Document:

COMMON STOCK PURCHASE WARRANT

MARINA BIOTECH, INC.

 

	Warrant Shares: __________	 	Initial Exercise Date: February 4, 2013
	 	 	Issue Date:  August 3, 2012

 

THIS COMMON STOCK PURCHASE
WARRANT (the “ Warrant ”) certifies that, for value received, _____________________ (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 Initial Exercise Date as
set forth above (the “Initial Exercise Date”) and on or prior to the close of business on February
4, 2018 (the “Termination Date”) but not thereafter, to subscribe for and purchase from Marina Biotech, Inc.,
a Delaware corporation (the “ Company ”), up to _______________ shares (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 Note and Warrant Purchase
Agreement dated as of February 10, 2012 among the Company and the purchasers signatory thereto (as amended from time to time, the
“Purchase Agreement”).

 

Section 2.      Exercise.

 

     a)
Exercise of Warrant. 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) and to Company Counsel of a duly executed facsimile copy of the Notice of Exercise Form
annexed hereto; and, within 3 Trading Days of the date said Notice of Exercise is delivered to the Company, the Company shall have
received payment of the aggregate Exercise Price of the shares thereby purchased by wire transfer or cashier’s check drawn
on a United States bank. 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 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 the date of such purchases. The Company shall
deliver any objection to any Notice of Exercise Form within 1 Business Day of receipt of such notice. In the event of any dispute
or discrepancy, the records of the Holder shall be controlling and determinative in the absence of manifest error. 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 $0.28, subject to adjustment
hereunder (the “Exercise Price ”).

    	 

    	 	

    
 

     c)
Cashless Exercise. If at any time during the term of this Warrant there is no effective Registration Statement registering,
or no current prospectus available for, the issuance or resale of the Warrant Shares to or by the Holder, then this Warrant may
also be exercised at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive a
certificate for the 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 of such election;
	 	 	 	 	 	 	 
	 	 	(B)	 	=	 	the Exercise Price of this Warrant, as adjusted; and
	 	 	 	 	 	 	 
	 	 	(X)	 	=	 	
        the number of
        Warrant Shares issuable upon exercise of this Warrant in accordance with the terms of this Warrant by means of a cash
        exercise rather than a cashless exercise.

     

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).

 

d) Holder’s Restrictions
.. 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 person or entity
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 (A) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates
and (B) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company (including,
without limitation, any 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(d), 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(d)
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(d),
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, as the case may be, (B) a more recent
public announcement by the Company or (C) any other 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 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(d), 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(d) 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(d) 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.

    	 

    	 	

    
 

e) Mechanics of Exercise.

 

i.Delivery of Certificates
Upon Exercise. Certificates for shares purchased hereunder shall 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 Withdrawal Agent Commission
(“ DWAC ”) system if the Company is then a participant in such system and either there is an effective Registration
Statement permitting the resale of the Warrant Shares by the Holder or 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 within 3 Trading Days from the
delivery to the Company of the Notice of Exercise Form, surrender of this Warrant (if required) and payment of the aggregate Exercise
Price as set forth above (the “Warrant Share Delivery Date”). This Warrant shall be deemed to have been exercised
on the date the Exercise Price is received by the Company. 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 by 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(e)(vi) prior to the issuance of such shares,
have been paid. If the Company fails for any reason to deliver to the Holder certificates evidencing the Warrant Shares subject
to a Notice of Exercise by the Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages
and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Common Stock on the
date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the fifth Trading Day after
such liquidated damages begin to accrue) for each Trading Day after such Warrant Share Delivery Date until such certificates are
delivered.

 

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 certificate or certificates representing Warrant Shares,
deliver to Holder a new Warrant evidencing the rights of 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 a certificate or the certificates representing the Warrant
Shares pursuant to Section 2(e)(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 Certificates 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 a certificate or the certificates representing 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 “Buy-In”), then the Company shall (A) pay in cash to the Holder the amount 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 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 certificates representing 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 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 certificates for 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 certificate, all of which taxes and expenses shall be paid by
the Company, and such certificates 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 certificates for 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.

 

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.

