Document:

Exhibit 4.5

 

THE SECURITIES REPRESENTED BY THIS WARRANT CERTIFICATE (INCLUDING
THE SECURITIES ISSUABLE UPON EXERCISE OF THE WARRANT) ARE SUBJECT TO ADDITIONAL AGREEMENTS SET FORTH IN THE WARRANT AGENT AGREEMENT
(THE “WARRANT AGENT AGREEMENT”) DATED AS OF ____________ __, 2012 BY AND BETWEEN THE COMPANY AND THE WARRANT AGENT
NAMED THEREIN (THE “WARRANT AGENT”).

 

STOCK PURCHASE WARRANT

TO SUBSCRIBE FOR AND PURCHASE COMMON STOCK
OF

NEUROMETRIX, INC.

 

	No. CSW-	, 2013

 

CUSIP No.:  

 

THIS CERTIFIES THAT, for value received, ______________________,
or registered assigns, (herein referred to as the "Purchaser" or "Holder"), is entitled to subscribe for and
purchase from NEUROMetrix, Inc., a Delaware corporation (herein called the "Company"), at the exercise price specified
below (subject to adjustment as noted below) at any time beginning on the date that is the earlier indicated in (1) below and ending
on the date indicated in (2) below (subject to extension as provided below, the "Expiration Date"), (____________) fully
paid and nonassessable shares ("Shares") of common stock, par value $.0001 per share (herein the "Common Stock")
(subject to adjustment as noted below). This Stock Purchase Warrant (this "Warrant") has been issued in a public offering
of Units, consisting of shares of common stock and warrants, registered on the Company’s Registration Statement on Form S-1
(the “Registration Statement”) initially filed with the U.S. Securities and Exchange Commission (the “SEC”)
on November 23, 2011, as amended.

 

The warrant exercise price (subject to adjustment as noted below)
shall be equal to the price per Share (the "Warrant Purchase Price") indicated in (3) below.

 

This Warrant is subject to the following provisions, terms and
conditions:

 

(1)          Insert
date that is 180 days after the date hereof:_____________.

 

(2)          Insert
date that is five years from the date hereof:____________.

 

(3)          Equal
to % of the original purchase price paid for a Unit: .

 

1.           EXERCISE
OF WARRANT. The rights represented by this Warrant may be exercised by the holder hereof, in whole or in part, by written notice
of exercise (the “Exercise Notice”) delivered to the Warrant Agent and by the surrender of this Warrant (unless the
Warrant is issued in book entry form), properly endorsed if required, to the Warrant Agent (or such other location specified by
the Company) and upon payment to it by check or wire transfer of funds to an account specified by the Company of the Warrant Purchase
Price for such Shares, or if available, pursuant to the cashless exercise procedure specified in Section 2 below. Such Exercise
Notice shall be in the form set forth in Exhibit A-1 for Warrants held through the Depository Trust Company (the “DTC”)
or on the form set forth in Exhibit A-2 for Warrants not held through the DTC.

 

2.           NET
EXERCISE OF WARRANT. This Warrant may also be exercised in whole or in part, at such time by means of a "cashless exercise"
in which the holder shall be entitled to receive a certificate for the number of Shares equal to the quotient obtained by dividing
[(A-B)(X)] by (A), where:

 

		(A) =	the VWAP on the trading day immediately preceding the
date on which the holder elects to exercise this Warrant by means of a "cashless exercise," as set forth in the applicable
Notice of Exercise;

 

		(B) =	the Warrant Purchase Price, as adjusted hereunder; and

 

		(X) =	the number of Shares that would be issuable upon exercise
of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash exercise rather than a cashless
exercise.

 

    	 

    	 

    

 

"VWAP" means, for any date, the price determined by
the first of the following clauses that applies: (a) if the Common Stock is then listed or quoted on a Trading Market, the daily
volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the Trading Market on which
the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a trading day from 9:30 a.m. (New York City time)
to 4:02 p.m. (New York City time), (b) if the OTC Bulletin Board is not a Trading Market, the volume weighted average price of
the Common Stock for such date (or the nearest preceding date) on the OTC Bulletin Board, (c) if the Common Stock is not then listed
or quoted for trading on the OTC Bulletin Board and if prices for the Common Stock are then reported in the "Pink Sheets"
published by Pink OTC Markets, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the
most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value of a share of
Common Stock as determined by an independent appraiser selected in good faith by the Board of Directors of the Company and the
holders of a majority in interest of the Warrants being exercised for which the calculation of VWAP is required in order to determine
the exercise price of such Warrants.

 

“Trading Market" means any of the following markets
or exchanges on which the Common Stock is listed or quoted for trading on the date in question: the NYSE AMEX, the Nasdaq Capital
Market, the Nasdaq Global Market, the Nasdaq Global Select Market, or the New York Stock Exchange (or any successors to any of
the foregoing).

 

3.            BENEFICIAL
OWNERSHIP.

 

(a)          Notwithstanding
anything to the contrary contained in this Warrant (other than the provisions of Section 3(b) below), the Company shall not effect
any exercise of this Warrant, and a holder shall not have the right to exercise any portion of this Warrant to the extent (but
only to the extent) that, after giving effect to such issuance after exercise, the holder (together with any person acting as a
group with the holder or the holder's affiliates) would beneficially own in excess of 9.99% (the "Maximum Percentage")
of the outstanding shares of Common Stock. To the extent the above limitation applies, the determination of whether this Warrant
shall be exercisable (vis-à-vis other convertible, exercisable or exchangeable securities owned by the holder) and of which
warrants shall be exercisable (as among all warrants owned by the holder) shall, subject to such Maximum Percentage limitation,
be determined on the basis of the first submission to the Company for conversion, exercise or exchange (as the case may be). No
prior inability to exercise this Warrant pursuant to this paragraph shall have any effect on the applicability of the provisions
of this paragraph with respect to any subsequent determination of exercisability. For the purposes of this paragraph, beneficial
ownership and all determinations and calculations (including, without limitation, with respect to calculations of percentage ownership
and as to the determination of any group) shall be determined by the holder in accordance with Section 13(d) of the Securities
Exchange Act of 1934 (the "Exchange Act") and the rules and regulations promulgated thereunder. The provisions of this
paragraph shall be implemented in a manner otherwise than in strict conformity with the terms of this paragraph to correct this
paragraph (or any portion hereof) which may be defective or inconsistent with the intended Maximum Percentage beneficial ownership
limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such Maximum Percentage
limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant. Each delivery of an
Exercise Notice by the holder will constitute a representation by the holder that it has evaluated the limitation set forth in
this paragraph and determined that issuance of the full number of Shares requested by the holder in such Exercise Notice is permitted
under this paragraph.

 

(b)          The
provisions of Section 3(a) above shall not apply to any exercise by any holder whose beneficial ownership of Common Stock immediately
prior to the issuance of this Warrant (together with any person acting as a group with the holder and the holder's affiliates)
exceeds the Maximum Percentage (an "Existing MP Holder"), provided, however, if at any time after the date hereof an
Existing MP Holder and its affiliates and any other persons or entities whose beneficial ownership of Common Stock would be aggregated
with such Holders for purposes of Section 13(d) of the Exchange Act (including shares held by any "group" of which the
holder is a member, but excluding shares beneficially owned by virtue of the ownership of securities or rights to acquire securities
that have limitations on the right to convert, exercise or purchase similar to the limitation set forth herein) shall collectively
beneficially own the Maximum Percentage or less, then such holder may deliver a written notice to the Company (an "MP Notice")
providing that such holder irrevocably elects to be subject to the provisions of Section 3(a).

