Document:

Exhibit 10.3

 

Execution version

 

 

Share
Pledge AGREEMENT

 

  

 

July 19, 2016

 

 

between

 

 

Auris Medical Holding AG

as Pledgor

 

 

and

 

 

Hercules Capital, Inc.,

as Agent and Pledgee

 

 

and

 

 

the other Lenders

 

 

 

regarding the shares of

Auris Medical AG

 

     

    
	Share Pledge Agreement 	 

    

Contents

 

	Clause	Page
	1.	Interpretation and definitions	1
	2.	Role of the Agent	3
	3.	Pledge of Shares	3
	4.	Continuing and additional security	3
	5.	Variation of Secured Obligations	4
	6.	Representations and warranties	4
	7.	Covenants of the Pledgor	5
	8.	Voting rights	7
	9.	Dividends and other pecuniary rights	7
	10.	Realization	7
	11.	Redelivery of pledged shares and proxy	8
	12.	Assignments and transfers	8
	13.	Expenses and indemnification	9
	14.	Amendment and waiver	9
	15.	Notices	9
	16.	Language	9
	17.	Severance	9
	18.	Entire agreement	10
	19.	Governing law and jurisdiction	10
	 	 	 
	Schedules 	Page
	Schedule 1 Proxy	12

     

    
	Share Pledge Agreement 	1/12

    

THIS AGREEMENT is dated July 19, 2016

 

PARTIES

 

		(1)	Auris Medical Holding AG, Bahnhofstrasse 21, 6300 Zug, Switzerland (the "Pledgor")

 

		(2)	Hercules Capital, Inc., 400 Hamilton Avenue, Suite 310, Palo Alto, CA 94301, USA (the "Agent")

 

		(3)	the other Lenders, represented for all purposes hereof by the Agent as direct representative (direkter Stellvertreter)
(together with the Agent, the "Pledgees")

 

BACKGROUND

 

		(A)	Auris Medical Holding AG (as Borrower), Hercules Capital, Inc. (as Lender and Agent) and certain other lenders are parties
to that certain loan and security agreement dated on or about the date hereof pursuant to which the Lender (as defined therein)
has agreed to make available certain term loan advances to the Borrower (the "Loan and Security Agreement").

 

		(B)	The Lender has agreed to make available to the Borrower such term loan advances conditional upon, inter alia, the Pledgor
pledging all Shares (as defined below) to the Pledgee as security for the due and punctual satisfaction of the Secured Obligations
(as defined in the Loan and Security Agreement).

 

		(C)	The Pledgor is willing to grant a pledge over the Shares to the Pledgees according to the terms of this Agreement, and the
Pledgees are willing to accept such pledge.

 

AGREED TERMS

 

		1.	Interpretation and definitions

 

		1.1	In this Agreement the following expressions shall have the following meanings:

 

"Agent" means
the Agent as identified in the parties list above and its permitted successors, as the case may be;

 

"Agreement" means
this agreement (including its schedules) and all the terms contained in it;

 

"Company" means
Auris Medical AG, a Swiss stock corporation (Aktiengesellschaft) with its registered seat in Basel, with a share capital
(Aktienkapital) of CHF 2'500'000 divided into 2’500 shares (Aktien) of a nominal value of CHF 1’000 each;

 

"DEBA" means the
Swiss Federal Debt Enforcement and Bankruptcy Act (Schuldbetreibungs- und Konkursgesetz) of April 11, 1889;

 

"Dividend Payments"
has the meaning given to it in clause ‎9.1;

 

"Effective Date"
means the date first set forth above;

 

"Loan and Security Agreement"
has the meaning given to it in Background ‎(A);

 

"Party" means
a party to this Agreement;

 

     

    
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"Pledge" means
the pledge agreed and granted in clause ‎3.1
and, if applicable, as extended as agreed in this Agreement;

 

"Pledgees"
means the pledgees as identified in the parties list above and their permitted successors, as the case may be (including, for
the avoidance of doubt, the Agent);

 

"Pledgor" means
the pledgor as identified in the parties list above and its permitted successors, as the case may be;

 

"Shares" means
all of the issued shares (Aktien) in the Company at any given time.

 

		1.2	Terms not defined in this Agreement shall have the meaning given to them in the Loan and Security Agreement.

 

		1.3	The table of contents and headings and sub-headings of this Agreement are for convenience only and shall not affect the construction
of this Agreement.

 

		1.4	The words "other", "include", "including" and "in particular" do not connote limitation
in any way.

 

		1.5	Unless the context otherwise requires, words denoting the singular shall include the plural and vice versa and references to
any gender shall include all other genders.

 

		1.6	References to any person (which for the purposes of this Agreement shall include bodies corporate, unincorporated associations,
partnerships, trusts, governments, governmental agencies and departments, statutory bodies or other entities, in each case whether
or not having a separate legal personality) shall include the person's successors.

 

		1.7	References to recitals, schedules, clauses and sub-clauses are references to recitals, schedules, clauses and sub-clauses of
this Agreement (unless otherwise specified) and references within a schedule to paragraphs are to paragraphs of that schedule (unless
otherwise specified).

 

		1.8	References in this Agreement to any statute, ordinance, statutory provision, regulation, directive or other legislation include
a reference to that legislation as amended or replaced from time to time (whether before or after the Effective Date) and include
any order, regulation, instrument or other subordinate legislation made under the relevant legislation, and references in this
Agreement to any agreement or document include a reference to that agreement or document (including its schedules) as varied, amended,
supplemented or replaced from time to time (whether before or after the Effective Date).

 

		1.9	References to any Swiss legal term for any action, remedy, method of judicial proceeding, legal document, legal status, court,
organization, body, official or any legal concept, state of affairs or thing shall in respect of any jurisdiction other than Switzerland
be deemed to refer to and include that action, remedy, method of judicial proceeding, legal document, legal status, court, organization,
body, official, legal concept, state of affairs or thing which most nearly approximates in that jurisdiction to the Swiss legal
term.

 

		1.10	Where a German term has been inserted after an English term in italics, the German term alone shall be authoritative for the
purpose of interpreting such English term, without regard to any other interpretation of the English term.

 

     

    
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		1.11	This Agreement is drafted in English for convenience purposes only, and the fact that the English language is used herein shall
not be a reason to refer to laws, doctrine or case law of any English-speaking jurisdiction in the interpretation of this Agreement.
Rather, this Agreement, and the security created hereunder, shall exclusively be interpreted by reference to Swiss laws, doctrine
and case law.

