Document:

EX-10.4

 Exhibit 10.4 

PRIVATE PLACEMENT WARRANTS PURCHASE AGREEMENT 

THIS PRIVATE PLACEMENT WARRANTS PURCHASE AGREEMENT, dated as of [_____], 2020 (as it may from time to time be amended, this
“Agreement”), is entered into by and between Ascendant Digital Acquisition Corp., a Cayman Islands exempted company (the “Company”), and Ascendant Sponsor LP, a Cayman Islands exempted limited
partnership company (the “Purchaser”). 
 WHEREAS, the Company intends to consummate an initial public offering of
the Company’s units (the “Public Offering”), each unit consisting of one Class A Ordinary Share, par value $0.0001 per share, of the Company (an “Ordinary Share”), and one-half of one redeemable warrant. Each whole warrant entitles the holder to purchase one Ordinary Share at an exercise price of $11.50 per Ordinary Share. The Purchaser has agreed to purchase an aggregate of
8,000,000 warrants (or 8,900,000 in the aggregate if the over-allotment option in connection with the Public Offering is exercised in full) (the “Private Placement Warrants”), each Private Placement Warrant entitling the
holder to purchase one Ordinary Share at an exercise price of $11.50 per Share. 
 NOW THEREFORE, in consideration of the mutual promises
contained in this Agreement and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby, intending legally to be bound, agree as follows: 

AGREEMENT 

Section 1. Authorization, Purchase and Sale; Terms of the Private Placement Warrants. 

A. Authorization of the Private Placement Warrants. The Company has duly authorized the issuance and sale of the Private Placement
Warrants to the Purchaser. 
 B. Purchase and Sale of the Private Placement Warrants. 

(i) On the date of the consummation of the Public Offering or on such earlier time and date as may be mutually agreed by the Purchaser and the
Company (the “Initial Closing Date”), the Company shall issue and sell to the Purchaser, and the Purchaser shall purchase from the Company, an aggregate of 8,000,000 Private Placement Warrants at a price of $1.00 per warrant
for an aggregate purchase price of $8,000,000 (the “Purchase Price”), which shall be paid by wire transfer of immediately available funds to the Company at least one business day prior to the Initial Closing Date in
accordance with the Company’s wiring instructions. On the Initial Closing Date, upon the payment by the Purchaser of the Purchase Price, the Company, at its option, shall deliver a certificate evidencing the Private Placement Warrants purchased
by the Purchaser on such date duly registered in the Purchaser’s name to the Purchaser, or effect such delivery in book-entry form. 

(ii) On the date of the consummation of the closing of the over-allotment option in connection with the Public Offering or on such earlier time
and date as may be mutually agreed by the Purchaser and the Company (each such date, an “Over-allotment Closing Date”, and each Over-allotment Closing Date (if any) and the Initial Closing Date being sometimes referred to
herein as a “Closing Date”), the Company shall issue and sell to the Purchaser, and the Purchaser shall purchase from the Company, up to an aggregate of 900,000 additional Private Placement Warrants at a price of $1.00 per
warrant for an aggregate purchase price of up to $900,000 (if the over-allotment option in connection with the Public Offering is exercised in full) (the “Over-allotment Purchase Price”). The Purchaser shall pay the
Over-allotment Purchase Price by wire transfer of immediately available funds to the Company at least one business day prior to the Over-Allotment Closing Date in accordance with the Company’s wiring instructions. On the Over-allotment Closing
Date, upon the payment by the Purchaser of the Over-allotment Purchase Price, the Company shall, at its option, deliver a certificate evidencing the Private Placement Warrants purchased by the Purchaser on such date duly registered in the
Purchaser’s name to the Purchaser, or effect such delivery in book-entry form. 
 C. Terms of the Private Placement Warrants.

 (i) Each Private Placement Warrant shall have the terms set forth in a Warrant Agreement to be entered into by the Company and a warrant
agent in connection with the Public Offering (a “Warrant Agreement”). 

