Document:

Exhibit
10.35

 

INDEMNIFICATION
AGREEMENT

 

This
Indemnification Agreement (“Agreement”) is entered into as of March __, 2022, by and between U.S. Energy Corp.,
a Wyoming corporation (the “Company”) and ____________, an individual (“Indemnitee”).

 

RECITALS

 

A.
The Company and Indemnitee recognize the continued difficulty in obtaining liability insurance for its directors, officers, employees,
agents and fiduciaries, the significant increases in the cost of such insurance and the general reductions in the coverage of such insurance.

 

B.
The Company and Indemnitee further recognize the substantial increase in corporate litigation in general, subjecting directors, officers,
employees, agents and fiduciaries to expensive litigation risks at the same time as the availability and coverage of liability insurance
has been severely limited.

 

C.
Indemnitee does not regard the current protection available as adequate under the present circumstances, and Indemnitee may not be willing
to continue to serve the Company in the position of Director of the Company without additional protection.

 

D.
The Company desires to attract and retain the services of highly qualified individuals, such as Indemnitee, to serve the Company and,
in part, in order to induce Indemnitee to provide services to the Company, wishes to provide for the indemnification and advancing of
expenses to Indemnitee to the maximum extent permitted by law.

 

In
view of the considerations set forth above, the Company desires that Indemnitee be indemnified by the Company as set forth herein.

 

NOW,
THEREFORE, the Company and Indemnitee hereby agree as follows:

 

1.
Indemnification.

 

(a)
Indemnification of Expenses. The Company shall indemnify to the fullest extent permitted by law if Indemnitee was or is or becomes
a party to or witness or other participant in, or is threatened to be made a party to or witness or other participant in, any threatened,
pending or completed action, suit, proceeding or alternative dispute resolution mechanism, or any hearing, inquiry or investigation that
Indemnitee in good faith believes might lead to the institution of any such action, suit, proceeding or alternative dispute resolution
mechanism, whether civil, criminal, administrative, investigative or other (hereinafter a “Claim”) by reason
of (or arising in part out of) any event or occurrence related to the fact that Indemnitee is or was a director, officer, employee, agent
or fiduciary of the Company, or any subsidiary of the Company, or is or was serving at the request of the Company as a director, officer,
employee, agent or fiduciary of another corporation, partnership, joint venture, trust or other enterprise, or by reason of any action
or inaction on the part of Indemnitee while serving in such capacity (hereinafter an “Indemnifiable Event”)
against any and all expenses (including attorneys’ fees and all other costs, expenses and obligations incurred in connection with
investigating, defending, being a witness in or participating in (including on appeal), or preparing to defend, be a witness in or participate
in, any such action, suit, proceeding, alternative dispute resolution mechanism, hearing, inquiry or investigation), judgments, fines,
penalties and amounts paid in settlement (if such settlement is approved in advance by the Company, which approval shall not be unreasonably
withheld) of such Claim and any federal, state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt
of any payments under this Agreement (collectively, hereinafter “Expenses”), including all interest, assessments
and other charges paid or payable in connection with or in respect of such Expenses. Such payment of Expenses shall be made by the Company
as soon as practicable but in any event no later than twenty (20) days after written demand by Indemnitee therefor is presented to the
Company.

 

    	 

     

    

 

(b)
Reviewing Party. Notwithstanding the foregoing, (i) the obligations of the Company under Section 1(a) shall be subject to the
condition that the Reviewing Party (as described in Section 10(e) hereof) shall not have determined (in a written opinion, in any case
in which the Independent Legal Counsel referred to in Section 10(c) hereof is involved) that Indemnitee would not be permitted to be
indemnified under applicable law, and (ii) the obligation of the Company to make an advance payment of Expenses to Indemnitee pursuant
to Section 2(a) (an “Expense Advance”) shall be subject to the condition that, if, when and to the extent that
the Reviewing Party determines that Indemnitee would not be permitted to be so indemnified under applicable law, the Company shall be
entitled to be reimbursed by Indemnitee (who hereby agrees to reimburse the Company) for all such amounts theretofore paid; provided,
however, that if Indemnitee has commenced or thereafter commenced legal proceedings in a court of competent jurisdiction to secure a
determination that Indemnitee should be indemnified under applicable law, any determination made by the Reviewing Party that Indemnitee
would not be permitted to be indemnified under applicable law shall not be binding and Indemnitee shall not be required to reimburse
the Company for any Expense Advance until a final judicial determination is made with respect thereto (as to which all rights of appeal
therefrom have been exhausted or lapsed). The Indemnitee’s obligation to reimburse the Company for any Expense Advance shall be
unsecured and no interest shall be charged thereon. If there has not been a Change in Control (as defined in Section 10(c) hereof), the
Reviewing Party shall be selected by the Board of Directors, and if there has been such a Change in Control (other than a Change in Control
which has been approved by a majority of the Company’s Board of Directors who were directors immediately prior to such Change in
Control), the Reviewing Party shall be the Independent Legal Counsel referred to in Section 10(c) hereof. If there has been no determination
by the Reviewing Party or if the Reviewing Party determines that Indemnitee substantively would not be permitted to be indemnified in
whole or in part under applicable law, Indemnitee shall have the right to commence litigation seeking an initial determination by the
court or challenging any such determination by the Reviewing Party or any aspect thereof, including the legal or factual basis therefor,
and the Company hereby consents to service of process and to appear in any such proceeding. Any determination by the Reviewing Party
otherwise shall be conclusive and binding on the Company and Indemnitee.

 

(c)
Change in Control. The Company agrees that if there is a Change in Control of the Company (other than a Change in Control which
has been approved by a majority of the Company’s Board of Directors who were directors immediately prior to such Change in Control)
then, with respect to all matters thereafter arising concerning the rights of the Indemnitee to payments of Expenses and Expense Advances
under this Agreement or any other agreement or under the Company’s Articles of Incorporation, as amended, or Bylaws as now or hereafter
in effect, Independent Legal Counsel (as defined in Section 10(d) hereof) shall be selected by Indemnitee and approved by the Company
(which approval shall not be unreasonably withheld, conditioned or delayed). Such counsel, among other things, shall render its written
opinion to the Company and Indemnitee as to whether and to what extent Indemnitee would be permitted to be indemnified under applicable
law and the Company agrees to abide by such opinion. The Company agrees to pay the reasonable fees of the Independent Legal Counsel referred
to above and to fully indemnify such counsel against any and all expenses (including attorneys’ fees), claims, liabilities and
damages arising out of or relating to this Agreement or its engagement pursuant hereto.

 

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(d)
Mandatory Payment of Expenses. Notwithstanding any other provision of this Agreement other than Section 9 hereof, to the extent
that Indemnitee has been successful on the merits or otherwise, including, without limitation, the dismissal of an action without prejudice,
in defense of any action, suit, proceeding, inquiry or investigation referred to in Section (1)(a) hereof or in the defense of any claim,
issue or matter therein, Indemnitee shall be indemnified against all Expenses incurred by Indemnitee in connection therewith.

 

2.
Expenses; Indemnification Procedure.

 

(a)
Advancement of Expenses. The Company shall advance all Expenses incurred by Indemnitee. The advances to be made hereunder shall
be paid by the Company to Indemnitee as soon as practicable but in any event no later than twenty (20) days after written demand by Indemnitee
therefor to the Company.

