Document:

EX-10.1

 Exhibit 10.1 
 THIS EMPLOYMENT AGREEMENT IS SUBJECT TO ARBITRATION 
 PURSUANT TO THE
SOUTH CAROLINA UNIFORM ARBITRATION ACT, 
 SECTION 15-48-10 ET SEQ., AS AMENDED. 

EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (this “Agreement”) is made as of the 20th day of March, 2012 (the “Effective Date”) by and between Coastal Carolina Bancshares, Inc., a South
Carolina corporation (the “Company”), and Coastal Carolina National Bank (the “Bank”), and Laurence S. Bolchoz, Jr. (“Executive”). The Company and the Bank are collectively referred to herein as
“Employer.” 
 WHEREAS, the Executive, by virtue of his education and experience in the field of banking has
demonstrated unique qualifications to be a President and Chief Executive Officer of a banking institution; and 
 WHEREAS, the
Employer desires to employ Executive as its President and Chief Executive Officer; and 
 WHEREAS, the Executive desires to be
employed as the President and Chief Executive Officer of the Employer. 
 NOW THEREFORE, in consideration of the mutual
covenants and agreements set forth herein and intending to be legally bound hereby, the parties agree as follows: 
 1.
Position and Duties. Employer agrees to employ Executive, and Executive agrees to serve as President and Chief Executive Officer (“CEO”) of the Employer. 
 Executive acknowledges that the business of the Bank is the operation of a depository financial institution, including, without limitation, the solicitation and acceptance of deposits of money and
commercial paper, the solicitation and funding of loans, and the provision of other banking services, and any other related business engaged in by the Bank or any business entity controlled by, controlling or under common control with the Bank.

 Executive acknowledges that the business of the Company shall be to own the Bank and to provide resources therefor, and to
own such other subsidiaries as the Company properly forms or acquires from time to time, if any. 
 Executive will have such
executive or managerial duties for the Company and the Bank as are specified in their respective governing documents, or by the Board of Directors. Further, Executive agrees to serve, without additional compensation, if elected, in any other senior
executive position of the Company or the Bank that may be reasonably required of him, including as a Director of the Company and the Bank, and as an Officer or Director or both of any subsidiary or affiliate of the Company or the Bank in accordance
with Section 7 below. 

 Executive shall, at all times, comply with all laws, rules and regulations which maybe
applicable to the Bank and/or the Company. 
 Executive shall devote his full-time and best efforts to his employment with the
Employer and shall apply substantially that degree of skill and diligence in rendering services to the Company, its subsidiaries and the Bank as would be applied by a person of ordinary prudence and comparable experience under similar circumstances.
In connection therewith, Executive shall report to and be subject to the direction of the Company’s Bank’s Board of Directors. Notwithstanding the foregoing, Executive may devote a reasonable amount of his time to his personal investments
and business affairs (including service as a director in unaffiliated non-profit companies) and to civic and charitable activities; provided, however, Executive shall not accept any position as a director of any unaffiliated for-profit business
organization without the prior approval of the Company’s Board of Directors. 
 Executive’s employment shall commence
on Tuesday, March 20, 2012. In order to commence employment, the Office of Comptroller of the Currency will issue a waiver; however, Executive’s continued employment is contingent upon a successful background check conducted by the Office
of Comptroller of the Currency. 
 2. Compensation. 

(a) Annual Salary. Executive shall be entitled to receive an annual base salary of $210,000 a year (the “Annual
Salary”). Executive’s Annual Salary shall be payable in accordance with the Employer’s instituted payroll practice, prorated for any partial employment period. Such amount may be allocated between the Company and the Bank based on
the mutual consent of the Board of Directors of the Company (the “Company Board”) and the Board of Directors of the Bank (the “Bank Board”). The Annual Salary may be increased from time to time by either or both Boards, in their
sole discretion, but shall not be decreased without the written consent of Executive. 
 (b) Performance Bonus. Executive
shall be eligible to receive annual (January 1 – December 31 and prorated for any partial calendar year) performance bonuses as the Company and Bank Boards determine is warranted by Executive’s performance in accordance with the
annual Management Incentive Plans as may be approved by the Board of Directors of the Bank. Goals and Objectives (the “Performance Goals”) are to be established by Executive and the Bank Board annually in the first quarter of each
year. If such Performance Goals for the year are met at the threshold level, Executive will be entitled to a bonus equal to 20% of his Annual Salary; if the Performance Goals for the year are met at the target level, Executive will be entitled to a
bonus equal to 30% of his Annual Salary; and if the Performance Goals are met at the maximum level, Executive will be entitled to a bonus equal to 50% of his Annual Salary. All performance bonuses shall be payable in accordance with the terms of the
Bank policy relating to Management Incentive Plan. The payment of any bonus to Executive will be contingent upon the following: 

(i) prior to the award of any bonus to Executive, the Bank Board shall consider, and document its findings in the minutes of the meeting
wherein the issue was considered, Executive’s performance in light of the 

  
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Performance Goals as established by Executive and the Bank Board as set forth above; 
 (ii) the most recent Uniform Financial Institution Rating of the Bank, known as the CAMEL Rating, shall be not less favorable than a “2” except in the event a less favorable rating was outside
of the Executive’s control and supervision; and 
 (iii) the Bank must be “well capitalized” as defined under
regulations promulgated by the FDIC pursuant to the Federal Deposit Insurance Corporation Improvement Act of 1991, as may be amended. 
 (c) Stock Options. Upon commencement of Employment, the Company shall grant to Executive stock options (“Options”) in an amount equal to 25,000 shares of the Company’s common stock.
The Options shall vest in five (5) equal annual installments commencing on the first anniversary of the date of grant. 

(d) Equity Based Compensation. In each year of employment, Executive may be eligible to receive appropriate awards of stock
options, restricted stock and/or other equity based compensation under such terms and conditions as determined by the Company Board, in its sole discretion. 
 3. Fringe Benefits, Vacation Time, Expenses and Perquisites. 
 (a)
Benefit Plan Participation. Executive shall be eligible to participate in or receive benefits under all corporate employment benefit plans made available by Employer to its employees including, but not limited to, any salary continuation,
life insurance, savings, disability insurance, medical or health-and-accident plan or arrangement, subject to and on a basis consistent with the terms, conditions and overall administration of such plans and arrangements. 

