, as amended) is or becomes the “beneficial owner” (as defined in Rule 13d-3 under said Act), directly or indirectly, of securities of the Company representing more than 50% of the total voting power represented by the
Company’s then outstanding voting securities; or 
 (ii) the date of the consummation of a merger or
consolidation of the Company with any other corporation that has been approved by the stockholders of the Company, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto
continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or its parent) at least fifty percent (50%) of the total voting power represented by the voting securities of the
Company or such surviving entity or its parent outstanding immediately after such merger or consolidation; or 

(iii) the date of the consummation of the sale or disposition by the Company of all or substantially all the
Company’s assets. 
 Notwithstanding the foregoing provisions of this definition, a transaction will not
be deemed a Change of Control unless the transaction qualifies as a “change in control event” within the meaning of Section 409A. 
 (c) Code. For purposes of this Agreement, “Code” means the Internal Revenue Code of 1986, as amended. 

(d) Good Reason. For the purposes of this Agreement, “Good Reason” means the termination by
Executive upon the occurrence of any of the below described events. Executive 

  
 -6-

 
must provide notice to the Company of the existence of such event within ninety (90) days of the first occurrence of such event, and the Company will have thirty (30) days to remedy the
condition, in which case no Good Reason shall exist. If the Company fails to remedy the condition within such thirty (30) day period, Executive must terminate employment within two (2) years of the first occurrence of such event. The
events which constitute a Good Reason termination are: (i) the assignment of a different title or change that results in a material reduction in Executive’s duties or responsibilities; (ii) a material reduction by the Company in
Executive’s base compensation, other than a reduction in her Base Salary that is part of a general salary reduction affecting employees generally and provided the reduction is not greater, percentage-wise, than the reduction affecting other
employees generally or failure to provide an annual increase in base compensation commensurate with other executives; provided, however, in determining whether to provide an annual increase in base compensation commensurate with an annual increase
provided to other executives, the Company may take into account factors such as market levels of compensation, Executive’s overall performance, and other factors reasonably considered by the Company’s compensation committee and/or Board,
so long as such determination is not made in bad faith with the intent to discriminate against Executive; (iii) relocation of Executive’s principal place of business of greater than seventy-five (75) miles from its then location; or
(iv) Executive is required to report to any person other than the Chief Executive Officer of the Company or Board. 
 (e) Section 409A Limit. For purposes of this Agreement, “Section 409A Limit” will mean two (2) times the lesser of: (i) Executive’s annualized compensation
based upon the annual rate of pay paid to Executive during the Executive’s taxable year preceding the Executive’s taxable year of her or her separation from service as determined under Treasury Regulation
Section 1.409A-1(b)(9)(iii)(A)(1) and any Internal Revenue Service guidance issued with respect thereto; or (ii) the maximum amount that may be taken into account under a qualified plan pursuant to Section 401(a)(17) of the Internal
Revenue Code for the year in which Executive’s separation from service occurred. 
 11. Limitation on
Payments. In the event that the severance and other benefits provided for in this Agreement or otherwise payable to Executive (i) constitute “parachute payments” within the meaning of Section 280G of the Code and
(ii) but for this Section 11, would be subject to the excise tax imposed by Section 4999 of the Code, then Executive’s severance benefits will be either: 

(a) delivered in full, or 
 (b) delivered as to such lesser extent which would result in no portion of such severance benefits being subject to the excise tax under Section 4999 of the Code, 

whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes and the excise tax imposed
by Section 4999, results in the receipt by Executive on an after-tax basis, of the greatest amount of severance benefits, notwithstanding that all or some portion of such severance benefits may be taxable under Section 4999 of the Code. If
a reduction in the severance and other benefits constituting “parachute payments” is necessary so that no portion of such severance benefits is subject to the excise tax under Section 4999 of the Code, the reduction shall occur in the
following order: (1) reduction of the cash severance payments; (2) cancellation of accelerated vesting of equity awards; and (3) reduction of continued employee benefits. In the event that acceleration of vesting of equity award
compensation is to be reduced, such acceleration of 

