Document:

EMPLOYMENT AGREEMENT 

 

THIS
EMPLOYMENT AGREEMENT is made and entered into this 2nd day of January,
2014, by and between NET TALK.com
, Inc., a Florida corporation (the "Company"), and Garry M. Paxinos,
residing at 3567 Canary Palm Court, Pompano Beach, FL 33069 (the
"Executive"). 

 

WITNESSETH: 

1. EMPLOYMENT 

 

The
Company hereby employs the Executive, and the Executive hereby accepts such employment, upon the terms and subject to the conditions
set forth in this Agreement. (The "Amendment Employment
Agreement") 

 

2. TERM 

 

Subject
to the provisions for termination as hereinafter provided, the term under this Agreement shall begin as of January 2nd 2014,
and shall continue through January 1st 2019, provided, however,
(each such January 2nd being referred to as a "Renewal Date"),
the term of this Agreement shall automatically be extended for
an additional one year so that on each Renewal Date the then remaining
unexpired term of this Agreement shall be five years, unless either party gives the other written notice of termination at least
ninety (90) days prior to any such Renewal Date. 

 

3. COMPENSATION 

 

(a)
Base Salary. The Company shall pay to the Executive as basic compensation for all services rendered by the Executive during the
term of this Agreement a basic annualized salary of$100,000 per
year (starting January 2nd 2015) the base salary will increase
to $125,000, or such other sum in excess of that amount as the
parties may agree on from time to time or as provided in the next sentence (as in effect from time to time, the "Base Salary"),
payable twice-monthly or in other more frequent installments, as
determined by the Company. The Board of Directors shall have the authority to increase the Executive's Base Salary in effect from
time to time. In addition, the Board of Directors, in its discretion, may award a bonus or bonuses to the Executive in addition
to the bonuses provided for in Section 3(b). 

 

(b)
Bonuses. In addition to the Base Salary to be paid pursuant to Section 3(a), for each of the Company's five fiscal years ending
December 31st, 2018, to the extent earned, specified on Exhibit
A to this agreement. For each fiscal year ending on or after December
31st, 2014, the Company shall pay to the Executive as incentive compensation
annual bonuses in accordance with comparable incentive bonus plan(s) adopted by the Board of Directors of the Company. 

 

(c)
Certain Plans and Initial Award.    (i) It is anticipated that the Company will adopt certain incentive compensation plans, including
a long term incentive plan (the "LTIP"), providing for annual or other periodic awards to key employees, among other
things, of restricted stock, and a stock option plan (the "ISO/NSO Plan"), providing for the annual or other periodic
issuance of options to purchase the Company's common stock. The L TIP
and ISO/NSO Plan are referred to collectively in this Agreement as the "Plans." The Executive will be given an opportunity
to participate in the Plans, in accordance with and subject to the terms of the Plans as they may be adopted~ amended and administered
from time to time. 

 

(1)
In addition to the incentive compensation referred to in Section 3(c)(i), the Company hereby agrees to issue to the Executive under
the L TIP, effective immediately following the completion of the
Distribution, that number of shares of the Company's common stock (the "Initial Restricted Stock"), four percent (4%)
of any new secondary IPO of the shares of the Company's common stock. 

 

(2)
Any and all risks of forfeiture shall lapse as to all of the Initial Restricted Stock and the Initial Options shall be fully vested
and shall be exercisable as to all of the shares of common stock covered by the Initial Options upon (i) the death of the Executive
or termination of employment upon the "Permanent Disability" (as that term is defined in Section 7(b) (ii) of this Agreement)
of the Executive; (ii) the termination of employment of the Executive
by the Company "Without Good Cause" (as that term is defined in Section 8(b) (iii) of this Agreement) or (iii) the exercise
by the Executive of his rights to terminate his employment under Section 8(d) (ii) following a "Change " (as that term
is defined in Section 8(d) (i) of this Agreement). 

 

(d) Reimbursement. The Company shall reimburse the Executive,
in accordance with the Company's policies and practices for senior management, for all reasonable expenses incurred by the Executive
in the performance of the Executive's duties under this Agreement, provided, however, that the Executive must furnish to the Company
an itemized account, satisfactory to the Company, in substantiation of such expenditures.

 

    	 

    	 

    

 

(e)
Certain Benefits. The Executive shall be entitled to such fringe benefits including, but not limited w,
medical and other insurance benefits as may be provided from time to time by the Company to other senior officers of the Company.
In addition, without restricting the foregoing, the Company shall provide the Executive at the Company's sole cost and expense
with (i) a policy or policies of term life insurance (the "Basic Life Insurance") providing, among other things, basic
death benefits of not less than three times the Base Salary in effect from time to time, (ii) directors and officers liability
insurance with coverage, terms and limits suitable for an executive officer of a OTCBB, or any up listed Stock Exchange,
comparable in financial size and wherewithal to that of the Company and (iii) a monthly allowance of $500 cash to reimburse the
Executive for the use and maintenance of his automobile in furtherance of the business and affairs of the Company, provided that
the Executive shall at all times insure the Executive and the Company in such amounts as may be reasonably requested by the Company
against claims for bodily injury, death and property damages occurring as a result of its use. The Company shall use its reasonable
best efforts to make available to the Executive in providing and paying for the Basic Life Insurance the opportunity to purchase
at the Executive's sole cost and expense additional life insurance with a basic death benefit (the "Optional Life Insurance")
equal to two times the Executive's Base Salary in effect from time to time (affording the Executive the opportunity to have basic
death benefit life insurance coverage equal to four times such Base Salary). The Company will use its reasonable best efforts to
affect the transfer of the ownership to the Executive of the policy or policies for the Basic Life Insurance and the Optional Life
Insurance, if any, upon the termination of the Executive's employment by the Company premiums would be the obligation of the Executive.
The Company shall, at the company's expense, provide the executive
with a cellular telephone with an unlimited talk and text plan, and included
data plan of at least 4 Gb/month. 

 

(f) Other Incentive and Benefit Plans. The Executive shall be
eligible to participate, in accordance with the terms of such plans as they may be adopted, amended and administered from time
to time, in incentive bonus, benefit or similar plans, including without limitation, any stock option, bonus or other equity ownership
plan, any short, mid or long term incentive plan and any other bonus, pension or profit sharing plans established by the company
from time to time.

 

4. DUTIES 

 

(a)
General. The Executive is engaged as the Chief Technology Officer of the Company. In addition, at the request of the Board of Directors,
the Executive shall serve in the same positions in any wholly owned subsidiary of the Company, with
additional compensation. The Executive's duties shall be commensurate with those customarily associated with the Chief Technology
Officer of a corporation comparable to the Company. 

 

(b) Specific. In addition to the general duties, responsibilities
and authority as Chief Technology Officer, and without in any way intending to diminish the Executive duties, responsibilities
and authority, the Executive's duties, responsibilities and authority shall include but not be limited to (i) participating in
consultation with the rest of the Management Team in the development and implementation of the Company's strategic business plans.

 

(c)
Indemnification. To the fullest extent permitted by law, the Company shall indemnity
and hold harmless the Executive for all liabilities, costs, expenses and damages arising out of or in connection with the Executive's
service to the Company under this Agreement. In furtherance of this indemnity, the Company shall enter into an indemnification
agreement, in form and substance reasonably satisfactory to the Executive and the Company. In addition, the indemnity providing
officer or director, or service in a similar capacity, for any civic, community or charitable organization, provided such service
is undertaken at the request of or with the knowledge and acquiescence of the Company. The foregoing indemnification shall be in
addition to any rights or benefits the Executive may have under statute, the Bylaws or Articles of Incorporation of the Company,
under a policy of insurance, or otherwise. 

 

5. EXTENT OF SERVICES; VACATIONS AND DAYS OFF 

 

(a)
Extent of Services . During the term of the Executive's employment
under this Agreement, except during customary vacation periods and periods of illness, the Executive shall devote full-time energy
and attention during regular business hours to the benefit and business of the Company as may be reasonably necessary in performing
the Executive's duties pursuant to this Agreement. Notwithstanding the foregoing, the Executive may (i) serve on corporate, trade
association, civic, religious or charitable boards or committees, (ii) deliver lectures, carry out non related consultancy activity,
fulfill speaking engagements or teach at educational institutions and (iii) manage personal investments, so long as such activities
do not materially interfere with the performance of the Executive's duties and responsibilities and do not create a conflict of
interest. 