 (ii) At the time of the closing of the Public Offering, the Company and the Purchaser shall
enter into a registration rights agreement (the “Registration Rights Agreement”) pursuant to which the Company will grant certain registration rights to the Purchaser relating to the Private Placement Warrants and the Shares
underlying the Private Placement Warrants. 
 Section 2. Representations and
Warranties of the Company. As a material inducement to the Purchaser to enter into this Agreement and purchase the Private Placement Warrants, the Company hereby represents and warrants to the Purchaser (which representations and warranties
shall survive the Closing Date) that: 
 A. Incorporation and Corporate Power. The Company is an exempted company duly incorporated,
validly existing and in good standing under the laws of the Cayman Islands and is qualified to do business in every jurisdiction in which the failure to so qualify would reasonably be expected to have a material adverse effect on the financial
condition, operating results or assets of the Company. The Company possesses all requisite corporate power and authority necessary to carry out the transactions contemplated by this Agreement and the Warrant Agreement. 

B. Authorization; No Breach. 

(i) The execution, delivery and performance of this Agreement and the Private Placement Warrants have been duly authorized by the Company as of
the Closing Date. This Agreement constitutes the valid and binding obligation of the Company, enforceable in accordance with its terms. Upon issuance in accordance with, and payment pursuant to, the terms of the Warrant Agreement and this Agreement,
the Private Placement Warrants will constitute valid and binding obligations of the Company, enforceable in accordance with their terms as of the Closing Date. 

(ii) The execution and delivery by the Company of this Agreement and the Private Placement Warrants, the issuance and sale of the Private
Placement Warrants, the issuance of the Shares upon exercise of the Private Placement Warrants and the fulfillment of, and compliance with, the respective terms hereof and thereof by the Company, do not and will not as of the Closing Date
(a) conflict with or result in a breach of the terms, conditions or provisions of, (b) constitute a default under, (c) result in the creation of any lien, security interest, charge or encumbrance upon the Company’s equity or
assets under, (d) result in a violation of, or (e) require any authorization, consent, approval, exemption or other action by or notice or declaration to, or filing with, any court or administrative or governmental body or agency pursuant
to the Amended and Restated Memorandum and Articles of Association of the Company in effect on the date hereof or as may be amended prior to completion of the contemplated Public Offering, or any material law, statute, rule or regulation to which
the Company is subject, or any agreement, order, judgment or decree to which the Company is subject, except for any filings required after the date hereof under federal or state securities laws. 

C. Title to Securities. Upon issuance in accordance with, and payment pursuant to, the terms hereof and the Warrant Agreement, and upon
registration in the Company’s register of members, the Shares issuable upon exercise of the Private Placement Warrants will be duly and validly issued, fully paid and nonassessable. Upon issuance in accordance with, and payment pursuant to, the
terms hereof and the Warrant Agreement, and upon registration in the Company’s register of members, the Purchaser will have good title to the Private Placement Warrants and the Shares issuable upon exercise of such Private Placement Warrants,
free and clear of all liens, claims and encumbrances of any kind, other than (i) transfer restrictions hereunder and under the other agreements contemplated hereby, (ii) transfer restrictions under federal and state securities laws, and
(iii) liens, claims or encumbrances imposed due to the actions of the Purchaser. 
 D. Governmental Consents. No permit, consent,
approval or authorization of, or declaration to or filing with, any governmental authority is required in connection with the execution, delivery and performance by the Company of this Agreement or the consummation by the Company of any other
transactions contemplated hereby. 
 E. Regulation D Qualification. Neither the Company nor, to its knowledge, any of its affiliates,
members, officers, directors or beneficial shareholders of 20% or more of its outstanding securities, has experienced a disqualifying event as enumerated pursuant to Rule 506(d) of Regulation D under the Securities Act of 1933, as amended (the
“Securities Act”). 

  
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 Section 3. Representations and
Warranties of the Purchaser. As a material inducement to the Company to enter into this Agreement and issue and sell the Private Placement Warrants to the Purchaser, the Purchaser hereby represents and warrants to the Company (which
representations and warranties shall survive each Closing Date) that: 
 A. Organization and Requisite Authority. The Purchaser
possesses all requisite power and authority necessary to carry out the transactions contemplated by this Agreement. 
 B. Authorization;
No Breach. 
 (i) This Agreement constitutes a valid and binding obligation of the Purchaser, enforceable in accordance with its terms,
subject to bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other laws of general applicability relating to or affecting creditors’ rights and to general equitable principles (whether considered in a proceeding in
equity or law). 
 (ii) The execution and delivery by the Purchaser of this Agreement and the fulfillment of and compliance with the terms
hereof by the Purchaser does not and shall not as of each Closing Date conflict with or result in a breach by the Purchaser of the terms, conditions or provisions of any agreement, instrument, order, judgment or decree to which the Purchaser is
subject. 
 C. Investment Representations. 

