Document:

WELLS FARGO & COMPANY 8-K

 

Exhibit 4.1

 

[Face
of Note]

 

Unless
this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”),
to the Company or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the
name of Cede & Co. or in such other name as requested by an authorized representative of DTC (and any payment is made to Cede & Co. or such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest
herein.

 

	CUSIP NO. 95001HGZ8	FACE AMOUNT: $__________

REGISTERED
NO. ___

 

WELLS
FARGO FINANCE LLC

 

MEDIUM-TERM
NOTE, SERIES A

Fully
and Unconditionally Guaranteed by Wells Fargo & Company

 

Principal
at Risk Securities Linked to the S&P 500® Index

 

WELLS
FARGO FINANCE LLC, a limited liability company duly organized and existing under the laws of the State of Delaware (hereinafter
called the “Company,” which term includes any successor corporation under and as defined in the Indenture hereinafter
referred to), for value received, hereby promises to pay to CEDE & Co., or registered assigns, an amount equal to the
Cash Settlement Amount (as defined below), in such coin or currency of the United States of America as at the time of payment
is legal tender for payment of public and private debts, on the Stated Maturity Date. The “Stated Maturity Date”
shall be June 23, 2021. If the Determination Date (as defined below) is postponed, the Stated Maturity Date will be postponed
to the second Business Day (as defined below) after the Determination Date as postponed. This Security shall not bear any interest.

 

Any
payments on this Security at Maturity will be made against presentation of this Security at the office or agency of the Company
maintained for that purpose in the City of Minneapolis, Minnesota and at any other office or agency maintained by the Company
for such purpose.

 

“Face
Amount” shall mean, when used with respect to this Security, the amount set forth on the face of this Security as its
“Face Amount.”

 

Determination
of Cash Settlement Amount and Certain Definitions

 

The
“Cash Settlement Amount” of this Security will equal:

 

		•	if
                                         the Final Underlier Level is greater than or equal to the Threshold Level, the Maximum
                                         Settlement Amount; or

 

     

     

    

 

		•	if
                                         the Final Underlier Level is less than the Threshold Level, the sum of (i) the Face
                                         Amount plus (ii) the product of (a) the Buffer Rate times (b) the sum
                                         of the Underlier Return plus the Threshold Amount times (c) the Face Amount.

 

All
calculations with respect to the Cash Settlement Amount will be rounded to the nearest one hundred-thousandth, with five one-millionths
rounded upward (e.g., 0.000005 would be rounded to 0.00001); and the Cash Settlement Amount will be rounded to the nearest
cent, with one-half cent rounded upward.

 

The
“Underlier” shall mean the S&P 500® Index.

 

The
“Trade Date” shall mean March 19, 2020.

 

The
“Initial Underlier Level” is 2,409.39, the Closing Level of the Underlier on the Trade Date.

 

The
“Closing Level” of the Underlier on any Trading Day means the official closing level of the Underlier reported
by the Underlier Sponsor on such Trading Day, as obtained by the Calculation Agent on such Trading Day from the licensed third-party
market data vendor contracted by the Calculation Agent at such time; in particular, taking into account the decimal precision
and/or rounding convention employed by such licensed third-party market data vendor on such date, subject to the provisions set
forth below under “Adjustments to the Underlier,” “Discontinuance of the Underlier” and “Market
Disruption Events.”

 

The
“Final Underlier Level” will be the Closing Level of the Underlier on the Determination Date.

 

The
“Underlier Return” will be the quotient of (i) the Final Underlier Level minus the Initial Underlier Level
divided by (ii) the Initial Underlier Level, expressed as a percentage.

 

The
“Threshold Level” is 1,927.512, which is equal to 80% of the Initial Underlier Level.

 

The
“Threshold Amount” is 20%.

 

The
“Maximum Settlement Amount” is 118.85% of the Face Amount of this Security.

 

The
“Buffer Rate” is equal to the Initial Underlier Level divided by the Threshold Level.

 

“Underlier
Sponsor” shall mean S&P Dow Jones Indices LLC.

 

“Business
Day” shall mean a day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions
are authorized or required by law or regulation to close in New York, New York.

 

    2 

     

    

 

A
“Trading Day” means a day, as determined by the Calculation Agent, on which (i) the Relevant Stock Exchanges
with respect to each security underlying the Underlier are scheduled to be open for trading for their respective regular trading
sessions and (ii) each Related Futures or Options Exchange is scheduled to be open for trading for its regular trading session.

 

The
“Related Futures or Options Exchange” for the Underlier means an exchange or quotation system where trading
has a material effect (as determined by the Calculation Agent) on the overall market for futures or options contracts relating
to the Underlier.

 

The
“Relevant Stock Exchange” for any security underlying the Underlier means the primary exchange or quotation
system on which such security is traded, as determined by the Calculation Agent.

 

The
“Determination Date” shall be June 21, 2021. If the originally scheduled Determination Date is not a Trading
Day, the Determination Date will be postponed to the next succeeding Trading Day. The Determination Date is also subject to postponement
due to the occurrence of a Market Disruption Event (as defined below). See “–Market Disruption Events.”

 

“Calculation
Agent Agreement” shall mean the Calculation Agent Agreement dated as of May 18, 2018 between the Company and the Calculation
Agent, as amended from time to time.

 

“Calculation
Agent” shall mean the Person that has entered into the Calculation Agent Agreement with the Company providing for, among
other things, the determination of the Final Underlier Level and the Cash Settlement Amount, which term shall, unless the context
otherwise requires, include its successors under such Calculation Agent Agreement. The initial Calculation Agent shall be Wells
Fargo Securities, LLC. Pursuant to the Calculation Agent Agreement, the Company may appoint a different Calculation Agent from
time to time after the initial issuance of this Security without the consent of the Holder of this Security and without notifying
the Holder of this Security.

 

Adjustments
to the Underlier

 

If
at any time the method of calculating the Underlier or a Successor Underlier, or the closing level thereof, is changed in a material
respect, or if the Underlier or a Successor Underlier is in any other way modified so that such underlier does not, in the opinion
of the Calculation Agent, fairly represent the level of such underlier had those changes or modifications not been made, then
the Calculation Agent will, at the close of business in New York, New York, on each date that the closing level of such underlier
is to be calculated, make such calculations and adjustments as, in the good faith judgment of the Calculation Agent, may be necessary
in order to arrive at a level of an underlier comparable to the Underlier or Successor Underlier as if those changes or modifications
had not been made, and the Calculation Agent will calculate the closing level of the Underlier or Successor Underlier with reference
to such underlier, as so adjusted. Accordingly, if the method of calculating the Underlier or Successor Underlier is modified
so that the level of such underlier is a fraction or a multiple of what it would have been if it had not been modified (e.g.,
due to a split or reverse split in such equity underlier), then the Calculation Agent will adjust the Underlier or Successor Underlier
in order to arrive at a level of such underlier as if it had not been modified (e.g., as if the split or reverse split had not
occurred).

 

    3 

     

    

 

Discontinuance
of the Underlier

 

If
the Underlier Sponsor discontinues publication of the Underlier, and the Underlier Sponsor or another entity publishes a successor
or substitute equity index that the Calculation Agent determines, in its sole discretion, to be comparable to the Underlier (a
“Successor Underlier”), then, upon the Calculation Agent’s notification of that determination to the
Trustee and the Company, the Calculation Agent will substitute the Successor Underlier as calculated by the relevant Underlier
Sponsor or any other entity and calculate the Final Underlier Level as described above. Upon any selection by the Calculation
Agent of a Successor Underlier, the Company will cause notice to be given to the Holder of this Security.

