Document:

Exhibit 10.46

 

June 14, 2017

 

STRICTLY CONFIDENTIAL

 

PhaseRx, Inc.

410 W. Harrison Street, Suite 300

Seattle, Washington 98119

 

Attn: Robert W. Overell, Ph.D., Chief Executive Officer

 

Dear Dr. Overell:

 

This letter agreement
(this “Agreement”) constitutes the agreement between PhaseRx, Inc. (the “Company”) and H.C.
Wainwright & Co., LLC (“Wainwright”), that Wainwright shall serve as the exclusive agent, advisor or underwriter
in any offering (each, an “Offering”) of securities of the Company (the “Securities”) during
the Term (as hereinafter defined) of this Agreement; provided, however, that the issuance of any Securities in connection with
any mergers, acquisitions, business combinations, joint ventures, partnering arrangements or strategic alliances (but shall not
include a transaction in which the Company is issuing Securities primarily for the purpose of raising capital or to an entity whose
primary business is investing in securities) (each, a “Strategic Transaction”) shall not be deemed to be an
Offering hereunder and Wainwright shall have no rights hereunder with respect to any such Strategic Transactions. The terms of
each Offering and the Securities issued in connection therewith shall be mutually agreed upon by the Company and Wainwright and
nothing herein implies that Wainwright would have the power or authority to bind the Company and nothing herein implies that the
Company shall have an obligation to issue any Securities. It is understood that Wainwright’s assistance in an Offering will
be subject to the satisfactory completion of such investigation and inquiry into the affairs of the Company as Wainwright deems
appropriate under the circumstances and to the receipt of all internal approvals of Wainwright in connection with the transaction.
The Company expressly acknowledges and agrees that Wainwright’s involvement in an Offering is strictly on a reasonable best
efforts basis and that the consummation of an Offering will be subject to, among other things, market conditions. The execution
of this Agreement does not constitute a commitment by Wainwright to purchase the Securities and does not ensure a successful Offering
of the Securities or the success of Wainwright with respect to securing any other financing on behalf of the Company. Wainwright
may retain other brokers, dealers, agents or underwriters on its behalf in connection with an Offering.

 

A.            Compensation;
Reimbursement. At the closing of each Offering (each, a “Closing”), the Company shall compensate Wainwright
as follows:

 

     

     

    

 

1.          Cash
Fee. The Company shall pay to Wainwright a cash fee, or as to an underwritten Offering an underwriter discount, equal to 8.0%
of the aggregate gross proceeds raised in each Offering.

 

2.          Warrant
Coverage. The Company shall issue to Wainwright or its designees at each Closing, warrants (the “Wainwright Warrants”)
to purchase that number of shares of common stock of the Company equal to 8.0% of the aggregate number of shares of common stock
placed in each Offering (and if an Offering includes a “greenshoe” or “additional investment” option component,
such number of shares of common stock underlying such additional option component, with the Wainwright Warrants issuable upon the
exercise of such option). If the Securities included in an Offering are convertible, the Wainwright Warrants shall be determined
by dividing the gross proceeds raised in such Offering divided by the Offering Price (as defined hereunder). The Wainwright Warrants
shall have the same terms as the warrants issued to investors in the applicable Offering, except that such Wainwright Warrants
shall have an exercise price equal to 125% of the offering price per share (or unit, if applicable) in the applicable Offering
and if such offering price is not available, the market price of the common stock on the date an Offering is commenced (such price,
the “Offering Price”). If no warrants are issued to investors in an Offering, the Wainwright Warrants shall
be in a customary form reasonably acceptable to Wainwright, have a term of five (5) years and an exercise price equal to 125% of
the Offering Price.

