Document:

EX-10.1

 Exhibit 10.1 

ROYALTY RIGHT AGREEMENT 

dated as of June 29, 2018 

between 
 QUOTIENT
LIMITED 
 and 

THE PURCHASER NAMED HEREIN 
  

 

 Table of Contents 
  

							
	 	 	 	  	Page	 
	
	ARTICLE I	 
	RULES OF CONSTRUCTION AND DEFINED TERMS	 
			
	Section 1.1	 	 Rules of Construction and Defined Terms
	  	 	1	 
	
	ARTICLE II	 
	ROYALTY RIGHT	 
			
	Section 2.1	 	 Sale of Royalty Right
	  	 	1	 
	Section 2.2	 	 Payment Procedures
	  	 	1	 
	Section 2.3	 	 Notice of First Contract Date
	  	 	3	 
	Section 2.4	 	 Information Rights
	  	 	3	 
	Section 2.5	 	 Audit Rights
	  	 	4	 
	Section 2.6	 	 Transferability of Royalty Right
	  	 	4	 
	Section 2.7	 	 Allocation of Purchase Price
	  	 	5	 
	Section 2.8	 	 No Partnership or Joint Venture
	  	 	5	 
	
	ARTICLE III	 
	MERGERS	 
			
	Section 3.1	 	 Mergers
	  	 	5	 
	
	ARTICLE IV	 
	CONFIDENTIALITY	 
			
	Section 4.1	 	 Confidentiality
	  	 	6	 
	
	ARTICLE V	 
	SURVIVAL OF CERTAIN PROVISIONS	 
			
	Section 5.1	 	 Survival of Certain Provisions
	  	 	6	 
	
	ARTICLE VI	 
	NOTICES	 
			
	Section 6.1	 	 Notices
	  	 	7	 
	
	ARTICLE VII	 
	SUCCESSORS AND ASSIGNS	 
			
	Section 7.1	 	 Successors and Assigns
	  	 	7	 

  
 i 

							
	
	ARTICLE VIII	 
	SEVERABILITY	 
			
	Section 8.1	 	 Severability
	  	 	8	 
	
	ARTICLE IX	 
	WAIVER OF JURY TRIAL	 
			
	Section 9.1	 	 WAIVER OF JURY TRIAL
	  	 	8	 
	
	ARTICLE X	 
	GOVERNING LAW; CONSENT TO JURISDICTION	 
			
	Section 10.1	 	 Governing Law; Consent to Jurisdiction
	  	 	8	 
	
	ARTICLE XI	 
	COUNTERPARTS	 
			
	Section 11.1	 	 Counterparts
	  	 	8	 
	
	ARTICLE XII	 
	TABLE OF CONTENTS AND HEADINGS	 
			
	Section 12.1	 	 Table of Contents and Headings
	  	 	9	 
	
	ARTICLE XIII	 
	TAX MATTERS; TAX DISCLOSURE	 
			
	Section 13.1	 	 Tax Matters
	  	 	9	 
	Section 13.2	 	 Tax Disclosure
	  	 	9	 
	
	[ARTICLE XIV	 
	AMENDMENT TO EXISTING ROYALTY RIGHT AGREEMENT	 
			
	Section 14.1	 	 Amendment to Existing Royalty Right Agreement
	  	 	9	]1 
	Annex A	 	 Rules of Construction and Defined Terms
	  			

  

	1 	To be included in the Form of Royalty Right Agreement to be entered into by Purchasers who are party to an existing Royalty Right Agreement. 

  
 ii 

 ROYALTY RIGHT AGREEMENT 

Dated as of June 29, 2018 
 To the Purchaser
named on the signature page hereto 
 Ladies and Gentlemen: 

Quotient Limited, a public limited liability company formed under the Laws of Jersey, Channel Islands (the “Seller”), hereby
covenants and agrees with you as follows: 
 ARTICLE I 

RULES OF CONSTRUCTION AND DEFINED TERMS 

Section 1.1 Rules of Construction and Defined Terms. The rules of construction set forth in Annex A shall apply to this
Royalty Right Agreement and are hereby incorporated by reference into this Royalty Right Agreement as if set forth fully in this Royalty Right Agreement. Capitalized terms used but not otherwise defined in this Royalty Right Agreement shall have the
respective meanings given to such terms in Annex A, which is hereby incorporated by reference into this Royalty Right Agreement as if set forth fully in this Royalty Right Agreement. 

ARTICLE II 
 ROYALTY RIGHT

 Section 2.1 Sale of Royalty Right. The Seller hereby sells to the purchaser named on the signature page hereto (together
with any Person to whom the Royalty Right is Transferred pursuant to the terms hereof, the “Purchaser”) the Royalty Right in consideration for the consideration set forth in Section 2.7(b). The Royalty Right shall only be
evidenced by this Royalty Right Agreement and shall not be evidenced by a certificate or other instrument. 
 Section 2.2 Payment
Procedures. (a) On or prior to each Royalty Right Payment Date, the Seller shall (i) pay, by wire transfer in immediately available funds in U.S. dollars to the Purchaser Account, the Royalty Right Payment Amount with respect to the
corresponding Royalty Right Period and (ii) deliver to the Purchaser a report (a “Report”) setting forth (A) such Royalty Right Payment Amount and (B) MosaiQTM Net Sales for such Royalty Right Period, calculated
in reasonable detail. Each Report and the contents thereof shall be subject to the Confidentiality Agreement. Notwithstanding the foregoing, the Seller shall not be obligated to deliver any Report pursuant to this Section 2.2 unless the
Confidentiality Agreement is effective and has a remaining term of not less than six (6) months at the time such Report is to be delivered, 

(b) All payments made by or on behalf of the Seller (including any Successor Company) in respect of this Royalty Right Agreement or the
Royalty Right will be made free and clear of and without withholding or deduction for, or on account of, any Taxes unless the withholding or deduction of such Taxes is then required by law. If any deduction or withholding for, or on account of, any
Taxes imposed or levied by or on behalf of a Relevant Taxing Jurisdiction, will 

  
 1 

 
at any time be required by law to be made from any payments made by or on behalf of the Seller or paying agent with respect to this Royalty Right Agreement or the Royalty Right the Seller will
pay (together with such payments) such additional amounts (the “Additional Amounts”) as may be necessary in order that the net amounts received by the Purchaser in respect of such payments, after such withholding or deduction
(including any such deduction or withholding from such Additional Amounts), will not be less than the amounts which would have been received by the Purchaser in respect of such payments on this Royalty Right Agreement or the Royalty Right, as
applicable, in the absence of such withholding or deduction; provided, however, that no such Additional Amounts will be payable for or on account of: 

(1) any Taxes that would not have been so imposed but for the existence of any present or former connection between the
Purchaser and a Relevant Taxing Jurisdiction (it being understood that a Relevant Taxing Jurisdiction is to be determined as though a payment with respect to this Royalty Right Agreement or the Royalty Right were made on the Issue Date) but
excluding, in each case, any connection arising solely from the acquisition, ownership or holding of this Royalty Right Agreement or the Royalty Right or the receipt of any payment or the exercise or enforcement of rights under this Royalty Right
Agreement or the Royalty Right; 
 (2) any Tax that is imposed or withheld by reason of the failure by the Purchaser or the
beneficial owner of this Royalty Right Agreement or the Royalty Right to comply with a reasonable written request of the Seller addressed to the Purchaser, after reasonable notice (at least 30 days before any such withholding or deduction would be
payable), to provide certification, information, documents or other evidence concerning the nationality, residence or identity of the Purchaser or such beneficial owner or to make any declaration or similar claim or satisfy any other reporting
requirement relating to such matters that is required by a statute, treaty, regulation or administrative practice of the Relevant Taxing Jurisdiction as a precondition to exemption from, or reduction in the rate of deduction of, all or part of such
Tax but only to the extent the Purchaser or such beneficial owner is legally entitled to provide such certification or documentation; 

(3) any Taxes that are payable otherwise than by deduction or withholding from a payment under or with respect to this Royalty
Right Agreement or the Royalty Right; 
 (4) any estate, inheritance, gift, sales, excise, transfer, personal property or
similar tax, assessment or other governmental charge; 
 (5) any tax imposed by reason of the Purchaser’s or beneficial
owner’s past or present status (or the past or present status of a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of a power over, the Purchaser or beneficial owner, if the Purchaser or beneficial owner is an estate, a
trust, a partnership or a corporation) as a personal holding company, private foundation or other tax exempt organization, passive foreign investment company, controlled foreign corporation with respect to the United States, bank, or as a
corporation that accumulates earnings to avoid U.S. federal income tax; or 

  
 2 

 (6) any combination of items (1) through (5) above. 

