Document:

Exhibit 10.1

 

Royalty
Interest Purchase Agreement

 

This
Royalty Interest Purchase Agreement (this “Agreement”), dated as of March 4, 2020, is entered into
by and between Jaguar Health, Inc., a Delaware corporation (“Company”),
and Iliad Research and Trading, L.P., a Utah limited partnership, its successors
and/or assigns (“Investor”).

 

A.           Company
and Investor are executing and delivering this Agreement in reliance upon an exemption from securities registration afforded by
the Securities Act of 1933, as amended (the “1933 Act”), and the rules and regulations promulgated thereunder
by the United States Securities and Exchange Commission (the “SEC”).

 

B.            Investor
desires to purchase and Company desires to issue and sell, upon the terms and conditions set forth in this Agreement, a Royalty
Interest in the form attached hereto as Exhibit A (the “Interest”), upon the terms and subject to
the limitations and conditions set forth in such Interest.

 

C.            This
Agreement, the Interest, and all other certificates, documents, agreements, resolutions and instruments executed and delivered
to any party under or in connection with this Agreement, as the same may be amended from time to time, are collectively referred
to herein as the “Transaction Documents”.

 

NOW, THEREFORE,
in consideration of the above recitals and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, Company and Investor hereby agree as follows:

 

1.            Purchase
and Sale of Interest.

 

1.1.            Purchase
of Interest. Company shall issue and sell to Investor and Investor agrees to purchase from Company the Interest. In consideration
thereof, Investor shall pay $350,000.00 (the “Purchase Price”) to Company at the Closing (as defined below).

 

1.2.            Form of
Payment. On the Closing Date (as defined below), Investor shall pay the Purchase Price to Company via wire transfer of
immediately available funds against delivery of the Interest.

 

1.3.            Closing
Date. The closing of the transactions contemplated by this Agreement (the “Closing”) shall occur on March 4,
2020 so long as all of the conditions set forth in Section 5 and Section 6 below have been satisfied, or such other mutually
agreed upon date (the date upon which the Closing actually occurs, the “Closing Date”). The Closing shall occur
on the Closing Date by means of the exchange by email of signed .pdf documents, but shall be deemed for all purposes to have occurred
at the offices of Hansen Black Anderson Ashcraft PLLC in Lehi, Utah.

 

1.4.            Transaction
Expense Amount. Company agrees to pay $10,000.00 to Investor to cover Investor’s legal fees, accounting costs, due diligence,
monitoring and other transaction costs incurred in connection with the purchase and sale of the Interest, all of which amount is
included in the initial balance of the Interest.

 

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2.            Investor’s
Representations and Warranties. Investor represents and warrants to Company that as of the Closing Date: (i) this Agreement
has been duly and validly authorized; (ii) Investor has all necessary power and authority under all applicable provisions
of law to execute and deliver each Transaction Document and to carry out their provisions; (iii) this Agreement constitutes
a valid and binding agreement of Investor enforceable in accordance with its terms; (iv) Investor is an “accredited
investor” as that term is defined in Rule 501(a) of Regulation D of the 1933 Act; (v) Investor is acquiring
the Interest for investment for such Investor’s own account, and not with a view to, or for resale in connection with, any
distribution thereof, and Investor has no present intention of selling or distributing any of the Interest, (vi) Investor
has had an opportunity to discuss Company’s business, management and financial affairs with its management and to obtain
any additional information which Investor has deemed necessary or appropriate for deciding whether or not to purchase the Interest,
including an opportunity to receive, review and understand the information set forth in Company’s financial statements, capitalization
and other business information as Investor deems prudent, (vii) Investor acknowledges that no other representations or warranties,
oral or written, have been made by Company or any agent thereof except as set forth in this Agreement, (viii) Investor is
aware that no federal, state or other agency has made any finding or determination as to the fairness of the investment, nor made
any recommendation or endorsement of the Interest, (ix) Investor has such knowledge and experience in financial and business
matters, including investments in other emerging growth companies that such individual or entity is capable of evaluating the merits
and risks of the investment in the Interest and it is able to bear the economic risk of such investment, (x) Investor has
such knowledge and experience in financial and business matters that such individual is capable of utilizing the information made
available in connection with the offering of the Interest, of evaluating the merits and risks of an investment in the Interest
and of making an informed investment decision with respect to the Interest, (xi) neither Investor, nor any person or entity
with whom such Investor shares beneficial ownership of the Interest, is subject to any of the “Bad Actor” disqualifications
described in Rule 506(d)(1)(i) to (viii); (xii) Investor is aware that there is currently no public market for the
Interest, that there is no guarantee that a public market will develop at any time in the future and Investor understands that
the Interest is unregistered and may not presently be sold except in accordance with applicable securities laws, (xiii) Investor
understands that the Interest cannot be readily sold or liquidated in case of an emergency or other financial need, (xiv) Investor
acknowledges and agrees that the Interest must be held indefinitely unless it is subsequently registered under the 1933 Act or
an exemption from such registration is available, and Investor has been advised or is aware of the provisions of Rule 144
promulgated under the 1933 Act as in effect from time to time, which permits limited resale of securities purchased in a private
placement subject to the satisfaction of certain conditions, including, among other things: the availability of certain current
public information about the Company and the resale occurring following the required holding period under Rule 144, and (xvi) each
instrument evidencing the Interest which Investor may purchase hereunder may be imprinted with legends substantially in the following
form:

 

“THIS
INTEREST HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER THE SECURITIES
LAWS OF ANY STATES IN THE UNITED STATES. THIS INTEREST IS SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT
BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE ACT AND THE APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR
EXEMPTION THEREFROM.”

 

Notwithstanding the
foregoing representations and warranties, Company acknowledges and agrees that such representations and warranties do not affect
Company’s obligations to repay the Interest in full pursuant to the terms thereof.

