Document:

EX-10.1

Exhibit 10.1

EMPLOYMENT AGREEMENT

This Employment Agreement (this “Agreement”), is executed and entered into by and between
MDRNA, Inc., a Delaware corporation (the “Company”), with offices at 3830 Monte Villa Parkway,
Bothell, Washington and Peter Garcia (the “Executive”), effective July 13, 2009 (the “Effective
Date”).

W I T N E S S E T H :

WHEREAS, the Company and the Executive wish to enter into this Agreement which shall set forth
the Executive’s terms of employment as Chief Financial Officer of the Company.

NOW THEREFORE, in consideration of the mutual promises and agreements herein and for other
good and valuable consideration the receipt and sufficiency of which are hereby mutually
acknowledged, the Company and the Executive agree as follows:

1. Application and Effectiveness of Agreements. Effective as of the Effective Date,
this Agreement shall govern (i) the employment relationship between the Company and the Executive
and (ii) other matters as set forth herein.

2. Employment; Responsibilities and Authority; Definitions.

(a) Subject to the terms and conditions of this Agreement, the Company shall employ the
Executive as its Chief Financial Officer during the Employment Period (as defined in Section 3,
below) and the Executive shall perform such acts and duties and furnish such services to the
Company and its Subsidiaries (as defined below) as the Chief Executive Officer shall from time to
time direct.

(b) Subject to the terms and conditions of this Agreement, the Executive hereby accepts such
employment and agrees to devote his full time and continuous best efforts to the duties provided
for herein.

(c) For purposes of this Agreement: (1) the “Business of the Company” means the description
of the Company’s business as is described in Part I, Item 1 of the Company’s most recent Annual
Report on Form 10-K filed with the U.S. Securities and Exchange Commission, and as may be amended
from time to time during the term of this Agreement, and (2) the term “Subsidiary” means a
corporation or other entity that is at least majority owned, directly or indirectly, by the
Company.

3. Term; Employment Period. The “Employment Period” under this Agreement shall
commence on the Effective Date and shall terminate at the close of business on July 13, 2012 unless
it is (a) extended by written agreement between the parties or (b) earlier terminated pursuant to
Section 11 hereof.

4. Salary. For services rendered to the Company during the Employment Period, the
Company shall compensate the Executive with a base salary, payable in semi-monthly installments,
which initially shall be three hundred thousand dollars ($300,000) per annum commencing on the
Effective Date and which shall thereafter be set by the Board of Directors of the Company (the
“Board”) and/or the Chief Executive Officer from time to time as determined by the Board and/or the
Chief Executive Officer.

5. Incentive Cash Compensation.

(a) For the Company’s fiscal year that began on January 1, 2009, and for each subsequent
fiscal year or portion thereof during the Employment Period, the Executive shall also be eligible
to receive incentive cash compensation based on the Executive’s performance in relation to the
performance areas and provided that the Executive meets certain performance targets which the Chief
Executive Officer and/or the Board shall determine and communicate to the Executive as described
below (the “Annual Bonus Plan”). The targeted amount of such Annual Bonus Plan shall be thirty
percent (30%) of the Executive’s base salary for such year; provided, however, that the Executive
and the Company acknowledge that the amount actually paid to the Executive pursuant to this Section
5 for any fiscal year or portion thereof may be more or less than said targeted amount, depending
on performance. The timing and amount of any Annual Bonus Plan payout shall be at the sole
discretion of the Company.

(b) The Chief Executive Officer, upon consultation with the Board, shall establish performance
criteria for determination of the incentive cash compensation that will be payable to the Executive
with respect to each fiscal year of the Company. To the extent possible, such criteria shall be
established, as to each fiscal year, prior to the end of the first month of such fiscal year. As
an example, such performance criteria may be comprised of several designated performance areas and
one or more performance targets in each area. The Company acknowledges that the business
objectives heretofore used in determining the Executive’s incentive cash compensation have been,
and that the performance areas and performance targets referred to herein shall continue to be,
based largely on the input and recommendations of the Company’s Chief Executive Officer and that,
in exercising its review and supervisory role with respect to the determination and adoption of
those performance areas and performance targets, the Board or the Compensation Committee of the
Board (the “Compensation Committee”), as the case may be, shall act reasonably and in consultation
and cooperation with the Chief Executive Officer and consistently with past practice.

(c) As soon as practical following the end of each fiscal year of the Company, the Chief
Executive Officer and/or the Board, shall determine, reasonably and in good faith, the extent to
which the applicable performance criteria for such fiscal year shall have been achieved and,
accordingly, shall cause the appropriate amount of incentive cash compensation to be paid to the
Executive.

