Document:

Exhibit 4.3

 

REGISTRATION RIGHTS AGREEMENT

 

This Registration Rights
Agreement (this “Agreement”) is made and entered into as of February 29, 2016, among PhaseRx, Inc., a Delaware
corporation (the “Company”), and each of the several lenders signatory hereto (each such lender, a “Lender”
and, collectively, the “Lenders”).

 

This Agreement
is made pursuant to that certain Loan and Security Agreement, dated as of December 21, 2015, among the Company and each Lender
(the “Loan Agreement”)

 

The Company and each
Lender hereby agree as follows:

 

		1.	Definitions.

 

Capitalized terms
used and not otherwise defined herein that are defined in the Loan Agreement shall have the meanings given such terms in the Loan
Agreement. As used in this Agreement, the following terms shall have the following meanings:

 

“Advice”
shall have the meaning set forth in Section 6(d).

 

“Commission”
means the U.S. Securities and Exchange Commission.

 

“Common
Stock” means the Company’s common stock, par value $0.01 per share.

 

“Conversion
Shares” means the shares of Common Stock issuable to the Lenders upon an Automatic Conversion pursuant to Section 8.01
of the Loan Agreement.

 

“Cut-Off
Date” shall have the meaning set forth in Section 2(a).

 

“Effectiveness
Period” shall have the meaning set forth in Section 2(a).

 

“Holder”
or “Holders” means the holder or holders, as the case may be, from time to time of Registrable Securities.

 

“Indemnified
Party” shall have the meaning set forth in Section 5(c).

 

“Indemnifying
Party” shall have the meaning set forth in Section 5(c).

 

“Initial
Registration Statement” means the initial Registration Statement filed pursuant to this Agreement.

 

“Losses”
shall have the meaning set forth in Section 5(a).

 

“Plan
of Distribution” shall have the meaning set forth in Section 2(a).

 

“Proceeding”
means an action, claim, suit, investigation or proceeding (including, without limitation, an information investigation or partial
proceeding, such as a deposition), whether commenced or threatened.

 

     

     

    

 

“Prospectus”
means the prospectus included in a Registration Statement (including, without limitation, a prospectus that includes any information
previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated
by the Commission pursuant to the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the
terms of the offering of any portion of the Registrable Securities covered by a Registration Statement, and all other amendments
and supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to
be incorporated by reference in such Prospectus.

 

“Registrable
Securities” means, as of any date of determination, all Conversion Shares then issuable upon an Automatic Conversion
pursuant to Section 8.01 of the Loan Agreement (assuming on such date the Term Loans are converted in full without regard to any
conversion limitations therein); provided, however, that any such Registrable Securities shall cease to be Registrable
Securities (and the Company shall not be required to maintain the effectiveness of any, or file another, Registration Statement
hereunder with respect thereto) for so long as (a) a Registration Statement with respect to the sale of such Registrable Securities
is declared effective by the Commission under the Securities Act and such Registrable Securities have been disposed of by the Holder
in accordance with such effective Registration Statement, (b) such Registrable Securities have been previously sold in accordance
with Rule 144, or (c) such securities become eligible for resale without volume or manner-of-sale restrictions and without the
requirement for the Company to be in compliance with the current public information requirement under Rule 144, as determined by
counsel to the Company pursuant to a written opinion letter to such effect, addressed, delivered and acceptable to the Transfer
Agent and the affected Holders (assuming that such securities, any securities upon the exercise, conversion or exchange of or as
a dividend upon which such securities were issued, or any securities issuable upon the exercise, conversion or exchange of, or
as a dividend upon such securities, were at no time held by any Affiliate of the Company), as reasonably determined by the Company,
upon the advice of counsel to the Company. For the avoidance of doubt, any such Registrable Securities shall cease to be Registrable
Securities after the Cut-Off Date.

 

“Registration
Statement” means any registration statement required to be filed hereunder pursuant to Section 2(a) and any additional
registration statements contemplated by Section 2(c) or Section 3(c), including (in each case) the Prospectus, amendments and supplements
to any such registration statement or Prospectus, including pre- and post-effective amendments, all exhibits thereto, and all material
incorporated by reference or deemed to be incorporated by reference in any such registration statement.

 

“Rule
144” means means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or
interpreted from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same
purpose and effect as such Rule.

 

“Rule
415” means Rule 415 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted
from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose
and effect as such Rule.

 

“Rule
424” means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted
from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose
and effect as such Rule.

 

“Selling
Stockholder Questionnaire” shall have the meaning set forth in Section 3(a).

 

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“SEC
Guidance” means (i) any publicly-available written or oral guidance of the Commission staff, or any comments, requirements
or requests of the Commission staff and (ii) the Securities Act.

 

“Trading
Day” means a day on which the principal Trading Market is open for trading, provided, that in the event that the Common
Stock is not listed or quoted for trading on a Trading Market on the date in question, then Trading Day shall mean a Business Day.

 

“Trading
Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on
the date in question: the NYSE MKT, the NASDAQ Capital Market, the NASDAQ Global Market, the NASDAQ Global Select Market, the New
York Stock Exchange, the OTC Bulletin Board, the OTC QB Marketplace or the OTC QX Marketplace (or any successors to any of the
foregoing).

 

“Transfer
Agent” means a transfer agent for the Company’s Common Stock, and any successor transfer agent of the Company.

 

		2.	Shelf Registration.

 

(a)          If
the Company consummates the Qualified Offering in accordance with the Loan Agreement, the Company shall use its reasonable best
efforts to cause a Registration Statement covering all of the Registrable Securities to be declared effective under the Securities
Act concurrently with the registration statement for the Qualified Offering, and shall use its reasonable best efforts to keep
such Registration Statement continuously effective under the Securities Act until the first to occur of: (A) the date that is one
(1) year from the date the Registration Statement is declared effective by the Commission (the “Cut-Off Date”)
and (B) the date that all Registrable Securities covered by such Registration Statement (i) have been sold, thereunder or pursuant
to Rule 144, or (ii) may be sold without volume or manner-of-sale restrictions pursuant to Rule 144 and without the requirement
for the Company to be in compliance with the current public information requirement under Rule 144, as determined by the counsel
to the Company pursuant to a written opinion letter which shall be obtained at the Company’s expense, to such effect, addressed,
delivered and acceptable to the Transfer Agent and the affected Holders (assuming that such securities, any securities upon the
exercise, conversion or exchange of or as a dividend upon which such securities were issued, or any securities issuable upon the
exercise, conversion or exchange of, or as a dividend upon such securities, were at no time held by any Affiliate of the Company)
(the “Effectiveness Period”). The Registration Statement filed hereunder shall be on Form S-1 and shall contain
(unless otherwise directed by at least 85% in interest of the Holders) substantially the “Plan of Distribution”
attached hereto as Annex A. The Company shall immediately notify the Holders via facsimile or by e-mail of the effectiveness
of a Registration Statement on the same Trading Day that the Company telephonically confirms effectiveness with the Commission,
which shall be the date requested for effectiveness of such Registration Statement. The Company shall, by 5:30 p.m. Eastern Time
on the second Trading Day after the effective date of such Registration Statement, file a final Prospectus with the Commission
as required by Rule 424. For the avoidance of doubt, in no event shall the Lenders or any Holder have any piggyback rights with
respect to the Qualified Offering or rights to participate in the underwritten offering contemplated by the Qualified Offering.

 

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(b)          Notwithstanding
the registration obligations set forth in Section 2(a), if the Commission informs the Company that all of the Registrable Securities
cannot, as a result of the application of Rule 415, be registered for resale as a secondary offering on a single registration statement,
the Company agrees to promptly inform each of the Holders thereof and use its commercially reasonable efforts to file amendments
to the Initial Registration Statement as required by the Commission, covering the maximum number of Registrable Securities permitted
to be registered by the Commission, on Form S-3 or such other form available to register for resale the Registrable Securities
as a secondary offering, subject to the provisions of Section 2(d); provided, however, that prior to filing such
amendment, the Company shall be obligated to use diligent efforts to advocate with the Commission for the registration of all of
the Registrable Securities in accordance with the SEC Guidance, including without limitation, Compliance and Disclosure Interpretation
612.09.

 

(c)          Notwithstanding
any other provision of this Agreement, if the Commission or any SEC Guidance sets forth a limitation on the number of Registrable
Securities permitted to be registered on a particular Registration Statement as a secondary offering (and notwithstanding that
the Company used diligent efforts to advocate with the Commission for the registration of all or a greater portion of Registrable
Securities), unless otherwise directed in writing by a Holder as to its Registrable Securities, the number of Registrable Securities
to be registered on such Registration Statement will be reduced as follows:

 

		(i)	First,
the Company shall reduce or eliminate any securities to be included by any Person other than a Holder or the Company; and

 

		(ii)	Second,
the Company shall reduce Registrable Securities represented by Conversion Shares (applied to the Holders on a pro rata basis based
on the total number of unregistered Conversion Shares held by such Holders, collectively).

 

In
the event of a cutback hereunder, the Company shall give the Holder at least one (1) Trading Day prior written notice along with
the calculations as to such Holder’s allotment. In the event the Company amends the Initial Registration Statement in accordance
with the foregoing, the Company will use its reasonable best efforts to file with the Commission, as promptly as allowed by the
Commission or SEC Guidance provided to the Company or to registrants of securities in general, one or more registration statements
on Form S-3 or such other form available to register for resale those Registrable Securities that were not registered for resale
on the Initial Registration Statement, as amended. 

 

(d)          The
Company shall undertake to register the Registrable Securities on Form S-3 as soon as the Company is eligible to use such Form,
provided that the Company shall maintain the effectiveness of the Registration Statement then in effect until such time
as a Registration Statement on Form S-3 covering the Registrable Securities has been declared effective by the Commission.

  

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		3.	Registration Procedures.

 

In connection with
the Company’s registration obligations hereunder, the Company shall:

 

(a)          Not
less than five (5) Trading Days prior to the filing of each Registration Statement and not less than one (1) Trading Day prior
to the filing of any related Prospectus or any amendment or supplement thereto (including any document that would be incorporated
or deemed to be incorporated therein by reference), the Company shall (i) furnish to each Holder copies of all such documents proposed
to be filed, which documents (other than those incorporated or deemed to be incorporated by reference) will be subject to the review
of such Holders, and (ii) cause its officers and directors, counsel and independent registered public accountants to respond to
such inquiries as shall be necessary, in the reasonable opinion of respective counsel to each Holder, to conduct a reasonable investigation
within the meaning of the Securities Act. Notwithstanding the above, the Company shall not be obligated to provide the Holders
advance copies of any universal shelf registration statement registering securities in addition to those required hereunder, or
any Prospectus prepared thereto. The Company shall not file a Registration Statement or any such Prospectus or any amendments or
supplements thereto to which the Holders of 67% or more of the Registrable Securities shall reasonably object in good faith, provided
that, the Company is notified of such objection in writing no later than five (5) Trading Days after the Holders have been so furnished
copies of a Registration Statement or one (1) Trading Day after the Holders have been so furnished copies of any related Prospectus
or amendments or supplements thereto. Each Holder agrees to furnish to the Company a completed questionnaire in the form attached
to this Agreement as Annex B (a “Selling Stockholder Questionnaire”) by the end of the fourth (4th)
Trading Day following the date on which such Holder receives draft materials in accordance with this Section.

 

(b)          (i)
Prepare and file with the Commission such amendments, including post-effective amendments, to a Registration Statement and the
Prospectus used in connection therewith as may be necessary to keep a Registration Statement continuously effective as to the applicable
Registrable Securities for the Effectiveness Period and prepare and file with the Commission such additional Registration Statements
in order to register for resale under the Securities Act all of the Registrable Securities, (ii) cause the related Prospectus to
be amended or supplemented by any required Prospectus supplement (subject to the terms of this Agreement), and, as so supplemented
or amended, to be filed pursuant to Rule 424, (iii) respond as promptly as reasonably possible to any comments received from the
Commission with respect to a Registration Statement or any amendment thereto and provide as promptly as reasonably possible to
the Holders true and complete copies of all correspondence from and to the Commission relating to a Registration Statement (provided
that, the Company shall excise any information contained therein which would constitute material non-public information regarding
the Company or any of its Subsidiaries), and (iv) comply in all material respects with the applicable provisions of the Securities
Act and the Exchange Act with respect to the disposition of all Registrable Securities covered by a Registration Statement during
the applicable period in accordance (subject to the terms of this Agreement) with the intended methods of disposition by the Holders
thereof set forth in such Registration Statement as so amended or in such Prospectus as so supplemented.

 

(c)          If
during the Effectiveness Period, the number of Registrable Securities at any time exceeds 100% of the number of shares of Common
Stock then registered in a Registration Statement, then the Company shall file as soon as reasonably practicable an additional
Registration Statement covering the resale by the Holders of not less than the number of such Registrable Securities.

 

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(d)          Notify
the Holders of Registrable Securities to be sold (which notice shall, pursuant to clauses (iii) through (vi) hereof, be accompanied
by an instruction to suspend the use of the Prospectus until the requisite changes have been made) as promptly as reasonably possible
(and, in the case of (i)(A) below, not less than one (1) Trading Day prior to such filing) and (if requested by any such Person)
confirm such notice in writing no later than one (1) Trading Day following the day (i)(A) when a Prospectus or any Prospectus supplement
or post-effective amendment to a Registration Statement is proposed to be filed, (B) when the Commission notifies the Company whether
there will be a “review” of such Registration Statement and whenever the Commission comments in writing on such Registration
Statement, and (C) with respect to a Registration Statement or any post-effective amendment, when the same has become effective,
(ii) of any request by the Commission or any other federal or state governmental authority for amendments or supplements to a Registration
Statement or Prospectus or for additional information, (iii) of the issuance by the Commission or any other federal or state governmental
authority of any stop order suspending the effectiveness of a Registration Statement covering any or all of the Registrable Securities
or the initiation of any Proceedings for that purpose, (iv) of the receipt by the Company of any notification with respect to the
suspension of the qualification or exemption from qualification of any of the Registrable Securities for sale in any jurisdiction,
or the initiation or threatening of any Proceeding for such purpose, (v) of the occurrence of any event or passage of time that
makes the financial statements included in a Registration Statement ineligible for inclusion therein or any statement made in a
Registration Statement or Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any
material respect or that requires any revisions to a Registration Statement, Prospectus or other documents so that, in the case
of a Registration Statement or the Prospectus, as the case may be, it will not contain any untrue statement of a material fact
or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances
under which they were made, not misleading, and (vi) of the occurrence or existence of any pending corporate development with respect
to the Company that the Company believes may be material and that, in the determination of the Company, makes it not in the best
interest of the Company to allow continued availability of a Registration Statement or Prospectus, provided, however,
in no event shall any such notice contain any information which would constitute material, non-public information regarding the
Company or any of its Subsidiaries.

 

(e)          Use
its reasonable best efforts to avoid the issuance of, or, if issued, obtain the withdrawal of (i) any order stopping or suspending
the effectiveness of a Registration Statement, or (ii) any suspension of the qualification (or exemption from qualification) of
any of the Registrable Securities for sale in any jurisdiction, at the earliest practicable moment.

