Document:

Exhibit 10.2

 

 

Medical Transcription Billing, Corp.

 

2014
Equity Incentive Plan

 

Adopted
by the Board of Directors: April2, 2014

Approved
by Stockholders: April 3, 2014

Termination
Date: April 3, 2024

 

1.           General.

 

(a)          Eligible
Award Recipients. The persons eligible to receive Awards are Employees, Directors and
Consultants.

 

(b)          Available
Awards. The Plan provides for the grant of the following Awards: (i) Incentive Stock Options,
(ii) Nonstatutory Stock Options, (iii) Stock Appreciation Rights (iv) Restricted Stock Awards, (v) Restricted Stock Unit Awards,
(vi) Performance Stock Awards, (vii) Performance Cash-Settled Awards, and (viii) Other Stock Awards.

 

(c)          Purpose.
The Company, by means of the Plan, seeks to secure and retain the services of the group of persons eligible to receive Awards as
set forth in Section 1(a), to provide incentives for such persons to exert maximum efforts for the success of the Company and any
Affiliate and to provide a means by which such eligible recipients may be given an opportunity to benefit from increases in value
of the Common Stock through the granting of Awards.

 

2.           Administration.

 

(a)          Administration
by Board. The Board shall administer the Plan unless and until the Board delegates administration
of the Plan to a Committee or Committees, as provided in Section 2(c).

 

(b)          Powers
of Board. The Board shall have the power, subject to, and within the limitations of, the
express provisions of the Plan:

 

(i)          To
determine from time to time (A) which of the persons eligible under the Plan shall be granted Awards; (B) when and how each Award
shall be granted; (C) what type or combination of types of Award shall be granted; (D) the provisions of each Award granted (which
need not be identical), including the time or times when a person shall be permitted to receive cash or Common Stock pursuant to
a Stock Award; (E) the number of shares of Common Stock with respect to which a Stock Award shall be granted to each such person;
and (F) the Fair Market Value applicable to a Stock Award.

 

(ii)         To
construe and interpret the Plan and Awards granted under it, and to establish, amend and revoke rules and regulations for its administration.
The Board, in the exercise of this power, may correct any defect, omission or inconsistency in the Plan or in any Stock Award Agreement
or in the written terms of a Performance Cash-Settled Award, in a manner and to the extent it shall deem necessary or expedient
to make the Plan or Award fully effective.

 

(iii)        To
settle all controversies regarding the Plan and Awards granted under it.

 

(iv)        To
accelerate the time at which an Award may first be exercised or the time during which an Award or any part thereof will vest in
accordance with the Plan, notwithstanding the provisions in the Award stating the time at which it may first be exercised or the
time during which it will vest.

 

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(v)         To
suspend or terminate the Plan at any time. Suspension or termination of the Plan shall not impair rights and obligations under
any Award granted while the Plan is in effect except with the written consent of the affected Participant.

 

(vi)        To
amend the Plan in any respect the Board deems necessary or advisable, including, without limitation, by adopting amendments relating
to Incentive Stock Options and certain nonqualified deferred compensation under Section 409A of the Code and/or to bring the Plan
or Awards granted under the Plan into compliance therewith, subject to the limitations, if any, of applicable law. However, except
as provided in Section 9(a) relating to Capitalization Adjustments, to the extent required by applicable law or listing requirements,
stockholder approval shall be required for any amendment of the Plan that either (A) materially increases the number of shares
of Common Stock available for issuance under the Plan, (B) materially expands the class of individuals eligible to receive Awards
under the Plan, (C) materially increases the benefits accruing to Participants under the Plan or materially reduces the price at
which shares of Common Stock may be issued or purchased under the Plan, (D) materially extends the term of the Plan, or (E) expands
the types of Awards available for issuance under the Plan. Except as provided above, rights under any Award granted before amendment
of the Plan shall not be impaired by any amendment of the Plan unless (1) the Company requests the consent of the affected Participant,
and (2) such Participant consents in writing.

 

(vii)       To
submit any amendment to the Plan for stockholder approval, including, but not limited to, amendments to the Plan intended to satisfy
the requirements of (A) Section 162(m) of the Code regarding the exclusion of performance-based compensation from the limit on
corporate deductibility of compensation paid to Covered Employees, (B) Section 422 of the Code regarding “incentive stock
options” or (C) Rule 16b-3.

 

(viii)      To
approve forms of Award Agreements for use under the Plan and to amend the terms of any one or more Awards, including, but not limited
to, amendments to provide terms more favorable to the Participant than previously provided in the Award Agreement, subject to any
specified limits in the Plan that are not subject to Board discretion; provided however, that except with respect to amendments
that disqualify or impair the status of an Incentive Stock Option, a Participant’s rights under any Award shall not be impaired
by any such amendment unless (A) the Company requests the consent of the affected Participant, and (B) such Participant consents
in writing. Notwithstanding the foregoing, subject to the limitations of applicable law, if any, the Board may amend the terms
of any one or more Awards without the affected Participant’s consent if necessary to maintain the qualified status of the
Award as an Incentive Stock Option or to bring the Award into compliance with Section 409A of the Code.