6. Stock Options. The Company and the Executive hereby acknowledge that the Board of
Directors has previously approved the grant to the Executive of options to purchase shares of
common stock of the Company (which options shall constitute “incentive stock options” under the
Company’s 2008 Stock Incentive Plan (the “Plan”)) (the “Outstanding Options”). The terms of the
Plan and the grant agreement granting such Outstanding Options, a copy of which is being delivered
to Executive substantially contemporaneously with the execution of this Agreement, shall govern the
rights and obligations of the Executive with respect thereto (which grant agreement incorporates
the provisions of this Section 6 and Sections 12 and 21 of this Agreement). Upon the Effective
Date of this Agreement, the Executive shall receive a grant of options to purchase 360,000 shares
of common stock of the Company. With respect to these options: (A) 120,000 options shall vest and
be exercisable on July 13, 2010 at the Fair Market Value (as defined in the Plan) calculated as of
the Effective Date (the “Effective Date Strike Price”); (B) 30,000 options shall vest and be
exercisable on each of October 13, 2010, January 13, 2011, April 13, 2011 and July 13, 2011 (for an
aggregate 120,000 options during such period) at the Effective Date Strike Price plus $1.00; and
(C) 30,000 options shall vest and be exercisable on each of October 13, 2011, January 13, 2012,
April 13, 2012 and July 12, 2012 (for an aggregate 120,000 options during such period) with a
strike price equal to the Effective Date Strike Price plus $2.00. In addition, during the
Employment Period the Board of Directors may grant additional options to purchase shares of common
stock of the Company to the Executive.

7. Restricted Shares. The Company and the Executive hereby acknowledge that the Board
or the Compensation Committee has issued, and may, in the discretion of the Board or the
Compensation Committee, in the future issue, to the Executive restricted shares of common stock of
the Company (collectively, whether issued prior to or after the Effective Date, the “Outstanding
Restricted Shares”). The terms of the grant agreements issuing such Outstanding Restricted Shares
shall govern the rights and obligations of the Executive with respect thereto, subject, however, to
the provisions of Sections 12 and 21 of this Agreement, if and as applicable.

8. Relocation and Temporary Travel Expenses The Company hereby agrees to pay Executive
for costs typically associated with the Executive’s relocating to Washington State. Specifically,
the Company agrees to pay the Executive ninety thousand dollars ($90,000) in two separate payments
of forty-five thousand dollars ($45,000) through its regular payroll process, on September 15, 2009
and January 15, 2010. The Company shall reimburse Executive for his reasonable travel expenses from
his home residence to Bothell, Washington until September 2, 2009. Reimbursements shall be made
pursuant to Company’s reimbursement policy and consistent with Section 13 hereof.

9. Benefits. During the Employment Period, the Company shall provide to the Executive
at least such employee benefits as are provided to other executive officers of the Company.

10. Paid Time Off. The Executive shall be entitled to paid time off in accordance
with the Company’s policies in effect from time to time for executive officers of the Company.

11. Termination. 

(a) Executive’s employment by the Company shall be “at will.” In other words, either the
Company or the Executive may terminate Executive’s employment by the Company at the end of any
calendar month, with or without Cause or Good Reason (as such terms are defined
below), in its or his sole discretion, upon thirty (30) days’ prior written notice of termination.
In addition, the Executive’s employment by the Company shall be terminated by his death or
Disability (as defined below). Termination of the Executive’s employment as provided for herein
shall terminate the Employment Period.

(b) For purposes of this Agreement, in the case of a termination of the Executive’s employment
hereunder by the Executive, the term “Good Reason” shall have the meaning set forth for it below;
in the case of a termination of the Executive’s employment hereunder by the Company, the term
“Cause” shall have the meaning set forth for it below; and the other terms set out below in this
Section 11 shall have the meanings provided for them respectively:

(i) “Good Reason” shall mean (i) any substantial diminution in the Executive’s authority or
role as Chief Financial Officer; (ii) failure of the Company to pay to the Executive any amounts of
base salary as provided for in Sections 4 or 5 above, or to honor promptly any of its obligations
or commitments regarding stock options or other benefits referred to in Sections 7, 8, 9, and/or 10
above, or to honor promptly any of its other material obligations hereunder; or (iii) a material
demotion in the Executive’s title or status.

(ii) “Cause” shall mean (i) the Executive’s willful and repeated failure to perform his duties
hereunder or to comply with any reasonable and proper direction given by the Chief Executive
Officer; (ii) the Executive being found guilty in a criminal court of an offense involving moral
turpitude; (iii) the Executive’s commission of any material act of fraud or theft against the
Company; or (iv) the Executive’s material violation of any of the material terms, covenants,
representations or warranties contained in this Agreement.

(c) “Disability” shall mean total and permanent disability as defined in Section 22(e)(3) of
the Internal Revenue Code of 1986, as amended.

(d) “Termination Date” shall mean (i) if this Agreement is terminated on account of death, the
date of death; (ii) if this Agreement is terminated for Disability, the date that such Disability
is established; (iii) if this Agreement is terminated by the Company or by the Executive prior to
July 13, 2012, the effective date of the termination as provided in Section 11(a) hereof; or
(iv) if this Agreement expires by its terms, July 13, 2012.