 

(c)          Notwithstanding
anything to the contrary contained in this Warrant, the Company shall not effect any exercise of this Warrant (including if held
by an Existing MP Holder that has not delivered an MP Notice), and a holder shall not have the right to exercise any portion of
this Warrant to the extent (but only to the extent) that, after giving effect to such issuance after exercise, the holder (together
with any person acting as a group with the holder or the holder's affiliates) would beneficially own in excess of 14.99% (the "Applicable
Percentage") of the outstanding shares of Common Stock. To the extent the above limitation applies, the determination of whether
this Warrant shall be exercisable (vis-à-vis other convertible, exercisable or exchangeable securities owned by the holder)
and of which warrants shall be exercisable (as among all warrants owned by the holder) shall, subject to such Applicable Percentage
limitation, be determined on the basis of the first submission to the Company for conversion, exercise or exchange (as the case
may be). No prior inability to exercise this Warrant pursuant to this paragraph shall have any effect on the applicability of the
provisions of this paragraph with respect to any subsequent determination of exercisability. For the purposes of this paragraph,
beneficial ownership and all determinations and calculations (including, without limitation, with respect to calculations of percentage
ownership and as to the determination of any group) shall be determined by the holder in accordance with Section 13(d) of the Securities
Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. The provisions of this paragraph shall
be implemented in a manner otherwise than in strict conformity with the terms of this paragraph to correct this paragraph (or any
portion hereof) which may be defective or inconsistent with the intended Applicable Percentage beneficial ownership limitation
herein contained or to make changes or supplements necessary or desirable to properly give effect to such Applicable Percentage
limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant. . Each delivery of an
Exercise Notice by the holder will constitute a representation by the holder that it has evaluated the limitation set forth in
this paragraph and determined that issuance of the full number of Shares requested by the holder in such Exercise Notice is permitted
under this paragraph.

 

    	 

    	 

    

 

4.            ISSUANCE
OF THE SHARES.

 

(a)          The
Company agrees that the Shares so purchased shall be and are deemed to be issued to the holder hereof as the record owner of such
Shares as of the close of business on the date on which this Warrant shall have been surrendered and payment made for such Shares
as aforesaid. Subject to the provisions of the preceding Section, within 10 business days after the rights represented by this
Warrant shall have been exercised, the Company shall cause its transfer agent to issue the Shares so purchased to Purchaser in
book-entry format and, unless instructed otherwise in writing by the Holders, shall be credited to the Holder’s brokerage
account through the DTC’s Deposit Withdrawal at Custodian system as indicated on the attached Exhibit A.  Any
reference in this Warrant to the issuance of a certificate or the certificates representing the Shares shall also be deemed a reference
to the book-entry issuance of such Shares. Unless this Warrant has expired, a new Warrant representing the number of Shares, if
any, with respect to which this Warrant shall not then have been exercised shall also be delivered to the Holder hereof or its
nominee within such time.

 

(b)          In
addition to any other rights available to the Holder, if the Company fails to cause the Warrant Agent to transmit to the Holder
a certificate or the certificates representing the Warrant Shares pursuant to an exercise on or before the Warrant Share Delivery
Date (as defined in the Warrant Agent Agreement), and if after such date the Holder is required by its broker to purchase (in an
open market transaction or otherwise) or the Holder’s brokerage firm is required to purchase, shares of Common Stock to deliver
in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a “Buy-In”),
then the Company shall (A) pay in cash or Shares, at the Company’s exclusive option, to the Holder the amount, if any,
by which (x) the Holder’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock
so purchased exceeds (y) the amount obtained by multiplying (1) the number of Shares that the Company was required to
deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to
such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and
equivalent number of Warrant for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or
deliver to the Holder the number of shares of Common Stock that would have been issued had the Company timely complied with its
exercise and delivery obligations hereunder. For example, if the Holder purchases Common Stock having a total purchase price of
$11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate sale price giving rise
to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required
to pay the Holder $1,000 in cash or shares of Common Stock, at the exclusive option of the Company.  The Holder shall
provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the
Company, evidence of the amount of such loss.

 

5.           AUTHORIZATION
OF SHARES. The Company represents and warrants that this Warrant has been duly authorized by all necessary corporate action, has
been duly executed and delivered and is a legal and binding obligation of the Company, enforceable against the Company in accordance
with the terms of this Warrant, except to the extent such enforceability may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium or similar laws affecting creditors' and contracting parties' rights generally. The Company covenants and agrees that
all Shares which may be issued upon the exercise of the rights represented by this Warrant according to the terms hereof or represented
by the Common Stock will, upon issuance and payment therefor, be duly authorized and issued, fully paid and nonassessable. The
Company further covenants and agrees that during the period within which the rights represented by this Warrant may be exercised,
the Company will at all times have authorized, and reserved for the purpose of issue or transfer upon exercise of the subscription
rights evidenced by this Warrant, a sufficient number of shares of its Common Stock to provide for the exercise of the rights represented
by this Warrant, free from preemptive rights, rights of first refusal or other contingent purchase rights other than those held
by a holder of this Warrant (as a result of holding this Warrant).

 

6.           CHARGES,
TAXES AND EXPENSES. The Company will pay any documentary stamp taxes attributable to the issuance of Shares of Common Stock upon
the exercise of this Warrant; provided, however, that the Company shall not be required to pay any tax which may be payable in
respect of any transfer involved in the registration of any certificates for Warrants, or shares of Common Stock issued upon exercise
of this Warrant, in a name other than that of the Purchaser. The Purchaser shall be responsible for all other tax liability that
may arise as a result of holding or transferring this Warrant or receiving Shares of Common Stock upon exercise hereof.

 

7.           ADJUSTMENTS
OF WARRANT PURCHASE PRICE AND NUMBER OF SHARES; STOCK SPLITS, ETC. The above provisions are, however, subject to the following:

 

(a)          The
Warrant Purchase Price shall, from and after the date of issuance of this Warrant, be subject to adjustment from time to time as
hereinafter provided. Upon each adjustment of the Warrant Purchase Price, the holder of this Warrant shall thereafter be entitled
to purchase, at the Warrant Purchase Price resulting from such adjustment, the number of Shares obtained by multiplying the Warrant
Purchase Price in effect immediately prior to such adjustment by the number of Shares purchasable pursuant hereto immediately prior
to such adjustment and dividing the product thereof by the Warrant Purchase Price resulting from such adjustment.

 

    	 

    	 

    

 

(b)          In
case the Company shall at any time subdivide its outstanding shares of Common Stock into a greater number of shares, the Warrant
Purchase Price in effect immediately prior to such subdivision shall be proportionately reduced, and conversely, in case the outstanding
shares of Common Stock of the Company shall be combined into a smaller number of shares, the Warrant Purchase Price in effect immediately
prior to such combination shall be proportionately increased.

 

(c)          Upon
any adjustment of the Warrant Purchase Price or any adjustment of any material terms hereof, then and in each such case an officer
of the Company shall, promptly after the occurrence of any event that requires an adjustment or readjustment, give signed written
notice thereof, by first-class mail, postage prepaid, addressed to the registered holder of this Warrant at the address of such
holder as shown on the books of the Company, which notice shall state the Warrant Purchase Price resulting from such adjustment,
any material change in the terms of the Warrant, and the increase or decrease, if any, in the number of Shares purchasable at such
price upon the exercise of this Warrant, setting forth in reasonable detail the method of calculation and the facts upon which
such calculation is based.

 

8.           NO
STOCKHOLDER RIGHTS. This Warrant shall not entitle the holder hereof to any voting rights or other rights as a stockholder of the
Company.

 

9.           FUNDAMENTAL
TRANSACTION.

 

(a)          If,
at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions
effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or indirectly,
effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets
in one or a series of related transactions, (iii) any direct or indirect purchase offer, tender offer or exchange offer (whether
by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange
their shares for other securities, cash or property and such offer has been accepted by the holders of 50% or more of the outstanding
Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification,
reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively
converted into or exchanged for securities other than the Company’s securities, cash or property, (v) the Company, directly
or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination
(including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person whereby
such other Person acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held
by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to,
such stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”), then,
upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, in lieu of each Share that would have
been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction (without regard to any limitation
in Section 3 on the exercise of this Warrant), the number of shares of Common Stock of the successor or acquiring corporation
or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”)
receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant
is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 3 on the exercise
of this Warrant).

 

(b)          For
purposes of any such exercise, the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable
manner reflecting the relative value of any different components of the Alternate Consideration.  If holders of Common Stock
are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall
be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental
Transaction. 

