Document:

Exhibit 10.3

 

REGISTRATION RIGHTS AGREEMENT

 

REGISTRATION
RIGHTS AGREEMENT (this “Agreement”), dated as of April 7, 2021 (the “Execution Date”),
is entered into by and between JAGUAR HEALTH, INC., a Delaware corporation (the “Company”), and OASIS CAPITAL,
LLC, a Puerto Rico limited liability company (together with its permitted assigns, the “Buyer”). Capitalized
terms used herein and not otherwise defined herein shall have the respective meanings set forth in that certain First Amendment to the
Equity Purchase Agreement by and between the parties hereto, dated as of the Execution Date (as amended, restated, supplemented or otherwise
modified from time to time, the “Amendment”).

 

WHEREAS:

 

The Company has agreed, upon
the terms and subject to the conditions of the Amendment, to issue to the Buyer a Common Stock Purchase Warrant (the “Warrant”)
to acquire up to 100,000 shares of the Common Stock (the “Warrant Shares”), upon the terms and subject to the limitations
and conditions set forth in the Warrant to induce the Buyer to enter into the First Amendment, and in connection therewith, the Company
has agreed to provide certain registration rights under the Securities Act of 1933, as amended, and the rules and regulations thereunder,
or any similar successor statute (collectively, the “Securities Act”), and applicable state securities laws.

 

NOW,
THEREFORE, in consideration of the promises and the mutual covenants contained herein and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Company and the Buyer hereby agree as follows:

 

1.                 
DEFINITIONS.

 

As used in this Agreement,
the following terms shall have the following meanings:

 

a.                  
“Investor” means the Buyer, any transferee or assignee thereof to whom the Buyer assigns its rights under this
Agreement in accordance with Section 9 and who agrees to become bound by the provisions of this Agreement, and any transferee or
assignee thereof to whom a transferee or assignee assigns its rights under this Agreement in accordance with Section 9 and who
agrees to become bound by the provisions of this Agreement.

 

b.                 
“Person” means any individual or entity including but not limited to any corporation, a limited liability company,
an association, a partnership, an organization, a business, an individual, a governmental or political subdivision thereof or a governmental
agency.

 

c.                  
“Register,” “Registered,” and “Registration” refer to a registration effected
by preparing and filing one or more registration statements of the Company in compliance with the Securities Act and/or pursuant to Rule
415 under the Securities Act or any successor rule providing for the offering of securities on a continuous basis (“Rule 415”),
and the declaration or ordering of effectiveness of such registration statement(s) by the United States Securities and Exchange Commission
(the “SEC”).

 

     

     

    

 

d.                 
“Registrable Securities” means all of the Warrant Shares which have been, or which may, from time to time be
issued, including without limitation all of the shares of Common Stock which have been issued or will be issued to the Investor under
the Amendment (without regard to any limitation or restriction on purchases), and any and all shares of capital stock issued or issuable
with respect to the Warrant Shares as a result of any stock split, stock dividend, recapitalization, exchange or similar event or otherwise,
without regard to any limitation on purchases under the Amendment.

 

e.                  
“Registration Statement” means one or more registration statements on Form S-1 or Form S-3 of the Company which
such registration statement registers the Registrable Securities under the Securities Act, each covering only the resale of the Registrable
Securities, including without limitation, the Initial Registration Statement, and any New Registration Statement or Other Registration
Statement (each as defined below).

 

2.                 
REGISTRATION.

 

a.                  
Mandatory Registration. The Company shall, within ninety (90) days after the Execution Date, file with the SEC an initial
Registration Statement on Form S-3, or Form S-1 if the Company is not eligible to use Form S-3, covering the maximum number of Registrable
Securities as shall be permitted to be included thereon in accordance with applicable SEC rules, regulations and interpretations so as
to permit the resale of such Registrable Securities by the Investor, including but not limited to under Rule 415 under the Securities
Act at then prevailing market prices (and not fixed prices) (the “Initial Registration Statement”). The Initial Registration
Statement shall register for resale only Registrable Securities; for clarity, the Company is permitted to include in such Initial Registration
Statement a universal shelf for primary offerings. The Company shall use its reasonable best efforts to have the Initial Registration
Statement and any amendment thereto declared effective by the SEC as soon as reasonably practicable.

 

b.                 
Rule 424 Prospectus. In addition to the Initial Registration Statement, the Company shall, as required by applicable securities
regulations, from time to time file with the SEC, pursuant to Rule 424 promulgated under the Securities Act, such prospectuses and prospectus
supplements, if any, to be used in connection with sales of the Registrable Securities under each Registration Statement. The Investor
and its counsel shall have a reasonable opportunity to review and comment upon such prospectuses prior to its filing with the SEC, and
the Company shall give due consideration to all such comments. The Investor shall use its reasonable best efforts to comment upon any
prospectus within two (2) business days from the date the Investor receives the final pre-filing version of such prospectus.

 

c.                  
Sufficient Number of Shares Registered. In the event the number of shares available under the Initial Registration Statement
is insufficient to cover all of the Registrable Securities, the Company shall amend the Initial Registration Statement or file a new Registration
Statement (a “New Registration Statement”), so as to cover all of such Registrable Securities (subject to the limitations
set forth in Section 2(e)) as soon as practicable, but in any event not later than ten (10) business days after the necessity therefor
arises, subject to any limits that may be imposed by the SEC pursuant to Rule 415 under the Securities Act. The Company shall use its
reasonable best efforts to cause such amendment and/or New Registration Statement to become effective as soon as practicable following
the filing thereof. In the event that any of the Registrable Securities are not included in the Initial Registration Statement, or have
not been included in any New Registration Statement, and the Company files any other registration statement under the Securities Act (other
than on Form S-4, Form S-8, or with respect to other employee related plans or rights offerings) (an “Other Registration Statement”),
then the Company shall include in such Other Registration Statement first all of such Registrable Securities that have not been previously
Registered, and second any other securities the Company wishes to include in such Other Registration Statement. The Company agrees that
it shall not file any such Other Registration Statement unless all of the Registrable Securities have been included in such Other Registration
Statement or otherwise have been Registered for resale as described above.

 

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d.                 
Effectiveness. The Investor and its counsel shall have a reasonable opportunity to review and comment upon any Registration
Statement and any amendment or supplement to such Registration Statement and any related prospectus prior to its filing with the SEC,
and the Company shall give due consideration to all reasonable comments. The Investor shall furnish all information reasonably requested
by the Company for inclusion therein. The Company shall use reasonable best efforts to keep all Registration Statements effective, including
but not limited to pursuant to Rule 415 promulgated under the Securities Act and available for the resale by the Investor of all of the
Registrable Securities covered thereby at all times until the earlier of (i) the date as of which the Investor may sell all of the Registrable
Securities without restriction pursuant to Rule 144 promulgated under the Securities Act without any restrictions (including any restrictions
under Rule 144(c) or Rule 144(i)) and (ii) the date on which the Investor shall have sold all the Registrable Securities covered thereby
(the “Registration Period”). In the event that any Registration Statement filed hereunder is no longer effective and
Rule 144 is available for sales of the Registrable Securities, the Company shall provide an opinion upon request of the Investor that
the Investor may sell any such Registrable Securities held by the Investor pursuant to Rule 144 with all costs related to such opinion
to be borne by the Company. Each Registration Statement (including any amendments or supplements thereto and prospectuses contained therein)
shall not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein, or necessary
to make the statements therein, in light of the circumstances in which they were made, not misleading.