 

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)Subsequent Equity Sales.
If the Company or any Subsidiary thereof, as applicable, at any time
on or prior to June 30, 2014, shall sell or grant any option to purchase, or sell or grant any right to reprice, or otherwise dispose
of or issue or agree to reprice (or announce any offer, sale, grant or any option to purchase or other disposition) any Common
Stock or Common Stock Equivalents entitling any Person to acquire shares of Common Stock, at an effective price per share less
than the then Exercise Price (such lower price, the “Base Share Price” and such issuances collectively, a “Dilutive
Issuance”) (it being understood for purposes of the foregoing that if the holder
of the Common Stock or Common Stock Equivalents so issued shall at any time, whether by operation of purchase price adjustments,
reset provisions, floating conversion, exercise or exchange prices or otherwise, or due to warrants, options or rights per share
which are issued in connection with such issuance, be entitled to receive shares of Common Stock at an effective price per share
which is less than the Exercise Price, such issuance shall be deemed to have occurred for less than the Exercise Price on such
date of the Dilutive Issuance), then the Exercise Price shall be reduced and only reduced to equal the Base Share Price. Such adjustment
shall be made whenever such Common Stock or Common Stock Equivalents are issued or deemed issued. Notwithstanding the foregoing,
no adjustments shall be made, paid or issued under this Section 3(b) in respect of an Exempt Issuance. The Company shall notify
the Holder in writing, no later than the Trading Day following the issuance or deemed issuance of any Common Stock or Common Stock
Equivalents subject to this Section 3(b), indicating therein the applicable issuance price, or applicable reset price, exchange
price, conversion price and other pricing terms (such notice the “Dilutive Issuance Notice”). For purposes of clarification,
whether or not the Company provides a Dilutive Issuance Notice pursuant to this Section 3(b), upon the occurrence of any Dilutive
Issuance, after the date of such Dilutive Issuance the Holder is entitled to receive Warrant Shares at the Base Share Price regardless
of whether the Holder accurately refers to the Base Share Price in the Notice of Exercise.

 

c)Subsequent Rights Offerings.
If the Company, at any time while the Warrant is outstanding, shall issue rights, options or warrants to all holders of Common
Stock (and not to Holders) entitling them to subscribe for or purchase shares of Common Stock at a price per share less than the
VWAP at the record date mentioned below, then, the Exercise Price shall be multiplied by a fraction, of which the denominator
shall be the number of shares of the Common Stock outstanding on the date of issuance of such rights or warrants plus the number
of additional shares of Common Stock offered for subscription or purchase, and of which the numerator shall be the number of shares
of the Common Stock outstanding on the date of issuance of such rights or warrants plus the number of shares which the aggregate
offering price of the total number of shares so offered (assuming receipt by the Company in full of all consideration payable
upon exercise of such rights, options or warrants) would purchase at such VWAP. Such adjustment shall be made whenever such rights
or warrants are issued, and shall become effective immediately after the record date for the determination of stockholders entitled
to receive such rights, options or warrants.

 

d) Pro Rata Distributions.
If the Company, at any time while this Warrant is outstanding, shall distribute to all holders of Common Stock (and not to Holders
of the Warrants) evidences of its indebtedness or assets (including cash and cash dividends) or rights or warrants to subscribe
for or purchase any security other than the Common Stock (which shall be subject to Section 3(b)), then in each such case
the Exercise Price shall be adjusted by multiplying the Exercise Price in effect immediately prior to the record date fixed for
determination of stockholders entitled to receive such distribution by a fraction of which the denominator shall be the VWAP determined
as of the record date mentioned above, and of which the numerator shall be such VWAP on such record date less the then per share
fair market value at such record date of the portion of such assets or evidence of indebtedness so distributed applicable to one
outstanding share of the Common Stock as determined by the Board of Directors in good faith. In either case the adjustments shall
be described in a statement provided to the Holder of the portion of assets or evidences of indebtedness so distributed or such
subscription rights applicable to one share of Common Stock. Such adjustment shall be made whenever any such distribution is made
and shall become effective immediately after the record date mentioned above.

    	 

    	 	

    
 