 

		1.12	Any reference to "writing" or "written" includes faxes and any legible reproduction of words delivered
in permanent and tangible form, and PDF files transmitted by e-mail (but not plain e-mail).

 

		2.	Role of the Agent

 

		2.1	Any reference in this Agreement to the Agent shall, unless expressly otherwise provided, be a reference to the Agent acting
for itself and (as direct representative (direkter Stellvertreter)) in the name, on behalf and for the benefit of the other
Pledgees.

 

		2.2	Any actions, rights, powers and discretion of the Pledgees under this Agreement shall be exclusively made and exercised by
the Agent.

 

		2.3	Any documents, assets and notices to be delivered and given, respectively, by the Pledgor to the Pledgees under this Agreement
shall be exclusively delivered and given, respectively, to the Agent.

 

		3.	Pledge of Shares

 

		3.1	For the purpose of securing the Secured Obligations, the Pledgor hereby undertakes to pledge and hereby pledges (verpfändet)
to the Pledgees the Shares and (i) all ancillary present and future rights and claims pertaining thereto, including claims for
dividends, other benefits payable to the Pledgor in its capacity as shareholder or profit distributions, capital repayments, subscription
rights, pre-emptive rights and claims for liquidation proceeds, and (ii) all additional shares in the Company from time to time
acquired by the Pledgor in any manner, and the Pledgees hereby accept such right of pledge.

 

		3.2	If the Shares are changed, subdivided, consolidated, exchanged or converted through a merger or otherwise, the pledge created
under this Agreement shall also extend to such shares as changed, subdivided, consolidated, exchanged or converted and the Pledgor
undertakes to promptly undertake all acts to have the pledge right created hereby perfected.

 

		4.	Continuing and additional security

 

		4.1	The Pledge shall remain in force, and shall not be satisfied by any intermediate payment or intermediate satisfaction of any
part of the Secured Obligations or by any intermediate settlement of accounts, until all of the Secured Obligations have been unconditionally
and irrevocably paid in full (other than inchoate indemnity obligations) and no further Secured Obligations are capable of arising.

 

		4.2	If, in the course of bankruptcy proceedings, any payment remitted in order to pay the Secured Obligations, is avoided or set
aside or ordered to be refunded or reduced, on the grounds of fraudulent preference or otherwise, the obligations of the Pledgor
hereunder shall revive and the security interest constituted by this Agreement shall continue with respect to the Secured Obligations
the payment of which was avoided, set aside or ordered to be refunded or reduced.

 

     

    
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		4.3	The Pledge shall be cumulative, and shall be in addition to, and shall not in any way be prejudiced by or dependent on any
collateral or other security now or thereafter held by or for the benefit of the Pledgees as security for the Secured Obligations
or any lien to which they may be entitled (whether by contract or statute). The rights of the Pledgees hereunder are in addition
to and not in lieu of those provided by law. The Pledge secures the Pledgees up to the amount of the Secured Obligations
from time to time outstanding.

 

		4.4	To the fullest extent permitted by applicable law, the Pledgor waives any right it may have to require the Pledgees to first
proceed against, or claim payment from, any person or enforce any guarantee or security granted by any person before enforcing
this Agreement and/or their rights hereunder or pursuant hereto.

 

		5.	Variation of Secured Obligations

 

The Pledgor herewith expressly agrees that the Pledge
shall (to the extent legally possible) extend from time to time to any (however fundamental) variation, increase or extension of
the Secured Obligations.

 

		6.	Representations and warranties

 

		6.1	In addition to, and without in any way limiting the representations and warranties made in the other Loan Documents, but subject
to the security rights created and the obligations imposed on the Pledgor by virtue of this Agreement or any other Loan Document,
the Pledgor hereby represents and warrants that on the Closing Date and, except as explicitly stated otherwise hereafter, on each
Advance Date:

 

		(a)	it is duly incorporated and validly existing under the laws of Switzerland and has the power to carry on its business as it
is now being conducted and to own its property and other assets;

 

		(b)	this Agreement constitutes legal, valid and binding obligations of the Pledgor enforceable in accordance with the terms and
conditions set forth herein;

 

		(c)	the entering into, the execution and the performance of this Agreement have been duly authorized by all necessary corporate
and other action and do not conflict with, and (with regard to agreements) do not constitute an event of default under, any provision
of its articles of association or other constitutional documents or any provision of law, regulation, decision, decree, order of
court, of an arbitration panel or of a public authority or any agreement, arrangement or other instrument to which the Pledgor
is a party or by which it or any of its assets are bound or affected;

 

		(d)	it is the sole legal and beneficial owner of, and entitled to all rights and benefits in relation to, the Shares;

 

		(e)	it has not assigned, transferred, sold or otherwise disposed of, the benefit of all or any of its rights, title and interest
in the Shares;

 

		(f)	save for Permitted Liens, the Shares are free and clear from any Liens;

 

		(g)	the Shares are fully pledgeable as of the date of their pledge to the Pledgees hereunder purportedly becoming effective;

 

     

    
	Share Pledge Agreement 	5/12

    

		(h)	no demand, order or resolution for the liquidation of the Company or for the protection of the Company from its creditors has
been filed or is currently pending;

 

		(i)	the Company is not subject to any bankruptcy proceedings or proceedings for composition or suspension of payment, and no such
proceedings have been applied for;

 

		(j)	the Shares have been validly issued and fully paid in and no obligations to effect additional contributions of share capital
exist;

 

		(k)	the Shares represent all of the issued share capital of the Company and the Company has not issued any equity interest other
than the Shares, all subject to any additional and/or, amongst others, changed shares as referred to in clauses 3.1(ii) and 3.2,
and as at the Closing Date no instruments have been issued which entitle their holders to subscribe to or request the issuance
of further shares or other equity interests in the Company;

 

		(l)	the registered share certificate delivered according to clause ‎7.1(e)
has been duly issued and no other share certificates have been issued by the Company, subject to any certificates representing
additional and/or, amongst others, changed shares as referred to in clauses 3.1(ii) and 3.2; and

 

		(m)	no board or shareholders’ resolution of the Pledgor or the Company has been passed, and the Pledgor is not aware of any
other circumstance, which would be reasonably likely to have a material adverse effect (in terms of value, enforceability or otherwise)
on the Pledge or any other right of the Pledgees under this Agreement.

