Document:

February
8, 2018

 

Vuong
Trieu, Ph.D.

Executive
Chairman

Marina
Biotech, Inc.

17870
Castleton Street, Suite 250

City
of Industry, CA 91748

 

Dear
Dr. Trieu:

 

This
letter (the “Agreement”) constitutes the agreement between Maxim Group LLC (“Maxim” or the
“Placement Agent”) and Marina Biotech, Inc., a Delaware corporation (the “Company”), that
Maxim shall serve as the exclusive placement agent for the Company, on a “commercially reasonable efforts” basis,
in connection with the proposed placement (the “Placement”) of shares (each a “Share” and
collectively, the “Shares”) of the Company’s Series E Convertible Preferred Stock, par value $0.01 per
share (the “Series E Preferred Stock”), with the preferences, rights and designations set forth in the Certificate
of Designations for Series E Convertible Preferred Stock (the “Certificate of Designation”) and convertible
into shares of the Company’s common stock, par value $0.006 per share (the “Common Stock” and the shares
of Common Stock issuable upon conversion of the Series E Preferred Stock, the “Conversion Shares”), and warrants
(each a “Warrant” and collectively, the “Warrants”; collectively with the Series E Preferred
Stock, the “Securities”) to purchase shares of Common Stock (such shares of Common Stock issuable upon exercise
of the Warrants, the “Warrant Shares”) with an exercise price of $0.55 per share. The terms of the Placement
shall be mutually agreed upon by the Company, Maxim and the purchasers (each, a “Purchaser” and collectively,
the “Purchasers”) and nothing herein constitutes that Maxim would have the power or authority to bind the Company
or any Purchaser or an obligation for the Company to issue any Securities or complete the Placement. This Agreement and the documents
executed and delivered by the Company and the Purchasers in connection with the Placement shall be collectively referred to herein
as the “Transaction Documents.” Each date on which there is a closing of the Placement (each, a “Closing”)
shall be referred to herein as a “Closing Date.” The Company expressly acknowledges and agrees that Maxim’s
obligations hereunder are on a commercially reasonable efforts basis only and that the execution of this Agreement does not constitute
a legal or binding commitment by Maxim to purchase the Securities or introduce the Company to investors and does not ensure the
successful placement of the Securities or any portion thereof or the success of Maxim with respect to securing any other financing
on behalf of the Company. The Placement Agent may retain other brokers or dealers to act as sub-agents or selected-dealers on
its behalf in connection with the Placement. The sale of the Securities to any Purchaser will be evidenced by a subscription agreement
(the “Subscription Agreement”) between the Company and such Purchaser in a form reasonably acceptable to the
Company and Maxim. Prior to the signing of the Subscription Agreement, officers of the Company will be available to answer inquiries
from prospective Purchasers.

 

    	1

     

    

 

Notwithstanding
anything herein to the contrary, in the event Maxim determines that any of the terms provided for hereunder shall not comply with
a FINRA rule, including but not limited to FINRA Rule 5110, then the Company shall agree to amend this Agreement in writing upon
the request of Maxim to comply with any such rules; provided that any such amendments shall not provide for terms that are less
favorable to the Company.

 

SECTION
1. COMPENSATION. As compensation for the services provided by Maxim hereunder, the Company agrees to pay to Maxim:

 

(A)
A cash fee payable in U.S. dollars equal to ten percent (10%) of the gross proceeds received by the Company from investors (i)
in the Placement and (ii) as a result of conversions (the “Notes Conversions”) of promissory notes issued pursuant
to that certain Note Purchase Agreement, dated June 20, 2016 (as amended on July 3, 2017), by and between the Company and the
purchasers signatory thereto, and that certain Note Purchase Agreement, dated November 22, 2017, by and between the Company and
a trust affiliated with Isaac Blech (the “Cash Compensation”). The Cash Compensation shall be paid at each
Closing of the Placement through a third party escrow agent from the gross proceeds of the Securities sold.

 

(B)
The Company, at the Closing, will grant to the Placement Agent, non-redeemable warrants covering a number of the securities equal
to ten percent (10%) of the total number of shares of Common Stock issuable upon conversion of the Series E Preferred Stock issued
or issuable in the Placement and the Notes Conversions (the “Placement Warrants”). The Placement Warrants will
be exercisable six (6) months after the date of each Closing and expire five (5) years after such Closing. The Placement Warrants
will be exercisable at a price per share equal to $0.55. The Placement Agent will be entitled to customary “piggyback”
rights pursuant to FINRA Rule 5110. If so registered, the Placement Warrants and the underlying securities may not be transferred,
assigned or hypothecated for a period of 6 months following the Effective Date (as defined below) pursuant to FINRA Rule 5110(g)(2).
The Placement Warrants may be exercised in whole or in part, shall provide for “cashless exercise”, and shall provide
for customary anti-dilution protection for stock splits, combinations and the like. Effective Date is the earliest of (a) the
date that all of the Conversion Shares and Warrant Shares have been sold pursuant to Rule 144 or may be sold pursuant to Rule
144 without the requirement for the Company to be in compliance with the current public information required under Rule 144 and
without volume or manner-of-sale restrictions, (b) the one year anniversary of the applicable Closing Date provided that a holder
of the Conversion Shares and Warrant Shares is not an affiliate of the Company, and (c) the date that all of the Conversion Shares
and Warrant Shares may be sold pursuant to an exemption from registration under Section 4(a)(1) of the Securities Act of 1933,
as amended (the “Act”), without volume or manner-of-sale restrictions and Company Counsel has delivered to
such holders a standing written unqualified opinion that resales may then be made by such holders of the Conversion Shares and
Warrant Shares pursuant to such exemption which opinion shall be in form and substance reasonably acceptable to such holders.

 

(C)
Subject to compliance with FINRA Rule 5110(f)(2)(D), the Company also agrees to reimburse Maxim for all of Maxim’s actual
out-of-pocket accountable expenses upon receipt of reasonably acceptable evidence of such expenditures, including the reasonable
fees of legal counsel up to a maximum of $75,000 and other out-of-pocket expenses; provided that Maxim must obtain consent from
the Company before incurring any individual expense greater than $1,500 (other than fees to legal counsel) and all expenses in
excess of $3,000 (other than fees to legal counsel) in any one month. The Company will reimburse Maxim directly out of the gross
proceeds from the initial Closing of the Placement.

 

    	2

     

    

 

(D)
The Placement Agent reserves the right to reduce any item of compensation or adjust terms thereof as specified therein in the
event that a determination shall be made by FINRA to the effect that the Placement Agent’s aggregate compensation is in
excess of FINRA Rules or that the terms thereof require adjustment.

 

SECTION
2. REPRESENTATIONS AND WARRANTIES OF THE COMPANY. Each of the representations and warranties (together with any related
disclosures in the disclosure schedules appended thereto) made by the Company to the Purchasers in the Transaction Documents,
is hereby incorporated herein by reference (as though fully restated herein) and is, as of the date of this Agreement, hereby
made to, and in favor of, the Placement Agent. In addition to the foregoing, the Company represents and warrants to the Placement
Agent that:

 

(A)
(i) the Company has full right, power and authority to enter into this Agreement and to perform all of its obligations hereunder;
(ii) this Agreement has been duly authorized and executed and constitutes a legal, valid and binding agreement of such party enforceable
in accordance with its terms; and (iii) the execution and delivery of this Agreement and the consummation of the transactions
contemplated hereby does not conflict with or result in a breach of (y) the Company’s certificate of incorporation or by-laws
or other charter documents or (z) any agreement to which the Company is a party or by which any of its property or assets is bound;
provided that the Placement Agent acknowledges that the Placement will be subject to final approval of the Company’s Board
of Directors.

 

(B)
All disclosure provided by the Company to the Placement Agent regarding the Company, its business and the transactions contemplated
hereby, taken together with all filings the Company has made with the Securities and Exchange Commission, is true and correct
in all material aspects and does not contain any untrue statement of a material fact or omit to state any material fact necessary
in order to make the statements made therein, in the light of the circumstances under which they were made, not misleading. Each
filing made by the Company with the Securities and Exchange Commission during the twenty-four (24) months preceding the date of
this Agreement did not at the time of release contain any untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which
they were made, not misleading. To the best of the Company’s knowledge and belief, other than the current capital raising
(of which this Agreement forms part), no event or circumstance has occurred or information exists with respect to the Company
or its business, properties, prospects, operations or financial conditions, which, under the applicable laws, rules or regulations,
requires public disclosure or announcement by the Company but which has not been so publicly announced or disclosed.

 

(C)
The Company has not taken and will not take any action, directly or indirectly, so as to cause the Placement to fail to be entitled
to rely upon the exemption from registration afforded by Section 4(a)(2) of the Act. In effecting the Placement, the Company agrees
to comply in all material respects with applicable provisions of the Act and any regulations thereunder and any applicable laws,
rules, regulations and requirements (including, without limitation, all U.S. state law and all national, provincial, city or other
legal requirements).

 

    	3

     

    

 

SECTION
3. REPRESENTATIONS OF MAXIM. Maxim represents and warrants that it (i) is a member in good standing of FINRA, (ii)
is registered as a broker/dealer under the Securities Exchange Act of 1934, as amended, (iii) is licensed as a broker/dealer under
the laws of the states applicable to the offers and sales of the Securities by Maxim, (iv) is and will be a body corporate validly
existing under the laws of its place of incorporation, and (v) has full power and authority to enter into and perform its obligations
under this Agreement. Maxim will immediately notify the Company in writing of any change in its status as such. Maxim covenants
that it will use its reasonable best efforts to conduct the Transaction hereunder in compliance with the provisions of this Agreement
and the requirements of applicable law.

 

SECTION
4. INDEMNIFICATION. The Company agrees to the indemnification and other agreements set forth in the Indemnification
Provisions (the “Indemnification”) attached hereto as Addendum A, the provisions of which are incorporated
herein by reference and shall survive the termination or expiration of this Agreement.

 

SECTION
5. ENGAGEMENT TERM.

 

(A)
This Agreement will remain in effect until September 30, 2018, after which either party shall have the right to terminate the
Agreement on sixty (60) days prior written notice to the other party (which notice may be delivered only by the Placement Agent
prior to September 30, 2018, provided that such termination shall not be effective prior to September 30, 2018), and upon successful
completion of the Placement, this Agreement will automatically terminate. The date of termination of this Agreement is referred
to herein from time to time as the “Termination Date.” If, within fifteen (15) months after the Termination
Date, the Company completes any financing of equity, equity-linked or debt or other capital raising activity of the Company (other
than the exercise by any person or entity of any options, warrants or other convertible securities other than the warrants issued
pursuant to this Agreement) with any of the investors who were contacted by the Placement Agent in connection with the Placement,
the Company will pay to the Placement Agent upon the closing of such financing the compensation set forth in Section 1 upon the
closing of such financing.

 

(B)
Notwithstanding anything herein to the contrary, subject to the fifteen (15) months limitation described in Section 5(A) above,
the obligation to pay the compensation and expenses accruing prior to the Termination Date as described in Section 1(A) and (C),
the obligation to issue Placement Warrants as described in Section 1(B), Section 4, this Section 5, Section 9 and Sections 10,
11 and 12 and all of Exhibit A attached hereto (the terms of which are incorporated by reference hereto), will survive any termination
or expiration of this Agreement. The termination of this Agreement shall not affect the Company’s obligation to pay fees
to the extent provided for in Section 1 herein (provided that no fee is payable under Section 1(A) after the Termination Date
unless expressly provided for in Section 5(A)) and shall not affect the Company’s obligation to reimburse the expenses accruing
prior to such Termination Date to the extent provided for herein. All such accrued fees and reimbursements due shall be paid to
the Placement Agent on or before the Termination Date (in the event such fees and reimbursements are earned or owed as of the
Termination Date) or upon the Closing of the Placement or any applicable portion thereof (in the event such fees are due pursuant
to the terms of Section 1 hereof).

 

    	4

     

    

 

SECTION
6. MAXIM INFORMATION. The Company agrees that any information or advice rendered by Maxim in connection with this engagement
is for the confidential use of the Company only in their evaluation of the Placement and, except as otherwise required by law,
the Company will not disclose or otherwise refer to the advice or information in any manner without Maxim’s prior written
consent.

 

SECTION
7. NO FIDUCIARY RELATIONSHIP. This Agreement does not create, and shall not be construed as creating rights enforceable
by any person or entity not a party hereto, except those entitled hereto by virtue of the Indemnification Provisions hereof. The
Company acknowledges and agrees that Maxim is not and shall not be construed as a fiduciary of the Company and shall have no duties
or liabilities to the equity holders or the creditors of the Company or any other person by virtue of this Agreement or the retention
of Maxim hereunder, all of which are hereby expressly waived.

 

SECTION
8. CLOSING. The obligations of the Placement Agent hereunder, and the closing of the sale of the Securities pursuant
to the Subscription Agreement are subject to the accuracy, when made and on each Closing Date, of the representations and warranties
on the part of the Company and its subsidiaries contained herein and in the Subscription Agreement, to the accuracy of the statements
of the Company and its subsidiaries made in any certificates pursuant to the provisions hereof, to the performance by the Company
and its subsidiaries of their obligations hereunder, and to each of the following additional terms and conditions:

 

(A)
All corporate proceedings and other legal matters incident to the authorization, form, execution, delivery and validity of each
of this Agreement, the Securities and all other legal matters relating to this Agreement and the transactions contemplated hereby
shall be reasonably satisfactory in all material respects to counsel for the Placement Agent, and the Company shall have furnished
to such counsel all documents and information that such counsel may reasonably requests to enable them to pass upon such matters.

