Document:

Exhibit
10.76

 

Execution Version

 

AMENDMENT TO SECURITIES PURCHASE
AGREEMENT,

WARRANT TO PURCHASE COMMON STOCK,

AND SECURED PROMISSORY NOTE

 

THIS AMENDMENT (this
“Amendment”) to: (i) that certain Securities Purchase Agreement (the “Purchase Agreement”),
dated as of December 22, 2011, by and between Socius CG II, Ltd., a Bermuda exempted company (the “Investor”),
and Marina Biotech, Inc., a Delaware corporation (the “Company”), (ii) that certain Warrant to Purchase Common
Stock issued to the Investor on December 29, 2011 (the “Warrant”), and (iii) that certain Secured Promissory
Note dated December 29, 2011 issued by the Investor to the Company (the “Note”), is dated as of January 9, 2012.
Capitalized terms used by not defined in this Amendment shall have the meanings ascribed to such terms in the Purchase Agreement,
the Warrant and/or the Note, as applicable.

 

WHEREAS, the undersigned
desire to amend the Purchase Agreement, pursuant to Section 6.3 of the Purchase Agreement, the Warrant, pursuant to Article 8 of
the Warrant, and the Note, pursuant to Section 8(b) thereof, in the manner set forth in this Amendment.

 

NOW, THEREFORE, in
consideration of the mutual covenants contained in this Amendment and for other good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, the Company and the Investor hereby agree as follows:

 

		1.	The first sentence of Section 2.3(c)(i) of the Purchase Agreement is hereby deleted in its entirety
and replaced in its entirety with the following:

 

“(c)(i)  Warrant.
On each Tranche Notice Date, that portion of the Warrant equal to 37% of the Tranche Amount shall vest and become exercisable,
and shall be automatically exercised, at the price per share set forth in the Warrant, all as more fully set forth in the Warrant.”

 

		2.	Section 2.3(j) of the Purchase Agreement is hereby deleted in its entirety and replaced in its
entirety with the following:

 

    	 

    	 

    

 

“(j)      Limitation on
Obligations to Purchase and Sell. Notwithstanding anything herein to the contrary, in the event the Closing Bid Price of the
Common Stock during any one or more of the nine (9) Trading Days on or immediately following the Tranche Notice Date falls
below 75.0% of the Closing Bid Price of the Common Stock on the Trading Day immediately prior to the Tranche Notice Date, the Company
shall not issue any Tranche Shares on the Tranche Closing Date, Investor shall not purchase any of the Tranche Shares, and the
Tranche shall automatically be cancelled; provided, however, that upon such cancellation, the Investor shall redeem
any outstanding recourse note tendered by Investor in lieu of cash payment for Additional Investment Shares or Warrant Shares issued
in connection with the applicable Tranche Notice for the principal amount of the recourse note plus accrued interest in exchange
for, at the option of Investor, (i) cash or (ii) the return to the Company of any unsold Additional Investment Shares
or Warrant Shares issued to Investor in connection with such Tranche Notice plus a cash payment equal to the greater of (x) 92%
of any gross proceeds received by Investor upon the sale of such Additional Investment Shares or Warrant Shares issued to Investor
in connection with such Tranche Notice and (y) 100% of the principal amount of the recourse note tendered by Investor in lieu of
cash payment for Additional Investment Shares or Warrant Shares issued in connection with such Tranche Notice that have been sold
by Investor plus accrued interest thereon.”

 

		3.	The heading to the Warrant is hereby amended to clarify that the Warrant is exercisable for 1,380,597
shares of Common Stock, rather than 1,305,970 shares of Common Stock.

 

		4.	The reference to “Thirty-five Percent (35%) of the Tranche Purchase Price” in the second
sentence of the third full paragraph of the Warrant is hereby amended to become a reference to “Thirty-seven Percent (37%)
of the Tranche Purchase Price”.

 

		5.	The first paragraph of Section 1.3 of the Warrant is hereby deleted in its entirety and replaced
in its entirety with the following:

 

