Document:

Exhibit 10.49

 

STOCK PURCHASE AGREEMENT

 

This agreement
is dated November     , 2005 between the purchaser
identified on the signature page hereto (“Purchaser”), and  AVI
BioPharma, Inc., a corporation incorporated in the State of Oregon (the “Company”), whereby the parties agree as
follows:

 

The Purchaser shall buy and the Company
agrees to sell                           
shares (“Shares”) of the Company’s
Common Stock (the “Common Stock”) at
a price of $         per share for a
total amount of $                        .
The Purchaser shall also receive a warrant, in the form of Exhibit A
attached hereto, to purchase up to a number of shares equal to             %
of the Shares (or                           
Warrant Shares), an exercise price equal to $          
and a term of exercise equal to             
years, with the initial exercise date being [six months] from the date of
purchase (the “Warrant”). The
Shares, the Warrant and the Warrant Shares (collectively, the “Securities”) have been registered on a
registration statement on Form S-3, File No. 333-109015 (the “Registration Statement”), which has been
declared effective by the Securities and Exchange Commission, and remains
effective as of the date hereof. A final Prospectus Supplement will be delivered
promptly after funding. The Shares and Warrants are free of restrictive legends
and are free of any resale restrictions, and upon exercise of the Warrants, the
Warrant Shares will be free of restrictive legends will be free of any resale
restrictions.

 

The Purchaser represents and warrants to the
Company:

 

(a) The
Purchaser is a corporation or other legal entity duly organized, validly
existing and in good standing under the laws of the jurisdiction set forth on
the signature pages attached hereto.

 

(b) The
Purchaser has the requisite corporate (or other entity) power and authority to
enter into and perform this Agreement and to purchase the Shares in
accordance with the terms hereof.

 

(c) In
making its investment decision in this offering, the Purchaser and its
advisors, if any, have relied solely on the Company’s public filings as filed
with the Securities and Exchange Commission.

 

(d) The
Purchaser is purchasing the Shares and Warrant for its own account as
principal, and not with a view towards distribution of such securities.

 

(e) The
Purchaser is not a registered broker-dealer.

 

(f) The
Purchaser has not directly or indirectly, nor has any Person acting on behalf
of or pursuant to any understanding with such Purchaser, executed any Short
Sales in the securities of the Company (as defined in Rule 200 of
Regulation SHO) since 9 P.M. (New York Time) on November     ,
2005 which

 

 

was the time that such Purchaser was first
contacted regarding an investment in the Company (“Discussion Time”)
through the date hereof.

 

The Purchaser shall wire the purchase amount
to the Company to the account set forth below.

 

Company Wire Transfer Instructions:

 

AVI BioPharma, Inc.

4575 SW Research Way, Suite 200

Corvallis, OR  97333

Account # 153591259962

US Bank

1607 Main Street

Vancouver, WA  98660-2975

US Bank contact:  Erik Bjorvik
(503) 275-5879

Transmit No. 125000105

Reference:  [FUND NAME]

 

The Company shall cause its transfer agent to
transmit the Shares electronically to the Purchaser by crediting the account
set forth below through the Deposit Withdrawal Agent Commission (“DWAC”) system and shall deliver the Warrant to the Purchaser
within 3 business days of receipt of the funds at the address set forth below. The
Purchaser’s DWAC instructions are set forth on the signature pages hereto.

 

The Company hereby makes the following
representations and warranties, agreements and covenants to and with the
Purchaser:

 

(a)                                  Authorization;
Enforcement; No Conflicts.  The
Company has the requisite corporate power and authority to enter into and to
consummate the transactions contemplated by each of the Transaction Documents
and otherwise to carry out its obligations hereunder and thereunder. The
execution and delivery of each of the Transaction Documents by the Company and
the consummation by it of the transactions contemplated hereby and thereby have
been duly authorized by all necessary action on the part of the Company
and no further consent or action is required by the Company, its Board of
Directors or its stockholders. Each of the Transaction Documents has been (or
upon delivery will be) duly executed by the Company and is, or when delivered
in accordance with the terms hereof, will constitute, the valid and binding
obligation of the Company enforceable against the Company in accordance with
its terms. The execution, delivery and performance of the Transaction Documents
by the Company and the consummation by the Company of the transactions
contemplated hereby and thereby do not and will not: (i) conflict with or
violate any provision of the Company’s or any subsidiary’s certificate or
articles of incorporation, bylaws or other organizational or charter documents,
or (ii) subject to obtaining the

 

2

 

Required Approvals (as defined
below), conflict with, or constitute a default (or an event that with notice or
lapse of time or both would become a default) under, or give to others any
rights of termination, amendment, acceleration or cancellation (with or without
notice, lapse of time or both) of, any agreement, credit facility, debt or
other instrument (evidencing a Company or subsidiary debt or otherwise) or
other understanding to which the Company or any subsidiary is a party or by
which any property or asset of the Company or any subsidiary is bound or
affected, or (iii) result in a violation of any law, rule, regulation,
order, judgment, injunction, decree or other restriction of any court or
governmental authority to which the Company or a subsidiary is subject
(including federal and state securities laws and regulations), or by which any
property or asset of the Company or a subsidiary is bound or affected; except
in the case of each of clauses (ii) and (iii), such as could not,
individually or in the aggregate: (i) adversely affect the legality,
validity or enforceability of this Agreement, the Warrant, and any other
documents or agreements executed in connection with the transactions
contemplated hereunder (the “Transaction
Documents”), (ii) have or result in a material adverse effect
on the results of operations, assets, business or financial condition of the
Company and the subsidiaries, taken as a whole, or (iii) adversely impair
the Company’s ability to perform fully on a timely basis its obligations
under any of the Transaction Documents (any of (i), (ii) or (iii), a “Material Adverse Effect”).

