Supplemental Work Consent Letter between Marina Biotech, Inc. and Philip C. Ranker
This letter agreement between Marina Biotech, Inc. and Philip C. Ranker, the Interim Chief Financial Officer, allows Mr. Ranker to perform consulting and similar work for other entities, as long as it is not directly competitive with Marina Biotech. The company confirms that such supplemental work will not violate his employment agreement or any other obligations to the company. Both parties have signed to confirm their understanding and acceptance of these terms.
August 2, 2012
Philip C. Ranker
Marina Biotech, Inc.
Interim Chief Financial Officer
E-Mail: ***@***
Re: Supplemental Work
Dear Phil:
You and Marina Biotech, Inc. (the “Company”) entered into an Employment Agreement effective September 7, 2011 (as amended or modified from time to time, the “Agreement”). The Company, the Board, and myself 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/ J. Michael French | |
| J. Michael French | |
| President and Chief Executive Officer |
| Confirmed and Agreed: | |
| /s/ Philip C. Ranker | |
| Philip C. Ranker |
