Document:

THIS
WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”),
OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AS SET FORTH IN SECTIONS 5.3 AND 5.4 BELOW, MAY NOT BE OFFERED, SOLD, PLEDGED
OR OTHERWISE TRANSFERRED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND LAWS OR, IN THE OPINION OF LEGAL COUNSEL IN FORM AND SUBSTANCE
SATISFACTORY TO THE ISSUER, SUCH OFFER, SALE, PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION.

 

WARRANT
TO PURCHASE STOCK

 

Company:
Medical Transcription Billing, Corp., a Delaware corporation

Number
of Shares: 125,000, subject to adjustment

Type/Series
of Stock: Common Stock, $0.001 par value per share

Warrant
Price: As set forth in Paragraph A below

Issue
Date: October 13, 2017

Expiration
Date: October 12, 2022 See also Section 5.1(b).

	Credit
    Facility:	This
    Warrant to Purchase Stock (“Warrant”) is issued in connection with that certain Loan and Security
    Agreement of even date herewith between Silicon Valley Bank and the Company (as amended and/or modified and in effect from
    time to time, the “Loan Agreement”).

 

THIS
WARRANT CERTIFIES THAT, for good and valuable consideration, SILICON VALLEY BANK (together with any successor or permitted assignee
or transferee of this Warrant or of any shares issued upon exercise hereof, “Holder”) is entitled to
purchase the number of fully paid and non-assessable shares (the “Shares”) of the above-stated Type/Series
of Stock (the “Class”) of the above-named company (the “Company”) at a purchase
price per Share equal to the Warrant Price (as defined below) all as set forth above and as adjusted pursuant to Section 2 of
this Warrant, subject to the provisions and upon the terms and conditions set forth in this Warrant. Reference is made to Section
5.4 of this Warrant whereby Silicon Valley Bank shall transfer this Warrant to its parent company, SVB Financial Group.

 

A.
Warrant Price. The purchase price per Share hereunder (the “Warrant Price”) shall equal the highest
VWAP of a share of the Class computed from data reported on NASDAQ for any five (5) consecutive trading days during the thirty
(30) consecutive trading-day period commencing on the fifteenth (15th) trading day immediately preceding the Issue
Date hereof and ending on the fifteenth (15th) trading day immediately following the Issue Date hereof (inclusive of
the Issue Date), subject to adjustment thereafter from time to time in accordance with the provisions of this Warrant. As used
herein, “VWAP” means volume-weighted average price and shall be determined as follows:

 

 

Where:

 

	 	PVWAP =  volume-weighted average price
	 	Pj =  price of trade j
	 	Qj =  quantity of trade j
	 	j = each individual trade that takes place during each 5-consecutive trading-day period of the above-mentioned 30-trading-day
    period, excluding cross trades and basket cross trades.

 

    	 	 	 

    	 

    

 

Within
five (5) Business Days (as hereinafter defined) following the expiration of the aforementioned 30-trading day period, the Company
shall deliver to Holder the certificate described in Section 2.4 setting forth in reasonable detail the Company’s calculation
of the Warrant Price in accordance with the provisions of this Paragraph A, which calculation shall be conclusive for all purposes
of this Warrant (i) except in the case of manifest error, or (ii) unless Holder objects thereto in writing to the Company within
five (5) Business Days following its receipt of such Company calculation, in which case the parties shall work together in good
faith to promptly resolve such objection and agree on the Warrant Price.

 

SECTION
1. EXERCISE.

 

1.1
Method of Exercise. Holder may at any time and from time to time exercise this Warrant, in whole or in part, by delivering
to the Company the original of this Warrant together with a duly executed Notice of Exercise in substantially the form attached
hereto as Appendix 1 and, unless Holder is exercising this Warrant pursuant to a cashless exercise set forth in Section 1.2, a
check, wire transfer of same-day funds (to an account designated by the Company), or other form of payment acceptable to the Company
for the aggregate Warrant Price for the Shares being purchased.

