Document:

Exhibit 10.22

 

 

 

August 15, 2014

 

Michael Houston, Ph.D.

22626 NE Inglewood Hill Road

Sammamish, WA 98074

 

		RE:	Amendment to Employment Offer Letter Agreement

 

Dear Mike:

 

Reference is made in
this letter (this “Letter”) to the employment offer letter agreement entered into by you and PhaseRx
Inc., a Delaware corporation (the “Company”), dated as of December 17, 2013 (the “Agreement”).

 

By signing below, you
and the Company each acknowledge and agree that the Agreement shall be amended by adding the following provisions. All capitalized
terms used but not defined herein shall have the meaning ascribed to them in the Agreement.

 

		1.	If the Company terminates your employment without Cause or if you terminate your employment for
Good Reason, the Company will pay you all earned but unpaid Base Salary (defined below), accrued but unused vacation benefits,
and any annual bonus earned in the prior calendar year that remains unpaid at the time of termination, plus severance pay equal
to six months of your Base Salary at the time of termination (“Base Salary”), less standard deductions
and withholdings. The parties acknowledge that your base salary as of the date of this Letter is $200,000.00 per year, payable
semi-monthly in installments of $8,333.33, less payroll deductions and required withholdings. The severance pay described in this
paragraph is expressly contingent upon your signing (and not revoking) a full release in a form acceptable to the Company within
30 days of your termination (the “Release Deadline”) and is further contingent upon your full and continued
compliance with the terms of your At-Will Agreement (as defined below). Severance payments shall begin once your release is effective
and shall be paid to you in equal semi-monthly installments during the 6-month period immediately following the date on which your
employment was terminated without Cause or with Good Reason; provided, however that to the extent your severance payments are determined
to be subject to Code Section 409A (as defined in Section 2 below), any such severance payments shall commence on the
Release Deadline, subject to Section 2; provided further that, to the extent your severance payments are determined to not
be subject to Code Section 409A, the Company shall retain the discretion to pay such severance payments to you in one or more payments
on a payment schedule accelerated from the payment schedule set forth above. Each such installment payment shall be treated as
a separate payment for purposes of Code Section 409A.

 

 

     

     

    

 

		2.	With respect to any payments or benefits hereunder that are subject to Code Section 409A and
any official guidance and regulations issued thereunder (together “Code Section 409A”) and that
are payable on account of your termination of employment, such payments shall only be made if such termination of employment constitutes
a “separation from service” within the meaning of Code Section 409A. Notwithstanding anything to the contrary
contained in this Agreement, all reimbursements for costs and expenses under this Agreement will be paid in no event later than
the end of the calendar year following the calendar year in which you incur such expense. With regard to any provision herein that
provides for reimbursement of costs and expenses or in-kind benefits, except as permitted by Code Section 409A, (a) the
right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, and (b) the
amount of expenses eligible for reimbursements or in-kind benefits provided during any taxable year shall not affect the expenses
eligible for reimbursement or in-kind benefits to be provided in any other taxable year.

 

The Company
makes no representations or warranties to you with respect to any tax, economic or legal consequences of this Agreement or any
payments or other benefits provided hereunder, including without limitation under Code Section 409A, and no provision of the
Agreement shall be interpreted or construed to transfer any liability for failure to comply with Code Section 409A from you
or any other individual to the Company or any of its affiliates. By executing this Letter, you shall be deemed to have waived any
claim against the Company and its affiliates with respect to any such tax, economic or legal consequences. However, the parties
intend that this Agreement and the payments and other benefits provided hereunder be exempt from the requirements of Code Section 409A
to the maximum extent possible, whether pursuant to the short-term deferral exception described in Treasury Regulation Section 1.409A-1(b)(4),
the involuntary separation pay plan exception described in Treasury Regulation Section 1.409A-1(b)(9)(iii), or otherwise.
To the extent Code Section 409A is applicable to this Agreement (and such payments and benefits), the parties intend that
this Agreement (and such payments and benefits) comply with the deferral, payout and other limitations and restrictions imposed
under Code Section 409A and any ambiguous terms and any ambiguities herein will be interpreted to so comply or be exempt from
Code Section 409A. In addition, if you are a “specified employee,” within the meaning of Code Section 409A,
then to the extent necessary to avoid subjecting you to the imposition of any additional tax under Code Section 409A, amounts
that would otherwise be payable under this Agreement during the six (6) month period immediately following your “separation
from service” for reasons other than your death shall not be paid to Executive during such period, but shall instead be accumulated
and paid to you in a lump sum on the first business day after the earlier of the date that is six (6) months following your separation
from service.

