Document:

EXECUTION

 

FOURTH AMENDMENT TO

NOTE AND WARRANT PURCHASE AGREEMENT

and SECURED PROMISSORY NOTES

 

This
Fourth Amendment (as amended, restated, supplemented or otherwise modified from time to time, the “Fourth Amendment”)
dated as of October 4, 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 Fourth 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 Fourth 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.          Amendment of Third Amendment; Issuance of Warrants.

 

(a)          By
executing below, the Companies and the Purchasers hereby agree to amend Section 1 of that certain Third Amendment to the Purchase
Agreement: (i) to remove the following language from such Section 1 in its entirety: “: (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)”; and (ii) to replace the phrase “clause (ii)” in the final parenthetical of the first sentence
of such Section 1 with the word “condition”.

 

(b)          As
consideration for this Fourth Amendment, the Company shall issue to the Purchasers (on a pro rata basis), promptly upon the execution
of this Fourth Amendment, warrants to purchase up to an aggregate of 1,035,715 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. 

 

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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 “Fourth Amendment” as a Transaction
Document.

 

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

 

Section 3.          Miscellaneous.

 

3.1           No
Other Amendments. Except as otherwise expressly provided by this Fourth 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.

 

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

 

3.3           Execution.
This Fourth 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.

 

3.4           Severability.
If any term, provision, covenant or restriction of this Fourth 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.

 

3.5           Choice
of Law. This Fourth 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.

 

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3.6           Effectiveness.
This Fourth 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]

 

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IN WITNESS WHEREOF,
the parties hereto have caused this Fourth 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]

 

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

 

IN WITNESS WHEREOF,
the undersigned have caused this Fourth 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

 

 

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

 

IN WITNESS WHEREOF,
the undersigned have caused this Fourth 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

 

    	6LEASE TERMINATION AGREEMENT

 

THIS LEASE TERMINATION AGREEMENT (this “Agreement”)
is entered into effective as of October 1, 2012 (“Effective Date”) by and between DITTY
PROPERTIES LIMITED PARTNERSHIP, a Washington limited partnership (“Landlord”); and MARINA
BIOTECH, INC., a Delaware corporation, f/k/a MDRNA, Inc., f/k/a Nastech Pharmaceutical Company, Inc. (“Tenant”).

 

RECITALS

 

A.           Landlord
and Tenant are parties to that certain Lease Agreement dated March 1, 2006 and amended July 17, 2006 (as amended from time to time,
the “Lease”) under which Tenant leased space located at 3830 Monte Villa Parkway, Bothell, Washington as further
described in the Lease (the “Premises”).

 

B.           Tenant’s
obligations under the Lease are supported by Wells Fargo Bank’s Irrevocable Letter of Credit No. NZS568195 dated March 29,
2006 (as amended from time to time, the “Letter of Credit”).

 

C.           Tenant
has asked Landlord to release Tenant from its obligations under the Lease prior to the scheduled expiration date. Landlord is willing
to terminate the Lease on the terms and conditions of this Agreement.

 

AGREEMENT

 

In consideration of the mutual terms, covenants
and conditions set forth herein, Landlord and Tenant hereby agree as follows:

 

1.          Rent
Payments; Draws on Letter of Credit; No Obligation to Pay Further Rent.  Concurrently with the
execution and delivery of this Agreement by all parties hereto, Tenant will pay to Landlord $155,000 as rent for the Premises for
the month of October 2012. Thereafter, Tenant’s obligation to pay further rent under the Lease (“Rent”)
will be satisfied through the Letter of Credit. Landlord will draw the amount of each month’s Rent by drawing on the Letter
of Credit on or about the first day of each month from November 2012 through February 2013. In addition, with the drawing of the
February 2013 Rent, Landlord will draw the entire remaining amount available to be drawn on the Letter of Credit when it draws
the February 2013 Rent. Landlord will be entitled to receive and retain all amounts paid by Tenant or drawn from the Letter of
Credit as provided in this Agreement. Notwithstanding anything to the contrary in the Lease, Tenant will have no obligation to
increase the amount of the Letter of Credit for amounts drawn by Landlord. Tenant will have no obligation to pay any Rent under
the Lease after the date of this Agreement except as provided in this paragraph.