 

e.                  
Offering. If the staff of the SEC (the “Staff”) or the SEC seeks to characterize any offering pursuant
to a Registration Statement filed pursuant to this Agreement as constituting an offering of securities that does not permit such Registration
Statement to become or remain effective and be used for resales by the Investor under Rule 415 at then-prevailing market prices (and not
fixed prices) by comment letter or otherwise, or if after the filing of the Initial Registration Statement with the SEC pursuant to Section
2(a), the Company is otherwise required by the Staff or the SEC to reduce the number of Registrable Securities included in such initial
Registration Statement, then the Company shall reduce the number of Registrable Securities to be included in such Initial Registration
Statement (with the prior consent, which shall not be unreasonably withheld, of the Investor and its legal counsel as to the specific
Registrable Securities to be removed therefrom) until such time as the Staff and the SEC shall so permit such Registration Statement to
become effective and be used as aforesaid. In the event of any reduction in Registrable Securities pursuant to this paragraph, the Company
shall file one or more New Registration Statements in accordance with Section 2(c) until such time as all Registrable Securities
have been included in Registration Statements that have been declared effective and the prospectus contained therein is available for
use by the Investor. Notwithstanding any provision herein or in the Amendment to the contrary, the Company’s obligations to register
Registrable Securities (and any related conditions to the Investor’s obligations) shall be qualified as necessary to comport with
any requirement of the SEC or the Staff as addressed in this Section 2(e).

 

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3.                 
RELATED OBLIGATIONS.

 

With respect to a Registration
Statement and whenever any Registrable Securities are to be Registered pursuant to Section 2, including on any Other Registration
Statement, the Company shall use its reasonable best efforts to effect the registration of the Registrable Securities in accordance with
the intended method of disposition thereof and, pursuant thereto, the Company shall have the following obligations:

 

a.                  
The Company shall prepare and file with the SEC such amendments (including post-effective amendments on Form S-1) and supplements
to any Registration Statement and any Other Registration Statement and the prospectus used in connection with such Registration Statement
and Other Registration Statement, which prospectus is to be filed pursuant to Rule 424 promulgated under the Securities Act, as may be
necessary to keep the Registration Statement effective at all times during the Registration Period, and, during such period, comply with
the provisions of the Securities Act with respect to the disposition of all Registrable Securities of the Company covered by the Registration
Statement or applicable Other Registration Statement until such time as all of such Registrable Securities shall have been disposed of
in accordance with the intended methods of disposition by the seller or sellers thereof as set forth in such registration statement.

 

b.                 
The Company shall permit the Investor to review and comment upon each Registration Statement or any Other Registration Statement
and all amendments and supplements thereto at least two (2) business days prior to their filing with the SEC, and not file any document
in a form to which Investor reasonably objects. The Investor shall use its reasonable best efforts to comment upon the Registration Statement
or any Other Registration Statement and any amendments or supplements thereto within two (2) business days from the date the Investor
receives the final version thereof. The Company shall furnish to the Investor, without charge, and within one (1) business day, any comments
and/or any other correspondence from the SEC or the Staff to the Company or its representatives relating to the Registration Statement
or any Other Registration Statement. The Company shall respond to the SEC or the Staff, as applicable, regarding the resolution of any
such comments and/or correspondence as promptly as practicable and in any event within two weeks upon receipt thereof.

 

c.                  
Upon request of the Investor, the Company shall furnish to the Investor, (i) promptly after the same is prepared and filed with
the SEC, at least one copy of such Registration Statement and any amendment(s) thereto, including financial statements and schedules,
all documents incorporated therein by reference and all exhibits, (ii) upon the effectiveness of any Registration Statement, a copy of
the prospectus included in such Registration Statement and all amendments and supplements thereto (or such other number of copies as the
Investor may reasonably request) and (iii) such other documents, including copies of any preliminary or final prospectus, as the Investor
may reasonably request from time to time in order to facilitate the disposition of the Registrable Securities owned by the Investor. For
the avoidance of doubt, any filing available to the Investor via the SEC’s live EDGAR system shall be deemed “furnished to
the Investor” hereunder.

 

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d.                 
The Company shall use reasonable best efforts to (i) register and qualify the Registrable Securities covered by a Registration
Statement under such other securities or “blue sky” laws of Puerto Rico and such other jurisdictions in the United States
as the Investor reasonably requests, (ii) prepare and file in those jurisdictions, such amendments (including post-effective amendments)
and supplements to such registrations and qualifications as may be necessary to maintain the effectiveness thereof during the Registration
Period, (iii) take such other actions as may be necessary to maintain such registrations and qualifications in effect at all times during
the Registration Period, and (iv) take all other actions reasonably necessary or advisable to qualify the Registrable Securities for sale
in such jurisdictions; provided, however, that the Company shall not be required in connection therewith or as a condition thereto to
(x) qualify to do business in any jurisdiction where it would not otherwise be required to qualify but for this Section 3(d), (y)
subject itself to general taxation in any such jurisdiction, or (z) file a general consent to service of process in any such jurisdiction.
The Company shall promptly notify the Investor who holds Registrable Securities of the receipt by the Company of any notification with
respect to the suspension of the registration or qualification of any of the Registrable Securities for sale under the securities or “blue
sky” laws of any jurisdiction in the United States or its receipt of actual notice of the initiation or threatening of any proceeding
for such purpose.

 

e.                  
As promptly as practicable after becoming aware of such event or facts, the Company shall notify the Investor in writing of the
happening of any event or existence of such facts as a result of which the prospectus included in any Registration Statement, as then
in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary
to make the statements therein, in light of the circumstances under which they were made, not misleading, and promptly prepare a supplement
or amendment to such Registration Statement to correct such untrue statement or omission, and deliver a copy of such supplement or amendment
to the Investor (or such other number of copies as the Investor may reasonably request). The Company shall also promptly notify the Investor
in writing (i) when a prospectus or any prospectus supplement or post-effective amendment has been filed, and when a Registration Statement
or any post-effective amendment thereto has become effective (notification of such effectiveness shall be delivered to the Investor by
email or facsimile on the same day of such effectiveness and by overnight mail), (ii) of any request by the SEC for amendments or supplements
to any Registration Statement or related prospectus or related information, and (iii) of the Company’s reasonable determination
that a post-effective amendment to a Registration Statement would be appropriate.

 

f.                   
The Company shall use its reasonable best efforts to prevent the issuance of any stop order or other suspension of effectiveness
of any registration statement, or the suspension of the qualification of any Registrable Securities for sale in any jurisdiction and,
if such an order or suspension is issued, to obtain the withdrawal of such order or suspension at the earliest possible moment and to
notify the Investor of the issuance of such order and the resolution thereof or its receipt of actual notice of the initiation or threat
of any proceeding for such purpose. In addition, if the Company shall receive any comment letter from the SEC relating to any Registration
Statement under which Registrable Securities are Registered, the Company shall notify the Investor of the issuance of such order and use
its best efforts to address such comments in a manner satisfactory to the SEC.

 

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g.                 
The Company shall (i) cause all the Registrable Securities to be listed on each securities exchange on which securities of the
same class or series issued by the Company are then listed, if any, if the listing of such Registrable Securities is then permitted under
the rules of such exchange, or (ii) secure designation and quotation of all the Registrable Securities on the Principal Market. The Company
shall pay all fees and expenses in connection with satisfying its obligation under this Section.

 

h.                 
The Company shall cooperate with the Investor to facilitate the timely preparation and delivery of DWAC Shares representing the
Registrable Securities to be offered pursuant to any Registration Statement. “DWAC
Shares” means shares of Common Stock that are (i) issued in electronic form, (ii) freely tradable and transferable and without
restriction on resale and (iii) timely credited by the Company to the Investor’s or its designee’s specified DWAC account
with The Depository Trust Company (“DTC”) under the DTC/FAST Program, or any similar program hereafter adopted by DTC
performing substantially the same function.

 

i.                   
The Company shall at all times maintain the services of its Transfer Agent and registrar with respect to its Common Stock.