Notwithstanding anything to the contrary herein, the Seller shall be permitted to withhold or deduct any amounts required by FATCA and the
Seller shall not be required to pay any additional amounts with respect to any FATCA withholding or deduction imposed on or with respect to this Royalty Right Agreement or the Royalty Right. 

The Seller will (i) make any required withholding or deduction and (ii) remit the full amount deducted or withheld to the Relevant
Taxing Jurisdiction in accordance with applicable Law. The Seller will provide certified copies of tax receipts evidencing the payment of any Taxes so deducted or withheld to each Relevant Taxing Jurisdiction imposing such Taxes, or if such tax
receipts are not available, certified copies of other reasonable evidence of such payments as soon as reasonably practicable to the Purchaser. 

Wherever in this Royalty Right Agreement there is mentioned, in any context: 

(1) the Royalty Right Payment Amount; or 

(2) interest, if any, pursuant to Section 2.5 of this Royalty Right Agreement such reference shall be deemed to include
payment of Additional Amounts to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof. 

The foregoing obligations will survive any termination, defeasance or discharge of this Royalty Right Agreement or Royalty Right and any
transfer by the Purchaser or beneficial owner of this Royalty Right Agreement or the Royalty Right, and will apply mutatis mutandis to any jurisdiction in which any Successor Company is organized, engaged in business for tax purposes or
otherwise resident for tax purposes, or any jurisdiction from or through which any payment under, or with respect to this Royalty Right Agreement or Royalty Right is made by or on behalf of the Seller, or any political subdivision or governmental
authority thereof or therein having the power to tax. 
 Section 2.3 Notice of First Contract Date. Within fifteen
(15) days following the occurrence of the First Contract Date, the Seller shall provide notice in writing to the Purchaser of the date on which the First Contract Date occurred (the “First Contract Notice”). 

Section 2.4 Information Rights. Upon the Purchaser’s prior written request, the Seller shall meet at reasonable times during
normal business hours with the Purchaser up to two times per calendar year to discuss the content of any Report or First Contract Notice (or reasons for the lack of any Report or First Contract Notice). The Seller shall promptly furnish to the
Purchaser all relevant information and documentation in connection with this Royalty Right Agreement that the Purchaser may reasonably request in connection with the determination of whether or when the First Contract Date occurred and whether the
calculation of MosaiQTM Net Sales or a Royalty Right Payment Amount is in error. The Seller agrees to maintain books and records relevant to the calculation of MosaiQTM Net Sales and Royalty Right Payment Amounts. Any information or
documentation discussed, provided or made available by the Seller pursuant to this Section 2.4 shall be subject to the Confidentiality Agreement. Notwithstanding the foregoing, the Seller shall not be obligated to meet to discuss any Report or
First Contract Notice 

  
 3 

 
(or reasons for the lack of any Report or First Contract Notice), or provide or make available any information or documentation, pursuant to this Section 2.4 unless the Confidentiality
Agreement is effective and has a remaining term of not less than six (6) months at the time such information or documentation is to be discussed, provided or made available. 

Section 2.5 Audit Rights. Subject to reasonable advance written notice from the Purchaser within six (6) months of each
Royalty Right Payment Date, the Seller shall permit an independent accounting firm of national reputation chosen by the Purchaser to have access during normal business hours to the books and records of the Seller as may be reasonably necessary to
audit the calculation of MosaiQTM Net Sales and Royalty Right Payment Amounts (or reasons for the lack of any calculation therefor) for the applicable Royalty Right Period pertaining to such Royalty Right Payment Date. Any such audit shall be at
the expense of the Purchaser; provided, however, that if any such audit reveals a discrepancy in favor of the Purchaser of at least 5% of a Royalty Right Payment Amount, then the cost of such audit shall instead be borne by the Seller.
In the event that any audit reveals an underpayment of any Royalty Right Payment Amount, then the underpayment amount shall be paid within thirty (30) days after Purchaser makes a demand therefor, plus interest thereon if such amount is in
excess of five percent (5%) of the amount that actually should have been paid. Such interest shall be calculated from the date such amount was due until the date such amount is actually paid, at the rate of one-half percent (0.5%) over the
prime rate of interest as published in The Wall Street Journal, Eastern Edition, in effect on the date such amount was due. The independent accounting firm conducting any audit pursuant to this Section 2.5 shall agree to be bound
by the terms of the Confidentiality Agreement or shall otherwise agree to confidentiality provisions acceptable to the Seller. Any books and records, information or other documentation provided or made available by the Seller pursuant to this
Section 2.5 shall be subject to the Confidentiality Agreement. Notwithstanding the foregoing, the Seller shall not be obligated to provide or make available any books and records, information or other documentation pursuant to this
Section 2.5 unless the Confidentiality Agreement is effective and has a remaining term of not less than six months at the time such books and records, information or other documentation is to be provided or made available. 

Section 2.6 Transferability of Royalty Right. Subject to the final sentence of this Section 2.6, at the option of the
Purchaser, the Royalty Right may be Transferred, in whole but not in part, but only in compliance with applicable Laws and upon three (3) Business Days’ notice to the Seller. Any request to Transfer the Royalty Right must be in writing and
accompanied by a written instrument or instruments of Transfer and any other documentation reasonably requested by the Seller (including a Confidentiality Agreement executed by the transferee and any new information in respect of the Purchaser
Account contemplated by the definition thereof) in a form reasonably satisfactory to the Seller. Upon receipt of such written request and other instruments and documentation reasonably satisfactory to the Seller, the Seller shall recognize the
requested Transfer, and Seller’s recognition of any such Transfer shall not be unreasonably withheld, delayed or conditioned. Any duly Transferred Royalty Right shall be the valid obligation of the Seller, evidencing the same right and
entitling the transferee to the same benefits and rights under this Royalty Right Agreement as those previously held by the transferor. Any Transfer of the Royalty Right shall be without charge (other than the cost of any transfer tax, which shall
be the responsibility of the transferor). Notwithstanding anything to the contrary herein, the consent of the Seller shall be required with respect to, and the Seller shall 

  
 4 

 
have the right to decline to consent to and recognize, any Transfer that is proposed to be made to any Person that the Seller reasonably determines is a competitor of the Seller. 