 

(b)
Notice/Cooperation by Indemnitee. Indemnitee shall, as a condition precedent to Indemnitee’s right to be indemnified under
this Agreement, give the Company notice in writing as soon as practicable of any Claim made against Indemnitee for which indemnification
will or could be sought under this Agreement. Notice to the Company shall be directed to the Board of Directors of the Company at the
address set forth in Section 14(d)(i) hereof (or such other address as the Company shall designate in writing to Indemnitee as provided
in Section 14 hereof). In addition, Indemnitee shall give the Company such information and cooperation as it may reasonably require and
as shall be within Indemnitee’s power.

 

(c)
No Presumptions; Burden of Proof. For purposes of this Agreement, the termination of any Claim by judgment, order, settlement
(whether with or without court approval) or conviction, or upon a plea of nolo contendere, or its equivalent, shall not create a presumption
that Indemnitee did not meet any particular standard of conduct or have any particular belief or that a court has determined that indemnification
is not permitted by applicable law. In addition, neither the failure of the Reviewing Party to have made a determination as to whether
Indemnitee has met any particular standard of conduct or had any particular belief, nor an actual determination by the Reviewing Party
that Indemnitee has not met such standard of conduct or did not have such belief, prior to the commencement of legal proceedings by Indemnitee
to secure a judicial determination that Indemnitee should be indemnified under applicable law, shall be a defense to Indemnitee’s
claim or create a presumption that Indemnitee has not met any particular standard of conduct or did not have any particular belief. In
connection with any determination by the Reviewing Party or otherwise as to whether Indemnitee is entitled to be indemnified hereunder,
the burden of proof shall be on the Company to establish that Indemnitee is not so entitled.

 

(d)
Notice to Insurers. If, at the time of the receipt by the Company of a notice of a Claim pursuant to Section 2(b) hereof, the
Company has liability insurance in effect which may cover such Claim, the Company shall give prompt notice of the commencement of such
Claim to the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all necessary
or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such action, suit, proceeding,
inquiry or investigation in accordance with the terms of such policies.

 

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(e)
Selection of Counsel. In the event the Company shall be obligated hereunder to pay the Expenses of any Claim, the Company shall
be entitled to assume the defense of such Claim with counsel approved by Indemnitee, which approval shall not be unreasonably withheld,
upon the delivery to Indemnitee of written notice of its election so to do. After delivery of such notice, approval of such counsel by
Indemnitee and the retention of such counsel by the Company, the Company will not be liable to Indemnitee under this Agreement for any
fees of counsel subsequently incurred by Indemnitee with respect to the same Claim; provided that, (i) Indemnitee shall have the right
to employ Indemnitee’s counsel in any such Claim at Indemnitee’s expense and (ii) if (A) the employment of counsel by Indemnitee
has been previously authorized by the Company, (B) Indemnitee shall have reasonably concluded that there is a conflict of interest between
the Company and Indemnitee in the conduct of any such defense, or (C) the Company shall not continue to retain such counsel to defend
such Claim, then the fees and expenses of Indemnitee’s counsel shall be at the expense of the Company. The Company shall have the
right to conduct such defense as it sees fit in its sole discretion, including the right to settle any claim against Indemnitee without
the consent of the Indemnitee.

 

3.
Additional Indemnification Rights; Nonexclusivity.

 

(a)
Scope. The Company hereby agrees to indemnify Indemnitee to the fullest extent permitted by law, notwithstanding that such indemnification
is not specifically authorized by the other provisions of this Agreement, the Company’s Articles of Incorporation, as amended,
the Company’s Bylaws, as amended, or by statute. In the event of any change after the date of this Agreement in any applicable
law, statute or rule which expands the right of a Wyoming corporation to indemnify a member of its Board of Directors or an officer,
employee, agent or fiduciary, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits
afforded by such change. In the event of any change in any applicable law, statute or rule which narrows the right of a Wyoming corporation
to indemnify a member of its Board of Directors or an officer, employee, agent or fiduciary, such change, to the extent not otherwise
required by such law, statute or rule to be applied to this Agreement, shall have no effect on this Agreement or the parties’ rights
and obligations hereunder except as set forth in Section 8(a) hereof.

 

(b)
Nonexclusivity. The indemnification provided by this Agreement shall be in addition to any rights to which Indemnitee may be entitled
under the Company’s Articles of Incorporation, as amended, its Bylaws, as amended, any agreement, any vote of stockholders or directors,
the Wyoming Business Corporation Act, or otherwise. The indemnification provided under this Agreement shall continue as to Indemnitee
for any action Indemnitee took or did not take while serving in an indemnified capacity even though Indemnitee may have ceased to serve
in such capacity.

 

(c)
Change in Domicile. In the event the Company shall at any time change its state or other jurisdiction of organization from Wyoming,
each reference herein to “Wyoming” shall refer to such state or other jurisdiction of organization which rules
and regulations the Company is then organized under and each reference herein to the “Wyoming Business Corporation Act”
shall refer to such analogous statutes of such state or other jurisdiction of organization which the Company is then organized under.

 

4.
No Duplication of Payments. The Company shall not be liable under this Agreement to make any payment in connection with any Claim
made against Indemnitee to the extent Indemnitee has otherwise actually received payment (under any insurance policy, Articles of Incorporation,
as amended, Bylaws, as amended, or otherwise) of the amounts otherwise indemnifiable hereunder from any party whatsoever.

 

5.
Partial Indemnification. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for
some or a portion of Expenses incurred in connection with any Claim, but not, however, for the total amount thereof, the Company shall
nevertheless indemnify Indemnitee for the portion of such Expenses to which Indemnitee is entitled.

 

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6.
Mutual Acknowledgment. Both the Company and Indemnitee acknowledge that in certain instances, Federal law or applicable public
policy may prohibit the Company from indemnifying its directors, officers, employees, agents or fiduciaries under this Agreement or otherwise.
Indemnitee understands and acknowledges that the Company has undertaken or may be required in the future to undertake with the Securities
and Exchange Commission to submit the question of indemnification to a court in certain circumstances for a determination of the Company’s
right under public policy to indemnify Indemnitee.

 

7.
Liability Insurance. The Company shall, from time to time, make the good faith determination whether or not it is practicable
for the Company to obtain and maintain a policy or policies of insurance with reputable insurance companies providing the officers and
directors of the Company with coverage for losses from wrongful acts, or to ensure the Company’s performance of its indemnification
obligations under this Agreement. Among other considerations, the Company will weigh the costs of obtaining such insurance coverage against
the protection afforded by such coverage. In all policies of directors’ and officers’ liability insurance, Indemnitee shall
be named as an insured in such a manner as to provide Indemnitee the same rights and benefits as are accorded to the most favorably insured
of the Company’s directors, if Indemnitee is a director; of the Company’s officers, if Indemnitee is not a director of the
Company but is an officer; of the Company’s key employees, if Indemnitee is not an officer or director but is a key employee; or
of any combination of the foregoing in which Indemnitee serves, if Indemnity serves in more capacities than just a director, an officer
or a key employee. Notwithstanding the foregoing, the Company shall have no obligation to obtain or maintain such insurance if the Company
determines in good faith that such insurance is not reasonably available, if the premium costs for such insurance are disproportionate
to the amount of coverage provided, if the coverage provided by such insurance is limited by exclusions so as to provide an insufficient
benefit, or if Indemnitee is covered by similar insurance maintained by a subsidiary or parent of the Company.