(i) The Purchaser is acquiring the Private Placement Warrants and, upon exercise of the Private Placement Warrants, the Shares issuable upon
such exercise (collectively, the “Securities”), for the Purchaser’s own account, for investment purposes only and not with a view towards, or for resale in connection with, any public sale or distribution thereof. 

(ii) The Purchaser is an “accredited investor” as such term is defined in Rule 501(a)(3) of Regulation D, and the Purchaser
has not experienced a disqualifying event as enumerated pursuant to Rule 506(d) of Regulation D under the Securities Act. 
 (iii) The
Purchaser understands that the Securities are being offered and will be sold to it in reliance on specific exemptions from the registration requirements of the United States federal and state securities laws and that the Company is relying upon the
truth and accuracy of, and the Purchaser’s compliance with, the representations and warranties of the Purchaser set forth herein in order to determine the availability of such exemptions and the eligibility of the Purchaser to acquire such
Securities. 
 (iv) The Purchaser did not decide to enter into this Agreement as a result of any general solicitation or general advertising
within the meaning of Rule 502(c) under the Securities Act. 
 (v) The Purchaser has been furnished with all materials relating to the
business, finances and operations of the Company and materials relating to the offer and sale of the Securities which have been requested by the Purchaser. The Purchaser has been afforded the opportunity to ask questions of the executive officers
and directors of the Company. The Purchaser understands that its investment in the Securities involves a high degree of risk and it has sought such accounting, legal and tax advice as it has considered necessary to make an informed investment
decision with respect to the acquisition of the Securities. 
 (vi) The 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 by the Purchaser nor have such authorities passed upon or
endorsed the merits of the offering of the Securities. 
 (vii) The Purchaser understands that: (a) 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 (1) subsequently registered thereunder or (2) sold in reliance on an exemption therefrom; and
(b) except as specifically set forth in the Registration Rights Agreement, neither the Company nor any other person is under any obligation to 

  
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register the Securities under the Securities Act or any state securities laws or to comply with the terms and conditions of any exemption thereunder. While the Purchaser understands that Rule 144
is not available for the resale of securities initially issued by shell companies (other than business combination related shell companies) or issuers that have been at any time previously a shell company, the Purchaser understands that Rule 144
includes an exception to this prohibition if the following conditions are met: (i) the issuer of the securities that was formerly a shell company has ceased to be a shell company; (ii) the issuer of the securities is subject to the
reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”); (iii) the issuer of the securities has filed all Exchange Act reports and material required to be
filed, as applicable, during the preceding 12 months (or such shorter period that the issuer was required to file such reports and materials), other than Form 8-K reports; and (iv) at least one year has
elapsed from the time that the issuer filed current Form 10 type information with the SEC reflecting its status as an entity that is not a shell company. 

(viii) The Purchaser has such knowledge and experience in financial and business matters, knows of the high degree of risk associated with
investments in the securities of companies in the development stage such as the Company, is capable of evaluating the merits and risks of an investment in the Securities and is able to bear the economic risk of an investment in the Securities in the
amount contemplated hereunder for an indefinite period of time. The Purchaser has adequate means of providing for its current financial needs and contingencies and will have no current or anticipated future needs for liquidity which would be
jeopardized by the investment in the Securities. The Purchaser can afford a complete loss of its investment in the Securities. 

Section 4. Conditions of the Purchaser’s Obligations. The obligation of
the Purchaser to purchase and pay for the Private Placement Warrants is subject to the fulfillment, on or before each Closing Date, of each of the following conditions: 

A. Representations and Warranties. The representations and warranties of the Company contained in Section 2 shall be true and
correct at and as of such Closing Date as though then made. 
 B. Performance. The Company shall have performed and complied with all
agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by it on or before such Closing Date. 

