Document:

THIS
NOTE AND THE SECURITIES ISSUABLE UPON CONVERSION HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE
OR DISTRIBUTION THEREOF. NO SUCH TRANSFER MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION
OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT.

 

MARINA
BIOTECH, INC.

 

CONVERTIBLE
PROMISSORY NOTE

 

	US$500,000	November
    22, 2017

 

FOR
VALUE RECEIVED, MARINA BIOTECH, INC., a corporation duly incorporated under the laws of the State of Delaware (the “Company”),
hereby promises to pay to River Charitable Remainder Unit Trust, FBO Isaac Blech, July 20, 1987, Isaac Blech Trustee, or
its permissible assigns (the “Holder”) the principal sum of $500,000.00, together with accrued and unpaid interest
thereon, in the manner provided herein. This convertible promissory note (this “Note”) is being issued by the
Company to the original Holder of this Note (the “Original Holder”) pursuant to that certain Note Purchase
Agreement dated as of November 22, 2017 by and between the Company and the Original Holder (the “Purchase Agreement”).
Each capitalized term used, but not defined, in this Note shall have the meaning ascribed to it in the Purchase Agreement.

 

1.
Payment.

 

(a)
Payment. Unless earlier converted as provided
herein, all amounts outstanding and unpaid under this Note shall be due and payable on the earliest to occur of: (i) at the Company’s
election or on demand by the Holder at any time on or after March 31, 2018 or (ii) on demand by the Holder at any time following
an Event of Default (the earliest to occur of clauses (i) or (ii) being referred to herein as the “Maturity Date”).
The Company waives demand, presentment, diligence, protest, notice of protest and notice of dishonor with respect to this Note.
All payments will be made in lawful money of the United States of America at the principal office of the Company, or at such other
place as the Holder may from time to time designate in writing to the Company.

 

(b)
Pre-Payment. This Note may be prepaid
at the election of the Company at any time without penalty upon five (5) days prior written notice to the Holder.

 

    	 

     

    

 

2.
Interest. Interest on the unpaid principal amount shall accrue beginning on the issue date set forth above at a rate
equal to eight percent (8%) per annum computed on the basis of the actual number of days elapsed and a year of 365 days from the
date of this Note until the principal amount and all interest accrued thereon are paid or converted as provided in Section 3 hereof;
provided, that if the Company does not consummate the Qualified Financing on or before December 15, 2017 (which deadline
may be extended by fifteen (15) days upon mutual agreement between the Company and the placement agent with respect to the Qualified
Financing), then the interest rate shall increase to twenty percent (20%) per annum, with such increased interest rate increasing
by an additional two percent (2%) every month thereafter until this Note is repaid in full (up to a maximum interest rate of thirty
percent (30%)). For purposes of this Note, “Qualified Financing” shall mean any financing transaction involving
the sale by the Company of its equity securities (or securities exercisable for or convertible into the equity securities of the
Company) yielding aggregate gross proceeds to the Company of not less than $5,000,000, which amount shall include not less than
$2,500,000 from one or more strategic investors identified in writing by the Company to the Original Holder prior to the date
of this Note. Except upon the earlier conversion in accordance with Section 3, interest be due and payable on a monthly basis
on the last day of each such month (or the next business day thereafter) beginning on December 31, 2017, which interest shall
be payable, at the option of the Company, either: (x) in cash or (y) in shares of Common Stock (with each share of Common Stock
being valued based on the closing price of the Common Stock on the principal market on which the Common Stock is either traded
or quoted at such time on the date immediately prior to the date on which the applicable interest payment is due and payable hereunder,
or in the event the Common Stock is not then traded or quoted on any principal market, at the price per share equal to the then
current fair market value of the Common Stock, as determined by an independent valuation expert selected jointly by the Company
and the Holder, provided that the Company shall pay any such valuation expenses.

 

3.
Conversion.
The unpaid principal amount of this Note, together with any interest accrued but unpaid thereon, shall automatically be converted
into the securities of the Company to be issued and sold at the closing of the Qualified Financing. Upon the conversion of this
Note pursuant to this Section 3, the Holder shall be entitled to receive such number and amount of the securities of the Company
to be issued upon such conversion equal to the quotient obtained by dividing (i) the unpaid principal amount of this Note (together
with any interest accrued but unpaid thereon) by (ii) the price paid for such securities in the Qualified Financing. The issuance
of securities pursuant to the conversion of this Note will be on, and subject to, the same terms and conditions applicable to
the securities issued in the Qualified Financing.