 

1.2
Cashless Exercise. On any exercise of this Warrant, in lieu of payment of the aggregate Warrant Price in the manner as
specified in Section 1.1 above, but otherwise in accordance with the requirements of Section 1.1, Holder may elect to receive
Shares equal to the value of this Warrant, or portion hereof as to which this Warrant is being exercised. Thereupon, the Company
shall issue to the Holder such number of fully paid and non-assessable Shares as are computed using the following formula:

 

X
= Y(A-B)/A

 

where:

	 	X
    =	the
    number of Shares to be issued to the Holder;
	 	 	
	 	Y
    =	the
    number of Shares with respect to which this Warrant is being exercised (inclusive of the Shares surrendered to the Company
    in payment of the aggregate Warrant Price);
	 	 	 
	 	A
    =	the
    Fair Market Value (as determined pursuant to Section 1.3 below) of one Share; and
	 	 	 
	 	B
    =	the
    Warrant Price.

 

1.3
Fair Market Value. For purposes of this Section 1.2, if shares of the Class are then traded or quoted on a nationally recognized
securities exchange, inter-dealer quotation system or over-the-counter market (a “Trading Market”),
the fair market value of a Share shall be the closing price or last sale price of a share of the Class reported for the Business
Day immediately before the date on which Holder delivers this Warrant together with its Notice of Exercise to the Company. If
shares of the Class are not then traded in a Trading Market, the Board of Directors of the Company shall determine the fair market
value of a Share in its reasonable good faith judgment.

 

    	 	2	 

    	 

    

 

1.4
Delivery of Certificate and New Warrant. Within a reasonable time after Holder exercises this Warrant in the manner set
forth in Section 1.1 or 1.2 above, the Company shall deliver to Holder a certificate representing the Shares issued to Holder
upon such exercise and, if this Warrant has not been fully exercised and has not expired, a new warrant of like tenor representing
the Shares not so acquired.

 

1.5
Replacement of Warrant. On receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or
mutilation of this Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably satisfactory
in form, substance and amount to the Company or, in the case of mutilation, on surrender of this Warrant to the Company for cancellation,
the Company shall, within a reasonable time, execute and deliver to Holder, in lieu of this Warrant, a new warrant of like tenor
and amount.

 

1.6
Treatment of Warrant Upon Acquisition of Company.

 

(a) Acquisition.
For the purpose of this Warrant, “Acquisition” means any transaction or series of related
transactions involving: (i) the sale, lease, exclusive license, or other disposition of all or substantially all of the
assets of the Company; (ii) any merger or consolidation of the Company into or with another person or entity (other than a
merger or consolidation effected exclusively to change the Company’s domicile), or any other corporate reorganization,
in which the stockholders of the Company in their capacity as such immediately prior to such merger, consolidation or
reorganization, own less than a majority of the Company’s (or the surviving or successor entity’s) outstanding
voting power immediately after such merger, consolidation or reorganization (or, if such Company stockholders
beneficially own a majority of the outstanding voting power of the surviving or successor entity as of immediately after such
merger, consolidation or reorganization, such surviving or successor entity is not the Company); or (iii) any sale or other
transfer by the stockholders of the Company of shares representing at least a majority of the Company’s then-total
outstanding combined voting power.

 

(b)
Treatment of Warrant at Acquisition. In the event of an Acquisition in which the consideration to be received by the Company’s
stockholders consists solely of cash, solely of Marketable Securities or a combination of cash and Marketable Securities (a “Cash/Public
Acquisition”), and the fair market value of one Share as determined in accordance with Section 1.3 above would be
greater than the Warrant Price in effect on such date immediately prior to such Cash/Public Acquisition, and Holder has not exercised
this Warrant pursuant to Section 1.1 above as to all Shares, then this Warrant shall automatically be deemed to be Cashless Exercised
pursuant to Section 1.2 above as to all Shares effective immediately prior to and contingent upon the consummation of a Cash/Public
Acquisition. In connection with such Cashless Exercise, Holder shall be deemed to have restated each of the representations and
warranties in Section 4 of the Warrant as of the date thereof and the Company shall promptly notify the Holder of the number of
Shares (or such other securities) issued upon exercise. In the event of a Cash/Public Acquisition where the fair market value
of one Share as determined in accordance with Section 1.3 above would be less than the Warrant Price in effect immediately prior
to such Cash/Public Acquisition, then this Warrant will expire immediately prior to the consummation of such Cash/Public Acquisition.

