<SEC-DOCUMENT>0001193125-21-165331.txt : 20210518
<SEC-HEADER>0001193125-21-165331.hdr.sgml : 20210518
<ACCEPTANCE-DATETIME>20210518161115
ACCESSION NUMBER:		0001193125-21-165331
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		8
FILED AS OF DATE:		20210518
DATE AS OF CHANGE:		20210518
EFFECTIVENESS DATE:		20210518

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARROWHEAD PHARMACEUTICALS, INC.
		CENTRAL INDEX KEY:			0000879407
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				460408024
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-256255
		FILM NUMBER:		21936070

	BUSINESS ADDRESS:	
		STREET 1:		177 E COLORADO BLVD
		STREET 2:		SUITE 700
		CITY:			PASADENA
		STATE:			CA
		ZIP:			91105
		BUSINESS PHONE:		626-696-4702

	MAIL ADDRESS:	
		STREET 1:		177 E COLORADO BLVD
		STREET 2:		SUITE 700
		CITY:			PASADENA
		STATE:			CA
		ZIP:			91105

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ARROWHEAD RESEARCH CORP
		DATE OF NAME CHANGE:	20040112

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTERACTIVE GROUP INC
		DATE OF NAME CHANGE:	20020509

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTERACTIVE INC
		DATE OF NAME CHANGE:	19940224
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>d512029ds8.htm
<DESCRIPTION>S-8
<TEXT>
<HTML><HEAD>
<TITLE>S-8</TITLE>
</HEAD>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>As filed with the Securities and Exchange Commission on May&nbsp;18, 2021 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Registration <FONT STYLE="white-space:nowrap">No.&nbsp;333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
</B></P> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">S-8</FONT> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>REGISTRATION STATEMENT </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><I>UNDER </I></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><I>THE
SECURITIES ACT OF 1933 </I></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>ARROWHEAD PHARMACEUTICALS, INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact Name of Registrant as Specified in its Charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="50%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">46-0408024</FONT></B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or Other Jurisdiction of</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Incorporation or Organization)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(I.R.S. Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>177 E. Colorado Blvd, Suite 700 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Pasadena, CA 91105 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of Principal Executive Offices) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARROWHEAD RESEARCH CORPORATION 2013 INCENTIVE PLAN* </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARROWHEAD PHARMACEUTICALS, INC. 2021 INCENTIVE PLAN* </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>STAND-ALONE INDUCEMENT STOCK OPTIONS* </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>STAND-ALONE INDUCEMENT RESTRICTED STOCK UNITS* </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Full Title of the Plans) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>*See Explanatory Note on Following Page </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Christopher Anzalone </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>President and Chief Executive Officer </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>177 E. Colorado Blvd, Suite 700 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Pasadena, CA 91105 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Telephone: <FONT STYLE="white-space:nowrap">(626)&nbsp;304-3400</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Name, address, and telephone number, including area code, of agent for service) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>Copy to: </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Ryan A.
Murr </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Gibson, Dunn&nbsp;&amp; Crutcher LLP </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>555 Mission Street, Suite 3000 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>San Francisco, California 94105 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Telephone: <FONT STYLE="white-space:nowrap">(415)&nbsp;393-8373</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Facsimile: <FONT STYLE="white-space:nowrap">(415)&nbsp;374-8430</FONT> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a <FONT STYLE="white-space:nowrap">non-accelerated</FONT>
filer, a smaller reporting company or an emerging growth company. See the definitions of &#147;large accelerated filer,&#148; &#147;accelerated filer,&#148; &#147;smaller reporting company,&#148; and &#147;emerging growth company&#148; in Rule <FONT
STYLE="white-space:nowrap">12b-2</FONT> of the Exchange Act. </P> <P STYLE="margin-top:0pt;margin-bottom:0pt;page-break-before:always"></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="20%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="55%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Large accelerated filer</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&#9746;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Accelerated filer</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&#9744;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap">Non-accelerated&nbsp;filer</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&#9744;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Smaller&nbsp;reporting&nbsp;company</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&#9744;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Emerging&nbsp;growth&nbsp;company</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&#9744;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period
for complying with any new or revised financial accounting standards provided pursuant to Section&nbsp;7(a)(2)(B) of the Securities Act.&nbsp;&nbsp;&#9744; </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CALCULATION
OF REGISTRATION FEE </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="44%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD></TR>


<TR STYLE="font-size:1px; ">
<TD COLSPAN="9" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Title of Securities</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>to be Registered</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Amount</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>to be</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Registered(1)</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Proposed</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Maximum</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Offering&nbsp;Price</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>per
Share</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Proposed</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Maximum</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Aggregate</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Offering&nbsp;Price</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Amount of</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Registration&nbsp;Fee</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Common Stock, $0.001 par value per share</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000">396,000(2)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000">$49.36</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000">$19,546,560(6)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000">$2,132.53</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Common Stock, $0.001 par value per share</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000">439,450(3)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000">$67.31</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000">$29,579,379(7)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000">$3,227.11</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Common Stock, $0.001 par value per share</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000">2,063,885(4)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000">$67.31</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000">$138,920,099(7)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000">$15,156.18</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Common Stock, $0.001 par value per share</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000">8,000,000(5)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000">$67.31</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000">$538,480,000(7)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000">$58,748.17</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000">10,899,335</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000">$726,526,038</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000">$79,263.99</TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="9" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="9" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
</TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Pursuant to Rule 416 of the Securities Act of 1933, as amended (the &#147;Securities Act&#148;), this
registration statement also covers any additional shares of common stock, par value $0.001 per share (&#147;Common Stock&#148;), that become issuable by reason of any stock split, stock dividend or similar transaction effected without the receipt of
consideration that results in an increase in the number of the registrant&#146;s outstanding shares of Common Stock. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Represents shares of Common Stock issuable upon the exercise of options granted to 60 new employees from June
2020 through January 2021 as inducement awards made pursuant to NASDAQ Listing Rule 5635(c)(4). </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Represents shares of Common Stock issuable upon the vesting of restricted stock unit awards granted to 21 new
employees from June 2020 through December 2020 as inducement awards made pursuant to NASDAQ Listing Rule 5635(c)(4). </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Represents shares of Common Stock added to the Company&#146;s 2013 Incentive Plan pursuant to an
&#147;evergreen&#148; provision under the 2013 Incentive Plan. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(5)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Represents shares of Common Stock issuable under the Company&#146;s 2021 Incentive Plan. The registrant&#146;s
stockholders approved the 2021 Incentive Plan at the registrant&#146;s 2021 Annual Meeting of Stockholders held on March&nbsp;18, 2021. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(6)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Based upon the weighted-average price at which the stock options may be exercised, pursuant to Rule 457(h)
under the Securities Act. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(7)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457 of the Securities
Act, and based on the average of the high and low sale prices of the registrant&#146;s Common Stock, as reported on the Nasdaq Global Select Market on May&nbsp;11, 2021. </P></TD></TR></TABLE>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Explanatory Note </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This registration statement on Form <FONT STYLE="white-space:nowrap">S-8</FONT> is being filed by Arrowhead Pharmaceuticals, Inc. (the
&#147;Registrant&#148; or the &#147;Company&#148;) to register a total of 10,899,335 shares of common stock, par value $0.001 per share (&#147;Common Stock&#148;), which includes 835,450 shares of Common Stock issuable under previously announced
stand-alone restricted stock unit and stock option awards granted at various dates from June 2020 to January 2021 to new employees as inducement awards in connection with the commencement of employment pursuant to NASDAQ Listing Rule 5635(c)(4), an
additional 2,063,885 shares of Common Stock for issuance under the Company&#146;s 2013 Incentive Plan pursuant to an &#147;evergreen&#148; provision under the 2013 Incentive Plan, and 8,000,000 shares of Common Stock for issuance under the
Company&#146;s 2021 Incentive Plan. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Part I </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Information required by Part I to be contained in the Section&nbsp;10(a) prospectus is omitted from this registration statement in accordance
with Rule 428 under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;), and the Note to Part I of Form <FONT STYLE="white-space:nowrap">S-8.</FONT> </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Part II </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INFORMATION
REQUIRED IN THE REGISTRATION STATEMENT </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;3.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Incorporation of Documents by Reference. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Securities and Exchange Commission (the &#147;Commission&#148;) allows us to &#147;incorporate by reference&#148; the information we file
with them, which means that we can disclose important information to you by referring you to those documents. The information incorporated by reference is considered to be part of this registration statement, and later information filed with the
Commission will update and supersede this information. We hereby incorporate by reference into this registration statement the following documents previously filed with the Commission: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Company&#146;s annual report on <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/879407/000156459020054893/arwr-10k_20200930.htm">Form
 <FONT STYLE="white-space:nowrap">10-K</FONT></A> for the fiscal year ended September&nbsp;30, 2020, filed on November&nbsp;23, 2020; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Company&#146;s quarterly report on <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/879407/000156459021004319/arwr-10q_20201231.htm">Form
 <FONT STYLE="white-space:nowrap">10-Q</FONT></A> for the fiscal quarter ended December&nbsp;31, 2020, filed on February&nbsp;
4, 2021, and the Company&#146;s quarterly report on <A HREF="http://www.sec.gov/Archives/edgar/data/879407/000156459021023336/arwr-10q_20210331.htm">Form <FONT STYLE="white-space:nowrap">10-Q</FONT></A> for the fiscal quarter ended March&nbsp;31,
2021, filed on May&nbsp;4, 2021; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Company&#146;s current report on <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/879407/000156459020046215/arwr-8k_20201007.htm">Form
 <FONT STYLE="white-space:nowrap">8-K</FONT></A> filed on October&nbsp;
9, 2020, and the Company&#146;s current report on <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/879407/000156459021015147/arwr-8k_20210318.htm">Form <FONT STYLE="white-space:nowrap">8-K</FONT></A> filed on
March&nbsp;24, 2021; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The description of the Company&#146;s Common Stock contained in its registration statement on <A HREF="http://www.sec.gov/Archives/edgar/data/879407/000119312516533989/d131257d8a12ga.htm">Form
 <FONT STYLE="white-space:nowrap">8-A/A</FONT></A> (Registration <FONT STYLE="white-space:nowrap">No.&nbsp;000-21898),</FONT> filed on April&nbsp;7, 2016, including any amendments or reports filed for the purpose of updating such description.
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All documents that the Registrant subsequently files pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange
Act prior to the filing of a post-effective amendment to this registration statement which indicates that all of the shares of Common Stock offered have been sold or which deregisters all of such shares then remaining unsold, shall be deemed to be
incorporated by reference in this registration statement and to be a part hereof from the date of the filing of such documents, except as to any document or report (or any portion thereof) that is not deemed filed under such provisions. For the
purposes of this registration statement, any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded to the extent that a statement contained herein or in any other
subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute
a part of this registration statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under no circumstances will any information furnished under current Items 2.02 or 7.01 of Form <FONT
STYLE="white-space:nowrap">8-K</FONT> be deemed incorporated herein by reference unless such Form <FONT STYLE="white-space:nowrap">8-K</FONT> expressly provides to the contrary. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;4.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Description of Securities. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Not applicable. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;5.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Interests of Named Experts and Counsel. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">None. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;6.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Indemnification of Directors and Officers. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company&#146;s Certificate of Incorporation, as amended, provides for the elimination of personal monetary liability of directors to the
fullest extent permissible under Delaware law. Delaware law does not permit the elimination or limitation of director monetary liability for: (i)&nbsp;breaches of the director&#146;s duty of loyalty to the corporation or its stockholders;
(ii)&nbsp;acts or omissions not in good faith or involving intentional misconduct or knowing violations of law; (iii)&nbsp;the unlawful payment of dividends or unlawful stock repurchases or redemptions or (iv)&nbsp;transactions in which the director
received an improper personal benefit. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;145 of the Delaware General Corporation Law permits a Delaware corporation to
indemnify, on certain terms and conditions, any person who was or is a party or is threatened to be made a party to any threatened pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason
of the fact that he is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or
other enterprise, against expenses (including attorneys&#146; fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by him in connection with such action. The Certificate of Incorporation and Bylaws of the Company
require the Company to indemnify the Company&#146;s directors and officers to the fullest extent permitted under Delaware law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have
entered into indemnification agreements with each of our directors and our executive officers. These agreements provide that we will indemnify each of our directors and executive officers to the fullest extent permitted by Delaware law. We will
advance expenses, including attorneys&#146; fees, judgments, fines and settlement amounts, to each indemnified director and executive officer in connection with any proceeding in which indemnification is available, and we will indemnify our
directors and officers for any action or proceeding arising out of that person&#146;s services as an officer or director brought on behalf of the Company or in furtherance of our rights. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We also maintain general liability insurance which covers certain liabilities of our directors and officers arising out of claims based on
acts or omissions in their capacities as directors or officers, including liabilities under the Securities Act. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;7.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Exemption from Registration Claimed. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Not applicable. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;8.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Exhibits </B></P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="92%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>Exhibit<BR>&nbsp;&nbsp;&nbsp;&nbsp;No.&nbsp;&nbsp;&nbsp;&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>Description</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/879407/000119312516532364/d175317dex41.htm">Form of Common Stock Certificate of Arrowhead Pharmaceuticals, Inc. (1) </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/879407/000119312516532364/d175317dex33.htm">Amended and Restated Certificate of Incorporation of Arrowhead Research Corporation (effecting, among other things, a change in the corporation&#146;s
 name from &#147;Arrowhead Research Corporation&#148; to &#147;Arrowhead Pharmaceuticals, Inc.&#148;), filed with the Secretary of the State of Delaware on April<U></U>&nbsp;5, 2016 (1)</A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/879407/000119312516532364/d175317dex34.htm">Amended and Restated Bylaws of Arrowhead Pharmaceuticals, Inc. (1)</A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.4</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d512029dex44.htm">Arrowhead Research Corporation 2013 Incentive Plan* </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.5</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d512029dex45.htm">Arrowhead Pharmaceuticals, Inc. 2021 Incentive Plan* </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;5.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d512029dex51.htm">Opinion of Gibson, Dunn&nbsp;&amp; Crutcher LLP* </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>23.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d512029dex231.htm">Consent of Rose, Snyder&nbsp;&amp; Jacobs LLP* </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>23.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d512029dex51.htm">Consent of Gibson, Dunn&nbsp;&amp; Crutcher LLP (filed as a part of Exhibit 5.1 to this registration statement) </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>24.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="#tx512029_a">Power of Attorney (set forth on the signature page of this registration statement) </A></TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Filed herewith. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Filed as an exhibit to the Registrant&#146;s Current Report on Form
<FONT STYLE="white-space:nowrap">8-K,</FONT> filed on April&nbsp;6, 2016 and incorporated herein by reference. </P></TD></TR></TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;9.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Undertakings. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(a) The undersigned Registrant hereby undertakes: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) To include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities
offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the
Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20&nbsp;percent change in the maximum aggregate offering price set forth in the &#147;Calculation of Registration Fee&#148; table in the
effective registration statement; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii) To include any material information with respect to the plan of distribution not previously
disclosed in the registration statement or any material change to such information in the registration statement; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Provided,
however</I>, that paragraphs (a)(1)(i) and (a)(1)(ii) of this section do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the
Registrant pursuant to Section&nbsp;13 or Section&nbsp;15(d) of the Exchange Act (15 U.S.C. 78m or 78o(d)) that are incorporated by reference in the registration statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a
new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the
termination of the offering. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(b) The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act,
each filing of the Registrant&#146;s annual report pursuant to Section&nbsp;13(a) or Section&nbsp;15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan&#146;s annual report pursuant to Section&nbsp;15(d) of the
Exchange Act) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the
initial bona fide offering thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(c) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors,
officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities
Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the
successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been
settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.
</P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="tx512029_a"></A>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of
the requirements for filing on Form <FONT STYLE="white-space:nowrap">S-8</FONT> and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Pasadena, State of California,
on May&nbsp;18, 2021. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>Arrowhead Pharmaceuticals, Inc.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Christopher Anzalone</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Christopher Anzalone</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>President and Chief Executive Officer</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>POWER OF ATTORNEY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each of the undersigned hereby constitutes and appoints each of Christopher Anzalone and Kenneth A. Myszkowski, his or her <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorney-in-fact,</FONT></FONT> with power of substitution, in his or her name and in the capacity indicated below, to sign any and all further amendments (including post-effective
amendments) to this registration statement on Form <FONT STYLE="white-space:nowrap">S-8</FONT> and to file the same, with exhibits thereto and other documents in connection therewith, with the Commission, hereby ratifying and confirming all that
said <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorney-in-fact,</FONT></FONT> or his substitute or substitutes, may do or cause to be done by virtue hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Act, this registration statement has been signed by the following persons in the capacities and
on the date indicated. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="47%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="35%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="16%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Signature</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Title</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Date</P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Christopher Anzalone</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Christopher Anzalone</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="middle"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">President,&nbsp;Chief&nbsp;Executive&nbsp;Officer&nbsp;and&nbsp;Director</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">(Principal Executive Officer)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">May&nbsp;18, 2021</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Kenneth A. Myszkowski</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Kenneth A. Myszkowski</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="middle"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Chief Financial Officer</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">(Principal Financial
and Accounting Officer)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">May&nbsp;18, 2021</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Mauro Ferrari</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Mauro Ferrari</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">May&nbsp;18, 2021</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Douglass Given</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Douglass Given</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">May&nbsp;18, 2021</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Adeoye Olukotun</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Adeoye Olukotun</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">May&nbsp;18, 2021</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Michael S. Perry</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Michael S. Perry</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">May&nbsp;18, 2021</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ William Waddill</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">William Waddill</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">May&nbsp;18, 2021</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Marianne De Backer</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Marianne De Backer</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">May&nbsp;18, 2021</TD></TR>
</TABLE>
</DIV></Center>