 

(f)          Furnish
to each Holder, without charge, at least one conformed copy of each such Registration Statement and each amendment thereto, including
financial statements and schedules, all documents incorporated or deemed to be incorporated therein by reference to the extent
requested by such Person, and all exhibits to the extent requested by such Person (including those previously furnished or incorporated
by reference) promptly after the filing of such documents with the Commission; provided, that any such item which is available
on the EDGAR system (or successor thereto) need not be furnished in physical form.

 

(g)          Subject
to the terms of this Agreement, the Company hereby consents to the use of such Prospectus and each amendment or supplement thereto
by each of the selling Holders in connection with the offering and sale of the Registrable Securities covered by such Prospectus
and any amendment or supplement thereto, except after the giving of any notice pursuant to Section 3(d).

 

(h)          
The Company shall cooperate with any broker-dealer through which a Holder proposes to resell its Registrable Securities in effecting
a filing with the FINRA Corporate Financing Department pursuant to FINRA Rule 5110, as requested by any such Holder, and the Company
shall pay the filing fee required by such filing within two (2) Business Days of request therefor.

 

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(i)          Prior
to any resale of Registrable Securities by a Holder, use its commercially reasonable efforts to register or qualify or cooperate
with the selling Holders in connection with the registration or qualification (or exemption from the registration or qualification)
of such Registrable Securities for the resale by the Holder under the securities or Blue Sky laws of such jurisdictions within
the United States as any Holder reasonably requests in writing, to keep each registration or qualification (or exemption therefrom)
effective during the Effectiveness Period and to do any and all other acts or things reasonably necessary to enable the disposition
in such jurisdictions of the Registrable Securities covered by each Registration Statement; provided, that, the Company shall not
be required to qualify generally to do business in any jurisdiction where it is not then so qualified, subject the Company to any
material tax in any such jurisdiction where it is not then so subject or file a general consent to service of process in any such
jurisdiction.

 

(j)          If
requested by a Holder, cooperate with such Holder to facilitate the timely preparation and delivery of certificates representing
Registrable Securities to be delivered to a transferee pursuant to a Registration Statement, which certificates shall be free,
to the extent permitted by the Loan Agreement and applicable law, of all restrictive legends, and to enable such Registrable Securities
to be in such denominations and registered in such names as any such Holder may request.

 

(k)          Upon
the occurrence of any event contemplated by Section 3(d), as promptly as reasonably possible under the circumstances taking into
account the Company’s good faith assessment of any adverse consequences to the Company and its stockholders of the premature
disclosure of such event, prepare a supplement or amendment, including a post-effective amendment, to a Registration Statement
or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, and
file any other required document so that, as thereafter delivered, neither a Registration Statement nor such Prospectus will contain
an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances under which they were made, not misleading. If
the Company notifies the Holders in accordance with clauses (iii) through (vi) of Section 3(d) above to suspend the use of any
Prospectus until the requisite changes to such Prospectus have been made, then the Holders shall suspend use of such Prospectus.
The Company will use its reasonable best efforts to ensure that the use of the Prospectus may be resumed as promptly as is practicable.
The Company shall be entitled to exercise its right under this Section 3(k) to suspend the availability of a Registration Statement
and Prospectus for a period not to exceed 75 calendar days (which need not be consecutive days) in any 12-month period.

 

(l)          Comply
with all applicable rules and regulations of the Commission.

 

(m)          To
the extent it becomes eligible to use such Form, the Company shall use its reasonable best efforts to maintain eligibility for
use of Form S-3 (or any successor form thereto) for the registration of the resale of Registrable Securities.

 

(n)          The
Company may require each selling Holder to furnish to the Company a certified statement as to the number of shares of Common Stock
beneficially owned by such Holder and, if required by the Commission, the natural persons thereof that have voting and dispositive
control over the shares.

 

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4.   Registration
Expenses. All fees and expenses incident to the performance of or compliance with, this Agreement by the Company shall be borne
by the Company whether or not any Registrable Securities are sold pursuant to a Registration Statement. The fees and expenses referred
to in the foregoing sentence shall include, without limitation, (i) all registration and filing fees (including, without limitation,
fees and expenses of the Company’s counsel and independent registered public accountants) (A) with respect to filings made
with the Commission, (B) with respect to filings required to be made with any Trading Market on which the Common Stock is then
listed for trading, (C) in compliance with applicable state securities or Blue Sky laws reasonably agreed to by the Company in
writing (including, without limitation, fees and disbursements of counsel for the Company in connection with Blue Sky qualifications
or exemptions of the Registrable Securities) and (D) if not previously paid by the Company, with respect to any filing that may
be required to be made by any broker through which a Holder intends to make sales of Registrable Securities with FINRA pursuant
to FINRA Rule 5110, so long as the broker is receiving no more than a customary brokerage commission in connection with such sale,
(ii) printing expenses (including, without limitation, expenses of printing certificates for Registrable Securities), (iii) messenger,
telephone and delivery expenses, (iv) fees and disbursements of counsel for the Company, (v) Securities Act liability insurance,
if the Company so desires such insurance, and (vi) fees and expenses of all other Persons retained by the Company in connection
with the consummation of the transactions contemplated by this Agreement. In addition, the Company shall be responsible for all
of its internal expenses incurred in connection with the consummation of the transactions contemplated by this Agreement (including,
without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expense
of any annual audit and the fees and expenses incurred in connection with the listing of the Registrable Securities on any securities
exchange as required hereunder. In no event shall the Company be responsible for any broker or similar commissions of any Holder
or, except to the extent provided for in the Facility Documents, any legal fees or other costs of the Holders.

 

		5.	Indemnification.

 

(a)          Indemnification
by the Company. The Company shall, notwithstanding any termination of this Agreement, indemnify and hold harmless each Holder,
the officers, directors, members, partners, agents, brokers (including brokers who offer and sell Registrable Securities as principal
as a result of a pledge or any failure to perform under a margin call of Common Stock), investment advisors and employees (and
any other Persons with a functionally equivalent role of a Person holding such titles, notwithstanding a lack of such title or
any other title) of each of them, each Person who controls any such Holder (within the meaning of Section 15 of the Securities
Act or Section 20 of the Exchange Act) and the officers, directors, members, stockholders, partners, agents and employees (and
any other Persons with a functionally equivalent role of a Person holding such titles, notwithstanding a lack of such title or
any other title) of each such controlling Person, to the fullest extent permitted by applicable law, from and against any and all
losses, claims, damages, liabilities, costs (including, without limitation, reasonable attorneys’ fees) and expenses (collectively,
“Losses”), as incurred, arising out of or relating to (1) any untrue or alleged untrue statement of a material
fact contained in a Registration Statement, any Prospectus or any form of prospectus or in any amendment or supplement thereto
or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission of a material fact required
to be stated therein or necessary to make the statements therein (in the case of any Prospectus or supplement thereto, in light
of the circumstances under which they were made) not misleading or (2) any violation or alleged violation by the Company of the
Securities Act, the Exchange Act or any state securities law, or any rule or regulation thereunder, in connection with the performance
of its obligations under this Agreement, except to the extent, but only to the extent, that (i) such untrue statements or omissions
are based solely upon information regarding such Holder furnished in writing to the Company by such Holder expressly for use therein,
or to the extent that such information relates to such Holder or such Holder’s proposed method of distribution of Registrable
Securities and was reviewed and expressly approved in writing by such Holder expressly for use in a Registration Statement, such
Prospectus or in any amendment or supplement thereto (it being understood that the Holder has approved Annex A hereto for this
purpose) or (ii) in the case of an occurrence of an event of the type specified in Section 3(d)(iii)-(vi), the use by such Holder
of an outdated, defective or otherwise unavailable Prospectus after the Company has notified such Holder in writing that the Prospectus
is outdated, defective or otherwise unavailable for use by such Holder and prior to the receipt by such Holder of the Advice contemplated
in Section 6(d), but only if and to the extent that following the receipt of the Advice the misstatement or omission giving rise
to such Loss would have been corrected. The Company shall notify the Holders promptly of the institution, threat or assertion of
any Proceeding arising from or in connection with the transactions contemplated by this Agreement of which the Company is aware.
Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such indemnified person
and shall survive the transfer of any Registrable Securities by any of the Holders in accordance with Section 6(h).

 

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(b)          Indemnification
by Holders. Each Holder shall, severally and not jointly, indemnify and hold harmless the Company, its directors, officers,
agents and employees, each Person who controls the Company (within the meaning of Section 15 of the Securities Act and Section
20 of the Exchange Act), and the directors, officers, agents or employees of such controlling Persons (and any other Persons with
a functionally equivalent role of a Person holding such titles, notwithstanding a lack of such title or any other title), to the
fullest extent permitted by applicable law, from and against all Losses, as incurred, to the extent arising out of or based solely
upon: (x) such Holder’s failure to comply with any applicable prospectus delivery requirements of the Securities Act or the
plan of distribution in any Registration Statement through no fault of the Company or (y) any untrue or alleged untrue statement
of a material fact contained in any Registration Statement, any Prospectus, or in any amendment or supplement thereto or in any
preliminary prospectus, or arising out of or relating to any omission or alleged omission of a material fact required to be stated
therein or necessary to make the statements therein (in the case of any Prospectus or supplement thereto, in light of the circumstances
under which they were made) not misleading (i) to the extent, but only to the extent, that such untrue statement or omission is
contained in any information so furnished in writing by such Holder to the Company expressly for inclusion in such Registration
Statement or such Prospectus, (ii) to the extent, but only to the extent, that such information relates to such Holder’s
proposed method of distribution of Registrable Securities and was reviewed and expressly approved in writing by such Holder expressly
for use in a Registration Statement (it being understood that the Holder has approved Annex A hereto for this purpose), such Prospectus
or in any amendment or supplement thereto or (iii) in the case of an occurrence of an event of the type specified in Section 3(d)(iii)-(vi),
to the extent, but only to the extent, related to the use by such Holder of an outdated, defective or otherwise unavailable Prospectus
after the Company has notified such Holder in writing that the Prospectus is outdated, defective or otherwise unavailable for use
by such Holder and prior to the receipt by such Holder of the Advice contemplated in Section 6(d), but only if and to the extent
that following the receipt of the Advice the misstatement or omission giving rise to such Loss would have been corrected. In no
event shall the liability of any selling Holder under this Section 5(b) be greater in amount than the dollar amount of the net
proceeds actually received by such Holder upon the sale of the Registrable Securities giving rise to such indemnification obligation.

 

(c)          Conduct
of Indemnification Proceedings. If any Proceeding shall be brought or asserted against any Person entitled to indemnity hereunder
(an “Indemnified Party”), such Indemnified Party shall promptly notify the Person from whom indemnity is sought
(the “Indemnifying Party”) in writing, and the Indemnifying Party shall have the right to assume the defense
thereof, including the employment of counsel reasonably satisfactory to the Indemnified Party and the payment of all fees and expenses
incurred in connection with defense thereof; provided, that, the failure of any Indemnified Party to give such notice shall not
relieve the Indemnifying Party of its obligations or liabilities pursuant to this Agreement, except (and only) to the extent that
it shall be finally determined by a court of competent jurisdiction (which determination is not subject to appeal or further review)
that such failure shall have materially and adversely prejudiced the Indemnifying Party.

 

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An Indemnified
Party shall have the right to employ separate counsel in any such Proceeding and to participate in the defense thereof, but the
fees and expenses of such counsel shall be at the expense of such Indemnified Party or Parties unless: (1) the Indemnifying Party
has agreed in writing to pay such fees and expenses, (2) the Indemnifying Party shall have failed promptly to assume the defense
of such Proceeding and to employ counsel reasonably satisfactory to such Indemnified Party in any such Proceeding, or (3) the named
parties to any such Proceeding (including any impleaded parties) include both such Indemnified Party and the Indemnifying Party,
and counsel to the Indemnified Party shall reasonably believe that a material conflict of interest is likely to exist if the same
counsel were to represent such Indemnified Party and the Indemnifying Party (in which case, if such Indemnified Party notifies
the Indemnifying Party in writing that it elects to employ separate counsel at the expense of the Indemnifying Party, the Indemnifying
Party shall not have the right to assume the defense thereof and the reasonable fees and expenses of no more than one separate
counsel shall be at the expense of the Indemnifying Party). The Indemnifying Party shall not be liable for any settlement of any
such Proceeding effected without its written consent, which consent shall not be unreasonably withheld or delayed. No Indemnifying
Party shall, without the prior written consent of the Indemnified Party, effect any settlement of any pending Proceeding in respect
of which any Indemnified Party is a party, unless such settlement includes an unconditional release of such Indemnified Party from
all liability on claims that are the subject matter of such Proceeding.

 

Subject to
the terms of this Agreement, all reasonable fees and expenses of the Indemnified Party (including reasonable fees and expenses
to the extent incurred in connection with investigating or preparing to defend such Proceeding in a manner not inconsistent with
this Section) shall be paid to the Indemnified Party, as incurred, within ten Trading Days of written notice thereof to the Indemnifying
Party; provided, that, the Indemnified Party shall promptly reimburse the Indemnifying Party for that portion of such fees and
expenses applicable to such actions for which such Indemnified Party is finally determined by a court of competent jurisdiction
(which determination is not subject to appeal or further review) not to be entitled to indemnification hereunder.

 

(d)          Contribution.
If the indemnification under Section 5(a) or 5(b) is unavailable to an Indemnified Party or insufficient to hold an Indemnified
Party harmless for any Losses, then each Indemnifying Party shall contribute to the amount paid or payable by such Indemnified
Party, in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party and Indemnified Party in connection
with the actions, statements or omissions that resulted in such Losses as well as any other relevant equitable considerations.
The relative fault of such Indemnifying Party and Indemnified Party shall be determined by reference to, among other things, whether
any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission of
a material fact, has been taken or made by, or relates to information supplied by, such Indemnifying Party or Indemnified Party,
and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such action, statement
or omission. The amount paid or payable by a party as a result of any Losses shall be deemed to include, subject to the limitations
set forth in this Agreement, any reasonable attorneys’ or other fees or expenses incurred by such party in connection with
any Proceeding to the extent such party would have been indemnified for such fees or expenses if the indemnification provided for
in this Section was available to such party in accordance with its terms.

 

    	 	10	 

     

    

 

The parties
hereto agree that it would not be just and equitable if contribution pursuant to this Section 5(d) were determined by pro rata
allocation or by any other method of allocation that does not take into account the equitable considerations referred to in the
immediately preceding paragraph. Notwithstanding the provisions of this Section 5(d), no Holder shall be required to contribute
pursuant to this Section 5(d), in the aggregate, any amount in excess of the amount by which the net proceeds actually received
by such Holder from the sale of the Registrable Securities subject to the Proceeding exceeds the amount of any damages that such
Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission.

 

The indemnity
and contribution agreements contained in this Section are in addition to any liability that the Indemnifying Parties may have to
the Indemnified Parties.

 

		6.	Miscellaneous.

 

(a)          Remedies.
In the event of a breach by the Company or by a Holder of any of their respective obligations under this Agreement, each Holder
or the Company, as the case may be, in addition to being entitled to exercise all rights granted by law and under this Agreement,
including recovery of damages, shall be entitled to specific performance of its rights under this Agreement. Each of the Company
and each Holder agrees that monetary damages would not provide adequate compensation for any losses incurred by reason of a breach
by it of any of the provisions of this Agreement and hereby further agrees that, in the event of any action for specific performance
in respect of such breach, it shall not assert or shall waive the defense that a remedy at law would be adequate.

 

(b)          Reserved.