 

(c)
Upon the closing of any Acquisition other than a Cash/Public Acquisition, the acquiring, surviving or successor entity shall assume
the obligations of this Warrant, and this Warrant shall thereafter be exercisable for the same securities and/or other property
as would have been paid for the Shares issuable upon exercise of the unexercised portion of this Warrant as if such Shares were
outstanding on and as of the closing of such Acquisition, subject to further adjustment from time to time in accordance with the
provisions of this Warrant.

 

    	 	3	 

    	 

    

 

(d)
As used in this Warrant, “Marketable Securities” means securities meeting all of the following requirements:
(i) the issuer thereof is then subject to the reporting requirements of Section 13 or Section 15(d) of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”), and is then current in its filing of all required reports
and other information under the Act and the Exchange Act; (ii) the class and series of shares or other security of the issuer
that would be received by Holder in connection with the Acquisition were Holder to exercise this Warrant on or prior to the closing
thereof is then traded in a Trading Market, and (iii) following the closing of such Acquisition, Holder would not be restricted
from publicly re-selling all of the issuer’s shares and/or other securities that would be received by Holder in such Acquisition
were Holder to exercise this Warrant in full on or prior to the closing of such Acquisition, except to the extent that any such
restriction (x) arises solely under federal or state securities laws, rules or regulations, and (y) does not extend beyond six
(6) months from the closing of such Acquisition.

 

SECTION
2. ADJUSTMENTS TO THE SHARES AND WARRANT PRICE.

 

2.1
Stock Dividends, Splits, Etc. If the Company declares or pays a dividend or distribution on the outstanding shares of the
Class payable in additional shares of the Class or other securities or property (other than cash), then upon exercise of this
Warrant, for each Share acquired, Holder shall receive, without additional cost to Holder, the total number and kind of securities
and property which Holder would have received had Holder owned the Shares of record as of the date the dividend or distribution
occurred. If the Company subdivides the outstanding shares of the Class by reclassification or otherwise into a greater number
of shares, the number of Shares purchasable hereunder shall be proportionately increased and the Warrant Price shall be proportionately
decreased. If the outstanding shares of the Class are combined or consolidated, by reclassification or otherwise, into a lesser
number of shares, the Warrant Price shall be proportionately increased and the number of Shares shall be proportionately decreased.

 

2.2
Reclassification, Exchange, Combinations or Substitution. Upon any event whereby all of the outstanding shares of the Class
are reclassified, exchanged, combined, substituted, or replaced for, into, with or by Company securities of a different class
and/or series, then from and after the consummation of such event, this Warrant will be exercisable for the number, class and
series of Company securities that Holder would have received had the Shares been outstanding on and as of the consummation of
such event, and subject to further adjustment thereafter from time to time in accordance with the provisions of this Warrant.
The provisions of this Section 2.2 shall similarly apply to successive reclassifications, exchanges, combinations substitutions,
replacements or other similar events.

 

2.3
No Fractional Share. No fractional Share shall be issuable upon exercise of this Warrant and the number of Shares to be
issued shall be rounded down to the nearest whole Share. If a fractional Share interest arises upon any exercise of the Warrant,
the Company shall eliminate such fractional Share interest by paying Holder in cash the amount computed by multiplying the fractional
interest by (i) the fair market value (as determined in accordance with Section 1.3 above) of a full Share, less (ii) the then-effective
Warrant Price.