 

In
the event that the Underlier Sponsor discontinues publication of the Underlier prior to, and the discontinuance is continuing
on, the Determination Date and the Calculation Agent determines that no Successor Underlier is available at such time, the Calculation
Agent will calculate a substitute Closing Level for the Underlier in accordance with the formula for and method of calculating
the Underlier last in effect prior to the discontinuance, but using only those securities that comprised the Underlier immediately
prior to that discontinuance. If a Successor Underlier is selected or the Calculation Agent calculates a level as a substitute
for the Underlier, the Successor Underlier or level will be used as a substitute for the Underlier for all purposes, including
the purpose of determining whether a Market Disruption Event exists.

 

If
on the Determination Date the Underlier Sponsor fails to calculate and announce the level of the Underlier, the Calculation Agent
will calculate a substitute Closing Level of the Underlier in accordance with the formula for and method of calculating the Underlier
last in effect prior to the failure, but using only those securities that comprised the Underlier immediately prior to that failure;
provided that, if a Market Disruption Event occurs or is continuing on such day, then the provisions set forth below under
“Market Disruption Events” shall apply in lieu of the foregoing.

 

Market
Disruption Events 

 

A
“Market Disruption Event” means any of the following events as determined by the Calculation Agent in its sole
discretion:

 

		(A)	The
                                         occurrence or existence of a material suspension of or limitation imposed on trading
                                         by the Relevant Stock Exchanges or otherwise relating to securities which then comprise
                                         20% or more of the level of the Underlier or any Successor Underlier at any time during
                                         the one-hour period that ends at the Close of Trading on that day, whether by reason
                                         of movements in price exceeding limits permitted by those Relevant Stock Exchanges or
                                         otherwise.

 

		(B)	The
                                         occurrence or existence of a material suspension of or limitation imposed on trading
                                         by any Related Futures or Options Exchange or otherwise in futures or options contracts
                                         relating to the Underlier or any Successor Underlier on any Related Futures or Options
                                         Exchange at any time during the one-hour period that ends at the Close of Trading on
                                         that day, whether by reason of movements in price 

 

    4 

     

    

 

	 	 	exceeding
                                         limits permitted by the Related Futures or Options Exchange or otherwise.

 

		(C)	The
                                         occurrence or existence of any event, other than an early closure, that materially disrupts
                                         or impairs the ability of market participants in general to effect transactions in, or
                                         obtain market values for, securities that then comprise 20% or more of the level of the
                                         Underlier or any Successor Underlier on their Relevant Stock Exchanges at any time during
                                         the one-hour period that ends at the Close of Trading on that day.

 

		(D)	The
                                         occurrence or existence of any event, other than an early closure, that materially disrupts
                                         or impairs the ability of market participants in general to effect transactions in, or
                                         obtain market values for, futures or options contracts relating to the Underlier or any
                                         Successor Underlier on any Related Futures or Options Exchange at any time during the
                                         one-hour period that ends at the Close of Trading on that day.

 

		(E)	The
                                         closure on any Exchange Business Day of the Relevant Stock Exchanges on which securities
                                         that then comprise 20% or more of the level of the Underlier or any Successor Underlier
                                         are traded or any Related Futures or Options Exchange prior to its Scheduled Closing
                                         Time unless the earlier closing time is announced by the Relevant Stock Exchange or Related
                                         Futures or Options Exchange, as applicable, at least one hour prior to the earlier of
                                         (1) the actual closing time for the regular trading session on such Relevant Stock
                                         Exchange or Related Futures or Options Exchange, as applicable, and (2) the submission
                                         deadline for orders to be entered into the Relevant Stock Exchange or Related Futures
                                         or Options Exchange, as applicable, system for execution at such actual closing time
                                         on that day.

 

		(F)	The
                                         Relevant Stock Exchange for any security underlying the Underlier or Successor Underlier
                                         or any Related Futures or Options Exchange fails to open for trading during its regular
                                         trading session.

 

For
purposes of determining whether a Market Disruption Event has occurred:

 

		(1)	the
                                         relevant percentage contribution of a security to the level of the Underlier or any Successor
                                         Underlier will be based on a comparison of (x) the portion of the level of such
                                         underlier attributable to that security and (y) the overall level of the Underlier
                                         or Successor Underlier, in each case immediately before the occurrence of the Market
                                         Disruption Event;

 

		(2)	the
“Close of Trading” on any Trading Day for the Underlier or any Successor Underlier means the Scheduled Closing
Time of the Relevant Stock Exchanges with respect to the securities underlying the Underlier or Successor Underlier on such Trading
Day; provided that, if the actual closing time of the regular trading session of any such Relevant Stock Exchange is earlier
than its Scheduled Closing Time on such Trading Day, then (x) for purposes of clauses (A) and (C) of the definition of “Market
Disruption Event” above, with respect to any security

 

    5 

     

    

 

	 	 	underlying
                                         the Underlier or Successor Underlier for which such Relevant Stock Exchange is its Relevant
                                         Stock Exchange, the “Close of Trading” means such actual closing time and
                                         (y) for purposes of clauses (B) and (D) of the definition of “Market Disruption
                                         Event” above, with respect to any futures or options contract relating to the Underlier
                                         or Successor Underlier, the “close of trading” means the latest actual closing
                                         time of the regular trading session of any of the Relevant Stock Exchanges, but in no
                                         event later than the Scheduled Closing Time of the Relevant Stock Exchanges;

 

		(3)	the
                                         “Scheduled Closing Time” of any Relevant Stock Exchange or Related
                                         Futures or Options Exchange on any Trading Day for the Underlier or any Successor Underlier
                                         means the scheduled weekday closing time of such Relevant Stock Exchange or Related Futures
                                         or Options Exchange on such Trading Day, without regard to after hours or any other trading
                                         outside the regular trading session hours; and

 

		(4)	an
                                         “Exchange Business Day” means any Trading Day for the Underlier or
                                         any Successor Underlier on which each Relevant Stock Exchange for the securities underlying
                                         the Underlier or any Successor Underlier and each Related Futures or Options Exchange
                                         are open for trading during their respective regular trading sessions, notwithstanding
                                         any such Relevant Stock Exchange or Related Futures or Options Exchange closing prior
                                         to its Scheduled Closing Time.

 

If
a Market Disruption Event occurs or is continuing on the Determination Date, then the Determination Date will be postponed to
the first succeeding Trading Day on which a Market Disruption Event has not occurred and is not continuing; however, if such first
succeeding Trading Day has not occurred as of the eighth Trading Day after the originally scheduled Determination Date, that eighth
Trading Day shall be deemed to be the Determination Date. If the Determination Date has been postponed eight Trading Days after
the originally scheduled Determination Date and a Market Disruption Event occurs or is continuing on such eighth Trading Day,
the Calculation Agent will determine the Closing Level of the Underlier on such eighth Trading Day in accordance with the formula
for and method of calculating the Closing Level of the Underlier last in effect prior to commencement of the Market Disruption
Event, using the closing price (or, with respect to any relevant security, if a Market Disruption Event has occurred with respect
to such security, its good faith estimate of the value of such security at the Scheduled Closing Time of the Relevant Stock Exchange
for such security or, if earlier, the actual closing time of the regular trading session of such Relevant Stock Exchange) on such
date of each security included in the Underlier. As used herein, “closing price” means, with respect to any security
on any date, the Relevant Stock Exchange traded or quoted price of such security as of the Scheduled Closing Time of the Relevant
Stock Exchange for such security or, if earlier, the actual closing time of the regular trading session of such Relevant Stock
Exchange.