 

		6.2	The representations and warranties above are made at the time(s) as set out in clause ‎6.1
and are repeated as of the date of each additional pledge purportedly becoming effective hereunder.

 

		7.	Covenants of the Pledgor

 

		7.1	On the Closing Date, the Pledgor shall deliver to the Agent a copy of each:

 

		(a)	a certified copy of the current articles of association (Statuten) of the Company;

 

		(b)	the minutes of a resolution passed by the board of directors of the Pledgor approving the entering into, execution and performance
by the Pledgor of this Agreement;

 

		(c)	the minutes of a resolution of the board of directors of the Company (i) approving the granting of the Pledge, and (ii) confirming
that any acquirer of the Shares in connection with the enforcement of the Pledge shall be acknowledged as a new shareholder of
the Company and shall be registered in the share register of the Company;

 

		(d)	the revised articles of association of the Company providing for free transferability of the Shares, the public deed resolving
their enactment and the application to the commercial register for their registration;

 

		(e)	the original share certificate evidencing all Shares duly endorsed in blank;

 

     

    
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		(f)	a copy of the share register (Aktienbuch) of the Company signed by one director of the Company, evidencing that (i)
the Pledgor is the registered shareholder of the Shares, and (ii) the Shares are pledged to the Pledgees; and

 

		(g)	a proxy executed by the Pledgor (‎Schedule
1), which shall be renewed from time to time upon the Agent's reasonable request.

 

		7.2	The Pledgor undertakes and covenants for as long as any of the Secured Obligations remains unpaid or is capable of arising
as follows:

 

		(a)	unless expressly otherwise permitted by the Loan and Security Agreement, not to enter into any legal instrument relating to,
or grant or permit to be created or to subsist any Lien, other than a Permitted Lien, over, or sell, assign, transfer or otherwise
dispose of, the Shares or take or permit any other action or omission that could impair or jeopardize any rights of the Pledgees
under this Agreement or could impair or jeopardize the enforcement of the security interest under this Agreement or the value of
the Shares;

 

		(b)	except with the Agent's prior written consent, which shall not be unreasonably withheld, not to vote in favor of any shareholders'
resolution of the Company whereby:

 

		(i)	the articles of association of the Company (as amended pursuant to clause ‎7.1(c)) would be amended in any manner which
would be reasonably likely to have a Material Adverse Effect;

 

		(ii)	shares or other equity, or the granting of rights to purchase or otherwise acquire any rights in or to shares or other equity
interest in the Company would be created or issued, except for the issuance of additional shares or other equity interest in the
Company in a capital increase by means of a cash contribution (Barliberierung) to the Pledgor, who shall immediately perfect
the pledge to the Pledgees over such shares pursuant to clause ‎7.2(c);

 

		(iii)	the Company's share capital would be reduced;

 

		(iv)	the Company would be dissolved (with or without liquidation);

 

		(v)	the Company would be merged with any other entity or split;

 

		(vi)	the Company's corporate domicile would be relocated abroad; or

 

		(vii)	any of the Shares would be modified;

 

		(c)	promptly upon becoming the owner (directly or indirectly) of any additional shares or other equity interest in the Company,
to do everything necessary and useful to perfect the pledge granted to the Pledgees over such shares or other equity interest pursuant
to clause ‎3.1 (respectively, in case of indirect
ownership, to procure such pledging) and to promptly deliver to the Agent the respective share certificates and the respectively
updated share register of the Company;

 

		(d)	to procure that the Company does not dispose of or allow the creation or continuance of any Lien over any of its Intellectual
Property; and

 

     

    
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		(e)	to promptly do all things and execute all documents that are reasonably requested by the Agent from time to time for the purpose
of the exercise of the Pledgees' rights hereunder or securing or perfecting the security interest under this Agreement.

 

		8.	Voting rights

 

		8.1	Until such time when an Event of Default has occurred and is continuing, the Pledgor shall have the right to exercise any and
all membership rights pertaining to the Shares, in particular the right to vote in the shareholders’ meeting of the Company.

 

		8.2	Upon the occurrence of an Event of Default and during the continuance thereof, the Agent shall forthwith be entitled to exercise
solely and exclusively all voting and consensual powers pertaining to the Shares and may exercise such powers in its sole discretion.

 

		8.3	The Agent may only use the proxy (‎Schedule
1) upon the occurrence of an Event of Default and during the continuance thereof.

 

		9.	Dividends and other pecuniary rights

 

		9.1	Until such time when an Event of Default has occurred and is continuing, and subject to the terms and conditions of this Agreement,
the Pledgor shall be entitled (i) to receive all monies and other assets payable in respect of the Shares (such as dividends, profit
distributions or capital repayments in relation to the Shares) (the “Dividend Payments”) and (ii) to exercise
all pecuniary rights in connection with the Shares.

 

		9.2	Upon the occurrence of an Event of Default and during the continuance thereof, the Agent shall forthwith be entitled (i) to
receive all Dividend Payments and any other benefits in relation to the Shares, and (ii) to exercise all pecuniary rights in connection
with the Shares. The Pledgor shall, if such payments are made to it rather than to the Agent, promptly transfer the same to the
Agent in the identical form as received and, until such transfer occurs, shall hold the respective funds in trust for the Pledgees
and segregated from other funds of the Pledgor.

 

		10.	Realization

 

		10.1	Upon the occurrence of an Event of Default and during the continuance thereof, the Agent shall without further notification
at any time be, at its sole discretion, entitled, but not obligated:

 

		(a)	to realize the Shares in full or in part through

 

		(i)	a bona fide private sale (private Verwertung) at fair market value or acquisition of the Shares for its own account
(Selbsteintritt) at fair market value, or

 

		(ii)	a public auction or public offering;

 

in either case without having to initiate proceedings
under, and without regard to the formalities provided in, the DEBA, and to transfer the Shares to any third party; or

 

		(b)	to enforce the Pledge by means of official enforcement proceedings (including enforcement proceedings in respect of the Shares
(Betreibung auf Faustpfandverwertung)) in accordance with the DEBA;

 

     

    
	Share Pledge Agreement 	8/12

    

in each case applying the resulting proceeds to the
discharge of the Secured Obligations in accordance with the terms of the Loan and Security Agreement. The Agent shall promptly
account for the proceeds of any sale, auction or offering.