 

2.4
Notice/Certificate as to Adjustments. Upon each adjustment of the Warrant Price, Class and/or number of Shares, the Company,
at the Company’s expense, shall notify Holder in writing within a reasonable time setting forth the adjustments to the Warrant
Price, Class and/or number of Shares and facts upon which such adjustment is based. The Company shall, upon written request from
Holder, furnish Holder with a certificate of its Chief Financial Officer, including computations of such adjustment and the Warrant
Price, Class and number of Shares in effect upon the date of such adjustment.

 

    	 	4	 

    	 

    

 

SECTION
3. REPRESENTATIONS AND COVENANTS OF THE COMPANY.

 

3.1
Representations and Covenants. The Company represents and warrants to, and agrees with, the Holder as follows:

 

(a)
All Shares which may be issued upon the exercise of this Warrant shall, upon issuance, be duly authorized, validly issued, fully
paid and non-assessable, and free of any liens and encumbrances except for restrictions on transfer provided for herein or under
applicable federal and state securities laws.

 

(b)
The Company covenants that it shall at all times cause to be reserved and kept available out of its authorized and unissued capital
stock such number of shares of the Class and other securities as will be sufficient to permit the exercise in full of this Warrant.

 

3.2
Notice of Certain Events. If the Company proposes at any time to:

 

(a)
declare any dividend or distribution upon the outstanding shares of the Class, whether in cash, property, stock, or other securities
and whether or not a regular cash dividend;

 

(b)
offer for subscription or sale pro rata to the holders of the outstanding shares of the Class any additional shares of any class
or series of the Company’s stock (other than pursuant to contractual pre-emptive rights);

 

(c)
effect any reclassification, exchange, combination, substitution, reorganization or recapitalization of the outstanding shares
of the Class; or

 

(d)
effect an Acquisition or to liquidate, dissolve or wind up;

 

then,
in connection with each such event, the Company shall give Holder notice thereof at the same time and in the same manner as given
to holders of the outstanding shares of the Class.

 

SECTION
4. REPRESENTATIONS, WARRANTIES OF THE HOLDER.

 

The
Holder represents and warrants to the Company as follows:

 

4.1
Purchase for Own Account. This Warrant and the Shares to be acquired upon exercise of this Warrant by Holder are being
acquired for investment for Holder’s account, not as a nominee or agent, and not with a view to the public resale or distribution
within the meaning of the Act. Holder also represents that it has not been formed for the specific purpose of acquiring this Warrant
or the Shares.

 

4.2
Disclosure of Information. Holder is aware of the Company’s business affairs and financial condition and has received
or has had full access to all the information it considers necessary or appropriate to make an informed investment decision with
respect to the acquisition of this Warrant and its underlying securities. Holder further has had an opportunity to ask questions
and receive answers from the Company regarding the terms and conditions of the offering of this Warrant and its underlying securities
and to obtain additional information (to the extent the Company possessed such information or could acquire it without unreasonable
effort or expense) necessary to verify any information furnished to Holder or to which Holder has access.

 

    	 	5	 

    	 

    

 

4.3
Investment Experience. Holder understands that the purchase of this Warrant and its underlying securities involves substantial
risk. Holder has experience as an investor in securities of companies in the development stage and acknowledges that Holder can
bear the economic risk of such Holder’s investment in this Warrant and its underlying securities and has such knowledge
and experience in financial or business matters that Holder is capable of evaluating the merits and risks of its investment in
this Warrant and its underlying securities and/or has a preexisting personal or business relationship with the Company and certain
of its officers, directors or controlling persons of a nature and duration that enables Holder to be aware of the character, business
acumen and financial circumstances of such persons.

 

4.4
Accredited Investor Status. Holder is an “accredited investor” within the meaning of Regulation D promulgated
under the Act.

