Document:

Exhibit 10.28

 

AMENDMENT TO

AMENDED AND RESTATED CONSULTING AGREEMENT

 

This Amendment to the
Consulting Agreement (the “First Amendment”) is entered into between PhaseRx Inc., a Delaware corporation having
a place of business at 410 West Harrison Street, Seattle, WA 98119 (“Company”) corporation (“Company”)
and John A. Schmidt, Jr., M.D. LLC having a place of business at 709 7th Ave., Belmar, NJ 07719 Consultant”).

 

RECITALS

 

WHEREAS, the Consultant
and Company entered into a Consulting Agreement effectively dated November 1, 2010 (the “Agreement”), a copy
of which is attached hereto.

 

WHEREAS, Consultant
and Company desire to amend the Agreement to provide for Consultant to increase the available consulting time to eight hours per
week. Company shall continue to pay Consultant at the rates previously agreed to in the Agreement.

 

NOW, THEREFORE, Consultant
and Company agree as follows:

 

		1.0	Definitions

 

Unless the context clearly requires otherwise,
all capitalized terms as used herein shall have the same meanings as used in the Agreement.

 

		2.0	Amendment Date

 

This Amendment shall be effective as of
June 1, 2011.

 

		3.0	Amendments to Agreement

 

The parties agree that the Agreement shall
be amended as described in this Article 3.0.

 

		3.1	Amend Section 1 of Exhibit A to read as follows:

 

1.          Services.
Consultant (or, in the case of Services as a member of the board of directors of the Company, Dr. Schmidt) will render to Company
the following Services. The provisions related to Dr. Schmidt’s Services as a member of the board of directors of the Company
are being included herein as an administrative convenience. For the avoidance of doubt, nothing in the agreement shall in any way
limit or vitiate Dr. Schmidt’s duties and obligations to the Company under applicable law and nothing herein shall be construed
as giving Dr. Schmidt a contractual right to serve on the board of directors of the Company.

 

		·	Board Member: Serve as a member of the Company’s board of directors. Attend up to 6 meetings/year in person in
Seattle and approximately 6-8 board teleconferences as needed per year.

 

     

     

    

 

		·	Consultant: Provide expert consulting services to Company regarding research, development, clinical and business matters
relating to: (1) pH sensitive, membrane disruptive polymers for the intracellular delivery of therapeutics, diagnostics and reagents
and (2) the delivery of siRNA therapeutics (collectively, the “Field of Interest”). Consultant shall make himself
available to consult with the Company for up to an average of eight hours per week over the course of the year.

 

		3.1	Amend Section 2, Consultant Compensation, of Exhibit A
to read as follows:

 

Consultant

 

		·	$100,000 in cash per year, paid in equal quarterly installments in arrears.

 

		·	Company shall Consultant shall submit monthly invoices to the Company for any amounts owing under this Agreement and shall
include a summary of time spent on Company business. Each invoice will contain enough detail to enable Company to determine the
accuracy of the amount(s) billed. With each invoice, Consultant will provide: (a) a detailed itemized listing of all expenses incurred
under this Agreement, and (b) receipts for any individual expenses that exceed $50. Either an original or a copy may be submitted.

 

		·	Company shall reimburse Consultant for all reasonable, documented out-of-pocket expenses incurred by Consultant in performing
Services pursuant to this Agreement. Company shall also reimburse consultant for attendance at conferences that are pre-approved
by Company. Consultant shall submit to Company all statements for expenses incurred on a monthly basis.

 

		4.0	No Other Waivers or Modifications; Applicability of
Agreement

 

Except to the extent expressly modified
by Article 3.0 of this Amendment, no other covenant, term, provision, condition or agreement of the parties set forth in the Agreement
shall be deemed to be waived, modified or amended in any way by this Amendment. All of the recitals, covenants, terms, provisions,
conditions and agreements of the parties set forth in the Agreement shall be deemed applicable to this Amendment.

 

		5.0	Entire Agreement

 

The Agreements, as modified by this Amendment,
constitute the entire agreement between the parties, and supersedes all prior oral or written agreements, commitments, or understandings
concerning the matters provided for herein.