 

(B)
The Placement Agent shall have received as of the Closing Date the favorable opinions of legal counsel to the Company identified
in the Subscription Agreement, dated as of such Closing Date, including, without limitation, a negative assurance letter from
U.S. counsel, addressed to the Placement Agent in form and substance reasonably satisfactory to the Placement Agent.

 

(C)
(i) Neither the Company nor any of its subsidiaries shall have sustained, since the date of the latest audited or unaudited financial
statements included or incorporated by reference in its reports publicly filed with the Securities and Exchange Commission, any
material loss or interference with its business from fire, explosion, flood, terrorist act or other calamity, whether or not covered
by insurance, or from any labor dispute or court or governmental action, order or decree, otherwise than as set forth in or contemplated
by the Purchase Agreement and disclosure schedules thereto and (ii) since such date there shall not have been any change in the
capital stock or long-term debt of the Company or any of its subsidiaries or any change, or any development involving a prospective
change, in or affecting the business, general affairs, management, financial position, shareholders’ equity, results of
operations or prospects of the Company and its subsidiaries, otherwise as set forth in or contemplated by the Subscription Agreement
and disclosure schedules thereto, the effect of which, in any such case described in clause (i) or (ii), is, in the reasonable
judgment of the Placement Agent, so material and adverse as to make it impracticable or inadvisable to proceed with the sale or
delivery of the Securities on the terms and in the manner contemplated by the Subscription Agreement and disclosure schedules
thereto.

 

    	5

     

    

 

(D)
Until the earliest of the time that (i) the Placement Agent no longer holds any Placement Warrants and/or shares of common stock
underlying the Placement Warrants or (ii) the Placement Warrants have expired, Section 5.4 of the Subscription Agreement shall
apply to the Placement Agent, the Placement Warrants and the shares of Common Stock underlying the Placement Warrants.

 

(E)
Subsequent to the execution and delivery of this Agreement and up to the Closing Date, there shall not have occurred any of the
following: (i) trading in the Company’s securities generally on the applicable trading market shall have been suspended
or minimum or maximum prices or maximum ranges for prices shall have been established on any such exchange or such market by the
Securities and Exchange Commission or by such exchange or by any other regulatory body or governmental authority having jurisdiction,
(ii) a banking moratorium shall have been declared by federal or state authorities or a material disruption has occurred in commercial
banking or securities settlement or clearance services in the United States, (iii) the United States shall have become engaged
in hostilities in which it is not currently engaged, the subject of an act of terrorism, there shall have been an escalation in
hostilities involving the United States, or there shall have been a declaration of a national emergency or war by the United States,
or (iv) there shall have occurred any other calamity or crisis or any change in general economic, political or financial conditions
in the United States or elsewhere, if the effect of any such event in clause (iii) or (iv) makes it, in the sole and reasonable
judgment of the Placement Agent, impracticable or inadvisable to proceed with the sale or delivery of the Securities on the terms
and in the manner contemplated by the Subscription Agreement.

 

(F)
No action shall have been taken and no statute, rule, regulation or order shall have been enacted, adopted or issued by any governmental
agency or body which would, as of the Closing Date, prevent the issuance or sale of the Securities or materially and adversely
affect the business or operations of the Company; and no injunction, restraining order or order of any other nature by any federal
or state court of competent jurisdiction shall have been issued as of the Closing Date which would prevent the issuance or sale
of the Securities or materially and adversely affect the business or operations of the Company.

 

(G)
The Company shall have entered into a Purchase Agreement with each of the Purchasers and such agreements shall be in full force
and effect and shall contain representations, warranties and covenants of the Company as agreed between the Company and the Purchasers.

 

    	6

     

    

 

(H)
FINRA shall have raised no objection to the fairness and reasonableness of the terms and arrangements of this Agreement. In addition,
the Company shall, if requested by the Placement Agent, make or authorize Placement Agent’s counsel to make on the Company’s
behalf, an Issuer Filing with FINRA pursuant to FINRA Rule 5123 with respect to the Placement and pay filing fees required in
connection therewith, if any.

 

(I)
On or prior to the Closing Date, the Company shall have furnished to the Placement Agent such further information, certificates
and documents as the Placement Agent may reasonably request.

 

(J)
The Company and the Placement Agent shall have entered into an escrow agreement with a commercial bank or trust company reasonably
satisfactory to both parties pursuant to which the Purchasers shall deposit their subscription funds in an escrow account and
the Company and the Placement Agent shall jointly authorize the disbursement of the funds from the escrow account. The Company
shall pay the reasonable fees of the escrow agent.

 

All
opinions, letters, evidence and certificates mentioned above or elsewhere in this Agreement shall be deemed to be in compliance
with the provisions hereof only if they are in form and substance reasonably satisfactory to counsel for the Placement Agent.

 

SECTION
9. RIGHT OF FIRST REFUSAL. Upon the successful completion of any Closing during the Term, for a period of fifteen (15) months
from the final Closing, the Company grants the Placement Agent the right of first refusal to act at as lead managing underwriter
and book runner for any and all future public and private equity and public debt offerings of the Company, or any successor to
or any subsidiary of the Company, during such fifteen (15) month period.

 

SECTION
10. STRATEGIC INVESTMENTS. If during the term of the Agreement or within fifteen (15) months after the Termination
Date, the Company enters into a strategic transaction, including but not limited to a strategic investment, alliance, partnership,
joint venture, licensing or contractual arrangement or other similar transaction (each, a “Strategic Transaction”),
with any of the investors or other entities or individuals who were contacted by the Placement Agent on behalf of the Company,
the Company agrees to pay to the Placement Agent the compensation set forth in Section 1 hereof upon the execution of definitive
agreements relating to such Strategic Transaction. For purposes of calculating such compensation, the Cash Compensation for a
Strategic Transaction shall include advances or up-front amounts and future or staggered payments (collectively, the “Strategic
Transaction Consideration”) but shall not include royalties. The Placement Warrants to be issued in connection with
a Strategic Transaction shall cover a number of shares equal to ten percent (10%) of the aggregate Strategic Transaction Consideration
based on the price of the Securities sold in the Placement. In the event of a Strategic Transaction involving a partnership, joint
venture or similar arrangement that results in the co-ownership of an entity by the Company and a party introduced by the Placement
Agent, then upon the consummation of such Strategic Transaction, the Company shall issue to the Placement Agent or its designees
equity in the co-owned entity equal to five percent (5.0%) of the Company’s share in such entity on a pari passu basis.
By way of example, if as the result of a Strategic Transaction, the Company and the introduced party co-own an entity of which
the Company owns fifty percent (50.0%), the Company will issue to Maxim equity equal to two and one-half percent (2.5%) of such
entity. The Placement Warrant for a Strategic Transaction shall be issued if and only if there is a Closing of the Placement pursuant
to this Agreement.

 

    	7

     

    

 

SECTION
11. GOVERNING LAW. This Agreement will be governed as to validity, interpretation, construction, effect and in all
other respects by the internal law of the State of New York. The Company and the Placement Agent each (i) agree that any legal
suit, action or proceeding arising out of or relating to this Agreement shall be instituted exclusively in the New York State
Supreme Court, County of New York, or in the United States District Court for the Southern District of New York, (ii) waives any
objection to the venue of any such suit, action or proceeding, and the right to assert that such forum is an inconvenient forum,
and (iii) irrevocably consents to the jurisdiction of the New York State Supreme Court, County of New York, and the United States
District Court for the Southern District of New York in any such suit, action or proceeding. Each of the Company and the Placement
Agent further agrees to accept and acknowledge service of any and all process that may be served in any such suit, action or proceeding
in the New York State Supreme Court, County of New York, or in the United States District Court for the Southern District of New
York and agree that service of process upon it mailed by certified mail to its address shall be deemed in every respect effective
service of process in any such suit, action or proceeding. The parties hereby expressly waive all rights to trial by jury in any
suit, action or proceeding arising under this Agreement.

 

SECTION
12. ENTIRE AGREEMENT/MISC. This Agreement (including the attached Indemnification Provisions) embodies the entire agreement
and understanding between the parties hereto, and supersedes all prior agreements and understandings, relating to the subject
matter hereof. If any provision of this Agreement is determined to be invalid or unenforceable in any respect, such determination
will not affect such provision in any other respect or any other provision of this Agreement, which will remain in full force
and effect. This Agreement may not be amended or otherwise modified or waived except by an instrument in writing signed by both
Maxim and the Company. The representations, warranties, agreements and covenants contained herein shall survive the closing of
the Placement and delivery of the Securities, as applicable. 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 a .pdf format 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. The Company agrees that the Placement Agent may rely upon,
and is a third party beneficiary of, the representations and warranties, and applicable covenants set forth in any such purchase,
subscription or other agreement with the Purchasers in the Placement. All amounts stated in this Agreement are in US dollars unless
expressly stated.

 

    	8

     

    

 

SECTION
13. NOTICES. Any and all notices or other communications or deliveries required or permitted to be provided hereunder
shall be in writing and shall be deemed given and effective on the earliest of (a) the date of transmission, if such notice or
communication is sent to the email address specified on the signature pages attached hereto prior to 6:30 p.m. (New York City
time) on a business day, (b) the next business day after the date of transmission, if such notice or communication is sent to
the email address on the signature pages attached hereto on a day that is not a business day or later than 6:30 p.m. (New York
City time) on any business day, (c) the third business day following the date of mailing, if sent by U.S. internationally recognized
air courier service, or (d) upon actual receipt by the party to whom such notice is required to be given. The address for such
notices and communications shall be as set forth on the signature pages hereto.

 

SECTION
14. PRESS ANNOUNCEMENTS. The Company agrees that the Placement Agent shall, from and after any Closing, have the right to
reference the Placement and the Placement Agent’s role in connection therewith in the Placement Agent’s marketing
materials and on its website and to place advertisements in financial and other newspapers and journals, in each case at its own
expense.

 

[The
remainder of this page has been intentionally left blank.]

 

    	9

     

    

 

Please
confirm that the foregoing correctly sets forth our agreement by signing and returning to Maxim the enclosed copy of this Agreement.

 

	 	Very
    truly yours,
	 	 
	 	Maxim
    GROUP LLC
	 	 
	 	By:
    	/s/
    Clifford A. Teller            
	 	Name:	 Clifford A. Teller
	 	Title:	 Executive Managing Director, IB
	 	 
	 	Address
    for notice:
	 	405
    Lexington Avenue
	 	New
    York, NY 10174
	 	Attention:
        James Siegel, General Counsel

        Email:
        jsiegel@maximgrp.com

 

Accepted
and Agreed to as of

the
date first written above:

 

MARINA
BIOTECH, INC.

 

	By:
    	/s/
    Vuong Trieu  	 
	Name:	Vuong Trieu	 
	Title:
    	Executive Chairman 	 

 

Address
for notice:

Marina
Biotech, Inc.

17870
Castleton Street, Suite 250

City
of Industry, CA

Attention:
Vuong Trieu

Email:
vtrieu@autotelicinc.com

 

    	10

     

    

 

ADDENDUM
A

 

INDEMNIFICATION
PROVISIONS

 

Capitalized
terms used in this Addendum shall have the meanings ascribed to such terms in the Agreement to which this Addendum is attached:

 

In
addition to and without limiting any other right or remedy available to the Placement Agent and the Indemnified Parties (as hereinafter
defined), the Company agrees to indemnify and hold harmless Placement Agent and each of the other Indemnified Parties from and
against any and all losses, claims, damages, obligations, penalties, judgments, awards, liabilities, reasonable out-of-pocket
costs, reasonable expenses and reasonable disbursements, and any and all actions, suits, proceedings and investigations in respect
thereof and any and all legal and other reasonable costs, expenses and disbursements in giving testimony or furnishing documents
in response to a subpoena or otherwise (including, without limitation, the reasonable out-of-pocket costs, expenses and disbursements,
as and when incurred, of investigating, preparing, pursing or defending any such action, suit, proceeding or investigation (whether
or not in connection with litigation in which any Indemnified Party is a party)) (collectively, “Losses”),
directly or indirectly, caused by, relating to, based upon, arising out of, or in connection with, Placement Agent’s acting
for the Company, including, without limitation, any act or omission by Placement Agent in connection with its acceptance of or
the performance or nonperformance of its obligations under the Agreement between the Company and Placement Agent to which these
indemnification provisions are attached and form a part, any breach by the Company of any representation, warranty, covenant or
agreement contained in the Agreement (or in any instrument, document or agreement relating thereto, including any agency agreement),
or the enforcement by Placement Agent of its rights under the Agreement or these indemnification provisions, except to the extent
that any such Losses are found in a final judgment by a court of competent jurisdiction (not subject to further appeal) to have
resulted primarily and directly from the fraud, recklessness, gross negligence or willful misconduct of the Indemnified Party
seeking indemnification hereunder.

 

The
Company also agrees that no Indemnified Party shall have any liability (whether direct or indirect, in contract or tort or otherwise)
to the Company for or in connection with the engagement of Placement Agent by the Company or for any other reason, except to the
extent that any such liability is found in a final judgment by a court of competent jurisdiction (not subject to further appeal)
to have resulted primarily and directly from such Indemnified Party’s fraud, recklessness, gross negligence or willful misconduct.

 

These
Indemnification Provisions shall extend to the following persons (collectively, the “Indemnified Parties”):
the Placement Agent, its present and former affiliated entities, managers, members, officers, employees, legal counsel, agents
and controlling persons (within the meaning of the federal securities laws), and the officers, directors, partners, stockholders,
members, managers, employees, legal counsel, agents and controlling persons of any of them. These indemnification provisions shall
be in addition to any liability, which the Company may otherwise have to any Indemnified Party.