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<DOCUMENT>
<TYPE>EX-4.4
<SEQUENCE>2
<FILENAME>d512029dex44.htm
<DESCRIPTION>EX-4.4
<TEXT>
<HTML><HEAD>
<TITLE>EX-4.4</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 4.4 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARROWHEAD RESEARCH CORPORATION 2013 INCENTIVE PLAN </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1. DEFINED TERMS </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I><U>Exhibit
A</U></I>, which is incorporated by reference, defines the terms used in the Plan and sets forth certain operational rules related to those terms. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>2.
PURPOSE </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Plan has been established to advance the interests of the Company by providing for the grant to Participants of
Stock-based and other incentive Awards. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>3. ADMINISTRATION </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Administrator has discretionary authority, subject only to the express provisions of the Plan, to interpret the Plan; determine eligibility
for and grant Awards; determine, modify or waive the terms and conditions of any Award; prescribe forms, rules and procedures relating to the Plan; determine whether Awards should be settled in cash and/or shares of Stock; and otherwise do all
things necessary or appropriate to carry out the purposes of the Plan. Determinations of the Administrator made under the Plan will be conclusive and will bind all parties. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>4. LIMITS ON AWARDS UNDER THE PLAN </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)<I> <U>Number of Shares</U></I>. The maximum number of shares of Stock that may be delivered in satisfaction of Awards under the Plan is
4,000,000 plus an annual increase each January&nbsp;1 (beginning January&nbsp;1, 2015 and with the last increase on January&nbsp;1, 2023) equal to the lesser of: (i)&nbsp;two percent (2%)&nbsp;of the number of then outstanding shares of Stock or
(ii)&nbsp;such lesser number as determined by the Board, provided, however, that the sum of (A)&nbsp;the Shares issued under the Plan, plus (B)&nbsp;the then-applicable reserve of Shares issuable under the Plan, may not exceed fifteen percent (15%)
of the sum of (C)&nbsp;the total Stock issued and outstanding, plus (D)&nbsp;all Stock underlying any series or class of convertible preferred stock then outstanding (determined without regard to any applicable conversion limits on such preferred
stock). Notwithstanding the preceding sentence, no more than 25,000,000 shares of Stock may be delivered either in satisfaction of ISOs awarded under the Plan or, to the extent required by applicable law, to Participants who are residents of the
State of California on the date of grant (&#147;<I><U>California Participants</U></I>&#148;). Nothing in this Section&nbsp;4(a) will be construed as requiring that any, or any fixed number of, (x)&nbsp;ISOs be awarded under the Plan or
(y)&nbsp;Awards to California Participants be made under the Plan. For purposes of this Section&nbsp;4(a), the number of shares of Stock delivered in satisfaction of Awards will be determined (i)&nbsp;by treating as having been delivered any shares
of Stock underlying the portion of any Award that is settled in cash or the portion of any Award that expires, terminates or is forfeited prior to the issuance of Stock thereunder, (ii)&nbsp;by treating as having been delivered any shares of Stock
underlying the portion of any Award that is settled in Stock, and (iii)&nbsp;by treating as having been delivered any shares of Stock withheld by the Company from any Award in payment of the exercise price of any Award requiring exercise or in
satisfaction of the tax withholding requirements with respect to any Award. To the extent consistent with the requirements of Section&nbsp;422 and the regulations thereunder, and with other applicable legal requirements (including applicable stock
exchange requirements), Stock issued under awards of an acquired company that are converted, replaced or adjusted in connection with the acquisition shall not reduce the number of shares of Stock available for Awards under the Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)<I> <U>Type of Shares</U></I>. Stock delivered by the Company under the Plan may be authorized but unissued Stock or previously issued
Stock acquired by the Company. No fractional shares of Stock will be delivered under the Plan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c)<I> <U>Section&nbsp;162(m)
Limits</U></I>. For purposes of Section&nbsp;162(m), the following additional limits will apply to Awards of the specified type granted, or in the case of Cash Awards, payable to any person in any calendar year: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(1) Stock Options: 750,000 shares of Stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(2) SARs: 750,000 shares of Stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(3) Awards other than Stock Options, SARs or Cash Awards: 750,000 shares of Stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(4) Cash Awards: $750,000. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In applying the foregoing limits, (i)&nbsp;all Awards of the specified type granted to the
same person in the same calendar year will be aggregated and made subject to one limit; (ii)&nbsp;the limits applicable to Stock Options and SARs refer to the number of shares of Stock subject to those Awards; (iii)&nbsp;the share limit under clause
(3)&nbsp;refers to the maximum number of shares of Stock that may be delivered, or the value of which could be paid in cash or other property, under an Award or Awards of the type specified in clause (3)&nbsp;assuming a maximum payout; and
(iv)&nbsp;the dollar limit under clause (4)&nbsp;refers to the maximum dollar amount payable under an Award or Awards of the type specified in clause (4)&nbsp;assuming a maximum payout. The foregoing provisions will be construed in a manner
consistent with Section&nbsp;162(m), including, without limitation, where applicable, the rules under Section&nbsp;162(m) pertaining to permissible deferrals of exempt awards. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>5. ELIGIBILITY AND PARTICIPATION </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
Administrator will select Participants from among key Employees and directors of, and consultants and advisors to, the Company and its Affiliates. Eligibility for ISOs is limited to individuals described in the first sentence of this Section&nbsp;5
who are employees of the Company or of a &#147;parent corporation&#148; or &#147;subsidiary corporation&#148; of the Company as those terms are defined in Section&nbsp;424 of the Code. Eligibility for Stock Options other than ISOs is limited to
individuals described in the first sentence of this Section&nbsp;5 who are providing direct services on the date of grant of the Stock Option to either the Company or to a subsidiary of the Company that would be described in the first sentence of
Treas. Regs. <FONT STYLE="white-space:nowrap">&#167;1.409A-1(b)(5)(iii)(E).</FONT> </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>6. RULES APPLICABLE TO AWARDS </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)<I> <U>All Awards</U></I>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(1)<I> <U>Award Provisions</U></I>. The Administrator will determine the terms of all Awards, subject to the limitations provided herein. By
accepting (or, under such rules as the Administrator may prescribe, being deemed to have accepted) an Award, the Participant will be deemed to have agreed to the terms of the Award and the Plan. Notwithstanding any provision of this Plan to the
contrary, awards of an acquired company that are converted, replaced or adjusted in connection with the acquisition may contain terms and conditions that are inconsistent with the terms and conditions specified herein, as determined by the
Administrator. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(2)<I> <U>Term of Plan</U></I>. No Awards may be made after ten years from the Date of Adoption, but previously granted
Awards may continue beyond that date in accordance with their terms. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(3)<I> <U>Transferability</U></I>. Neither ISOs nor, except as the
Administrator otherwise expressly provides in accordance with the third sentence of this Section&nbsp;6(a)(3), other Awards may be transferred other than by will or by the laws of descent and distribution. During a Participant&#146;s lifetime, ISOs
(and, except as the Administrator otherwise expressly provides in accordance with the third sentence of this Section&nbsp;6(a)(3), SARs and NSOs) may be exercised only by the Participant. The Administrator may permit the gratuitous transfer
(<I>i.e.</I>, transfer not for value) of Awards other than ISOs to any transferee eligible to be covered by the provisions of Form <FONT STYLE="white-space:nowrap">S-8</FONT> (under the Securities Act of 1933, as amended), subject to such
limitations as the Administrator may impose. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(4)<I> <U>Vesting, etc</U></I>. The Administrator will determine the time or times at which
an Award will vest or become exercisable and the terms on which a Stock Option or SAR will remain exercisable. Without limiting the foregoing, the Administrator may at any time accelerate the vesting or exercisability of an Award, regardless of any
adverse or potentially adverse tax or other consequences resulting from such acceleration. Unless the Administrator expressly provides otherwise, however, the following rules will apply if a Participant&#146;s Employment ceases: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A) Immediately upon the cessation of the Participant&#146;s Employment and except as provided in (B), (C), and
(D)&nbsp;below, each Stock Option and SAR that is then held by the Participant or by the Participant&#146;s permitted transferees, if any, will cease to be exercisable and will terminate and all other Awards that are then held by the Participant or
by the Participant&#146;s permitted transferees, if any, to the extent not already vested will be forfeited. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B) Subject
to (C), (D)&nbsp;and (E)&nbsp;below, all Stock Options and SARs held by the Participant or the Participant&#146;s permitted transferees, if any, immediately prior to the cessation of the Participant&#146;s Employment, to the extent then exercisable,
will remain exercisable for the lesser of (i)&nbsp;a period of three months and (ii)&nbsp;the period ending on the latest date on which such Stock Option or SAR could have been exercised without regard to this Section&nbsp;6(a)(4), and will
thereupon immediately terminate. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(C) All Stock Options and SARs held by a Participant or the
Participant&#146;s permitted transferees, if any, immediately prior to the cessation of the Participant&#146;s Employment due to his or her death, to the extent then exercisable, will remain exercisable for the lesser of (i)&nbsp;a period of twelve
months and (ii)&nbsp;the period ending on the latest date on which such Stock Option or SAR could have been exercised without regard to this Section&nbsp;6(a)(4), and will thereupon immediately terminate. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(D) All Stock Options and SARs held by a Participant or the Participant&#146;s permitted transferees, if any, immediately
prior to the cessation of the Participant&#146;s Employment due to his or her &#147;permanent and total disability&#148; (within the meaning of Section&nbsp;22(e)(3) of the Code, to the extent then exercisable, will remain exercisable for the lesser
of (i)&nbsp;a period of six months and (ii)&nbsp;the period ending on the latest date on which such Stock Option or SAR could have been exercised without regard to this Section&nbsp;6(a)(4), and will thereupon immediately terminate. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(E) All Awards (whether or not exercisable) held by a Participant or the Participant&#146;s permitted transferees, if any,
immediately prior to the cessation of the Participant&#146;s Employment will immediately terminate upon such cessation of Employment if the termination is for Cause or occurs in circumstances that in the sole determination of the Administrator would
have constituted grounds for the Participant&#146;s Employment to be terminated for Cause. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(5)<I> <U>Additional Restrictions</U></I>. The
Administrator may cancel, rescind, withhold or otherwise limit or restrict any Award at any time if the Participant is not in compliance with all applicable provisions of the Award agreement and the Plan, or if the Participant breaches any agreement
with the Company or its Affiliates with respect to <FONT STYLE="white-space:nowrap">non-competition,</FONT> <FONT STYLE="white-space:nowrap">non-solicitation</FONT> or confidentiality. Without limiting the generality of the foregoing, the
Administrator may recover Awards made under the Plan and payments under or gain in respect of any Award in accordance with any applicable Company clawback or recoupment policy, as such policy may be amended and in effect from time to time, or as
otherwise required by law or applicable stock exchange listing standards, including, without limitation, Section&nbsp;10D of the Exchange Act, or any stock exchange or similar rule adopted under said Section. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(6)<I> <U>Taxes</U></I>. The grant of an Award and the delivery, vesting and retention of Stock, cash or other property under an Award are
conditioned upon full satisfaction by the Participant of all tax withholding requirements with respect to the Award. The Administrator will prescribe such rules for the withholding of taxes as it deems necessary or appropriate. The Administrator
may, but need not, hold back shares of Stock from an Award or permit a Participant to tender previously owned shares of Stock in satisfaction of tax withholding requirements (but not in excess of the minimum withholding required by law). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(7)<I> <U>Dividend Equivalents, Etc</U></I>. The Administrator may provide for the payment of amounts (on terms and subject to conditions
established by the Administrator) in lieu of cash dividends or other cash distributions with respect to Stock subject to an Award whether or not the holder of such Award is otherwise entitled to share in the actual dividend or distribution in
respect of such Award. Any entitlement to dividend equivalents or similar entitlements will be established and administered either consistent with an exemption from, or in compliance with, the requirements of Section&nbsp;409A. Dividends or dividend
equivalent amounts payable in respect of Awards that are subject to restrictions may be subject to such limits or restrictions as the Administrator may impose. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(8)<I> <U>Rights Limited</U></I>. Nothing in the Plan or in any Award will be construed as giving any person the right to continued employment
or service with the Company or its Affiliates, or any rights as a stockholder except as to shares of Stock actually issued under the Plan; nor will anything in the Plan or in any Award affect the right of the Company or its Affiliates to discharge
or discipline a Participant at any time. The loss of existing or potential profit in Awards will not constitute an element of damages in the event of termination of Employment for any reason, even if the termination is in violation of an obligation
of the Company or any Affiliate to the Participant. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(9) <U><I>Section 162(m)</I></U>. In the case of any Performance Award (other than a
Stock Option or SAR) intended to qualify for the performance-based compensation exception under Section&nbsp;162(m), the Administrator will establish </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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the applicable Performance Criterion or Criteria in writing no later than ninety (90)&nbsp;days after the commencement of the period of service to which the performance relates (or at such
earlier time as is required to qualify the Award as performance-based under Section&nbsp;162(m)) and, prior to the event or occurrence (grant, vesting or payment, as the case may be) that is conditioned on the attainment of such Performance
Criterion or Criteria, will certify whether it or they have been attained. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(10)<I> <U>Coordination with Other Plans</U></I>. Awards under
the Plan may be granted in tandem with, or in satisfaction of or substitution for, other Awards under the Plan or awards made under other compensatory plans or programs of the Company or its Affiliates. For example, but without limiting the
generality of the foregoing, awards under other compensatory plans or programs of the Company or its Affiliates may be settled in Stock (including, without limitation, Unrestricted Stock) if the Administrator so determines, in which case the shares
delivered will be treated as awarded under the Plan (and will reduce the number of shares thereafter available under the Plan in accordance with the rules set forth in Section&nbsp;4). In any case where an award is made under another plan or program
of the Company or its Affiliates and such award is intended to qualify for the performance-based compensation exception under Section&nbsp;162(m), and such award is settled by the delivery of Stock or another Award under the Plan, the applicable
Section&nbsp;162(m) limitations under both the other plan or program and under the Plan will be applied to the Plan as necessary (as determined by the Administrator) to preserve the availability of the Section&nbsp;162(m) performance-based
compensation exception with respect thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(11)<I> <U>Section&nbsp;409A</U></I>. Each Award will contain such terms as the
Administrator determines, and will be construed and administered, such that the Award either qualifies for an exemption from the requirements of Section&nbsp;409A or satisfies such requirements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(12)<I> <U>Fair Market Value</U></I>. In determining the fair market value of any share of Stock under the Plan, the Administrator will make
the determination in good faith consistent with the rules of Section&nbsp;422 and Section&nbsp;409A to the extent applicable. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)<I>
<U>Stock Options and SARs</U></I>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(1)<I> <U>Time And Manner Of Exercise</U></I>. Unless the Administrator expressly provides otherwise,
no Stock Option or SAR will be deemed to have been exercised until the Administrator receives a notice of exercise (in form acceptable to the Administrator), which may be an electronic notice, signed (including electronic signature in form
acceptable to the Administrator) by the appropriate person and accompanied by any payment required under the Award. A Stock Option or SAR exercised by any person other than the Participant will not be deemed to have been exercised until the
Administrator has received such evidence as it may require that the person exercising the Award has the right to do so. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(2)<I>
<U>Exercise Price</U></I>. The exercise price (or the base value from which appreciation is to be measured) of each Award requiring exercise will be no less than 100% (or in the case of an ISO granted to a
<FONT STYLE="white-space:nowrap">ten-percent</FONT> shareholder within the meaning of subsection (b)(6) of Section&nbsp;422, 110%) of the fair market value of the Stock subject to the Award, determined as of the date of grant, or such higher amount
as the Administrator may determine in connection with the grant. Except in connection with a corporate transaction involving the Company (which term shall include, without limitation, any stock dividend, stock split, extraordinary cash dividend,
recapitalization, reorganization, merger, consolidation, <FONT STYLE="white-space:nowrap">split-up,</FONT> <FONT STYLE="white-space:nowrap">spin-off,</FONT> combination, or exchange of shares) or as otherwise contemplated by Section&nbsp;7 of the
Plan, the Company may not, without obtaining stockholder approval, (A)&nbsp;amend the terms of outstanding Stock Options or SARs to reduce the exercise price or base value of such Stock Options or SARs, (B)&nbsp;cancel outstanding Stock Options or
SARs in exchange for Stock Options or SARs with an exercise price or base value that is less than the exercise price or base value of the original Stock Options or SARs, or (C)&nbsp;cancel outstanding Stock Options or SARs that have an exercise
price or base value greater than the fair market value of a share of Stock on the date of such cancellation in exchange for cash or other consideration. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(3)<I> <U>Payment Of Exercise Price</U></I>. Where the exercise of an Award is to be accompanied by payment, payment of the exercise price
will be by cash or check acceptable to the Administrator or by such other legally permissible means, if any, as may be acceptable to the Administrator. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(4)<I>&nbsp;<U>Maximum Term</U></I>. Stock Options and SARs will have a maximum term not to exceed ten (10)&nbsp;years from the date of grant
(or five (5)&nbsp;years from the date of grant in the case of an ISO granted to a <FONT STYLE="white-space:nowrap">ten-percent</FONT> shareholder described in Section&nbsp;6(b)(2) above); provided, however, that, if a Participant still holding an