 

3.          Expense
Allowance. Out of the proceeds of each Closing, the Company also agrees to pay Wainwright (a) a management fee equal to 1.0%
of the gross proceeds raised in each Offering; (b) $35,000 for non-accountable expenses; (c) up to $100,000 for fees and expenses,
inclusive of the reasonable fees and disbursements of Wainwright’s legal counsel; plus the additional reimbursable
amount payable by the Company pursuant to Paragraph D.3 hereunder; provided, however, that such reimbursement amount in no way
limits or impairs the indemnification and contribution provisions of this Agreement.

 

B.             Term
and Termination of Engagement; Exclusivity. The term of Wainwright’s exclusive engagement will begin on the date hereof
and end four (4) months thereafter (the “Term”). Notwithstanding anything to the contrary contained herein,
the Company agrees that the provisions relating to the payment of fees, reimbursement of expenses, indemnification and contribution,
confidentiality, conflicts, independent contractor and waiver of the right to trial by jury will survive any termination of this
Agreement. Notwithstanding anything to the contrary contained in this Agreement, in the event that this Agreement shall not be
carried out for any reason whatsoever during the Term, the Company shall be obligated to pay to Wainwright its actual and accountable
out-of-pocket expenses related to an Offering (including the fees and disbursements of Wainwright’s legal counsel),
subject to the expense cap set forth in Section A.3 herein. During Wainwright’s engagement hereunder: (i) the Company
will not, and will not permit

 

     

     

    

 

its representatives to,
other than in coordination with Wainwright, contact or solicit institutions, corporations or other entities or individuals as potential
purchasers of the Securities in connection with an Offering and (ii)
except with respect to a Strategic Transaction, the Company will not pursue any financing transaction which would be in
lieu of an Offering. Furthermore, the Company agrees that during Wainwright’s engagement hereunder, all inquiries, whether
direct or indirect, from prospective investors will be referred to Wainwright and will be deemed to have been contacted by Wainwright
in connection with an Offering. Additionally, except as set forth hereunder,
the Company represents, warrants and covenants that no brokerage or finder’s fees or commissions are or will be payable by
the Company or any subsidiary of the Company to any broker, financial advisor or consultant, finder, placement agent, investment
banker, bank or other third-party with respect to any Offering.

 

C.             Information;
Reliance. The Company shall furnish, or cause to be furnished, to Wainwright all information requested by Wainwright for the
purpose of rendering services hereunder and conducting due diligence (all such information being the “Information”).
In addition, the Company agrees to make available to Wainwright upon request from time to time the officers, directors, accountants,
counsel and other advisors of the Company. The Company recognizes and confirms that Wainwright (a) will use and rely on the Information,
including any documents provided to investors in each Offering (the “Offering Documents” which shall include
any Purchase Agreement (as defined hereunder), and on information available from generally recognized public sources in performing
the services contemplated by this Agreement without having independently verified the same; (b) does not assume responsibility
for the accuracy or completeness of the Offering Documents or the Information and such other information; and (c) will not make
an appraisal of any of the assets or liabilities of the Company. Upon reasonable request, the Company will meet with Wainwright
or its representatives to discuss all information relevant for disclosure in the Offering Documents and will cooperate in any investigation
undertaken by Wainwright thereof, including any document included or incorporated by reference therein. At each Offering, at the
request of Wainwright, the Company shall deliver such legal letters (including, without limitation, negative assurance letters),
opinions, comfort letters, officers’ and secretary certificates and good standing certificates, all in form and substance
satisfactory to Wainwright and its counsel as is customary for such Offering. Wainwright shall be a third party beneficiary of
any representations, warranties, covenants and closing conditions made by the Company in any Offering Documents, including representations,
warranties, covenants and closing conditions made to any investor in an Offering.

 

D.            Related
Agreements. At each Offering, the Company shall enter into the following additional agreements:

 

1.          Underwritten
Offering. If an Offering is an underwritten Offering, the Company and Wainwright shall enter into a customary underwriting
agreement in form and substance satisfactory to Wainwright and its counsel.