 

(c)          The
Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor
Entity”) to assume in writing all of the obligations of the Company under this Warrant and the other transaction documents
in accordance with the provisions of this Section 9 pursuant to a written agreement in customary form and substance prior
to such Fundamental Transaction and shall, at the option of the holder of this Warrant, deliver to the Holder in exchange for this
Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this
Warrant which is exercisable, as applicable, for any Alternate Consideration and/or a corresponding number of shares of capital
stock of such Successor Entity (or its parent entity) equivalent to the shares of Common Stock issuable upon exercise of this Warrant
(without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction.  Upon the
occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and
after the date of such Fundamental Transaction, the provisions of this Warrant and the other transaction documents referring to
the “Company” shall refer instead to the Successor Entity), and may exercise every right and power of the Company and
shall assume all of the obligations of the Company under this Warrant and the other transaction documents with the same effect
as if such Successor Entity had been named as the Company herein.  For purposes of this Warrant, “Person” means
an individual, sole proprietorship, corporation, partnership, limited partnership, limited liability company, association, joint
venture, trust, statutory trust, unincorporated organization, estate or other mutual company, joint stock company, estate, union,
employee organization, bank, trust company, land trust or other organization, whether or not a legal entity.

 

    	 

    	 

    

 

10.         TRANSFER
OF WARRANTS. Subject to compliance with any applicable securities laws, this Warrant and all rights hereunder are transferable,
in whole or in part, upon surrender of this Warrant at the principal office of the Company, together with a written assignment
of this Warrant substantially in the form attached hereto as Exhibit B, duly executed by the Holder or its agent or attorney and
funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such
payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees and in the denomination
or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion
of this Warrant not so assigned, and this Warrant shall promptly be cancelled. Any such transfer shall be immediately recorded
in the Company’s books, records and warrant register.

 

11.         SURRENDER.
This Warrant is exchangeable, upon the surrender hereof by the holder hereof at the principal office of the Company, for new Warrants
of like tenor representing in the aggregate the right to subscribe for and purchase the number of Shares which may be subscribed
for and purchased hereunder, each of such new Warrants to represent the right to subscribe for and purchase such number of shares
as shall be designated by said holder hereof at the time of such surrender.

 

12.         FRACTIONAL
SHARES. The Company will not be required upon the exercise of this Warrant to issue fractions of shares of Common Stock, but may,
at its option, either (a) purchase such fraction for an amount in cash equal to the current value of such fraction computed on
the basis of the closing market price of a share of Common Stock as quoted on the principal exchange or trading facility on which
shares of Common Stock are traded on the trading day immediately preceding the day upon which this Warrant was surrendered for
exercise in accordance with Section 1 hereof, or (b) issue the required share. By accepting this Warrant, the holder hereof expressly
waives any right to receive any fractional share upon exercise of a Warrant, except as expressly provided in this Section 11.

 

13.         REGISTERED
SECURITIES. The Common Stock underlying this Warrant has been registered with the SEC and qualified by state authorities, or an
exemption from such registration and qualification requirements is available. The Common Stock issuable upon exercise of the Warrant
may be transferred and sold in reliance on the Registration Statement. The Company will attempt to maintain the effectiveness of
a current prospectus covering the Common Stock issuable upon exercise of the Warrants until the expiration of the Warrants.

 

If, however, the Registration Statement is no longer effective
(including by reason of a post-effective amendment to the registration statement which has not yet been declared effective), then
this Warrant may only be exercised on a cashless basis pursuant to Section 2 above, in which case the Shares to be issued shall
not be registered under the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder (the “Securities
Act”). In such case, the Shares shall, if required under the Securities Act, be subject to a stop transfer order and the
certificate or certificates representing the Shares shall bear appropriate restrictive legends, unless such Shares are eligible
for resale without restriction under the Securities Act.

 

14.         Warrant
Agent.  American Stock Transfer and Trust Company, Inc. shall serve as Warrant Agent pursuant to the Warrant Agent Agreement. 
Upon 30 days’ notice to the Holder, the Company may appoint a new Warrant Agent.  Any corporation into which the Warrant
Agent or any new warrant agent may be merged or any corporation resulting from any consolidation to which Warrant Agent or any
new warrant agent shall be a party or any corporation to which Warrant Agent or any new warrant agent transfers substantially all
of its corporate trust or stockholder services business shall be a successor Warrant Agent under this Warrant without any further
act.  Any such successor warrant agent shall promptly cause notice of its succession as Warrant Agent to be mailed (by first
class mail, postage prepaid) to the Holder at the Holder’s last address as shown on the Warrant register.

 

15.        GOVERNING
LAW. All questions concerning this Warrant will be governed and interpreted and enforced in accordance with the internal law, not
the law of conflicts, of the State of Delaware.

 

16.         MISCELLANEOUS.
On receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant, and,
in the case of any such loss, theft, destruction or mutilation of this Warrant, on delivery of an indemnity agreement reasonably
satisfactory in form to the Company or, in the case of mutilation, on surrender and cancellation of such Warrant, the Company at
its expense will execute and deliver, in lieu thereof, a new Warrant of like tenor. If the last or appointed day for the taking
of any action or the expiration of any right required or granted herein shall be a Saturday or Sunday, or shall be a legal U.S.
or New York state holiday, then such action may be taken or such right may be exercised on the next succeeding day not a Saturday,
Sunday or holiday. The invalidity or unenforceability of any provision of this Warrant shall in no way affect the validity or enforceability
of any other provisions of this Warrant, or the Agreement.

 

    	 

    	 

    

 

17.         NOTICES.
All notices, requests, consents and other communications hereunder shall be in writing, shall be delivered (A) if within the United
States, by first-class registered or certified airmail, or nationally recognized overnight express courier, postage prepaid, or
by facsimile, or (B) if from outside the United States, by International Federal Express (or comparable service) or facsimile,
and shall be deemed given (i) if delivered by first-class registered or certified mail domestic, upon the business day received,
(ii) if delivered by nationally recognized overnight carrier, one (1) business day after timely delivery to such carrier, (iii)
if delivered by International Federal Express (or comparable service), two (2) business days after so mailed, (iv) if delivered
by facsimile, upon electric confirmation of receipt. Notices to the Company pursuant to this Warrant shall be delivered to the
address set forth on the signature page hereof, until another address is designated in writing by the Company. Notices to the holder
pursuant to this Warrant shall be delivered to the address set forth in the Company's records, until another address is designated
in writing by the holder.

 

IN WITNESS WHEREOF, the Company has caused this Warrant to be
signed by its duly authorized officer and this Warrant to be dated as of the date set forth above.

 

	Address:	NEUROMETRIX, INC.
	 	 
	 	By	 
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	 

 

	Countersigned by:	 
	 	 
	 	 
	as Warrant Agent	 
	 	 
	By:	 	 
	 	 	 
	Name:	 	 
	 	 	 
	Title:	 	 

 

    	 

    	 

    

 

EXHIBIT A-1

 

EXERCISE NOTICE

 

FOR HOLDERS

HOLDING WARRANTS THROUGH THE DEPOSITORY
TRUST COMPANY

 

Warrant CUSIP No. [__________]

Common Stock CUSIP No. _____________

TO BE COMPLETED BY DIRECT PARTICIPANT

IN THE DEPOSITORY TRUST COMPANY

(To be executed upon exercise of the Warrant(s))

 

The undersigned hereby irrevocably elects to exercise the right,
represented by a Global Warrant Certificate (or book-entry) held for its benefit through The Depository Trust Company (the "Depository"),
to purchase ___________________ shares of Common Stock of NeuroMetrix, Inc. and (check one or both):

 

		 ̈	herewith tenders in payment for such shares an amount
of $__________________ by certified or official bank check made payable to the order of NeuroMetrix, Inc. or by wire transfer in
immediately available funds to an account arranged with NeuroMetrix, Inc.; and/or

 

		 ̈	herewith tenders the Warrant(s) for                
shares of Common Stock pursuant to the cashless exercise provision of Section 2 of the Warrant.

 

Please check below if this exercise is contingent upon the consummation
of a Fundamental Transaction as provided in Section 9 of the Warrant:

 

		 ̈	This exercise is being made in connection with a Fundamental
Transaction; provided, that in the event the Fundamental Transaction shall not be consummated, then this exercise shall
be deemed to be revoked.