 

		3.	For purposes of the Agreement, “Cause” shall mean: (a) an act of
dishonesty, or willful misconduct made by you in connection with your responsibilities under the Agreement that results in material
harm to the Company, (b) your conviction of, or plea of nolo contendere to, a felony, (c) any material violation of your
material obligations under the Agreement or your At-Will Employee Agreement with the Company (the “At-Will Agreement”);
or (d) your continued failure to satisfactorily perform your employment duties after you have received a written demand for
performance improvement from the Company that specifically sets forth the factual basis for the Company’s belief that you
have failed to satisfactorily perform your duties.

 

 

    	 	-2-	 

     

    

 

		4.	For purposes of the Agreement, a “Change of Control” means either (a) the
acquisition of the Company by another entity by means of any transaction or series of related transactions (including, without
limitation, any reorganization, merger or consolidation or stock transfer, but excluding any such transaction effected primarily
for the purpose of changing the domicile of the Company), unless the Company’s stockholders of record immediately prior to
such transaction or series of related transactions hold, immediately after such transaction or series of related transactions,
at least 50% of the voting power of the surviving or acquiring entity (provided that the sale by the Company of its securities
for the purposes of raising additional funds shall not constitute a Change of Control hereunder); or (b) a sale of all or
substantially all of the assets of the Company.

 

		5.	For purposes of the Agreement, “Good Reason” shall mean the occurrence
of one or more of the following events effected without your prior written consent: (a) the assignment to you of any duties
or the reduction of your duties, either of which results in a material diminution in your position with the Company; provided that,
it being understood that the continuance of your duties at the same level of responsibility as in effect immediately prior to a
Change of Control at the subsidiary or divisional level following a Change of Control, rather than at the parent, combined or surviving
company level following such Change of Control shall not be deemed Good Reason within the meaning of this clause (a); (b) a
material reduction by the Company in your Base Salary; (c) a material change in the geographic location at which you must
perform services (for purposes of the Agreement, your relocation to a facility or a location less than 30 miles from your then-present
location shall not be considered a material change in geographic location); or (d) any material breach by the Company of any
material provision of the Agreement.

 

		6.	Nothing in this Letter shall alter or amend your “at will” employment at the Company,
and either you or the Company is free to terminate your employment relationship at any time with or without advance notice.

 

		7.	Once
                                         signed by you, the Agreement, as amended by this Letter, any equity agreements between
                                         you and the Company, the Indemnification Agreement between you and the Company dated
                                         February 11, 2014, the At-Will Agreement, and documents related to your participation
                                         in the Company’s Management Retention Plan will constitute the complete agreement
                                         between you and the Company regarding your employment, and will supersede all prior written
                                         or oral agreements or understandings related to your employment. In
                                         the event of a conflict between the terms and provisions of the Agreement, as amended
                                         by this Letter, and the At-Will Agreement, the terms and provisions of the At-Will Agreement
                                         will control.

 

[Signature page follows.]

 

 

    	 	-3-	 

     

    

 

This letter is effective as of the later
date signed below.

 

 

 

	 	PHASERX INC.
	 	 