 

4.
Mechanics of Conversion.

 

(a)
In the event that this Note is converted pursuant
to Section 3, the Holder shall surrender this Note, duly endorsed, to the Company promptly following the closing of the Qualified
Financing, and the Note shall thereupon be canceled. As soon as practicable following surrender of this Note (or a duly executed
affidavit of loss with any indemnity reasonably requested by the Company) and at its expense, the Company will take such steps,
and execute and deliver such agreements, documents and instruments, as may be reasonably necessary to issue and deliver to the
Holder a certificate or certificates representing the securities of the Company to which the Holder is entitled upon such conversion.

 

    	2

     

    

 

(b)
The Holder acknowledges that the conversion of this Note pursuant to Section 3 into the securities of the Company to be
issued in the Qualified Financing may require the Holder’s execution of certain agreements relating to the purchase and
sale of such securities, as well as registration rights, rights of first refusal and co-sale rights, rights of first offer and
voting rights, if any, relating to such securities (collectively, the “Financing Arrangements”). The Holder
agrees to execute all of the Financing Agreements in connection with the Qualified Financing as may be reasonably requested by
the Company.

 

5.
Termination of Rights.
Upon payment in full of this Note, or conversion of this Note in accordance with Section 3, all rights with respect to this Note
shall terminate, whether or not this Note has been surrendered for cancellation.

 

6.
Events of Default. In case an Event of Default shall occur, then upon demand by the Holder (which demand shall not
be required in the case of an Event of Default under Sections 6.1(b) or (c) of the Purchase Agreement), the entire outstanding
principal amount, plus accrued and unpaid interest thereon, of this Note shall become immediately due and payable in the manner
and with the effect provided in the Purchase Agreement and this Note.

 

7.
Transfer; Successors and Assigns. The Holder may not sell, assign, pledge, dispose of or otherwise transfer this Note
or any interest herein without the prior written consent of the Company, which shall not be unreasonably withheld; provided,
however, a Holder that is a partnership, corporation, trust, joint venture, unincorporated organization or other entity
may transfer this Note to any person that owns all (but not less than all) of the issued and outstanding voting securities of
such entity without the prior written consent of the Company. Subject to the preceding sentence, this Note may be transferred
only upon surrender of the original Note (or affidavit of loss with any indemnity reasonably requested by the Company) for registration
of transfer, duly endorsed, or accompanied by a duly executed written instrument of transfer in form satisfactory to the Company.
Thereupon, a new note for the same principal amount and interest will be issued to, and registered in the name of, the transferee.
Interest and principal are payable only to the registered Holder. The terms and conditions of this Note shall inure to the benefit
of and be binding upon the respective successors and assigns of the parties.

 

8.
Security Interest.
The Company’s obligations under this Note are secured pursuant to that certain Security Agreement, dated as of the date
hereof, by the Company in favor of the Holder and that certain Intellectual Property Security Agreement, dated as of the date
hereof, by the Company in favor of the Holder.

 

9.
Governing Law. This Note shall be governed by and construed in accordance with the internal laws of the State of New
York without giving effect to any choice or conflict of law provision or rule (whether of the State of New York or any other jurisdiction).

 

10.
Notices. All notices required or permitted hereunder shall be given in accordance with Section 7.5 of the Purchase
Agreement.

 

11.
Amendments and Waivers. The terms and provisions of this Note may be amended or modified, and any provision hereof
may be waived, only with the written consent of the Company and the Holder.

 

12.
Headings. The headings in this Note are for purposes of reference only, and shall not limit or otherwise affect the
meaning hereof.

 

    	3

     

    

 

13.
Cost of Collection. In the event that Holder is required to take legal or other action to enforce its rights or
obtain collection under this Note, the Company shall pay the Holder hereof reasonable costs of collection, or enforcement of the
terms hereof, including attorneys’ fees.