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“1.3     Number of Shares.
At each time of delivery of a Tranche Notice, the number of Warrant Shares underlying this Warrant shall be adjusted such that
after such adjustment (and taking account of the adjustment to the Exercise Price in accordance with Section 1.2 above)
the aggregate Exercise Price payable hereunder for the adjusted number of Warrant Shares shall be the same as the aggregate Exercise
Price in effect immediately prior to such adjustments (in each case, without regard to any limitations on exercise contained herein).
Immediately following such adjustment, the number of Warrant Shares underlying the applicable Warrant Tranche shall vest and become
exercisable and such number of Warrant Shares in such Warrant Tranche shall be a number of shares equal to the Tranche Purchase
Price set forth in the applicable Tranche Notice multiplied by 37%, with the resulting product divided by the Exercise Price as
adjusted in accordance with Section 1.2 above to give effect to the applicable Tranche Notice (in respect of any Warrant
Tranche, the “Warrant Tranche Shares”). For illustrative purposes only, assume that the Warrant is initially
exercisable for 3,500,000 Warrant Shares at an initial Exercise Price of $0.50 (for a total aggregate Exercise Price of $1,750,000).
The Company then delivers a Tranche Notice with a Tranche Purchase Price of $1,000,000 and the Closing Bid Price of a share of
Common Stock on the most recently completed Trading Day prior to the time that the Tranche Notice was deemed delivered is $0.25.
Immediately prior to the automatic exercise of the Warrant, the Exercise Price will be adjusted to $0.25 and the Warrant Shares
will be increased to 7,000,000 (to maintain the pre-adjustment aggregate Exercise Price of $1,750,000). The number of Warrant Shares
underlying the Warrant that become vested and automatically exercised shall be $1,000,000 x 37% = $370,000 divided by $0.25 = 1,480,000
Warrant Shares. After such automatic exercise, the Warrant will be exercisable for 5,520,000 Warrant Shares at an Exercise Price
of $0.25 (with an aggregate Exercise Price of $1,380,000 ($1,750,000 minus $370,000)). The Company then delivers a second Tranche
Notice with a Tranche Purchase Price of $2,000,000 and the Closing Bid Price of a share of Common Stock on the most recently completed
Trading Day prior to the time that the Tranche Notice was deemed delivered is $0.35. Immediately prior to the automatic exercise
of the Warrant, the Exercise Price will be adjusted to $0.35 and the Warrant Shares will be decreased to 3,942,858 (to maintain
the pre-adjustment aggregate Exercise Price of $1,380,000). The number of Warrant Shares underlying the Warrant that become vested
and automatically exercised shall be $2,000,000 x 37% = $740,000 divided by $0.35 = 2,114,286 Warrant Shares. After such automatic
exercise, the Warrant will be exercisable for 1,828,572 Warrant Shares at an Exercise Price of $0.35 (with an aggregate Exercise
Price of $640,000 (1,380,000 minus $740,000)). For clarification purposes, both the Exercise Price and number of Warrant Shares
underlying this Warrant and each Warrant Tranche shall each be deemed to be adjusted in accordance with Section 1.2 above
and this Section 1.3 immediately prior to the determination of the number of Warrant Tranche Shares and the automatic vesting
and exercise of this Warrant in connection therewith.”

 

		6.	The Note is hereby amended to clarify that the aggregate principal amount thereof is $172,574.63,
rather than $163,246.25.

 

		7.	Except as otherwise expressly provided by this Amendment, all of the terms and conditions of the
Purchase Agreement, the Warrant and the Note are, and shall continue to be, in full force and effect and are hereby ratified and
confirmed in all respects.

 

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		8.	This Amendment shall be governed by and construed and enforced in accordance with the internal
laws of the State of New York without regard to the principles of conflicts of laws thereof. This Amendment may be executed in
two or more counterparts, each of which shall be considered one and the same amendment and shall become effective when counterparts
have been signed by each party and delivered to the other party. In the event that any signature is delivered by facsimile transmission
or by an e-mail which contains a portable document format (.pdf) file of an executed signature page, such signature page shall
create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force
and effect as if such signature page were an original thereof.

 

		9.	This Amendment shall be effective upon the Company’s execution and receipt of the same amendment
executed by all of the undersigned.

 

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

 

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IN WITNESS WHEREOF,
the parties have caused this Amendment to be duly executed by their respective authorized signatures as of the date first set forth
above.

 

	 	MARINA BIOTECH, INC.
	 	 	 
	 	By:	/s/ Philip C. Ranker
	 	Name:	Philip C. Ranker
	 	Title:	Interim Chief Financial Officer
	 	 	 
	 	SOCIUS CG II, LTD.
	 	 	 
	 	By:	/s/ Terren Peizer
	 	Name:	Terren Peizer
	 	Title:	Managing Director

 

    	5Exhibit
10.77 

 

Execution Version

 

AMENDMENT No. 2 TO SECURITIES PURCHASE
AGREEMENT

 

THIS AMENDMENT (this
“Amendment”) to that certain Securities Purchase Agreement (the “Purchase Agreement”), dated
as of December 22, 2011, by and between Socius CG II, Ltd., a Bermuda exempted company (the “Investor”), and
Marina Biotech, Inc., a Delaware corporation (the “Company”), is made as of January 12, 2012. Capitalized terms
used but not defined in this Amendment shall have the meanings ascribed to such terms in the Purchase Agreement.

 

WHEREAS, the Company
and the Investor desire to amend the Purchase Agreement, pursuant to Section 6.3 of the Purchase Agreement, in the manner set forth
in this Amendment.

 

NOW, THEREFORE, in
consideration of the mutual covenants contained in this Amendment and for other good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, the Company and the Investor hereby agree as follows:

 

		1.	The definition of “Common Shares” is hereby deleted in its entirety and replaced
in its entirety with the following:

 

““Common Shares”
includes the Warrant Shares and the Additional Investment Shares.”