 

		10.2	Notwithstanding clause ‎10.1 above and
notwithstanding article 41 DEBA, the Agent is at liberty to enforce any Secured Obligations prior to the enforcement of the Pledge
and to commence or pursue the regular debt enforcement proceedings against the Pledgor or any other debtor of the Secured Obligations
without having first to realize any of the Shares or other pledged assets or to institute statutory proceedings for the realization
thereof, without foregoing any of the Pledgees' rights hereunder.

 

		10.3	For the avoidance of doubt, if the Pledge is enforced or if the Pledgor or any other debtor has discharged any of the Secured
Obligations, no legal subrogation of claims shall occur and no related rights of the Pledgees shall pass to the Pledgor or any
other debtor by subrogation or otherwise for as long as any of the Secured Obligations remains unpaid or is capable of arising.

 

		10.4	If the proceeds resulting from enforcement actions pursuant to this clause ‎10
exceed the Secured Obligations, upon unconditional and irrevocable satisfaction of all Secured Obligations (except for inchoate
indemnity obligations) and no further Secured Obligations being capable of arising, the Agent shall promptly account for and remit
the excess amount to the Pledgor.

 

		11.	Redelivery of pledged shares and proxy

 

		11.1	Upon expiry of the Pledge pursuant to clause ‎4.1,
the Agent herewith undertakes to, at the Pledgor's cost, promptly release the Shares and redeliver all certificates evidencing
the Shares to the Pledgor or to any other person designated by the Pledgor, free and clear of any Lien created by the Pledgees,
and to do any and all acts reasonably required for such release and redelivery.

 

		11.2	Clause ‎11.1 shall apply mutatis mutandis
to all further assets (if any) having become subject to the Pledge in accordance with this Agreement and to the proxy (‎Schedule
1).

 

		11.3	For the sake of clarity it is expressly agreed that clauses ‎4.2
and ‎12.3 shall survive the release as per
this clause ‎11 and – except as explicitly
agreed otherwise – the termination of this Agreement for as long as respective claims are capable of arising, provided, however,
that the occurrence of any claims under clause ‎12.3
after such release or termination shall not result in a revival of the security interest constituted by this Agreement.

 

		12.	Assignments and transfers

 

		12.1	The Pledgees shall have the right to transfer or assign all or part of their rights and/or obligations under this Agreement
(including, but not limited to, a transfer of the entire contractual relationship of this Agreement (Vertragsübernahme
durch einen Dritten)) to any party to whom the Pledgees assign their rights or transfer or syndicate, or grant sub-participations
or other interests in, their rights and obligations as permitted under the terms of the Loan and Security Agreement. The Pledgor
hereby explicitly agrees to such transfer or assignment and undertakes, upon first request of the Pledgees, to take all measures
and do all acts necessary or useful in relation to such transfer or assignment.

 

		12.2	If a replacement or successor agent of the Agent is appointed in accordance with the terms of the Loan and Security Agreement,
the Agent shall automatically be replaced by that

 

     

    
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replacement or successor agent as
the respective Party to this Agreement, such replacement being valid and enforceable for and against the Pledgor upon notification
to the Pledgor of such replacement or succession.

 

		12.3	The rights and obligations of the Pledgor under this Agreement may not be assigned or transferred without the prior written
consent of the Agent. 

 

		13.	Expenses and indemnification

 

		13.1	The Pledgor's obligation to reimburse the Pledgees for costs, expenses, fees and damages shall be governed by section 6.3 of
the Loan and Security Agreement.

 

		13.2	Unless caused (by action or omission) intentionally or grossly negligent, the Pledgees shall not be liable for any losses of
the Pledgor or of the Company arising in connection with the exercise or purported exercise of any of their rights, powers and
discretion under this Agreement.

 

		14.	Amendment and waiver

 

		14.1	Any amendment of this Agreement, including any amendment of this clause ‎14.1,
must be in writing in order to be valid.

 

		14.2	A waiver of any right under this Agreement is only effective if it is in writing and it applies only to the Party to which
the waiver is addressed and the circumstances for which it is given.

 

		14.3	The failure or delay by a Party in exercising any right or remedy under or in connection with this Agreement will not constitute
a waiver of such right or remedy.

 

		14.4	No waiver of any provision of this Agreement or of any right or remedy in connection with this Agreement shall constitute a
continuing waiver or a waiver relating to a subsequent breach of such provision, right or remedy under this Agreement.

 

		15.	Notices

 

		15.1	Any notice to be given under this Agreement shall be given pursuant to section 11.2 of the Loan and Security Agreement.

 

		16.	Language

 

		16.1	All notices or formal communications in connection with this Agreement shall be in English.

 

		17.	Severance

 

		17.1	The invalidity of individual parts of this Agreement shall have no impact on the validity of the Agreement as a whole. The
Parties agree that if any provision or part of a provision of this Agreement is deemed invalid, inoperative or otherwise not enforceable,
the Agreement as a whole shall remain valid and the invalid provision or part of a provision shall be replaced by a provision which
the Parties would have agreed on in good faith if they had been aware of the invalidity.

 

     

    
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		18.	Entire agreement

 

		18.1	In this clause ‎18, references to this
Agreement include all other written agreements and arrangements between the Parties which are expressed to be supplemental to this
Agreement or which this Agreement expressly preserves or requires to be executed.

 

		18.2	This Agreement constitutes the whole and only understanding between the Parties in relation to its subject matter. All previous
drafts, agreements, understandings, undertakings, representations, warranties, promises and arrangements of any nature whatsoever
between the Parties with any bearing on the subject matter of this Agreement are superseded and extinguished to the extent that
they have such a bearing and each of the Parties acknowledges to the other that it is not entering into this Agreement in consequence
of or in reliance on anything it is the purpose of this clause to exclude.

 

		18.3	The schedules to this Agreement are an integral part of this Agreement.

 

		19.	Governing law and jurisdiction

 

		19.1	This Agreement and the Pledge (including matters as to the perfection of the Pledge as a right in rem, in particular
the transfer and possession of any certificates representing the Shares) shall in all respects be governed by and construed in
accordance with Swiss substantive law.

 

		19.2	The Parties submit to the exclusive jurisdiction of the competent court of Zurich 1 for all disputes arising out of or in connection
with this Agreement.

 

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

 

     

    
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	Pledgor	Auris Medical Holding AG	 
	 	 	 
	 	  	 
	 	Name: 

Title:	 
	 	 	 
	 	  	 
	 	Name: 

Title:	 
	 	 	 
	Agent

acting for itself and as direct representative (direkter Stellvertreter) of the other Pledgees	Hercules Capital, Inc.	 
	 	 	 