 

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3.            Company’s
Representations and Warranties. Except as set forth in Disclosure Schedule 3, attached hereto and incorporated herein,
Company represents and warrants to Investor that as of the Closing Date: (i) Company is a corporation duly organized, validly
existing and in good standing under the laws of its state of incorporation and has the requisite corporate power to own its properties
and to carry on its business as now being conducted; (ii) Company is duly qualified as a foreign corporation to do business
and is in good standing in each jurisdiction where the nature of the business conducted or property owned by it makes such qualification
necessary, except where the failure to be so qualified would not reasonably be expected to have a material adverse effect on Borrower’s
business, assets, properties, operations or financial condition or its ability to perform its obligations hereunder (a “Material
Adverse Effect”); (iii) Company has registered its Common Stock under Section 12(g) of the Securities
Exchange Act of 1934, as amended (the “1934 Act”), and is obligated to file reports pursuant to Section 13
or Section 15(d) of the 1934 Act; (iv) each of the Transaction Documents and the transactions contemplated hereby
and thereby, have been duly and validly authorized by Company and all necessary actions have been taken; (v) this Agreement,
the Interest, and the other Transaction Documents have been duly executed and delivered by Company and constitute the valid and
binding obligations of Company enforceable in accordance with their terms, except as enforceability may be limited by applicable
bankruptcy, insolvency and similar laws affecting creditors’ rights and by general principles of equity; (vi) the execution
and delivery of the Transaction Documents by Company, the issuance of the Interest in accordance with the terms hereof, and the
consummation by Company of the other transactions contemplated by the Transaction Documents do not and will not conflict with or
result in a breach by Company of any of the terms or provisions of, or constitute a default under (a) Company’s formation
documents or bylaws, each as currently in effect, (b) any indenture, mortgage, deed of trust, or other material agreement
or instrument to which Company is a party or by which it or any of its properties or assets are bound, including, without limitation,
any listing agreement for the Common Stock, except as would not reasonably be expected to have a Material Adverse Effect, or (c) any
existing applicable law, rule, or regulation or any applicable decree, judgment, or order of any court, United States federal,
state or foreign regulatory body, administrative agency, or other governmental body having jurisdiction over Company or any of
Company’s properties or assets, except as would not reasonably be expected to have a Material Adverse Effect; (vii) no
further authorization, approval or consent of any court, governmental body, regulatory agency, self-regulatory organization, or
stock exchange or market or the stockholders or any lender of Company is required to be obtained by Company for the issuance of
the Interest to Investor or the entering into of the Transaction Documents; (viii) none of Company’s filings with the
SEC contained, at the time they were filed, any untrue statement of a material fact or omitted to state any material fact required
to be stated therein or necessary to make the statements made therein, in light of the circumstances under which they were made,
not materially misleading; (ix) within the 12 months immediately preceding the date hereof, Company has filed all reports,
schedules, forms, statements and other documents required to be filed by Company with the SEC under the 1934 Act on a timely basis
or has received a valid extension of such time of filing and has filed any such report, schedule, form, statement or other document
prior to the expiration of any such extension; (x) there is no action, suit, proceeding, inquiry or investigation before or
by any court, public board or body pending or, to the knowledge of Company, threatened against or affecting Company before or by
any governmental authority or non-governmental department, commission, board, bureau, agency or instrumentality or any other person
which would reasonably be expected to have a Material Adverse Effect; (xi) Company has not consummated any financing transaction
that has not been disclosed in a periodic filing or current report with the SEC under the 1934 Act; (xii) Company is not,
nor has it been at any time in the previous twelve (12) months, a “Shell Company,” as such type of “issuer”
is described in Rule 144(i)(1) under the 1933 Act; (xiii) with respect to any commissions, placement agent or finder’s
fees or similar payments that will or would become due and owing by Company to any person or entity as a result of this Agreement
or the transactions contemplated hereby (“Broker Fees”), any such Broker Fees will be made in full compliance
with all applicable laws and regulations and only to a person or entity that is a registered investment adviser or registered broker-dealer;
(xiv) Investor shall have no obligation with respect to any Broker Fees or with respect to any claims made by or on behalf
of other persons for fees of a type contemplated in this subsection that may be due in connection with the transactions contemplated
hereby and Company shall indemnify and hold harmless each of Investor, Investor’s employees, officers, directors, stockholders,
members, managers, agents, and partners, and their respective affiliates, from and against all claims, losses, damages, costs (including
the costs of preparation and attorneys’ fees) and expenses suffered in respect of any such claimed Broker Fees; (xv) neither
Investor nor any of its officers, directors, stockholders, members, managers, employees, agents or representatives has made any
representations or warranties to Company or any of its officers, directors, employees, agents or representatives except as expressly
set forth in the Transaction Documents and, in making its decision to enter into the transactions contemplated by the Transaction
Documents, Company is not relying on any representation, warranty, covenant or promise of Investor or its officers, directors,
members, managers, employees, agents or representatives other than as set forth in the Transaction Documents; (xvi) Company
acknowledges that the State of Utah has a reasonable relationship and sufficient contacts to the transactions contemplated by the
Transaction Documents and any dispute that may arise related thereto such that the laws and venue of the State of Utah, as set
forth more specifically in Section 8.3 below, shall be applicable to the Transaction Documents and the transactions contemplated
therein; and (xvii) Company has performed due diligence and background research on Investor and its affiliates including,
without limitation, John M. Fife, and, to its satisfaction, has made inquiries with respect to all matters Company may consider
relevant to the undertakings and relationships contemplated by the Transaction Documents including, among other things, the following:
http://investing.businessweek.com/research/stocks/people/person.asp?personId=7505107&ticker=UAHC; SEC Civil Case No. 07-C-0347
(N.D. Ill.); SEC Civil Action No. 07-CV-347 (N.D. Ill.); and FINRA Case #2011029203701. Company, being aware of the matters
described in subsection (xvii) above, acknowledges and agrees that such matters, or any similar matters, have no bearing on
the transactions contemplated by the Transaction Documents and covenants and agrees it will not use any such information as a defense
to performance of its obligations under the Transaction Documents or in any attempt to avoid, modify or reduce such obligations.