 

(b)
Vacations. The Executive shall be entitled to vacations with pay and to such personal and sick leave with pay in accordance with
the policy of the Company as may be established from time to time by the Company and applied to other senior officers of the Company.
In no event shall the Executive be entitled to not fewer than four weeks' annual vacation. Unused vacation days may be carried
over from one year to the next for a period ofup to three years.
Any vacation days which remain unused on the third anniversary of the end of the fiscal year to which they originally related shall
expire and shall thereafter no longer be useable by the Executive. 

 

    	 

    	 

    

 

6. FACILITIES 

 

The
Company shall provide the Executive with a fully furnished office located in northern Dade or Broward county Florida,
and the facilities of the Company shall be generally available to the Executive in the performance of the Executive's duties pursuant
to this Agreement, it being understood and contemplated by the parties that all equipment, supplies and office personnel required
in the performance of the Executive's duties under this Agreement shall be supplied by and at the sole expense of the Company.

 

7. ILLNESS OR INCAPACITY, TERMINATION ON DEATH, ETC. 

 

(a) Death. If the Executive dies during the term of the Executive's
employment, the Company shall pay to the estate of the Executive within 30 days after the date of death such Base Salary and any
cash bonus compensation earned and unearned during the full duration of this contract, and pursuant to the provisions of any incentive
compensation plan then in effect but not yet paid, as would otherwise have been payable to the Executive up to the end of the month
in which the Executive's death occurs. After receiving the full payments provided in this Section 7(a), the Executive and the Executive's
estate shall have no further rights under this Agreement (other than those rights already accrued).

 

(b)
Disability. (i) During any period of disability, illness or incapacity during the term of this Agreement which renders the Executive
at least temporarily unable to perform the services required under
this Agreement, the Executive shall receive the Base Salary payable under Section 3(a) of this Agreement plus any cash bonus compensation
earned pursuant to the provisions of any incentive compensation plan then in effect but not yet paid, less any cash benefits received
by him under any disability insurance carried by or provided by the Company. Upon the Executive's "Permanent Disability"
(as defined below), which Permanent Disability continues during the payment periods specified herein, the Company shall pay to
the Executive for the period of time specified below an amount (the "Disability Payment") equal to the (i) sum of (A)
the Base Salary paid in the same monthly or other period installments as in effect at the time of the Executive's Permanent Disability
plus (B) an amount equal to the target level of the annual cash bonus payable to the Executive under the Company's Management Incentive
Compensation Plan as described on Exhibit A or any similar bonus or incentive plans or programs then in effect (the "MICP
Target Amount") in respect of the fiscal year during which the Executive's Permanent Disability occurred, which MICP Target
Amount shall be paid in pro rata equal monthly installments over the period of time specified below (ii) reduced by the amount
of any monthly payments under any policy of disability income insurance paid for by the Company which payments are received during
the time when any Disability Payment is being made to the Executive following the Executive's Permanent Disability. For so long
as the Executive's Permanent Disability continues, the Disability Payment shall be paid by the Company to the Executive in equivalent
installments at the same time or times as would have been the case for payment of Base Salary over the unexpired term of this Agreement
If the Executive had not become permanently disabled and had remained
employed by the Company hereunder, but in no case shall such period exceed 72 months. The Executive may be entitled to receive
payments under any disability income insurance which may be carried by or provided by the Company from time to time. Upon "Permanent
Disability" (as that term is defined in Section 7(b) (ii) below) of the Executive, except as provided in this Section 7(b)
all rights of the Executive under this Agreement (other than rights already accrued) shall terminate. 

 

(ii) The term "Permanent Disability" as used in this
Agreement shall mean, in the event a disability insurance policy is maintained by the Company covering the Executive at such time
and is in full force and effect, the definition of permanent disability set forth in such policy. In the event no disability insurance
policy is maintained at such time and in full force and effect, "Permanent Disability" shall mean the inability of the
Executive, as determined by the Board of Directors of the Company, by reason of physical or mental disability to perform the duties
required of him under this Agreement for a period of one hundred and eighty (180) days in any one-year period. Successive periods
of disability, illness or incapacity will be considered separate periods unless the later period of disability, illness or incapacity
is due to the same or related cause and commences less than six months from the ending of the previous period of disability. Upon
such determination, the Board of Directors may terminate the Executive's employment under this Agreement upon ten (10) days' prior
written notice. If any determination of the Board of Directors with respect to permanent disability is disputed by the Executive,
the parties hereto agree to abide by the decision of a panel of three physicians. The Executive and Company shall each appoint
one member, and the third member of the panel shall be appointed by the other two members. The Executive agrees to make him available
for and submit to examinations by such physicians as may be directed by the Company. Failure to submit to any such examination
shall constitute a breach of a material part of this Agreement.

 

    	 

    	 

    

 

8. OTHER TERMINATIONS 

 

(a) By the Executive. (i) The Executive may terminate the Executive's
employment hereunder upon giving at least ninety (90) days' prior written notice. In addition, the Executive shall have the right
to terminate the Executive's employment hereunder on the conditions and at the times provided for in Section 8(d) of this Agreement.

 

(ii) If the Executive gives notice pursuant to Section 8(a)
(i) above, the Company shall have the right (but not the obligation) to relieve the Executive, in whole or in part, of the Executive's
duties under this Agreement, or direct the Executive to no longer perform such duties, or direct that the Executive should no longer
report to work, or any combination of the foregoing. In any such event, the Executive shall be entitled to receive only the Base
Salary not yet paid, as would otherwise have been payable to the Executive up to the end of the month specified as the month of
termination in the termination notice. In the event the Executive gives notice pursuant to Section 8(a)(i) above but specifies
a termination date in excess of ninety (90) days from the date of such notice, the Company shall have the right (but not the obligation)
to accelerate the termination date to any date prior to the date specified in the notice that is in excess of ninety (90) days
from the date of the notice, and the Company shall have the right (but not the obligation) to relieve the Executive, in whole or
in part, of the Executive's duties under this Agreement, or direct the Executive to no longer perform such duties, or direct that
the Executive should no longer report to work, or any combination of the foregoing; provided, however, that in any such event the
Executive shall be entitled to receive the Base Salary, as would otherwise have been payable to the Executive up to the end of
the month of the termination date properly selected by the Company. Upon receiving the payments provided for under this Section
8(a), all rights of the Executive under this Agreement (other than rights already accrued) shall terminate.

 

(b)
Termination for "Good Cause". (i) Except as otherwise provided in this Agreement, the Company may terminate the employment
of the Executive hereunder only for "good cause," which shall mean (a) the willful, substantial, continued and unjustified
refusal of the Executive substantially to perform his duties with the willful intention of harming the company (other
than any failure due to physical or mental incapacity) or (b) continued

 

willful
misconduct materially and demonstrably injurious to the Company, financially or otherwise, in each case, as determined in the reasonable
discretion of the Board of Directors, but with respect to each of the foregoing bases for termination specified in the preceding
clause, only if (1) the Executive has been provided with written notice of any assertion that there is a basis for termination
for good cause which notice shall specify in reasonable detail specific facts regarding any such assertion and the Executive has
been given a reasonable period of time within which to remedy or cure the problem or complaint, (2) such notice is provided to
the Executive a reasonable time before the Board of Directors meets to consider any possible termination for cause, (3) at or prior
to the meeting of the Board of Directors to consider the matters described in the written notice, an opportunity is provided to
the Executive and his counsel to be heard by the Board of Directors with respect to the matters described in the written notice,
before it acts with respect to such matter, (4) any resolution or other action by the Board of Directors with respect to any deliberation
regarding or decision to terminate the Executive for good cause is duly adopted by a unanimous vote
of the entire Board of Directors of the Company at a meeting of the Board duly called and held and (5) the Executive is promptly
provided with a copy of the resolution or other corporate action taken with respect to such termination. No act or failure to act
by the Executive shall be considered willful unless done or omitted to be done by him not in good faith and without reasonable
belief that his action or omission was in the best interests of the Company. 