 

Calculation
Agent

 

The
Calculation Agent will determine the Cash Settlement Amount and the Final Underlier Level. In addition, the Calculation Agent
will (i) determine if adjustments are required to the Closing Level of the Underlier under the circumstances described in this
Security, (ii) if publication of the

 

    6 

     

    

 

Underlier is discontinued, select a Successor Underlier or, if no Successor Underlier is
available, determine the Closing Level of the Underlier under the circumstances described in this Security, and (iii) determine
whether a Market Disruption Event or non-Trading Day has occurred.

 

The
Company covenants that, so long as this Security is Outstanding, there shall at all times be a Calculation Agent (which shall
be a broker-dealer, bank or other financial institution) with respect to this Security.

 

All
determinations made by the Calculation Agent with respect to this Security will be at the sole discretion of the Calculation Agent
and, in the absence of manifest error, will be conclusive for all purposes and binding on the Company and the Holder of this Security.

 

Tax
Considerations

 

The
Company agrees, and by acceptance of a beneficial ownership interest in this Security each Holder of this Security will be deemed
to have agreed (in the absence of a statutory, regulatory, administrative or judicial ruling to the contrary), for United States
federal income tax purposes to characterize and treat this Security as a prepaid derivative contract that is an “open transaction.”

 

Redemption
and Repayment

 

This
Security is not subject to redemption at the option of the Company or repayment at the option of the Holder hereof prior to June
23, 2021. This Security is not entitled to any sinking fund.

 

Acceleration

 

If
an Event of Default, as defined in the Indenture, with respect to this Security shall occur and be continuing, the Cash Settlement
Amount (calculated as set forth in the next sentence) of this Security may be declared due and payable in the manner and with
the effect provided in the Indenture. The amount payable to the Holder hereof upon any acceleration permitted under the Indenture
will be equal to the Cash Settlement Amount hereof calculated as provided herein as though the date of acceleration was the Determination
Date.

 

 

 

Reference
is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for
all purposes have the same effect as if set forth at this place.

 

Unless
the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature
or its duly authorized agent under the Indenture referred to on the reverse hereof by manual signature, this Security shall not
be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

[The
remainder of this page has been left intentionally blank]

 

    7 

     

    

IN
WITNESS WHEREOF, the Company has caused this instrument to be duly executed.

 

DATED: 

 

	
 

	
WELLS FARGO FINANCE LLC

	
 

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Its:

	
 

 

	
 

	
Attest:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Its:

	
 

  

TRUSTEE’S
CERTIFICATE OF

AUTHENTICATION

This
is one of the Securities of the 

series
designated therein described 

in
the within-mentioned Indenture.

 

	
CITIBANK, N.A.,

	
 

	
 

	
as Trustee

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
Authorized Signature

	
 

	
 

	
 

	
 

	
 

	
OR

	
 

	
 

	
 

	
 

	
 

	
WELLS FARGO BANK, N.A.,

	
 

	
 

	
as Authenticating Agent for the Trustee

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
Authorized Signature

	
 

 

    8 

     

    

[Reverse
of Note]

 

WELLS
FARGO FINANCE LLC

 

MEDIUM-TERM
NOTE, SERIES A

Fully
and Unconditionally Guaranteed by Wells Fargo & Company

 

Principal
at Risk Securities Linked to the S&P 500® Index

 

This
Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued
and to be issued in one or more series under an indenture dated as of April 25, 2018, as amended or supplemented from time to
time (herein called the “Indenture”), among the Company, as issuer, Wells Fargo & Company, as guarantor
(the “Guarantor”) and Citibank, N.A., as trustee (herein called the “Trustee,” which term
includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby
made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Guarantor,
the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and
delivered. This Security is one of the series of the Securities designated as Medium-Term Notes, Series A, of the Company.
The amount payable on the Securities of this series may be determined by reference to the performance of one or more equity-,
commodity- or currency-based indices, exchange traded funds, securities, commodities, currencies, statistical measures of economic
or financial performance, or a basket comprised of two or more of the foregoing, or any other market measure or may bear interest
at a fixed rate or a floating rate. The Securities of this series may mature at different times, be redeemable at different times
or not at all, be repayable at the option of the Holder at different times or not at all and be denominated in different currencies.

 

The
Securities are issuable only in registered form without coupons and will be either (a) book-entry securities represented
by one or more Global Securities recorded in the book-entry system maintained by the Depositary or (b) certificated securities
issued to and registered in the names of, the beneficial owners or their nominees.

 

The
Company agrees, to the extent permitted by law, not to voluntarily claim the benefits of any laws concerning usurious rates of
interest against a Holder of this Security.

 

Guarantee

 

The
Securities of this series are fully and unconditionally guaranteed by the Guarantor as and to the extent set forth in the Indenture.

 

Modification
and Waivers 

 

The
Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and the Guarantor and the rights of the Holders of the Securities of each series to be affected under the Indenture
at any time by the Company, the Guarantor and the Trustee with the consent of the Holders of a majority in principal

 

    9 

     

    

 

amount
of the Securities at the time Outstanding of all series to be affected, acting together as a class. The Indenture also contains
provisions permitting the Holders of a majority in principal amount of the Securities of all series at the time Outstanding affected
by certain provisions of the Indenture, acting together as a class, on behalf of the Holders of all Securities of such series,
to waive compliance by the Company or the Guarantor with those provisions of the Indenture. Certain past defaults under the Indenture
and their consequences may be waived under the Indenture by the Holders of a majority in principal amount of the Securities of
each series at the time Outstanding, on behalf of the Holders of all Securities of such series. Solely for the purpose of determining
whether any consent, waiver, notice or other action or Act to be taken or given by the Holders of Securities pursuant to the Indenture
has been given or taken by the Holders of Outstanding Securities in the requisite aggregate principal amount, the principal amount
of this Security will be deemed to be equal to the amount set forth on the face hereof as the “Face Amount” hereof.
Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future
Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu
hereof, whether or not notation of such consent or waiver is made upon this Security.

 

Defeasance

 

Section 403
and Article Fifteen of the Indenture and the provisions of clause (ii) of Section 401(1)(B) of the Indenture, relating
to defeasance at any time of (a) the entire indebtedness on this Security and (b) certain restrictive covenants, upon
compliance by the Company or the Guarantor with certain conditions set forth therein, shall not apply to this Security. The remaining
provisions of Section 401 of the Indenture shall apply to this Security.

 

Authorized
Denominations

 

This
Security is issuable only in registered form without coupons in denominations of $1,000 or any amount in excess thereof which
is an integral multiple of $1,000.

 

Registration
of Transfer

 

Upon
due presentment for registration of transfer of this Security at the office or agency of the Company in the City of Minneapolis,
Minnesota, a new Security or Securities of this series, with the same terms as this Security, in authorized denominations for
an equal aggregate Face Amount will be issued to the transferee in exchange herefor, as provided in the Indenture and subject
to the limitations provided therein and to the limitations described below, without charge except for any tax or other governmental
charge imposed in connection therewith.