(b) Vacation Time Allowances. Executive shall be entitled each calendar year to twenty (20) business days of vacation,
prorated for any partial year, during which time Executive’s compensation will continue to be paid. Each year, Executive shall take five (5) of the twenty (20) vacation days consecutively. Unused vacation days shall not accumulate
from year to year. 
 (c) Business Expense Reimbursement. Executive shall be entitled to receive prompt reimbursement for
all reasonable expenses incurred by him (in accordance with the policies and procedures established by Employer) in performing services hereunder, provided that Executive properly accounts therefor in accordance with the Bank’s policy.

 (d) Automobile Allowance. Executive shall receive a monthly allowance in the amount of $650.00. Executive shall
maintain a minimum of $500,000.00 single liability automobile insurance coverage. Upon the completion of a successful capital campaign, Employer shall provide Executive with a Bank owned vehicle at which time the monthly allowance shall cease.

  
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 (e) Club Dues. Employer will pay all fees and dues for Executive’s use of an
Employer owned membership in the Dunes Club. Rotary Club fees shall also be paid by Employer. 
 (f) Cell Phone. Employer
will provide Executive with a cell phone and pay the monthly fees in connection therewith. 
 4. Confidential Information and
Restrictive Covenants. Executive acknowledges that he will perform services hereunder which directly affect the Employer’s business. Accordingly, the parties deem it necessary to enter into the protective provisions set forth below, the
terms and conditions of which have been negotiated by and between the parties hereto. 
 (a) Non-Competition. Executive
expressly covenants and agrees that during the Term (as such term is defined in Section 8 below) and for a period of twelve (12) full months after termination of his association with the Employer, for any reason other than pursuant to
subsection (d), (e), or (g), of Section 9 hereof, Executive shall not directly or indirectly, either as a principal, agent, employee, employer, stockholder, organizer, director, co-partner or in any other individual or representative capacity
whatsoever, engage in the banking and financial services business, which includes, but it is not limited to, the commercial banking, insurance agency, wealth management, trust, savings and loan, and mortgage banking businesses, and any other
business in which the Employer or any of its subsidiaries is engaged, or efforts to organize a banking or other financial services business anywhere within Horry, Georgetown, Florence, and Williamsburg Counties in South Carolina and Brunswick and
Pender Counties in North Carolina; provided, however, that Executive shall not be prohibited hereunder from passively investing in a business similar to the banking and other financial business activities of the Employer or any of its subsidiaries,
if such investment is limited to less than one percent of the capital stock or other securities of any such corporation or other entity, except this restriction is not applicable to Employee’s current holdings in Coastal Bankshares, Inc.

 (b) Non-Solicitation of Employees. Executive agrees that during the Term and for a period of twelve (12) full
months thereafter he will (i) not solicit, entice, persuade or induce any other employee of the Employer or any of its subsidiaries to leave the employ or association of such entity, and (ii) refrain from recruiting or hiring, or
attempting to recruit or hire, directly or by assisting others, any individual who is employed by the Employer or any of its subsidiaries at the time of the attempted recruiting or hiring. 

(c) Non-Solicitation of Customers. Executive agrees that during the Term and for a period of twelve (12) full months
thereafter, he will not, directly or indirectly, solicit any business from any of the customers of the Employer or any of its subsidiaries, or actively seek prospective customers of the Employer or any of its subsidiaries, with whom Executive had
material direct or indirect contact within the last twenty-four (24) months of Executive’s association hereunder for purposes of providing products or services that are similar to or competitive with those provided by the Employer or any
of its subsidiaries, if the Employer or any of its subsidiaries is also then still engaged in such business. 

  
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 5. Unauthorized Disclosure. Executive shall not, without the written consent of the
Company Board or the Bank Board, as applicable, or a person authorized thereby, knowingly disclose to any person, other than an employee of Employer or a person to whom disclosure is reasonably necessary or appropriate in connection with the
performance by Executive of his duties hereunder or as required by law, any material confidential information obtained by him while in the employ of Employer with respect to any of Employer’s services, products, improvements, formulas, designs
or styles, processes, customers, methods of distribution or any business practices the disclosure of which he knows or reasonably should know will or is likely to be damaging to Employer; provided, however, that confidential information shall not
include any information known generally to the public (other than as a result of unauthorized disclosure by Executive) or any information of a type not otherwise considered confidential by persons engaged in the same business or a business similar
to that conducted by Employer. 
 The covenants contained in this Section 5 shall survive the termination of
Executive’s employment hereunder for any reason for a period of five years; provided, however, that with respect to those items of confidential information which constitute a trade secret under applicable law, Executive’s obligations of
confidentiality and non-disclosure as set forth in this Section 5 shall continue to survive after said five-year period to the greatest extent permitted by applicable law. These rights of Employer are in addition to those rights Employer has
under the common law or applicable statutes for the protection of trade secrets. 
 6. Injunctive Relief. It is
understood and agreed by the parties hereto that the services to be rendered by Executive hereunder are of a special, unique, extraordinary and intellectual character, which gives them a peculiar value, the loss of which may not be reasonably or
adequately compensated in damages, and additionally that a breach by Executive of the covenants set out in Section 4 and 5 of this Agreement will cause Employer great and irreparable injury and damage. Executive hereby expressly agrees that
Employer shall be entitled to the remedies of injunction, specific performance and other equitable relief to prevent a breach of Section 4 or 5 of this Agreement by Executive. This provision shall not, however, be construed as a waiver of any
of the remedies which Employer may have for damages or otherwise. 
 7. Subsidiaries. It is understood and agreed by the
parties hereto that, at the election and direction of Employer and without modification of the terms and provisions hereof, Executive shall also serve as an executive officer or director or both of any one or more subsidiaries of the Company or the
Bank, when and as so determined by Employer. 
 8. Term of Employment. Executive’s employment under this Agreement
shall be for a term commencing on the Effective Date and continuing for thirty-six (36) months thereafter, unless sooner terminated in accordance with the provisions of this Agreement. On the second anniversary, and on each subsequent
anniversary date, this Agreement and Executive’s term of employment hereunder may be extended for an additional one-year period beyond the then effective expiration date, provided that the Company Board and the Bank Board each determines, in
duly adopted resolutions, that the performance of Executive has met with the such Board’s requirements and standards, 

  
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and that this Agreement shall be extended. Such period of employment, including, as extended if applicable, is hereinafter referred to as the “Term.” 