Section 2.7 Allocation of Purchase Price. The Seller and the Purchaser hereby acknowledge and agree that the Notes issued to the
Purchaser (or its Affiliate) and the Royalty Right sold by the Seller to the Purchaser on the date hereof constitute an “investment unit” for purposes of Section 1273(c)(2) of the Code. In accordance with Section 1273(b)(2) of
the Code and Section 1273(c)(2)(A) of the Code, the issue price of the investment unit is 100% of the principal amount of such Notes. Allocating that issue price between such Notes and such Royalty Right based on their relative fair market
values, as required by Section 1273(c)(2)(B) of the Code and U.S. Treasury Regulations Section 1.1273-2(h)(1), results in (a) such Notes having an issue price of 84.00% of the principal amount of such Notes and (b) such Royalty
Right having a purchase price of 16.00% of the principal amount of such Notes. The Seller and the Purchaser agree to prepare their respective U.S. federal income tax returns, including statements and reports related thereto, in a manner consistent
with the foregoing agreement, to the extent such returns, statements and reports are required to be filed. 
 Section 2.8 No
Partnership or Joint Venture. For the avoidance of doubt, the Royalty Right shall not represent any equity or ownership interest in the Seller or have any voting, management or dividend rights. The Seller and the Purchaser are not partners,
associates or joint venturers with each other, and nothing herein shall be construed to impose any liability as such on either of them or make them a partnership, an association, a joint venture or any other kind of entity or legal form. 

ARTICLE III  
 MERGERS

 Section 3.1 Mergers. The Seller shall not, directly or indirectly, consolidate, amalgamate or merge with or into or wind
up or convert into (whether or not the Seller is the surviving Person), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets in one or more related transactions, to any Person unless
(a) the Seller is the surviving Person or the Person formed by or surviving any such consolidation, amalgamation, merger, winding up or conversion (if other than the Seller) or to which such sale, assignment, transfer, lease, conveyance or
other disposition shall have been made is a corporation, partnership, limited liability company or similar entity organized or existing under the Laws of an Approved Jurisdiction (the Seller or such Person, as the case may be, being herein called
the “Successor Company”), (b) the Successor Company (if other than the Seller) expressly assumes all the obligations of the Seller under this Royalty Right Agreement pursuant to documents or instruments in form reasonably
satisfactory to the Purchaser, and (c) the Seller shall have delivered to the Purchaser an Officer’s Certificate stating that such consolidation, amalgamation, merger, winding up, conversion, sale, assignment, transfer, lease, conveyance
or other disposition and such documents or instruments (if any) comply with this Royalty Right Agreement. The Successor Company (if other than the Seller) shall succeed to, and be substituted for, the Seller under this Royalty Right Agreement, and
in such event the Seller will automatically be released and discharged from its obligations under this Royalty Right Agreement. 

  
 5 

 ARTICLE IV 

CONFIDENTIALITY 

Section 4.1 Confidentiality. Except as otherwise required by applicable Law or judicial or administrative proceedings (by oral
questions, interrogatories, requests for information or documents, subpoena, civil investigation demand or similar process) or the rules and regulations of any securities exchange or trading system or any Governmental Authority or pursuant to
requests from regulatory agencies having oversight over the Seller and except as otherwise set forth in this Section 4.1, the Seller will, and will cause each of its Affiliates, directors, officers, employees, agents, representatives and
similarly situated persons who receive such information to, treat and hold as confidential and not disclose to any Person any and all Confidential Information furnished to it by the Purchaser, as well as the information on the signature page to this
Royalty Right Agreement, and to use any such Confidential Information and other information only in connection with this Royalty Right Agreement and the transactions contemplated hereby. Notwithstanding the foregoing, the Seller may disclose such
information solely on a need-to-know basis and solely to its members, directors, employees, managers, officers, agents, brokers, advisors, lawyers, bankers, trustees, representatives, investors, co-investors, insurers, insurance brokers,
underwriters and financing parties; provided, however, that such Persons shall be informed of the confidential nature of such information and shall be obligated to keep such Confidential Information and other information confidential
pursuant to obligations of confidentiality no less onerous than those set forth herein. Except as otherwise required by applicable Law or judicial or administrative proceedings (by oral questions, interrogatories, requests for information or
documents, subpoena, civil investigation demand or similar process) or the rules and regulations of any securities exchange or trading system or any Governmental Authority or pursuant to requests from regulatory agencies having oversight over the
Seller, in no event shall the Purchaser’s name (in any variation) be used in any public announcement or filing, or in any type of mail or electronic distribution intended for an audience that is not solely limited to the Affiliates of the
Seller. Except as required by applicable Law or judicial or administrative proceedings (by oral questions, interrogatories, requests for information or documents, subpoena, civil investigation demand or similar process) or the rules and regulations
of any securities exchange or trading system or any Governmental Authority or pursuant to requests from regulatory agencies having oversight over the Seller, neither the Seller nor any of its Affiliates shall disclose to any Person, or use or
include in any public announcement or any public filing, the identity of any shareholders, members, directors or Affiliates of the Purchaser, without the prior written consent of such shareholder, member, director or Affiliate. 

ARTICLE V 
 SURVIVAL OF
CERTAIN PROVISIONS 
 Section 5.1 Survival of Certain Provisions. The covenants and agreements contained in this Royalty
Right Agreement shall survive (a) the execution and delivery of this Royalty Right Agreement and (b) any Transfer by the Purchaser of the Royalty Right or any interest therein. All such provisions are binding upon and may be relied upon by
the Purchaser, regardless of any investigation made at any time by or on behalf of the Purchaser. All statements contained in any certificate or other instrument delivered by or on behalf of either party hereto

  
 6 

 
pursuant to this Royalty Right Agreement shall be deemed to have been relied upon by the other party hereto and shall survive the consummation of the transactions contemplated hereby regardless
of any investigation made by or on behalf of any such party. This Royalty Right Agreement and the Purchase Agreement embody the entire agreement and understanding between the parties hereto and supersede all prior agreements and understandings
relating to the subject matter hereof, other than the separate Confidentiality Agreement entered into between the Purchaser (or its Affiliate) and the Seller relating to the transactions contemplated hereby. The Royalty Right shall remain in full
force and effect following any Change of Control (as defined in that certain indenture, dated as of October 14, 2016, by and among the Seller, certain Subsidiaries of the Seller and U.S. Bank National Association, as trustee and collateral
agent (the “Indenture”)). 
 ARTICLE VI  

NOTICES 
 Section 6.1
Notices. All statements, requests, notices and agreements hereunder shall be in writing and delivered by hand, mail or overnight courier as follows: 
  

	 	(a)	if to the Purchaser, as set forth on the signature page hereto; and 

  

	 	(b)	if to the Seller, to: 

 Quotient Limited 

B1, Business Park Terre Bonne 

Route de Crassier 13 

1262 Eysins 

Switzerland 

Attention: Christopher Lindop, Chief Financial Officer 

With a copy by email to: 

Email: Chris.Lindop@quotientbd.com 

ARTICLE VII 
 SUCCESSORS AND
ASSIGNS 
 Section 7.1 Successors and Assigns. This Royalty Right Agreement will inure to the benefit of and be binding upon
the parties hereto and their respective successors, permitted assignees and permitted transferees. The Seller may not assign any of its rights or obligations hereunder or any interest herein without the prior written consent of the Purchaser, other
than in accordance with the terms of Section 3.1. 

  
 7 

 ARTICLE VIII 

SEVERABILITY 

Section 8.1 Severability. Any provision of this Royalty Right Agreement that is prohibited or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall (to the full extent
permitted by Law) not invalidate or render unenforceable such provision in any other jurisdiction. 
 ARTICLE IX 

WAIVER OF JURY TRIAL 

Section 9.1 WAIVER OF JURY TRIAL. TO THE EXTENT PERMITTED BY APPLICABLE LAW, THE PURCHASER AND THE SELLER HEREBY WAIVE TRIAL BY
JURY IN ANY ACTION BROUGHT ON OR WITH RESPECT TO THIS ROYALTY RIGHT AGREEMENT. 
 ARTICLE X 

GOVERNING LAW; CONSENT TO JURISDICTION 

Section 10.1 Governing Law; Consent to Jurisdiction. THIS ROYALTY RIGHT AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE INTERNAL SUBSTANTIVE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO THE RULES THEREOF RELATING TO CONFLICTS OF LAW OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND
REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. To the extent permitted by applicable Law, the parties hereto hereby submit to the non-exclusive jurisdiction of the federal and state courts of competent
jurisdiction in the Borough of Manhattan in The City of New York in any suit or proceeding arising out of or relating to this Royalty Right Agreement or the transactions contemplated hereby. 