 

(ii) If the employment of the Executive is terminated for good
cause under Section 8(b) (i) of this Agreement, the Company shall pay to the Executive any Base Salary earned prior to the effect
yet paid and any cash bonus compensation earned pursuant to the provisions of any incentive compensation plan then in effect but
not paid to the Executive prior to the effective date of such termination. Under such circumstances, such payments shall be in
full and complete discharge of any and all liabilities or obligations of the Company to the Executive hereunder, and the Executive
shall be entitled to no further benefits under this Agreement (other than rights already accrued).

 

    	 

    	 

    

 

(iii) Termination of the employment of
the Executive other than as expressly specified above in Section 8(b) (i) for good cause shall be deemed to be a termination of
employment "Without Good Cause."

 

(c)
Termination without Good Cause. (i) Notwithstanding any other provision of this Agreement, the Company shall have the right to
terminate the Executive's employment Without Good Cause pursuant to the provisions of this Section 8(c). If the Company shall terminate
the employment of the Executive Without Good Cause effective on
a date earlier than the termination date provided for in Section 2 (with the effective date of termination as so identified by
the Company being referred to herein as the "Accelerated Termination Date"), the Executive, until the end of the term
of this Agreement then in effect as provided for in Section 2, but in no case shall such period exceed 60 months, or until the
date which is 24 months after the Accelerated Termination Date, whichever is greater, shall continue to receive (1) the Base Salary,
paid in the same monthly or other periodic installments as in effect prior to the Accelerated Termination Date (2) an equal monthly
pro rata portion of an amount of cash equal to the MICP Target Amount (as that term is defined in Section 7(b)(i)) in respect of
the year during which the Executive's employment terminates, multiplied times the number of years (or fractions thereof) remaining
in the then unexpired term of this Agreement or multiplied rata portion of an amount of cash equal to the cash value of any bonus
paid or to be paid to the Executive in the form of performance shares or restricted stock under the LTIP as described on Exhibit
A or any similar bonus or incentive plans or programs then in effect (valued, if applicable under the terms of such plans or programs,
at the greater of the closing price on the OTCBB Stock Exchange, or other such market on which the Company's stock trades if it
is not listed on the New York Stock Exchange/ or other exchanges, on the first trading day of the plan or program cycle or the
Accelerated Termination Date, or If the Accelerated Termination Date is not a trading day, on the first trading day thereafter)
in respect of the then-current three year cycle of such plans or programs or such other cycle as is then in effect, calculated
as If the then-current cycle were completed and the target levels
attained (the "LTIP Target Amount"), which cash payment shall be in lieu and in full satisfaction any rights under the
L TIP in respect of such stock or shares as described in Exhibit
A or any similar bonus or incentive plans or programs in effect at the time of such payment (all of which stock or shares shall
be cancelled upon such payment and receipt); provided however, If
the Accelerated Termination Date is prior to December 315\
2015, the amount of cash payable to the Executive under the LTIP shall be a minimum of$500,000,
and (4) any other cash or other bonus compensation earned prior to the date of such termination pursuant to the terms of all incentive
compensation plans then in effect other than the Company's Management Incentive Compensation Plan as described on Exhibit A or
any similar bonus or incentive plans or programs then in effect; provided that, notwithstanding such termination of employment,
the Executive's covenants set forth in Section 10 and Section 11 are intended to and shall remain in full force and effect and
provided further that in the event of such termination, the Company shall have the right (but not the obligation) to relieve the
Executive, in whole or in part, of the Executive's duties under this Agreement, or direct the Executive to no longer perform such
duties, or direct that the Executive no longer be required to report to work, or any combination of the foregoing. 

 

(ii) The parties agree that, because there can be no exact measure
of the damage that would occur to the Executive as a result of a termination by the Company of the Executive's employment Without
Good Cause, the payments and benefits paid and provided pursuant to this Section 8(c) shall be deemed to constitute liquidated
damages and not a penalty for the Company's termination of the Executive's employment Without Good Cause.

 

(d)
Change of Control. (i) For purposes of this Agreement, a "Change in Control":

 

(1) a change in control of the Company of a nature that is required,
pursuant to the Securities Exchange Act of 1934 (the "1934 Act"), to be reported in response to Item 1(a) of a Current
Report on Form 8-K or Item 6(e) of Schedule 14A under the 1934 Act (in each case under this Agreement, references to provisions
of the 1934 Act and the rules and regulations promulgated there under being understood to refer to such law, rules and regulations
as the same are in effect on November 1, 1996); or

 

(2)
the acquisition of "Beneficial Ownership" (as defined in Rule 13d-3underthe
1934 Act) of the Company's securities comprising 35% or more of the combined voting power of the Company's outstanding securities
by any "person" (as that term is used in Sections 13(d) and 14(d) (2) of the 1934 Act and the rules and regulations promulgated
there under, but not including any trustee or fiduciary acting in that capacity for an employee benefit plan sponsored by the Company)
and such person's "affiliates" and "associates" (as those terms are defined under the 1934 Act), but excluding
any ownership by the Executive and his affiliates and associates; or 

 

(3)
the failure of the "Incumbent Directors" (as defined below) to constitute at least a majority of all directors of the
Company (for these purposes, "Incumbent Directors" means individuals who were the directors of the Company on January
2nd, 2014, and, after his or her election, any individual becoming a director
subsequent to January 2nd, 2014, whose election, or nomination
for election by the Company's stockholders, is approved by a vote of at least two-thirds of the directors then comprising the Incumbent
Directors, except that no individual shall be considered an Incumbent Director who is not recommended by management and whose initial
assumption of office as a director is in connection with an actual or threatened "election contest" relating to the "election
of Directors" of the Company, as such terms are used in Rule
14a-11 of Regulation 14A under the 1934 Act); or 

 

(4) the closing of a sale of all or substantially all of the
assets of the Company;

 

    	 

    	 

    

 

(5) the Company's adoption of a plan of dissolution or liquidation;
or

 

(6) the closing of a merger or consolidation involving the Company
in which the Company is not the surviving corporation or if, immediately following such merger or consolidation, less than seventy-five
percent (75%) of the surviving corporation's outstanding voting stock is held or is anticipated to be held by persons who are stockholders
of the Company immediately prior to such merger or consolidation.

 

(ii)
If a Change in Control of the Company occurs, the Executive shall have the right, exercisable for a period of one year thereafter
by delivering a written statement to that effect to the Company, to immediately terminate this Agreement and upon such a determination
the Executive shall have the right to receive and the Company shall be obligated to pay to Executive in cash a lump sum payment
in an amount equal to the sum of (1) the "Control Cash Payment" as that term is defined in Section 8(d)(iii) of this
Agreement; (2) three times the annual Base Salary then in effect, (3) three times the MICP Target Amount (as that term is defined
in Section 7(b)(i)) in the year in which employment terminates, (4) the cash value of the LTIP Target Amount (as that term is defined
in Section 8(c)), which cash payment shall be in lieu and in full satisfaction of any rights under the L TIP
in respect of such stock or shares as described in Exhibit A or any similar bonus or incentive plans or programs in effect at the
time of such payment (all of which stock or shares shall be cancelled upon such payment and receipt), and (5) the additional payments
necessary to discharge certain tax liabilities (the "Gross Up") as that term is defined in Section 13 of this Agreement
(the sum of the foregoing amounts other than the Gross Up being referred to as the "Change in Control Payment"). If the
Executive fails to exercise his rights under this Section 8(d) within one year following a Change in Control, such rights shall
expire and be of no further force or effect. 

 

(iii)
The "Control Cash Payment"
shall be (A) $750,000 if any Event that constitutes a Change of Control occurs. 