 

14.
Maximum Payments. Nothing contained herein shall be deemed to establish or require the payment of a rate of interest
or other charges in excess of the maximum permitted by applicable law. In the event that the rate of interest required to be paid
or other charges hereunder exceed the maximum permitted by such law (such as, without limitation, the usury laws), any payments
in excess of such maximum shall be credited against amounts owed by the Company to the Holder and thus refunded to the Company,
or if no further amounts are owed by the Company to the Holder, shall be refunded to the Company. The Company hereby irrevocable
consents to the reformation of this Note, as may be necessary by a court of law, so as to enable enforcement of this Note pursuant
to summary judgment or summary proceeding. For avoidance of doubt, in the event that, for any reason, a finding by a court having
jurisdiction over this Note is made that limits enforceability as a result of excessive interest or other origination or investment
banking fees pursuant to the laws of any jurisdiction, then, such defense shall not be deemed to bar a summary proceeding or summary
judgment on the Note but rather, the Note shall be fully and absolutely enforceable as to all principal and, the court having
jurisdiction shall, after an inquest, have power to reform the Note so as to reduce interest amount to such amount as is immediately
enforceable pursuant to summary judgment or summary proceeding and grant such award, plus any legal or enforcement fees of the
Holder.

 

15.
Construction and Enforcement. Each party acknowledges that its legal counsel participated in the preparation of this
Note and, therefore, stipulates that the rule of construction that ambiguities are to be resolved against the drafting party shall
not be applied in the interpretation of this Note to favor any party against the other. This Note reflects an investment made
by the Holder or its assignor to the Company. This Note is intended as, and shall be deemed an unconditional obligation of
the Company for the payment of money only and, without limitation to any other remedies of the Holder (such as, without limitation,
summary judgment after initiation of a proceeding, or equitable remedies), shall be enforceable against the Company by summary
proceeding pursuant to New York Civil Procedure Law and Rules Section 3213 or any similar rule or statute in the jurisdiction
where enforcement is sought. For purposes of such rule or statute, any other document or agreement to which the Holder and the
Company parties or which the Company delivered to the Holder, which may be convenient or necessary to determine the Holder’s
rights hereunder or the Company’s obligations to the Holder are deemed a part of this Note, whether or not such other document
or agreement was delivered together herewith or was executed apart from this Note.

 

[remainder
of page intentionally left blank; signature page follows]

 

    	4

     

    

 

IN
WITNESS WHEREOF, the Company has caused this Note to be duly executed and delivered.

 

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

 

[Signature
Page to Convertible Promissory Note]STOCK
OPTION AGREEMENT

 

THIS
STOCK OPTION AGREEMENT (this “Agreement”) is entered into and effective as of November 22, 2017 (the “Grant
Date”) by and between Marina Biotech, Inc., a Delaware corporation (the “Company”), and Isaac Blech
(“Optionee”).

 

A.
The Company has adopted the Marina Biotech, Inc. 2014 Long-Term Incentive Plan (as such plan may be amended from time to time,
the “Plan”) authorizing the Board of Directors (the “Board”) of the Company, or a committee
as provided for in the Plan (the Board or such a committee to be referred to as the “Committee”), to grant
stock options, among other incentive awards, to certain individuals.

 

B.
The Company desires to grant an option to purchase shares of common stock, par value $0.006 per share, of the Company (the “Common
Stock”) to Optionee pursuant to the Plan.

 

C.
All of the capitalized terms used in this Agreement not otherwise defined in this Agreement have the same respective meanings
as defined in the Plan.

 

NOW,
THEREFORE, in consideration of the mutual promises and covenants hereinafter set forth, the Company and Optionee agree as follows:

 

1.
Grant of Option; Exercise Price. The Company hereby grants to Optionee, upon the terms and subject to the conditions set
forth in this Agreement and the Plan, and effective as of the Grant Date, an option (the “Option”) to purchase
all or any portion of 473,457 shares (the “Option Shares”) of the Company’s Common Stock, at an exercise
price equal to the closing price of the Common Stock on the OTCQB on the Grant Date (such exercise price, as adjusted from time
to time pursuant to Section 5 of this Agreement and the Plan, the “Exercise Price”). The Option is not
intended to be an “incentive stock option,” as that term is used in Section 422 of the Internal Revenue Code of 1986,
as amended (the “Code”).