outstanding </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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but unexercised NSO or SAR ten (10)&nbsp;years from the date of grant (or, in the case of an NSO or SAR with a maximum term of less than ten (10)&nbsp;years, such maximum term) is prohibited by
applicable law or a written policy of the Company applicable to similarly situated employees from engaging in any open-market sales of Stock, and if at such time the Stock is publicly traded (as determined by the Administrator), the maximum term of
such Award will instead be deemed to expire on the thirtieth (30<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>)&nbsp;day following the date the Participant is no longer prohibited from engaging in such open market sales. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>7. EFFECT OF CERTAIN TRANSACTIONS </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)<I>
<U>Mergers, etc</U></I>. Except as otherwise provided in an Award agreement, the following provisions will apply in the event of a Covered Transaction: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(1)<I> <U>Assumption or Substitution</U></I>. If the Covered Transaction is one in which there is an acquiring or surviving entity, the
Administrator may (but, for the avoidance of doubt, need not) provide (i)&nbsp;for the assumption or continuation of some or all outstanding Awards or any portion thereof or (ii)&nbsp;for the grant of new awards in substitution therefor by the
acquiror or survivor or an affiliate of the acquiror or survivor. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(2)<I> <U><FONT STYLE="white-space:nowrap">Cash-Out</FONT> of
Awards</U></I>. Subject to Section&nbsp;7(a)(5) below the Administrator may (but, for the avoidance of doubt, need not) provide for payment (a <FONT STYLE="white-space:nowrap">&#147;cash-out&#148;),</FONT> with respect to some or all Awards or any
portion thereof, equal in the case of each affected Award or portion thereof to the excess, if any, of (A)&nbsp;the fair market value of one share of Stock (as determined by the Administrator in its reasonable discretion) times the number of shares
of Stock subject to the Award or such portion, over (B)&nbsp;the aggregate exercise or purchase price, if any, under the Award or such portion (in the case of an SAR, the aggregate base value above which appreciation is measured), in each case on
such payment terms (which need not be the same as the terms of payment to holders of Stock) and other terms, and subject to such conditions, as the Administrator determines, it being understood that if the exercise or purchase price (or base value)
of an Award is equal to or greater than the fair market value of one share of Stock (as determined in accordance with this Section&nbsp;7(a)(2)), the Award may be cancelled with no payment due hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(3)<I> <U>Acceleration of Certain Awards</U></I>. Subject to Section&nbsp;7(a)(5) below, the Administrator may (but, for the avoidance of
doubt, need not) provide that any Award requiring exercise will become exercisable, in full or in part and/or that the delivery of any shares of Stock remaining deliverable under any outstanding Award of Stock Units (including Restricted Stock Units
and Performance Awards to the extent consisting of Stock Units) will be accelerated in full or in part, in each case on a basis that gives the holder of the Award a reasonable opportunity, as determined by the Administrator, following exercise of
the Award or the delivery of the shares, as the case may be, to participate as a stockholder in the Covered Transaction. Notwithstanding the foregoing, in the event of a Change in Control, each outstanding Award will, absent an affirmative
determination by the Administrator to the contrary (which determination may be made in the Administrator&#146;s sole and absolute discretion) fully vest and become exercisable immediately prior to the consummation of such Change in Control, and the
Administrator shall notify the Participant in writing or electronically that the Award will be fully vested and exercisable for a period of at least fifteen (15)&nbsp;days from the date of such notice, (which notice may be delivered prior to the
consummation of the Change in Control) and the Award will terminate upon the expiration of such period if not otherwise assumed or substituted pursuant to Section&nbsp;7(a)(1) above or <FONT STYLE="white-space:nowrap">cashed-out</FONT> pursuant to
Section&nbsp;7(a)(2) above. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(4)<I> <U>Termination of Awards Upon Consummation of Covered Transaction</U></I>. Except as the Administrator
may otherwise determine in any case and except for the <FONT STYLE="white-space:nowrap">15-day</FONT> exercise period set forth above in Section&nbsp;7(a)(3), each Award will automatically terminate (and in the case of outstanding shares of
Restricted Stock, will automatically be forfeited) upon consummation of the Covered Transaction, other than Awards assumed pursuant to Section&nbsp;7(a)(1) above. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(5)<I> <U>Additional Limitations</U></I>. Any share of Stock and any cash or other property delivered pursuant to Section&nbsp;7(a)(2) or
Section&nbsp;7(a)(3) above with respect to an Award may, in the discretion of the Administrator, contain such restrictions, if any, as the Administrator deems appropriate to reflect any performance or other vesting conditions to which the Award was
subject and that did not lapse (and were not satisfied) in connection with the Covered Transaction. For purposes of the immediately preceding sentence, a <FONT STYLE="white-space:nowrap">cash-out</FONT> under Section&nbsp;7(a)(2) above or
acceleration under Section&nbsp;7(a)(3) above will not, in and of itself, be treated as the lapsing (or satisfaction) of a performance or other vesting condition. In the case of Restricted Stock that does not vest and is not forfeited in connection
with the Covered Transaction, the Administrator may require that any amounts delivered, exchanged or otherwise paid in respect of such Stock in connection with the Covered Transaction be placed in escrow or otherwise made subject to such
restrictions as the Administrator deems appropriate to carry out the intent of the Plan. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)<I> <U>Changes in and Distributions With Respect to Stock</U></I>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(1)<I> <U>Basic Adjustment Provisions</U></I>. In the event of a stock dividend, stock split or combination of shares (including a reverse
stock split), recapitalization, reclassification or other distribution of the Company&#146;s equity securities without the receipt of consideration by the Company, or other change in the Company&#146;s capital structure that constitutes an equity
restructuring within the meaning of FASB ASC 718, the Administrator will make appropriate adjustments to the maximum number of shares specified in Section&nbsp;4(a) that may be delivered under the Plan and to the maximum share limits described in
Section&nbsp;4(c), and will also make appropriate adjustments to the number and kind of shares of stock or securities subject to Awards then outstanding or subsequently granted, any exercise or purchase prices (or base values) relating to Awards and
any other provision of Awards affected by such change. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(2)<I> <U>Certain Other Adjustments</U></I>. The Administrator may also make
adjustments of the type described in Section&nbsp;7(b)(1) above to take into account distributions to stockholders other than those provided for in Section&nbsp;7(a) and 7(b)(1), or any other event, if the Administrator determines that adjustments
are appropriate to avoid distortion in the operation of the Plan, having due regard for the qualification of ISOs under Section&nbsp;422, the requirements of Section&nbsp;409A, and for the performance-based compensation rules of Section&nbsp;162(m),
where applicable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(3)<I> <U>Continuing Application of Plan Terms</U></I>. References in the Plan to shares of Stock will be construed to
include any stock or securities resulting from an adjustment pursuant to this Section&nbsp;7. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>8. LEGAL CONDITIONS ON DELIVERY OF STOCK </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company will not be obligated to deliver any shares of Stock pursuant to the Plan or to remove any restriction from shares of Stock
previously delivered under the Plan until: (i)&nbsp;the Company is satisfied that all legal matters in connection with the issuance and delivery of such shares have been addressed and resolved; (ii)&nbsp;if the outstanding Stock is at the time of
delivery listed on any stock exchange or national market system, the shares to be delivered have been listed or authorized to be listed on such exchange or system upon official notice of issuance; and (iii)&nbsp;all conditions of the Award have been
satisfied or waived. The Company may require, as a condition to exercise of the Award, such representations or agreements as counsel for the Company may consider appropriate to avoid violation of the Securities Act of 1933, as amended, or any
applicable state or <FONT STYLE="white-space:nowrap">non-U.S.</FONT> securities law. Any Stock required to be issued to Participants under the Plan will be evidenced in such manner as the Administrator may deem appropriate, including book-entry
registration or delivery of stock certificates. In the event that the Administrator determines that Stock certificates will be issued to Participants under the Plan, the Administrator may require that certificates evidencing Stock issued under the
Plan bear an appropriate legend reflecting any restriction on transfer applicable to such Stock, and the Company may hold the certificates pending lapse of the applicable restrictions. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>9. AMENDMENT AND TERMINATION </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
Administrator may at any time or times amend the Plan or any outstanding Award for any purpose which may at the time be permitted by law, and may at any time terminate the Plan as to any future grants of Awards; provided, that except as otherwise
expressly provided in the Plan the Administrator may not, without the Participant&#146;s consent, alter the terms of an Award so as to affect materially and adversely the Participant&#146;s rights under the Award, unless the Administrator expressly
reserved the right to do so at the time the Award was granted. Any amendments to the Plan will be conditioned upon stockholder approval only to the extent, if any, such approval is required by law (including the Code and applicable stock exchange
requirements), as determined by the Administrator. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>10. OTHER COMPENSATION ARRANGEMENTS </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The existence of the Plan or the grant of any Award will not in any way affect the Company&#146;s right to Award a person bonuses or other
compensation in addition to Awards under the Plan. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>11. MISCELLANEOUS </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)<I> <U>Waiver of Jury Trial</U></I>. By accepting an Award under the Plan, each Participant waives any right to a trial by jury in any
action, proceeding or counterclaim concerning any rights under the Plan and any Award, or under any amendment, waiver, consent, instrument, document or other agreement delivered or which in the future may be delivered in connection therewith, and
agrees that any such action, proceedings or counterclaim will be tried before a court and not before a jury. By accepting an Award under the Plan, each Participant certifies that no officer, representative, or attorney of the Company has
represented, expressly or otherwise, that the Company would not, in the event of any action, proceeding or counterclaim, seek to enforce the foregoing waivers. Notwithstanding anything to the contrary in the Plan, nothing herein is to be construed
as limiting the ability of the Company and a Participant to agree to submit disputes arising under the terms of the Plan or any Award made hereunder to binding arbitration or as limiting the ability of the Company to require any eligible individual
to agree to submit such disputes to binding arbitration as a condition of receiving an Award hereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)<I> <U>Limitation of
Liability</U></I>. Notwithstanding anything to the contrary in the Plan, neither the Company, nor any Affiliate, nor the Administrator, nor any person acting on behalf of the Company, any Affiliate, or the Administrator, will be liable to any
Participant or to the estate or beneficiary of any Participant or to any other holder of an Award by reason of any acceleration of income, or any additional tax (including any interest and penalties), asserted by reason of the failure of an Award to
satisfy the requirements of Section&nbsp;422 or Section&nbsp;409A or by reason of Section&nbsp;4999 of the Code, or otherwise asserted with respect to the Award. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>12. ESTABLISHMENT OF <FONT STYLE="white-space:nowrap">SUB-PLANS</FONT> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Administrator may from time to time establish one or more <FONT STYLE="white-space:nowrap">sub-plans</FONT> under the Plan for purposes of
satisfying applicable blue sky, securities or tax laws of various jurisdictions. The Administrator will establish such <FONT STYLE="white-space:nowrap">sub-plans</FONT> by adopting supplements to the Plan setting forth (i)&nbsp;such limitations on
the Administrator&#146;s discretion under the Plan as it deems necessary or desirable and (ii)&nbsp;such additional terms and conditions not otherwise inconsistent with the Plan as it deems necessary or desirable. All supplements so established will
be deemed to be part of the Plan, but each supplement will apply only to Participants within the affected jurisdiction (as determined by the Administrator). </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>13. GOVERNING LAW </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)<I> <U>Certain
Requirements of Corporate Law</U></I>. Awards will be granted and administered consistent with the requirements of applicable Delaware law relating to the issuance of stock and the consideration to be received therefor, and with the applicable
requirements of the stock exchange or other trading system on which the Stock is listed or entered for trading, in each case as determined by the Administrator. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)<I> <U>Other Matters</U></I>. Except as otherwise provided by the express terms of an Award agreement, under a <FONT
STYLE="white-space:nowrap">sub-plan</FONT> described in Section&nbsp;12 or as provided in Section&nbsp;13(a) above, the provisions of the Plan and of Awards under the Plan and all claims or disputes arising out of our based upon the Plan or any
Award under the Plan or relating to the subject matter hereof or thereof will be governed by and construed in accordance with the domestic substantive laws of the State of California without giving effect to any choice or conflict of laws provision
or rule that would cause the application of the domestic substantive laws of any other jurisdiction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c)<I> <U>Jurisdiction</U></I>. By
accepting an Award, each Participant will be deemed to (a)&nbsp;have submitted irrevocably and unconditionally to the jurisdiction of the federal and state courts located within the geographic boundaries of the United States District Court for the
Central District of California for the purpose of any suit, action or other proceeding arising out of or based upon the Plan or any Award; (b)&nbsp;agree not to commence any suit, action or other proceeding arising out of or based upon the Plan or
an Award, except in the federal and state courts located within the geographic boundaries of the United States District Court for the Central District of California; and (c)&nbsp;waive, and agree not to assert, by way of motion as a defense or
otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named courts that its property is exempt or immune from attachment or execution, that the suit, action or proceeding is
brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that the Plan or an Award or the subject matter thereof may not be enforced in or by such court. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT A </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Definition of Terms </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following terms, when used in the Plan, will have the meanings and be subject to the provisions set forth below: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;</I><I><U>Administrator</U></I><I>&#148;:</I>&nbsp;The Compensation Committee, except that the Compensation Committee may delegate
(i)&nbsp;to one or more of its members (or one or more other members of the Board (including the full Board)) such of its duties, powers and responsibilities as it may determine; (ii)&nbsp;to one or more officers of the Company the power to grant
Awards to the extent permitted by Section&nbsp;157(c) of the Delaware General Corporation Law; and (iii)&nbsp;to such Employees or other persons as it determines such ministerial tasks as it deems appropriate. In the event of any delegation
described in the preceding sentence, the term &#147;Administrator&#148; will include the person or persons so delegated to the extent of such delegation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;</I><I><U>Affiliate</U></I><I>&#148;:</I>&nbsp;Any corporation or other entity that stands in a relationship to the Company that
would result in the Company and such corporation or other entity being treated as one employer under Section&nbsp;414(b) and Section&nbsp;414(c) of the Code. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;</I><I><U>Award</U></I><I>&#148;:</I>&nbsp;Any or a combination of the following: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) Stock Options. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) SARs. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) Restricted Stock. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) Unrestricted Stock. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) Stock Units, including Restricted Stock Units. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi) Performance Awards. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vii) Cash Awards. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(viii) Awards (other than Awards described in (i)&nbsp;through (vii)&nbsp;above) that are convertible into or otherwise based
on Stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;</I><I><U>Board</U></I><I>&#148;:</I>&nbsp;The Board of Directors of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;</I><I><U>Cash Award</U></I><I>&#148;:</I>&nbsp;An Award denominated in cash. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;</I><I><U>Cause</U></I><I>&#148;:</I>&nbsp;In the case of any Participant who is party to an employment or severance-benefit
agreement that contains a definition of &#147;Cause,&#148; the definition set forth in such agreement will apply with respect to such Participant under the Plan for so long as such agreement is in effect. In the case of any other Participant,
&#147;Cause&#148; will mean, as determined by the Administrator in its reasonable judgment, (i)&nbsp;a substantial failure of the Participant to perform the Participant&#146;s duties and responsibilities to the Company or subsidiaries or substantial
negligence in the performance of such duties and responsibilities; (ii)&nbsp;the commission by the Participant of a felony or a crime involving moral turpitude; (iii)&nbsp;the commission by the Participant of theft, fraud, embezzlement, material
breach of trust or any material act of dishonesty involving the Company or any of its subsidiaries; (iv)&nbsp;a significant violation by the Participant of the code of conduct of the Company or its subsidiaries of any material policy of the Company
or its subsidiaries, or of any statutory or common law duty of loyalty to the Company or its subsidiaries; (v)&nbsp;material breach of any of the terms of the Plan or any Award made under the Plan, or of the terms of any other agreement between the
Company or subsidiaries and the Participant; or (vi)&nbsp;other conduct by the Participant that could be expected to be harmful to the business, interests or reputation of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;</I><I><U>Change in Control</U></I><I>&#148;:</I>&nbsp;The first to occur of (i)&nbsp;a &#147;person,&#148; as such term is used in
Sections 13(d) and 14(d) of the Exchange Act (other than the Company or one of its subsidiaries or an employee benefit plan of the Company or any of its subsidiaries, including any trustee of such plan acting as trustee) becoming the
&#147;beneficial owner&#148; (as defined in Rule <FONT STYLE="white-space:nowrap">13d-3</FONT> under the Exchange Act), directly or indirectly, of securities of the Company representing fifty percent (50%)&nbsp;or more of the combined voting power
of the Company&#146;s then outstanding securities entitled to vote generally in the election of directors; (ii)&nbsp;a consummation of (x)&nbsp;a merger or consolidation of the Company with any other corporation, other than a merger or consolidation
that would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

