Exhibit 10.51


 


CONSULTING AGREEMENT


 


This
Consulting Agreement (the “Agreement”)
is made effective as of January 9, 2014 (the “Effective
Date”), by and between Marina Biotech, Inc. a Delaware corporation,
with its principal place of business being 7 Times Square, 40th Floor, New York, New York 10036-6569 (the “Company”)
and Danforth Advisors, LLC, a Massachusetts limited liability corporation, with its principal place of business being 91 Middle
Road, Southborough, MA 01772 (“Danforth”).
The Company and Danforth are herein sometimes referred to individually as a “Party”
and collectively as the “Parties.”


 


WHEREAS, the Company possesses know-how and proprietary technology related to the discovery and development of RNAi based therapeutic
products; and


 


WHEREAS, Danforth has expertise in financial
and corporate operations and strategy; and


 


WHEREAS, Danforth desires to serve as an
independent consultant for the purpose of providing the Company with certain strategic and financial advice and support services,
as more fully described in Exhibit A attached hereto, (the "Services"); and


 


WHEREAS, the Company wishes to engage Danforth
on the terms and conditions set forth herein.


 


NOW THEREFORE, in consideration of the foregoing
and for other good and valuable consideration, the receipt of which are hereby acknowledged, the Parties agree and covenant as
follows.


 


		1.	Services of Consultant.   Danforth will assist the Company with matters relating to the Services. The Services are more
fully described in Exhibit A attached hereto. Danforth and the Company will review the Services on a monthly basis to prioritize
and implement the tasks listed on Exhibit A.



 


		2.	Compensation for Services.   In full consideration of Danforth’s
full, prompt and faithful performance of the Services, the Company shall compensate Danforth a consulting fee more fully described
in Exhibit A (the “Consulting Fee”).
Upon execution of this Agreement, Danforth will invoice Company for an upfront retainer of $10,000. Such upfront fee shall be maintained
by Danforth as a retainer and can be applied to satisfy, in whole or in part, any outstanding balance that has not been satisfied
in accordance with the terms of this Section. Danforth shall, from time to time, but not more frequently than twice per calendar
month invoice the Company for Services rendered and such invoice will be paid upon fifteen (15) days of receipt. Each month the
Parties shall evaluate jointly the current fee structure and scope of Services. Upon termination of this Agreement pursuant to
Section 3, no compensation or benefits of any kind as described in this Section 2 shall be payable or issuable to Danforth after
the effective date of such termination. In addition, the
Company will reimburse Danforth for reasonable out-of-pocket business expenses, including but not limited to travel and parking,
incurred by Danforth in performing the Services hereunder, upon submission by Danforth of supporting documentation reasonably acceptable
to the Company. Any such accrued expenses in any given three (3) month period that exceed one thousand dollars ($1,000) shall be
submitted to the Company for its prior written approval.



 




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		3.	Term and Termination.   The term of this Agreement will commence
on the Effective Date and will continue through the anniversary of such date in the next calendar year (the “Term”).
This Agreement may be extended for an additional period by mutual written agreement. This Agreement may be terminated by either
Party hereto: (a) with Cause (as defined below), upon thirty (30) days prior written notice to the other Party; or (b) without
cause upon sixty (60) days prior written notice to the other Party. For purposes of this Section 3, “Cause”
shall include: (i) a breach of the terms of this Agreement which is not cured within thirty (30) days of written notice of such
default or (ii) the commission of any act of fraud, embezzlement or deliberate disregard of a rule or policy of the Company. 



 


		4.	Time Commitment.   Danforth will devote such time to perform the Services under this Agreement as may reasonably be required.



 


		5.	Place of Performance.   Danforth will perform the Services at such locations upon which the Company and Danforth may mutually
agree. Danforth will not, without the prior written consent of the Company, perform any of the Services at any facility or in any
manner that might give anyone other than the Company any rights to or allow for disclosure of any Confidential Information (as
defined below).



 


		6.	Compliance with Policies and Guidelines.   Danforth will perform the Services in accordance with all rules or policies
adopted by the Company that the Company discloses in writing to Danforth.



