Document:

Exhibit 10.1

 

[JAGUAR LETTERHEAD]

 

February 24, 2020

 

Re:     Reset Offer of Common Stock Purchase Warrants

 

To Whom It May Concern:

 

Jaguar
Health, Inc., a Delaware corporation (the “Company”), is pleased to offer to you the opportunity to reprice
the exercise of all of the warrants to purchase the Company’s common stock, par value $0.0001 per share (“Common
Stock”), set forth on Annex I attached hereto (collectively, the “Reprice Warrants”) currently
held by you (the “Holder”). The Reprice Warrants were issued pursuant to the Underwriting Agreement, dated as
of July 19, 2019, between the Company and Ladenburg Thalmann & Co. Inc. (the “Underwriting Agreement”).
The shares issuable upon exercise of the Reprice Warrants (the “Warrant Shares”) have been registered pursuant
to a registration statement on Form S-1 (File Nos. 333-231399 and 333-232715) ((the “Registration Statement”).
The Registration Statement is currently effective and, upon exercise of the Reprice Warrants pursuant to this letter agreement,
will be effective for the issuance or resale, as the case may be, of the Warrant Shares.

 

In
consideration for exercising some or all of the Reprice Warrants held by you (the “Warrant Exercise”) on or
prior to the Outside Exercise Time (as defined below), the Company hereby offers you a reduced exercise price of $0.692 per share
for the Reprice Warrants (“Reduced Price”) which you actually exercise on, or prior to the Outside Exercise
Time. Notwithstanding anything herein to the contrary, in the event the Warrant Exercise would otherwise cause the Holder to exceed
the beneficial ownership limitations (“Beneficial Ownership Limitation”) in the Reprice Warrants, the Company
shall only issue such number of Warrant Shares to the Holder that would not cause such Holder to exceed the maximum number of Warrant
Shares permitted thereunder with the balance (the “Holdback Shares”) to be held in abeyance until notice from
such Holder that the balance (or portion thereof) may be issued in compliance with such limitations. For the avoidance of doubt,
the Holdback Shares shall be deemed prepaid thereafter but the Holder will not have any voting rights, dividends or other rights
as a stockholder of the Company with respect to the Holdback Shares until such later date when the Holdback Shares are actually
issued to Holder in compliance with the Beneficial Ownership Limitation.

 

Expressly
subject to the paragraph immediately following this paragraph below, Holder may accept this offer by signing this letter below,
with such acceptance constituting Holder’s exercise of some or all of the Reprice Warrants for an aggregate exercise price
as set forth on the Holder’s signature page hereto (the “Warrants Exercise Price”) on or before 1:00 p.m.
Eastern Time on February 24, 2020 (the “Outside Exercise Time”). For the avoidance of doubt, to the extent that
the Holder does not exercise all of such Holder’s Reprice Warrants on or prior to the Outside Exercise Time, all of the original
terms and provisions of such Reprice Warrants, including the original exercise prices thereunder, shall remain in full force and
effect and the Holder shall have no right to exercise the Reprice Warrants for the reduced exercise prices stated herein.

 

Additionally,
the Company agrees to the representations, warranties and covenants set forth on Annex A attached hereto.

 

     

     

    

 

If this offer is accepted
and the transaction documents are executed on or before the Outside Exercise Time, then on or before 5:30 p.m. Eastern Time on
February 28, 2020 the Company shall file a Current Report on Form 8-K with the Securities and Exchange Commission disclosing all
material terms of the transactions contemplated hereunder. The Company shall also file an amendment to the prospectus included
in the Registration Statement disclosing the reduced exercise price of the Reprice Warrants within two business days thereof.
The Company represents, warrants and covenants that, upon acceptance of this offer, the shares underlying the Reprice Warrants
shall be issued free of any legends or restrictions on resale by Holder and all of the Warrant Shares shall be delivered electronically
through American Stock Transfer & Trust Company LLC within one (1) business day of the date the Company receives the Warrants
Exercise Price (or, with respect to shares that would otherwise be in excess of the Beneficial Ownership Limitation, within two
(2) business days of the date the Company is notified by Holder that its ownership is less than the Beneficial Ownership Limitation).
The terms of the Reprice Warrants, including but not limited to the obligations to deliver the Warrant Shares, shall otherwise
remain in effect as if the acceptance of this offer were a formal Notice of Exercise (including but not limited to any liquidated
damages and compensation in the event of late delivery of the Warrant Shares).

