Document:

EX-10.2

 Exhibit 10.2 
 THIRD AMENDMENT TO LEASE 
 THIS THIRD AMENDMENT TO
LEASE (this “Amendment”) is entered into as of this 31st day of May, 2012, by and between BMR-3450 MONTE VILLA PARKWAY LLC, a Delaware limited liability company (“Landlord”), and AVI BIOPHARMA, INC., an Oregon corporation
(“Tenant”). 
 RECITALS 

A. WHEREAS, Landlord and Tenant entered into that certain Lease dated as of July 27, 2009, as amended by that
certain Acknowledgement of Term Commencement Date and Term Expiration Date dated as of October 7, 2009, that certain
1st Amendment to Lease dated as of August 30, 2011,
and that certain Second Amendment to Lease dated as of January 31, 2012 (collectively, and as the same may have been further amended, amended and restated, supplemented or modified from time to time, the “Lease”), whereby
Tenant leases certain premises (the “Premises”) from Landlord at 3450 Monte Villa Parkway in Bothell, Washington (the “Building”); 
 B. WHEREAS, Tenant wants to extend the date for payment of the Lease termination fee; and 
 C. WHEREAS, Landlord and Tenant desire to modify and amend the Lease only in the respects and on the conditions hereinafter stated. 
 AGREEMENT 
 NOW, THEREFORE, Landlord and Tenant, in consideration of
the mutual promises contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, agree as follows: 

1. Definitions. For purposes of this Amendment, capitalized terms shall have the meanings ascribed to them in the Lease unless
otherwise defined herein. The Lease, as amended by this Amendment, is referred to herein as the “Amended Lease.” 
 2. Amendment to Section 3.2. The first sentence of Section 3.2 of the Lease is amended and restated in its entirety to read as follows: 

Tenant shall have the one-time option (the “Termination Option”) to terminate this Lease (except for those provisions
that expressly survive the expiration or earlier termination of this Lease) effective as of June 1,2013 (the “Permitted Early Termination Date”), upon delivery of written notice to Landlord no later than June 1, 2012 (the
“Termination Notice”), and payment by Tenant to Landlord no later than July 15, 2012, a termination fee (the “Termination Fee”) equal to Two Hundred Ten Thousand Eighty-Nine and 40/100 Dollars ($210,089.40),
which Landlord and Tenant agree equals the sum of (a) any unamortized TI Allowance, (b) any unamortized broker fees or commissions, (c) one month of Base Rent at the rate in 

 
effect at the time of Tenant’s exercise of the Termination Option and (d) a Three Thousand Dollar ($3,000) fee (the “Carrying Fee”) as consideration for Landlord not
requiring Tenant to pay the Termination Fee to Landlord at the time of delivery of the Termination Notice. Notwithstanding anything in this Section to the contrary, if Tenant does not timely pay the Termination Fee to Landlord, then Tenant shall be
deemed to have withdrawn the Termination Notice and the Termination Option shall be void and of no further force or effect. If Tenant timely and properly exercises the Termination Option and timely pays the Termination Fee to Landlord, and
subsequently (but prior to March 31, 2013) enters into a multi-year lease with an affiliate of Landlord for at least fifteen thousand (15,000) square feet of Rentable Area, then Landlord shall cause such affiliate to make available to Tenant, in
addition to any tenant improvement allowance otherwise to be contained in the New Lease, an additional tenant improvement allowance equal to the Termination Fee less the Carrying Fee. 

3. Broker. Tenant represents and warrants that it has not dealt with any broker or agent in the negotiation for or the obtaining
of this Amendment and agrees to indemnify, defend and hold Landlord harmless from any and all cost or liability for compensation claimed by any such broker or agent employed or engaged by it or claiming to have been employed or engaged by it.

 4. No Default. Tenant represents, warrants and covenants that, to Tenant’s actual knowledge, without inquiry,
Landlord and Tenant are not in default of any of their respective obligations under the Lease and no event has occurred that, with the passage of time or the giving of notice (or both) would constitute a default by either Landlord or Tenant
thereunder. 
 5. Notices. Tenant confirms that, notwithstanding anything in the Lease to the contrary, notices delivered
to Tenant pursuant to the Amended Lease should be sent to: 
  

							
	 3450 Monte Villa Pkwy
	  		  	
	 Suite 101
	  		  	
	 Bothell, WA 98021
	  		  	
	 Attn:
	  	Michael Jacobsen	  		  	

 6. Effect of Amendment. Except as modified by this Amendment, the Lease and all the covenants,
agreements, terms, provisions and conditions thereof shall remain in full force and effect and are hereby ratified and affirmed. The covenants, agreements, terms, provisions and conditions contained in this Amendment shall bind and inure to the
benefit of the parties hereto and their respective successors and, except as otherwise provided in the Lease, their respective assigns. In the event of any conflict between the terms contained in this Amendment and the Lease, the terms herein
contained shall supersede and control the obligations and liabilities of the parties. From and after the date hereof, the term “Lease” as used in the Lease shall mean the Lease, as modified by this Amendment. 