 

8.
Exceptions. Any other provision herein to the contrary notwithstanding, the Company shall not be obligated pursuant to the terms
of this Agreement:

 

(a)
Excluded Action or Omissions. To indemnify Indemnitee for Expenses resulting from acts, omissions or transactions for which Indemnitee
is prohibited from receiving indemnification under this Agreement or applicable law;

 

(b)
Claims Initiated by Indemnitee. To indemnify or advance expenses to Indemnitee with respect to Claims initiated or brought voluntarily
by Indemnitee and not by way of defense, except (i) with respect to actions or proceedings brought to establish or enforce a right to
indemnification under this Agreement or any other agreement or insurance policy or under the Company’s Articles of Incorporation,
as amended, or Bylaws now or hereafter in effect relating to Claims for Indemnifiable Events, (ii) in specific cases if the Board of
Directors has approved the initiation or bringing of such Claim, or (iii) as otherwise required under the Wyoming Business Corporation
Act, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, advance expense payment or insurance
recovery, as the case may be;

 

(c)
Lack of Good Faith. To indemnify Indemnitee for any expenses incurred by Indemnitee with respect to any proceeding instituted
by Indemnitee to enforce or interpret this Agreement, if a court of competent jurisdiction determines that each of the material assertions
made by Indemnitee in such proceeding was not made in good faith or was frivolous; or

 

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(d)
Claims Under Section 16(b). To indemnify Indemnitee for expenses and the payment of profits arising from the purchase and sale
by Indemnitee of securities in violation of Section 16(b) of the Securities Exchange Act of 1934, as amended, or any similar successor
statute.

 

9.
Period of Limitations. No legal action shall be brought and no cause of action shall be asserted by or in the right of the Company
against Indemnitee, Indemnitee’s estate, spouse, heirs, executors or personal or legal representatives after the expiration of
one (1) year from the date of accrual of such cause of action, and any claim or cause of action of the Company shall be extinguished
and deemed released unless asserted by the timely filing of a legal action within such one-year period; provided, however, that if any
shorter period of limitations is otherwise applicable to any such cause of action, such shorter period shall govern.

 

10.
Construction of Certain Phrases.

 

(a)
For purposes of this Agreement, references to the “Company” shall include, in addition to the resulting corporation,
any constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger which, if its separate
existence had continued, would have had power and authority to indemnify its directors, officers, employees, agents or fiduciaries, so
that if Indemnitee is or was a director, officer, employee, agent or fiduciary of such constituent corporation, or is or was serving
at the request of such constituent corporation as a director, officer, employee, agent or fiduciary of another corporation, partnership,
joint venture, employee benefit plan, trust or other enterprise, Indemnitee shall stand in the same position under the provisions of
this Agreement with respect to the resulting or surviving corporation as Indemnitee would have with respect to such constituent corporation
if its separate existence had continued.

 

(b)
For purposes of this Agreement, references to “other enterprises” shall include employee benefit plans; references
to “fines” shall include any excise taxes assessed on Indemnitee with respect to an employee benefit plan;
and references to “serving at the request of the Company” shall include any service as a director, officer,
employee, agent or fiduciary of the Company which imposes duties on, or involves services by, such director, officer, employee, agent
or fiduciary with respect to an employee benefit plan, its participants or its beneficiaries; and if Indemnitee acted in good faith and
in a manner Indemnitee reasonably believed to be in the interest of the participants and beneficiaries of an employee benefit plan, Indemnitee
shall be deemed to have acted in a manner “not opposed to the best interests of the Company” as referred to
in this Agreement.

 

(c)
For purposes of this Agreement a “Change in Control” shall be deemed to have occurred if, on or after the date
of this Agreement, (i) any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange
Act of 1934, as amended), other than a trustee or other fiduciary holding securities under an employee benefit plan of the Company acting
in such capacity or a corporation owned directly or indirectly by the stockholders of the Company in substantially the same proportions
as their ownership of stock of the Company, becomes the “beneficial owner” (as defined in Rule 13d-3 under
said Act), directly or indirectly, of securities of the Company representing more than 50% of the total voting power represented by the
Company’s then outstanding Voting Securities (as defined in Section 10(f) hereof), (ii) during any period of two (2) consecutive
years, individuals who at the beginning of such period constitute the Board of Directors of the Company and any new director whose election
by the Board of Directors or nomination for election by the Company’s stockholders was approved by a vote of at least two thirds
(2/3) of the directors then still in office who either were directors at the beginning of the period or whose election or nomination
for election was previously so approved, cease for any reason to constitute a majority thereof, or (iii) the stockholders of the Company
approve a merger or consolidation of the Company with any other corporation other than a merger or consolidation which would result in
the Voting Securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or
by being converted into Voting Securities of the surviving entity) at least 80% of the total voting power represented by the Voting Securities
of the Company or such surviving entity outstanding immediately after such merger or consolidation, or the stockholders of the Company
approve a plan of complete liquidation of the Company or an agreement for the sale or disposition by the Company of (in one transaction
or a series of related transactions) all or substantially all of the Company’s assets.

 

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(d)
For purposes of this Agreement, “Independent Legal Counsel” shall mean an attorney or firm of attorneys, selected
in accordance with the provisions of Section 1(c) hereof, who shall not have otherwise performed services for the Company or Indemnitee
within the last three (3) years (other than with respect to matters concerning the rights of Indemnitee under this Agreement, or of other
indemnitees under similar indemnity agreements).

 

(e)
For purposes of this Agreement, a “Reviewing Party” shall mean any appropriate person or body consisting of
a member or members of the Company’s Board of Directors or any other person or body appointed by the Board of Directors who is
not a party to the particular Claim for which Indemnitee are seeking indemnification, or Independent Legal Counsel.

 

(f)
For purposes of this Agreement, “Voting Securities” shall mean any securities of the Company that vote generally
in the election of directors.

 

(g)
For the purposes of this Agreement, “Articles of Incorporation” shall mean the Articles of Incorporation, or
similar governing document of the Company in effect as of the date of determination.

 

(h)
For the purposes of this Agreement, “Bylaws” shall mean the Bylaws of the Company in effect as of the date
of determination.

 

11.
Counterparts, Effect of Facsimile, Emailed and Photocopied Signatures. This Agreement and any signed agreement or instrument entered
into in connection with this Agreement, and any amendments hereto or thereto, may be executed in one or more counterparts, all of which
shall constitute one and the same instrument. Any such counterpart, to the extent delivered by means of a facsimile machine or by .pdf,
..tif, .gif, .jpeg or similar attachment to electronic mail (any such delivery, an “Electronic Delivery”) shall
be treated in all manner and respects as an original executed counterpart and shall be considered to have the same binding legal effect
as if it were the original signed version thereof delivered in person. At the request of any party, each other party shall re execute
the original form of this Agreement and deliver such form to all other parties. No party shall raise the use of Electronic Delivery to
deliver a signature or the fact that any signature or agreement or instrument was transmitted or communicated through the use of Electronic
Delivery as a defense to the formation of a contract, and each such party forever waives any such defense, except to the extent such
defense relates to lack of authenticity.

 

12.
Binding Effect; Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of and be enforceable by
the parties hereto and their respective successors, assigns, including any direct or indirect successor by purchase, merger, consolidation
or otherwise to all or substantially all of the business and/or assets of the Company, spouses, heirs, and personal and legal representatives.
The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all,
substantially all, or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance satisfactory
to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would
be required to perform if no such succession had taken place. This Agreement shall continue in effect with respect to Claims relating
to Indemnifiable Events regardless of whether Indemnitee continues to serve as a director, officer, employee, agent or fiduciary of the
Company or of any other enterprise at the Company’s request.