 

4.5
The Act. Holder understands that this Warrant and the Shares issuable upon exercise hereof have not been registered under
the Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature
of the Holder’s investment intent as expressed herein. Holder understands that this Warrant and the Shares issued upon any
exercise hereof must be held indefinitely unless subsequently registered under the Act and qualified under applicable state securities
laws, or unless exemption from such registration and qualification are otherwise available. Holder is aware of the provisions
of Rule 144 promulgated under the Act.

 

4.6
No Voting Rights. Holder, as a Holder of this Warrant, will not have any voting rights until the exercise of this Warrant.

SECTION
5. MISCELLANEOUS.

 

5.1
Term; Automatic Cashless Exercise Upon Expiration.

 

(a)
Term. Subject to the provisions of Section 1.6 above, this Warrant is exercisable in whole or in part at any time and from
time to time on or before 6:00 PM, Pacific time, on the Expiration Date and shall be void thereafter.

 

(b)
Automatic Cashless Exercise upon Expiration.
In the event that, upon the Expiration Date,
the fair market value of one Share as determined in accordance with Section 1.3 above is greater than the Warrant Price in effect
on such date, then this Warrant shall automatically be deemed on and as of such date to be exercised pursuant to Section 1.2 above
as to all Shares for which it shall not previously have been exercised, and the Company shall, within a reasonable time, deliver
a certificate representing the Shares issued upon such exercise to Holder.

 

5.2
Legends. Each certificate evidencing Shares shall be imprinted with a legend in substantially the following form:

 

THE
SHARES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”),
OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AS SET FORTH IN THAT CERTAIN WARRANT TO PURCHASE STOCK ISSUED BY THE ISSUER TO
SILICON VALLEY BANK DATED OCTOBER __, 2017, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS AND UNTIL REGISTERED
UNDER SAID ACT AND LAWS OR, IN THE OPINION OF LEGAL COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER, SUCH OFFER, SALE,
PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION.

 

    	 	6	 

    	 

    

 

5.3
Compliance with Securities Laws on Transfer. This Warrant and the Shares issued upon exercise of this Warrant may not be
transferred or assigned in whole or in part except in compliance with applicable federal and state securities laws by the transferor
and the transferee (including, without limitation, the delivery of investment representation letters and legal opinions reasonably
satisfactory to the Company, as reasonably requested by the Company). The Company shall not require Holder to provide an opinion
of counsel if the transfer is to SVB Financial Group (Silicon Valley Bank’s parent company) or any other affiliate of Holder,
provided that any such transferee is an “accredited investor” as defined in Regulation D promulgated under the Act.
Additionally, the Company shall also not require an opinion of counsel if there is no material question as to the availability
of Rule 144 promulgated under the Act.

 

5.4
Transfer Procedure. After receipt by Silicon Valley Bank of the executed Warrant, Silicon Valley Bank will transfer all of
this Warrant to its parent company, SVB Financial Group. By its acceptance of this Warrant, SVB Financial Group hereby makes to
the Company each of the representations and warranties set forth in Section 4 hereof and agrees to be bound by all of the terms
and conditions of this Warrant as if the original Holder hereof. Subject to the provisions of Section 5.3 and upon providing the
Company with written notice, SVB Financial Group and any subsequent Holder may transfer all or part of this Warrant or the Shares
issued upon exercise of this Warrant to any transferee, provided, however, in connection with any such transfer, SVB Financial
Group or any subsequent Holder will give the Company notice of the portion of the Warrant and/or Shares being transferred with
the name, address and taxpayer identification number of the transferee and Holder will surrender this Warrant to the Company for
reissuance to the transferee(s) (and Holder if applicable); and provided further, that any subsequent transferee other than SVB
Financial Group shall agree in writing with the Company to be bound by all of the terms and conditions of this Warrant.

