Document:

Exhibit
10.59

EXECUTION COPY

SEPARATION
AND RELEASE AGREEMENT

THIS SEPARATION AND RELEASE
AGREEMENT (“Agreement”) is between Denis R. Burger, Ph.D (“Employee”) and AVI
BioPharma, Inc. (“Employer”), and is effective eight (8) days after Employee signs this Agreement (“Effective
Date”).

The
parties agree as follows:

1.            Resignation. Employee resigned his position as Employer’s
Chief Executive Officer, effective March 27, 2007 (the “Resignation Date”).
Employee has been paid his salary and other compensation through March 27,
2007, less all lawful or required deductions.

2.            Consideration.

2.1           Employer will pay
Employee an amount equivalent to eighteen (18) months base salary of $375,000,
which is equivalent to $562,500 (“Severance Funds”). The Severance Funds will
be paid in equal installments in accordance with Employer’s the normal payroll
policies over the life of the severance period.

2.2           In addition to payment
of the Severance Funds, Employer will extend the exercise date to March 28,
2010 of all options to purchase shares of Employer’s common stock previously
granted to Employee, the terms of which are set forth on attached Schedule I
(the “Options”). Employer and Employee note that the effect of extending the
exercise period of Incentive Stock Options will be to convert such options to
Non-Qualified Options under the Internal Revenue Code of 1986, as amended.

2.3           In addition to the
Severance Funds and the treatment of Options as described above, for eighteen
months from the effective date hereof, at its option Employer shall either (a)
continue to provide the same health insurance coverage it currently offers to
Employee or (b) will reimburse Employee for all COBRA payments.

3.            Return of Company Property. Employee represents that he has
returned all Employer property in his possession or under his control,
including but not limited to keys, credit cards, files, laptop computer and any
and all Company documents.

4.            Confidentiality. The parties will use reasonable efforts to
keep the terms of this Agreement confidential. Employee may disclose the terms
of this Agreement to his immediate family. Employer may disclose the terms of
this Agreement to its officers and managers. Either party may disclose the
terms of this Agreement to their respective attorneys, accountants, financial
advisers, auditors, or similar advisors, or in response to government
requests.   Third persons

informed of the terms of
this Agreement shall in turn be advised of this confidentiality provision and
requested to maintain such confidentiality.

5.            Release.

5.1           In exchange for the
consideration paid to Employee as set forth in this Agreement, Employee forever
releases and discharges Employer, any of Employer-sponsored employee benefit
plans in which Employee participates, or was participating in, (collectively
the “Plans”) and all of their respective officers, members, managers, partners,
directors, trustees, agents, employees, and all of their successors and assigns
(collectively “Releasees”) from any and all claims, actions, causes of action,
rights, or damages, including costs and attorneys’ fees (collectively “Claims”)
which Employee may have arising out of his employment (including Claims that
may arise out of Employee’s employment agreement), on behalf of himself, known,
unknown, or later discovered which arose prior to the date Employee signs this
Agreement. This release includes but is not limited to, any Claims under any
local, state, or federal laws prohibiting discrimination in employment,
including without limitation the Civil Rights Acts, or the Oregon State Law
Against Discrimination, the Americans with Disabilities Act, the Age
Discrimination in Employment Act, or Claims under the Employee Retirement
Income Security Act, or Claims alleging any legal restriction on Employer’s
right to terminate its employees, any Claims Employee has relating to his
rights to or against any of the Plans, or personal injury Claims, including
without limitation wrongful discharge, breach of contract, defamation, tortious
interference with business expectancy, constructive discharge, or infliction of
emotional distress. Employee represents that he has not filed any Claim against
Employer or its Releasees, he has no knowledge of any facts that would support
any Claim by Employee against Employer or by a third party against Employer,
and that he will file a Claim at any time in the future concerning Claims
released in this Agreement; provided, however, that this will not limit
Employee from filing a Claim to enforce the terms of this Agreement.

5.2           In consideration of the
promises of Employee as set forth herein, Employer does hereby, and for its
successors and assigns, release, acquit and forever discharge Employee from any
and all actions, causes of action, obligations, costs, expenses, damages,
losses, claims, liabilities, suits, debts, and demands (including attorneys’
fees and costs actually incurred), of whatever character in law or in equity
known or unknown, suspected or unsuspected, from the beginning of time to the
date of execution hereof.

 2
 

6.             Non-disparagement.
Employee and Employer each agree not to make disparaging statements about each
other, except in the case of Employer statements that are required under
applicable federal or state securities laws or applicable rules and regulations
of any exchange on which Employer’s stock is traded.