 

(b)                                 Filings,
Consents and Approvals; Issuance of Securities.  Neither the Company nor any subsidiary is
required to obtain any consent, waiver, authorization or order of, give any
notice to, or make any filing or registration with, any court or other federal,
state, local or other governmental authority or other Person in connection with
the execution, delivery and performance by the Company of the Transaction
Documents, other than (i) the filings of a Form 8-K disclosing the
transaction contemplated hereby, (ii) the filing with the SEC of the
prospectus supplement required by the Registration Statement pursuant to Rule 424(b) under
the Securities Act of 1933 Act, as amended (the “1933 Act”) (the “Prospectus
Supplement”) supplementing the base prospectus forming part of
the Registration Statement (the “Prospectus”),
(iii) the application(s) to The Nasdaq National Market (the “Principal Market”) for the listing of the
Purchased Shares and the Warrant Shares for trading thereon in the time and
manner required thereby, and (iv) applicable Blue Sky filings
(collectively, the “Required Approvals”).
“Person” means an individual or
corporation, partnership, trust, incorporated or unincorporated association,
joint venture, limited liability company, joint stock company, government (or
an agency or subdivision thereof) or other entity of any kind. The Securities
are duly authorized and, when issued and paid for in accordance with the
applicable Transaction Documents, will be duly and validly issued, fully paid
and nonassessable, free and clear of all Liens. The Company has reserved from
its duly authorized capital stock a sufficient number of Warrant Shares to
enable it to comply with its exercise obligations under the Warrants. The
issuance by the Company of the Securities has been registered under the 1933
Act and all of the Securities are freely transferable and tradable by the
Purchaser without restriction.

 

3

 

The Shares and Warrants are
being issued pursuant to the Registration Statement and the issuance of the Shares, the Warrants and the Warrant
Shares has been registered by the Company under the 1933 Act. The Registration
Statement is effective and available for the issuance of the Securities
thereunder and the Company has not received any notice that the SEC has issued
or intends to issue a stop-order with respect to the Registration Statement or
that the SEC otherwise has suspended or withdrawn the effectiveness of the
Registration Statement, either temporarily or permanently, or intends or has
threatened in writing to do so. The “Plan of Distribution” section under
the Registration Statement permits the issuance and sale of the Securities hereunder
and under the Warrants. Upon receipt of the Securities, the Purchaser will have
good and marketable title to such Securities and the Shares and, upon exercise
of the Warrants, the Warrant Shares will be freely tradable on the
Principal Market. Neither the Company, nor any of its Affiliates, nor any
Person acting on its or their behalf has, directly or indirectly, made any
offers or sales of any security or solicited any offers to buy any security,
under circumstances that would cause this offering of the Securities to be
integrated with prior offerings by the Company for purposes of any applicable
stockholder approval provisions, including, without limitation, under the rules and
regulations of any exchange or automated quotation system on which any of the
securities of the Company are listed or designated, nor will the Company or any
of its subsidiaries take any action or steps that would cause the offering of
the Securities to be integrated with other offerings. Except as disclosed in
the SEC Reports, the Company has not, in the 12 months preceding the date
hereof, received notice from the Principal Market on which the Common Stock is
or has been listed or quoted to the effect that the Company is not in
compliance with the listing or maintenance requirements of the Principal Market.
The Company is, and has no reason to believe that it will not in the
foreseeable future continue to be, in compliance with all such listing and
maintenance requirements. The issuance and sale of the Securities hereunder does
not contravene the rules and regulations of the Principal Market and no
stockholder approval is required for the Company to fulfill its obligations
under the Transaction Documents. The Common Stock is currently listed on the
Principal Market.

 

(c)                            SEC
Reports; Financial Statements.  The
Company has filed all reports required to be filed by it under the 1933 Act and
the Securities Exchange Act of 1934, as amended (the “1934 Act”), including pursuant to Section 13(a) or
15(d) thereof, for the two (2) years preceding the date hereof (the
foregoing materials being collectively referred to herein as the “SEC Reports”) on a timely basis or has received a valid
extension of such time of filing and has filed any such SEC Reports prior to
the expiration of any such extension. As of their respective dates, the SEC
Reports complied in all material respects with the requirements of the 1933 Act
and the 1934 Act and the rules and regulations of the SEC promulgated
thereunder, and none of the SEC Reports, when filed, contained any untrue
statement of a material fact or omitted to state a material fact required to be
stated therein or necessary in order to make the statements therein, in the
light of the circumstances under which they were made, not misleading.

 

4

 

The Registration Statement and
any prospectus included therein, including the Prospectus and the Prospectus
Supplement, complied in all material respects with the requirements of the 1933
Act and the 1934 Act and the rules and regulations of the SEC promulgated
thereunder, and none of such Registration Statement or any such prospectus,
including the Prospectus and the Prospectus Supplement, contain or contained
any untrue statement of a material fact or omitted to state a material fact
required to be stated therein or necessary in order to make the statements
therein, in the case of any prospectus in the light of the circumstances under
which they were made, not misleading. The Company is in compliance with the Sarbanes-Oxley
Act of 2002, and the rules and regulations promulgated thereunder by all
government and regulatory authorities and agencies. The financial statements of
the Company included in the SEC Reports comply in all material respects with
applicable accounting requirements and the rules and regulations of the
SEC with respect thereto as in effect at the time of filing. Such financial
statements have been prepared in accordance with generally accepted accounting
principles applied on a consistent basis during the periods involved (“GAAP”), except as may be otherwise specified in such
financial statements or the notes thereto, and fairly present in all material
respects the financial position of the Company and its consolidated
subsidiaries as of and for the dates thereof and the results of operations and
cash flows for the periods then ended, subject, in the case of unaudited
statements, to normal, immaterial, year-end audit adjustments.