	 	12.	 	Severance.

(a) Subject to Section 20 hereof, if (i) the Company terminates the employment of the
Executive prior to July 13, 2012 against his will and without Cause, or (ii) the Executive
terminates his employment prior to July 13, 2012 for Good Reason, then (A) Executive shall be
entitled to receive base salary, incentive cash compensation if performance targets established
pursuant to Paragraph 5 have been met (determined on a pro-rated basis as to the year in which the
Termination Date occurs), pay for accrued but unused paid time off, and reimbursement for expenses
pursuant to Section 13 hereof through the Termination Date plus a lump sum equal to twelve (12)
months of the Executive’s specified base salary hereunder at the rate in effect on the Termination
Date, and (B) notwithstanding the vesting and exercisability provisions otherwise applicable to
Outstanding Options and the restrictions applicable to Outstanding Restricted Shares, all of such
options shall be fully vested and exercisable upon such termination and shall remain exercisable as
specified in the option grant agreements, and all of such restricted shares shall thereon become
immediately and fully vested. Except to the extent that more time is required to determine any of
the incentive compensation amounts, the Company shall pay the cash amounts provided for in this
Section 12 within thirty (30) days after the six (6) month anniversary of the date of such
termination (but no later than the end of the calendar year in which such six (6) month anniversary
occurs); provided, however, that pay for accrued but unused paid time off shall be paid as soon as
practicable following such termination, and that to the extent that Section 409A of the Internal
Revenue Code of 1986 and any guidance or regulations issued thereunder, as amended, do not require
the effectuation of the six (6) month delay described above with respect to any other cash amounts
provided for in this Section 12, the Company shall pay such cash amounts within thirty (30) days
after the date of such termination (but no later than the end of the calendar year in which such
termination occurs). Notwithstanding the foregoing, the Company shall not be required to pay any
severance pay for any period following the Termination Date if the Executive shall have materially
violated the provisions of Section 17, 18, or 19 of this Agreement.

(b) Subject to Section 20 hereof, if (A) the Executive voluntarily terminates his employment
prior to July 13, 2012 other than for Good Reason or (B) the Executive’s employment is terminated
by the Company prior to July 13, 2012 for Cause, then the Executive shall be entitled to receive
salary, pay for accrued but unused paid time off, and reimbursement of expenses pursuant to Section
13 hereof through the Termination Date only; vesting of Outstanding Options and Outstanding
Restricted Shares shall cease on such Termination Date; any then un-vested Outstanding Options
shall terminate (with the then-vested Outstanding Options vested and exercisable as specified in
the option grant agreements). The Company shall pay the cash amounts provided for in this Section
12 within thirty (30) days after the six (6) month anniversary of the date of such termination (but
no later than the end of the calendar year in which such six (6) month anniversary occurs);
provided, however, that pay for accrued but unused paid time off shall be paid as soon as
practicable following such termination, and that to the extent that Section 409A of the Internal
Revenue Code of 1986 and any guidance or regulations issued thereunder, as amended, do not require
the effectuation of the six (6) month delay described above with respect to any other cash amounts
provided for in this Section 12, the Company shall pay such cash amounts within thirty (30) days
after the date of such termination (but no later than the end of the calendar year in which such
termination occurs).

(c) Subject to Section 20 hereof, if the Executive’s employment is terminated prior to July
13, 2012 due to death or Disability, the Executive (or his estate or legal representative as the
case may be) shall be entitled to receive (i) salary, reimbursement of expenses pursuant to Section
13 hereof, and pay for any unused paid time off accrued through the Termination Date; (ii) a
pro-rated amount of incentive cash compensation for the fiscal year in which the Termination Date
occurs; and (iii) a lump sum equal to base salary at the rate in effect on the date of such
termination for the lesser of (a) twelve (12) months and (b) the remaining term of this Agreement
at the time of such termination. In such case, vesting of the Outstanding Options and Outstanding
Restricted Shares shall cease on such Termination Date, and any then un-vested Outstanding Options
shall terminate (with the then-vested Outstanding Options vested and exercisable as specified in
the option grant agreements). Except to the extent that more time is required to determine any of
the incentive compensation amounts, the Company shall pay the cash amounts provided for in this
Section 12 on the thirtieth (30th) day following the Executive’s death, or if
termination is due to Disability, within thirty (30) days after the six (6) month anniversary of
the date of such termination (but no later than the end of the calendar year in which such six (6)
month anniversary occurs); provided, however, that to the extent that Section 409A of the Internal
Revenue Code of 1986 and any guidance or regulations issued thereunder, as amended, do not require
the effectuation of the six (6) month delay described above with respect to any cash amounts
provided for in this Section 12 upon termination due to Disability, the Company shall pay such cash
amounts within thirty (30) days after the date of such termination (but no later than the end of
the calendar year in which such termination occurs).