 

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2.          Issuance
of Stock in Tenant. As additional consideration for the early termination of the Lease, Tenant
agrees that, contingent upon and immediately prior to the first to occur of any of the following events, Tenant will issue to Landlord
1,500,000 shares of the common stock of Tenant (“Shares”): (i) the closing by Tenant of an equity financing in a transaction
or series of related transactions where such financing yields gross proceeds to Tenant of at least $4,000,000 in the aggregate,
including amounts converted under any convertible promissory notes; (ii) a merger of Tenant with or into another entity if the
combined market cap of the merging entities is at least $18,000,000 or, if not, upon the market cap of Tenant as the surviving
entity of a merger being at least $18,000,000 at any time after the merger; (iii) a sale of all or substantially all of Tenant’s
assets; or (iv) a sale of Tenant’s stock after which sale a majority of the outstanding equity of Tenant is held by
persons or entities who were not shareholders of Tenant prior to the sale. Tenant represents and warrants to Landlord that, upon
such issuance, such stock will be duly authorized, fully-paid and non-assessable and issued in accordance with all applicable laws
and regulations. Tenant further represents and warrants that it has provided Landlord with complete
and accurate information regarding the Shares and Tenant’s company in order to allow Landlord to decide whether or not to
accept the Shares as additional consideration for the release contemplated herein, and has provided the Landlord with all information
requested by the Landlord in that regard.  No statement made to the Landlord by the Tenant, or any officer, director, affiliate
or representative of the Landlord with respect to such information about the Tenant and the Shares contained any untrue statement
of a material fact or omitted to state a material fact necessary to make such statements, in light of the circumstances under which
they were made, not misleading. Landlord acknowledges that the Shares constitute
unregistered shares of common stock issued by Tenant, and that the sale of the Shares by the undersigned is restricted under state
and federal securities laws, including, without limitation, the Securities Act of 1933, as amended (the “Securities Act”),
and the rules and regulations promulgated thereunder. Landlord agrees that it shall not sell the Shares unless the Shares have
been registered under the Securities Act, or unless such sale is permitted under, and is effected in compliance with, an exemption
from registration contained in applicable state and federal securities laws, including Rule 144 promulgated under the Securities
Act (as such rule may be amended from time to time). For the avoidance of doubt, the parties acknowledge that under Rule 144 as
in effect on the date hereof, in general, non-affiliates of the Tenant may effect unlimited public resales of the Shares after
six (6) months provided that current public information about the Tenant is available and after twelve (12) months irrespective
of the availability of current public information, and affiliates of the Tenant may effect public resales of the Shares after six
(6) months provided that current public information about the Tenant is available and subject to volume limitations, manner of
sale requirements for equity securities and the filing of a Form 144. Landlord further represents to Tenant that it: (i) either
(x) is an “accredited investor” as that term is defined in Regulation D promulgated under the Securities Act or (y)
has sufficient knowledge and experience in financial and business matters such that he/it is capable, either alone, or together
with his/its advisors, of evaluating the risks and merits of acquiring the Shares; (ii) has the requisite power and authority to
enter into and to perform its obligations under this Agreement; (iii) can bear the risk of losing his/its entire investment in
the Shares; (iv) understands that current public information about the Tenant is not available as of the date of this Agreement,
and may never be available, such that the availability of the exemption from the registration requirements of the Securities Act
provided by Rule 144 would be limited, delayed or eliminated; and (v) has been given the opportunity to ask questions of, and receive
answers from, the Tenant concerning the Shares and the business of the Tenant, and to obtain such additional information as Landlord
deemed necessary in connection with the transactions contemplated by this Agreement. 

 

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3.          Termination.
Subject to the provisions of Section 4 of this Agreement for an Early Termination Date, the Lease will terminate effective at 12:01
a.m. on March 1, 2013 (the “Termination Date”) with the same force and effect as if it had terminated on its
scheduled termination date. Landlord may reenter the Premises on the Termination Date and Tenant shall have no further rights to
use or occupy the Premises on or after the Termination Date. As additional consideration for the early termination of the Lease,
Tenant hereby conveys to Landlord all of Tenant’s right, title and interest in and to any personal property, furniture, fixtures
and equipment that Tenant does not remove from the Premises and that is remaining in the Premises on the Termination Date (“Tenant’s
Property”). Tenant represents and warrants that it has the right, title and authority to transfer Tenant’s Property
to Landlord and that Tenant’s Property is paid for in full and is not subject to any liens, claims or security interests.

 

4.          Marketing
of Premises; Early Termination Date. Landlord will have the right to market and show the Premises
for lease to any prospective new tenant at any time from and after the execution and delivery of this Agreement. If reasonably
necessary or appropriate to accommodate a new tenant for the Premises, Landlord may give Tenant not less than ten (10) days’
prior written notice that Landlord elects to set a date after September 30, 2012, but earlier than March 1, 2013, as the Termination
Date (such earlier date, an “Early Termination Date”). In such event, the Early Termination Date shall be the
Termination Date for all purposes of this Agreement. Landlord shall be entitled to immediately draw all remaining amounts under
this Agreement on the Letter of Credit in the event of an Early Termination.