 

5.5
Notices. All notices and other communications hereunder from the Company to the Holder, or vice versa, shall be deemed
delivered and effective (i) when given personally, (ii) on the third (3rd) Business Day after being mailed by first-class
registered or certified mail, postage prepaid, (iii) upon actual receipt if given by facsimile or electronic mail and such receipt
is confirmed in writing by the recipient, or (iv) on the first Business Day following delivery to a reliable overnight courier
service, courier fee prepaid, in any case at such address as may have been furnished to the Company or Holder, as the case may
be, in writing by the Company or such Holder from time to time in accordance with the provisions of this Section 5.5. All notices
to Holder shall be addressed as follows until the Company receives notice of a change of address in connection with a transfer
or otherwise:

 

SVB
Financial Group

Attn:
Treasury Department

3003
Tasman Drive, HC 215

Santa
Clara, CA 95054

Telephone:
(408) 654-7400

Facsimile:
(408) 988-8317

Email
address: derivatives@svb.com

 

    	 	7	 

    	 

    

 

Notice
to the Company shall be addressed as follows until Holder receives notice of a change in address:

 

Medical
Transcription Billing, Corp.

Attn:
General Counsel

7
Clyde Road

Somerset,
NJ 08873

Telephone:
(732) 873-5133

Email:
spatel@mtbc.com

 

5.6
Waiver. This Warrant and any term hereof may be changed, waived, discharged or terminated (either generally or in a particular
instance and either retroactively or prospectively) only by an instrument in writing signed by the party against which enforcement
of such change, waiver, discharge or termination is sought.

 

5.7
Attorneys’ Fees. In the event of any dispute between the parties concerning the terms and provisions of this Warrant,
the party prevailing in such dispute shall be entitled to collect from the other party all costs incurred in such dispute, including
reasonable attorneys’ fees.

 

5.8
Counterparts; Facsimile/Electronic Signatures. This Warrant may be executed in counterparts, all of which together shall
constitute one and the same agreement. Any signature page delivered electronically or by facsimile shall be binding to the same
extent as an original signature page with regards to any agreement subject to the terms hereof or any amendment thereto.

 

5.9
Governing Law. This Warrant shall be governed by and construed in accordance with the laws of the State of New Jersey,
without giving effect to its principles regarding conflicts of law.

 

5.10
Headings. The headings in this Warrant are for purposes of reference only and shall not limit or otherwise affect the meaning
of any provision of this Warrant.

 

5.11
Business Days. “Business Day” is any day that is not a Saturday, Sunday or a day on which Silicon
Valley Bank is closed.

 

[Remainder
of page left blank intentionally]

[Signature
page follows]

 

    	 	8	 

    	 

    

 

IN
WITNESS WHEREOF, the parties have caused this Warrant to Purchase Stock to be executed by their duly authorized representatives
effective as of the Issue Date written above.

 

“COMPANY”

 

MEDICAL
TRANSCRIPTION BILLING, CORP.

 

	By:	/s/
    Mahmud Haq	 
	Name: 
    	Mahmud
    Haq	 
	Title:
    	CEO	 

 

“HOLDER”

 

SILICON
VALLEY BANK

 

	By:
    	/s/
    Michael McMahon	 
	Name: 
    	Michael
    McMahon	 
	Title:
    	Director	 

 

    	 	9	 

    	 

    

 

APPENDIX
1

 

NOTICE
OF EXERCISE

 

1.
The undersigned Holder hereby exercises its right to purchase ___________ shares of the Common/Series ______ Preferred [circle
one] Stock of __________________ (the “Company”) in accordance with the attached Warrant To Purchase
Stock, and tenders payment of the aggregate Warrant Price for such shares as follows:

 

	 	[  ]	check
    in the amount of $________ payable to order of the Company enclosed herewith
	 	 	 
	 	[  ]	Wire
    transfer of immediately available funds to the Company’s account 
	 	 	 
	 	[  ]	Cashless
    Exercise pursuant to Section 1.2 of the Warrant
	 	 	 
	 	[  ]	Other
    [Describe] __________________________________________

 

2.
Please issue a certificate or certificates representing the Shares in the name specified below:

___________________________________________

Holder’s
Name

 

___________________________________________

 

___________________________________________

(Address)

 

3.
By its execution below and for the benefit of the Company, Holder hereby restates each of the representations and warranties in
Section 4 of the Warrant to Purchase Stock as of the date hereof.