 

This
Security is exchangeable for definitive Securities in registered form only if (x) the Depositary notifies the Company that
it is unwilling or unable to continue as Depositary for this Security or if at any time the Depositary ceases to be a clearing
agency registered under the Securities Exchange Act of 1934, as amended, and a successor depositary is not appointed within 90 days
after the Company receives such notice or becomes aware of such ineligibility, (y) the Company in its sole discretion determines
that this Security shall be exchangeable for definitive Securities in registered form and notifies the Trustee thereof or (z)
an Event of Default with respect to the Securities represented hereby has occurred and is continuing. If this Security is exchangeable
pursuant to the

 

    10 

     

    

 

preceding sentence, it shall be exchangeable for definitive Securities in registered form, having the same date
of issuance, Stated Maturity Date and other terms and of authorized denominations aggregating a like amount.

 

This
Security may not be transferred except as a whole by the Depositary to a nominee of the Depositary or by a nominee of the Depositary
to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor of the Depositary
or a nominee of such successor. Except as provided above, owners of beneficial interests in this Global Security will not be entitled
to receive physical delivery of Securities in definitive form and will not be considered the Holders hereof for any purpose under
the Indenture.

 

Prior
to due presentment of this Security for registration of transfer, the Company, the Guarantor, the Trustee and any agent of the
Company, the Guarantor or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all
purposes, whether or not this Security be overdue, and neither the Company, the Guarantor, the Trustee nor any such agent shall
be affected by notice to the contrary.

 

Obligation
of the Company Absolute

 

No
reference herein to the Indenture and no provision of this Security or the Indenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the Cash Settlement Amount at the times, place and rate, and in the coin
or currency, herein prescribed, except as otherwise provided in this Security.

 

No
Personal Recourse

 

No
recourse shall be had for the payment of the Cash Settlement Amount, or for any claim based hereon, or otherwise in respect hereof,
or based on or in respect of the Indenture or any indenture supplemental thereto, against any incorporator, stockholder, officer
or director, as such, past, present or future, of the Company or any successor corporation or of the Guarantor or any successor
corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty
or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issuance hereof, expressly
waived and released.

 

Defined
Terms

 

All
terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture unless
otherwise defined in this Security.

 

Governing
Law

 

This
Security shall be governed by and construed in accordance with the law of the State of New York, without regard to principles
of conflicts of laws.

 

    11 

     

    

 

ABBREVIATIONS

 

 The
following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written
out in full according to applicable laws or regulations:

 

	
 

	
 

	
 

	
 

	
TEN COM

	
--

	
as tenants in common

	
 

	
 

	
 

	
 

	
 

	
TEN ENT

	
--

	
as tenants by the entireties

	
 

	
 

	
 

	
 

	
 

	
JT TEN

	
--

	
as joint tenants with right

	
 

	
 

	
 

	
of survivorship and not

	
 

	
 

	
 

	
as tenants in common

	
 

 

	UNIF
    GIFT MIN ACT	--	 	Custodian	 
	 	 	(Cust)	 	(Minor)

 

	
Under Uniform Gifts to Minors Act

	
 

	
 

	
 

	
 

	
 

	
(State)

	
 

 

Additional abbreviations may also be used though not in the above list.

 

FOR VALUE RECEIVED, the undersigned hereby sell(s) and transfer(s) unto

 

	
Please Insert Social Security or

	
 

	Other Identifying Number of Assignee

	
 

	
 

	
 

	
 

 

	
 

	
 

	
 

	
(Please print or type name and address including postal zip code of Assignee)

 

    12 

     

    

 

the
within Security of WELLS FARGO FINANCE LLC and does hereby irrevocably constitute and appoint __________________ attorney to transfer
the said Security on the books of the Company, with full power of substitution in the premises.

 

	
Dated: _________________________

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

 

NOTICE:
The signature to this assignment must correspond with the name as written upon the face of the within instrument in every particular,
without alteration or enlargement or any change whatever.

 

    13Exhibit 10.1

 

Securities
PURCHASE AGREEMENT

 

THIS Securities
PURCHASE AGREEMENT (this “Agreement”), is dated as of March 23, 2020, by and among Jaguar Health, Inc.,
a Delaware corporation (the “Company”), and the purchasers listed on the Schedule of Purchasers attached
hereto (each, a “Purchaser” and collectively, the “Purchasers”).

 

RECITALS

 

A.            Subject
to the terms and conditions set forth in this Agreement and pursuant to Section 4(a)(2) of the Securities Act of 1933,
as amended (the “Securities Act”), and Rule 506 promulgated thereunder, the Company desires to issue and
sell to each Purchaser, and each Purchaser, severally and not jointly, desires to purchase from the Company, that aggregate number
of shares of voting common stock, par value $0.0001 per share, of the Company (the “Common Stock”), set forth
opposite such Purchaser’s name in column (4) on the Schedule of Purchasers (which aggregate amount for all Purchasers
shall collectively be referred to herein as the “Common Shares”).

 

B.            The
Common Shares is referred to herein as the “Securities.”

 

AGREEMENT

 

NOW, THEREFORE,
in consideration of the mutual agreements, covenants, representations and warranties contained in this Agreement, and for other
good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Company and each Purchaser hereby
agree as follows:

 

1.            Purchase
and Sale of Common Shares.

 

a.            Sale
and Issuance of Stock. Subject to the satisfaction (or waiver) of the terms and conditions set forth in Section 4
below, the Company agrees to sell to each Purchaser, and each Purchaser, severally and not jointly, agree to purchase from
the Company on the Closing Date (as defined below), the number of Common Shares as is set forth opposite such Purchaser’s
name in column (4) on the Schedule of Purchasers (the “Closing”).

 

(i)            Closing.
The date and time of the Closing (the “Closing Date”) shall be 9:00 a.m., New York City time, on March 23,
2020 (or such later date and time as is mutually agreed to by the Company and each Purchaser) after notification of satisfaction
or waiver of the conditions to the Closing set forth in Section 4 below at the offices of Reed Smith LLP, 1510 Page Mill
Road, Suite 110, Palo Alto, California, 94304.

 

(ii)            Purchase
Price. The aggregate purchase price for the Common Shares to be purchased by each Purchaser at the Closing (the “Purchase
Price”) shall be $0.42 per share.

 

b.            Form of
Payment. On the Closing Date, (i) each Purchaser shall pay its Purchase Price to the Company for the Common Shares to
be issued and sold to such Purchaser at the Closing, by wire transfer of immediately available funds in accordance with the Company’s
written wire instructions and (ii) the Company shall deliver to each Purchaser the Common Shares which such Purchaser is
then purchasing hereunder, in each case, duly executed or authenticated on behalf of the Company and registered in the name of
such Purchaser or its designee, and, in the case of the Common Shares, on the applicable balance account at American Stock Transfer
and Trust Company LLC, as the Company’s transfer agent (the “Transfer Agent”). Upon the request of a
Purchaser, the Company shall instruct the Transfer Agent to provide such Purchaser with a copy of such Purchaser’s balance
account at the Transfer Agent.