 

The
Company acknowledges and agrees that the obligations of the Holder under this letter agreement are several and not joint with the
obligations of any other holder of Common Stock purchase warrants of the Company (each, an “Other Holder”) under
any other agreement related to the exercise of such warrants (“Other Warrant Exercise Agreement”), and the Holder
shall not be responsible in any way for the performance of the obligations of any Other Holder or under any such Other Warrant
Exercise Agreement. Nothing contained in this letter agreement, and no action taken by the Holder pursuant hereto, shall be deemed
to constitute the Holder and the Other Holders as a partnership, an association, a joint venture or any other kind of entity, or
create a presumption that the Holder and the Other Holders are in any way acting in concert or as a group with respect to such
obligations or the transactions contemplated by this letter agreement and the Company acknowledges that the Holder and the Other
Holders are not acting in concert or as a group with respect to such obligations or the transactions contemplated by this letter
agreement or any Other Warrant Exercise Agreement. The Company and the Holder confirm that the Holder has independently participated
in the negotiation of the transactions contemplated hereby with the advice of its own counsel and advisors. The Holder shall be
entitled to independently protect and enforce its rights, including, without limitation, the rights arising out of this letter
agreement, and it shall not be necessary for any Other Holder to be joined as an additional party in any proceeding for such purpose.

 

[Signature Pages Follow]

 

     

     

    

 

To accept this offer, Holder
must counter execute this letter agreement and return the fully executed agreement to the Company at e-mail: lconte@jaguar.health,
attn.: Lisa A. Conte, on or before 1:00 p.m. Eastern Time on February 24, 2020.

 

 

	Sincerely yours,
	 	 
	 	JAGUAR HEALTH, INC.
	 	 
	 	By:	          
	 	Name: Lisa A. Conte
	 	Title: President and Chief
    Executive Officer

 

	Accepted and Agreed to:	 

 

	Name of Holder:	 	 

 

	Signature of Authorized
    Signatory of Holder:	 	 

 

	Name of Authorized Signatory:	 	 

 

	Title of Authorized Signatory:	 	 

 

	Repriced Warrant Shares:	 

 

		1.	Public Warrants – Series 1

 

		a.	Number of Repriced Series 1 Warrant Shares:	 	 

 

		b.	Aggregate Exercise Price:	 	 

 

		2.	Public Warrants – Series 2

 

		a.	Number of Repriced Series 2 Warrant Shares:	 	 

 

		b.	Aggregate Exercise Price:	 	 

 

	DTC Instructions:	 
	 	 
	 	 
	 	 
	 	 

 

     

     

    

 

Annex A

 

Representations,
Warranties and Covenants of the Company. The Company hereby makes the following representations and warranties to the Holder:

 

(a)        
Authorization; Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate
the transactions contemplated by this letter agreement and otherwise to carry out its obligations hereunder and thereunder. The
execution and delivery of this letter agreement by the Company and the consummation by the Company of the transactions contemplated
hereby have been duly authorized by all necessary action on the part of the Company and no further action is required by the Company,
its board of directors or its stockholders in connection therewith. This letter agreement has been duly executed by the Company
and, when delivered in accordance with the terms hereof, will constitute the valid and binding obligation of the Company enforceable
against the Company in accordance with its terms, except (i) as limited by general equitable principles and applicable bankruptcy,
insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally,
(ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and
(iii) insofar as indemnification and contribution provisions may be limited by applicable law.

 

(b)       
No Conflicts. The execution, delivery and performance of this letter agreement by the Company and the consummation
by the Company of the transactions contemplated hereby do not and will not: (i) conflict with or violate any provision of the Company’s
certificate of incorporation, bylaws or other organizational or charter documents; or (ii) conflict with, or constitute a default
(or an event that with notice or lapse of time or both would become a default) under, result in the creation of any lien upon any
of the properties or assets of the Company in connection with, or give to others any rights of termination, amendment, acceleration
or cancellation (with or without notice, lapse of time or both) of, any material agreement, credit facility, debt or other material
instrument (evidencing Company debt or otherwise) or other material understanding to which such Company is a party or by which
any property or asset of the Company is bound or affected; or (iii) subject to the Required Approvals (as defined in the Underwriting
Agreement), conflict with or result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction
of any court or governmental authority to which the Company is subject (including federal and state securities laws and regulations),
or by which any property or asset of the Company is bound or affected, except, in the case of each of clauses (ii) and (iii), such
as could not have or reasonably be expected to result in a Material Adverse Effect (as defined in the Underwriting Agreement).