 

    	 

     

    

 

If
any action, suit, proceeding or investigation is commenced, as to which an Indemnified Party proposes to demand indemnification,
it shall notify the Company with reasonable promptness; provided, however, that any failure by an Indemnified Party to notify
the Company shall not relieve the Company from its obligations hereunder. An Indemnified Party shall have the right to retain
one counsel of its own choice to represent it, and the reasonable fees, expenses and disbursements of such counsel shall be borne
by the Company. Any such counsel shall, to the extent consistent with its professional responsibilities, cooperate with the Company
and any counsel designated by the Company. The Company shall be liable for any settlement of any claim against any Indemnified
Party made with the Company’s written consent. The Company shall not, without the prior written consent of Placement Agent,
settle or compromise any claim, or permit a default or consent to the entry of any judgment in respect thereof, unless such settlement,
compromise or consent (i) includes, as an unconditional term thereof, the giving by the claimant to all of the Indemnified Parties
of an unconditional release from all liability in respect of such claim, and (ii) does not contain any factual or legal admission
by or with respect to an Indemnified Party or an adverse statement with respect to the character, professionalism, expertise or
reputation of any Indemnified Party or any action or inaction of any Indemnified Party.

 

In
order to provide for just and equitable contribution, if a claim for indemnification pursuant to these indemnification provisions
is made but it is found in a final judgment by a court of competent jurisdiction (not subject to further appeal) that such indemnification
may not be enforced in such case, even though the express provisions hereof provide for indemnification in such case, then the
Company shall contribute to the Losses to which any Indemnified Party may be subject (i) in accordance with the relative benefits
received by the Company and its stockholders, subsidiaries and affiliates, on the one hand, and the Indemnified Party, on the
other hand, and (ii) if (and only if) the allocation provided in clause (i) of this sentence is not permitted by applicable law,
in such proportion as to reflect not only the relative benefits, but also the relative fault of the Company, on the one hand,
and the Indemnified Party, on the other hand, in connection with the statements, acts or omissions which resulted in such Losses
as well as any relevant equitable considerations. No person found liable for a fraudulent misrepresentation shall be entitled
to contribution from any person who is not also found liable for fraudulent misrepresentation. The relative benefits received
(or anticipated to be received) by the Company and its stockholders, subsidiaries and affiliates shall be deemed to be equal to
the aggregate consideration payable or receivable by such parties in connection with the transaction or transactions to which
the Agreement relates relative to the amount of fees actually received by Placement Agent in connection with such transaction
or transactions. Notwithstanding the foregoing, in no event shall the amount contributed by all Indemnified Parties exceed the
amount of fees previously received by Placement Agent pursuant to the Agreement.

 

Neither
termination nor completion of the Agreement shall affect these Indemnification Provisions which shall remain operative and in
full force and effect. The Indemnification Provisions shall be binding upon the Company and its successors and assigns and shall
inure to the benefit of the Indemnified Parties and their respective successors, assigns, heirs and personal representatives.SUBSCRIPTION
AGREEMENT

 

This
SUBSCRIPTION AGREEMENT (this “Agreement”) made as of the last date set forth on the signature page hereof
by and between Marina Biotech, Inc., a Delaware corporation (the “Company”), and the undersigned investor
in the Offering (as defined below) (the “Subscriber”).

 

WITNESSETH:

 

WHEREAS,
the Company is conducting a private offering (the “Offering”) consisting of up to an aggregate of up
to $15,000,000 of shares of the Company’s Series E convertible preferred stock, par value $0.01 per share (the “Preferred
Stock”), at a purchase price equal to $5,000.00 per share (the “Purchase Price”), each
share of Preferred Stock being convertible into shares of the Company’s common stock, par value $0.006 per share (the “Common
Stock”), at a conversion price equal to $0.50, subject to adjustment;

 

WHEREAS,
in connection with a purchase of shares of Preferred Stock, each investor in the Offering will receive a five-year warrant (the
“Warrant”, and collectively with the Preferred Stock, the “Securities”) to
purchase such number of shares of Common Stock of the Company as is equal to 75% of the number of shares of Common Stock issuable
upon conversion of the shares of Preferred Stock issued to such investor at an exercise price equal to $0.55 per share, subject
to adjustment thereunder;

 

WHEREAS,
the Company has engaged Maxim Merchant Capital, a division of Maxim Group LLC (Member FINRA/SIPC) to act as the sole placement
agent for the Offering (the “Placement Agent”);

 

WHEREAS,
the aggregate gross proceeds from the Offering shall be up to a maximum offering amount of $15,000,000 (the “Maximum
Offering Amount”);

 

WHEREAS,
the Offering is being made through the Placement Agent on a “commercially reasonable best efforts” basis
to a limited number of “accredited investors” (as that term is defined by Rule 501(a) of Regulation
D (“Regulation D”) promulgated under the Securities Act of 1933, as amended (the “Securities
Act”), by the Securities and Exchange Commission (the “SEC’) to attain the Maximum
Offering Amount;

 

WHEREAS,
the Subscriber desires to purchase such number of shares of Preferred Stock (together with the associated Warrants) as set forth
on the signature page hereof;

 

WHEREAS
the Subscriber’s subscription for Securities will be made in accordance with and subject to the terms and conditions of
this Agreement and the Company’s Confidential Private Placement Memorandum dated February 5, 2018, together with all amendments
thereof and supplements and exhibits thereto, including the documents incorporated by reference therein, and as any of the foregoing
may be amended from time to time (the “Memorandum”); and

 

WHEREAS,
the Company and the Subscriber are executing and delivering this Agreement, and performing the transactions contemplated hereby
including the sale and purchase of the Securities, in reliance upon the exemption from the registration requirements of the Securities
Act afforded by Section 4(a)(2) of the Securities Act and Rule 506 of Regulation D promulgated thereunder.

 

    	 	1	 

    	 

    

 

NOW,
THEREFORE, in consideration of the premises and the mutual representations and covenants hereinafter set forth, the parties hereto
do hereby agree as follows:

 

	I.	SUBSCRIPTION
    FOR SHARES AND REPRESENTATIONS BY SUBSCRIBER

 

1.1
Subject to the terms and conditions hereinafter
set forth (including Section 1.19 hereof) and as set forth in the Memorandum, the Subscriber hereby subscribes for and agrees
to purchase from the Company, and the Company agrees to sell to the Subscriber, such number of shares of Preferred Stock as is
set forth on the signature page hereof (and a corresponding number of Warrants). The aggregate Purchase Price is payable by wire
transfer, to be held in escrow until the applicable Closing (as defined below), to Collegiate Peaks Bank, in its capacity as the
escrow agent for the Offering (the “Escrow Agent”), as follows:

 

	Bank:	Collegiate
    Peaks Bank
	ABA
    Number:	102105997
	Account
    #:	0410037903
	Account
    Name:	Corporate
    Stock Transfer as Escrow Manager for Marina Biotech, Inc.

 

1.2
The Subscriber understands, acknowledges and
agrees that, except as otherwise set forth in Section 3.2 or otherwise required by law, once irrevocable, (i) the Subscriber is
not entitled to cancel, terminate or revoke his, her or its subscription pursuant to this Agreement or any other obligations of
the Subscriber hereunder and (ii) this Agreement and the Subscriber’s obligations hereunder shall survive the death or disability
of the Subscriber and shall be binding upon and inure to the benefit of each of the parties and their respective heirs, executors,
administrators, successors, legal representatives and permitted assigns. If the Subscriber is more than one person, the obligations
of the Subscriber hereunder shall be joint and several and the agreements, representations, warranties and acknowledgments of
the Subscriber in this Agreement shall be deemed to be made by and be binding upon each such person and his, her, its or their
heirs, executors, administrators, successors, legal representatives and permitted assigns.

 

1.3
The Subscriber recognizes that the purchase of
the Securities involves a high degree of risk including, but not limited to, the following: (a) the Company requires substantial
funds in addition to the proceeds of the Offering in order to fund its operations and the development of its product candidates;
(b) an investment in the Company is highly speculative, and only investors who can afford the loss of their entire investment
should consider investing in the Company and the Securities; (c) the Subscriber may not be able to liquidate the Subscriber’s
investment in the Securities; (d) transferability of the Securities including, if and when issued, the shares of Common Stock
issuable upon conversion of the Preferred Stock (the “Conversion Shares”) and/or exercise of the Warrants
(the “Warrant Shares” and collectively with the Conversion Shares, the “Underlying Shares”)
may be extremely limited or restricted by applicable law; (e) in the event of a future disposition of the Securities (or any securities
issuable upon conversion and/or exercise of the Securities), the Subscriber could sustain the loss of the Subscriber’s entire
investment; (f) the Company has not paid any dividends since its inception, does not anticipate paying any dividends in the near
future and any future dividends will be subject to the discretion of and approval by the Company’s board of directors; and
(g) each of the other risks set forth in or incorporated by reference into the “Risk Factors” section of the Memorandum,
which are incorporated herein by reference.

 

    	 	2	 

    	 

    

 

1.4
At the time such Subscriber was offered the Securities,
the Subscriber was, and as of the date hereof is, and on the date on which it exercises any Warrants or converts any shares of
Preferred Stock, it will be, an “accredited investor” as defined in Rule 501(a) promulgated under the Securities Act.
The Subscriber hereby represents and warrants to the Company that the Subscriber’s responses to the investor questionnaire
substantially in the form attached as Exhibit A to this Agreement (the “Purchaser Questionnaire”)
are true, correct and complete in all respects.

 

1.5
The Subscriber hereby acknowledges, represents
and warrants that (a) the Subscriber has adequate means of providing for the Subscriber’s current financial needs and contingencies;
(b) the Subscriber has knowledge and experience in business and financial matters, prior investment experience (including investment
in securities that are non-listed, unregistered and/or not traded on a national securities exchange), or employed the services
of a “purchaser representative” (as defined in Rule 501 of Regulation D), attorney and/or accountant to read and review
all of the documents furnished or made available by the Company to the Subscriber, to evaluate the merits and risks of an investment
in the Securities on the Subscriber’s behalf; (c) the Subscriber is able to bear the economic risk that the Subscriber assumes
by investing in the Securities; and (d) the Subscriber can afford a complete loss of the Subscriber’s investment in the
Securities.

 

1.6
The Subscriber hereby (i) acknowledges receipt
and careful review of this Agreement, the Memorandum, the certificate of designations substantially in the form attached hereto
as Exhibit B to be filed with the Secretary of State of the State of Delaware for the Preferred Stock (the “Certificate
of Designation”), the form of Warrant attached hereto as Exhibit C, and all other exhibits, annexes and appendices
thereto, which are incorporated herein by reference (collectively, the “Offering Materials”), and has
had access to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016 (collectively with the
exhibits thereto and as amended, the “Form 10-K”), the Company’s Quarterly Reports on Form 10-Q
for the quarterly periods ended March 31, 2017, June 30, 2017 and September 30, 2017 (collectively with the exhibits thereto and
as amended, the “Forms 10-Q”) and the other periodic, current and other reports filed or furnished by
the Company pursuant to the Securities Act and the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
including pursuant to Sections 13(a) or 15(d) thereof, as publicly filed and available on the website of the SEC (such materials,
collectively, the “SEC Reports”); (ii) represents that the Subscriber has been furnished by the Company
with all information regarding the Company, the terms and conditions of the Offering and any additional information that the Subscriber
has requested or desired to know, and has been afforded the opportunity to ask questions of and receive answers from duly authorized
officers or other representatives of the Company concerning the Company and the terms and conditions of the Offering; provided,
however, that no investigation performed by or on behalf of the Subscriber shall limit or otherwise affect its right to rely on
the representations and warranties of the Company expressly contained herein; and (c) acknowledges that the projections and other
“forward-looking statements” (within the meaning of U.S. securities laws) of the Company that are contained in the
Offering Materials should not be relied upon in making the decision to invest in the Securities, that such projections are subject
to change and that there is no assurance that such projections will be met.

 

    	 	3	 

    	 

    

 

1.7
(a) In making the decision to invest in the Securities,
the Subscriber has relied solely upon the information provided by the Company in this Agreement and the Memorandum. To the extent
necessary, the Subscriber has retained, at its own expense, and relied upon appropriate professional advice regarding the investment,
tax and legal merits and consequences of this Agreement and the purchase of the Securities hereunder. The Subscriber disclaims
reliance on any statements made or information provided by any person or entity in the course of Subscriber’s consideration
of an investment in the Securities other than this Agreement and the Memorandum and the results of Subscriber’s own independent
investigation.

 

(b)
The Subscriber represents that (i) the Subscriber
was contacted regarding the sale of the Securities by the Company or the Placement Agent (or another person whom the Subscriber
believed to be an authorized agent or representative thereof with whom the Subscriber had a prior substantial pre-existing relationship),
(ii) the Subscriber did not learn of the Offering by means of any form of general solicitation or general advertising, (iii) the
Subscriber did not receive or review any advertisement, article, notice or other communication published in a newspaper or magazine
or similar media or broadcast over television or radio, whether closed circuit, or generally available, with respect to the Offering
and (iv) the Subscriber did not attend any seminar meeting or industry investor conference whose attendees were invited by any
general solicitation or general advertising with respect to the Offering.

 

1.8
The Subscriber hereby acknowledges that the Offering
has not been reviewed by the SEC or any state regulatory authority and that the Offering is intended to be exempt from the registration
requirements of Section 5 of the Securities Act pursuant to the exemption therefrom provided by Section 4(a)(2) of the Securities
Act and Rule 506 of Regulation D promulgated thereunder. The Subscriber understands that the Securities (including any Underlying
Shares issuable upon the conversion and/or exercise of the Securities) have not been and will not be registered under the Securities
Act or under any state securities or “blue sky” laws and agrees not to sell, pledge, assign or otherwise transfer
or dispose of the Securities and any Underlying Shares unless and until they are registered under the Securities Act and under
any applicable state securities or “blue sky” laws or pursuant to an available exemption therefrom. The Subscriber
hereby represents that the Subscriber is purchasing the Securities for the Subscriber’s own account for investment purposes
and not with a view toward the resale or distribution to others; provided, however, that nothing contained herein shall constitute
an agreement by the Subscriber to hold the Securities for any particular length of time and the Company acknowledges that the
Subscriber shall at all times retain the right to dispose of the Securities as it may determine in its sole discretion, subject
to any restrictions imposed by applicable law. The Subscriber, if an entity, further represents that it was not formed for the
purpose of purchasing the Securities.