7.            Consideration and Revocation Periods. Employee understands
and acknowledges the significance and consequences of this Agreement, that it
is voluntary, that it has not been given as a result of any coercion, and
expressly confirms that it is to be given full force and effect according to
all of its terms, including those relating to unknown Claims. Employee was
hereby advised of his right to seek the advice of an attorney prior to signing
this Agreement. Employee acknowledges that he has signed this Agreement only
after full reflection and analysis. Although he is free to sign this Agreement
before then, Employee acknowledges he was given at least 21 days after receipt
of this document in which to consider it (the “Consideration Period”). If
Employee executes this Agreement prior to the end of the Consideration Period,
Employee hereby waives any rights associated therewith. Employee may revoke
this Agreement seven (7) days after signing it and forfeit all benefits described
in paragraph 2 of this Agreement. Employee and Employer agree that any changes
made to this Agreement during the Consideration Period as a result of
negotiations between the parties do not restart the running of the
Consideration Period.

8.            No Liability. This Agreement shall not be construed as an
admission by either party that it acted wrongfully with respect to the other.

9.            Severability. If any of the provisions of this Agreement are
held to be invalid or unenforceable, the remaining provisions will nevertheless
continue to be valid and enforceable.

10.          Entire Agreement. This Agreement represents and contains the
entire understanding between the parties in connection with its subject matter.
All other prior written or oral agreements or understandings are merged into
and superseded by this Agreement. Employee acknowledges that in signing this
Agreement, he has not relied upon any representation or statement not set forth
in this Agreement made by Employer or any of its representatives.

11.          Attorney Fees. If any suit or action is filed by either
party to enforce this Agreement or otherwise with respect to the subject matter
hereof, the prevailing party shall be entitled to recover reasonable attorney
fees incurred in preparation or in prosecution or defense of such suit or
action as fixed by the trial court, and if any appeal is taken from the
decision of the trial court, reasonable attorney fees as fixed by the appellate
court.

12.          Choice of Law. This Agreement is made and shall be construed
and performed under the laws of the State of Oregon.

 3
 

EXECUTION COPY

PLEASE READ CAREFULLY. THIS AGREEMENT
INCLUDES A RELEASE OF CERTAIN KNOWN OR UNKNOWN CLAIMS.

	
  DATED this 27th day of March, 2007.

  	
   

  	
  DATED this 27th day of March, 2007.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  AVI BioPharma,
  Inc.

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Jack Bowman

  	
   

  	
   

  	
  /s/ Denis R.Burger, Ph.D

  	
   

  
	
  Name: Jack
  Bowman

  	
   

  	
  Denis R.Burger, Ph.D

  
	
   

  	
   

  	
   

  
	
  Its: Chairman

  	
   

  	
   

  
						

 

 4Exhibit
10.49.1

ENTERPRISE
BANCORP, INC.

Incentive Stock
Option Agreement

This
Agreement made as of this Xth day of XXXXX, 20XX by and between Enterprise
Bancorp, Inc., a Massachusetts corporation (the “Company”), and NAME (the “Optionee”).

WITNESSETH THAT:

WHEREAS,
the Company has instituted a program entitled “Enterprise Bancorp, Inc.  [Amended and Restated 1998] [2003] Stock
Incentive Plan” (the “Plan”); and

WHEREAS,
the Compensation Committee of the Board of Directors, or the full Board of
Directors, as the case may be, of the Company has authorized the grant of stock
options upon the terms and conditions set forth below; and

WHEREAS,
the Compensation Committee or the full Board of Directors, as the case may be,
has authorized the grant of this stock option pursuant and subject to the terms
of the Plan, a copy of which is attached hereto and incorporated herein; and

WHEREAS,
the Compensation Committee or the full Board of Directors, as the case may be,
has designated this stock option an incentive stock option in accordance with
Section 5 of the Plan;

NOW,
THEREFORE, in consideration of the premises and the mutual covenants and
agreements herein contained, the Company and the Optionee agree as follows.

1.             Grant.  Subject to the terms of the Plan and this Agreement,
the Company hereby grants to the Optionee a stock option (the “Option”) to
purchase from the Company XXX shares of its common stock, $0.01 par value per
share (“Stock”). This Option is intended to constitute an incentive stock
option within the meaning of Section 422 of the Code.

2.             Exercise Price.  This Option may be exercised at the exercise
price of $XX.XX per share of Stock, subject to adjustment as provided herein
and in the Plan.