C. No Injunction. No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted,
entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority over the matters contemplated hereby, which prohibits the consummation of any of the
transactions contemplated by this Agreement or the Warrant Agreement. 
 D. Warrant Agreement. The Company shall have entered into the
Warrant Agreement with a warrant agent on terms satisfactory to the Purchaser. 
 Section 5.
Conditions of the Company’s Obligations. The obligations of the Company to the Purchaser under this Agreement are subject to the fulfillment, on or before each Closing Date, of each of the following
conditions: 
 A. Representations and Warranties. The representations and warranties of the Purchaser contained in Section 3
shall be true and correct at and as of such Closing Date as though then made. 
 B. Performance. The Purchaser shall have performed
and complied with all agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by the Purchaser on or before such Closing Date. 

C. Corporate Consents. The Company shall have obtained the consent of its Board of Directors authorizing the execution, delivery and
performance of this Agreement and the Warrant Agreement and the issuance and sale of the Private Placement Warrants hereunder. 
 D. No
Injunction. No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any
self-regulatory organization having authority over the matters contemplated hereby, which prohibits the consummation of any of the transactions contemplated by this Agreement or the Warrant Agreement. 

  
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 E. Warrant Agreement. The Company shall have entered into the Warrant Agreement with
a warrant agent on terms satisfactory to the Company. 
 Section 6.
Termination. This Agreement may be terminated at any time after December 31, 2020 upon the election by either the Company or the Purchaser upon written notice to the other party if the closing of the Public
Offering does not occur prior to such date. 
 Section 7. Survival of
Representations and Warranties. All of the representations and warranties contained herein shall survive each Closing Date. 

Section 8. Definitions. Terms used but not otherwise defined in this
Agreement shall have the meaning assigned to such terms in the registration statement on Form S-1 the Company plans to file with the U.S. Securities and Exchange Commission, under the Securities Act. 

Section 9. Miscellaneous. 

A. Successors and Assigns. Except as otherwise expressly provided herein, all covenants and agreements contained in this Agreement by or
on behalf of any of the parties hereto shall bind and inure to the benefit of the respective successors of the parties hereto whether so expressed or not. Notwithstanding the foregoing or anything to the contrary herein, the parties may not assign
this Agreement, other than assignments by the Purchaser to affiliates thereof (including, without limitation one or more of its members). 

B. Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of
this Agreement. 
 C. Counterparts. This Agreement may be executed simultaneously in two or more counterparts, none of which need
contain the signatures of more than one party, but all such counterparts taken together shall constitute one and the same agreement. 
 D.
Descriptive Headings; Interpretation. The descriptive headings of this Agreement are inserted for convenience only and do not constitute a substantive part of this Agreement. The use of the word “including” in this Agreement
shall be by way of example rather than by limitation. 
 E. Governing Law. This Agreement shall be deemed to be a contract made under
the laws of the State of New York and for all purposes shall be construed in accordance with the internal laws of the State of New York. 

F. Amendments. This Agreement may not be amended, modified or waived as to any particular provision, except by a written instrument
executed by all parties hereto. 
 [Signature Page Follows] 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement to be effective
as of the date first set forth above. 
  

			
	COMPANY:
	
	ASCENDANT DIGITAL ACQUISITION CORP.
		
	By:	 	
                 

		 	Name: Mark Gerhard
		 	Title: Chief Executive Officer
	
	PURCHASER:
	
	 ASCENDANT SPONSOR LP
  

By: Ascendant Sponsor GP LLC, its general partner

		
	By:	 	
                     

		 	Name: David Gomberg
		 	Title: Manager

 [Signature Page to Private Placement Warrants Purchase Agreement]Exhibit 10.1

 

FIRST AMENDMENT TO ROYALTY INTEREST PURCHASE AGREEMENT AND RELATED DOCUMENTS

 

THIS FIRST AMENDMENT TO ROYALTY INTEREST PURCHASE AGREEMENT AND RELATED DOCUMENTS (this “Amendment”) is entered into as of this 10th day of July, 2020 (the “Effective Date”), by and among Jaguar Health, Inc., a Delaware corporation (“Company”), and Iliad Research and Trading, L.P., a Utah limited partnership (“Investor”).  Capitalized terms not otherwise defined herein shall have the meanings given to such terms in the Agreement (as defined below).