 

j.                   
If reasonably requested by the Investor, the Company shall (i) promptly incorporate in a prospectus supplement or post-effective
amendment such information as the Investor believes should be included therein relating to the sale and distribution of Registrable Securities,
including, without limitation, information with respect to the number of Registrable Securities being sold, the purchase price being paid
therefor and any other terms of the offering of the Registrable Securities; (ii) make all required filings of such prospectus supplement
or post-effective amendment as soon as practicable upon notification of the matters to be incorporated in such prospectus supplement or
post-effective amendment; and (iii) supplement or make amendments to any Registration Statement.

 

k.                 
The Company shall use its reasonable best efforts to cause the Registrable Securities covered by any Registration Statement to
be registered with or approved by such other governmental agencies or authorities as may be necessary to consummate the disposition of
such Registrable Securities.

 

l.                   
Within one (1) business day after any Registration Statement which includes Registrable Securities is ordered effective by the
SEC, or any prospectus supplement or post-effective amendment including Registrable Securities is filed with the SEC, the Company shall
deliver, and shall cause legal counsel for the Company to deliver, to the Transfer Agent for such Registrable Securities (with copies
to the Investor) confirmation that such Registration Statement has been declared effective by the SEC in the form attached hereto as Exhibit
A. Thereafter, if requested by the Investor at any time, the Company shall require its counsel to deliver to the Investor a written
confirmation whether or not (i) the effectiveness of such Registration Statement has lapsed at any time for any reason (including, without
limitation, the issuance of a stop order) (ii) any comment letter has been issued by the SEC and (iii) whether or not the Registration
Statement is current and available to the Investor for sale of all of the Registrable Securities.

 

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m.               
The Company shall take all other reasonable actions necessary to expedite and facilitate disposition by the Investor of Registrable
Securities pursuant to any Registration Statement.

 

4.                 
OBLIGATIONS OF THE INVESTOR.

 

a.                  
The Company shall notify the Investor in writing of the information the Company reasonably requires from the Investor in connection
with any Registration Statement hereunder. The Investor shall furnish to the Company such information regarding itself, the Registrable
Securities held by it and the intended method of disposition of the Registrable Securities held by it as shall be reasonably required
to effect the registration of such Registrable Securities and shall execute such documents in connection with such registration as the
Company may reasonably request. Notwithstanding the foregoing, the Registration Statement shall contain the “Selling Stockholder”
and “Plan of Distribution” sections, each in substantially the form provided to the Company by the Investor.

 

b.                 
The Investor agrees to cooperate with the Company as reasonably requested by the Company in connection with the preparation and
filing of any Registration Statement hereunder.

 

c.                  
The Investor agrees that, upon receipt of any notice from the Company of the happening of any event or existence of facts of the
kind described in Section 3(f) or the first sentence of Section 3(e), the Investor will immediately discontinue disposition
of Registrable Securities pursuant to any Registration Statement(s) covering such Registrable Securities until withdrawal of a stop order
contemplated by Section 3(f) or the Investor’s receipt of the copies of the supplemented or amended prospectus contemplated
by Section 3(e). Notwithstanding anything to the contrary, the Company shall cause its Transfer Agent to promptly issue DWAC Shares
in accordance with the terms of the Amendment in connection with any sale of Registrable Securities with respect to which an Investor
has entered into a contract for sale prior to the Investor’s receipt of a notice from the Company of the happening of any event
of the kind described in Section 3(f) or the first sentence of Section 3(e) and for which the Investor has not yet settled.

 

5.                 
EXPENSES OF REGISTRATION.

 

All reasonable expenses, other
than sales or brokerage commissions, incurred in connection with registrations, filings or qualifications pursuant to Sections 2
and 3, including, without limitation, all registration, listing and qualifications fees, printers and accounting fees, and fees
and disbursements of counsel for the Company, shall be paid by the Company.

 

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6.                 
INDEMNIFICATION.

 

a.                  
To the fullest extent permitted by law, the Company will, and hereby does, indemnify, hold harmless and defend the Investor, each
Person, if any, who controls or is under common control with the Investor, the members, the directors, officers, partners, employees,
agents, representatives of the Investor and each Person, if any, who is an “affiliate” of the Investor within the meaning
of the Securities Act or the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (each, an “Indemnified
Person”), against any losses, claims, damages, liabilities, judgments, fines, penalties, charges, costs, attorneys’ fees,
amounts paid in settlement or expenses, joint or several, (collectively, “Claims”) incurred in investigating, preparing
or defending any action, claim, suit, inquiry, proceeding, investigation or appeal taken from the foregoing by or before any court or
governmental, administrative or other regulatory agency, body or the SEC, whether pending or threatened, whether or not an Indemnified
Person is or may be a party thereto (“Indemnified Damages”), to which any of them may become subject insofar as such
Claims (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon: (i) any untrue
statement or alleged untrue statement of a material fact in a Registration Statement, any Other Registration Statement or any post-effective
amendment thereto or in any filing made in connection with the qualification of the offering under the securities or other “blue
sky” laws of any jurisdiction in which Registrable Securities are offered (“Blue Sky Filing”), or the omission
or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading,
(ii) any untrue statement or alleged untrue statement of a material fact contained in the final prospectus (as amended or supplemented,
if the Company files any amendment thereof or supplement thereto with the SEC) or the omission or alleged omission to state therein any
material fact necessary to make the statements made therein, in light of the circumstances under which the statements therein were made,
not misleading, (iii) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any other law, including,
without limitation, any state securities law, or any rule or regulation thereunder relating to the offer or sale of the Registrable Securities
pursuant to a Registration Statement or any Other Registration Statement or (iv) any material violation by the Company of this Agreement
(the matters in the foregoing clauses (i) through (iv) being, collectively, “Violations”). The Company shall reimburse
each Indemnified Person promptly as such expenses are incurred and are due and payable, for any reasonable legal fees or other reasonable
expenses incurred by them in connection with investigating or defending any such Claim. Notwithstanding anything to the contrary contained
herein, the indemnification agreement contained in this Section 6(a): (i) shall not apply to a Claim by an Indemnified Person arising
out of or based upon a Violation which occurs in reliance upon and in conformity with information about the Investor furnished in writing
to the Company by such Indemnified Person expressly for use in connection with the preparation of a Registration Statement, any Other
Registration Statement or any such amendment thereof or supplement thereto, if such prospectus was timely made available by the Company
pursuant to Section 3(c) or Section 3(e); (ii) with respect to any superseded prospectus, shall not inure to the benefit
of any such person from whom the person asserting any such Claim purchased the Registrable Securities that are the subject thereof (or
to the benefit of any person controlling such person) if the untrue statement or omission of material fact contained in the superseded
prospectus was corrected in the revised prospectus, as then amended or supplemented, if such revised prospectus was timely made available
by the Company pursuant to Section 3(c) or Section 3(e), and the Indemnified Person was promptly advised in writing not
to use the incorrect prospectus prior to the use giving rise to a violation and such Indemnified Person, notwithstanding such advice,
used it; (iii) shall not be available to the extent such Claim is based on a failure of the Investor to deliver or to cause to be delivered
the prospectus made available by the Company, if such prospectus was timely made available by the Company pursuant to Section 3(c)
or Section 3(e); and (iv) shall not apply to amounts paid in settlement of any Claim if such settlement is effected without the
prior written consent of the Company, which consent shall not be unreasonably withheld. Such indemnity shall remain in full force and
effect regardless of any investigation made by or on behalf of the Indemnified Person and shall survive the transfer of the Registrable
Securities by the Investor pursuant to Section 9.

