Document:

Non-Qualified Stock Option Agreement

 Exhibit 10.5 
 CORTEX PHARMACEUTICALS, INC. 
 Non-Qualified Stock Option Agreement 
 This Stock Option Agreement (“Agreement”) is entered into as of March 5, 2007 by and between Cortex Pharmaceuticals, Inc., a Delaware corporation (the
“Company”) and Leslie J. Street (the “Optionee”). 
 1. Grant of Option. The Company hereby grants
to Optionee a non-qualified option (the “Option”) to purchase all or any portion of a total of 100,000 shares (the “Shares”) of the Common Stock of the Company at a purchase price of $1.68 per share (the “Exercise
Price”), subject to the terms and conditions set forth herein. This Option is not intended to qualify and will not be treated as an “incentive stock option” within the meaning of Section 422 of the Internal Revenue Code of 1986,
as amended (the “Code”). 
 2. Vesting of Option. The right to exercise this Option shall vest in
installments, and this Option shall be exercisable from time to time in whole or in part as to any vested installment, in accordance with the vesting schedule as provided below: 
  

	
	 33,334 shares on March 5, 2008

	 33,333 shares on March 5, 2009

	 33,333 shares on March 5, 2010

	

 No additional shares shall vest after, and the portion of the Option related to such additional shares shall
terminate upon the date of, termination of Optionee’s “Continuous Service” (as defined in Section 3 below), but this Option shall continue to be exercisable in accordance with Section 3 hereof with respect to that number of
shares that have vested as of the date of termination of Optionee’s Continuous Service. 
 3. Term of Option.
Optionee’s right to exercise this Option shall terminate upon the first to occur of the following: 
 (a) the expiration of ten years
from the date of this Agreement; 
 (b) the expiration of three months from the date of termination of Optionee’s Continuous Service if
such termination occurs for any reason other than permanent disability or death; provided, however, that if Optionee dies during such three-month period the provisions of Section 3(d) below shall apply; 
 (c) the expiration of one year from the date of termination of Optionee’s Continuous Service if such termination is due to permanent disability of
Optionee (as defined in Section 22(e)(3) of the Code); or 
  

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 (d) the expiration of one year from the date of termination of Optionee’s Continuous Service if such
termination is due to Optionee’s death or if death occurs during the period following termination of Optionee’s Continuous Service pursuant to Section 3(b) above; 
 (e) the consummation of a “Change in Control” (as defined in Section 8 below) unless otherwise provided pursuant to Section 8 hereof.

 As used herein, the term “Continuous Service” means (i) employment by either the Company or any parent or subsidiary
corporation of the Company, or by a corporation or a parent or subsidiary of a corporation issuing or assuming a stock option in a transaction to which Section 424(a) of the Code applies, which is uninterrupted except for vacations, illness
(except for permanent disability, as defined in Section 22(e)(3) of the Code), or leaves of absence which are approved in writing by the Company or any of such other employer corporations, if applicable, (ii) service as a member of the
Board of Directors of the Company until Optionee resigns, is removed from office, or Optionee’s term of office expires and he or she is not reelected, or (iii) so long as Optionee is engaged as a consultant or service provider to the
Company or other corporation referred to in clause (i) above. 
 4. Exercise of Option. 
 (a) Prior to termination of this Option in accordance with Section 3 above, this Option may be exercised in whole or in part by Optionee (or, after
his or her death, by the person designated in Section 5 below) upon delivery of the following to the Company at its principal executive offices: 
 (i) a written notice of exercise that identifies this Agreement and states the number of Shares then being purchased (but no fractional Shares may be purchased); 
 (ii) a check or cash in the amount of the Exercise Price (or payment of the Exercise Price in such other form of lawful consideration as the
“Administrator” (as defined in Section 12 below) may approve from time to time); and 
 (iii) a check or cash in the amount
reasonably requested by the Company to satisfy the Company’s withholding obligations under federal, state or other applicable tax laws with respect to the taxable income, if any, recognized by Optionee in connection with the exercise of this
Option (unless the Company and Optionee shall have made other arrangements for deductions or withholding from Optionee’s wages, bonus or other compensation payable to Optionee, provided such arrangements satisfy the requirements of applicable
tax laws in the opinion of the Company’s tax advisors). 
 (b) The Company may require Optionee, or any “Successor” as defined
in Section 5 below, as a condition of exercising this Option, (i) to give written 

