Document:

Exhibit 4.12

 

 

 

 

Auris Medical Holding Ltd.

and

American Stock Transfer & Trust Company,
LLC, as

Warrant Agent

 

 

Warrant Agent Agreement

Dated as of May __, 2019

    	 

    	 

    

 

 

WARRANT AGENT AGREEMENT

WARRANT AGENT AGREEMENT,
dated as of May __, 2019 (“Agreement”), between Auris Medical Holding Ltd., an exempted company limited by shares
incorporated in Bermuda (the “Company”), and American Stock Transfer & Trust Company, LLC, a New York limited
liability trust company (the “Warrant Agent”).

W I T N E S S E T H

 

WHEREAS, pursuant to a
registered offering by the Company of units consisting of (i) (x) the Company’s common shares, par value CHF 0.40 per share
(the “Common Shares”) or (y) pre-funded warrants the (“Warrants”), each entitling its holder
to purchase one Common Share, and (ii) other warrants (the “Common Warrants”) to purchase Common Shares, pursuant
to an effective registration statement on Form F-1 (File No. 333-231114), as amended (the “Registration Statement”),
the Company wishes to issue Warrants in book entry form entitling the respective holders of the Warrants (the “Holders”,
which term shall include a Holder’s transferees, successors and assigns and “Holder” shall include, if the Warrants
are held in “street name”, a Participant (as defined below) or a designee appointed by such Participant) to purchase
an aggregate of up to [ ] Common Shares upon the terms and subject to the conditions hereinafter set forth (the “Offering”);

 

WHEREAS, the Common Shares
and/or Warrants and Common Warrants to be issued in connection with the Offering shall be immediately separable and will be issued
separately, but will be purchased together in the Offering; and

 

WHEREAS, the Company wishes
the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing so to act, in connection with the issuance,
registration, transfer, exchange, exercise and replacement of the Warrants and, in the Warrant Agent’s capacity as the Company’s
transfer agent, the delivery of the Warrant Shares (as defined below).

 

NOW, THEREFORE, in consideration
of the premises and the mutual agreements herein set forth, the parties hereby agree as follows:

 

Section 1. Certain Definitions.
For purposes of this Agreement, the following terms have the meanings indicated:

 

(a) “Affiliate”
has the meaning ascribed to it in Rule 12b-2 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

 

(b) “Business
Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or
any day on which the Nasdaq Stock Market is authorized or required by law or other governmental action to close.

 

(c) “Close of
Business” on any given date means 5:00 p.m., New York City time, on such date; provided, however, that
if such date is not a Business Day it means 5:00 p.m., New York City time, on the next succeeding Business Day.

 

(e) “Person”
means an individual, corporation, association, partnership, limited liability company, joint venture, trust, unincorporated organization,
government or political subdivision thereof or governmental agency or other entity.

 

(f) “Warrant Certificate”
means a certificate in substantially the form attached as Exhibit 1 hereto, representing such number of Warrant Shares as
is indicated therein.

 

(g) “Warrant Shares”
means the Common Shares underlying the Warrants and issuable upon exercise of the Warrants.

 

All other capitalized terms
used but not otherwise defined herein shall have the meaning ascribed to such terms in the Warrant Certificate.

 

Section 2. Appointment of Warrant Agent. The Company hereby
appoints the Warrant Agent to act as agent for the Company in accordance with the terms and conditions hereof, and the Warrant
Agent hereby accepts such appointment. The Company may from time to time appoint a Co-Warrant Agent as it may, in its sole discretion,
deem necessary or desirable. The Warrant Agent shall have no duty to supervise, and will in no event be liable for the acts or
omissions of, any co-Warrant Agent.

 

Section 3. Global Warrants.

 

(a) The Warrants shall
be issuable in book entry form (the “Global Warrants”). All of the Warrants shall initially be represented by
one or more Global Warrants, in the form of the Warrant Certificate, deposited with the Warrant Agent and registered in the name
of Cede & Co., a nominee of The Depository Trust Company (the “Depositary”), or as otherwise directed by
the Depositary. Ownership of beneficial interests in the Warrants shall be shown on, and the transfer of such ownership shall be
effected through, records maintained by (i) the Depositary or its nominee for each Global Warrant or (ii) institutions that have
accounts with the Depositary (such institution, with respect to a Warrant in its account, a “Participant”).
For purposes of Regulation SHO, a holder whose interest in a Global Warrant is a beneficial interest in certificate(s) representing
such Warrant held in book-entry form through the Depositary shall be deemed to have exercised its interest in such Warrant upon
instructing its broker that is a Participant to exercise its interest in such Warrant, provided that in each such case payment
of the applicable aggregate Exercise Price (other than in the case of a cashless exercise) is received within the earlier of (i)
two Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period, in each case following such instruction.

 

(b) If the Depositary subsequently
ceases to make its book-entry settlement system available for the Warrants, the Company may instruct the Warrant Agent regarding
other arrangements for book-entry settlement. In the event that the Warrants are not eligible for, or it is no longer necessary
to have the Warrants available in, book-entry form, the Warrant Agent shall provide written instructions to the Depositary to deliver
to the Warrant Agent for cancellation each Global Warrant, and the Company shall instruct the Warrant Agent to deliver to each
Holder a Warrant Certificate.

    	 

    	 

    

 

(c) A Holder has the right
to elect at any time or from time to time a Warrant Exchange (as defined below) pursuant to a Warrant Certificate Request Notice
(as defined below). Upon written notice by a Holder to the Warrant Agent for the exchange of some or all of such Holder’s
Global Warrants for a Warrant Certificate evidencing the same number of Warrants, which request shall be in the form attached hereto
as Annex A (a “Warrant Certificate Request Notice” and the date of delivery of such Warrant Certificate
Request Notice by the Holder, the “Warrant Certificate Request Notice Date” and the deemed surrender upon delivery
by the Holder of a number of Global Warrants for the same number of Warrants evidenced by a Warrant Certificate, a “Warrant
Exchange”), the Warrant Agent shall promptly effect the Warrant Exchange and shall promptly issue and deliver to the
Holder a Warrant Certificate for such number of Warrants in the name set forth in the Warrant Certificate Request Notice. Such
Warrant Certificate shall be dated the original issue date of the Warrants, shall be manually executed by an authorized signatory
of the Company, shall be in the form attached hereto as Exhibit 1, and shall be reasonably acceptable in all respects to
such Holder. In connection with a Warrant Exchange, the Company agrees to deliver, or to direct the Warrant Agent to deliver, the
Warrant Certificate to the Holder within three (3) Business Days of the Warrant Certificate Request Notice pursuant to the delivery
instructions in the Warrant Certificate Request Notice (“Warrant Certificate Delivery Date”). If the Company
fails for any reason to deliver to the Holder the Warrant Certificate subject to the Warrant Certificate Request Notice by the
seventh Business Day following the Warrant Certificate Delivery Date, the Company shall pay to the Holder, in cash, as liquidated
damages and not as a penalty, for each $1,000 of Warrant Shares evidenced by such Warrant Certificate (based on the VWAP (as defined
in the Warrants) of the Common Shares on the Warrant Certificate Request Notice Date), $10 per Business Day for each Business Day
after such Warrant Certificate Delivery Date until such Warrant Certificate is delivered or, prior to delivery of such Warrant
Certificate, the Holder rescinds such Warrant Exchange. The Company covenants and agrees that, upon the date of delivery of the
Warrant Certificate Request Notice, the Holder shall be deemed to be the holder of the Warrant Certificate and, notwithstanding
anything to the contrary set forth herein, the Warrant Certificate shall be deemed for all purposes to contain all of the terms
and conditions of the Warrants evidenced by such Warrant Certificate and the terms of this Agreement. Notwithstanding anything
herein to the contrary, the Company shall act as warrant agent with respect to any physical Warrant Certificate requested and issued
pursuant to this section.