 

The undersigned requests that the shares of Common Stock issuable
upon exercise of the Warrant(s) be in registered form in the authorized denominations, registered in such names and delivered,
all as specified in accordance with the instructions set forth below; provided, that if the shares of Common Stock are evidenced
by global securities, the shares of Common Stock shall be registered in the name of the Depository or its nominee.

 

Dated:                         ,
20         

 

THIS EXERCISE NOTICE MUST BE DELIVERED TO THE WARRANT AGENT,
PRIOR TO 5:00 P.M., NEW YORK CITY TIME, ON THE EXPIRATION DATE.  ALL CAPITALIZED TERMS USED HEREIN BUT NOT DEFINED HEREIN
SHALL HAVE THE MEANINGS AS SIGNED TO THEM IN THE WARRANT.

 

Name of any person who solicited exercise of the Warrant(s):
____________________________

 

NAME OF DIRECT PARTICIPANT IN THE DEPOSITORY:

 

	Account Name:	 	 
	 	(Please Print)	 
	 	 	 
	Address:	 	 
	 	 	 
	Contact Name:	 	 
	Telephone:	 	 
	Email:	 	 
	Fax:	 	 
	Soc. Security No./ID No.	 	 

 

    	 

    	 

    

 

Account from which Warrant(s) are Being Delivered:                                                                                                              

 

Depository Account Number:                                                                                                              
                          

 

Account to which the Shares of
Common Stock are to be Credited:                                                                              __    

 

Depository Account Number:                                                                                                                                        

 

	FILL IN FOR WARRANT HOLDER DELIVERING WARRANT(S), IF OTHER THAN THE DIRECT PARTICIPANT:	FILL IN FOR DELIVERY OF THE COMMON STOCK, IF OTHER THAN TO THE PERSON DELIVERING THIS WARRANT EXERCISE NOTICE:
	 	 	 	 
	Acct. Name:	 	Acct. Name:	 
	 	 	 	 
	Contact Name:	 	Contact Name:	 
	Address:	 	Address:	 
	 	 	 	 
	Telephone:	 	Telephone:	 
	Email:	 	Email:	 
	Fax:	 	Fax:	 
	Soc Security No/ID No.	 	Soc. Security No./ID No.	 

 

Signature:______________________________________________________________

 

Name:_________________________________________________________________

 

Capacity in which Signing: _________________________________________________

 

Signature Guaranteed By: _________________________________________________

 

Signatures must be guaranteed by a participant in the Securities
Transfer Agent Medallion Program, the Stock Exchanges Medallion Program or the New York Stock Exchange, Inc. Medallion Signature
Program.

 

    	 

    	 

    

 

EXHIBIT A-2

 

EXERCISE NOTICE

FOR HOLDERS

HOLDING BOOK-ENTRY WARRANTS

OTHER THAN THROUGH THE DEPOSITORY TRUST
COMPANY

 

Warrant CUSIP No. [___________]

Common Stock CUSIP No. ____________

(To be executed upon exercise of the Warrant(s))

 

The undersigned hereby irrevocably elects to exercise the right,
represented by the Book-Entry Warrant(s), to purchase shares of Common Stock of NeuroMetrix, Inc. and (check one or both):

 

		 ̈	herewith tenders in payment for                                 shares
of Common Stock an amount of $                                        
by certified or official bank check made payable to the order of NeuroMetrix, Inc. or by wire transfer
in immediately available funds to an account arranged with NeuroMetrix, Inc.; and/or

 

		 ̈	herewith tenders the Warrant(s) for                                 shares
of Common Stock pursuant to the cashless exercise provision of Section 2 of the Warrant.

 

Please check below if this exercise is contingent upon the consummation
of a Fundamental Transaction as provided in Section 9 of the Warrant:

 

		 ̈	This exercise is being made in connection with a Fundamental
Transaction; provided, that in the event the Fundamental Transaction shall not be consummated, then this exercise shall
be deemed to be revoked.

 

The undersigned requests that a statement representing the shares
of Common Stock issued upon exercise of the Warrant(s) be delivered in accordance with the instructions set forth below.

 

Dated:  ____________
__, 20___

 

THIS EXERCISE NOTICE MUST BE DELIVERED TO THE WARRANT AGENT,
PRIOR TO 5:00 P.M., NEW YORK CITY TIME, ON THE EXPIRATION DATE.  ALL CAPITALIZED TERMS USED HEREIN BUT NOT DEFINED HEREIN
SHALL HAVE THE MEANINGS AS SIGNED TO THEM IN THE WARRANT.

 

Name of any person who solicited exercise of the Warrant(s):
____________________________

 

THE UNDERSIGNED REQUESTS THAT A STATEMENT REPRESENTING THE
SHARES OF COMMON STOCK BE DELIVERED AS FOLLOWS:

 

	Name:	 	 
	 	(Please Print)	 
	 	 	 
	Address:	 	 
	 	 	 
	 	 	 
	Telephone:	 	 
	 	 	 
	Fax:	 	 

 

Social Security Number or Other Taxpayer Identification Number
(if applicable): __________________________

 

    	 

    	 

    

 

IF SAID NUMBER OF SHARES SHALL NOT BE ALL THE SHARES
PURCHASABLE UNDER THE WARRANT(S), THE UNDERSIGNED REQUESTS THAT NEW BOOK-ENTRY WARRANT(S) REPRESENTING THE BALANCE OF SUCH WARRANT(S)
SHALL BE REGISTERED AS FOLLOWS:

 

	Name:	 	 
	 	(Please Print)	 
	 	 	 
	Address:	 	 
	 	 	 
	 	 	 
	Telephone:	 	 
	 	 	 
	Fax:	 	 

 

Social Security Number or Other Taxpayer Identification Number
(if applicable):  _______________________

 

	Signature:	 	 	 
	 	 	 
	Name:	 	 	 
	 	 	 
	Capacity in which Signing:	 	 
	 	 	 
	SIGNATURE GUARANTEED BY:	 	 

 

Signatures must be guaranteed by a participant
in the Securities Transfer Agent Medallion Program, the Stock Exchanges Medallion Program or the New York Stock Exchange, Inc.
Medallion Signature Program.

 

    	 

    	 

    

 

Exhibit B

 

ASSIGNMENT FORM

 

(To assign the foregoing Warrant, execute
this form and supply required information. Do not use this form to purchase shares.)

 

FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced
thereby are hereby assigned to:

 

Name:

(Please Print)

 

Address:

 

(Please Print)

 

Dated:

 

Holder's Signature:

 

Holder's Address:

 

Signature Guaranteed:

 

NOTE: The signature to this Assignment Form must correspond
with the name as it appears on the face of the Warrant, without alteration or enlargement or any change whatever and must be guaranteed
by a bank or trust company. Officers of corporations and those acting in a fiduciary or other representative capacity should file
proper evidence of authority to assign the foregoing Warrant.EXHIBIT 10.1

 

EXECUTIVE
EMPLOYMENT AGREEMENT

 

This Executive Employment
Agreement (this “Agreement”) is made as of April 1, 2013 (the “Effective Date”) between ARMADA OIL, INC.,
a Nevada corporation (the “Company”) having its principal offices at 5220 Spring Valley Road, Suite 615, Dallas, Texas,
and RANDY M. GRIFFIN (the “Executive”), an individual residing at ______________________________.

 

WITNESSETH:

 

WHEREAS, the Executive
desires to be employed by the Company as its Chief Executive Officer and the Company wishes to employ the Executive in such capacity;

 

NOW, THEREFORE,
in consideration of the foregoing recitals and the respective covenants and agreements of the parties contained in this document,
the Company and the Executive hereby agree as follows:

 

1.          Employment
and Duties.

 

(a)        The
Company agrees to employ and the Executive agrees to serve as the Company’s Chief Executive Officer and Chairman of its Board
of Directors (the “Board”). The duties and responsibilities of the Executive shall include such duties and responsibilities
as the Board may from time to time reasonably assign to the Executive.

 

The Executive shall
devote substantially all of his working time and efforts during the Company’s normal business hours to the business and affairs
of the Company and its subsidiaries and to the diligent and faithful performance of the duties and responsibilities duly assigned
to him pursuant to this Agreement. The particular job responsibilities of the Executive are set forth in Exhibit A attached hereto.