  

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assurances satisfactory to the Company as to Optionee’s knowledge and experience in financial and business matters and/or to employ a purchaser
representative reasonably satisfactory to the Company who is knowledgeable and experienced in financial and business matters, and that he or she is capable of evaluating, alone or together with the purchaser representative, the merits and risks of
exercising the Option; and (ii) to give written assurances satisfactory to the Company stating that such person is acquiring the Shares subject to the Option for such person’s own account and not with any present intention of selling or
otherwise distributing the Shares. These requirements, and any assurances given pursuant to such requirements, shall be inoperative if (A) the issuance of the Shares upon the exercise of the Option has been registered under a then currently
effective registration statement under the Securities Act of 1933, as amended (the “Securities Act”), or (B) as to any particular requirement, a determination is made by counsel for the Company that such requirement need not be met in
the circumstances under the then applicable securities laws. 
 (c) Notwithstanding anything to the contrary contained herein, this Option
may not be exercised unless the Shares issuable upon exercise of this Option are then registered under the Securities Act or, if such Shares are not then so registered, the Company has determined that such exercise and issuance would be exempt from
the registration requirements of the Securities Act. 
 5. Death of Optionee; No Assignment. The rights of Optionee
under this Agreement may not be assigned or transferred except by will or by the laws of descent and distribution, and may be exercised during the lifetime of Optionee only by such Optionee. Any attempt to sell, pledge, assign, hypothecate, transfer
or dispose of this Option in contravention of this Agreement shall be void and shall have no effect. If Optionee’s Continuous Service terminates as a result of his or her death, and provided Optionee’s rights hereunder shall have vested
pursuant to Section 2 hereof, Optionee’s legal representative, his or her legatee, or the person who acquired the right to exercise this Option by reason of the death of Optionee (individually, a “Successor”) shall succeed to
Optionee’s rights and obligations under this Agreement. After the death of Optionee, only a Successor may exercise this Option. 
 6.
Limitation of Company’s Liability for Nonissuance. The Company agrees to use its reasonable best efforts to obtain from any applicable regulatory agency such authority or approval as may be required in order to issue and sell
the Shares to Optionee pursuant to this Option. Inability of the Company to obtain, from any such regulatory agency, authority or approval deemed by the Company’s counsel to be necessary for the lawful issuance and sale of the Shares hereunder
shall relieve the Company of any liability in respect of the nonissuance or sale of such shares as to which such requisite authority or approval shall not have been obtained. 
 7. Adjustments Upon Changes in Capital Structure. In the event that the outstanding shares of Common Stock of the Company are
hereafter increased or decreased or changed into or exchanged for a different number or kind of shares or other 

  

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securities of the Company by reason of a recapitalization, stock split, combination of shares, reclassification, stock dividend or other change in the
capital structure of the Company, then appropriate adjustments shall be made by the Administrator to the number of Shares subject to the unexercised portion of this Option and to the Exercise Price per share, in order to preserve, as nearly as
practical, but not to increase, the benefits of Optionee under this Option. 
 8. Change in Control. In the event of a
Change in Control (as defined below) of the Company, the Administrator in its discretion may take one or more of the following actions: (a) provide for the purchase of this Option for an amount of cash or other property that could have been
received upon the exercise of this Option had this Option been currently exercisable, (b) adjust the terms of this Option in a manner determined by the Administrator to reflect the Change in Control, (c) cause the Option to be continued or
assumed, or new rights substituted therefor, by the surviving or another entity, through the continuance or assumption of this Option, or the substitution for this Option of a new option of comparable value covering shares of a successor
corporation, with appropriate adjustments as to the number and kind of shares and Exercise Price, in which event this Option, or the new option shall continue in the manner and under terms so provided or (d) make such other provision as the
Administrator may consider equitable. If the Administrator does not take any of the forgoing actions, this Option shall terminate upon the consummation of the Change in Control and the Administrator shall cause written notice of the proposed
transaction to be given to Optionee not less than fifteen (15) days prior to the anticipated effective date of the proposed transaction, provided however that whether or not provision is made for continuance, assumption or substitution of
outstanding Options, then concurrent with the effective date of the Change of Control, all Options not previously terminated shall be accelerated and concurrent with such date, the holders of such Options shall have the right to exercise such
Options in respect to any or all shares subject thereto. 
 For purposes of this Agreement, the term “Change in Control” shall mean
(i) the acquisition, directly or indirectly, by any person or group (within the meaning of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended) of the beneficial ownership of more than fifty percent (50%) of the
outstanding securities of the Company; (ii) a merger or consolidation in which the Company is not the surviving entity, except for a transaction the principal purpose of which is to change the state in which the Company is incorporated;
(iii) the sale, transfer or other disposition of all or substantially all of the assets of the Company; (iv) a complete liquidation or dissolution of the Company; or (v) any reverse merger in which the Company is the surviving entity
but in which securities possessing more than fifty percent (50%) of the total combined voting power of the Company’s outstanding securities are transferred to a person or persons different from the persons holding those securities
immediately prior to such merger. 
 9. No Employment Contract Created. Neither the granting of this Option nor the
exercise hereof shall be construed as granting to Optionee any right with respect to continuance of employment by the Company or any of its subsidiaries. The right of the 