9. Termination of Employment. 
 (a) General; Termination Upon Death. Upon termination of Executive’s employment for any reason, Executive or, in the event of Executive’s death, Executive’s estate, shall be entitled
to Executive’s Annual Salary prorated through the date of termination. Any other payments or benefits earned by or owed to Executive hereunder at the time of termination of employment, but not yet paid to Executive, shall be paid to Executive
or his estate at such time as is provided by the terms of the applicable Employer plan or policy. Executive’s right to any additional payments and benefits for periods after the date of termination of employment shall be determined in
accordance with the following provisions of this Section 9. In the event of Executive’s death during the Term, Executive’s estate shall be entitled to receive monthly compensation equivalent to the monthly base salary received by
Executive during his last year of employment for the 12 months immediately following the month in which the Executive’s death occurred. 
 (b) Termination Upon Disability of Executive. Employer or Executive may terminate Executive’s employment hereunder upon written notice to the other party if by reason of Executive’s
physical or mental impairment (a “disability”), Executive is incapable of performing substantially all of his duties hereunder for a period of 90 consecutive days or a total of 150 days in any 12-month period. Upon termination for
permanent and total disability (as defined in Section 22(e)(3) of the Internal Revenue Code of 1986, as amended, or any successor thereto (the “Code”), all unvested options shall vest. If any disagreement concerning whether Executive
has suffered a “disability” (as used in this subsection (b)) occurs between Executive and Employer, Executive (or his spouse or personal representative if Executive is unable to communicate with reason) shall select a physician, and
Employer shall select a physician. Such physicians shall select a third physician, and the three physicians shall then determine by majority vote whether Executive is disabled (as used in this Section). The decision of a majority of such physicians
shall be binding on Employer and Executive. 
 (c) Termination of Executive for Cause. The occurrence of any of the
following events or circumstances shall constitute “Cause” for the termination, at the election of Employer, of the employment of Executive under this Agreement: 
 (i) conduct by Executive, or as a result of Executive’s direction, of a willful act (including, without limitation, a dishonest or fraudulent act) or a grossly negligent act, or the willful or
grossly negligent omission to act by the Executive, which is intended to cause, causes or is reasonably likely to cause harm to the Employer (including harm to its business reputation); 

(ii) the indictment or the arrest of Executive for the commission or perpetration by the Executive of any felony, or any act involving
dishonesty, moral turpitude or fraud; 
 (iii) the receipt of any form of notice, written or otherwise, that any regulatory
agency having jurisdiction over the Employer intends to 

  
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institute any form of formal or informal regulatory action against the Executive or the Employer or the Bank (provided, that the respective Board of Directors determines in good faith, with the
Executive abstaining from participating in the consideration of and vote on the matter, that the subject matter of such action involves acts or omissions by or under the supervision of the Executive or that termination of the Executive would
materially advance the Employer’s compliance with a concern prompting such regulatory action or would materially assist the Employer in avoiding or reducing the restrictions or adverse affects to the Employer related to the regulatory action);

 (iv) knowing violation by Executive of any federal or state banking or securities law or regulation which is material to the
Employer or its operations, or Executive’s act or omission which he reasonably should have known violated any such law or regulation; 
 (v) Executive’s refusal to perform a duly authorized directive of the Bank or Company, which was directed by a majority vote of the applicable Board; 

(vi) Any other material breach by the Executive of this Agreement that, if susceptible of cure, remains uncured ten (10) days
following notice to the Executive of such breach; or 
 (vii) Executive exhibits a standard of behavior within the scope of his
employment that is materially disruptive to the orderly conduct of the Employer’s business operations (including, without limitation, substance abuse or sexual misconduct) to a level which, in good faith and the reasonable judgment of the
Bank’s Board of Directors or the Company’s Board of Directors, with the Executive abstaining from participating in the consideration of and vote on the matter, is materially detrimental to the Employer’s best interests. 

Provided, however, that with respect to the conditions described in items (i), (iii), (iv), (v), (vi) or (vii) of the foregoing, no termination
shall be made by the Employer’s Board of Directors on such basis unless such Board of Directors has provided written or electronic notice to Executive of the existence of such condition and Executive has been granted a reasonable opportunity to
appear before the Bank’s Board of Directors in order to respond to such determination. 
 Upon the termination of
Executive’s employment under this Section 9(c), no additional benefits or monies shall be due Executive other than those accrued or vested hereunder or under any benefit plans of Employer as of the date of termination. In addition, in the
event that Employer terminates Executive’s employment under this Section 9(c) and any act or omission of Executive constituting Cause results in material economic harm to the Employer or in reputational harm causing material injury to the
Employer, then, notwithstanding anything to the contrary herein, but only to the extent permitted by law and the provisions of the Employer’s plan or program, as of the date of termination (i) Employer shall have no further obligations to
make any payments or 

  
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provide any benefits to Executive, his estate, or his dependents hereunder or under any compensatory or benefit plan or arrangement of Employer, and (ii)all outstanding non-vested options and
non-vested warrants to purchase shares of the Company’s common stock granted by the Company to Executive shall immediately expire to the extent not previously exercised. 
 In the event that Employer discharges Executive under this Section 9(c) and it is subsequently determined, pursuant to Section 13, that the termination was without cause, then such discharge
shall be deemed a discharge without Cause subject to the provisions of Section 9(d) hereof. 
 (d) Termination by
Employer Without Cause. Employer may terminate Executive’s employment hereunder at any time without Cause by written notice to Executive, in which event Employer shall continue to pay Executive his Annual Salary in effect immediately prior
to such termination. Such Annual Salary shall be paid in equal monthly installments until the earliest of the termination of the remaining Term, or of the date that Executive accepts employment, or such other date as Employer and Executive agree.
Upon Executive becoming employed, the Employer shall pay the differential between the salary to Executive for his new employment and the Annual Salary during the remaining Term. 