(d) In addition to the provisions of Section 12(a), 12(b), or 12(c), hereof, as the case may
be, to the extent COBRA shall be applicable or as provided by law, the Executive shall be entitled
to continuation of group health plan benefits for the periods provided by law following the
Termination Date if the Executive makes the appropriate election and payments; provided, further,
that if the Executive is entitled to severance under Section 12(a) hereof, and the Executive elects
COBRA coverage under a group health plan maintained by the Company, the Company shall continue to
contribute towards the cost of such coverage for the Executive and his dependents for the twelve
(12) month period following his Termination Date, at the same rate which was in effect upon the
date of such termination of employment.

(e) Subject to Section 20 hereof, the Executive acknowledges that, upon termination of his
employment, he is entitled to no other compensation, severance or other benefits other than those
specifically set forth or referred to in this Agreement.

13. Expenses. The Company shall pay or reimburse the Executive for all expenses that
are reasonably incurred by him in furtherance of his duties hereunder and such further expenses as
may be authorized and approved by the Company from time to time.

14. Facilities and Services. The Company shall furnish the Executive with office
space, secretarial and support staff, and such other facilities and services as shall be reasonably
necessary for the performance of his duties under this Agreement.

15. Place of Performance. The Executive shall perform his duties at the main offices
of the Company subject to reasonable travel requirements which may be authorized and directed from
time to time by the Chief Executive Officer.

16. Insurance and Indemnity. With respect to his service hereunder, the Company shall
maintain, at its expense, customary directors’ and officers’ liability and errors and omissions
insurance covering the Executive and, if such coverage is available at reasonable cost, for all
other executive officers and directors of the Company, in an amount both deemed appropriate by the
Company and available in the marketplace. To the extent such defense and indemnification are not
fully and irrevocably provided by Company-supplied insurance, the Company shall defend and
indemnify the Executive, to the fullest extent permitted by law, from and against any liability
asserted against or incurred by the Executive (a) by reason of the fact that the Executive is or
was an officer, director, employee, or consultant of the Company or any affiliate or related party
or is or was serving in any capacity at the request of the Company for any other corporation,
partnership, joint venture, trust, employment benefit plan or other entity or enterprise or (b) in
connection with any action(s), omission(s), or occurrence(s) during the course of such service or
such status as an officer, director, employee, or consultant of or to any of the foregoing. The
Company’s obligations under this Section 16 shall survive the termination of the Executive’s
employment hereunder and any termination of this Agreement.

17. Non-Competition.

(a) The Executive agrees that, except in accordance with his duties under this Agreement on
behalf of the Company, he will not during the Employment Period: participate in, be employed in
any capacity by, serve as director, consultant, agent or representative for, or have an interest,
directly or indirectly in, any enterprise which is engaged in the business of developing,
licensing, or selling technology, products or services which are directly competitive with the
Business of the Company or any of its Subsidiaries or with any technology, products or services
being actively developed, with the bona fide intent to market same, by the Company or any of its
Subsidiaries at the time in question; provided, however, that interests in publicly-traded entities
that constitute less than a five percent (5%) interest in such entities, and do not otherwise
constitute control either directly or indirectly of such entities, which interests were acquired or
are held for investment purposes, shall not be deemed to be a violation of this paragraph.

(b) In addition, the Executive agrees that, for a period of twelve (12) months after the end
of the Executive’s employment by the Company, the Executive shall not (1) own, either directly or
indirectly or through or in conjunction with one or more members of his or his spouse’s family or
through any trust or other contractual arrangement, a greater than five percent (5%) interest in,
or otherwise control either directly or indirectly, or (2) participate in, be employed in any
capacity by, or serve as director, consultant, agent or representative for, any partnership,
corporation, or other entity which is engaged in the business of developing, licensing, or selling
technology, products or services which are directly competitive with the Business of the Company or
any of its Subsidiaries as of the termination of the Executive’s employment with the Company or
which are directly competitive with any technology, products, or services being actively developed
by the Company or any of its Subsidiaries, with the bona fide intent to market same, as of the
termination of the Executive’s employment at the Company; provided, however, that employment or
service as a consultant, agent or representative shall not be subject to the foregoing limitation
in this Section 17(b) to the extent that such employment or service would not be directly
competitive with and/or adverse to the Business of the Company or any of its Subsidiaries or with
and to any products or services being offered by the Company or any of its Subsidiaries at the date
such employment terminated or then being actively developed, with the bona fide intent to market
same, by the Company or any of its Subsidiaries.

(c) Executive further agrees, for twelve (12) months following the end of the Executive’s
employment by the Company, to refrain from directly or indirectly soliciting or hiring the
Company’s collaborative partners, consultants, certified research organizations, principal vendors,
licensees or employees except any such solicitation in connection with activities that would not be
directly competitive with and/or adverse to the Business of the Company or any of its Subsidiaries
or with and to any products or services being offered by the Company or any of its Subsidiaries at
the date such employment terminated or then being actively developed, with the bona fide intent to
market same, by the Company or any of its Subsidiaries.