 

1.9
The Subscriber consents to the placement of a
legend on any certificate or other document evidencing the Securities and, if and when issued, the Underlying Shares, that such
securities have not been registered under the Securities Act or any state securities or “blue sky” laws and
setting forth or referring to the restrictions on transferability and sale thereof contained in this Agreement. The Subscriber
is aware that the Company will make a notation in its appropriate records with respect to the restrictions on the transferability
of such Securities. The legend to be placed on each certificate shall be in form substantially similar to the following:

 

    	 	4	 

    	 

    

 

“THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”)
OR ANY STATE SECURITIES OR “BLUE SKY LAWS,” AND MAY BE OFFERED, SOLD, TRANSFERRED, ASSIGNED, PLEDGED OR HYPOTHECATED
ONLY PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN
A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES
LAWS.”

 

1.10
The Subscriber hereby represents that the address
of the Subscriber set forth on the signature page hereto is the Subscriber’s principal residence if the Subscriber is an
individual or its principal business address if the Subscriber is an entity.

 

1.11
The Subscriber represents that the Subscriber
has full power and authority (corporate, statutory and otherwise) or capacity, as applicable, to execute and deliver this Agreement
and to purchase the Securities. This Agreement constitutes the legal, valid and binding obligation of the Subscriber, enforceable
against the Subscriber in accordance with its terms.

 

1.12
If the Subscriber is a corporation, partnership,
limited liability company, trust, employee benefit plan, individual retirement account, Keogh Plan, or other tax-exempt entity,
it is authorized and qualified to invest in the Company and the person signing this Agreement on behalf of such entity has been
duly authorized by such entity to do so.

 

1.13
The Subscriber acknowledges that if the Subscriber
is a Registered Representative of a Financial Industry Regulatory Authority (“FINRA”) member firm, the
Subscriber must give such firm the notice required by the FINRA’s Rules of Fair Practice, receipt of which must be acknowledged
by such firm in the Subscriber’s Purchaser Questionnaire.

 

1.14
To effectuate the terms and provisions of this
Agreement, the Subscriber hereby appoints the Placement Agent as its attorney-in-fact (and the Placement Agent hereby accepts
such appointment) for the purpose of carrying out the provisions of the Escrow Agreement by and between the Company, the Placement
Agent and the Escrow Agent (the “Escrow Agreement”) including, without limitation, taking any action
on behalf of, or at the instruction of, the Subscriber and executing any release notices required under the Escrow Agreement and
taking any action and executing any instrument that the Placement Agent may deem necessary or advisable (and lawful) to accomplish
the purposes hereof or thereof. All acts done under the foregoing authorization are hereby ratified and approved and neither the
Placement Agent nor any designee nor agent thereof shall be liable for any acts of commission or omission, for any error of judgment,
for any mistake of fact or law except for acts of gross negligence or willful misconduct. This power of attorney, being coupled
with an interest, is irrevocable while the Escrow Agreement remains in effect.

 

    	 	5	 

    	 

    

 

1.15
The Subscriber agrees not to issue any public
statement with respect to the Offering, Subscriber’s investment or proposed investment in the Company or the terms of this
Agreement or any other agreement or covenant between them and the Company without the Company’s prior written consent, except
such disclosures as may be required under applicable law.

 

1.16
The Subscriber understands, acknowledges and
agrees with the Company that this subscription may be rejected, in whole or in part, by the Company, in the sole and absolute
discretion of the Company, at any time before the applicable Closing (as defined below) notwithstanding prior receipt by the Subscriber
of notice of acceptance by the Company of the Subscriber’s subscription.

 

1.17
The Subscriber acknowledges and agrees that (i)
the information contained in the Offering Materials or otherwise made available to the Subscriber by the Company in connection
with the Offering is confidential and non-public and (ii) all such information shall be kept in confidence by the Subscriber and
neither used by the Subscriber for the Subscriber’s personal benefit (other than in connection with this Agreement) nor
disclosed to any third party for any reason, notwithstanding that a Subscriber’s subscription may not be accepted by the
Company; provided, however, that (a) the Subscriber may disclose such information to its affiliates and advisors who may have
a need for such information in connection with providing advice to the Subscriber with respect to its investment in the Company
so long as such affiliates and advisors have an obligation of confidentiality to the Subscriber no less restrictive than the restrictions
contained in this Section 1.17, and (b) this obligation shall not apply to any such information that (i) is part of the public
knowledge or literature and readily accessible at the date hereof, (ii) becomes part of the public knowledge or literature and
readily accessible by publication (except as a result of a breach of this provision) after the date hereof or (iii) is received
from a third party that is not under any obligation of confidentiality with respect to such information.

 

1.18
Subscriber understands that the Securities are
being offered and sold to it in reliance on specific exemptions from the registration requirements of United States federal and
state securities laws and that the Company is relying in part upon the truth and accuracy of, and such Subscriber’s compliance
with, the representations, warranties, agreements, acknowledgements and understandings of such Subscriber set forth herein in
order to determine the availability of such exemptions and the eligibility of such Subscriber to acquire the Securities. The Subscriber
agrees to supply the Company, within five (5) days after the Subscriber receives the request therefor from the Company, with such
additional information concerning the Subscriber as the Company deems necessary or advisable for purposes of making such determination.

 

1.19
The Subscriber understands that Rule 144 promulgated
under the Securities Act (“Rule 144”) requires, among other conditions, a minimum holding period of
six-months prior to the resale of securities acquired in a non-public offering without having to satisfy the registration requirements
under the Securities Act. The Subscriber understands and hereby acknowledges that the Company is under no obligation to register
the Securities under the Securities Act or any state securities or “blue sky” laws or to assist the Subscriber in
obtaining an exemption from any such registration requirements.

 

    	 	6	 

    	 

    

 

1.20
The Subscriber agrees to hold the Company and
its directors, officers, employees, controlling persons and agents (including the Company’s legal counsel and the Placement
Agent and its managers, members, officers, directors, employees, counsel, controlling persons and agents) and their respective
heirs, representatives, successors and assigns harmless from and to indemnify them against all liabilities, costs and expenses
incurred by them as a result of (i) any misrepresentation made by the Subscriber contained in this Agreement (including Article
VII) or breach of any warranty by the Subscriber contained in this Agreement or in any exhibits attached hereto; (ii) any untrue
statement of a material fact made by the Subscriber contained herein; or (iii) after any applicable notice and/or cure periods,
any breach or default in performance by the Subscriber of any covenant or undertaking to be performed by the Subscriber hereunder,
or pursuant to any other Offering Materials entered into by the Company and Subscriber relating hereto. Notwithstanding the foregoing,
in no event shall the liability of the Subscriber hereunder be greater than the aggregate Purchase Price paid for the Securities
by the Subscriber as set forth on the signature page hereto.

 

1.21 The
Subscriber is an entity, upon request of the Company, the Subscriber will provide true, complete and current copies of all
relevant documents creating the Subscriber, authorizing its investment in the Company and/or evidencing the due authority of
the signatory to this Agreement.

 

	II.	REPRESENTATIONS
    BY AND COVENANTS OF THE COMPANY

 

The
Company hereby represents and warrants to the Subscriber, as of the date of this Agreement (other than representations and warranties
that relate to a specific date, which are given as of such date) and except as set forth in the Memorandum or in the SEC Reports,
as follows:

 

2.1
Organization, Good Standing and Qualification.
The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware and
has full corporate power and authority to own and use its properties and assets as currently owned and conduct its business as
currently conducted. Except as set forth on Schedule 2.1 attached hereto, each of the Company’s wholly-owned subsidiaries
(the “Subsidiaries”) is an entity duly organized, validly existing and in good standing under the laws
of the jurisdiction of its incorporation with the requisite power and authority to own and use its properties and assets and to
conduct its business as currently conducted. Neither the Company, nor any of its Subsidiaries is in violation of any of the provisions
of their respective articles of incorporation, by-laws or equivalent organizational or charter documents, including, but not limited
to the Company’s Certificate of Incorporation, as amended (the “COI”), or the Company’s
Bylaws, as amended (the “Bylaws,” and collectively with the COI, the “Charter Documents”).
Each of the Company and its Subsidiaries is duly qualified to conduct business and is in good standing as a foreign corporation
in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification necessary,
except where the failure to be so qualified or in good standing, as the case may be, would not have a material adverse effect
on (i) the legal and valid issuance of the Securities, (ii) the enforceability of this Agreement against the Company or the Company’s
ability to perform, its obligations hereunder, or (iii) the results of operations, assets, business and financial condition of
the Company and its Subsidiaries, taken as a whole (any of (i), (ii) or (iii), a “Material Adverse Effect”).

 

    	 	7	 

    	 

    

 

2.2
Capitalization and Voting Rights. As of
the date of this Agreement, the Company was authorized to issue 180,000,000 shares of Common Stock, of which 10,521,278 shares
were issued and outstanding, and 100,000 shares of preferred stock were authorized, of which 90,000 have been designated as Series
A Junior Participating Preferred Stock (of which none are issued and outstanding), 1,000 have been designated as Series B Preferred
Stock (none of which are outstanding), 1,200 have been designated as Series C Convertible Preferred Stock (of which 750 are issued
and outstanding), and 220 have been designated as Series D Convertible Preferred Stock (of which 60 are issued and outstanding).
As of the date hereof, (i) there are no outstanding securities of the Company or any of its Subsidiaries which contain any preemptive,
redemption or similar provisions, (ii) no holder of securities of the Company or any Subsidiary is entitled to preemptive or similar
rights arising out of any agreement or understanding with the Company or any Subsidiary by virtue of the Offering, (iii) there
are no contracts, commitments, understandings or arrangements by which the Company or any of its Subsidiaries is or may become
bound to redeem a security of the Company or any of its Subsidiaries; (iv) neither the Company nor any Subsidiary has any outstanding
stock appreciation rights, “phantom stock” plans or any similar plan or agreement; and (v) except as set forth on
Schedule 2.2, there are no outstanding options, warrants, agreements, convertible securities, preemptive rights or other
rights to subscribe for or to purchase or acquire, any shares of capital stock of the Company or any Subsidiary or contracts,
commitments, understandings, or arrangements by which the Company or any Subsidiary is or may become bound to issue any shares
of capital stock of the Company or any Subsidiary, or securities or rights convertible or exchangeable into shares of capital
stock of the Company or any Subsidiary. Other than restrictions imposed by applicable law, there are no restrictions upon the
voting or transfer of any of the shares of capital stock of the Company pursuant to the Charter Documents or any material agreement
or other instrument to which the Company is a party or by which the Company is bound. All of the issued and outstanding shares
of capital stock of the Company are validly issued, fully paid and nonassessable and the shares of capital stock of the Subsidiaries
are owned by the Company, free and clear of any mortgages, pledges, liens, claims, charges, encumbrances or other restrictions
(collectively, “Encumbrances”). All of the Company’s outstanding capital stock has been issued
in accordance with the applicable provisions of the Securities Act and any other applicable securities laws. Except as set forth
on Schedule 2.2, the issuance and sale of the Securities, as contemplated hereby, will not obligate the Company to issue
shares of Common Stock or other securities to any other person (other than other investors in the Offering) and will not result
in the adjustment of the exercise, conversion, exchange or reset price of any outstanding Company security. The Company does not
have outstanding stockholder purchase rights or “poison pill” or (any arrangement granting substantially similar rights)
in effect giving any person the right to purchase any equity interest in the Company upon the occurrence of the transactions contemplated
hereby.

 

2.3
Authorization; Enforceability. The Company
has all corporate right, power and authority to enter into, execute and deliver this Agreement and each other agreement, document,
instrument and certificate to be executed by the Company in connection with the consummation of the transactions contemplated
hereby, and to perform fully its obligations hereunder and thereunder. All corporate action on the part of the Company, its directors
and stockholders necessary for the (a) authorization execution, delivery and performance of this Agreement by the Company; and
(b) authorization, sale, issuance and delivery of the Securities and, if and when issued, the Underlying Shares, has been taken.
This Agreement has been duly executed and delivered by the Company and constitutes a legal, valid and binding obligation of the
Company, enforceable against the Company in accordance with its terms, subject to laws of general application relating to bankruptcy,
insolvency and the relief of debtors and rules of law governing specific performance, injunctive relief or other equitable remedies,
and to limitations of public policy. The Securities are duly authorized and, when issued and paid for in accordance with the terms
of this Agreement, will be duly and validly issued, fully paid and nonassessable, free and clear of all Encumbrances other than
restrictions on transfer provided for in the Offering Materials. The Underlying Shares, when issued in accordance with the terms
of the applicable Offering Materials, will be validly issued, fully paid and nonassessable, free and clear of all Encumbrances
imposed by the Company other than restrictions on transfer provided for in the Offering Materials. The Company has reserved a
sufficient number of shares of Common Stock for issuance upon the conversion of the Preferred Stock and the exercise of the Warrants.