(e) Termination by Executive For Good Reason. In the event Executive terminates his employment for Good Reason, Employer shall
continue to pay Executive his Annual Salary, as in effect immediately prior to such termination. Such Annual Salary shall be paid in equal monthly installments until the earliest of the termination of the remaining Term, or of the date that
Executive accepts employment, or such other date as Employer and Executive agree. Upon Executive becoming employed, the Employer shall pay the differential, if any, between the salary to Executive for his new employment and the Annual Salary during
the remaining Term. For purposes of this Agreement, “Good Reason” shall mean: 
 (i) a substantial alteration in the
nature or status of Executive’s responsibilities which renders Executive’s position to be of materially less dignity, responsibility or scope, other than any such alteration implemented with Executive’s consent; 

(ii) Employer requiring Executive to be based anywhere other than the Company’s or the Bank’s principal executive offices; or

 (iii) any material breach by Employer of its obligations contained in this Agreement. 

(f) Termination by Executive Without Good Reason. In the event Executive terminates his employment with Employer for any reason
(including retirement) other than Good Reason, Executive shall give Employer at least 90 days written notice of Executive’s intention to terminate his employment without Good Reason, and Employer may elect at its option and at any time to
accept such termination at a date sooner than such ninetieth day. Executive shall be entitled to all compensation and benefits due under this Agreement to such termination date. Thereafter no additional benefits or monies shall

  
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be due Executive, his estate or his dependents, other than those accrued hereunder or under any benefit plans of Employer as of the date of termination. 

(g) Termination By Executive Following Change in Control. In the event of a “change in control” of the Company, as
defined herein, Executive shall be entitled, for a period of thirty (30) days from the date of closing of the transaction effecting such change in control, and at his election, to give written notice to Employer of termination of this Agreement
and to receive an amount (the “Severance Amount”) equal to 2.99 times the Executive’s average annual W-2 compensation reported over the previous three (3) complete years. The said Severance Amount to be paid, in a lump
sum, within thirty (30) days after Executive’s written notice to terminate this Agreement. The standard employment deductions shall be withheld from the Severance Amount. For purposes of this Section 9(g), “change in
control” of the Company shall mean: 
 (i) any transaction, whether by merger, consolidation, asset sale, tender offer,
reverse stock split, or otherwise, which results in the acquisition of beneficial ownership (as such term is defined under rules and regulations promulgated under the Securities Exchange Act of 1934, as amended) by any person or entity, or any group
of persons or entities acting in concert, of 50% or more of the outstanding shares of common stock of the Company; 
 (ii) the
sale of all or substantially all of the assets of the Company; or 
 (iii) the liquidation of the Company. 

(h) Effect of Termination on Other Positions. If, on the date of his termination of employment with Employer, Executive is a
member of the Board of Directors of the Company or any of its subsidiaries, or holds any other position with the Company or any of its subsidiaries, Executive shall be deemed to have resigned from all such positions as of the date of his termination
of employment with Employer. Executive agrees to execute such documents and take such other actions as Employer may request to reflect such resignation. 
 (i) Vested Rights. Nothing herein shall be construed as obviating any vested rights of Executive in his vested stock options, restricted stock grants and other earned benefits obtained during his
employment. Further, Executive shall have no less than ninety (90) days, following employment termination, to exercise his vested rights unless a different time period is set forth in the applicable plan or agreement. Further, subject to the
terms of the applicable plan or agreement, in the event of Executive’s death, his permanent and total disability as defined in Section 22(e)(3) of the Code, his termination with Good Reason or his termination without Cause, all unvested
options held by Executive shall vest and the restricted periods on all shares of restricted stock held by Executive shall lapse. In the event of his death Executive’s estate shall have up to twelve (12) months to exercise Executive’s
vested rights unless a different time period is set forth in an applicable plan or agreement. 
 (j) Retainage of Company
Materials. Upon termination of employment hereunder, Executive shall leave with the Employer all business records, contracts, 

  
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calendars, telephone lists, rolodexes, and other business materials and records, including any electronic data and data in any other medium, relating to the Employer and its subsidiaries, its
business or customers, including all physical, electronic, and computer copies thereof, whether or not the Executive prepared such materials or records himself. Upon such termination, the Executive shall retain no copies of any such materials.

 (k) Limitation on Obligation to Make Payments. Notwithstanding anything herein the Employer shall not have any
obligation to make any payments to the Executive if such payments would be prohibited under 12 CFR 359. 
 10. Tax
Reimbursement. 
 (a) If any payment or benefit (within the meaning of Section 280G(b)(2) of the Code), to the
Executive or for his benefit, which is paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise in connection with, or arising out of, his employment with the Employer as result of a change of control (a
“Payment” or “Payments”), would be subject to the excise tax imposed by Section 4999 of the Code or any interest or penalties are incurred by the Executive with respect to such excise tax (such excise tax, together with any
such interest and penalties, are collectively referred to as the “Excise Tax”), then, provided the Executive complies fully with the non-compete provisions of Section 4 hereof, the Executive will be entitled to receive an additional
payment (a “Gross-Up Payment”). The amount of the Gross-Up Payment will be such that after payment by the Executive of all taxes (including any interest or penalties, other than interest and penalties imposed by reason of the
Executive’s failure to timely file a tax return or pay taxes shown due on his return, imposed with respect to such taxes and the Excise Tax), including any Excise Tax imposed upon the Gross-Up Payment, the Executive retains an amount of the
Gross-Up Payment equal to the Excise Tax imposed upon the Payments. 
 (b) An initial determination as to whether a Gross-Up
Payment is required pursuant to this Agreement and the amount of such Gross-Up Payment shall be made by an accounting firm selected by the Employer and reasonably acceptable to the Executive (the “Accounting Firm”). The Accounting Firm
shall provide its determination (the “Determination”), together with detailed supporting calculations and documentation, to the Employer and the Executive within five (5) days of the termination date if applicable, or such other time
as requested by the Employer or by the Executive (provided the Executive reasonably believes that any of the Payments may be subject to the Excise Tax) and if the Accounting Firm determines that no Excise Tax is payable by the Executive with respect
to a Payment or Payments, it shall furnish the Executive with an opinion reasonably acceptable to the Executive that no Excise Tax will be imposed with respect to any such Payment or Payments. For purposes of determining the amount of the Gross-Up
Payment, the Executive shall be deemed to pay federal income taxes at the highest marginal rate of federal income taxation in the calendar year in which the Gross-Up Payment is to be made and state and local income taxes at the highest marginal
rates of taxation in the state and locality of the Executive’s residence on the date of Determination, net of the maximum reduction in the federal income taxes which could be 