 

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4.            Company
Covenants. Until all of Company’s obligations (other than contingent and indemnification obligations) under all of the
Transaction Documents are paid in full, or within the timeframes otherwise specifically set forth below, Company will at all times
comply with the following covenants: (i) so long as the Interest is outstanding and for at least twenty (20) Business Days
(as defined in the Interest) thereafter, Company will timely file on the applicable deadline (including any extensions thereof)
all reports required to be filed with the SEC pursuant to Sections 13 or 15(d) of the 1934 Act that would otherwise impact
the availability of Rule 144 of the 1933 Act, and will take all reasonable action under its control to ensure that adequate
current public information with respect to Company, as required in accordance with Rule 144 of the 1933 Act, is publicly available,
and until a Fundamental Transaction (as defined in the Interest) will not terminate its status as an issuer required to file reports
under the 1934 Act even if the 1934 Act or the rules and regulations thereunder would permit such termination; (ii) until
a Fundamental Transaction, the Common Stock shall be listed or quoted for trading on any of (a) NYSE, (b) NASDAQ, (c) OTCQX,
or (d) OTCQB; (iii) until a Fundamental Transaction, trading in Company’s Common Stock will not be suspended, halted,
chilled, frozen, reach zero bid or otherwise cease on Company’s principal trading market; (iv) unless an acquiring party
specifically agrees to assume all rights and obligations associated with the Interest and, in Investor’s discretion is capable
of fulfilling such obligations, Company may not consummate any sale or liquidation of all or substantially all of its business
or any material asset outside the ordinary course of business without the prior written consent of Investor; (v) Company will
not grant a security or royalty interest in any of the Included Products (as defined in the Interest) for the primary purpose of
raising capital without Investor’s prior written consent, which for the avoidance of doubt, shall exclude any of the Included
Products with one or more business development partners in connection with a licensing transaction or collaboration; and (vi) for
so long as the Interest remains outstanding, Company shall deliver to Investor quarterly reports summarizing all Included Products
revenues and Net Sales (as defined in the Interest) and shall further hold with Investor a quarterly call with Company’s
management to discuss such report, provided that Company will not disclose any material non-public information to Investor without
Investor’s prior written consent.

 

5.            Conditions
to Company’s Obligation to Sell. The obligation of Company hereunder to sell the Interest to Investor at the Closing
is subject to the satisfaction, on or before the Closing Date, of each of the following conditions:

 

5.1.            Investor
shall have executed this Agreement and delivered the same to Company.

 

5.2.            Investor
shall have delivered the Purchase Price to Company in accordance with Section 1.2 above.

 

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6.            Conditions
to Investor’s Obligation to Purchase. The obligation of Investor hereunder to purchase the Interest at the Closing is
subject to the satisfaction, on or before the Closing Date, of each of the following conditions, provided that these conditions
are for Investor’s sole benefit and may be waived by Investor at any time in its sole discretion:

 

6.1.            Company
shall have executed this Agreement and the Interest and delivered the same to Investor.

 

6.2.            Company
shall have delivered to Investor a fully executed Secretary’s Certificate substantially in the form attached hereto as Exhibit B
evidencing Company’s approval of the Transaction Documents.

 

6.3.            Company
shall have delivered to Investor fully executed copies of all Transaction Documents required to be executed by Company herein or
therein.

 

7.            Audit
Right. Company shall keep and maintain current, complete and accurate books and records as are necessary and material to determine
its compliance with its payment obligations under the Interest. Such books and records shall be kept and maintained in accordance
with generally accepted accounting principles consistently applied. Investor or its authorized representative shall have the right
to retain an independent certified public accountant of its choosing to audit the books and records of Company, at Investor’s
expense, to determine whether Company is in compliance with its payment obligations under the Interest. If an audit reveals that
Investor has been underpaid, Company shall immediately pay Investor such underpaid amount plus interest thereon at the rate of
18% per annum, compounding daily, or, if lower, the highest rate allowed by law. If such underpayment exceeds 1% of the amount
due, then, without prejudice to Investor’s other rights and remedies, Company shall also pay for the cost of the audit. If
the audit reveals that Investor has been overpaid, Investor authorizes Company to offset such overpayment against future royalties.
The auditor shall be required to agree to keep confidential all confidential information of Company learned during the course of
the audit, except as necessary to report to Investor. Moreover, and notwithstanding the foregoing, Company shall not disclose any
material non-public information to Investor without Investor’s prior written consent. Any such audit shall be performed only
during Company’s normal business hours upon reasonable prior notice, no more frequently than once per calendar quarter, and
shall be performed in such a manner as to avoid unreasonable interference with Company’s business operations.

 

8.            Miscellaneous.
The provisions set forth in this Section 8 shall apply to this Agreement, as well as all other Transaction Documents as if
these terms were fully set forth therein; provided, however, that in the event there is a conflict between any provision
set forth in this Section 8 and any provision in any other Transaction Document, the provision in such other Transaction Document
shall govern.

 

8.1.            Certain
Capitalized Terms. To the extent any capitalized term used in any Transaction Document is defined in any other Transaction
Document (as noted therein), such capitalized term shall remain applicable in the Transaction Document in which it is so used even
if the other Transaction Document (wherein such term is defined) has been released, satisfied, or is otherwise cancelled or terminated.