 

(ix)         Generally,
to exercise such powers and to perform such acts as the Board deems necessary or expedient to promote the best interests of the
Company and that are not in conflict with the provisions of the Plan or Awards.

 

(x)          To
adopt such procedures and sub-plans as are necessary or appropriate to permit participation in the Plan by Employees, Directors
or Consultants who are foreign nationals or employed outside the United States.

 

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(c)          Delegation
to Committee.

 

(i)          General.
The Board may delegate some or all of the administration of the Plan to a Committee or Committees. If administration of the Plan
is delegated to a Committee, the Committee shall have, in connection with the administration of the Plan, the powers theretofore
possessed by the Board that have been delegated to the Committee, including the power to delegate to a subcommittee of the Committee
any of the administrative powers the Committee is authorized to exercise (and references in this Plan to the Board shall thereafter
be to the Committee or subcommittee), subject, however, to such resolutions, not inconsistent with the provisions of the Plan,
as may be adopted from time to time by the Board. The Board may retain the authority to concurrently administer the Plan with the
Committee and may, at any time, revest in the Board some or all of the powers previously delegated.

 

(ii)         Section
162(m) and Rule 16b-3 Compliance. The Committee may consist solely of two or more Outside
Directors, in accordance with Section 162(m) of the Code, or solely of two or more Non-Employee Directors, in accordance with Rule
16b-3.

 

(d)          Effect
of Board’s Decision. All determinations, interpretations and constructions made
by the Board in good faith shall not be subject to review by any person and shall be final, binding and conclusive on all persons.

 

(e)          Cancellation
and Re-Grant of Stock Awards. Neither the Board nor any Committee shall have the authority
to: (i) reduce the exercise price of any outstanding Options or Stock Appreciation Rights under the Plan, or (ii) cancel any outstanding
Options or Stock Appreciation Rights that have an exercise price or strike price greater than the current Fair Market Value of
the Common Stock in exchange for cash or other Stock Awards under the Plan, unless the stockholders of the Company have approved
such an action within twelve (12) months prior to such an event. Notwithstanding the foregoing, the Board or Committee shall have
the authority, without the approval of the Company’s stockholders, to cancel outstanding Options or Stock Appreciation Rights
that have an exercise price or strike price greater than the current Fair Market Value of the Common Stock in exchange only for
a nominal cash payment of consideration as necessary to effect a cancellation of the Award, provided that such cancellation is
not treated as a repricing under United States generally accepted accounting principles.

 

3.          Shares
Subject to the Plan.

 

(a)          Share
Reserve. Subject to Section 9(a) relating to Capitalization Adjustments, the aggregate
number of shares of Common Stock that may be issued pursuant to Stock Awards from and after the Effective Date shall not exceed
One million three hundred fifty-one thousand (1,351,000) shares. 

 

(b)          Reversion
of Shares to the Share Reserve. If any shares of common stock issued pursuant to a Stock
Award are forfeited back to the Company because of the failure to meet a contingency or condition required to vest such shares
in the Participant, then the shares that are forfeited shall revert to and again become available for issuance under the Plan.
Any shares reacquired by the Company pursuant to Section 8(g) or as consideration for the exercise of an Option shall again become
available for issuance under the Plan.

 

(c)          Incentive
Stock Option Limit. Notwithstanding anything to the contrary in this Section 3 and, subject
to the provisions of Section 9(a) relating to Capitalization Adjustments, the aggregate maximum number of shares of Common Stock
that may be issued pursuant to the exercise of Incentive Stock Options shall be Five hundred thousand (500,000) shares of Common
Stock.

 

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(d)          Source
of Shares. The stock issuable under the Plan shall be shares of authorized but unissued
or reacquired Common Stock, including shares repurchased by the Company on the open market or otherwise.

 

4.          Eligibility.

 

(a)          Eligibility
for Specific Stock Awards. Incentive Stock Options may be granted only to employees of
the Company or a “parent corporation” or “subsidiary corporation” thereof (as such terms are defined in
Sections 424(e) and (f) of the Code). Stock Awards other than Incentive Stock Options may be granted to Employees, Directors and
Consultants; provided, however, Nonstatutory Stock Options and SARs may not be granted to Employees, Directors and Consultants
who are providing Continuous Service only to any “parent” of the Company, as such term is defined in Rule 405,
unless the stock underlying such Stock Awards is treated as “service recipient stock” under Section 409A of the
Code because the Stock Awards are granted pursuant to a corporate transaction (such as a spin off transaction) or unless such Stock
Awards comply with the distribution requirements of Section 409A of the Code.

 

(b)          Ten
Percent Stockholders. A Ten Percent Stockholder shall not be granted an Incentive Stock
Option unless the exercise price of such Option is at least one hundred ten percent (110%) of the Fair Market Value on the date
of grant and the Option is not exercisable after the expiration of five (5) years from the date of grant.

 

(c)          Section
162(m) Limitation on Annual Grants. Subject to the provisions of Section 9(a) relating
to Capitalization Adjustments, at such time as the Company may be subject to the applicable provisions of Section 162(m) of the
Code, no Participant shall be eligible to be granted during any calendar year Options, Stock Appreciation Rights and Other Stock
Awards whose value is determined by reference to an increase over an exercise or strike price of at least one hundred percent (100%)
of the Fair Market Value on the date the Stock Award is granted covering more than 1,500,000 shares of Common Stock.