 

2.
Vesting. The Option shall vest and become exercisable in twenty (20) equal (or as nearly equal as possible) installments
on the last calendar day of each calendar quarter over a five-year period, beginning on December 31, 2017. Optionee shall receive
a full quarter of vesting for the fourth calendar quarter of 2017.

 

3.
Exercise of Option.

 

3.1.
Notice; Payment. Subject to the terms and conditions set forth in this Agreement, including vesting of the Option in Section
2 of this Agreement and termination of the Option in Section 4 of this Agreement, and the Plan, the Option may be exercised,
in whole or in part, at any time and from time to time, by delivery to the Company of written notice of the exercise of the Option,
in substantially the form as provided by the Company, stating the number of Option Shares being purchased (the “Purchased
Shares”), and accompanied by payment in full of the total aggregate Exercise Price of the Purchased Shares. The Exercise
Price shall be payable in full in any one of the following alternative forms:

 

(a)
Full payment in cash, personal check or certified bank or cashier’s check;

 

(b)
Any broker assisted cashless exercise procedure which is acceptable to the Company; or

 

(c)
Cashless net exercise.

 

    	 	1	 

     

    

 

Upon
a cashless net exercise, Optionee shall receive the number of shares of Common Stock equal to a number (as determined below) of
shares of Common Stock computed using the following formula:

 

 

 

	Where

        
	X

        
	=

        
	the
    number of shares of Common Stock to be issued to Optionee.  
	 	 	 	 
	 

        
	Y

        
	=

        
	the
    number of Purchased Shares.  
	 	 	 	 
	 

        
	A

        
	=

        
	the
    Exercise Price.  
	 	 	 	 
	 
	B

        
	=

        
	the
    Fair Market Value of one share of Common Stock on the date of exercise.  

 

3.2.
Issuance of Purchased Shares; No Fractional Shares. Subject to Section 3.5 below, following receipt of the exercise
notice and the payment referred to above, the Company shall, as soon as reasonably practicable thereafter, cause certificates
(or book-entry notations) representing the Purchased Shares (or such fewer number of Purchased Shares if a cashless net exercise
is used) to be delivered to Optionee either at Optionee’s address set forth in the records of the Company or at such other
address as Optionee may designate in writing to the Company or issue and deposit the Purchased Shares for Optionee’s benefit
with any broker with which Optionee has an account relationship or the Company has engaged to provide such services under the
Plan; provided, however, that the Company shall not be obligated to issue a fraction or fractions of a share otherwise
issuable upon exercise of the Option, and may pay to Optionee, in cash or cash equivalent, the Fair Market Value of any such fraction
or fractions of a share as of the date of exercise. If requested by the Company in connection with any exercise of the Option,
Optionee shall also deliver this Agreement to the Company, which shall endorse hereon a notation of the exercise and, if the Option
is exercised in part, shall return this Agreement to Optionee. The date of exercise of an Option that is validly exercised shall
be deemed to be the date on which there shall have been delivered to the Company the notice referred to in Section 3.1
of this Agreement and full payment of the Exercise Price of the Purchased Shares. Optionee shall not be deemed to be a holder
of any Purchased Shares pursuant to exercise of the Option until the date of issuance of a stock certificate or book-entry notation
to Optionee for such shares following payment in full for the Purchased Shares.

 

3.3.
Tax Withholding. The Company is entitled to (a) withhold and deduct from future wages of Optionee (or from other amounts
that may be due and owing to Optionee from the Company or a Subsidiary), or make other arrangements for the collection of, all
amounts the Company reasonably determines are necessary to satisfy any and all federal, foreign, state and local withholding and
employment related tax requirements attributable to the Option, including, without limitation, the grant, exercise or vesting
of, the Option; (b) withhold cash paid or payable or shares of Common Stock from the shares issued or otherwise issuable to Optionee
in connection with the Option; or (c) require Optionee promptly to remit the amount of such withholding to the Company before
taking any action, including issuing any shares of Common Stock, with respect to the Option. Shares of Common Stock issued or
otherwise issuable to Optionee in connection with the Option that gives rise to the tax withholding obligation that are withheld
for purposes of satisfying Optionee’s withholding or employment-related tax obligation will be valued at their Fair Market
Value on the date on which the tax withholding obligation arises.

