Document:

Exhibit 10.33

 

AMENDMENT TO AMENDED AND RESTATED OFFER LETTER
AGREEMENT

 

This Amendment to Amended
and Restated Offer Letter Agreement (this “Amendment”) is made and entered into as of the 13th day of March,
2016, by and between PhaseRx, Inc., a Delaware corporation, having a place of business at 410 West Harrison Street, Seattle, WA
98119 (the “Company”), and Robert W. Overell, Ph.D., having a place of business at 1854 NW 195th
St. #302, Shoreline, WA 98177 (the “Executive”).

 

RECITALS

 

WHEREAS, the Executive
and the Company entered into an Amended and Restated Offer Letter Agreement, dated as of August 17, 2009 (the “Agreement”).

 

WHEREAS, the Company and the Executive desire
to amend the Agreement as set forth in this Amendment.

 

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.            Amendments
to Agreement

 

The following heading and
paragraph, set forth in Section C under Section II of Exhibit A to the Agreement shall be deleted in its entirety:

 

“C.           Bonus
Eligibility upon Acquisition

 

If the Company is sold in an acquisition
generating at least $150 million in gross proceeds to the Company prior to the consummation of an Equity Financing (as defined
below) (an “Acquisition”), the Company will use its best efforts to provide you with consideration equivalent
to the consideration, if any, payable in connection with such Acquisition to a holder of the Company’s Common Stock equal
to one percent (1%) of the Company’s fully diluted share capital immediately prior to the closing of such Acquisition (which,
for the avoidance of doubt, shall include all then outstanding shares of capital stock of the Company and rights to acquire capital
stock of the Company), subject to the terms of any definitive agreements entered into in connection with such Acquisition, including
without limitation escrow and holdback provisions, if any. An “Equity Financing” shall mean a transaction
or series of related transactions occurring on or after September 1, 2009 pursuant to which the Company issues and sells shares
of its Preferred Stock for the principal purpose of raising capital.”

 

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

 

Except to the
extent expressly modified by Section 2 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.

 

     

     

    

 

4.            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.

 

5.            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:	EXECUTIVE
	 	 
	PHASERX, INC.	/s/ Robert W. Ovrell, Ph.D.
	a Delaware corporation	Robert W. Overell, Ph.D.

 

	By:	/s/ Helen Tsui	 
	Name:	Helen Tsui	 
	Title:	Vice President, Finance	 

 

[Signature page to the Amendment to Amended
and Restated Offer Letter Agreement]Exhibit 10.34

 

[410 Elliott/Fourth Amendment]

 

FOURTH AMENDMENT TO LEASE

 

THIS FOURTH AMENDMENT
TO LEASE (this "Fourth Amendment") is made as of February 23, 2016, by and between ARE-SEATTLE NO. 10, LLC,
a Delaware limited liability company ("Landlord"), and PHASERX INC., a Delaware corporation ("Tenant").

 

RECITALS

 

A.           Landlord
and Tenant entered into that certain Lease Agreement dated as of February 9, 2010, as amended by that certain First Amendment to
Lease Agreement (“First Amendment”) dated October 1, 2014, that certain Second Amendment to Lease Agreement
(“Second Amendment”) dated May 21, 2015, and that certain Third Amendment to Lease Agreement (“Third
Amendment”) dated September 8, 2015 (as amended, the "Lease"). Pursuant to the Lease, Tenant leases
certain premises consisting of approximately 2,896 rentable square feet ("Premises") in a building located at
410 Elliott, Seattle, Washington. The Premises are more particularly described in the Lease. Capitalized terms used herein without
definition shall have the meanings defined for such terms in the Lease.

 

B.           The
Base Term of the Lease expires on August 31, 2016.

 

C.           Landlord
and Tenant desire, subject to the terms and conditions set forth below, to amend the Lease to, among other things, (i) extend the
Base Term of the Lease for a period of 3 months to expire on November 30, 2016, and (ii) extend the date by which Tenant must give
Landlord written notice of its election to exercise is Extension Right.