 

5.          Attorneys’
Fees. If any action or proceeding is brought to interpret or enforce the terms of this Agreement,
the prevailing party shall be entitled, in addition to all other damages, to an award of reasonable attorneys’ fees and costs
and court costs against the other party.

 

6.          Release.
As additional consideration for the mutual agreements set forth herein, Tenant and Landlord make
the following releases:

 

a.           Tenant’s
Release of Landlord. Tenant hereby releases, waives, discharges, abandons, settles and forever
gives up any and all claims, legal or equitable rights, actions or causes of action and all claims or counterclaims which could
have been asserted against Landlord, including but not limited to claims that Tenant now has or may have in the future against
Landlord, and its related companies, partnerships, and affiliates, and against Landlord’s members, officers, directors, shareholders,
general partners, limited partners, insurers, agents, attorneys, employees, successors and assigns, and each of them, both past
and present, whether known or unknown, whether discovered or undiscovered at this time and whether contingent or vested, arising
from or related in any way to the Lease or Tenant’s occupancy or use of the Premises, except that Tenant does not release
Landlord from any obligations arising under this Agreement.

 

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b.           Landlord’s
Release of Tenant. Effective as of the Termination Date, Landlord releases, waives, discharges,
abandons, settles and forever gives up any and all claims, legal or equitable rights, actions or causes of action and all claims
or counterclaims which could have been asserted against Tenant, including but not limited to claims that Landlord now has or may
have in the future against Tenant, and its related companies, partnerships, and affiliates, and against each of Tenant’s
members, officers, directors, shareholders, general partners, limited partners, insurers, agents, attorneys, employees, successors
and assigns, and each of them, both past and present, whether known or unknown, whether discovered or undiscovered at this time
and whether contingent or vested, arising from or related in any way to the Lease or Tenant’s occupancy or use of the Premises,
except that Landlord does not release Tenant from: (i) any obligations arising under this Agreement; and (ii) any obligations other
than rent under the Lease that survive termination of the Lease according to the terms of the Lease.

 

7.          Cooperation
in Execution of Documents. The parties agree to cooperate in the drafting and execution of any
documents necessary and appropriate to effectuate the parties’ agreement herein. Tenant agrees that it will execute a confession
of judgment and a stipulated order issuing a writ of restitution promptly upon request, to be effective as of the Termination Date.

 

8.          Legal
Representation. Tenant acknowledges that it has been represented, or has had an opportunity to
obtain the representation of counsel with respect to this Agreement. Tenant represents to Landlord that it has read and understood
the terms hereof and the consequences of executing this Agreement and that no representations have been made to induce the execution
of this Agreement. Tenant waives any right it may have to require the provisions of this Agreement to be construed against the
party who drafted the same.

 

9.          Authority.
Each person signing this Agreement on behalf of one of the parties represents and warrants that he or she is authorized to execute
and deliver this Agreement, and that upon such person’s execution hereof, this Agreement will become binding upon such party.

 

10.         Submission
Not an Offer. Tenant acknowledges and agrees that submission of this Agreement to it for review
and execution is not an offer and that this Agreement shall not be effective until it has been fully executed and delivered by
all parties. Tenant further acknowledges that Landlord may not enter into this Agreement unless and until Landlord’s lender
has consented in writing to the terms of this Agreement.

 

11.         Miscellaneous.
This Agreement sets forth the entire understanding between Landlord and Tenant with respect to the subject matter hereof and replaces
all prior or contemporaneous oral or written agreements or understandings. This Agreement shall be construed and governed in accordance
with the laws of the State of Washington.

 

12.         Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original, but all of which shall
constitute one and the same instrument.

 

[signatures on following
page]

 

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DATED as of the day and year first written
above.

 

LANDLORD:

 

DITTY PROPERTIES LIMITED PARTNERSHIP,

a Washington limited partnership

 

		By:	Ditty Properties Incorporated, a Washington

corporation, its general partner

 

	By: 	/s/ Kirk Mathewson
	R. Kirk Mathewson, President

 

TENANT:

 

MARINA BIOTECH, INC., a Delaware corporation

 

	By: 	/s/ J. Michael French
	Name: 	J. Michael French
	Title: 	President

 

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