 

8.2.            Arbitration
of Claims. The parties shall submit all claims, disputes and causes of action (each, a “Claim”) arising
under this Agreement or any other Transaction Document or any other agreement between the parties and their affiliates or any Claim
relating to the relationship of the parties to binding arbitration pursuant to rules of the American Arbitration Association.
Within seven (7) calendar days of initiation of arbitration by either party, Investor will provide a list of five (5) arbitrators
that are designated as “neutrals” or qualified arbitrators by Utah ADR Services (http://www.utahadrservices.com) (such
five (5) arbitrators, the “Proposed Arbitrators”). Within five (5) calendar days after Investor has
submitted to Company the names of the Proposed Arbitrators, Company must select by written notice to Investor, one (1) of
the Proposed Arbitrators to act as the arbitrator. If Company fails to select one of the Proposed Arbitrators in writing within
such 5-day period, then Investor may select the arbitrator from the Proposed Arbitrators by providing written notice of such selection
to Company. The arbitrator shall be instructed to complete and shall complete the arbitration within six (6) months of commencement
and shall only allow limited discovery on issues directly related to the applicable Claims. The parties hereby acknowledge and
agree that the arbitration provisions set forth in this Section 8.2 (the “Arbitration Provisions”) are
unconditionally binding on the parties hereto and are severable from all other provisions of this Agreement. By executing this
Agreement, Company represents, warrants and covenants that Company has reviewed the Arbitration Provisions carefully, consulted
with legal counsel about such provisions (or waived its right to do so), understands that the Arbitration Provisions are intended
to allow for the expeditious and efficient resolution of any dispute hereunder, agrees to the terms and limitations set forth in
the Arbitration Provisions, and that Company will not take a position contrary to the foregoing representations. Company acknowledges
and agrees that Investor may rely upon the foregoing representations and covenants of Company regarding the Arbitration Provisions.

 

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8.3.            Governing
Law; Venue. This Agreement shall be construed and enforced in accordance with, and all questions concerning the construction,
validity, interpretation and performance of this Agreement shall be governed by, the internal laws of the State of Utah, without
giving effect to any choice of law or conflict of law provision or rule (whether of the State of Utah or any other jurisdiction)
that would cause the application of the laws of any jurisdiction other than the State of Utah. Each party consents to and expressly
agrees that exclusive venue for arbitration of any dispute arising out of or relating to any Transaction Document or the relationship
of the parties or their affiliates shall be in Salt Lake County, Utah. Without modifying the parties obligations to resolve disputes
hereunder pursuant to the Arbitration Provisions, for any litigation arising in connection with any of the Transaction Documents,
each party hereto hereby (i) consents to and expressly submits to the exclusive personal jurisdiction of any state or federal
court sitting in Salt Lake County, Utah, (ii) expressly submits to the exclusive venue of any such court for the purposes
hereof, (iii) agrees to not bring any such action outside of any state or federal court sitting in Salt Lake County, Utah,
and (iv) waives any claim of improper venue and any claim or objection that such courts are an inconvenient forum or any other
claim, defense or objection to the bringing of any such proceeding in such jurisdiction or to any claim that such venue of the
suit, action or proceeding is improper. Finally, Company covenants and agrees to name Investor as a party in interest in, and provide
written notice to Investor in accordance with Section 8.12 below prior to bringing or filing, any action (including without
limitation any filing or action against any person or entity that is not a party to this Agreement) that is related in any way
to the Transaction Documents or any transaction contemplated herein or therein, and further agrees to timely name Investor as a
party to any such action. Company acknowledges that the governing law and venue provisions set forth in this Section 8.3 are
material terms to induce Investor to enter into the Transaction Documents and that but for Company’s agreements set forth
in this Section 8.3 Investor would not have entered into the Transaction Documents.

 

8.4.            Specific
Performance. Company acknowledges and agrees that irreparable damage may occur to Investor in the event that Company fails
to perform any material provision of this Agreement or any of the other Transaction Documents in accordance with its specific terms.
It is accordingly agreed that Investor shall be entitled to an injunction or injunctions to prevent or cure breaches of the provisions
of this Agreement or such other Transaction Document and to enforce specifically the terms and provisions hereof or thereof, this
being in addition to any other remedy to which the Investor may be entitled under the Transaction Documents, at law or in equity.
For the avoidance of doubt, in the event Investor seeks to obtain an injunction against Company or specific performance of any
provision of any Transaction Document, such action shall not be a waiver of any right of Investor under any Transaction Document,
at law, or in equity, including without limitation its rights to arbitrate any Claim pursuant to the terms of the Transaction Documents.

 

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8.5.            Counterparts.
Each Transaction Document may be executed in any number of counterparts, each of which shall be deemed an original, but all of
which together shall constitute one instrument. The parties hereto confirm that any electronic copy of another party’s executed
counterpart of a Transaction Document (or such party’s signature page thereof) will be deemed to be an executed original
thereof.

 

8.6.            Document
Imaging. Investor shall be entitled, in its sole discretion, to image or make copies of all or any selection of the agreements,
instruments, documents, and items and records governing, arising from or relating to any of Company’s loans, including, without
limitation, this Agreement and the other Transaction Documents, and Investor may destroy or archive the paper originals. The
parties hereto (i) waive any right to insist or require that Investor produce paper originals, (ii) agree that such images
shall be accorded the same force and effect as the paper originals, (iii) agree that Investor is entitled to use such images
in lieu of destroyed or archived originals for any purpose, including as admissible evidence in any demand, presentment or other
proceedings, and (iv) further agree that any executed facsimile (faxed), scanned, emailed, or other imaged copy of this Agreement
or any other Transaction Document shall be deemed to be of the same force and effect as the original manually executed document.

 

8.7.            Headings.
The headings of this Agreement are for convenience of reference only and shall not form part of, or affect the interpretation of,
this Agreement.

 

8.8.            Severability.
In the event that any provision of this Agreement is invalid or unenforceable under any applicable statute or rule of law,
then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform
to such statute or rule of law. Any provision hereof which may prove invalid or unenforceable under any law shall not affect
the validity or enforceability of any other provision hereof.

 

8.9.            Entire
Agreement. This Agreement, together with the other Transaction Documents, contains the entire understanding of the parties
with respect to the matters covered herein and therein and, except as specifically set forth herein or therein, neither Company
nor Investor makes any representation, warranty, covenant or undertaking with respect to such matters. For the avoidance of doubt,
all prior term sheets or other documents between Company and Investor, or any affiliate thereof, related to the transactions contemplated
by the Transaction Documents (collectively, “Prior Agreements”), that may have been entered into between Company
and Investor, or any affiliate thereof, are hereby null and void and deemed to be replaced in their entirety by the Transaction
Documents. To the extent there is a conflict between any term set forth in any Prior Agreement and the term(s) of the Transaction
Documents, the Transaction Documents shall govern.