 

Section 4. Form of Warrant
Certificates. The Warrant Certificate, together with the form of election to purchase Common Shares (“Notice of Exercise”)
and the form of assignment to be printed on the reverse thereof, shall be in the form of Exhibit 1 hereto.

 

Section 5. Countersignature
and Registration. The Warrant Certificates shall be executed on behalf of the Company by a Chief Executive Officer or Chief
Financial Officer, either manually or by facsimile signature, and, if applicable, have affixed thereto the Company’s seal
or a facsimile thereof which shall be attested by the Secretary or an Assistant Secretary of the Company, either manually or by
facsimile signature. The Warrant Certificates shall be countersigned by the Warrant Agent either manually or by facsimile signature
and shall not be valid for any purpose unless so countersigned. In case any officer of the Company who shall have signed any of
the Warrant Certificates shall cease to be such officer of the Company before countersignature by the Warrant Agent and issuance
and delivery by the Company, such Warrant Certificates, nevertheless, may be countersigned by the Warrant Agent, issued and delivered
with the same force and effect as though the person who signed such Warrant Certificate had not ceased to be such officer of the
Company; and any Warrant Certificate may be signed on behalf of the Company by any person who, at the actual date of the execution
of such Warrant Certificate, shall be a proper officer of the Company to sign such Warrant Certificate, although at the date of
the execution of this Agreement any such person was not such an officer.

 

The Warrant Agent will
keep or cause to be kept, at one of its offices, or at the office of one of its agents, books for registration and transfer of
the Warrant Certificates issued hereunder. Such books shall show the names and addresses of the respective Holders of the Warrant
Certificates, the number of warrants evidenced on the face of each of such Warrant Certificate and the date of each of such Warrant
Certificate. The Warrant Agent will create a special account for the issuance of Warrant Certificates.

 

Section 6. Transfer,
Split Up, Combination and Exchange of Warrant Certificates; Mutilated, Destroyed, Lost or Stolen Warrant Certificates. With
respect to the Global Warrant, subject to the provisions of the Warrant Certificate and the last sentence of this first paragraph
of Section 6 and subject to applicable law, rules or regulations, or any “stop transfer” instructions the Company
may give to the Warrant Agent, at any time after the closing date of the Offering, and at or prior to the Close of Business on
the Termination Date (as such term is defined in the Warrant Certificate), any Warrant Certificate or Warrant Certificates or Global
Warrant or Global Warrants may be transferred, split up, combined or exchanged for another Warrant Certificate or Warrant Certificates
or Global Warrant or Global Warrants, entitling the Holder to purchase a like number of Common Shares as the Warrant Certificate
or Warrant Certificates or Global Warrant or Global Warrants surrendered then entitled such Holder to purchase. Any Holder desiring
to transfer, split up, combine or exchange any Warrant Certificate or Global Warrant shall make such request in writing delivered
to the Warrant Agent, and shall surrender the Warrant Certificate or Warrant Certificates to be transferred, split up, combined
or exchanged at the principal office of the Warrant Agent, provided that no such surrender is applicable to the Holder of a Global
Warrant. Any requested transfer of Warrants, whether in book-entry form or certificate form, shall be accompanied by reasonable
evidence of authority of the party making such request that may be required by the Warrant Agent. Thereupon the Warrant Agent shall,
subject to the last sentence of this first paragraph of Section 6, countersign and deliver to the Person entitled thereto a Warrant
Certificate or Warrant Certificates, as the case may be, as so requested. The Company may require payment from the Holder of a
sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer, split up, combination
or exchange of Warrant Certificates. The Company shall compensate the Warrant Agent per the fee schedule mutually agreed upon by
the parties hereto and provided separately on the date hereof.

 

    	 

    	 

    

Upon receipt by the Warrant
Agent of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of a Warrant Certificate, which evidence
shall include an affidavit of loss, or in the case of mutilated certificates, the certificate or portion thereof remaining, and,
in case of loss, theft or destruction, of indemnity in customary form and amount (but shall not include the posting of any bond
by the Holder) and reimbursement to the Company and the Warrant Agent of all reasonable expenses incidental thereto, and upon surrender
to the Warrant Agent and cancellation of the Warrant Certificate if mutilated, the Company will make and deliver a new Warrant
Certificate of like tenor to the Warrant Agent for delivery to the Holder in lieu of the Warrant Certificate so lost, stolen, destroyed
or mutilated.

 

Section 7. Exercise
of Warrants; Exercise Price; Termination Date.

 

(a) The Warrants shall
be exercisable commencing on the Initial Exercise Date. The Warrants shall cease to be exercisable and shall terminate and become
void, and all rights thereunder and under this Agreement shall cease, at or prior to the Close of Business on the Termination Date.
The Holder of a Warrant may exercise the Warrant in whole or in part in accordance with Section 2 of the Warrant Certificate. The
Company acknowledges that the bank accounts maintained by the Warrant Agent in connection with the services provided under this
Agreement will be in its name and that the Warrant Agent may receive investment earnings in connection with the investment at Warrant
Agent risk and for its benefit of funds held in those accounts from time to time. Neither the Company nor the Holders will receive
interest on any deposits or Exercise Price. No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee
(or other type of guarantee or notarization) of any Notice of Exercise be required.

 

(b) The Warrant Agent shall
deposit all funds received by it in payment of the Exercise Price for all Warrants in the account of the Company maintained with
the Warrant Agent for such purpose (or to such other account as directed by the Company in writing) and shall advise the Company
via telephone or electronic mail at the end of each day on which funds for the exercise of any Warrant are received of the amount
so deposited to its account. The Warrant Agent shall promptly confirm such telephonic advice to the Company in writing.

 

(c) In case the Holder
of any Warrant Certificate shall exercise fewer than all Warrants evidenced thereby, a new Warrant Certificate evidencing the number
of Warrants equivalent to the number of Warrants remaining unexercised may be issued by the Warrant Agent to the Holder of such
Warrant Certificate or to his duly authorized assigns in accordance with Section 2(d)(ii) of the Warrant Certificate, subject to
the provisions of Section 6 hereof.

 

(d) All “cashless
exercises” shall be directed to the Company for the cashless exercise calculation. Upon completion the company will provide
issuance instructions to the Warrant Agent. The Warrant Agent will have no responsibility or liability relating to any cashless
exercise calculation.

 

Section 8. Cancellation
and Destruction of Warrant Certificates. All Warrant Certificates surrendered for the purpose of exercise, transfer, split
up, combination or exchange shall, if surrendered to the Company or to any of its agents, be delivered to the Warrant Agent for
cancellation or in canceled form, or, if surrendered to the Warrant Agent, shall be canceled by it, and no Warrant Certificates
shall be issued in lieu thereof except as expressly permitted by any of the provisions of this Agreement. The Company shall deliver
to the Warrant Agent for cancellation and retirement, and the Warrant Agent shall so cancel and retire, any other Warrant Certificate
purchased or acquired by the Company otherwise than upon the exercise thereof. The Warrant Agent shall deliver all canceled Warrant
Certificates to the Company, or shall, at the written request of the Company, destroy such canceled Warrant Certificates, and in
such case shall deliver a certificate of destruction thereof to the Company, subject to any applicable law, rule or regulation
requiring the Warrant Agent to retain such canceled certificates.

 

Section 9. Certain
Representations; Reservation and Availability of Common Shares or Cash.