 

NOW, THEREFORE,
in consideration of the foregoing Recitals, which are incorporated herein by this reference, the mutual promises and conditions
contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
Landlord and Tenant hereby agree as follows:

 

		1.	Base Term. The Base Term of the Lease is hereby extended to expire on November 30,
2016.

 

		2.	Rent. Tenant shall pay Base Rent through the expiration of the Base Term of the Lease
(as extended pursuant to Section 1 above), at the rates in effect on August 31, 2016. Tenant shall continue to pay Tenant’s
Share of Operating Expenses and all other charges as set forth in the Lease.

 

		3.	Extension Right. The first sentence of the first paragraph of Section 39(a) of the
Lease (as amended by Section 3 of the First Amendment, Second Amendment and Third Amendment) is hereby deleted in its entirety
and replaced with the following:

 

“So long
as Tenant exercises its Extension Right (as defined in the Other Lease) pursuant to the Other Lease, Tenant shall have 1 right
(an "Extension Right") to extend the term of this Lease for 5 years (an "Extension Term") on
the same terms and conditions as this Lease (other than with respect to Base Rent) by giving Landlord written notice of its election
to exercise the Extension Right on or before May 31, 2016.”

 

		4.	Brokers. Landlord and Tenant each represents and warrants that it has not dealt with
any broker, agent or other person (collectively, "Broker") in connection with the transaction reflected in this
Fourth Amendment and that no Broker brought about this transaction. Landlord and Tenant each hereby agrees to indemnify and hold
the other harmless from and against any claims by any Broker claiming a commission or other form of compensation by virtue of having
dealt with Tenant or Landlord, as applicable, with regard to this leasing transaction.

 

    		 1	

     

    

 

 

[410 Elliott/Fourth Amendment]

 

		5.	Miscellaneous.

 

a.           This
Fourth Amendment is the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior
and contemporaneous oral and written agreements and discussions. This Fourth Amendment may be amended only by an agreement in writing,
signed by the parties hereto.

 

b.           This
Fourth Amendment is binding upon and shall inure to the benefit of the parties hereto, their respective agents, employees, representatives,
officers, directors, divisions, subsidiaries, affiliates, assigns, heirs, successors in interest and shareholders.

 

c.           Tenant
acknowledges that it has read the provisions of this Fourth Amendment, understands them, and is bound by them. Time is of the essence
in this Fourth Amendment.

 

d.           This
Fourth Amendment may be executed in any number of counterparts, each of which shall be deemed an original, but all of which when
taken together shall constitute one and the same instrument. The signature page of any counterpart may be detached therefrom without
impairing the legal effect of the signature(s) thereon provided such signature page is attached to any other counterpart identical
thereto except having additional signature pages executed by other parties to this Fourth Amendment attached thereto.

 

e.           Except
as amended and/or modified by this Fourth Amendment, the Lease is hereby ratified and confirmed and all other terms of the Lease
shall remain in full force and effect, unaltered and unchanged by this Fourth Amendment. In the event of any conflict between the
provisions of this Fourth Amendment and the provisions of the Lease, the provisions of this Fourth Amendment shall prevail. Whether
or not specifically amended by this Fourth Amendment, all of the terms and provisions of the Lease are hereby amended to the extent
necessary to give effect to the purpose and intent of this Fourth Amendment.

 

[Signatures are on the next page]

 

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[410 Elliott/Fourth Amendment]

 

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

 

	 	TENANT:
	 	 
	 	PHASERX INC.,
	 	a Delaware corporation
	 	 	 	 	 
	 	By: 	/s/ Robert Overell
	 	Its: 	President and CEO
	 	 	 	 	 
	 	LANDLORD:
	 	 
	 	ARE-SEATTLE NO. 10, LLC, 
	 	a Delaware limited liability company
	 	 	 	 	 
	 	By:	ALEXANDRIA REAL ESTATE EQUITIES, L.P., 
	 	 	a Delaware limited partnership, 
	 	 	managing member
	 	 	 	 	 
	 	 	By:	ARE-QRS CORP., 
	 	 	 	a Maryland corporation, 
	 	 	 	general partner
	 	 	 	 	 
	 	 	 	By:	/s/ Jackie Clem
	 	 	 	Its:	Jackie Clem, Senior Vice President
	 	 	 	 	RE Legal Affairs

 

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