 

5.          Provisions
relating to Options and Stock Appreciation Rights.

 

Each Option or SAR
shall be in such form and shall contain such terms and conditions as the Board shall deem appropriate. All Options shall be separately
designated Incentive Stock Options or Nonstatutory Stock Options at the time of grant, and, if certificates are issued, a separate
certificate or certificates shall be issued for shares of Common Stock purchased on exercise of each type of Option. If an Option
is not specifically designated as an Incentive Stock Option, then the Option shall be a Nonstatutory Stock Option. The provisions
of separate Options or SARs need not be identical; provided, however, that each Option Agreement or Stock Appreciation Right
Agreement shall conform to (through incorporation of provisions hereof by reference in the applicable Award Agreement or otherwise)
the substance of each of the following provisions:

 

(a)          Term.
Subject to the provisions of Section 4(b) regarding Ten Percent Stockholders, no Option or SAR shall be exercisable after the expiration
of ten (10) years from the date of its grant or such shorter period specified in the Award Agreement.

 

(b)          Exercise
Price. Subject to the provisions of Section 4(b) regarding Ten Percent Stockholders, the
exercise price (or strike price) of each Option or SAR shall be not less than one hundred percent (100%) of the Fair Market Value
of the Common Stock subject to the Option or SAR on the date the Option or SAR is granted. Notwithstanding the foregoing, an Option
or SAR may be granted with an exercise price (or strike price) lower than one hundred percent (100%) of the Fair Market Value of
the Common Stock subject to the Option or SAR if such Option or SAR is granted pursuant to an assumption of or substitution for
another option or stock appreciation right pursuant to a Corporate Transaction and in a manner consistent with the provisions of
Sections 409A and, if applicable, 424(a) of the Code. Each SAR will be denominated in shares of Common Stock equivalents.

 

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(c)          Purchase
Price for Options. The purchase price of Common Stock acquired pursuant to the exercise
of an Option shall be paid, to the extent permitted by applicable law and as determined by the Board in its sole discretion, by
any combination of the methods of payment set forth below. The Board shall have the authority to grant Options that do not permit
all of the following methods of payment (or otherwise restrict the ability to use certain methods) and to grant Options that require
the consent of the Company to utilize a particular method of payment. The permitted methods of payment are as follows:

 

(i)          by
cash, check, bank draft or money order payable to the Company;

 

(ii)         pursuant
to a program developed under Regulation T as promulgated by the Federal Reserve Board that, prior to the issuance of the stock
subject to the Option, results in either the receipt of cash (or check) by the Company or the receipt of irrevocable instructions
to pay the aggregate exercise price to the Company from the sales proceeds;

 

(iii)        by
delivery to the Company (either by actual delivery or attestation) of shares of Common Stock;

 

(iv)        if
the option is a Nonstatutory Stock Option, by a “net exercise” arrangement pursuant to which the Company will reduce
the number of shares of Common Stock issuable upon exercise by the largest whole number of shares with a Fair Market Value that
does not exceed the aggregate exercise price; provided, however, that the Company shall accept a cash or other payment from
the Participant to the extent of any remaining balance of the aggregate exercise price not satisfied by such reduction in the number
of whole shares to be issued; provided, further, that shares of Common Stock will no longer be subject to an Option and
will not be exercisable thereafter to the extent that (A) shares issuable upon exercise are reduced to pay the exercise price pursuant
to the “net exercise,” (B) shares are delivered to the Participant as a result of such exercise, and (C) shares are
withheld to satisfy tax withholding obligations; or

 

(v)         in
any other form of legal consideration that may be acceptable to the Board.

 

(d)          Exercise
and Payment of a SAR. To exercise any outstanding Stock Appreciation Right, the Participant
must provide written notice of exercise to the Company in compliance with the provisions of the Stock Appreciation Right Agreement
evidencing such Stock Appreciation Right. The appreciation distribution payable on the exercise of a Stock Appreciation Right will
be not greater than an amount equal to the excess of (A) the aggregate Fair Market Value (on the date of the exercise of the Stock
Appreciation Right) of a number of shares of Common Stock equal to the number of Common Stock equivalents in which the Participant
is vested under such Stock Appreciation Right, and with respect to which the Participant is exercising the Stock Appreciation Right
on such date, over (B) the strike price that will be determined by the Board at the time of grant of the Stock Appreciation Right.
The appreciation distribution in respect to a Stock Appreciation Right may be paid in Common Stock, in cash, in any combination
of the two or in any other form of consideration, as determined by the Board and contained in the Stock Appreciation Right Agreement
evidencing such Stock Appreciation Right.

 

(e)          Transferability
of Options and SARs. The Board may, in its sole discretion, impose such limitations on
the transferability of Options and SARs as the Board shall determine. In the absence of such a determination by the Board to the
contrary, the following restrictions on the transferability of Options and SARs shall apply:

 

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(i)          Restrictions
on Transfer. An Option or SAR shall not be transferable except by will or by the laws
of descent and distribution and shall be exercisable during the lifetime of the Participant only by the Participant; provided,
however, that the Board may, in its sole discretion, permit transfer of the Option or SAR in a manner that is not prohibited
by applicable tax and securities laws upon the Participant’s request. Except as explicitly provided herein, neither an Option
nor a SAR may be transferred for consideration.