 

(e) Intentions Regarding Certain Stock and Benefit Plans. Except
as otherwise provided herein, upon any termination of the Executive's employment Without Good Cause or upon the exercise by the
Executive of his rights to terminate his employment following a Change of Control, it is the intention of the parties that any
and all vesting or performance requirements or conditions affecting any outstanding restricted stock, performance stock, stock
option, stock appreciation right, bonus, award, right, grant or any other incentive compensation under any of the Plans, under
this Agreement, or otherwise received, shall be deemed to be fully satisfied and any risk of forfeiture with respect thereto shall
be deemed to have lapsed.

 

(f)
Certain Rights Mutually Exclusive. The provisions of Section 8(c) and Section 8(d) are mutually exclusive, provided, however, that
if within one year following commencement of an 8(c) payout there
shall be a Change in Control as defined in Section 8(d) (i), then the Executive shall be entitled to the amount payable to the
Executive under Section 8(d) (ii) and Section 8(d) (iii) reduced by the amount that the Executive has received under Section 8(c)
up to the date of the change in control. The triggering of the lump sum payment requirement of Section 8(d) shall cause the provisions
of Section 8(c) to become inoperative. 

 

    	 

    	 

    

 

9. DISCLOSURE 

 

The Executive agrees that during the term
of the Executive's employment by the Company, the Executive will disclose and disclose only to the Company all ideas, methods,
plans, developments or improvements known by him which relate directly or indirectly to the business of the Company, whether acquired
by the Executive before or during the Executive's employment by the Company. Nothing in this Section 9 shall be construed as requiring
any such communication where the idea, plan, method or development is lawfully protected from disclosure as a trade secret of a
third party and of this Section 9 shall not be violated by ordinary and customary communications with reporters, bankers and securities
analysts and other members of the investment community.

 

10. CONFIDENTIALITY 

 

The
Executive agrees to keep in strict secrecy and confidence any and all information the Executive assimilates or to which the Executive
has access during the Executive's employment by the Company and which has not been publicly disclosed and is not a matter of common
knowledge in the fields of work of the Company. The Executive agrees that both during and after the term of the Executive's employment
by the Company, the Executive will not, without the prior written consent of the Company, disclose any such confidential information
to any third person, partnership, joint venture, company, corporation or other organization. The foregoing covenants shall not
be breached to the extent that any such confidential information becomes a matter of general
knowledge other than through a breach by the Executive of the Executive's obligations under this Section 10. 

 

11. NONCOMPETITION AND NONSOLICITATION 

 

(a) General. The Executive hereby acknowledges that, during
and solely as a result of the Executive's employment by the Company, the Executive has received and shall continue to receive:
(1) special training and education with respect to the operations of the Company's real estate development and management businesses
and its leasing, lending and financing activities, and other related matters, and (2) access to confidential information and business
and professional contacts. In consideration of the special and unique opportunities afforded to the Executive by the Company as
a result of the Executive's employment, as outlined in the previous sentence, the Executive hereby agrees to the restrictive covenants
in this Section 11.

 

(b)
Noncompetition. During the term of the Executive's employment, whether pursuant to this Agreement, any automatic or other renewal
hereof or otherwise, and, except as may be otherwise herein provided, for a period of two (2) years after the termination of the
Executive's employment with the Company ,regardless of the reason for such termination, the Executive shall not, directly or indirectly,
enter into, engage in, be employed by or consult with any business which competes with the Company's real estate lending, leasing,
development or management businesses in Florida. The Executive shall not engage in such prohibited activities, either as an individual,
partner, officer, director, stockholder, employee, advisor, independent contractor, joint venture, consultant, agent, or representative
or salesman for any person, firm, partnership, corporation or other entity so competing with the Company. The restrictions of this
Section 11 shall not be violated by (i) the ownership of no more than 2% of the outstanding securities of any company whose stock
is traded on a national securities exchange or is quoted in the Automated Quotation System of the National Association of Securities
Dealers (NASDAQ), or (ii) other outside business investments that do not in any manner conflict with the services to be rendered
by the Executive for the Company ·and that do not diminish
or detract from the Executive's ability to render the Executive's required attention to the business of the Company. 

 

(c) No solicitation. During the Executive's employment with
the Company and, except as may be otherwise herein provided, for a period of two (2) years following the termination of the Executive's
employment with the Company, regardless of the reason for such termination, the Executive agrees the Executive will refrain from
and will not, directly or indirectly, as an individual, partner, officer, director, stockholder, employee, advisor, independent
contractor, joint venture, consultant, agent, representative, salesman or otherwise solicit any of the employees of the Company
to terminate their employment.

 

(d) Term Extended or Suspended. The period of time during which
the Executive is prohibited from engaging in certain business practices pursuant to Sections 11(b) or (c) shall be extended by
any length of time during which the Executive is in breach of such covenants.

 

(e) Essential Element. It is understood by and between the parties
hereto that the foregoing restrictive covenants set forth in Sections 11(a) through (c) are essential elements of this Agreement,
and that, but for the agreement of the Executive to comply with such covenants, the Company would not have agreed to enter into
this Agreement. Such covenants by the Executive shall be construed as agreements independent of any other provision in this Agreement.
The existence of any claim or cause of action of the Executive against the Company, whether predicated on this Agreement, or otherwise,
shall not constitute a defense to the enforcement by the Company of such covenants.

 

    	 

    	 

    

 

(f)
Severability. It is agreed by the Company and Executive that if any portion of the covenants set forth in this Section 11 are held
to be invalid, unreasonable, arbitrary or against public policy, then such portion of such covenants shall be considered divisible
both as to time and geographical area. The Company and Executive agree that, if any court of competent jurisdiction determines
the specified time period or the specified geographical area applicable to this Section 11 to be invalid, unreasonable, arbitrary
or against public policy, a lesser time period or geographical area which is determined to be reasonable, non-arbitrary and not
against public policy may be enforced against the Executive. The Company and the Executive agree that the foregoing covenants are
appropriate and reasonable when considered in light of the nature and
extent of the business conducted by the Company. 

 

12. SPECIFIC PERFORMANCE 

 

The
Executive agrees that damages at law will be an insufficient remedy to the Company If
the Executive violates the terms of Sections 9, 10 or 11 of this Agreement and that the Company would suffer irreparable damage
as a result of such violation. Accordingly, it is agreed that the Company shall be entitled, upon application to a court of competent
jurisdiction, to obtain injunctive relief to enforce the provisions of such Sections, which injunctive relief shall be in addition
to any other rights or remedies available to the Company. The Executive agrees to pay to the Company all reasonable costs and expenses
incurred by the Company relating to the enforcement of the terms of Sections 9, 10 or 11 of this Agreement, including reasonable
fees and reasonable disbursements of counsel selected by the Company (during investigation and before and at trial and in appellate
proceedings). 

 

13. PAYMENT OF EXCISE TAXES 

 

(a) Payment of Excise Taxes. If the Executive is to receive
any (1) Change of Control Payment under Section 8(d), (2) any benefit or payment under Section 7 as a result of or following the
death or Permanent Disability of the Executive, (3) any benefit or payment under Section 8(c) as a result of or following any termination
of employment hereunder Without Good Cause, (4) any benefit or payment under the Plans as a result of a Change of Control, following
the death or Permanent Disability of the Executive or following the termination of employment hereunder Without Good Cause (such
sections being referred to as the "Covered Sections" and the benefits and payments to be received there under being referred
to as the "Covered Payments"), the Executive shall be entitled to receive the amount described below to the extent applicable:
If any Covered Payment(s) under any of the Covered Sections or by the Company under another plan or agreement (collectively, the
"Payments") are subject to the excise tax imposed by Section 4999 of the Internal Revenue Code of 1986 (as amended from
time to time, the "Code"), or any successor or similar provision of the Code (the "Excise Tax"), the Company
shall pay the Executive an additional amount (the "Gross Up") such that the net amount retained by the Executive after
deduction of any Excise Tax on the Payments and the federal income tax on any amounts paid under this Section 13 shall be equal
to the Payments.