 

8.10.          No
Reliance. Company acknowledges and agrees that neither Investor nor any of its officers, directors, members, managers, representatives
or agents has made any representations or warranties to Company or any of its officers, directors, representatives, agents or employees
except as expressly set forth in the Transaction Documents and, in making its decision to enter into the transactions contemplated
by the Transaction Documents, Company is not relying on any representation, warranty, covenant or promise of Investor or its officers,
directors, members, managers, agents or representatives other than as set forth in the Transaction Documents.

 

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8.11.         Amendments.
No provision of this Agreement may be waived or amended other than by an instrument in writing signed by both parties hereto.

 

8.12.         Notices.
Any notice required or permitted hereunder shall be given in writing (unless otherwise specified herein) and shall be deemed effectively
given on the earliest of: (i) the date delivered, if delivered by personal delivery as against written receipt therefor or
by email to an executive officer, or by facsimile (with successful transmission confirmation), (ii) the earlier of the date
delivered or the third Business Day after deposit, postage prepaid, in the United States Postal Service by certified mail, or (iii) the
earlier of the date delivered or the third Business Day after mailing by express courier, with delivery costs and fees prepaid,
in each case, addressed to each of the other parties thereunto entitled at the following addresses (or at such other addresses
as such party may designate by five (5) calendar days’ advance written notice similarly given to each of the other parties
hereto):

 

If to Company:

 

Jaguar Health, Inc. 

Attn: Lisa A. Conte

201 Mission Street,
Suite 2375

San Francisco, CA 94105

 

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

 

Reed Smith LLP

Attn: Don Reinke

1510 Page Mill Road, Suite 110

Palo Alto, CA, 94304

 

If to Investor:

 

Iliad Research and Trading, L.P.

Attn: John Fife

303 East Wacker Drive, Suite 1040

Chicago, Illinois 60601

 

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

 

Hansen Black Anderson Ashcraft PLLC

Attn: Jonathan Hansen

3051 West Maple Loop Drive, Suite 325

Lehi, Utah 84043

 

8.13.          Successors
and Assigns. This Agreement or any of the severable rights and obligations inuring to the benefit of or to be performed by
Investor hereunder may be assigned by Investor to a third party, including its affiliates, in whole or in part, without the need
to obtain Company’s consent thereto. Company may not assign its rights or obligations under this Agreement or delegate its
duties hereunder without the prior written consent of Investor.

 

8.14.          Survival.
The representations and warranties of Company and the agreements and covenants set forth in this Agreement shall survive the Closing
hereunder notwithstanding any due diligence investigation conducted by or on behalf of Investor. Company agrees to indemnify and
hold harmless Investor and all its officers, directors, employees, attorneys, and agents for loss or damage arising as a result
of or related to any breach or alleged breach by Company of any of its representations, warranties and covenants set forth in this
Agreement or any of its covenants and obligations under this Agreement, including advancement of expenses as they are incurred.

 

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8.15.          Further
Assurances. Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall
execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably request
in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated
hereby.

 

8.16.          Investor’s
Rights and Remedies Cumulative; Liquidated Damages. All rights, remedies, and powers conferred in this Agreement and the Transaction
Documents are cumulative and not exclusive of any other rights or remedies, and shall be in addition to every other right, power,
and remedy that Investor may have, whether specifically granted in this Agreement or any other Transaction Document, or existing
at law, in equity, or by statute, and any and all such rights and remedies may be exercised from time to time and as often and
in such order as Investor may deem expedient. The parties acknowledge and agree that upon Company’s failure to comply with
the provisions of the Transaction Documents, Investor’s damages would be uncertain and difficult (if not impossible)
to accurately estimate because of the parties’ inability to predict future interest rates and future share prices, Investor’s
increased risk, and the uncertainty of the availability of a suitable substitute investment opportunity for Investor, among other
reasons. Accordingly, any fees, charges, and default interest due under the Interest and the other Transaction Documents are intended
by the parties to be, and shall be deemed, liquidated damages (under Company’s and Investor’s expectations that any
such liquidated damages will tack back to the Closing Date for purposes of determining the holding period under Rule 144 under
the 1933 Act). The parties agree that such liquidated damages are a reasonable estimate of Investor’s actual damages and
not a penalty, and shall not be deemed in any way to limit any other right or remedy Investor may have hereunder, at law or in
equity. The parties acknowledge and agree that under the circumstances existing at the time this Agreement is entered into, such
liquidated damages are fair and reasonable and are not penalties. All fees, charges, and default interest provided for in the Transaction
Documents are agreed to by the parties to be based upon the obligations and the risks assumed by the parties as of the Closing
Date and are consistent with investments of this type. The liquidated damages provisions of the Transaction Documents shall not
limit or preclude a party from pursuing any other remedy available at law or in equity; provided, however, that the liquidated
damages provided for in the Transaction Documents are intended to be in lieu of actual damages.

 

8.17.          Attorneys’
Fees and Cost of Collection. In the event of any arbitration or action at law or in equity to enforce or interpret the terms
of this Agreement or any of the other Transaction Documents, the parties agree that the party who is awarded the most money (which,
for the avoidance of doubt, shall be determined without regard to any statutory fines, penalties, fees, or other charges awarded
to any party) shall be deemed the prevailing party for all purposes and shall therefore be entitled to an additional award of the
full amount of the reasonable and documented out-of-pocket attorneys’ fees, deposition costs, and expenses paid by such prevailing
party in connection with arbitration or litigation without reduction or apportionment based upon the individual claims or defenses
giving rise to the fees and expenses. Nothing herein shall restrict or impair an arbitrator’s or a court’s power to
award fees and expenses for frivolous or bad faith pleading. If (i) the Interest is placed in the hands of an attorney for
collection or enforcement prior to commencing arbitration or legal proceedings, or is collected or enforced through any arbitration
or legal proceeding, or Investor otherwise takes action to collect amounts due under the Interest or to enforce the provisions
of the Interest, or (ii) there occurs any bankruptcy, reorganization, receivership of Company or other proceedings affecting
Company’s creditors’ rights and involving a claim under the Interest; then Company shall pay the costs incurred by
Investor for such collection, enforcement or action or in connection with such bankruptcy, reorganization, receivership or other
proceeding, including, without limitation, attorneys’ fees, expenses, deposition costs, and disbursements.