  

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Company or any of its subsidiaries to terminate at will Optionee’s employment at any time (whether by dismissal, discharge or otherwise), with or
without cause, is specifically reserved. 
 10. Rights as Stockholder. Optionee (or transferee of this option by will or
by the laws of descent and distribution) shall have no rights as a stockholder with respect to any Shares covered by this Option until such Option has been duly exercised and certificates representing shares purchased upon such exercise have been
issued to such person. 
 11. “Market Stand-Off” Agreement. Optionee agrees that, if requested by the Company
or the managing underwriter of any proposed public offering of the Company’s securities, Optionee will not sell or otherwise transfer or dispose of any Shares held by Optionee without the prior written consent of the Company or such
underwriter, as the case may be, during such period of time, not to exceed 180 days following the effective date of the registration statement filed by the Company with respect to such offering, as the Company or the underwriter may specify.

 12. Interpretation. The Administrator shall interpret and construe this Option and any action, decision,
interpretation or determination made in good faith by the Administrator shall be final and binding on the Company and Optionee. As used in this Agreement, the term “Administrator” shall refer to the committee of the Board of Directors of
the Company appointed to administer the Option, and if no such committee has been appointed, the term Administrator shall mean the Board of Directors. 
 13. Notices. Any notice, demand or request required or permitted to be given under this Agreement shall be in writing and shall be deemed given when delivered personally or three days after being
deposited in the United States mail, as certified or registered mail, with postage prepaid and addressed, if to the Company, at its principal place of business, Attention: Chief Financial Officer, and if to Optionee, at his or her most recent
address as shown in the employment or stock records of the Company. 
 14. Annual and Other Periodic Reports. During the
term of this Agreement, the Company will furnish to Optionee copies of all annual and other periodic financial and informational reports that the Company distributes generally to its stockholders. 
 15. Governing Law. The validity, construction, interpretation and effect of this Option shall be governed by and determined in
accordance with the laws of the State of Delaware. 
 16. Severability. Should any provision or portion of this
Agreement be held to be unenforceable or invalid for any reason, the remaining provisions and portions of this Agreement shall be unaffected by such holding. 
  

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 17. Counterparts. This Agreement may be executed in two or more counterparts, each
of which shall be deemed an original and all of which together shall be deemed one instrument. 
  

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 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.

  

							
	CORTEX PHARMACEUTICALS, INC.,	 		 	“OPTIONEE”
	a Delaware corporation	 		 	Leslie J. Street
				
	By:	 	 /s/ Maria S. Messinger
	 		 	 /s/ Leslie Street

		 		 		 	Signature
	Its:	 	 VP and CFO
	 		 	

  