 

(a) This Agreement has
been duly authorized, executed and delivered by the Company and, assuming due authorization, execution and delivery hereof by the
Warrant Agent, constitutes a valid and legally binding obligation of the Company enforceable against the Company in accordance
with its terms, and the Warrants have been duly authorized, executed and issued by the Company and, assuming due authentication
thereof by the Warrant Agent pursuant hereto and payment therefor by the Holders as provided in the Registration Statement, constitute
valid and legally binding obligations of the Company enforceable against the Company in accordance with their terms and entitled
to the benefits hereof; in each case except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium
and other similar laws relating to or affecting creditors’ rights generally or by general equitable principles (regardless
of whether such enforceability is considered in a proceeding in equity or at law).

 

(b) As of the date hereof,
and excluding the Common Shares, Pre-Funded Warrants and Warrants to be issued in the Offering, the authorized share capital of
the Company consists of 10,000,000 Common Shares, of which 1,904,792 Common Shares are issued and outstanding, and 376,876 Common
Shares are reserved for issuance upon exercise of outstanding options and warrants of the Company. Except as disclosed in the Registration
Statement, there are no other outstanding obligations, warrants, options or other rights to subscribe for or purchase from the
Company any class of the share capital of the Company.

 

(c) The Company covenants
and agrees that it will cause to be reserved and kept available out of its authorized and unissued Common Shares or its authorized
and issued Common Shares held in its treasury, free from preemptive rights, the number of Common Shares that will be sufficient
to permit the exercise in full of all outstanding Warrants.

 

    	 

    	 

    

(d) The Warrant Agent will
create a special account for the issuance of Common Shares upon the exercise of Warrants.

 

(e) The Company further
covenants and agrees that it will pay when due and payable any and all federal and state transfer taxes and charges which may be
payable in respect of the original issuance or delivery of the Warrant Certificates or certificates evidencing Common Shares upon
exercise of the Warrants. The Company shall not, however, be required to pay any tax or governmental charge which may be payable
in respect of any transfer involved in the transfer or delivery of Warrant Certificates or the issuance or delivery of certificates
for Common Shares in a name other than that of the Holder of the Warrant Certificate evidencing Warrants surrendered for exercise
or to issue or deliver any certificate for Common Shares upon the exercise of any Warrants until any such tax or governmental charge
shall have been paid (any such tax or governmental charge being payable by the Holder of such Warrant Certificate at the time of
surrender) or until it has been established to the Company’s reasonable satisfaction that no such tax or governmental charge
is due.

 

Section 10. Common Shares
Record Date. Each Person in whose name any certificate for Common Shares is issued upon the exercise of Warrants shall for
all purposes be deemed to have become the holder of record for the Common Shares represented thereby on, and such certificate shall
be dated, the date upon which the Notice of Exercise was delivered.

 

Section 11. Adjustment
of Exercise Price, Number of Common Shares or Number of the Company Warrants. The Exercise Price, the number of shares covered
by each Warrant and the number of Warrants outstanding are subject to adjustment from time to time as provided in Section 3 of
the Warrant Certificate. In the event that at any time, as a result of an adjustment made pursuant to Section 3 of the Warrant
Certificate, the Holder of any Warrant thereafter exercised shall become entitled to receive any shares of the Company other than
Common Shares, thereafter the number of such other shares so receivable upon exercise of any Warrant shall be subject to adjustment
from time to time in a manner and on terms as nearly equivalent as practicable to the provisions with respect to the shares contained
in Section 3 of the Warrant Certificate, and the provisions of Sections 7, 9 and 13 of this Agreement with respect to the Common
Shares shall apply on like terms to any such other shares. All Warrants originally issued by the Company subsequent to any adjustment
made to the Exercise Price pursuant to the Warrant Certificate shall evidence the right to purchase, at the adjusted Exercise Price,
the number of Common Shares purchasable from time to time hereunder upon exercise of the Warrants, all subject to further adjustment
as provided herein.

 

Section 12. Certification
of Adjusted Exercise Price or Number of Common Shares. Whenever the Exercise Price or the number of Common Shares issuable
upon the exercise of each Warrant is adjusted as provided in Section 11 or 13, the Company shall promptly deliver to the Holder
by facsimile or e-mail a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number
of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

 

Section 13. Fractional
Common Shares.

 

(a) The Company shall not
issue fractions of Warrants or distribute Warrant Certificates which evidence fractional Warrants. Whenever any fractional Warrant
would otherwise be required to be issued or distributed, the actual issuance or distribution shall reflect a rounding of such fraction
to the nearest whole Warrant (rounded down).

 

(b) The Company shall not
issue fractions of shares or scrip representing fractions of Common Shares upon exercise of Warrants or distribute share certificates
which evidence fractional Common Shares. Whenever any fraction of a Common Share would otherwise be required to be issued or distributed,
the actual issuance or distribution in respect thereof shall be made in accordance with Section 2(d)(v) of the Warrant Certificate.

 

Section 14. Conditions
of the Warrant Agent’s Obligations. The Warrant Agent accepts its obligations herein set forth upon the terms and conditions
hereof, including the following to all of which the Company agrees and to all of which the rights hereunder of the Holders from
time to time of the Warrant Certificates shall be subject:

 

(a) The Company agrees
promptly to pay the Warrant Agent the compensation detailed on Exhibit 2 hereto for all services rendered by the Warrant Agent
and to reimburse the Warrant Agent for reasonable out-of-pocket expenses (including reasonable counsel fees) incurred without gross
negligence, bad faith or willful misconduct by the Warrant Agent in connection with the services rendered hereunder by the Warrant
Agent. The Company also agrees to indemnify the Warrant Agent for, and to hold it harmless against, any loss, liability or expense
incurred without gross negligence, bad faith or willful misconduct on the part of the Warrant Agent, arising out of or in connection
with its acting as Warrant Agent hereunder, including the reasonable costs and expenses of defending against any claim of such
liability.

 

(b) In acting under this
Warrant Agreement and in connection with the Warrant Certificates, the Warrant Agent is acting solely as agent of the Company and
does not assume any obligations or relationship of agency or trust for or with any of the Holders of Warrant Certificates or beneficial
owners of Warrants.

 

(c) The Warrant Agent may
consult with counsel satisfactory to it, which may include counsel for the Company, and the written advice of such counsel shall
be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith
and in accordance with the advice of such counsel.

 

    	 

    	 

    

(d) The Warrant Agent shall
be protected and shall incur no liability for or in respect of any action taken or omitted by it in reliance upon any Warrant Certificate,
notice, direction, consent, certificate, affidavit, statement or other paper or document reasonably believed by it to be genuine
and to have been presented or signed by the proper parties.

 

(e) The Warrant Agent,
and its officers, directors and employees, may become the owner of, or acquire any interest in, Warrants, with the same rights
that it or they would have if it were not the Warrant Agent hereunder, and, to the extent permitted by applicable law, it or they
may engage or be interested in any financial or other transaction with the Company and may act on, or as depositary, trustee or
agent for, any committee or body of Holders of Warrant Securities or other obligations of the Company as freely as if it were not
the Warrant Agent hereunder. Nothing in this Warrant Agreement shall be deemed to prevent the Warrant Agent from acting as trustee
under any indenture to which the Company is a party.

 

(f) Unless otherwise agreed
with the Company, the Warrant Agent shall have no liability for interest on any monies at any time received by it pursuant to any
of the provisions of this Agreement or of the Warrant Certificates.

 

(g) The Warrant Agent shall
have no liability with respect to any invalidity of this Agreement or any of the Warrant Certificates (except as to the Warrant
Agent’s countersignature thereon).