 

(d)                                 Material
Changes.  Since the date of the
latest audited financial statements included within the SEC Reports, except as
specifically disclosed in the SEC Reports: (i) there has been no event,
occurrence or development that, individually or in the aggregate, has had or
that could result in a Material Adverse Effect, (ii) the Company has not
incurred any liabilities (contingent or otherwise) other than (A) trade
payables and accrued expenses incurred in the ordinary course of business
consistent with past practice and (B) liabilities not required to be
reflected in the Company’s financial statements pursuant to GAAP or required to
be disclosed in filings made with the SEC, (iii) the Company has not
altered its method of accounting or the identity of its auditors, (iv) the
Company has not declared or made any dividend or distribution of cash or other
property to its stockholders or purchased, redeemed or made any agreements to
purchase or redeem any shares of its capital stock, and (v) the Company
has not issued any equity securities to any officer, director or Affiliate, except
pursuant to existing Company stock option and purchase plans. “Affiliate” means any Person that, directly
or indirectly through one or more intermediaries, controls or is controlled by
or is under common control with a Person, as such terms are used in and
construed under Rule 144. “Rule 144”
means Rule 144 promulgated by the SEC pursuant to the 1933 Act, as such Rule may be
amended from time to time, or any similar rule or regulation hereafter
adopted by the SEC having substantially the same effect as such Rule.

 

(e)                                  Disclosure.
 The Company confirms that neither it nor
any other Person acting on its behalf has provided the Purchaser or its agents
or counsel

 

5

 

with any information that the
Company believes constitutes, nonpublic information. The Company understands
and confirms that the Purchaser will rely on the foregoing representations in
effecting transactions in securities of the Company. All disclosure provided to
the Purchaser regarding the Company, its business and the transactions
contemplated hereby, furnished by or on behalf of the Company are true and
correct and do not contain any untrue statement of a material fact or omit to
state any material fact necessary in order to make the statements made therein,
in the light of the circumstances under which they were made, not misleading.

 

(f)                                    Disclosure of Transactions and Other Material
Information.  The Company shall, on or before 8:30 a.m.,
New York City Time, on November     , 2005, issue a
press release reasonably acceptable to the Purchaser disclosing all material
terms of the transactions contemplated hereby and complying with applicable
Commission rules. On or before 8:30 a.m., New York City Time, on the
first business day following the execution and delivery of this Agreement, the
Company shall file a Current Report on Form 8-K describing the terms of
the transactions contemplated by the Transaction Documents in the form required
by the 1934 Act, and attaching the form of this Agreement and the Warrant
as exhibits to such filing (including all attachments, the “8-K Filing”). The Company shall not, and
shall cause each of its subsidiaries and each of their respective officers,
directors, employees and agents, not to, provide the Purchaser with any
material, nonpublic information regarding the Company or any of its subsidiaries
from and after the filing of the press release referred to in the first
sentence of this Section without the express written consent of the
Purchaser. Subject to the foregoing, neither the Company nor the Purchaser
shall issue any press releases or any other public statements with respect to
the transactions contemplated hereby nor shall the Company disclose the name of
the Purchaser in any filing, announcement, release or otherwise without the
Purchaser’s consent; provided, however, that the Company shall be
entitled, without the prior approval of the Purchaser, to make any press
release or other public disclosure with respect to such transactions (i) in
substantial conformity with the 8-K Filing and contemporaneously therewith and (ii) as
is required by applicable law and regulations, including the applicable rules and
regulations of the Principal Market (provided that in the case of clause (i) the
Purchaser shall be consulted by the Company in connection with any such press
release or other public disclosure prior to its release).

 

(g)                                 Additional
Issuances of Securities.  From the
date hereof through                            ,
2006, the Company will not, directly or indirectly, except pursuant to its
existing employee and director stock and stock option plans (provided that the
Company shall not permit during such period the establishment of any Rule 10b5-1
plan), and the existing direct stock purchase plan, offer, sell, grant any
option to purchase, or otherwise dispose of (or announce any offer, sale, grant
or any option to purchase or other disposition of) any of its or its subsidiaries’
equity or equity equivalent securities, including without limitation any debt,
preferred stock or other instrument or security that is, at any time during

 

6

 

its life and under any
circumstances, convertible into or exchangeable or exercisable for shares of
Common Stock or Options or Convertible Securities. “Options” means any rights, warrants or options to subscribe
for or purchase shares of Common Stock or Convertible Securities. “Convertible Securities” means any stock or securities (other
than Options) convertible into or exercisable or exchangeable for shares of
Common Stock. Further, the Company shall not issue shares of Common Stock or
equity equivalent securities if such issuance would require shareholder
approval pursuant to Rule 4350 of the NASD Marketplace Rules, unless and
until such shareholder approval is obtained.