  
 2 

 7. Mortgagee Consent. Landlord represents that there is currently no mortgagee with
respect to the Property. 
 8. Miscellaneous. This Amendment becomes effective only upon execution and delivery hereof by
Landlord and Tenant. The captions of the paragraphs and subparagraphs in this Amendment are inserted and included solely for convenience and shall not be considered or given any effect in construing the provisions hereof. All exhibits hereto are
incorporated herein by reference. Submission of this instrument for examination or signature by Tenant does not constitute a reservation of or option for a lease, and shall not be effective as a lease, lease amendment or otherwise until execution by
and delivery to both Landlord and Tenant. 
 9. Counterparts. This Amendment may be executed in one or more counterparts,
each of which, when taken together, shall constitute one and the same document. 
 [REMAINDER OF THIS PAGE INTENTIONALLY LEFT
BLANK] 

  
 3 

 IN WITNESS WHEREOF, Landlord and Tenant have hereunto set their hands as of the date and
year first above written, and acknowledge that they possess the requisite authority to enter into this transaction and to execute this Amendment. 
  

			
	LANDLORD:
	
	 BMR-3450 MONTE VILLA PARKWAY LLC,
 a Delaware limited liability company

		
	By:	 	 

	 Name:
	 	 Kevin M. Simonsen

	 Title:
	 	 VP, Real Estate Counsel

	
	TENANT:
	
	 AVI BIOPHARMA, INC.,

an Oregon corporation

		
	By:	 	 

	 Name:
	 	 Michael A. Jacobsen

	 Title:
	 	 VP of Finance

					
	STATE OF CALIFORNIA	  	}	  	 ss.

	COUNTY OF	  	  

 On                 ,
2011, before me,
                                        , a
Notary Public in and for said County and State, personally appeared
                                    ,     
                               , 

 

			
	 who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and
acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the
instrument.
  
 I certify under PENALTY OF PERJURY under the laws of the
State of California that the foregoing paragraph is true and correct.
  

WITNESS my hand and official seal.
	  	FOR NOTARY SEAL OR STAMP
	Signature
                                        
	  	

  

			
	STATE OF WASHINGTON	  	)
		  	: ss.
	COUNTY OF King	  	)

 I certify that I know or have satisfactory evidence that Michael Jacobsen is the person who appeared
before me, and s/he acknowledged that s/he signed this instrument, on oath stated that s/he was authorized to execute the instrument and acknowledged it as the VP Finance of AVI BIOPHARMA, a corporation, to be the free and voluntary act of such
corporation for the uses and purposes mentioned in the instrument. 
 Dated this 31 day of May, 2012. 

 

					
		 	 

		 	[Signature of Notary]
	

	 	 

	 	[Print Name of Notary]
		
		 	 Notary Public in and for the State of
 Washington, residing at 3450 Monte Villa Pkwy, Ste 101, Bothell WA 98021.

		 	My commission expires: 16 Oct 2013.

 ACKNOWLEDGMENT 
 State of California 
 County of San Diego) 

 

							
	On	 	May 31, 2012	 	before me,	 	Kristen M. White, Notary Public
		 		 		 	    (insert name and title of the officer)

 personally appeared Kevin M. Simonsen, Vice President, Real Estate Counsel, who proved to me on the basis of satisfactory
evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the
person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. 
 I certify under PENALTY OF PERJURY under the laws
of the State of California that the foregoing paragraph is true and correct. 
  

							
	WITNESS my hand and official seal.	  	 

		  		  
	Signature	 	 

	  	(Seal)EX-10.1.(d)

 Exhibit 10.1(D) 

FOURTH AMENDMENT TO CREDIT AGREEMENT 
 This FOURTH AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is made and entered into effective as of the 22nd day of June, 2012 (the “Fourth Amendment Effective
Date”), by and among OXFORD MINING COMPANY, LLC, an Ohio limited liability company (the “Borrower”), the Lenders party hereto, CITICORP USA, INC., as administrative agent (the
“Administrative Agent”), and the other parties signatory hereto. 
 RECITALS 

