Stock Purchase Agreement, dated as of Septemeber 27, 2011



 EXHIBIT 10.3 
 STOCK PURCHASE AGREEMENT 
 THIS STOCK PURCHASE AGREEMENT (this
“Agreement”) by and between MARINA BIOTECH, INC., a Delaware corporation (the “Company,” f.k.a. MDRNA, Inc., as successor-in-interest to Nastech Pharmaceutical Company Inc.), and BIOMED REALTY HOLDINGS, INC., a
Maryland corporation (“Holdings”), is executed and effective as of September 27, 2011 (the “Effective Date”). 
 RECITALS 
 WHEREAS, BMR-3450 Monte Villa Parkway LLC, a Delaware limited
liability company (the “Landlord,” as successor-in-interest to Phase 3 Science Center LLC), and the Company entered into that certain Lease dated as of April 23, 2002, as amended by that certain First Amendment to Lease dated
as of July 1, 2003, that certain Second Amendment to Lease dated as of January 29, 2004, that certain Third Amendment to Lease dated as of March 5, 2009, that certain Fourth Amendment to Lease dated as of July 27, 2009, and that
certain Fifth Amendment to Lease dated as of December 16, 2010 (collectively, the “Lease”); 
 WHEREAS, on
the date hereof, the Company and the Landlord are entering into that certain Lease Termination Agreement, terminating the Lease pursuant to the terms and conditions contained therein (the “Lease Termination Agreement”); and

 WHEREAS, pursuant to Section 3 of the Lease Termination Agreement, the Company and Holdings, the sole member of the
Landlord, enter into this Agreement pursuant to which the Company shall issue to Holdings, and Holdings shall acquire from the Company, an aggregate of 1,113,627 shares (the “Shares”, equivalent to a settlement price of $0.23 per
share) of the Company’s common stock, par value $0.006 per share (the “Common Stock”), on the terms and subject to the conditions specified herein. 
 NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein, the parties hereto hereby agree as follows: 
 1. Issuance of Shares; Resale Restrictions. 
 1.1. Issuance of
Shares. On the Effective Date and subject to the terms and conditions of this Agreement, in consideration of entering into the Lease Termination Agreement and for other good and valuable consideration the sufficiency of which is hereby
recognized, the Company agrees to issue to Holdings, and Holdings agrees to acquire from the Company, the Shares. 
 1.2.
Delivery of Shares. No later than five (5) business days following the Effective Date, the Company shall deliver to Holdings or cause to be delivered to Holdings, a share certificate registered in Holdings’ name representing the
Shares that Holdings is to receive from the Company. 







 1.3. Resale Restrictions. Holdings hereby acknowledges and agrees that: (i) it
will not sell any of the Shares for a period of one hundred thirty-five (135) days following the Effective Date (the “Restricted Period”). 
 2. Representations and Warranties of the Company. The Company hereby represents, warrants and covenants to Holdings as of the Effective Date, and with respect to Sections 2.6, 2.7 and 2.8 only for
so long as Holdings holds the Shares, as follows: 
 2.1. Organization; Good Standing. The Company is a corporation duly
organized, validly existing and in good standing under the laws of the State of Delaware and has all requisite corporate power and authority to carry on its business as presently conducted and as proposed to be conducted, and is qualified to do
business as a foreign corporation in good standing in all other jurisdictions in which the conduct of its business requires such qualification. 
 2.2. Authorization. All corporate action on the part of the Company, its respective officers, directors and shareholders necessary for the authorization, execution and delivery of this Agreement,
the performance of all obligations of the Company hereunder, and the authorization, issuance and delivery of the Shares has been taken, and this Agreement constitutes a valid and legally binding obligation of the Company, enforceable in accordance
with its terms. The Shares being purchased by Holdings hereunder, when issued, sold and delivered in accordance with the terms of this Agreement for the consideration expressed herein, will be duly and validly issued, fully paid and nonassessable,
and not subject to preemptive or other similar rights of the Company’s stockholders or others. 
 2.3. Securities
Laws. Subject to the accuracy of the representations and warranties of Holdings set forth in Section 3 below, the offering, issuance and sale of the Shares to Holdings is exempt from the registration requirements of Section 5 of
the Securities Act of 1933, as amended (“Securities Act”), by virtue of the exemption provided by Section 4(2) of the Securities Act, and no consent, approval, qualification, registration or filing under any federal or state
securities law is required in connection therewith. The exemption provided under Section 4(2) of the Securities Act is available to the offering, issuance, sale and delivery of the Shares to Holdings because, among other things, (1) there
has been no general solicitation or general advertisement in connection with such offering, issuance and sale to Holdings, and (2) there are no other offerings of securities of the Company which could be integrated with the offering, issuance
and sale of the Shares contemplated by this Agreement. 
 2.4. Restrictions. The Shares will be free of restrictions on
transfer other than restrictions on transfer set forth in this Agreement or as otherwise required by applicable federal and state securities laws. 
 2.5. No Violation. Neither the execution, delivery and performance of this Agreement by the Company nor the issuance, sale and delivery of the Shares contemplated hereby will violate, conflict with
or result in any breach of any of the terms, conditions or provisions of, constitute a default under, or require any consent not obtained as of the Effective Date under, (1) the certificate of incorporation or by-laws of the Company,
(2) any agreement, contract, arrangement or understanding to which the Company is a party (including, but not limited to, any 