 

Governing Law; Jurisdiction; Jury Trial.
 All questions concerning the
construction, validity, enforcement and interpretation of this Agreement shall
be governed by the internal laws of the State of New York, without giving
effect to any choice of law or conflict of law provision or rule (whether
of the State of New York or any other jurisdictions) that would cause the
application of the laws of any jurisdictions other than the State of New York. Each
party hereby irrevocably submits to the exclusive jurisdiction of the state and
federal courts sitting in the State of New York for the adjudication of any
dispute hereunder or in connection herewith or with any transaction
contemplated hereby or discussed herein, and hereby irrevocably waives, and
agrees not to assert in any suit, action or proceeding, any claim that it is
not personally subject to the jurisdiction of any such court, that such suit,
action or proceeding is brought in an inconvenient forum or that the venue of
such suit, action or proceeding is improper. Each party hereby irrevocably
waives personal service of process and consents to process being served in any
such suit, action or proceeding by mailing a copy thereof to such party at the
address for such notices to it under this Agreement and agrees that such
service shall constitute good and sufficient service of process and notice
thereof. Nothing contained herein shall be deemed to limit in any way any right
to serve process in any manner permitted by law. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND
AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE
HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT OR ANY
TRANSACTION CONTEMPLATED HEREBY.

 

Counterparts.  This Agreement may be executed in two or
more identical counterparts, all of which shall be considered one and the same
agreement and shall become effective when counterparts have been signed by each
party and delivered to the other party; provided that a facsimile signature
shall be considered due execution and shall be binding upon the signatory
thereto with the same force and effect as if the signature were an original,
not a facsimile signature.

 

Entire Agreement; Amendments.
 This Agreement supersedes all other
prior oral or written agreements between the Purchaser, the Company, their
affiliates and Persons acting on their behalf with respect to the matters
discussed herein, and this Agreement and the instruments referenced herein
contain the entire understanding of the parties with respect to the matters
covered herein and therein and, except as specifically set forth herein or
therein, neither the Company nor any Purchaser makes any representation,
warranty, covenant or undertaking with respect to such matters. No

 

7

 

provision of this Agreement may be amended other than by an
instrument in writing signed by the Company and the Purchaser. No provision
hereof may be waived other than by an instrument in writing signed by the
party against whom enforcement is sought.

 

Notices.  Any notices, consents, waivers or other
communications required or permitted to be given under the terms of this
Agreement must be in writing and will be deemed to have been delivered:  (i) upon receipt, when delivered
personally; (ii) upon receipt, when sent by facsimile (provided
confirmation of transmission is mechanically or electronically generated and
kept on file by the sending party); or (iii) one Business Day after
deposit with an overnight courier service, in each case properly addressed to
the party to receive the same. The addresses and facsimile numbers for such
communications shall be:

 

If to the Company:

 

AVI BioPharma, Inc.

One SW Columbia Street

Suite 1105

Portland, Oregon 97258

Phone: (503) 227-0554

Fax: (503) 227-0751

Attention:
Alan P. Timmins, President

 

With a copy to:

 

Michael C. Phillips

Davis Wright Tremaine
LLP

1300 SW 5th Avenue

24th Floor

Portland OR  97201

Tel: (503) 778-5214

Fax: (503) 778-5299

 

If
to the Purchaser, to its address and facsimile number set forth on the
signature page.

 

or to such other address and/or facsimile number and/or to the
attention of such other Person as the recipient party has specified by written
notice given to each other party five (5) days prior to the effectiveness
of such change. Written confirmation of receipt (A) given by the recipient
of such notice, consent, waiver or other communication, (B) mechanically
or electronically generated by the sender’s facsimile machine containing the
time, date, recipient facsimile number and an image of the first page of
such transmission or (C) provided by an overnight courier service shall be
rebuttable evidence of personal service, receipt by facsimile or receipt from
an overnight courier service in accordance with clause (i), (ii) or (iii) above,
respectively.

 

8

 

Successors and Assigns.
 The Company shall not assign this
Agreement or any rights or obligations hereunder without the prior written
consent of the Purchaser, including by merger or consolidation. The Purchaser
shall not assign this Agreement or any rights or obligations hereunder without
the prior written consent of the Company.

 

No Third Party Beneficiaries.
 This Agreement is intended for the
benefit of the parties hereto and their respective permitted successors and
assigns, and is not for the benefit of, nor may any provision hereof be
enforced by, any other Person.

 

Survival.  The representations, warranties, agreements
and covenants of the Company and the Purchaser contained herein shall survive
the delivery and exercise of Securities, as applicable.

 

Further Assurances.  Each party shall do and perform, or cause to
be done and performed, all such further acts and things, and shall execute and
deliver all such other agreements, certificates, instruments and documents, as
any other party may reasonably request in order to carry out the intent
and accomplish the purposes of this Agreement and the consummation of the
transactions contemplated hereby.

 

Indemnification.

 

(a)  In
consideration of the Purchaser’s execution and delivery of the Transaction
Documents and acquiring the Securities thereunder and in addition to all of the
Company’s other obligations under the Transaction Documents, the Company shall
defend, protect, indemnify and hold harmless the Purchaser and each of its
partners, members, officers, directors, employees and direct or indirect
investors and any of the foregoing Persons’ agents or other representatives
(including, without limitation, those retained in connection with the
transactions contemplated by this Agreement) (collectively, the “Indemnitees”) from and against any and all
actions, causes of action, suits, claims, losses, costs, penalties, fees,
liabilities and damages, and expenses in connection therewith (irrespective of
whether any such Indemnitee is a party to the action for which indemnification
hereunder is sought), and including reasonable attorneys’ fees and
disbursements (the “Indemnified Liabilities”),
incurred by any Indemnitee as a result of, or arising out of, or relating to (i) any
misrepresentation or breach of any representation or warranty made by the
Company in the Transaction Documents or any other certificate, instrument or
document contemplated hereby or thereby, (ii) any breach of any covenant,
agreement or obligation of the Company contained in the Transaction Documents
or any other certificate, instrument or document contemplated hereby or (iii) any
cause of action, suit or claim brought or made against such Indemnitee by a
non-governmental third party (including for these purposes a derivative action
brought on behalf of the Company) and arising out of or resulting from the
execution, delivery, performance or enforcement of the Transaction Documents
other than as a result of the gross negligence or willful misconduct of the
Purchaser. To the extent that the foregoing undertaking by the Company may be
unenforceable for any reason, the Company shall make

 

9

 

the maximum contribution to the payment and
satisfaction of each of the Indemnified Liabilities which is permissible under
applicable law.