 

     

     

    

 

2.          Best
Efforts Offering. If an Offering is on a best efforts basis, the sale of Securities to the investors in the Offering will be
evidenced by a purchase agreement (“Purchase Agreement”) between the Company and such investors in a form reasonably
satisfactory to the Company and Wainwright. Wainwright shall be a third party beneficiary with respect to the representations and
warranties included in the Purchase Agreement. Prior to the signing of any Purchase Agreement, officers of the Company with responsibility
for financial affairs will be available to answer inquiries from prospective investors.

 

3.          Escrow
and Settlement. In respect of each Offering, the Company and Wainwright shall enter into an escrow agreement with a third party
escrow agent, which may also be Wainwright’s clearing agent, pursuant to which Wainwright’s compensation and expenses
shall be paid from the gross proceeds of the Securities sold. If the Offering is settled in whole or in part via delivery versus
payment (“DVP”), Wainwright shall arrange for its clearing agent to provide the funds to facilitate such settlement.
The Company shall bear the cost of the escrow agent and shall reimburse Wainwright for the actual out-of-pocket cost of such clearing
agent settlement and financing, if any, which cost shall not exceed $10,000.

 

4.          FINRA
Amendments. Notwithstanding anything herein to the contrary, in the event that Wainwright determines that any of the terms
provided for hereunder shall not comply with a FINRA rule, including but not limited to FINRA Rule 5110, then the Company shall
agree to amend this Agreement (or include such revisions in the final underwriting agreement) in writing upon the request of Wainwright
to comply with any such rules; provided that any such amendments shall not provide for terms that are less favorable to the Company
than are reflected in this Agreement.

 

E.             Confidentiality.
In the event of the consummation or public announcement of any Offering, Wainwright shall have the right to disclose its participation
in such Offering, including, without limitation, at its cost, a “tombstone”
advertisements in financial and other newspapers and journals.

 

F.             Indemnity.

 

1.          In
connection with the Company’s engagement of Wainwright as Offering agent, the Company hereby agrees to indemnify and hold
harmless Wainwright and its affiliates, and the respective controlling persons, directors, officers, members, shareholders, agents
and employees of any of the foregoing (collectively the “Indemnified Persons”), from and against any and all
claims, actions, suits, proceedings (including those of shareholders), damages, liabilities and expenses incurred by any of them
(including the reasonable fees and expenses of counsel), as incurred, (collectively a “Claim”), that are (A)
related to or arise out of (i) any actions taken or omitted to be taken (including any untrue statements

 

     

     

    

 

made or any
statements omitted to be made) by the Company, or (ii) any actions taken or omitted to be taken by any Indemnified Person in connection
with the Company’s engagement of Wainwright, or (B) otherwise relate to or arise out of Wainwright’s activities on
the Company’s behalf under Wainwright’s engagement, and the Company shall reimburse any Indemnified Person for all
expenses (including the reasonable fees and expenses of counsel) as incurred by such Indemnified Person in connection with investigating,
preparing or defending any such claim, action, suit or proceeding, whether or not in connection with pending or threatened litigation
in which any Indemnified Person is a party. The Company will not, however, be responsible for any Claim that is finally judicially
determined to have resulted from the gross negligence or willful misconduct of any person seeking indemnification for such Claim.
The Company further agrees that no Indemnified Person shall have any liability to the Company for or in connection with the Company’s
engagement of Wainwright except for any Claim incurred by the Company as a result of such Indemnified Person’s gross negligence,
fraud or willful misconduct.

 

2.          The
Company further agrees that it will not, without the prior written consent of Wainwright, settle, compromise or consent to the
entry of any judgment in any pending or threatened Claim in respect of which indemnification may be sought hereunder (whether or
not any Indemnified Person is an actual or potential party to such Claim), unless such settlement, compromise or consent includes
an unconditional, irrevocable release of each Indemnified Person from any and all liability arising out of such Claim.