 

(b)        Executive
recognizes that during the period of Executive’s employment hereunder, Executive owes an undivided duty of loyalty to the
Company, and Executive will use Executive’s good faith efforts to promote and develop the business of the Company and its
subsidiaries (the Company’s subsidiaries from time to time, together with any other affiliates of the Company, the “Affiliates”).
Recognizing and acknowledging that it is essential for the protection and enhancement of the name and business of the Company and
the goodwill pertaining thereto, Executive shall perform the Executive’s duties under this Agreement professionally, in accordance
with the applicable laws, rules and regulations and such standards, policies and procedures established by the Company and the
industry from time to time.

 

(c)        However,
the parties agree that: (i) Executive may devote a reasonable amount of his time to civic, community, or charitable activities
and may serve as a director of other corporations (provided that any such other corporation is not a competitor of the Company,
as determined by the Board) and to other types of business or public activities not expressly mentioned in this paragraph and (ii)
Executive may participate as a non-employee director and/or investor in other companies and projects as disclosed by Executive
to, and approved by, the Board, so long as Executive’s responsibilities with respect thereto do not conflict or interfere
with the faithful performance of his duties to the Company.

 

    	 

    	 

    

 

2.          Term.
The term of this Agreement shall commence on the Effective Date and shall continue for a period of two (2) years and shall be automatically
renewed for successive one year periods thereafter unless either party provides the other party with written notice of his or its
intention not to renew this Agreement at least three months prior to the expiration of the initial term or any renewal term of
this Agreement. “Employment Period” shall mean the initial two year term plus renewals, if any. In any event, the Employment
Period may be terminated as hereinafter provided.

 

3.          Place
of Employment. The Executive’s services shall be performed at the Company’s offices that will be located in the
State of Texas, and any other location where the Company now or hereafter has an office or business facility. The parties acknowledge,
however, that the Executive may be required to travel in connection with the performance of his duties hereunder.

 

4.          Base Salary. The Executive shall be entitled to receive a salary from the Company during the
Employment Period at a rate of $210,000 per year (the "Base Salary"). The Base Salary may be increased on each anniversary
of the Effective Date at the Board's sole discretion. The Base Salary shall be paid in periodic installments in accordance
with the Company’s regular payroll practices.

 

5.          Bonus,
(a) The Company may pay the Executive an annual or periodic bonus (the "Bonus"), at such time and in such amount as may
be determined by the Board in its sole discretion. The Board may or may not determine that all or any portion of the Bonus shall
be earned upon the achievement of operational, financial or other milestones ("Milestones") established by the Board
and that all or any portion of any Bonus shall be paid in cash, securities or other property. (b) The Executive shall be eligible
to participate in any other bonus or incentive program established by the Company for executives of the Company.

 

6.          Expenses.
The Executive shall be entitled to prompt reimbursement by the Company for all reasonable ordinary and necessary travel, entertainment
and other expenses incurred by the Executive while employed (in accordance with the policies and procedures established by the
Company for its senior executive officers) in the performance of his duties and responsibilities under this Agreement; provided,
that the Executive shall properly account for such expenses in accordance with Company policies and procedures.

 

7.          Other Benefits.
During the term of this Agreement, the Executive and Executive’s dependents shall be eligible to participate in incentive,
savings, retirement (401(k)) and welfare benefit plans, including, without limitation, health, medical, dental, vision, life (including
accidental death and dismemberment) and disability insurance plans (collectively, the “Benefit Plans”), in substantially
the same manner and at substantially the same levels as the Company makes such opportunities available to the Company’s other
managerial or salaried executive employees and their dependents.

 

    	2

    	 

    

 

8.          Vacation.
During the term of this Agreement, the Executive shall be entitled to 21 paid vacation days per year in accordance with standard
policy to be established by the Company. The Executive shall be entitled to carry over any accrued, unused vacation days from year
to year without limitation.

 

9.          Termination
of Employment. Any other provisions of this Agreement to the contrary notwithstanding, the Executive’s employment may
be terminated under the following conditions:

 

(a)        Death.
If the Executive dies during the Employment Period, this Agreement and the Executive’s employment with the Company shall
automatically terminate and the Company shall have no further obligations to the Executive or his heirs, administrators or executors
with respect to compensation and benefits accruing thereafter, except for the obligation to pay to the Executive’s heirs,
administrators or executors any earned but unpaid Base Salary, unpaid pro rata annual bonus, if any, and unused vacation
days accrued through the date of death and reimbursement of any and all reasonable expenses paid or incurred by the Executive in
connection with and related to the performance of his duties and responsibilities for the Company during the period ending on the
termination date. The Company shall deduct, from all payments made hereunder, all applicable taxes, including income tax, FICA
and FUTA, and other appropriate deductions. In addition, the Executive’s spouse and minor children shall be entitled to continued
coverage, at the Company’s expense, under all health, medical, dental and vision insurance plans in which the Executive was
a participant immediately prior to his last date of employment with the Company for a period of one year following the death of
the Executive.

 

(b)        Disability.
In the event that, during the term of this Agreement, the Executive shall be prevented from performing his duties and responsibilities
hereunder to the full extent required by the Company by reason of Disability (as defined below) this Agreement and the Executive’s
employment with the Company shall automatically terminate and the Company shall have no further obligations or liability to the
Executive or his heirs, administrators or executors with respect to compensation and benefits accruing thereafter, except for the
obligation to pay the Executive or his heirs, administrators or executors any earned but unpaid Base Salary, unpaid pro rata
annual bonus, if any, and unused vacation days accrued through the Executive’s last date of employment with the Company and
reimbursement of any and all reasonable expenses paid or incurred by the Executive in connection with and related to the performance
of his duties and responsibilities for the Company during the period ending on the termination date. The Company shall deduct,
from all payments made hereunder, all applicable taxes, including income tax, FICA and FUTA, and other appropriate deductions through
the last date of the Executive’s employment with the Company. For purposes of this Agreement, “Disability” shall
mean a physical or mental disability that prevents the performance by the Executive, with or without reasonable accommodation,
of his duties and responsibilities hereunder for a period of not less than an aggregate of three months during any twelve consecutive
months.

 

    	3

    	 

    

 

(c)          Cause.

 

(1)         At
any time during the Employment Period, the Company may terminate this Agreement and the Executive’s employment hereunder
for Cause. For purposes of this Agreement, “Cause” shall mean: (a) the willful and continued failure of the Executive
to perform substantially his duties and responsibilities for the Company (other than any such failure resulting from a Disability)
after a written demand by the Board for substantial performance is delivered to the Executive by the Company, which specifically
identifies the manner in which the Board believes that the Executive has not substantially performed his duties and responsibilities,
which willful and continued failure is not cured by the Executive within 30 days of his receipt of such written demand; (b) the
conviction of, or plea of guilty or nolo contendere to, a felony, (c), violation of Sections 11 or 12 of this Agreement,
or (d) fraud, dishonesty or gross misconduct which is materially and demonstratively injurious to the Company. Termination under
Section 9(c)(1)(b), 9(c)(1)(c) or 9(c)(1)(d) above shall not be subject to cure.

 

(2)         Upon
termination of this Agreement for Cause, the Company shall have no further obligations or liability to the Executive or his heirs,
administrators or executors with respect to compensation and benefits thereafter, except for the obligation to pay the Executive
any earned but unpaid Base Salary, unused vacation days accrued through the Executive’s last date of employment with the
Company and reimbursement of any and all reasonable expenses paid or incurred by the Executive in connection with and related to
the performance of his duties and responsibilities for the Company during the period ending on the termination date. The Company
shall deduct, from all payments made hereunder, all applicable taxes, including income tax, FICA and FUTA, and other appropriate
deductions.