 

(b)                                 Promptly
after receipt by an Indemnitee under this Section of notice of the
commencement of any action or proceeding (including any governmental action or
proceeding) involving an Indemnified Liability, such Indemnitee shall, if a
claim for indemnification in respect thereof is to be made against any
indemnifying party under this Section, deliver to the indemnifying party a
written notice of the commencement thereof, and the indemnifying party shall
have the right to participate in, and, to the extent the indemnifying party so
desires, jointly with any other indemnifying party similarly noticed, to assume
control of the defense thereof with counsel mutually satisfactory to the
indemnifying party and the Indemnitee; provided, however, that an Indemnitee
shall have the right to retain its own counsel at its own expense. The
Indemnitee shall cooperate fully with the indemnifying party in connection with
any negotiation or defense of any such action or Indemnified Liabilities by the
indemnifying party and shall furnish to the indemnifying party all information
reasonably available to the Indemnitee that relates to such action or
Indemnified Liabilities. The indemnifying party shall keep the Indemnitee fully
apprised at all times as to the status of the defense or any settlement
negotiations with respect thereto. No indemnifying party shall be liable for any
settlement of any action, claim or proceeding effected without its prior
written consent, provided, however, that the indemnifying party shall not
unreasonably withhold, delay or condition its consent. No indemnifying party
shall, without the prior written consent of the Indemnitee, consent to entry of
any judgment or enter into any settlement or other compromise which does not
include as an unconditional term thereof the giving by the claimant or
plaintiff to such Indemnitee of a release from all liability in respect to such
Indemnified Liabilities or litigation. Following indemnification as provided
for hereunder, the indemnifying party shall be subrogated to all rights of the
Indemnitee with respect to all third parties, firms or corporations relating to
the matter for which indemnification has been made. The failure to deliver
written notice to the indemnifying party within a reasonable time of the
commencement of any such action shall not relieve such indemnifying party of
any liability to the Indemnitee under this Section, except to the extent that
the indemnifying party is prejudiced in its ability to defend such action.

 

(c)                                  The
indemnification required by this Section shall be made by periodic
payments of the amount thereof during the course of the investigation or
defense, as and when bills are received or Indemnified Liabilities are
incurred.

 

10

 

(d)                                 The
indemnity agreements contained herein shall be in addition to (a) any
cause of action or similar right of the Indemnitee against the indemnifying
party or others, and (b) any liabilities the indemnifying party may be
subject to pursuant to the law.

 

IN WITNESS WHEREOF, the parties hereto have
caused this Securities Purchase Agreement to be
duly executed by their respective authorized signatories as of the date first
indicated above.

 

 

	
   

  	
  AVI BIOPHARMA, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

	
  Name of Purchaser:

  	
   

  	
   

  
	
  Signature of Authorized Signatory of
  Purchaser:

  	
   

  	
   

  
	
  Name of Authorized Signatory:

  	
   

  	
   

  
	
  Title of Authorized Signatory:

  	
   

  	
   

  
	
  Email Address of Purchaser:

  	
   

  	
   

  
	
  Fax Number of Purchaser:

  
	
  Place of Incorporation of Purchaser:

  	
   

  	
   

  
												

 

Address for Notice of Purchaser:

 

 

Address for delivery of Warrant (if different from address for notice):

 

 

Purchaser DWAC Instructions:

 

11Exhibit 10.(kk)

 

SIXTH AMENDMENT

 

SIXTH AMENDMENT, dated as of December 23, 2005 (this
“Amendment”), to the Amended and Restated Credit Agreement, dated as of
July 8, 2002 (as amended, supplemented or otherwise modified from time to time,
the “Credit Agreement”), among SIX FLAGS, INC., a Delaware corporation
(“Parent”), SIX FLAGS OPERATIONS INC., a Delaware corporation (“Holdings”),
SIX FLAGS THEME PARKS INC., a Delaware corporation (the “Primary Borrower”),
the Foreign Subsidiary Borrowers from time to time parties to the Credit
Agreement (together with the Primary Borrower, the “Borrowers”), the
several banks and other financial institutions or entities from time to time
parties to the Credit Agreement, THE BANK OF NEW YORK and BANK OF AMERICA,
N.A., as syndication agents, CREDIT LYONNAIS, NEW YORK BRANCH, as documentation
agent, and LEHMAN COMMERCIAL PAPER INC., as administrative agent (in such
capacity, the “Administrative Agent”).

 

W I T N E S S E T H:

 

WHEREAS, pursuant to the Credit Agreement, the Lenders
have agreed to make and have made loans and other extensions of credit to the
Borrowers;

 

WHEREAS, the Borrowers have requested and, upon this
Amendment becoming effective, the Lenders will have agreed, that certain
provisions of the Credit Agreement be amended in the manner provided for in
this Amendment; and

 

NOW THEREFORE, in consideration of the premises and
mutual covenants contained herein, and for other valuable consideration the
receipt of which is hereby acknowledged, the parties hereto hereby agree as
follows:

 

SECTION 1.           DEFINITIONS. Unless otherwise
defined herein, terms defined in the Credit Agreement and used herein shall
have the meanings given to them in the Credit Agreement.

 

SECTION 2.           AMENDMENTS TO THE CREDIT AGREEMENT.