	 	  	 
	 	Name: 

Title:	 

 

Without becoming a party to this Agreement, the Company hereby
undertakes to comply with the covenant made in clause ‎7.2(d)
as if it were its own covenant.

 

	Company	Auris Medical AG	 
	 	 	 
	 	  	 
	 	Name: 

Title:	 
	 	 	 
	 	  	 
	 	Name: 

Title:	 

     

    
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Schedule
1

Proxy

 

AUTHORITY AND INSTRUCTION TO VOTE (PROXY)

 

Auris Medical Holding AG

Bahnhofstrasse 21

6300 Zug

Switzerland

(Shareholder)

 

as shareholder of

Auris Medical AG,

a Swiss stock corporation domiciled in Basel, Switzerland,

(Company)

 

hereby grants an irrevocable power of attorney to

 

Hercules Capital, Inc.

400 Hamilton Avenue

Suite 310, Palo Alto

CA 94301

USA

(Attorney)

 

with the right of substitution, to fully represent the Shareholder
at any and all shareholders' meetings of the Company and to exercise his voting rights for any business which may properly come
before such shareholders' meetings.

 

The Shareholder further expressly agrees with the form, the date
and the place of any shareholders' meeting and with the manner in which it has been called (whether or not such meeting will be
constituted as a plenary meeting within the meaning of art. 701 of the Swiss Code of Obligations).

 

The present authority and instruction is governed by the laws
of the State of California, USA.

 

Place and date: _______________________

 

Auris Medical Holding AG:

 

 

	 	 	 	 
	by:	 	by:Exhibit 10.4

 

Execution version

 

 

CLAIMS
Security ASSIGNMENT AGREEMENT

 

 

 

 

July 19, 2016

 

 

between

 

 

Auris Medical Holding AG

as Assignor

 

 

and

 

 

Hercules Capital, Inc.,

as Agent and Assignee

 

 

 

regarding the security assignment of

intercompany receivables

 

     

    Claims Security Assignment Agreement
 

    

Contents

 

	Clause	Page
	1.	Interpretation and definitions	1
	2.	Role of the Agent	3
	3.	Assignment	3
	4.	Continuing and additional security	3
	5.	Variation of Secured Obligations	4
	6.	Representations and warranties	4
	7.	Covenants of Assignor	5
	8.	Administration of Account Receivables	5
	9.	Realization	5
	10.	Waiver of secrecy rights	6
	11.	Audit	7
	12.	Reassignment of Account Receivables	7
	13.	Assignments and transfers	7
	14.	Expenses and indemnification	7
	15.	Amendment and waiver	8
	16.	Notices	8
	17.	Language	8
	18.	Severance	8
	19.	Entire agreement	8
	20.	Governing law and jurisdiction	9
	 	 	 
	Schedules 	Page
	Schedule 1 Notification Letter (Upon Event of Default)	11

     

    
	Claims Security Assignment Agreement 	1/12

    

THIS AGREEMENT is dated July 19, 2016

 

PARTIES

 

		(1)	Auris Medical Holding AG, Bahnhofstrasse 21, 6300 Zug, Switzerland (the "Assignor");

 

		(2)	Hercules Capital, Inc., 400 Hamilton Avenue, Suite 310, Palo Alto, CA 94301, USA (the "Agent")

 

BACKGROUND

 

		(A)	Auris Medical Holding AG (as Borrower), Hercules Capital, Inc. (as Lender and Agent) and certain other lenders are parties
to that certain loan and security agreement dated on or about the date hereof pursuant to which the Lender (as defined therein)
has agreed to make available certain term loan advances to the Borrower (the "Loan and Security Agreement").

 

		(B)	The Lender has agreed to make available to the Borrower such term loan advances conditional upon, inter alia, the Assignor
assigning the Account Receivables (as defined below) to the Agent as security for the due and punctual satisfaction of the Secured
Obligations (as defined in the Loan and Security Agreement).

 

		(C)	The Assignor is willing to assign for security purposes the Account Receivables to the Agent according to the terms of this
Agreement, and the Agent is willing to accept such assignment.

 

AGREED TERMS

 

		1.	Interpretation and definitions

 

		1.1	In this Agreement the following expressions shall have the following meanings:

 

"Account Receivables"
means any and all present and future, actual and contingent assignable claims of the Assignor against Auris Medical AG, Switzerland,
Otolanum AG, Switzerland, and any other Subsidiary domiciled in Switzerland (whether now existing or formed or redomiciled in the
future), in each case including, to the extent possible, all accessory rights and rights which are or hereafter will be dependent
upon any such claims, such as rights arising out of (bank) guarantees connected or hereafter to be connected with any such claim;

 

"Agent" means
the Agent as identified in the parties list above and its permitted successors, as the case may be;

 

"Agreement" means
this agreement (including its schedules) and all the terms contained in it;

 

"Assignment" means
the security interest created by this Agreement pursuant to clause 2.

 

"Assignor" means
the assignor as identified in the parties list above and its permitted successors, as the case may be;

 

"Business Day"
means a day on which banks are open for business in Zug, Switzerland;

 

"DEBA" means the
Swiss Federal Debt Enforcement and Bankruptcy Act (Schuldbetreibungs- und Konkursgesetz) of April 11, 1889;

 

     

    
	Claims Security Assignment Agreement 	2/12

    

"Effective Date"
means the date first set forth above;

 

"Loan and Security Agreement"
has the meaning given to it in Background (A);

 

"Party" means
a party to this Agreement;

 

		1.2	Terms not defined in this Agreement shall have the meaning given to them in the Loan and Security Agreement.

 

		1.3	The table of contents and headings and sub-headings of this Agreement are for convenience only and shall not affect the construction
of this Agreement.

 

		1.4	The words "other", "include", "including" and "in particular" do not connote limitation
in any way.

 

		1.5	Unless the context otherwise requires, words denoting the singular shall include the plural and vice versa and references to
any gender shall include all other genders.

 

		1.6	References to any person (which for the purposes of this Agreement shall include bodies corporate, unincorporated associations,
partnerships, trusts, governments, governmental agencies and departments, statutory bodies or other entities, in each case whether
or not having a separate legal personality) shall include the person's successors.

 

		1.7	References to recitals, schedules, clauses and sub-clauses are references to recitals, schedules, clauses and sub-clauses of
this Agreement (unless otherwise specified) and references within a schedule to paragraphs are to paragraphs of that schedule (unless
otherwise specified).