 

(ii)         Domestic
Relations Orders. Notwithstanding the foregoing, an Option or SAR may be transferred pursuant
to a domestic relations order; provided, however, that if an Option is an Incentive Stock Option, such Option may be deemed
to be a Nonstatutory Stock Option as a result of such transfer.

 

(iii)        Beneficiary
Designation. Notwithstanding the foregoing, the Participant may, by delivering written
notice to the Company, in a form provided by or otherwise satisfactory to the Company and any broker designated by the Company
to effect Option exercises, designate a third party who, in the event of the death of the Participant, shall thereafter be entitled
to exercise the Option or SAR and receive the Common Stock or other consideration resulting from such exercise. In the absence
of such a designation, the executor or administrator of the Participant’s estate shall be entitled to exercise the Option
or SAR and receive the Common Stock or other consideration resulting from such exercise.

 

(f)          Vesting
Generally. The total number of shares of Common Stock subject to an Option or SAR may
vest and therefore become exercisable in periodic installments that may or may not be equal. The Option or SAR may be subject to
such other terms and conditions on the time or times when it may or may not be exercised (which may be based on the satisfaction
of Performance Goals or other criteria) as the Board may deem appropriate. The vesting provisions of individual Options or SARs
may vary. The provisions of this Section 5(f) are subject to any Option or SAR provisions governing the minimum number of shares
of Common Stock as to which an Option or SAR may be exercised.

 

(g)          Termination
of Continuous Service. Except as otherwise provided in the applicable Award Agreement
or other agreement between the Participant and the Company, if a Participant’s Continuous Service terminates (other than
for Cause or upon the Participant’s death or Disability), the Participant may exercise his or her Option or SAR (to the extent
that the Participant was entitled to exercise such Award as of the date of termination of Continuous Service) but only within such
period of time ending on the earlier of (i) the date three (3) months following the termination of the Participant’s Continuous
Service (or such longer or shorter period specified in the applicable Award Agreement), or (ii) the expiration of the term of the
Option or SAR as set forth in the Award Agreement. If, after termination of Continuous Service, the Participant does not exercise
his or her Option or SAR within the time specified herein or in the Award Agreement (as applicable), the Option or SAR shall terminate.

 

(h)          Extension
of Termination Date. If the exercise of an Option or SAR following the termination of
the Participant’s Continuous Service (other than for Cause or upon the Participant’s death or Disability) would be
prohibited at any time solely because the issuance of shares of Common Stock would violate the registration requirements under
the Securities Act, then the Option or SAR shall terminate on the earlier of (i) the expiration of a total period of three (3)
months (that need not be consecutive) after the termination of the Participant’s Continuous Service during which the exercise
of the Option or SAR would not be in violation of such registration requirements, or (ii) the expiration of the term of the Option
or SAR as set forth in the applicable Award Agreement. In addition, unless otherwise provided in a Participant’s Award Agreement,
if the sale of any Common Stock received upon exercise of an Option or SAR following the termination of the Participant’s
Continuous Service (other than for Cause) would violate the Company’s insider trading policy, then the Option or SAR shall
terminate on the earlier of (i) the expiration of a period equal to the applicable post-termination exercise period after the termination
of the Participant’s Continuous Service during which the exercise of the Option or SAR would not be in violation of the Company’s
insider trading policy, or (ii) the expiration of the term of the Option or SAR as set forth in the applicable Award Agreement.

 

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(i)          Disability
of Participant. Except as otherwise provided in the applicable Award Agreement or other
agreement between the Participant and the Company, if a Participant’s Continuous Service terminates as a result of the Participant’s
Disability, the Participant may exercise his or her Option or SAR (to the extent that the Participant was entitled to exercise
such Option or SAR as of the date of termination of Continuous Service), but only within such period of time ending on the earlier
of (i) the date twelve (12) months following such termination of Continuous Service (or such longer or shorter period specified
in the Award Agreement), or (ii) the expiration of the term of the Option or SAR as set forth in the Award Agreement. If, after
termination of Continuous Service, the Participant does not exercise his or her Option or SAR within the time specified herein
or in the Award Agreement (as applicable), the Option or SAR (as applicable) shall terminate.

 

(j)          Death
of Participant. Except as otherwise provided in the applicable Award Agreement or other
agreement between the Participant and the Company, if (i) a Participant’s Continuous Service terminates as a result of the
Participant’s death, or (ii) the Participant dies within the period (if any) specified in the Award Agreement after the termination
of the Participant’s Continuous Service for a reason other than death, then the Option or SAR may be exercised (to the extent
the Participant was entitled to exercise such Option or SAR as of the date of death) by the Participant’s estate, by a person
who acquired the right to exercise the Option or SAR by bequest or inheritance or by a person designated to exercise the Option
or SAR upon the Participant’s death, but only within the period ending on the earlier of (i) the date eighteen (18) months
following the date of death (or such longer or shorter period specified in the Award Agreement), or (ii) the expiration of the
term of such Option or SAR as set forth in the Award Agreement. If, after the Participant’s death, the Option or SAR is not
exercised within the time specified herein or in the Award Agreement (as applicable), the Option or SAR shall terminate.