 

(h) The Warrant Agent shall
not be responsible for any of the recitals or representations herein or in the Warrant Certificates (except as to the Warrant Agent’s
countersignature thereon), all of which are made solely by the Company.

 

(i) The Warrant Agent shall
be obligated to perform only such duties as are herein and in the Warrant Certificates specifically set forth and no implied duties
or obligations shall be read into this Agreement or the Warrant Certificates against the Warrant Agent. The Warrant Agent shall
not be under any obligation to take any action hereunder which may tend to involve it in any expense or liability, the payment
of which within a reasonable time is not, in its reasonable opinion, assured to it. The Warrant Agent shall not be accountable
or under any duty or responsibility for the use by the Company of any of the Warrant Certificates authenticated by the Warrant
Agent and delivered by it to the Company pursuant to this Agreement or for the application by the Company of the proceeds of the
Warrant Certificates. The Warrant Agent shall have no duty or responsibility in case of any default by the Company in the performance
of its covenants or agreements contained herein or in the Warrant Certificates or in the case of the receipt of any written demand
from a Holder of a Warrant Certificate with respect to such default, including, without limiting the generality of the foregoing,
any duty or responsibility to initiate or attempt to initiate any proceedings at law.

 

(j) The Warrant Agent shall
be liable hereunder only for its own gross negligence, willful misconduct or bad faith. The Company agrees to indemnify the Warrant
Agent and save it harmless against any and all liabilities, including judgments, costs and reasonable counsel fees, for anything
done or omitted by the Warrant Agent in the execution of this Agreement, except as a result of the Warrant Agent’s gross
negligence, willful misconduct or bad faith.

 

Section 15. Purchase
or Consolidation or Change of Name of Warrant Agent. Any corporation into which the Warrant Agent or any successor Warrant
Agent may be merged or with which it may be consolidated, or any corporation resulting from any merger or consolidation to which
the Warrant Agent or any successor Warrant Agent shall be party, or any corporation succeeding to the corporate trust business
of the Warrant Agent or any successor Warrant Agent, shall be the successor to the Warrant Agent under this Agreement without the
execution or filing of any paper or any further act on the part of any of the parties hereto, provided that such corporation would
be eligible for appointment as a successor Warrant Agent under the provisions of Section 17. In case at the time such successor
Warrant Agent shall succeed to the agency created by this Agreement any of the Warrant Certificates shall have been countersigned
but not delivered, any such successor Warrant Agent may adopt the countersignature of the predecessor Warrant Agent and deliver
such Warrant Certificates so countersigned; and in case at that time any of the Warrant Certificates shall not have been countersigned,
any successor Warrant Agent may countersign such Warrant Certificates either in the name of the predecessor Warrant Agent or in
the name of the successor Warrant Agent; and in all such cases such Warrant Certificates shall have the full force provided in
the Warrant Certificates and in this Agreement.

 

In case at any time the
name of the Warrant Agent shall be changed and at such time any of the Warrant Certificates shall have been countersigned but not
delivered, the Warrant Agent may adopt the countersignature under its prior name and deliver Warrant Certificates so countersigned;
and in case at that time any of the Warrant Certificates shall not have been countersigned, the Warrant Agent may countersign such
Warrant Certificates either in its prior name or in its changed name; and in all such cases such Warrant Certificates shall have
the full force provided in the Warrant Certificates and in this Agreement.

 

Section 16. Duties
of Warrant Agent. The Warrant Agent undertakes the duties and obligations imposed by this Agreement upon the following terms
and conditions, by all of which the Company, by its acceptance hereof, shall be bound:

 

(a) The Warrant Agent may
consult with legal counsel reasonably acceptable to the Company (who may be legal counsel for the Company), and the opinion of
such counsel shall be full and complete authorization and protection to the Warrant Agent as to any action taken or omitted by
it in good faith and in accordance with such opinion.

 

    	 

    	 

    

(b) Whenever in the performance
of its duties under this Agreement the Warrant Agent shall deem it necessary or desirable that any fact or matter be proved or
established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless other evidence in respect
thereof be herein specifically prescribed) may be deemed to be conclusively proved and established by a certificate signed by the
Chief Executive Officer, Chief Financial Officer or Vice President of the Company; and such certificate shall be full authentication
to the Warrant Agent for any action taken or suffered in good faith by it under the provisions of this Agreement in reliance upon
such certificate.

 

(c) Subject to the limitation
set forth in Section 14, the Warrant Agent shall be liable hereunder only for its own gross negligence, bad faith, violation of
law or willful misconduct, or for a breach by it of this Agreement.

 

(d) The Warrant Agent shall
not be liable for or by reason of any of the statements of fact or recitals contained in this Agreement or in the Warrant Certificates
(except its countersignature thereof) by the Company or be required to verify the same, but all such statements and recitals are
and shall be deemed to have been made by the Company only.

 

(e) The Warrant Agent shall
not be under any responsibility in respect of the validity of this Agreement or the execution and delivery hereof (except the due
execution hereof by the Warrant Agent) or in respect of the validity or execution of any Warrant Certificate (except its countersignature
thereof); nor shall it be responsible for any breach by the Company of any covenant or condition contained in this Agreement or
in any Warrant Certificate; nor shall it be responsible for the adjustment of the Exercise Price or the making of any change in
the number of Common Shares required under the provisions of Section 11 or 13 or responsible for the manner, method or amount of
any such change or the ascertaining of the existence of facts that would require any such adjustment or change (except with respect
to the exercise of Warrants evidenced by Warrant Certificates after actual notice of any adjustment of the Exercise Price); nor
shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any Common
Shares to be issued pursuant to this Agreement or any Warrant Certificate or as to whether any Common Shares will, when issued,
be duly authorized, validly issued, fully paid and nonassessable.

 

(f) Each party hereto agrees
that it will perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged and delivered all such
further and other acts, instruments and assurances as may reasonably be required by the other party hereto for the carrying out
or performing by any party of the provisions of this Agreement.

 

(g) The Warrant Agent is
hereby authorized to accept instructions with respect to the performance of its duties hereunder from the Chief Executive Officer
or the Chief Financial Officer of the Company, and to apply to such officers for advice or instructions in connection with its
duties, and it shall not be liable and shall be indemnified and held harmless for any action taken or suffered to be taken by it
in good faith in accordance with instructions of any such officer, provided Warrant Agent carries out such instructions without
gross negligence, bad faith or willful misconduct.

 

(h) The Warrant Agent and
any shareholder, director, officer or employee of the Warrant Agent may buy, sell or deal in any of the Warrants or other securities
of the Company or become pecuniarily interested in any transaction in which the Company may be interested, or contract with or
lend money to the Company or otherwise act as fully and freely as though it were not Warrant Agent under this Agreement. Nothing
herein shall preclude the Warrant Agent from acting in any other capacity for the Company or for any other legal entity.

 

(i) The Warrant Agent may
execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder either itself or by or through
its attorney or agents, and the Warrant Agent shall not be answerable or accountable for any act, default, neglect or misconduct
of any such attorney or agents or for any loss to the Company resulting from any such act, default, neglect or misconduct, provided
reasonable care was exercised in the selection and continued employment thereof.