 
shareholders’ or similar agreements), or (3) any statute or any rule, regulation, order, judgment or decree of any court or other governmental body applicable to the Company.

 2.6. Health Care / Lodging Facilities. The Company does not operate or manage any health care facilities (including a
congregate care facility or assisted living facility) or lodging facilities or provide any person, under a franchise, license or otherwise, rights to any brand name under which any lodging facility or health care facility is operated. 

2.7. Annual Reports. The Company shall furnish to Holdings, as soon as practicable and in any event within 90 days after the end
of each fiscal year of the Company, audited, consolidated annual financial statements certified by an independent certified public accountant and prepared in accordance with U.S. GAAP; provided, however, that so long as the Company
remains subject to the reporting requirements of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the Company may satisfy this requirement by the timely filing of such financial statements with the Securities
and Exchange Commission. 
 2.8. Quarterly Information. The Company shall furnish to Holdings, as soon as practicable and
in any event within 15 days after the end of each calendar quarter, (i) a capitalization table setting forth all of the capital stock issued and outstanding or issuable by the Company, including the value of such capital stock, the voting power
of such capital stock and the rights of such capital stock to appoint directors of the Company; provided, however, that so long as the Company remains subject to the reporting requirements of the Exchange Act, the Company may satisfy
this requirement by timely filing its quarterly reports on Form 10-Q and annual report on Form 10-K with the Securities and Exchange Commission; and (ii) such other information as is reasonably requested by Holdings to be necessary or helpful
to monitor Holdings’ compliance with the requirements relating to the status of Holdings or its affiliates as a real estate investment trust for federal income tax purposes. 
 3. Representations and Warranties of Holdings to the Company. Holdings hereby represents and warrants to the Company as of the Effective Date that: 

3.1. Authorization. All corporate action on the part of Holdings, its respective officers, directors, members and shareholders
necessary for the authorization, execution and delivery of this Agreement, and the performance of all obligations of Holdings hereunder, has been taken, and such Agreement constitutes a valid and legally binding obligation of Holdings, enforceable
in accordance with its terms except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, and (ii) as limited by
laws relating to the availability or specific performance, injunctive relief, or other equitable remedies. 
 3.2. No
Violation. Neither the execution, delivery and performance of this Agreement by Holdings nor the acquisition by Holdings of the Shares will violate, conflict with or result in any breach of any of the terms, conditions or provisions of,
constitute a default under, or require any consent not obtained as of the Effective Date under, (1) the certificate of incorporation or by-laws of Holdings, (2) any agreement, contract, arrangement or understanding to which Holdings is a
party (including, but not limited to, any shareholders’ or similar agreements), or (3) any 







 
statute or any rule, regulation, order, judgment or decree of any court or other governmental body applicable to Holdings. 

3.3. Investment Experience. Holdings acknowledges that it is an “accredited investor” as such term is defined in
Regulation D promulgated under the Securities Act, that it can bear the economic risk of its investment, and that it has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the
investment in the Shares. Holdings also represents it has not been organized solely for the purpose of acquiring the Shares. 