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converted into voting securities of the surviving entity) more than fifty percent (50%)&nbsp;of the total voting power represented by the voting securities of the Company or such surviving entity
outstanding immediately after such merger or consolidation, or (y)&nbsp;the sale or disposition by the Company of all or substantially all the Company&#146;s assets; or (iii)&nbsp;a change in the composition of the Board, as a result of which fewer
than a majority of the directors are Incumbent Directors. &#147;Incumbent Directors&#148; shall mean directors who either (A)&nbsp;are directors of the Company as of the date the Plan is approved by the stockholders, or (B)&nbsp;are elected, or
nominated for election, to the Board with the affirmative votes of at least a majority of the Incumbent Directors at the time of such election or nomination (but shall not include an individual whose election or nomination is in connection with an
actual or threatened proxy contest relating to the election of directors to the Company). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;</I><I><U>Code</U></I><I>&#148;:</I>&nbsp;The U.S. Internal Revenue Code of 1986 as from time to time amended and in effect, or any
successor statute as from time to time in effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;</I><I><U>Compensation Committee</U></I><I>&#148;:</I>&nbsp;The Compensation
Committee of the Board. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;</I><I><U>Company</U></I><I>&#148;:</I>&nbsp;Arrowhead Research Corporation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;</I><I><U>Covered Transaction</U></I><I>&#148;:</I>&nbsp;Any of (i)&nbsp;a consolidation, merger, or similar transaction or series of
related transactions, including a sale or other disposition of stock, in which the Company is not the surviving corporation or which results in the acquisition of all or substantially all of the Company&#146;s then outstanding common stock by a
single person or entity or by a group of persons and/or entities acting in concert; (ii)&nbsp;a sale or transfer of all or substantially all the Company&#146;s assets; or (iii)&nbsp;a dissolution or liquidation of the Company. Where a Covered
Transaction involves a tender offer that is reasonably expected to be followed by a merger described in clause (i)&nbsp;(as determined by the Administrator), the Covered Transaction will be deemed to have occurred upon consummation of the tender
offer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;</I><I><U>Date of Adoption</U></I><I>&#148;:</I>&nbsp;The earlier of the date the Plan was approved by the Company&#146;s
stockholders or adopted by the Board, as determined by the Compensation Committee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;</I><I><U>Employee</U></I><I>&#148;:</I>&nbsp;Any person who is employed by the Company or an Affiliate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;</I><I><U>Employment</U></I><I>&#148;:</I>&nbsp;A Participant&#146;s employment or other service relationship with the Company and
its Affiliates. Employment will be deemed to continue, unless the Administrator expressly provides otherwise, so long as the Participant is employed by, or otherwise is providing services in a capacity described in Section&nbsp;5 to the Company or
an Affiliate. If a Participant&#146;s employment or other service relationship is with an Affiliate and that entity ceases to be an Affiliate, the Participant&#146;s Employment will be deemed to have terminated when the entity ceases to be an
Affiliate unless the Participant transfers Employment to the Company or its remaining Affiliates. Notwithstanding the foregoing and the definition of &#147;Affiliate&#148; above, in construing the provisions of any Award relating to the payment of
&#147;nonqualified deferred compensation&#148; (subject to Section&nbsp;409A) upon a termination or cessation of Employment, references to termination or cessation of employment, separation from service, retirement or similar or correlative terms
will be construed to require a &#147;separation from service&#148; (as that term is defined in <FONT STYLE="white-space:nowrap">Section&nbsp;1.409A-1(h)</FONT> of the Treasury Regulations, after giving effect to the presumptions contained therein)
from the Company and from all other corporations and trades or businesses, if any, that would be treated as a single &#147;service recipient&#148; with the Company under <FONT STYLE="white-space:nowrap">Section&nbsp;1.409A-1(h)(3)</FONT> of the
Treasury Regulations. The Company may, but need not, elect in writing, subject to the applicable limitations under Section&nbsp;409A, any of the special elective rules prescribed in <FONT STYLE="white-space:nowrap">Section&nbsp;1.409A-1(h)</FONT> of
the Treasury Regulations for purposes of determining whether a &#147;separation from service&#148; has occurred. Any such written election will be deemed a part of the Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;</I><I><U>Exchange Act</U></I><I>&#148;:</I>&nbsp;The Securities Exchange Act of 1934, as amended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;</I><I><U>ISO</U></I><I>&#148;:</I>&nbsp;A Stock Option intended to be an &#147;incentive stock option&#148; within the meaning of
Section&nbsp;422. Each Stock Option granted pursuant to the Plan will be treated as providing by its terms that it is to be an NSO unless, as of the date of grant, it is expressly designated as an ISO. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;</I><I><U>NSO</U></I><I>&#148;:</I>&nbsp;A Stock Option that is not intended to be an &#147;incentive stock option&#148; within the
meaning of Section&nbsp;422. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;</I><I><U>Participant</U></I><I>&#148;:</I>&nbsp;A person who is granted an Award under the Plan.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;</I><I><U>Performance Award</U></I><I>&#148;:</I>&nbsp;An Award subject to
Performance Criteria. The Administrator in its discretion may grant Performance Awards that are intended to qualify for the performance-based compensation exception under Section&nbsp;162(m) and Performance Awards that are not intended so to
qualify. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;</I><I><U>Performance Criteria</U></I><I>&#148;:</I>&nbsp;Specified criteria, other than the mere continuation of
Employment or the mere passage of time, the satisfaction of which is a condition for the grant, exercisability, vesting or full enjoyment of an Award. For purposes of Awards that are intended to qualify for the performance-based compensation
exception under Section&nbsp;162(m), a Performance Criterion will mean an objectively determinable measure of performance relating to any or any combination of the following (measured either absolutely or by reference to an index or indices and
determined either on a consolidated basis or, as the context permits, on a divisional, subsidiary, line of business, project or geographical basis or in combinations thereof): sales; revenues; assets; expenses; earnings before or after deduction for
all or any portion of interest, taxes, depreciation, or amortization, whether or not on a continuing operations or an aggregate or per share basis; return on equity, investment, capital or assets; one or more operating ratios; borrowing levels,
leverage ratios or credit rating; market share; capital expenditures; cash flow; stock price; stockholder return; sales of particular products or services; customer acquisition or retention; acquisitions and divestitures (in whole or in part); joint
ventures and strategic alliances; spin-offs, <FONT STYLE="white-space:nowrap">split-ups</FONT> and the like; reorganizations; or recapitalizations, restructurings, financings (issuance of debt or equity) or refinancings. A Performance Criterion and
any targets with respect thereto determined by the Administrator need not be based upon an increase, a positive or improved result or avoidance of loss. To the extent consistent with the requirements for satisfying the performance-based compensation
exception under Section&nbsp;162(m), the Administrator may provide in the case of any Award intended to qualify for such exception that one or more of the Performance Criteria applicable to such Award will be adjusted in an objectively determinable
manner to reflect events (for example, but without limitation, acquisitions or dispositions) occurring during the performance period that affect the applicable Performance Criterion or Criteria. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;</I><I><U>Plan</U></I><I>&#148;:</I>&nbsp;The Arrowhead Research Corporation 2013 Incentive Plan as from time to time amended and in
effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;</I><I><U>Restricted Stock</U></I><I>&#148;:</I>&nbsp;Stock subject to restrictions requiring that it be redelivered or
offered for sale to the Company if specified conditions are not satisfied. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;</I><I><U>Restricted Stock
Unit</U></I><I>&#148;:</I>&nbsp;A Stock Unit that is, or as to which the delivery of Stock or cash in lieu of Stock is, subject to the satisfaction of specified performance or other vesting conditions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;</I><I><U>SAR</U></I><I>&#148;:</I>&nbsp;A right entitling the holder upon exercise to receive an amount (payable in cash and/or in
shares of Stock of equivalent value) equal to the excess of the fair market value of the shares of Stock subject to the right over the base value from which appreciation under the SAR is to be measured. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;</I><I><U>Section</U></I><I><U></U></I><I><U>&nbsp;409A</U></I><I>&#148;:</I>&nbsp;Section&nbsp;409A of the Code. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;</I><I><U>Section</U></I><I><U></U></I><I><U>&nbsp;422</U></I><I>&#148;:</I>&nbsp;Section&nbsp;422 of the Code. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;</I><I><U>Section</U></I><I><U></U></I><I><U>&nbsp;162(m)</U></I><I>&#148;:</I>&nbsp;Section&nbsp;162(m) of the Code. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;</I><I><U>Stock</U></I><I>&#148;:</I>&nbsp;Common stock of the Company, par value $0.001 per share. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;</I><I><U>Stock Option</U></I><I>&#148;:</I>&nbsp;An option entitling the holder to acquire shares of Stock upon payment of the
exercise price. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;</I><I><U>Stock Unit</U></I><I>&#148;:</I>&nbsp;An unfunded and unsecured promise, denominated in shares of
Stock, to deliver Stock or cash measured by the value of Stock in the future. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;</I><I><U>Unrestricted
Stock</U></I><I>&#148;:</I>&nbsp;Stock not subject to any restrictions under the terms of the Award. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 4.5 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>ARROWHEAD PHARMACEUTICALS, INC. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>2021 INCENTIVE PLAN
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1. DEFINED TERMS </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Exhibit A</U></I>, which is incorporated by
reference, defines the terms used in the Plan and sets forth certain operational rules related to those terms. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>2. PURPOSE </B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Plan has been established to advance the interests of the Company by providing for the grant to Participants of Stock-based and other incentive Awards.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>3. ADMINISTRATION </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Administrator has discretionary authority, subject
only to the express provisions of the Plan, to interpret the Plan; determine eligibility for and grant Awards; determine, modify or waive the terms and conditions of any Award; prescribe forms, rules and procedures relating to the Plan; determine
whether Awards should be settled in cash and/or shares of Stock; and otherwise do all things necessary or appropriate to carry out the purposes of the Plan. Determinations of the Administrator made under the Plan will be conclusive and will bind all
parties. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>4. LIMITS ON AWARDS UNDER THE PLAN </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(a)<I></I><I> <U>Number of Shares</U></I>. The maximum
number of shares of Stock that may be delivered in satisfaction of Awards under the Plan is 8,000,000, reduced by any shares of Common Stock subject to awards made under the Prior Plan after January&nbsp;1, 2021. Shares of Stock subject to
outstanding awards under the Prior Plans as of January&nbsp;1, 2021 that, after January&nbsp;1, 2021, are canceled, expired, forfeited or otherwise not issued under such award (other than as a result of being tendered or withheld to pay the exercise
price or withholding taxes in connection with any such awards) or settled in cash shall be added to the number of shares of Stock issuable under the Plan. No more than 8,000,000 shares of Stock may be delivered in satisfaction of ISOs awarded under
the Plan. Nothing in this Section&nbsp;4(a) will be construed as requiring that any, or any fixed number of, ISOs be awarded under the Plan. For purposes of this Section&nbsp;4(a), the number of shares of Stock delivered in satisfaction of Awards
will be determined (i)&nbsp;by treating as having been delivered any shares of Stock underlying the portion of any Award that is settled in Stock, (ii)&nbsp;by treating as having been delivered any shares of Stock tendered to or withheld by the
Company from any Award in payment of the exercise price of any Award requiring exercise or in satisfaction of the tax withholding requirements with respect to any Award, and (iii)&nbsp;by treating as having been delivered any shares of Stock
purchased by the Company with proceeds from the exercise of Stock Options. Stock underlying the portion of any Award that expires, terminates or is forfeited or is settled in cash prior to the issuance of Stock thereunder shall not be counted as
having been delivered under the Plan. To the extent consistent with the requirements of Section&nbsp;422 and the regulations thereunder, and with other applicable legal requirements (including applicable stock exchange requirements), Stock issued
under awards of an acquired company that are converted, replaced or adjusted in connection with the acquisition shall not reduce the number of shares of Stock available for Awards under the Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(b)<I></I><I> <U>Type of Shares</U></I>. Stock delivered by the Company under the Plan may be authorized but unissued Stock or previously issued Stock
acquired by the Company. No fractional shares of Stock will be delivered under the Plan. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>5. ELIGIBILITY AND PARTICIPATION </B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Administrator will select Participants from among key Employees and directors of, and consultants and advisors to, the Company and its Affiliates.
Eligibility for ISOs is limited to individuals described in the first sentence of this Section&nbsp;5 who are employees of the Company or of a &#147;parent corporation&#148; or &#147;subsidiary corporation&#148; of the Company as those terms are
defined in Section&nbsp;424 of the Code. Eligibility for Stock Options other than ISOs is limited to individuals described in the first sentence of this Section&nbsp;5 who are providing direct services on the date of grant of the Stock Option to
either the Company or to a subsidiary of the Company that would be described in the first sentence of Treas. <FONT STYLE="white-space:nowrap">Regs.&nbsp;&#167;1.409A-1(b)(5)(iii)(E).</FONT> </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>6. RULES APPLICABLE TO AWARDS </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(a)<I></I><I> <U>All Awards</U></I>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(1)<I></I><I> <U>Award Provisions</U></I>. The Administrator will determine the terms of all Awards, subject to the limitations provided herein. By accepting
(or, under such rules as the Administrator may prescribe, being deemed to have accepted) an Award, the Participant will be deemed to have agreed to the terms of the Award and the Plan. Notwithstanding any provision of this Plan to the contrary,
awards of an acquired company that are converted, replaced or adjusted in connection with the acquisition may contain terms and conditions that are inconsistent with the terms and conditions specified herein, as determined by the Administrator. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(2)<I></I><I> <U>Term of Plan</U></I>. No Awards may be made after ten years from the Date of Adoption, but previously granted Awards may continue beyond that
date in accordance with their terms. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(3)<I></I><I> <U>Transferability</U></I>. Neither ISOs nor, except as the Administrator otherwise expressly provides
in accordance with the third sentence of this Section&nbsp;6(a)(3), other Awards may be transferred other than by will or by the laws of descent and distribution. During a Participant&#146;s lifetime, ISOs (and, except as the Administrator otherwise
expressly provides in accordance with the third sentence of this Section&nbsp;6(a)(3), SARs and NSOs) may be exercised only by the Participant. The Administrator may permit the gratuitous transfer (<I>i.e.</I>, transfer not for value) of Awards
other than ISOs to any transferee eligible to be covered by the provisions of <FONT STYLE="white-space:nowrap">Form&nbsp;S-8&nbsp;(under</FONT> the Securities Act of 1933, as amended), subject to such limitations as the Administrator may impose.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(4)<I></I><I> <U>Vesting, etc</U></I>. Subject to Section&nbsp;6(a)(5), the Administrator will determine the time or times at which an Award will vest or
become exercisable and the terms on which a Stock Option or SAR will remain exercisable. Without limiting the foregoing, the Administrator may at any time accelerate the vesting or exercisability of an Award, regardless of any adverse or potentially
adverse tax or other consequences resulting from such acceleration. Unless the Administrator expressly provides otherwise, however, the following rules will apply if a Participant&#146;s Employment ceases: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(A) Immediately upon the cessation of the Participant&#146;s Employment and except as provided in (B), (C), and (D)&nbsp;below, each Stock Option and SAR that
is then held by the Participant or by the Participant&#146;s permitted transferees, if any, will cease to be exercisable and will terminate and all other Awards that are then held by the Participant or by the Participant&#146;s permitted
transferees, if any, to the extent not already vested will be forfeited. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(B) Subject to (C), (D)&nbsp;and (E)&nbsp;below, all Stock Options and SARs held
by the Participant or the Participant&#146;s permitted transferees, if any, immediately prior to the cessation of the Participant&#146;s Employment, to the extent then exercisable, will remain exercisable for the lesser of (i)&nbsp;a period of three
months and (ii)&nbsp;the period ending on the latest date on which such Stock Option or SAR could have been exercised without regard to this Section&nbsp;6(a)(4), and will thereupon immediately terminate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(C) All Stock Options and SARs held by a Participant or the Participant&#146;s permitted transferees, if any, immediately prior to the cessation of the
Participant&#146;s Employment due to his or her death, to the extent then exercisable, will remain exercisable for the lesser of (i)&nbsp;a period of twelve months and (ii)&nbsp;the period ending on the latest date on which such Stock Option or SAR
could have been exercised without regard to this Section&nbsp;6(a)(4), and will thereupon immediately terminate. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(D) All Stock Options and SARs held by a Participant or the Participant&#146;s permitted transferees, if
any, immediately prior to the cessation of the Participant&#146;s Employment due to his or her &#147;permanent and total disability&#148; (within the meaning of Section&nbsp;22(e)(3) of the Code, to the extent then exercisable, will remain
exercisable for the lesser of (i)&nbsp;a period of six months and (ii)&nbsp;the period ending on the latest date on which such Stock Option or SAR could have been exercised without regard to this Section&nbsp;6(a)(4), and will thereupon immediately
terminate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(E) All Awards (whether or not exercisable) held by a Participant or the Participant&#146;s permitted transferees, if any, immediately prior
to the cessation of the Participant&#146;s Employment will immediately terminate upon such cessation of Employment if the termination is for Cause or occurs in circumstances that in the sole determination of the Administrator would have constituted
grounds for the Participant&#146;s Employment to be terminated for Cause. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(5)<I> <U>Minimum Vesting; Holding Period</U></I>. Except as otherwise provided
in this Section&nbsp;6(a)(5), no Award shall be granted with terms providing for any right of vesting, exercise or lapse of vesting requirements earlier than a date that is at least one (1)&nbsp;year following the date of grant (or, in the case of
vesting based upon performance objectives, exercise and vesting restrictions cannot lapse earlier than the one (1)&nbsp;year anniversary measured from the date of the commencement of the period over which performance is measured). Notwithstanding
the foregoing, the Administrator may grant up to a maximum of five percent (5%) of the aggregate number of shares available for issuance under the Plan (for purposes of counting shares against the five percent (5%) limitation, the share counting
rules under Section&nbsp;4(a) shall apply) that do not comply with the one (1)&nbsp;year minimum vesting and exercise requirements set forth in the preceding sentence. In addition, Awards granted
<FONT STYLE="white-space:nowrap">to&nbsp;non-employee&nbsp;directors</FONT> need not comply with the one (1)&nbsp;year minimum vesting and exercise requirements so long as the Awards provide for a right of exercise or lapse of any vesting
obligations no earlier than the next annual stockholder meeting date following the grant date. In addition to the minimum vesting and exercise requirements in this Section&nbsp;6(a)(5), any Awards granted to the Company&#146;s Chief Executive
Officer shall be granted with terms providing that the shares issued upon exercise or settlement of any such Award (net of tax withholding) may not be transferred or otherwise disposed of by the Company&#146;s Chief Executive Officer for at least
twelve (12)&nbsp;months following the date of such exercise or settlement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(6)<I></I><I> <U>Additional Restrictions</U></I>. The Administrator may
cancel, rescind, withhold or otherwise limit or restrict any Award at any time if the Participant is not in compliance with all applicable provisions of the Award agreement and the Plan, or if the Participant breaches any agreement with the Company
or its Affiliates with respect <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">to&nbsp;non-competition,&nbsp;non-solicitation&nbsp;or</FONT></FONT> confidentiality. Without limiting the generality of the foregoing, the
Administrator may recover Awards made under the Plan and payments under or gain in respect of any Award in accordance with any applicable Company clawback or recoupment policy, as such policy may be amended and in effect from time to time, or as
otherwise required by law or applicable stock exchange listing standards, including, without limitation, Section&nbsp;10D of the Exchange Act, or any stock exchange or similar rule adopted under said Section. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(7)<I></I><I> <U>Taxes</U></I>. The grant of an Award and the delivery, vesting and retention of Stock, cash or other property under an Award are conditioned
upon full satisfaction by the Participant of all tax withholding requirements with respect to the Award. The Administrator will prescribe such rules for the withholding of taxes as it deems necessary or appropriate. The Administrator may, but need
not, hold back shares of Stock from an Award or permit a Participant to tender previously owned shares of Stock in satisfaction of tax withholding requirements (only up to the amount permitted that will not cause an adverse accounting consequence or
cost). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(8)<I></I><I> <U>Dividend Equivalents, Etc</U></I>. The Administrator may provide for the payment of amounts (on terms and subject to conditions
established by the Administrator) in lieu of cash dividends or other cash distributions with respect to Stock subject to an Award whether or not the holder of such Award is otherwise entitled to share in the actual dividend or distribution in
respect of such Award. Any entitlement to dividend equivalents or similar entitlements will be established and administered either consistent with an exemption from, or in compliance with, the requirements of Section&nbsp;409A. Dividends or dividend