  
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obtained from deduction of such state and local taxes. Within ten (10) days of the delivery of the Determination to the Executive, the Executive shall have the right to dispute the
Determination (the “Dispute”). The Gross-Up Payment, if any, as determined pursuant to this Section 10 shall be paid by the Employer to the Executive within five (5) days of the receipt of the Determination. The existence of the
Dispute shall not in any way affect the Executive’s right to receive the Gross-Up Payments in accordance with the Determination. Upon the final resolution of a Dispute, the Employer shall promptly pay to the Executive any additional amount
required by such resolution. If there is no Dispute, the Determination shall be binding, final and conclusive upon the Employer and the Executive subject to the application of the next following paragraph of this Section. 

(c) Notwithstanding anything contained in this Agreement to the contrary, if according to the Determination, an Excise Tax will be
imposed on any Payment or Payments, the Employer shall pay to the applicable government taxing authorities as Excise Tax withholding, the amount of the Excise Tax that the Employer has actually withheld from the Payment or Payments. In the event
that the Excise Tax is subsequently determined to be less than the amount taken into account hereunder on the date of Determination, the Executive shall repay to the Employer, at the time that the amount of such reduction in Excise Tax is finally
determined, the portion of the Gross-Up Payment attributable to such reduction plus interest on the amount of such reduction at the rate provided in Section 1274(b)(2)(B) of the Code. In the event that the Excise Tax is determined to exceed the
amount taken into account hereunder at the date of Determination (including by reason of any payment the existence or amount of which cannot be determined at the time of the Gross-Up Payment), the Employer shall make an additional Gross-Up Payment
in respect of such excess (plus any interest payable with respect to such excess) at the time that the amount of such excess is finally determined. 
 11. Return of Materials. Upon termination of Executive’s employment hereunder, Executive shall promptly deliver to Employer all correspondence, manuals, letters, notes, notebooks, reports and
any other documents or tangible items containing or constituting confidential information about the business of Employer, as well as all means of access to Employer’s facility and/or computer system and regardless of the medium in which
Executive maintains or stores the same. In connection therewith, Executive shall, at the request of the Company and/or the Bank, execute and deliver his personal Certificate, under oath, confirming that no computer at Executive’s home or at any
other site (exclusive of Bank or Company offices) accessed or controlled by Executive contains any such business materials. 

12. Stock Purchase. It is anticipated that the Company shall engage in a capital raising campaign in the calendar year 2013.
Executive will have significant responsibility in such an endeavor in that Executive will be leading such a fund raising endeavor. Executive agrees that he shall purchase at least five thousand (5,000) shares of common stock of the Company
during this campaign. 
 13. Arbitration : In the event of any controversy or claim arising out of or relating to this
Agreement, Employee’s employment with the Company, or the breach, 

  
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termination or validity of this Agreement, the Parties will attempt in good faith to resolve such controversy or claim. If the matter has not been resolved within sixty (60) days of the
commencement of such discussions (which period may be extended by mutual agreement), then the Parties hereby agree to immediately submit the controversy to binding arbitration, for the Parties agree to waive their right to a jury trial. The
arbitration shall be conducted by a single arbitrator mutually agreed upon by the Parties. If the Parties cannot agree upon an arbitrator, then each Party shall select an arbitrator who shall select a third arbitrator thereby resulting in any
arbitration panel of three (3) individuals. Judgment upon the award rendered by the arbitrator(s) may be entered by a court having jurisdiction thereof. All proceedings relating to the Arbitration shall occur in Horry County, South Carolina.
The arbitrator(s) shall have the authority to resolve the legal disputes between the Parties, but shall not have the authority to abridge or enlarge the substantive rights or remedies available under existing law, and shall determine the rights and
obligations of the Parties according to the substantive and procedural laws of South Carolina. Each of the Parties shall use all reasonable efforts to ensure that any arbitration proceeding is completed within one hundred and twenty (120) days
following notice of a request for arbitration. The prevailing Party in any arbitration proceeding shall be entitled to an award of all reasonable out-of-pocket costs and expenses. Upon request of either Party, (i) the arbitrator(s) may require
that the subject arbitration proceedings be kept confidential, and (ii) no party shall disclose or permit the disclosure of any information produced or disclosed in the arbitration proceedings until the award is final. A Party shall not be
prevented from seeking temporary injunctive relief before a court of competent jurisdiction in an emergency or other urgent or exigent situation, but responsibility for resolution of any disputes shall be appropriately transferred to the
arbitrator(s) upon appointment in accordance with the provisions hereof. 
 14. Miscellaneous. 

(a) Notices. Any notices required or permitted to be given under this Agreement shall be sufficient if in writing, and if
personally delivered, sent by confirmed electronic transmission, or sent by first class certified or registered mail, postage prepaid, return receipt requested — in the case of Executive, to his residence address as set forth in the books and
records of Employer, and in the case of Employer, to the address of the Company’s principal place of business, in care of the Chairman of the Board of Directors of the Company — or to such other person or at such other address with respect
to each party as such party shall notify the other in writing. Unless such notice provides for a later effective date, such notices shall be deemed to be effective as of the earliest of (i) actual receipt by the addressee, (ii) the first
business day after the date of electronic transmission thereof, or (iii) the second business day after deposit of the same into a United States postal authority receptacle. 

(b) Assignment. This Agreement is personal and shall in no way be subject to assignment by Executive. It shall be binding upon and
shall inure to the benefit of Employer and Employer’s successors and assigns, and its economic rights and benefits shall inure to the benefit of Executive or his heirs or duly constituted legal representatives. 