 7Severance Agreement with R. Bruce Stewart

 Exhibit 10.1 
 SEVERANCE AGREEMENT 
 This SEVERANCE AGREEMENT (the “Agreement”) is made and entered
into effective May 24, 2007, by and between Arrowhead Research Corporation, a Delaware corporation (the “Company”), and R. Bruce Stewart, an individual (the “Executive”). 
 WITNESSETH: 
 WHEREAS, the Compensation
Committee of the Board of Directors of Arrowhead Research Corporation wishes to enter into an Agreement with Executive; 
 NOW, THEREFORE, in
consideration of the premises and the mutual covenants and agreements herein contained, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, such parties, intending to be
legally bound, agree as follows: 
 1. Employment Duties. 
 (a) The Company hereby employs the Executive as Chairman and Chief Executive Officer to perform the customary duties and bear the customary responsibilities of such positions and such other duties and
responsibilities, commensurate with such positions, as the Executive reasonably shall be directed from time to time by the Board of Directors (the “Board”) of the Company to perform or bear, which duties and responsibilities shall be
consistent with the provisions of the Bylaws of the Company in effect on the date hereof that relate to or bear upon the duties of a Chairman of the Board and Chief Executive Officer of the Company. 
 (b) The Executive hereby accepts such employment and agrees to render the services described above. 
 (c) The principal place of employment of the Executive hereunder shall at all times be the Pasadena, CA area or other location(s) as may be mutually
acceptable to the Executive and the Board of Directors. 
 2. Term of Employment. 
 Executive is an “At Will” employee under the laws of California which means the Company can terminate him at any time for any reason. The
Executive has signed the “Employee At-Will, Confidential Information and Invention Agreement” which is attached to this Agreement as Attachment A. 
 3. Retirement or Termination of Employment 
 The following shall govern Executive’s retirement or termination (except in
the case of Section 5 below): 
  

	 	•	 	 Should Executive voluntarily retire or voluntarily terminate from Arrowhead Research Corporation or its successor for any reason or should Executive be terminated
from Arrowhead Research Corporation or its successor for any reason, Executive will be paid his highest salary while at Arrowhead Research Corporation for three (3) years after his termination. 

  

	 	•	 	 Each month, the payment to Executive will be 1/36th of the total amount due under the Agreement. Should Executive die before terminating from Arrowhead or after
terminating from Arrowhead but before the full three (3) year period has ended, his estate will be paid until the full three (3) year period has ended. 

  

	 	•	 	 During the three (3) year period, Executive will, at his option, consult with the company if asked (except as noted in Section 9 below). Executive can
decline to consult if he chooses to do so (except as noted in Section 9 below) but the payments will continue until such time as the full three (3) year period has been paid. 

 SEVERANCE AGREEMENT 
  

 4. Payment 
 Payments of Executive will be before any federal or state tax withholding. Payments will be monthly as stated above but Executive will not accrue any sick or vacation time once he has terminated from Arrowhead
Research Corporation. He will be given a 1099 each applicable year and will be responsible for any and all taxes. Executive will be paid any accrued vacation (less applicable taxes) due him at Date of Termination. 
 5. Termination by the Company Cause. 
 The Company
may terminate the Executive at any time for any reason. However, the Executive and/or his estate are due no payment if Executive is terminated for “Cause” as defined in the following paragraph: 
 The Executive acts, or fails to act, in a manner that provides “Cause” for termination. For purposes of this Agreement, the term
“Cause” means (1) the Executive’s indictment for, or conviction of, any crime or serious offense involving money or other property which constitutes a felony in the jurisdiction involved, (2) the Executive’s willful and
continual neglect of, or failure to discharge, duties (including fiduciary duties), responsibilities and obligations with respect to the Company hereunder, provided such neglect or failure remains uncured for a period of thirty (30) days
after written notice describing the same is given to the Executive by the Company and, provided further, that isolated and insubstantial neglect or failures shall not constitute Cause hereunder, (3) the Executive’s violation of the
provisions of Section 8 below or of any confidentiality provisions contained in Exhibit A hereto, or (4) any act of fraud or embezzlement by the Executive involving the Company or any of its Affiliates. All determinations of Cause for
termination pursuant to this Section 5 shall be determined by the Board, and shall require at least a two-thirds (2/3) vote of the entire Board, excluding the participation of the Executive, should he then be a member of the Board.

