Document:

Exhibit 10.2

 

Warrant
Exercise AND PREFERRED STOCK AMENDMENT AGREEMENT

 

This Warrant Exercise
and Preferred Stock Amendment Agreement (this “Agreement”), dated as of March 24, 2020, is between Jaguar Health,
Inc. (the “Company”) and the purchaser signatory thereto (the “Purchaser”). Capitalized terms
used but not defined herein shall have the meanings ascribed to them in the Certificate of Designation of Preferences, Rights and
Limitations of Series B Convertible Preferred Stock (the “Series B Certificate of Designation”) and the Series
2 Warrants (as defined below).

 

WHEREAS, pursuant
to a registration statement on Form S-1 (File No. 333-231399) (the “July 2019 Registration Statement”) and a
prospectus dated July 19, 2019, the Company made an underwritten offering of shares of common stock, par value $0.0001 per share
(“Common Stock”), shares of Series B Convertible Preferred Stock (“Series B Preferred Stock”),
Series 1 Common Stock purchase warrants (“Series 1 Warrants”) and Series 2 Common Stock purchase warrants (“Series
2 Warrants”);

 

WHEREAS, the
Purchaser holds the shares of Series B Preferred Stock and Series 2 Warrants (the “Purchaser Series B Preferred Shares”
and the “Purchaser Series 2 Warrants”) set forth on the signature page hereto;

 

WHEREAS, the
Purchaser is the sole remaining holder of shares of Series B Preferred Stock; and

 

WHEREAS, the
Purchaser wishes to exercise all of the Purchaser Series 2 Warrants and, in consideration thereof, the Company desires to reduce
(a) the conversion price of the Series B Preferred Stock and (b) the exercise price of the Purchaser Series 2 Warrants, in each
case in accordance with the provisions of this Agreement;

 

NOW, THEREFORE,
for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Company and the Purchaser
hereby agrees as follows:

 

1.       Exercise
of Purchaser Series 2 Warrants. The Company and the Purchaser hereby agree that the Purchaser shall immediately exercise the
Purchaser Series 2 Warrants with respect to the number of shares of Common Stock set forth on the Purchaser’s signature
page hereto1 (the “Purchaser Warrant
Shares”) at a reduced exercise price of $0.5227 per share but otherwise pursuant to the terms and limitations of the
Series 2 Warrants. The Purchaser shall execute and deliver the aggregate cash exercise price for such exercise of the Purchaser
Series 2 Warrants to the bank account set forth on Exhibit A hereto within two business days after notice from the
Company that the condition set forth in Section 5 has been met and the Company shall deliver the Warrant Shares to the Purchaser
via the Depository Trust Company Deposit or Withdrawal at Custodian system pursuant to the terms of the Series 2 Warrants and
the instructions set forth on the Purchaser’s signature page hereto.

 

 

 

1 Subject to applicable
blocker in the warrant.

 

     

     

    

 

2.       Reduction
in the Conversion Price of the Series B Preferred Stock. In consideration for the Purchaser’s exercise of the Series
2 Warrants as described in Section 1, the Company agrees to reduce the conversion price of the Series B Preferred Stock from $2.00
to $0.4456 by filing on the date hereof an amendment to the Series B Certificate of Designation (the “CoD Amendment”)
in the form set forth in Exhibit B hereto with the State of Delaware and deliver to the Purchaser evidence of the filing
of the CoD Amendment with the State of Delaware.

 

3.       Representations
and Warranties of Company. The Company hereby makes to the Purchaser the following representations and warranties as of the
date hereof and each Issue Date:

 

(a)           Organization
and Qualification. The Company and each of the Subsidiaries is an entity duly incorporated or otherwise organized, validly
existing and in good standing under the laws of the jurisdiction of its incorporation or organization (as applicable), with the
requisite power and authority to own and use its properties and assets and to carry on its business as currently conducted. Neither
the Company nor any Subsidiary is in violation or default of any of the provisions of its respective certificate or articles of
incorporation, bylaws or other organizational or charter documents. Each of the Company and the Subsidiaries is duly qualified
to conduct business and is in good standing as a foreign corporation or other entity in each jurisdiction in which the nature of
the business conducted or property owned by it makes such qualification necessary, except where the failure to be so qualified
or in good standing, as the case may be, could not have or reasonably be expected to result in: (i) a material adverse effect on
the legality, validity or enforceability of this Agreement, (ii) a material adverse effect on the results of operations, assets,
business, prospects or condition (financial or otherwise) of the Company and the Subsidiaries, taken as a whole, or (iii) a material
adverse effect on the Company’s ability to perform in any material respect on a timely basis its obligations under this Agreement
(any of (i), (ii) or (iii), a “Material Adverse Effect”) and no Proceeding has been instituted in any such jurisdiction
revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority or qualification.