 

    	 	2	 

     

    

 

3.4.
Remaining Option Shares. Option Shares will no longer be outstanding under the Option (and will therefore not thereafter
be exercisable) following the exercise of the Option to the extent of (a) shares used to pay the Exercise Price of an Option under
the “cashless net exercise” method, (b) shares actually delivered to Optionee as a result of such exercise and (c)
any shares withheld for purposes of tax withholding.

 

3.5
Lock-Up.

 

(a)
Prior to November 22, 2022 (the “Expiration Time”), Optionee shall not, directly or indirectly:

 

(i)
transfer (except as may be specifically required by court order or by operation of law), grant an option with respect to, sell,
exchange, pledge or otherwise dispose of (whether by actual disposition or effective economic disposition due to cash settlement
or otherwise), or encumber, the Option or any Option Shares (collectively, the “Lock-Up Securities”), enter
into any hedging transaction, or make any offer or enter into any agreement or binding arrangement or commitment providing for
any of the foregoing, or publicly disclose the intention to take any of the foregoing actions;

 

(ii)
grant any proxies or powers of attorney with respect to any of the Lock-Up Securities, deposit any of the Lock-Up Securities into
a voting trust, or enter into a voting agreement or similar arrangement or commitment with respect to any of the Lock-Up Securities
or make any public announcement that is in any manner inconsistent with this Section 3.5; or

 

(iii)
take any action that may be reasonably expected to have the effect of impairing the ability of Optionee to perform his obligations
under this Agreement.

 

(b)
Notwithstanding the restrictions set forth in clause (a) of this Section 3.5;

 

(i)
Nothing contained herein will be deemed to restrict the ability of Optionee to exercise, including any form of cashless exercise
that results in the same or other transfer of any Option Shares in accordance with this Agreement and the Plan, any options or
warrants to purchase Common Stock held by Optionee; and

 

(ii)
Optionee may transfer exercised Option Shares to any member of Optionee’s immediate family, or to a trust for the benefit
of Optionee or any member of Optionee’s immediate family for estate planning purposes; provided, that, in any such case
it shall be a condition to the transfer or distribution that the transferee or distributee execute an agreement, in form and substance
satisfactory to the Company, stating that the transferee or distributee is receiving and holding the Option Shares subject to
the provisions of this Agreement and that the transferee or distributee agrees to be bound by the terms and conditions of this
Agreement.

 

    	 	3	 

     

    

 

4.
Termination of Option.

 

4.1.
Time of Termination. Except as provided in this Section 4 and Section 5 of this Agreement, the Option shall
terminate, no longer be exercisable and expire at 5:00 p.m., Eastern Time, on November 22, 2027 (the “Time of Termination”).

 

4.2.
Termination for Cause. In the event Optionee’s service with the Company and all Subsidiaries is terminated by the
Company for Cause (as defined below), the Option will immediately terminate (and vesting will immediately cease) without notice
of any kind, and the Option will no longer be exercisable.

 

4.3.
Termination Due to Death, Disability or Resignation. In the event Optionee’s service with the Company and all Subsidiaries
is terminated by reason of Optionee’s death, disability or resignation, all vesting will immediately cease, and the Option
will remain exercisable, to the extent exercisable as of the date of such termination, for a period of one (1) year after such
termination (but in no event after the Time of Termination). For purposes of this Agreement, “disability” shall mean
that Optionee is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental
impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve
(12) months. The existence of a disability shall be determined by the Board or the Committee, as applicable, in its sole and absolute
discretion.

 

4.4.
Termination for Other Reasons. In the event Optionee’s service with the Company and all Subsidiaries is terminated
for any other reason (including, if Optionee is serving as a member of the Board (and not in another capacity with the Company
or its Subsidiaries), the failure by the Company to nominate Optionee to continue to serve as a member of the Board, unless such
failure is at the request of Optionee), the Option shall become immediately vested and exercisable upon such termination and remain
exercisable through the Time of Termination.