 

2.1                           Amendments to
Section 1.1 of the Credit Agreement.

 

(a)           Section 1.1 of the Credit Agreement is hereby amended by
inserting the following new definitions in the appropriate alphabetical order:

 

“Houston
Park”:  Six Flags AstroWorld.

 

“Net Houston Park Proceeds”: 
as defined in Section 10.5(c)(vii).

 

(b)           The
definition of “Consolidated Fixed Charges” in Section 1.1 of the Credit
Agreement is hereby amended by (i) deleting from clause (d) thereof the words
“clause (iv), (v) or (vi)” and substituting in lieu thereof the words “clause
(iv), (v), (vi) or (vii)” and (ii) inserting the following sentence immediately
before the second to last sentence thereof:

 

Notwithstanding the foregoing, if during any period for which
Consolidated Fixed Charges is being determined, the Primary Borrower or any of
its Subsidiaries shall have consummated the sale of the Houston Park then, for
purposes of calculating the Consolidated Fixed Charges Coverage Ratio for such
period, Consolidated Fixed Charges 

 

 

shall be calculated after giving pro forma effect to the refinancing or
repayment of an aggregate principal amount of Indebtedness under the Indentures
of the Parent that is equal to the Net Houston Park Proceeds in respect of such
sale, as if the same had occurred on the first day of such period, whether or
not such Indebtedness was so refinanced or repaid during such period.

 

2.2           Amendment to Section 6.5(b) of the
Credit Agreement. Section 6.5(b) of the Credit Agreement is hereby amended
by (a) deleting the “and” at the beginning of the second proviso thereof and
substituting in lieu thereof a “;” and (b) inserting the following at the end
of such second proviso and before the period:

 

; and provided, further, that no prepayment of the
Tranche B Term Loans or reduction of the Multicurrency Commitments shall be
required to be made under this Section 6.5(b) in respect of the Net Cash
Proceeds received by Holdings or any of its Subsidiaries from the sale of the
Houston Park

 

2.3           Amendments to Section 10.4(c) of the Credit Agreement.
Section 10.4(c) of the Credit Agreement is hereby amended by (a) deleting the
word “and” at the end of clause (vii) thereof and substituting in lieu thereof
a “,” and (b) inserting the following at the end thereof before the
period:  “and (ix) the sale of the Houston
Park”.

 

2.4           Amendments to Section 10.5(c) of the Credit Agreement.
Section 10.5(c) of the Credit Agreement is hereby amended by (a) deleting the
word “and” at the end of clause (v) thereof, (b) deleting the “.” at the end of
clause (vi) thereof and substituting “; and” in lieu thereof and (c) inserting
the following at the end thereof:

 

(vii) up to $95,000,000 of amounts payable in respect of any
refinancing or repayment of Indebtedness under any Indenture of Parent, provided
that (A) any such Restricted Payment is funded solely with any Net Cash
Proceeds of the sale of the Houston Park remaining after giving effect to the
aggregate amount of such Net Cash Proceeds then paid in respect of Capital
Expenditures permitted by Section 10.6 (such remaining amount, the “Net
Houston Park Proceeds”) and (B) such Restricted Payment is made within 11
months after the receipt of such Net Houston Park Proceeds.

 

2.5           Amendment to Section 10.14(a) of the Credit Agreement.
Section 10.14(a) of the Credit Agreement is hereby amended by deleting the
section reference “Section 10.5(c)(vi)” in the last sentence thereof and
substituting in lieu thereof the phrase “clause (vi) or (vii) of Section
10.5(c)”.

 

SECTION 3.           CONDITIONS PRECEDENT. This
Amendment shall become effective on and as of the date (the “Amendment
Effective Date”) on which (a) the Administrative Agent shall have received
(i) an executed counterpart of this Amendment, duly executed and delivered by a
duly authorized officer of each of Parent, Holdings and the Primary Borrower,
(ii) executed Lender Consent Letters (or facsimile transmissions thereof),
substantially in the form of Exhibit A hereto (“Lender Consent Letters”),
from the Required Lenders and, for the effectiveness of Section 2.2 hereof, the
Required Prepayment Lenders, (iii) an executed Acknowledgment and Consent,
substantially in the form of Exhibit B hereto, from each Guarantor and (iv) for
the account of each Lender executing and delivering a Lender Consent Letter to
the counsel of the Administrative Agent by 12:00 Noon (New York City time) on
December 23, 2005, an amendment fee in an amount equal to 0.10% of such
Lender’s Aggregate Exposure and (b) the Primary Borrower shall have paid all
fees required to be paid, and expenses for which invoices have been 

 

2

 

presented (including fees, disbursements and
other charges of counsel to the Agents), in connection with the Credit
Agreement.

 

SECTION 4.           REPRESENTATIONS AND WARRANTIES; NO
DEFAULT. On and as of the date hereof, and after giving effect to this
Amendment, (a) each of Parent, Holdings and the Primary Borrower certifies that
no Default or Event of Default has occurred and is continuing and (b) each of
Parent, Holdings and the Primary Borrower confirms, reaffirms and restates that
the representations and warranties made by the Loan Parties in the Loan
Documents are true and correct in all material respects, except to the extent
such representations and warranties expressly relate to a specific earlier date,
in which case such representations and warranties were true and correct in all
material respects as of such earlier date.