 


		7.	Confidential Information.
Danforth acknowledges and agrees that during the course of performing the Services, the Company may
furnish, disclose or make available to Danforth information, including, but not limited to, material, compilations, data, formulae,
models, patent disclosures, procedures, processes, business plans, projections, protocols, results of experimentation and testing,
specifications, strategies and techniques, and all tangible and intangible embodiments thereof of any kind whatsoever (including,
but not limited to, any apparatus, biological or chemical materials, animals, cells, compositions, documents, drawings, machinery,
patent applications, records and reports), which is owned or controlled by the Company and is marked or designated as confidential
at the time of disclosure or is of a type that is customarily considered to be confidential information (collectively the “Confidential
Information"). Danforth acknowledges that the Confidential Information or any part thereof is the exclusive property of the
Company and shall not be disclosed to any third party without first obtaining the written consent of the Company. Danforth further
agrees to take all practical steps to ensure that the Confidential Information, and any part thereof, shall not be disclosed or
issued to its affiliates, agents or employees, except on like terms of confidentiality. The above provisions of confidentiality
shall apply for a period of five (5) years. 



 


		8.	Intellectual Property.   Danforth agrees that all ideas, inventions,
discoveries, creations, manuscripts, properties, innovations, improvements, know-how, inventions, designs, developments, apparatus,
techniques, methods, and formulae that Danforth conceives, makes, develops or improves as a result of performing the Services,
whether or not reduced to practice and whether or not patentable, alone or in conjunction with any other party and whether or not
at the request or upon the suggestion of the Company (all of the foregoing being hereinafter collectively referred to as the “Inventions”),
shall be the sole and exclusive property of the Company. Danforth hereby agrees in consideration of the Company’s
agreement to engage Danforth and pay compensation for the Services rendered to the Company and for other good 



 




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and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged that Danforth shall not, without the prior
written consent of the Company, directly or indirectly, consult for, or become an employee of, any company which conducts business
in the Field of Interest anywhere in the world. As used herein, the term “Field
of Interest” shall mean the research, development, manufacture
and/or sale of the products resulting from the Company’s
technology. The limitations on competition contained in this Section 7 shall continue during the time that Danforth performs any
Services for the Company (whether as a consultant, employee or otherwise), and for a period of three (3) months following
the termination of any such Services that Danforth performs for the Company. If any part of this section should be determined
by a court of competent jurisdiction to be unreasonable in duration, geographic area, or scope, then this Section 7 is intended
to and shall extend only for such period of time, in such area and with respect to such activity as is determined to be reasonable.
Except as expressly provided herein, nothing in this Agreement shall preclude Danforth from consulting for or being employed by
any other person or entity. 


 


		9.	Non
Solicitation.   All personnel representing Danforth are employees or contracted agents of Danforth. As such,
they are obligated to provide the Services to the Company and are obligated to Danforth under confidentiality, non-compete, and
non-solicitation agreements. Accordingly, they are not retainable as employees or contractors by the Company and the Company hereby
agrees not to solicit, hire or retain their services for so long as they are employees or contracted agents of Danforth and for
two (2) years thereafter. Should the Company violate this restriction, it agrees to pay Danforth liquidated damages equal to fifteen
thousand ($15,000) dollars for each Danforth employee or contracted agent solicited and/or hired by the Company in violation of
this Agreement, plus Danforth’s reasonable attorneys’
fees and costs incurred in enforcing this agreement should the Company
fail or refuse to pay the liquidated damages amount in full within thirty (30) days following its violation.



 


		10.	Placement Services.
                                           In the event that Danforth refers a potential employee to the Company and that individual
                                         is hired, Danforth shall receive a fee equal to fifteen percent (15%) of the employee’s
                                         starting annual base salary. For clarity, the potential employee referred by Danforth
                                         must not be previously known to the Company’s
                                         through its normal course of business and operations. This fee is due and owing whether
                                         an individual is hired, directly or indirectly on a permanent basis or on a contract
                                         or consulting basis by the Company, as a result of Danforth’s
                                         efforts within one (1) year of the date applicant(s) are submitted to the Company. Such
                                         payment is due within thirty (30) days of the employee’s
                                         start date.