 

	 	HOLDER:
	 	
	 	
	 	By:	     
	 	Name: 	 
	 	Title:	 
	 	(Date):	 

 

Schedule
1PROMISSORY NOTE

 

	$6,000.00	June 13, 2017

 

FOR VALUE RECEIVED,
the undersigned, Magna-Lab Inc., a New York corporation (“Borrower”), HEREBY PROMISES TO PAY to
the order of Magna Acquisition LLC or its registered assigns ( “Lender”), in lawful money of the United
States of America, in the manner and at the times provided hereinafter, the principal sum of Five Thousand Five Hundred Dollars
(US$6,000), together with Interest (as hereinafter defined) and Default Interest (as hereinafter defined) and all other amounts
due and payable pursuant to and in accordance with terms of this Note.

 

Interest shall accrue
on the unpaid principal amount of this Note from the date hereof until such principal amount is paid in full. “Interest”
shall mean twelve percent (12%) per annum. Interest shall be computed on the actual number of days elapsed, predicated on a year
consisting of three hundred and sixty (360) days.

 

Default Interest, if
any, shall be payable on demand. “Default Interest” shall mean interest computed at fifteen percent (15%) per
annum, on (i) the entire principal balance of this Note from time to time unpaid from and after such amounts becomes due and payable
(whether upon maturity, by acceleration or otherwise), and (ii) any and all other unpaid amounts due pursuant to the terms and
provisions of this Note (including, but not limited to, accrued and unpaid Interest) from and after the respective date(s) on which
those amounts become due and payable, whether upon maturity, by acceleration or otherwise; in each case from and after the expiration
of any applicable grace period. Default Interest shall be computed on the actual number of days elapsed, predicated on a year consisting
of three hundred and sixty (360) days. Notwithstanding anything to the contrary contained herein, for any period in which Default
Interest is accruing on the entire unpaid principal balance hereunder, Interest shall not accrue. Default Interest shall compound
on an annual basis.

 

Unless otherwise accelerated
pursuant to the terms hereof, this Note shall mature and all outstanding and unpaid principal and Interest shall be due and payable
on the date that is 120 days from and after the date hereof.

 

This Note may be prepaid,
in whole or in part, at any time by Borrower without premium or penalty. Any prepayment of this Note shall be accompanied by payment
of any Interest accrued and unpaid through the date of such prepayment, and all Default Interest, if any, accrued and unpaid through
the date of such prepayment.

 

Notwithstanding anything
to the contrary contained herein, upon the occurrence of any one or more of: (i) a default in the payment of any amounts due hereunder
and a failure to cure such default within five (5) business days, or (ii) a default hereunder, and the expiration of any grace
period applicable to any default as set forth herein, then at the sole option and discretion of Lender, and without further demand
or notice of any kind, the following shall become immediately due and payable:

 

		1.	the aggregate principal amount of this Note outstanding and remaining unpaid hereunder;

 

		2.	unpaid Interest;

 

		3.	Default Interest; and

 

		4.	all other indebtedness evidence by this Note.

 

     

     

    

 

The following shall constitute events of
default hereunder: (i) the assignment for the benefit of creditors by Borrower; (ii) the application for the appointment of a receiver
for Borrower or for the property of Borrower; (iii) the filing of a petition in bankruptcy by or against Borrower; (iv) the issuance
of an attachment or the entry of a judgment against Borrower; (v) a default by Borrower with respect to any other indebtedness
due to Lender; (vi) the making or sending of a notice of an intended bulk sale by Borrower; (vii) the merger, consolidation, termination
of existence, dissolution or insolvency of Borrower; (viii) the good faith determination by Lender that it deems itself insecure
or that a material adverse change in the financial condition of Borrower has occurred since the date hereof and that Lender’s
prospect of payment hereunder has been impaired; or (ix) any breach or default under any indebtedness of Borrower to any banking
or financial institution, and the expiration of any grace period applicable to such breach or default.