  
 -7-

 
vesting shall be cancelled in the reverse order of the date of grant of Executive’s equity awards. If two or more equity awards are granted on the same date, each award will be reduced on a
pro-rata basis. In no event shall the Executive have any discretion with respect to the ordering of payment reductions. 
 Unless the Company and Executive otherwise agree in writing, any determination required under this Section 11 will be made in writing by the independent public accountants who are primarily used by
the Company immediately prior to the Change of Control, the Company’s legal counsel or such other person or entity to which the parties mutually agree (the “Firm”), whose determination will be conclusive and binding upon
Executive and the Company for all purposes. For purposes of making the calculations required by this Section 11, the Firm may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith
interpretations concerning the application of Sections 280G and 4999 of the Code. The Company and Executive will furnish to the Firm such information and documents as the Firm may reasonably request in order to make a determination under this
Section 11. The Company will bear all costs the Firm may reasonably incur in connection with any calculations contemplated by this Section 11. 
 12. Confidential Information. Executive agrees to enter into the confidential information agreement attached hereto (the “Confidential Information Agreement”) upon commencing
employment hereunder. 
 13. Non-Competition. During the term of her employment with the Company and
until the later of: the date Executive terminates her employment with the Company and the date Executive no longer receives the severance benefits provided in Section 8(a)(i) or 8(b)(i), as applicable, Executive will not, either directly or
indirectly, (a) serve as an advisor, agent, consultant, director, employee, officer, partner, proprietor or otherwise of, (b) have any ownership interest in (except for passive ownership of one percent (1%) or less of any entity whose
securities have been registered under the Securities Act of 1933, as amended, or Section 11 of the Securities Exchange Act of 1934, as amended) or (c) participate in the organization, financing, operation, management or control of, any
business (i) that is in competition with the Company’s business as conducted by the Company at any time during the course of Executive’s employment with the Company and (ii) on which Executive worked or about which Executive
learned, during her employment, information or knowledge not generally known or available outside the Company, or information or physical material entrusted to the Company by third parties, including, but not limited to inventions, during
Executive’s employment or consultancy with the Company, confidential knowledge, copyrights, product ideas, techniques, processes, formulas, object codes, biological materials, mask works and/or any other information of any type relating to
documentation, laboratory notebooks, data, schematics, algorithms, flow charts, mechanisms, research, manufacture, improvements, assembly, installation, marketing, forecasts, sales, pricing, customers, the salaries, duties, qualifications,
performance levels and terms of compensation of other employees, and/or cost or other financial data concerning any of the foregoing or the Company and its operations. 

14. Non-Solicitation. During the term of her employment with the Company and until the date two (2) years
after the termination of Executive’s employment with the Company for any reason, Executive agrees not, either directly or indirectly, to solicit, induce, attempt to solicit, recruit, or encourage any employee of the Company (or any parent or
subsidiary of the Company) to leave her employment either for Executive or for any other entity or person. Executive represents that he 

  
 -8-

 
(a) is familiar with the foregoing covenant not to solicit, and (b) is fully aware of her obligations hereunder, including, without limitation, the reasonableness of the length of time,
scope and geographic coverage of these covenants. 
 15. Assignment. This Agreement will be binding upon
and inure to the benefit of (a) the heirs, executors and legal representatives of Executive upon Executive’s death and (b) any successor of the Company. Any such successor of the Company will be deemed substituted for the Company
under the terms of this Agreement for all purposes. For this purpose, “successor” means any person, firm, corporation or other business entity which at any time, whether by purchase, merger or otherwise, directly or indirectly
acquires all or substantially all of the assets or business of the Company. None of the rights of Executive to receive any form of compensation payable pursuant to this Agreement may be assigned or transferred except by will or the laws of descent
and distribution. Any other attempted assignment, transfer, conveyance or other disposition of Executive’s right to compensation or other benefits will be null and void. 

16. Notices. All notices, requests, demands and other communications called for hereunder will be in writing and
will be deemed given (a) on the date of delivery if delivered personally, (b) one (1) day after being sent by a well established commercial overnight service, or (c) four (4) days after being mailed by registered or
certified mail, return receipt requested, prepaid and addressed to the parties or their successors at the following addresses, or at such other addresses as the parties may later designate in writing: 

If to the Company: 
 AVI BioPharma, Inc. 
 Attn: Chief Executive Officer

 3450 Monte Villa Parkway, Suite 101 

Bothell, WA 98021 
 If to Executive: 
 at the last residential address known by the
Company. 
 17. Severability. In the event that any provision hereof becomes or is declared by a court of
competent jurisdiction to be illegal, unenforceable or void, this Agreement will continue in full force and effect without said provision. 
 18. Arbitration. 
 (a) General. In consideration of
Executive’s service to the Company, her promise to arbitrate all employment related disputes and Executive’s receipt of the compensation, pay raises and other benefits paid to Executive by the Company, at present and in the future,
Executive agrees that any and all controversies, claims, or disputes with anyone (including the Company and any employee, officer, director, stockholder or benefit plan of the Company in their capacity as such or otherwise) arising out of, relating
to, or resulting from Executive’s service to the Company under this Agreement or otherwise or the termination of Executive’s service with the Company, including any breach of this Agreement, shall be subject to binding arbitration under
the Arbitration Rules set 