 

(c)          Compliance.
Each Holder covenants and agrees that it will comply with the prospectus delivery requirements of the Securities Act as applicable
to it (unless an exemption therefrom is available) in connection with sales of Registrable Securities pursuant to a Registration
Statement.

 

(d)          Discontinued
Disposition. By its acquisition of Registrable Securities, each Holder agrees that, upon receipt of a notice from the Company
of the occurrence of any event of the kind described in Section 3(d)(iii) through (vi), such Holder will forthwith discontinue
disposition of such Registrable Securities under a Registration Statement until it is advised in writing (the “Advice”)
by the Company that the use of the applicable Prospectus (as it may have been supplemented or amended) may be resumed. The Company
will use its reasonable best efforts to ensure that the use of the Prospectus may be resumed as promptly as is practicable.

 

(e)          Piggy-Back
Registrations. If, at any time during the Effectiveness Period, there is not an effective Registration Statement covering all
of the Registrable Securities and the Company shall determine to prepare and file with the Commission a registration statement
relating to an offering for its own account or the account of others under the Securities Act of any of its equity securities,
other than on Form S-4 or Form S-8 (each as promulgated under the Securities Act) or their then equivalents relating to equity
securities to be issued solely in connection with any acquisition of any entity or business or equity securities issuable in connection
with the Company’s stock option or other employee benefit plans, then the Company shall deliver to each Holder a written
notice of such determination and, if within fifteen days after the date of the delivery of such notice, any such Holder shall so
request in writing, the Company shall include in such registration statement all or any part of such Registrable Securities such
Holder requests to be registered; provided, however, that the Company shall not be required to include any Registrable
Securities in the Qualified Offering or register any Registrable Securities pursuant to this Section 6(e) that are eligible for
resale pursuant to Rule 144 (without volume restrictions or current public information requirements) promulgated by the Commission
pursuant to the Securities Act or that are the subject of a then effective Registration Statement.

 

    	 	11	 

     

    

 

(f)          Amendments
and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or supplemented,
and waivers or consents to departures from the provisions hereof may not be given, unless the same shall be in writing and signed
by the Company and the Holders of 67% or more of the then outstanding Registrable Securities (for purposes of clarification, this
includes any Registrable Securities issuable upon exercise or conversion of any Security). If a Registration Statement does not
register all of the Registrable Securities pursuant to a waiver or amendment done in compliance with the previous sentence, then
the number of Registrable Securities to be registered for each Holder shall be reduced pro rata among all Holders and each Holder
shall have the right to designate which of its Registrable Securities shall be omitted from such Registration Statement. Notwithstanding
the foregoing, a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the
rights of a Holder or some Holders and that does not directly or indirectly affect the rights of other Holders may be given only
by such Holder or Holders of all of the Registrable Securities to which such waiver or consent relates; provided, however,
that the provisions of this sentence may not be amended, modified, or supplemented except in accordance with the provisions of
the first sentence of this Section 6(f). No consideration shall be offered or paid to any Person to amend or consent to a waiver
or modification of any provision of this Agreement unless the same consideration also is offered to all of the parties to this
Agreement.

 

(g)          Notices.
Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be delivered as
set forth in the Loan Agreement.

 

(h)          Successors
and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of each
of the parties and shall inure to the benefit of each Holder. The Company may not assign (except by merger) its rights or obligations
hereunder without the prior written consent of all of the Holders of the then outstanding Registrable Securities. Each Holder may
assign their respective rights hereunder to the extent such Holder duly assigns its Term Loans under the Loan Agreement.

 

(i)          No
Inconsistent Agreements. Neither the Company nor any of its Subsidiaries has entered, as of the date hereof, nor shall the
Company or any of its Subsidiaries, on or after the date of this Agreement, enter into any agreement with respect to its securities,
that would have the effect of impairing the rights granted to the Holders in this Agreement or otherwise conflicts with the provisions
hereof. Neither the Company nor any of its Subsidiaries has previously entered into any agreement granting any registration rights
with respect to any of its securities to any Person that have not been satisfied in full or will not be terminated in connection
with the Qualified Offering.

 

(j)          Execution
and Counterparts. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered
one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other
party, it being understood that both parties need not sign the same counterpart. In the event that any signature is delivered by
facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and
binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if
such facsimile or “.pdf” signature page were an original thereof.

 

(k)          Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be determined
in accordance with the provisions of the Loan Agreement.

 

    	 	12	 

     

    

 

(l)          Cumulative
Remedies. The remedies provided herein are cumulative and not exclusive of any other remedies provided by law.

 

(m)          Severability.
If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal,
void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full
force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially
reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated
by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that
they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be
hereafter declared invalid, illegal, void or unenforceable.

 

(n)          Headings.
The headings in this Agreement are for convenience only, do not constitute a part of the Agreement and shall not be deemed to limit
or affect any of the provisions hereof.

 

(o)          Independent
Nature of Holders’ Obligations and Rights. The obligations of each Holder hereunder are several and not joint with the
obligations of any other Holder hereunder, and no Holder shall be responsible in any way for the performance of the obligations
of any other Holder hereunder. Nothing contained herein or in any other agreement or document delivered at any closing, and no
action taken by any Holder pursuant hereto or thereto, shall be deemed to constitute the Holders as a partnership, an association,
a joint venture or any other kind of group or entity, or create a presumption that the Holders are in any way acting in concert
or as a group or entity with respect to such obligations or the transactions contemplated by this Agreement or any other matters,
and the Company acknowledges that the Holders are not acting in concert or as a group, and the Company shall not assert any such
claim, with respect to such obligations or transactions. Each Holder shall be entitled to protect and enforce its rights, including
without limitation the rights arising out of this Agreement, and it shall not be necessary for any other Holder to be joined as
an additional party in any proceeding for such purpose. The use of a single agreement with respect to the obligations of the Company
contained was solely in the control of the Company, not the action or decision of any Holder, and was done solely for the convenience
of the Company and not because it was required or requested to do so by any Holder. It is expressly understood and agreed that
each provision contained in this Agreement is between the Company and a Holder, solely, and not between the Company and the Holders
collectively and not between and among Holders.

 

********************

(Signature Pages Follow)

 

    	 	13	 

     

    

 

IN WITNESS WHEREOF,
the parties have executed this Registration Rights Agreement as of the date first written above.

 

	 	PHASERX, INC. 
	 	 
	 	By:/s/ Robert W. Overell, Ph.D.
	 	  Name: Robert W. Ovrell, Ph.D.
	 	  Title: Chief Executive Officer and President

 

[SIGNATURE PAGE OF LENDERS FOLLOWS]

 

     

     

    

  

[SIGNATURE
PAGE OF HOLDERS TO PHASERX REGISTRATION RIGHTS AGREEMENT]

 

Name of Lender: 2004 Leon Scharf Irrevocable Trust Corp

 

Signature of Authorized Signatory of Lender: /s/ Willy
Beer

 

Name of Authorized Signatory: Willy Beer

 

Title of Authorized Signatory: Trustee

 

     

     

    

 

Annex A

 

Plan of Distribution

 

Each Selling Stockholder
(the “Selling Stockholders”) of the securities and any of their pledgees, assignees and successors-in-interest
may, from time to time, sell any or all of their securities covered hereby on the NASDAQ Capital Market or any other stock exchange,
market or trading facility on which the securities are traded or in private transactions. These sales may be at fixed or negotiated
prices. A Selling Stockholder may use any one or more of the following methods when selling securities:

 

		·	ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;

 

		·	block trades in which the broker-dealer will attempt to sell the securities as agent but may position and resell a portion
of the block as principal to facilitate the transaction;

 

		·	purchases by a broker-dealer as principal and resale by the broker-dealer for its account;

 

		·	an exchange distribution in accordance with the rules of the applicable exchange;

 

		·	privately negotiated transactions;

 

		·	settlement of short sales entered into after the effective date of the registration statement of which this prospectus is a
part;

 

		·	in transactions through broker-dealers that agree with the Selling Stockholders to sell a specified number of such securities
at a stipulated price per security;

 

		·	through the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise;

 

		·	a combination of any such methods of sale; or

 

		·	any other method permitted pursuant to applicable law.

 

The Selling Stockholders
may also sell securities under Rule 144 under the Securities Act of 1933, as amended (the “Securities Act”),
if available, rather than under this prospectus.

 

Broker-dealers engaged
by the Selling Stockholders may arrange for other broker-dealers to participate in sales. Broker-dealers may receive commissions
or discounts from the Selling Stockholders (or, if any broker-dealer acts as agent for the purchaser of securities, from the purchaser)
in amounts to be negotiated, but, except as set forth in a supplement to this Prospectus, in the case of an agency transaction
not in excess of a customary brokerage commission in compliance with FINRA Rule 2440; and in the case of a principal transaction
a markup or markdown in compliance with FINRA IM-2440.

 

     

     

    

 

In connection with
the sale of the securities or interests therein, the Selling Stockholders may enter into hedging transactions with broker-dealers
or other financial institutions, which may in turn engage in short sales of the securities in the course of hedging the positions
they assume. The Selling Stockholders may also sell securities short and deliver these securities to close out their short positions,
or loan or pledge the securities to broker-dealers that in turn may sell these securities. The Selling Stockholders may also enter
into option or other transactions with broker-dealers or other financial institutions or create one or more derivative securities
which require the delivery to such broker-dealer or other financial institution of securities offered by this prospectus, which
securities such broker-dealer or other financial institution may resell pursuant to this prospectus (as supplemented or amended
to reflect such transaction).

 

The Selling Stockholders
and any broker-dealers or agents that are involved in selling the securities may be deemed to be “underwriters” within
the meaning of the Securities Act in connection with such sales. In such event, any commissions received by such broker-dealers
or agents and any profit on the resale of the securities purchased by them may be deemed to be underwriting commissions or discounts
under the Securities Act. Each Selling Stockholder has informed the Company that it does not have any written or oral agreement
or understanding, directly or indirectly, with any person to distribute the securities. In no event shall any broker-dealer receive
fees, commissions and markups which, in the aggregate, would exceed eight percent (8%).

 

The Company is required
to pay certain fees and expenses incurred by the Company incident to the registration of the securities. The Company has agreed
to indemnify the Selling Stockholders against certain losses, claims, damages and liabilities, including liabilities under the
Securities Act.

 

Because Selling Stockholders
may be deemed to be “underwriters” within the meaning of the Securities Act, they will be subject to the prospectus
delivery requirements of the Securities Act including Rule 172 thereunder. In addition, any securities covered by this prospectus
which qualify for sale pursuant to Rule 144 under the Securities Act may be sold under Rule 144 rather than under this prospectus.
The Selling Stockholders have advised us that there is no underwriter or coordinating broker acting in connection with the proposed
sale of the resale securities by the Selling Stockholders.

 

We agreed to keep this
prospectus effective until the earliest of (i) one (1) year from the date the Registration Statement is declared effective by the
Commission, (ii) the date on which the securities may be resold by the Selling Stockholders without registration and without regard
to any volume or manner-of-sale limitations by reason of Rule 144, without the requirement for the Company to be in compliance
with the current public information under Rule 144 under the Securities Act or any other rule of similar effect or (iii) the date
on which all of the securities have been sold pursuant to this prospectus or Rule 144 under the Securities Act or any other rule
of similar effect. The resale securities will be sold only through registered or licensed brokers or dealers if required under
applicable state securities laws. In addition, in certain states, the resale securities covered hereby may not be sold unless they
have been registered or qualified for sale in the applicable state or an exemption from the registration or qualification requirement
is available and is complied with.

 

Under applicable rules
and regulations under the Exchange Act, any person engaged in the distribution of the resale securities may not simultaneously
engage in market making activities with respect to the common stock for the applicable restricted period, as defined in Regulation
M, prior to the commencement of the distribution. In addition, the Selling Stockholders will be subject to applicable provisions
of the Exchange Act and the rules and regulations thereunder, including Regulation M, which may limit the timing of purchases and
sales of securities of the common stock by the Selling Stockholders or any other person. We will make copies of this prospectus
available to the Selling Stockholders and have informed them of the need to deliver a copy of this prospectus to each purchaser
at or prior to the time of the sale (including by compliance with Rule 172 under the Securities Act).

 

    	 	2	 

     

    

  

Annex B

 

PHASERX,
INC.

 

Selling Stockholder Notice and Questionnaire

 

The undersigned beneficial
owner of common stock (the “Registrable Securities”) of PhaseRx, Inc., a Delaware corporation (the “Company”),
understands that the Company has filed or intends to file with the Securities and Exchange Commission (the “Commission”)
a registration statement (the “Registration Statement”) for the registration and resale under Rule 415 of the
Securities Act of 1933, as amended (the “Securities Act”), of the Registrable Securities, in accordance with
the terms of the Registration Rights Agreement (the “Registration Rights Agreement”) to which this document
is annexed. A copy of the Registration Rights Agreement is available from the Company upon request at the address set forth below.
All capitalized terms not otherwise defined herein shall have the meanings ascribed thereto in the Registration Rights Agreement.

 

Certain legal consequences
arise from being named as a selling stockholder in the Registration Statement and the related prospectus. Accordingly, holders
and beneficial owners of Registrable Securities are advised to consult their own securities law counsel regarding the consequences
of being named or not being named as a selling stockholder in the Registration Statement and the related prospectus.

 

NOTICE

 

The undersigned beneficial
owner (the “Selling Stockholder”) of Registrable Securities hereby elects to include the Registrable Securities
owned by it in the Registration Statement.

 

     

     

    

 

The undersigned hereby provides the following
information to the Company and represents and warrants that such information is accurate:

 

QUESTIONNAIRE

 

		1.	Name.

 

		(a)	Full Legal Name of Selling Stockholder

	 	
         

        2004 Leon Scharf Irrevocable Trust Corp

	 	 

 

		(b)	Full Legal Name of Registered Holder (if not the same
as (a) above) through which Registrable Securities are held:

	 	
         

         

	 	 

 

		(c)	Full Legal Name of Natural Control Person (which means
a natural person who directly or indirectly alone or with others has power to vote or dispose of the securities covered by this
Questionnaire):

	 	
         

        Willy Beer

	 	 

 

2. Address for Notices to Selling
Stockholder:

	
         

        #### ######### ###. ##### ### ########, ## #####

	 
	 

	Telephone: 	### ## ####

	Fax:	 

	Contact Person: Willy Beer

 

3. Broker-Dealer Status:

 

		(a)	Are you a broker-dealer?

 

Yes    ̈        No   x

 

		(b)	If “yes” to Section 3(a), did you receive
your Registrable Securities as compensation for investment banking services to the Company?

 

Yes    ̈        No    ̈

 

		Note:	If “no” to Section 3(b), the Commission’s
staff has indicated that you should be identified as an underwriter in the Registration Statement.

 

		(c)	Are you an affiliate of a broker-dealer?

 

Yes    ̈        No   x

 

    4 

     

    

 

		(d)	If you are an affiliate of a broker-dealer, do you certify
that you purchased the Registrable Securities in the ordinary course of business, and at the time of the purchase of the Registrable
Securities to be resold, you had no agreements or understandings, directly or indirectly, with any person to distribute the Registrable
Securities?

 

Yes    ̈        No    ̈

 

		Note:	If “no” to Section 3(d), the Commission’s
staff has indicated that you should be identified as an underwriter in the Registration Statement.