 

		1.8	References in this Agreement to any statute, ordinance, statutory provision, regulation, directive or other legislation include
a reference to that legislation as amended or replaced from time to time (whether before or after the Effective Date) and include
any order, regulation, instrument or other subordinate legislation made under the relevant legislation, and references in this
Agreement to any agreement or document include a reference to that agreement or document (including its schedules) as varied, amended,
supplemented or replaced from time to time (whether before or after the Effective Date).

 

		1.9	References to any Swiss legal term for any action, remedy, method of judicial proceeding, legal document, legal status, court,
organization, body, official or any legal concept, state of affairs or thing shall in respect of any jurisdiction other than Switzerland
be deemed to refer to and include that action, remedy, method of judicial proceeding, legal document, legal status, court, organization,
body, official, legal concept, state of affairs or thing which most nearly approximates in that jurisdiction to the Swiss legal
term.

 

		1.10	Where a German term has been inserted after an English term in italics, the German term alone shall be authoritative for the
purpose of interpreting such English term, without regard to any other interpretation of the English term.

 

		1.11	This Agreement is drafted in English for convenience purposes only, and the fact that the English language is used herein shall
not be a reason to refer to laws, doctrine or case law of any English-speaking jurisdiction in the interpretation of this Agreement.
Rather, this Agreement, and the security created hereunder, shall exclusively be interpreted by reference to Swiss laws, doctrine
and case law.

 

     

    
	Claims Security Assignment Agreement 	3/12

    

		1.12	Any reference to "writing" or "written" includes faxes and any legible reproduction of words delivered
in permanent and tangible form, and PDF files transmitted by e-mail (but not plain e-mail).

 

		2.	Role of the Agent

 

		2.1	Any reference in this Agreement to the Agent shall, unless expressly otherwise provided, be a reference to the Agent acting
for its own benefit and for the benefit of the Lender.

 

		3.	Assignment

 

		3.1	For the purpose of securing the Secured Obligations, the Assignor hereby undertakes to assign and hereby assigns by way of
security assignment (Sicherungszession) any and all Account Receivables to the Agent, and the Agent hereby accepts such
assignment. Where an Account Receivable does not yet exist on the Effective Date, its assignment shall become effective with the
arising of such future Account Receivable (Abtetung einer künftigen Forderung).

 

		3.2	For the avoidance of doubt and notwithstanding any provision of this Agreement to the contrary, the Parties acknowledge and
agree that each assignment made under this Agreement is immediate (with effect as of the Effective Date for the initial assignment)
and unconditional.

 

		4.	Continuing and additional security

 

		4.1	The Assignment shall remain in force, and shall not be satisfied by any intermediate payment or intermediate satisfaction of
any part of the Secured Obligations or by any intermediate settlement of accounts, until all of the Secured Obligations have been
unconditionally and irrevocably paid in full (other than inchoate indemnity obligations) and no further Secured Obligations are
capable of arising.

 

		4.2	If any payment remitted in order to pay the Secured Obligations, in the course of bankruptcy proceedings, on the grounds of
fraudulent preference or otherwise, is deemed capable of being avoided or set aside or ordered to be refunded or reduced, the obligations
of the Assignor hereunder shall revive and the security interest constituted by this Agreement shall continue with respect to the
Secured Obligations to the extent any payment thereof is deemed capable of being avoided, set aside or ordered to be refunded or
reduced.

 

		4.3	The Assignment shall be cumulative, and shall be in addition to, and shall not in any way be prejudiced by or dependent on
any collateral or other security now or thereafter held by or for the benefit of the Agent as security for the Secured Obligations
or any lien to which it may be entitled (whether by contract or statute). The rights of the Agent hereunder are in addition to
and not in lieu of those provided by law. The Assignment secures the Agent up to the amount of the Secured Obligations from time
to time outstanding.

 

		4.4	To the fullest extent permitted by applicable law, the Assignor waives any right it may have to require the Agent to first
proceed against, or claim payment from, any person or enforce any guarantee or security granted by any person before enforcing
this Agreement and/or its rights hereunder or pursuant hereto.

 

     

    
	Claims Security Assignment Agreement 	4/12

    

		5.	Variation of Secured Obligations

 

		5.1	The Assignor herewith expressly agrees that the Assignment shall (to the extent legally possible) extend from time to time
to any (however fundamental) variation, increase or extension of the Secured Obligations.

 

		6.	Representations and warranties

 

		6.1	In addition to, and without in any way limiting the representations and warranties made in the other Loan Documents, but subject
to the security rights created and the obligations imposed on the Assignor by virtue of this Agreement or any other Loan Document,
the Assignor hereby represents and warrants that on the Effective Date and on each Advance Date:

 

		(a)	it is duly incorporated and validly existing under the laws of Switzerland and has the power to carry on its business as it
is now being conducted and to own its property and other assets;

 

		(b)	this Agreement constitutes legal, valid and binding obligations of the Assignor enforceable in accordance with the terms and
conditions set forth herein;

 

		(c)	the entering into, the execution and the performance of this Agreement have been duly authorized by all necessary corporate
and other action and do not conflict with, and (with regard to agreements) do not constitute an event of default under, any provision
of its articles of association or other constitutional documents or any provision of law, regulation, decision, decree, order of
court, of an arbitration panel or of a public authority or any agreement, arrangement or other instrument to which the Assignor
is a party or by which it or any of its assets are bound or affected;

 

		(d)	it is the sole creditor and beneficiary of, and entitled to all rights and benefits in relation to, the Account Receivables,
except for defenses of law or of fact (Einreden und Einwendungen) which its debtors may have, and the absence of which as
of the Effective Date it hereby confirms;

 

		(e)	it has not assigned, transferred, sold or otherwise disposed of, the benefit of all or any of its rights, title and interest
in the Account Receivables;

 

		(f)	save for Permitted Liens, the Account Receivables are free and clear from any Liens;

 

		(g)	no claims or proceedings are pending or threatened in connection with the Account Receivables; and

 

		(h)	the Account Receivables are fully assignable as of the date of their assignment to the Agent hereunder purportedly becoming
effective.

 

		6.2	The representations and warranties above are made at the time(s) as set out in clause 6.1 and are repeated as of the date of
each assignment of Account Receivables purportedly becoming effective hereunder.