 

    

     

    

2.            Company’s
Representations and Warranties.

 

The Company hereby represents
and warrants to each Purchaser as of the date hereof and as of the Closing as follows, subject to the exceptions as are disclosed
prior to the date hereof in the Company’s reports, schedules, forms, statements and other documents required to be filed
by the Company under the Securities Act and the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
including pursuant to Section 13(a) or 15(d) thereof (the foregoing materials, including the exhibits thereto and
documents incorporated by reference therein, being collectively referred to herein as the “SEC Reports”), which
SEC Reports as filed prior to the date hereof shall be deemed a part hereof and shall qualify any representation or warranty otherwise
made herein to the extent of the disclosure contained in the SEC Reports as filed prior to the date hereof:

 

a.            Organization,
Good Standing and Qualification. The Company is a corporation duly organized and validly existing under the laws of the State
of Delaware. The Company has all requisite corporate power and authority to own and operate its properties and assets, to execute
and deliver this Agreement and sell the Securities, and to carry out the provisions of this Agreement and to carry on its business
as presently conducted. The Company is duly qualified and is authorized to do business and is in good standing as a foreign corporation
in all jurisdictions in which the nature of its activities and of its properties (both owned and leased) makes such qualification
necessary, except for those jurisdictions in which failure to do so would not have a material adverse effect on the Company or
its business (a “Material Adverse Effect”).

 

b.            Authorization;
Binding Obligations. All corporate action on the part of the Company, its officers, directors and shareholders necessary for
the authorization of this Agreement and each of the other agreements entered into by the parties hereto in connection with the
transactions contemplated by this Agreement, if any (collectively, the “Transaction Documents”), the performance
of all obligations of the Company thereunder at the Closing, and the sale, issuance and delivery of the Securities pursuant hereto
has been taken or will be taken prior to the Closing.

 

c.            No
Conflict. Neither the execution and delivery of this Agreement, nor the consummation of the transactions contemplated hereby,
will (i) violate or result in a breach of or constitute a default under any contract or agreement to which the Company is
a party or by which it is bound, (ii) conflict with or result in a breach of or constitute a default under any provision
of the certificate of incorporation or bylaws (or other charter documents) of the Company, or (iii) violate or result in
a breach of or constitute a default under any judgment, order, decree, rule or regulation of any court or governmental agency
to which the Company is subject, except, in the case of clauses (i) and (iii) above, for any such conflict, breach,
violation or default that would not, individually or in the aggregate, have a Material Adverse Effect.

 

    	 	2	 

     

    

 

d.            SEC
Reports; Financial Statements. The Company has filed all SEC Reports required to be filed by the Company under the Securities
Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, for the two years preceding the
date hereof (or such shorter period as the Company was required by law or regulation to file such material). The financial statements
of the Company included in the SEC Reports comply in all material respects with applicable accounting requirements and the rules and
regulations of the U.S. Securities and Exchange Commission (the “Commission”)
with respect thereto as in effect at the time of filing. Such financial statements have been prepared in accordance with United
States generally accepted accounting principles applied on a consistent basis during the periods involved (“GAAP”),
except as may be otherwise specified in such financial statements or the notes thereto and except that unaudited financial statements
may not contain all footnotes required by GAAP, and fairly present in all material respects the financial position of the Company
as of and for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in the case
of unaudited statements, to normal, immaterial, year-end audit adjustments.

 

e.            Capitalization.
Except as set forth on Schedule 2.e., the authorized capital stock of the Company and the issued and outstanding securities
of the Company are as disclosed as of the date hereof in the SEC Reports.

 

f.            Absence
of Litigation. Except as disclosed in the SEC Reports, neither the Company nor any of its directors is engaged in any litigation,
administrative, mediation or arbitration proceedings or other proceedings or hearings before any statutory or governmental body,
department, board or agency and is not the subject of any investigation, inquiry or enforcement proceedings by any governmental,
administrative or regulatory body that could reasonably be expected to have a Material Adverse Effect. No such proceedings, investigation
or inquiry are pending or, to the Company’s knowledge, threatened against the Company, and, to the Company’s knowledge,
there are no circumstances likely to give rise to any such proceedings.

 

g.            Intellectual
Property. The Company has, or has rights to use, all patents, patent applications, trademarks, trademark applications, service
marks, trade names, trade secrets, inventions, copyrights, licenses and other intellectual property rights and similar rights
as described in the SEC Reports as necessary or required for use in connection with its business and which the failure to so have
could have a material adverse effect (collectively, the “Intellectual Property Rights”). The Company has not
received a notice (written or otherwise) that any of, the Intellectual Property Rights has expired, terminated or been abandoned,
or is expected to expire or terminate or be abandoned, within two (2) years from the date of this Agreement. To the knowledge
of the Company, all such Intellectual Property Rights are enforceable and there is no existing infringement by another Person
of any of the Intellectual Property Rights.

 

h.            Valid
Issuance. The Common Shares have been duly authorized and, upon issuance in accordance with the terms hereof and payment of
the Purchase Price, shall be validly issued, fully paid and non-assessable and free from all preemptive or similar rights and
free of restrictions on transfer other than restrictions on transfer under this Agreement and under applicable state and federal
securities laws.

    	 	3	 

     

    

 

3.            Purchaser’s
Representations and Warranties.

 

Each Purchaser, for
itself and for no other Purchaser, represents and warrants as of the Closing as follows:

 

a.            Organization
and Good Standing. If such Purchaser is an entity, such Purchaser is a corporation, partnership, limited liability company
or other entity duly incorporated or organized, validly existing and in good standing under the laws of the jurisdiction of its
incorporation or organization.

 

b.            Requisite
Power and Authority. Such Purchaser has all necessary power and authority under all applicable provisions of law to execute
and deliver the Transaction Documents (as defined below) to which such Purchaser is a party and to purchase the Securities being
sold to it hereunder. If such Purchaser is an entity, the execution, delivery and performance of the Transaction Documents to
which such Purchaser is a party by such Purchaser and the consummation by it of the transactions contemplated hereby and thereby
have been duly authorized by all necessary corporate, limited liability company or partnership action, and no further consent
or authorization of such Purchaser or its board of directors, stockholders, partners or similar body, as the case may be, is required.
The Transaction Documents to which such Purchaser is a party have been duly authorized, executed and delivered by such Purchaser
and assuming due authorization, execution and delivery by the Company, constitutes valid and binding obligations of such Purchaser
enforceable against such Purchaser in accordance with the terms thereof, except as such enforceability may be limited by general
principles of equity or applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws relating to,
or affecting generally, the enforcement of applicable creditors’ rights and remedies.

 

c.            No
Public Sale or Distribution. Such Purchaser is acquiring the Common Shares for its own account and not with a view towards,
or for resale in connection with, the public sale or distribution thereof, except pursuant to sales registered or exempted under
the Securities Act; provided, however, that by making the representations herein, such Purchaser does not agree to hold
any of the Securities for any minimum or other specific term and reserves the right to dispose of all or any part of the Securities
at any time in accordance with or pursuant to a registration statement or an exemption from registration under the Securities
Act and pursuant to the applicable terms of the Transaction Documents. Such Purchaser is acquiring the Securities hereunder in
the ordinary course of its business. Such Purchaser does not presently have any agreement or understanding, directly or indirectly,
with any Person to distribute any of the Securities. As used in this Agreement, “Person” means an individual,
a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization and a government
or any department or agency thereof.

 

d.            Accredited
Investor Status. Such Purchaser is an “accredited investor” as that term is defined in Rule 501(a) of
Regulation D. Such Purchaser has executed and delivered to the Company a questionnaire in substantially the form attached hereto
as Exhibit A (the “Investor Questionnaire”), which such Purchaser represents and warrants is true,
correct and complete. Such Purchaser will promptly notify the Company of any changes to its status as an “accredited investor”.