 

(k)          Termination
for Cause. Except as explicitly provided otherwise in a Participant’s Award Agreement,
if a Participant’s Continuous Service is terminated for Cause, the Option or SAR shall terminate upon the date on which the
event giving rise to the termination occurred, and the Participant shall be prohibited from exercising his or her Option or SAR
from and after the time of such termination of Continuous Service.

 

(l)          Non-Exempt
Employees. No Option or SAR granted to an Employee who is a non-exempt employee for purposes
of the Fair Labor Standards Act of 1938, as amended, shall be first exercisable for any shares of Common Stock until at least six
months following the date of grant of the Option or SAR. Notwithstanding the foregoing, consistent with the provisions of the Worker
Economic Opportunity Act, (i) in the event of the Participant’s death or Disability, (ii) upon a Corporate Transaction in
which such Option or SAR is not assumed, continued, or substituted, (iii) upon a Change in Control, or (iv) upon the Participant’s
retirement (as such term may be defined in the Participant’s Award Agreement or in another applicable agreement or in accordance
with the Company's then current employment policies and guidelines), any such vested Options and SARs may be exercised earlier
than six months following the date of grant. The foregoing provision is intended to operate so that any income derived by a non-exempt
employee in connection with the exercise or vesting of an Option or SAR will be exempt from his or her regular rate of pay.

 

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6.          Provisions
of Stock Awards other than Options and SARs.

 

(a)          Restricted
Stock Awards. Each Restricted Stock Award Agreement shall be in such form and shall contain
such terms and conditions as the Board shall deem appropriate. To the extent consistent with the Company’s Bylaws, at the
Board’s election, shares of Common Stock may be (x) held in book entry form subject to the Company’s instructions until
any restrictions relating to the Restricted Stock Award lapse; or (y) evidenced by a certificate, which certificate shall
be held in such form and manner as determined by the Board. The terms and conditions of Restricted Stock Award Agreements may change
from time to time, and the terms and conditions of separate Restricted Stock Award Agreements need not be identical; provided,
however, that each Restricted Stock Award Agreement shall conform to (through incorporation of the provisions hereof by reference
in the agreement or otherwise) the substance of each of the following provisions:

 

(i)          Consideration.
A Restricted Stock Award may be awarded in consideration for (A) cash, check, bank draft or money order payable to the Company,
(B) past services to the Company or an Affiliate, or (C) any other form of legal consideration (including future services) that
may be acceptable to the Board, in its sole discretion, and permissible under applicable law.

 

(ii)         Vesting.
Shares of Common Stock awarded under the Restricted Stock Award Agreement may be subject
to forfeiture to the Company in accordance with a vesting schedule to be determined by the Board.

 

(iii)        Termination
of Participant’s Continuous Service. If a Participant’s Continuous Service
terminates, the Company may receive through a forfeiture condition or a repurchase right any or all of the shares of Common Stock
held by the Participant that have not vested as of the date of termination of Continuous Service under the terms of the Restricted
Stock Award Agreement.

 

(iv)        Transferability.
Rights to acquire shares of Common Stock under the Restricted Stock Award Agreement shall be transferable by the Participant only
upon such terms and conditions as are set forth in the Restricted Stock Award Agreement, as the Board shall determine in its sole
discretion, so long as Common Stock awarded under the Restricted Stock Award Agreement remains subject to the terms of the Restricted
Stock Award Agreement.

 

(v)         Dividends.
A Restricted Stock Award Agreement may provide that any dividends paid on Restricted Stock
will be subject to the same vesting and forfeiture restrictions as apply to the shares subject to the Restricted Stock Award to
which they relate.

 

(b)          Restricted
Stock Unit Awards. Each Restricted Stock Unit Award Agreement shall be in such form and
shall contain such terms and conditions as the Board shall deem appropriate. The terms and conditions of Restricted Stock Unit
Award Agreements may change from time to time, and the terms and conditions of separate Restricted Stock Unit Award Agreements
need not be identical; provided, however, that each Restricted Stock Unit Award Agreement shall conform to (through
incorporation of the provisions hereof by reference in the Agreement or otherwise) the substance of each of the following provisions:

 

(i)          Consideration.
At the time of grant of a Restricted Stock Unit Award, the Board will determine the consideration, if any, to be paid by the Participant
upon delivery of each share of Common Stock subject to the Restricted Stock Unit Award. The consideration to be paid (if any) by
the Participant for each share of Common Stock subject to a Restricted Stock Unit Award may be paid in any form of legal consideration
that may be acceptable to the Board, in its sole discretion, and permissible under applicable law.

 

(ii)         Vesting.
At the time of the grant of a Restricted Stock Unit Award, the Board may impose such restrictions
on or conditions to the vesting of the Restricted Stock Unit Award as it, in its sole discretion, deems appropriate.

 

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(iii)        Payment.
A Restricted Stock Unit Award may be settled by the delivery of shares of Common Stock, their cash equivalent, any combination
thereof or in any other form of consideration, as determined by the Board and contained in the Restricted Stock Unit Award Agreement.