equivalent amounts payable in respect of Awards that are subject to restrictions will be subject to the same vesting and forfeiture restrictions as apply to the Awards to which they relate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(9)<I></I><I> <U>Rights Limited</U></I>. Nothing in the Plan or in any Award will be construed as giving any person the right to continued employment or
service with the Company or its Affiliates, or any rights as a stockholder except as to shares of Stock actually issued under the Plan; nor will anything in the Plan or in any Award affect the right of the Company or its Affiliates to discharge or
discipline a Participant at any time. The loss of existing or potential profit in Awards will not constitute an element of damages in the event of termination of Employment for any reason, even if the termination is in violation of an obligation of
the Company or any Affiliate to the Participant. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(10)<I> <U>Coordination with Other Plans</U></I>. Awards under the Plan may be granted in tandem with,
or in satisfaction of or substitution for, other Awards under the Plan or awards made under other compensatory plans or programs of the Company or its Affiliates. For example, but without limiting the generality of the foregoing, awards under other
</P>
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compensatory plans or programs of the Company or its Affiliates may be settled in Stock (including, without limitation, Unrestricted Stock) if the Administrator so determines, in which case the
shares delivered will be treated as awarded under the Plan (and will reduce the number of shares thereafter available under the Plan in accordance with the rules set forth in Section&nbsp;4). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(11)<I></I><I> <U>Section</U>&nbsp;409A</I>. Each Award will contain such terms as the Administrator determines, and will be construed and administered, such
that the Award either qualifies for an exemption from the requirements of Section&nbsp;409A or satisfies such requirements. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(b)<I></I><I> <U>Stock
Options and SARs</U></I><I>.</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(1)<I></I><I> <U>Time And Manner Of Exercise</U></I>. Unless the Administrator expressly provides otherwise, no Stock
Option or SAR will be deemed to have been exercised until the Administrator receives a notice of exercise (in form acceptable to the Administrator), which may be an electronic notice, signed (including electronic signature in form acceptable to the
Administrator) by the appropriate person and accompanied by any payment required under the Award. A Stock Option or SAR exercised by any person other than the Participant will not be deemed to have been exercised until the Administrator has received
such evidence as it may require that the person exercising the Award has the right to do so. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(2)<I></I><I> <U>Exercise Price</U></I>. The exercise price
(or the base value from which appreciation is to be measured) of each Award requiring exercise will be no less than 100% (or in the case of an ISO granted to <FONT STYLE="white-space:nowrap">a&nbsp;ten-percent&nbsp;shareholder</FONT> within the
meaning of subsection (b)(6) of Section&nbsp;422, 110%) of the Fair Market Value of the Stock subject to the Award, determined as of the date of grant, or such higher amount as the Administrator may determine in connection with the grant. Except in
connection with a corporate transaction involving the Company (which term shall include, without limitation, any stock dividend, stock split, extraordinary cash dividend, recapitalization, reorganization, merger, <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">consolidation,&nbsp;split-up,&nbsp;spin-off,&nbsp;combination,</FONT></FONT> or exchange of shares) or as otherwise contemplated by Section&nbsp;7 of the Plan, the Company may not, without obtaining stockholder approval,
(A)&nbsp;amend the terms of outstanding Stock Options or SARs to reduce the exercise price or base value of such Stock Options or SARs, (B)&nbsp;cancel outstanding Stock Options or SARs in exchange for Stock Options or SARs with an exercise price or
base value that is less than the exercise price or base value of the original Stock Options or SARs, or (C)&nbsp;cancel outstanding Stock Options or SARs that have an exercise price or base value greater than the Fair Market Value of a share of
Stock on the date of such cancellation in exchange for cash or other consideration. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(3)<I></I> <U><I>Payment Of Exercise Price</I></U>. Where the
exercise of an Award is to be accompanied by payment, payment of the exercise price will be by cash or check acceptable to the Administrator or by such other legally permissible means, if any, as may be acceptable to the Administrator. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(4)<I></I><I> <U>Maximum Term</U></I>. Stock Options and SARs will have a maximum term not to exceed ten (10)&nbsp;years from the date of grant (or five
(5)&nbsp;years from the date of grant in the case of an ISO granted to <FONT STYLE="white-space:nowrap">a&nbsp;ten-percent&nbsp;shareholder</FONT> described in Section&nbsp;6(b)(2) above); provided, however, that, if a Participant still holding an
outstanding but unexercised NSO or SAR ten (10)&nbsp;years from the date of grant (or, in the case of an NSO or SAR with a maximum term of less than ten (10)&nbsp;years, such maximum term) is prohibited by applicable law or a written policy of the
Company applicable to similarly situated employees from engaging in any open-market sales of Stock, and if at such time the Stock is publicly traded (as determined by the Administrator), the maximum term of such Award will instead be deemed to
expire on the thirtieth (30<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>)&nbsp;day following the date the Participant is no longer prohibited from engaging in such open market sales. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>7. EFFECT OF CERTAIN TRANSACTIONS </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(a)<I></I><I> <U>Mergers, etc</U></I>. Except as
otherwise provided in an Award agreement, the following provisions will apply in the event of a Covered Transaction: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(1)<I></I><I> <U>Assumption or
Substitution</U></I>. If the Covered Transaction is one in which there is an acquiring or surviving entity, the Administrator may (but, for the avoidance of doubt, need not) provide (i)&nbsp;for the assumption or continuation of some or all
outstanding Awards or any portion thereof or (ii)&nbsp;for the grant of new awards in substitution therefor by the acquiror or survivor or an affiliate of the acquiror or survivor. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(2)<I></I><I> <U><FONT STYLE="white-space:nowrap">Cash-Out&nbsp;of</FONT> Awards</U></I>. Subject to Section&nbsp;7(a)(5) below, the Administrator may (but,
for the avoidance of doubt, need not) provide for payment <FONT STYLE="white-space:nowrap">(a&nbsp;&#147;cash-out&#148;),&nbsp;with</FONT> respect to some or all Awards or any portion thereof, equal in the case of each affected Award or portion
thereof to the excess, if any, of (A)&nbsp;the Fair Market Value of one share of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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Stock (as determined by the Administrator in its reasonable discretion) times the number of shares of Stock subject to the Award or such portion, over (B)&nbsp;the aggregate exercise or purchase
price, if any, under the Award or such portion (in the case of an SAR, the aggregate base value above which appreciation is measured), in each case on such payment terms (which need not be the same as the terms of payment to holders of Stock) and
other terms, and subject to such conditions, as the Administrator determines, it being understood that if the exercise or purchase price (or base value) of an Award is equal to or greater than the Fair Market Value of one share of Stock (as
determined in accordance with this Section&nbsp;7(a)(2)), the Award may be cancelled with no payment due hereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(3)<I></I><I> <U>Acceleration of
Certain Awards</U></I>. Subject to Section&nbsp;7(a)(7) below, the Administrator may (but, for the avoidance of doubt, need not) provide that any Award requiring exercise will become exercisable, in full or in part and/or that the delivery of any
shares of Stock remaining deliverable under any outstanding Award of Stock Units (including Restricted Stock Units and Performance Awards to the extent consisting of Stock Units) will be accelerated in full or in part, in each case on a basis that
gives the holder of the Award a reasonable opportunity, as determined by the Administrator, following exercise of the Award or the delivery of the shares, as the case may be, to participate as a stockholder in the Covered Transaction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(4)<I> <U>Change in Control</U></I>. Notwithstanding anything herein to the contrary, unless otherwise expressly provided for in the Award agreement or
another contract, including an employment or severance agreement or severance plan, or under the terms of a transaction constituting a Change in Control, in the event of a Change in Control, each outstanding Award will fully vest (which, in the case
of Performance Awards shall be to their maximal value) and become exercisable immediately prior to the consummation of such Change in Control, and the Administrator shall notify the Participant in writing or electronically that the Award will be
fully vested and exercisable for a period of at least fifteen (15)&nbsp;days from the date of such notice, (which notice may be delivered prior to the consummation of the Change in Control) and the Award will terminate upon the expiration of such
period if not otherwise assumed or substituted pursuant to Section&nbsp;7(a)(1) above <FONT STYLE="white-space:nowrap">or&nbsp;cashed-out&nbsp;pursuant</FONT> to Section&nbsp;7(a)(2) above. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(5)<I> <U>Termination of Awards Upon Consummation of Covered Transaction</U></I>. Except as the Administrator may otherwise determine in any case and except
for <FONT STYLE="white-space:nowrap">the&nbsp;15-day&nbsp;exercise</FONT> period set forth above in Section&nbsp;7(a)(4), each Award will automatically terminate (and in the case of outstanding shares of Restricted Stock, will automatically be
forfeited) upon consummation of the Covered Transaction, other than Awards assumed pursuant to Section&nbsp;7(a)(1) above. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(6)<I> <U>Additional
Limitations</U></I>. Any share of Stock and any cash or other property delivered pursuant to Section&nbsp;7(a)(2) or Section&nbsp;7(a)(3) above with respect to an Award may, in the discretion of the Administrator, contain such restrictions, if any,
as the Administrator deems appropriate to reflect any performance or other vesting conditions to which the Award was subject and that did not lapse (and were not satisfied) in connection with the Covered Transaction. For purposes of the immediately
preceding sentence, <FONT STYLE="white-space:nowrap">a&nbsp;cash-out&nbsp;under</FONT> Section&nbsp;7(a)(2) above or acceleration under Section&nbsp;7(a)(3) above will not, in and of itself, be treated as the lapsing (or satisfaction) of a
performance or other vesting condition. In the case of Restricted Stock that does not vest and is not forfeited in connection with the Covered Transaction, the Administrator may require that any amounts delivered, exchanged or otherwise paid in
respect of such Stock in connection with the Covered Transaction be placed in escrow or otherwise made subject to such restrictions as the Administrator deems appropriate to carry out the intent of the Plan. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(b)<I></I><I> <U>Changes in and Distributions With Respect to Stock</U></I>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(1)<I></I><I> <U>Basic Adjustment Provisions</U></I>. In the event of a stock dividend, stock split or combination of shares (including a reverse stock split),
recapitalization, reclassification or other distribution of the Company&#146;s equity securities without the receipt of consideration by the Company, or other change in the Company&#146;s capital structure that constitutes an equity restructuring
within the meaning of FASB ASC 718, the Administrator will make appropriate adjustments to the maximum number of shares specified in Section&nbsp;4(a) that may be delivered under the Plan and will also make appropriate adjustments to the number and
kind of shares of stock or securities subject to Awards then outstanding or subsequently granted, any exercise or purchase prices (or base values) relating to Awards and any other provision of Awards affected by such change. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(2)<I></I><I> <U>Certain Other Adjustments</U></I>. The Administrator may also make adjustments of the type described in Section&nbsp;7(b)(1) above to take
into account distributions to stockholders other than those provided for in Section&nbsp;7(a) and 7(b)(1), or any other event, if the Administrator determines that adjustments are appropriate to avoid distortion in the operation of the Plan, having
due regard for the qualification of ISOs under Section&nbsp;422 and the requirements of Section&nbsp;409A, where applicable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(3)<I></I><I> <U>Continuing
Application of Plan Terms</U></I>. References in the Plan to shares of Stock will be construed to include any stock or securities resulting from an adjustment pursuant to this Section&nbsp;7. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>8. LEGAL CONDITIONS ON DELIVERY OF STOCK </B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company will not be obligated to deliver any shares of Stock pursuant to the Plan or to remove any restriction from shares of Stock previously delivered
under the Plan until: (i)&nbsp;the Company is satisfied that all legal matters in connection with the issuance and delivery of such shares have been addressed and resolved; (ii)&nbsp;if the outstanding Stock is at the time of delivery listed on any
stock exchange or national market system, the shares to be delivered have been listed or authorized to be listed on such exchange or system upon official notice of issuance; and (iii)&nbsp;all conditions of the Award have been satisfied or waived.
The Company may require, as a condition to exercise of the Award, such representations or agreements as counsel for the Company may consider appropriate to avoid violation of the Securities Act of 1933, as amended, or any applicable state <FONT
STYLE="white-space:nowrap">or&nbsp;non-U.S.&nbsp;securities</FONT> law. Any Stock required to be issued to Participants under the Plan will be evidenced in such manner as the Administrator may deem appropriate, including book-entry registration or
delivery of stock certificates. In the event that the Administrator determines that Stock certificates will be issued to Participants under the Plan, the Administrator may require that certificates evidencing Stock issued under the Plan bear an
appropriate legend reflecting any restriction on transfer applicable to such Stock, and the Company may hold the certificates pending lapse of the applicable restrictions. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>9. AMENDMENT AND TERMINATION </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Administrator may at any time or times amend the
Plan or any outstanding Award for any purpose which may at the time be permitted by law, and may at any time terminate the Plan as to any future grants of Awards; provided, that except as otherwise expressly provided in the Plan the Administrator
may not, without the Participant&#146;s consent, alter the terms of an Award so as to affect materially and adversely the Participant&#146;s rights under the Award, unless the Administrator expressly reserved the right to do so at the time the Award
was granted or unless the Administrator determines in its sole discretion and prior to the date of any Covered Transaction that such amendment or alteration either (i)&nbsp;is required or advisable in order for the Company, the Plan or the Award to
satisfy any law or regulation or to meet the requirements of or avoid adverse financial accounting consequences under any accounting standard, or (ii)&nbsp;is not reasonably likely to significantly diminish the benefits provided under such Award, or
that any such diminishment has been adequately compensated. Any amendments to the Plan will be conditioned upon stockholder approval only to the extent, if any, such approval is required by law (including the Code and applicable stock exchange
requirements), as determined by the Administrator. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>10. OTHER COMPENSATION ARRANGEMENTS </B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The existence of the Plan or the grant of any Award will not in any way affect the Company&#146;s right to Award a person bonuses or other compensation in
addition to Awards under the Plan. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>11. MISCELLANEOUS </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(a)<I></I><I> <U>Waiver of Jury Trial</U></I>. By
accepting an Award under the Plan, each Participant waives any right to a trial by jury in any action, proceeding or counterclaim concerning any rights under the Plan and any Award, or under any amendment, waiver, consent, instrument, document or
other agreement delivered or which in the future may be delivered in connection therewith, and agrees that any such action, proceedings or counterclaim will be tried before a court and not before a jury. By accepting an Award under the Plan, each
Participant certifies that no officer, representative, or attorney of the Company has represented, expressly or otherwise, that the Company would not, in the event of any action, proceeding or counterclaim, seek to enforce the foregoing waivers.
Notwithstanding anything to the contrary in the Plan, nothing herein is to be construed as limiting the ability of the Company and a Participant to agree to submit disputes arising under the terms of the Plan or any Award made hereunder to binding
arbitration or as limiting the ability of the Company to require any eligible individual to agree to submit such disputes to binding arbitration as a condition of receiving an Award hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(b)<I></I><I> <U>Limitation of Liability</U></I>. Notwithstanding anything to the contrary in the Plan, neither the Company, nor any Affiliate, nor the
Administrator, nor any person acting on behalf of the Company, any Affiliate, or the Administrator, will be liable to any Participant or to the estate or beneficiary of any Participant or to any other holder of an Award by reason of any acceleration
of income, or any additional tax (including any interest and penalties), asserted by reason of the failure of an Award to satisfy the requirements of Section&nbsp;422 or Section&nbsp;409A or by reason of Section&nbsp;4999 of the Code, or otherwise
asserted with respect to the Award. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>12. ESTABLISHMENT <FONT STYLE="white-space:nowrap">OF&nbsp;SUB-PLANS</FONT> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Administrator may from time to time establish one or <FONT STYLE="white-space:nowrap">more&nbsp;sub-plans&nbsp;under</FONT> the Plan for purposes of
satisfying applicable blue sky, securities or tax laws of various jurisdictions. The Administrator will establish <FONT STYLE="white-space:nowrap">such&nbsp;sub-plans&nbsp;by</FONT> adopting supplements to the Plan setting forth (i)&nbsp;such
limitations on the Administrator&#146;s discretion under the Plan as it deems necessary or desirable and (ii)&nbsp;such additional terms and conditions not otherwise inconsistent with the Plan as it deems necessary or desirable. All supplements so
established will be deemed to be part of the Plan, but each supplement will apply only to Participants within the affected jurisdiction (as determined by the Administrator). </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>13. GOVERNING LAW </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The laws of the State of Delaware will govern all
questions concerning the construction, validity and interpretation of this Plan, without regard to that state&#146;s conflict of laws rules. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>EXHIBIT A </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Definition of Terms </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following terms, when used in the Plan, will have
the meanings and be subject to the provisions set forth below: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>&#147;</I><I><U>Administrator</U></I><I>&#148;:</I>&nbsp;The Compensation Committee,
except that the Compensation Committee may delegate (i)&nbsp;to one or more of its members (or one or more other members of the Board (including the full Board)) such of its duties, powers and responsibilities as it may determine; (ii)&nbsp;to one
or more officers of the Company the power to grant Awards to the extent permitted by Section&nbsp;157(c) of the Delaware General Corporation Law; and (iii)&nbsp;to such Employees or other persons as it determines such ministerial tasks as it deems
appropriate. In the event of any delegation described in the preceding sentence, the term &#147;Administrator&#148; will include the person or persons so delegated to the extent of such delegation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>&#147;</I><I><U>Affiliate</U></I><I>&#148;:</I>&nbsp;Any corporation or other entity that stands in a relationship to the Company that would result in the
Company and such corporation or other entity being treated as one employer under Section&nbsp;414(b) and Section&nbsp;414(c) of the Code. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>&#147;</I><I><U>Award</U></I><I>&#148;:</I>&nbsp;Any or a combination of the following: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(i) Stock Options. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(ii) SARs. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(iii) Restricted Stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(iv) Unrestricted Stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(v) Stock Units, including Restricted Stock Units. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(vi)
Performance Awards. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(vii) Cash Awards. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(viii) Awards
(other than Awards described in (i)&nbsp;through (vii)&nbsp;above) that are convertible into or otherwise based on Stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>&#147;</I><I><U>Board</U></I><I>&#148;:</I>&nbsp;The Board of Directors of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>&#147;</I><I><U>Cash Award</U></I><I>&#148;:</I>&nbsp;An Award denominated in cash. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>&#147;</I><I><U>Cause</U></I><I>&#148;:</I>&nbsp;In the case of any Participant who is party to an employment or severance-benefit agreement that contains
a definition of &#147;Cause,&#148; the definition set forth in such agreement will apply with respect to such Participant under the Plan for so long as such agreement is in effect. In the case of any other Participant, &#147;Cause&#148; will mean,
as determined by the Administrator in its reasonable judgment, (i)&nbsp;a substantial failure of the Participant to perform the Participant&#146;s duties and responsibilities to the Company or subsidiaries or substantial negligence in the
performance of such duties and responsibilities; (ii)&nbsp;the commission by the Participant of a felony or a crime involving moral turpitude; (iii)&nbsp;the commission by the Participant of theft, fraud, embezzlement, material breach of trust or
any material act of dishonesty involving the Company or any of its subsidiaries; (iv)&nbsp;a significant violation by the Participant of the code of conduct of the Company or its subsidiaries of any material policy of the Company or its
subsidiaries, or of any statutory or common law duty of loyalty to the Company or its subsidiaries; (v)&nbsp;material breach of any of the terms of the Plan or any Award made under the Plan, or of the terms of any other agreement between the Company
or subsidiaries and the Participant; or (vi)&nbsp;other conduct by the Participant that could be expected to be harmful to the business, interests or reputation of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>&#147;</I><I><U>Change in Control</U></I><I>&#148;:</I>&nbsp;The first to occur of (i)&nbsp;a &#147;person,&#148; as such term is used in Sections 13(d)
and 14(d) of the Exchange Act (other than the Company or one of its subsidiaries or an employee benefit plan of the Company or any of its subsidiaries, including any trustee of such plan acting as trustee) becoming the &#147;beneficial owner&#148;
(as defined in </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

