Document:

Exhibit 10.6

 

LANDLORD LETTER OF CREDIT AGREEMENT

 

THIS LANDLORD LETTER
OF CREDIT AGREEMENT (the “Agreement”) is deemed to be effective as of March 24, 2020 (the “Effective
Date”), by and among Jaguar Health, Inc., a Delaware corporation (the “Company”), and Charles Conte, M.D.
(the “LC Facilitator”).

 

RECITALS

 

A.          In
consideration of LC Facilitator having a Letter of Credit issued from LC Facilitator’s financial institution in favor of
the Company’s landlord as set forth in this Agreement, the Company desires to compensate LC Facilitator for having such Letter
of Credit (as defined below) issued on the Company’s behalf, all as more fully set forth in this Agreement.

 

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 the LC Facilitator
hereby agree as follows:

 

		1.	Issuance of Letter of Credit & Payment.

 

a.            Issuance
of Letter of Credit. Subject to the terms and conditions of this Agreement, including
fulfillment of the conditions set forth in Section 4 below, LC Facilitator shall cause his financial institution to issue
a letter of credit in the amount of Four Hundred Seventy-Five Thousand Dollars ($475,000) (the “Letter of Credit”)
on behalf of the Company in favor of the Company’s landlord, CA-Mission Street Limited Partnership, a Delaware limited partnership
(the “Landlord”), in accordance with the terms and conditions set forth in the Company’s lease with its Landlord
for the premises located at 201 Mission Street, Suite 2375, San Francisco, CA (the “Lease”) to secure Company’s
obligations under the Lease as specified under the Letter of Credit and the Lease. LC Facilitator understands and agrees that the
Letter of Credit will expire no earlier than December 31, 2020; provided, however, that the Company, at no additional cost,
may replace the Letter of Credit on an earlier date, at the Company’s sole discretion, upon thirty (30) days’ written
notice to LC Facilitator.

 

b.            Payment
Terms. In accordance with the terms of this Agreement, including fulfillment of the conditions
set forth in Section 4 below, the Company hereby agrees to pay, in arrears, to LC Facilitator an amount equal to $10,000.00
per month for each full month that the Letter of Credit is outstanding. Notwithstanding the foregoing, for those months where the
Letter of Credit is outstanding for less than the full month, the Company shall pay LC Facilitator an amount equal to $328.77 per
day that the Letter of Credit is outstanding for any such month. The Company will make each month’s payment by check or wire
transfer to LC Facilitator on or before the 10th day of each month. The Company’s payment obligation will commence
on the date upon which the conditions set forth in Section 4b hereof have been satisfied.

  

    	 	1	 

     

    

 

c.            Setup
Expenses. The Company will reimburse LC Facilitator up to $7,500.00 for reasonable out-of-pocket
expenses incurred in establishing the Letter of Credit, regardless of whether the Landlord accepts the Letter of Credit.

 

2.            Company’s
Representations and Warranties. The Company hereby represents and warrants to LC Facilitator
as of the Effective Date as follows, subject to any exceptions as are disclosed prior to the Effective Date in the Company’s
reports, schedules, forms, statements and other documents filed by the Company under the Securities Act of 1933, as amended (the
 “Securities Act”) and the 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 Effective Date shall be deemed a part hereof and shall qualify any representation or warranty otherwise made herein to the
extent of the disclosures contained in the SEC Reports as filed prior to the Effective Date:

 

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 to carry out the provisions of this Agreement and to carry
on its business as presently conducted.

 

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, the performance of all obligations of the Company hereunder
has been taken or will be taken prior to the Effective Date.

 

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.

 

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 one year 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 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.

    	 	2	 

     

    

 

e.            Absence
of Litigation. 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. Except as set forth in the SEC Reports, 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.

 

3.            LC
Facilitator Representations and Warranties. LC Facilitator represents and warrants that
he has all necessary power and authority under all applicable provisions of law to execute and deliver this Agreement and to carry
out its provisions. All action on LC Facilitator’s part required for the lawful execution and delivery of this Agreement
has been or will be taken prior to the Effective Date.

 

		4.	Conditions to Consummate the Transaction.

 

a.            The
obligation of LC Facilitator to consummate the transaction contemplated herein is subject to the satisfaction on or before the
Effective Date of the following conditions, all or any of which may be waived in writing by LC Facilitator to consummate the transaction
so contemplated:

 

i.            Performance.
The Company shall have performed all obligations, covenants and agreements herein required to be performed by the Company on or
prior to the Effective Date.

 

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 Effective Date.

 

iii.            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.

 

iv.            Representations
and Warranties. The representations and warranties of the Company contained in this Agreement shall be true and correct in
all material respects on and as of the Effective Date.

 

    	 	3	 

     

    

 

b.            The
obligation of the Company to consummate the transaction contemplated herein is subject to the satisfaction on or before the Effective
Date 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.
LC Facilitator shall have performed all obligations, covenants and agreements herein required to be performed by LC Facilitator
on or prior to the Effective Date.

 

ii.            Instruments
and Documents. All instruments and documents required to carry out this Agreement or incidental thereto shall be reasonably
satisfactory to the Company and the Landlord.

 

iii.     Representations and Warranties.
The representations and warranties of LC Facilitator
contained in this Agreement shall be true and correct in all respects on and as of the Effective Date.

 

		5.	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.

 

c.            Entire
Agreement. This Agreement and the Exhibits 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
after the Effective Date may be waived, altered, amended or repealed, in whole or in part, only upon the written consent of the
Company and LC Facilitator.

 

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.

 

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.

 

    	 	4	 

     

    

 

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.            Notices.
All notices and other communications provided for or permitted hereunder shall be made by hand-delivery, telecopier, or
overnight air courier guaranteeing next day delivery at the address set forth on the signature page hereof. All such
notices and communications shall be deemed to have been duly given at the time delivered by hand, if personally
delivered; when receipt acknowledged, if telecopied; and 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.