WHEREAS, the above-named parties have entered into that certain Credit Agreement dated as of July 6, 2010, as amended by that
certain First Amendment to Credit Agreement and Limited Waiver dated as of July 15, 2010, as additionally amended by that certain Second Amendment to Credit Agreement and Limited Waiver dated as of August     , 2010, and as
further amended by that certain Third Amendment to Credit Agreement dated as of December 28, 2011 (and as may be further amended, restated, modified or supplemented from time to time, the “Credit Agreement”), by and
among the Borrower, the Lenders, the Administrative Agent and the other parties signatory thereto; and 
 WHEREAS, the Borrower
has requested that the Lenders and the Administrative Agent amend certain provisions of the Credit Agreement, and said parties are willing to do so subject to the terms and conditions set forth herein, provided that the Borrower and the Guarantors
ratify and confirm all of their respective obligations under the Credit Agreement and each other Loan Document to which each is a party; 
 NOW, THEREFORE, in consideration of the foregoing and the mutual covenants set forth in this Amendment, the Borrower, the Lenders party hereto, the Administrative Agent and the other parties signatory
hereto agree as follows: 
 1. Defined Terms. Unless otherwise defined herein, capitalized terms used herein have the
meanings assigned to them in the Credit Agreement. 
 2. Amendment to Section 1.01. Section 1.01 of the Credit
Agreement is hereby amended to add the following new definitions in proper alphabetical order: 
 “‘Kentucky
Assets’ means any and all assets used by any of the Loan Parties in the operation of the business of any of the Loan Parties in the Commonwealth of Kentucky, including without limitation all coal reserves of the Loan Parties located in
the Commonwealth of Kentucky, the “Island Dock” located in the Commonwealth of Kentucky, the wash plant located in the Commonwealth of Kentucky, the “Cleaton Shop Complex” located in the Commonwealth of Kentucky, all mining and
other equipment used by the Loan Parties in the operation of the business of the Loan Parties in the Commonwealth of Kentucky, all customer contracts for the supply of coal mined from the operation of the business of the Loan Parties in the
Commonwealth of Kentucky, all coal purchase agreements for the supply of coal to the Loan Parties for use in supplementing such mined coal in fulfilling such coal supply obligations, and all contracts for the loading of third party coal by the Loan
Parties onto barges at the ‘Island Dock.’” 
 “‘Liquidity’ means on any given day
(a) the sum of the cash on hand of the Loan Parties at the beginning of such day and the total amount which is available and may be borrowed by the Borrower under the Revolving Credit Facility at the beginning of such day, less (b) the
Unused Clause (vi) Sales Proceeds at the beginning of such day. 

  
 1 

 “‘Unused Clause (vi) Sales Proceeds’ means any Net Cash Proceeds
from the Asset Sales involving the Kentucky Assets covered by Section 5.02(f)(vi) which have not yet been used as provided in Section 2.06(c)(i) to either (a) acquire or purchase assets to be used in the business of the
Borrower or (b) repay any portion of the Term Loan Borrowings.” 
 3. Amendment to Section 2.06(c)(i).
Section 2.06(c)(i) of the Credit Agreement is hereby amended to read in its entirety as follows: 
 “(i) 100% of the
Net Cash Proceeds of an Asset Sale not otherwise permitted under Sections 5.02(f)(i)-(v); provided that, so long as no Event of Default has occurred and is continuing, no such repayment shall be required if the Borrower notifies the
Administrative Agent on or before the date such repayment is required to be made that the Borrower intends to use all of the Net Cash Proceeds from such Asset Sale to acquire or purchase assets to be used in the business of the Borrower within six
months of the date of such Asset Sale, in which case the repayment need not be made, unless all or part of the Net Cash Proceeds from such Asset Sales are not used within such six months period, in which case the Term Loan Borrowings shall be repaid
by an amount equal to the portion of the Net Cash Proceeds from such Asset Sales not so reinvested on the Business Day immediately following such six months period.” 
 4. Amendment to Section 5.02(f). Section 5.02(f) of the Credit Agreement is hereby amended by (i) deleting the word “and” at the end of subsection (iv) thereof,
(ii) deleting the period and adding a semi-colon followed by the word “and” at the end of subsection (v) thereof and (iii) adding thereafter the following new subsection (vi) to the end of said Section 5.02(f):

 “(vi) Asset Sales involving the Kentucky Assets not otherwise covered by subsections (i)-(v) above.”