 

RECITALS AND STIPULATIONS

 

A.    Company and Investor are parties to a certain Royalty Interest Purchase Agreement, dated as of March 4, 2020 (as amended, modified, supplemented, restated or replaced from time to time, the “Agreement”);

 

B.    In connection with the Agreement, the Company executed that certain Royalty Interest Agreement in favor of Investor, dated as of March 4, 2020 (the “Royalty Interest” and together with the Agreement and any other documents, instruments and agreements delivered in connection with the Agreement, the “Documents”);

 

C.    Company has requested that the Documents be amended to extend the due dates for payments thereunder and Investor has agreed to do so upon the terms and subject to the conditions set forth herein; and

 

D.    Company and Investor acknowledge and agree that this Amendment has been negotiated in good faith.

 

NOW, THEREFORE, in consideration of the recitals and stipulations set forth above and the mutual promises and covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Company and Investor hereby agree as follows:

 

AGREEMENT

 

1.     General Acknowledgment.  Company acknowledges and agrees to the following:

 

(a)           Company hereby acknowledges the accuracy of the representations set forth in the Recitals of this Amendment;

 

(b)           Neither this Amendment nor any other agreement entered in connection herewith or pursuant to the terms hereof shall be deemed or construed to be a compromise, satisfaction, reinstatement, accord and satisfaction, novation or release of any of the Documents, or any rights or obligations thereunder, or except as set forth in Section 2, a waiver by Investor of any of its rights under the Documents or at law or in equity;

 

(c)           Neither this Amendment nor any other agreement executed in connection herewith pursuant to the terms hereof, nor any actions taken pursuant to this Amendment or such other agreement shall be deemed to cure any Event of Default which may exist under the Documents as of the date hereof, or to be a waiver by Investor of any Event of Default which may exist under the Documents as of the date hereof, or of any rights or remedies in connection therewith or with respect hereto, evidencing the parties’ intention that Company’s obligations under the Documents, as amended hereby, shall remain in full force and effect; and

 

(d)           Company reaffirms the validity, binding effect and enforceability of each of the Documents, as amended by provisions of this Amendment, and acknowledge that Company is liable to Investor for $500,000, net of payments already made to Investor, as evidenced by the Documents (as modified hereby), without offset, deduction, claim, counterclaim, defense or recoupment of any kind.

 

2.     Amendment.  Company and Investor hereby agree that the Documents are amended such that, notwithstanding the existing terms thereof, no Royalty Payment or other payment shall be due thereunder prior to December 10, 2020 and no payment thereunder will be calculated with respect to any period prior to December 10, 2020 except as otherwise set forth in this Section 2.   The Royalty Payments set forth in Section 2 of the Royalty Interest shall resume as of December 10, 2020, which Royalty Payment will cover Net Sales on Included Products and licensing fees and milestone payments described in Section 2.1 of the Royalty Interest for the month of November. In exchange for the accommodations granted herein, the balance of the Royalty Repayment Amount as of the Effective Date is hereby increased by ten percent (10%).

 

 

3.     Conditions to Amendment.  Investor’s willingness to enter into this Amendment is conditioned on the following:

 

(a)           The execution of this Amendment by the Company; and

 

(b)           There not existing on the date hereof any Event of Default by Company under any Document.

 

4.     Representations and Warranties. To induce Investor to enter into this Amendment, Company represents and warrants to Investor as follows:

 

(a) Organization. Company is a corporation duly organized, validly existing, and in good standing under the laws of the State of Delaware.

 

(b) Authority. Company has full company power and authority to execute, deliver, and perform this Amendment and has taken all company action required by law and its articles of incorporation to authorize the execution and delivery of this Amendment. This Amendment is a valid and binding agreement of Company enforceable against Company in accordance with its terms.

 

(c) Consent and Approvals. No consent or approval of any party is required in connection with the execution and delivery of this Amendment by Company, and the execution and delivery of this Amendment does not (i) contravene or result in a breach or default under the articles of incorporation, articles of organization, bylaws, operating agreement or any other governing document, agreement or instrument to which Company is a party or by which any of their respective properties are bound, or (ii) violate any law, rule, regulation, order, writ, judgment, injunction, decree, determination or award applicable to Company.