 

    9

     

    

 

8.18.          Waiver.
No waiver of any provision of this Agreement shall be effective unless it is in the form of a writing signed by the party granting
the waiver. No waiver of any provision or consent to any prohibited action shall constitute a waiver of any other provision or
consent to any other prohibited action, whether or not similar. No waiver or consent shall constitute a continuing waiver or consent
or commit a party to provide a waiver or consent in the future except to the extent specifically set forth in writing.

 

8.19.          Waiver
of Jury Trial. EACH PARTY TO THIS AGREEMENT IRREVOCABLY WAIVES ANY AND ALL RIGHTS SUCH PARTY MAY HAVE TO DEMAND THAT ANY
ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR IN ANY WAY RELATED TO THIS AGREEMENT, ANY OTHER TRANSACTION DOCUMENT, OR THE
RELATIONSHIPS OF THE PARTIES HERETO BE TRIED BY JURY. THIS WAIVER EXTENDS TO ANY AND ALL RIGHTS TO DEMAND A TRIAL BY JURY ARISING
UNDER COMMON LAW OR ANY APPLICABLE STATUTE, LAW, RULE OR REGULATION. FURTHER, EACH PARTY HERETO ACKNOWLEDGES THAT SUCH PARTY IS
KNOWINGLY AND VOLUNTARILY WAIVING SUCH PARTY’S RIGHT TO DEMAND TRIAL BY JURY.

 

8.20.          Time
is of the Essence. Time is expressly made of the essence with respect to each and every provision of this Agreement and the
other Transaction Documents.

 

8.21.          Voluntary
Agreement. Company has carefully read this Agreement and each of the other Transaction Documents and has asked any questions
needed for Company to understand the terms, consequences and binding effect of this Agreement and each of the other Transaction
Documents and fully understand them. Company has had the opportunity to seek the advice of an attorney of Company’s choosing,
or has waived the right to do so, and is executing this Agreement and each of the other Transaction Documents voluntarily and without
any duress or undue influence by Investor or anyone else.

 

[Remainder of page intentionally
left blank; signature page follows]

 

    10

     

    

 

IN WITNESS WHEREOF,
the undersigned Investor and Company have caused this Agreement to be duly executed as of the date first above written.

 

	 	INVESTOR:
	 	 
	 	Iliad Research and Trading, L.P.
	 	 
	 	By:	Iliad Management, LLC, its General Partner
	 	 
	 	 	By: Fife Trading, Inc., its Manager
	 	 
	 	 
	 	 	 	By: 	/s/ John M.
    Fife
	 	 	 	 	John M. Fife, President
	 	 
	 	 
	 	COMPANY:
	 	 
	 	Jaguar Health, Inc.
	 	 
	 	 
	 	By:	/s/ Lisa Conte
	 	 	Lisa Conte, President and CEO

 

[Signature
Page to Royalty Interest Purchase Agreement]

 

    

     

    

 

SCHEDULE 3

 

(ix)         Despite
diligent efforts, the Company was unable to file its Quarterly Report on Form 10-Q for the fiscal quarter ended March 31,
2019 (the “Form 10-Q”) by the prescribed due date (including the extension period provided by Rule 12b-25
of the 1934 Act) as a result of unexpected delays in the completion of its financial statements and related portions of the Form 10-Q,
particularly our ongoing analysis of certain debt transactions.

 

    

     

    

 

ATTACHED EXHIBITS:

 

	Exhibit A	Interest
	Exhibit B	Secretary’s CertificateExhibit 10.13(g)

NOTICE OF GRANT OF DEFERRED STOCK UNITS

ANIKA THERAPEUTICS, INC.

2017 OMNIBUS INCENTIVE PLAN

FOR GOOD AND VALUABLE CONSIDERATION, Anika
Therapeutics, Inc. (the “Company”) hereby grants, pursuant to the provisions of the Anika Therapeutics, Inc.
2017 Omnibus Incentive Plan (the “Plan”), to the Grantee designated in this Notice of Grant of Deferred Stock
Units (the “Notice of Grant”), the number of deferred stock units (“DSUs”) set forth in the
Notice of Grant (the “Award”), subject to certain terms and conditions as outlined below in the Notice of Grant
and the additional terms and conditions set forth in the attached Terms and Conditions of Deferred Stock Units (the “Terms
and Conditions,” and together with the Notice of Grant, the “Award Agreement”).

	Grantee:	[Name]
	Grant Date:	[Date]
	Number of DSUs Granted:	[####]
	Definition of DSU:	Each DSU shall entitle the Grantee to receive one Share at such future date or dates and subject to such terms and conditions as set forth in the Award Agreement. 
	Vesting Schedule:	
        Subject to the provisions of the Terms and Conditions and other
        applicable sections of this Notice of Grant, the Award shall vest in accordance with the following schedule, in the event the Grantee
        does not have a Separation from Service prior to the applicable vesting date:

        [Insert schedule – time-based or performance-based]

	Settlement Schedule:	The Award shall be settled in Shares (as set forth in the Terms and Conditions) on the date specified in the Grantee’s RSU Deferral Election Form (the “Deferral Election Form”), which is incorporated into the Award Agreement.
	[Acceleration of Vesting on Separation from Service:]	 
	[Acceleration of Vesting on Change in Control:] 	 

    	 	Notice of Grant - Page 1
	 

     

    

By signing below, the Grantee agrees that the Award is granted
under and governed by the terms and conditions of the Plan and the Award Agreement, as of the Grant Date.

	GRANTEE	 	ANIKA THERAPEUTICS, INC.
	 	 	 	 	 