3.4. Restricted Securities. Holdings understands that the Shares it is purchasing are characterized as “restricted
securities” under the Securities Act inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that under such laws and applicable regulations such securities may be resold without
registration under the Securities Act only in certain limited circumstances. 
 3.5. Legends. It is understood that the
certificate(s) evidencing the Shares shall bear the following legend: 
 THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”). SUCH SHARES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION UNLESS SUCH SALE OR TRANSFER IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY
REQUIREMENTS OF SAID ACT OR UNLESS SOLD PURSUANT TO RULE 144 OF THE ACT. 
 4. Registration Rights. The Company shall file a resale
registration statement on Form S-3 with respect to the Shares on or before February 1, 2012 (the “Initial Filing Deadline”) and shall use its continuing best efforts to cause such registration to become and remain effective for
so long as Holdings holds any Shares, and Holdings agrees to cooperate with the reasonable requests of the Company in connection therewith. If the foregoing resale registration statement is not initially filed by Company on or prior to the Initial
Filing Deadline or declared effective by the Securities and Exchange Commission by April 1, 2012 (each a “Registration Default”), the Company will pay to Holdings $10,000, for each month or portion thereof that such
Registration Default continues. 
 5. Miscellaneous. 
 5.1. Successors and Assigns. Except as otherwise provided herein, the terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns
of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this
Agreement, except as expressly provided in this Agreement. 







 5.2. Governing Law. This Agreement shall be governed by and construed under the laws
of the State of Washington as applied to agreements entered into and to be performed entirely within Washington. 
 5.3.
Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 

5.4. Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be
considered in construing or interpreting this Agreement. 
 5.5. Notices. All notices and other communications required
or permitted hereunder shall be in writing, shall be effective when given, and shall in any event be deemed to be given upon receipt or, if earlier, (a) five (5) days after deposit with the U.S. Postal Service or other applicable postal
service, if delivered by first class mail, postage prepaid, (b) upon delivery, if delivered by hand, (c) one (1) business day after the business day of deposit with Federal Express or similar overnight courier, freight prepaid or
(d) one (1) business day after the business day of facsimile transmission (with confirmation), if delivered by facsimile transmission with copy by first class mail, postage prepaid, and shall be addressed (i) if to Holdings, at 17190
Bernardo Center Drive, San Diego, CA 92128, Attn: General Counsel/Corporate Legal; and (ii) if to the Company, at the address or facsimile number of the Company’s principal corporate offices, or at such other address as a party may
designate by ten days’ advance written notice to the other party pursuant to the provisions above. 
 5.6. Costs and
Expenses. Each party shall pay its respective expenses in connection with the preparation, execution and delivery of this Agreement and the transactions contemplated hereby, including the fees and out-of-pocket expenses of legal counsel.

 5.7. Amendment and Waivers. Any term of this Agreement may be amended and the severance of any term of this Agreement
may be waived (either generally or in a particular instance and either retroactively or prospectively) only with the written consent of the parties hereto. 
 5.8. Severability. If one or more provisions of this Agreement are held to be unenforceable under applicable law, such provision shall be excluded from this Agreement and the balance of the
Agreement shall be interpreted as if such provision were so excluded and shall be enforceable in accordance with its terms. 

5.9. Entire Agreement. This Agreement and the documents referred to herein constitute the entire agreement among the parties and
no party shall be liable or bound to any other party in any manner by any warranties, representations, or covenants except as specifically set forth herein or therein. 
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 The parties have executed this Stock Purchase Agreement as of the date first above written.

 MARINA BIOTECH, INC. 

			
		
	By:	 	/s/ Phil Ranker
	Name: 	 	Philip C. Ranker
	Title:	 	CAO Marina Biotech

 BIOMED REALTY, L.P. 

			
		
	By:	 	/s/ Kevin M. Simonsen
	Name: 	 	Kevin M. Simonsen
	Title:	 	VP, Real Estate Counsel

  
 [SIGNATURE PAGE TO STOCK PURCHASE
AGREEMENT]