3.             Term and Exercisability of
Option.  This Option shall expire on
the earlier of [not later than the grant date
+ ten years – one day] or the last day of the exercise period
determined pursuant to subsection (c) of this Section 3. At any time before its
expiration, this Option may be exercised to the extent set forth in the
schedule attached to this Agreement as Exhibit 1, which is incorporated herein
and made a part hereof by this reference, provided that:

(a)           at the time of exercise the Optionee
is not in violation of any employee confidentiality, noncompetition or other
agreement with the Company or a Subsidiary;

(b)           the Optionee’s employment
relationship with the Company or an ISO Subsidiary (“Relationship”) must be in
effect on the relevant date under the schedule set 

forth at Exhibit 1 in order for any scheduled
increment in the exercisable portion of the Option to become effective; and

(c)           this Option may not be exercised if
three months or more have elapsed following the date of termination of the
Relationship between the Optionee and the Company or a Subsidiary, except that
if the Relationship terminates by reason of the Optionee’s permanent and total
disability (as determined by the Compensation Committee or the full Board of
Directors, as the case may be, on the basis of medical advice satisfactory to
it) or death, “twelve months” shall be substituted for “three months” in this
sentence.

4.             Method of Exercise.  Prior to its expiration and to the extent
that the right to purchase shares of Stock has vested hereunder, this Option
may be exercised from time to time by written notice to the Company,
substantially in the form attached hereto as Exhibit 2, stating the number of
shares with respect to which this Option is being exercised and accompanied by
either (a) payment in full of the exercise price for the number of shares to be
delivered, by means of payment acceptable to the Company in accordance with
Section 5(c) of the Plan, or (b) a description of a “cashless exercise”
procedure and such other documents and undertakings as are necessary to satisfy
that procedure. As soon as practicable after its receipt of such notice, the
Company shall, without transfer or issue tax to the Optionee (or other person
entitled to exercise this Option), deliver, or cause to be delivered, to the
Optionee (or other person entitled to exercise this Option), at the principal
executive offices of the Company or such other place as shall be mutually
acceptable, a stock certificate or certificates for such shares out of
theretofore authorized but unissued shares or reacquired shares of its Stock as
the Company may elect; provided, however, that the time of such delivery may be
postponed by the Company for such period as may be required for it with
reasonable diligence to comply with any applicable requirements of law. If and
to the extent that the Company also provides to its shareholders generally a
means to hold title to shares on a noncertificated basis, then any shares to be
issued to the Optionee upon the exercise of this Option may be issued on such a
noncertificated basis if mutually agreed upon by the Company and the Optionee
and otherwise permissible under applicable law and the rules of any applicable
stock exchange. Payment of the exercise price may be made in cash or cash
equivalents or, in accordance with the terms and conditions of Section 5(c) of
the Plan, in whole or in part in shares of Common Stock of the Company;
provided, however, that the Compensation Committee or the full Board of
Directors, as the case may be, reserves the right upon receipt of any written
notice of exercise from the Optionee to require payment in cash with respect to
the shares contemplated in such notice; and provided, further, that the
Optionee may not make payment in shares of Stock that he acquired upon the
earlier exercise of any incentive stock option, unless he has held the shares
until at least two years after the date the incentive stock option was granted
and at least one year after the date the incentive stock option was exercised.
If the Optionee (or other person entitled to exercise this Option) fails to pay
for and accept delivery of all of the shares specified in such notice upon
tender of delivery thereof, his right to exercise this Option with respect to
such shares not paid for may be terminated by the Company.

 2
 

5.             Nonassignability of Option.  This Option shall not be assignable or
transferable by the Optionee except by will or by the laws of descent and
distribution. During the life of the Optionee, this Option shall be exercisable
only by him, by a conservator or guardian duly appointed for him by reason of
his incapacity or by the person appointed by the Optionee in a durable power of
attorney acceptable to the Company’s counsel.

6.             Compliance with Securities Act;
Lock-Up Agreement.  The Company
shall not be obligated to sell or issue any shares of Stock or other securities
pursuant to the exercise of this Option unless the shares of Stock or other
securities with respect to which this Option is being exercised are at that
time effectively registered or exempt from registration under the Securities
Act and applicable state securities laws. In the event shares or other
securities shall be issued that shall not be so registered, the Optionee hereby
represents, warrants and agrees that he will receive such shares or other
securities for investment and not with a view to their resale or distribution,
and will execute an appropriate investment letter satisfactory to the Company
and its counsel. The Optionee further hereby agrees that as a condition to the
purchase of shares upon exercise of this Option, he will execute an agreement
in a form acceptable to the Company to the effect that the shares shall be
subject to any underwriter’s lock-up agreement in connection with a
public offering of any securities of the Company that may from time to time
apply to shares held by officers and employees of the Company, and such
agreement or a successor agreement must be in full force and effect.