 

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13.
Attorneys’ Fees. In the event that any action is instituted by Indemnitee under this Agreement or under any liability insurance
policies maintained by the Company to enforce or interpret any of the terms hereof or thereof, Indemnitee shall be entitled to be paid
all Expenses incurred by Indemnitee with respect to such action, regardless of whether Indemnitee is ultimately successful in such action,
and shall be entitled to the advancement of Expenses with respect to such action, unless, as a part of such action, a court of competent
jurisdiction over such action determines that each of the material assertions made by Indemnitee as a basis for such action was not made
in good faith or was frivolous. In the event of an action instituted by or in the name of the Company under this Agreement to enforce
or interpret any of the terms of this Agreement, Indemnitee shall be entitled to be paid all Expenses incurred by Indemnitee in defense
of such action (including costs and expenses incurred with respect to Indemnitee’s counterclaims and cross-claims made in such
action), and shall be entitled to the advancement of Expenses with respect to such action, unless, as a part of such action, a court
having jurisdiction over such action determines that each of Indemnitee’s material defenses to such action was made in bad faith
or was frivolous.

 

14.
Notice. All notices and other communications required or permitted hereunder shall be in writing, shall be effective when given,
and shall in any event be deemed to be given (a) five (5) days after deposit with the U.S. Postal Service or other applicable postal
service, if delivered by first class mail, postage prepaid, (b) upon delivery, if delivered by hand, (c) one (1) business day after the
business day of deposit with Federal Express or similar overnight courier, freight prepaid, or (d) one (1) day after the business day
of delivery by facsimile transmission, if delivered by facsimile transmission, with copy by first class mail, postage prepaid, to the
parties and the following addresses:

 

	 	(i)
    if to the Company, to:	Attention:
    Board of Directors	 
	 	 	U.S.
    Energy Corp.	 
	 	 	675
    Bering, Suite 100	 
	 	 	Houston,
    Texas 77057	 
	 	 	Fax:
    ________________	 
	 	 	 	 
	 	(ii)
    if to Indemnitee, to:	 	 
	 	 	 	 
	 	 	 	 
	 	 	Address	 
	 	 	 	 
	 	 	Address	 
	 	 	 	 
	 	 	Address	 
	 	 	 	 
	 	 	Fax	 

 

or
at such other address as such party may designate by ten (10) days’ advance written notice to the other party hereto.

 

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15.
Consent to Jurisdiction. The Company and Indemnitee each hereby irrevocably consent to the jurisdiction of the courts of the State
of Texas for all purposes in connection with any action or proceeding which arises out of or relates to this Agreement and agree that
any action instituted under this Agreement shall be commenced, prosecuted and continued only in the courts of the State of Texas, which
shall be the exclusive and only proper forum for adjudicating such a claim.

 

16.
Severability. The provisions of this Agreement shall be severable in the event that any of the provisions hereof (including any
provision within a single section, paragraph or sentence) are held by a court of competent jurisdiction to be invalid, void or otherwise
unenforceable, and the remaining provisions shall remain enforceable to the fullest extent permitted by law. Furthermore, to the fullest
extent possible, the provisions of this Agreement (including, without limitations, each portion of this Agreement containing any provision
held to be invalid, void or otherwise unenforceable that is not itself invalid, void or unenforceable) shall be construed so as to give
effect to the intent manifested by the provision held invalid, illegal or unenforceable.

 

17.
Choice of Law. This Agreement shall be governed by and its provisions construed and enforced in accordance with the laws of the
State of Texas, as applied to contracts between Texas residents, entered into and to be performed entirely within the State of Texas,
without regard to the conflict of laws principles thereof.

 

18.
Subrogation. In the event of payment under this Agreement, the Company shall be subrogated to the extent of such payment to all
of the rights of recovery of Indemnitee who shall execute all documents required and shall do all acts that may be necessary to secure
such rights and to enable the Company effectively to bring suit to enforce such rights.

 

19.
Amendment and Termination. No amendment, modification, termination or cancellation of this Agreement shall be effective unless
it is in writing signed by both the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute
a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.

 

20.
Integration and Entire Agreement. This Agreement sets forth the entire understanding between the parties hereto and supersedes
and merges all previous written and oral negotiations, commitments, understandings and agreements relating to the subject matter hereof
between the parties hereto.

 

21.
No Construction as Employment Agreement. Nothing contained in this Agreement shall be construed as giving Indemnitee any right
to be retained in the employ of the Company or any of its subsidiaries.

 

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IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

 

	 	U.S.
    ENERGY CORP.
	 	 	      
	 	By:	
	 	Name: 	 
	 	Title:	 

 

	AGREED
    TO AND ACCEPTED BY:	 	 
	 	 	 
		 	 

 

	Page
    10 of 10 	 	U.S.
    Energy Corp. and
	Indemnification
    AgreementExhibit 4.1

 

Execution Version 

WARRANT

 

THE SECURITIES REPRESENTED BY THIS INSTRUMENT
AND THE ORDINARY SHARES ISSUABLE UPON EXERCISE OF THE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
OF THE UNITED STATES. THE TRANSFER OF THE SECURITIES REPRESENTED HEREBY IS SUBJECT TO THE CONDITIONS SPECIFIED IN THAT CERTAIN SUBSCRIPTION
AGREEMENT DATED AS OF JANUARY ______, 2021, AS AMENDED AND MODIFIED FROM TIME TO TIME, BETWEEN THE COMPANY AND LEXINTER INTERNATIONAL
INC.

 

Earthasia International Holdings Ltd.

 

泛亞環境國際控股有限公司

 

WARRANT

 

	Warrant No. ____	Warrant to Purchase [            ]
  Ordinary Shares

  

Earthasia International Holdings
Ltd. 泛 亞 環 境 國 際 控 股 有 限 公 司 , a company organized
and existing under the laws of the Cayman Islands (together with its successors, the "Company"), for value received
hereby promises, subject to the terms and conditions stated herein, to issue to [           ] (the "Holder") or its successors
and permitted assigns, up to [           ] Shares (as defined in Condition  1.1),
subject to adjustment as provided herein, upon exercise of this Warrant in accordance with the terms hereof.

 

This Warrant was issued pursuant
to that certain Subscription Agreement, dated as of January ____, 2021, by and between the Company and Lexinter International Inc. (as
amended and modified from time to time, the "Subscription Agreement"). Except as defined in this Warrant, capitalized
terms used in this Warrant and not otherwise defined shall have the same meanings set forth in the Subscription Agreement.

 

After delivery of
an indemnity from the Holder in form and substance reasonably satisfactory to the Company, the Company agrees to issue at its own expense
a replacement Warrant if this Warrant has been lost, stolen, mutilated or destroyed.

 

		1.	Definitions 

 

		1.1	Certain Defined Terms. The following terms (except as otherwise expressly provided or unless the
context otherwise clearly requires) for all purposes of this Warrant shall have the respective meanings specified below.

 

"Adjustment
Event" means any event requiring adjustment of the Exercise Price pursuant to Condition  3.

 

"Board Resolution" means
a resolution duly adopted by the Board.

 

"Exercise
Price" means HK$0.65 per Share, as adjusted from time to time in accordance with Condition  3.