(d) Executive further agrees, while employed by the Company and for twelve (12) months
following the end of the Executive’s employment by the Company, that he will not, directly or
indirectly, as a sole proprietor, member of a partnership or as a stockholder, investor, officer or
director of a corporation, or as an employee, agent, associate or consultant of any person, firm or
corporation, other than for the exclusive benefit of the Company or any of its Subsidiaries,
solicit or accept business from, or perform or supervise the performance of any services related to
such business for, (i) any client of the Company or any of its Subsidiaries who was a client during
the Executive’s employment with the Company, (ii) any clients or prospective clients of the Company
or any of its Subsidiaries who were solicited or serviced, directly or indirectly, by the
Executive, in whole or in part, or (iii) any former client of the Company or any of its
Subsidiaries who was a client within one (1) year prior to the Executive’s termination of
employment and who was solicited or serviced, directly or indirectly, by the Executive, or by those
supervised, directly or indirectly, by the Executive, in whole or in part, in connection with
activities that would be directly competitive with and/or adverse to the Business of the Company or
any of its Subsidiaries or with and to any products or services being offered by the Company or any
of its Subsidiaries at the date such employment terminated or then being actively developed, with
the bona fide intent to market same, by the Company or any of its Subsidiaries.

(e) The Executive hereby agrees that damages and any other remedy available at law would be
inadequate to redress or remedy any loss or damage suffered by the Company upon any breach of the
terms of this Section 17 by the Executive, and the Executive therefore agrees that the Company, in
addition to recovering on any claim for damages or obtaining any other remedy available at law,
also may enforce the terms of this Section 17 by injunction or specific performance, and may obtain
any other appropriate remedy available in equity.

18. Assignment of Patents. Executive shall disclose fully to the Company any and all
discoveries he shall make and any and all ideas, concepts or inventions he shall conceive or make
that are related or applicable to the Business of the Company or of any of its Subsidiaries or to
any other products, services, or technology in medicine or the health sciences in which the Company
shall during the Employment Period undertake, or actively and in good faith consider, research or
commercial involvement; provided, however, that either (a) such discovery(ies), idea(s), concept(s)
and/or invention(s) are made by the Executive during the Employment Period or (b) such
discovery(ies), idea(s), concept(s) and/or invention(s) are made by the Executive during the period
of six (6) months after his employment terminates and are in whole or in part the result of his
work with the Company. Such disclosure is to be made promptly after each such discovery or
conception, and each such discovery, idea, concept or invention will become and remain the property
of the Company, whether or not patent applications are filed thereon. Upon the request and at the
expense of the Company, the Executive shall (i) make application through the patent solicitors of
the Company for letters patent of the United States and any and all other countries at the
discretion of the Company on such discoveries, ideas and inventions, and (ii) assign all such
applications to the Company, or at its order, without additional payment by the Company except as
otherwise agreed by the Company and the Executive. The Executive shall give the Company, its
attorneys and solicitors, reasonable assistance in preparing and prosecuting such applications and,
on request of the Company, execute such papers and do such things as shall be reasonably necessary
to protect the rights of the Company and vest in it or its assigns the discoveries, ideas or
inventions, applications and letters patent herein contemplated. Said cooperation shall also
include such actions as are reasonably necessary to aid the Company in the defense of its rights in
the event of litigation. This Section 18 shall not apply to any invention for which no equipment,
supplies, facilities, or trade secret information of the Company or its Subsidiaries was used, and
which was developed entirely on the Executive’s own time, unless (i) the invention relates directly
to the Business of the Company or of any of its Subsidiaries or to the actual or demonstrably
anticipated research or development of the Company or of any of its Subsidiaries, or (ii) the
invention results from any work performed by the Executive for the Company.

19. Trade Secrets.

(a) In the course of the term of this Agreement, it is anticipated that the Executive shall
have access to secret or confidential technical, scientific and commercial information, records,
data, formulations, specifications, systems, methods, plans, policies, inventions, material and
other knowledge that is (are) specifically related or applicable to the Business of the Company or
of any of its Subsidiaries or to any other products, services, or technology in medicine or the
health sciences in which the Company shall during the Employment Period undertake, or actively and
in good faith consider, research or commercial involvement and that is/are owned by the Company or
its Subsidiaries (“Confidential Material”). The Executive recognizes and acknowledges that
included within the Confidential Material are the following as they may specifically relate or be
applicable to the Company’s drug delivery business or technology, or to current or specifically
contemplated future drug delivery products or services: the Company’s confidential commercial
information, technology, formulations, STA-T (Systemic Transnasal Absorption Technology) and
know-how, methods of manufacture, chemical formulations, device designs, pending patent
applications, clinical data, pre-clinical data and any related materials, all as they may exist
from time to time, and that such material is or may be valuable special, and unique aspects of the
Company’s business. All such Confidential Material shall be and remain the property of the
Company. Except as required by his duties to the Company, the Executive shall not, directly or
indirectly, either during the term of his employment or at any time thereafter, disclose or
disseminate to anyone or make use of, for any purpose whatsoever, any Confidential Material. Upon
termination of his employment, the Executive shall promptly deliver to the Company all Confidential
Material (including all copies thereof, whether prepared by the Executive or others) which are in
the possession or under the control of the Executive. The Executive shall not be deemed to have
breached this Section 19 if the Executive is compelled by legal process or order of any judicial,
legislative, or administrative authority or body to disclose any Confidential Material.