    	 	4	 

     

    

 

e.            Reliance
on Exemptions. Such Purchaser understands that the Securities are being offered and sold to it in reliance on specific exemptions
from the registration requirements of United States federal and state securities laws and that the Company is relying upon the
truth and accuracy of, and such Purchaser’s compliance with, the representations, warranties, agreements, acknowledgments
and understandings of such Purchaser set forth in the Transaction Documents and the Investor Questionnaire in order to determine
the availability of such exemptions and the eligibility of such Purchaser to acquire the Securities.

  

f.            Information.
Such Purchaser and its advisors, if any, have had an opportunity to discuss the Company’s business, management and financial
affairs with the Company’s management and to obtain any additional information which such Purchaser has deemed necessary
or appropriate for conducting its due diligence investigation and deciding whether or not to purchase the Securities, including
an opportunity to receive, review and understand the information regarding the Company’s financial statements, capitalization
and other business information contained in the SEC Reports as such Purchaser deems prudent. Such Purchaser has sufficient knowledge
and experience in investing in companies similar to the Company so as to be able to evaluate the risks and merits of its investment
in the Company. Such Purchaser acknowledges that no representations or warranties, oral or written, have been made by the Company
or any agent thereof except as set forth in this Agreement. Such Purchaser understands that its investment in the Securities involves
a high degree of risk and represents and warrants that it is able to bear the economic risk and complete loss of such investment.
Such Purchaser has sought such accounting, legal and tax advice as it has considered necessary to make an informed investment
decision with respect to its acquisition of the Securities.

 

g.            No
Governmental Review. Such Purchaser understands that no United States federal or state agency or any other government or governmental
agency has passed on or made any recommendation or endorsement of the Securities or the fairness or suitability of the investment
in the Securities nor have such authorities passed upon or endorsed the merits of the offering of the Securities.

 

h.            Transfer
or Resale. Such Purchaser understands that, except as provided in Section 6, the: (i) the Securities have
not been and are not being registered under the Securities Act or any state securities laws, and may not be offered for sale,
sold, assigned or transferred unless (A) subsequently registered thereunder, or (B) such Purchaser shall have delivered
to the Company an opinion of counsel, in a form reasonably acceptable to the Company, to the effect that such Securities to be
sold, assigned or transferred may be sold, assigned or transferred pursuant to Rule 144, as amended, promulgated under the
Securities Act (or a successor rule thereto) (“Rule 144”) or an exemption from such registration,
(ii) any sale of the Securities made in reliance on Rule 144 may be made only in accordance with the terms of Rule 144
and further, if Rule 144 is not applicable, any resale of the Securities under circumstances in which the seller (or the
Person through whom the sale is made) may be deemed to be an underwriter (as that term is defined in the Securities Act) may require
compliance with some other exemption under the Securities Act or the rules and regulations of the Commission thereunder,
and (iii) neither the Company nor any other Person is under any obligation to register the Securities under the Securities
Act or any state securities laws or to comply with the terms and conditions of any exemption thereunder.

    	 	5	 

     

    

 

i.            Legends.
Such Purchaser understands that the certificates or other instruments representing the Securities, including any applicable balance
account at the Transfer Agent, except as set forth below, shall bear any legend as required by the “blue sky” laws
of any state and a restrictive legend in substantially the following form (and a stop-transfer order may be placed against transfer
of such Securities):

  

THIS SECURITY MAY NOT BE
OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES
ACT"), OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR
TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.

 

j.            Legend
Removal. Unless otherwise required by state securities laws, the legend set forth above shall be removed and the Company shall
issue a certificate without such legend to the holder of the Securities upon which it is stamped or issue to such holder by electronic
delivery at the applicable balance account at The Depository Trust Company (“DTC”) or the Transfer Agent, as
applicable, and at the Purchaser’s election so long as the Purchaser is not an affiliate of the Company, if (i) such
Securities are registered for resale under the Securities Act, (ii) in connection with a sale, assignment or other transfer,
such holder provides the Company with an opinion of a law firm reasonably acceptable to the Company, in a form reasonably acceptable
to the Company, to the effect that such sale, assignment or transfer of the Securities may be made without registration under
the applicable requirements of the Securities Act, or (iii) such holder provides the Company with an opinion of a law firm
reasonably acceptable to the Company, in a form reasonably acceptable to the Company, to the effect that the Securities can be
sold, assigned or transferred pursuant to Rule 144 or an exemption from registration.

 

k.            No
Conflicts. The execution, delivery and performance by such Purchaser of the Transaction Documents and the consummation by
such Purchaser of the transactions contemplated hereby and thereby will not (i) result in a violation of the organizational
documents of such Purchaser, (ii) conflict with, or constitute a default (or an event which with notice or lapse of time
or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of,
any agreement, indenture or instrument to which such Purchaser is a party, or (iii) result in a violation of any law, rule,
regulation, order, judgment or decree (including federal and state securities laws) applicable to such Purchaser, except in the
case of clauses (ii) and (iii) above, for such conflicts, defaults, rights or violations which would not, individually
or in the aggregate, reasonably be expected to have a material adverse effect on the ability of such Purchaser to perform its
obligations hereunder.

 

    	 	6	 

     

    

l.            No
General Solicitation and Advertising. Such Purchaser is not, to such Purchaser’s knowledge, purchasing the Securities
as a result of any advertisement, article, notice or other communication regarding the Securities published in any newspaper,
magazine or similar media or broadcast over television or radio or presented at any seminar or any other general solicitation
or general advertisement.

 

m.            Residency.
Such Purchaser is a resident of that jurisdiction specified in its address on the Schedule of Purchasers.

 

n.            Brokers.
There is no broker, investment banker, financial advisor, finder or other Person which has been retained by or is authorized to
act on behalf of such Purchaser who might be entitled to any fee or commission for which the Company will be liable in connection
with the execution of this Agreement and the consummation of the transactions contemplated hereby.

 

4.            Conditions
to Closing.

 

a.            Conditions
to Each Purchaser’s Obligation to Purchase. The obligation of each Purchaser to consummate the transactions contemplated
in the Transaction Documents at the Closing is subject to the satisfaction on or before the date of the Closing of the following
conditions, all or any of which may be waived in writing by such Purchaser as to its obligation to consummate the transactions
so contemplated:

 

i.            Performance.
The Company shall have duly executed and delivered to such Purchaser (A) each of the Transaction Documents and (B) the
Common Shares being purchased by such Purchaser at the Closing pursuant to this Agreement.

 

ii.            Proceedings.
All corporate and other proceedings taken or to be taken in connection with the transactions contemplated hereby to be consummated
at or prior to the Closing and all documents incidental thereto or required to be delivered prior to or at the Closing will be
reasonably satisfactory in form and substance to such Purchaser.

 

iii.            Suits/Proceedings.
No action, suit, proceeding or investigation by or before any court, administrative agency or other governmental authority shall
have been instituted or threatened to restrain, prohibit or invalidate the transactions contemplated by this Agreement.

 

iv.            Authorization
of Issuance. The Company’s board of directors will have authorized the issuance and sale by it to the Purchasers pursuant
to this Agreement of the Securities.

 

v.            Consents
and Approvals. The Company shall have obtained any and all consents (including all governmental or regulatory consents, approvals
or authorizations required in connection with the valid execution and delivery of this Agreement), permits and waivers necessary
or appropriate for consummation of the transactions contemplated by this Agreement.