 

"Expiration Date" means
the fifth anniversary date of the Warrant Issue Date. 

 

Warrant Execution Page

 

    

     

    

 

"Holder" means the holder
of this Warrant initially as set forth above and each and any of its successors and permitted assignees.

 

"Listing Rules" means
The Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

 

"Required Majority of Holders"
means holders of the Warrant representing in the aggregate at least two-thirds of the aggregate number of Shares for which all outstanding
Warrant are exercisable.

 

"Shares" means the ordinary shares of the
Company.

 

"Warrant Shares" means
the Shares issuable upon the exercise of this Warrant.

 

		1.2	Interpretation.

 

		(a)	a contract or document in this Warrant is to that contract or document as amended, novated, supplemented,
restated or replaced from time to time;

 

		(b)	any person shall include its successors in title, permitted assigns and permitted transferees;

 

		(c)	the terms "include" and "including" shall be construed to mean
 "including without limitation";

 

		(d)	any document are to be construed as references to such document as amended, supplemented,
extended, restated, novated and/or replaced in any manner from time to time;

 

		(e)	any statute or statutory provision or stock exchange listing rules include: (a) that statute or provision
or listing rules as from time to time modified, re-enacted or consolidated whether before or after the date of this Agreement; (b) any
past statute or statutory provision or listing rules (as from time to time modified, re-enacted or consolidated) which that statute or
provision has directly or indirectly replaced; and (c) any subordinate legislation made from time to time under that statute or statutory
provision; and

 

		(f)	any currency other than U.S. dollars, except for Hong Kong dollars, shall be translated into U.S. dollars
at the average buying and selling rate published by The Hongkong and Shanghai Banking Corporation Limited on its website at 11am on the
date of determination; Hong Kong dollars shall be translated into U.S. dollars at the exchange rate of HK$7.75 to US$1.

 

		2.	Exercise of Warrant 

 

		2.1	Exercise; Payment of Purchase Price. This Warrant may be exercised, in whole or in part, at any
time or from time to time on or prior to the Expiration Date, by surrendering to the Company at its principal office this Warrant, with
the form of Election to Purchase Shares attached hereto as Exhibit A duly executed by the Holder and accompanied
by payment of the aggregate Exercise Price for the number of Shares specified in such form by any or a combination of (i) wire transfer
to an account designated by the Company, (ii) delivery of a certified check or bank check payable to the order of the Company or (iii)
by cancellation of indebtedness. If the Expiration Date is not a Business Day, then such exercise may be made on the next succeeding Business
Day.

 

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		2.2	Delivery of Shares. As soon as practicable after surrender of this Warrant
and receipt of payment, the Company shall promptly issue and deliver to the Holder a certificate or certificates for the number of Shares
set forth in the Election to Purchase Shares, in such name or names as may be designated by such Holder, who shall not be a connected
person of the Company referred to in Condition 7.3 below, along with a check for the amount of cash to be paid in lieu of issuance
of fractional shares, if any.

 

		2.3	Partial Exercise. If this Warrant is exercised for less than all of the Shares
purchasable under this Warrant, the Company shall cancel this Warrant upon surrender hereof and shall execute and deliver to the Holder
a new Warrant of like tenor for the balance of the Shares purchasable hereunder.

 

		2.4	When Exercise Effective.
                                            The exercise of this Warrant shall be deemed to have been effective immediately prior to
                                            the close of business on the Business Day on which this Warrant is surrendered to and the
                                            Purchase Price is received by the Company as provided in this Condition  2 (the "Exercise
                                            Date"), and the Person in whose name any certificate for Shares shall be issuable
                                            upon such exercise, as provided in Condition 2.2, shall be deemed to be the record
                                            holder of such Shares for all purposes on the Exercise Date.

 

		2.5	No Fractional Shares. No fractional Shares shall be issued upon conversion
of this Warrant, provided that if more than one Warrant is surrendered for conversion at one time by the same Holder, the number of fully
paid Shares which shall be issuable upon conversion thereof shall be computed on the basis of the aggregate number of Shares for which
the Warrant (or specified portions thereof) so surrendered are exercisable. Instead of any fractional Share that would otherwise be issuable
upon conversion of any Warrant or specified portions thereof, the Company shall pay a cash adjustment in respect of such fractional share
in an amount equal to such fraction multiplied by the Exercise Price.

 

		2.6	Restrictions on Exercise. Notwithstanding the foregoing, if solely as a result
of, and to the extent that, the issue of any Shares to the Holder upon such exercise in full or part of the Warrant (the “Uncovered
Shares”), (x) the Company would cease to satisfy the public float requirement under the Listing Rules, or (y) a general offer
obligation under the Hong Kong Code on Takeovers and Mergers in respect of the Shares would arise, with respect only to the part of the
Warrant the exercise of which would result in the Uncovered Shares shall not be exercisable until the Holder shall have taken and caused
to be taken the necessary actions to sell, assign or otherwise dispose the Shares held by such Holder prior to the contemplated Exercise
Date such that the issuance of the Uncovered Shares to such Holder would not result in (x) the Company ceasing to satisfy the public float
requirement under the Listing Rules, or (y) a general offer obligation under the Hong Kong Code on Takeovers and Mergers in respect of
the Shares arising.

 

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		3.	Adjustment of Exercise Price and Number of Shares Issuable Upon Exercise 

 

		3.1	Share Dividends. In the event that
                                            the Company makes a dividend or other distribution in Shares to holders of Shares, (a) the
                                            Exercise Price shall be reduced by multiplying the Exercise Price in effect immediately prior
                                            to the close of business on the date fixed for the determination of shareholders entitled
                                            to such dividend or distribution by a fraction, the numerator of which is the number of Shares
                                            in issue at the close of business on the date fixed for such determination and the denominator
                                            of which is such number of Shares plus the total number of Shares constituting such dividend
                                            or other distribution, and (b) the number of Shares issuable upon exercise of this Warrant
                                            shall be increased as provided in Condition  3.9, such decrease in the Exercise Price
                                            and increase in the number of Shares issuable hereunder to become effective immediately prior
                                            to the opening of business on the day following the date fixed for such determination.

 

		3.2	Subdivisions and Combinations.
                                            In the event that outstanding Shares are subdivided into a greater number of Shares, the
                                            Exercise Price in effect immediately prior to the effectiveness of such subdivision shall
                                            be proportionately reduced, and, conversely, in the event that outstanding Shares are combined
                                            into a smaller number of Shares, the Exercise Price in effect immediately prior to the effectiveness
                                            of such combination shall be proportionately increased. If the Exercise Price is reduced
                                            or increased pursuant to this Condition  3.2, the number of Shares issuable upon exercise
                                            of this Warrant shall be increased or reduced as provided in Condition 3.9. Such reduction
                                            or increase of the Exercise Price, and such increase or reduction of the number of Shares
                                            issuable hereunder, shall become effective simultaneously with the effectiveness of such
                                            subdivision or combination.