	Sign Name:	 	 	Sign Name:	 
	 	 	 	 	 
	Print Name:	 	 	Print Name:	 
	 	 	 	 	 
	 	 	 	Title:	 

 

    	 	Notice of Grant - Page 2
	 

     

    

TERMS AND CONDITIONS OF DEFERRED STOCK UNITS

		1.	Grant of DSUs.

(a)       The
Award granted to the Grantee and described in the Notice of Grant is subject to the terms and conditions of the Plan. The terms
and conditions of the Plan are hereby incorporated herein by reference. Except as otherwise expressly set forth herein, the Award
Agreement shall be construed in accordance with the terms and conditions of the Plan. Any capitalized term not otherwise defined
in the Award Agreement shall have the definition set forth in the Plan.

(b)       The
Committee has approved the grant to the Grantee of the Award, conditioned upon the Grantee’s acceptance of the terms and
conditions of the Award Agreement within 60 days after the Award Agreement is presented to the Grantee for review.

(c)       As
of the Grant Date, the Company grants to the Grantee the number of DSUs set forth in the Notice of Grant, subject to the terms
and conditions of the Plan and the Award Agreement. Each DSU shall entitle the Grantee to receive one Share, at such future date
or dates and subject to such terms and conditions as set forth in the Award Agreement.

		2.	Restrictions.

(a)       Except
as set forth in the Deferral Election Form, the Grantee shall have no rights or privileges of a Company stockholder as to the DSUs
prior to settlement in accordance with Section 5 of these Terms and Conditions (“Settlement”), including no
right to vote (but excluding, for the avoidance of doubt, the right to receive dividends or other distributions with respect to
the DSUs as set forth in the Deferral Election Form); in addition, the following provisions shall apply:

(i)       the
Grantee shall not be entitled to delivery of a certificate or certificates for Shares in connection with the DSUs until Settlement
(if at all), and upon the satisfaction of all other applicable conditions;

(ii)       none
of the DSUs may be sold, transferred (other than by will or the laws of descent and distribution), assigned, pledged or otherwise
encumbered or disposed of prior to Settlement; and

(iii)       all
of the DSUs shall be forfeited and all rights of the Grantee with respect to the DSUs shall terminate in their entirety on the
terms and conditions set forth in Section 4 below.

(b)       Any
attempt to dispose of DSUs or any interest in the DSUs in a manner contrary to the restrictions set forth in the Award Agreement
shall be void and of no effect.

3.            
Restricted Period and Vesting. The “Restricted Period” is the period beginning on the Grant Date
and ending on the date the DSUs, or such applicable portion of the DSUs, are deemed vested under the schedule set forth in the
Notice of Grant including any applicable accelerated vesting provisions set forth in the Notice of Grant.

4.           
Forfeiture. If, during the Restricted Period, (i) the Grantee incurs a Separation from Service, (ii) there occurs
a material breach of the Award Agreement by the Grantee or (iii) the Grantee fails to meet the tax withholding obligations described
in Section 6 below, all rights of the Grantee to the DSUs that have not vested in accordance with Section 3 above including pursuant
to any applicable accelerated vesting provisions set forth in the Notice of Grant shall terminate immediately and be forfeited
in their entirety.

    	 	Terms and Conditions - Page 1
	 

     

    

5.            
Settlement of DSUs. Delivery of Shares or other amounts under the Award Agreement shall be subject to the following:

(a)       The
Company shall deliver to the Grantee one Share for each DSU that has vested and not otherwise been forfeited, together with any
accrued dividends and distributions related thereto, in each case in accordance with the Deferral Election Form;

(b)       Any
issuance of Shares pursuant to the Award Agreement may be effected on a non-certificated basis, to the extent not prohibited by
applicable law or the applicable rules of any securities exchange or similar entity; and

(c)       In
the event that a certificate for Shares is delivered to the Grantee in connection with the Award, such certificate shall bear the
following legend:

The ownership and transferability of this certificate
and the shares of stock represented hereby are subject to the terms and conditions (including forfeiture) of the Anika Therapeutics,
Inc. 2017 Omnibus Incentive Plan and a deferred stock unit award agreement entered into between the registered owner and Anika
Therapeutics, Inc. Copies of such plan and agreement are on file in the executive offices of Anika Therapeutics, Inc.

In addition, the stock certificate or certificates for any Shares
shall be subject to such stop-transfer orders and other restrictions as the Company may deem advisable under the rules, regulations
and other requirements of the SEC, any stock exchange upon which the Common Stock is then listed, and any applicable federal or
state securities law, and the Company may cause a legend or legends to be placed on such certificate or certificates to make appropriate
reference to such restrictions.

		6.	Withholding.

(a)       The
Committee shall determine the amount of any withholding or other tax required by law to be withheld or paid by the Company with
respect to any income recognized by the Grantee with respect to the Award.

(b)       The
Grantee shall be required to meet any applicable tax withholding obligation in accordance with the tax withholding provisions of
Section 17.3 of the Plan.

(c)       The
Grantee shall meet any withholding requirement by direct payment to the Company in cash of the amount of any taxes required to
be withheld with respect to the Award. Notwithstanding the foregoing, the Grantee shall have the right to request to meet, subject
to the approval of the Committee in its sole discretion, any withholding requirement (i) by having withheld from the Award at the
appropriate time that number of whole Shares whose Fair Market Value is equal to the amount of any taxes required to be withheld
with respect to the Award or (ii) by a combination of Shares and cash.

7.            
Adjustment. Upon any event described in Section 15 of the Plan occurring after the Grant Date, the adjustment
provisions as provided for under Section 15 of the Plan shall apply to the Award.

8.           
Bound by Plan and Committee Decisions. By accepting the Award, the Grantee acknowledges that the Grantee has received
a copy of the Plan, has had an opportunity to review the Plan, and agrees to be bound by all of the terms and conditions of the
Plan. In the event of any conflict between the provisions of the Award Agreement and the Plan, the provisions of the Plan shall
control. The authority to manage and control the operation and administration of the Award Agreement and the Plan shall be vested
in the Committee, and the Committee shall have all powers with respect to the Award Agreement as it has with respect to the Plan.
Any interpretation of the Award Agreement or the Plan by the Committee and any decision made by the Committee with respect to the
Award Agreement or the Plan shall be final and binding on all persons.