  
 12 

 (c) Severability. Except as noted below, should any provision of this Agreement be
declared or determined by any court of competent jurisdiction or arbitrator to be unenforceable or invalid for any reason, the validity of the remaining parts, terms, or provisions of this Agreement shall not be affected thereby and the invalid or
unenforceable part, term or provision shall be deemed not to be a part of this Agreement. 
 (d) Reformation. If any of
the covenants or promises of this Agreement are determined by any court of law or equity or arbitrator, with jurisdiction over this matter, to be unreasonable or unenforceable, in whole or in part, as written, Executive hereby consents to and
affirmatively requests that said court or arbitrator, to the extent legally permissible, reform the covenant or promise so as to be reasonable and enforceable and that said court or arbitrator enforce the covenant or promise as so reformed.

 (e) Waiver; Amendment. No waiver in any instance by any party of any provision of this Agreement shall be deemed a
waiver by such party of such provision in any other instance or a waiver of any other provision hereunder in any instance. This Agreement cannot be amended except in writing signed by the party to be charged. 

(f) Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of South Carolina.

 (g) Entire Agreement. This Agreement contains the entire agreement of the parties concerning the matters set forth
herein, and all promises, representations, understandings, arrangements and prior agreements regarding the subject matter hereof, other than those set forth herein, are superseded hereby. 

(h) Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be deemed to be an original and all
of which shall constitute a single instrument. 
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
date first above written. 
  

			
	Coastal Carolina Bancshares, Inc.
		
	By:	 	 /s/ Chester Duke

		 	Chester Duke
	Its:	 	 Chairman

	
	EXECUTIVE
	
	 /s/ Laurence S. Bolchoz, Jr.

	Laurence S. Bolchoz, Jr.

  
 13 

 Ratified by the Bank, effective this 20th day of March , 2012. 

 

			
	 “BANK”

	
	 /s/ Douglas P. Wendel

	 Coastal Carolina National Bank

		
	 By:
	 	 /s/ Douglas P. Wendel

	 Name:
	 	Douglas P. Wendel
	 Title:
	 	Chairman

  
 14Form of Warrant

 EXHIBIT 4.1 
 COMMON STOCK PURCHASE WARRANT 
 MARINA BIOTECH, INC. 

 

			
	 Warrant Shares:             
	 	Initial Exercise Date: March     , 2012

 THIS COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value received,
                    or its assigns (the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the
conditions hereinafter set forth, at any time on or after the date hereof (the “Initial Exercise Date”) and on or prior to the close of business on the five year anniversary of the Initial Exercise Date (the “Termination
Date”) but not thereafter, to subscribe for and purchase from Marina Biotech, Inc., a Delaware corporation (the “Company”), up to             shares (as subject to
adjustment hereunder, the “Warrant Shares”) of Common Stock. The purchase price of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b). 

Section 1. Definitions. Capitalized terms used and not otherwise defined herein shall have the meanings set forth in
that certain Securities Purchase Agreement (the “Purchase Agreement”), dated March 19, 2012, among the Company and the purchasers signatory thereto. 
 Section 2. Exercise. 
 a) Exercise of the
purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company (or such other office or agency of the Company
as it may designate by notice in writing to the registered Holder at the address of the Holder appearing on the books of the Company) of a duly executed facsimile copy of the Notice of Exercise Form annexed hereto. Within three (3) Trading Days
following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the shares specified in the applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United States bank unless the
cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company
until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading Days of the
date the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number
of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and

  
 1 

 
the date of such purchases. The Company shall deliver any objection to any Notice of Exercise Form within one (1) Business Day of receipt of such notice. The Holder and any assignee, by
acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given
time may be less than the amount stated on the face hereof. 
 b) Exercise Price. The exercise price
per share of the Common Stock under this Warrant shall be $0.75, subject to adjustment hereunder (the “Exercise Price”). 
 c) Cashless Exercise. If at the time of exercise hereof there is no effective registration statement registering, or the prospectus contained therein is not available for the issuance of the
Warrant Shares to the Holder, then this Warrant may only be exercised, in whole or in part, at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive a number of Warrant Shares equal to the quotient
obtained by dividing [(A-B) (X)] by (A), where: 
  

					
	 (A)
	 	=	 	the VWAP on the Trading Day immediately preceding the date on which Holder elects to exercise this Warrant by means of a “cashless exercise,” as set forth in the
applicable Notice of Exercise;
			
	 (B)
	 	=	 	the Exercise Price of this Warrant, as adjusted hereunder; and
			
	 (X)
	 	=	 	the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash exercise
rather than a cashless exercise.

 “VWAP” means, for any date, the price determined by the first of the
following clauses that applies: (a) if the Common Stock is then listed or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the Trading Market on which the
Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if the OTC Bulletin Board is not a Trading Market, the volume weighted
average price of the Common Stock for such date (or the nearest preceding date) on the OTC Bulletin Board, (c) if the Common Stock is not then listed or quoted for trading on the OTC Bulletin Board and if prices for the Common Stock are then
reported in the “Pink Sheets” published by Pink OTC Markets, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in
all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the Holders of a majority in interest of the Securities then outstanding and reasonably acceptable to the Company,
the fees and expenses of which shall be paid by the Company. 
 Notwithstanding anything herein to the contrary,
on the Termination Date, this Warrant shall be automatically exercised via cashless exercise pursuant to this Section 2(c). 

  
 2 

 d) Mechanics of Exercise. 

i. Delivery of Warrant Shares Upon Exercise. The Company shall use best efforts to cause the Warrant Shares
purchased hereunder to be transmitted by the Transfer Agent to the Holder by crediting the account of the Holder’s prime broker with The Depository Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if
the Company is then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by Holder or (B) this Warrant is being exercised
via cashless exercise, and otherwise by physical delivery to the address specified by the Holder in the Notice of Exercise by the date that is three (3) Trading Days after the latest of (A) the delivery to the Company of the Notice of
Exercise, (B) surrender of this Warrant (if required) and (C) payment of the aggregate Exercise Price as set forth above (including by cashless exercise, if permitted) (such date, the “Warrant Share Delivery Date”). The
Warrant Shares shall be deemed to have been issued, and Holder or any other person so designated to be named therein shall be deemed to have become a holder of record of such shares for all purposes, as of the date the Warrant has been exercised,
with payment to the Company of the Exercise Price (or by cashless exercise, if permitted) and all taxes required to be paid by the Holder, if any, pursuant to Section 2(d)(vi) prior to the issuance of such shares, having been paid. 