 

		3.3	Distributions. In the event that
                                            the Company distributes to holders of Shares, by dividend or otherwise, evidences of its
                                            indebtedness, shares of any class of its capital stock, cash or other assets (including securities,
                                            but excluding (i) any dividend or distribution paid exclusively in cash out of the aggregate
                                            net profits (less losses) attributable to Shares for all financial periods after [June 30,
                                            2020] and (ii) any dividend or distribution referred to in Condition  3.1), the Exercise
                                            Price shall be reduced by multiplying the Exercise Price in effect immediately prior to the
                                            close of business on the date fixed for the determination of shareholders entitled to such
                                            distribution by a fraction, the numerator of which is (x) such then current Exercise Price
                                            less (y) the aggregate fair market value on such date of the evidences of indebtedness, shares
                                            of capital stock, cash and other assets to be distributed divided by the number of Shares
                                            in issue at the close of business on such date, and the denominator of which is such then
                                            current Exercise Price, such reduction to become effective immediately prior to the opening
                                            of business on the day following such date.

 

		3.4	Share Reclassifications. The reclassification
                                            of Shares into securities which include securities other than Shares (other than any reclassification
                                            upon a consolidation or merger to which Condition 4.1 applies) shall be deemed to
                                            involve (i) a distribution of such securities other than Shares to all holders of Shares
                                            within the meaning of Condition 3.3 (and the effective date of such reclassification
                                            shall be deemed to be "the date fixed for the determination of shareholders entitled
                                            to such distribution" within the meaning of Condition 3.3) and (ii) a subdivision
                                            of the number of Shares in issue immediately prior to such reclassification into the number
                                            of Shares in issue immediately thereafter
within the meaning of Condition  3.2 (and the effective date of such reclassification shall be deemed to be the
date of effectiveness of such subdivision or combination, as the case may be, for purposes of Condition 3.2).

 

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		3.5	Rights Issues. In the event that the Company offers to holders of any Shares new Shares for subscription
by way of rights, or grants to holders of Shares any options or warrants to subscribe for new Shares, at a price (“New Rights
Issue Price”) that is less than the Exercise Price, the Exercise Price shall be reduced to equal the New Rights Issue Price,
such adjustment to become effective (if appropriate retroactively) immediately prior to the opening of business on the next day following
the record date for the offer or grant.

 

		3.6	Issuance of Shares Below Exercise Price or New Securities for Total Effective Consideration
Below Exercise Price.

 

		(a)	In the event that the Company issues any Shares for consideration per share (“New Share Issue
Price”) that is less than the Exercise Price in effect immediately prior to such issuance, the Exercise Price shall be reduced
to equal the New Share Issue Price, such reduction to become effective on the date of the issuance.

 

		(b)	In the event that the Company issues any securities that by their terms are convertible into or exchangeable
for or carry rights of subscription for new Shares ("Share Equivalents") and the Total Effective Consideration per Share
receivable for such Share Equivalents at the time of issuance (“New Share Equivalent Issue Price”) is less than the
Exercise Price in effect immediately prior to such issuance, the Exercise Price shall be reduced to equal such New Share Equivalent Issue
Price, such reduction to become effective on the date of issuance.

 

		(c)	In the event that after the date of issuance
                                            of the Share Equivalents, the rights of conversion or exchange or subscription attached to
                                            any Share Equivalents are modified so that the Total Effective Consideration per Share receivable
                                            for such Share Equivalents (“New Share Equivalent Conversion Price”) becomes
                                            less than the Exercise Price in effect immediately prior to the effectiveness of such New
                                            Share Equivalent Conversion Price, the Exercise Price shall be reduced to equal such New
                                            Share Equivalent Conversion Price. Such adjustment shall become effective simultaneously
                                            with the effectiveness of such New Share Equivalent Conversion Price. A right of conversion
                                            or exchange or subscription shall not be treated as modified for the foregoing purposes to
                                            the extent that it is adjusted to take account of events giving rise to an adjustment of
                                            the Exercise Price pursuant to this Condition  3.

 

		(d)	For the purposes of Condition  3,
                                            the "Total Effective Consideration" receivable for the Share Equivalents
                                            issued shall be deemed to be the consideration receivable by the Company for any such Share
                                            Equivalents plus the additional minimum consideration (if any) to be received by the Company
                                            upon (and assuming) the conversion or exchange thereof or the exercise of such subscription
                                            rights, and the "Total Effective Consideration per Share" receivable for
                                            such Share Equivalents shall initially be such aggregate consideration divided by the number
                                            of Shares to be issued upon (and assuming) such conversion or exchange at the initial conversion
                                            or exchange rate or the exercise of such subscription rights at the initial subscription
                                            price, in each case without any deduction for any commissions, discounts or expenses paid,
                                            allowed or incurred in connection with the issuance.

  

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		3.7	Modification of Rights. Without limiting any other provision of this Condition 3, if the
Company or any Subsidiary shall in any way modify the rights attached to any share or loan capital so as wholly or partly to exchange
or make convertible such share or loan capital into, or attach thereto any rights to acquire, Shares, the Company shall appoint an approved
auditor to consider whether any adjustment to the Exercise Price is appropriate, and if such approved auditor shall certify that any such
adjustment is appropriate the Exercise Price shall be adjusted accordingly.

 

		3.8	Other Changes. If the Company at any
                                            time proposes to take any action affecting the Shares similar to or having an effect similar
                                            to any of the actions described in any of Condition  3 (but not including any action
                                            described in any such Condition), then the Board shall consider in good faith whether any
                                            adjustment of the Exercise Price is appropriate and, if so, the amount of such adjustment.
                                            The Company shall notify the Holders of the Board's determination not less than ten (10)
                                            days prior to the effectiveness of such proposed action. If a Required Majority of Holders
                                            gives notice to the Company within thirty (30) days after delivery of such notice to the
                                            Holders, or if the Company fails to give such notice as required above, then upon the request
                                            of a Required Majority of Holders an approved auditor shall determine whether an adjustment
                                            of the Exercise Price is appropriate and, if so, the amount of such adjustment.

 

		3.9	Adjustment of Number of Shares Issuable upon Exercise of Warrant. If the Exercise Price is adjusted pursuant
to Conditions  3.1 through 3.4 (the “Adjustment Events”, each an “Adjustment Event”), the
number of Shares for which this Warrant may be exercised shall be increased or reduced, as the case may be, to an amount equal to the
number of Shares for which this Warrant was exercisable immediately prior to the effectiveness of such Adjustment Event multiplied by
a fraction, the numerator of which is the Exercise Price in effect immediately prior to the effectiveness of such Adjustment Event and
the denominator of which is the Exercise Price in effect immediately after the effectiveness of such Adjustment Event.

 

		3.10	Value of Consideration. In case at any time any Shares or Share Equivalents are issued or sold
for cash, the consideration received therefor shall be deemed to be the amount received by the Company therefor, without deduction therefrom
of any expenses incurred or any underwriting commissions or concessions or discounts paid or allowed by the Company in connection therewith.
In case any Shares or Share Equivalents are issued or sold for a consideration other than cash, the amount of the consideration other
than cash received by the Company shall be deemed to be the fair market value of such consideration, with deduction therefrom of any expenses
incurred or any underwriting commissions or concessions or discounts paid or allowed by the Company in connection therewith by the Board
of Directors.

 

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		3.11	Limitations. The provisions of paragraphs
                                            Conditions  3.5 through  3.6 shall not apply to an issue of Shares or other securities
                                            of the Company wholly or partly convertible into, or rights to acquire, Shares to officers
                                            or employees of the Company or any of its subsidiaries pursuant to any employee or executive
                                            share scheme in existence as at the date of issue of this Warrant.