(b) The Executive hereby agrees that damages and any other remedy available at law would be
inadequate to redress or remedy any loss or damage suffered by the Company upon any breach of the
terms of this Section 19 by the Executive, and the Executive therefore agrees that the Company, in
addition to recovering on any claim for damages or obtaining any other remedy available at law,
also may enforce the terms of this Section 19 by injunction or specific performance, and may obtain
any other appropriate remedy available in equity.

20. Payment and Other Provisions After Change of Control. 

(a) In the event the Executive’s employment with the Company is terminated either by the
Company or by the Executive (other than because of the Executive’s death or Disability) following
the occurrence of a Change of Control (regardless of whether such termination is for Good Reason or
for Cause or otherwise) and the date of such termination is prior to July 13, 2012 and within one
(1) year following the occurrence of such Change of Control, then the Executive shall be entitled
to receive from the Company, in lieu of the severance payment otherwise payable pursuant to Section
12 hereof, salary, expense reimbursement, and pay for unused paid time off through the termination
date and, in addition, the following:

(i) Additional Amount Based on Base Salary. A lump-sum amount equal to twelve (12)
months of Executive’s specified base salary hereunder;

(ii) Incentive Cash Compensation. The amount of the Executive’s incentive cash
compensation for the fiscal year in which the date of termination occurs pursuant to the parameters
created in Paragraph 5 (determined on a pro-rated basis) plus an additional lump-sum amount equal
to thirty percent (30%) of the Executive’s base salary for such year; and

(iii) Other Benefits. Notwithstanding the vesting and/or exerciseability provisions
otherwise applicable to Outstanding Options and the vesting and restriction provisions applicable
to Outstanding Restricted Shares, all such stock options shall be fully vested and exercisable, and
all such restricted shares shall be fully vested, upon a Change of Control and, in the case of the
options, shall remain exercisable as specified in the option grant agreements, and subject to the
right of the Company to direct the sale of shares in connection with a Change of Control.

Except to the extent that more time is required to determine the incentive cash compensation
payable pursuant to Section 20(a)(ii) hereof, the Company shall pay the cash amounts provided for
in this Section 20(a) within thirty (30) days after the six (6) month anniversary of the date of
such termination (but no later than the end of the calendar year in which such six (6) month
anniversary occurs).

(b) For purposes of this Agreement, the term “Change of Control” shall mean:

(i) The acquisition by any individual, entity or group (within the meaning of Rule 13d-3
promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or any
successor provision) (any of the foregoing hereafter a “Person”) other than from the Company of
forty percent (40%) or more of either (a) the then outstanding shares of the common stock of the
Company, par value $0.006 (the “Common Stock”) or (b) the combined voting power of the then
outstanding voting securities of the Company entitled to vote generally in the election of
directors (the “Voting Securities”), provided, however, that such an acquisition by one of the
following shall not constitute a change of control: (1) the Company or any of its Subsidiaries, or
any employee benefit plan (or related trust) sponsored or maintained by the Company or any of its
Subsidiaries or (2) any Person that is eligible, pursuant to Rule 13d-1(b) under the Exchange Act,
to file a statement on Schedule 13G with respect to its beneficial ownership of Voting Securities,
whether or not such Person shall have filed a statement on Schedule 13G, unless such Person shall
have filed a statement on Schedule 13D with respect to beneficial ownership of forty percent (40%)
or more of the Voting Securities or (3) any corporation with respect to which, following such
acquisition, more than sixty percent (60%) of both the then outstanding shares of common stock of
such corporation and the combined voting power of the then outstanding voting securities of such
corporation entitled to vote generally in the election of directors is then beneficially owned,
directly or indirectly, by all or substantially all of the individuals and entities who were the
beneficial owners, respectively, of the Outstanding Capital Stock or Voting Securities immediately
prior to such acquisition in substantially the same proportions as their ownership, immediately
prior to such acquisition, of the Outstanding Capital Stock or Voting Securities, as the case may
be; or