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<FONT STYLE="white-space:nowrap">Rule&nbsp;13d-3&nbsp;under</FONT> the Exchange Act), directly or indirectly, of securities of the Company representing fifty percent (50%)&nbsp;or more of the
combined voting power of the Company&#146;s then outstanding securities entitled to vote generally in the election of directors; (ii)&nbsp;a consummation of (x)&nbsp;a merger or consolidation of the Company with any other corporation, other than a
merger or consolidation that would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity)
more than fifty percent (50%)&nbsp;of the total voting power represented by the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation, or (y)&nbsp;the sale or disposition by the Company
of all or substantially all the Company&#146;s assets; or (iii)&nbsp;a change in the composition of the Board, as a result of which fewer than a majority of the directors are Incumbent Directors. &#147;Incumbent Directors&#148; shall mean directors
who either (A)&nbsp;are directors of the Company as of the date the Plan is approved by the stockholders, or (B)&nbsp;are elected, or nominated for election, to the Board with the affirmative votes of at least a majority of the Incumbent Directors
at the time of such election or nomination (but shall not include an individual whose election or nomination is in connection with an actual or threatened proxy contest relating to the election of directors to the Company). For the avoidance of
doubt, a transaction will not constitute a Change in Control if: (i)&nbsp;its sole purpose is to change the jurisdiction of the Company&#146;s incorporation, or (ii)&nbsp;its sole purpose is to create a holding company that will be owned in
substantially the same proportions by the persons who held the Company&#146;s securities immediately before such transaction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>&#147;</I><I><U>Code</U></I><I>&#148;:</I>&nbsp;The U.S. Internal Revenue Code of 1986 as from time to time amended and in effect, or any successor statute
as from time to time in effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>&#147;</I><I><U>Compensation Committee</U></I><I>&#148;:</I>&nbsp;The Compensation Committee of the Board. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>&#147;</I><I><U>Company</U></I><I>&#148;:</I>&nbsp;Arrowhead Pharmaceuticals, Inc. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>&#147;</I><I><U>Covered Transaction</U></I><I>&#148;:</I>&nbsp;Any of (i)&nbsp;a consolidation, merger, or similar transaction or series of related
transactions, including a sale or other disposition of stock, in which the Company is not the surviving corporation or which results in the acquisition of all or substantially all of the Company&#146;s then outstanding common stock by a single
person or entity or by a group of persons and/or entities acting in concert; (ii)&nbsp;a sale or transfer of all or substantially all the Company&#146;s assets; or (iii)&nbsp;a dissolution or liquidation of the Company. Where a Covered Transaction
involves a tender offer that is reasonably expected to be followed by a merger described in clause (i)&nbsp;(as determined by the Administrator), the Covered Transaction will be deemed to have occurred upon consummation of the tender offer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>&#147;</I><I><U>Date of Adoption</U></I><I>&#148;:</I>&nbsp;The earlier of the date the Plan was approved by the Company&#146;s stockholders or adopted by
the Board, as determined by the Compensation Committee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>&#147;</I><I><U>Employee</U></I><I>&#148;:</I>&nbsp;Any person who is employed by the Company
or an Affiliate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>&#147;<U>Employment</U>&#148;:</I>&nbsp;A Participant&#146;s employment or other service relationship with the Company and its
Affiliates. Employment will be deemed to continue, unless the Administrator expressly provides otherwise, so long as the Participant is employed by, or otherwise is providing services in a capacity described in Section&nbsp;5 to the Company or an
Affiliate. If a Participant&#146;s employment or other service relationship is with an Affiliate and that entity ceases to be an Affiliate, the Participant&#146;s Employment will be deemed to have terminated when the entity ceases to be an Affiliate
unless the Participant transfers Employment to the Company or its remaining Affiliates. Notwithstanding the foregoing and the definition of &#147;Affiliate&#148; above, in construing the provisions of any Award relating to the payment of
&#147;nonqualified deferred compensation&#148; (subject to Section&nbsp;409A) upon a termination or cessation of Employment, references to termination or cessation of employment, separation from service, retirement or similar or correlative terms
will be construed to require a &#147;separation from service&#148; (as that term is defined <FONT STYLE="white-space:nowrap">in&nbsp;Section&nbsp;1.409A-1(h)&nbsp;of</FONT> the Treasury Regulations, after giving effect to the presumptions contained
therein) from the Company and from all other corporations and trades or businesses, if any, that would be treated as a single &#147;service recipient&#148; with the Company
<FONT STYLE="white-space:nowrap">under&nbsp;Section&nbsp;1.409A-1(h)(3)&nbsp;of</FONT> the Treasury Regulations. The Company may, but need not, elect in writing, subject to the applicable limitations under Section&nbsp;409A, any of the special
elective rules prescribed <FONT STYLE="white-space:nowrap">in&nbsp;Section&nbsp;1.409A-1(h)&nbsp;of</FONT> the Treasury Regulations for purposes of determining whether a &#147;separation from service&#148; has occurred. Any such written election
will be deemed a part of the Plan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>&#147;</I><I><U>Exchange Act</U></I><I>&#148;:</I>&nbsp;The Securities Exchange Act of 1934, as amended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>&#147;</I><I><U>Fair Market Value</U></I><I>&#148;:</I><I></I>&nbsp;As of any date, the value of the Stock determined as follows: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">If the Stock is listed on any established stock exchange or traded on any established market, the Fair Market
Value of a share of Stock as of any date of determination will be, unless otherwise determined by the Board, the closing sales price for such stock as quoted on such exchange or market (or the exchange or market with the greatest volume of trading
in the Stock) on the date of determination, as reported in a source the Board deems reliable. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>