e) Fundamental Transaction.
If, at any time while this Warrant is outstanding, (i) the Company effects any merger or consolidation of the Company with
or into another Person, (ii) the Company effects any sale of all or substantially all of its assets in one or a series of
related transactions, (iii) any tender offer or exchange offer (whether by the Company or another Person) is completed pursuant
to which holders of Common Stock are permitted to tender or exchange their shares for other securities, cash or property or (iv)
the Company effects any reclassification 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 (each “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, 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 merger, consolidation or disposition
of assets by a holder of the number of shares of Common Stock for which this Warrant is exercisable immediately prior to such event.
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. To the
extent necessary to effectuate the foregoing provisions, any successor to the Company or surviving entity in such Fundamental Transaction
shall issue to the Holder a new warrant consistent with the foregoing provisions and evidencing the Holder’s right to exercise
such warrant into Alternate Consideration. The terms of any agreement pursuant to which a Fundamental Transaction is effected shall
include terms requiring any such successor or surviving entity to comply with the provisions of this Section 3(e) and insuring
that this Warrant (or any such replacement security) will be similarly adjusted upon any subsequent transaction analogous to a
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 in which the surviving corporation (if not the Company) is a person or entity not traded
on a national securities exchange, the Nasdaq Global Select Market, the Nasdaq Global Market, the Nasdaq Capital Market, or the
OTCQX or OTCQB tiers of the OTC Markets, the Company or any successor entity shall pay at the Holder’s option, exercisable
at any time concurrently with or within 30 days after the consummation of the Fundamental Transaction, an amount of cash equal
to the value of this Warrant as determined in accordance with the Black Scholes Option Pricing Model obtained from the “OV”
function on Bloomberg L.P. using (A) a price per share of Common Stock equal to the VWAP of the Common Stock for the Trading
Day immediately preceding the date of consummation of the applicable Fundamental Transaction, (B) a risk-free interest rate
corresponding to the U.S. Treasury rate for a 30 day period immediately prior to the consummation of the applicable Fundamental
Transaction, (C) an expected volatility equal to the 100 day volatility obtained from the “HVT” function
on Bloomberg L.P. determined as of the Trading Day immediately following the public announcement of the applicable Fundamental
Transaction and (D) a remaining option time equal to the time between the date of the public announcement of such transaction
and the Termination Date.

 

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 such adjustment 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, of 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 is 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.

 

Section 4.      Transfer
of Warrant.

 

a) Transferability. This
Warrant and all rights hereunder 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 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, 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 Exercise Date 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 or other rights as a stockholder of the Company
prior to the exercise hereof as set forth in Section 2(e)(i).

 

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.

 

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 certificates for the 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, 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.

 

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 issued
to the Holder pursuant to an effective registration statement, and the Holder does not exercise via “cashless exercise,”
may 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 Holder’s rights, powers or remedies, notwithstanding the fact that all rights hereunder
terminate on the Termination Date. 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 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 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 Holder to exercise this Warrant to purchase Warrant Shares, and
no enumeration herein of the rights or privileges of Holder, shall give rise to any liability of 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 of the Company and the successors and permitted assigns of Holder. The provisions of this
Warrant are intended to be for the benefit of all Holders from time to time of this Warrant and shall be enforceable by the Holder
or holder of Warrant Shares.

 

l) Amendment. This Warrant
may be modified or amended or the provisions hereof waived with the written consent of the Company and Holders holding Warrants
at least equal to 67% of the Warrant Shares issuable upon exercise of all then outstanding Warrants.

 

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 Pages Follow)

    	 

    	 	

    
 

          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:	J. Michael French
	 	 	Title:	President and Chief Executive Officer

 

    	 

    	 	

    
 

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):

 

o
in lawful money of the United States; or

 

o
[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 a certificate or certificates representing 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 or by physical delivery of a certificate to:

__

 

 

 

 

 

     (4) Accredited
Investor. The undersigned is an “accredited investor” as defined in Regulation D promulgated under the Securities
Act of 1933, as amended.

 

[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.THIRD AMENDMENT TO

NOTE AND WARRANT PURCHASE AGREEMENT

and SECURED PROMISSORY NOTES

 

This
Third Amendment (as amended, restated, supplemented or otherwise modified from time to time, the “Third Amendment”)
dated as of August 3, 2012, among Marina Biotech, Inc., a Delaware corporation (the “Company”), MDRNA Research,
Inc., a Delaware corporation and a wholly-owned subsidiary of the Company (“Research”), and Cequent Pharmaceuticals,
Inc., a Delaware corporation and a wholly-owned subsidiary of the Company (“Cequent” and, together with the
Company and Research, the “Companies”), and each purchaser identified on the signature pages hereto (each, including
its successors and assigns, a “Purchaser” and collectively the “Purchasers”), amends (i)
that certain Note and Warrant Purchase Agreement (as amended from time to time, the “Purchase Agreement”), dated
as of February 10, 2012, among the Companies and the Purchasers and (ii) the Secured Promissory Notes (the “Notes”)
issued to the Purchasers pursuant thereto. Capitalized terms used but not otherwise defined herein shall have the meanings ascribed
to such terms in the Purchase Agreement.