  
 -9-

 
forth in the Revised Code of Washington Chapter 7.04 (the “Rules”) and pursuant to Washington law. Disputes which Executive agrees to arbitrate, and thereby agrees to waive any
right to a trial by jury, include any statutory claims under state or federal law, including, but not limited to, claims under Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act of 1990, the Age Discrimination in
Employment Act of 1967, the Older Workers Benefit Protection Act, claims of harassment, discrimination or wrongful termination. Executive further understands that this Agreement to arbitrate also applies to any disputes that the Company may have
with Executive. 
 (b) Procedure. Executive agrees that any arbitration will be administered by the
American Arbitration Association (“AAA”) and that a neutral arbitrator will be selected in a manner consistent with its National Rules for the Resolution of Employment Disputes. The arbitration proceedings will allow for discovery
according to the rules set forth in the National Rules for the Resolution of Employment Disputes or the Washington Code of Civil Procedure. Executive agrees that the arbitrator shall have the power to decide any motions brought by any
party to the arbitration, including motions for summary judgment and/or adjudication and motions to dismiss and demurrers, prior to any arbitration hearing. Executive agrees that the arbitrator shall issue a written decision on the merits with
findings of fact and conclusions of law. Executive also agrees that the arbitrator shall have the power to award any remedies, including attorneys’ fees and costs, available under applicable law. Executive understands the Company will pay for
any administrative or hearing fees charged by the arbitrator or AAA except that, for any filing fees associated with any arbitration Executive initiates, Executive shall pay an amount equal to the filing fees Executive would have paid had he/she
filed a complaint in a court of law. Executive agrees that the arbitrator shall administer and conduct any arbitration in a manner consistent with the Rules and that to the extent that the AAA’s National Rules for the Resolution of Employment
Disputes conflict with the Rules, the Rules shall take precedence. 
 (c) Remedy. Except as provided by
the Rules, arbitration shall be the sole, exclusive and final remedy for any dispute between Executive and the Company. Accordingly, except as provided for by the Rules, neither Executive nor the Company will be permitted to pursue court action
regarding claims that are subject to arbitration. Notwithstanding, the arbitrator will not have the authority to disregard or refuse to enforce any lawful Company policy, and the arbitrator shall not order or require the Company to adopt a policy
not otherwise required by law which the Company has not adopted. 
 (d) Availability of Injunctive
Relief. In addition to the right under the Rules to petition the court for provisional relief, Executive agrees that any party may also petition the court for injunctive relief where either party alleges or claims a violation of this Agreement
or the PIIA or any other agreement regarding trade secrets, confidential information, non-competition, non-solicitation or non-disparagement. In the event either party seeks injunctive relief, the prevailing party shall be entitled to recover
reasonable costs and attorneys’ fees. 
 (e) Administrative Relief. Executive understands that this
Agreement does not prohibit Executive from pursuing an administrative claim with a local, state or federal administrative body such as the Washington State Human Rights Commission, Equal Employment Opportunity Commission or the workers’
compensation board. This Agreement does, however, preclude Executive from pursuing court action regarding any such claim. 

  
 -10-

 (f) Voluntary Nature of Agreement. Executive acknowledges and agrees
that Executive is executing this Agreement voluntarily and without any duress or undue influence by the Company or anyone else. Executive further acknowledges and agrees that Executive has carefully read this Agreement and that Executive has asked
any questions needed for Executive to understand the terms, consequences and binding effect of this Agreement and fully understands it, including that EXECUTIVE IS WAIVING EXECUTIVE’S RIGHT TO A JURY TRIAL. Finally, Executive
agrees that Executive has been provided an opportunity to seek the advice of an attorney of Executive’s choice before signing this Agreement. 
 19. Integration. This Agreement, together with the Equity Plan, Option Agreement and the Confidential Information Agreement represents the entire agreement and understanding between the parties as
to the subject matter herein and supersedes all prior or contemporaneous agreements whether written or oral. With respect to stock options or other equity awards granted on or after the date of this Agreement, the acceleration of vesting provisions
provided herein will apply to such stock options and other equity awards except to the extent otherwise explicitly provided in the applicable stock option or equity award agreement. This Agreement may be modified only by agreement of the parties by
a written instrument executed by the parties that is designated as an amendment to this Agreement. 
 20.
Waiver of Breach. The waiver of a breach of any term or provision of this Agreement, which must be in writing, will not operate as or be construed to be a waiver of any other previous or subsequent breach of this Agreement. 

21. Headings. All captions and section headings used in this Agreement are for convenient reference only and do
not form a part of this Agreement. 
 22. Tax Withholding. All payments made pursuant to this Agreement
will be subject to withholding of applicable taxes. 
 23. Governing Law. This Agreement will be governed
by the laws of the State of Washington (with the exception of its conflict of laws provisions). 
 24.
Acknowledgment. Executive acknowledges that he has had the opportunity to discuss this matter with and obtain advice from her private attorney, has had sufficient time to, and has carefully read and fully understands all the provisions of
this Agreement, and is knowingly and voluntarily entering into this Agreement. 
 25. Counterparts. This
Agreement may be executed in counterparts, and each counterpart will have the same force and effect as an original and will constitute an effective, binding agreement on the part of each of the undersigned. 

  
 -11-

 IN WITNESS WHEREOF, each of the parties has executed this Agreement, in the
case of the Company by their duly authorized officers, as of the day and year first above written. 
 COMPANY:

 AVI BIOPHARMA, INC. 
  

									
	 By:
	 	 /s/ Christopher Garabedian
	 		 	 Date:
	 	 January 8, 2011

					
	 Title:
	 	 President and CEO
	 		 		 	
			
	 EXECUTIVE:
	 		 	
				
	 /s/ Effie Toshav
	 		 	 Date:
	 	 January 5, 2011

	 EFFIE TOSHAV
	 		 		 	

  
  

 
  
 [SIGNATURE PAGE TO EXECUTIVE EMPLOYMENT AGREEMENT] 

  
 -12-

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