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<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Unless otherwise provided by the Board, if there is no closing sales price for the Stock on the date of
determination, then the Fair Market Value will be the closing selling price on the last preceding date for which such quotation exists. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">In the absence of such markets for the Stock, the Fair Market Value will be determined by the Board in good
faith and in a manner that complies with Sections 409A and 422 of the Code. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>&#147;</I><I><U>ISO</U></I><I>&#148;:</I>&nbsp;A Stock
Option intended to be an &#147;incentive stock option&#148; within the meaning of Section&nbsp;422. Each Stock Option granted pursuant to the Plan will be treated as providing by its terms that it is to be an NSO unless, as of the date of grant, it
is expressly designated as an ISO. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>&#147;</I><I><U>NSO</U></I><I>&#148;:</I>&nbsp;A Stock Option that is not intended to be an &#147;incentive stock
option&#148; within the meaning of Section&nbsp;422. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>&#147;</I><I><U>Participant</U></I><I>&#148;:</I>&nbsp;A person who is granted an Award under the
Plan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>&#147;</I><I><U>Performance Award</U></I><I>&#148;:</I>&nbsp;An Award subject to Performance Criteria. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>&#147;</I><I><U>Performance Criteria</U></I><I>&#148;:</I>&nbsp;Specified criteria, other than the mere continuation of Employment or the mere passage of
time, the satisfaction of which is a condition for the grant, exercisability, vesting or full enjoyment of an Award. Such criteria may include, without limitation, a measure of performance relating to any or any combination of the following
(measured either absolutely or by reference to an index or indices and determined either on a consolidated basis or, as the context permits, on a divisional, subsidiary, line of business, project or geographical basis or in combinations thereof):
sales; revenues; assets; expenses; earnings before or after deduction for all or any portion of interest, taxes, depreciation, or amortization, whether or not on a continuing operations or an aggregate or per share basis; return on equity,
investment, capital or assets; one or more operating ratios; borrowing levels, leverage ratios or credit rating; market share; capital expenditures; cash flow; stock price; stockholder return; sales of particular products or services; customer
acquisition or retention; acquisitions and divestitures (in whole or in part); joint ventures and strategic alliances; <FONT STYLE="white-space:nowrap">spin-offs,&nbsp;split-ups&nbsp;and</FONT> the like; reorganizations; or recapitalizations,
restructurings, financings (issuance of debt or equity) or refinancings. A Performance Criterion and any targets with respect thereto determined by the Administrator need not be based upon an increase, a positive or improved result or avoidance of
loss. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>&#147;</I><I><U>Plan</U></I><I>&#148;:</I>&nbsp;The Arrowhead Pharmaceuticals, Inc. 2021 Incentive Plan as from time to time amended and in
effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>&#147;</I><I><U>Prior Plan</U></I><I>&#148;:</I><I></I>&nbsp;The Arrowhead Research Corporation 2013 Incentive Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>&#147;</I><I><U>Restricted Stock</U></I><I>&#148;:</I>&nbsp;Stock subject to restrictions requiring that it be redelivered or offered for sale to the
Company if specified conditions are not satisfied. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>&#147;</I><I><U>Restricted Stock Unit</U></I><I>&#148;:</I>&nbsp;A Stock Unit that is, or as to
which the delivery of Stock or cash in lieu of Stock is, subject to the satisfaction of specified performance or other vesting conditions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>&#147;</I><I><U>SAR</U></I><I>&#148;:</I>&nbsp;A right entitling the holder upon exercise to receive an amount (payable in cash and/or in shares of Stock
of equivalent value) equal to the excess of the Fair Market Value of the shares of Stock subject to the right over the base value from which appreciation under the SAR is to be measured. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>&#147;</I><I><U>Section</U></I><I><U></U></I><I><U>&nbsp;409A</U></I><I>&#148;:</I>&nbsp;Section&nbsp;409A of the Code. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>&#147;</I><I><U>Section</U></I><I><U></U></I><I><U>&nbsp;422</U></I><I>&#148;</I><I>:</I>&nbsp;Section&nbsp;422 of the Code. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>&#147;</I><I><U>Stock</U></I><I>&#148;:</I>&nbsp;Common stock of the Company, par value $0.001 per share. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>&#147;</I><I><U>Stock Option</U></I><I>&#148;:</I>&nbsp;An option entitling the holder to acquire shares of Stock upon payment of the exercise price. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>&#147;</I><I><U>Stock Unit</U></I><I>&#148;:</I>&nbsp;An unfunded and unsecured promise, denominated in shares of Stock, to deliver Stock or cash measured
by the value of Stock in the future. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>&#147;</I><I><U>Unrestricted Stock</U></I><I>&#148;:</I>&nbsp;Stock not subject to any restrictions under
the terms of the Award. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>