 5. Amendment to Section 5.02(h)(i). Section 5.02(h)(i) of the Credit Agreement is hereby amended to read in
its entirety as follows: 
 “(i) within thirty (30) days after the end of each fiscal quarter from and after the
fiscal quarter ending June 30, 2012, the MLP may declare, make or incur a liability to make a quarterly cash distribution to its partners in accordance with the terms of the MLP Agreement; provided that, (A) the aggregate amount of
such quarterly distribution for each fiscal quarter shall not exceed Available Cash (as defined in the MLP Agreement as in effect on July 19, 2010) with respect to the immediately preceding fiscal quarter of the MLP and (B) with
respect to any distribution greater than $6,125,000, the Liquidity on the date such distribution is declared after giving effect thereto shall be at least $12,000,000. 

 6. Amendment to Section 5.04(a). Section 5.04(a) of the Credit Agreement is
hereby amended to read in its entirety as follows in order to cancel the step-down in Leverage Ratio to 3.00:1.00 on July 1, 2012 as reflected in the Third Amendment to Credit Agreement: 

“(a) Leverage Ratio. Maintain a Leverage Ratio for any date of determination during each of the below-indicated periods as
follows: 
  

			
	Period	  	Leverage Ratio
	 Effective Date through December 31, 2011
	  	2.75:1.00
	 January 1, 2012 and thereafter
	  	3.25:1.00”

 7. Conditions to Effectiveness. This Amendment shall be effective on the Fourth Amendment
Effective Date upon satisfaction of each of the following conditions: 
 (i) The Administrative Agent (or its
counsel) shall have received from each of the Borrower, the Guarantors and the Lenders constituting at least the Required Lenders either (a) a counterpart of this Amendment signed on behalf of such party or (b) written evidence
satisfactory to the Administrative Agent (which may include telecopy transmission of a signed signature page of this Amendment) that such party has signed a counterpart of this Amendment. 

(ii) The Administrative Agent shall have received all documents and other items that it may reasonably request relating to
any other matters relevant hereto, all in form and substance satisfactory to the Administrative Agent. 
 (iii)
The Administrative Agent shall have received the fee referenced in Section 16(i) below. 
 (iv) No Default
or Event of Default exists after giving effect to this Amendment. 
 8. Representations and Warranties. Each Loan Party
hereby confirms that the representations and warranties contained in the Credit Agreement and the other Loan Documents made by it are true and correct as of the date hereof, except to the extent such representations and warranties specifically
relate to an earlier date, in which case they were true and correct as of such earlier date. Each Loan Party also hereby confirms that this Amendment has been duly authorized by all necessary corporate action and constitutes the legal, valid and
binding obligation of each Loan Party, subject to the effect of any applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights and remedies generally and to the effect of general principles of
equity. 
 9. Continuing Effect of the Credit Agreement. This Amendment shall not constitute a waiver of any provision
not expressly referred to herein and shall not be construed as a consent to any action on the part of any Loan Party that would require a waiver or consent of the Lenders or an amendment or modification to any term of the Loan Documents except as
expressly stated herein. Except as expressly modified hereby, the provisions of the Credit Agreement and the Loan Documents are and shall remain in full force and effect. 
 10. Ratification. Each Loan Party hereby confirms and ratifies the Credit Agreement and each of the other Loan Documents to which it is a party, as amended hereby, and acknowledges and agrees that
the same shall continue in full force and effect, as amended hereby. 

 11. Counterparts. This Amendment may be executed by all parties hereto in any number
of separate counterparts, each of which may be delivered in original, electronic or facsimile form and all of which taken together shall be deemed to constitute one and the same instrument. 

12. References. The words “hereby,” “herein,” “hereinabove,” “hereinafter,”
“hereinbelow,” “hereof” and “hereunder” and words of similar import when used in this Amendment shall refer to this Amendment as a whole and not to any particular article, section or provision of this Amendment.
References in this Amendment to a section number are to such section of this Amendment unless otherwise specified. 
 13.
Headings Descriptive. The headings of the several sections and subsections of this Amendment are inserted for convenience only and shall not in any way affect the meaning or construction of any provision of this Amendment. 

