Document:

Amendment to Employment Agreement with Patrick Iversen PH.D.

 Exhibit 10.5 
 AMENDMENT TO EMPLOYMENT AGREEMENT 
 THIS AMENDMENT
(““Amendment”) TO THE EMPLOYMENT AGREEMENT (“Agreement”) dated July 14, 1997 is made on this
28th day of December, 2008 (the “Effective
Date”), by and between AVI BioPharma, Inc., an Oregon corporation, with its principal office at 1 SW Columbia Street, Suite 1105, Portland, OR 97258 (“Company”), and Patrick Iversen, Ph.D. (“Employee”). 

RECITALS: 
 The Company
has entered into an employment agreement with the Employee. 
 Section 409A was added to the Internal Revenue Code of 1986
(“Section 409A”) regulating “deferred compensation.” Treasury Regulations and IRS rulings issued under Section 409A recently became effective and to avoid adverse tax consequences such regulations and
rulings require amendments to be made to agreements that contain “deferred compensation” as defined under Section 409A. 
 The Agreement contains provisions that may be impacted by Section 409A. 

NOW, THEREFORE, in consideration of the mutual benefits contained herein, the parties hereby agree to amend the Agreement as follows:

 AMENDMENT TO AGREEMENT: 
 1. Provisions of Agreement Effective. Except as specifically modified by this Amendment, the provisions of the Agreement are unchanged and remain fully effective. This Amendment is part of
the Agreement and from this date references to the Agreement will include this Amendment. 
 2. Compliance with
Section 409A. It is the intention of the parties that no payment or entitlement pursuant to the Agreement will give rise to any adverse tax consequences to the Employee or the Company with regard to Section 409A. This Amendment and the
Agreement shall be interpreted to that end and consistent with that objective. The Company and the Employee shall, to the extent necessary to comply with Section 409A and permitted thereunder, agree to act reasonably and in good faith to
mutually reform the provisions of the Agreement to avoid the application of the additional tax and interest under Section 409A(a)(l)(B), provided that any such reformation shall not require an additional financial obligation by the
Company. 
 3. Delayed Payments for Specified Employees. Notwithstanding any other provision in the Agreement, if
the Employee is a “Specified Employee,” under Treasury Regulation Section 1.409A-1(i), on the date of termination, to the extent required by Section 409A no payment of any “deferred compensation,” under Treasury
Regulation Section 1.409A-1(b), shall be made to the Employee during the period from the date of termination until the six (6) month anniversary of the date of termination. If any payment to the Employee is delayed pursuant to the
foregoing sentence, such payment instead shall be made on the first business day 

  
 1 – AMENDMENT TO
EMPLOYMENT AGREEMENT 

 
following the expiration of such six (6) month period or, at such earlier date as allowed under Section 409A for events such as death, disability, unforeseeable emergency or any other
reason permitted under Section 409A. 
 IN WITNESS WHEREOF, the Company has caused this Amendment to he signed by its duly
authorized representative, and the Employee has hereunder set his/her name as of the date of this Amendment. 
  

									
	COMPANY:	 		 	AVI BioPharma, Inc.
					
		 		 		 	By:	 	/s/ Leslie Hudson
		 		 		 	Its:	 	President and CEO
			
	EMPLOYEE:	 		 	/s/ Patrick Iversen
		 		 		 	Patrick Iversen, Ph.D.

  
 2 – AMENDMENT TO
EMPLOYMENT AGREEMENTAmendment No. 2 to Employment with Patrick Iversen, Ph.D.

 Exhibit 10.6 
 AMENDMENT NO. 2 
 TO 

EMPLOYMENT AGREEMENT 
  

 
 This Amendment
No. 2 to Employment Agreement (the “Amendment”) is entered into effective the 18 day of January, 2010 (the “Effective Date”) by and between AVI BioPharma, Inc., an Oregon corporation
(“Company”) and Patrick Iversen, Ph.D. (“Employee”). 
 RECITALS 

A. Whereas, Company and Employee are parties to that certain Employment Agreement dated the 14th day of July, 1997, as amended by Amendment to Employment Agreement
entered into effective the 19th day of December, 2008,
copies of which are attached hereto as Exhibit A (the “Employment Agreement”). 
 B. Whereas,
the Company and the Employee desire to add a provision to the Employment Agreement related to Section 280G of the Internal Revenue Code of 1986, as amended.
 Now, therefore, in consideration of the representations, warranties and covenants contained herein, the Company and the Employee agree as follows: 

AGREEMENT 
  

	1.	Section 24 is hereby added to the Employment Agreement, and shall state in its entirety as follows: 

“24. Section 280G 
 (a) Except as provided below, the payments or benefits to which Employee will be entitled under Section 13 of the Agreement will be reduced to the extent necessary so that Employee
will not be liable for the federal excise tax (the “Excise Tax”) levied on certain “excess parachute payments” under section 4999 of the Internal Revenue Code of 1986, as amended (“Code”). 