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<TYPE>EX-5.1
<SEQUENCE>4
<FILENAME>d512029dex51.htm
<DESCRIPTION>EX-5.1
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<TITLE>EX-5.1</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 5.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="48%"></TD></TR>


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</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">


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</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">May&nbsp;18, 2021 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Arrowhead Pharmaceuticals, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">177 E. Colorado Blvd </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Suite 700 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Pasadena, CA 91105 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I><U>Arrowhead Pharmaceuticals, Inc. Form <FONT STYLE="white-space:nowrap">S-8</FONT></U></I>
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We have examined
the Registration Statement on Form <FONT STYLE="white-space:nowrap">S-8</FONT> (the &#147;Registration Statement&#148;) of Arrowhead Pharmaceuticals, Inc., a Delaware corporation (the &#147;Company&#148;), to be filed with the Securities and
Exchange Commission (the &#147;Commission&#148;) pursuant to the Securities Act of 1933, as amended (the &#147;Securities Act&#148;), in connection with the offering by the Company of up to 10,899,335 shares of the Company&#146;s Common Stock, par
value $0.001 per share (the &#147;Shares&#148;). The Shares subject to the Registration Statement are to be issued under the Arrowhead Research Corporation 2013 Incentive Plan, the Arrowhead Pharmaceuticals, Inc. 2021 Incentive Plan, and certain
previously announced stand-alone restricted stock unit and stock option awards granted at various dates from June 2020 through January 2021 to new employees as inducement awards in connection with the commencement of employment (collectively, the
&#147;Plans&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We have examined the originals, or photostatic or certified copies, of such records of the Company and certificates of officers of
the Company and of public officials and such other documents as we have deemed relevant and necessary as the basis for the opinions set forth below. In our examination, we have assumed the genuineness of all signatures, the legal capacity and
competency of all natural persons, the authenticity of all documents submitted to us as originals and the conformity to original documents of all documents submitted to us as copies. We have also assumed that there are no agreements or
understandings between or among the Company and any participants in the Plans that would expand, modify or otherwise affect the terms of the Plans or the respective rights or obligations of the participants thereunder. Finally, we have assumed the
accuracy of all other information provided to us by the Company during the course of our investigations, on which we have relied in issuing the opinion expressed below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Based upon the foregoing examination and in reliance thereon, and subject to the qualifications, assumptions and limitations stated herein and in reliance on
the statements of fact contained in the documents that we have examined, we are of the opinion that the Shares, when issued and sold in accordance with the terms set forth in the Plans and against payment therefor, and when the Registration
Statement has become effective under the Securities Act, will be validly issued, fully paid and <FONT STYLE="white-space:nowrap">non-assessable.</FONT> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g512029g11a23.jpg" ALT="LOGO">
 </P>

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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">May 18, 2021 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 2 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We render no opinion herein as to matters involving the laws of any jurisdiction other than the Delaware General Corporation Law (the &#147;DGCL&#148;). We
are not admitted to practice in the State of Delaware; however, we are generally familiar with the DGCL as currently in effect and have made such inquiries as we consider necessary to render the opinions above. This opinion is limited to the effect
of the current state of the DGCL and the facts as they currently exist. We assume no obligation to revise or supplement this opinion in the event of future changes in such law or the interpretations thereof or such facts. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We consent to the filing of this opinion as an exhibit to the Registration Statement. In giving these consents, we do not thereby admit that we are within the
category of persons whose consent is required under Section&nbsp;7 of the Securities Act or the Rules and Regulations of the Commission. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">/s/ Gibson, Dunn&nbsp;&amp; Crutcher LLP</TD></TR>
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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>5
<FILENAME>d512029dex231.htm
<DESCRIPTION>EX-23.1
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 23.1 </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We hereby consent to the incorporation by reference, in this Registration Statement on Form <FONT STYLE="white-space:nowrap">S-8</FONT> of our report dated
November&nbsp;23, 2020, with respect to the consolidated financial statements of Arrowhead Pharmaceuticals, Inc. and Subsidiaries appearing in the Company&#146;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended
September&nbsp;30, 2020. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/ Rose, Snyder&nbsp;&amp; Jacobs LLP </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Encino, California </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">May&nbsp;18, 2021 </P>
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<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>g512029g01h09.jpg
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