 

     

    
	Claims Security Assignment Agreement 	5/12

    

		7.	Covenants of Assignor

 

		7.1	On the Closing Date, the Assignor shall deliver to the Agent a copy of each:

 

		(a)	the minutes of a resolution passed by the board of directors of the Assignor approving the entering into, execution and performance
by the Assignor of this Agreement; and

 

		(b)	a list of all Account Receivables outstanding as at the end of the last fiscal quarter preceding the Effective Date or as of
a more recent date as the Assignor deems fit, setting forth the exact amounts owed to the Assignor.

 

		7.2	The Assignor undertakes and covenants for as long as any of the Secured Obligations remains unpaid or is capable of arising
as follows:

 

		(a)	unless expressly otherwise permitted by the Loan and Security Agreement, not to enter into any legal instrument relating to,
or grant or permit to be created or to subsist any Lien over, other than a Permitted Lien, or dispose of, or waive, or assign any
of the Account Receivables or take or permit any other action or omission that could impair or jeopardize any rights of the Agent
under this Agreement or could impair or jeopardize the enforcement of the security interest under this Agreement or the value of
the Account Receivables; and

 

		(b)	to promptly do all things and execute all documents that are reasonably requested by the Agent from time to time for the purpose
of the exercise of the Agent's rights hereunder or securing or perfecting the security interest under this Agreement.

 

		8.	Administration of Account Receivables

 

		8.1	The Agent is exclusively entitled to collect, terminate and administer the Account Receivables.

 

		8.2	The Agent, however, hereby authorizes the Assignor to collect, terminate and administer the Account Receivables in the ordinary
course of its business for as long as no Event of Default has occurred and is continuing. After the occurrence of an Event of Default
and during the continuance thereof, the Assignor shall not, without the prior written consent of the Agent, dispose of or collect
any Account Receivables.

 

		8.3	Notwithstanding clause 8.2 (and any other provision of this Agreement), the Parties agree that the security interest contemplated
by this Agreement shall become effective as of the Effective Date.

 

		9.	Realization

 

		9.1	Upon the occurrence of an Event of Default and during the continuance thereof, the Assignor shall, upon request of the Agent,
execute all documents and do all other things that the Agent may reasonably require to facilitate the realization of the Account
Receivables.

 

		9.2	Upon the occurrence of an Event of Default and during the continuance thereof, promptly upon being requested by the Agent to
do so, the Assignor shall send (with a copy to the Agent) a notice to be established in accordance with Schedule 1 (or with such
other form as the Agent may deem appropriate) to the debtors of the Account Receivables. If following an Event of Default any order
is made, or any transaction is entered into, which may result in Account Receivables

 

     

    
	Claims Security Assignment Agreement 	6/12

    

being owed by a new debtor, which
was not covered by a notice given pursuant to this clause 9.2, the Assignor shall immediately send a notice (with a copy to the
Agent) to such new debtor in accordance with Schedule 1 (or with such other form as the Agent may deem appropriate). However, nothing
in this Agreement shall preclude the Agent from sending at any time on or after the Effective Date any assignment notice directly
to any debtor of Account Receivables upon the occurrence of an Event of Default and during the continuance thereof or if its otherwise
necessary to protect the security interest under this Agreement.

 

		9.3	Upon the occurrence of an Event of Default and during the continuance thereof, the Agent shall without further notification
at any time be, at its sole discretion, entitled, but not obligated:

 

		(a)	without prejudice to the generality of clause 8.1, to collect the Account Receivables, when due, from the relevant debtors;
and/or

 

		(b)	to realize the Account Receivables in full or in part through a bona fide private sale (private Verwertung) at
fair market value or acquisition of the Account Receivables for its own account (Selbsteintritt) at fair market value, in
either case without having to initiate proceedings under, and without regard to the formalities provided in, the DEBA;

 

in each case applying the resulting proceeds to the
discharge of the Secured Obligations in accordance with the terms of the Loan and Security Agreement. The Agent shall promptly
account for the proceeds of any collection or sale.

 

		9.4	Upon the occurrence of an Event of Default and during the continuance thereof, the Assignor shall without delay transfer any
payment of the Account Receivables it receives to the account so designated by the Agent and, until such transfer occurs, shall
hold the respective funds in trust for the Agent and segregated from other funds of the Assignor.

 

		9.5	Notwithstanding the provisions in this clause 9, the Agent is at liberty to enforce any Secured Obligations prior to the collection
or enforcement of any Account Receivables and to commence or pursue the regular debt enforcement proceedings against the Assignor
or any other debtor of any of the Secured Obligations without having first to collect or enforce any Account Receivables, without
foregoing any of its rights hereunder.

 

		9.6	If the proceeds resulting from enforcement actions pursuant to this clause 9 exceed the Secured Obligations, upon unconditional
and irrevocable satisfaction of all Secured Obligations (except for inchoate indemnity obligations) and no further Secured Obligations
being capable of arising, the Agent shall promptly account for and remit the excess amount to the Assignor.

 

		9.7	For the avoidance of doubt, it is expressly agreed that the Assignor shall remain liable for any Secured Obligations which
are not finally settled by application of the proceeds of the realization of the Account Receivables (keine Abtretung an Zahlungs
Statt).

 

		10.	Waiver of secrecy rights

 

		10.1	The Assignor hereby irrevocably and unconditionally waives any secrecy rights to the extent necessary for the Agent to exercise
its rights (including, but not limited to, its rights under clause 13) and obligations under this Agreement.

 

		10.2	Upon occurrence of an Event of Default and during the continuance thereof, the Assignor shall, upon reasonable request of the
Agent, authorize and instruct each debtor of the Account

 

     

    
	Claims Security Assignment Agreement 	7/12

    

Receivables who is subject to a
secrecy obligation to disclose any information relating to the Account Receivables to the Agent to the extent necessary for the
Agent to exercise its rights and obligations under this Agreement.

 

		11.	Audit

 

		11.1	The Agent is entitled to inspect and audit the status of the Account Receivables and to request information and production
of relating documents from the Assignor pursuant to section 7.2 of the Loan and Security Agreement.

 

		11.2	The Assignor undertakes to provide the Agent within five Business Days upon the occurrence of an Event of Default with a current
list of all Account Receivables, setting forth the details of the Account Receivables as well as any other information the Agent
may reasonably request.

 

		12.	Reassignment of Account Receivables

 

		12.1	Upon discharge of the Secured Obligations pursuant to clause 4.1, the Agent herewith undertakes to reassign to the Assignor,
at the cost of the Assignor, free and clear of any Lien created by the Agent, any and all Account Receivables and to do any and
all acts reasonably required for such reassignment.

