Document:

Fourth Amendment

 Exhibit 10.3 
 FOURTH AMENDMENT TO LEASE 
 THIS FOURTH AMENDMENT TO LEASE (this “Fourth Amendment”)
is entered into as of this 27th day of July, 2009 (“Effective Date”), by and between BMR-3450 MONTE VILLA PARKWAY LLC, a Delaware limited liability company (“Landlord,” as successor-in-interest to Phase 3 Science
Center LLC (“Original Landlord”)), and MDRNA, INC., a Delaware corporation (“Tenant,” as successor-in-interest to Nastech Pharmaceutical Company Inc. (“Original Tenant”)). 
 RECITALS 
 A. WHEREAS, Original
Landlord and Original Tenant entered into that certain Lease dated as of April 23, 2002, as amended by that certain First Amendment to Lease dated as of July 1, 2003, that certain Second Amendment to Lease dated as of January 29,
2004, and that certain Third Amendment to Lease (“Third Amendment”) dated as of March 5, 2009 (collectively, the “Lease”), whereby Tenant leases certain premises (the “Premises”) from Landlord
at 3450 Monte Villa Parkway in Bothell, Washington (the “Building”); 
 B. WHEREAS, Landlord and Tenant desire to terminate
the Lease with respect to certain portions of the Premises; and 
 C. WHEREAS, Landlord and Tenant desire to modify and amend the Lease only
in the respects and on the conditions hereinafter stated. 
 AGREEMENT 
 NOW, THEREFORE, Landlord and Tenant, in consideration of the mutual promises contained herein and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, and intending to be legally bound, agree as follows: 
 1. Definitions. For purposes
of this Fourth Amendment, capitalized terms shall have the meanings ascribed to them in the Lease unless otherwise defined herein. 
 2.
Premises. The “Premises”, as described in Section 1.1 of the Lease and depicted on Exhibit C to the Lease, are hereby amended to mean that certain space containing approximately thirty-one thousand eight
hundred ninety-two (31,892) square feet as depicted on the schematic attached hereto as “Exhibit C Fourth Amendment”, which supersedes and replaces the Exhibit “C” attached to the Lease.
Landlord shall be responsible for demising the amended Premises from the remainder of the Building at Landlord’s sole cost and expense; provided, however, Landlord shall not be responsible to Tenant for any loss or damage resulting therefrom to
the amended Premises or any personal property located therein, other than to the extent arising from the gross negligence or willful misconduct of Landlord; and provided further that Tenant shall not be required, upon the surrender of the Premises
at the expiration or earlier termination of the Term, for the repair or reverting of the work done in so demising the amended Premises. Effective as of the Effective Date, the term “Premises,” as used in the Lease, shall refer to the
Premises as modified by this Fourth Amendment. 