 

    	 	8	 

    	 

    

 

2.4
No Conflict; Governmental Consents.

 

(a)
The execution and delivery by the Company of
this Agreement, the issuance and sale of the Securities (including, if and when issued, the Underlying Shares) and the consummation
of the other transactions contemplated hereby do not and will not (i) result in the violation of any law, statute, rule, regulation,
order, writ, injunction, judgment or decree of any court or governmental authority to or by which the Company is bound including
without limitation all foreign, federal, state and local laws applicable to the Company, except in each case as would not have
a Material Adverse Effect, (ii) conflict with or violate any provision of the Charter Documents, and (iii) conflict with, or result
in a material breach or violation of, any of the terms or provisions of, or constitute (with or without due notice or lapse of
time or both) a default or give to others any rights of termination, amendment, acceleration or cancellation (with or without
due notice, lapse of time or both) under any Material Contract (as defined below) to which the Company or any Subsidiary is a
party or by which any of them is bound, nor result in the creation or imposition of any Encumbrances upon any of the properties
or assets of the Company or any Subsidiary.

 

(b)
Except as set forth on Schedule 2.4(b), no approval
by the holders of Common Stock, or other equity securities of the Company, is required to be obtained by the Company in connection
with the authorization, execution, delivery and performance of this Agreement or in connection with the authorization, issue and
sale of the Securities and, upon issuance, the Underlying Shares, except as has been previously obtained.

 

(c)
No consent, approval, authorization or other
order of any governmental authority or any other person is required to be obtained by the Company in connection with the authorization,
execution, delivery and performance of this Agreement or in connection with the authorization, issue and sale of the Securities
and, upon issuance, the Underlying Shares, except such post-sale filings as may be required to be made with the SEC, FINRA, the
OTC Markets and with any state or foreign blue sky or securities regulatory authority, all of which shall be made when required.

 

    	 	9	 

    	 

    

 

2.5
SEC Reports; Financial Statements. The
Company has filed all SEC Reports required to be filed by it under the Securities Act and the Exchange Act since January 1, 2016
(the “Reference Date”) (or such shorter period as the Company was required by law to file such reports)
(the “Marina SEC Reports”) on a timely basis, or timely filed a valid extension of such time of filing
and has filed the Marina SEC Reports prior to the expiration of any such extension. As of their respective dates, the Marina SEC
Reports complied in all material respects with the requirements of the Securities Act and the Exchange Act and the rules and regulations
of the SEC promulgated thereunder, and none of the Marina SEC Reports, when filed, contained any untrue statement of a material
fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in
light of the circumstances under which they were made, not misleading. The financial statements of the Company included in the
Marina SEC Reports (the “Marina Financial Statements”) comply in all material respects with applicable
accounting requirements and the rules and regulations of the SEC with respect thereto as in effect at the time of filing. The
Marina Financial Statements have been prepared in accordance with generally accepted accounting principles applied on a consistent
basis during the periods involved, except as may be otherwise specified in such financial statements or the footnotes thereto,
and fairly present in all material respects the financial position of the Company and its consolidated Subsidiaries as of and
for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in the case of unaudited
statements, to normal, immaterial, year-end audit adjustments.

 

2.6
Regulatory Permits: Licenses. The Company
and the Subsidiaries possess all certificates, authorizations, licenses and permits issued by the appropriate federal, state,
local or foreign regulatory authorities necessary to conduct their respective businesses as described in the SEC Reports and the
Memorandum (“Material Permits”), except where the failure to possess such Material Permits would not
have a Material Adverse Effect, and neither the Company nor any Subsidiary has received any notice of any action, arbitration,
claim, hearing, litigation or suit (whether civil, criminal, administrative, judicial or investigative, whether formal or informal,
whether public or private) commenced, brought, conducted or heard by or before any federal, state, local or foreign government
or any court of competent jurisdiction, administrative or regulatory body, agency, bureau, or commission in any domestic or foreign
jurisdiction, any appropriate division of any of the foregoing or any arbitrator, or other legal action (each, a “Proceeding”)
relating to the revocation or modification of any Material Permit.

 

2.7
Litigation. Except as set forth on Schedule
2.7, there are no pending or, to the Company’s knowledge, threatened Proceedings against the Company or any Subsidiary
which would have a Material Adverse Effect. Neither the Company nor any Subsidiary is a party or subject to the provisions of
any order, writ, injunction, judgment or decree of any court or government agency or instrumentality which would materially adversely
affect the business, property, financial condition or operations of the Company and its Subsidiaries taken as a whole. There is
no Proceeding by the Company or any Subsidiary currently pending in any court or before any arbitrator or that the Company or
any Subsidiary intends to initiate. None of the Company, any Subsidiary or any director or officer thereof is, or since the date
of the filing of the Form 10-K has been, the subject of any action involving a claim of violation of or liability under federal
or state securities laws or a claim of breach of fiduciary duty. There is no pending or, to the Company’s knowledge, contemplated
investigation by the SEC involving the Company or any current director or officer of the Company.

 

2.8
Investment Company. The Company is not
an “investment company” within the meaning of such term under the Investment Company Act of 1940, as amended, and
the rules and regulations of the SEC promulgated thereunder.

 

    	 	10	 

    	 

    

 

2.9
Brokers. Except for the Placement Agent,
neither the Company nor any of the Company’s officers, directors or employees has employed or engaged any broker or finder
in connection with the transactions contemplated by this Agreement and no fee or other compensation is or will be due and owing
on behalf of the Company to any broker, finder, underwriter, placement agent or similar person in connection with the transactions
contemplated by this Agreement.

 

2.10
Intellectual Property; Employees.

 

(a)
The Company owns or possesses all material legal
rights to the patents, trademarks, service marks, trade names, copyrights, trade secrets, licenses, information and other proprietary
rights and processes necessary for its business as presently conducted (collectively, the “Intellectual Property Rights”)
as set forth on Schedule 2.10. There are no material outstanding options, licenses or agreements of any kind relating to
the Company’s Intellectual Property Rights, other than as set forth in the Memorandum, nor is the Company bound by or a
party to any material options, licenses or agreements of any kind with respect to the Intellectual Property Rights of any other
person or entity other than such licenses or agreements arising from the purchase of “off the shelf” or standard products.
Since the Reference Date, the Company has not received any written communications alleging that the Company has violated or, by
conducting its business as presently conducted, would violate any Intellectual Property Rights of any other person or entity.
The Company and its Subsidiaries have taken reasonable measures to protect the secrecy, confidentiality and value of all of their
Intellectual Property Rights, except where failure to do so would not, individually or in the aggregate, have a Material Adverse
Effect

 

(b)
The Company is not aware of any obligation on
the part of any Company Employee under any contract (including licenses, covenants or commitments of any nature), other agreement
or judgment, decree or order of any court or administrative agency, that would materially adversely interfere with such employee’s
duties to the Company or that would conflict with the Company’s business as presently conducted.

 

(c)
To the Company’s knowledge, (i) no employee
of the Company, or any consultant with whom the Company has contracted, is in violation of any term of any employment contract,
proprietary information agreement or any other agreement relating to the right of any such individual to be employed by, or to
contract with, the Company and (ii) the continued employment by the Company of its employees, and the performance of the Company’s
contracts with its independent contractors, will not result in any such violation. Since the Reference Date, the Company has not
received any written notice alleging that any such violation has occurred. No employee of the Company has been granted the right
to continued employment by the Company or to any compensation following termination of employment with the Company except as would
not have a Material Adverse Effect. To the Company’s knowledge, no officer or key employee intends to terminate his, her
or their employment with the Company, nor does the Company have a present intention to terminate any such employee.

 

2.11
Title to Properties and Assets; Liens, Etc.
The Company has good and marketable title to its properties and assets and good title to its leasehold estates, including its
Intellectual Property Rights, which are, to the Company’s knowledge, valid and enforceable, with all maintenance or other
required fees having been paid.

 

    	 	11	 

    	 

    

 

2.12 Obligations
to Related Parties. There are no obligations of the Company to officers, directors, stockholders, or employees of the
Company other than (a) for payment of salary or other compensation for services rendered, (b) reimbursement for reasonable
expenses incurred on behalf of the Company and (c) for other standard employee benefits made generally available to all
employees (including stock option agreements under the Company’s equity plans). None of the officers or directors of
the Company and, to the Company’s knowledge, none of the employees of the Company, is presently a party to any
transaction with the Company or any Subsidiary (other than as holders Company securities and for services as employees,
officers and directors) required to be disclosed under applicable SEC rules and regulations.

 

2.13
Material Changes. Since the Reference
Date, (i) there has been no event, occurrence or development that has had a Material Adverse Effect, (ii) the Company has not
incurred any material liabilities (contingent or otherwise) other than (A) trade payables, accrued expenses and other liabilities
incurred in the ordinary course of business consistent with past practice and (B) liabilities not required to be reflected in
the Company’s financial statements pursuant to generally accepted accounting principles or required to be disclosed in filings
made with the SEC, (iii) the Company has not altered its method of accounting or the identity of its auditors, (iv) the Company
has not declared or made any dividend or distribution of cash or other property to its stockholders or purchased, redeemed or
made any agreements to purchase or redeem any shares of its capital stock, and (v) the Company has not issued any equity securities
to any officer, director or affiliate, except pursuant to existing Company stock compensation plans. Except as set forth on Schedule
2.13, the Company does not have pending before the SEC any request for confidential treatment of information.

 

2.14
Compliance. The Company is in material
compliance with all applicable requirements of the Sarbanes-Oxley Act of 2002, as amended, and the rules and regulations promulgated
thereunder.

 

2.15
No General Solicitation. Assuming the
accuracy of the Placement Agent’s representations in the placement agency agreement to be entered into by the Company and
the Placement Agent, none of the Company, its Subsidiaries, any of its or their affiliates, or any person acting on its or their
behalf, has engaged in any form of general solicitation or general advertising (within the meaning of Regulation D) in connection
with the Offering.

 

2.16
Private Placement; No Integrated Offering.
Assuming the accuracy of the Subscriber’s representations and warranties set forth in this Agreement, no registration under
the Securities Act is required for the offer or sale of the Securities by the Company as contemplated hereby. Assuming the accuracy
of the Placement Agent’s representations in the placement agency agreement to be entered into by the Company and the Placement
Agent, none of the Company, its Subsidiaries, any of its or their affiliates, or any person acting on its or their behalf has,
directly or indirectly, made any offers or sales of any security, solicited any offers to buy any security or taken any other
action, which, under the circumstances would require such registration or cause this Offering to be integrated with prior offerings
by the Company for purposes of the Securities Act or the rules of the OTC Markets.

 

    	 	12	 

    	 

    

 

2.17
Application of Takeover Protections. The
Company has taken all necessary action, if any, in order to render inapplicable any control share acquisition, business combination,
poison pill (including any distribution under a rights agreement) or other similar anti-takeover provision under the Charter Documents
or the laws of the State of Delaware that otherwise would be applicable as a result of the Subscriber and the Company fulfilling
their obligations or exercising their rights under this Agreement, including, without limitation, the Company’s issuance
of the Securities and the Subscriber’ ownership of the Securities.

 

2.18
Taxes. Since the Reference Date (i) the
Company and each of its Subsidiaries has filed all U.S. federal, state, local and foreign tax returns which are required to be
filed by each of them and all such returns are true and correct in all material respects, except for such failures to file which
would not have a Material Adverse Effect, (ii) the Company and each of its Subsidiaries has paid all taxes required to be paid
pursuant to such returns or pursuant to any assessments received by any of them, and have withheld any amounts which any of them
are obligated to withhold from amounts owing to any employee, creditor or third party and (iii) the Company and each of its Subsidiaries
has properly accrued all taxes required to be accrued and/or paid pursuant to applicable law, except where the failure to accrue
would not have a Material Adverse Effect. To the knowledge of the Company, the tax returns of the Company and its Subsidiaries
are not currently being audited by any state, local or federal authorities. Neither the Company nor any of its Subsidiaries has
waived any statute of limitations with respect to taxes or agreed to any extension of time with respect to any tax assessment
or deficiency.

 

2.19
Registration Rights. Except as set forth
on Schedule 2.19, no person has any right to cause the Company to effect the registration under the Securities Act of any
securities of the Company.

 

2.20
Listing and Maintenance Requirements.
The Common Stock is registered pursuant to Section 12(g) of the Exchange Act, and the Company has taken no action designed to,
or which to its knowledge is likely to have the effect of, terminating the registration of the Common Stock under the Exchange
Act nor has the Company received any notification that the SEC is contemplating terminating such registration. Except as set forth
on Schedule 2.20, the Company has not, since the Reference Date, received notice from any trading market on which the Common
Stock is or has been listed or quoted to the effect that the Company is not in compliance with the listing or maintenance requirements
of such trading market. The Company is in material compliance with the continued listing requirements of the OTCQB tier of the
OTC Markets.

 

2.21
Material Contracts. The SEC Reports contain
all material contracts, agreements, commitments, arrangements, leases, policies or other instruments to which either the Company
or any of its Subsidiaries is a party or by which any of them is bound, which are required to be filed pursuant to the Securities
Act or the Exchange Act (the “Material Contracts”). The Material Contracts are valid and in full force
and effect, enforceable against the Company and any of the Subsidiaries party thereto and, to the Company’s knowledge, against
the other parties thereto. Neither the Company nor any Subsidiary is in violation of, or default under (and there does not exist
any event or condition which, after notice or lapse of time or both, would constitute such a default under), any Material Contract.
To the Company’s knowledge, none of the other parties to any Material Contract are in violation of or default under any
Material Contract in any material respect. Neither the Company nor any Subsidiary has received any notice of cancellation or any
written communication threatening cancellation of any Material Contract which is currently in effect by any other party thereto.

