SEC Contract Filing

Filing Date: 2020-10-09

Document Content:
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<TYPE>EX-10.1
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<FILENAME>a20-32792_2ex10d1.htm
<DESCRIPTION>EX-10.1
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 10.1<a name="Exhibit10_1_015652"></a></font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">FEE SETTLEMENT AGREEMENT</font></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">This Fee Settlement Agreement (&#147;<u>Agreement</u>&#148;) is made and entered into as of October&nbsp;7, 2020 (&#147;<u>Agreement Date</u>&#148;), by and between Jaguar Health,&nbsp;Inc., a Delaware corporation (the &#147;<u>Company</u>&#148;), and </font>Atlas Sciences, LLC, a Utah limited liability company (&#147;<u>Atlas</u>&#148;)</font>.</p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">RECITALS</font></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WHEREAS</font></b>, the Company and Atlas are parties to that certain license agreement, dated April&nbsp;15, 2020, by and between the Company and Atlas with respect to certain patents and patent applications relating to the Company&#146;s NP-500 drug product candidate and the first amendment to such agreement dated July&nbsp;30, 2020 (as amended, the &#147;<u>License Agreement</u>&#148;);</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WHEREAS</font></b>, pursuant to the License Agreement, the Company agreed to initiate a proof of concept Phase 2 study of NP-500 under an investigational new drug (&#147;<u>IND</u>&#148;) application with the U.S. Food and Drug Administration or an IND-equivalent dossier under appropriate regulatory authorities (the &#147;<u>Phase 2 study</u>&#148;) on or before October&nbsp;15, 2020 (the &#147;<u>Study Initiation Deadline</u>&#148;) and pay Atlas a trial delay fee equal to $2,515,000 (the &#147;<u>Trial Delay Fee</u>&#148;) if the Company fails to initiate the Phase 2 study by the Study Initiation Deadline (&#147;<u>Fee Payment Obligation</u>&#148;);</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WHEREAS</font></b>, as a complete settlement and satisfaction of the Fee Payment Obligation, the Company has offered, subject to the terms and conditions hereof, to pay the Fee Payment Obligation by issuing and delivering to Atlas (i)&nbsp;2,000,000 shares (the &#147;<u>Settlement Shares</u>&#148;) of the Company&#146;s common stock, par value $0.0001 per share (&#147;<u>Common Stock</u>&#148;) and (ii)&nbsp;pre-funded warrants to purchase 6,218,954 shares of Common Stock (the &#147;<u>Settlement Warrants</u>&#148; and, together with the Settlement Shares, the &#147;<u>Settlement Securities</u>&#148;);</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:2.25pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WHEREAS</font></b>, Atlas is willing to accept the Company&#146;s offer to pay in kind the Fee Payment Obligation by delivering the Settlement Securities to Atlas as complete settlement and satisfaction of the Fee Payment Obligation, upon the terms and conditions set forth in this Agreement.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">NOW, THEREFORE</font></b>, in consideration of the foregoing recitals and the mutual representations, warranties and covenants hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u style="font-weight:bold;">ISSUANCE OF SHARES IN FULL SATISFACTION OF THE FEE PAYMENT OBLIGATION</u></b>.&#160; Subject to the terms and conditions of this Agreement the Company will issue to Atlas (a)&nbsp;the Settlement Shares and (b)&nbsp;the Settlement Warrants, which Settlement Warrants shall be in the form set forth in <b><u style="font-weight:bold;">Exhibit&nbsp;A</u></b> hereto, in full sat