 

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b.                 
In connection with the Registration Statement or any Other Registration Statement, the Investor agrees to indemnify, hold harmless
and defend, to the same extent and in the same manner as is set forth in Section 6(a), the Company, each of its directors, each of its
officers who signs the Registration Statement or any Other Registration Statement, each Person, if any, who controls the Company within
the meaning of the Securities Act or the Exchange Act (collectively and together with an Indemnified Person, an “Indemnified
Party”), against any Claim or Indemnified Damages to which any of them may become subject, under the Securities Act, the Exchange
Act or otherwise, insofar as such Claim or Indemnified Damages arise out of or are based upon any Violation, in each case to the extent,
and only to the extent, that such Violation occurs in reliance upon and in conformity with written information about the Investor furnished
to the Company by the Investor expressly for use in the Registration Statement or any Other Registration Statement or from the failure
of the Investor to deliver or to cause to be delivered the prospectus made available by the Company, if such prospectus was timely made
available by the Company pursuant to Section 3(c) or Section 3(e); and, subject to Section 6(d), the Investor will reimburse any legal
or other expenses reasonably incurred by them in connection with investigating or defending any such Claim; provided, however, that the
indemnity agreement contained in this Section 6(b) and the agreement with respect to contribution contained in Section 7 shall not apply
to amounts paid in settlement of any Claim if such settlement is effected without the prior written consent of the Investor, which consent
shall not be unreasonably withheld; provided, further, however, that the Investor shall be liable under this Section 6(b) for only that
amount of a Claim or Indemnified Damages as does not exceed the net proceeds to the Investor as a result of the sale of Registrable Securities
pursuant to such registration statement. Such indemnity shall remain in full force and effect regardless of any investigation made by
or on behalf of such Indemnified Party and shall survive the transfer of the Registrable Securities by the Investor pursuant to Section
9.

 

c.                  
Promptly after receipt by an Indemnified Person or Indemnified Party under this Section 6 of notice of the commencement
of any action or proceeding (including any governmental action or proceeding) involving a Claim, such Indemnified Person or Indemnified
Party shall, if a Claim in respect thereof is to be made against any indemnifying party under this Section 6, deliver to the indemnifying
party a written notice of the commencement thereof, and the indemnifying party shall have the right to participate in, and, to the extent
the indemnifying party so desires, to assume control of the defense thereof with counsel mutually satisfactory to the indemnifying party
and to the Indemnified Person or the Indemnified Party; provided, however, that an Indemnified Person or Indemnified Party shall have
the right to retain its own counsel with the fees and expenses to be paid by the indemnifying party if, in the reasonable opinion of counsel
retained by the indemnifying party, the representation by such counsel of the Indemnified Person or Indemnified Party and the indemnifying
party would be inappropriate due to actual or potential differing interests between such Indemnified Person or Indemnified Party and any
other party represented by such counsel in such proceeding. The Indemnified Person or Indemnified Party shall cooperate fully with the
indemnifying party in connection with any negotiation or defense of any such action or Claim by the indemnifying party and shall furnish
to the indemnifying party all information reasonably available to the Indemnified Person or Indemnified Party which relates to such action
or Claim. The indemnifying party shall keep the Indemnified Person or Indemnified Party fully apprised at all times as to the status of
the defense or any settlement negotiations with respect thereto. No indemnifying party shall be liable for any settlement of any action,
Claim or proceeding effectuated without its written consent, provided, however, that the indemnifying party shall not unreasonably withhold,
delay or condition its consent. No indemnifying party shall, without the consent of the Indemnified Person or Indemnified Party, consent
to entry of any judgment or enter into any settlement or other compromise which does not include as an unconditional term thereof the
giving by the claimant or plaintiff to such Indemnified Person or Indemnified Party of a release from all liability in respect to such
Claim or litigation. Following indemnification as provided for hereunder, the indemnifying party shall be subrogated to all rights of
the Indemnified Person or Indemnified Party with respect to all third parties, firms or corporations relating to the matter for which
indemnification has been made. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement
of any such action shall not relieve the indemnifying party of any liability to the Indemnified Person or Indemnified Party under this
Section 6, except to the extent that the indemnifying party is prejudiced in its ability to defend such action.

 

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d.                 
The indemnification required by this Section 6 shall be made by periodic payments of the amount thereof during the course
of the investigation or defense, as and when bills are received or Indemnified Damages are incurred.

 

e.                  
The indemnity agreements contained herein shall be in addition to (i) any cause of action or similar right of the Indemnified Person
or Indemnified Party against the indemnifying party or others, and (ii) any liabilities the indemnifying party may be subject to pursuant
to the law.

 

7.                 
CONTRIBUTION.

 

To the extent any indemnification
by an indemnifying party is prohibited or limited by law, the indemnifying party agrees to make the maximum contribution with respect
to any amounts for which it would otherwise be liable under Section 6 to the fullest extent permitted by law; provided, however,
that: (i) no seller of Registrable Securities guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities
Act) shall be entitled to contribution from any seller of Registrable Securities who was not guilty of fraudulent misrepresentation; and
(ii) contribution by any seller of Registrable Securities shall be limited in amount to the net amount of proceeds received by such seller
from the sale of such Registrable Securities.

 

8.                 
REPORTS AND DISCLOSURE UNDER THE SECURITIES ACTS.

 

With a view to making available
to the Investor the benefits of Rule 144 promulgated under the Securities Act or any other similar rule or regulation of the SEC that
may at any time permit the Investor to sell securities of the Company to the public without registration (“Rule 144”),
the Company agrees, at the Company’s sole expense, to:

 

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a.                  
make and keep “current public information” available, as such term is understood and defined in Rule 144;

 

b.                 
file with the SEC in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange
Act;

 

c.                  
furnish to the Investor so long as the Investor owns Registrable Securities, promptly upon request, (i) a written statement by
the Company that it has complied with the reporting and or disclosure provisions of Rule 144, the Securities Act and the Exchange Act,
(ii) a copy of the most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company,
and (iii) such other information as may be reasonably requested to permit the Investor to sell such securities pursuant to Rule 144 without
registration; and

 

d.                 
take such additional action as is requested by the Investor to enable the Investor to sell the Registrable Securities pursuant
to Rule 144, including, without limitation, delivering all such legal opinions, consents, certificates, resolutions and instructions to
the Company’s Transfer Agent as may be requested from time to time by the Investor at the Company’s expense and otherwise
fully cooperate with Investor and Investor’s broker to effect such sale of securities pursuant to Rule 144.

 

The Company agrees that damages
may be an inadequate remedy for any breach of the terms and provisions of this Section 8 and that Investor shall, whether or not
it is pursuing any remedies at law, be entitled to equitable relief in the form of a preliminary or permanent injunctions, without having
to post any bond or other security, upon any breach or threatened breach of any such terms or provisions.

 

9.                 
ASSIGNMENT OF REGISTRATION RIGHTS.

 

The Company shall not assign
this Agreement or any rights or obligations hereunder without the prior written consent of the Buyer, or any Investor as assignee pursuant
to this Section 9. The Buyer, or any Investor, may not assign its rights under this Agreement without the written consent of the
Company other than to an affiliate of such Investor.

 

10.             
AMENDMENT OF REGISTRATION RIGHTS.

 

No provision of this Agreement
may be (i) amended other than by a written instrument signed by both parties hereto or (ii) waived other than in a written instrument
signed by the party against whom enforcement of such waiver is sought. Failure of any party to exercise any right or remedy under this
Agreement or otherwise, or delay by a party in exercising such right or remedy, shall not operate as a waiver thereof.

 

    11 

     

    

 

11.             
MISCELLANEOUS.

 

a.                  
A Person is deemed to be a holder of Registrable Securities whenever such Person owns or is deemed to own of record such Registrable
Securities. If the Company receives conflicting instructions, notices or elections from two or more Persons with respect to the same Registrable
Securities, the Company shall act upon the basis of instructions, notice or election received from the registered owner of such Registrable
Securities.

 

b.                 
Any notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement must
be in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by
email (provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending party); or (iii)
one (1) business day after deposit with a nationally recognized overnight delivery service, in each case properly addressed to the party
to receive the same. The addresses for such communications shall be:

 

If to the Company:

 

Jaguar Health, Inc.