 

     

     

    

 

Annex I

 

	HOLDER	Title of Warrants	CUSIP NO.	WARRANT NO.	NUMBER OF WARRANT

 SHARES ISSUABLE UPON

 CASH EXERCISE OF 

WARRANTDocument

AMENDMENT NO. 3 TO AMENDED AND RESTATED CREDIT AGREEMENT

        This AMENDMENT NO. 3 TO AMENDED AND RESTATED CREDIT AGREEMENT dated as of February 25, 2020 (the “Amendment”), between Air T, Inc., a Delaware corporation (the “Borrower”), and Minnesota Bank & Trust, a Minnesota state banking corporation (the “Lender”).

RECITALS:

A. The Borrower and the Lender are parties to that certain Amended and Restated Credit Agreement dated as of March 28, 2019, as amended by that certain Amendment No. 1 to Amended and Restated Credit Agreement dated as of September 24, 2019, and by that certain Amendment No. 2 to Amended and Restated Credit Agreement dated as of December 31, 2019 (as so amended, the “Original Agreement”).

B. The Borrower has requested that the Lender amend certain terms of the Original Agreement.
C. Subject to the terms and conditions of this Amendment, the Lender will agree to the foregoing request of the Borrower.

NOW, THEREFORE, the parties agree as follows:

1.Defined Terms.  All capitalized terms used in this Amendment shall, except where the context otherwise requires, have the meanings set forth in the Original Agreement as amended hereby.
2.Amendments.  The Original Agreement is hereby amended as follows:
(a)The definitions of the terms “Revolving Credit Commitment Termination Date” and “Supplemental Revolving Credit Commitment Termination Date” appearing in Section 1.01 of the Original Agreement are hereby amended in their respective entireties to read as follows:
“ ‘Revolving Credit Termination Date’ means the earliest to occur of (a) August 31, 2021, (b) the date the Revolving Credit Commitment is reduced to zero pursuant to Section 2.05, and (c) the termination of the Revolving Credit Commitment pursuant to Section 8.02.

        ‘Supplemental Revolving Credit Termination Date’ means the earliest to occur of (a) August 31, 2021, (b) the date the Supplemental Revolving Credit Commitment is reduced to zero pursuant to Section 2.05A, and (c) the termination of the Supplemental Revolving Credit Commitment pursuant to Section 8.02.’

5471159_1.docx

3.Conditions to Effectiveness.  This Amendment shall become effective on the date (the “Effective Date”) when, and only when, the Lender shall have received:
(a)this Amendment, duly executed by a Responsible Officer of Borrower;
(b)a certificate of the secretary of Borrower in the form provided by the Bank, appropriately completed and duly executed by Borrower’s secretary;
(c)an Acknowledgment and Agreement, in the form provided by the Lender, duly executed by each Guarantor; and
(d)such other documents as the Lender may reasonably request.
4.Representations and Warranties.  To induce the Lender to enter into this Amendment, the Borrower represents and warrants to the Lender as follows:
(a)The execution, delivery and performance by the Borrower of this Amendment and any other Loan Document to which the Borrower is a party have been duly authorized by all necessary corporate action, do not require any approval or consent of, or any registration, qualification or filing with, any government agency or authority or any approval or consent of any other person (including, without limitation, any shareholder), do not and will not conflict with, result in any violation of or constitute any default under, any provision of the Borrower’s articles of incorporation or bylaws, any agreement binding on or applicable to the Borrower or any of its property, or any law or governmental regulation or court decree or order, binding upon or applicable to the Borrower or of any of its property and will not result in the creation or imposition of any security interest or other lien or encumbrance in or on any of its property pursuant to the provisions of any agreement applicable to the Borrower or any of its property;
(b)The representations and warranties contained in the Original Agreement are true and correct as of the date hereof as though made on that date except: (i) to the extent that such representations and warranties relate solely to an earlier date; and (ii) that the representations and warranties set forth in Section 5.04 of the Original Agreement to the audited annual financial statements and internally-prepared interim financial statements of the Borrower shall be deemed to be a reference to the audited financial statements and interim financial statements, as the case may be, of the Borrower most recently delivered to the Lender pursuant to Section 6.01(a) or 6.01(b) of the Original Agreement;
(c)No events have taken place and no circumstances exist at the date hereof which would give the Borrower the right to assert a defense, offset or counterclaim to any claim by the Lender for payment of the Obligations;
(d)The Original Agreement, as amended by this Amendment, and each other Loan Document to which the Borrower is a party are the legal, valid and binding 
        2