 

(d)          Change
of Control. For purposes of this Agreement, “Change of Control” shall mean the occurrence of any one or more of
the following: (i) the accumulation, whether directly, indirectly, beneficially or of record, by any individual, entity or group
(within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”))
of 50% or more of the shares of the outstanding equity securities of the Company, (ii) a merger or consolidation of the Company
in which the Company does not survive as an independent company or upon the consummation of which the holders of the Company’s
outstanding equity securities prior to such merger or consolidation own less than 50% of the outstanding equity securities of the
Company after such merger or consolidation, or (iii) a sale of all or substantially all of the assets of the Company; provided,
however, that the following acquisitions shall not constitute a Change of Control for the purposes of this Agreement: (A) any acquisitions
of common stock or securities convertible into common stock directly from the Company, or (B) any acquisition of common stock or
securities convertible into common stock by any employee benefit plan (or related trust) sponsored by or maintained by the Company.

 

(e)          Good
Reason.

 

(1)         At
any time during the term of this Agreement, subject to the conditions set forth in Section 9(e)(2) below, the Executive may terminate
this Agreement and the Executive’s employment with the Company for “Good Reason.” For purposes of this Agreement,
“Good Reason” shall mean the occurrence of any of the following events: (A) the assignment, without the Executive’s
consent, to the Executive of duties that are significantly different from, and that result in a substantial diminution of, the
duties that he assumed on the Effective Date; (B) the assignment, without the Executive’s consent, to the Executive of a
title that is different from and subordinate to the title Chief Executive Officer; (C) any termination of the Executive’s
employment by the Company, other than a termination for Cause, within 12 months after a Change of Control; (D) the assignment,
without the Executive’s consent, to the Executive of duties that are significantly different from, and that result in a substantial
diminution of, the duties that he assumed as Chief Executive Officer on the Effective Date within 12 months after a Change of Control;
or (E) material breach by the Company of this Agreement.

 

    	4

    	 

    

 

(2)         The
Executive shall not be entitled to terminate this Agreement for Good Reason unless and until he shall have delivered written notice
to the Company of his intention to terminate this Agreement and his employment with the Company for Good Reason, which notice specifies
in reasonable detail the circumstances claimed to provide the basis for such termination for Good Reason, and the Company shall
not have eliminated the circumstances constituting Good Reason within 30 days of its receipt from the Executive of such written
notice.

 

(3)         In
the event that the Executive terminates this Agreement and his employment with the Company for Good Reason, the Company shall pay
or provide to the Executive (or, following his death, to the Executive’s heirs, administrators or executors): (A) any earned
but unpaid Base Salary, unpaid pro rata annual bonus, if any, and unused vacation days accrued through the Executive’s
last day of employment with the Company; (B) continued coverage, at the Company’s expense, under all Benefits Plans in which
the Executive was a participant immediately prior to his last date of employment with the Company, or, in the event that any such
Benefit Plans do not permit coverage of the Executive following his last date of employment with the Company, under benefit plans
that provide no less coverage than such Benefit Plans, for a period of one year following the termination of employment; and (C)
reimbursement of any and all reasonable expenses paid or incurred by the Executive in connection with and related to the performance
of his duties and responsibilities for the Company during the period ending on the termination date. All payments due hereunder
shall be payable according to the Company’s standard payroll procedures. The Company shall deduct, from all payments made
hereunder, all applicable taxes, including income tax, FICA and FUTA, and other appropriate deductions.

 

(f)          Without
“Good Reason” by the Executive or “Cause” by the Company.

 

(1)         By
the Executive. At any time during the term of this Agreement, the Executive shall be entitled to terminate this Agreement and
the Executive’s employment with the Company without Good Reason by providing prior written notice of at least 30 days to
the Company. The Executive’s failure to renew the term of this Agreement pursuant to Section 2 hereof shall be deemed a termination
by the Executive without Good Reason, and no additional notice shall be required other than that provided for in Section 2. Upon
termination by the Executive of this Agreement and the Executive’s employment with the Company without Good Reason, the Company
shall have no further obligations or liability to the Executive or his heirs, administrators or executors with respect to compensation
and benefits thereafter, except for the obligation to pay the Executive any earned but unpaid Base Salary, unused vacation days
accrued through the Executive’s last day of employment with the Company and reimbursement of any and all reasonable expenses
paid or incurred by the Executive in connection with and related to the performance of his duties and responsibilities for the
Company during the period ending on the termination date. The Company shall deduct, from all payments made hereunder, all applicable
taxes, including income tax, FICA and FUTA, and other appropriate deductions.

 

    	5

    	 

    

 

(2)         By
the Company. At any time during the term of this Agreement, the Company shall be entitled to terminate this Agreement and the
Executive’s employment with the Company without Cause by providing prior written notice of at least 30 days to the Executive.
The Company’s failure to renew the term of this Agreement pursuant to Section 2 hereof shall be deemed a termination by the
Company without Cause, and no additional notice shall be required other than that provided for in Section 2. Upon termination by
the Company of this Agreement and the Executive’s employment with the Company without Cause, the Company shall pay or provide
to the Executive (or, following his death, to the Executive’s heirs, administrators or executors): (A) any earned but unpaid
Base Salary, unpaid pro rata annual bonus, if any, and unused vacation days accrued through the Executive’s last day
of employment with the Company; (B) continued coverage, at the Company’s expense, under all Benefits Plans in which the Executive
was a participant immediately prior to his last date of employment with the Company, or, in the event that any such Benefit Plans
do not permit coverage of the Executive following his last date of employment with the Company, under benefit plans that provide
no less coverage than such Benefit Plans, for a period of one year following the termination of employment; and (C) reimbursement
of any and all reasonable expenses paid or incurred by the Executive in connection with and related to the performance of his duties
and responsibilities for the Company during the period ending on the termination date. All payments due hereunder shall be payable
according to the Company’s standard payroll procedures. The Company shall deduct, from all payments made hereunder, all applicable
taxes, including income tax, FICA and FUTA, and other appropriate deductions.

 

10.         Severance
Period.

 

(a)          During
the first year of the Agreement, in the event that termination of the Executive occurs as described in 9 (d), 9 (e), or 9 (f) (2),
the Company shall pay to the Executive severance in an amount equal to the then applicable Base Salary
for a period equal to six months (the "Severance Period"), subject to the Executive's continued compliance with Sections
11 and 12 of this Agreement, following the Executive's termination and subject to the Company's regular payroll practices and required
withholdings. The Executive shall continue to receive all Benefits during the Severance Period. The Executive shall not have any
further rights under this Agreement or otherwise to receive any other compensation or benefits after such termination.

 

(b)          During
the second and any subsequent years of the Agreement, in the event that termination of the Executive occurs as described in 9 (d),
9 (e), or 9 (f) (2), the Company shall pay to the Executive severance in an amount equal to the then
applicable Base Salary for a period equal to three months (the "Severance Period"), subject to the Executive's continued
compliance with Sections 11 and 12 of this Agreement, following the Executive's termination and subject to the Company's regular
payroll practices and required withholdings. The Executive shall continue to receive all Benefits during the Severance Period.
The Executive shall not have any further rights under this Agreement or otherwise to receive any other compensation or benefits
after such termination.

 

    	6

    	 

    

 

11.         Confidential
Information.

 

(a)          The
Executive expressly acknowledges that, in the performance of his duties and responsibilities with the Company, he has been exposed
since prior to the Effective Date, and will be exposed, to the trade secrets, business and/or financial secrets and confidential
and proprietary information of the Company, its affiliates and/or its clients, business partners or customers (“Confidential
Information”). The term “Confidential Information” includes information or material that has actual or potential
commercial value to the Company, its affiliates and/or its clients, business partners or customers and is not generally known to
and is not readily ascertainable by proper means to persons outside the Company, its affiliates and/or its clients or customers.
However, Confidential Information shall not include pre-existing information known to the Executive and not learned during the
course of employment.