Section 17. Change of
Warrant Agent. The Warrant Agent may resign and be discharged from its duties under this Agreement upon 30 days’ notice
in writing sent to the Company and to each transfer agent of the Common Shares, and to the Holders of the Warrant Certificates.
The Company may remove the Warrant Agent or any successor Warrant Agent upon 30 days’ notice in writing, sent to the Warrant
Agent or successor Warrant Agent, as the case may be, and to each transfer agent of the Common Shares, and to the Holders of the
Warrant Certificates. If the Warrant Agent shall resign or be removed or shall otherwise become incapable of acting, the Company
shall appoint a successor to the Warrant Agent. If the Company shall fail to make such appointment within a period of 30 days after
such removal or after it has been notified in writing of such resignation or incapacity by the resigning or incapacitated Warrant
Agent or by the Holder of a Warrant Certificate (who shall, with such notice, submit his Warrant Certificate for inspection by
the Company), then the Holder of any Warrant Certificate may apply to any court of competent jurisdiction for the appointment of
a new Warrant Agent, provided that, for purposes of this Agreement, the Company shall be deemed to be the Warrant Agent until a
new warrant agent is appointed. Any successor Warrant Agent, whether appointed by the Company or by such a court, shall be a corporation
organized and doing business under the laws of the United States or of a state thereof, in good standing, which is authorized under
such laws to exercise corporate trust powers and is subject to supervision or examination by federal or state authority and which
has at the time of its appointment as Warrant Agent a combined capital and surplus of at least $50,000,000. After appointment,
the successor Warrant Agent shall be vested with the same powers, rights, duties and responsibilities as if it had been originally
named as Warrant Agent without further act or deed; but the predecessor Warrant Agent shall deliver and transfer to the successor
Warrant Agent any property at the time held by it hereunder, and execute and deliver any further assurance, conveyance, act or
deed necessary for the purpose. Not later than the effective date of any such appointment, the Company shall file notice thereof
in writing with the predecessor Warrant Agent and each transfer agent of the Common Shares, and mail a notice thereof in writing
to the Holders of the Warrant Certificates. However, failure to give any notice provided for in this Section 17, or any defect
therein, shall not affect the legality or validity of the resignation or removal of the Warrant Agent or the appointment of the
successor Warrant Agent, as the case may be.

 

    	 

    	 

    

Section 18. Issuance
of New Warrant Certificates. Notwithstanding any of the provisions of this Agreement or of the Warrants to the contrary, the
Company may, at its option, issue new Warrant Certificates evidencing Warrants in such form as may be approved by its Board of
Directors to reflect any adjustment or change in the Exercise Price per share and the number or kind or class of share capital
or other securities or property purchasable under the several Warrant Certificates made in accordance with the provisions of this
Agreement.

 

Section 19. Notices.
Notices or demands authorized by this Agreement to be given or made (i) by the Warrant Agent or by the Holder of any Warrant Certificate
to or on the Company, (ii) subject to the provisions of Section 17, by the Company or by the Holder of any Warrant Certificate
to or on the Warrant Agent or (iii) by the Company or the Warrant Agent to the Holder of any Warrant Certificate, shall be deemed
given (a) on the date delivered, if delivered personally, (b) on the first Business Day following the deposit thereof with Federal
Express or another recognized overnight courier, if sent by Federal Express or another recognized overnight courier, (c) on the
fourth Business Day following the mailing thereof with postage prepaid, if mailed by registered or certified mail (return receipt
requested), and (d) the date of transmission, if such notice or communication is delivered via facsimile or email attachment at
or prior to 5:30 p.m. (New York City time) on a Business Day and (e) the next Business Day after the date of transmission, if such
notice or communication is delivered via facsimile or email attachment on a day that is not a Business Day or later than 5:30 p.m.
(New York City time) on any Business Day, in each case to the parties at the following addresses (or at such other address for
a party as shall be specified by like notice):

 

(a) If to the Company, to:

Auris Medical Holding Ltd.

Clarendon House

2 Church Street

Hamilton HM 11

Bermuda

Attn: General Counsel

Fax: 41 61 201 13 51

Email: rad@aurismedical.com

 

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

Lowenstein Sandler LLP

1251 Avenue of the Americas

Ney York, NY 10020

Attn: Michael J. Lerner, Esq.

Fax: (212) 701-5762

Email: mlerner@lowenstein.com

 

(b) If to the Warrant Agent, to:

American Stock Transfer & Trust Company, LLC

6201 15th Avenue

Brooklyn, New York 11219

Attention: Corporate Trust Department

email: sellis@astfinancial.com

Facsimile: (718) 765-8712

 

For any notice delivered by email to be deemed
given or made, such notice must be followed by notice sent by overnight courier service to be delivered on the next business day
following such email, unless the recipient of such email has acknowledged via return email receipt of such email.

 

(c) If to the Holder of
any Warrant Certificate, to the address of such Holder as shown on the registry books of the Company. Any notice required to be
delivered by the Company to the Holder of any Warrant may be given by the Warrant Agent on behalf of the Company. Notwithstanding
any other provision of this Agreement, where this Agreement provides for notice of any event to a Holder of any Warrant, such notice
shall be sufficiently given if given to the Depositary (or its designee) pursuant to the procedures of the Depositary or its designee.

 

Section 20. Supplements
and Amendments.

 

(a) The Company and the
Warrant Agent may from time to time supplement or amend this Agreement without the approval of any Holders of Global Warrant certificates
in order to add to the covenants and agreements of the Company for the benefit of the Holders of the Global Warrant certificates
or to surrender any rights or power reserved to or conferred upon the Company in this Agreement, provided that such addition or
surrender shall not adversely affect the interests of the Holders of the Global Warrant certificates in any material respect.

 

    	 

    	 

    

(b) In addition to the
foregoing, with the consent of Holders of Warrants entitled, upon exercise thereof, to receive not less than a majority of the
Common Shares issuable thereunder, the Company and the Warrant Agent may modify this Agreement for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of this Warrant Agreement or modifying in any manner the rights
of the Holders of the Global Warrant certificates; provided, however, that no modification of the terms (including but not limited
to the adjustments described in Section 11) upon which the Warrants are exercisable or the rights of holders of Warrants to receive
liquidated damages or other payments in cash from the Company or reducing the percentage required for consent to modification of
this Agreement may be made without the consent of the Holder of each outstanding warrant certificate affected thereby; provided
further, however, that no amendment hereunder shall affect any terms of any Warrant Certificate issued in a Warrant Exchange. As
a condition precedent to the Warrant Agent’s execution of any amendment, the Company shall deliver to the Warrant Agent a
certificate from a duly authorized officer of the Company that states that the proposed amendment complies with the terms of this
Section 20.

 

Section 21. Successors.
All covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent shall bind and inure to
the benefit of their respective successors and assigns hereunder.

 

Section 22. Benefits
of this Agreement. Nothing in this Agreement shall be construed to give any Person other than the Company, the Holders of Warrant
Certificates and the Warrant Agent any legal or equitable right, remedy or claim under this Agreement; but this Agreement shall
be for the sole and exclusive benefit of the Company, the Warrant Agent and the Holders of the Warrant Certificates.

 

Section 23. Governing
Law. This Agreement and each Warrant Certificate issued hereunder shall be governed by, and construed in accordance with, the
laws of the State of New York without giving effect to the conflicts of law principles thereof.

 

Section 24. Counterparts.
This Agreement may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to
be an original, and all such counterparts shall together constitute but one and the same instrument.

 

Section 25. Captions.
The captions of the sections of this Agreement have been inserted for convenience only and shall not control or affect the meaning
or construction of any of the provisions hereof.

 

Section 26. Warrant
Agent Agreement. To the extent any provision of this Warrant Agent Agreement conflicts with the express provisions of the Warrant
Certificate, the provisions of such Warrant Certificate shall govern and be controlling.