 

(iv)        Additional
Restrictions. At the time of the grant of a Restricted Stock Unit Award, the Board, as
it deems appropriate, may impose such restrictions or conditions that delay the delivery of the shares of Common Stock (or their
cash equivalent) subject to a Restricted Stock Unit Award to a time after the vesting of such Restricted Stock Unit Award.

 

(v)         Dividend
Equivalents. Dividend equivalents may be credited in respect of shares of Common Stock
covered by a Restricted Stock Unit Award, as determined by the Board and contained in the Restricted Stock Unit Award Agreement.
At the sole discretion of the Board, such dividend equivalents may be converted into additional shares of Common Stock covered
by the Restricted Stock Unit Award in such manner as determined by the Board. Any additional shares covered by the Restricted Stock
Unit Award credited by reason of such dividend equivalents will be subject to all of the same terms and conditions of the underlying
Restricted Stock Unit Award Agreement to which they relate.

 

(vi)        Termination
of Participant’s Continuous Service. Except as otherwise provided in the applicable
Restricted Stock Unit Award Agreement, such portion of the Restricted Stock Unit Award that has not vested will be forfeited upon
the Participant’s termination of Continuous Service.

 

(c)          Performance
Awards.

 

(i)          Performance
Stock Awards. A Performance Stock Award is a Stock Award that may vest or may be exercised
contingent upon the attainment during a Performance Period of certain Performance Goals. A Performance Stock Award may, but need
not, require the completion of a specified period of Continuous Service. The length of any Performance Period, the Performance
Goals to be achieved during the Performance Period, and the measure of whether and to what degree such Performance Goals have been
attained shall be conclusively determined by the Committee, in its sole discretion. The Board may provide for or, subject to such
terms and conditions as the Board may specify, may permit a Participant to elect for, the payment of any Performance Stock Award
to be deferred to a specified date or event. In addition, to the extent permitted by applicable law and the applicable Award Agreement,
the Board may determine that cash may be used in payment of Performance Stock Awards.

 

(ii)         Performance
Cash-Settled Awards. A Performance Cash-Settled Award is a cash award that may be paid
contingent upon the attainment during a Performance Period of certain Performance Goals. A Performance Cash-Settled Award may also
require the completion of a specified period of Continuous Service. At the time of grant of a Performance Cash-Settled Award, the
length of any Performance Period, the Performance Goals to be achieved during the Performance Period, and the measure of whether
and to what degree such Performance Goals have been attained shall be conclusively determined by the Committee, in its sole discretion.
The Board may provide for or, subject to such terms and conditions as the Board may specify, may permit a Participant to elect
for, the payment of any Performance Cash-Settled Award to be deferred to a specified date or event. The Committee may specify the
form of payment of Performance Cash-Settled Awards, which may be cash or other property, or may provide for a Participant to have
the option for his or her Performance Cash-Settled Award, or such portion thereof as the Board may specify, to be paid in whole
or in part in cash or other property.

 

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(iii)        Section
162(m) Compliance. Unless otherwise permitted in compliance with the requirements of Section
162(m) of the Code with respect to an Award intended to qualify as “performance-based compensation” thereunder, the
Committee shall establish the Performance Goals applicable to, and the formula for calculating the amount payable under, the Award
no later than the earlier of (a) the date ninety (90) days after the commencement of the applicable Performance Period, or (b)
the date on which twenty-five (25%) of the Performance Period has elapsed, and in any event at a time when the achievement of the
applicable Performance Goals remains substantially uncertain. Prior to the payment of any compensation under an Award intended
to qualify as “performance-based compensation” under Section 162(m) of the Code, the Committee shall certify the
extent to which any Performance Goals and any other material terms under such Award have been satisfied (other than in cases where
such relate solely to the increase in the value of the Common Stock). Notwithstanding satisfaction of any completion of any Performance
Goals, to the extent specified at the time of grant of an Award to “covered employees” within the meaning of Section
162(m) of the Code, the number of Shares, Options, cash or other benefits granted, issued, retainable and/or vested under an Award
on account of satisfaction of such Performance Goals may be reduced by the Committee on the basis of such further considerations
as the Committee, in its sole discretion, shall determine.

 

(d)          Other
Stock Awards. Other forms of Stock Awards valued in whole or in part by reference to,
or otherwise based on, Common Stock, including the appreciation in value thereof (e.g., options or stock rights with an exercise
price or strike price less than 100% of the Fair Market Value of the Common Stock at the time of grant) may be granted either alone
or in addition to Stock Awards provided for under Section 5 and the preceding provisions of this Section 6. Subject to the provisions
of the Plan, the Board shall have sole and complete authority to determine the persons to whom and the time or times at which such
Other Stock Awards will be granted, the number of shares of Common Stock (or the cash equivalent thereof) to be granted pursuant
to such Other Stock Awards and all other terms and conditions of such Other Stock Awards.

 

7.          Covenants
of the Company.

 

(a)          Availability
of Shares. During the terms of the Stock Awards, the Company shall keep available at all
times the number of shares of Common Stock reasonably required to satisfy such Stock Awards.