 

3.          Promptly
upon receipt by an Indemnified Person of notice of any complaint or the assertion or institution of any Claim with respect to which
indemnification is being sought hereunder, such Indemnified Person shall notify the Company in writing of such complaint or of
such assertion or institution but failure to so notify the Company shall not relieve the Company from any obligation it may have
hereunder, except and only to the extent such failure materially prejudices the Company.
If the Company so elects or is requested by such Indemnified Person, the Company will assume the defense of such Claim, including
the employment of counsel reasonably satisfactory to such Indemnified Person and the payment of the fees and expenses of such counsel.
In the event, however, that legal counsel to such Indemnified Person reasonably determines that having common counsel would present
such counsel with a conflict of interest or if the defendant in, or target of, any such Claim, includes an Indemnified Person and
the Company, and legal counsel to such Indemnified Person reasonably concludes that there may be legal defenses available to it
or other Indemnified Persons different from or in addition to those available to the Company, then such Indemnified Person may
employ its own separate counsel to represent or defend him, her or it in any such Claim (but no
more than one law firm in the same jurisdiction, other
than to the extent the applicable Indemnified Persons use 

 

     

     

    

 

separate
counsel for conflict of interest reasons) and the Company shall pay the reasonable fees and expenses of such counsel. Notwithstanding
anything herein to the contrary, if the Company fails timely or diligently to defend, contest, or otherwise protect against any
Claim, the relevant Indemnified Party shall have the right, but not the obligation, to defend, contest, compromise, settle, assert
crossclaims, or counterclaims or otherwise protect against the same, and shall be fully indemnified by the Company therefor, including
without limitation, for the reasonable fees and expenses of its counsel (but no more than one law
firm in the same jurisdiction, other than to the extent
the applicable Indemnified Persons use separate counsel for conflict of interest reasons) and all amounts paid as a result
of such Claim or the compromise or settlement thereof. In addition, with respect to any Claim in which the Company assumes the
defense, the Indemnified Person shall have the right to participate in such Claim and to retain his, her or its own counsel therefor
at his, her or its own expense.

 

4.          The
Company agrees that if any indemnity sought by an Indemnified Person hereunder is held by a court to be unavailable for any reason
then (whether or not Wainwright is the Indemnified Person), the Company and Wainwright shall contribute to the Claim for which
such indemnity is held unavailable in such proportion as is appropriate to reflect the relative benefits to the Company, on the
one hand, and Wainwright on the other, in connection with Wainwright’s engagement referred to above, subject to the limitation
that in no event shall the amount of Wainwright’s contribution to such Claim exceed the amount of fees actually received
by Wainwright from the Company pursuant to Wainwright’s engagement. The Company hereby agrees that the relative benefits
to the Company, on the one hand, and Wainwright on the other, with respect to Wainwright’s engagement shall be deemed to
be in the same proportion as (a) the total value paid or proposed to be paid or received by the Company pursuant to the applicable
Offering (whether or not consummated) for which Wainwright is engaged to render services bears to (b) the fee paid or proposed
to be paid to Wainwright in connection with such engagement.

 

5.          The
Company’s indemnity, reimbursement and contribution obligations under this Agreement (a) shall be in addition to, and shall
in no way limit or otherwise adversely affect any rights that any Indemnified Party may have at law or at equity and (b) shall
be effective whether or not the Company is at fault in any way.