200 Pine Street, Suite 400

San Francisco, CA 94104

E-mail: lconte@jaguar.health

Attention: Lisa A. Conte

 

with a copy to (that shall not constitute notice)

 

Reed Smith LLP

101 Second Street, Suite 1800

San Francisco, CA 94105

Attention: Donald C. Reinke, Esq.

Email: dreinke@reedsmith.com

 

If to the Investor:

 

Oasis Capital, LLC

208 Ponce de Leon Ave, Suite 1600

San Juan, PR 00918

E-mail: adam@oasis-cap.com

Attention: Adam Long, Managing
Partner

Phone: 816.960.0100

 

with a copy to (that shall not
constitute notice)

 

K&L Gates LLP

200 S. Biscayne Blvd., Suite
3900

Miami, FL 33131

E-mail: john.owens@klgates.com

Attention: John D. Owens, III,
Esq.

 

    12 

     

    

 

or at such other address and/or email address
and/or to the attention of such other person as the recipient party has specified by written notice given to each other party three (3)
business days prior to the effectiveness of such change. Written confirmation of receipt (A) given by the recipient of such notice, consent,
waiver or other communication, (B) mechanically or electronically generated by the sender’s email account containing the time, date,
recipient email address, as applicable, and an image of the first page of such transmission or (C) provided by a nationally recognized
overnight delivery service, shall be rebuttable evidence of personal service, receipt by email or receipt from a nationally recognized
overnight delivery service in accordance with clause (i), (ii) or (iii) above, respectively.

 

c.                  
All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by the
internal laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the
State of New York or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of
New York.

 

d.                 
 Any disputes, claims, or controversies hereunder or in connection herewith or with any transaction contemplated hereby or discussed
herein shall be referred to and resolved solely and exclusively by binding arbitration to be conducted before the Judicial Arbitration
and Mediation Service (“JAMS”), or its successor pursuant the expedited procedures set forth in the JAMS Comprehensive
Arbitration Rules and Procedures (the “Rules”), including Rules 16.1 and 16.2 of those Rules. The arbitration shall
be held in New York, New York, before a tribunal consisting of three (3) arbitrators each of whom will be selected in accordance with
the “strike and rank” methodology set forth in Rule 15. Either party to this Agreement may, without waiving any remedy under
this Agreement, seek from any federal or state court sitting in the State of New York any interim or provisional relief that is necessary
to protect the rights or property of that party, pending the establishment of the arbitral tribunal. The costs and expenses of such arbitration
shall be paid by and be the sole responsibility of the Company, including but not limited to the Buyer’s attorneys’ fees and
each arbitrator’s fees. The arbitrators’ decision must set forth a reasoned basis for any award of damages or finding of liability.
The arbitrators’ decision and award will be made and delivered as soon as reasonably possibly and in any case within sixty (60)
days’ following the conclusion of the arbitration hearing and shall be final and binding on the parties and may be entered by any
court having jurisdiction thereof.

 

e.                  
If any provision of this Agreement shall be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall
not affect the validity or enforceability of the remainder of this Agreement in that jurisdiction or the validity or enforceability of
any provision of this Agreement in any other jurisdiction.

 

f.                   
EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION
OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

    13 

     

    

 

g.                 
This Agreement and the Amendment constitute the entire agreement among the parties hereto with respect to the subject matter hereof
and thereof. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein and therein.
This Agreement and the Amendment supersede all prior agreements and understandings among the parties hereto with respect to the subject
matter hereof and thereof.

 

h.                 
Subject to the requirements of Section 9, this Agreement shall inure to the benefit of and be binding upon the successors
and permitted assigns of each of the parties hereto.

 

i.                   
The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

 

j.                   
This Agreement may be executed in identical counterparts, each of which shall be deemed an original but all of which shall constitute
one and the same agreement. This Agreement, once executed by a party, may be delivered to the other party hereto by facsimile transmission
or by e-mail in a “.pdf” format data file of a copy of this Agreement bearing the signature of the party so delivering this
Agreement.

 

k.                 
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.

 

l.                   
The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent and
no rules of strict construction will be applied against any party.

 

m.               
This Agreement is intended for the benefit of the parties hereto and their respective successors and permitted assigns, and is
not for the benefit of, nor may any provision hereof be enforced by, any other Person.

 

* * * * * *

 

    14 

     

    

 

IN
WITNESS WHEREOF, the parties have caused this Agreement to be duly executed as of the Execution Date.

 

	 	THE COMPANY: 
	 	 
	 	JAGUAR HEALTH, INC.
	 	 
	 	By: 	/s/ Lisa A. Conte
  
	 	Name: 	Lisa A. Conte
	 	Title: 	President & CEO
	 	 
	 	 
	 	BUYER: 
	 	 
	 	OASIS CAPITAL, LLC
	 	 
	 	By: 	/s/ Adam Long
	 	Name: 	Adam Long
	 	Title: 	Managing Partner

 

     

     

    

 

EXHIBIT A

 

TO REGISTRATION RIGHTS AGREEMENT

 

FORM OF NOTICE OF EFFECTIVENESS

OF REGISTRATION STATEMENT

 

[__________] [___], 2021

 

American Stock Transfer & Trust Company, LLC

6201 15th Avenue

Brooklyn, NY 11219

 

Re: EFFECTIVENESS OF REGISTRATION STATEMENT

 

Ladies and Gentlemen:

 

We are counsel to JAGUAR
HEALTH, INC., a Delaware corporation (the “Company”), and have represented the Company in connection with that
certain First Amendment to the Equity Purchase Agreement, dated as of April [__], 2021 (the “Amendment”), entered into
by and between the Company and Oasis Capital, LLC (the “Buyer”) pursuant to which the Company has agreed to issue to
the Buyer a common stock purchase warrant (the “Warrant”) to acquire up to 100,000 shares (the “Warrant Shares”)
of the Company’s Common Stock, $0.0001 par value (the “Common Stock”), upon the terms and subject to the limitations
and conditions set forth in the Warrant. In connection with the transactions contemplated by the First Amendment, the Company has registered
with the U.S. Securities & Exchange Commission the Warrant Shares.

 

Pursuant to the Amendment,
the Company also has entered into a Registration Rights Agreement, of even date with the Amendment with the Buyer (the “Registration
Rights Agreement”) pursuant to which the Company agreed, among other things, to register the Warrant Shares under the Securities
Act of 1933, as amended (the “Securities Act”). In connection with the Company’s obligations under the Amendment
and the Registration Rights Agreement, on [__________] [___], 2021, the Company filed a Registration Statement (File No. 333-[      ])
(the “Registration Statement”) with the Securities and Exchange Commission (the “SEC”) relating
to the resale of the Warrant Shares.

 

In connection with the foregoing,
we advise you that a member of the SEC’s staff has advised us by telephone that the SEC has entered an order declaring the Registration
Statement effective under the Securities Act at [      ] [A.M./P.M.] on [     ], 2021 and we have no knowledge, after telephonic
inquiry of a member of the SEC’s staff, that any stop order suspending its effectiveness has been issued or that any proceedings
for that purpose are pending before, or threatened by, the SEC and the Warrant Shares are available for resale under the Securities Act
pursuant to the Registration Statement and may be issued without any restrictive legend.

 

	 	Very truly yours,
	 	[Company Counsel]
	 	 
	 	By:	      

 

cc:       Oasis Capital, LLCphx-ex101_99.htm

Exhibit 10.1

 

NINTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT

 

THIS NINTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT is dated and effective as of April 7, 2021, by and among PHX MINERALS INC., formerly named Panhandle Oil and Gas Inc., formerly named Panhandle Royalty Company, an Oklahoma corporation (referred to herein as the “Borrower”), each lender party hereto (collectively, the “Lenders” and individually, a “Lender”), MIDFIRST BANK, a federally chartered savings association, as Documentation Agent, and BOKF, NA DBA BANK OF OKLAHOMA, as Administrative Agent and L/C Issuer.