 

		12.2	For the sake of clarity it is expressly agreed that clauses 4.2 and 13.2 shall survive the release as per clause 12.1 and –
except as explicitly agreed otherwise – the termination of this Agreement for as long as respective claims are capable of
arising, provided, however, that the occurrence of any claims under clause 13.2 after such release or termination shall not result
in a revival of the security interest constituted by this Agreement.

 

		13.	Assignments and transfers

 

		13.1	If a replacement or successor agent of the Agent is appointed in accordance with the terms of the Loan and Security Agreement,
the Agent shall automatically be replaced by that replacement or successor agent as the respective Party to this Agreement, such
replacement being valid and enforceable for and against the Assignor upon notification to the Assignor of such replacement or succession
including evidence of the due (i) assignment and transfer of any and all rights and obligations of the Agent under this Agreement
and (ii) assignment of the Account Receivables by the Agent to the successor agent.

 

		13.2	The rights and obligations of the Assignor under this Agreement may not be assigned or transferred without the prior written
consent of the Agent.

 

		14.	Expenses and indemnification

 

		14.1	The Assignor's obligation to reimburse the Agent for costs, expenses, fees and damages shall be governed by section 6.3 of
the Loan and Security Agreement.

 

		14.2	Unless caused (by action or omission) intentionally or – if and to the extent the law permits – grossly negligently,
the Agent shall not be liable for any losses of the Assignor arising in connection with the exercise or purported exercise of any
of its rights, power and discretion under this Agreement.

 

     

    
	Claims Security Assignment Agreement 	8/12

    

		15.	Amendment and waiver

 

		15.1	Any amendment of this Agreement, including any amendment of this clause 15.1, must be in writing in order to be valid.

 

		15.2	A waiver of any right under this Agreement is only effective if it is in writing and it applies only to the Party to which
the waiver is addressed and the circumstances for which it is given.

 

		15.3	The failure or delay by a Party in exercising any right or remedy under or in connection with this Agreement will not constitute
a waiver of such right or remedy.

 

		15.4	No waiver of any provision of this Agreement or of any right or remedy in connection with this Agreement shall constitute a
continuing waiver or a waiver relating to a subsequent breach of such provision, right or remedy under this Agreement.

 

		16.	Notices

 

		16.1	Any notice to be given under this Agreement shall be given pursuant to section 11.2 of the Loan and Security Agreement.

 

		17.	Language

 

		17.1	All notices or formal communications in connection with this Agreement shall be in English.

 

		18.	Severance

 

		18.1	The invalidity of individual parts of this Agreement shall have no impact on the validity of the Agreement as a whole. The
Parties agree that if any provision or part of a provision of this Agreement is deemed invalid, inoperative or otherwise not enforceable,
the Agreement as a whole shall remain valid and the invalid provision or part of a provision shall be replaced by a provision which
the Parties would have agreed on in good faith if they had been aware of the invalidity.

 

		19.	Entire agreement

 

		19.1	In this clause 19, references to this Agreement include all other written agreements and arrangements between the Parties which
are expressed to be supplemental to this Agreement or which this Agreement expressly preserves or requires to be executed.

 

		19.2	This Agreement constitutes the whole and only understanding between the Parties in relation to its subject matter. All previous
drafts, agreements, understandings, undertakings, representations, warranties, promises and arrangements of any nature whatsoever
between the Parties with any bearing on the subject matter of this Agreement are superseded and extinguished to the extent that
they have such a bearing and each of the Parties acknowledges to the other that it is not entering into this Agreement in consequence
of or in reliance on anything it is the purpose of this clause to exclude.

 

		19.3	The schedules to this Agreement are an integral part of this Agreement.

 

     

    
	Claims Security Assignment Agreement 	9/12

    

		20.	Governing law and jurisdiction

 

		20.1	This Agreement and the security interest created hereunder shall in all respects, including without limitation the assignment
of the Account Receivables for security purposes, be governed by and construed in accordance with Swiss substantive law.

 

		20.2	The Parties submit to the exclusive jurisdiction of the competent court of Zurich 1 for all disputes arising out of or in connection
with this Agreement.

 

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

 

     

    
	Claims Security Assignment Agreement 	10/12

    

	Assignor	Auris Medical Holding AG	 
	 	 	 
	 	  	 
	 	Name: 

Title:	 
	 	 	 
	 	  	 
	 	Name: 

Title:	 
	 	 	 
	Agent, acting for itself and for the benefit of the other Lenders	Hercules Capital, Inc.	 
	 	 	 
	 	  	 
	 	Name: 

Title:	 

     

    
	Claims Security Assignment Agreement 	11/12

    

Schedule
1

Notification Letter (Upon Event of Default)

 

	Form:	Letter by Registered Mail
	 	 
	From:	The Assignor
	 	 
	To:	The debtor of Account Receivables
	 	 
	Cc:	The Agent

 

Notification of Assignment

 

Sir / Madam,

 

We write this letter to you both in our name and in the name
of [●] (the "Agent").

 

We inform you that we have unconditionally assigned for security
purposes to the Agent all current and future, actual and contingent, principal and ancillary claims against you under, and in connection
with, our current and future business relationship with you (the "Account Receivables").

 

Any payment relating to the Account Receivables must be made
by you to:

 

Bank: [●]

SIC/SWIFT: [●] 

Account holder: [●]

IBAN: [●] 

Reference: [●]

 

Please note that only payments made by you to the above account
(or to such other account as indicated to you by the Agent) shall release you from any payment obligation in respect of any of
the Account Receivables. Further note that this notice of assignment may only be revoked with the consent of the Agent.

 

This letter is only a notification of assignment and shall not
otherwise affect our business relationship.

 

 

Yours sincerely,

 

     

    
	Claims Security Assignment Agreement 	12/12

    

List of Accounts Receivable according to Section 7.1(b)

 

Receivables owed by Auris Medical AG:

 

		-	(Subordinated) loan receivable pursuant to the loan agreement dated December 31, 2014

 

		-	(Subordinated) loan receivable pursuant to the loan agreement dated April 1, 2016

 

		-	Current account credit

 

Receivables owed by Otolanum AG:

 

		-	(Subordinated) loan receivable pursuant to the loan agreement dated December 31, 2014

 

		-	(Subordinated) loan receivable pursuant to the loan agreement dated April 1, 2016

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00260-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00260-of-00352.parquet"}]]