(b) The limitation above will not apply if: 
 (1) the difference between 
 (A) the present value of all payments to which
Employee is entitled under Section 13 of the Agreement determined without regard to the limitation above, less 

 (B) the present value of all federal, state, and other income and excise taxes for
which Employee is liable as a result of such payments; exceeds 
 (2) the difference between 

(A) the present value of all payments to which Employee is entitled under Section 13 of the Agreement calculated as if
the limitation above applies, less 
 (B) the present value of all federal, state, and other income and excise taxes
for which Employee is liable as a result of such reduced payments. 
 (c) Present values will be determined using
the interest rate specified in section 280G of the Code and will be the present values as of the date on which Employee’s employment terminates (unless it is necessary to use a different date in order to avoid adverse
consequences under section 280G). 
 (d) As a result of the uncertainty in the application of Section 280G
and 4999 of the Code, it is possible that, despite the limitations on parachute payments provided in this Section 24, amounts may be paid or distributed by the Company to or for the benefit of the Employee under this Agreement or
otherwise which are treated as excess parachute payments. In the event that any payments received by the Employee are determined by the IRS to be subject to the Excise Tax, the Company shall pay the Employee as promptly as possible
following such determination (but in no event later than the end of the Employee’s taxable year in which the Employee remits the related taxes) an additional amount which may be necessary to reimburse the Employee on an after-tax
basis for any Excise Tax that may be imposed on such excess parachute payments and for any interest and penalties related to such Excise Tax that may be imposed by the IRS or a court. In addition, the Company shall indemnify and hold the
Employee harmless, on an after-tax basis, from and against any and all losses, costs, damages or expenses (including reasonable attorneys’ and accountants fees) arising out of the imposition on Employee of any Excise Tax.” 

 

	2.	In all other respects, the Employment Agreement shall remain unchanged and in full force and effect. 

[SIGNATURE PAGE FOLLOWS] 

  
 - 2 -

 IN WITNESS WHEREOF, the parties have executed this Amendment effective the date
first set forth above. 
  

									
	AVI BioPharma, Inc.	 		 	
					
	By:	 	/s/ Leslie Hudson, Ph.D.	 		 	By:	 	/s/ Patrick Iversen, Ph.D.
	Name:	 	Leslie Hudson, Ph.D.	 		 	Name:	 	Patrick Iversen, Ph.D.
	Title:	 	Chief Executive Officer	 		 		 	

  
 - 3 -

 EXHIBIT A 
 Employment Agreement and Amendment No. 1 to Employment Agreement 

Previously FiledAmendment to Employment Agreement with Dr. Ryszard Kole

 Exhibit 10.9 
 AMENDMENT NO. 1 
 TO 

EMPLOYMENT AGREEMENT 
  

 
 This Amendment No. 1 to Employment Agreement (the “Amendment”) is entered into effective the 16th day of October, 2009 (the “Effective Date”) by and between AVI BioPharma, Inc., an Oregon
corporation (“Company”) and Ryszard Kole, Ph.D. (“Employee”). 
 RECITALS 

A. Whereas, Company and Employee are parties to that certain Employment Agreement dated the 10th day of April, 2008, a copy of which is attached hereto as
Exhibit A (the “Employment Agreement”). 
 B. Whereas, the Company and the Employee desire to add a
provision to the Employment Agreement related to Section 280G of the Internal Revenue Code of 1986, as amended.
 Now,
therefore, in consideration of the representations, warranties and covenants contained herein, the Company and the Employee agree as follows: 
 AGREEMENT 
  

	1.	Section 25 is hereby added to the Employment Agreement, and shall state in its entirety as follows: 

“25. Section 280G 
 (a) Except as provided below, the payments or benefits to which Employee will be entitled under Section 13 of the Agreement will be reduced to the extent necessary so that Employee
will not be liable for the federal excise tax (the “Excise Tax”) levied on certain “excess parachute payments” under section 4999 of the Code. 

(b) The limitation above will not apply if: 
 (1) the difference between 
 (A) the present value of all payments to which
Employee is entitled under Section 13 of the Agreement determined without regard to the limitation above, less 
 (B)
the present value of all federal, state, and other income and excise taxes for which Employee is liable as a result of such payments; exceeds 

 (2) the difference between 

(A) the present value of all payments to which Employee is entitled under Section 13 of the Agreement calculated as if
the limitation above applies, less 
 (B) the present value of all federal, state, and other income and excise taxes
for which Employee is liable as a result of such reduced payments. 
 (c) Present values will be determined using
the interest rate specified in section 280G of the Code and will be the present values as of the date on which Employee’s employment terminates (unless it is necessary to use a different date in order to avoid adverse
consequences under section 280G). 
 (d) As a result of the uncertainty in the application of Section 280G
and 4999 of the Code, it is possible that, despite the limitations on parachute payments provided in this Section 25, amounts may be paid or distributed by the Company to or for the benefit of the Employee under this Agreement or
otherwise which are treated as excess parachute payments. In the event that any payments received by the Employee are determined by the IRS to be subject to the Excise Tax, the Company shall pay the Employee as promptly as possible
following such determination (but in no event later than the end of the Employee’s taxable year in which the Employee remits the related taxes) an additional amount which may be necessary to reimburse the Employee on an after-tax
basis for any Excise Tax that may be imposed on such excess parachute payments and for any interest and penalties related to such Excise Tax that may be imposed by the IRS or a court. In addition, the Company shall indemnify and hold the
Employee harmless, on an after-tax basis, from and against any and all losses, costs, damages or expenses (including reasonable attorneys’ and accountants fees) arising out of the imposition on Employee of any Excise Tax.” 

 

	2.	In all other respects, the Employment Agreement shall remain unchanged and in full force and effect. 

[SIGNATURE PAGE FOLLOWS] 

  
 - 2 -

 IN WITNESS WHEREOF, the parties have executed this Amendment effective the date
first set forth above. 
  

									
	AVI BioPharma, Inc.	 		 	
					
	By:	 	/s/ Leslie Hudson	 		 		 	/s/ Ryszard Kole
	Name:	 	Leslie Hudson, Ph.D.	 		 		 	Ryszard Kole, Ph.D.
	Title:	 	Chief Executive Officer	 		 		 	

  
 - 3 -

 EXHIBIT A 
 Employment Agreement 
 Previously Filed

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