	 	 
	 	By:	/s/ Robert Overell
	 	 	 
	 	Name:	Robert Overell
	 	 	 
	 	Title:	President & Chief Executive Office
	 	 	 
	 	Date:	August 15, 2014
	 	 	 
	 	 	 
	 	 	 
	 	MICHAEL HOUSTON
	 	 
	 	 
	 	/s/ Michael Houston
	 	 
	 	Date: August 15, 2014

 

 

 

[Signature Page to Amendment to Employment
Offer Letter Agreement]

 

 

 

    	 	-4-Exhibit 10.23

 

 

 

December 21, 2015

 

Helen Tsui

3230 – 37th Ave. S.E.

Mercer Island, WA 98040

 

Dear Helen,

 

PhaseRx Inc. is pleased to extend the following offer to you
for the position of Vice President, Finance at PhaseRx, Inc., (the “Company”) reporting directly to me. Your start
date will be December 29, 2015.

 

Your starting salary will be $220,000 annually, paid semi monthly
($9,166.67), less all legally required withholdings. This position is classified as exempt. You will be eligible to receive a performance
evaluation for the review cycle ending December 31, 2016, at which time your compensation will be reviewed.

 

Subject to approval by the Company’s Board of Directors,
you will be granted an option to purchase 600,000 shares of the Company’s Common Stock at an exercise price equal to the
fair market value per share of the Common Stock on the date the Board of Directors approves the option grant. The shares will vest
over a four year period with vesting commencing the first anniversary of your employment. Additionally, you will also have 25%
participation in the current management retention plan and be eligible for 6 month's severance (the severance agreement will be
sent under separate cover).

 

Your compensation includes participation in all benefits offered
generally to PhaseRx employees. Benefits currently offered include medical, dental, vision insurance, an employee assistance and
resource & referral services program (EAP) for you and eligible family members; company paid life and accidental death &
dismemberment insurance, company paid short and long term disability insurance, a transportation benefit which provides Vice Presidents
and above with free parking, and participation in a 401k retirement savings plan. Effective on your date of hire, you will begin
accruing vacation and sick leave each pay period up to a maximum of 15 days vacation and 10 days sick leave, per year. In addition,
employees receive 12 paid holidays annually, including a paid holiday break from December 26 - December 31.

 

Our policies and practices, including the compensation and benefits
we provide, are subject to changes and exceptions without prior notice, at the Company’s discretion.

 

This offer is contingent upon your
ability to provide to the Company documentary evidence of your identity and eligibility for employment in the United States in
accordance with immigration regulations relating to employment eligibility. Such documentation must be provided within 3 business days of the effective date of your employment, or your
employment relationship with the Company may be terminated.

 

     

     

    

 

 

 

Please note that acceptance of this offer does not create a
contract of continuing employment with PhaseRx. Employment with the company is on an at-will basis, meaning that the employee or
the company may terminate the employment relationship at any time and for any reason not expressly prohibited by law.

 

As a condition of this offer of employment, you will be required
to complete, sign and return the Company’s standard form of At-Will Employee Agreement (the “Employee Agreement”),
which is attached hereto. Please sign and return this agreement on your first day of employment.

 

This offer letter and the Employee Agreement, when signed by
you, set forth the terms of your employment with the Company and supersede any and all prior representations and agreements whether
written or oral. In the event of a conflict between the terms and provisions of this offer letter and the Employee Agreement, the
terms and provisions of the Employee Agreement will control. Any amendment of this offer letter or any waiver of a right under
this offer letter must be in writing, signed by you and an officer of the Company. Washington law will govern this offer letter.

 

If you are in agreement with these terms please sign two copies
of this letter and return one to me by Thursday, December 24, 2015 to acknowledge your acceptance.

 

I am very excited about prospect of welcoming you to the PhaseRx
team and I am confident that you will be able to significantly contribute to the success of our company.

 

Sincerely,

 

/s/ Robert W. Overell

 

Robert W. Overell, Ph.D.

President and CEO

 

	/s/ Helen Tsui	 	12/22/2015	 
	Helen Tsui	 	Date

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