 

    	 	- 2 -	 

     

    

 

		6.0	Counterparts

 

This Amendment may be executed in any number
of counterparts or, if mutually agreeable to the undersigned authorized signatories for the parties, through the exchange by facsimile
or other electronic means (including electronically mailed PDF or similar imaging software) of duly-signed duplicates hereof, each
of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

IN WITNESS WHEREOF, the parties hereto have
executed this Agreement as of the Effective Date.

 

	PHASERX INC.	 	CONSULTANT
	 	 	 	 	 
	By:	/s/ Andrew J. Leon	 	By:  	/s/ John A. Schmidt, Jr.
	 	 	 	 	 
	Print Name:	Andrew J. Leon	 	Print Name: 	John A. Schmidt, Jr., M.D.
	 	 	 	 	 
	Title:  	Vice President, Intellectual Property	 	Title:	 
	 	 	 	 	 
	Address:   	410 W. Harrison St., Ste 300	 	Address: 	709 7th Ave.
	 	 	 	 	 
	 	Seattle, WA	 	 	Belmar, NJ
	 	 	 	 	 
	 	98119	 	 	07719
	 	 	 	 	 
	Date: 	7/5/2011	 	Date: 	6/22/11

 

    	 	- 3 -Exhibit 10.29

 

PHASERX, INC.

AMENDMENT NO. 2 TO AMENDED AND RESTATED CONSULTING AGREEMENT

 

This
Amendment No. 2 to Amended and Restated Consulting Agreement (this “Amendment”), is entered into effective
as of April 1, 2012 and amends the terms of the Amended and Restated Consulting Agreement dated February 22, 2008 (the “Agreement”)
as later amended pursuant to the a First Amendment entered into on June 1, 2011 (the “First Amendment”),
between PhaseRx, Inc., a Delaware corporation (“Company”) and John A. Schmidt, Jr., M.D. LLC (“Consultant”).
Capitalized terms not defined in this Amendment have the meanings set forth in the Agreement.

 

Recitals

 

		A.	Company and Consultant desire to amend certain compensation terms set forth in the Agreement effective
as of April 1, 2012.

 

		B.	Section 10 of the Agreement provides that such Agreement may be amended by a writing signed by
both parties.

 

In consideration of
the foregoing premises and other consideration, the receipt and sufficiency of which the parties acknowledge, the parties agree
as follows:

 

Agreement

 

		1.	Amendment to Exhibit A. The first bullet point under the Consultant heading of Section 2
of Exhibit A is hereby amended and restated in its entirety to read as follows:

 

		a.	“Beginning on April 1, 2012, Consultant shall be paid at the rate of $60,000.00 per year,
payable at the end of each quarter, so long as Consultant continues to provide services to Company on such payment dates.”

 

		2.	Acknowledgment of Payment. Consultant and Company hereby acknowledge and agree that Company
has paid Consultant in full for all services that Consultant has rendered to Company prior to April 1, 2012 and that compensation
for any services that Consultant renders to Company on or after April 1, 2012 shall be determined in accordance with the terms
of the Agreement as amended hereby.

 

		3.	General. This Amendment shall be governed by the laws of the State of Washington, without
reference to its conflicts of law principles, and may be executed in two counterparts, each of which shall be deemed an original
and which together shall constitute a single instrument. Except as set forth in this Amendment, the Agreement shall continue in
full force and effect.

 

ACKNOWLEDGED AND AGREED:

 

	PHASERX, INC.	 	CONSULTANT
	 	 	 	 	 
	By: 	/s/ Robert Overell	 	By:  	/s/ John A. Schmidt, Jr
	 	 	 	 	 
	Name:	Robert Overell	 	Name: 	John A. Schmidt, Jr.
	 	 	 	 	 
	Title:	President & CEO	 	Date:	May 5, 2012
	 	 	 	 	 
	Date:	5/14/12Exhibit 10.30

 

AMENDMENT NO. 3 TO CONSULTING AGREEMENT

 

This Amendment No.
3 to Consulting Agreement (this “Amendment”), dated February 10, 2016, is entered into between PhaseRx, Inc.,
a Delaware corporation having a place of business at 410 West Harrison Street, Seattle, WA 98119 (the “Company”)
and John A. Schmidt, Jr., M.D. LLC, having a place of business at 709 7th Ave., Belmar, NJ 07719 (the “Consultant”).