 

    	 	13	 

    	 

    

 

2.22
U.S. Food and Drug Administration. As
to each product candidate subject to the jurisdiction of the U.S. Food and Drug Administration (“FDA”)
under the Federal Food, Drug and Cosmetic Act, as amended, and the regulations thereunder (“FDCA”) that
is manufactured, packaged, labeled, tested, distributed, sold, and/or marketed by the Company or any of its Subsidiaries (each
such product, a “Product Candidate”), such Product Candidate is being manufactured, packaged, labeled,
tested, distributed, sold and/or marketed by the Company in compliance with all applicable requirements under FDCA and similar
laws, rules and regulations relating to registration, investigational use, premarket clearance, licensure, or application approval,
good manufacturing practices, good laboratory practices, good clinical practices, product listing, quotas, labeling, advertising,
record keeping and filing of reports, except where the failure to be in compliance would not have a Material Adverse Effect. There
is no pending, completed or, to the Company’s knowledge, threatened, action (including any lawsuit, arbitration, or legal
or administrative or regulatory proceeding, charge, complaint, or investigation) against the Company or any of its Subsidiaries,
and none of the Company or any of its Subsidiaries has received any notice, warning letter or other communication from the FDA
or any other governmental entity, which (i) contests the premarket clearance, licensure, registration, or approval of, the uses
of, the distribution of, the manufacturing or packaging of, the testing of, the sale of, or the labeling and promotion of any
Product, (ii) withdraws its approval of, requests the recall, suspension, or seizure of, or withdraws or orders the withdrawal
of advertising or sales promotional materials relating to, any Product, (iii) imposes a clinical hold on any clinical investigation
by the Company or any of its Subsidiaries, (iv) enjoins production at any facility of the Company or any of its Subsidiaries,
(v) enters or proposes to enter into a consent decree of permanent injunction with the Company or any of its Subsidiaries, or
(vi) otherwise alleges any violation of any laws, rules or regulations by the Company or any of its Subsidiaries, and which, either
individually or in the aggregate, would have a Material Adverse Effect. The properties, business and operations of the Company
have been and are being conducted in all material respects in accordance with all applicable laws, rules and regulations of the
FDA. The Company has not been informed by the FDA that the FDA will prohibit the marketing, sale, license or use in the United
States of any product proposed to be developed, produced or marketed by the Company nor has the FDA expressed any concern as to
approving or clearing for marketing any product being developed or proposed to be developed by the Company. Statements in the
SEC Reports concerning the Company’s applications, filings, submissions and proceedings with the FDA under the FDCA fairly
summarize in all material respects such matters.

 

2.23
Contributions. Neither the Company nor
any Subsidiary has directly or indirectly, (i) made any unlawful contribution to any candidate for public office, or failed to
disclose fully where required by law any contribution in violation of law, or (ii) made any payment to any federal or state governmental
officer or official, or other person charged with similar public or quasi-public duties, other than payments required or permitted
by the laws of the United States or any jurisdiction thereof.

 

2.24
Disclosure. Except with respect to the
material terms and conditions of the transactions contemplated by the Offering Materials, the Company confirms that neither it
nor any other person acting on its behalf has provided the Subscriber or its agents or counsel with any information that it believes
constitutes or might constitute material, non-public information. The Company understands and confirms that the Subscriber will
rely on the foregoing representation in effecting transactions in securities of the Company.

 

    	 	14	 

    	 

    

 

2.25
Office of Foreign Assets Control. Neither
the Company nor any Subsidiary nor, to the Company’s knowledge, any director, officer, employee or affiliate of the Company
or any Subsidiary, is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S.
Treasury Department (“OFAC’).

 

2.26
No Disqualification Events. With respect
to the Securities to be offered and sold hereunder in reliance on Rule 506 under the Securities Act, none of the Company, any
of its predecessors, any affiliated issuer, any director, executive officer, other officer of the Company participating in the
offering hereunder, any beneficial owner of 20% or more of the Company’s outstanding voting equity securities, calculated
on the basis of voting power, nor any promoter (as that term is defined in Rule 405 under the Securities Act) connected with the
Company in any capacity at the time of sale (each, an “Issuer Covered Person” and, together, “Issuer
Covered Persons”) is subject to any of the “Bad Actor” disqualifications described in Rule 506(d)(1)(i)
to (viii) under the Securities Act (a “Disqualification Event”), except for a Disqualification Event
covered by Rule 506(d)(2) or (d)(3). The Company has exercised reasonable care to determine whether any Issuer Covered Person
is subject to a Disqualification Event. The Company has complied, to the extent applicable, with its disclosure obligations under
Rule 506(e), and has furnished to the Subscribers a copy of any disclosures provided thereunder.

 

2.27
Other Covered Persons. Other than the
Placement Agent, the Company is not aware of any person (other than any Issuer Covered Person) that has been or will be paid (directly
or indirectly) remuneration for solicitation of purchasers in connection with the sale of any Securities.

 

	III.	TERMS
    OF SUBSCRIPTION

 

3.1
The Securities will be offered for sale until
the earliest of (i) the date upon which subscriptions for the Maximum Offering Amount offered hereunder have been accepted by
the Company, (ii) the date the Offering is terminated by the Company and (iii) September 30, 2018, subject to the right of the
Company and the Placement Agent to extend the Offering for an additional sixty (60) day period without prior notice to the investors
in the Offering (the “Termination Date”). The Placement Agent is acting in such capacity with respect
to the Offering on a “commercially reasonable best efforts” basis for the Maximum Offering Amount.

 

3.2
The Company may, in its discretion at any time
prior to the Termination Date, hold an initial closing (“Initial Closing”) and, at any time and from
time to time after the Initial Closing, may hold subsequent closings (each such closing, including the Initial Closing, a “Closing,”
and the final such Closing, the “Final Closing”), in each case, with respect to any Securities
for which subscriptions have been accepted prior to such date. In the event that (i) the Initial Closing does not occur prior
to the Termination Date or (ii) this Agreement or the aggregate Purchase Price owed with respect to the Securities purchased by
the Subscriber pursuant hereto is received after the Final Closing, all amounts paid by the Subscriber shall be returned to the
Subscriber, without interest or deduction. The Subscriber may revoke its subscription and obtain a return of the subscription
amount paid to the Escrow Account at any time before the date of the Initial Closing by providing written notice to the Placement
Agent, the Company and the Escrow Agent as provided in Section 6.1 below. Upon receipt of a revocation notice from the Subscriber
prior to the date of the Initial Closing, all amounts paid by the Subscriber shall be returned to the Subscriber, without interest
or deduction. The Subscriber may not revoke this subscription or obtain a return of the subscription amount paid to the Escrow
Agent on or after the date of the Initial Closing. Any subscription received after the Initial Closing but prior to the Termination
Date shall be irrevocable.

 

    	 	15	 

    	 

    

 

3.3
The minimum purchase that may be made by any
prospective investor shall be $50,000. Subscriptions for investment below the minimum investment may be accepted at the discretion
of the Placement Agent and the Company. The Company and the Placement Agent reserve the right to reject any subscription made
hereby, in whole or in part, in their sole discretion.

 

3.4
Prior to the applicable Closing for the Securities
purchased pursuant hereto, funds representing the aggregate Purchase Price for such Securities shall be deposited in the Escrow
Account.

 

3.5
Certificates representing the Preferred Stock
and the Warrants purchased by the Subscriber pursuant to this Agreement will be prepared for delivery to the Placement Agent for
further distribution to the Subscriber as soon as practicable following the applicable Closing. The Subscriber hereby authorizes
and directs the Company to deliver certificates representing the Securities purchased by the Subscriber pursuant to this Agreement
to the Placement Agent for further distribution directly to the Subscriber’s address indicated on the signature page hereto.

 

3.6
The Company’s agreement with each investor
in the Offering, including the Subscriber, is a separate agreement and the sale of the Securities to each investor in the Offering,
including the Subscriber, is a separate sale.

 

	IV.	CONDITIONS
    TO OBLIGATIONS OF THE SUBSCRIBER

 

4.1
The Subscriber’s obligation to purchase
the Securities at the Closing at which such purchase is to be consummated is subject to the fulfillment on or prior to such Closing
of the following conditions, which conditions may be waived at the option of the Subscriber to the extent permitted by law:

 

(a)
Representations and Warranties; Covenants.
The representations and warranties made by the Company in Section 2 shall be true and correct (without giving effect to any “Material
Adverse Effect,” “material,” “materially” or similar materiality qualifications therein, other than
Section 2.13(i)) in all material respects as of the date hereof and as of the Closing Date, except for those representations and
warranties which expressly relate to an earlier date, in which case such representations and warranties shall have been true and
correct in all material respects as of such earlier date (without giving effect to any “Material Adverse Effect”,
“material”, “materially” or other similar materiality qualification therein). All covenants, agreements
and conditions contained in this Agreement to be performed by the Company on or prior to the date of such Closing shall have been
performed or complied with in all material respects.

 

(b)
No Legal Order Pending. There shall not
then be in effect any legal or other order enjoining or restraining the transactions contemplated by this Agreement.

 

    	 	16	 

    	 

    

 

(c)
No Law Prohibiting or Restricting Such Sale.
There shall not be in effect any law, rule or regulation prohibiting or restricting such sale or requiring any consent or approval
of any person, which shall not have been obtained, to issue the Securities (except as otherwise provided in this Agreement).

 

(d)
No Suspensions of Trading in Common Stock;
Listing. Trading in the Common Stock shall not have been suspended by the SEC or any trading market (except for any suspensions
of trading of not more than one trading day solely to permit dissemination of material information regarding the Company) at any
time since the date of execution of this Agreement, and the Common Stock shall have been at all times since such date listed or
quoted for trading on the Company’s principal trading market.

 

(e)
Legal Opinion. The Company’s corporate
counsel shall have delivered a legal opinion addressed to Placement Agent in a form reasonably acceptable to the Placement Agent.

 

(f)
Notice of Disqualification Events. The
Company will notify the Subscribers and the Placement Agent in writing, prior to the Closing Date, of (i) any Disqualification
Event relating to any Issuer Covered Person and (ii) any event that would, with the passage of time, reasonably be expected to
become a Disqualification Event relating to any Issuer Covered Person, in each case of which it is aware.

 

	V.	COVENANTS
    OF THE COMPANY

 

5.1
Listing of Securities. The Company agrees,
(i) if the Company applies to have the Common Stock traded on any other trading market, it will include in such application the
Underlying Shares, and will take such other action as is necessary or desirable to cause the Underlying Shares to be listed on
such other trading market as promptly as possible, (ii) it will comply in all material respects with the Company’s reporting,
filing and other obligations under the Charter Documents or rules of the principal trading market of the Common Stock and (iii)
for so long as the Board of Directors determines that it remains advisable and in the Company’s best interest, the Company
will take all commercially reasonable action necessary to continue the listing and trading of its Common Stock on a trading market.

 

5.2
Reservation of Shares. The Company shall
at all times while the Preferred Stock and the Warrants are outstanding maintain a reserve from its duly authorized shares of
Common Stock of a number of shares of Common Stock sufficient to allow for the issuance of the Underlying Shares.

 

5.3
Replacement of Certificates. If any certificate
or instrument evidencing any Securities or the Underlying Shares is mutilated, lost, stolen or destroyed, the Company shall issue
or cause to be issued in exchange and substitution for and upon cancellation thereof, or in lieu of and substitution therefor,
a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft
or destruction and customary and reasonable indemnity, if requested. The applicants for a new certificate or instrument under
such circumstances shall also pay any reasonable third-party costs associated with the issuance of such replacement securities.
If a replacement certificate or instrument evidencing any securities is requested due to a mutilation thereof, the Company may
require delivery of such mutilated certificate or instrument as a condition precedent to any issuance of a replacement.

 

    	 	17	 

    	 

    

 

5.4
Furnishing of Information. Until no Subscriber
owns any of the Securities, the Company covenants to maintain registration of the Common Stock under Section 12(g) or 12(b) of
the Exchange Act and covenants to timely file (or obtain extensions in respect thereof and file within the applicable grace period)
all reports required to be filed by the Company after the date hereof pursuant to the Exchange Act. As long as Subscriber owns
Securities, if the Company is not required to file reports pursuant to the Exchange Act, it will prepare and furnish to Subscriber
and make publicly available in accordance with Rule 144(c) such information as is required for the Subscribers to be able to sell
the Securities under Rule 144 within the requirements provided thereby. The Company further covenants that it will take such further
action as any holder of Securities may reasonably request, to the extent required from time to time, to enable such person to
sell such Securities without registration under the Securities Act within the requirements of the exemption provided by Rule 144.

 

5.5
Securities Laws; Publicity. The Company
shall file a Current Report on Form 8-K, including the Offering Materials as exhibits thereto (to the extent any information contained
therein is material, non-public information), with the SEC within the time required by the Exchange Act. From and after the filing
of such Current Report on Form 8-K the Company represents to the Subscriber (other than any Subscriber who has a representative
on the Company’s board of directors or who is an employee of the Company) that it shall have publicly disclosed all material,
non-public information delivered to any Subscriber by the Company or any of its Subsidiaries or any of its or their respective
officers, directors, employees or agents in connection with the transactions contemplated by the Offering Materials. In addition,
effective upon the filing of such Current Report on Form 8-K the Company acknowledges and agrees that any and all confidentiality
or similar obligations under any agreement, whether written or oral, between the Company, any of its Subsidiaries or any of their
respective officers, directors, agents, employees or Affiliates on the one hand, and the Subscriber or any of its Affiliates on
the other hand, shall terminate. The Company and the Placement Agent shall consult with each other in issuing any press releases
with respect to the transactions contemplated hereby. Notwithstanding the foregoing, the Company shall not publicly disclose the
name of any Subscriber, or include the name of any Subscriber in any filing with the SEC or any regulatory agency or trading market,
without the prior written consent of such Subscriber, except: (a) as required by federal securities law in connection with the
filing of any Offering Materials (including signature pages thereto) with the SEC and (b) to the extent such disclosure is otherwise
required by law, in which case the Company shall, if permitted by applicable law, provide the Subscriber with prior notice of
such disclosure permitted under this clause (b).