    	 	7	 

     

    

 

vi.            Representations
and Warranties. The representations and warranties of the Company contained in this Agreement that are not qualified by materiality
or similar qualification shall be true and correct in all material respects on and as of the Closing, except to the extent expressly
made as of an earlier date, in which case such representations and warranties shall be true and correct in all material respects
as of such earlier date, and the representations and warranties of the Company contained in this Agreement that are qualified
by materiality or similar qualification shall be true and correct in all respects on and as of the Closing, except to the extent
expressly made as of an earlier date, in which case such representations and warranties shall be true and correct in all respects
as of such earlier date.

  

b.            Conditions
to the Company’s Obligation to Sell. The obligation of the Company to consummate the transactions contemplated herein
at the Closing is subject to the satisfaction on or before the date of the Closing of the following conditions, all or any of
which may be waived in writing by the Company as to its obligation to consummate the transaction so contemplated:

 

i.            Performance.
Each Purchaser shall have executed each of the Transaction Documents to which it is a party and delivered the same to the Company.

 

ii.            Investor
Questionnaire. Each Purchaser shall have executed and delivered to the Company an Investor Questionnaire pursuant to which
each such Purchaser shall provide information necessary to confirm each such Purchaser’s status as an “accredited
investor” (as such term is defined in Rule 501 promulgated under the Securities Act) and to enable the Company to comply
with its obligations under Section 6.

 

iii.            Payment
of Purchase Price. Each Purchaser shall have delivered to the Company the Purchase Price for the Common Shares being purchased
by such Purchaser by wire transfer of immediately available funds pursuant to wire instructions provided by the Company.

 

iv.            Suits/Proceedings.
No action, suit, proceeding or investigation by or before any court, administrative agency or other governmental authority shall
have been instituted or threatened to restrain, prohibit or invalidate the transactions contemplated by this Agreement.

 

v.            Representations
and Warranties. The representations and warranties of each Purchaser contained in this Agreement that are not qualified by
materiality or similar qualification shall be true and correct in all material respects on and as of the Closing, except to the
extent expressly made as of an earlier date, in which case such representations and warranties shall be true and correct in all
material respects as of such earlier date, and the representations and warranties of each Purchaser contained in this Agreement
that are qualified by materiality or similar qualification shall be true and correct in all respects on and as of the Closing,
except to the extent expressly made as of an earlier date, in which case such representations and warranties shall be true and
correct in all respects as of such earlier date.

 

    	 	8	 

     

    

5.            Reliance.
Each Purchaser is aware that the Company is relying on the accuracy of the representations and warranties set forth in Section 3
hereof to establish compliance with Federal and State securities laws. If any such warranties or representations are not true
and accurate in any respect as of the Closing, each Purchaser with such knowledge shall so notify the Company in writing immediately
and shall be cause for rescission by the Company at its sole election.

 

6.            Registration
Rights.

 

a.            The
Company hereby agrees that, within fifteen (15) Business Days after the date hereof, the Company shall file a registration statement
on Form S-1 (or such other form available, the “Registration Statement”) with the Commission with respect
to the Registrable Securities. The Company shall use its commercially reasonable efforts to cause the Registration Statement to
be declared effective under the Securities Act as promptly as possible after the filing thereof, but in any event (x) no
later than the sixtieth (60th) Business Day following the filing of the Registration Statement in the event of “limited
review” by the Commission, or (y) in the event of a “review” by the Commission, the ninetieth (90th) Business
Day following the filing of the Registration Statement, and shall use its commercially reasonable efforts to keep such Registration
Statement continuously effective under the Securities Act during the entire Effectiveness Period (as such term is defined below
along with any other terms used in this Section 6).

 

b.            Notwithstanding
anything in this Section to the contrary, the Company may, on no more than two occasions during any 12-month period, delay
or suspend the effectiveness of the Registration Statement for up to 30 days on each occasion (a “Delay Period”)
if the board of directors of the Company determines in good faith that (i) effectiveness of the Registration Statement must
be suspended in accordance with the rules and regulations under the Securities Act or that (ii) the disclosure of material
non-public information at such time would be detrimental to the Company and its subsidiaries, taken as a whole. Notwithstanding
the foregoing, the Company shall use its reasonable best efforts to ensure that the Registration Statement is declared effective
and its permitted use is resumed following a Delay Period as promptly as practicable.

 

c.            All
fees and expenses incident to the performance of or compliance with this Section by the Company shall be borne by the Company
whether or not any Registrable Securities are sold pursuant to a Registration Statement.

 

d.            Except
for registration rights granted on or prior to the date hereof, the Company has not entered into and, unless agreed in writing
by each Holder on or after the date of this Agreement, will not enter into, any agreement or arrangement that (i) is inconsistent
with the rights granted to the Holders with respect to Registrable Securities in this Agreement or otherwise conflicts with the
provisions hereof in any material respect or (ii) other than as set forth in this Agreement, would allow any holder of Common
Stock or other securities of the Company to include such securities in any Registration Statement filed by the Company on a basis
that is more favorable in any material respect to the rights granted to the Holders hereunder including granting registration
rights that would have priority over the Registrable Securities with respect to the inclusion of such securities in any registration.

    	 	9	 

     

    

 

e.            As
used in this Section, the following terms have the respective meanings:

 

“Business Day”
means a day other than Saturday, Sunday or any day on which banks located in the State of New York are authorized or obligated
to close.

 

“Effectiveness
Period” means, the period commencing on the Registration Statement Effective Date and ending on the earlier of (i) the
time as all of the Registrable Securities covered by such Registration Statement have been sold (either pursuant to a Registration
Statement or otherwise) by the Holders (as defined below), or (ii) the time as all of the remaining Registrable Securities
are eligible to be sold by the Holders without compliance with the volume limitations or public information requirements of Rule 144. 

 

“Holder”
or “Holders” means the holder or holders, as the case may be, from time to time, of Registrable Securities.

 

“Registrable
Securities” means: (i)  the Common Shares and (ii) any securities issued or issuable upon any stock split,
dividend or other distribution, recapitalization or similar event, or any price adjustment as a result of such stock splits, reverse
stock splits or similar events with respect to the securities referenced in (i).

 

“Registration
Statement” means the registration statements required to be filed in accordance with this Section and any additional
registration statements required to be filed under this Section, including in each case the prospectus, amendments and supplements
to such registration statements or prospectus, including pre and post effective amendments, all exhibits thereto, and all material
incorporated by reference or deemed to be incorporated by reference therein.

 

“Registration
Statement Effective Date” means, as to a Registration Statement, the date on which such Registration Statement is first
declared effective by the Commission.

 

“Trading Day”
means a day on which the Nasdaq Stock Market is open for trading.

 

7.            Miscellaneous.

 

a.            Survival.
The representations, warranties, covenants and agreements made herein shall survive the closing of the transactions contemplated
hereby for a period of one year.

 

b.            Successors
and Assigns. Except as otherwise expressly provided herein, the provisions hereof shall inure to the benefit of, and be binding
upon, the successors, assigns, heirs, executors and administrators of the parties hereto.