 

(b)
Certain Adjustment Payments. For purposes of determining the Gross Up, the Executive shall be deemed to pay the federal income
tax at the highest marginal rate of taxation (currently 39.5%)
in the calendar year in which the payment to which the Gross Up applies is to be made. The determination of whether such Excise
Tax is payable and the amount thereof shall be made upon the opinion of tax counsel selected by the Company and reasonably acceptable
to the Executive. The Gross Up, if any, that is due as a result of such determination shall be paid to the Executive in cash in
a lump sum within thirty (30) days of such computation. If such opinion is not finally accepted by the Internal Revenue Service
upon audit or otherwise, then appropriate adjustments shall be computed (without interest but with Gross Up, if applicable) by
such tax counsel based upon the final amount of the Excise Tax so determined; any additional amount due the Executive as a result
of such adjustment shall be paid to the Executive by his or her Company in cash in a lump sum within thirty (30)days of such computation,
or any amount due the Executive's Company as a result of such adjustment shall be paid to the Company by the Executive in cash
in a lump sum within thirty (30) days of such computation. 

 

14. MISCELLANEOUS 

 

(a) Waiver of Breach. The waiver by either party to this Agreement
of a breach of any of the provisions of this Agreement by the other party shall not be construed as a waiver of any subsequent
breach by such other party.

 

(b) Compliance with Other Agreements. The Executive represents
and warrants that the execution of this Agreement by him and the Executive's performance of the Executive's obligations hereunder
will not conflict with, result in the breach of any provision of or the termination of or constitute a default under any Agreement
to which the Executive is a party or by which the Executive is or may be bound.

 

(c) Binding Effect; Assignment. The rights and obligations of
the Company under this Agreement shall inure to the benefit of and shall be binding upon the successors and assigns of the Company.
This Agreement is a personal employment contract and the rights, obligations and interests of the Executive hereunder may not be
sold, assigned, transferred, pledged or hypothecated.

 

    	 

    	 

    

 

(d) Entire Agreement. This Agreement contains the entire agreement
and supersedes all prior agreements and understandings, oral or written, with respect to the subject matter hereof. This Agreement
may be changed only by an agreement in writing signed by the party against whom any waiver, change, amendment, modification or
discharge is sought.

 

(e)
Headings. The headings and indentations contained in this Agreement
are for reference purposes only and shall not affect the meaning or interpretation of this Agreement. 

 

(f) No Duty to Mitigate. The Executive shall be under no duty
to mitigate any loss of income as result of the termination of his employment hereunder and any payments due the Executive upon
termination of employment shall not be reduced in respect of any other employment compensation received by the Executive following
such termination.

 

(g)
Florida Law. This Agreement shall be construed pursuant to and governed by the substantive laws of the State of Florida (except
that any provision of Florida law shall not apply If the law of
a state or jurisdiction other than Florida would otherwise apply). 

 

(h) Venue; Process. The parties to this Agreement agree that
jurisdiction and venue in any action brought pursuant to this Agreement to enforce its terms or otherwise with respect to the relationships
between the parties shall properly lie in and only in the Circuit Court of the State of Florida in and for Dade County (the "Circuit
Court") and the parties agree that jurisdiction shall not properly lie in any other jurisdiction provided, however, if jurisdiction
does not properly lie with the Circuit Court, the parties agree that jurisdiction and venue shall properly lie in and only in the
United States District Court for the District of Florida, Dade Division. The parties hereby waive any objections which they may
now or hereafter have based on venue and/or forum non conveniens and irrevocably submit to the jurisdiction of any such court in
any legal suit, action or proceeding arising out of or relating to this Agreement. The parties further agree that the mailing by
certified or registered mail, return receipt requested, of any process required by any such court shall constitute valid and lawful
service of process against them, without the necessity for service by any other means provided by statute or rule of court.

 

(i) Severability. Any provision of this Agreement which is determined
by a court of competent jurisdiction to be prohibited, unenforceable or not authorized in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition, unenforceability or non-authorization without invalidating the remaining provisions
hereof or affecting the validity, enforceability or legality of such provision in any other jurisdiction. In any such case, such
determination shall not affect any other provision of this Agreement, and the remaining provisions of this Agreement shall remain
in full force and effect. If any provision or term of this Agreement is susceptible to two or more constructions or interpretations,
one or more of which would render the provision or term void or unenforceable, the parties agree that a construction or interpretation
which renders the term or provision valid shall be favored.

 

G) Deduction for Tax Purposes. The Company's obligations to
make payments under this Agreement are independent of whether any or all of such payments are deductible expenses of the Company
for federal income tax purposes.

 

(k)
Enforcement. If, within 10 days after demand to comply with the obligations of one of the parties to this Agreement served in writing
on the other, compliance or reasonable assurance of compliance is not forthcoming, and the party demanding compliance engages the
services of an attorney to enforce rights under this Agreement, the prevailing party in any action shall be entitled to recover
all reasonable costs and expenses of enforcement (including reasonable attorneys' fees and reasonable expenses during investigation,
before and at trial and in appellate proceedings). In addition, each of the parties agrees to indemnify the other in respect of
any and all claims, losses, costs, liabilities and expenses, including reasonable fees and reasonable disbursements of counsel
· (during investigation prior to initiation of litigation
and at trial and in appellate proceedings if litigation ensues), directly or indirectly resulting from or arising out of a breach
by the other party of their respective obligations hereunder. The parties' costs of enforcing this Agreement shall include prejudgment
interest. -of-pocket expenses in connection with the enforcement
of this Agreement, all such amounts shall accrue interest at 10% per annum (or such lower rate as may be required to avoid any
limit imposed by applicable law) commencing 30 days after any such expenses are incurred. 

 

(I) Notices. All notices which are required or may be
given under this Agreement shall be in writing and shall be deemed to have been duly given when received if personally
delivered; when transmitted if transmitted by telecopy or similar electronic transmission method; one working day after it is
sent, if sent by recognized expedited delivery service; and three days after it is sent, if mailed, first class mail, certified
mail, return receipt requested, with postage prepaid. In each case notice shall be sent to:

 

    	 

    	 

    

 

To
the Company: NetTALK.com, Inc.

1080 NW 163rd Drive

North Miami, Fl.
33169

Attn: Chairman of the Board

Facsimile: (305) 621 -1201 

 

To the Executive at the Executive's address herein first above written, or to such other address as either
party may specify by written notice to the other

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement, the day and year first above written..

 

	ATTEST: 	 	NETTALK.COM, INC. 
	 	 	 
	(Corporate Seal)	 	 
	/s/Anastasios Kyriakides	 	 
	Secretary 	By:  	/s/Anastasios Kyriakides
	 	Title: 	C.E.O
	Witness: 

    /s/Kenneth Hosfeld 

    /s/Angela Ilisie 		

    

    CHIEF TECHNOLOGY OFFICER

    /s/ GARRY PAXINOSExhibit 10.1 

 

INDEMNITY AGREEMENT

 

THIS
INDEMNITY AGREEMENT (this “Agreement”) dated as of __________ is made by and between Medical Transcription
Billing, Corp., a Delaware corporation (the “Company”), and  (“Indemnitee”).

 

RECITALS:

 

A.           The
Company desires to attract and retain the services of highly qualified individuals as directors, officers, employees and agents.

 

B.           The
Company’s bylaws (the “Bylaws”) require that the Company indemnify its directors, and empowers the Company
to indemnify its officers, employees and agents, as authorized by the Delaware General Corporation Law, as amended (the
“Code”), under which the Company is organized and such Bylaws expressly provide that the indemnification provided
therein is not exclusive and contemplates that the Company may enter into separate agreements with its directors, officers and
other persons to set forth specific indemnification provisions.

 

C.           Indemnitee
does not regard the protection currently provided by applicable law, the Company’s governing documents and available insurance
as adequate under the present circumstances, and the Company has determined that Indemnitee and other directors, officers, employees
and agents of the Company may not be willing to serve or continue to serve in such capacities without additional protection.

 

D.           The
Company desires and has requested Indemnitee to serve or continue to serve as a director, officer, employee or agent of the Company,
as the case may be, and has preferred this Agreement to Indemnitee as an additional inducement to serve in such capacity.

 

E.           Indemnitee
is willing to serve, or to continue to serve, as a director, officer, employee or agent of the Company, as the case may be, if
Indemnitee is furnished the indemnity provided for herein by the Company.