 

SECTION 5.           REFERENCE TO AND EFFECT ON THE
LOAN DOCUMENTS. On and after the Amendment Effective Date, each reference
in the Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of
like import referring to the Credit Agreement, and each reference in the other
Loan Documents to “the Credit Agreement”, “thereunder”, “thereof” or words of
like import referring to the Credit Agreement, shall mean and be a reference to
the Credit Agreement as amended hereby. Except as expressly amended herein, all
of the provisions of the Credit Agreement and the other Loan Documents are and
shall remain in full force and effect in accordance with the terms thereof and
are hereby in all respects ratified and confirmed. The execution, delivery and
effectiveness of this Amendment shall not be deemed to be a waiver of, or
consent to, or a modification or amendment of, any other term or condition of
the Credit Agreement or any other Loan Document or to prejudice any other right
or rights which the Agents or the Lenders may now have or may have in the
future under or in connection with the Credit Agreement or any of the
instruments or agreements referred to therein, as the same may be amended from
time to time.

 

SECTION 6.           COUNTERPARTS. This Amendment
may be executed by one or more of the parties hereto in any number of separate
counterparts and all of said counterparts taken together shall be deemed to
constitute one and the same instrument. Delivery of an executed signature page
of this Amendment by facsimile transmission shall be effective as delivery of a
manually executed counterpart hereof. A set of the copies of this Amendment
signed by all the parties shall be lodged with the Primary Borrower and the
Administrative Agent.

 

SECTION 7.           PAYMENT OF EXPENSES. The
Primary Borrower agrees to pay or reimburse the Administrative Agent for all of
its reasonable out-of-pocket costs and expenses incurred in connection with
this Amendment and any other documents prepared in connection herewith and the
transactions contemplated hereby, including, without limitation, the reasonable
fees and disbursements of counsel to the Administrative Agent.

 

SECTION 8.           GOVERNING LAW. THIS AMENDMENT
AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HERETO SHALL BE GOVERNED BY, AND
CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

3

 

IN WITNESS WHEREOF, the parties hereto have caused
this Amendment to be duly executed and delivered by their respective duly
authorized officers as of the day and year first above written.

 

 

	
   

  	
  SIX FLAGS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ James M. Coughlin

  	
   

  
	
   

  	
   

  	
  James M. Coughlin

  
	
   

  	
   

  	
  Vice President & General Counsel

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SIX FLAGS OPERATIONS INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ James M. Coughlin

  	
   

  
	
   

  	
   

  	
  James M. Coughlin

  
	
   

  	
   

  	
  Vice President & General Counsel

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SIX FLAGS THEME PARKS INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ James M. Coughlin

  	
   

  
	
   

  	
   

  	
  James M. Coughlin

  
	
   

  	
   

  	
  Vice President & General Counsel

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  LEHMAN COMMERCIAL PAPER INC.,

  
	
   

  	
  as Administrative Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Craig Malloy

  	
   

  
	
   

  	
   

  	
  Craig Malloy, Authorized Signatory

  
										

 

 

EXHIBIT A

 

LENDER CONSENT LETTER

 

SIX FLAGS AMENDED AND
RESTATED CREDIT AGREEMENT

DATED AS OF JULY 8, 2002

 

To:  Lehman
Commercial Paper Inc.,

as Administrative Agent

745 Seventh Avenue

New York, New York 10019

 

Ladies and Gentlemen:

 

Reference is made to the Amended and Restated Credit
Agreement, dated as of July 8, 2002 (as amended, supplemented or otherwise
modified, from time to time, the “Credit Agreement”), among Six Flags,
Inc., a Delaware corporation, Six Flags Operations Inc., a Delaware
corporation, Six Flags Theme Parks Inc., a Delaware corporation (the “Primary
Borrower”), each Foreign Subsidiary Borrower (together with the Primary
Borrower, the “Borrowers”), the Lenders from time to time parties to the
Credit Agreement, The Bank of New York and Bank of America, N.A., as
Syndication Agents, Credit Lyonnais, New York Branch, as Documentation Agent,
and Lehman Commercial Paper Inc., as Administrative Agent. Unless otherwise
defined herein, capitalized terms used herein and defined in the Credit
Agreement are used herein as therein defined.

 

The Borrowers have requested that the Lenders
consent to amend the Credit Agreement on the terms described in the Sixth
Amendment (the “Amendment”) to which a form of this Lender Consent
Letter is attached as Exhibit A.

 

Pursuant to Section 13.1(a) of the Credit Agreement,
the undersigned Lender hereby irrevocably consents to the execution by the
Administrative Agent of the Amendment.

 

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  (NAME OF LENDER)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Dated as of December 23, 2005

  	
   

  	
   

  	
   

  
					

 

 

EXHIBIT B

 

ACKNOWLEDGMENT AND CONSENT

TO THE SIXTH AMENDMENT

TO THE AMENDED AND RESTATED CREDIT AGREEMENT

 

Reference is made to the Amended and Restated Credit
Agreement described in the foregoing Sixth Amendment (the “Credit Agreement”;
terms defined in the Credit Agreement and used in this Acknowledgement and
Consent shall have the meanings given to such terms in the Credit Agreement)
and the Guarantee and Collateral Agreement, dated as of November 5, 1999, made
by the Grantors in favor of the Administrative Agent, for the benefit of the
Lenders. Each of the undersigned Guarantors hereby (a) consents to the
foregoing Sixth Amendment and the transactions contemplated thereby and (b)
agrees and acknowledges that all guarantees and grants of security interests
contained in the Guarantee and Collateral Agreement are, and shall remain, in
full force and effect after giving effect to the foregoing Sixth Amendment and
all prior modifications, if any, to the Credit Agreement.

 

(Rest of page left intentionally blank.)