 

		3.12	Definitions.
                                            For the purposes of Condition  3:

 

"announcement" shall
include the release of an announcement to the press or the delivery or transmission by telephone, telex or otherwise of an announcement
to HKSE, and "date of announcement" shall mean the date on which the announcement is first so released, delivered or
transmitted;

 

"approved auditor"
means an auditing firm of international repute selected by a Required Majority of Holders for the purpose of providing a specific opinion
or calculation or determination hereunder;

 

"fair market value"
of any capital stock or other assets means fair market value as determined by the Board in good faith and set forth in a Board Resolution
and a written notice delivered to the Holders, provided that if, within thirty (30) days after delivery of such notice to the Holders,
a Required Majority of Holders objects to such determination, the fair market value of such capital stock or other assets shall be as
determined by an approved auditor;

 

"issue" shall include
allot;

 

"listing" means a
listing of the Shares on an internationally recognized stock exchange;

 

"reserves" includes unappropriated profits;
and "rights" includes rights in whatsoever form issued.

 

		3.13	Miscellaneous. No adjustment in the
                                            Exercise Price shall be required unless such adjustment (plus any other adjustments not previously
                                            made by reason of this Condition 3.13) would require an increase or decrease of at
                                            least 0.1% in the Exercise Price; provided that any adjustments which by reason of this paragraph
                                            (m) are not required to be made shall be carried forward and taken into account in any subsequent
                                            adjustment. All calculations under this Condition  3 shall be made to the nearest
                                            cent, to the nearest one-hundredth of a percentage point or to the nearest one-hundredth
                                            of a share, as the case may be.

 

		3.14	Notice of Adjustments of Exercise Price.
                                            Whenever the Exercise Price is adjusted as herein provided, the Company shall compute the
                                            adjusted Exercise Price in accordance with this Condition 3 and shall prepare a certificate
                                            signed by the Chief Financial Officer of the Company setting forth the adjusted Exercise
                                            Price and showing in reasonable detail the facts upon which such adjustment is based, and
                                            such certificate shall forthwith be delivered to each Holder. If a Required Majority of Holders
                                            gives notice to the Company objecting to such calculation or stating that, in the opinion
                                            of such Required Majority of Holders, an event has occurred that requires an adjustment to
                                            the Exercise Price pursuant to Condition  3 but no notice of adjustment has been given
                                            by the Company, an approved auditor shall be appointed within ten (10) days after
delivery of such notice from the Required Majority of Holders to determine the appropriate adjustment of the Exercise Price, if any, and
such determination shall be final and binding on the Company and the Holder.

 

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		4.	Provisions as to Consolidation, Merger or Sale of Assets 

 

		4.1	Provisions as to Consolidation, Merger
                                            or Sale of Assets. In case of any consolidation of the Company with, or merger of the
                                            Company into, any other Person, any merger of another Person into the Company where the Company
                                            is not the surviving person (other than a merger which does not result in any reclassification,
                                            conversion, exchange or cancellation of outstanding Shares) or any sale or transfer of all
                                            or substantially all of the assets of the Company, the Person formed by such consolidation
                                            or resulting from such merger or which acquires such assets, as the case may be, shall execute
                                            and deliver to the Holder an agreement to assume the Warrant providing that the Holder of
                                            such Warrant then outstanding shall have the right thereafter, during the period such Warrant
                                            shall be exercisable as specified in Condition  2.1, to exchange such Warrant into
                                            the kind and amount of securities, cash and other property, if any, receivable upon such
                                            consolidation, merger, sale or transfer by a holder of the number of Shares into which such
                                            Warrant might have been exchanged immediately prior to such consolidation, merger, sale or
                                            transfer, assuming such holder of Shares

 

(i)   is
not a Person with which the Company consolidated or into which the Company merged or which merged into the Company or to which such sale
or transfer was made, as the case may be (a "Constituent Person"), or an Affiliate of a Constituent Person and (ii)
failed to exercise his rights of election, if any, as to the kind or amount of securities, cash and other property receivable upon such
consolidation, merger, sale or transfer. Such supplemental instrument shall provide for adjustments which, for events subsequent to the
effective date of such supplemental instrument, shall be as nearly equivalent as may be practicable to the adjustments provided for in
Condition 3. The above provisions of this Condition  4.1 shall similarly apply to successive consolidations, mergers, sales
or transfers.

 

		5.	Covenants 

 

		5.1	Issuance of Shares. The Company shall promptly issue all Warrant Shares on the dates and in the
manner provided for in the Warrant.

 

		5.2	Reservation of Shares. The Company shall at all times reserve and keep available, free from preemptive
rights, out of the authorized but unissued Shares, for the purpose of effecting the exercise of the Warrant, the full number of Shares
then issuable upon the exercise of all outstanding Warrant pursuant to the terms and conditions hereunder.

 

		5.3	Covenant as to Warrant Shares. The Company covenants that all Warrant Shares upon issue (i) will
be validly issued and fully paid, (ii) will be free from all taxes, liens and charges with respect to the issue thereof, (iii) will rank
equally and be of the same class as the Shares outstanding on the conversion date, and (iv) will be listed and continued to be traded
on the Main Board of HKSE, provided that the Company shall pay all the expenses in relation to the issue of and obtaining a listing for
the Warrant Shares on the HKSE. The Company further covenants that it will not increase the par value of the Shares without the prior written consent of a Required
Majority of Holders.

 

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		5.4	No Dilution or Impairment. The Company will not, by amendment of its Memorandum and Articles of
Association or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any
other action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good
faith assist in the carrying out of all such terms and in the taking of all such action as may be necessary or appropriate in order to
protect the rights of the Holder against dilution or other impairment.

 

		5.5	Notice of Certain Corporate Actions. In the event:

 

(a)        
the Company shall declare a share dividend (or any other distribution) on its Shares or a subdivision of the outstanding Shares; or

 

(b)          
of any reclassification of the Shares, or of any consolidation, merger or share exchange to which the Company is a party and for which
approval of any stockholders of the Company is required, or of the sale or transfer of all or substantially all of the assets of the Company;
or

 

(c)          
of the voluntary or involuntary dissolution, liquidation or winding up of the Company; or

 

(d)         
the Company shall commence a tender offer for all or a portion of the outstanding Shares (or shall amend any such tender offer
to change the maximum number of shares being sought or the amount or type of consideration being offered therefor);

 

then the Company
shall cause to be delivered to the Holder, at least ten (10) Business Days prior to the applicable record, effective or expiration date
hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such stock dividend, or, if
a record is not to be taken, the date as of which the holders of Shares of record who will be entitled to such dividend are to be determined,
(y) the date on which such reclassification is expected to become effective, and the date as of which it is expected that holders of
Shares of record shall be entitled to exchange their Shares for securities, cash or other property deliverable upon such reclassification,
consolidation, merger, share exchange, sale, transfer, dissolution, liquidation or winding up, or (z) the date on which such tender offer
commenced, the date on which such tender offer is scheduled to expire unless extended, the consideration offered and the other material
terms thereof (or the material terms of any amendment thereto). Neither the failure to give any such notice nor any defect therein shall
affect the legality or validity of any action described in clauses (a) or (b) of this Condition 5.5.

 

		5.6	Notice of Restrictions. Where exercise of Warrant pursuant to the terms and
conditions hereof would result in (i) the Company not being able to satisfy the HKSE’s public shareholding requirement (i.e. 25%
public float) under Rule 8.08 of the Listing Rules following
such exercise, or (ii) exercise all or part of the Warrant would trigger a mandatory offer under rule 26 of the Takeovers Code on the
part of the Holder and/or any person(s) acting in concerti with such Holder, the Company shall immediately notify the Holder of such restrictions
on exercise upon arising thereof.