 

AGREEMENT:

 

NOW THEREFORE, in consideration
of the mutual covenants and agreements set forth herein, the parties hereto, intending to be legally bound, hereby agree as follows:

 

1.           Definitions.

 

(a)          Agent.
For purposes of this Agreement, the term “agent” of the Company means any person who: (i) is or was a director,
officer, employee or other fiduciary of the Company or a subsidiary of the Company; or (ii) is or was serving at the request
or for the convenience of, or representing the interests of, the Company or a subsidiary of the Company, as a director, officer,
employee or other fiduciary of a foreign or domestic corporation, partnership, joint venture, trust or other enterprise.

 

(b)          Change
in Control. For purposes of this Agreement, the term “Change in Control” means:

 

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(i) the consummation
of any consolidation or merger of the Company into or with another corporation or other legal person, and as a result of such consolidation
or merger less than a majority of the combined voting power of the then-outstanding securities of such corporation or person immediately
after such transaction are held in the aggregate by holders of Voting Stock (as defined below) of the Company immediately prior
to such transaction;

 

(ii) any sale,
lease, exchange, or other transfer, whether in one transaction or any series of related transactions, of all or significant portions
of the assets of the Company to any other corporation or other legal persons, less than a majority of the combined voting power
of the then-outstanding securities of such corporation or person immediately after such sale, lease, exchange, or transfer is held
in the aggregate by the holders of Voting Stock of the Company immediately prior to such sale, lease, exchange, or transfers;

 

(iii) the stockholders
of the Company approve any plan for the liquidation or dissolution of the Company;

 

(iv) any person
(as such term is used in Sections 13(d) and 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”))
other than an existing director of the Company becomes, either directly or indirectly, the beneficial owner (within the meaning
of Rule 13d-3 under the Exchange Act) of securities representing more than 33% of the combined voting power of the then-outstanding
securities entitled to vote generally in the election of directors of the Company (“Voting Stock”); or

 

(v) if at any
time during a fiscal year a majority of the Board of Directors are replaced by persons who were not recommended for those positions
by at least two-thirds of the directors of the Company who were directors of the Company at the beginning of the fiscal year.

 

(c)          Expenses.
For purposes of this Agreement, the term “expenses” shall be broadly construed and shall include, without limitation,
all direct and indirect costs of any type or nature whatsoever (including, without limitation, all attorneys’, witness, or
other professional fees and related disbursements, and other out-of-pocket costs of whatever nature), actually and reasonably incurred
by Indemnitee in connection with the investigation, defense or appeal of a proceeding or establishing or enforcing a right to indemnification
under this Agreement, the Code or otherwise, and amounts paid in settlement by or on behalf of Indemnitee, but shall not include
any judgments, fines or penalties actually levied against Indemnitee for such individual’s violations of law. The term “expenses”
shall also include reasonable compensation for time spent by Indemnitee for which he is not compensated by the Company or any subsidiary
or third party (i) for any period during which Indemnitee is not an agent, in the employment of, or providing services for compensation
to, the Company or any subsidiary; and (ii) if the rate of compensation and estimated time involved is approved by the directors
of the Company who are not parties to any action with respect to which expenses are incurred, for Indemnitee while an agent of,
employed by, or providing services for compensation to, the Company or any subsidiary.

 

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(d)          Proceedings.
For purposes of this Agreement, the term “proceeding” shall be broadly construed and shall include, without limitation,
any threatened, pending, or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation, inquiry,
administrative hearing or any other actual, threatened or completed proceeding, whether brought in the right of the Company or
otherwise and whether of a civil, criminal, administrative or investigative nature, and whether formal or informal in any case,
in which Indemnitee was, is or will be involved as a party or otherwise by reason of: (i) the fact that Indemnitee is or was a
director or officer of the Company; (ii) the fact that any action taken by Indemnitee or of any action on Indemnitee’s part
while acting as director, officer, employee or agent of the Company; or (iii) the fact that Indemnitee is or was serving at the
request of the Company as a director, officer, employee or agent of another corporation, partnership, joint venture, trust, employee
benefit plan or other enterprise, and in any such case described above, whether or not serving in any such capacity at the time
any liability or expense is incurred for which indemnification, reimbursement, or advancement of expenses may be provided under
this Agreement.

 

(e)          Subsidiary.
For purposes of this Agreement, the term “subsidiary” means any corporation or limited liability company of which more
than 50% of the outstanding voting securities or equity interests are owned, directly or indirectly, by the Company and one or
more of its subsidiaries, and any other corporation, limited liability company, partnership, joint venture, trust, employee benefit
plan or other enterprise of which Indemnitee is or was serving at the request of the Company as a director, officer, employee,
agent or fiduciary.

 

(f)          Independent
Counsel. For purposes of this Agreement, the term “independent counsel” means a law firm, or a partner (or, if
applicable, member) of such a law firm, that is experienced in matters of corporation law and neither presently is, nor in the
past five (5) years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either such
party, or (ii) any other party to the proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing,
the term “independent counsel” shall not include any person who, under the applicable standards of professional conduct
then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s
rights under this Agreement.

 

2.          Agreement
to Serve. Indemnitee will serve, or continue to serve, as a director, officer, employee or agent of the Company or any subsidiary,
as the case may be, faithfully and to the best of his or her ability, at the will of such corporation (or under separate agreement,
if such agreement exists), in the capacity Indemnitee currently serves as an agent of such corporation, so long as Indemnitee is
duly appointed or elected and qualified in accordance with the applicable provisions of the bylaws or other applicable charter
documents of such corporation, or until such time as Indemnitee tenders his or her resignation in writing; provided, however, that
nothing contained in this Agreement is intended as an employment agreement between Indemnitee and the Company or any of its subsidiaries
or to create any right to continued employment of Indemnitee with the Company or any of its subsidiaries in any capacity.

 

The Company acknowledges
that it has entered into this Agreement and assumes the obligations imposed on it hereby, in addition to and separate from its
obligations to Indemnitee under the Bylaws, to induce Indemnitee to serve, or continue to serve, as a director, officer,
employee or agent of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving as a director,
officer, employee or agent of the Company.

 

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3.           Indemnification.

 

(a)          Indemnification
in Third Party Proceedings. Subject to Section 10 below, the Company shall indemnify Indemnitee to the fullest extent
permitted by the Code, as the same may be amended from time to time (but, only to the extent that such amendment permits Indemnitee
to broader indemnification rights than the Code permitted prior to adoption of such amendment), if Indemnitee is a party to or
threatened to be made a party to or otherwise involved in any proceeding, for any and all expenses, actually and reasonably incurred
by Indemnitee in connection with the investigation, defense, settlement or appeal of such proceeding.

 

(b)          Indemnification
in Derivative Actions and Direct Actions by the Company. Subject to Section 10 below, the Company shall indemnify Indemnitee
to the fullest extent permitted by the Code, as the same may be amended from time to time (but, only to the extent that such amendment
permits Indemnitee to broader indemnification rights than the Code permitted prior to adoption of such amendment), if Indemnitee
is a party to or threatened to be made a party to or otherwise involved in any proceeding by or in the right of the Company to
procure a judgment in its favor, against any and all expenses actually and reasonably incurred by Indemnitee in connection with
the investigation, defense, settlement, or appeal of such proceedings.

 

4.          Indemnification
of Expenses of Successful Party. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee has been
successful on the merits or otherwise in defense of any proceeding or in defense of any claim, issue or matter therein, including
the dismissal of any action without prejudice, the Company shall indemnify Indemnitee against all expenses actually and reasonably
incurred in connection with the investigation, defense or appeal of such proceeding.

 

5.          Partial
Indemnification. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some
or a portion of any expenses actually and reasonably incurred by Indemnitee in the investigation, defense, settlement or appeal
of a proceeding, but is precluded by applicable law or the specific terms of this Agreement to indemnification for the total amount
thereof, the Company shall nevertheless indemnify Indemnitee for the portion thereof to which Indemnitee is entitled.