 

(b)          Securities
Law Compliance. The Company shall seek to obtain from each regulatory commission or agency
having jurisdiction over the Plan such authority as may be required to grant Stock Awards and to issue and sell shares of Common
Stock upon exercise of the Stock Awards; provided, however, that this undertaking shall not require the Company to register
under the Securities Act the Plan, any Stock Award or any Common Stock issued or issuable pursuant to any such Stock Award. If,
after reasonable efforts, the Company is unable to obtain from any such regulatory commission or agency the authority that counsel
for the Company deems necessary for the lawful issuance and sale of Common Stock under the Plan, the Company shall be relieved
from any liability for failure to issue and sell Common Stock upon exercise of such Stock Awards unless and until such authority
is obtained. A Participant shall not be eligible for the grant of a Stock Award or the subsequent issuance of Common Stock pursuant
to the Stock Award if such grant or issuance would be in violation of any applicable securities law.

 

(c)          No
Obligation to Notify or Minimize Taxes. The Company shall have no duty or obligation to
any Participant to advise such holder as to the time or manner of exercising such Stock Award. Furthermore, the Company shall have
no duty or obligation to warn or otherwise advise such holder of a pending termination or expiration of a Stock Award or a possible
period in which the Stock Award may not be exercised. The Company has no duty or obligation to minimize the tax consequences of
a Stock Award to the holder of such Stock Award.

 

    	MTBC 2014 Equity Incentive Plan	10	 

    	 

    

 

8.          Miscellaneous.

 

(a)          Use
of Proceeds from Sales of Common Stock. Proceeds from the sale of shares of Common Stock
pursuant to Stock Awards shall constitute general funds of the Company.

 

(b)          Corporate
Action Constituting Grant of Stock Awards. Corporate action constituting a grant by the
Company of a Stock Award to any Participant shall be deemed completed as of the date of such corporate action, unless otherwise
determined by the Board, regardless of when the instrument, certificate, or letter evidencing the Stock Award is communicated to,
or actually received or accepted by, the Participant.

 

(c)          Stockholder
Rights. No Participant shall be deemed to be the holder of, or to have any of the rights
of a holder with respect to, any shares of Common Stock subject to such Stock Award unless and until (i) such Participant has satisfied
all requirements for exercise of the Stock Award pursuant to its terms, if applicable, and (ii) the issuance of the Common Stock
subject to such Stock Award has been entered into the books and records of the Company.

 

(d)          No
Employment or Other Service Rights. Nothing in the Plan, any Stock Award Agreement or
any other instrument executed thereunder or in connection with any Award granted pursuant thereto shall confer upon any Participant
any right to continue to serve the Company or an Affiliate in the capacity in effect at the time the Stock Award was granted or
shall affect the right of the Company or an Affiliate to terminate (i) the employment of an Employee with or without notice and
with or without cause, (ii) the service of a Consultant pursuant to the terms of such Consultant’s agreement with the Company
or an Affiliate, or (iii) the service of a Director pursuant to the Bylaws of the Company or an Affiliate, and any applicable provisions
of the corporate law of the state in which the Company or the Affiliate is incorporated, as the case may be.

 

(e)          Incentive
Stock Option $100,000 Limitation. To the extent that the aggregate Fair Market Value (determined
at the time of grant) of Common Stock with respect to which Incentive Stock Options are exercisable for the first time by any Optionholder
during any calendar year (under all plans of the Company and any Affiliates) exceeds one hundred thousand dollars ($100,000), the
Options or portions thereof that exceed such limit (according to the order in which they were granted) shall be treated as Nonstatutory
Stock Options, notwithstanding any contrary provision of the applicable Option Agreement(s).

 

(f)          Investment
Assurances. The Company may require a Participant, as a condition of exercising or acquiring
Common Stock under any Stock Award, (i) to give written assurances satisfactory to the Company as to the Participant’s knowledge
and experience in financial and business matters and/or to employ a purchaser representative reasonably satisfactory to the Company
who is knowledgeable and experienced in financial and business matters and that he or she is capable of evaluating, alone or together
with the purchaser representative, the merits and risks of exercising the Stock Award; and (ii) to give written assurances satisfactory
to the Company stating that the Participant is acquiring Common Stock subject to the Stock Award for the Participant’s own
account and not with any present intention of selling or otherwise distributing the Common Stock. The foregoing requirements, and
any assurances given pursuant to such requirements, shall be inoperative if (A) the issuance of the shares upon the exercise or
acquisition of Common Stock under the Stock Award has been registered under a then currently effective registration statement under
the Securities Act, or (B) as to any particular requirement, a determination is made by counsel for the Company that such requirement
need not be met in the circumstances under the then applicable securities laws. The Company may, upon advice of counsel to the
Company, place legends on stock certificates issued under the Plan as such counsel deems necessary or appropriate in order to comply
with applicable securities laws, including, but not limited to, legends restricting the transfer of the Common Stock.