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement effective as of the Effective Date.

 

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

                                         San Francisco, CA 94105
	 	 	Fax:
                                         (415) 371-8311
	By:	/s/ Lisa A. Conte	 	 
	 	Name: Lisa A. Conte	 	 
	 	Title: CEO and President	 	 
	 	 	 
	 	 	 
	CHARLES CONTE, M.D.	 	Address
                                         for Notice:
		 	 
	 	 	 
	/s/ Charles
Conte, M.D.	 	 

    	 	5Exhibit

Exhibit 4.2

DESCRIPTION OF THE REGISTRANT’S SECURITIES
REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934
The following summary of the capital stock of Hill International, Inc. (the “Company”) is not meant to be complete and is qualified by reference to the Company’s Amended and Restated Certificate of Incorporation, as amended, and Amended and Restated Bylaws, which are filed as exhibits to this Annual Report on Form 10-K and are incorporated herein by reference. The common stock of the company, par value $.00001 per share (the “Common Stock”), is the only security of the Company registered pursuant to Section 12 of the Securities Exchange Act, as amended.
Description of Common Stock
Our certificate of incorporation authorizes the issuance of 75,000,000 shares of Common Stock and 1,000,000 shares of preferred stock, par value $0.0001. As of February 29, 2020, there were 55,659,356 shares of Common Stock outstanding and no shares of preferred stock outstanding.
Common Stock
The holders of Common Stock are entitled to one vote for each share held of record on all matters to be voted on by stockholders. Our board of directors is divided into three classes, each of which will serve for a term of three years with only one class of directors being elected in each year. There is no cumulative voting with respect to the election of directors, with the result that the holders of more than 50% of the shares voted for the election of directors can elect all of the directors. Subject to the rights and preferences of any preferred stock which may be outstanding in the future, the holders of our Common Stock are entitled to equal dividends and distributions per share with respect to the Common Stock when and if declared by our board of directors from funds legally available therefor. In the event of our liquidation, dissolution or winding up, the holders of Common Stock are entitled to share ratably in all assets remaining after payment of liabilities, subject to the liquidation preferences of any preferred stock then outstanding. All shares of Common Stock now outstanding are fully paid, validly issued and non-assessable. Holders of our Common Stock do not have any conversion, preemptive or other subscription rights and there are no sinking fund or redemption provisions applicable to the Common Stock. 
Preferred Stock
Our certificate of incorporation authorizes the issuance of 1,000,000 shares of a “blank check” preferred stock with such designations, rights and preferences as may be determined from time to time by our board of directors. Accordingly, our board of directors is empowered, without stockholder approval, to issue preferred stock with dividend, liquidation, conversion, voting or other rights which could adversely affect the voting power or other rights of the holders of Common Stock. We may issue some or all of the preferred stock to effect a business combination or other acquisition transaction. In addition, the preferred stock could be utilized as a method of discouraging, delaying or preventing a change in control of the Company. The number of authorized shares of preferred stock may be increased or decreased (but not below the number of shares thereof then outstanding) by the affirmative vote of the holders of a majority of the voting power of all of the then outstanding shares of our capital stock entitled to vote generally in the election of directors, voting together as a single class, without a separate vote of the holders of the preferred stock, or any series thereof, unless a vote of any such holders is required pursuant to any preferred stock designation. There are no shares of preferred stock outstanding and we do not currently intend to issue any preferred stock. 
Anti-Takeover Provisions
Delaware Law 
We are subject to Section 203 of the Delaware General Corporation Law regulating corporate takeovers, which prohibits a Delaware corporation from engaging in any business combination with an “interested stockholder” during the three-year period after such stockholder becomes an “interested stockholder,” unless:
		
	•
	Prior to such time the stockholder became an interested stockholder, the board of directors of the corporation approved either the business combination or the transaction which resulted in the stockholder becoming an interested stockholder;

		
	•
	The interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding for purposes of determining the number of shares outstanding (a) shares owned by persons who are directors and also officers, and (b) shares owned by employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or

		
	•
	On or subsequent to the date of the transaction, the business combination is approved by the board of directors and authorized at an annual or special meeting of stockholders, and not by written consent, by the affirmative vote of at least 66 2/3% of the outstanding voting stock which is not owned by the interested stockholder.

Except as otherwise specified in Section 203, an “interested stockholder” is defined to include:
		
	•
	Any person that is the owner of 15% or more of the outstanding voting securities of the corporation, or is an affiliate or associate of the corporation and was the owner of 15% or more of the outstanding voting stock of the corporation at any time within three years immediately prior to the date of determination; and

		
	•
	The affiliates and associates of any such person.

Certificate of Incorporation and Bylaws
Our amended and restated certificate of incorporation, or our certificate of incorporation, and amended and restated bylaws, or our bylaws, include provisions that:
		
	•
	Our board of directors is expressly authorized to make, alter or repeal our bylaws;

		
	•
	Our board of directors is divided into three classes of service with staggered three-year terms. This means that only one class of directors will be elected at each annual meeting of stockholders, with the other classes continuing for the remainder of their respective terms;

		
	•
	Our board of directors is authorized to issue preferred stock without stockholder approval;

		
	•
	Our bylaws require advance notice for stockholder proposals and director nominations;

		
	•
	Our bylaws limit the removal of directors and the filling of director vacancies; and

		
	•
	We will indemnify officers and directors against losses that may incur in connection with investigations and legal proceedings resulting from their services to us, which may include services in connection with takeover defense measures. 

These provisions may make it more difficult for stockholders to take specific corporate actions and could have the effect of delaying or preventing a change in control of our company.

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