 6. Confidentiality. 
 The Executive
agrees that the “Employee Proprietary Information and Ownership of Inventions Agreement” annexed hereto as Exhibit A shall be deemed incorporated in and made a part of this Employment Agreement. Notwithstanding any other provision of this
Agreement, the Executive shall continue to be bound by the terms of such Proprietary Information and Inventions Agreement for a period of three (3) years after the expiration or termination of this Agreement for any reason. The Executive and
the Company agree that following expiration or termination of this Agreement for any reason the Proprietary Information and Inventions Agreement shall be applicable only to material, non-public proprietary information of the Company. 
 7. Privacy. 
 Executive is a Reporting Person under
the rules and regulations of the SEC. As such, this Agreement may have to be filed with the SEC and the terms of this Agreement must be included in the annual proxy to shareholder. Therefore, as condition for receiving the Agreement, you waive all
rights to privacy. 
 8. Non-Competition, Non-Solicitation and Non-Disparagement. 
 (a) At no time will the Executive knowingly make any written or oral untrue statement that disparages the Company or its Affiliates in communications
with any customer, client or the public. 
 (b) At no time will the Executive knowingly solicit any of the people current employed by the
Company or its Affiliates. 

 SEVERANCE AGREEMENT 
  

 (c) At no times will the Executive, solicit any of the customers of the Company or its Affiliates.

 (d) If the Executive commits a breach, or threatens to commit a breach of Section 8(a), (b) or (c), the Company shall have the
right and remedy to have the provisions of this Agreement or Exhibit A, as the case may be, specifically enforced by any court having equity jurisdiction, it being acknowledged and agreed that any such breach or threatened breach will cause
irreparable injury to the Company and that money damages will not provide an adequate remedy to the Company. 
 (e) Anything else contained
in this Agreement to the contrary notwithstanding, the parties hereto intend to and hereby do confer jurisdiction to enforce the covenants contained in this Section 8 and Exhibit A upon the courts of any state within the geographical scope of
such covenants. In the event that the courts of any one or more of such states shall hold any such covenant wholly unenforceable by reason of the breadth of such scope or otherwise, it is the intention of the parties hereto that such determination
not bar or in any way affect the Company’s right to the relief provided above in the courts of any other state within the geographical scope of such other covenants, as to breaches of such covenants in such other respective jurisdictions, the
above covenants as they relate to each state being, for this purpose, severable into diverse and independent covenants. 
 9. Cooperation. 

Following Executive’s termination of employment, the Executive agrees to cooperate with, and assist the Company to ensure a smooth transition in
management and, if requested by the Company, will make himself available to consult during regular business hours at mutually agreed upon times for up to a three-month period thereafter. At any time following his termination of employment, the
Executive will provide such information as the Company may reasonably request with respect to any Company-related transaction or other matter in which the Executive was involved in any way while employed by the Company. The Executive further agrees
to assist and cooperate with the Company in connection with the defense or prosecution of any claim that may be made against, or by, the Company or its Affiliates, in connection with any dispute or claim of any kind involving the Company or its
Affiliates, including providing testimony in any proceeding before any arbitral, administrative, judicial, legislative or other body or agency. The Executive shall be entitled to reimbursement for all properly documented expenses incurred in
connection with rendering transition services under this Section 9, including, but not limited to, reimbursement for all reasonable travel, lodging, meal expenses and legal fees, and the Executive shall be entitled to a per diem amount for his
services equal to his highest annualized Base Salary used to determine the first year of his three (3) years pay under this Agreement, divided by seven hundred and twenty (720) (business days). 
  

	10.	Excise Tax. 

 If any payments made in respect of
this Agreement, or otherwise in respect of the Executive’s termination of employment with the Company, become subject to the excise tax described in Section 4999 of the Internal Revenue Code of 1986 (or any successor to such section), the
Company shall make a special payment to the Executive sufficient, on an after-tax basis (taking into account federal, state and local income, employment and excise taxes and related interest and, penalties), to put the Executive in the same position
as would have been the case had no such excise taxes been applicable to any payments or benefits provided in this Agreement or otherwise in respect of the Executive’s termination of employment with the Company. Any such special payment shall be
made prior to the time any excise tax is payable by the Executive (through withholding or otherwise). The determination of whether any payment is subject to an excise tax and, if so, the amount to be paid by the Company to the Executive and the time
of payment, shall be made by an independent auditor selected jointly by the Company and the Executive and paid by the Company. Unless the Executive agrees otherwise in writing, the auditor shall be a nationally recognized public accounting firm that
has not, during the two (2) years preceding the date of its selection, acted in any way on behalf of the Company or any of its Affiliates. If the Executive and the Company cannot agree on the firm to serve as the auditor under this Section,
then the Executive and the Company shall each select one accounting firm and those two (2) firms shall jointly select the accounting firm to serve as the auditor. 