 

4. Beneficial Ownership of Securities
of the Company Owned by the Selling Stockholder.

 

Except as set forth below
in this Item 4, the undersigned is not the beneficial or registered owner of any securities of the Company other than the securities
issuable pursuant to the Loan Agreement.

 

		(a)	Type and amount of other securities beneficially owned
by the Selling Stockholder:

	 	
         

         

	 	 

 

    5 

     

    

 

5. Relationships with the Company:

 

Except as set forth below,
neither the undersigned nor any of its affiliates, officers, directors or principal equity holders (owners of 5% of more of the
equity securities of the undersigned) has held any position or office or has had any other material relationship with the Company
(or its predecessors or affiliates) during the past three years.

 

			State any exceptions here:

	 	
         

         

	 	 
	 	 

The undersigned agrees
to promptly notify the Company of any inaccuracies or changes in the information provided herein that may occur subsequent to the
date hereof at any time while the Registration Statement remains effective.

 

By signing below, the
undersigned consents to the disclosure of the information contained herein in its answers to Items 1 through 5 and the inclusion
of such information in the Registration Statement and the related prospectus and any amendments or supplements thereto. The undersigned
understands that such information will be relied upon by the Company in connection with the preparation or amendment of the Registration
Statement and the related prospectus and any amendments or supplements thereto.

 

IN WITNESS WHEREOF
the undersigned, by authority duly given, has caused this Notice and Questionnaire to be executed and delivered either in person
or by its duly authorized agent.

 

	Date: 2/10/16	2004 Leon Scharf Irrevocable Trust Corp.
	 	 	 
	 	By: 	/s/ Willy Beer
	 	 	Name: Willy Beer
	 	 	Title: Trustee

 

PLEASE FAX A COPY (OR EMAIL A .PDF COPY)
OF THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE, AND RETURN THE ORIGINAL BY OVERNIGHT MAIL, TO:

 

    6 

     

    

  

SIGNATURE
PAGE OF HOLDERS TO PHASERX REGISTRATION RIGHTS AGREEMENT

 

Name of Lender: Alpha Capital Anstalt

 

Signature of Authorized Signatory of Lender: /s/ Konrad
Ackermann

 

Name of Authorized Signatory: Konrad Ackermann

 

Title of Authorized Signatory: Director

 

     

     

    

 

The undersigned hereby provides the following
information to the Company and represents and warrants that such information is accurate:

 

QUESTIONNAIRE

 

		1.	Name.

 

		(a)	Full Legal Name of Selling Stockholder

	 	
         

        Alpha Capital Anstalt

	 	 

 

		(b)	Full Legal Name of Registered Holder (if not the same
as (a) above) through which Registrable Securities are held:

	 	
         

         

	 	 

 

		(c)	Full Legal Name of Natural Control Person (which means
a natural person who directly or indirectly alone or with others has power to vote or dispose of the securities covered by this
Questionnaire):

	 	
         

        Konrad Ackermann

	 	 

 

2. Address for Notices to Selling
Stockholder:

	
         

        ########### ## ##-#### ##### ########### #############

	 
	 

	Telephone: 	### ### ####

	Fax:	### ### ####

	Contact Person: Konrad Ackermann

 

3. Broker-Dealer Status:

 

		(a)	Are you a broker-dealer?

 

Yes    ̈        No   x

 

		(b)	If “yes” to Section 3(a), did you receive
your Registrable Securities as compensation for investment banking services to the Company?

 

Yes    ̈        No    ̈

 

		Note:	If “no” to Section 3(b), the Commission’s
staff has indicated that you should be identified as an underwriter in the Registration Statement.

 

		(c)	Are you an affiliate of a broker-dealer?

 

Yes    ̈        No   x

 

     

     

    

 

		(d)	If you are an affiliate of a broker-dealer, do you certify
that you purchased the Registrable Securities in the ordinary course of business, and at the time of the purchase of the Registrable
Securities to be resold, you had no agreements or understandings, directly or indirectly, with any person to distribute the Registrable
Securities?

 

Yes    ̈        No    ̈

 

		Note:	If “no” to Section 3(d), the Commission’s
staff has indicated that you should be identified as an underwriter in the Registration Statement.

 

4. Beneficial Ownership of Securities
of the Company Owned by the Selling Stockholder.

 

Except as set forth below
in this Item 4, the undersigned is not the beneficial or registered owner of any securities of the Company other than the securities
issuable pursuant to the Loan Agreement.

 

		(a)	Type and amount of other securities beneficially owned
by the Selling Stockholder:

	 	
         

         

	 	 
	 	 

 

    9 

     

    

  

5. Relationships with the Company:

 

Except as set forth below,
neither the undersigned nor any of its affiliates, officers, directors or principal equity holders (owners of 5% of more of the
equity securities of the undersigned) has held any position or office or has had any other material relationship with the Company
(or its predecessors or affiliates) during the past three years.

 

			State any exceptions here:

	 	
         

         

	 	 
	 	 

The undersigned agrees
to promptly notify the Company of any inaccuracies or changes in the information provided herein that may occur subsequent to the
date hereof at any time while the Registration Statement remains effective.

 

By signing below, the
undersigned consents to the disclosure of the information contained herein in its answers to Items 1 through 5 and the inclusion
of such information in the Registration Statement and the related prospectus and any amendments or supplements thereto. The undersigned
understands that such information will be relied upon by the Company in connection with the preparation or amendment of the Registration
Statement and the related prospectus and any amendments or supplements thereto.

 

IN WITNESS WHEREOF
the undersigned, by authority duly given, has caused this Notice and Questionnaire to be executed and delivered either in person
or by its duly authorized agent.

 

	Date: 2/10/16	Beneficial Owner: Alpha Capital Anstalt
	 	 	 
	 	By: 	/s/ Konrad Ackermann
	 	 	Name: Konrad Ackermann
	 	 	Title: Director

 

PLEASE FAX A COPY (OR EMAIL A .PDF COPY)
OF THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE, AND RETURN THE ORIGINAL BY OVERNIGHT MAIL, TO:

 

    10 

     

    

 

SIGNATURE
PAGE OF HOLDERS TO PHASERX REGISTRATION RIGHTS AGREEMENT

 

 

Name of Lender: Mazia Arjang

 

Signature of Authorized Signatory of Lender: /s/ Mazia
Arjang

 

Name of Authorized Signatory: Mazia Arjang

 

Title of Authorized Signatory:

 

     

     

    

 

The undersigned hereby provides the following
information to the Company and represents and warrants that such information is accurate:

 

QUESTIONNAIRE

 

		1.	Name.

 

		(a)	Full Legal Name of Selling Stockholder

	 	
         

        Mazia Arjang

	 	 

 

		(b)	Full Legal Name of Registered Holder (if not the same
as (a) above) through which Registrable Securities are held:

	 	
         

         

	 	 

 

		(c)	Full Legal Name of Natural Control Person (which means
a natural person who directly or indirectly alone or with others has power to vote or dispose of the securities covered by this
Questionnaire):

	 	
         

        Mazia Arjang

	 	 

 

2. Address for Notices to Selling
Stockholder:

 

	## ####### ####
	##### ####, ## #####
	 

	Telephone: 	### ### ####

	Fax:	 

	Contact Person: Mazia Arjang

 

3. Broker-Dealer Status:

 

		(a)	Are you a broker-dealer?

 

Yes    ̈        No   x

 

		(b)	If “yes” to Section 3(a), did you receive
your Registrable Securities as compensation for investment banking services to the Company?

 

Yes    ̈        No    ̈

 

		Note:	If “no” to Section 3(b), the Commission’s
staff has indicated that you should be identified as an underwriter in the Registration Statement.

 

		(c)	Are you an affiliate of a broker-dealer?

 

Yes    ̈        No   x

 

     

     

    

 

		(d)	If you are an affiliate of a broker-dealer, do you certify
that you purchased the Registrable Securities in the ordinary course of business, and at the time of the purchase of the Registrable
Securities to be resold, you had no agreements or understandings, directly or indirectly, with any person to distribute the Registrable
Securities?

 

Yes    ̈        No    ̈

 

		Note:	If “no” to Section 3(d), the Commission’s
staff has indicated that you should be identified as an underwriter in the Registration Statement.

 

4. Beneficial Ownership of Securities
of the Company Owned by the Selling Stockholder.

 

Except as set forth below
in this Item 4, the undersigned is not the beneficial or registered owner of any securities of the Company other than the securities
issuable pursuant to the Loan Agreement.

 

		(a)	Type and amount of other securities beneficially owned
by the Selling Stockholder:

	 	
         

         

	 	 
	 	 

 

    13 

     

    

 

5. Relationships with the Company:

 

Except as set forth below,
neither the undersigned nor any of its affiliates, officers, directors or principal equity holders (owners of 5% of more of the
equity securities of the undersigned) has held any position or office or has had any other material relationship with the Company
(or its predecessors or affiliates) during the past three years.

 

			State any exceptions here:

	 	
         

         

	 	 
	 	 

The undersigned agrees
to promptly notify the Company of any inaccuracies or changes in the information provided herein that may occur subsequent to the
date hereof at any time while the Registration Statement remains effective.

 

By signing below, the
undersigned consents to the disclosure of the information contained herein in its answers to Items 1 through 5 and the inclusion
of such information in the Registration Statement and the related prospectus and any amendments or supplements thereto. The undersigned
understands that such information will be relied upon by the Company in connection with the preparation or amendment of the Registration
Statement and the related prospectus and any amendments or supplements thereto.

 

IN WITNESS WHEREOF
the undersigned, by authority duly given, has caused this Notice and Questionnaire to be executed and delivered either in person
or by its duly authorized agent.

 

	Date: 2/10/16	Beneficial Owner: Mazia Arjang
	 	 	 
	 	By: 	/s/ Mazia Arjang
	 	 	Name: Mazia Arjang

 

PLEASE FAX A COPY (OR EMAIL A .PDF COPY)
OF THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE, AND RETURN THE ORIGINAL BY OVERNIGHT MAIL, TO:

 

    14 

     

    

 

SIGNATURE
PAGE OF HOLDERS TO PHASERX REGISTRATION RIGHTS AGREEMENT

 

 

Name of Lender: Mordechai Belsky

 

Signature of Authorized Signatory of Lender: /s/ Mordechai
Belsky

 

Name of Authorized Signatory: Mordechai Belsky

 

Title of Authorized Signatory:

 

     

     

    

 

The undersigned hereby provides the following
information to the Company and represents and warrants that such information is accurate:

 

QUESTIONNAIRE

 

		1.	Name.

 

		(a)	Full Legal Name of Selling Stockholder

	 	
         

        Mordechai Belsky

	 	 

 

		(b)	Full Legal Name of Registered Holder (if not the same
as (a) above) through which Registrable Securities are held:

	 	
         

         

	 	 

 

		(c)	Full Legal Name of Natural Control Person (which means
a natural person who directly or indirectly alone or with others has power to vote or dispose of the securities covered by this
Questionnaire):

	 	
         

        Mordechai Belsky

	 	 

 

2. Address for Notices to Selling
Stockholder:

	
         

        ### ###### ###

	########. ## #####
	 

	Telephone: 	 

	Fax:	 

	Contact Person: Mordechai Belsky

 

3. Broker-Dealer Status:

 

		(a)	Are you a broker-dealer?

 

Yes    ̈        No   x

 

		(b)	If “yes” to Section 3(a), did you receive
your Registrable Securities as compensation for investment banking services to the Company?

 

Yes    ̈        No    ̈

 

		Note:	If “no” to Section 3(b), the Commission’s
staff has indicated that you should be identified as an underwriter in the Registration Statement.

 

		(c)	Are you an affiliate of a broker-dealer?

 

Yes    ̈        No   x

 

     

     

    

 

		(d)	If you are an affiliate of a broker-dealer, do you certify
that you purchased the Registrable Securities in the ordinary course of business, and at the time of the purchase of the Registrable
Securities to be resold, you had no agreements or understandings, directly or indirectly, with any person to distribute the Registrable
Securities?

 

Yes    ̈        No    ̈

 

		Note:	If “no” to Section 3(d), the Commission’s
staff has indicated that you should be identified as an underwriter in the Registration Statement.

 

4. Beneficial Ownership of Securities
of the Company Owned by the Selling Stockholder.

 

Except as set forth below
in this Item 4, the undersigned is not the beneficial or registered owner of any securities of the Company other than the securities
issuable pursuant to the Loan Agreement.

 

		(a)	Type and amount of other securities beneficially owned
by the Selling Stockholder:

	 	
         

         

	 	 
	 	 

 

    17 

     

    

 

5. Relationships with the Company:

 

Except as set forth below,
neither the undersigned nor any of its affiliates, officers, directors or principal equity holders (owners of 5% of more of the
equity securities of the undersigned) has held any position or office or has had any other material relationship with the Company
(or its predecessors or affiliates) during the past three years.

 

			State any exceptions here:

	 	
         

         

	 	 
	 	 

The undersigned agrees
to promptly notify the Company of any inaccuracies or changes in the information provided herein that may occur subsequent to the
date hereof at any time while the Registration Statement remains effective.

 

By signing below, the
undersigned consents to the disclosure of the information contained herein in its answers to Items 1 through 5 and the inclusion
of such information in the Registration Statement and the related prospectus and any amendments or supplements thereto. The undersigned
understands that such information will be relied upon by the Company in connection with the preparation or amendment of the Registration
Statement and the related prospectus and any amendments or supplements thereto.

 

IN WITNESS WHEREOF
the undersigned, by authority duly given, has caused this Notice and Questionnaire to be executed and delivered either in person
or by its duly authorized agent.

 

	Date: 2/10/16	Beneficial Owner: Mordechai Belsky
	 	 	 
	 	By: 	/s/ Mordechai Belsky
	 	 	Name: Mordechai Belsky

 

PLEASE FAX A COPY (OR EMAIL A .PDF COPY)
OF THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE, AND RETURN THE ORIGINAL BY OVERNIGHT MAIL, TO:

 

    18 

     

    

 

SIGNATURE
PAGE OF HOLDERS TO PHASERX REGISTRATION RIGHTS AGREEMENT

 

 

Name of Lender: Chesed Found Ltd.

 

Signature of Authorized Signatory of Lender: /s/ Menachem
Goldshmid

 

Name of Authorized Signatory: Menachem Goldshmid

 

Title of Authorized Signatory: Director

 

     

     

    

 

The undersigned hereby provides the following
information to the Company and represents and warrants that such information is accurate:

 

QUESTIONNAIRE

 

		1.	Name.

 

		(a)	Full Legal Name of Selling Stockholder

	 	
         

        Cheses Found Ltd.

	 	 

 

		(b)	Full Legal Name of Registered Holder (if not the same
as (a) above) through which Registrable Securities are held:

	 	
         

         

	 	 

 

		(c)	Full Legal Name of Natural Control Person (which means
a natural person who directly or indirectly alone or with others has power to vote or dispose of the securities covered by this
Questionnaire):

	 	
         

        Menachem Goldshmid

	 	 

 

2. Address for Notices to Selling
Stockholder:

	#### ###, ### #####. ##. ######## ########, # ### ##### #######. #######
	#### ####
	 

	Telephone: 	 

	Fax:	 

	Contact Person: Menachem Goldshmid

 

3. Broker-Dealer Status:

 

		(a)	Are you a broker-dealer?

 

Yes    ̈        No   x

 

		(b)	If “yes” to Section 3(a), did you receive
your Registrable Securities as compensation for investment banking services to the Company?

