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Separation And Release Agreement

This is an actual contract by Sarepta Therapeutics.

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Sectors: Biotechnology / Pharmaceuticals
Effective Date: March 27, 2007
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EXECUTION COPY

SEPARATION AND RELEASE AGREEMENT

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

The parties agree as follows:

1. Resignation. Employee resigned his position as Employer92s Chief Executive Officer, effective March 27, 2007 (the "Resignation Date"). Employee has been paid his salary and other compensation through March 27, 2007, less all lawful or required deductions.

2. Consideration.

2.1 Employer will pay Employee an amount equivalent to eighteen (18) months base salary of $375,000, which is equivalent to $562,500 ("Severance Funds"). The Severance Funds will be paid in equal installments in accordance with Employer92 s the normal payroll policies over the life of the severance period.

2.2 In addition to payment of the Severance Funds, Employer will extend the exercise date to March 28, 2010 of all options to purchase shares of Employer92s common stock previously granted to Employee, the terms of which are set forth on attached Schedule I (the "Options"). Employer and Employee note that the effect of extending the exercise period of Incentive Stock Options will be to convert such options to Non-Qualified Options under the Internal Revenue Code of 1986, as amended.

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

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

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






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

5. Release.

5.1 In exchange for the consideration paid to Employee as set forth in this Agreement, Employee forever releases and discharges Employer, any of Employer-sponsored employee
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