 

[Signature Page Follows]

 

    	 

    	 

    

 

 

IN WITNESS WHEREOF, the
parties hereto have caused this Agreement to be duly executed as of the day and year first above written.

	 	AURIS MEDICAL HOLDING LTD.
	 	 	 
	 	By:	 
	 	Name:	Hernan Levett
	 	Title:	Chief Financial Officer
	 	AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

[Signature Page to Warrant Agent Agreement]

 

    	 

    	 

    

 

 

Annex A: Form of Warrant Certificate Request
Notice

WARRANT CERTIFICATE REQUEST NOTICE

 

To: American Stock Transfer &
Trust Company, LLC as Warrant Agent for Auris Medical Holding Ltd. (the “Company”)

 

The undersigned Holder of Common
Share Purchase Warrants (“Warrants”) in the form of Global Warrants issued by the Company hereby elects to receive
a Warrant Certificate evidencing the Warrants held by the Holder as specified below:

 

	 	1.	Name of Holder of Warrants in form of Global Warrants: _____________________________
	 	 	 
	 	2.	Name of Holder in Warrant Certificate (if different from name of Holder of Warrants in form of Global Warrants): ________________________________
	 	 	 
	 	3.	Number of Warrants in name of Holder in form of Global Warrants: ___________________
	 	 	 
	 	4.	Number of Warrants for which Warrant Certificate shall be issued: __________________
	 	 	 
	 	5.	Number of Warrants in name of Holder in form of Global Warrants after issuance of Warrant Certificate, if any: ___________
	 	 	 
	 	6.	Warrant Certificate shall be delivered to the following address:
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 	 	 

 

The undersigned hereby acknowledges
and agrees that, in connection with this Warrant Exchange and the issuance of the Warrant Certificate, the Holder is deemed to
have surrendered the number of Warrants in form of Global Warrants in the name of the Holder equal to the number of Warrants evidenced
by the Warrant Certificate.

 

[SIGNATURE OF HOLDER]

 

Name of Investing Entity:

_____________________________________________________________________

Signature of Authorized Signatory of Investing Entity:

______________________________________________

Name of Authorized Signatory:

________________________________________________________________

Title of Authorized Signatory:

_________________________________________________________________

Date:

____________________________________________________________________________________

    	 

    	 

    

 

 

Exhibit 1: Form of Warrant Certificate

 

 

 

 

 

    	 

    	 

    

 

 

 

Exhibit 2 - Warrant Agent Compensation

A monthly fee of $200.PURCHASE
AND SALE AGREEMENT

 

This
Purchase and Sale Agreement (the “Agreement”) is made and entered into effective as of November 1, 2018 (the
“Effective Date”) by and between Petrolia Energy Corporation, a Texas Corporation, whose mailing address
is 710 N. Post Oak Rd, Suite 512, Houston, Texas 77024 (the “Seller”) and Crossroads Petroleum L.L.C.,
a Texas Limited Liability Company, whose mailing address is 28535 Nelson Rd., San Benito, Texas 78586 (the “Purchaser”).

 

BACKGROUND

 

The
Purchaser desires to purchase from the Seller, and the Seller desires to sell to the Purchaser, all of Seller’s right, title
and interest, believed to be one hundred percent (100%) Working Interest, carrying an undivided eighty three percent (83%) Net
Revenue Interest (NRI%) of eight-eights (8/8ths) leasehold in the Noack Farms, Minerva Lease and all related leases and assets
located in Milam County, Texas, which are more specifically described in Exhibit A attached hereto and incorporate herein (collectively,
herein called the “Noack Field Assets”) on the terms and conditions set forth in this Agreement.

 

NOW,
THEREFORE, for value received, the parties hereto agree to the following terms and conditions:

 

Ø
Purchase and Sale. On the terms and subject to the conditions set forth in this Agreement, at the Closing (defined below),
the Purchaser hereby agrees to purchase, acquire and accept from Seller, and Seller hereby agrees to sell, transfer, assign, convey
and deliver to the Purchaser, all of the Seller’s right, title and interest in and to the NOACK Field Assets, believed to
be not less than an undivided eighty three percent (83%) leasehold net revenue interest (“NRI”); a one
hundred percent (100%) Working Interest in the NOACK Field Assets.

 

Purchase
Price. Subject to the conditions set forth in this Agreement, the total purchase price (“Purchase Price”) for
the NOACK Field Assets to be paid by the Purchaser to the Seller for the NOACK Field Assets shall be the sum of $375,000.00,
payable as follows:

 

	 	Ø	$13,500.00
    credit on file;
	 	Ø	$121,500.00
    paid on or before November 5th, 2018 (“1st Deposit”); plus
	 	Ø	$125,000.00
    paid on or before December 1st, 2018 (“2nd Deposit”); plus
	 	Ø	$115,000.00
    paid on or before December 31st, 2018 (“Final Payment”);
	 	Ø	Carried
    Payments. After the Initial Deposit, the Purchaser will have officially Closed on the transaction with an effective date
    of November 1st, 2018. Until the Final Payment is received, the Seller will have a fully secured and primary lien
    against 100% Interest the Noack Field Asset. Any default on the Carried Payments will allow Seller to foreclose after a 30-day
    remedy period. No surface equipment or facilities can be removed without Seller until Final Payment is received and the security
    is removed.

 

    	 	 	 

    	 

    

 

Ø
Closing. Subject to the conditions set forth in this Agreement and the waiver of the Noak Farms, LLC right of first refusal
(disclosed below) being obtained or the failure of it to be timely exercised, the official closing date (“Closing”)
shall be November 1st, 2018. Any oil produced prior to this date will belong to the Seller.

 

Ø Additional
Terms - At Closing, the Seller shall execute, acknowledge and deliver to the Purchaser: (i) a recordable
assignment, mutually acceptable in form and substance, to the Purchaser and the Seller of the Seller’s NOACK Field
Assets (the “Assignment), reserving a lien to secure payment of the Purchase Price, (ii) a promissory note acceptable
to the Seller evidencing the Purchaser’s payment obligation of the Purchase Price. Upon Closing, Purchaser will also
promptly file all appropriate documents with the Railroad Commission (RRC) to take over as the official Operator as of the
Effective Date. Ad Valorem Taxes will be prorated to Buyer and Seller as of the Effective Date. Upon Closing, and within
seven (7) days thereafter, Seller agrees to provide Purchaser with copies of Seller’s records relating to the Assets
that are the subject of this Agreement, including (if applicable) information regarding all of Seller’s accounts
holding funds in suspense and Seller’s division orders and all supporting documentation regarding the royalty owners
and working interest owners in the leases for which Seller disburses proceeds of productions.

 

Ø
Allocation of Liabilities. Notwithstanding anything to the contrary elsewhere contained, following the Closing, the Purchaser
shall be responsible for and shall assume only liabilities related to the NOACK Field Assets that arise solely as a result of
events wholly occurring subsequent to the Effective Date. The Seller agrees to be responsible for and assume all liabilities whatsoever
that pertain to the NOACK Field Assets, to the extent that they arise as a result of events occurring prior to the Effective Date.

 

Ø
Seller’s Covenants, Representations and Warranties. The Seller covenants, represents and warrants to Purchaser that:

 

(a)
Disclosure. Seller has fully disclosed to the Purchaser in writing all of the Seller’s contracts, commitments and
liabilities to Purchaser, whether they be direct or contingent. No hydrocarbons are subject to any sales contract, and no person
or entity has any call upon, option to purchase, or similar rights with respect to the production from the wells and leases that
are included in the Assets that are the subject of this Agreement. Seller has disclosed to Purchaser in writing any and all facts
and circumstances of which Seller has knowledge that could reasonably be expected to materially affects any of the Assets or the
development, use, operation, management, leasing, occupancy, status, condition and legal compliance of the Assets or any portion
thereof.