 

Yes    ̈        No    ̈

 

		Note:	If “no” to Section 3(b), the Commission’s
staff has indicated that you should be identified as an underwriter in the Registration Statement.

 

		(c)	Are you an affiliate of a broker-dealer?

 

Yes    ̈        No   x

 

     

     

    

 

		(d)	If you are an affiliate of a broker-dealer, do you certify
that you purchased the Registrable Securities in the ordinary course of business, and at the time of the purchase of the Registrable
Securities to be resold, you had no agreements or understandings, directly or indirectly, with any person to distribute the Registrable
Securities?

 

Yes    ̈        No    ̈

 

		Note:	If “no” to Section 3(d), the Commission’s
staff has indicated that you should be identified as an underwriter in the Registration Statement.

 

4. Beneficial Ownership of Securities
of the Company Owned by the Selling Stockholder.

 

Except as set forth below
in this Item 4, the undersigned is not the beneficial or registered owner of any securities of the Company other than the securities
issuable pursuant to the Loan Agreement.

 

		(a)	Type and amount of other securities beneficially owned
by the Selling Stockholder:

	 	
         

         

	 	 
	 	 

 

    21 

     

    

 

5. Relationships with the Company:

 

Except as set forth below,
neither the undersigned nor any of its affiliates, officers, directors or principal equity holders (owners of 5% of more of the
equity securities of the undersigned) has held any position or office or has had any other material relationship with the Company
(or its predecessors or affiliates) during the past three years.

 

			State any exceptions here:

	 	
         

         

	 	 
	 	 

The undersigned agrees
to promptly notify the Company of any inaccuracies or changes in the information provided herein that may occur subsequent to the
date hereof at any time while the Registration Statement remains effective.

 

By signing below, the
undersigned consents to the disclosure of the information contained herein in its answers to Items 1 through 5 and the inclusion
of such information in the Registration Statement and the related prospectus and any amendments or supplements thereto. The undersigned
understands that such information will be relied upon by the Company in connection with the preparation or amendment of the Registration
Statement and the related prospectus and any amendments or supplements thereto.

 

IN WITNESS WHEREOF
the undersigned, by authority duly given, has caused this Notice and Questionnaire to be executed and delivered either in person
or by its duly authorized agent.

 

	Date: 2/10/16	Beneficial Owner: Chesed Found Ltd.
	 	 	 
	 	By: 	/s/ Menachem Goldshmid
	 	 	Name: Menachem Goldshmid
	 	 	Title: Director

 

PLEASE FAX A COPY (OR EMAIL A .PDF COPY)
OF THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE, AND RETURN THE ORIGINAL BY OVERNIGHT MAIL, TO:

 

    22 

     

    

  

SIGNATURE
PAGE OF HOLDERS TO PHASERX REGISTRATION RIGHTS AGREEMENT

 

 

Name of Lender: Fame Associates

 

Signature of Authorized Signatory of Lender: /s/ Isaac
Fruchthandler

 

Name of Authorized Signatory: Isaac Fruchthandler

 

Title of Authorized Signatory:

 

     

     

    

 

The undersigned hereby provides the following
information to the Company and represents and warrants that such information is accurate:

 

QUESTIONNAIRE

 

		1.	Name.

 

		(a)	Full Legal Name of Selling Stockholder

	 	
         

        Fame Associates

	 	 

 

		(b)	Full Legal Name of Registered Holder (if not the same
as (a) above) through which Registrable Securities are held:

	 	
         

         

	 	 

 

		(c)	Full Legal Name of Natural Control Person (which means
a natural person who directly or indirectly alone or with others has power to vote or dispose of the securities covered by this
Questionnaire):

	 	
         

        Isaac Fruchthandler

	 	 

 

2. Address for Notices to Selling
Stockholder:

	
         

        c/o ### $$$$$$$

	### ######## #### #####
	### #### ## ####

	Telephone: 	### ### ####

	Fax:	 

	Contact Person: 

 

3. Broker-Dealer Status:

 

		(a)	Are you a broker-dealer?

 

Yes    ̈        No   x

 

		(b)	If “yes” to Section 3(a), did you receive
your Registrable Securities as compensation for investment banking services to the Company?

 

Yes    ̈        No    ̈

 

		Note:	If “no” to Section 3(b), the Commission’s
staff has indicated that you should be identified as an underwriter in the Registration Statement.

 

 

		(c)	Are you an affiliate of a broker-dealer?

 

Yes    ̈        No   x

     

     

    

 

		(d)	If you are an affiliate of a broker-dealer, do you certify
that you purchased the Registrable Securities in the ordinary course of business, and at the time of the purchase of the Registrable
Securities to be resold, you had no agreements or understandings, directly or indirectly, with any person to distribute the Registrable
Securities?

 

Yes    ̈        No    ̈

 

		Note:	If “no” to Section 3(d), the Commission’s
staff has indicated that you should be identified as an underwriter in the Registration Statement.

 

4. Beneficial Ownership of Securities
of the Company Owned by the Selling Stockholder.

 

Except as set forth below
in this Item 4, the undersigned is not the beneficial or registered owner of any securities of the Company other than the securities
issuable pursuant to the Loan Agreement.

 

		(a)	Type and amount of other securities beneficially owned
by the Selling Stockholder:

	 	
         

         

	 	 
	 	 

 

    25 

     

    

 

5. Relationships with the Company:

 

Except as set forth below,
neither the undersigned nor any of its affiliates, officers, directors or principal equity holders (owners of 5% of more of the
equity securities of the undersigned) has held any position or office or has had any other material relationship with the Company
(or its predecessors or affiliates) during the past three years.

 

			State any exceptions here:

	 	
         

         

	 	 
	 	 

The undersigned agrees
to promptly notify the Company of any inaccuracies or changes in the information provided herein that may occur subsequent to the
date hereof at any time while the Registration Statement remains effective.

 

By signing below, the
undersigned consents to the disclosure of the information contained herein in its answers to Items 1 through 5 and the inclusion
of such information in the Registration Statement and the related prospectus and any amendments or supplements thereto. The undersigned
understands that such information will be relied upon by the Company in connection with the preparation or amendment of the Registration
Statement and the related prospectus and any amendments or supplements thereto.

 

IN WITNESS WHEREOF
the undersigned, by authority duly given, has caused this Notice and Questionnaire to be executed and delivered either in person
or by its duly authorized agent.

 

	Date: 2/10/16	Beneficial Owner: Fame Associates
	 	 	 
	 	By: 	/s/ Isaac Fruchthandler
	 	 	Name: Isaac Fruchthandler
	 	 	Title:  Manager

 

PLEASE FAX A COPY (OR EMAIL A .PDF COPY)
OF THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE, AND RETURN THE ORIGINAL BY OVERNIGHT MAIL, TO:

 

 

    26 

     

    

 

SIGNATURE
PAGE OF HOLDERS TO PHASERX REGISTRATION RIGHTS AGREEMENT

 

 

Name of Lender: Chaim Gross

 

Signature of Authorized Signatory of Lender: /s/ Chaim
Gross

 

Name of Authorized Signatory: Chaim Gross

 

Title of Authorized Signatory:

 

     

     

    

 

 

 

The undersigned hereby provides the following
information to the Company and represents and warrants that such information is accurate:

 

QUESTIONNAIRE

 

		1.	Name.

 

	 	(a)	Full Legal Name of Selling Stockholder
	 	 	 
	 	 	Chaim Gross
	 	 	 
	 	(b)	Full Legal Name of Registered Holder (if not the same as (a) above) through which Registrable Securities are held:
	 	 	 
	 	 	 
	 	 	 
	 	(c)	Full Legal Name of Natural Control Person (which means a natural person who directly or indirectly alone or with others has power to vote or dispose of the securities covered by this Questionnaire):
	 	 	 
	 	 	Chaim Gross

 

2. Address for Notices to Selling
Stockholder:

 

	## #### ##### 
	########, ## #####
	 

	Telephone:	### ### ####

	Fax:	 

	Contact Person: Chaim Gross

 

3. Broker-Dealer Status:

 

		(a)	Are you a broker-dealer?

 

Yes    ̈         No   x

 

		(b)	If “yes” to Section 3(a), did you receive your
Registrable Securities as compensation for investment banking services to the Company?

 

Yes    ̈         No    ̈

 

		Note:	If “no” to Section 3(b), the Commission’s
staff has indicated that you should be identified as an underwriter in the Registration Statement.

 

		(c)	Are you an affiliate of a broker-dealer?

 

Yes    ̈         No   x

 

     

     

    

  

		(d)	If you are an affiliate of a broker-dealer, do you certify
that you purchased the Registrable Securities in the ordinary course of business, and at the time of the purchase of the Registrable
Securities to be resold, you had no agreements or understandings, directly or indirectly, with any person to distribute the Registrable
Securities?

 

Yes    ̈         No    ̈

 

		Note:	If “no” to Section 3(d), the Commission’s
staff has indicated that you should be identified as an underwriter in the Registration Statement.

 

4. Beneficial Ownership of Securities
of the Company Owned by the Selling Stockholder.

 

Except as set forth below
in this Item 4, the undersigned is not the beneficial or registered owner of any securities of the Company other than the securities
issuable pursuant to the Loan Agreement.

 

		(a)	Type and amount of other securities beneficially owned
by the Selling Stockholder:
	 	 	 
	 	 	 
	 	 	 

 

    29 

     

    

 

5. Relationships with the Company:

 

Except as set forth below,
neither the undersigned nor any of its affiliates, officers, directors or principal equity holders (owners of 5% of more of the
equity securities of the undersigned) has held any position or office or has had any other material relationship with the Company
(or its predecessors or affiliates) during the past three years.

 

			State any exceptions here:
	 	 	 
	 	 	 
	 	 	 

 

The undersigned agrees
to promptly notify the Company of any inaccuracies or changes in the information provided herein that may occur subsequent to the
date hereof at any time while the Registration Statement remains effective.

 

By signing below, the
undersigned consents to the disclosure of the information contained herein in its answers to Items 1 through 5 and the inclusion
of such information in the Registration Statement and the related prospectus and any amendments or supplements thereto. The undersigned
understands that such information will be relied upon by the Company in connection with the preparation or amendment of the Registration
Statement and the related prospectus and any amendments or supplements thereto.

 

IN WITNESS WHEREOF
the undersigned, by authority duly given, has caused this Notice and Questionnaire to be executed and delivered either in person
or by its duly authorized agent.

 

	Date: 2/10/16	Beneficial Owner: Chaim Gross
	 	 	 
	 	By:	/s/ Chaim Gross
	 	 	Name: Chaim Gross
	 	 	Title:

 

PLEASE FAX A COPY (OR EMAIL A .PDF COPY)
OF THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE, AND RETURN THE ORIGINAL BY OVERNIGHT MAIL, TO:

 

    30 

     

    

  

SIGNATURE
PAGE OF HOLDERS TO PHASERX REGISTRATION RIGHTS AGREEMENT

 

Name of Lender: H&M Machine

 

Signature of Authorized Signatory of Lender: /s/ Hershel
Parnes

 

Name of Authorized Signatory: Hershel Parnes

 

Title of Authorized Signatory:

 

     

     

    

  

The undersigned hereby provides the following
information to the Company and represents and warrants that such information is accurate:

 

QUESTIONNAIRE

 

		1.	Name.

 

	 	(a)	Full Legal Name of Selling Stockholder
	 	 	 
	 	 	H&M Machine
	 	 	 
	 	(b)	Full Legal Name of Registered Holder (if not the same as (a) above) through which Registrable Securities are held:
	 	 	 
	 	 	 
	 	 	 
	 	(c)	Full Legal Name of Natural Control Person (which means a natural person who directly or indirectly alone or with others has power to vote or dispose of the securities covered by this Questionnaire):
	 	 	 
	 	 	Hershel Parnes

  

2. Address for Notices to Selling
Stockholder:

 

	
        ## ### ###

	######. ## #####
	 

	Telephone:	 

	Fax:	 

	Contact Person: Hershel Parnes

 

3. Broker-Dealer Status:

 

		(a)	Are you a broker-dealer?

 

Yes    ̈         No   x

 

		(b)	If “yes” to Section 3(a), did you receive your
Registrable Securities as compensation for investment banking services to the Company?

 

Yes    ̈         No    ̈

 

		Note:	If “no” to Section 3(b), the Commission’s
staff has indicated that you should be identified as an underwriter in the Registration Statement.

 

		(c)	Are you an affiliate of a broker-dealer?

 

Yes    ̈         No   x

 

     

     

    

  

		(d)	If you are an affiliate of a broker-dealer, do you certify
that you purchased the Registrable Securities in the ordinary course of business, and at the time of the purchase of the Registrable
Securities to be resold, you had no agreements or understandings, directly or indirectly, with any person to distribute the Registrable
Securities?

 

Yes    ̈         No    ̈

 

		Note:	If “no” to Section 3(d), the Commission’s
staff has indicated that you should be identified as an underwriter in the Registration Statement.

 

4. Beneficial Ownership of Securities
of the Company Owned by the Selling Stockholder.

 

Except as set forth below
in this Item 4, the undersigned is not the beneficial or registered owner of any securities of the Company other than the securities
issuable pursuant to the Loan Agreement.

 

		(a)	Type and amount of other securities beneficially owned
by the Selling Stockholder:
	 	 	 
	 	 	 
	 	 	 

 

    33 

     

    

 

5. Relationships with the Company:

 

Except as set forth below,
neither the undersigned nor any of its affiliates, officers, directors or principal equity holders (owners of 5% of more of the
equity securities of the undersigned) has held any position or office or has had any other material relationship with the Company
(or its predecessors or affiliates) during the past three years.

 

			State any exceptions here:
	 	 	 
	 	 	 
	 	 	 

 

The undersigned agrees
to promptly notify the Company of any inaccuracies or changes in the information provided herein that may occur subsequent to the
date hereof at any time while the Registration Statement remains effective.

 

By signing below, the
undersigned consents to the disclosure of the information contained herein in its answers to Items 1 through 5 and the inclusion
of such information in the Registration Statement and the related prospectus and any amendments or supplements thereto. The undersigned
understands that such information will be relied upon by the Company in connection with the preparation or amendment of the Registration
Statement and the related prospectus and any amendments or supplements thereto.

 

IN WITNESS WHEREOF
the undersigned, by authority duly given, has caused this Notice and Questionnaire to be executed and delivered either in person
or by its duly authorized agent.

 

	Date: 2/10/16	H&M Machine
	 	 	 
	 	By:	/s/ Hershel Parnes
	 	 	Name: Hershel Parnes
	 	 	Title:

 

PLEASE FAX A COPY (OR EMAIL A .PDF COPY)
OF THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE, AND RETURN THE ORIGINAL BY OVERNIGHT MAIL, TO:

 

    34 

     

    

  

SIGNATURE
PAGE OF HOLDERS TO PHASERX REGISTRATION RIGHTS AGREEMENT

 

Name of Lender: Joseph Hoch

 

Signature of Authorized Signatory of Lender: /s/ Joseph
Hoch

 

Name of Authorized Signatory: Joseph Hoch

 

Title of Authorized Signatory:

 

     

     

    

  

The undersigned hereby provides the following
information to the Company and represents and warrants that such information is accurate:

 

QUESTIONNAIRE

 

		1.	Name.

 

	 	(a)	Full Legal Name of Selling Stockholder
	 	 	 
	 	 	Joseph Hoch
	 	 	 
	 	(b)	Full Legal Name of Registered Holder (if not the same as (a) above) through which Registrable Securities are held:
	 	 	 
	 	 	 
	 	 	 
	 	(c)	Full Legal Name of Natural Control Person (which means a natural person who directly or indirectly alone or with others has power to vote or dispose of the securities covered by this Questionnaire):
	 	 	 
	 	 	Joseph Hoch

 

2. Address for Notices to Selling
Stockholder:

	
         

        ## #### ##### ########

	## ## ##### ########. ##### ###
	### #######, ## #####

	Telephone:	 

	Fax:	 

	Contact Person: Joseph Hoch

 

3. Broker-Dealer Status:

 

		(a)	Are you a broker-dealer?