ARTICLE XI 
 COUNTERPARTS

 Section 11.1 Counterparts. This Royalty Right Agreement may be executed in any number of counterparts, each of which
shall be deemed to be an original, but all such counterparts shall together constitute one and the same Royalty Right Agreement. Any counterpart may be executed by facsimile or other electronic transmission, and such facsimile or other electronic
transmission shall be deemed an original. 

  
 8 

 ARTICLE XII 

TABLE OF CONTENTS AND HEADINGS 

Section 12.1 Table of Contents and Headings. The Table of Contents and headings of the Articles and Sections of this Royalty Right
Agreement have been inserted for convenience of reference only, are not to be considered a part hereof and shall in no way modify or restrict any of the terms or provisions hereof. 

ARTICLE XIII 
 TAX MATTERS; TAX
DISCLOSURE 
 Section 13.1 Tax Matters. The Seller and the Purchaser intend that the Royalty Right be treated for U.S.
federal, state and local tax purposes as a contractual right to receive the Royalty Right Payment Amounts, if any. The Seller and the Purchaser do not intend that the Royalty Right be treated as an equity or ownership interest in the Seller or that
any amount allocated to the Royalty Right pursuant to Section 2.7 be treated as a contribution to capital, and neither the Seller nor the Purchaser shall take any action inconsistent with such treatment. The Purchaser shall treat the Royalty
Right Payment Amounts, if any, as ordinary income for U.S. federal, state and local tax purposes, and neither the Seller nor the Purchaser shall take any action inconsistent with such treatment.

Section 13.2 Tax Disclosure. Notwithstanding anything expressed or implied to the contrary herein, the Purchaser, on the one hand,
and the Seller, on the other hand, and its respective employees, representatives and agents may disclose to any and all Persons, without limitation of any kind, the tax treatment and the tax structure of the transactions contemplated by this Royalty
Right Agreement and the agreements and instruments referred to herein and all materials of any kind (including opinions or other tax analyses) that are provided to such Person relating to such tax treatment and tax structure; provided,
however, that neither such Person nor any employee, representative or other agent thereof shall disclose any other information that is not relevant to understanding the tax treatment and tax structure of such transactions (including the
identity of any party and any information that could lead another to determine the identity of any party) or any other information to the extent that such disclosure could reasonably result in a violation of any Law relating to federal or state
securities matters. For these purposes, the tax treatment of the transactions contemplated by this Royalty Right Agreement and the agreements and instruments referred to herein means the purported or claimed U.S. federal or state tax treatment of
such transactions. Moreover, the tax structure of the transactions contemplated by this Royalty Right Agreement and the agreements and instruments referred to herein includes any fact that may be relevant to understanding the purported or claimed
U.S. federal or state tax treatment of such transactions. 
 [ARTICLE XIV 

AMENDMENT TO EXISTING ROYALTY RIGHT AGREEMENT 

Section 14.1 Amendment to Existing Royalty Right Agreement. 

(a) The definition of “Royalty Right Percentage” in Annex A to the Royalty Right Agreement dated as of October 14, 2016 between
the Seller and the Purchaser (the 

  
 9 

 
“Existing Royalty Right Agreement”) is hereby amended by deleting the words “the product of (a) 0.014 multiplied by (b)” therefrom. 

(b) The notice information contained in Section 6.1(b) of the Existing Royalty Right Agreement is amended to contain the notice
information set forth in Section 6.1(b) of this Royalty Right Agreement.]2 

{SIGNATURE PAGE FOLLOWS} 

 

	2 	To be included in the Form of Royalty Right Agreement to be entered into by Purchasers who are party to an existing Royalty Right Agreement. 

  
 10 

 If the foregoing is in accordance with your understanding of this Royalty Right Agreement,
kindly sign and return to us one of the counterparts hereof, whereupon it will become a binding agreement among us and you in accordance with its terms. 
  

			
	Very truly yours,
	
	QUOTIENT LIMITED
		
	By:	 	 
		 	Name:
		 	Title:

  
 {Signature Page to
the Royalty Right Agreement} 

 
							
	 PURCHASER:

 

	{Insert Purchaser’s name on line above}
				
	By:	 	 	 	 	 	 
		 	Name:	 		 	
		 	Title:	 		 	
		 	Address:	 		 	
		 	Facsimile:	 		 	
		 	Email:	 		 	
		 	Purchaser Account Information:

 
							
		 	 Bank:
	 	 	 	

 
							
		 	 ABA #:
	 	 	 	

 
							
		 	 Account #:
	 	 	 	

 
							
		 	 Name/Attention:
	 	 	 	

 
							
		 	Percentage Purchased:	 	 	 	%

  
 {Signature Page to
the Royalty Right Agreement} 

 ANNEX A 

RULES OF CONSTRUCTION AND DEFINED TERMS 

Unless the context otherwise requires, in this Annex A and otherwise in this Royalty Right Agreement: 

 

	(a)	A term has the meaning assigned to it and an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP, unless any Transaction Document (or other document) otherwise provides.

  

	(b)	Where any payment is to be made, any funds are to be applied or any calculation is to be made under this Royalty Right Agreement on a day that is not a Business Day, unless this Royalty Right Agreement otherwise
provides, such payment shall be made, such funds shall be applied and such calculation shall be made on the succeeding Business Day, and payments shall be adjusted accordingly, including interest unless otherwise specified. 

 

	(c)	Words of the masculine, feminine or neuter gender shall mean and include the correlative words of other genders. 

  

	(d)	The definitions of terms shall apply equally to the singular and plural forms of the terms defined. 

  

	(e)	The terms “include”, “including” and similar terms shall be construed as if followed by the phrase “without limitation”. 

 

	(f)	Unless otherwise specified, references to an agreement or other document include references to such agreement or document as from time to time amended, restated, reformed, supplemented or otherwise modified in
accordance with the terms thereof (subject to any restrictions on such amendments, restatements, reformations, supplements or modifications set forth in this Annex A or otherwise in this Royalty Right Agreement) and include any Annexes,
Exhibits and Schedules attached thereto. 

  

	(g)	References to any Law shall include such Law as from time to time in effect, including any amendment, modification, codification, replacement or reenactment thereof or any substitution therefor. 

 

	(h)	References to any Person shall be construed to include such Person’s successors and permitted assigns (subject to any restrictions on assignment, transfer or delegation set forth in this Annex A or otherwise
in this Royalty Right Agreement), and any reference to a Person in a particular capacity excludes such Person in other capacities. 

  

	(i)	The word “will” shall be construed to have the same meaning and effect as the word “shall”. 

  

	(j)	 The words “hereof”, “herein”, “hereunder” and similar terms when used in this
Annex A or otherwise in this Royalty Right Agreement shall refer to this Royalty Right Agreement as a whole and not to any particular provision hereof or thereof, and Article, Section, Annex, Schedule and Exhibit references herein and therein
are references to Articles and 

  
 A-1 

	 	
Sections of, and Annexes, Schedules and Exhibits to, this Royalty Right Agreement unless otherwise specified. 