 

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

 

    2

     

    

 

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

 

(d)          Issuance
of the Securities. The shares of Common Stock issuable upon conversion of the Purchaser Series B Preferred Shares (the “Series
B Conversion Shares”), when issued in accordance with the terms of the Series B Certificate of Designation, as amended
by the CoD Amendment, will be validly issued, fully paid and nonassessable, free and clear of all liens imposed by the Company.
The Company has reserved from its duly authorized capital stock a sufficient number of shares of Common Stock for issuance of all
of the Series B Conversion Shares.

 

4.       Representations
and Warranties of the Purchaser. The Purchaser hereby represents and warrants as of the date hereof and on each Issue Date
to the Company as follows (unless as of a specific date therein):

 

(a)          Organization;
Authority. The Purchaser is an entity duly incorporated or formed, validly existing and in good standing under the laws of
the jurisdiction of its incorporated or formed with full right, corporate, partnership, limited liability company or similar power
and authority to enter into and to consummate the transactions contemplated by this Agreement and otherwise to carry out its obligations
hereunder and thereunder. The execution and delivery of this Agreement and performance by the Purchaser of the transactions contemplated
herein have been duly authorized by all necessary corporate, partnership, limited liability company or similar action, as applicable,
on the part of the Purchaser. This Agreement has been duly executed by the Purchaser, and when delivered by the Purchaser in accordance
with the terms hereof, will constitute the valid and legally binding obligation of the Purchaser, enforceable against it in accordance
with its terms, except: (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium
and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating
to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification
and contribution provisions may be limited by applicable law.

 

    3

     

    

 

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

 

5.       Securities
Law Disclosure. On or before 9 am ET on the Trading Day following the date hereof, the Company shall file a Current Report
on Form 8-K disclosing the terms of the transactions contemplated hereby, including this Agreement as an exhibit thereto.

 

6.       Except
as specifically provided herein, the terms and conditions of the Purchaser Series 2 Warrants shall remain in full force and effect
and the rights and obligations of the parties thereunder shall, except as specifically provided herein, be unaffected by this Agreement
and shall continue as provided in such documents and shall not be in any way changed, modified or superseded by the terms set forth
herein. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and
the same agreement.

 

[signature pages
follow]

 

    4

     

    

 

IN WITNESS WHEREOF, this agreement is executed
as of the date first set forth above.

 

	 	JAGUAR
    HEALTH, INC.
	 	 
	 	By:	/s/ Lisa A. Conte
	 	Name:      	Lisa A. Conte
	 	Title: 	President & CEO

 

     

     

    

 

IN WITNESS WHEREOF, this agreement is executed as of the date
first set forth above.

 

 

	 	PURCHASER:
	 	 
	 	Name:	IONIC VENTURES, LLC
	 	 
	 	By:	/s/ Brendan O’Neil

	 	Name: 	Brendan O’Neil
	 	Title:	Authorized Signatory

	 	 
	Address
    for Notice: 

 

	Purchaser Series B Preferred Shares: 1,971____________
	 
	Purchaser Series 2 Warrants: 1,250,000__________Exhibit 10.3

 

LEAK-OUT AGREEMENT

 

March 24, 2020     

 

This agreement (the
 “Leak-Out Agreement”) is being delivered to you in connection with an understanding by and among Jaguar Health,
Inc., a Delaware corporation (the “Company”), and the person or persons named on the signature pages hereto
(collectively, the “Holder”).

 

Reference is hereby
made to that certain Warrant Exercise and Preferred Stock Amendment Agreement, dated March 24, 2020, by and among the Company and
Holder (the “Amendment Agreement”), pursuant to which the Company and the Holder amended certain terms associated
with the Company’s outstanding (i) Series B Convertible Preferred Stock (“Series B Preferred Stock”) and
Series 2 Common Stock purchase warrants (“Series 2 Warrants” or the “Holder Warrants”) owned
by the Holder. Capitalized terms not defined herein shall have the meaning as set forth in the Amendment Agreement, Series B Convertible
Preferred Stock Certificate of Designation, and the Series 2 Warrants. In the aggregate, the Series B Preferred Stock, the Holder
Warrants, and the shares of Common Stock underlying each of the Series B Preferred Stock and the Holder Warrants may be referred
as the “Securities.”