 

(b)          Except
as authorized in writing by the Board, during the performance of the Executive’s duties and responsibilities for the Company
and until such time as any such Confidential Information becomes generally known to and readily ascertainable by proper means to
persons outside the Company, its affiliates and/or its clients, business partners or customers, the Executive agrees to keep strictly
confidential and not use for his personal benefit or the benefit to any other person or entity (other than the Company) the Confidential
Information. “Confidential Information” includes, without limitation, the following, whether or not expressed in a
document or medium, regardless of the form in which it is communicated, and whether or not marked “trade secret” or
“confidential” or any similar legend: (i) lists of and/or information concerning customers, prospective customers,
suppliers, employees, consultants, co-venturers and/or joint venture candidates of the Company, actual or prospective distributors,
its affiliates or its clients or customers; (ii) information submitted by customers, prospective customers, suppliers, employees,
distributors, consultants and/or co-venturers of the Company, its affiliates and/or its clients or customers; (iii) non-public
information proprietary to the Company, its affiliates and/or its clients or customers, including, without limitation, cost information,
profits, sales information, prices, accounting, unpublished financial information, business plans or proposals, expansion plans
(for current and proposed facilities), markets and marketing methods, advertising and marketing strategies, administrative procedures
and manuals, the terms and conditions of the Company’s contracts and trademarks and patents under consideration, distribution
channels, franchises, investors, sponsors and advertisers; (iv) proprietary technical information and/or intellectual property
concerning or relating to products and services of the Company, its affiliates and/or its clients, business partners or customers,
including, without limitation, product data and specifications, diagrams, flow charts, know how, processes, designs, formulae,
inventions and product development; (v) lists of and/or information concerning applicants, candidates or other prospects for employment,
independent contractor or consultant positions at or with any actual or prospective customer or client of the Company and/or its
affiliates, any and all confidential processes, inventions or methods of conducting business of the Company, its affiliates and/or
its clients, business partners or customers; (vi) acquisition or merger targets; (vii) business plans or strategies, data, records,
financial information or other trade secrets concerning the actual or contemplated business, strategic alliances, policies or operations
of the Company or its affiliates; or (viii) any and all versions of proprietary computer software (including source and object
code), hardware, firmware, code, discs, tapes, data listings and documentation of the Company; or (ix) any other confidential information
disclosed to the Executive by, or which the Executive obligated under a duty of confidence from, the Company, its affiliates, and/or
its clients, business partners or customers.

 

    	7

    	 

    

 

(c)          The
Executive affirms that he does not possess and will not rely upon the protected trade secrets or confidential or proprietary information
of any prior employer(s) in providing services to the Company.

 

(d)          In
the event that the Executive’s employment with the Company terminates for any reason, the Executive shall deliver forthwith
to the Company any and all originals and copies, including those in electronic or digital formats, of the Confidential Information.

 

12.         Non-Compete
and Non-Solicitation.

 

(a)          The
Executive will not hold, accept or otherwise acquire any position with another entity, as a shareholder, partner, consultant, officer
or director, which such position imposes on him, or may impose upon him in the future, a duty which could result in a conflict
of interest arising between the Executive and the Company respecting any aspect of oil and gas exploration and production, including,
without limitation, acquisition or divestiture of properties, access to financing and personnel, except that the Executive
shall be permitted to engage in non-competitive consulting activities with other exploration and/or production companies, not to
exceed in the aggregate twenty (20) days in any calendar year, and provided that the activities are non-competitive with the Company
and approved in advance by the Company’s Board in writing.

 

(b)          In
the event that the Executive terminates his employment and the Company is not in default of any material provision of this Agreement,
the Executive shall not, directly or indirectly, own, manage, operate, finance, control or participate in the ownership, management,
operation, financing, or control of, be employed by, associated with, or in any manner connected with, lend any credit to, or render
services or advice to any business, firm, corporation, partnership, association, joint venture or other entity that engages in
or conducts the business of oil and gas exploration or any other business the same as or substantially similar to the business
then engaged in or conducted by, or then proposed to be engaged in or conducted by, the Company or included in the future strategic
plan of the Company, anywhere within those states where the Company owns or operates properties at the time the Executive terminates
his employment with the Company; provided, however, that the Executive may own less than 5% of the outstanding shares
of any class of securities of any enterprise (but without otherwise participating in the activities of such enterprise) if such
securities are listed on any national or regional securities exchange or have been registered under Section 12(g) of the Exchange
Act. This restriction on the Executive’s activities shall terminate six (6) months from the date of such termination. In
the event that the Company shall merge or be acquired or if this Agreement is otherwise assigned by the Company to another entity,
the Executive expressly consents to the assignment of this provision to such successor or assignee.

 

(c)          For
a period of six (6) months after the termination of his employment, the Executive shall not:

 

    	8

    	 

    

 

(1)         Recruit,
solicit or hire, or attempt to recruit, solicit or hire, any employee, or independent contractor of the Company to leave the employment
(or independent contractor relationship) thereof, whether or not any such employee or independent contractor is party to an employment
agreement;

 

(2)         Attempt
in any manner to solicit or accept from any customer of the Company, with whom the Company had significant contact during the term
of the Agreement, business of the kind or competitive with the business done by the Company with such customer or to persuade or
attempt to persuade any such customer to cease to do business or to reduce the amount of business which such customer has customarily
done or is reasonably expected to do with the Company, or if any such customer elects to move its business to a person other than
the Company, provide any services (of the kind or competitive with the business of the Company) for such customer, or have any
discussions regarding any such service with such customer, on behalf of such other person; or

 

(3)         Interfere
with any relationship, contractual or otherwise, between the Company and any other party, including, without limitation, any supplier,
distributor, co-venturer or joint venturer of the Company to discontinue or reduce its business with the Company or otherwise interfere
in any way with the business of the Company.

 

13.         Construction
and Enforcement of Sections 11 and 12. The parties hereto recognize and acknowledge that the provisions of Sections 11 and
12 are of great importance and value to the Company. The Executive recognizes that the provisions of Sections 11 and 12 are necessary
for the Company's protection, are reasonable restraints ancillary to the formation and organization of the business and the retention
of the Executive to run the business, and that the Company would be irreparably damaged by a breach thereof and would not be adequately
compensated by monetary damages. The Company, therefore, in addition to its other remedies, shall be entitled to an injunction
from any court having jurisdiction restraining any violation or threatened violation of the provisions of Sections 11 and 12, without
the necessity of proving monetary damages, without the necessity of proving that monetary damages would be insufficient, and without
the necessity of posting a bond. If any provision of Sections 11 and 12 is held to be unenforceable because of the scope, duration
or area of its applicability, the court making such determination shall have the power to modify such scope, duration or area,
or all of them, and such provision shall then be applicable in such modified form. If any provision of Sections 11 and 12 shall
be held to be invalid, prohibited or unenforceable in any jurisdiction for any reason, such provision, as to such jurisdiction,
shall be ineffective to the extent of such invalidity, prohibition or unenforceability, without invalidating the remaining provisions
of Sections 11 and 12 or affecting the validity or enforceability of such provisions in any other jurisdiction

 

14.         Inventions
and Patents. The Executive acknowledges that all inventions, innovations, improvements, know-how, plans, development, methods,
designs, analyses, specifications, software, drawings, reports and all similar or related information (whether or not patentable
or reduced to practice) which related to any of the Company’s actual or proposed business activities and which are created,
designed or conceived, developed or made by the Executive during the Executive’s past or future employment by the Company
or any Affiliates, or any predecessor thereof (“Work Product”), belong to the Company, or its Affiliates, as applicable.
Any copyrightable work falling within the definition of Work Product shall be deemed a “work made for hire” and ownership
of all right title and interest shall rest in the Company. The Executive hereby irrevocably assigns, transfers and conveys, to
the full extent permitted by law, all right, title and interest in the Work Product, on a worldwide basis, to the Company to the
extent ownership of any such rights does not automatically vest in the Company under applicable law. The Executive will promptly
disclose any such Work Product to the Company and perform all actions requested by the Company (whether during or after employment)
to establish and confirm ownership of such Work Product by the Company (including, without limitation, assignments, consents, powers
of attorney and other instruments).