 

4.5.
Effect of Actions Constituting Cause or Adverse Action. Notwithstanding anything in this Agreement to the contrary, if
Optionee is determined by the Committee, acting in its sole discretion, to have taken any action that would constitute Cause or
an Adverse Action during or after the termination of employment or other service with the Company or a Subsidiary, irrespective
of whether such action or the Committee’s determination occurs before or after termination of Optionee’s employment
or other service with the Company or any Subsidiary and irrespective of whether or not Optionee was terminated as a result of
such Cause or Adverse Action, (a) all rights of Optionee under the Option and this Agreement will terminate and be forfeited without
notice of any kind, and (b) the Committee in its sole discretion will have the authority to rescind the exercise, vesting, settlement
or issuance of, or payment in respect of, the Option that was exercised, vested, settled or issued, or as to which such payment
was made, and to require Optionee to pay to the Company, within ten (10) days of receipt from the Company of notice of such rescission,
any amount received or the amount of any gain realized as a result of such rescinded exercise, vesting, settlement, issuance or
payment (including any dividends paid or other distributions made with respect to any shares of Common Stock subject to the Option).
The Company may defer the exercise of the Option for a period of up to six (6) months after receipt of Optionee’s written
notice of exercise or the issuance of Purchased Shares upon the vesting of the Option for a period of up to six (6) months after
the date of such vesting in order for the Committee to make any determination as to the existence of Cause or an Adverse Action.
The Company will be entitled to withhold and deduct from future wages of Optionee (or from other amounts that may be due and owing
to Optionee from the Company or a Subsidiary) or make other arrangements for the collection of all amounts necessary to satisfy
such payment obligations. This Section 4.5 will not apply to the Option following a Change of Control.

    	 	4	 

     

    

 

For
purposes of this Agreement:

 

(i)
the term “Adverse Action” shall mean any action by Optionee that the Committee, in its sole discretion, determines
to be injurious, detrimental, prejudicial or adverse to the interests of the Company or any Subsidiary, including: (x) disclosing
confidential information of the Company or any Subsidiary to any person not authorized by the Company or Subsidiary to receive
it, (y) engaging, directly or indirectly, in any commercial activity that in the judgment of the Committee competes with the business
of the Company or any Subsidiary or (z) interfering with the relationships of the Company or any Subsidiary and their respective
employees, independent contractors, customers, prospective customers and vendors; and

 

(ii)
the term “Cause” shall mean “cause” as defined in any employment or other agreement or policy applicable
to Optionee, or if no such agreement or policy exists, shall mean (w) dishonesty, fraud, misrepresentation, embezzlement or deliberate
injury or attempted injury, in each case related to the Company or any Subsidiary, (x) any unlawful or criminal activity of a
serious nature, (y) any intentional and deliberate breach of a duty or duties that, individually or in the aggregate, are material
in relation to Optionee’s overall duties, or (z) any material breach by Optionee of any employment, service, consulting,
confidentiality, assignment of inventions, non-compete or non-solicitation agreement entered into with the Company or any Subsidiary.

 

4.6.
Clawback/Forfeiture. The Option and Option Shares issued or issuable pursuant to the Option are subject to forfeiture or
clawback by the Company to the extent required and allowed by law, including the Dodd-Frank Wall Street Reform and Consumer Protection
Act of 2010 and the Sarbanes Oxley Act of 2002 and any implementing rules and regulations promulgated thereunder, and pursuant
to any forfeiture, clawback or similar policy of the Company, as such laws, rules, regulations and policy may be in effect from
time to time.

 

5.
Adjustments. In the event of any reorganization, merger, consolidation, recapitalization, liquidation, reclassification,
stock dividend, stock split, combination of shares, rights offering, divestiture or extraordinary dividend (including a spin-off),
or any other similar change in the corporate structure or shares of the Company, the Committee (or, if the Company is not the
surviving corporation in any such transaction, the board of directors of the surviving corporation), will make appropriate adjustment
(which determination will be conclusive) as to the number and kind of securities or other property (including cash) subject to,
and the Exercise Price of, the Option in order to prevent dilution or enlargement of the rights of Optionee.

 

6.
Change of Control. The Option shall become immediately vested and exercisable upon completion of a Change of Control and
remain exercisable through the Time of Termination regardless of whether Optionee remains in the employment or service of the
Company. Notwithstanding any of the foregoing, in connection with a Change in Control, the Committee, in its sole discretion,
at any time after the grant of the Option, may take whatever action it deems appropriate pursuant to Section 13.3 of the
Plan.