7.             Legends.  The Optionee hereby acknowledges that the
stock certificate or certificates evidencing shares of Stock or other
securities issued pursuant to any exercise of this Option may bear a legend
setting forth the restrictions on their transferability described in Section 6
hereof, if such restrictions are then in effect.  If any such shares or other securities are
issued on a noncertificated basis in accordance with Section 4 hereof, then the
Company shall adopt alternative measures to ensure that any such restrictions
are properly observed.

8.             Rights as Stockholder.  The Optionee shall have no rights as a stockholder
with respect to any shares covered by this Option until the date of issuance of
a stock certificate to him for such shares or such shares are otherwise issued
on a noncertificated basis in accordance with Section 4 hereof.  No adjustment shall be made for dividends or
other rights for which the record date is prior to the date on which any such
shares are so issued.

9.            Termination or Amendment of Plan.  The Board may terminate or amend the Plan at
any time. No such termination or amendment will affect rights and obligations
under this Option, to the extent it is then in effect and unexercised.

10.          Effect Upon Employment.  Nothing in this Option or the Plan shall be
construed to impose any obligation upon the Company or any Subsidiary to employ
the Optionee or to retain the Optionee in its employ.

11.          Time for Acceptance.  Unless the Optionee shall evidence his
acceptance of this Option by execution of this Agreement within thirty days
after its delivery to him, the Option and this Agreement shall be null and
void.

 3
 

12.          Notice of Disqualifying Disposition.  The Optionee agrees to notify the Company
promptly in the event that he sells, transfers, exchanges or otherwise disposes
of any shares of Stock issued upon the exercise of the Option before the later
of (a) the second anniversary of the date of grant of the Option and (b) the
first anniversary of the date the shares were issued upon his exercise of the
Option.

13.           [Intentionally Omitted]

14.          General Provisions.

(a)           Amendment; Waivers.  This Agreement, including the Plan, contains
the full and complete understanding and agreement of the parties hereto as to
the subject matter hereof and, except as otherwise permitted by the express
terms of the Plan and this Agreement, it may not be modified or amended nor may
any provision hereof be waived, except by a further written agreement duly
signed by each of the parties; provided, however, that a modification or
amendment that does not materially diminish the rights of the Optionee
hereunder, as they may exist immediately before the effective date of the
modification or amendment, shall be effective upon written notice of its
provisions to the Optionee. The waiver by either of the parties hereto of any
provision hereof in any instance shall not operate as a waiver of any other
provision hereof or in any other instance.

(b)          Binding Effect.  This Agreement shall inure to the benefit of
and be binding upon the parties hereto and their respective heirs, executors,
administrators, representatives, successors and assigns.

(c)           Governing Law.  This Agreement has been executed in
Massachusetts and shall be governed by and construed in accordance with the
laws of The Commonwealth of Massachusetts.

(d)           Construction.  This Agreement is to be construed in
accordance with the terms of the Plan. In case of any conflict between the Plan
and this Agreement, the Plan shall control. The titles of the sections of this
Agreement and of the Plan are included for convenience only and shall not be
construed as modifying or affecting their provisions. The masculine gender
shall include both sexes; the singular shall include the plural and the plural
the singular unless the context otherwise requires. Capitalized terms not
defined herein shall have the meanings given to them in the Plan.

(e)           Notices.  Any notice in connection with this Agreement
shall be deemed to have been properly delivered if it is in writing and is
delivered by hand or facsimile or sent by registered mail, postage prepaid, to
the party addressed as follows, unless another address has been substituted by
notice so given:

	
  To the Optionee:

  	
   

  	
  To his address as set forth on the signature page
  hereof.

  
	
   

  	
   

  	
   

  
	
  To the Company:

  	
   

  	
  Enterprise Bancorp, Inc.

  
	
   

  	
   

  	
  222 Merrimack
  Street

  
	
   

  	
   

  	
  Lowell,
  Massachusetts 01852

  
	
   

  	
   

  	
  Attn: Mr. James
  A. Marcotte

  

 

 4
 

IN WITNESS
WHEREOF, the Company has caused this Agreement to be executed as a sealed
instrument by its officer thereunto duly authorized as of the date set forth
below.