 

If Borrower fails to
pay any amounts when due hereunder, whether at maturity, by acceleration or otherwise, or if there occurs any event which entitles
Lender to accelerate the indebtedness due under this Note and any grace period applicable to any such failure to pay or event as
set forth herein expires, then Lender shall have all of the rights and remedies provided to it hereunder, and at law or in equity.
The remedies of Lender, as provided herein, shall be cumulative and concurrent, and may be pursued singularly, successively, or
otherwise, at the sole discretion of Lender, and may be exercised as often as occasion therefor shall arise. Lender may resort
for payment hereunder to any of security for, or any guaranty of, this Note whether or not Lender shall have resorted for payment
hereunder to any other security for or guaranty of this Note. No act or omission of Lender, including specifically any failure
to exercise any right, remedy or recourse, shall be deemed to be a waiver or release of the same, such waiver or release to be
effected only through a written document executed by Lender and then only to the extent specifically recited therein. A waiver
or release with reference to any one event shall not be construed as continuing, as a bar to, or as a waiver or release of, any
subsequent right, remedy, or recourse as to a subsequent event. If this Note is placed in the hands of an attorney for collection
or is collected on advice of counsel or through any legal proceeding, Borrower promises to pay, to the extent permitted by law,
court costs and reasonable attorneys’ fees incurred by Lender. Borrower hereby waives presentment, demand, notice of dishonor
or nonpayment, protest and notice of protest in connection therewith.

 

If any provision of
this Note is unenforceable, invalid or contrary to law, or its inclusion herein would affect the validity, legality or enforcement
of this Note, such provision shall be limited to the extent necessary to render the same valid or shall be excised from this Note,
as the circumstances require, and this Note shall be construed as if said provision had been incorporated herein as so limited
or as if said provision had not been included herein, as the case may be.

 

Time is of the essence
of this Note.

 

Upon maturity or following
the occurrence of any event which entitles Lender to accelerate the indebtedness evidenced hereby, all payments received on account
of the indebtedness evidenced hereby shall be applied, in whatever order, combination and amounts as Lender, in its sole and absolute
discretion, decides, to all costs, expenses and other indebtedness, if any, owing to Lender by reason of this Note; Default Interest,
Interest; and principal.

 

This Note, and the
terms and provisions hereof, shall be binding upon Borrower and its successors, administrators, and assigns, and shall inure to
the benefit of any holder hereof.

 

All amounts due hereunder
shall be paid without deduction, set-off or counterclaim, Borrower expressly waiving any such rights to deduction, set-off or counterclaim.

 

    2

     

    

 

Notwithstanding any
provisions to the contrary contained in this Note or in any of the other documents or instruments referred to in this Note, if
at any time or times the interest and any sums considered for such purposes to be interest, payable under or by reason of this
Note or any such other documents or instruments, should exceed the maximum which, by the laws of the State having jurisdiction,
may be charged with respect to the loan evidenced hereby, given the nature and all of the pertinent circumstances of such loan,
than all such sums in excess of such maximum shall be deemed not to be interest, but rather to be payments on account of principal,
and without further agreement of the parties shall be so applied without regard to any other provision of this Note, provided that
Lender may elect instead that no sums shall be payable in excess of such maximum, whereupon this Note, and such other documents
and instruments hall be deemed amended accordingly without further action by any party.

 

This Note shall inure
to the benefit of Lender and its successors and assigns and shall be governed by, and construed in accordance with, the laws of
the State of Delaware.

 

	 	MAGNA-LAB INC., a New York corporation
	 	 
	 	By /s/ Lawrence A Minkoff
	 	      Name: Lawrence A. Minkoff
	 	      Title: Chairman and President

 

 

 

3

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