 

W I TN E S S E T H:

 

WHEREAS, Borrower, Administrative Agent, L/C Issuer, Documentation Agent, and the Lenders entered into that certain Amended and Restated Credit Agreement dated as of November 25, 2013 as modified by (i) letter amendment dated as of March 5, 2014, (ii) Second Amendment to Amended and Restated Credit Agreement dated as of June 17, 2014, (iii) Third Amendment to Amended and Restated Credit Agreement dated as of December 8, 2016, (iv) Fourth Amendment to Amended and Restated Credit Agreement dated as of October 25, 2017, (v) Fifth Amendment to Amended and Restated Credit Agreement dated as of July 2, 2018, (vi) Sixth Amendment to Amended and Restated Credit Agreement dated as of August 6, 2019, (vii) Seventh Amendment to Amended and Restated Credit Agreement dated as of June 24, 2020, and (viii) Eighth Amendment to Amended and Restated Credit Agreement dated as of December 4, 2020 (as so amended, and as the same has been further amended, restated, amended and restated, supplemented and/or otherwise modified prior to the date hereof, the “Existing Credit Agreement”), for the purpose and consideration therein expressed, whereby Lenders made loans to Borrower as therein provided; and 

 

WHEREAS, Borrower, Administrative Agent and Lenders desire to amend the Existing Credit Agreement for the ninth time to modify same in accordance herewith.

 

NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements contained herein and in the Existing Credit Agreement, in consideration of the loans and other extensions of credit which may hereafter be made by Lenders to Borrower, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto do hereby agree as follows:

 

ARTICLE I.

 

DEFINITIONS AND REFERENCES

 

Section 1.1 Terms Defined in the Existing Credit Agreement. Unless the context otherwise requires or unless otherwise expressly defined herein, the terms defined in the Existing Credit Agreement shall have the same meanings whenever used in this Amendment.

 

Section 1.2Other Defined Terms. Unless the context otherwise requires, the following terms when used in this Amendment shall have the meanings assigned to them in this Section 1.2.

Ninth Amendment to Amended and Restated

Credit Agreement

 

 

“Amendment” means this Ninth Amendment to Amended and Restated Credit Agreement.

 

“Amendment Documents” means this Amendment, the Ninth Amendment Fee Letter (as defined below) and all other Loan Documents executed and delivered in connection herewith including but not limited to notes and mortgages covering such of Borrower’s oil and gas properties as deemed necessary by Administrative Agent in its sole discretion. All of the Amendment Documents shall be deemed to constitute Loan Documents.

“Credit Agreement” (or “this Agreement” wherever referred to within the Existing Credit Agreement) means the Existing Credit Agreement as amended by the Amendment, and as the same may hereafter be further amended, restated, modified and/or otherwise supplemented from time to time.

 

ARTICLE II.

 

AMENDMENTS TO EXISTING CREDIT AGREEMENT

 

Section 2.1 Borrowing Base Notification.  From the date of this Amendment to, but excluding, the next redetermination of the Borrowing Base (with the next scheduled Determination Date thereof to occur on December 1, 2021, and subject to the automatic reductions of the Borrowing Base scheduled to occur with each Quarterly Commitment Reduction, which automatic reductions are more particularly set forth in Section 2.1 of the Existing Credit Agreement (as amended by this Amendment)), as set forth in the Existing Credit Agreement, as amended hereby, the Borrowing Base shall be reduced to Twenty Nine Million and No/100ths Dollars ($29,000,000.00). Borrower and Lenders hereby agree that this provision satisfies all notification requirements as set forth in the Credit Agreement. 

 

Section 2.2Amendments to Section 1.1. 

 

(a)Section 1.1 of the Existing Credit Agreement is hereby amended by amending and restating the following definitions in their respective entireties:

 

“‘Borrowing Base” shall mean, as of any date of calculation, the value assigned by the Lenders from time to time to the Oil and Gas Properties pursuant to Section 2.6 hereof. As of the date of the Ninth Amendment, the Borrowing Base shall be $29,000,000.00, subject to each Quarterly Commitment Reduction and/or any other adjustments thereto made in accordance with this Agreement. The Borrowing Base shall specifically not include interests and overriding royalty interest granted by Borrower to third parties.”

 

“‘Maturity Date’ means November 30, 2023 or as such date may be accelerated in accordance with this Agreement and the other Loan Documents, or extended from time to time with the consent of the Lenders.”

 

 

2 Ninth Amendment to Amended and Restated

Credit Agreement

 

(b)Section 1.1 of the Existing Credit Agreement is hereby amended by deleting the defined term “Seventh Amendment Equity Raise” and inserting the following defined term “Equity Raise” in the appropriate alphabetical order, and the references in the definition of “Excluded Cash” and Section 5.4(f) of the Existing Credit Agreement to “the Seventh Amendment Equity Raise” are hereby amended to instead be references to the phrase “any Equity Raise”:

 

“‘Equity Raise’ means cash actually received by Borrower from contributions from its existing and/or future direct or indirect equity holders pursuant to the issuance by Borrower of shares of its capital stock and provided that no Change of Control shall occur as a result thereof.”

 

(b)Section 1.1 of the Existing Credit Agreement is hereby amended by inserting the following defined term in the appropriate alphabetical order:

 

“‘Ninth Amendment” means that certain Ninth Amendment to Amended and Restated Credit Agreement, dated and effective as of April 7, 2021.”

 

Section 2.3Amendment and Restatement of Section 2.6(a). Section 2.6(a) of the Existing Credit Agreement is hereby amended and restated in its entirety as follows:

 

“2.6Borrowing Base Determinations

 

(a)Initial Borrowing Base and Quarterly Commitment Reductions. As of the date of the Ninth Amendment, the Borrowing Base shall be as described in the definition of “Borrowing Base” at Section 1.1 above.  From the date of the Ninth Amendment through the next redetermination of the Borrowing Base (including each scheduled Determination Date as defined in paragraph “b” below), the Borrowing Base shall be $29,000,000.00, subject to each Quarterly Commitment Reduction and/or any other adjustments thereto made in accordance with this Agreement. Notwithstanding any other provisions to the contrary set forth in this Agreement or any other Loan Document, following the date of the Ninth Amendment, the Borrowing Base component of the Revolving Commitment shall be reduced by the Quarterly Commitment Reduction on each April 15, July 15, October 15 and January 15 during the term hereof. As of the date of the Ninth Amendment, each Quarterly Commitment Reduction shall be $500,000.00, with the next Quarterly Commitment Reduction scheduled to occur on April 15, 2021. Such mandatory Quarterly Commitment Reductions to the Revolving Commitment shall be self-operative (without any notices to be delivered, or any other actions to be taken, by Agent or any other Person or entity), and irrespective of whether the Borrower has timely and fully satisfied its corresponding Quarterly Commitment Reduction payment (if any) as described in the following sentence. After giving effect to any such Quarterly Commitment Reduction, to the extent that the Commitment Usage exceeds the Borrowing Base, the Borrower shall immediately make a lump-sum principal prepayment on the Obligations in an equal to the amount by which the Commitment Usage exceeds the Borrowing Base (after giving effect to such Quarterly Commitment Reduction).”