 

5.6
Form D; Blue Sky Filings. The Company
agrees to timely file a Form D with respect to the Securities as required under Regulation D and to provide a copy thereof promptly
upon request of the Subscriber. The Company shall take such action as the Company shall reasonably determine is necessary in order
to obtain an exemption for, or to qualify the Securities for, sale to the Subscriber at the Closing under applicable securities
or “blue sky” laws of the states of the United States, and shall provide evidence of such actions promptly upon request
of any Subscriber.

 

    	 	18	 

    	 

    

 

 5.7
Equal Treatment of Subscribers. No consideration (including any modification of any Offering Materials) shall be
offered or paid to any person to amend or consent to a waiver or modification of any provision of any of the Offering Materials
unless the same consideration is also offered to all of the investors in the Offering, including the Subscriber.

 

5.8
Non-Public Information. Except with respect
to the material terms and conditions of the transactions contemplated by the Offering Materials, the Company covenants and agrees
that neither it, nor any other person acting on its behalf, will provide Subscriber or its agents or counsel with any information
that the Company believes constitutes material non-public information, unless prior thereto Subscriber shall have executed a written
agreement regarding the confidentiality and use of such information. The Company understands and confirms that Subscriber shall
be relying on the foregoing covenant in effecting transactions in securities of the Company.

 

5.9
Indemnification of Subscribers. Subject
to the provisions of this Section 5.9, the Company will indemnify and hold each Subscriber and its directors, officers, shareholders,
members, partners, employees and agents (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), each Person who controls such Subscriber (within the meaning of Section
15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, shareholders, agents, members, partners
or 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 such controlling persons (each, a “Subscriber Party”) harmless
from any and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses, including all judgments,
amounts paid in settlements, court costs and reasonable and documented attorneys’ fees and costs of investigation that any
such Subscriber Party may suffer or incur as a result of or relating to (a) any breach of any of the representations, warranties,
covenants or agreements made by the Company in this Agreement or in the other Offering Materials or (b) any action instituted
against the Subscriber Parties in any capacity, or any of them or their respective Affiliates, by any stockholder of the Company
who is not an Affiliate of such Subscriber Party, with respect to any of the transactions contemplated by the Offering Materials
(unless such action is based upon a breach of such Subscriber Party’s representations, warranties or covenants under the
Offering Materials or any agreements or understandings such Subscriber Party may have with any such stockholder or any violations
by such Subscriber Party of state or federal securities laws or any conduct by such Subscriber Party which constitutes fraud,
gross negligence, willful misconduct or malfeasance). If any action shall be brought against any Subscriber Party in respect of
which indemnity may be sought pursuant to this Agreement, such Subscriber Party shall promptly, and in no event later than ten
(10) days after such Subscriber’s receipt of notice of such action, notify the Company in writing, and the Company shall
have the right to participate in or assume the defense thereof with counsel of its own choosing reasonably acceptable to the Subscriber
Party. Any Subscriber Party shall have the right to employ separate counsel in any such action and participate in the defense
thereof, but the fees and expenses of such counsel shall be at the expense of such Subscriber Party except to the extent that
(i) the employment thereof has been specifically authorized by the Company in writing, (ii) the Company has failed after a reasonable
period of time to assume such defense and to employ counsel or (iii) in such action there is, in the reasonable opinion of counsel,
a material conflict on any material issue between the position of the Company and the position of such Subscriber Party, in which
case the Company shall be responsible for the reasonable and documented fees and expenses of no more than one such separate counsel.
The Company will not be liable to any Subscriber Party under this Agreement (y) for any settlement by a Subscriber Party effected
without the Company’s prior written consent, which shall not be unreasonably withheld or delayed; or (z) to the extent,
but only to the extent that a loss, claim, damage or liability is attributable to any Subscriber Party’s breach of any of
the representations, warranties, covenants or agreements made by such Subscriber Party in this Agreement or in the other Offering
Materials. The indemnification required by this Section 5.8 with respect to expenses shall be made by periodic payments of the
amount thereof during the course of the investigation or defense, as and when bills are received or are incurred. The indemnity
agreements contained herein shall be in addition to any cause of action or similar right of any Subscriber Party against the Company
or others and any liabilities the Company may be subject to pursuant to law.

 

    	 	19	 

    	 

    

 

5.10
Use of Proceeds. The Company shall use
the net proceeds from the Offering for the purposes set forth in the Offering Materials.

 

5.11
Certificate of Designations. Prior to
the Initial Closing, the Company shall duly file the Certificate of Designation with the Secretary of State of the State of Delaware.

 

5.12
Registration Rights.

 

(a)
Piggy-Back Rights. If at any time on or after the six (6) month anniversary of the Final Closing, the Company proposes
to file a Registration Statement (as defined in Section 5.12(j)) under the Securities Act with respect to an offering of equity
securities, or securities or other obligations exercisable or exchangeable for, or convertible into, equity securities, by the
Company for its own account or for stockholders of the Company for their account (or by the Company and by stockholders of the
Company), other than a Registration Statement (i) filed in connection with any employee stock option or other benefit plan, (ii)
for an exchange offer or offering of securities solely to the Company’s existing stockholders, (iii) for an offering of
debt that is convertible into equity securities of the Company or (iv) for a dividend reinvestment plan, then the Company shall
(x) give written notice of such proposed filing to the holders of Registrable Securities (as defined in Section 5.12(j)) as soon
as practicable (but in no event less than ten (10) days) before the anticipated filing date, which notice shall describe the amount
and type of securities to be included in such offering, the intended method(s) of distribution, and the name of the proposed managing
Underwriter or Underwriters (as defined in Section 5.12(j)), if any, of the offering, and (y) offer to the holders of Registrable
Securities in such notice the opportunity to register the sale of such number of shares of Registrable Securities as such holder
may request in writing within five (5) days following receipt of such notice (a “Piggy-Back Registration”).
The Company shall cause such Registrable Securities to be included in such registration and shall use its best efforts to cause
the managing Underwriter or Underwriters of a proposed underwritten offering to permit the Registrable Securities requested to
be included in a Piggy-Back Registration on the same terms and conditions as any similar securities of the Company and to permit
the sale or other disposition of such Registrable Securities in accordance with the intended method(s) of distribution thereof.
In the event a Piggy-Back Registration involves an Underwriter or Underwriters, all holders of Registrable Securities proposing
to distribute their securities through such Piggy-Back Registration shall enter into an underwriting agreement in customary form
with the Underwriter or Underwriters selected for such Piggy-Back Registration.

 

    	 	20	 

    	 

    

 

(b)
Reduction of Offering. If the managing Underwriter or Underwriters for a Piggy-Back Registration that is to be an underwritten
offering advises the Company and the holders of Registrable Securities proposing to distribute their securities through such Piggy-Back
Registration in writing that the dollar amount or number of shares of Common Stock which the Company desires to sell, taken together
with shares of Common Stock, if any, as to which registration has been demanded pursuant to written contractual arrangements with
persons other than the holders of Registrable Securities, the Registrable Securities as to which registration has been requested
under this Section 5.12, and the shares of Common Stock, if any, as to which registration has been requested pursuant to the written
contractual piggy-back registration rights of other stockholders of the Company, exceeds the maximum dollar amount or maximum
number of shares that can be sold in such offering without adversely affecting the proposed offering price, the timing, the distribution
method, or the probability of success of such offering (such maximum dollar amount or maximum number of shares, as applicable,
the “Maximum Number of Shares”), then the Company shall include in any such registration:

 

	 	(i)	If
    the registration is undertaken for the Company’s account: (A) first, the shares of Common Stock or other securities
    that the Company desires to sell that can be sold without exceeding the Maximum Number of Shares; (B) second, to the extent
    that the Maximum Number of Shares has not been reached under the foregoing clause (A), the Registrable Securities as to which
    registration has been requested in the manner described in Section 5.12(a) of this Agreement that can be sold without exceeding
    the Maximum Number of Shares (pro rata among participating holders of Registrable Securities based on the number of Registrable
    Securities requested to be included in such registration); and (C) third, to the extent that the Maximum Number of Shares
    has not been reached under the foregoing clauses (A) and (B), the shares of Common Stock or other securities for the account
    of other persons that the Company is obligated to register pursuant to written contractual piggy-back registration rights
    with such persons and that can be sold without exceeding the Maximum Number of Shares;
	 	 	 
	 	(ii)	If
    the registration is a “demand” registration undertaken at the demand of persons other than the holders of Registrable
    Securities, (A) first, the shares of Common Stock or other securities for the account of the demanding persons that can be
    sold without exceeding the Maximum Number of Shares; (B) second, to the extent that the Maximum Number of Shares has not been
    reached under the foregoing clause (A), the shares of Common Stock or other securities that the Company desires to sell that
    can be sold without exceeding the Maximum Number of Shares; (C) third, to the extent that the Maximum Number of Shares has
    not been reached under the foregoing clauses (A) and (B), the Registrable Securities, as to which registration has been requested
    pursuant to the terms hereof that can be sold without exceeding the Maximum Number of Shares (pro rata among participating
    holders of Registrable Securities based on the number of Registrable Securities requested to be included in such registration);
    and (D) fourth, to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (A), (B)
    and (C), the shares of Common Stock or other securities for the account of other persons that the Company is obligated to
    register pursuant to written contractual arrangements with such persons, that can be sold without exceeding the Maximum Number
    of Shares.

 

    	 	21	 

    	 

    

 

(c)
Withdrawal. Any holder of Registrable Securities may elect to withdraw such holder’s request for inclusion of Registrable
Securities in any Piggy-Back Registration by giving written notice to the Company of such request to withdraw prior to the effectiveness
of the Registration Statement. The Company (whether on its own determination or as the result of a withdrawal by persons making
a demand pursuant to written contractual obligations) may withdraw a Registration Statement at any time prior to the effectiveness
of such Registration Statement. Notwithstanding any such withdrawal, the Company shall pay all expenses incurred by the holders
of Registrable Securities in connection with such Piggy-Back Registration as provided in Section 5.12(h).

 

(d)
Copies. The Company shall, prior to filing a Registration Statement or prospectus, or any amendment or supplement thereto,
furnish, without charge, to the holders of Registrable Securities and such holders’ legal counsel copies of such Registration
Statement as proposed to be filed, each amendment and supplement to such Registration Statement (in each case including all exhibits
thereto and documents incorporated by reference therein), the prospectus included in such Registration Statement (including each
preliminary prospectus), and such other documents as the holders of the Registrable Securities or legal counsel for any such holders
may request in order to facilitate the disposition of the Registrable Securities owned by such holders.

 

(e)
Amendments and Supplements. The Company shall prepare and file with the Commission such amendments, including post-effective
amendments, and supplements to such Registration Statement and the prospectus used in connection therewith as may be necessary
to keep such Registration Statement effective and in compliance with the provisions of the Securities Act until all Registrable
Securities and other securities covered by such Registration Statement have been disposed of in accordance with the intended method(s)
of distribution set forth in such Registration Statement or such securities have been withdrawn.

 

(f)
Notification. After the filing of a Registration Statement, the Company shall promptly, and in no event more than two (2)
business days after such filing, notify the holders of Registrable Securities included in such Registration Statement of such
filing, and shall further notify such holders promptly and confirm such advice in writing in all events within two (2) business
days of the occurrence of any of the following: (i) when such Registration Statement becomes effective; (ii) when any post-effective
amendment to such Registration Statement becomes effective; (iii) the issuance or threatened issuance by the Commission of any
stop order (and the Company shall take all actions required to prevent the entry of such stop order or to remove it if entered);
and (iv) any request by the Commission for any amendment or supplement to such Registration Statement or any prospectus relating
thereto or for additional information or of the occurrence of an event requiring the preparation of a supplement or amendment
to such prospectus so that, as thereafter delivered to the purchasers of the securities covered by such Registration Statement,
such prospectus will not contain an 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 not misleading, and promptly make available to the holders of Registrable
Securities included in such Registration Statement any such supplement or amendment.

 

    	 	22	 

    	 

    

 

(g)
State Securities Laws Compliance. The Company shall use its best efforts to (i) register or qualify the Registrable Securities
covered by the Registration Statement under such securities or “blue sky” laws of such jurisdictions in the United
States as the holders of Registrable Securities included in such Registration Statement (in light of their intended plan of distribution)
may request and (ii) take such action necessary to cause such Registrable Securities covered by the Registration Statement to
be registered with or approved by such other governmental authorities as may be necessary by virtue of the business and operations
of the Company and do any and all other acts and things that may be necessary or advisable to enable the holders of Registrable
Securities included in such Registration Statement to consummate the disposition of such Registrable Securities in such jurisdictions;
provided, however, that the Company shall not be required to qualify generally to do business in any jurisdiction
where it would not otherwise be required to qualify but for this paragraph or subject itself to taxation in any such jurisdiction.

 

(h)
Registration Expenses. The Company shall bear all costs and expenses incurred in connection with any Piggy-Back Registration,
whether or not the Registration Statement becomes effective. The Holders shall have no obligation to pay any underwriting discounts
or selling commissions or bear any expenses of the underwriters in connection with any Piggy-Back Registration.

 

(i)
Information. The holders of Registrable Securities included in any Registration Statement shall provide such information
as may reasonably be requested by the Company, or the managing Underwriter, if any, in connection with the preparation of such
Registration Statement, including amendments and supplements thereto, in order to effect the registration of any Registrable Securities
under the Securities Act pursuant to Section 5.12(a).