 

	(k)	In the computation of a period of time from a specified date to a later specified date, the word “from” means “from and including” and each of the words “to” and “until” means
“to but excluding”. 

  
 A-2 

 “Additional Amounts” has the meaning set forth in Section 2.2(b) of
the Royalty Right Agreement. 
 “Affiliate” means, with respect to any specified Person, another Person that directly, or
indirectly through one or more intermediaries, controls, is controlled by or is under common control with the specified Person. For purposes of this definition, “control” means the possession, directly or indirectly, of the power to
direct or cause the direction of the management and policies of a Person, whether through the ownership of Voting Stock, by contract or otherwise, and “controlled” has a meaning correlative thereto. 

“Applicable Market” means the donor testing market in the United States and the European Union. For purposes of this
definition, “donor testing market” means the collection of blood or plasma from donors and in relation to which blood grouping (characterizing blood-group antigens and antibodies to such antigens in a given blood sample) and/or
serological disease screening (detecting the presence of pathogens in a blood sample that are associated with particular diseases or conditions) is performed, in each case, by agencies that collect blood or plasma from donors. 

“Approved Jurisdiction” means Jersey, Channel Islands, the United States of America, any state or commonwealth thereof or the
District of Columbia or any other country which is on the Issue Date a member of the Organization of Economic Cooperation and Development. 

“Business Day” means any day other than a Saturday, a Sunday or any other day on which banking institutions are authorized or
required by Law to close in New York City or Jersey, Channel Islands. 
 “Capital Stock” means: (a) in the case of a
corporation, corporate stock or shares; (b) in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock; (c) in the case of a
partnership or limited liability company, partnership or membership interests (whether general or limited) and membership rights; and (d) any other interest or participation that confers on a Person the right to receive a share of the profits
and losses of, or distributions of assets of, the issuing Person; in each case to the extent treated as equity in accordance with GAAP, but excluding from all of the foregoing any debt securities convertible into or exchangeable for Capital Stock
whether or not such debt securities include any right of participation with Capital Stock 
 “Code” means the U.S. Internal
Revenue Code of 1986, as amended. 
 “Confidential Information” means all information (whether written or oral, or in
electronic or other form) furnished before or after the date hereof concerning the Purchaser or its Affiliates (including any of its equityholders), including any and all information regarding any aspect of the Purchaser’s business, including
its owners, funds, strategy, market views, structure, investors or potential investors. Such Confidential Information includes any tax exemption form provided by the Purchaser to the Seller or its Affiliates. Notwithstanding the foregoing
definition, “Confidential Information” shall not include information that is (v) independently developed or discovered by the Seller without use of or access to any information described in the second preceding sentence, as
demonstrated by documentary evidence, (w) already in the 

  
 A-3 

 
public domain at the time the information is disclosed or has become part of the public domain after such disclosure through no breach of this Royalty Right Agreement, (x) lawfully
obtainable from other sources, (y) required to be disclosed in any document to be filed with any Governmental Authority or (z) required to be disclosed by court or administrative order or under securities Laws applicable to any party to
this Royalty Right Agreement or pursuant to the rules and regulations of any stock exchange or stock market on which securities of the Seller or its Affiliates or the Purchaser or its Affiliates may be listed for trading. 

“Confidentiality Agreement” means a confidentiality agreement substantially in the form of Exhibit E to the Indenture
or substantially in the form of the confidentiality agreement attached to Schedule 2 to the Purchase Agreement. 
 “Equity
Interests” means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any debt security that is convertible into, or exchangeable for, Capital Stock). For the avoidance of doubt, Equity Interests
shall not include the Royalty Right. 
 “FATCA” means Sections 1471 through 1474 of the Code, as of the date of the Royalty
Right Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with) or any regulations thereunder or official interpretations thereof or an intergovernmental agreement between the
United States and another jurisdiction facilitating the implementation thereof (or any fiscal or regulatory legislation, rules or practices implementing such an intergovernmental agreement). 

“First Contract Date” means the date that the Seller (or any Affiliate, licensee or other commercial partner thereof) enters
into a contract for the sale of MosaiQTM instruments or consumables in respect of the Applicable Market. 
 “First Contract
Notice” has the meaning set forth in Section 2.3 of the Royalty Right Agreement. 
 “GAAP” means generally
accepted accounting principles in effect in the United States from time to time. 
 “Governmental Authority” means the
government of the United States or any other nation, or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative,
judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank). 

“Indenture” has the meaning set forth in Section 5.1 of the Royalty Right Agreement. 

“IRS” means the U.S. Internal Revenue Service or any successor thereto. 

“Issue Date” means October 14, 2016. 

“Laws” means, collectively, all international, foreign, federal, state and local laws, statutes, treaties, rules, guidelines,
regulations, ordinances, judgments, orders, writs, injunctions, 

  
 A-4 

 
decrees, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement,
interpretation or administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether or not having the force of
law. 
 “MosaiQTM” means the technology platform being developed by
the Seller and its Subsidiaries that is known as MosaiQTM (whether marketed under such name or any other name), comprised of a high-throughput instrument and the related consumables for use with
such instrument. 
 “MosaiQTM Net Sales” means the gross amount
invoiced for sales of MosaiQTM instruments and related consumables in arm’s length sales by the Seller, any of its Affiliates or the Seller’s licensees, sublicensees, assignees,
transferees or other commercial partners (or any of their respective Affiliates) to independent, unrelated third parties, less the following deductions from such gross amounts that are actually incurred, allowed, accrued or specifically allocated:
(i) credits, price adjustments or allowances for damaged products (to the extent not covered by insurance), defective goods, returns or rejections of MosaiQTM instruments and/or related
consumables; (ii) normal and customary trade, cash and quantity discounts, allowances and credits (other than price discounts granted at the time of invoicing that have been already reflected in the gross amount invoiced); (iii) chargeback
payments, rebates and similar allowances (or the equivalent thereof) granted to group purchasing organizations, managed health care organizations, distributors or wholesalers or to federal, state/provincial, local and other governments, including
their agencies, or to trade customers; (iv) any fees paid to any third party logistics providers, wholesalers and distributors; (v) any freight, postage, shipping, insurance and other transportation charges incurred by the selling Person
in connection with shipping MosaiQTM instruments and/or related consumables to third party logistics providers, wholesalers and distributors and to customers; (vi) adjustments for billing
errors or recalls; (vii) sales, value-added (to the extent not refundable in accordance with applicable Law), and excise taxes, tariffs and duties, and other taxes (including annual fees due under Section 9008 of the United States Patient
Protection and Affordable Care Act of 2010 (Pub. L. No. 111-48) and other comparable Laws), levied on, absorbed, determined or imposed with respect to such sale (but not including taxes assessed against the income derived from such sale); and
(viii) amounts written off by reason of uncollectible debt, provided that if the debt is thereafter paid, the corresponding amount shall be added to the MosaiQTM Net Sales of the period
during which it is paid. MosaiQTM Net Sales, as set forth in this definition, shall be calculated applying, in accordance with GAAP, the standard accounting practices the selling Person
customarily applies to other branded products sold by it or its Affiliates under similar trade terms and conditions. 

“Notes” means the 12% Senior Secured Notes of the Seller. 

“Officer’s Certificate” means a certificate signed by the chief executive officer, president, chief financial officer,
any vice president, the controller, the treasurer or the secretary of the Seller in his or her capacity as such an officer. 

  
 A-5 

 “Person” means an individual, corporation, partnership, association,
limited liability company, unincorporated organization, trust, joint stock company or joint venture, a Governmental Authority or any other entity. 