 3. Rentable Area. The Rentable Area of the Premises is hereby reduced by nineteen thousand one
hundred eight (19,108) square feet from fifty-one thousand (51,000) square feet to thirty-one thousand eight hundred ninety-two (31,892) square feet. 
 4. Basic Annual Rent. Effective as of July 1, 2010, Basic Annual Rent shall be increased by Eight Thousand Five Hundred Seventy-Three Dollars ($8,573) per month (based on approximately Twenty-Seven Cents
($0.27) per rentable square foot of the amended Premises per month) from Ninety-Six Thousand Seven Hundred Sixty-Six and 26/100s Dollars ($96,766.26) for a total of One Hundred Five Thousand Three Hundred Thirty-Nine and 26/100s Dollars
($105,339.26) (based on a total of Three and 30/100s Dollars ($3.30) per rentable square foot of the amended Premises per month), subject to increase as set forth in Section 6.1 of the Lease. 
 5. Pro Rata Share. Sections 2.1.4 and 7.3(a) of the Lease are hereby amended to provide that Tenant’s Pro Rata Share is
decreased from one hundred percent (100%) to sixty-two and fifty-three one hundredths percent (62.53%) of the Project. 
 6.
Parking. The first sentence of Section 15.3 of the Lease is amended to read as follows: “As an appurtenance to the Premises, Tenant, and its employees and invitees, shall be entitled to use without charge Tenant’s Pro
Rata Share of the Project parking facilities, equal to two and four tenths spaces (2.4) per one thousand (1,000) rentable square feet on an un-reserved and un-assigned basis, less Tenant’s Pro Rata Share of required handicap parking
spaces serving the Project.” 
 7. Maintenance Obligations. Section 2 of the Third Amendment is hereby amended as
follows: Notwithstanding anything in the Lease to the contrary, Landlord hereby agrees to: (a) maintain and repair the roof; the exterior of the Building; the landscaping; the parking lot; the elevator; and the HVAC, electrical, plumbing,
security, exterior generator, fire sprinkler (including related alarms) systems, and other building systems including the RODI water system and air compressor systems serving the Premises, (b) wash the outside windows of the Building,
(c) supply regular janitorial service for the Premises, including refuse removal, (d) maintain one (1) small Millipore water system, one (1) large glass washer located within the Premises, and (e) supply the following
utilities to the Premises for the period of time that Tenant is not actively conducting business in the Premises: phones for the elevators and alarms, water, sewer, gas and electricity (collectively the “Maintenance Obligations”),
the cost of which shall be paid by Tenant as Additional Rent, except as abated by Section 6 to the Third Amendment. For avoidance of doubt, Landlord shall not be responsible to maintain the autoclave, any vacuum pumps, nitrogen, or any cubicles
or furniture. 
 8. Lender’s Consent. This Fourth Amendment shall be of no force or effect unless and until Landlord gives Tenant
written confirmation that Landlord has obtained the consent of Landlord’s lender or lenders to this Fourth Amendment. Tenant shall pay all costs incurred by Landlord in obtaining the consent of Landlord’s lender(s), including, without
limitation, reasonable attorneys’ fees (not to exceed $10,000). 
  

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 9. No Surrender or Acceptance; No Waiver. Nothing in this Fourth Amendment shall be construed as a
surrender of the Premises by Tenant or an acceptance of the Premises by Landlord and, except with regard to its performance of the Maintenance Obligations, Landlord is not waiving any rights it may have under the Lease, at law or in equity. Except
as explicitly stated in this Fourth Amendment, the Lease remains unmodified and in full force and effect, including, without limitation, Tenant’s obligations to pay Rent as amended hereby and to ultimately surrender the Premises to Landlord at
the expiration or earlier termination of the Term in the condition required by the Lease. 
 10. Broker. Each of Landlord and Tenant
represents and warrants that it has not dealt with any broker or agent in the negotiation for or the obtaining of this Fourth Amendment and agrees to indemnify, defend and hold the other harmless from any and all cost or liability for compensation
claimed by any such broker or agent employed or engaged by it or claiming to have been employed or engaged by it. 
 11. No Default.
Each of Landlord and Tenant represents, warrants and covenants that, to the best of its knowledge, Landlord and Tenant are not in default of any of their respective obligations under the Lease and no event has occurred that, with the passage of time
or the giving of notice (or both) would constitute a default by either Landlord or Tenant thereunder. 
 12. Effect of Amendment.
Except as modified by this Fourth Amendment, the Lease and all the covenants, agreements, terms, provisions and conditions thereof shall remain in full force and effect and are hereby ratified and affirmed. Each party agrees to pay its own costs and
expenses (including legal fees) incurred in connection with this Fourth Amendment except as stated in Section 8. The covenants, agreements, terms, provisions and conditions contained in this Fourth Amendment shall bind and inure to the
benefit of the parties hereto and their respective successors and, except as otherwise provided in the Lease, their respective assigns. In the event of any conflict between the terms contained in this Fourth Amendment and the Lease, the terms herein
contained shall supersede and control the obligations and liabilities of the parties. From and after the date hereof, the term “Lease” as used in the Lease shall mean the Lease, as modified by this Fourth Amendment. 
 13. Miscellaneous. This Fourth Amendment becomes effective only upon execution and delivery hereof by Landlord and Tenant. The captions of the
paragraphs and subparagraphs in this Fourth Amendment are inserted and included solely for convenience and shall not be considered or given any effect in construing the provisions hereof. All exhibits hereto are incorporated herein by reference.