ii. Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall,
at the request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for
by this Warrant, which new Warrant shall in all other respects be identical with this Warrant. 
 iii.
Rescission Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such
exercise. 
 iv. Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. In
addition to any other rights available to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the
Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases, shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which
the Holder anticipated receiving upon such exercise (a 

  
 3 

 
“Buy-In”), then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder’s total purchase price (including brokerage
commissions, if any) for the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at
issue times (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such
exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver to the Holder the number of shares of Common Stock that would have been issued had the Company timely complied with its exercise and delivery obligations
hereunder. For example, if the Holder purchases Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate sale price giving rise to such purchase
obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of
the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of
specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver shares of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof. 

v. No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon
the exercise of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount
equal to such fraction multiplied by the Exercise Price or round up to the next whole share. 
 vi. Charges,
Taxes and Expenses. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid
by the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however, that in the event Warrant Shares are to be issued in a name other than the
name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse
it for any transfer tax incidental thereto. The Company shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise. 

  
 4 

 vii. Closing of Books. The Company will not close its stockholder
books or records in any manner which prevents the timely exercise of this Warrant, pursuant to the terms hereof. 

e) Holder’s Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder
shall not have the right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together
with the Holder’s Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder’s Affiliates), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For
purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and its Affiliates shall include the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which such
determination is being made, but shall exclude the number of shares of Common Stock which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates and
(ii) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any other Common Stock Equivalents) subject to a limitation on conversion or exercise analogous to the
limitation contained herein beneficially owned by the Holder or any of its Affiliates. Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall be calculated in accordance with
Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the
Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable
(in relation to other securities owned by the Holder together with any Affiliates) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be
the Holder’s determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial
Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated above shall be determined in accordance with
Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 2(e), in determining the number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding
shares of Common Stock as reflected in (A) the Company’s most recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written
notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding. Upon the written or oral request of a Holder, the Company shall within two Trading Days confirm orally and in writing to the Holder the

  
 5 

 
number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of
securities of the Company, including this Warrant, by the Holder or its Affiliates since the date as of which such number of outstanding shares of Common Stock was reported. The “Beneficial Ownership Limitation” shall be 4.99% of
the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of this Warrant. The Holder, upon not less than 61 days’ prior notice to the Company, may
increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of the Common Stock outstanding immediately after
giving effect to the issuance of shares of Common Stock upon exercise of this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply. Any such increase or decrease will not be effective until the 61st day after such notice is delivered to the Company. The provisions of
this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended
Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant.

 Section 3. Certain Adjustments. 

a) Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock
dividend or otherwise makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common
Stock issued by the Company upon exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding shares of Common Stock into
a smaller number of shares, or (iv) issues by reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the
number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event, and the number of
shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately
after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification. 

b) [INTENTIONALLY DELETED]. 
 c) Subsequent Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants, issues or sells any Common Stock

  
 6 

 
Equivalents or rights to purchase stock, warrants, securities or other property pro rata to the record holders of any class of shares of Common Stock (the “Purchase Rights”),
then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of shares of Common Stock acquirable upon complete
exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken for the grant, issuance or sale of such
Purchase Rights, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights (provided, however, to the extent that the Holder’s
right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such
shares of Common Stock as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the
Beneficial Ownership Limitation). 
 d) Pro Rata Distributions. During such time as this Warrant is
outstanding, if the Company shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of capital or otherwise (including, without limitation, any
distribution of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”), at any time
after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder had held the number of shares of Common
Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date of which a record is taken for such
Distribution, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the participation in such Distribution (provided, however, to the extent that the Holder’s
right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any
shares of Common Stock as a result of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder
exceeding the Beneficial Ownership Limitation). 
 e) Fundamental Transaction. If, at any time while this
Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or indirectly, effects any
sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer
(whether by the Company or another Person) is completed pursuant to which 

  
 7 

 
holders of Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common
Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is
effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination
(including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than 50% of the outstanding shares of Common Stock (not
including any shares of Common Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business combination) (each a
“Fundamental Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence
of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of Common Stock of the successor or acquiring corporation or of the Company,
if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant
is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be
appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among
the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received in a
Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. Notwithstanding anything to the contrary, in the event of
a Fundamental Transaction that is (1) an all cash transaction, (2) a “Rule 13e-3 transaction” as defined in Rule 13e-3 under the Exchange Act, or (3) a Fundamental Transaction involving a person or entity not traded on a
national securities exchange, including, but not limited to, the Nasdaq Global Select Market, the Nasdaq Global Market, or the Nasdaq Capital Market, the Company or any Successor Entity (as defined below) shall, at the Holder’s option,
exercisable at any time concurrently with, or within 30 days after, the consummation of the Fundamental Transaction, purchase this Warrant from the Holder by paying to the Holder an amount of cash equal to the Black Scholes Value of the remaining
unexercised portion of this Warrant on the date of the consummation of such Fundamental Transaction. “Black Scholes Value” means the value of this Warrant based on the Black and Scholes Option Pricing Model obtained from the
“OV” function on Bloomberg, L.P. (“Bloomberg”) determined as of the day of consummation of the applicable Fundamental Transaction for pricing purposes and reflecting (A) a risk-free interest rate corresponding

  
 8 

 
to the U.S. Treasury rate for a period equal to the time between the date of the public announcement of the applicable Fundamental Transaction and the Termination Date, (B) an expected
volatility equal to the greater of 100% and the 100 day volatility obtained from the HVT function on Bloomberg as of the Trading Day immediately following the public announcement of the applicable Fundamental Transaction, (C) the underlying
price per share used in such calculation shall be the sum of the price per share being offered in cash, if any, plus the value of any non-cash consideration, if any, being offered in such Fundamental Transaction and (D) a remaining option time
equal to the time between the date of the public announcement of the applicable Fundamental Transaction and the Termination Date. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the
“Successor Entity”) to assume in writing all of the obligations of the Company under this Warrant and the other Transaction Documents in accordance with the provisions of this Section 3(e) pursuant to written agreements in form
and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security
of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity)
equivalent to the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the
exercise price hereunder to such shares of capital stock (but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of
capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the
Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant and the other Transaction
Documents referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company under this Warrant and the other Transaction
Documents with the same effect as if such Successor Entity had been named as the Company herein. 
 f)
Calculations. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For purposes of this Section 3, the number of shares of Common Stock deemed to be issued
and outstanding as of a given date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding. 
 g) Notice to Holder. 
 i. Adjustment to Exercise
Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly mail to the Holder a notice setting forth the Exercise Price after