 


		11.	No Implied Warranty.   Except for any express warranties stated
herein, the Services are provided on an "as is" basis, and the Company disclaims any and all other warranties, conditions,
or representations (express, implied, oral or written), relating to the Services or any part thereof. Further, in performing the
Services Danforth is not engaged to disclose illegal acts, including fraud or defalcations, which may have taken place. The foregoing
notwithstanding, Danforth will promptly notify the Company if Danforth becomes aware of any such illegal acts during the performance
of the Services. Because the Services do not constitute an examination in accordance with standards established by the American
Institute of Certified Public Accountants (the “AICPA”),
Danforth is precluded from expressing an opinion as to whether financial statements provided by the Company are in conformity with
generally accepted accounting principles or any other standards or guidelines promulgated by the AICPA, or whether the underlying
financial and other data provide a reasonable basis for the statements. 



 




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		12.	Indemnification.   Each Party hereto agrees to indemnify and hold the other Party hereto, its directors, officers, agents
and employees harmless against any claim based upon circumstances alleged to be inconsistent with such representations and/or warranties
contained in this Agreement. Further, the Company shall indemnify and hold harmless Danforth and any of its subcontractors against
any claims, losses, damages or liabilities (or actions in respect thereof) that arise out of or are based on the Services performed
hereunder, except for any such claims, losses, damages or liabilities arising out of the gross negligence or willful misconduct
Danforth or any of its subcontractors. The Company will endeavor to add Consultant and any applicable subcontractor to its insurance
policies as additional insureds.



 


		13.	Independent Contractor.   Danforth is not, nor shall Danforth
be deemed to be at any time during the term of this Agreement, an employee of the Company, and therefore Danforth shall not be
entitled to any benefits provided by the Company to its employees, if applicable. Danforth’s
status and relationship with the Company shall be that of an independent contractor and consultant. Danforth shall not state or
imply, directly or indirectly, that Danforth is empowered to bind the Company without the Company's prior written consent. Nothing
herein shall create, expressly or by implication, a partnership, joint venture or other association between the parties. Danforth
will be solely responsible for payment of al charges and taxes arising from his or her relationship to the Company as a consultant.



 


		14.	Records.   Upon termination of Danforth’s
relationship with the Company, Danforth shall deliver to the Company any property or Confidential Information of the Company relating
to the Services which may be in its possession including products, project plans, materials, memoranda, notes, records, reports,
laboratory notebooks, or other documents or photocopies and any such information stored using electronic medium.



 


		15.	Notices.   Any notice under this Agreement shall be in writing (except in the case of verbal communications, emails and
teleconferences updating either Party as to the status of work hereunder) and shall be deemed delivered upon personal delivery,
one day after being sent via a reputable nationwide overnight courier service or two days after deposit in the mail or on the next
business day following transmittal via facsimile. Notices under this Agreement shall be sent to the following representatives of
the Parties:






 





	If to the Company:
	 	 
	Name:	J. Michael French
	Title:	President and CEO
	Address:	c/o Lawrence Remmel, Esq.
	 	Pryor Cashman, LLC
	 	7 Times Square
	 	40th Floor
	 	New York, New York 10036-6569
	Phone:	425-892-4322
	E-mail:	admin@marinabio.com







 




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	If to Danforth:	 
	 	 
	Name:	Gregg Beloff
	Title:	Managing Director
	Address:	91 Middle Road
	 	Southborough, MA 01772
	Phone:	1 617 686-7679
	E-mail:	gbeloff@danforthadvisors.com


 


		16.	Assignment and Successors.   This Agreement may not be assigned by a Party without the consent of the other which shall
not be unreasonably withheld, except that each Party may assign this Agreement and the rights, obligations and interests of such
Party, in whole or in part, to any of its Affiliates, to any purchaser of all or substantially all of its assets or to any successor
corporation resulting from any merger or consolidation of such Party with or into such corporation.



 


		17.	Force Majeure.   Neither Party shall be liable for failure of or delay in performing obligations set forth in this Agreement,
and neither shall be deemed in breach of its obligations, if such failure or delay is due to natural disasters or any causes beyond
the reasonable control of either Party. In event of such force majeure, the Party affected thereby shall use reasonable efforts
to cure or overcome the same and resume performance of its obligations hereunder.