 

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		5.7	Expenses of Enforcement. The Company shall, promptly on demand, reimburse the Holder for any costs
or expenses (including without limitation the fees, disbursements and other charges of counsel) reasonably incurred by the Holder in enforcing
its rights under the Warrant.

 

		6.	Amendment and Waiver 

 

Except as otherwise expressly provided
herein, the provisions of this Warrant may be amended and the Company may take any action herein prohibited, or omit to perform any act
herein required to be performed by it, only if the Company has obtained the written consent of a Required Majority of Holders; provided
that no such amendment or waiver shall (i) reduce the number of Shares for which this Warrant is exercisable or (ii) reduce the period
during which this Warrant is exercisable. The Company shall promptly notify all Holders of the Warrant after the making of any amendment
or waiver pursuant to this Condition 6.

 

		7.	Transfer 

 

		7.1	Transferability. Subject to Condition
                                            7.3 below, the Holder may transfer this Warrant to one or more transferees without the
                                            Company’s consent.

 

		7.2	Warrant Register. The Company shall maintain a register (the "Warrant Register")
in its principal office for the purpose of registering of the Warrant and any transfer thereof, which register shall reflect and identify,
at all these times, the ownership of any interest in the Warrant. Upon the issuance of this Warrant, the Company shall record the name
of the Purchaser in the Warrant Register as the first Holder. Upon surrender for registration of transfer or exchange of this Warrant
together with a properly completed and executed Form of Assignment together with the Certificate attached hereto as Exhibit B and
all documents required to be provided by such Form of Assignment, at the principal office of the Company, the Company shall upon evidence
as may be reasonably requested by the Company is being provided by the Holder to show that the transferee of the Warrant is not a connected
person of the Company referred to in Condition 7.3 below, at its expense, execute and deliver one or more new warrants of like
tenor which shall be exercisable for a like aggregate number of Warrant Shares, registered in the name of the Holder or a transferee or
transferees.

 

		7.3	None of the Warrant may be transferred to a connected person of the Issuer. In this Condition 7,
 "connected person" has the meaning defined in Rule 14A.06(7) of the Listing Rules.

 

		8.	Liquidation of the Company 

 

If the Company is being wound
up, all subscription rights of this Warrant which have not been exercised by the date of passing of the requisite resolution for winding-up
of the Company shall lapse and any certificate for this Warrant shall cease for any purpose.

 

		9.	Governing Law; Dispute Resolution 

 

		9.1	This Warrant shall be governed by and construed and enforced in accordance with the
laws of Hong Kong.

 

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		9.2	Jurisdiction of Hong Kong courts 

   

		(a)	Subject to subsection (b) below, the courts of Hong Kong have exclusive jurisdiction
to settle any dispute arising out of or in connection with the Warrant (including a dispute regarding the existence, validity or termination
of the Warrant).

 

		(b)	This Condition 9.2 is for the benefit of both the Holder and the Company. As a result, the Holder
shall not be prevented from taking proceedings relating to a dispute in any other courts with jurisdiction. To the extent allowed by law,
the Investor may take concurrent proceedings in any number of jurisdictions.

 

		9.3	Waiver of immunity. The Company waives generally all immunity it or its assets or revenues may
otherwise have in any jurisdiction, including immunity in respect of

 

		(a)	the giving of any relief by way of injunction or order for specific performance or
for the recovery of assets or revenues; and/or;

 

		(b)	the issue of any process against its assets or revenues for the enforcement of a judgment
or, in an action in rem, for the arrest, detention or sale of any of its assets and revenues.

 

		10.	Notices 

 

Any notice, request or other
communication required or permitted hereunder shall be in writing and shall be deemed to have been duly given (i) upon personal delivery
to the party to be notified; (ii) when sent by electronic mail or facsimile if sent during normal business hours of the recipient; if
not, then on the next Business Day; or (iii) seven Business Days after deposit with an internationally recognized courier with written
verification of receipt, at the respective addresses of the parties as set forth below:

 

To Company:

 

Address: 11/F, COFCO Tower, 262 Gloucester Road, Causeway
Bay, Hong Kong 

Tel.: 2559 9438 

Attention: Company Secretary 

Email: kwokp@earthasia.com.hk

 

To Holder:

 

Address: [3443 Bathurst Street, Unit 502, Toronto, Ontario,
M6A 2C3 Canada] 

Attention: [David Subotic] 

Email: [operations@lexinterinternational.com] 

 

or to such other address or to the attention
of such other person specified by prior notice to the Company.

 

    11

     

    

 

[EXECUTION PAGE TO FOLLOW] 

 

    12

     

    

 

 

	 	 	Execution Version
	THE COMMON SEAL of	)	 
	 	)	 
	Earthasia International Holdings Ltd.	)	 
	 	)	 
	泛亞環境國際控股有限公司	)	 
	)	 
	 	)	 
	was hereunto affixed	)	 
	 	)	 
	 	)	 
	in the presence of:	)	 
	 	)	 
	 	)	 
	 	)	 
	 	)	 

 

	 	 
	 	Name:
	 	 
	 	Title: Director

  

 

	Witness Signature:	 	 

 

	Name:	 	 

 

	Address:	 	 

 

	Occupation:	 	 

  

 

Warrant Execution Page

 

     

     

    

 

Execution Version 

 

EXHIBIT A

 

Form of Election to Purchase Shares

 

[To Be Executed upon Exercise of Warrant]

 

TO:

 

Earthasia International Holdings Ltd.

泛亞環境國際控股有限公司

(“Company”)

 

Reference is made to Ordinary Share Purchase Warrant issued
by the Company dated [*] (the “Warrant”).

 

The undersigned hereby irrevocably elects to exercise the
right, represented by the Warrant, to purchase ________ Shares (“Exercised Shares”).

 

Method of Exercise (Please initial the applicable
blank square brackets)

 

[    ] The undersigned elects to exercise the Warrant pursuant to Condition 2.1 of the Warrant[,
and herewith tenders payment for the Exercised Shares to the order of ______________ in the amount of US$_______________ in accordance
with the terms hereof.] 

 

The undersigned requests that a certificate for
the Warrant Shares be registered in the name of ________________________, whose address is _______________________________ and that such
shares be delivered to __________________________________ whose address is __________________________________. If the number of Exercised
Shares is less than all of the Shares purchasable under the Warrant, the undersigned requests that a new Warrant representing the remaining
balance of such Shares be registered in the name of_________________________, whose address is ________________________________, and
that such Warrant be delivered to _______________________________, whose address is ___________________________. 

 

	 	Signed on behalf of the Holder by:
	 	 
	 	Name:	 
	 	 
	 	Title:	 
	 	 
	 	Signature:	 

 

    Exhibit A

     

    

 

Execution Version

  

EXHIBIT B 

 

ASSIGNMENT FORM

 

[To be signed only upon
transfer of Warrant] 

 

I or we assign and transfer this Warrant to 

 

_____________________________________________________________________

 

_____________________________________________________________________

 

_____________________________________________________________________ 

(Print or type assignee's name and address) 

 

 

 

 

 

Date: ______________________________ 

 

 

 

 

 

 

	Signature
    on behalf of Holder by:	 
	 	 
	Name:	 	 
	 	 
	Title:	 	 
	 	 
	Signature:	 	 

 

    Exhibit B

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