 

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6.          Advancement
of Expenses. To the extent not prohibited by law, the Company shall advance the expenses incurred by Indemnitee in connection
with any proceeding, and such advancement shall be made within twenty (20) days after the receipt by the Company of a statement
or statements requesting such advances (which shall include invoices received by Indemnitee in connection with such expenses but,
in the case of invoices in connection with legal services, any references to legal work performed or to expenditures made that
would cause Indemnitee to waive any privilege accorded by applicable law shall not be included with the invoice) and upon request
of the Company, an undertaking to repay the advancement of expenses if and to the extent that it is ultimately determined by a
court of competent jurisdiction in a final judgment, not subject to appeal, that Indemnitee is not entitled to be indemnified by
the Company. Advances shall be unsecured, interest free and without regard to Indemnitee’s ability to repay the expenses.
Advances shall include any and all expenses actually and reasonably incurred by Indemnitee pursuing an action to enforce Indemnitee’s
right to indemnification under this Agreement, or otherwise, and this right of advancement, including expenses incurred preparing
and forwarding statements to the Company to support the advances claimed. Indemnitee acknowledges that the execution and delivery
of this Agreement shall constitute an undertaking providing that Indemnitee shall, to the fullest extent required by law, repay
the advance if and to the extent that it is ultimately determined by a court of competent jurisdiction in a final judgment, not
subject to appeal, that Indemnitee is not entitled to be indemnified by the Company. The right to advances under this Section shall
continue until final disposition of any proceeding, including any appeal therein. This Section 6 shall not apply to any claim made
by Indemnitee for which indemnity is excluded pursuant to Section 10(b).

 

7.            Notice
and Other Indemnification Procedures.

 

(a)          Notification
of Proceeding. Indemnitee will notify the Company in writing promptly upon being served with any summons, citation, subpoena,
complaint, indictment, information or other document relating to any proceeding or matter which may be subject to indemnification
or advancement of expenses covered hereunder. The failure of Indemnitee to so notify the Company shall not relieve the Company
of any obligation which it may have to Indemnitee under this Agreement or otherwise.

 

(b)          Request
for Indemnification and Indemnification Payments. Indemnitee shall notify the Company promptly in writing upon receiving notice
of any demand, judgment or other requirement for payment that Indemnitee reasonably believes to the subject to indemnification
under the terms of this Agreement, and shall request payment thereof by the Company. Indemnification payments requested by Indemnitee
under Section 3 hereof shall be made by the Company no later than thirty (30) days after receipt of the written request of
Indemnitee. Claims for advancement of expenses shall be made under the provisions of Section 6 herein.

 

(c)          Application
for Enforcement. In the event the Company fails to make timely payments as set forth in Sections 6 or 7(b) above, Indemnitee
shall have the right to apply to any court of competent jurisdiction for the purpose of enforcing Indemnitee’s right to indemnification
or advancement of expenses pursuant to this Agreement. In such an enforcement hearing or proceeding, the burden of proof shall
be on the Company to prove that indemnification or advancement of expenses to Indemnitee is not required under this Agreement or
permitted by applicable law.

 

(d)          No
Presumptions. For purposes of this Agreement, any determination by the Company (including its Board of Directors, stockholders
or independent counsel) that Indemnitee is not entitled to indemnification hereunder, shall not be a defense by the Company to
the action nor create any presumption that Indemnitee is not entitled to indemnification or advancement of expenses hereunder.
Moreover, the termination of any proceeding 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.

 

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(e)          Indemnification
of Certain Expenses. Indemnitee shall be entitled to be paid for all expenses (including attorneys’ fees) in connection
with any hearing or proceeding under this Section 7 to enforce its rights to indemnification hereunder, and the Company shall
indemnify Indemnitee against all expenses incurred in connection with any such hearing or proceeding under this Section 7
unless the Company prevails in such hearing or proceeding on the merits in all material respects. In addition, in connection with
any hearing or proceeding under this Section 7 to enforce its rights to indemnification hereunder, Indemnitee shall be entitled
to receive advances of expenses pursuant to Section 6 unless and until such defense may be finally adjudicated by court order or
judgment from which no further right of appeal exists.

 

8.           Assumption
of Defense. In the event the Company shall be requested by Indemnitee to pay the expenses of any proceeding, the Company, if
appropriate, shall be entitled to assume the defense of such proceeding, or to participate to the extent permissible in such proceeding,
with counsel reasonably acceptable to Indemnitee. Upon assumption of the defense by the Company and the retention of such counsel
by the Company, the Company shall not be liable to Indemnitee under this Agreement for any fees of counsel subsequently incurred
by Indemnitee with respect to the same proceeding, provided that Indemnitee shall have the right to employ separate counsel in
such proceeding at Indemnitee’s sole cost and expense. Notwithstanding the foregoing, at Indemnitee’s request following
a Change of Control, or if Indemnitee’s counsel delivers a written notice to the Company stating that such counsel has reasonably
concluded that there may be a conflict of interest between the Company and Indemnitee in the conduct of any such defense or the
Company shall not, in fact, have employed counsel or otherwise actively pursued the defense of such proceeding within a reasonable
time, then in any such event the fees and expenses of Indemnitee’s counsel to defend such proceeding shall be subject to
the indemnification and advancement of expenses provisions of this Agreement.

 

9.            Insurance.

 

(a)          Existing
Coverage. To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors,
officers, employees, or agents of the Company or of any subsidiary (“D&O Insurance”), Indemnitee shall be
covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any
such director, officer, employee or agent under such policy or policies. If, at the time of the receipt of a notice of a claim
pursuant to the terms hereof, the Company has D&O Insurance in effect, the Company shall give prompt notice of the commencement
of such proceeding 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 proceeding in accordance with the terms of such policies.

 

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(b)          Tail
Coverage. For a period of no less than five years following the consummation of a Change in Control which results in the termination
of Indemnitee’s service to the Company as a director or officer, the Company and/or the successor company resulting from
such Change of Control, shall use its reasonable best efforts to cause to be maintained in effect the Company’s then current
D&O Insurance providing Indemnitee with coverage with respect to claims arising from facts or events occurring prior to the
effective time of such Change of Control.

 

10.          Exceptions.

 

(a)          Certain
Matters. Any provision herein to the contrary notwithstanding, the Company shall not be obligated pursuant to the terms of
this Agreement to indemnify Indemnitee on account of any proceeding with respect to (i) remuneration paid to Indemnitee if
it is determined by final judgment or other final adjudication that such remuneration was in violation of law (and, in this respect,
both the Company and Indemnitee have been advised that the Securities and Exchange Commission believes that indemnification for
liabilities arising under the federal securities laws is against public policy and is, therefore, unenforceable and that claims
for indemnification should be submitted to appropriate courts for adjudication, as indicated in Section 10(d) below); (ii) a
final judgment rendered against Indemnitee for an accounting, disgorgement or repayment of profits made from the purchase or sale
by Indemnitee of securities of the Company against Indemnitee or in connection with a settlement by or on behalf of Indemnitee
to the extent it is acknowledged by Indemnitee and the Company that such amount paid in settlement resulted from Indemnitee's conduct
from which Indemnitee received monetary personal profit, pursuant to the provisions of Section 16(b) of the Securities Exchange
Act of 1934, as amended, or other provisions of any federal, state or local statute or rules and regulations thereunder; (iii) a
final judgment or other final adjudication that Indemnitee’s conduct was knowingly fraudulent or constituted willful misconduct
(but only to the extent of such specific determination); or (iv) on account of conduct that is established by a final judgment
as constituting a breach of Indemnitee’s duty of loyalty to the Company or resulting in any personal profit or advantage
to which Indemnitee is not legally entitled. For purposes of the foregoing sentence, a final judgment or other adjudication may
be reached in either the underlying proceeding or action in connection with which indemnification is sought or a separate proceeding
or action to establish rights and liabilities under this Agreement.