 SEVERANCE AGREEMENT 
  

 11. No Mitigation. 
 The Executive shall not be required to mitigate the amount of any payment provided for hereunder, by seeking other employment or otherwise, nor shall the amount of any payment provided for hereunder be reduced by any
compensation earned by the Executive as the result of employment by another employer after the date of termination of employment by the Company. 
 12.
Definitions. 
 As used herein, the following terms have the following meaning: 
 (a) “Affiliate” means and includes any person, corporation or other entity controlling, controlled by or under common control with the person,
corporation or other entity in question. 
 (b) “Change in Control” means the occurrence of any of the following events:

 (i) Any Person, other than the Company, its affiliates (as defined in Rule 12b-2 under the Exchange Act) or any Company employee benefit
plan (including any trustee of such plan acting as trustee), is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing more than forty percent (40%) of ‘the combined voting power of the then
outstanding securities entitled to vote generally in the election of directors (“Voting Securities”) of the Company, or 
 (ii)
Individuals who constitute the Board of Directors of the Company (the “Incumbent Directors”) cease for any reason to constitute at least a majority of the directors. Notwithstanding the foregoing any individual becoming a director whose
election or nomination for election by the Company’s stockholders, was approved by a vote of at least two-thirds (2/3) of the directors then comprising the Incumbent Directors shall be considered an Incumbent Director; or 
 (iii) Consummation by the Company of a recapitalization, reorganization, merger, consolidation or other similar transaction (a “Business
Combination”) with respect to which all or substantially all of the individuals and entities who were the beneficial owners of the Voting Securities immediately prior such Business Combination (the “Incumbent Shareholders”) do not,
following consummation of all transactions intended to constitute part of such Business Combination, beneficially own, directly or indirectly, fifty percent (50%) or more of the Voting Securities of the corporation, business trust or other
entity resulting from or being the surviving entity in such Business Combination (the “Surviving Entity”), in substantially the same proportion as their ownership of such Voting Securities immediately prior to such Business Combination; or

 (iv) Consummation of a complete liquidation or dissolution of the Company, or the sale or other disposition of all or substantially all
of the assets of the Company, other than to a corporation, business trust or other entity with respect to which, following consummation of all transactions intended to constitute part of such sale or disposition, more than fifty percent
(50%) of the combined Voting Securities is then owned beneficially, directly or indirectly, by the Incumbent Shareholders in substantially the same proportion as their ownership of the Voting Securities immediately prior to such sale or
disposition. 
 For purposes of this definition, the following terms shall have the meanings set forth below: 
 (A) “Beneficial Owner” shall have the meaning set forth in Rule 13d-3 under the Exchange Act; 
 (B) “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended; and 
 (C) “Person” shall have the meaning as used in Sections 13(d) and 14(d) of the Exchange Act. 
 (c) “Company’s Field of Interest” means the primary businesses of the Company as described in the Company’s then most-recent filings
with the Securities and Exchange Commission. 

 SEVERANCE AGREEMENT 
  

 13. Representations by Executive. 
 The Executive represents and warrants that he has full right, power and authority to execute this Agreement and perform his obligations hereunder; this
Agreement has been duly executed by the Executive and such execution and the performance of this Agreement by the Executive does not and will not result in any conflict, breach or violation of or default under any other agreement or any judgment,
order or decree to which the Executive is a party or by which he is bound. The Executive acknowledges and agrees that any material breach of the representations set forth in this Section 13 will constitute Cause under Section 5.

