Supplemental Work Authorization Letter between Marina Biotech, Inc. and J. Michael French
This letter agreement between Marina Biotech, Inc. and its President & CEO, J. Michael French, allows Mr. French to engage in consulting and similar work outside the company, as long as it is not directly competitive with Marina Biotech. The Board has approved this arrangement, and such outside work will not be considered a breach of his employment agreement or any other obligation to the company. Both parties have signed to confirm their agreement to these terms.
James M. Karis
Chairman of the Board
Marina Biotech, Inc.
August 2, 2012
J. Michael French
Marina Biotech, Inc.
President & CEO
3830 Monte Villa Parkway
Bothell, Washington 98021
***@***
Re: Supplemental Work
Dear Michael:
You and Marina Biotech, Inc. (the “Company”) entered into an Employment Agreement originally dated June 10, 2008 (as replaced, amended or modified from time to time, the “Agreement”). The Company, the Board, and myself as Chair are very appreciative of the work you have done and continue to do for the Company. The Company and its Board recognize the effect the financial state of the Company has had on its employees and management.
The Board therefore yesterday explicitly approved and ratified that, notwithstanding anything to the contrary in the Agreement, you may engage in consulting and other similar work, not directly competitive with the Company, while employed by the Company. This supplemental work will not be deemed a breach of any duty or obligation to the Company, or any agreement with the Company, including without limitation the Agreement.
Please sign this letter below in confirmation and agreement.
| Very truly yours, | |
| /s/ James M. Karis | |
| James M. Karis | |
| Chairman of the Board |
| Confirmed and Agreed: | |
| /s/ J. Michael French | |
| J. Michael French |