 

The Holder agrees solely
with the Company that, subject to any other contemporaneously executed leak-out or lock-up agreement that may be executed in proximity
to this Leak-Out Agreement (collectively, the “Other Leak-Out Agreements”) regarding such holder’s trading
with terms that are no less restrictive than the terms contained herein, following the date hereof (such date, the “Effective
Date”) until the date that the Holder no longer holds any Common Stock underlying the Series B Preferred Stock or the
Holder Warrants, during any periods that the Bid Price (as defined in the Warrant) is less than the then effective Exercise Price
of the Holder Warrants (initially $0.5227 subject to adjustment thereunder) (such period, the “Restricted Period”),
neither the Holder, nor any Affiliate of such Holder which (x) had or has knowledge of the transactions contemplated by the Amendment
Agreement, (y) has or shares discretion relating to such Holder’s investments or trading or information concerning such Holder’s
investments, including in respect of the Securities, or (z) is subject to such Holder’s review or input concerning such Affiliate’s
investments or trading (together, the “Holder’s Trading Affiliates”), collectively, shall sell dispose
or otherwise transfer, directly or indirectly, (including, without limitation, any sales, short sales, swaps or any derivative
transactions that would be equivalent to any sales or short positions) during the Restricted Period, Shares of Common Stock underlying
the Series B Preferred Stock or the Holder Warrants (collectively, the “Restricted Securities”) in an amount
more than, during any Trading Day during the applicable Restricted Period, the greater of the average of (a) $20,000 per Trading
Day each month and (b) an amount equal to 20% of the (i) average daily trading volume of Common Stock as reported by Bloomberg,
LP per calendar month or (ii) trading volume of Common Stock as reported by Bloomberg, LP on such Trading Day; provided, that the
foregoing restriction shall not apply to any actual “long” (as defined in Regulation SHO of the Securities Exchange
Act of 1934, as amended) sales by the Holder or any of the Holder’s Trading Affiliates at a price greater than the then Exercise
Price of the Warrants (in each case, as adjusted for stock splits, stock dividends, stock combinations, recapitalizations or other
similar events occurring after the date hereof).

 

     

     

    

Notwithstanding anything
herein to the contrary, during the Restricted Period, the Holder may, directly or indirectly, sell or transfer all, or any part,
of the Securities (the “Restricted Securities”) to any Person (an “Assignee”) in a transaction
which does not need to be reported on the Nasdaq consolidated tape, without complying with (or otherwise limited by) the restrictions
set forth in this Leak-Out Agreement; provided, that as a condition to any such sale or transfer an authorized signatory of the
Company and such Assignee duly execute and deliver a leak-out agreement in the form of this Leak-Out Agreement (an “Assignee
Agreement”, and each such transfer a “Permitted Transfer”) and, subsequent to a Permitted Transfer,
sales of the Holder and the Holder’s Trading Affiliates and all Assignees (other than any such sales that constitute Permitted
Transfers) shall be aggregated for all purposes of this Leak-Out Agreement and all Assignee Agreements.

 

Any notices, consents,
waivers or other communications required or permitted to be given under the terms of this Leak-Out Agreement must be in writing
and shall be given in accordance with the terms of the Series 2 Warrants.

 

This Leak-Out Agreement
constitutes the entire agreement among the parties hereto with respect to the subject matter hereof and supersedes all prior negotiations,
letters and understandings relating to the subject matter hereof and are fully binding on the parties hereto.

 

This Leak-Out Agreement
may be executed simultaneously in any number of counterparts. Each counterpart shall be deemed to be an original, and all such
counterparts shall constitute one and the same instrument. This Leak-Out Agreement may be executed and accepted by facsimile or
PDF signature and any such signature shall be of the same force and effect as an original signature.

 

     

     

    

 

The terms of this Leak-Out
Agreement shall be binding upon and shall inure to the benefit of each of the parties hereto and their respective successors and
assigns.

 

This Leak-Out Agreement
may not be amended or modified except in writing signed by each of the parties hereto.

 

All questions concerning
the construction, validity, enforcement and interpretation of this Leak-Out Agreement shall be governed by Section 5(e) of the
Series 2 Warrant.

 

Each party hereto acknowledges
that, in view of the uniqueness of the transactions contemplated by this Leak-Out Agreement, the other party or parties hereto
will not have an adequate remedy at law for money damages in the event that this Leak-Out Agreement has not been performed in accordance
with its terms, and therefore agrees that such other party or parties shall be entitled to seek specific enforcement of the terms
hereof in addition to any other remedy it may seek, at law or in equity.

 

     

     

    

 

[LEAKOUT SIGNATURE PAGE]

 

	 	 	Sincerely, 
	 	 	 
	 	 	JAGUAR HEALTH, INC. 
	 	 	 
	 	 	 
	 	 	 
	 	 	By:  	/s/ Lisa A. Conte
	 	 	 	Name:  Lisa A. Conte
	 	 	 	Title:  Chief Executive Officer & President
	 	 	 

 

 

	Agreed to and Acknowledged:	 	 
	 	 	 
	“HOLDER”	 	 
	 	 	 
	IONIC VENTURES, LLC	 	 
	 	 	 
	 	 	 
	 	 	 
	By: 	/s/ Brendan O’Neil	 	 
	 	Name: Brendan O’Neil	 	 
	 	Title: Authorized Signatory

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00307-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00307-of-00352.parquet"}]]