 14. Arbitration. 
 The parties shall
attempt in good faith to resolve all claims, disputes and other disagreements arising hereunder by negotiation. In the event that a dispute between the parties cannot be resolved within thirty (30) days of written notice from one party to the
other party, such dispute shall, at the request of either party, after providing written notice to the other party, be submitted to arbitration in Los Angeles, California in accordance with the arbitration rules of the American Arbitration
Association then in effect. The notice of arbitration shall specifically describe the claims, disputes or other matters in issue to be submitted to arbitration. The parties shall jointly select a single arbitrator who shall have the authority to
hold hearings and to render a decision in accordance with the arbitration rules of the American Arbitration Association. If the parties are unable to agree within ten (10) days, the arbitrator shall be selected by the Chief Judge of the Los
Angeles Court. The discovery rights and procedures provided by the Federal Rules of Civil Procedure shall be available and enforceable in the arbitration proceeding. The written decision of the arbitrator so appointed shall be conclusive and binding
on the parties and enforceable by a court of competent jurisdiction. The expenses of the arbitration shall be borne equally by the parties to the arbitration, and each party shall pay for and bear the cost of its own experts, evidence and legal
counsel, unless the arbitrator rules otherwise in the arbitration. Both parties agree to use their best efforts to cause a final decision to be rendered with respect to the matter submitted to arbitration within sixty (60) days after its
submission. Notwithstanding the foregoing, the Company shall be free to pursue its rights and remedies under Section 8 hereof and pursuant to Exhibit A hereto in any court of competent jurisdiction, without regard to the arbitral proceedings
contemplated by this Section 14. 
 15. Notices. 
 All notices, requests, consents and other communications required or permitted to be given hereunder shall be in writing and shall be deemed to have been duly given if sent by private overnight mail service (delivery
confirmed by such service), registered or certified mail (return receipt requested and received), telecopy (confirmed receipt by return fax from the receiving party) or delivered personally, as follows (or to such other address as either party shall
designate by notice in writing to the other in accordance herewith): 
  

					
		 	If to the Company:
		
		 	Arrowhead Research Corporation
		 	201 South Lake Avenue, Suite 703
		 	Pasadena, California 91101
		 	Attention: Chairman of the Compensation Committee
		
		 	Telephone: (626) 304-3400
		 	Fax: (626) 304-3401
		
		 	If to the Executive:
		
		 	R. Bruce Stewart
		 	Address:
                            
		 	                                      
     	 	
		 	Telephone:                         

 SEVERANCE AGREEMENT 
  

	16.	General. 

 (a) This Agreement shall be governed by
and construed and enforced in accordance with the laws of the State of California. 
 (b) This Agreement, together with any ancillary
agreements referred to herein, sets forth the entire agreement and understanding of the parties relating to the subject matter hereof, and supersedes all prior agreements, arrangements and understandings, written or oral, relating to the subject
matter hereof. No representation, promise or inducement has been made by either party that is not embodied in this Agreement, and neither party shall be bound by or liable for any alleged representation, promise or inducement not so set forth.

 (c) This Agreement may be amended, modified, superseded, canceled, renewed or extended, and the terms or covenants hereof may be waived,
only by a written instrument executed by the parties hereto, or in the case of a waiver, by the party waiving compliance. The failure of a party at any time or times to require performance of any provision hereof shall in no manner affect the right
at a later time to enforce the same. No waiver by a party of the breach of any term or covenant contained in this Agreement, whether by conduct or otherwise, or anyone or more or continuing waivers of any such breach, shall constitute a waiver of
the breach of any other term or covenant contained in this Agreement. 
 (d) This Agreement shall be binding upon and inure to the benefit
of the legal representatives, heirs, distributees, successors and permitted assigns of the parties hereto. The Company may not assign its rights and obligation under this Agreement without the prior written consent of the Executive, except to a
successor to substantially all the Company’s business, which expressly assumes the Company’s obligations hereunder in writing. For purposes of this Agreement, “successors” shall mean any successor by way of share exchange,
merger, consolidation, reorganization or similar transaction, or the sale of all or substantially all of the assets of the Company. The Executive may not assign, transfer, alienate or encumber any rights or obligations under this Agreement, except
by will or operation of law, provided that the Executive may designate beneficiaries to receive any payments permitted under the terms of the this Agreement. 
 [Signature Page Follows] 

 SEVERANCE AGREEMENT 
  

 IN WITNESS WHEREOF, the each of the parties has executed this Agreement under its or his seal as of
the date first above written. 
  

			
	Compensation Committee.
		
	By:	 	 /s/ Edward W. Frykman

	Print Name:	 	Edward W. Frykman
	Title:	 	Chairman, Compensation Committee

  

			
	 Attest:
	 	
		
	By:	 	 /s/ Joseph T. Kingsley

	Print Name:	 	Joseph T. Kingsley
	Title:	 	President & Chief Financial Officer
		
		 	[SEAL]

  

			
	
	R. Bruce Stewart
		
	By:	 	 /s/ R. Bruce Stewart

	Print Name:	 	R. Bruce Stewart

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00124-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00124-of-00352.parquet"}]]