 

		2.	The definition of “DWAC Shares” is hereby deleted in its entirety and replaced
in its entirety with the following:

 

““DWAC
Shares” means all Common Shares or other shares of Common Stock issued or issuable to Investor or any Affiliate, successor
or assign of Investor pursuant to any of the Transaction Documents, including without limitation any Warrant Shares and Additional
Investment Shares, all of which shall be (a) issued in electronic form, (b) freely tradable by Investor and legend free and without
restriction on resale, and (c) timely credited by Company to the specified Deposit/Withdrawal at Custodian (DWAC) account with
DTC under its Fast Automated Securities Transfer (FAST) Program or any similar program hereafter adopted by DTC performing substantially
the same function, in accordance with irrevocable instructions issued to and countersigned by the Transfer Agent, in the form attached
hereto as Exhibit C or in such other form agreed upon by the parties.”

 

    	 

    	 

    

 

		3.	The definition of “Placement Agent Fee Shares” is hereby deleted in its entirety
and replaced in its entirety with the following:

 

““Placement Agent
Fee Shares” means the shares of Common Stock issued in payment of the Placement Agent Fee.”

 

		4.	Section 2.3(d)(i) is hereby deleted in its entirety and replaced in its entirety with the following:

 

“(i)   If
at any time from the applicable Tranche Notice Date through the related Tranche Closing Date (in both cases inclusive), a current,
valid and effective Registration Statement and Prospectus is not properly available for use to permit the lawful public resale
by the Investor of all Common Shares underlying the Warrant (including the portion of the Warrant vesting on the applicable Tranche
Notice Date) and underlying the Additional Investment Right with respect to the applicable Tranche Notice Date then held by the
Investor or any of its Affiliates, or any such Common Shares would not be immediately freely tradable by Investor or any of its
Affiliates.”

 

		5.	Section 2.3(g)(ix) is hereby deleted in its entirety and replaced in its entirety with the following:

 

“(ix)   a
current, valid and effective Registration Statement and Prospectus shall be properly available for use, at all times from the applicable
Tranche Notice Date through the related Tranche Closing Date (in both cases inclusive), to permit the lawful public resale by the
Investor of all Common Shares underlying the Warrant (including the portion of the Warrant vesting on the applicable Tranche Notice
Date) and underlying the Additional Investment Right with respect to the applicable Tranche Notice Date then held by the Investor
or any of its Affiliates; “

 

		6.	Section 4.1(f) is hereby deleted in its entirety and replaced in its entirety with the following:

 

“(f)   Issuance
of the Securities. The Securities and the Placement Agent Fee Shares are duly authorized and, when issued and paid for in accordance
with the applicable Transaction Documents, and subject to, and in reliance on, the representations, warranties, covenants and agreements
made herein by the Investor, will be duly and validly issued, fully paid and nonassessable, and subject to Section 5.14,
free and clear of all Liens. The Company has reserved from its duly authorized capital stock a number of shares of Common Stock
and Preferred Stock for issuance of the Securities and the Placement Agent Fee Shares at least equal to the number of Securities
and Placement Agent Fee Shares which could be issued pursuant to the terms of this Agreement based on the then-current anticipated
exercise price(s) of the Warrant.”

 

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		7.	The last sentence of Section 5.1(a) is hereby deleted in its entirety and replaced in its entirety
with the following:

 

			“Notwithstanding the foregoing and for the avoidance of doubt, all Common Shares (including
without limitation all Warrant Shares and all Additional Investment Shares) shall be DWAC Shares that are freely tradable by Investor,
without restrictive or other legend and without restriction on resale, and the Company shall not take any action or give instructions
to any transfer agent of the Company otherwise.”

 

		8.	Except as otherwise expressly provided by this Amendment, all of the terms and conditions of the
Purchase Agreement, the Warrant and the Note are, and shall continue to be, in full force and effect and are hereby ratified and
confirmed in all respects.

 

		9.	This Amendment shall be governed by and construed and enforced in accordance with the internal
laws of the State of New York without regard to the principles of conflicts of laws thereof. This Amendment may be executed in
two or more counterparts, each of which shall be considered one and the same amendment and shall become effective when counterparts
have been signed by each party and delivered to the other party. In the event that any signature is delivered by facsimile transmission
or by an e-mail which contains a portable document format (.pdf) file of an executed signature page, such signature page shall
create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force
and effect as if such signature page were an original thereof.

 

		10.	This Amendment shall be effective upon the Company’s execution and receipt of the same amendment
executed by the Investor.

 

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

 

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IN WITNESS WHEREOF,
the parties have caused this Amendment to be duly executed by their respective authorized signatures as of the date first set forth
above.

 

	 	MARINA BIOTECH, INC.
	 	 	 
	 	By:	/s/ Philip C. Ranker
	 	Name:	Philip C. Ranker
	 	Title:	Interim Chief Financial Officer
	 	 	 
	 	SOCIUS CG II, LTD.
	 	 	 
	 	By:	/s/ Terren Peizer
	 	Name:	Terren Peizer
	 	Title:	Managing Director

 

    	4

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