 

RECITALS

 

WHEREAS, the Consultant
and the Company entered into a Consulting Agreement, effective as of November 1, 2010, as previously amended by that certain Amendment
to the Consulting Agreement, effective as of June 1, 2011, and as previously amended further by that certain Amendment No. 2 to
Amended and Restated Consulting Agreement, effective as of April 1, 2012 (as so amended, the “Agreement”), a
copy of which is attached hereto;

 

WHEREAS, the Company
is considering conducting an initial public offering and sale of the Company’s common stock (the “Offering”);
and

 

WHEREAS, in connection
with the Offering, the Company and the Consultant desire to amend the Agreement to modify the services and fees set forth on Exhibit
A attached thereto.

 

NOW, THEREFORE, in
consideration of the mutual promises and covenants set forth herein, the parties hereto, intending legally to be bound, hereby
agree as follows:

 

		1.	Definitions

 

Unless the context clearly
requires otherwise, all capitalized terms as used herein shall have the same meanings as used in the Agreement.

 

		2.	Amendment Date

 

This Amendment shall
be effective immediately prior to the consummation of the Offering.

 

		3.	Amendments to Agreement

 

Exhibit A to the Agreement
shall be replaced in its entirety with Exhibit A attached hereto.

 

		4.	No Other Waivers or Modifications; Applicability of
this Agreement

 

Except to the extent
expressly modified by Section 3 of this Amendment, no other covenant, term, provision, condition or agreement of the parties set
forth in the Agreement shall be deemed to be waived, modified or amended in any way by this Amendment. All of the recitals, covenants,
terms, provisions, conditions and agreements of the parties set forth in the Agreement shall be deemed applicable to this Amendment.

 

		5.	Entire Agreement

 

The Agreement, as modified
by this Amendment, constitute the entire agreement between the parties, and supersedes all prior or written agreements, commitments
or understandings concerning the matters provided for herein.

 

     

     

    

 

		6.	Counterparts

 

This Amendment may be
executed in any number of counterparts, all of which taken together shall constitute one and the same agreement, and any of the
parties hereto may execute this Amendment by signing any such counterpart. Delivery of an executed counterpart of a signature page
to this Amendment by telecopier or by electronic mail (in portable document format (“PDF”)) shall be effective as delivery
of a manually executed counterpart of this Amendment.

 

[Signature page follows]

 

    	 	- 2 -	 

     

    

 

IN WITNESS
WHEREOF, the parties have
executed this Amendment as of the
date and year first written above.

 

	COMPANY:	 	CONSULTANT
	 	 	 
	PHASERX, INC.	 	JOHN A. SCHMIDT, JR. LLC
	a Delaware corporation	 	 	 
	 	 	 	 	 
	By: 	/s/ Robert Overell	 	By: 	/s/ John A. Schmidt
	Name:	Robert Overell	 	Name:	John A. Schmidt, Jr.
	Title:	President & CEO	 	Title:	Consultant

 

     

     

    

 

EXHIBIT A

 

SERVICES AND COMPENSATION

 

		1.	Services. Consultant will render to Company the following Services
	 	 	 

		·	Provide expert consulting services to Company regarding research, development, clinical and business matters relating to: (1)
pH sensitive, membrane disruptive polymers for intracellular delivery of therapeutics, diagnostics and reagents; and (2) the delivery
of siRNA therapeutics (collectively, the “Field of Interest”). Consultant shall make himself available to consult
with the Company for up to an average of eight hours per week over the course of the year.

 

		2.	Compensation.

 

		·	$60,000 in cash per year, paid in equal quarterly installments in arrears.

		·	Consultant shall submit monthly invoices to the Company for any amounts owing under this Agreement and shall include a summary
of time spent on Company business. Each invoice will contain enough detail to enable Company to determine the accuracy of the amount(s)
billed. With each invoice, Consultant will provide: (a) a detailed itemized listing of all expenses incurred under this Agreement,
and (b) receipts for any individual expenses that exceed $50. Either an original or a copy may be submitted.

		·	Company shall reimburse Consultant for all reasonable, documented out-of-pocket expenses incurred by Consultant in performing
Services pursuant to this Agreement. Company shall also reimburse consultant for attendance at conferences that are pre-approved
by Company. Consultant shall submit to Company all statements for expenses incurred and Services performed on a monthly basis.

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