 

G.             Limitation
of Engagement to the Company. The Company acknowledges that Wainwright has been retained only by the Company, that Wainwright
is providing services hereunder as an independent contractor (and not in any fiduciary or agency capacity) and that the Company’s
engagement of Wainwright is not deemed to be on behalf of, and is not intended to confer rights upon, any shareholder, owner or
partner of the Company or any other person not a party hereto as against Wainwright or any of its

 

     

     

    

 

affiliates, or any of
its or their respective officers, directors, controlling persons (within the meaning of Section 15 of the Securities Act or Section
20 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), employees or agents. Unless otherwise
expressly agreed in writing by Wainwright, no one other than the Company is authorized to rely upon this Agreement or any other
statements or conduct of Wainwright, and no one other than the Company is intended to be a beneficiary of this Agreement. The Company
acknowledges that any recommendation or advice, written or oral, given by Wainwright to the Company in connection with Wainwright’s
engagement is intended solely for the benefit and use of the Company’s management and directors in considering a possible
Offering, and any such recommendation or advice is not on behalf of, and shall not confer any rights or remedies upon, any other
person or be used or relied upon for any other purpose. Wainwright shall not have the authority to make any commitment binding
on the Company. The Company, in its sole discretion, shall have the right to reject any investor introduced to it by Wainwright.

 

H.            Limitation
of Wainwright’s Liability to the Company. Wainwright and the Company further agree that neither Wainwright nor any of
its affiliates or any of its their respective officers, directors, controlling persons (within the meaning of Section 15 of the
Securities Act or Section 20 of the Exchange Act), employees or agents shall have any liability to the Company, its security holders
or creditors, or any person asserting claims on behalf of or in the right of the Company (whether direct or indirect, in contract,
tort, for an act of negligence or otherwise) for any losses, fees, damages, liabilities, costs, expenses or equitable relief arising
out of or relating to this Agreement or the services rendered hereunder, except for losses, fees, damages, liabilities, costs or
expenses that arise out of or are based on any action of or failure to act by Wainwright and that are finally judicially determined
to have resulted solely from the gross negligence or willful misconduct of Wainwright.

 

I.              Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York applicable to agreements
made and to be fully performed therein. Any disputes that arise under this Agreement, even after the termination of this Agreement,
will be heard only in the state or federal courts located in the City of New York, State of New York. The parties hereto expressly
agree to submit themselves to the jurisdiction of the foregoing courts in the City of New York, State of New York. The parties
hereto expressly waive any rights they may have to contest the jurisdiction, venue or authority of any court sitting in the City
and State of New York. In the event Wainwright or any Indemnified Person is successful in any action, or suit against the Company,
arising out of or relating to this Agreement, the final judgment or award entered shall be entitled to have and recover from the
Company the costs and expenses incurred in connection therewith, including its reasonable attorneys’ fees. Any rights to
trial by jury with respect to any such action, proceeding or suit are hereby waived by Wainwright and the Company.

 

     

     

    

 

J.             Notices.
All notices hereunder will be in writing and sent by certified mail, hand delivery, overnight delivery or fax, if sent to Wainwright,
at the address set forth on the first page hereof, e-mail: notices@hcwco.com, Attention: Head of Investment Banking, and if sent
to the Company, to the address set forth on the first page hereof, e-mail: robert@phaserx.com,
Attention: Chief Executive Officer. Notices sent by certified mail shall be deemed received five days thereafter, notices
sent by hand delivery or overnight delivery shall be deemed received on the date of the relevant written record of receipt, notices
delivered by fax shall be deemed received as of the date and time printed thereon by the fax machine and notices sent by e-mail
shall be deemed received as of the date and time they were sent.

 

K.            Conflicts.
The Company acknowledges that Wainwright and its affiliates may have and may continue to have investment banking and other relationships
with parties other than the Company pursuant to which Wainwright may acquire information of interest to the Company. Wainwright
shall have no obligation to disclose such information to the Company or to use such information in connection with any contemplated
transaction.

 

L.             Anti-Money
Laundering. To help the United States government fight the funding of terrorism and money laundering, the federal laws of the
United States require all financial institutions to obtain, verify and record information that identifies each person with whom
they do business. This means we must ask you for certain identifying information, including a government-issued identification
number (e.g., a U.S. taxpayer identification number) and such other information or documents that we consider appropriate to verify
your identity, such as certified articles of incorporation, a government-issued business license, a partnership agreement or a
trust instrument.