 

 

	
   

  	
  SIX FLAGS, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  James M. Coughlin

  	
   

  
	
   

  	
   

  	
  Vice President

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SIX FLAGS OPERATIONS INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  James M. Coughlin

  	
   

  
	
   

  	
   

  	
  Vice President

  	
   

  

 

 

	
   

  	
  ASTROWORLD GP LLC

  
	
   

  	
  ASTROWORLD LP LLC

  
	
   

  	
  AURORA CAMPGROUND, INC.

  
	
   

  	
  DARIEN LAKE MANAGEMENT COMPANY, INC.

  
	
   

  	
  DARIEN LAKE THEME PARK AND
  CAMPING

  RESORT, INC.

  
	
   

  	
  ENCHANTED PARKS, INC.

  
	
   

  	
  FIESTA TEXAS, INC.

  
	
   

  	
  FRONTIER CITY PROPERTIES, INC.

  
	
   

  	
  FUNTIME, INC.

  
	
   

  	
  FUNTIME PARKS, INC.

  
	
   

  	
  GREAT ESCAPE HOLDING INC.

  
	
   

  	
  GREAT ESCAPE LLC

  
	
   

  	
  GREAT ESCAPE THEME PARK LLC

  
	
   

  	
  HURRICANE HARBOR GP LLC

  
	
   

  	
  HURRICANE HARBOR LP LLC

  
	
   

  	
  INDIANA PARKS, INC.

  
	
   

  	
  KKI, LLC

  
	
   

  	
  MWM HOLDINGS INC.

  
	
   

  	
  OHIO CAMPGROUNDS INC.

  
	
   

  	
  OHIO HOTEL LLC

  
	
   

  	
  PARK MANAGEMENT CORP.

  
	
   

  	
  PP DATA SERVICES INC.

  
	
   

  	
  PREMIER INTERNATIONAL HOLDINGS INC.

  
	
   

  	
  PREMIER PARKS HOLDINGS INC.

  
	
   

  	
  PREMIER PARKS OF COLORADO INC.

  
	
   

  	
  PREMIER WATERWORLD CONCORD INC.

  
	
   

  	
  PREMIER WATERWORLD SACRAMENTO INC.

  
	
   

  	
  RIVERSIDE PARK ENTERPRISES, INC.

  
	
   

  	
  SAN ANTONIO PARK GP, LLC

  
	
   

  	
  SFJ MANAGEMENT INC.

  
	
   

  	
  SFTP INC.

  
	
   

  	
  SFTP SAN ANTONIO GP, INC.

  
	
   

  	
  SFTP SAN ANTONIO, INC.

  
	
   

  	
  SFTP SAN ANTONIO II, INC

  
	
   

  	
  STUART AMUSEMENT COMPANY

  
	
   

  	
  TIERCO MARYLAND, INC.

  
	
   

  	
  TIERCO WATER PARK, INC.

  
	
   

  	
  WYANDOT LAKE, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  James M. Coughlin

  	
   

  
	
   

  	
   

  	
  Vice President

  	
   

  

 

 

	
   

  	
  SF SPLASHTOWN INC.

  	 

	
   

  	
  SF SPLASHTOWN GP INC.

  	 

	
   

  	
  SIX FLAGS EVENTS INC.

  	 

	
   

  	
  SIX FLAGS EVENTS HOLDING CORP.

  	 

	
   

  	
  SIX FLAGS SERVICES, INC.

  	 

	
   

  	
  SIX FLAGS SERVICES OF ILLINOIS, INC.

  	 

	
   

  	
  SIX FLAGS SERVICES OF MISSOURI, INC.

  	 

	
   

  	
   

  	 

	
   

  	
   

  	 

	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  James M. Coughlin

  	
   

  
	
   

  	
   

  	
  Vice President

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ASTROWORLD LP

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Astroworld GP LLC,

  
	
   

  	
   

  	
  its General Partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  James M. Coughlin

  	
   

  
	
   

  	
   

  	
  Vice President

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ELITCH GARDENS L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Premier Parks of Colorado Inc.,

  
	
   

  	
   

  	
  its General Partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  James M. Coughlin

  	
   

  
	
   

  	
   

  	
  Vice President

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  FRONTIER CITY PARTNERS LIMITED

  PARTNERSHIP

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Frontier City Properties, Inc.,

  
	
   

  	
   

  	
  its General Partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  James M. Coughlin

  	
   

  
	
   

  	
   

  	
  Vice President

  	
   

  
					

 

 

	
   

  	
  HURRICANE HARBOR LP

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Hurricane Harbor GP LLC,

  
	
   

  	
   

  	
  its General Partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  James M. Coughlin

  	
   

  
	
   

  	
   

  	
  Vice President

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SF PARTNERSHIP

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Six Flags Theme Parks Inc.,

  
	
   

  	
   

  	
  its General Partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  James M. Coughlin

  	
   

  
	
   

  	
   

  	
  Vice President

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SIX FLAGS SAN ANTONIO, L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  SFTP San Antonio GP, Inc.,

  
	
   

  	
   

  	
  its General Partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  James M. Coughlin

  	
   

  
	
   

  	
   

  	
  Vice President

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SIX FLAGS SPLASHTOWN L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  SF Splashtown GP Inc.,

  
	
   

  	
   

  	
  its General Partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  James M. Coughlin

  	
   

  
	
   

  	
   

  	
  Vice President

  	
   

  

 

 

	
   

  	
  SIX FLAGS EVENTS L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Six Flags Events Inc.,

  
	
   

  	
   

  	
  its General Partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  James M. Coughlin

  	
   

  
	
   

  	
   

  	
  Vice President

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SAN ANTONIO THEME PARK, L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  San Antonio Park GP, LLC,

  
	
   

  	
   

  	
  its General Partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  James M. Coughlin

  	
   

  
	
   

  	
   

  	
  Vice President

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