    	 	Terms and Conditions - Page 2
	 

     

    

9.            
Grantee Representations. The Grantee hereby represents to the Company that the Grantee has read and fully understands
the provisions of the Award Agreement and the Plan and that the Grantee’s decision to participate in the Plan is completely
voluntary. Further, the Grantee acknowledges that the Grantee is relying solely on his or her own advisors with respect to the
tax consequences of the Award.

10.          
Regulatory Restrictions on the DSUs. Notwithstanding the other provisions of the Award Agreement, the Committee may
impose such conditions, restrictions and limitations on the issuance of Common Stock with respect to the Award unless and until
the Committee determines that such issuance complies with (a) any applicable registration requirements under the Securities Act
or the Committee has determined that an exemption therefrom is available, (b) any applicable listing requirement of any stock exchange
on which the Common Stock is listed, (c) any applicable Company policy or administrative rules and (d) any other applicable provision
of state, federal or foreign law, including foreign securities laws where applicable.

		11.	Miscellaneous.

(a)       Notices.
Any notice that either party hereto may be required or permitted to give to the other shall be in writing and may be delivered
personally, by intraoffice mail, by fax, by electronic mail or other electronic means, or via a postal service, postage prepaid,
to such electronic mail or postal address and directed to such person as the Company may notify the Grantee from time to time;
and to the Grantee at the Grantee’s electronic mail or postal address as shown on the records of the Company from time to
time, or at such other electronic mail or postal address as the Grantee, by notice to the Company, may designate in writing from
time to time.

(b)       Waiver.
The waiver by any party hereto of a breach of any provision of the Award Agreement shall not operate or be construed as a waiver
of any other or subsequent breach.

(c)       Entire
Agreement. The Award Agreement and the Plan constitute the entire agreement between the parties with respect to the Award.
Any prior agreements, commitments or negotiations concerning the Award are superseded.

(d)       Binding
Effect; Successors. The obligations and rights of the Company under the Award Agreement shall be binding upon and inure to
the benefit of the Company and any successor corporation or organization resulting from the merger, consolidation, sale, or other
reorganization of the Company, or upon any successor corporation or organization succeeding to substantially all of the assets
and business of the Company. The obligations and rights of the Grantee under the Award Agreement shall be binding upon and inure
to the benefit of the Grantee and the beneficiaries, executors, administrators, heirs and successors of the Grantee.

(e)       Governing
Law; Consent to Jurisdiction; Consent to Venue; Service of Process. The Award Agreement shall be governed by and construed
in accordance with the internal laws of the Commonwealth of Massachusetts without regard to the principles of conflicts of law
thereof or principles of conflicts of laws of any other jurisdiction that could cause the application of the laws of any jurisdiction
other than the Commonwealth of Massachusetts. For purposes of resolving any dispute that arises directly or indirectly in connection
with the Award Agreement, the Grantee, by virtue of receiving the Award, hereby submits and consents to the exclusive jurisdiction
of the Commonwealth of Massachusetts and agrees that any related litigation shall be conducted solely in the courts of Middlesex
County, Massachusetts or the United States District Court for the District of Massachusetts, where the Award Agreement is made
and to be performed, and no other courts. The Grantee may be served with process in any manner permitted under Massachusetts law,
or by United States registered or certified mail, return receipt requested.

    	 	Terms and Conditions - Page 3
	 

     

    

(f)       Headings.
The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit or affect the
meaning or interpretation of any of the terms or provisions of the Award Agreement.

(g)       Amendment.
The Award Agreement may be amended at any time by the Committee, provided that no amendment may, without the consent of
the Grantee, materially impair the Grantee’s rights with respect to the Award.

(h)       Severability.
The invalidity or unenforceability of any provision of the Award Agreement shall not affect the validity or enforceability of any
other provision of the Award Agreement, and each other provision of the Award Agreement shall be severable and enforceable to the
extent permitted by law.

(i)       No
Rights to Service. Nothing contained in the Award Agreement shall be construed as giving the Grantee any right to be retained,
in any position, as a director, officer, employee or consultant of the Company or its Affiliates, or shall interfere with or restrict
in any way the rights of the Company or its Affiliates, which are hereby expressly reserved, to remove, terminate or discharge
the Grantee at any time for any reason whatsoever or for no reason, subject to the Company’s articles of incorporation, bylaws
and other similar governing documents and applicable law.

(j)       Section
409A. It is intended that the Award Agreement and the Award will comply with Code Section 409A, and the Award Agreement shall
be administered accordingly and interpreted and construed on a basis consistent with such intent. This Section 11(j) shall not
be construed as a guarantee of any particular tax effect for the Grantee’s benefits under the Award Agreement and the Company
does not guarantee that any such benefits will satisfy the provisions of Code Section 409A or any other provision of the Code.
The amounts that become payable upon each vesting date are hereby designated separate payments for purposes of Section 409A.

(k)       Further
Assurances. The Grantee agrees, upon demand of the Company or the Committee, to do all acts and execute, deliver and perform
all additional documents, instruments and agreements that may be reasonably required by the Company or the Committee, as the case
may be, to implement the provisions and purposes of the Award Agreement and the Plan.

(l)       Confidentiality.
The Grantee agrees that the terms and conditions of the Award reflected in the Award Agreement are strictly confidential and, with
the exception of the Grantee’s counsel, tax advisor, immediate family, or as required by applicable law, have not and shall
not be disclosed, discussed or revealed to any other persons, entities or organizations, whether within or outside Company, without
prior written approval of Company. The Grantee shall take all reasonable steps necessary to ensure that confidentiality is maintained
by any of the individuals or entities referenced above to whom disclosure is authorized.

Terms and Conditions -
Page 4

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