“Purchase Agreement” means that certain purchase agreement dated October 14, 2016 to which the Seller and the Purchaser
(or an Affiliate thereof), among others, are party. 
 “Purchaser” has the meaning set forth in Section 2.1 of this
Royalty Right Agreement. 
 “Purchaser Account” means the account described as such on the signature page hereto, as such
account may be changed by the Purchaser in its sole discretion from time to time (including in connection with any Transfer of the Royalty Right in accordance with Section 2.6) upon five Business Days’ prior written notice to the Seller in
accordance with Section 6.1 of this Royalty Right Agreement. 
 “Relevant Taxing Jurisdiction” means, with respect to
any payment under this Royalty Right Agreement or the Royalty Right made by the Seller or a paying agent appointed by it, (1) any jurisdiction, or any political subdivision or governmental authority thereof or therein having the power to tax,
from or through which the Seller or such paying agent makes such payment or (2) any jurisdiction in which the Seller or such paying agent is incorporated or organized, engaged in business for tax purposes, or otherwise considered to be a
resident for tax purposes, or any political subdivision or governmental authority thereof or therein having the power to tax. 

“Report” has the meaning set forth in Section 2.2(a) of this Royalty Right Agreement. 

“Royalty Right” means the right to receive the Royalty Right Payment Amounts pursuant to, and subject to the terms and
conditions of, this Royalty Right Agreement. 
 “Royalty Right Agreement” means this royalty right agreement to which this
Annex A is attached and made part. 
 “Royalty Right Payment Amount” means, with respect to any Royalty Right
Period, the product of (a) the Royalty Right Percentage multiplied by (b) MosaiQTM Net Sales in the Applicable Market during such Royalty Right Period. 

“Royalty Right Payment Date” means each March 20 and September 20 during the Royalty Right Term and the first
March 20 or September 20 following the end of the Royalty Right Term. 
 “Royalty Right Percentage” means the
percentage set forth on the signature page hereto. 
 “Royalty Right Period” means the two full calendar quarters preceding
the applicable Royalty Right Payment Date (or, in the case of the first such Royalty Right Payment Date, for the period beginning on the First Contract Date and ending on the last day of the calendar quarter preceding such Royalty Right Payment
Date). 

  
 A-6 

 “Royalty Right Term” means the period commencing on the First Contract Date
and ending on the last day of the calendar quarter in which the eighth anniversary of the First Contract Date occurs. 

“Seller” has the meaning set forth in the preamble to this Royalty Right Agreement. 

“Subsidiary” means, with respect to any Person, (a) any corporation, association or other business entity (other than a
partnership, joint venture, limited liability company or similar entity) of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors,
managers or trustees thereof is at the time of determination owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof, and (b) any partnership, joint venture,
limited liability company or similar entity of which (i) more than 50% of the capital accounts, distribution rights, total equity and voting interests or general and limited partnership interests, as applicable, are owned or controlled,
directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof, whether in the form of membership, general, special or limited partnership interests or otherwise, and (ii) such Person or
any Subsidiary of such Person is a controlling general partner or otherwise controls such entity. For purposes of clarity, a Subsidiary of a Person shall not include any Person that is under common control with the first Person solely by virtue of
having directors, managers or trustees in common and shall not include any Person that is solely under common control with the first Person (i.e., a sister company with a common parent). 

“Successor Company” has the meaning set forth in Section 3.1 of this Royalty Right Agreement. 

“Taxes” means any present or future tax, fee, duty, levy, tariff, impost, assessment or other governmental charge (including
penalties, interest and other liabilities related thereto). 
 “Transfer” means sell, assign, transfer, pledge,
hypothecate, encumber, gift or in any other manner dispose of. 
 “U.S.” or “United States” means the
United States of America, its 50 states, each territory thereof and the District of Columbia. 
 “Voting Stock” of any
Person as of any date means the Capital Stock of such Person that is at the time entitled to vote in the election of the Board of Directors of such Person. 

  
 A-7Exhibit 10.30

 

FOURTEENTH
AMENDMENT TO 

 

INVESTMENT
AGREEMENT

 

This
Fourteenth Amendment to Investment Agreement (“Amendment”) is made effective as of the 22nd day
of December, 2016 by and between Desert Hawk Gold Corp., a Nevada corporation (the “Company”), and DMRJ Group
I, LLC, a Delaware limited liability company (“DMRJ”).

 

BACKGROUND

 

A.
The Company and DMRJ were parties to a certain Investment Agreement, dated as of July 14, 2010, as amended by the Amendment and
Waiver dated as of November 8, 2010, the Second Amendment, dated as of February 25, 2011, the Third Amendment, dated as of March
11, 2011, the Fourth Amendment (the “Fourth Amendment”), dated as of May 3, 2011, the Fifth Amendment, dated
as of December 15, 2012, the Sixth Amendment, dated as of January 29, 2012, the Seventh Amendment, dated as of April 30, 2013,
the Eighth Amendment, dated as of July 24, 2013, the Ninth Amendment, dated October 24, 2013, the Tenth Amendment, dated as of
February 19, 2014, the Eleventh Amendment, dated as of March 17, 2015, the Twelfth Amendment, dated as of June 5, 2015, and the
Thirteenth Amendment, dated as of August 31, 2015 (as further modified or amended from time to time, the “Investment
Agreement”), pursuant to which, among other things, DMRJ had agreed to make available to the Company a senior secured
term loan credit facility of up to $6,500,000. All capitalized terms not otherwise defined herein shall have the meaning ascribed
thereto in the Investment Agreement.

 

B.
Under the terms of the Investment Agreement, the Company has issued an aggregate of 444,529.685 shares of Series B Convertible
Preferred Stock to DMRJ.

 

C.
Pursuant to that certain Participation Agreement dated as of May 22, 2015 by and between Beechwood Re and DMRJ, acknowledged by
Platinum Partners Value Arbitrage Fund, LP (“PPVA”), BAM Administrative Services, LLC (“BAM”)
acquired a $4,000,000 participation in indebtedness owed to DMRJ under the Investment Agreement (the “Participation I”).

 

D.
Subsequent to May 22, 2015, the entirety of the Participation I was assigned by BAM to Beechwood Re (“Beechwood”).

 

E.
Pursuant to that certain Assignment Agreement dated as of December 23, 2015 by and between Beechwood and Platinum Partners Credit
Opportunities Master Fund, LP, a Delaware limited partnership (the “Investor”), the Participation I was assigned
by Beechwood to the Investor.

 

F.
Pursuant to that certain Participation Agreement dated as of May 22, 2015 by and between Beechwood Bermuda International (“Beechwood
Bermuda”) and DMRJ, acknowledged by PPVA, PPVA acquired a $5,000,000 participation in indebtedness owed to DMRJ under
the Investment Agreement (the “Participation II”).

 

G.
Pursuant to that certain Assignment Agreement dated as of December 31, 2015 by and between PPVA and the Investor, the Participation
II was assigned by PPVA to the Investor.

 

     

    

    

 

H.
Pursuant to that certain Participation Agreement dated as of May 22, 2015 by and between Beechwood Bermuda International Limited
(“Beechwood Bermuda International”) and DMRJ, acknowledged by PPVA, Beechwood Bermuda International acquired
a $6,650,000 participation in indebtedness owed to DMRJ under the Investment Agreement (the “Participation III”).

 

I.
On or about October 22, 2015, Beechwood Bermuda International sold to the Investor (or one of its affiliates) a fifty percent
(50%) interest in the Participation III.

 

J.
Pursuant to that certain Assignment Agreement dated as of December 23, 2015 by and between Beechwood Bermuda International and
the Investor, the remaining interest in the Participation III was assigned by Beechwood Bermuda International to the Investor.