 14. Counterparts. This Fourth Amendment may be executed in one or more counterparts that, when taken together, shall constitute one
original. 
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 IN WITNESS WHEREOF, Landlord and Tenant have hereunto set their hands as of the date and year first above
written, and acknowledge that they possess the requisite authority to enter into this transaction and to execute this Fourth Amendment. 
 LANDLORD: 
 BMR-3450 MONTE VILLA PARKWAY LLC, 
 a Delaware limited liability company 
  

			
	 By:
	 	 /s/    Kevin M. Simonsen

	Name:	 	Kevin M. Simonsen
	Title:	 	VP, Real Estate Counsel
	
	TENANT:
	
	 MDRNA, INC.,

	 a Delaware corporation

		
	 By:
	 	 /s/    Bruce R. York

	 Name:
	 	Bruce R. York
	 Title:
	 	V.P. Finance, Chief Accounting Officer and Secretary

 CALIFORNIA ALL-PURPOSE 
 CERTIFICATE OF ACKNOWLEDGMENT 
 State of California 
 County of San Diego 
 On July 27th 2009, before me, Christy Bartlett, Notary Public 
 personally appeared Kevin M. Simonson 
 who proved to me on the basis of satisfactory evidence to be the person(s) whose
name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf
of which the person(s) acted, executed the instrument. 
 I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing
paragraph is true and correct. 
 WITNESS my hand and official seal. 
  

					
			
	/s/ Christy D Bartlett	 		 	Christy D Bartlett
	Signature of Notary Public	 		 	Comm #1614771
		 		 	NOTARY PUBLIC —  CALIFORNIA SAN DIEGO COUNTY
		 		 	Commission Expires Nov 16, 2009
		 		 	

 ACKNOWLEDGEMENT 
  

			
	STATE OF _Washington_	  	§
		  	§
	COUNTY OF _Snohomish    	  	§

 On      July 27, 2009     , before me, a
Notary Public in and for said state, personally appeared      Bruce R. York     , personally known to me (or proved to me on the basis of satisfactory evidence) to be the person whose name is
subscribed to the within instrument and acknowledged to me that he executed the same in his authorized capacity, in that by his signature on the instrument the person, or the entity upon behalf of which the person acted, executed the instrument.

 WITNESS my hand and official seal. 
  