 

Yes    ̈         No   x

 

		(b)	If “yes” to Section 3(a), did you receive your
Registrable Securities as compensation for investment banking services to the Company?

 

Yes    ̈         No    ̈

 

		Note:	If “no” to Section 3(b), the Commission’s
staff has indicated that you should be identified as an underwriter in the Registration Statement.

 

		(c)	Are you an affiliate of a broker-dealer?

 

Yes    ̈         No   x

 

     

     

    

  

		(d)	If you are an affiliate of a broker-dealer, do you certify
that you purchased the Registrable Securities in the ordinary course of business, and at the time of the purchase of the Registrable
Securities to be resold, you had no agreements or understandings, directly or indirectly, with any person to distribute the Registrable
Securities?

 

Yes    ̈         No    ̈

 

		Note:	If “no” to Section 3(d), the Commission’s
staff has indicated that you should be identified as an underwriter in the Registration Statement.

 

4. Beneficial Ownership of Securities
of the Company Owned by the Selling Stockholder.

 

Except as set forth below
in this Item 4, the undersigned is not the beneficial or registered owner of any securities of the Company other than the securities
issuable pursuant to the Loan Agreement.

 

		(a)	Type and amount of other securities beneficially owned
by the Selling Stockholder:
	 	 	 
	 	 	 
	 	 	 

 

    37 

     

    

 

5. Relationships with the Company:

 

Except as set forth below,
neither the undersigned nor any of its affiliates, officers, directors or principal equity holders (owners of 5% of more of the
equity securities of the undersigned) has held any position or office or has had any other material relationship with the Company
(or its predecessors or affiliates) during the past three years.

 

			State any exceptions here:
	 	 	 
	 	 	 
	 	 	 

 

The undersigned agrees
to promptly notify the Company of any inaccuracies or changes in the information provided herein that may occur subsequent to the
date hereof at any time while the Registration Statement remains effective.

 

By signing below, the
undersigned consents to the disclosure of the information contained herein in its answers to Items 1 through 5 and the inclusion
of such information in the Registration Statement and the related prospectus and any amendments or supplements thereto. The undersigned
understands that such information will be relied upon by the Company in connection with the preparation or amendment of the Registration
Statement and the related prospectus and any amendments or supplements thereto.

 

IN WITNESS WHEREOF
the undersigned, by authority duly given, has caused this Notice and Questionnaire to be executed and delivered either in person
or by its duly authorized agent.

 

	Date: 2/10/16	Joseph Hoch
	 	 	 
	 	By:	/s/ Joseph Hoch
	 	 	Name: Joseph Hoch
	 	 	Title:

 

PLEASE FAX A COPY (OR EMAIL A .PDF COPY)
OF THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE, AND RETURN THE ORIGINAL BY OVERNIGHT MAIL, TO:

 

    38 

     

    

  

[SIGNATURE
PAGE OF LENDERS TO PHASERX REGISTRATION RIGHTS AGREEMENT]

 

Name of Lender: Kuykendall Associates, LLC Retirement; Trust,
Frederick T. Kuykendall II TTEE

 

Signature of Authorized Signatory of Lender: /s/ Frederick
T. Kuykendall, III

 

Name of Authorized Signatory: Frederick T. Kuykendall, III

 

Title of Authorized Signatory: Trustee

 

     

     

    

  

The undersigned hereby provides the following
information to the Company and represents and warrants that such information is accurate:

 

QUESTIONNAIRE

 

		1.	Name.

  

	 	(a)	Full Legal Name of Selling Stockholder
	 	 	 
	 	 	Kuykendall Associates, LLC Retirement Trust,
        Frederick T. Kuykendall II TTEE
	 	 	 
	 	(b)	Full Legal Name of Registered Holder (if not the same as (a) above) through which Registrable Securities are held:
	 	 	 
	 	 	Frederick T Kuykendall, III
	 	 	 
	 	(c)	Full Legal Name of Natural Control Person (which means a natural person who directly or indirectly alone or with others has power to vote or dispose of the securities covered by this Questionnaire):
	 	 	 
	 	 	Frederick T Kuykendall, III

 

2. Address for Notices to Selling
Stockholder:

 

	
        

        #### ###### #####

	######. ## #####
	 

	Telephone:	 

	Fax:	 

	Contact Person: Frederick T Kuykendall, III

 

3. Broker-Dealer Status:

 

		(a)	Are you a broker-dealer?

 

Yes    ̈         No   x

 

 

		(b)	If “yes” to Section 3(a), did you receive your
Registrable Securities as compensation for investment banking services to the Company?

 

Yes    ̈         No    ̈

 

		Note:	If “no” to Section 3(b), the Commission’s
staff has indicated that you should be identified as an underwriter in the Registration Statement.

 

		(c)	Are you an affiliate of a broker-dealer?

 

Yes    ̈         No   x

 

     

     

    

 

		(d)	If you are an affiliate of a broker-dealer, do you certify
that you purchased the Registrable Securities in the ordinary course of business, and at the time of the purchase of the Registrable
Securities to be resold, you had no agreements or understandings, directly or indirectly, with any person to distribute the Registrable
Securities?

 

Yes    ̈         No   x

  

		Note:	If “no” to Section 3(d), the Commission’s
staff has indicated that you should be identified as an underwriter in the Registration Statement.

 

4. Beneficial Ownership of Securities
of the Company Owned by the Selling Stockholder.

 

Except as set forth below
in this Item 4, the undersigned is not the beneficial or registered owner of any securities of the Company other than the securities
issuable pursuant to the Loan Agreement.

 

		(a)	Type and amount of other securities beneficially owned
by the Selling Stockholder:
	 	 	 
	 	 	 
	 	 	 

 

    41 

     

    

 

5. Relationships with the Company:

 

Except as set forth below,
neither the undersigned nor any of its affiliates, officers, directors or principal equity holders (owners of 5% of more of the
equity securities of the undersigned) has held any position or office or has had any other material relationship with the Company
(or its predecessors or affiliates) during the past three years.

 

			State any exceptions here:
	 	 	 
	 	 	 
	 	 	 

 

The undersigned agrees
to promptly notify the Company of any inaccuracies or changes in the information provided herein that may occur subsequent to the
date hereof at any time while the Registration Statement remains effective.

 

By signing below, the
undersigned consents to the disclosure of the information contained herein in its answers to Items 1 through 5 and the inclusion
of such information in the Registration Statement and the related prospectus and any amendments or supplements thereto. The undersigned
understands that such information will be relied upon by the Company in connection with the preparation or amendment of the Registration
Statement and the related prospectus and any amendments or supplements thereto.

 

IN WITNESS WHEREOF
the undersigned, by authority duly given, has caused this Notice and Questionnaire to be executed and delivered either in person
or by its duly authorized agent.

 

	Date: 2/18/16	Beneficial Owner: Frederick T. Kuykendall, III
	 	 	 
	 	By:	/s/ Frederick T. Kuykendall, III
	 	 	Name: Frederick T. Kuykendall, III
	 	 	Title: Trustee

 

PLEASE FAX A COPY (OR EMAIL A .PDF COPY)
OF THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE, AND RETURN THE ORIGINAL BY OVERNIGHT MAIL, TO:

 

    42 

     

    

 

SIGNATURE
PAGE OF HOLDERS TO PHASERX REGISTRATION RIGHTS AGREEMENT

 

Name of Lender: Max Mizrachi

 

Signature of Authorized Signatory of Lender: /s/ Max
Mizrachi

 

Name of Authorized Signatory: Max Mizrachi

 

Title of Authorized Signatory:

 

     

     

    

  

The undersigned hereby provides the following
information to the Company and represents and warrants that such information is accurate:

 

QUESTIONNAIRE

 

		1.	Name.

 

	 	(a)	Full Legal Name of Selling Stockholder
	 	 	 
	 	 	Max Mizrachi
	 	 	 
	 	(b)	Full Legal Name of Registered Holder (if not the same as (a) above) through which Registrable Securities are held:
	 	 	 
	 	 	Max Mizrachi
	 	 	 
	 	(c)	Full Legal Name of Natural Control Person (which means a natural person who directly or indirectly alone or with others has power to vote or dispose of the securities covered by this Questionnaire):
	 	 	 
	 	 	Max Mizrachi

 

2. Address for Notices to Selling
Stockholder:

 

	
        

         

	 
	 

	Telephone:	 

	Fax:	 

	Contact Person: Max Mizrachi

  

3. Broker-Dealer Status:

 

		(a)	Are you a broker-dealer?

 

Yes    ̈         No   x

 

		(b)	If “yes” to Section 3(a), did you receive your
Registrable Securities as compensation for investment banking services to the Company?

 

Yes    ̈         No    ̈

 

		Note:	If “no” to Section 3(b), the Commission’s
staff has indicated that you should be identified as an underwriter in the Registration Statement.

 

		(c)	Are you an affiliate of a broker-dealer?

 

Yes    ̈         No   x

 

     

     

    

 

		(d)	If you are an affiliate of a broker-dealer, do you certify
that you purchased the Registrable Securities in the ordinary course of business, and at the time of the purchase of the Registrable
Securities to be resold, you had no agreements or understandings, directly or indirectly, with any person to distribute the Registrable
Securities?

 

Yes    ̈         No    ̈

 

		Note:	If “no” to Section 3(d), the Commission’s
staff has indicated that you should be identified as an underwriter in the Registration Statement.

 

4. Beneficial Ownership of Securities
of the Company Owned by the Selling Stockholder.

 

Except as set forth below
in this Item 4, the undersigned is not the beneficial or registered owner of any securities of the Company other than the securities
issuable pursuant to the Loan Agreement.

 

		(a)	Type and amount of other securities beneficially owned
by the Selling Stockholder:
	 	 	 
	 	 	 
	 	 	 

 

    45 

     

    

 

5. Relationships with the Company:

 

Except as set forth below,
neither the undersigned nor any of its affiliates, officers, directors or principal equity holders (owners of 5% of more of the
equity securities of the undersigned) has held any position or office or has had any other material relationship with the Company
(or its predecessors or affiliates) during the past three years.

 

			State any exceptions here:
	 	 	 
	 	 	 
	 	 	 

 

The undersigned agrees
to promptly notify the Company of any inaccuracies or changes in the information provided herein that may occur subsequent to the
date hereof at any time while the Registration Statement remains effective.

 

By signing below, the
undersigned consents to the disclosure of the information contained herein in its answers to Items 1 through 5 and the inclusion
of such information in the Registration Statement and the related prospectus and any amendments or supplements thereto. The undersigned
understands that such information will be relied upon by the Company in connection with the preparation or amendment of the Registration
Statement and the related prospectus and any amendments or supplements thereto.

 

IN WITNESS WHEREOF
the undersigned, by authority duly given, has caused this Notice and Questionnaire to be executed and delivered either in person
or by its duly authorized agent.

 

	Date: 2/19/16	Beneficial Owner: Max Mizrachi
	 	 	 
	 	By:	/s/ Max Mizrachi
	 	 	Name: Max Mizrachi
	 	 	Title:

 

PLEASE FAX A COPY (OR EMAIL A .PDF COPY)
OF THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE, AND RETURN THE ORIGINAL BY OVERNIGHT MAIL, TO:

 

    46 

     

    

  

SIGNATURE
PAGE OF HOLDERS TO PHASERX REGISTRATION RIGHTS AGREEMENT

 

Name of Lender: Israel Muller

 

Signature of Authorized Signatory of Lender: /s/ Israel
Muller

 

Name of Authorized Signatory: Israel Muller

 

Title of Authorized Signatory:

 

     

     

    

  

The undersigned hereby provides the following
information to the Company and represents and warrants that such information is accurate:

 

QUESTIONNAIRE

 

		1.	Name.

 

	 	(a)	Full Legal Name of Selling Stockholder
	 	 	 
	 	 	Israel Muller
	 	 	 
	 	(b)	Full Legal Name of Registered Holder (if not the same as (a) above) through which Registrable Securities are held:
	 	 	 
	 	 	 
	 	 	 
	 	(c)	Full Legal Name of Natural Control Person (which means a natural person who directly or indirectly alone or with others has power to vote or dispose of the securities covered by this Questionnaire):
	 	 	 
	 	 	Israel Muller

 

2. Address for Notices to Selling
Stockholder:

	
         

        # ######## #####

	#######, ## ### ###
	######

	Telephone:	### ### ####

	Fax:	 

	Contact Person: Israel Muller

 

3. Broker-Dealer Status:

 

		(a)	Are you a broker-dealer?

 

Yes    ̈         No   x

 

		(b)	If “yes” to Section 3(a), did you receive your
Registrable Securities as compensation for investment banking services to the Company?

 

Yes    ̈         No    ̈

 

		Note:	If “no” to Section 3(b), the Commission’s
staff has indicated that you should be identified as an underwriter in the Registration Statement.

 

		(c)	Are you an affiliate of a broker-dealer?

 

Yes    ̈         No   x

 

     

     

    

 

		(d)	If you are an affiliate of a broker-dealer, do you certify
that you purchased the Registrable Securities in the ordinary course of business, and at the time of the purchase of the Registrable
Securities to be resold, you had no agreements or understandings, directly or indirectly, with any person to distribute the Registrable
Securities?

 

Yes    ̈         No    ̈

 

		Note:	If “no” to Section 3(d), the Commission’s
staff has indicated that you should be identified as an underwriter in the Registration Statement.

 

4. Beneficial Ownership of Securities
of the Company Owned by the Selling Stockholder.

 

Except as set forth below
in this Item 4, the undersigned is not the beneficial or registered owner of any securities of the Company other than the securities
issuable pursuant to the Loan Agreement.

 

		(a)	Type and amount of other securities beneficially owned
by the Selling Stockholder:
	 	 	 
	 	 	 
	 	 	 

 

    49 

     

    

 

5. Relationships with the Company:

 

Except as set forth below,
neither the undersigned nor any of its affiliates, officers, directors or principal equity holders (owners of 5% of more of the
equity securities of the undersigned) has held any position or office or has had any other material relationship with the Company
(or its predecessors or affiliates) during the past three years.

 

			State any exceptions here:
	 	 	 
	 	 	 
	 	 	 

 

The undersigned agrees
to promptly notify the Company of any inaccuracies or changes in the information provided herein that may occur subsequent to the
date hereof at any time while the Registration Statement remains effective.

 

By signing below, the
undersigned consents to the disclosure of the information contained herein in its answers to Items 1 through 5 and the inclusion
of such information in the Registration Statement and the related prospectus and any amendments or supplements thereto. The undersigned
understands that such information will be relied upon by the Company in connection with the preparation or amendment of the Registration
Statement and the related prospectus and any amendments or supplements thereto.