 

K.
Pursuant to that certain Participation Agreement dated as of May 22, 2015 by and between Beechwood Bermuda International and DMRJ,
acknowledged by PPVA, Beechwood, as nominee for Senior Health Insurance Company acquired a $3,350,000 participation in indebtedness
owed to DMRJ under the Investment Agreement (the “Participation IV”).

 

L.
On or about October 22, 2015, Beechwood sold to the Investor a fifty percent (50%) interest in the Participation IV.

 

M.
Pursuant to that certain Assignment Agreement dated as of December 23, 2015 by and between Beechwood Bermuda International and
the Investor, the remaining interest in the Participation IV was assigned by Beechwood Bermuda International to the Investor.

 

N.
On December 14, 2016, the Company received an advance from the Investor of $200,000 which will be governed under this Amendment
(the “$200,000 Advance”).

 

O.
Subject to the terms and conditions hereof, the parties now wish to further amend the Investment Agreement.

 

NOW,
THEREFORE, with the foregoing Background incorporated by reference herein and made a part hereof, and in consideration of
the premises and other good and valuable consideration, the receipt to which is hereby acknowledged, and pursuant to the provisions
of Section 9.01 of the Investment Agreement, the parties hereby agree as follows:

 

1.
Amendments.

 

(a)
Upon the terms and conditions contained herein and the Investment Agreement, following the date hereof the Company shall be permitted
to request, and upon the delivery of a duly completed Borrowing Notice to the Investor in connection herewith, the Investor shall,
in its sole and absolute discretion, make available prior to December 23, 2016, one or more Term Loan Advances in the aggregate
principal amount of up to $600,000 without satisfying the provisos contained in clauses (ii) and (iv) in the first sentence of
Section 2.01 (together, with the $200,000 Advance, the “December 2016 Term Loan Advance”). The December 2016
Term Loan Advance shall not be deemed to be a Kiewit Advance and as such the provisions of Sections 2.02(vi), 2.05(b), 2.09, and
3.02(d) shall not apply to the December 2016 Term Loan Advance.

 

(b)
Pursuant to the terms of the Investment Agreement, but subject to that certain Subordination Agreement dated October 14, 2016,
by and among the parties and Ibearhouse, LLC (“Ibearhouse”) and West C Street, LLC (“West C”),
the parties acknowledge that the December 2016 Term Loan Advance shall be secured by all of the assets of the Company subject
to the senior priority and senior position of Ibearhouse and West C.

 

    	 	2	 

    

    

 

(c)
The Company shall use the proceeds of the December 2016 Term Loan Advance solely for the purposes set forth in Schedule
B, which is attached hereto.

 

(d)
On or prior to the closing of this Amendment, counsel for the Company who also serves as the transfer agent for the Company’s
preferred shares (the “Escrow Agent”) shall receive from DMRJ a stock certificate or stock certificates of
the Company’s Series B Convertible Preferred Stock (the “Series B Preferred Shares”) in the aggregate
amount that, when converted, equals twenty percent (20%) of the fully diluted capital stock of the Company (the “Equity
Kicker Shares”) and a stock power executed by DMRJ authorizing the transfer of such shares by the Escrow Agent to the
Investor. Upon receipt of the entire December 2016 Term Loan Advance by the Company from the Investor, which shall occur prior
to December 23, 2016, the Escrow Agent shall transfer to the name of the Investor the Equity Kicker Shares.

 

The
Equity Kicker Shares shall be transferred to the Investor in two (2) separate stock certificates with a certificate representing
one-half (1/2) being transferred to the Investor upon receipt of the entire December 2016 Term Loan Advance and a certificate
representing one half (1/2) (the “Escrow Shares”) held by the Escrow Agent to either (1) be transferred to
the Investor in the event the Company is unable to repay the December 2016 Term Loan Advance, plus all accrued interest and fees,
prior to ninety (90) days following the funding of the entire December 2016 Term Loan Advance (the “Term Loan Advance
Repayment”), or (2) returned to DMRJ upon the Term Loan Advance Repayment.

 

In
the event that the entire December 2016 Term Loan Advance is not received by the Company from the Investor prior to December 23,
2016, the Escrow Agent shall release the Equity Kicker Shares to DMRJ and the Equity Kicker Shares shall not be transferred to
the Investor.

 

(e)
DMRJ agrees to waive Section H of the Certificate of Designations, Preferences and Rights of the Series B Shares as it pertains
to the conversion into shares of Common Stock of the Equity Kicker Shares.

 

(f)
The Company acknowledges it is currently in default of the Investment Agreement for the non-payment of interest pursuant to Schedule
A.

 

(g)
Section 9.07(e) is hereby amended so that, in its entirety, it shall read as follows:

 

(e)
The Investor may sell participations to one (1) or more Persons in or to all or a portion of its rights and obligations under
this Agreement (including, without limitation, all or a portion of the Commitment, the Term Loan Advances owing to it and the
Note; provided, however, that, in the event that full participation is sold or assigned to a sole participant, (i) the
Investor’s obligations under this Agreement (including, without limitation, its Commitment) shall transfer to the sole
participant, (ii) the Investor shall no longer remain responsible to the other parties hereto for the performance of such
obligations and the performance of such obligations shall transfer to the sole participant, (iii) the sole participant shall
become the holder of the Note for all purposes of this Agreement, (iv) the Company, shall deal with the sole participant in
connection with the participant’s rights and obligations under this Agreement, and (v) the sole participant shall have
the right to approve any amendment or waiver of any provision of any Transaction Document, or any consent to any departure by
or on behalf of any Transaction Party therefrom, and (vi) the sole participant shall become a secured party in respect to
Indebtedness and the Investor shall no longer be a secured party.

 

    	 	3	 

    

    

 

2.
Representations and Warranties.

 

(a)
The Company represents, warrants and covenants to DMRJ that:

 

(i)
All warranties and representations made to DMRJ under the Investment Agreement and the Transaction Documents are true and correct
as to the date hereof unless they specifically relate to an earlier date in which case they shall be true and correct as of such
date.

 

(ii)
The Company has the requisite corporate power and authority to enter into and perform this Amendment in accordance with the terms
hereof. The execution, delivery and performance of this Amendment by the Company and the consummation by it of the transactions
contemplated hereby have been duly and validly authorized by all necessary corporate action, no further consent or authorization
of the Company, its Board of Directors, stockholders or any other third party is required. When executed and delivered by the
Company, this Amendment shall constitute a valid and binding obligation of the Company enforceable against the Company in accordance
with its terms, except as such enforceability may be limited by applicable bankruptcy, reorganization, moratorium, liquidation,
conservatorship, receivership or similar laws relating to, or affecting generally the enforcement of, creditor’s rights
and remedies or by other equitable principles of general application.

 

(iii)
The execution by the Company and delivery to DMRJ of this Amendment (i) is not and will not be in contravention of any order of
any court or other agency of government, any law or any other indenture or agreement to which the Company is a party or the organizational
documents of the Company (ii) is not or will not be in conflict with, or result in a breach of, or constitute (with due notice
and/or passage of time) a default under any such indenture, agreement or undertaking, and (iii) will not result in the imposition
of any lien, charge, encumbrance of any nature on any property of the Company.

 

(b)
DMRJ represents, warrants and covenants the Company that it is the lawful owner of the Equity Kicker Shares, free and clear
of any encumbrances, security interests or liens of any kind and has full power and authority to authorize the transfer of
the Equity Kicker Shares as contemplated in this Amendment and DMRJ will not encumber the Equity Kicker Shares prior to
December 23, 2016.