  
 9 

 
such adjustment and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment. 

ii. Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution
in whatever form) on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the Company shall authorize the granting to all holders of the Common Stock rights or
warrants to subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection with any reclassification of the Common Stock, any
consolidation or merger to which the Company is a party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Stock is converted into other securities, cash or property,
or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be mailed to the Holder at its last address as it shall appear
upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend,
distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or
(y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Common Stock of record shall be entitled
to exchange their shares of the Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to mail such notice or any defect therein
or in the mailing thereof shall not affect the validity of the corporate action required to be specified in such notice. To the extent that any notice provided hereunder constitutes, or contains, material, non-public information regarding the
Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K. The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of
such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein. 

Section 4. Transfer of Warrant. 

a) Transferability. This Warrant and all rights hereunder (including, without limitation, any registration rights)
are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with 

  
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a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the
making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified
in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. The Warrant, if properly assigned in accordance herewith, may be
exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued. 
 b) New
Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued,
signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for
the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the initial issuance date of this Warrant and shall be identical with this Warrant except as to the number
of Warrant Shares issuable pursuant thereto. 
 c) Warrant Register. The Company shall register this Warrant,
upon records to be maintained by the Company for that purpose (the “Warrant Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner
hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary. 
 Section 5. Miscellaneous. 
 a) No Rights as
Stockholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth
in Section 3. 
 b) Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that
upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or
security reasonably satisfactory to it (which, in the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and deliver a new
Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate. 

  
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 c) Saturdays, Sundays, Holidays, etc. If the last or appointed day
for the taking of any action or the expiration of any right required or granted herein shall not be a Business Day, then, such action may be taken or such right may be exercised on the next succeeding Business Day. 

d) Authorized Shares. 
 The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Stock a sufficient number of shares to provide for the issuance of the
Warrant Shares upon the exercise of any purchase rights under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of executing stock certificates
to execute and issue the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein
without violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common Stock may be listed. The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights
represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes,
liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue). 

Except and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without
limitation, amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or
performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth
in this Warrant against impairment. Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior to such increase
in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially
reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant. 

Before taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is
exercisable or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having jurisdiction thereof. 

  
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 e) Jurisdiction. All questions concerning the construction, validity,
enforcement and interpretation of this Warrant shall be determined in accordance with the provisions of the Purchase Agreement. 
 f) Restrictions. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, and the Holder does not utilize cashless exercise, will have
restrictions upon resale imposed by state and federal securities laws. 
 g) Nonwaiver and Expenses. No
course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting any other provision of this
Warrant or the Purchase Agreement, if the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be
sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any
of its rights, powers or remedies hereunder. 
 h) Notices. Any notice, request or other document required
or permitted to be given or delivered to the Holder by the Company shall be delivered in accordance with the notice provisions of the Purchase Agreement. 
 i) Limitation of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant Shares, and no enumeration herein of the rights
or privileges of the Holder, shall give rise to any liability of the Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the Company. 

j) Remedies. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of
damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and
hereby agrees to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate. 
 k) Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be binding upon the successors and
permitted assigns of the Company and the successors and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall be enforceable by the Holder or holder
of Warrant Shares. 

  
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 l) Amendment. This Warrant may be modified or amended or the
provisions hereof waived with the written consent of the Company and the Holder. 
 m) Severability.
Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision
shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant. 

n) Headings. The headings used in this Warrant are for the convenience of reference only and shall not, for any
purpose, be deemed a part of this Warrant. 
 ******************** 

(Signature Page Follows) 

  
 14 

 IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer
thereunto duly authorized as of the date first above indicated. 
  

			
	MARINA BIOTECH, INC.
		
	 By:
	 	  

		 	 Name:

Title:

  
 15 

 NOTICE OF EXERCISE 
 TO:    MARINA BIOTECH, INC. 
 (1) The undersigned hereby
elects to purchase             Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith payment of the exercise price in
full, together with all applicable transfer taxes, if any. 
 (2) Payment shall take the form of (check applicable box):

  ̈ in lawful money of the United States; or 

 ̈ [if permitted the cancellation of such number of Warrant Shares as is necessary, in
accordance with the formula set forth in subsection 2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 2(c). 

(3) Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below: 

							
				
		  	  
	  		  	

 The Warrant Shares shall be delivered to the following DWAC Account Number: 

							
				
		  	  
	  		  	
				
		  	  
	  		  	
				
		  	  
	  		  	

 [SIGNATURE OF HOLDER] 
  

					
	 Name of Investing
Entity:                                        
                                         
                                         
                                         
                                         
   

					
	
	
Signature of Authorized Signatory of Investing Entity:         
                                         
                                         
                                         
                      

					
	
	
Name of Authorized Signatory:                
                                         
                                         
                                         
                                         
                 

					
	
	
Title of Authorized Signatory:                
                                         
                                         
                                         
                                         
                   

					
	
	
Date:                       
                                         
                                         
                                         
                                         
                                         
                   

 ASSIGNMENT FORM 

(To assign the foregoing warrant, execute 
 this form and supply required information. 
 Do not use this form to exercise the
warrant.) 
 FOR VALUE RECEIVED, [            ] all of or
[            ] shares of the foregoing Warrant and all rights evidenced thereby are hereby assigned to 
  

							
			
	  
	 	whose address is	 	
		
	  
	 	.
		
	  
	 	
			
		 		 	Dated:                          
               ,                 
				
		 	Holder’s Signature:	 	
                    
                             
	 	
				
		 	Holder’s Address:	 	  
	 	
				
		 		 	  
	 	
			
	Signature Guaranteed:	 	  
	 	

 NOTE: The signature to this Assignment Form must correspond with the name as it appears on the face of the Warrant,
without alteration or enlargement or any change whatsoever, and must be guaranteed by a bank or trust company. Officers of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority to
assign the foregoing Warrant.

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