(ii) Individuals who, as of the Effective Date, constitute the Board (the “Incumbent Board”)
cease for any reason to constitute at least a majority of the Board and J. Michael French ceases to
be the Chief Executive Officer of the Company, provided that any individual becoming a director
subsequent to the Effective Date whose election or nomination for election by the Company’s
shareholders was approved by a vote of at least a majority of the directors then comprising the
Incumbent Board shall be considered as though such individual were a member of the Incumbent Board,
but excluding, for this purpose, any such individual whose initial assumption of office is in
connection with an actual or threatened election contest relating to the election of the Directors
of the Company (as such terms are used in Rule 14a-11 of Regulation 14A, or any successor section,
promulgated under the Exchange Act); or

(iii) Approval by the shareholders of the Company of a reorganization, merger or consolidation
(a “Business Combination”), in each case, with respect to which all or substantially all holders of
the Outstanding Capital Stock and Voting Securities immediately prior to such Business Combination
do not, following such Business Combination, beneficially own, directly of indirectly, in
substantially the same proportions, more than sixty percent (60%) of, respectively, the then
outstanding shares of common stock and the combined voting power of the then outstanding voting
securities entitled to vote generally in the election of directors, as the case may be, of the
corporation resulting from the Business Combination; or

(iv) A complete liquidation or dissolution of the Company; or

(v) A sale or other disposition of all or substantially all of the assets of the Company other
than to a corporation with respect to which, following such sale or disposition, more than sixty
percent (60%) of the then outstanding shares of common stock and the combined voting power of the
then outstanding voting securities entitled to vote generally in the election of directors are then
owned beneficially, directly or indirectly, by all or substantially all of the individuals and
entities who were the beneficial owners, respectively, of the Outstanding Capital Stock or Voting
Securities Immediately prior to such sale or disposition in substantially the same proportions as
their ownership of the Outstanding Capital Stock and Voting Securities, as the case may be,
immediately prior to such sale or disposition.

21. Notices. Any notice required or permitted to be given under this Agreement shall
be sufficient if in writing and personally delivered (including by regular messenger service,
signature required) or sent by registered or certified mail, return receipt requested, to both his
office and his residence, in the case of notices directed to the Executive, or to its principal
office, Attn.: Chief Executive Officer, in the case of notices directed to the Company, or to such
other address and/or addressee as the party to whom such notice is directed shall have designated
for this purpose by notice to the other in accordance with this Section 21. Such notices shall be
effective upon personal delivery or three (3) days after mailing.

22. Entire Agreement; Waiver. This Agreement contains the entire understanding of the
parties with respect to the subject matter hereof (it being acknowledged, however, that the Company
and the Executive have entered and may enter into certain grant agreements relating to Outstanding
Options and Outstanding Restricted Shares, which shall be effective in accordance with the terms
thereof to the extent consistent with the terms of this Agreement). This Agreement may not be
changed orally but only by an instrument in writing, signed by the party against whom enforcement
of any waiver, change, modification or discharge is sought. Waiver of or failure to exercise any
rights provided by this Agreement in any respect shall not be deemed a waiver of any further or
future rights.

23. Binding Effect; Assignment. The rights and obligations of this Agreement shall
bind and inure to the benefit of any successor of the Company by reorganization, merger or
consolidation, or any transferee of all or substantially all of the Company’s business or
properties. The Executive’s rights hereunder are personal to and shall not be transferable nor
assignable by the Executive.

24. Headings. The headings contained in this Agreement are for reference purposes
only and shall not affect the meaning or interpretation of this Agreement.

25. Governing Law; Arbitration. This agreement shall be construed in accordance with
and governed for all purposes by the laws of the State of Washington applicable to contracts made
and to be performed wholly within such state. Except as otherwise provided in Sections 17(e) and
19(b) of this Agreement, any dispute or controversy arising out of or relating to this Agreement
shall be settled by arbitration in accordance with the rules of the American Arbitration
Association, and judgement upon the award may be entered in any court having jurisdiction
thereover. The arbitration shall be held in King County, Washington or in such other place as the
parties hereto may agree.

26. Further Assurances. Each of the parties agrees to execute, acknowledge, deliver
and perform, and cause to be executed, acknowledged, delivered and performed, at any time and from
time to time, all such further acts, deeds, assignments, transfers, conveyances, powers of attorney
and/or assurances as may be necessary or proper to carry out the provisions or intent of this
Agreement.

27. Severability. The parties agree that if any one or more of the terms, provisions,
covenants or restrictions of this Agreement shall be determined by a court of competent
jurisdiction to be invalid, void, or unenforceable, the remainder of the terms, provisions,
covenants and restrictions of this Agreement shall remain in full force and effect and shall in no
way be affected, impaired or invalidated.

28. Counterparts. This Agreement may be executed in several counterparts, and all
counterparts so executed shall constitute one agreement, binding on the parties hereto,
notwithstanding that both parties are not signatory to the original or the same counterpart.

29. Section 409A. The Company intends that income provided to the Executive will not
be subject to taxation under Section 409A of the Internal Revenue Code. The provisions of this
Agreement shall be interpreted and construed in favor of satisfying any applicable requirements of
Section 409A of the Code, provided if the Company is advised by counsel that the matter is not free
from doubt whether such provisions are satisfied, the Company may take, or refrain from taking,
such actions such that such provisions are satisfied.