 

3. Transfer,
Release, and Discharge. With effect from and including the Effective Time and in consideration of the mutual
representations, warranties and covenants contained in this Amendment and other good and valuable consideration (the receipt
and sufficiency of which are hereby acknowledged by each of the parties):

 

(a)
DMRJ is released and discharged from further obligations and rights with respect to the Investment Agreement and the
Transaction Documents and DMRJ’s respective rights against the Company are cancelled, provided that such release and
discharge shall not affect any rights, liabilities or obligations of the Investor with respect to payments or other
obligations due and payable or due to be performed on or prior to the date hereof, and all such obligations shall be
performed by the Investor the Investment Agreement; and

 

    	 	4	 

    

    

 

(b)
The Investor, as the sole participant, shall assume all obligations and rights with respect to the Investment and Transaction
Documents as of the Effective Time.

 

4. Effectiveness
Conditions. This Amendment shall be effective (the “Effective Time”) upon completion of the following
conditions precedent (all documents to be in form and substance satisfactory to DMRJ, DMRJ’s counsel, Investor and
Investor’s counsel):

 

(a)
execution and delivery by the Company and DMRJ to Investor of this Amendment;

 

(b)
receipt by the Escrow Agent of a certificate or certificates representing the Equity Kicker Shares accompanied by an executed
stock power by DMRJ;

 

(c)
all fees and costs pertaining to the transactions contemplated hereby paid in full;

 

(d)
all required approvals of the Company, DMRJ, and the Investor being obtained approving the transactions contemplated hereby; and

 

(e)
execution and/or delivery by the Company and DMRJ of all agreements, instruments and documents requested by Investor to effectuate
and implement the terms hereof and the terms of any document or instrument referenced hereby or to be executed hereunder.

 

5. Expenses.
The Company shall pay any and all costs, fees and expenses of DMRJ and the Investor (including without
limitation, attorneys’ fees) in connection with this Amendment and the transaction contemplated hereby.

 

6. No
Waiver. DMRJ reserves all of its rights and remedies arising with respect to any and all defaults or events of
defaults under the Transaction Documents that may be in existence on the date hereof, regardless of whether such defaults or
events of default have been identified, or which may occur or be identified in the future. DMRJ has not modified, is not
waiving and has not agreed to forbear in the exercise of, any of its present or future rights and remedies. No action taken
or claimed to be taken by DMRJ will constitute such a waiver, modification or agreement to forbear.

 

7. Ratification
of Investment Documents. Except as expressly set forth herein, all of the terms and conditions of the
Investment Agreement and Transaction Documents are hereby ratified and confirmed and continue unchanged and in full force and
effect. All references to the Investment Agreement shall mean the Investment Agreement as modified by this
Amendment.

 

8. Confirmation
of Indebtedness. The Company confirms and acknowledges that as of the date hereof the Company was indebted to DMRJ,
without any deduction, defense, setoff, claim or counterclaim, of any nature, in aggregate principal and interest
(including Amortization Amounts as set forth in the Fourth Amendment) in the amount of $21,329,138, plus all fees, costs and
expenses incurred to date in connection with the Investment Agreement and the other Transaction Documents.

 

    	 	5	 

    

    

 

9.
Collateral. Company hereby confirms and agrees that all security interests and liens granted to Investor pursuant to the
Transaction Documents continue in full force and effect and shall continue to secure the Obligations (as defined in the Security
Agreement), including all liabilities and obligations (primary, secondary, direct, contingent, sole, joint or several) due or
to become due, or that are now or may be hereafter contracted or acquired, or owing, under the Note and any other instruments,
agreements or other documents executed and/or delivered in connection herewith or therewith, in each case, whether now or hereafter
existing, voluntary or involuntary, direct or indirect, absolute or contingent, liquidated or unliquidated, whether or not jointly
owed with others, and whether or not from time to time decreased or extinguished and later increased, created or incurred, and
all or any portion of such obligations or liabilities that are paid, to the extent all or any part of such payment is avoided
or recovered directly or indirectly from DMRJ as a preference, fraudulent transfer or otherwise as such obligations may be amended,
supplemented, converted, extended or modified from time to time.

 

10.
No Waivers, Reservation of Rights. DMRJ has not waived, is not by this Amendment waiving, and has no intention of waiving,
any defaults or Events of Default which be existing on date hereof or may occur after the date hereof. DMRJ has not agreed to
forbear with respect to any of its rights or remedies concerning any defaults or Events of Default, which may be continuing as
of the date hereof or which may occur after the date hereof. DMRJ reserves the right to exercise all of its rights and remedies,
whether arising under the Investment Agreement, the other Transaction Documents or applicable law. 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 the Investment Agreement or any of the other Transaction
Documents, or any rights or obligations thereunder, or a waiver by DMRJ of any of its rights thereunder or at law or in equity.
This Amendment does not obligate DMRJ to agree to any other extension or modification of the Investment Agreement nor does it
constitute a course of conduct or dealing on behalf of DMRJ or a waiver of any other rights or remedies of DMRJ. No omission or
delay by DMRJ in exercising any right or power under the Investment Agreement, this Amendment, the other Transaction Documents
or any related instruments, agreements or documents will impair such right or power or be construed to be a waiver of any default
or Event of Default or an acquiescence therein, and any single or partial exercise of any such right or power will not preclude
other or further exercise thereof or the exercise of any other right, and no waiver will be valid unless in writing and then only
to the extent specified.

 

11.
Governing Law. This Amendment shall be governed by and construed in accordance with the internal laws of the State of New
York, without giving effect to any of the conflicts of law principles which would result in the application of the substantive
law of another jurisdiction. This Amendment shall not be interpreted or construed with any presumption against the party causing
this Amendment to be drafted.

 

12.
Signatories. Each individual signatory hereto represents and warrants that he or she is duly authorized to execute this
Amendment on behalf of his or her principal and that he or she executes the Amendment in such capacity and not as a party.

 

13.
Duplicate Originals. Two or more duplicate originals of this Amendment may be signed by the parties, each of which shall
be an original but all of which together shall constitute one and the same instrument. This Amendment may be executed in counterparts,
all of which counterparts taken together shall constitute one completed fully executed document. Signature by facsimile or PDF
shall bind the parties hereto.

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

 

    	 	6	 

    

    

 

IN
WITNESS WHEREOF, the parties have executed this Amendment the day and year first above written.

 

	Company:	DESERT
    HAWK GOLD CORP.
	 	 	 
	 	By:	/s/
    Howard Crosby
	 	Name:	Howard
    Crosby
	 	Title:	Chief
    Executive Officer
	 	 	 
	DMRJ:	DMRJ
    GROUP I, LLC
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	

 

The
undersigned, as the sole participation holder providing funds hereunder hereby acknowledges the Amendment and agrees to assume
all obligations and rights of DMRJ under the hives intent Agreement and Transaction Documents.

 

	Investor:	PLATINUM
    PARTNERS CREDIT
	 	OPPORTUNITIES
    MASTER FUND, LP
	 	 	 
	 	By:	
	 	Name:	 
	 	Title:	 

 

The
undersigned hereby accepts appointment as Escrow Agent to hold the Equity Kicker Shares as provided above.

 

	Escrow Agent:	Vance,
    Higley & Associates, PC
	 	 	 
	 	By:	/s/
Ronald N. Vance
	 	Name:	Ronald
    N. Vance
	 	Title:	President

 

[SIGNATURE
PAGE TO FOURTEENTH AMENDMENT]

  

     

    

    

 

SCHEDULE
B

 

December
2016 Term Loan Advance

	Cat
    financial	$240,000
	Komatsu	$65,000
	State
    Taxes	$75,000
	Cyanide	$25,000
	Royalty
    Payment	$5,000
	Payroll
    through the restart	$100,000
	Partial
    A/P catchup	$200,000
	Accounting	$35,000
	Other	$55,000

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00285-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00285-of-00352.parquet"}]]