 

(b)
Assets. Seller is the owner of all of the NOACK Field Assets covered by this Agreement and conveys all such NOACK Field
Assets to the Purchaser, free of all claims, liens, burdens, encumbrances, restrictions and other adverse interests other than
those that have been expressly disclosed to the Purchaser in writing on or prior to the Effective Date.

 

    	 	2	 

    	 	 	 

    

 

(e)
Liabilities. There are no debts or liabilities of any type whatsoever with respect to Seller (including without limitation,
tax liabilities of any type) other than debts or liabilities incurred in the ordinary course of business as of this date and which
have been expressly disclosed to the Purchaser in writing prior to the Effective Date.

 

(f)
Actions/Suits. There are no suits, claims, demands, filings, causes of action, administrative proceedings, lawsuits or
other litigation pending, or threatened that could now or hereafter adversely affect the ownership or operation of Seller except
those (if any) that have been expressly disclosed to the Purchaser in writing prior to the Effective Date. There are no bankruptcy
proceedings pending, being contemplated by, or to the knowledge of Seller, threatened against Seller. All property taxes and production
taxes that have become due or payable before the Closing Date have been paid, and all income taxes and obligations resulting thereto
that could result in a lien or other claim against any of the Assets that are the subject of this Agreement have been paid.

 

(h)
Compliance. The NOACK Field Assets have been operated in accordance with all applicable laws, orders, rules and regulations
of all governmental authorities having or asserting jurisdiction relating to the ownership and operation thereof, including the
production of all hydrocarbons attributable thereto. To the best of Seller’s knowledge, all necessary governmental certificates,
consents, permits, licenses or other authorizations with regard to the ownership or operation of the NOACK Field Assets have been
obtained and no violations exist or have been recorded in respect of such licenses, permits or authorizations except for those
(if any) which have been expressly disclosed to the Purchaser in writing prior to the Effective Date.

 

(i)
Consents, Waivers and Preferential Rights. There are no consents or waivers of preferential purchase or other rights necessary
to prevent the valid conveyance to Purchaser of the NOACK Field Assets that is contemplated by this Agreement (excluding governmental
consents and approvals (if any are necessary) that are customarily obtained post-Effective Date), except for a right of first
refusal held or owned on the lease described in Exhibit A by Noak Farms, LLC. Seller has obtained a waiver of this right of first
refusal.

 

(j)
Brokers. No broker or finder is entitled to any brokerage or finder’s fee, or to any commission, based in any way
on agreements, arrangements or understandings made by or on behalf of Seller for which Purchaser has or will have any liabilities
or obligations (contingent or otherwise).

 

(k)
Organization and Good Standing. Seller is a corporation, validly existing and in good standing under the laws of the State
of Texas and has all requisite corporate power and authority to own, lease and operate the NOACK Field Assets, to carry on its
business as now conducted and to perform its obligations under this Agreement, and to perform its obligations hereunder and thereunder.

 

    	 	3	 

    	 	 	 

    

 

(l)
Corporate Power. The Seller has full corporate power and authority to execute and deliver this Agreement and each other
agreement, document, instrument or certificate contemplated by this Agreement or to be executed by Seller in connection with the
consummation of the transactions contemplated by this Agreement, to perform its obligations hereunder and thereunder and to consummate
the transactions contemplated hereby and thereby. The execution and delivery by Seller of this Agreement and the consummation
of the transactions contemplated hereby have been duly authorized by all requisite corporate action on behalf of Seller. This
Agreement has been duly executed and delivered by Seller and (assuming the due authorization, execution and delivery by the Purchaser)
this Agreement constitutes the legal, valid and binding obligations of Seller, enforceable against Seller in accordance with their
respective terms.

 

Ø
Purchaser’s Covenants, Representations and Warranties. The Purchaser covenants, represents and warrants to Seller
that:

 

(a)
Brokers. No broker or finder is entitled to any brokerage or finder’s fee, or to any commission, based in any way
on agreements, arrangements or understandings made by or on behalf of Purchaser for which Seller has or will have any liabilities
or obligations (contingent or otherwise).

 

(b)
Organization and Good Standing. Purchaser is a limited liability company, validly existing and in good standing under the
laws of the State of Texas and has all requisite corporate power and authority to perform its obligations under this Agreement.

 

(c)
Corporate Power. The Purchaser has full corporate power and authority to execute and deliver this Agreement and each other
agreement, document, instrument or certificate contemplated by this Agreement or to be executed by Purchaser in connection with
the consummation of the transactions contemplated by this Agreement, to perform its obligations hereunder and thereunder and to
consummate the transactions contemplated hereby and thereby. The execution and delivery by Purchaser of this Agreement and the
consummation of the transactions contemplated hereby have been duly authorized by all requisite corporate action on behalf of
Seller. This Agreement has been duly executed and delivered by Purchaser and (assuming the due authorization, execution and delivery
by the Seller) this Agreement constitutes the legal, valid and binding obligations of Purchaser, enforceable against Purchaser
in accordance with their respective terms.

 

Ø Further
Assurances. Seller and Purchaser shall each, on a timely basis, execute, acknowledge and deliver all such further
conveyances, certificates, notices, assumptions, releases and such other instruments, and shall, on a timely basis, take such
further actions, as may be reasonably necessary or appropriate to assure fully to Purchaser and its respective successors or
assigns, all of the assets, rights, titles, interests, estates, remedies, powers and privileges intended to be conveyed to
Purchaser under this Agreement and to otherwise make effective the transactions contemplated hereby.

 

    	 	4	 

    	 	 	 

    

 

Ø Entire
Agreement. This Agreement contains the entire agreement of the parties hereto. There are no other agreements, oral or
written, and this Agreement can be amended only by written agreement signed by the parties hereto, and by reference, made a
part hereof.

 

Ø
Assignment. This Agreement may not be transferred or assigned, in whole or in part, by either party without the prior written
consent of the other party being first obtained. After Closing, Purchaser may convey or assign the Assets to a third party, subject
to all of Purchaser’s obligations and Seller’s rights hereunder.

 

Ø
Binding Effect. This Agreement, and the terms, covenants, and conditions herein contained, shall inure to the benefit of
and be binding upon the permitted successors, and permitted assigns of each of the parties hereto.

 

Ø
Expenses. Except as otherwise provided in this Agreement, Seller and Purchaser shall each bear their own respective expenses,
including without limitation attorney’s fees, incurred in connection with the negotiation and execution of this Agreement
and each other agreement, document and instrument contemplated by this Agreement and the consummation of the transactions contemplated
hereby and thereby. Notwithstanding the foregoing, in the event of any action or proceeding to interpret or enforce this Agreement,
the prevailing party in such action or proceeding shall be entitled to have and recover from the non-prevailing party such costs
and expenses (including, without limitation, all court costs and reasonable attorneys’ fees) as the prevailing party may
incur in the pursuit or defense thereof.

  

Ø Indemnification of
Purchaser. Seller agrees to and shall indemnify Purchaser and its officers, directors, employees, agents,
representatives, successors and assigns (each a “Purchaser Party”), and save and hold each of them harmless from
and against, and pay on behalf of or reimburse any Purchaser Party as and when incurred for, all claims, costs, expenses,
liabilities and/or losses of every type nature and character whatsoever pertaining to, arising out of or relating to the
NOACK Field Assets and occurring (in whole or in part) prior to the Effective Date. Seller also agrees to and shall indemnify
Purchaser and its officers, directors, employees, agents, representatives, successors and assigns, and save and hold each of
them harmless from and against, and pay on behalf of or reimburse any Purchaser Party, for any actual losses, costs,
expenses, liabilities, damages and injury arising from, related to any breach of any covenant or warranty by Seller set forth
herein.