 

    	9

    	 

    

 

15.         Dispute
Resolution. Any and all controversies, claims, or disputes arising out of, relating to, or resulting from this Agreement shall
be subject to binding arbitration under the Nevada Uniform Arbitration Act of 2000 (the “Act”) and pursuant to Nevada
law. Any arbitration will be administered by the American Arbitration Association (“AAA”) in accordance with its Rules
for the Resolution of Commercial Disputes. The Executive agrees that the arbitrator shall have the power to decide any motions
brought by any party to the arbitration, including motions for summary judgment and/or adjudication and motions to dismiss and
demurrers, prior to any arbitration hearing. The Executive also agrees the arbitrator shall have the power to award any remedies,
including attorneys’ fees and costs, available under applicable law. The Executive understands that each party shall bear
its own costs and expenses, including attorneys’ fees, incurred in connection with any arbitration. The decision of the arbitrator
shall be in writing. Except as provided by the Act or as set forth herein, arbitration shall be the sole, exclusive and final remedy
for any dispute under this Agreement. Accordingly, except as provided by the Act or as set forth herein, neither the Executive
nor the Company will be permitted to pursue court action regarding this Agreement. In addition to the right under the Act to petition
the court for provisional relief, the Executive agrees that any party may also petition the court for injunctive or other forms
of relief where either party alleges or claims a violation of the provisions of Section 11 or 12 of this Agreement or any confidential
information or invention assignment agreement between the Executive and the Company or any other agreement regarding trade secrets,
confidential information, non-solicitation. In the event either party seeks such injunctive or such other relief, the prevailing
party shall be entitled to recover reasonable costs and attorneys’ fees.

 

16.         Release
upon Termination or Expiration. In the event that the employment of the Executive with the Company is terminated or expires
for any reason, in exchange for payment in full of all amounts owing to Executive under the terms of this Agreement at the date
of termination, the Executive shall execute and deliver to the Company a general release in form to be determined by the Company,
to the effect that Executive acknowledges that receipt of any monies and benefits pursuant to the terms of this Agreement is in
full satisfaction of any and all outstanding claims or entitlements which the Executive may otherwise have against the Company,
as well as the officers, directors, employees and agents of the Company.

 

17.         Notices.
For purposes of this Agreement, notices and other communications provided for in this Agreement shall be in writing and shall be
delivered personally or sent by United States certified mail, return receipt requested, postage prepaid, or by a nationally recognized
overnight courier, addressed as follows:

 

    	10

    	 

    

 

	If to the Executive:	RANDY M. GRIFFIN
	 	_________________ 
	 	_________________
	 	 
	If to the Company:	ARMADA OIL, INC.
	 	Attention:  Chief Executive Officer
	 	5220 Spring Valley Road, Suite 615 
	 	Dallas, Texas 75254

 

or to such other address or the
attention of such other person as the recipient party has previously furnished to the other party in writing in accordance with
this paragraph. Such notices or other communications shall be effective upon delivery or, if earlier, three days after they have
been mailed as provided above.

 

18.         No
Violation. The Executive hereby represents that his entry into this Agreement and performance of his duties hereunder
will not violate the terms or conditions of any other agreement to which the Executive is a party or by which he is bound.

 

19.         Public
Company Obligations; Indemnification.

 

(a)         
Executive acknowledges that the Company is a public company shares of whose common stock have been registered under the US Securities
Act of 1933, as amended (the “Securities Act”), and whose common stock is registered under the Exchange Act, and that
this Agreement will be subject to the public filing requirements of the Exchange Act. In addition, both parties acknowledge that
the Executive’s compensation and perquisites (each as determined by the rules of the US Securities and Exchange Commission
(the “SEC”) or any other regulatory body or exchange having jurisdiction) (which may include benefits or regular or
occasional aid/assistance, such as recreation, club memberships, meals, education for his family, vehicle, lodging or clothing,
occasional bonuses or anything else he receives, during the Employment Period and any renewals thereof, in cash or in kind) paid
or payable or received or receivable under this Agreement or otherwise, and his transactions and other dealings with the Company,
will be required to be publicly disclosed.

 

(b)          Executive
acknowledges and agrees that the applicable insider trading rules, transaction reporting rules, limitations on disclosure of non-public
information and other requirements set forth in the Securities Act, the Exchange Act and rules and regulations promulgated by the
SEC may apply to this Agreement and Executive’s employment with the Company. Any and all shares of stock, options, restricted
stock units and other equity awards granted to or beneficially owned by the Executive will be subject to the share ownership guidelines
and insider trading and blackout policies adopted from time to time by the Board of Directors for senior executives of the Company
and will also be subject to applicable holding periods and transaction reporting requirements under applicable securities laws.

 

    	11

    	 

    

 

(c)          Executive
(on behalf of himself, as well as the Executive’s executors, heirs, administrators and assigns) absolutely and unconditionally
agrees to indemnify and hold harmless the Company and all of its past, present and future affiliates, executors, heirs, administrators,
shareholders, employees, officers, directors, attorneys, accountants, agents, representatives, predecessors, successors and assigns
from any and all claims, debts, demands, accounts, judgments, causes of action, equitable relief, damages, costs, charges, complaints,
obligations, controversies, actions, suits, proceedings, expenses, responsibilities and liabilities of every kind and character
whatsoever (including, but not limited to, reasonable attorneys’ fees and costs) in the event of Executive’s breach
of any obligation of Executive under the Securities Act, the Exchange Act, any rules promulgated by the SEC and any other applicable
federal, state or foreign laws, rules, regulations or orders.

 

19.         Miscellaneous.

 

(a)          All
issues and disputes concerning, relating to or arising out of this Agreement and from the Executive’s employment by the Company,
including, without limitation, the construction and interpretation of this Agreement, shall be governed by and construed in accordance
with the internal laws of the State of New York, without giving effect to that state’s principles of conflicts of law.

 

(b)          The
Executive and the Company agree that any provision of this Agreement deemed unenforceable or invalid may be reformed to permit
enforcement of the objectionable provision to the fullest permissible extent. Any provision of this Agreement deemed unenforceable
after modification shall be deemed stricken from this Agreement, with the remainder of the Agreement being given its full force
and effect.

 

(c)          Failure
or delay on the part of either party hereto to enforce any right, power or privilege hereunder shall not be deemed to constitute
a waiver thereof. Additionally, a waiver by either party or a breach of any promise hereof by the other party shall not operate
as or be construed to constitute a waiver of any subsequent waiver by such other party.

 

(d)          The
Executive and the Company independently have made all inquiries regarding the qualifications and business affairs of the other
which either party deems necessary. The Executive affirms that he fully understands this Agreement’s meaning and legally
binding effect. Each party has participated fully and equally in the negotiation and drafting of this Agreement. Each party assumes
the risk of any misrepresentation or mistaken understanding or belief relied upon by him or it in entering into this Agreement.

 

(e)          The
Executive’s obligations under this Agreement are personal in nature and may not be assigned by the Executive to any other
person or entity. This Agreement shall be enforceable by the Company and its parents, affiliates, successors and assigns, and the
Company shall require any successors and assigns to expressly assume and agree to perform this Agreement in the same manner and
to the same extent that the Company would be required to perform it if no such succession or assignment had taken place.

 

(f)          This
instrument constitutes the entire Agreement between the parties regarding its subject matter. When signed by each of the parties,
this Agreement supersedes and nullifies all prior or contemporaneous conversations, negotiations, or agreements, oral and written,
regarding the subject matter of this Agreement. In any future construction of this Agreement, this Agreement should be given its
plain meaning. This Agreement may be amended only by a writing signed by the parties.

 

    	12

    	 

    

 

(g)          This
Agreement may be executed in counterparts. A counterpart transmitted via facsimile and all executed counterparts, when taken together,
shall constitute sufficient proof of the parties’ entry into this Agreement. The parties agree to execute any further or
future documents which may be necessary to allow the full performance of this Agreement. This Agreement contains headings for ease
of reference. The headings have no independent meaning.

 

SIGNATURE PAGE IMMEDIATELY FOLLOWS

 

    	13

    	 

    

 

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

 

	The Executive:	 
	 	 
	 	 
	Name: Randy M. Griffin	 
	 	 
	The Company:	 
	 	 
	ARMADA OIL, INC.,  a Nevada corporation 	 
	 	 	 
	By:	 	 
	 	James J. Cerna, Jr., President 	 

 

    	14

    	 

    

 

EXHIBIT A

 

JOB RESPONSIBILITIES

 

The CEO will set and implement the strategic
goals and objectives of the company and will give direction and leadership toward the evaluation, acquisition, and development
of oil and gas properties. He will formulate company strategy for acquisition and expansion of the company’s lease base and
will direct all departments in order to expand the company’s development and production. He will direct and implement the
company’s SEC compliance and be the company’s primary contact with the investment community.

 

    	15

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