 

M.           Miscellaneous.
The Company represents and warrants that it has all requisite power and authority to enter into and carry out the terms and provisions
of this Agreement and the execution, delivery and performance of this Agreement does not breach or conflict with any agreement,
document or instrument to which it is a party or bound. This Agreement shall not be modified or amended except in writing signed
by Wainwright and the Company. This Agreement shall be binding upon and inure to the benefit of both Wainwright and the Company
and their respective assigns, successors, and legal representatives. This Agreement constitutes the entire agreement of Wainwright
and the Company with respect to the subject matter hereof and supersedes any prior agreements with respect to the subject matter
hereof. If any provision of this Agreement is determined to be invalid or unenforceable in any respect, such determination will
not affect such provision in any other respect, and the remainder of the Agreement shall remain in full force and effect. This
Agreement may be executed in counterparts (including facsimile or electronic counterparts), each of which shall be deemed an original
but all of which together shall constitute one and the same instrument. In acknowledgment that the foregoing correctly sets forth
the understanding reached by Wainwright and the Company,

 

     

     

    

 

please sign in the space
provided below, whereupon this letter shall constitute a binding Agreement as of the date indicated above.

 

	 	Very truly yours,
	 	 
	 	H.C. WAINWRIGHT & CO., LLC
	 	 	 
	 	By:	/s/ Mark W. Viklund
	 	 	Name: Mark W. Viklund
	 	 	Title: CEO

 

	Accepted and Agreed:	 
	 	 
	PHASERX, INC.	 
	 	 	 
	By:	/s/ Robert Overell	 
	 	Name:  Robert Overell	 
	 	Title: President & CEOExhibit 10.47

 

 

 

June 30, 2017

 

STRICTLY CONFIDENTIAL

 

PhaseRx, Inc.

410 W. Harrison Street, Suite 300

Seattle, Washington 98119

 

Attn: Robert W. Overell, Ph.D., Chief Executive Officer

 

Dear Dr. Overell:

 

Reference is made to the engagement agreement
(the “Engagement Agreement”), dated June 14, 2017, by and between PhaseRx, Inc. (the “Company”)
and H.C. Wainwright & Co., LLC (“Wainwright”), pursuant to which Wainwright shall serve as the exclusive
agent, advisor or underwriter of the Company in connection with an Offering (as defined in the Engagement Agreement).

 

The Company and Wainwright
hereby agree to amend Section A.1.

 

As such, Section A.1
is hereby amended and restated in its entirety to read as follows:

 

Cash Fee. The
Company shall pay to Wainwright a cash fee, or as to an underwritten Offering an underwriter discount, equal to 7.5% of the aggregate
gross proceeds raised in each Offering.

 

Except as expressly
set forth above, all of the terms and conditions of the Engagement Agreement shall continue in full force and effect after the
execution of this agreement and shall not be in any way changed, modified or superseded by the terms set forth herein. Defined
terms used herein but not defined herein shall have the meanings given to such terms in the Engagement Agreement.

 

This agreement may
be executed in two or more counterparts and by facsimile or “.pdf” signature or otherwise, and each of such counterparts
shall be deemed an original and all of such counterparts together shall constitute one and the same agreement.

 

[remainder of page
intentionally blank]

 

     

     

    

 

IN WITNESS WHEREOF, this agreement
is executed as of the date first set forth above.

 

	 	 	Very truly yours,
	 	 	 	 
	 	 	 	 
	 	H.C. WAINWRIGHT & CO., LLC
	 	 	 	 
	 	 	By	/s/ Edward D. Silvera
	 	 	 	Name: Edward D. Silvera
	 	 	 	Title: COO

 

	Accepted and Agreed:	 
	 	 
	PhaseRx, Inc.	 
	 	 	 
	By	/s/ Robert Overell	 
	 	Name: Robert Overell	 
	 	Title: President & CEO

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