 

WHEREAS,
subject to the terms and conditions set forth in this Third Amendment, the Companies and the Purchasers desire to amend the Purchase
Agreement and the Notes as set forth herein;

 

NOW,
THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Third Amendment, and for other good and valuable consideration
the receipt and adequacy of which are hereby acknowledged, the Companies and the Purchasers hereby agree as follows:

 

Section
1.Satisfaction and Cancellation of Notes. By executing below, the Companies and the Purchasers hereby acknowledge and
agree that if the Company, prior to December 31, 2012, effects any merger or consolidation of the Company whereby the holders of
the issued and outstanding shares of Common Stock immediately prior to the consummation of such transaction hold less than fifty
percent (50%) of the issued and outstanding shares of the voting securities of the surviving corporation immediately following
the consummation of such transaction, the Companies will have fully satisfied their obligations to repay the entire unpaid principal
balance under the Notes and all accrued and unpaid interest thereon through: (i) payment to the Purchasers (on a pro rata basis)
of all sums received from the sale of surplus equipment by the Companies (net of sales expenses), such amounts to be applied promptly
following sale first to interest accrued on the Notes and not yet paid and then to principal outstanding thereon; and (ii) the
issuance to the Purchasers (on a pro rata basis) of an aggregate number of shares of Common Stock calculated by converting the
then total outstanding principal and interest under the Notes at a value of $.28 per share of Common Stock (the “Conversion
Price”) (provided such Conversion Price shall be adjusted for corporate events such as stock splits, and for subsequent
financings as set forth in this Third Amendment, and provided further that if the effective price received by common
shareholders of the Companies upon a merger or consolidation is less than $0.38 per share, then
the Conversion Price solely with respect to principal and interest converted under the Notes will be adjusted to 75% of that effective
price) (provided that this clause (ii) shall be deemed satisfied if the Purchasers have otherwise converted the Notes to Common
Stock as provided in this Third Amendment). In addition, and as further consideration for this Third Amendment, the Company shall
issue to the Purchasers (on a pro rata basis), promptly upon the execution of this Third Amendment, warrants to purchase up to
an aggregate of 1,250,000 shares of Common Stock (the “Warrants”). The Warrants will have an initial exercise
price of $0.28 per share, which is subject to adjustment (including as a result of subsequent financings completed on or prior
to June 30, 2014), will be exercisable for a period of five years beginning six months and one day following the issuance of the
Warrants, and otherwise have substantially the same terms and conditions as the warrants that were issued to the Purchasers upon
the closing of the Purchase Agreement. Furthermore, upon the execution of this Third Amendment, the per share exercise price of
the warrants heretofore issued to the Purchasers pursuant to the Purchase Agreement (including
the amendments thereto) on each of February 10, 2012, April 30, 2012 and May 31, 2012 (namely to purchase up to an aggregate of
4,605,077 shares of Common Stock) shall automatically, and without any further action by the Company or the Purchasers, be reduced
to $0.28. Immediately upon the issuance to the Purchasers of the consideration described in this Section 1, the Notes shall be
deemed cancelled and of no further force and effect, and any obligations of the Company to the Purchasers pursuant to the Notes
shall be deemed satisfied in full.

    	1

    	 

    

 

If
the Company, at any time on or prior to August 11, 2014, shall sell or grant any option to purchase, or sell or grant any right
to reprice, or otherwise dispose of or issue or agree to reprice (or announce any offer, sale, grant or any option to purchase
or other disposition) any Common Stock or Common Stock Equivalents entitling any Person to acquire shares of Common Stock, at an
effective price per share less than the then Conversion Price (such lower price, the “Base Share Price” and such issuances
collectively, a “Dilutive Issuance”) (it being understood for purposes of the foregoing that if the holder of the Common
Stock or Common Stock Equivalents so issued shall at any time, whether by operation of purchase price adjustments, reset provisions,
floating conversion, exercise or exchange prices or otherwise, or due to warrants, options or rights per share which are issued
in connection with such issuance, be entitled to receive shares of Common Stock at an effective price per share which is less than
the Conversion Price, such issuance shall be deemed to have occurred for less than the Conversion Price on such date of the Dilutive
Issuance), then the Conversion Price shall be reduced and only reduced to equal the Base Share Price. Such adjustment shall be
made whenever such Common Stock or Common Stock Equivalents are issued or deemed issued. Notwithstanding the foregoing, no adjustments
shall be made, paid or issued under this Section 3(b) in respect of an Exempt Issuance.

 

The
Companies agree that at any time the Purchasers shall have the right, on notice to the Companies, to convert the Notes to an aggregate
number of shares of Common Stock calculated by converting the then total outstanding principal and interest under the Notes at
a value equal to the Conversion Price in effect at such time. This right may be exercised at any time and may be exercised in lieu
of accepting prepayment of the Notes. 

