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SRPT > SEC Filings for SRPT > Form 8-K on 1-Mar-2012All Recent SEC Filings

Show all filings for AVI BIOPHARMA INC



Results of Operations and Financial Condition, Other Events, Financial Statemen

Item 2.02 Results of Operations and Financial Condition.

On March 1, 2012, AVI BioPharma, Inc. (the "Company") announced via press release the Company's results for the fourth quarter and year ended December 31, 2011. A copy of the Company's press release is attached hereto as Exhibit 99.1. The information in this Item 2.02 and the attached exhibit are furnished to, but not filed with, the Securities and Exchange Commission.

Item 8.01 Other Events.

Effective February 24, 2012, Ms. Effie Toshav, the Company's Senior Vice President and General Counsel, resigned from her employment with the Company to pursue other opportunities. In connection with her resignation, Ms. Toshav and the Company entered into a separation agreement (the "Agreement"). Pursuant to the terms of the Agreement, Ms. Toshav will provide consulting services to the Company for up to four months to assist with the transition of her responsibilities. During the term of the consultancy, Ms. Toshav will receive customary cash compensation and will continue to vest in the stock options previously granted to her during the term of her employment. If the consultancy period is not terminated prior to the expiration of the four month term, then, effective upon the expiration of the consultancy period, Ms. Toshav will vest in twenty-five percent of the shares underlying the option grant she received in August 2011. Also, if Ms. Toshav delivers a written election to the Company by March 25, 2012, then her previously granted options will be amended such that she will have until December 31, 2012 to exercise them. The Agreement also contained a customary mutual waiver and release of claims and a customary mutual non-disparagement provision.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Pursuant to the rules and regulations of the Securities and Exchange Commission, the attached exhibit is deemed to have been furnished to, but not filed with, the Securities and Exchange Commission:

                   Number    Description

                   99.1      Press release dated March 1, 2012.


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