 

(d) Representations and Warranties.  All representations and warranties contained in this Amendment, including but not limited to the recitals herein, and in any and all of the Documents, are true and correct as of the Effective Date, and all such representations and warranties shall survive the execution of this Amendment. To the best of Company’s knowledge, there are no claims or defenses against Investor or any other person or entity which would or might affect (i) the enforceability of any provision of any of the Documents.  Company understands and acknowledges that Investor is entering into this Amendment in reliance upon, and in partial consideration for, this acknowledgment and representation, and agrees that such reliance is reasonable and appropriate.

 

(e) Cooperation of Company. Company shall take any and all actions of any kind or nature whatsoever, either directly or indirectly, that are necessary to prevent Investor from suffering a loss with respect to the Royalty Interest or any rights or remedies of Investor with respect to the Royalty Interest or this Amendment in the event of an Event of Default by Company under this Amendment.

 

5.     Incorporation of Other Documents. The Documents are expressly reaffirmed and incorporated herein by this reference, and shall remain in full force and effect and continue to govern and control the relationship between the parties hereto except to the extent they are inconsistent with, amended or superseded by this Amendment.

 

6.     Governing Law and Venue. This Amendment is made in the State of Utah and the validity of this Amendment, any documents incorporated herein or executed in connection herewith, and (notwithstanding anything to the contrary therein) the Documents, and the construction, interpretation, and enforcement thereof, and the rights of the parties thereto shall be determined under, governed by and construed in accordance with the internal laws of The State of Utah, without regard to principles of conflicts of law.

 

7.     Execution in Counterparts.  This Amendment may be executed in any number of counterparts and by different parties on separate counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same agreement. This Amendment shall become effective upon the execution of a counterpart hereof by each of the parties hereto.

 

 

8.     Entire Agreement.  This Amendment, and any agreements, documents and instruments executed and delivered pursuant hereto or in connection herewith, or incorporated herein by reference, contains the entire agreement of the parties hereto and no party shall be bound by anything not expressed in writing.

 

9.     Severability.  If any part, term or provision of this Amendment is held by a court of competent jurisdiction to be illegal, unenforceable or in conflict with any law of the State of Utah, federal law or any other applicable law, the validity and enforceability of the remaining portions or provisions of this Amendment shall not be affected thereby.

 

10.  WAIVER OF A JURY TRIAL.  INVESTOR AND COMPANY EACH ACKNOWLEDGE AND AGREE THAT THERE MAY BE A CONSTITUTIONAL RIGHT TO A JURY TRIAL IN CONNECTION WITH ANY CLAIM DISPUTE OR LAWSUIT ARISING BETWEEN OR AMONG THEM, BUT THAT SUCH RIGHT MAY BE WAIVED. ACCORDINGLY, EACH PARTY AGREES THAT NOTWITHSTANDING SUCH CONSTITUTIONAL RIGHT, IN THIS COMMERCIAL MATTER EACH PARTY BELIEVES AND AGREES THAT IT SHALL BE IN ITS BEST INTEREST TO WAIVE SUCH RIGHT, AND ACCORDINGLY, HEREBY WAIVE SUCH RIGHT TO A JURY TRIAL, AND FURTHER AGREE THAT THE BEST FORUM FOR HEARING ANY CLAIM, DISPUTE OR LAWSUIT, IF ANY, ARISING IN CONNECTION WITH THIS AGREEMENT, ANY OF THE DOCUMENTS OR THE RELATIONSHIP AMONG INVESTOR AND COMPANY SHALL BE A COURT OF COMPETENT JURISDICTION SITTING WITHOUT A JURY.

 

IN WITNESS WHEREOF, Company and Investor, by their duly authorized representatives, have caused this Amendment to be executed in the manner and form sufficient to bind them as of the date first above written.

 

	
INVESTOR:
    	
 
    	
COMPANY:
    
	
 
    	
 
    	
 
    
	
ILIAD RESEARCH AND   TRADING, L.P. 
    	
 
    	
JAGUAR   HEALTH, INC.
    
	
 
    	
 
    	
 
    
	
By: Iliad Management,   LLC its General Partner 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By: Fife   Trading, Inc., its Manager
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By: 
    	
/s/ John M. Fife
    	
 
    	
By: 
    	
/s/ Lisa Conte
    
	
 
    	
John M. Fife, President
    	
 
    	
 
    	
Lisa Conte, CEO and   President

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