 


		18.	Headings.   The Section headings are intended for convenience of reference only and are not intended to be a part of or
to affect the meaning or interpretation of this Agreement.



 


		19.	Integration; Severability.   This Agreement is the sole agreement with respect to the subject matter hereof and shall
supersede all other agreements and understandings between the Parties with respect to the same. If any provision of this Agreement
is or becomes invalid or is ruled invalid by any court of competent jurisdiction or is deemed unenforceable, it is the intention
of the Parties that the remainder of the Agreement shall not be affected.



 


		20.	Governing Law.   This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of
Massachusetts, excluding choice of law principles. The Parties agree that any action or proceeding arising out of or related in
any way to this Agreement shall be brought solely in a Federal or State court of competent jurisdiction sitting in the Commonwealth
of Massachusetts.



 


		21.	Counterparts.   This Agreement may be executed in counterparts, each of which will be deemed an original, but all of which
together will constitute one agreement.



 




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 If you are in agreement with the foregoing, please sign
where indicated below, whereupon this Agreement shall become effective as of Effective Date.


  





	DANFORTH ADVISOR, LLC	 	MARINA BIOTECH, INC.
	 	 	 	 	 
	By:	/s/ Daniel E. Geffken	 	By:	/s/ J. Michael French
	 	 	 	 	 
	Print Name:	Daniel E. Geffken	 	Print Name:	J. Michael French
	 	 	 	 	 
	Title:	Managing Director	 	Title:	President and CEO
	 	 	 	 	 
	Date:	 	 	Date:	9 Jan 2014







 




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EXHIBIT A


 


Description of Services and Schedule
of Fees


 


Danforth
will perform mutually agreed to finance and accounting functions which are necessary to support the: (i) management and operations
of Company’s business; and (ii) the terms of Company’s
investor and other business agreements. Some specific accounting / finance activities included in the services are as follows:


 


VP, Finance and/or CFO Services


 


Some specific corporate finance activities included in the services
are as follows:


 


Planning


 


		·	Strategic business planning



		·	Supplier contract negotiation and cost reduction planning



		·	Corporate and business development advisory work



		·	Business development / licensing support



		·	Annual audit preparation and support



		·	Financial modeling, planning and analysis



		·	Strategic opportunity assessment



		·	Board, Audit, Compensation, and Corporate Governance committee meeting
preparation, support and attendance



 


Other


 


		·	Stock option plan management



		·	Capitalization table management



		·	Warrant management



		·	Audit / maintenance of corporate records (minute book, stock records,
option agreements)



		·	Management and evaluation of 409A valuations



 


Controller


 


All duties consistent with the role of Controller including,
but not limited to:


		·	Maintain the current accounting system and general ledger



		·	Monthly close, reconcile bank statements, review underlying support,
follow-up discussions



		·	Cash reconciliation and cash usage



		·	Cost analysis



		·	A/P – A/R



		·	Preparing the budget and forecast and monthly/quarterly/annual financial
statements



		·	Quarterly investor reporting



		·	Managing and/or performing the accounts payable and payroll functions
on a periodic basis



		·	Vendor management (including all contracts, suppliers, W-9s and issuing
1099s at year end)



		·	Financial policies, procedures and controls review



		·	Benefits maintenance



 




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Schedule and Fees:


 


Controller: (to be named): 


 


VP, Finance (to be named): 


 


CFOs:Gregg Beloff and Daniel Geffken: 


 


The Company and Danforth will execute under separate agreement
provisions to provide Danforth warrants under the following terms:








		·	The Company will issue 100,800 warrants to Danforth.



		·	The warrants will have an exercise price equal to the 30-day volume
weighted average price as of January 10, 2014 ($0.481).



		·	The warrants shall vest on a monthly basis over two years in equal
monthly amounts of 4,200 warrants per month.



		·	The warrants will have a term of 10 years.



		·	All warrants shall be fully vested and exercisable upon a Change of
Control.



		·	50% of the warrants shall be fully vested and exercisable if Marina
terminates for any reason other than “for cause” before the first anniversary of the agreement; the remaining 50% of
the warrants shall be fully vested and exercisable if Marina terminates for any reason other than “for cause” upon
the extension of the agreement past the first anniversary of the agreement.








 




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