 

3 Ninth Amendment to Amended and Restated

Credit Agreement

 

Section 2.4Amendment and Restatement of Section 5.11. Section 5.11 of the Existing Credit Agreement is hereby amended and restated in its entirety as follows: 

 

“5.11Restricted Payments.  Declare, pay or make, whether in cash or property, or set aside or apply any money or assets to pay or make any Restricted Payments except that Borrower may make Restricted Payments; provided that so long as immediately after giving effect to any such Restricted Payment no Default or Event of Default exists or results therefrom: 

 

(a)from the date of the Ninth Amendment up to and including the date that is one (1) year following the date of the Ninth Amendment, the Borrower shall be permitted to make Restricted Payments in an aggregate amount not to exceed $1,500,000.00; and

 

(b)following the date that is one (1) year following the date of the Ninth Amendment, the Borrower shall be permitted to make Restricted Payments if (i) the Available Commitment is greater than or equal to twenty percent (20%) of the Total Commitment; and (ii) the ratio described in Section 6.1 (the “Leverage Ratio”) on a pro forma basis is not greater than 2.75 to 1.00.  For the purposes of this Section 5.11(b), Borrower’s Funded Indebtedness shall be determined as of the date of calculation after giving effect to such Restricted Payment occurring on such date and Borrower’s consolidated EBITDA shall be determined as if such Restricted Payment occurred on the last day of the fiscal quarter then most recently ended for which financial statements have been received pursuant to Section 4.1; and provided, further that the requirement set forth in this Section 5.11(b) is applicable only at the time of such Restricted Payment after giving effect to any related borrowing or Funded Indebtedness issuance and does not require that the Leverage Ratio be maintained at not greater than 2.75 to 1.00 subsequent to giving effect to such Restricted Payment and any related borrowing or Funded Indebtedness issuance.”

 

Section 2.5Post-Closing. Within forty-five (45) days following the date of this Amendment (or such later date as agreed to by the Agent in its sole discretion), (i) the Borrower shall cause to be delivered to the Agent such information and/or materials as may be necessary for the parties to, via Amendment Documents, amend and restate certain Collateral Documents encumbering all of the Borrower’s Oil and Gas Properties constituting Collateral, (ii) such amended and restated Collateral Documents shall be in form and substance satisfactory to the Agent in its sole discretion and (iii) such amended and restated Collateral Documents shall have been duly recorded in the county land records where each such Oil and Gas Property is situated. If the Borrower shall fail to have satisfied this Section 2.5 (as determined by the Agent), then such failure shall be deemed to constitute an Event of Default under the Credit Agreement under Section 8.1(d), unless such failure to have satisfied this Section 2.5 is caused by Agent’s failure to record any Collateral Documents provided to Agent for filing. 

 

ARTICLE III.

 

CONDITIONS OF EFFECTIVENESS

 

4 Ninth Amendment to Amended and Restated

Credit Agreement

 

Section 3.1 Effective Date. This Amendment shall become effective as of the date hereof when and only when:

 

(a)Amendment Documents. Administrative Agent shall have received duly executed and delivered counterparts of each Amendment Document (other than those Amendment Documents referred to in Section 2.5) (i) in form, substance and date satisfactory to Administrative Agent and each Lender as required pursuant to the terms of the Credit Agreement, and (ii) in such numbers as Administrative Agent or its counsel may reasonably request.

 

(b)Certificates and Resolutions. Administrative Agent shall have received such certificates and resolutions or consents of the governing body of the Borrower authorizing the transactions described in this Amendment and certifying as to the completeness of the Organizational Documents of the Borrower substantially in the form attached hereto as Exhibit A.

 

(c)No Default or Event of Default. No event shall have occurred and be continuing that would constitute a Default or an Event of Default.

 

(d)Fees and Expenses. The Borrower shall have paid all fees and expenses of the Administrative Agent and Lenders required to be paid pursuant to the Loan Documents as of the date of this Amendment, including, without limitation, the fees more particularly described in that certain Ninth Amendment Fee Letter dated as of even date herewith by and between the Borrower and the Administrative Agent (the “Ninth Amendment Fee Letter”).

 

ARTICLE IV.

 

REPRESENTATIONS AND WARRANTIES

 

Section 4.1 Representations and Warranties of Borrower. In order to induce each Lender to enter into this Amendment, Borrower represents and warrants to Administrative Agent and each Lender that:

 

(a)All representations and warranties made by Borrower in any Loan Document are true and correct in all material respects (without duplication of any materiality qualifier contained therein) on and as of time of the effectiveness hereof as if such representations and warranties had been made as of the time of the effectiveness hereof (except to the extent that such representation or warranty was made as of a specific date, in which case such representation or warranty shall be true and correct in all material respects (without duplication of any materiality qualifier contained therein) as of such specific date).

 

(b)Borrower has duly taken all corporate action necessary to authorize the execution and delivery by it of the Amendment Documents to which it is a party and to authorize the consummation of the transactions contemplated thereby and the performance of its obligations thereunder.

 

5 Ninth Amendment to Amended and Restated

Credit Agreement

 

(c)The execution and delivery by Borrower of the Amendment Documents to which it is a party, the performance by it of its obligations under such Amendment Documents, and the consummation of the transactions contemplated by such Amendment Documents, do not and will not (a) conflict with, violate or result in a breach of any provision of (i), to its knowledge, any Law, (ii) its Organizational Documents, or (iii) any material agreement, judgment, license, order or permit applicable to or binding upon it, (b) result in the acceleration of any Indebtedness owed by it, or (c) result in or require the creation of any Lien upon any of its assets or properties except as expressly contemplated or permitted in the Loan Documents. Except (x) as expressly contemplated in the Amendment Documents and (y) such as have been obtained or made and are in full force and effect, to its knowledge, no permit, consent, approval, authorization or order of, and no notice to or filing with, any Governmental Authority or third party is required on the part of or in its respect in connection with the execution, delivery or performance by it of any Amendment Document or to consummate any transactions contemplated by the Amendment Documents.

 

(d)This Amendment is, and the other Amendment Documents when duly executed and delivered will be, legal, valid and binding obligations of it, enforceable against it in accordance with their terms except as such enforcement may be limited by bankruptcy, insolvency or similar Laws of general application relating to the enforcement of creditors ‘ rights and by general principles of equity.

 

 

ARTICLE V.

 

MISCELLANEOUS

 

Section 5.1 Release. In consideration of the amendments contained herein, Borrower hereby waives and releases each of the Lenders and the Administrative Agent from any and all claims and defenses, known or unknown, with respect to the Existing Credit Agreement and the other Loan Documents and the transactions contemplated thereby.

 

Section 5.2 Ratification and Affirmation. Borrower hereby acknowledges the terms of the Existing Credit Agreement, as amended, and ratifies and affirms its obligations under, and acknowledges, renews and extends its continued liability under, each Loan Document to which it is a party and agrees that each Loan Document to which it is a party remains in full force and effect. 

 

Section 5.3 Survival of Agreements. All of Borrower’s various representations, warranties, covenants and agreements in the Amendment Documents shall survive the execution and delivery thereof and the performance thereof, including the making or granting of the Loans and the delivery of the other Loan Documents, and shall further survive until all of the Obligations are paid in full to each Lender and all of Lenders’ obligations to Borrower are terminated.

 

Section 5.4 Authorization. The Lenders hereby authorize the Administrative Agent to execute any and all amendments to any Loan Documents deemed necessary by Administrative Agent to evidence the extension of the term of the Loan as described herein.

6 Ninth Amendment to Amended and Restated

Credit Agreement

 

 

Section 5.5 Interpretive Provisions. Sections 1.2 and 1.3 of the Existing Credit Agreement are incorporated herein by reference herein as if fully set forth.

 

Section 5.6 Loan Documents. The Amendment Documents are each a Loan Document, and all provisions in the Existing Credit Agreement pertaining to Loan Documents apply thereto.

 

Section 5.7 Governing Law. This Amendment shall be governed by, and construed in accordance with, the Laws of the State of Oklahoma.

 

Section 5.8 Counterparts; Fax. This Amendment may be separately executed in counterparts and by the different parties hereto in separate counterparts, each of which when so executed shall be deemed to constitute one and the same Amendment. The Amendment Documents may be validly executed by facsimile or other electronic transmission.

 

THIS AMENDMENT AND THE OTHER AMENDMENT DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS OF THE PARTIES. 

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first above written.

 

[The remainder of this page has been intentionally left blank.]