 

IN WITNESS WHEREOF
the undersigned, by authority duly given, has caused this Notice and Questionnaire to be executed and delivered either in person
or by its duly authorized agent.

 

	Date: 2/10/16	Beneficial Owner: Israel Muller
	 	 	 
	 	By:	/s/ Israel Muller
	 	 	Name: Israel Muller
	 	 	Title:

 

PLEASE FAX A COPY (OR EMAIL A .PDF COPY)
OF THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE, AND RETURN THE ORIGINAL BY OVERNIGHT MAIL, TO:

 

    50 

     

    

  

SIGNATURE
PAGE OF HOLDERS TO PHASERX REGISTRATION RIGHTS AGREEMENT

 

Name of Lender: Point Capital, Inc.

 

Signature of Authorized Signatory of Lender: /s/ Eric
Weisblum

 

Name of Authorized Signatory: Eric Weisblum

 

Title of Authorized Signatory: President

 

     

     

    

  

The undersigned hereby provides the following
information to the Company and represents and warrants that such information is accurate:

 

QUESTIONNAIRE

 

		1.	Name.

  

	 	(a)	Full Legal Name of Selling Stockholder
	 	 	 
	 	 	Point Capital, Inc.
	 	 	 
	 	(b)	Full Legal Name of Registered Holder (if not the same as (a) above) through which Registrable Securities are held:
	 	 	 
	 	 	 
	 	 	 
	 	(c)	Full Legal Name of Natural Control Person (which means a natural person who directly or indirectly alone or with others has power to vote or dispose of the securities covered by this Questionnaire):
	 	 	 
	 	 	Eric Weisblum

 

2. Address for Notices to Selling
Stockholder:

 

	
        

        ### ##### ###., ####. #, ### ##

	#########, ## #####
	 

	Telephone:	### ### ####

	Fax:	 

	Contact Person: Eric Weisblum

 

3. Broker-Dealer Status:

 

		(a)	Are you a broker-dealer?

 

Yes    ̈         No   x

 

		(b)	If “yes” to Section 3(a), did you receive your
Registrable Securities as compensation for investment banking services to the Company?

 

Yes    ̈         No    ̈

 

		Note:	If “no” to Section 3(b), the Commission’s
staff has indicated that you should be identified as an underwriter in the Registration Statement.

 

		(c)	Are you an affiliate of a broker-dealer?

 

Yes    ̈         No   x

 

     

     

    

  

		(d)	If you are an affiliate of a broker-dealer, do you certify
that you purchased the Registrable Securities in the ordinary course of business, and at the time of the purchase of the Registrable
Securities to be resold, you had no agreements or understandings, directly or indirectly, with any person to distribute the Registrable
Securities?

 

Yes    ̈         No    ̈

 

		Note:	If “no” to Section 3(d), the Commission’s
staff has indicated that you should be identified as an underwriter in the Registration Statement.

 

4. Beneficial Ownership of Securities
of the Company Owned by the Selling Stockholder.

 

Except as set forth below
in this Item 4, the undersigned is not the beneficial or registered owner of any securities of the Company other than the securities
issuable pursuant to the Loan Agreement.

 

		(a)	Type and amount of other securities beneficially owned
by the Selling Stockholder:
	 	 	 
	 	 	 
	 	 	 

 

    53 

     

    

 

5. Relationships with the Company:

 

Except as set forth below,
neither the undersigned nor any of its affiliates, officers, directors or principal equity holders (owners of 5% of more of the
equity securities of the undersigned) has held any position or office or has had any other material relationship with the Company
(or its predecessors or affiliates) during the past three years.

 

			State any exceptions here:
	 	 	 
	 	 	 
	 	 	 

 

The undersigned agrees
to promptly notify the Company of any inaccuracies or changes in the information provided herein that may occur subsequent to the
date hereof at any time while the Registration Statement remains effective.

 

By signing below, the
undersigned consents to the disclosure of the information contained herein in its answers to Items 1 through 5 and the inclusion
of such information in the Registration Statement and the related prospectus and any amendments or supplements thereto. The undersigned
understands that such information will be relied upon by the Company in connection with the preparation or amendment of the Registration
Statement and the related prospectus and any amendments or supplements thereto.

 

IN WITNESS WHEREOF
the undersigned, by authority duly given, has caused this Notice and Questionnaire to be executed and delivered either in person
or by its duly authorized agent.

 

	Date: 2/10/16	Beneficial Owner: Point Capital, Inc.
	 	 	 
	 	By:	/s/ Eric Weisblum
	 	 	Name: Eric Weisblum
	 	 	Title: President

 

PLEASE FAX A COPY (OR EMAIL A .PDF COPY)
OF THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE, AND RETURN THE ORIGINAL BY OVERNIGHT MAIL, TO:

 

    54 

     

    

 

SIGNATURE
PAGE OF HOLDERS TO PHASERX REGISTRATION RIGHTS AGREEMENT

 

Name of Lender: Erik Richardson

 

Signature of Authorized Signatory of Lender: /s/ Erik
Richardson

 

Name of Authorized Signatory: Erik Richardson

 

Title of Authorized Signatory:

 

     

     

    

 

The undersigned hereby provides the following
information to the Company and represents and warrants that such information is accurate:

 

QUESTIONNAIRE

 

		1.	Name.

 

	 	(a)	Full Legal Name of Selling Stockholder
	 	 	 
	 	 	Erik Richardson
	 	 	 
	 	(b)	Full Legal Name of Registered Holder (if not the same as (a) above) through which Registrable Securities are held:
	 	 	 
	 	 	 
	 	 	 
	 	(c)	Full Legal Name of Natural Control Person (which means a natural person who directly or indirectly alone or with others has power to vote or dispose of the securities covered by this Questionnaire):
	 	 	 
	 	 	Erik Richardson

 

2. Address for Notices to Selling
Stockholder:

 

	
        

        ######## ###### ####

	### #######, ## #####
	 

	Telephone:	### ### ####

	Fax:	 

	Contact Person: Erik Richardson

 

3. Broker-Dealer Status:

 

		(a)	Are you a broker-dealer?

 

Yes    ̈         No   x

  

		(b)	If “yes” to Section 3(a), did you receive your
Registrable Securities as compensation for investment banking services to the Company?

 

Yes    ̈         No    ̈

 

		Note:	If “no” to Section 3(b), the Commission’s
staff has indicated that you should be identified as an underwriter in the Registration Statement.

 

		(c)	Are you an affiliate of a broker-dealer?

 

Yes    ̈         No   x 

 

     

     

    

  

		(d)	If you are an affiliate of a broker-dealer, do you certify
that you purchased the Registrable Securities in the ordinary course of business, and at the time of the purchase of the Registrable
Securities to be resold, you had no agreements or understandings, directly or indirectly, with any person to distribute the Registrable
Securities?

 

Yes    ̈         No    ̈

 

		Note:	If “no” to Section 3(d), the Commission’s
staff has indicated that you should be identified as an underwriter in the Registration Statement.

 

4. Beneficial Ownership of Securities
of the Company Owned by the Selling Stockholder.

 

Except as set forth below
in this Item 4, the undersigned is not the beneficial or registered owner of any securities of the Company other than the securities
issuable pursuant to the Loan Agreement.

 

		(a)	Type and amount of other securities beneficially owned
by the Selling Stockholder:
	 	 	 
	 	 	 
	 	 	 

 

    57 

     

    

 

5. Relationships with the Company:

 

Except as set forth below,
neither the undersigned nor any of its affiliates, officers, directors or principal equity holders (owners of 5% of more of the
equity securities of the undersigned) has held any position or office or has had any other material relationship with the Company
(or its predecessors or affiliates) during the past three years.

 

			State any exceptions here:
	 	 	 
	 	 	 
	 	 	 

 

The undersigned agrees
to promptly notify the Company of any inaccuracies or changes in the information provided herein that may occur subsequent to the
date hereof at any time while the Registration Statement remains effective.

 

By signing below, the
undersigned consents to the disclosure of the information contained herein in its answers to Items 1 through 5 and the inclusion
of such information in the Registration Statement and the related prospectus and any amendments or supplements thereto. The undersigned
understands that such information will be relied upon by the Company in connection with the preparation or amendment of the Registration
Statement and the related prospectus and any amendments or supplements thereto.

 

IN WITNESS WHEREOF
the undersigned, by authority duly given, has caused this Notice and Questionnaire to be executed and delivered either in person
or by its duly authorized agent.

 

	Date: 2/10/16	Point Capital, Inc.
	 	 	 
	 	By:	/s/ Erik Richardson
	 	 	Name: Erik Richardson
	 	 	
        Title:

         

 

PLEASE FAX A COPY (OR EMAIL A .PDF COPY)
OF THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE, AND RETURN THE ORIGINAL BY OVERNIGHT MAIL, TO:

 

    58 

     

    

 

SIGNATURE
PAGE OF HOLDERS TO PHASERX REGISTRATION RIGHTS AGREEMENT

 

Name of Lender: Riding the Bull LLC

 

Signature of Authorized Signatory of Lender: /s/ Mark
Groussman

 

Name of Authorized Signatory: Mark Groussman

 

Title of Authorized Signatory: Managing Member

 

     

     

    

 

The undersigned hereby provides the following
information to the Company and represents and warrants that such information is accurate:

 

QUESTIONNAIRE

 

		1.	Name.

 

	 	(a)	Full Legal Name of Selling Stockholder
	 	 	 
	 	 	Riding the Bull LLC
	 	 	 
	 	(b)	Full Legal Name of Registered Holder (if not the same as (a) above) through which Registrable Securities are held:
	 	 	 
	 	 	 
	 	 	 
	 	(c)	Full Legal Name of Natural Control Person (which means a natural person who directly or indirectly alone or with others has power to vote or dispose of the securities covered by this Questionnaire):
	 	 	 
	 	 	Mark Groussman

 

2. Address for Notices to Selling
Stockholder:

 

	
        ##### ## #### ##### ####

	######## ## #####
	 

	Telephone:	##########

	Fax:	 

	Contact Person: Mark Groussman

 

3. Broker-Dealer Status:

 

		(a)	Are you a broker-dealer?

 

Yes    ̈         No   x

 

		(b)	If “yes” to Section 3(a), did you receive your
Registrable Securities as compensation for investment banking services to the Company?

 

Yes    ̈         No   x

 

		Note:	If “no” to Section 3(b), the Commission’s
staff has indicated that you should be identified as an underwriter in the Registration Statement.

 

		(c)	Are you an affiliate of a broker-dealer?

 

Yes    ̈         No   x

 

     

     

    

 

		(d)	If you are an affiliate of a broker-dealer, do you certify
that you purchased the Registrable Securities in the ordinary course of business, and at the time of the purchase of the Registrable
Securities to be resold, you had no agreements or understandings, directly or indirectly, with any person to distribute the Registrable
Securities?

 

Yes    ̈         No   x

 

		Note:	If “no” to Section 3(d), the Commission’s
staff has indicated that you should be identified as an underwriter in the Registration Statement.

 

4. Beneficial Ownership of Securities
of the Company Owned by the Selling Stockholder.

 

Except as set forth below
in this Item 4, the undersigned is not the beneficial or registered owner of any securities of the Company other than the securities
issuable pursuant to the Loan Agreement.

 

		(a)	Type and amount of other securities beneficially owned
by the Selling Stockholder:
	 	 	 
	 	 	 
	 	 	 

 

    61 

     

    

 

5. Relationships with the Company:

 

Except as set forth below,
neither the undersigned nor any of its affiliates, officers, directors or principal equity holders (owners of 5% of more of the
equity securities of the undersigned) has held any position or office or has had any other material relationship with the Company
(or its predecessors or affiliates) during the past three years.

 

			State any exceptions here:
	 	 	 
	 	 	 
	 	 	 

 

The undersigned agrees
to promptly notify the Company of any inaccuracies or changes in the information provided herein that may occur subsequent to the
date hereof at any time while the Registration Statement remains effective.

 

By signing below, the
undersigned consents to the disclosure of the information contained herein in its answers to Items 1 through 5 and the inclusion
of such information in the Registration Statement and the related prospectus and any amendments or supplements thereto. The undersigned
understands that such information will be relied upon by the Company in connection with the preparation or amendment of the Registration
Statement and the related prospectus and any amendments or supplements thereto.

 

IN WITNESS WHEREOF
the undersigned, by authority duly given, has caused this Notice and Questionnaire to be executed and delivered either in person
or by its duly authorized agent.

 

	Date: 2/10/16	Beneficial Owner: Riding the Bull LLC
	 	 	 
	 	By:	/s/ Mark Groussman
	 	 	Name: Mark Groussman
	 	 	Title: Managing Member

 

PLEASE FAX A COPY (OR EMAIL A .PDF COPY)
OF THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE, AND RETURN THE ORIGINAL BY OVERNIGHT MAIL, TO:

 

    62 

     

    

  

SIGNATURE
PAGE OF HOLDERS TO PHASERX REGISTRATION RIGHTS AGREEMENT

 

Name of Lender: Robert S. Colman Trust UDT 3/13/85

 

Signature of Authorized Signatory of Lender: /s/ Robert
Colman

 

Name of Authorized Signatory: Robert Colman

 

Title of Authorized Signatory: Trustee

 

     

     

    

  

The undersigned hereby provides the following
information to the Company and represents and warrants that such information is accurate:

 

QUESTIONNAIRE

 

		1.	Name.

 

	 	(a)	Full Legal Name of Selling Stockholder
	 	 	 
	 	 	Robert S. Colman Trust UDT 3/13/85
	 	 	 
	 	(b)	Full Legal Name of Registered Holder (if not the same as (a) above) through which Registrable Securities are held:
	 	 	 
	 	 	 
	 	 	 
	 	(c)	Full Legal Name of Natural Control Person (which means a natural person who directly or indirectly alone or with others has power to vote or dispose of the securities covered by this Questionnaire):
	 	 	 
	 	 	Robert Colman

 

2. Address for Notices to Selling
Stockholder:

 

	
        ## ##### ##### ##.

	####### ## #####
	 

	Telephone:	### ### ####

	Fax:	 

	Contact Person: Robert Colman

 

3. Broker-Dealer Status:

 

		(a)	Are you a broker-dealer?

 

Yes    ̈         No   x

 

		(b)	If “yes” to Section 3(a), did you receive your
Registrable Securities as compensation for investment banking services to the Company?

 

Yes    ̈         No    ̈

 

		Note:	If “no” to Section 3(b), the Commission’s
staff has indicated that you should be identified as an underwriter in the Registration Statement.

 

		(c)	Are you an affiliate of a broker-dealer?

  

Yes    ̈         No   x

 

     

     

    

 

		(d)	If you are an affiliate of a broker-dealer, do you certify
that you purchased the Registrable Securities in the ordinary course of business, and at the time of the purchase of the Registrable
Securities to be resold, you had no agreements or understandings, directly or indirectly, with any person to distribute the Registrable
Securities?

 

Yes    ̈         No    ̈

 

		Note:	If “no” to Section 3(d), the Commission’s
staff has indicated that you should be identified as an underwriter in the Registration Statement.

 

4. Beneficial Ownership of Securities
of the Company Owned by the Selling Stockholder.

 

Except as set forth below
in this Item 4, the undersigned is not the beneficial or registered owner of any securities of the Company other than the securities
issuable pursuant to the Loan Agreement.