 

(j)
Definitions. For purposes of this Section 5.12, unless the context requires otherwise, the following terms shall have the
meanings indicated below:

 

“Registrable
Securities” means all of the Underlying Shares issuable from time to time to all of the Subscribers in the Offering.
Registrable Securities also include any warrants, shares of capital stock or other securities of the Company issued as a dividend
or other distribution with respect to or in exchange for or in replacement of such Underlying Shares. As to any particular Registrable
Securities, such securities shall cease to be Registrable Securities when: (a) a Registration Statement with respect to the sale
of such securities shall have become effective under the Securities Act and such securities shall have been sold, transferred,
disposed of or exchanged in accordance with such Registration Statement; (b) such securities shall have been otherwise transferred,
new certificates for them not bearing a legend restricting further transfer shall have been delivered by the Company and subsequent
public distribution of them shall not require registration under the Securities Act; (c) such securities shall have ceased to
be outstanding; or (d) the Registrable Securities are freely saleable under Rule 144 without volume limitations.

 

    	 	23	 

    	 

    

 

“Registration
Statement” means a registration statement filed by the Company with the SEC in compliance with the Securities Act
and the rules and regulations promulgated thereunder for a public offering and sale of equity securities, or securities or other
obligations exercisable or exchangeable for, or convertible into, equity securities (other than a registration statement on Form
S-4 or Form S-8, or their successors, or any registration statement covering only securities proposed to be issued in exchange
for securities or assets of another entity).

 

“Underwriter”
means a securities dealer who purchases any Registrable Securities as principal in an underwritten offering and not as part of
such dealer’s market-making activities.

 

5.13
Director Designation Right. 

 

(a)
The Company agrees that it shall, promptly following receipt of a written request therefor from Subscribers who purchased a majority
of the shares of Preferred Stock issued in the Offering (the “Majority Subscribers”), increase the number
of directors constituting the Company’s entire Board of Directors from five (5) directors to seven (7) directors, and shall
cause two (2) persons designated by the Majority Subscribers to be appointed to fill the vacancies created thereby (each, an “Initial
Designee” and together the “Initial Designees”). The Initial Designees shall be mutually
agreed upon by the Company and the Placement Agent as a condition to the Initial Closing. Upon any death, resignation or removal
of an Initial Designee (other than as described in subsection (b) below), the Company shall, within five (5) business days following
the receipt of a written notice from the Majority Subscribers identifying a replacement for such Initial Designee appoint such
replacement to fill the vacancy so created.

 

(b)
The Company agrees that the Majority Subscribers shall have the right, upon written request delivered to the Company (the “Designation
Request”) to direct the Company to include in the proxy statement on Schedule 14A that the Company files with the
SEC in connection with the 2018 Annual Meeting of Stockholders (the “Proxy Statement”) a proposal that
the stockholders elect a total of seven (7) persons to the Board of Directors, with three (3) of the seven (7) such director nominees
being persons designated in writing by the Majority Subscribers (each of such three (3) nominees, who may include the Initial
Designees, a “Proxy Designee”, and collectively the “Proxy Designees”), and
with one (1) of the four (4) remaining nominees being Isaac Blech (such proposal, the “Director Election Proposal”).
The Company shall use commercially reasonable efforts to cause a preliminary Proxy Statement to be filed with the SEC not later
than thirty (30) days following the date on which the Designation Request is received by the Company and to cause the 2018 Annual
Meeting of Stockholders to be held not more than forty-five (45) days following the date on which the preliminary Proxy Statement
is filed with the SEC, and the Proxy Statement shall include a recommendation by the Board of Directors that the stockholders
approve the Director Election Proposal. In addition, the Company agrees that the Initial Closing shall be contingent upon the
Officers, Directors and 5% stockholders of the Company entering into a voting agreement pursuant to which they shall agree to
vote in favor of the Proxy Designees and Isaac Blech.

 

(c)
The Company agrees that each Initial Designee or Proxy Designee, as applicable, once a director of the Company, shall be entitled
to all of the rights enjoyed by other non-employee directors of the Company, including but not limited to, receipt of information,
reimbursement of expenses and coverage under applicable director and officer insurance policies.

 

    	 	24	 

    	 

    

 

(d)
The Company agrees that the Initial Closing shall be contingent upon an agreement between the Company and the Placement Agent
regarding a detailed, monthly operating budget (the “Initial Operating Budget”) that covers a period
of six (6) months following the Initial Closing (the “Initial Operating Budget Period”). The Company
shall be required to limit monthly line item expenses set forth in the Initial Operating Budget in any given month to 110% of
the amount budgeted for the Initial Operating Budget Period.

 

(e)
The Company agrees that it shall, promptly following the date of the Initial Closing, establish a committee of its Board of Directors
(the “Budget Committee”) consisting of three (3) directors (two (2) of whom will be the Initial Designees
and the third of whom will be any independent member of the Board of Directors). The Company shall maintain the Budget Committee
until the earlier to occur of: (x) the thirtieth (30th) day following the date on which the Common Stock of the Company
is first listed for trading on a national securities exchange; and (y) the date on which the Company has achieved Profitability
(as defined below). The Budget Committee shall: (i) monitor the Operating Budgets (as defined below); (ii) approve all operating
budgets of the Company that shall be implemented subsequent to the date on which the Initial Operating Budget expires (each a
“Subsequent Operating Budget” and together with the Initial Operating Budget, the “Operating
Budgets”), which Subsequent Operating Budgets, if any, shall be similar in all line items to the Initial Operating
Budget; and (iii) approve other material capital expenditures that are otherwise contemplated by the Board of Directors but that
are not included in any Operating Budget. “Profitability” shall mean one quarter of positive net income.
Management of the Company shall present budget reports to the budget Committee on a monthly basis.

 

	VI.	MISCELLANEOUS

 

6.1
Any notice or other communication given hereunder
shall be deemed sufficient if in writing and sent by registered or certified mail, return receipt requested, delivered by hand
against written receipt therefor, or sent in portable document format (“pdf) via electronic mail, addressed as follows:

 

if
to the Company, to it at:

 

Marina
Biotech, Inc.

17870
Castleton Street, Suite 250

City
of Industry, California 91748

Attn:
Vuong Trieu, Executive Chairman

Email:
vtrieu@autotelicinc.com

 

With
a copy to (which shall not constitute notice):

 

Pryor
Cashman LLP

7
Times Square

New
York, New York 10036

Attn:
Lawrence Remmel, Esq.

Email:
lremmel@pryorcashman.com

 

    	 	25	 

    	 

    

 

if
to the Subscriber, to the Subscriber’s address indicated on the signature page of this Agreement.

 

With
a copy to (which shall not constitute notice):

 

Attn:

Email:

 

if
to the Escrow Agent, to it at:

 

Corporate
Stock Transfer

3200
Cherry Creek Drive, South

Suite
430

Denver,
CO 80209

Attn:
Carylyn Ball, President

Email:
cbellAcorporatestock.com

 

With
a copy to (which shall not constitute notice):

 

Collegiate
Peaks Bank

885
S. Colorado Blvd

Denver,
CO 80246

Attn:
Hope Spencer

Email:
hope.spencergcollegiatepeaksbank.com

 

6.2
Notices shall be deemed to have been given or
delivered (i) on the third (3rd) business day following the date of postmark in the case of delivery by registered or certified
mail, (ii) on the date of delivery in the case of delivery by hand or (iii) on the date of delivery if delivered by electronic
mail; provided that if such e-mail is received after 4:00 p.m. Eastern Time on a business day or at any time on a non-business
day, such notice shall be deemed delivered on the following business day. Except as otherwise provided herein, this Agreement
shall not be changed, modified or amended except by a writing signed by the Company and the Subscriber, and this Agreement may
not be discharged except by performance in accordance with its terms or by a writing signed by the Company and the Subscriber.
No waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing
waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof,
nor shall any delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right.

 

6.3
This Agreement shall be binding upon and inure
to the benefit of the parties and their successors and permitted assigns. The Company may not assign this Agreement or any rights
or obligations hereunder without the prior written consent of each Subscriber (other than in connection with a change of control
or by operation of law). Any Subscriber may assign any or all of its rights under this Agreement to any Person to whom such Subscriber
assigns or transfers any Securities or Registrable Securities (including the rights set forth in Section 5.12 of this Agreement),
provided that such transferee agrees in writing to be bound, with respect to the transferred Securities, by the provisions of
the Offering Materials that apply to the “Subscribers.”

 

    	 	26	 

    	 

    

 

6.4
The Offering Materials, together with the exhibits
hereto and thereto, contain the entire understanding of the parties with respect to the subject matter hereof and supersede all
prior agreements and understandings, oral or written, with respect to such matters. The Placement Agent shall be deemed a third
party beneficiary of the representations and warranties and covenants made by the Company and the Subscriber in this Agreement.

 

6.5
Upon the execution and delivery of this Agreement
by the Subscriber and the Company, this Agreement shall become a binding obligation of the Subscriber with respect to the purchase
of Securities as provided herein; provided, however, that, for the avoidance of doubt, the Company hereby reserves the right to
(i) enter into subscription agreements with other prospective investors in the Offering and (ii) reject any subscription, in whole
or in part, including, as applicable, that of the Subscriber, provided the Company returns to such prospective investor any funds
paid by such prospective investor(s), with respect to such rejected subscription or portion thereof, without interest or deduction.

 

6.6
Any action, arbitration, claim, hearing, litigation
or suit (whether civil, criminal, administrative, judicial or investigative, whether formal or informal, whether public or private)
commenced, brought, conducted or heard by or before any federal, state, local or foreign government or any court of competent
jurisdiction, administrative or regulatory body, agency, bureau, or commission in any domestic or foreign jurisdiction, any appropriate
division of any of the foregoing or any arbitrator, or other legal action (each, a “Proceeding”) relating to this
Agreement or the transactions contemplated hereby shall be governed by and construed and enforced in accordance with the internal
laws of the State of New York, without regard to the principles of conflicts of law thereof. Each party agrees that all Proceedings
concerning the interpretations, enforcement and defense of the transactions contemplated by this Agreement and any other Offering
Materials (whether brought against a party hereto or its affiliates, directors, officers, shareholders, employees or agents) shall
be commenced exclusively in the state and federal courts sitting in the Southern District of New York. Each party hereby irrevocably
submits to the exclusive jurisdiction of the state and federal courts sitting in the Southern District of New York for the adjudication
of any Proceeding related to this Agreement, the other Offering Materials or the transactions contemplated hereby or thereby,
and hereby irrevocably waives, and agrees not to assert in any Proceeding that it is not personally subject to the jurisdiction
of any such court, that Proceeding is improper or is an inconvenient venue for such Proceeding.

 

6.7
In order to discourage frivolous Proceedings
the parties agree that unless a claimant in any Proceeding arising out of this Agreement succeeds in establishing a claim and
recovering a judgment against another party (regardless of whether such claimant succeeds against one of the other parties to
the Proceeding), then the non-claimant party shall be entitled to recover from such claimant all of such other party’s reasonable
legal costs and expenses relating to such Proceeding and/or incurred in preparation therefor.

 

6.8
If any provision of this Agreement, or the application
of such provision to any person or circumstance, shall be held invalid by a court of competent jurisdiction, the remainder of
this Agreement, or the application of such provision to persons or circumstances other than those to which it is held invalid
by such court, shall not be affected thereby.

 

    	 	27	 

    	 

    

 

6.9
Subject to applicable statute of limitations,
the representations and warranties contained herein shall survive the Closing and the delivery of the Securities.

 

6.10
The Company and the Subscriber agree to execute
and deliver all such further documents, agreements and instruments and take such other and further action as may be necessary
or appropriate to carry out the purposes and intent of this Agreement.

 

6.11
This Agreement may be executed in any number
of counterparts, each of which shall be deemed to be an original, but such counterparts together shall constitute one and the
same instrument. Delivery of executed signature pages hereof by facsimile transmission or pdf shall constitute effective and binding
execution and delivery of this Agreement.

 

6.12
Nothing in this Agreement shall create or be
deemed to create any rights or remedies in any person or entity that is not a party to this Agreement.

 

6.13
The Company and the Subscriber agree that in
the event of any breach or threatened breach by the other party of any covenant, obligation or other provision set forth in this
Agreement, the non-breaching or non-threatening party, as applicable, shall be entitled (in addition to any other remedy that
may be available to it) to seek (a) a decree or order of specific performance or mandamus to enforce the observance and performance
of such covenant, obligation or other provision, and (b) an injunction restraining such breach or threatened breach.

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

 

    	 	28	 

    	 

    

 

APPENDIX
B

 

	SHARES
    OF PREFERRED STOCK BEING SUBSCRIBED FOR: __________________
	 
	PURCHASE
    PRICE (PER SHARE): $_________
	 
	AGGREGATE
    PURCHASE PRICE: ____________________

 

	 	 	 
	Signature	 	Signature
    (if purchasing jointly)
	 	 	 
	 	 	 
	Name
    Typed or Printed	 	Name
    Typed or Printed
	 	 	 
	 	 	 
	Title
    (if Subscriber is an Entity)	 	Title
    (if Subscriber is an Entity)
	 	 	 
	 	 	 
	Address	 	Address
	 	 	 
	 	 	 
	City,
    State and Zip Code	 	City,
    State and Zip Code
	 	 	 
	 	 	 
	Telephone-Business	 	Telephone-Business
	 	 	 
	 	 	 
	Telephone-Residence	 	Telephone-Residence
	 	 	 
	 	 	 
	Tax
    ID # or Social Security #	 	Tax
    ID # or Social Security #
	 	 	 
	 	 	 
	E-Mail
    Address	 	E-Mail
    Address

 

Name
in which Securities should be issued:

 

Dated:
__________, 2018

 

    	 	29	 

    	 

    

 

This
Subscription Agreement is agreed to and accepted as of __________, 2018.

 

	MARINA BIOTECH, INC.	 
	 	 	 
	By:
    		 
	Name:	Vuong
    Trieu	 
	Title	Executive
    Chairman

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