obligations of the Borrower and are enforceable in accordance with their respective terms, subject only to bankruptcy, insolvency, reorganization, moratorium or similar laws, rulings or decisions at the time in effect affecting the enforceability of rights of creditors generally and to general equitable principles which may limit the right to obtain equitable remedies; and
(e)Before and after giving effect to this Amendment, there does not exist any Default or Event of Default.
5.Release.  The Borrower hereby releases and forever discharges the Lender and its successors, assigns, directors, officers, agents, employees and participants from any and all actions, causes of action, suits, proceedings, debts, sums of money, covenants, contracts, controversies, claims and demands, at law or in equity, which the Borrower ever had or now has against the Lender or its successors, assigns, directors, officers, agents, employees or participants by virtue of the Lender’s relationship to the Borrower in connection with the Loan Documents and the transactions related thereto
6.Reference to and Effect on the Loan Documents.
(a)From and after the date of this Amendment, each reference in the Original Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words of like import referring to the Original Agreement, and each reference to the “Credit Agreement”, the “Credit Agreement”, “thereunder”, “thereof”, “therein” or words of like import referring to the Original Agreement in any other Loan Document shall mean and be a reference to the Original Agreement as amended hereby; and except as specifically set forth above, the Original Agreement remains in full force and effect and is hereby ratified and confirmed.
(b)The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of the Lender under the Agreement or any other Loan Document, nor constitute a waiver of any provision of the Agreement or any such other Loan Document.
7.Costs, Expenses and Taxes.  The Borrower agrees to pay on demand all costs and expenses of the Lender in connection with the preparation, reproduction, execution and delivery of this Amendment and the other documents to be delivered hereunder or thereunder, including their reasonable attorneys’ fees and legal expenses.  In addition, the Borrower shall pay any and all stamp and other taxes and fees payable or determined to be payable in connection with the execution and delivery, filing or recording of this Amendment and the other instruments and documents to be delivered hereunder and agrees to save the Lender harmless from and against any and all liabilities with respect to, or resulting from, any delay in the Borrower’s paying or omission to pay, such taxes or fees.
8.Governing Law.  THE VALIDITY, CONSTRUCTION AND ENFORCEABILITY OF THIS AMENDMENT SHALL BE GOVERNED BY THE 
        3

INTERNAL LAWS OF THE STATE OF MINNESOTA, WITHOUT GIVING EFFECT TO CONFLICT OF LAWS PRINCIPLES THEREOF.
9.Headings.  Section headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose.
10.Counterparts.  This Amendment may be executed in counterparts and by separate parties in separate counterparts, each of which shall be an original and all of which taken together shall constitute one and the same document.  Receipt by telecopy, pdf file or other electronic means of any executed signature page to this Amendment shall constitute effective delivery of such signature page.
11.Recitals.  The Recitals hereto are incorporated herein by reference and constitute a part of this Amendment.
        [SIGNATURE PAGE FOLLOWS]

        4

        IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed as of the date first above.

AIR T, INC.

By: _________________________________
Name: Brian Ochocki
Its: Chief Financial Officer

Minnesota Bank & Trust

By:_________________________________
Name: Eric P. Gundersen
Title:  Senior Vice President

[signature page Amendment No. 3 to Amended and Restated Credit Agreement]

18777913v1

084126\039\5421946.v5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00305-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00305-of-00352.parquet"}]]