7 Ninth Amendment to Amended and Restated

Credit Agreement

 

 

Signature Page to Ninth Amendment to Amended and Restated Credit Agreement

 

 

		
	
BORROWER:
	
PHX MINERALS INC., formerly named

Panhandle Oil and Gas Inc., formerly named

Panhandle Royalty Company,

an Oklahoma corporation

	
 
	
 

	
 
	
/s/ Chad L. Stephens III

	
 
	
By: Chad L. Stephens III

	
 
	
Title: President & Chief Executive Officer

 

 

 

Signature Page to Ninth Amendment to Amended and Restated Credit Agreement

 

 

LENDER, ADMINISTRATIVE AGENT AND L/C ISSUER:

 

		
	
 
	
BOKF, NA dba Bank of Oklahoma

	
 
	
 

	
 
	
By:      /s/ Jeffrey Hall

	
 
	
Name: Jeffrey Hall

	
 
	
Title:   Senior Vice President

 

 

 

Signature Page to Ninth Amendment to Amended and Restated Credit Agreement

 

 

LENDER AND DOCUMENTATION AGENT:

 

 

	
 
	

	
 

		
	
 
	
MIDFIRST BANK

	
 
	
 

	
 
	
By:      /s/ W. Thomas Portman

	
 
	
Name: W. Thomas Portman

	
 
	
Title:   Vice President

 

 

 

Signature Page to Ninth Amendment to Amended and Restated Credit Agreement

 

 

 

		
	
LENDER:
	
BANCFIRST

	
 
	
 

	
 
	
By:      /s/ Heather H. Whiteside

	
 
	
Name: Heather H. Whiteside

	
 
	
Title:   Assistant Vice President

 

 

 

 

 

 

Signature Page to Ninth Amendment to Amended and Restated Credit Agreement

 

 

		
	
LENDER:
	
AMARILLO NATIONAL BANK

	
 
	
 

	
 
	
By:      /s/ Rob Mansfield

	
 
	
Name: Rob Mansfield

	
 
	
Title:   Vice President

 

 

 

 

 

EXHIBIT A to Ninth Amendment to Amended and Restated Credit Agreement

 

SECRETARY'S CERTIFICATE

I, Raphael D’Amico, certify that I am the Chief Financial Officer, Vice President, and the Secretary, respectively, of PHX MINERALS INC., formerly named Panhandle Oil and Gas Inc., formerly named Panhandle Royalty Company, an Oklahoma corporation (the "Corporation"), and that, as such, I am authorized to execute this Secretary’s Certificate (this “Certificate”) on behalf of the Corporation, and do hereby further certify that:

 

1.Attached hereto as Exhibit A are the Corporation's Articles of Incorporation dated as of February 3, 2009, together with all amendments thereto (the "Articles"), which Articles are in full force and effect on the date hereof and have not been otherwise modified or amended.

 

2.Attached hereto as Exhibit B are the Corporation's Bylaws ("Bylaws"), which Bylaws are in full force and effect on the date hereof and have not been otherwise modified or amended. 

 

3.Attached hereto as Exhibit C is a true copy of a resolution duly adopted by a unanimous vote of the Board of Directors in effect on the date. Said resolution is still in full force and effect and has not been amended, superseded or revoked.

 

4.The persons named below are duly elected to the offices set opposite their respective names and the signatures appearing opposite their respective names are their true signatures.

 

			
	
Name
	
Office
	
Signature

	
 
	
 
	
 

	
Chad L. Stephens III
	
President & Chief Executive

Officer
	
 

/s/ Chad L. Stephens III

	
 
	
 
	
 

	
Raphael D’Amico
	
Chief Financial Officer, Vice

President & Secretary
	
 

/s/ Raphael D’Amico

 

IN WITNESS WHEREOF, I have executed this Certificate this April 7, 2021.

 

		
	
 
	
PHX MINERALS INC., formerly named Panhandle Oil 

and Gas Inc., formerly named Panhandle Royalty Company, an Oklahoma corporation

	
 
	
 

	
 
	
By: /s/ Raphael D’Amico

	
 
	
Raphael D’Amico, Secretary

 

I, Chad L. Stephens III, am the duly elected President and Chief Executive Officer of the Corporation and I hereby certify that Raphael D’Amico was duly elected to the offices of Secretary, Chief Financial Officer, and Vice President of the Corporation and the signature appearing adjacent to his name above is his true and correct signature. 

 

 

		
	
 
	
By: /s/ Chad L. Stephens III

	
 
	
Chad L. Stephens III, President & Chief Executive Officer

 

 

 

 

 

EXHIBIT A TO SECRETARY’S CERTIFICATE

 

Articles of Incorporation

 

(see attached)

 

 

EXHIBIT B TO SECRETARY’S CERTIFICATE

 

Bylaws

 

(see attached)

 

 

EXHIBIT C TO SECRETARY’S CERTIFICATE

 

Borrower’s Resolutions

 

I, the undersigned, Secretary of PHX MINERALS INC., formerly named Panhandle Oil and Gas Inc., formerly named Panhandle Royalty Company, an Oklahoma corporation (the "Corporation"), and the keeper of the records of the Corporation, hereby certify that the following resolutions were unanimously adopted by its Board of Directors on the date hereof:

WHEREAS, on November 25, 2013, the Corporation, as borrower, entered into that certain Amended and Restated Credit Agreement (as heretofore amended, the "Existing Credit Agreement"; the Existing Credit Agreement, as amended by the hereinafter-defined Ninth Amendment, and as the same may hereafter be further amended, amended and restated, modified or otherwise supplemented from time to time, the “Credit Agreement”), the latest of which by that certain Ninth Amendment to Amended and Restated Credit Agreement dated as of April 7, 2021 (the "Ninth Amendment"), with BOKF, NA dba Bank of Oklahoma (the “Agent”), MidFirst Bank, a federally chartered savings association (the “Documentation Agent”) and the other lenders from time to time party thereto (collectively the "Lenders"), which was evidenced by those certain revolving promissory notes as more particularly set forth therein. 

WHEREAS, it is necessary and desirable for the Corporation and in the best pecuniary interests of the Corporation to execute and deliver to Lenders the Ninth Amendment, in order to make certain modifications to the Existing Credit Agreement. 

BE IT THEREFORE RESOLVED, that the execution of the Ninth Amendment be and the same is hereby approved and ratified by the Corporation, as it is in the best pecuniary interest of the Corporation, and that the Ninth Amendment and other documents deemed necessary by Lenders to secure the Corporation's obligations in favor of the Lenders, together with any and all such other mortgages, instruments, documents and certificates necessary or desirable to consummate said extensions of credit by the Lenders to the Corporation are hereby approved and authorized to be executed and delivered by the Corporation to the Lenders;

BE IT FURTHER RESOLVED, that each of the Chief Executive Officer and the Chief Financial Officer (together, the “Authorized Officers”), be and the same are hereby authorized, empowered and directed for and on behalf of the Corporation to make, execute and deliver to the Lenders, with the Corporation's seal impressed thereon, if necessary, the Ninth Amendment, and such other instruments, documents and certificates which the Authorized Officers of the Corporation deem necessary or desirable in connection with the loans from the Lenders to the Corporation.

BE IT FURTHER RESOLVED, that all actions heretofore or hereinafter taken by the Authorized Officers and each other officer of the Corporation in connection with, or with respect to, the Credit Agreement, the other Loan Documents (as defined in the Existing Credit Agreement) or the matters referred to in the foregoing resolutions be, and hereby are, confirmed, ratified, and approved in all respects.

BE IT FURTHER RESOLVED, that the Agent, the Documentation Agent and the Lenders and their successors and assigns are entitled to rely on these resolutions until the Agent has been notified in writing by Corporation of any modifications or rescissions of the powers hereby granted.

IN WITNESS WHEREOF, I have hereunto signed my name and caused the seal of the Corporation to be hereunto affixed effective as of April 7, 2021.

 

		
	
 
	
/s/ Raphael D’Amico

	
 
	
Raphael D’Amico, Secretary

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