AVI BIOPHARMA, INC. STOCK OPTION AGREEMENT Non-Qualified Stock Option

EXHIBIT 99.2

 

AVI BIOPHARMA, INC.

 

Non-Qualified Stock Option

 

This is made between AVI BIOPHARMA, INC., anOregon corporation (the “Company”), and                               (the “Optionee”), pursuant to the Company’s 2002 Equity Incentive Plan (the “Plan”).  The Company and the Optionee agree asfollows:

 

1.                                       OptionGrant.  The Company hereby grants to theOptionee on the terms and conditions of this Agreement the right and the option(the “Option”) to purchase all or any part of shares                of the Company’s Common Stock at a purchase price of $               per share.  The terms and conditions ofthe Option grant set forth in attached Exhibit A are hereby incorporated intoand made a part of this Agreement.  TheOption is not intended to be an Incentive Stock Option, as defined in Section 422Aof the Internal Revenue Code of 1986, as amended (the “Code”) and therefore isa Non-Qualified Stock Option.

 

2.                                       Timeof Exercise of Option.   The VestingReference Date for this Option is                           ,             .  Until it expires or is terminated as providedin Sections 1 or 5 of Exhibit A, the Option may be exercised to purchase theRemaining Shares from time to time up to the following limits:

 

Years After Vesting
Reference Date

 

Percentage Exercisable

 

 

 

one

 

     percent

two

 

     percent

three

 

     percent

four

 

     percent

 

3.                                       GrantDate.  The Grant Date for this Option is                            ,               .  The Option shall continue in effect until thedate             years after the Grant Date (the “Expiration Date”) unless earlier terminated asprovided in Sections 1 or 5 of Exhibit A.

 

AVI BIOPHARMA, INC.

OPTIONEE

 

 

By:

 

 

 

 

 

[signature]

Title:

 

 

 

 

4575 SW Research Way

 

 

 

 

Suite 200

 

[print name]

 

Corvallis, OR 97333

 

 

 

 

 

 

 

 

 

[address]

 

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