	
	 /s/    Kelli J. Endreson

	Kelli J. Endreson , Notary Public
	
	My Commission Expires: 12/20/2011

 EXHIBIT C FOURTH AMENDMENT 
 PREMISESOffer Letter

 Exhibit 10.1 
 April 21, 2009 
 Murray Demo 
 Dear Murray,

 It is my distinct pleasure to make this offer to you to join Dolby Laboratories, Inc. (“Dolby”) as Executive Vice President and Chief Financial
Officer, reporting to me. Your annualized starting base salary will be $400,000.00, payable bi-weekly (in accordance with our 9/80 work schedule) and subject to applicable tax withholdings. Your first day of employment will be Monday, May 4,
2009. 
 Subject to the commencement of your employment and its continuation through May 15, 2009, the Compensation Committee of Dolby’s Board of
Directors has granted to you, effective May 15, 2009, a one-time new hire stock option and restricted stock unit (RSU) award under the Dolby Laboratories, Inc. 2005 Stock Plan (the “Plan”) as follows: (i) an option to purchase
120,000 shares of Dolby’s Class A common stock and (ii) a grant of 30,000 restricted stock units. The options will have an exercise price equal to the fair market value of the Class A common stock as of the close of the market on
May 15, 2009. The options and RSUs are also subject to the standard terms and conditions of the Plan and the execution of the award agreement. 
 You
are eligible to participate in the Executive Dolby Annual Incentive Plan (“EDAIP”) for the fiscal year ending September 2009. You are eligible to receive an EDAIP target award of sixty five percent (65%) of your annual base salary at
the end of the fiscal year. This target award is based on the successful completion of company performance objectives and your individual performance. Subject to your continued employment with Dolby, your first incentive target payout (if any) of
the EDAIP would be in January 2010 for the fiscal year ended September 2009, prorated to your date of hire. 
 Performance and Development Evaluations are
completed annually by December. You will first be eligible for a merit increase in January 2010 after your focal review. 
 This offer also includes a
sign-on bonus of $75,000.00, payable with your first paycheck from Dolby. This will be repayable to Dolby should you voluntarily end your employment within twelve (12) months from your first day of employment. Also, please be advised that your
sign-on bonus will be subject to federal and state taxation. For specific tax information, please refer to the IRS website or contact your tax advisor. 
 As
a full-time employee of Dolby, you will be eligible to participate in our comprehensive benefits package. As part of your benefits package, you will initially accrue Personal Time Off (PTO) at a rate of 4.62 hours per full pay period (120 hours per
year). Additionally, you will receive 40 hours per year, up to a maximum of 120 hours, in a Reserve Illness Account (RIA) on each January 1st (a pro-rated number of hours will be added for calendar 2009 upon hire). You will also be eligible for
Dolby’s designated paid holidays. 
 You will be eligible to enroll in Dolby’s health plan(s) on the first day of your employment. In addition to
Dolby’s health plan(s) benefits, you will also be eligible to participate in our 401(k) Plan (the “Dolby Laboratories, Inc. Retirement Plan”) on the first day of the quarter following your date of hire. Enclosed with this letter is
our general benefits information packet but more specific plan information will be reviewed with you during the orientation on your first day of employment. 

 The employment relationship between you and Dolby is one of employment “at-will” with either party having the
right to terminate the relationship at any time, with or without cause. Our employment at-will relationship can only be modified by a written agreement signed by Dolby’s President. 
 By signing this offer of employment as set forth below you acknowledge that this offer of employment is contingent upon the satisfaction of the following conditions: 
  

	1.	That you execute a Confidential Information and Invention Assignment Agreement upon acceptance of our offer of employment (please bring an executed copy of the enclosed Agreement
with you on your first day of employment). 

  

	2.	That you sign and return the Acknowledgement of Receipt of Code of Business Conduct and Ethics policy. 

  

	3.	That you sign and return the Acknowledgement and Agreement Regarding Dolby Laboratories, Inc. Policy Regarding Reporting of Financial and Accounting Concerns.

  

	4.	That you produce documentation that verifies your eligibility to be legally employed in the United States. This documentation generally consists of any combination of documents
listed on the enclosed Employment Eligibility Verification (I-9) Form. This documentation must be presented to us on your first working day. 

 This offer of employment supersedes all prior offers, both verbal and written and is the complete understanding of our offer of employment to you. To acknowledge your acceptance, please sign below and fax the document in its entirety to my
attention at 415.645.4175 no later than 5 p.m. (PST) on Wednesday, April 22, 2009. In addition, please bring this original, signed letter to your first day’s orientation with the signed Confidential Information and Invention Assignment
Agreement and retain the other original for your records. 
 We feel that you can make a significant contribution to the growth and future of Dolby and we
look forward to welcoming you to our team! 
  

	
	Sincerely,
	
	 /s/    Kevin Yeaman

	Kevin Yeaman
	President and Chief Executive Officer

 ************************************************************************ 
 I have read, understand, and accept the offer of employment as stated above: 
  

							
	 /s/    Murray Demo
	 		  	 4/21/09
	  	
	Murray Demo	 		  	Date

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