 

    	 	10	 

     

    

c.            Entire
Agreement. This Agreement and the Schedules attached hereto constitute the entire agreement and understanding between the
parties with respect to the subject matters herein, and supersede and replace any prior agreements and understandings, whether
oral or written between and among them with respect to such matters. The provisions of this Agreement may be waived, altered,
amended or repealed, in whole or in part, only upon the written consent of the Company and Purchasers holding at least 50.1% in
interest of the Securities then outstanding or, in the case of a waiver, by the party against whom enforcement of any such waived
provision is sought, provided that if any amendment, modification or waiver disproportionately and adversely impacts a Purchaser
(or group of Purchasers), the consent of such disproportionately impacted Purchaser (or group of Purchasers) shall also be required.

 

d.            Title
and Subtitles. The titles of the Sections and subsections of this Agreement are for convenience of reference only and are
not to be considered in construing this Agreement.

 

e.            Counterparts.
This Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which together shall
constitute one instrument. 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.

 

f.            Applicable
Law. This Agreement shall be governed by and construed in accordance with laws of the State of California, applicable to contracts
between California residents entered into and to be performed entirely within the State of California.

 

g.            Venue.
Any action, arbitration, or proceeding arising directly or indirectly from this Agreement or any other instrument or security
referenced herein shall be litigated or arbitrated, as appropriate, in the County of San Francisco, in the State of California.

 

h.            Authority.
With respect to each Purchaser, the individual executing and delivering this Agreement on behalf of such Purchaser has been duly
authorized and is duly qualified to execute and deliver this Agreement in connection with the purchase of the Securities and the
signature of such individual is binding upon such Purchaser.

 

i.            Notices.
All notices and other communications provided for or permitted hereunder shall be made by hand-delivery, electronic mail,
telecopier, or overnight air courier guaranteeing next day delivery at the address set forth on the signature page hereof,
if to the Company, and on the Schedule of Purchasers, if to a Purchaser, with copies to such Purchaser’s representatives
as set forth on the Schedule of Purchasers. All such notices and communications shall be deemed to have been duly given
(i) at the time delivered by hand, if personally delivered (ii) when sent, if sent my electronic mail (provided that
such sent email is kept on file (whether electronically or otherwise) by the sending party and the sending party does not receive
an automatically generated message from the recipient’s email server that such email could not be delivered to such recipient),
(iii) when receipt acknowledged, if telecopied, and (iv) the next business day after timely delivery to the courier,
if sent by overnight air courier guaranteeing next day delivery. The parties may change the addresses to which notices are to
be given by giving five days prior written notice of such change in accordance herewith.

 

[REMAINDER
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    	 	11	 

     

    

 

IN WITNESS WHEREOF, each Purchaser
and the Company have caused their respective signature page to this Securities Purchase Agreement to be executed as of the
date first written above.

 

	COMPANY:

         
	Address for Notice:
	JAGUAR HEALTH, INC.	201 Mission Street, Suite 2375

        San Francisco, CA 94105

        Fax: (415) 371-8311

	 	 
	By:	/s/ Lisa Conte	 
	 	Name: Lisa A. Conte	 
	 	Title: CEO and President	 
	 

        With a copy to (which shall not
        constitute notice):

         

        Donald C. Reinke, Esq.

        Reed Smith LLP

        101 Second Street, Suite 1800

        San Francisco, CA 94105
	 

 

[REMAINDER OF PAGE INTENTIONALLY LEFT
BLANK

Signature
Page for PurchaserS Follow]

 

SPA Signature Page

 

    

     

    

  

IN WITNESS WHEREOF, each Purchaser
and the Company have caused their respective signature page to this Securities Purchase Agreement to be executed as of the
date first written above.

 

 

Name of Purchaser: Roy Rogers Family Trust
01/21/1981

 

Signature of Authorized Signatory of Purchaser:
_/s/ Roy Rogers____________________________________________________________________

 

Name of Authorized Signatory: _Roy
Rogers, Trustee_____________________________________________________________

 

Title of Authorized Signatory: Trustee______________________________________________________________

 

SPA
Signature Page

    

     

    

 

IN WITNESS WHEREOF, each Purchaser
and the Company have caused their respective signature page to this Securities Purchase Agreement to be executed as of the
date first written above.

 

 

Name of Purchaser: Roy and Ruth Unitrust,
UTD 09/28/1989

 

Signature of Authorized Signatory of Purchaser:
_/s/ Roy Rogers____________________________________________________________________

 

Name of Authorized Signatory: _Roy
Rogers, Trustee_____________________________________________________________

 

Title of Authorized Signatory: Trustee______________________________________________________________

 

SPA
Signature Page

 

    

     

    

 

IN WITNESS WHEREOF, each Purchaser
and the Company have caused their respective signature page to this Securities Purchase Agreement to be executed as of the
date first written above.

 

 

Name of Purchaser: Howard Miller

 

Signature of Authorized Signatory of Purchaser:
_/s/ Howard Miller____________________________________________________________________

 

Name of Authorized Signatory: _Howard
Miller____________________________________________________________

 

Title of Authorized Signatory: __________________________________________________________________

 

SPA
Signature Page

 

    

     

    

  

IN WITNESS WHEREOF, each Purchaser
and the Company have caused their respective signature page to this Securities Purchase Agreement to be executed as of the
date first written above.

 

 

Name of Purchaser: Mary Olson

 

Signature of Authorized Signatory of Purchaser:
_/s/ Mary Olson____________________________________________________________________

 

Name of Authorized Signatory: _Mary
Olson_____________________________________________________________

 

Title of Authorized Signatory: __________________________________________________________________

 

SPA
Signature Page

    

     

    

 

 

IN WITNESS WHEREOF, each Purchaser
and the Company have caused their respective signature page to this Securities Purchase Agreement to be executed as of the
date first written above.

 

 

Name of Purchaser: Brian Swift

 

Signature of Authorized Signatory of Purchaser:
_/s/ Brian Swift____________________________________________________________________

 

Name of Authorized Signatory: _Brian
Swift_____________________________________________________________

 

Title of Authorized Signatory: __________________________________________________________________

 

SPA
Signature Page

    

     

    

 

IN WITNESS WHEREOF, each Purchaser
and the Company have caused their respective signature page to this Securities Purchase Agreement to be executed as of the
date first written above.

 

Name of Purchaser: Surgetek Investment
Mgt

 

Signature of Authorized Signatory of Purchaser:
_/s/ Rakesh Kansal____________________________________________________________________

 

Name of Authorized Signatory: _Rakesh
Kansal_____________________________________________________________

 

Title of Authorized Signatory: ___President__________________________________________________________________

 

SPA
Signature Page

    

     

    

 

Schedule of Purchasers

 

	(1)	(2)	(3)	(4)	(5)	(6)
	 	 	 	 	 	 
	Purchaser	Address	Email Address	Number

    of 

    Common

    Shares	Aggregate

    Purchase 

    Price	Legal

    Representative’s

    Address

 

	Roy Rogers Family Trust, UTD 01/21/1981	 	 	654,761	$275,000.00	N/A
	Roy
    and Ruth Rogers Unitrust, UTD 09/28/1989	 	 	178,571	$75,000.00	N/A
	Howard
    Miller	 	 	238,095	$100,000.00	N/A
	Mary
    Olson	 	 	476,190	$200,000.00	N/A
	Brian
    Swift	 	 	47,619	$20,000.00	N/A
	Surgetek
    Investment Mgt	 	 	119,047	$50,000.00	N/A
	 	 	 	 	 	 
	TOTALS	 	 	1,714,283	$720,000.00

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