 

Ø Indemnification
of Seller. Purchaser agrees to and shall indemnify Seller and its officers, directors, employees, agents,
representatives, successors and assigns (each a “Seller Party”), and save and hold each of them harmless from and
against, and pay on behalf of or reimburse any Seller Party as and when incurred for, all claims, costs, expenses,
liabilities and/or losses of every type nature and character whatsoever pertaining to, arising out of or relating to the
NOACK Field Assets and occurring (in whole or in part) on or subsequent to the Effective Date. Purchaser also agrees to and
shall indemnify Seller and its officers, directors, employees, agents, representatives, successors and assigns, and save and
hold each of them harmless from and against, and pay on behalf of or reimburse any Seller Party, for any actual losses,
costs, expenses, liabilities, damages and injury arising from, related to any breach of any covenant or warranty by Purchaser
set forth herein.

 

    	 	5	 

    	 	 	 

    

 

Ø
Section Headings. The section headings contained in this Agreement are for convenience only and shall in no way enlarge
or limit the scope or meaning of the various and several sections hereof.

 

Ø
Publicity. Neither Seller nor Purchaser shall issue any press release or public announcement concerning this Agreement
or the transactions contemplated hereby without obtaining the prior written approval of the other party hereto, which approval
will not be unreasonably withheld or delayed, unless, in the sole judgment of Purchaser or Seller, disclosure is otherwise required
by applicable law, provided that the party intending to make such release shall use its reasonable efforts consistent with such
applicable law to consult with the other party with respect to the text thereof.

 

Ø
Severability. If any provision of this Agreement or application to any party or circumstance shall be determined by any
court of competent jurisdiction to be invalid and unenforceable to any extent, the remainder of this Agreement or the application
of such provision to such person or circumstances, other than those as to which it is so determined invalid or unenforceable,
shall not be affected thereby, and each provision hereof shall be valid and shall be enforced to the fullest extent permitted
by law.

 

Ø
No Third Party Beneficiary. Except as otherwise expressly set forth herein, no term or provision of this Agreement is intended
to or shall be for the benefit of any person or entity not a party hereto, and no such other person or entity shall have any right
or cause of action hereunder, nor is anything in this Agreement intended to relieve or discharge the obligation or liability of
any third persons to any party to this Agreement, nor shall any provision give any third persons any right of subrogation or action
over and against any party to this Agreement.

 

Ø
Governing Law. This Agreement shall be governed by the applicable laws of the State of Texas, without regard to its
choice or conflicts of law rules or principles.

 

 Ø Venue.
The parties acknowledge their agreement and irrevocably consent to the courts situated in Milam County, Texas, as the sole
and exclusive venue for litigation of any type, nature or character whatsoever between the parties pertaining in any manner
whatsoever to this Agreement.

 

Ø
Authorization. The undersigned natural persons executing this Agreement warrant and represent that they are duly authorized
to do so and to bind the entity for which they sign.

 

Ø
Time of the Essence. Time is of the essence in all things pertaining to the performance of this Agreement.

 

    	 	6	 

    	 	 	 

    

 

Ø Currency.
All dollar amounts are expressed in United States currency.

 

Ø
Survival of Obligations. To the extent necessary to carry out the terms and provisions hereof, the terms, conditions, obligations
and rights set forth herein shall not be deemed terminated at the time of the execution and delivery of the assignment provided
in Paragraph 1, above or the payment of the purchase price provided in Paragraph 2, above. Nor will they merge into the assignment
provided in Paragraph 1, above.

 

Ø
Multiple Counterparts. For purposes of the execution of this Agreement, signature pages transmitted by facsimile or email
shall be given the same weight and effect as, and treated as, original signatures which can be signed in multiple counterparts.

 

Ø
NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED IN THIS AGREEMENT, THIS AGREEMENT WILL AUTOMATICALLY BE DEEMED NULL AND
VOID, WITHOUT FURTHER NOTICE, IF THE 1st DEPOSIT OF $121,500.00 USD IS NOT RECEIVED BY 5PM CST, NOVEMBER 9th,
2018. ANY CREDITS WILL BE WITHHELD BY SELLER.

 

IN
WITNESS WHEREOF, the parties hereto have duly executed this Agreement to be effective for all purposes as of the Effective Date.

 

 

	SELLER:	 	PURCHASER:
	 	 	 
	Petrolia Energy Corporation	 	Crossroads Petroleum L.L.C.
	 	 	 	 	 
	By:	 	 	By:	 
	 	Zel
    C. Khan, CEO & President	 	 	  Jorge
    Medina, Managing Member

 

    	 	7	 

    	 	 	 

    

 

EXHIBIT
A

 

NOACK
FIELD ASSETS

 

	1) 	All leasehold working interests, in and to all the oil, gas and/or mineral leases which are now owned or may be hereafter acquired
by the Seller which pertain to, cover and/or include the following lands in Milam County, Texas (collectively, the “Leases):

 

Oil
and Gas Lease dated July 3,2013, recorded in Volume 1203, Page 189 of the Records of Milam, County, Texas, from Kingman Operating
Company, Inc, as Lessor to Rockdale Resources Corporation, as Lessee on the following describe land in Milam County, to wit: Being
623.29 acres, more or less, out of the James Reese League, A-303, in Milam, County, Texas.

 

Well
Listing:

 

Noack
Farm A-1

Noack
Farm A-2

Noack
Farm A-3

Noack
Farm A-4

Noack
Farm A-7

Noack
Farm A-8

Noack
Farm A-9

Noack
Farm A-12

Noack
Farm A-13

Noack
Farm A-16

Noack
Farm A-18

Noack
Farm A-19

Noack
Farm A-22

Noack
Farm A-23

Noack
Farm A-24

Noack
Farm C-1

 

	2) 	All rights, titles, and interests of every type whatsoever in real, personal and intangible property rights which are
now owned or may be hereafter acquired by the Seller which are appurtenant to the above described lands and Lease, including
without limitation the following:

 

i.
As well as all rights, titles and interests in or derived from pooling or unit agreements, orders and decisions of state regulatory
authorities establishing pooling rights and/or units, joint operating agreements, enhanced recover and injection agreements, gas
sales contracts, farm-out agreements and farm-in agreements, options, drilling agreements, exploration agreements, assignments
of operating rights, working interests and subleases;

 

ii.
All royalties, overriding royalties, production payments, rights to take royalties in kind, and/or other interests in
production of oil, gas and/or other minerals pertaining to the Lease;

 

iii.
All equipment, wells, machinery, fixtures, related inventory and other personal property located in, on, or used in
connection with the Lease;

 

iv.
All oil, condensate, natural gas liquid produced from or pertaining to the Lease after the Effective Date, and all inventory,
including line fill and inventory below the pipeline connection in tanks, attributable to the Leases and/or Units;

 

v.
All contractual rights and all contracts and agreements of every type, nature and character whatsoever pertaining to the
Lease;

 

vi.
All rights-of-way, easements, servitudes and franchises acquired or used in connection with operations for the exploration
and/or production of oil, gas and/or other minerals pertaining to the Lease; and

 

vii.
All permits and licenses of any nature owned, held or operated in connection with operations for the exploration and/or
production of oil, gas and/or other minerals pertaining to the Lease, to the extent such permit and licenses are
transferable.

 

    	 	8

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