 

(b)          Claims
Initiated by Indemnitee. Any provision herein to the contrary notwithstanding, the Company shall not be obligated to indemnify
or advance expenses to Indemnitee with respect to proceedings or claims initiated or brought by Indemnitee against the Company
or its directors, officers, employees or other agents and not by way of defense, except (i) with respect to proceedings brought
to establish or enforce a right to indemnification under this Agreement or under any other agreement, provision in the Bylaws or
Certificate of Incorporation or applicable law, (ii) with respect to any other proceeding initiated by Indemnitee that is either
approved by the Board of Directors or in which Indemnitee’s participation is required by applicable law or (iii) as otherwise
required under Section 145 of the Code, regardless of whether Indemnitee is ultimately determined to be entitled to such indemnification,
advance expense payment or insurance recovery, as the case may be. However, indemnification or advancement of expenses may be provided
by the Company in specific cases if the Board of Directors determines it to be appropriate.

 

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(c)          Unauthorized
Settlements. Any provision herein to the contrary notwithstanding, the Company shall not be obligated pursuant to the terms
of this Agreement to indemnify Indemnitee under this Agreement for any amounts paid in settlement of a proceeding effected without
the Company’s written consent. Neither the Company nor Indemnitee shall unreasonably withhold consent to any proposed settlement;
provided, however, that the Company may in any event decline to consent to (or to otherwise admit or agree to any liability for
indemnification hereunder in respect of) any proposed settlement if the Company is also a party in such proceeding and determines
in good faith that such settlement is not in the best interests of the Company and its stockholders.

 

(d)          Securities
Act Liabilities. Any provision herein to the contrary notwithstanding, the Company shall not be obligated pursuant to the terms
of this Agreement to indemnify Indemnitee or otherwise act in violation of any undertaking appearing in and required by the rules
and regulations promulgated under the Securities Act of 1933, as amended (the “Act”), or in any registration
statement filed with the SEC under the Act. Indemnitee acknowledges that paragraph (h) of Item 512 of Regulation S-K currently
generally requires the Company to undertake in connection with any registration statement filed under the Act to submit the issue
of the enforceability of Indemnitee’s rights under this Agreement in connection with any liability under the Act on public
policy grounds to a court of appropriate jurisdiction and to be governed by any final adjudication of such issue. Indemnitee specifically
agrees that any such undertaking shall supersede the provisions of this Agreement and to be bound by any such undertaking. A determination
that Indemnitee is not entitled to indemnification pursuant to this Section 10(d) may be made by the Company upon receipt of a
written opinion from Independent Counsel, a copy of which opinion shall be delivered to the Indemnitee. In the event Indemnitee
disputes such opinion, Indemnitee shall in any event be entitled to seek enforcement of its rights hereunder pursuant to Section
7(c), and Indemnitee shall be indemnified in connection with costs in seeking such enforcement pursuant to Section 7(d).

 

11.          Scope;
Nonexclusivity and Survival of Rights.

 

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 Certificate of Incorporation, the Company’s
Bylaws or by statute.

 

The provisions
for indemnification and advancement of expenses set forth in this Agreement shall not be deemed exclusive of any other rights which
Indemnitee may at any time be entitled under any provision of applicable law, the Company’s Certificate of Incorporation,
Bylaws or other agreements, both as to action in Indemnitee’s official capacity and Indemnitee’s action as an agent
of the Company, in any court in which a proceeding is brought, and Indemnitee’s rights hereunder shall continue after Indemnitee
has ceased acting as an agent of the Company and shall inure to the benefit of the heirs, executors, administrators and assigns
of Indemnitee. The obligations and duties of the Company to Indemnitee under this Agreement shall be binding on the Company and
its successors and assigns until terminated in accordance with its terms. The Company shall require any successor (whether direct
or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company,
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 regardless of whether Indemnitee continues
to serve as a director, officer, employee, agent or fiduciary of the Company or any other entity at the Company’s request.

 

    	8

    	 

    

 

No amendment, alteration
or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in
respect of any action taken or omitted by such Indemnitee in his or her corporate status prior to such amendment, alteration or
repeal. To the extent that a change in the Code, whether by statute or judicial decision, permits greater indemnification or advancement
of expenses than would be afforded currently under the Company’s Certificate of Incorporation, Bylaws and this Agreement,
it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change.
In the event of any change in any applicable law, statute or judicial decision which narrows the right to indemnification or advancement
of expenses than would be afforded currently, such change, to the extent not otherwise required by such statute or judicial decision,
shall have no effect on this Agreement or the parties rights and obligations hereunder. No right or remedy herein conferred is
intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in addition to
every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment
of any right or remedy hereunder, or otherwise, by Indemnitee shall not prevent the concurrent assertion or employment of any other
right or remedy by Indemnitee.

 

12.         Term.
No termination or cancellation of this Agreement shall be effective unless it is in writing signed by both the parties hereto.

 

No legal action shall
be brought and no cause of action shall be asserted by or in the right of the Company against an Indemnitee or an Indemnitee's
estate, spouse, heirs, executors or personal or legal representatives after the expiration of ten (10) years 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 five-year period; provided, however, that if any shorter period of limitations
is otherwise applicable to such cause of action, such shorter period shall govern.

 

13.         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, at the request and expense of the Company, shall execute all papers required and shall do everything
that may be reasonably necessary to secure such rights, including the execution of such documents necessary to enable the Company
effectively to bring suit to enforce such rights.

 

14.         Interpretation
of Agreement. It is understood that the parties hereto intend this Agreement to be interpreted and enforced so as to provide
indemnification to Indemnitee to the fullest extent now or hereafter permitted by law.

 

15.         Severability.
If any provision of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever, (a) the
validity, legality and enforceability of the remaining provisions of the Agreement (including without limitation, all portions
of any paragraphs of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that are not themselves
invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby; and (b) to the fullest extent possible,
the provisions of this Agreement (including, without limitation, all portions of any paragraph of this Agreement containing any
such provision held to be invalid, illegal or unenforceable, that are not themselves invalid, illegal or unenforceable) shall be
construed so as to give effect to the intent manifested by the provision held invalid, illegal or unenforceable and to give effect
to Section 14 hereof.

 

    	9

    	 

    

 

16.         Amendment
and Waiver. No supplement, modification, amendment, or cancellation of this Agreement shall be binding unless executed in writing
by the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any
other provision hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.

 

17.         Notice.
Except as otherwise provided herein, any notice or demand which, by the provisions hereof, is required or which may be given to
or served upon the parties hereto shall be in writing and, if by telegram, telecopy or telex, shall be deemed to have been validly
served, given or delivered when sent, if by overnight delivery, courier or personal delivery, shall be deemed to have been validly
served, given or delivered upon actual delivery and, if mailed, shall be deemed to have been validly served, given or delivered
three (3) business days after deposit in the United States mail, as registered or certified mail, with proper postage prepaid and
addressed to the party or parties to be notified at the addresses set forth on the signature page of this Agreement (or such other
address(es) as a party may designate for itself by like notice). If to the Company, notices and demands shall be delivered to the
attention of the Secretary of the Company.

 

18.         Governing
Law. Subject to the applicable provisions of the Code, this Agreement shall be governed exclusively by and construed according
to the laws of the State of New York, as applied to contracts between New York residents entered into and to be performed entirely
within New York.

 

19.         Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but
all of which together shall constitute but one and the same Agreement. Only one such counterpart need be produced to evidence the
existence of this Agreement.

 

20.         Headings.
The headings of the sections of this Agreement are inserted for convenience only and shall not be deemed to constitute part of
this Agreement or to affect the construction hereof.

 

21.         Entire
Agreement. This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and
supersedes all prior agreements, understandings and negotiations, written and oral, between the parties with respect to the subject
matter of this Agreement; provided, however, that this Agreement is a supplement to and in furtherance of the Company’s Certificate
of Incorporation, Bylaws, the Code and any other applicable law, and shall not be deemed a substitute therefor, and does not diminish
or abrogate any rights of Indemnitee thereunder.

 

[Signature Page Follows]

 

    	10

    	 

    

 

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

 

	Address	Medical Transcription Billing, Corp.
	 	 
	7 Clyde Road	By:	 
	Somerset, NJ 08873	 	Name:	 
	 	 	Title:	 
	 	 
	__________________________	 
	 	Signature of Indemnitee
	__________________________	 
		 
	 	Print or Type Name of Indemnitee

 

    	11

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