1

IN WITNESS WHEREOF, MDRNA, INC. has caused this instrument to be signed by a duly authorized
officer and the Executive has hereunto set his hand as of the day and year first above written.

	 	 	 
	Company:
	 	MDRNA, INC.

By: /s/ J. Michael French

	 	 	 

	 	 	Name: J. Michael French

Title: Chief Executive Officer

	Executive:
	 	/s/ Peter S. Garcia

	 	 	 

	 	 	Name: Peter S. Garcia

Title: Chief Financial Officer

2EX-10.2

Exhibit 10.2

MDRNA, INC.

3830 Monte Villa Parkway

Bothell, Washington 98021

July 13, 2009

Mr. Bruce R. York

MDRNA, Inc.

3830 Monte Villa Parkway

Bothell, Washington 98021

Re: Amendment to Employment Agreement Dated March 7, 2008

Dear Bruce:

This letter confirms the amendments agreed to by you and MDRNA, Inc. (the “Company”) with
respect to the Employment Agreement between you and the Company effective March 7, 2008 (the
“Agreement”). Capitalized terms not otherwise defined shall have the meanings given in the
Agreement.

Pursuant to the terms of this amendment, effective immediately your appointment, in lieu of
your former position as Chief Financial Officer, as Vice President-Finance and Chief Accounting
Officer is confirmed and agreed to by you and the Company.

You and the Company agree that should your employment be terminated on or before December 31,
2009 for any reason other than termination for Cause, including without limitation should you
terminate your employment without Good Reason, then the provisions of Section 12(a) of the
Agreement shall apply for your severance, provided that the provisions of Section 12(c)
shall apply upon termination due to death or Disability.

In addition, you and the Company agree that should your employment be terminated on or before
December 31, 2009 for any reason other than termination for Cause (including without limitation
following a Change in Control), then notwithstanding anything to the contrary contained in any of
the equity compensation plans of the Company or in any other provision of the Agreement, any and
all unvested common stock options held by you shall immediately vest in full upon the effective
date of such termination, and shall remain exercisable for a period of two (2) years thereafter
(but in no event after the original expiration date of the award), and any and all unvested shares
of restricted common stock held by you shall immediately vest in full upon the effective date of
such termination. Upon execution of this letter, your grant agreements shall be amended to the
extent necessary, to reflect this change.

The provisions of Section 21(a) are amended by amending clauses (i), (ii) and (iii) to read in
their entirety as follows:

“(i)  Executive shall be entitled to receive base salary, incentive cash compensation
(determined on a pro-rated basis as to the year in which the Termination Date occurs), pay for
accrued but unused paid time off, and reimbursement for expenses pursuant to Section 13 hereof
through the Termination Date, plus a lump-sum equal to twelve (12) months of the Executive’s
specified base salary hereunder at the rate in effect on the Termination Date, and

“(ii) notwithstanding the vesting and/or exercisability provisions otherwise applicable to
Outstanding Options and the vesting and restriction provisions applicable to Outstanding Restricted
Shares, all such stock options shall be fully vested and exercisable, and all such restricted
shares shall be fully vested, upon a Change of Control and, in the case of the options, shall
remain exercisable as specified in the option grant agreements and subject to the right of the
Company to direct the sale of shares in connection with a Change of Control.

“(iii) Except to the extent that more time is required to determine the incentive cash
compensation payable pursuant to Section 21(a)(i) hereof, the Company shall pay the cash amounts
provided for in this Section 21(a) within thirty (30) days after the six (6) month anniversary of
the date of such termination (but no later than the end of the calendar year in which such six
(6) month anniversary occurs).”

The Company intends that income provided to you under the Amendment as amended hereby will not
be subject to taxation under Section 409A of the Internal Revenue Code. The provisions of the
Agreement as amended hereby shall be interpreted and construed in favor of satisfying any
applicable requirements of Section 409A of the Code, provided if the Company is advised by counsel
that the matter is not free from doubt whether such provisions are satisfied, the Company may take,
or refrain from taking, such actions such that such provisions are satisfied, and may require
appropriate indemnities as advised by counsel.

Effective at 12:01 a.m., January 1, 2010, if you are then employed by the Company, the change
in your position shall not trigger the severance provisions stated in Section 12, the definition of
“Good Reason” shall be amended by deleting “CFO” in clause (i) thereof and inserting
“Vice-President Finance and Chief Accounting Officer”, and the Agreement shall apply based on your
new position of Vice President-Finance and Chief Accounting Officer.

All of the terms and conditions of the Agreement not amended by this letter are affirmed and
ratified.

Very truly yours,

/s/ J. Michael French

J. Michael French

President & CEO

Accepted and Agreed as of the date stated above:

/s/ Bruce R. York

Bruce R. York

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