 

    	 	5	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	6	 

     

    

 

7.
Rights as a Stockholder. Optionee will have no rights as a stockholder of the Company unless and until all conditions to
the effective exercise of the Option (including, without limitation, the conditions set forth in Section 3 of this Agreement)
have been satisfied and Optionee has become the holder of record of such shares. No adjustment will be made for dividends or distributions
with respect to the Option as to which there is a record date preceding the date Optionee becomes the holder of record of such
shares, except as may otherwise be provided in the Plan or determined by the Committee in its sole discretion.

 

8.
Restrictions on Transfer. Except pursuant to testamentary will or the laws of descent and distribution or as otherwise
expressly permitted by the Plan, no right or interest of Optionee in the Option prior to exercise may be assigned or transferred,
or subjected to any lien, during the lifetime of Optionee, either voluntarily or involuntarily, directly or indirectly, by operation
of law or otherwise. Optionee, however, will be entitled to designate a beneficiary to receive the Option upon Optionee’s
death, and, in the event of Optionee’s death, exercise of the Option (to the extent permitted pursuant to Sections 2
and 4 of this Agreement) may be made by Optionee’s legal representatives, heirs and legatees.

 

9.
Market Stand-off. Optionee, if so requested by the Company or any representative of the underwriters in connection with
a firmly underwritten public offering of securities by the Company pursuant to a registration statement under the Securities Act
following the date of this Agreement, shall not sell or otherwise transfer any Option Shares during the 180-day period following
the effective date of such registration statement. The Company may impose stop-transfer instructions with respect to securities
subject to the foregoing restriction until the end of such 180-day period. This Section 9 will not apply to the sale of
any Option Shares to an underwriter pursuant to an underwriting agreement and shall only be applicable to Optionee if all then
current executive officers and directors of the Company enter into similar agreements.

 

10.
Service. Nothing in this Agreement or the Plan will interfere with or limit in any way the right of the Company or any
Subsidiary to terminate the service of Optionee at any time, nor confer upon Optionee any right to continue in the service with
the Company or any Subsidiary.

 

11.
Option Subject to Plan. The Option and the Option Shares granted and issued pursuant to this Agreement have been granted
and issued under, and are subject to the terms of, the Plan. The terms of the Plan are incorporated by reference in this Agreement
in their entirety, and Optionee, by execution of this Agreement, acknowledges having received a copy of the Plan. The provisions
of this Agreement will be interpreted as to be consistent with the Plan, and any ambiguities in this Agreement will be interpreted
by reference to the Plan. In the event that any provision of this Agreement is inconsistent with the terms of the Plan, the terms
of the Plan will prevail. All of the capitalized terms used in this Agreement not otherwise defined in this Agreement have the
same respective meanings as defined in the Plan.

 

    	 	7	 

     

    

 

12.
General Provisions.

 

12.1.
Governing Law; Venue. This Agreement and all rights and obligations under this Agreement will be governed by and construed
exclusively in accordance with the laws of the State of Delaware, notwithstanding the conflicts of laws principles of any jurisdictions.
By acceptance of the Option, Optionee is deemed to submit to the exclusive jurisdiction and venue of the federal or state courts
of the State of Delaware to resolve any and all issues that may arise out of or relate to the Option or this Agreement.

 

12.2.
Entire Agreement. This Agreement and the Plan set forth the entire agreement and understanding of the parties to this Agreement
with respect to the grant and exercise of the Option and the administration of the Plan and supersede all prior agreements, arrangements,
plans and understandings relating to the grant and exercise of the Option and the administration of the Plan.

 

12.3.
Failure to Enforce Not a Waiver. The failure of the Company or Optionee to enforce at any time any provision of this Agreement
shall in no way be construed to be a waiver of such provision or of any other provision hereof.

 

12.4.
Notices. All notices, requests, demands and other communications (collectively, “Notices”) given pursuant
to this Agreement shall be in writing, and shall be delivered by personal service, courier, facsimile transmission, email transmission
of a pdf format data file or by United States first class, registered or certified mail, postage prepaid, addressed to the party
at the address set forth on the signature page of this Agreement. Any Notice, other than a Notice sent by registered or certified
mail, shall be effective when received; a Notice sent by registered or certified mail, postage prepaid return receipt requested,
shall be effective on the earlier of when received or the third day following deposit in the United States mails. Any party may
from time to time change its address for further Notices hereunder by giving notice to the other party in the manner prescribed
in this Section 12.4.