 

		(a)	Type and amount of other securities beneficially owned
by the Selling Stockholder:
	 	 	 
	 	 	 
	 	 	 

 

    65 

     

    

 

5. Relationships with the Company:

 

Except as set forth below,
neither the undersigned nor any of its affiliates, officers, directors or principal equity holders (owners of 5% of more of the
equity securities of the undersigned) has held any position or office or has had any other material relationship with the Company
(or its predecessors or affiliates) during the past three years.

 

			State any exceptions here:
	 	 	 
	 	 	 
	 	 	 

 

The undersigned agrees
to promptly notify the Company of any inaccuracies or changes in the information provided herein that may occur subsequent to the
date hereof at any time while the Registration Statement remains effective.

 

By signing below, the
undersigned consents to the disclosure of the information contained herein in its answers to Items 1 through 5 and the inclusion
of such information in the Registration Statement and the related prospectus and any amendments or supplements thereto. The undersigned
understands that such information will be relied upon by the Company in connection with the preparation or amendment of the Registration
Statement and the related prospectus and any amendments or supplements thereto.

 

IN WITNESS WHEREOF
the undersigned, by authority duly given, has caused this Notice and Questionnaire to be executed and delivered either in person
or by its duly authorized agent.

 

	Date: 2/10/16	Beneficial Owner: Robert Colman
	 	 	 
	 	By:	/s/ Robert S. Colman Trust UDT 3/13/85
	 	 	Name: Robert Colman
	 	 	Title: Trustee

 

PLEASE FAX A COPY (OR EMAIL A .PDF COPY)
OF THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE, AND RETURN THE ORIGINAL BY OVERNIGHT MAIL, TO:

 

    66 

     

    

  

SIGNATURE
PAGE OF HOLDERS TO PHASERX REGISTRATION RIGHTS AGREEMENT

 

Name of Lender: Titan Multi-Strategy Fund I. Ltd.

 

Signature of Authorized Signatory of Lender: /s/ Jonathan
Honig

 

Name of Authorized Signatory: Jonathan Honig

 

Title of Authorized Signatory: Managing Member

 

     

     

    

  

The undersigned hereby provides the following
information to the Company and represents and warrants that such information is accurate:

 

QUESTIONNAIRE

 

		1.	Name.

 

	 	(a)	Full Legal Name of Selling Stockholder
	 	 	 
	 	 	Titan Multi-Strategy Fund I. Ltd.
	 	 	 
	 	(b)	Full Legal Name of Registered Holder (if not the same as (a) above) through which Registrable Securities are held:
	 	 	 
	 	 	Jonathan Honig
	 	 	 
	 	(c)	Full Legal Name of Natural Control Person (which means a natural person who directly or indirectly alone or with others has power to vote or dispose of the securities covered by this Questionnaire):
	 	 	 
	 	 	Jonathan Honig

 

2. Address for Notices to Selling
Stockholder:

 

	
        

        #### ## #### #####

	#### #####, ## #####
	 

	Telephone:	### ### ####

	Fax:	 

	Contact Person: Jonathan
    Honig

 

3. Broker-Dealer Status:

 

		(a)	Are you a broker-dealer?

 

Yes    ̈         No   x

 

		(b)	If “yes” to Section 3(a), did you receive your
Registrable Securities as compensation for investment banking services to the Company?

 

Yes    ̈         No    ̈

 

		Note:	If “no” to Section 3(b), the Commission’s
staff has indicated that you should be identified as an underwriter in the Registration Statement.

 

		(c)	Are you an affiliate of a broker-dealer?

 

Yes    ̈         No   x

 

     

     

    

  

		(d)	If you are an affiliate of a broker-dealer, do you certify
that you purchased the Registrable Securities in the ordinary course of business, and at the time of the purchase of the Registrable
Securities to be resold, you had no agreements or understandings, directly or indirectly, with any person to distribute the Registrable
Securities?

 

Yes    ̈         No    ̈

 

		Note:	If “no” to Section 3(d), the Commission’s
staff has indicated that you should be identified as an underwriter in the Registration Statement.

 

4. Beneficial Ownership of Securities
of the Company Owned by the Selling Stockholder.

 

Except as set forth below
in this Item 4, the undersigned is not the beneficial or registered owner of any securities of the Company other than the securities
issuable pursuant to the Loan Agreement.

 

		(a)	Type and amount of other securities beneficially owned
by the Selling Stockholder:
	 	 	 
	 	 	 
	 	 	 

 

    2 

     

    

 

5. Relationships with the Company:

 

Except as set forth below,
neither the undersigned nor any of its affiliates, officers, directors or principal equity holders (owners of 5% of more of the
equity securities of the undersigned) has held any position or office or has had any other material relationship with the Company
(or its predecessors or affiliates) during the past three years.

 

			State any exceptions here:
	 	 	 
	 	 	 
	 	 	 

 

The undersigned agrees
to promptly notify the Company of any inaccuracies or changes in the information provided herein that may occur subsequent to the
date hereof at any time while the Registration Statement remains effective.

 

By signing below, the
undersigned consents to the disclosure of the information contained herein in its answers to Items 1 through 5 and the inclusion
of such information in the Registration Statement and the related prospectus and any amendments or supplements thereto. The undersigned
understands that such information will be relied upon by the Company in connection with the preparation or amendment of the Registration
Statement and the related prospectus and any amendments or supplements thereto.

 

IN WITNESS WHEREOF
the undersigned, by authority duly given, has caused this Notice and Questionnaire to be executed and delivered either in person
or by its duly authorized agent.

 

	Date: 2/22/16	Beneficial Owner: Titan Multi-Strategy Fund I, Ltd.
	 	 	 
	 	By:	/s/ Jonathan Honig
	 	 	Name: Jonathan Honig
	 	 	Title: Managing Member

 

PLEASE FAX A COPY (OR EMAIL A .PDF COPY)
OF THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE, AND RETURN THE ORIGINAL BY OVERNIGHT MAIL, TO:

 

    3Exhibit 10.36

 

AMENDMENT TO 

 

LOAN AND SECURITY AGREEMENT

 

This Amendment to
Loan and Security Agreement (this “Amendment”) is made as of April 6, 2016, by and among PhaseRx, Inc., a
Delaware corporation (the “Company”), and certain lenders under that certain Loan and Security Agreement,
dated as of December 21, 2015 (the “Loan Agreement”), among the Company and the financial institutions and
individuals listed on Annex A thereto, who execute this Amendment (the “Lenders”).

 

WITNESSETH:

 

WHEREAS, the Company
and the Lenders are parties to the Loan Agreement; and

 

WHEREAS, pursuant to
Section 10.01 of the Loan Agreement, the Loan Agreement may be amended by written agreement of the Company and the Required Lenders
(as defined in the Loan Agreement); and

 

WHEREAS, the Lenders
constitute the Required Lenders; and

 

WHEREAS, the Company
and the Lenders desire to amend the Loan Agreement to modify the definition of the term “Qualified Offering” for purposes
of the Loan Agreement;

 

NOW, THEREFORE, in
consideration of the mutual promises and covenants set forth herein, the parties hereto, intending legally to be bound, hereby
agree as follows:

 

1.          The
definition of “Qualified Offering” in Section 1.01 of the Loan Agreement is hereby amended and restated by replacing
the amount of “$36,000,000” in such definition with the amount of “$24,000,000”.

 

2.          Section
4.01(i) of the Disclosure Schedule made and given pursuant to Section 4 of the Loan Agreement is hereby deleted in its entirety
and replaced with Schedule 4.01(i) attached hereto.

 

3.          This
Amendment shall be effective upon its execution by the Company and the Lenders constituting the Required Lenders.

 

4.          This
Amendment may be executed in any number of counterparts, all of which taken together shall constitute one and the same agreement,
and any of the parties hereto may execute this Amendment by signing any such counterpart. Delivery of an executed counterpart of
a signature page to this Amendment by telecopier or by electronic mail (in portable document format (“PDF”)) shall
be effective as delivery of a manually executed counterpart of this Amendment.

 

5.          This
Amendment shall be governed by and construed according to the laws of the State of Delaware, without regard to the conflict of
laws provisions thereof.

 

[Signature page follows]

 

     

     

    

 

The parties
have caused
this Amendment to be duly executed
and delivered by their
proper and
duly authorized officers as of
the date
and year first written above.

 

	 	COMPANY:
	 	 
	 	PHASERX, INC.
	 	a Delaware corporation
	 	 	 
	 	By: 	/s/ Robert W. Overell
	 	Name: Robert W. Overell
	 	Title: President and Chief Executive Officer

 

[Signature pages of Lenders follow]

 

     

     

    

 

[SIGNATURE PAGE OF LENDERS TO AMENDMENT

TO LOAN AND SECURITY AGREEMENT]

 

	Name of Lender:	2004 Leon Sharf Irrevocable	 
	Signature of Authorized Signatory of Lender:	/s/ Willy Bear	 
	Name of Authorized Signatory:	Willy Bear	 
	Title of Authorized Signatory:	Trustee	 
	Principal Amount:	$50,000	 

  

     

     

    

 

[SIGNATURE PAGE OF LENDERS TO AMENDMENT

TO LOAN AND SECURITY AGREEMENT]

 

	Name of Lender:	Alpha Capital Anstalt	 
	Signature of Authorized Signatory of Lender:	/s/ Kondrad Ackermann	 
	Name of Authorized Signatory:	Kondrad Ackermann	 
	Title of Authorized Signatory:	Director	 
	Principal Amount:	$500,000	 

 

     

     

    

 

[SIGNATURE PAGE OF LENDERS TO AMENDMENT

TO LOAN AND SECURITY AGREEMENT]

 

	Name of Lender:	Chessed Found Ltd.	 
	Signature of Authorized Signatory of Lender:	/s/ Menachem Goldshmidt	 
	Name of Authorized Signatory:	Menachem Goldshmidt	 
	Title of Authorized Signatory:	Manager	 
	Principal Amount:	$400,000	 

 

     

     

    

 

[SIGNATURE PAGE OF LENDERS TO AMENDMENT

TO LOAN AND SECURITY AGREEMENT]

 

	Name of Lender:	Joseph Hoch	 
	Signature of Authorized Signatory of Lender:	/s/ Joseph Hoch	 
	Name of Authorized Signatory:	Joseph Hoch	 
	Title of Authorized Signatory:	 	 
	Principal Amount:	$100,000	 

 

 

     

     

    

 

[SIGNATURE PAGE OF LENDERS TO AMENDMENT

TO LOAN AND SECURITY AGREEMENT]

 

	Name of Lender:	Point Capital Inc.	 
	Signature of Authorized Signatory of Lender:	/s/ Eric Weisblum	 
	Name of Authorized Signatory:	Eric Weisblum	 
	Title of Authorized Signatory:	President	 
	Principal Amount:	$100,000	 

 

     

     

    

[SIGNATURE PAGE OF LENDERS TO AMENDMENT

TO LOAN AND SECURITY AGREEMENT]

 

	Name of Lender:	Robert S. Coleman Trust UDT 3/13/85	 
	Signature of Authorized Signatory of Lender:	/s/ Robert S. Coleman	 
	Name of Authorized Signatory:	Robert S. Coleman	 
	Title of Authorized Signatory:	Trustee	 
	Principal Amount:	$150,000	 

 

     

     

    

[SIGNATURE PAGE OF LENDERS TO AMENDMENT

TO LOAN AND SECURITY AGREEMENT]

 

	Name of Lender:	Titan Multi Strategy Fund LTD	 
	Signature of Authorized Signatory of Lender:	/s/ Jonathan Honig	 
	Name of Authorized Signatory:	Jonathan Honig	 
	Title of Authorized Signatory:	Manager	 
	Principal Amount:	$500,000.00	 

 

 

     

     

    

[SIGNATURE PAGE OF LENDERS TO AMENDMENT

TO LOAN AND SECURITY AGREEMENT]

 

	Name of Lender:	Riding The Bull LLC	 
	Signature of Authorized Signatory of Lender:	/s/ Mark Groussman	 
	Name of Authorized Signatory:	Mark Groussman	 
	Title of Authorized Signatory:	Managing Member	 
	Principal Amount:	$1.050,000	 

 

     

     

    

  

Schedule 4.01(i)

 

Section 4.01(i). Capitalization

 

Capital Stock as of the Date of the Agreement

 

	Common Stock	 	 	5,678,408	 
	Common Stock Options	 	 	 	 
	Outstanding	 	 	4,808,646	 
	Available for Grant	 	 	243,042	 
	Preferred Stock	 	 	20,216,583	 
	Series A-1 Stock	 	 	5,500,000	 
	Bridge Notes*	 	 	19,368,623	 
	Common Stock Warrants	 	 	-	 
	Preferred Stock Warrants	 	 	3,614,761	 
	 	 	 	 	 
	Total	 	 	59,430,063	 

 

*Number of shares of
common stock issuable upon conversion of all of the convertible promissory notes set forth in Annex 4.01(p) as of the date of the
Agreement.

 

     

     

    

 

Pro Forma Capitalization
(for illustrative purposes only, assuming the issuance of 1,250,000 shares of common stock at a public offering price per share
of $6.00 in the Qualified Offering)

 

	 	 	 	 	 	 	 	 	 	 	 	Without	 	 	Without	 	 	With	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	ESOP	 	 	ESOP	 	 	ESOP	 	 	With ESOP	 
	 	 	Shares	 	 	Amount
    ($)	 	 	Price	 	 	Ownership
    %	 	 	Ownership
    $	 	 	Ownership
    %	 	 	Ownership
    $	 
	Existing PhaseRx Shareholders	 	 	5,999,983	 	 	 	 	 	 	 	 	 	 	 	53.32	%	 	$	35,999,900	 	 	 	47.46	%	 	$	32,039,911	 
	New PhaseRx Insider Investment	 	 	1,566,667	 	 	$	9,400,000	 	 	$	6.00	 	 	 	13.92	%	 	$	9,400,000	 	 	 	12.39	%	 	$	8,366,000	 
	Shire Investment	 	 	-	 	 	$	-	 	 	$	-	 	 	 	0.00	%	 	$	-	 	 	 	0.00	%	 	$	-	 
	Private Sale	 	 	1,406,549	 	 	$	-	 	 	$	-	 	 	 	12.50	%	 	$	8,439,292	 	 	 	11.13	%	 	$	7,510,970	 
	Bridge Loan into Private Company	 	 	916,667	 	 	$	4,400,000	 	 	$	4.80	 	 	 	8.15	%	 	$	5,500,000	 	 	 	7.25	%	 	$	4,895,000	 
	Palladium Clients	 	 	1,250,000	 	 	$	7,500,000	 	 	$	6.00	 	 	 	11.11	%	 	$	7,500,000	 	 	 	9.89	%	 	$	6,675,000	 
	Palladium Capital Advisors	 	 	112,524	 	 	 	 	 	 	 	 	 	 	 	1.00	%	 	$	675,143	 	 	 	0.89	%	 	$	600,878	 
	Total	 	 	11,252,389	 	 	$	21,300,000	 	 	 	 	 	 	 	100.00	%	 	$	67,514,336	 	 	 	89.00	%	 	$	60,087,759	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	ESOP	 	 	1,390,745	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	11.00	%	 	$	7,426,577	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total	 	 	12,643,134	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	100.00	%	 	$	67,514,336	 

 

Existing PhaseRx Shareholders includes preferred, common,
noteholders, warrentholders, and optionholders

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