    	2

    	 

    
 

Section
2.Amendment of Definitions. The following definitions contained in Section 1.1 of the Purchase Agreement are hereby
amended as set forth below:

 

(a)The
definition of “Transaction Documents” is hereby amended to add this “Third Amendment” as a Transaction
Document.

 

(b)The
definition of “Warrants” is hereby amended to include the Warrants that may be issued pursuant to this Third
Amendment.

 

Section
3.Amendment of Maturity Date; Consent. (A) The parties hereto hereby agree that the Notes that were issued to the Purchasers
on the Closing Date pursuant to the Purchase Agreement are hereby further amended by replacing the reference to “June 15,
2012” in clause (A) of the first paragraph thereof (as previously amended on each of April 30, 2012 and May 31, 2012 relating
to the Maturity Date of the Notes) with a reference to “December 31, 2012”.

 

(B)
The Purchasers consent to the use of the proceeds received from the Novartis license of certain technologies in the amount of one
million dollars for general corporate purposes.

 

Section 4.Miscellaneous.

 

4.1No Other
Amendments. Except as otherwise expressly provided by this Third Amendment, all of the terms and conditions of each of the
Transaction Documents are, and shall continue to be, in full force and effect and are hereby ratified and confirmed in all respects.

 

4.2 Headings. The headings
herein are for convenience only, do not constitute a part of this Third Amendment and shall not be deemed to limit or affect any
of the provisions hereof.

 

4.3 Execution. This Third
Amendment may be executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement
and shall become effective when counterparts have been signed by each party and delivered to the other party, it being understood
that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or
by e-mail delivery of a “.pdf” format data file, such signature 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 facsimile or “.pdf”
signature page were an original thereof.

 

4.4Severability. If any
term, provision, covenant or restriction of this Third Amendment is held by a court of competent jurisdiction to be invalid, illegal,
void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full
force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially
reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated
by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that
they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be
hereafter declared invalid, illegal, void or unenforceable.

    	3

    	 

    
 

4.5Choice of
Law. This Third 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.

 

4.6Effectiveness.
This Third Amendment shall be effective upon the Companies execution and receipt of the same amendment executed by all of the undersigned.

 

[Remainder of Page Intentionally Left
Blank; Signature Pages Follow]

    	4

    	 

    
 

IN WITNESS WHEREOF,
the parties hereto have caused this Third Amendment to Note and Warrant Purchase Agreement and Secured Promissory Notes to be duly
executed by their respective authorized signatories as of the date first indicated above.

 

	 	MARINA BIOTECH, INC.
	 	 	 
	 	 	 
	 	By:	/s/ J. Michael French
	 	Name:	J. Michael French
	 	Title:	President and Chief Executive Officer
	 	 	 
	 	 	 
	 	MDRNA RESEARCH, INC.
	 	 	 
	 	 	 
	 	By:	/s/ J. Michael French
	 	Name:	J. Michael French
	 	Title:	President
	 	 	 
	 	 	 
	 	CEQUENT PHARMACEUTICALS, INC.
	 	 	 
	 	 	 
	 	By:	/s/ J. Michael French
	 	Name:	J. Michael French
	 	Title:	President

 

 

 

 

 

 

 

 

 

 

[Remainder of page intentionally left
blank; signature pages for Purchasers follows]

    	5

    	 

    
 

[PURCHASER SIGNATURE PAGES TO THIRD AMENDMENT
TO NOTE AND WARRANT PURCHASE AGREEMENT and SECURED PROMISSORY NOTES]

 

IN WITNESS WHEREOF,
the undersigned have caused this Third Amendment to Note and Warrant Purchase Agreement and Secured Promissory Notes to be duly
executed by their respective authorized signatories as of the date first indicated above.

 

 

	 	GENESIS CAPITAL MANAGEMENT, LLC
	 	 	 
	 	 	 
	 	By:	/s/ Shawn Rhynes
	 	Name:	Shawn Rhynes
	 	Title:	Managing Director
	 	 	 

 

    	6

    	 

    
 

[PURCHASER SIGNATURE PAGES TO THIRD AMENDMENT
TO NOTE AND WARRANT PURCHASE AGREEMENT and SECURED PROMISSORY NOTES]

 

IN WITNESS WHEREOF,
the undersigned have caused this Third Amendment to Note and Warrant Purchase Agreement and Secured Promissory Notes to be duly
executed by their respective authorized signatories as of the date first indicated above.

 

 

	 	PEAK CAPITAL ADVISORY LIMITED
	 	 	 
	 	 	 
	 	By:	/s/ Feng Bai Ye
	 	Name:	Feng Bai Ye
	 	Title:	Managing Director

 

 

    	7

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