 

12.5.
Successors and Assigns. Except to the extent specifically limited by the terms and provision of this Agreement, this Agreement
shall be binding upon and inure to the benefit of the parties hereto and their respective successors, assigns, heirs and personal
representatives.

 

12.6.
Execution. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered
one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other
party, it being understood that both parties need not sign the same counterpart. In the event that any signature is delivered
by facsimile transmission or by email delivery of a “pdf” format data file, such signature shall create a valid and
binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if
such facsimile or “pdf” signature page were an original thereof.

 

12.7.
Titles, Captions and Sections. Titles and captions contained in this Agreement are inserted for convenience of reference
only and do not constitute a part of this Agreement for any other purpose. References to Sections in this Agreement refer to Sections
of this Agreement unless otherwise stated.

 

12.8.
Nature of the Grant. In accepting the Option and by execution of this Agreement, Optionee acknowledges that:

 

(a)
The Plan is established voluntarily by the Company, it is discretionary in nature and it may be modified, amended, suspended or
terminated by the Company in its sole discretion at any time, unless otherwise provided in the Plan.

 

    	 	8	 

     

    

 

(b)
The grant of the Option is voluntary and occasional and does not create any contractual or other right to receive future Option
grants, or benefits in lieu of Option grants, even if Option grants have been granted repeatedly in the past.

 

(c)
All decisions with respect to future Option grants, if any, will be at the sole discretion of the Company.

 

(d)
Optionee is voluntarily participating in the Plan.

 

(e)
The Option grant is not part of normal or expected compensation or salary for any purposes, including, but not limited to, calculating
any severance, resignation, termination, redundancy, end of service payments, bonuses, long-service awards, pension or retirement
benefits or similar payments and in no event shall be considered as compensation for, or relating in any way to, past services
for the Company.

 

(f)
The Option will not be interpreted to form an employment contract or relationship with the Company.

 

(g)
The future value of the Common Stock is unknown and cannot be predicted with certainty and if the Option vests and Optionee exercises
the Option in accordance with the terms of this Agreement and is issued Purchased Shares, the value of those shares may increase
or decrease.

 

(h)
In consideration of the grant of the Option, no claim or entitlement to compensation or damages shall arise from termination of
the Option or diminution in value of the Option or Purchased Shares acquired upon exercise of the Option resulting from termination
of Optionee’s employment or service by the Company (for any reason whatsoever and whether or not in breach of local labor
laws) and Optionee irrevocably releases the Company and its Subsidiaries, and their respective directors, officers, employees
and agents, from any such claim that may arise; if, notwithstanding the foregoing, any such claim is found by a court of competent
jurisdiction to have arisen, then, by acceptance of the Option and execution of this Agreement, Optionee shall be deemed irrevocably
to have waived his or her entitlement to pursue such claim.

 

(i)
The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding Optionee’s
participation in the Plan, or Optionee’s purchase or sale of the underlying Option Shares.

 

(j)
Optionee is hereby advised to consult with his or her own personal tax, legal and financial advisors regarding his or her participation
in the Plan before taking any action related to the Plan or the Option.

 

[remainder
of page intentionally left blank; signature page follows]

 

    	 	9	 

     

    

 

IN
WITNESS WHEREOF, the parties to this Agreement have executed this Agreement effective as of the Grant Date.

 

	OPTIONEE:

        
	 	MARINA
    BIOTECH, INC.  
	
	 	 
	
	/s/
    Isaac Blech	 	By:
      	/s/
    Vuong Trieu
	[Signature]
     	 		

	 	 	Name:	Vuong
    Trieu
	 	 	 	 
	  	 	Title:
    	Executive
    Chairman

 

	Name:
	Isaac
    Blech 	 	 
	 	 	 	 
	Address:

         
	4
                                         World Trade Center

        150
        Greenwich Street, 49th Floor

        New
        York, NY 10007
	Address:

         
	17870
                                         Castleton Street

        Suite
        250

        City
        of Industry, CA 91748

 

	By
                                         execution of this Agreement,

        Optionee
        acknowledges having

        received
        a copy of the Plan.

        
	 

         

 

    	 	10

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