Date of grant:
XXXX XX, 20XX

ENTERPRISE BANCORP, INC.

Signed:

John P. Clancy,
Jr.

Chief Executive Officer

 5
 

ACCEPTANCE

I
hereby accept the foregoing Option, an incentive stock option, in accordance
with its terms and conditions and in accordance with the terms and conditions
of the Enterprise Bancorp, Inc. [Amended and Restated 1998] [2003] Stock
Incentive Plan.

	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Date

  	
   

  	
  (Signature of Optionee)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Notice Address:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Date of grant:
  XXXX XX, 20XX

  	
   

  	
   

  

 

 6

EXHIBIT 1

	
  Employee name (“Optionee”):

  	
   

  	
  NAME

  
	
   

  	
   

  	
   

  
	
  Date of grant:

  	
   

  	
  DATE

  
	
   

  	
   

  	
   

  
	
  Number of shares
  granted:

  	
   

  	
  NUMBER

  
	
   

  	
   

  	
   

  
	
  Exercise price:

  	
   

  	
  $XX.XX per share (subject to adjustment as provided
  in this Agreement and in the Plan)

  
	
   

  	
   

  	
   

  
	
  Vesting schedule:

  	
   

  	
   

  

 

	
   

  	
   

  	
  Incremental Amount

  	
   

  	
  Cumulative Amount

  	
   

  
	
   

  	
   

  	
  % of shares

  	
   

  	
  # of shares

  	
   

  	
  % of shares

  	
   

  	
  # of shares

  	
   

  
	
  Date:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  On or after: DATE

  	
   

  	
  25

  	
  %

  	
  NUMBER

  	
   

  	
  25

  	
  %

  	
  NUMBER

  	
   

  
	
  On or after: DATE

  	
   

  	
  25

  	
  %

  	
  NUMBER

  	
   

  	
  50

  	
  %

  	
  NUMBER

  	
   

  
	
  On or after: DATE

  	
   

  	
  25

  	
  %

  	
  NUMBER

  	
   

  	
  75

  	
  %

  	
  NUMBER

  	
   

  
	
  On or after: DATE

  	
   

  	
  25

  	
  %

  	
  NUMBER

  	
   

  	
  100

  	
  %

  	
  NUMBER

  	
   

  

 

	
  

  	
  Signed :

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  John P. Clancy, Jr.

  
	
   

  	
   

  	
  Chief Executive Officer

  

 

Exhibit 2 to Incentive
Stock

 Option Agreement

[FORM FOR EXERCISE
OF INCENTIVE STOCK OPTION]

[SAMPLE ONLY]

Enterprise Bancorp, Inc.

222 Merrimack Street

Lowell, Massachusetts 01852

RE:                              Exercise
of Incentive Stock Option under Enterprise Bancorp, Inc. [Amended and Restated
1998] [2003]   Stock Incentive Plan

Gentlemen:

I
hereby elect to exercise the stock option granted to me on                  ,
200      by and to the extent of purchasing                      
shares of the Common Stock of Enterprise Bancorp, Inc. for the exercise price
of $                    
per share, subject to the terms and conditions of the Incentive Stock Option
Agreement between myself and Enterprise Bancorp, Inc. dated as of                                    ,
200      (the “Agreement”).

Enclosed
please find payment, in cash or in such other property as is permitted under
the Enterprise Bancorp, Inc. [Amended and Restated 1998] [2003] Stock Incentive
Plan (the “Plan”), of the purchase price for the shares.

I
hereby confirm that I have investigated and considered the possible income tax
consequences of my exercising the option, of any sale or other disposition by
me of any shares acquired upon the exercise of the option and, if I am making
payment of any part of the purchase price by delivery of shares of stock of
Enterprise Bancorp, Inc., of my making such payment in that form.

I
further agree to any securities lock-up agreement between one or more
underwriters and shareholders of the Company who are officers or employees of
the Company or a Subsidiary, and any successor to that agreement, with regard
to the shares acquired upon this exercise of my stock option.

I
hereby specifically confirm to Enterprise Bancorp, Inc. that I am acquiring the
shares for investment and not with a view to their sale or distribution, and
that the shares shall be held subject to all of the terms and conditions of the
Plan and the Agreement.

	
  

  	
   

  	
  Very truly yours,

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Date

  	
   

  	
  (Signed by                
  or other party duly

  
	
   

  	
   

  	
  exercising option)

  
					

 

 2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00123-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00123-of-00352.parquet"}]]