14. Governing Law. This Amendment shall be governed by and construed in accordance with the law of the State of New York, without
regard to such state’s conflict of laws rules. 
 15. Release by Loan Parties. Each Loan Party does hereby release
and forever discharge the Administrative Agent and each of the Lenders and each affiliate thereof and each of their respective employees, officers, directors, trustees, agents, attorneys, successors, assigns or other representatives from any and all
claims, demands, damages, actions, cross-actions, causes of action, costs and expenses (including legal expenses) of any kind or nature whatsoever known to any Loan Party, whether based on law or equity, which any of said parties has held or may now
own or hold, for or because of any matter or thing done, omitted or suffered to be done on or before the actual date upon which this Amendment is signed by any of such parties (i) arising directly or indirectly out of the Credit Agreement, Loan
Documents, or any other documents, instruments or transactions relating thereto, and/or (ii) relating directly or indirectly to all transactions by and between any Loan Party or its representatives and the Administrative Agent and each Lender
or any of their respective directors, officers, agents, employees, attorneys or other representatives and, in either case, whether or not caused by the sole or partial negligence of any released party. Such release, waiver, acquittal and discharge
shall and does include any claims of any kind or nature which may, or could be, asserted by any Loan Party. 
 16. Fees and
Expenses. 
 (i) In connection with this Amendment and as a condition to its effectiveness, the Borrower
agrees to pay to the Administrative Agent for the ratable benefit of the Lenders executing this Amendment by June 22, 2012 (the “Executing Lenders”), in immediately available funds, a non-refundable amendment fee in the
amount of 0.50% of the currently outstanding Commitments of the Executing Lenders which shall be fully earned, due and payable in immediately available funds on or before the Fourth Amendment Effective Date. 

(ii) The Borrower hereby confirms its obligation pursuant to Section 8.05(a) of the Credit Agreement to pay and
reimburse the Administrative Agent 

 
for all reasonable costs and expenses (including, without limitation, reasonable fees of counsel) of the Administrative Agent incurred in connection with the negotiation, preparation, execution
and delivery of this Amendment and all other documents and instruments delivered in connection herewith. 
 17. Final
Agreement of the Parties. THIS AMENDMENT, THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE
PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES. 
 [Signature Pages Follow] 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their
respective officers thereunto duly authorized as of the Fourth Amendment Effective Date. 
  

					
	OXFORD MINING COMPANY, LLC, an Ohio limited liability company
		
	By:	 	  

	Name:	 	Jeffrey M. Gutman
	Title:	 	Senior Vice President & Chief Financial Officer
	
	OXFORD RESOURCE PARTNERS, LP, a Delaware limited partnership

 
					
			
		 	By:	 	Oxford Resources GP, LLC, a Delaware limited liability company, its general partner
			
		 	By:	 	 /s/ Jeffrey M. Gutman

		 	Name:	 	Jeffrey M. Gutman
		 	Title:	 	Senior Vice President & Chief Financial Officer

 
					
	
	OXFORD MINING COMPANY-KENTUCKY, LLC, a Kentucky limited liability company
		
	By:	 	 /s/ Jeffrey M. Gutman

	Name:	 	Jeffrey M. Gutman
	Title:	 	Senior Vice President & Chief Financial Officer
	
	DARON COAL COMPANY, LLC, an Ohio limited liability company
		
	By:	 	 /s/ Jeffrey M. Gutman

	Name:	 	Jeffrey M. Gutman
	Title:	 	Vice President

 
			
	CITICORP USA, INC.,
	as Administrative Agent
		
	By:	 	 /s/ Raymond G. Dunning

		 	Raymond G. Dunning
		 	Vice President

 
			
	CITIBANK, N.A.,
	as Lender
		
	By:	 	 /s/ Raymond G. Dunning

		 	Raymond G. Dunning
		 	Vice President

 
			
	BARCLAYS BANK PLC,
	as Lender
		
	By:	 	 /s/ May Huang

	Name:	 	May Huang
	Title:	 	Assistant Vice President

 
			
	HUNTINGTON NATIONAL BANK,
	as Lender
		
	By:	 	 /s/ Mark D. Adams

		 	Mark D. Adams
		 	Vice President

 
			
	FIFTH THIRD BANK, AN OHIO BANKING CORPORATION, as Lender
		
	By:	 	 /s/ Patrick Lingrosso

		 	Patrick Lingrosso, Officer

 
			
	COMERICA BANK,
	as Lender
		
	By:	 	 /s/ A. Martin

 
			
	CATERPILLAR FINANCIAL SERVICES CORPORATION, as Lender
		
	By:	 	 /s/ Paul L. Owen

		 	Paul L. Owen
		 	Credit/Operations Manager

 
			
	SOCIÉTÉ GÉNÉRALE,
	as Lender
		
	By:	 	 /s/ Emmanuel Chesneau

		 	Emmanuel Chesneau
		 	Managing Director

 
			
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as Lender
		
	By:	 	 /s/ Bill O’Daly

		 	Bill O’Daly
		 	Director
		
	By:	 	 /s/ Tyler R. Smith

		 	Tyler R. Smith
		 	Associate

 
			
	WELLS FARGO BANK, N.A.,
	as Lender
		
	By:	 	 /s/ Jeanette A. Griffin

		 	Jeanette A. Griffin
		 	Senior Vice President

 
			
	RAYMOND JAMES BANK, FSB,
	as Lender
		
	By:

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