 

    	MTBC 2014 Equity Incentive Plan	11	 

    	 

    

 

(g)          Withholding
Obligations. Unless prohibited by the terms of a Stock Award Agreement, the Company may,
in its sole discretion, satisfy any federal, state or local tax withholding obligation relating to an Award by any of the following
means or by a combination of such means: (i) causing the Participant to tender a cash payment; (ii)  withholding shares
of Common Stock from the shares of Common Stock issued or otherwise issuable to the Participant in connection with the Award; provided,
however, that no shares of Common Stock are withheld with a value exceeding the minimum amount of tax required to be withheld
by law (or such lesser amount as may be necessary to avoid classification of the Stock Award as a liability for financial accounting
purposes); (iii) withholding cash from an Award settled in cash; (iv) withholding payment from any amounts otherwise payable to
the Participant; or (v) by such other method as may be set forth in the Award Agreement.

 

(h)          Electronic
Delivery. Any reference herein to a “written” agreement or document shall
include any agreement or document delivered electronically or posted on the Company’s intranet.

 

(i)          Deferrals.
To the extent permitted by applicable law, the Board, in its sole discretion, may determine that the delivery of Common Stock or
the payment of cash, upon the exercise, vesting or settlement of all or a portion of any Award may be deferred and may establish
programs and procedures for deferral elections to be made by Participants. Deferrals by Participants will be made in accordance
with Section 409A of the Code. Consistent with Section 409A of the Code, the Board may provide for distributions while a Participant
is still an employee or otherwise providing services to the Company. The Board is authorized to make deferrals of Awards and determine
when, and in what annual percentages, Participants may receive payments, including lump sum payments, following the Participant’s
termination of Continuous Service, and implement such other terms and conditions consistent with the provisions of the Plan and
in accordance with applicable law.

 

(j)          Compliance
with Section 409A. To the extent that the Board determines that any Award granted hereunder
is subject to Section 409A of the Code, the Award Agreement evidencing such Award shall incorporate the terms and conditions necessary
to avoid the consequences specified in Section 409A(a)(1) of the Code. To the extent applicable, the Plan and Award Agreements
shall be interpreted in accordance with Section 409A of the Code. Notwithstanding anything to the contrary in this Plan (and unless
the Award Agreement specifically provides otherwise), if the Shares are publicly traded and a Participant holding an Award that
constitutes “deferred compensation” under Section 409A of the Code is a “specified employee” for purposes
of Section 409A of the Code, no distribution or payment of any amount shall be made upon a “separation from service”
before a date that is six (6) months following the date of such Participant’s “separation from service” (as defined
in Section 409A of the Code without regard to alternative definitions thereunder) or, if earlier, the date of the Participant’s
death.

 

(k)          Relationship
to other Benefits. No payment pursuant to the Plan shall be taken into account in determining any benefits under any pension,
retirement, savings, profit sharing, group insurance, welfare or other benefit plan of the Company or any Affiliate except to the
extent otherwise expressly provided in writing in such other plan or an agreement thereunder.

 

    	MTBC 2014 Equity Incentive Plan	12	 

    	 

    

 

9.          Adjustments
upon Changes in Common Stock; Other Corporate Events.

 

(a)          Capitalization
Adjustments. In the event of a Capitalization Adjustment, the Board shall appropriately
and proportionately adjust: (i) the class(es) and maximum number of securities subject to the Plan pursuant to Section 3(a), (ii)
the class(es) and maximum number of securities that may be issued pursuant to the exercise of Incentive Stock Options pursuant
to Section 3(c), (iii) the class(es) and maximum number of securities that may be awarded to any person pursuant to Sections 4(c)
and 6(c)(i) , and (iv) the class(es) and number of securities and price per share of stock subject to outstanding Stock Awards.
The Board shall make such adjustments, and its determination shall be final, binding and conclusive.

 

(b)          Dissolution
or Liquidation. Except as otherwise provided in the Stock Award Agreement, in the event
of a dissolution or liquidation of the Company, all outstanding Stock Awards (other than Stock Awards consisting of vested and
outstanding shares of Common Stock not subject to a forfeiture condition or the Company’s right of repurchase) shall terminate
immediately prior to the completion of such dissolution or liquidation, and the shares of Common Stock subject to the Company’s
repurchase rights or subject to a forfeiture condition may be repurchased or reacquired by the Company notwithstanding the fact
that the holder of such Stock Award is providing Continuous Service, provided, however, that the Board may, in its sole
discretion, cause some or all Stock Awards to become fully vested, exercisable and/or no longer subject to repurchase or forfeiture
(to the extent such Stock Awards have not previously expired or terminated) before the dissolution or liquidation is completed
but contingent on its completion.

 

(c)          Corporate
Transaction. The following provisions shall apply to Stock Awards in the event of a Corporate
Transaction unless otherwise provided in the instrument evidencing the Stock Award or any other written agreement between the Company
or any Affiliate and the holder of the Stock Award or unless otherwise expressly provided by the Board at the time of grant of
a Stock Award. In the event of a Corporate Transaction, then, notwithstanding any other provision of the Plan, the Board shall
take one or more of the following actions with respect to Stock Awards, contingent upon the closing or completion of the Corporate
Transaction:

 

(i)          arrange
for the surviving corporation or acquiring corporation (or the surviving or acquiring corporation’s parent company) to assume
or continue the Stock Award or to substitute a similar stock award for the Stock Award (including, but not limited to, an award
to acquire the same consideration paid to the stockholders of the Company pursuant to the Corporate Transaction);

 

(ii)         arrange
for the assignment of any reacquisition or repurchase rights held by the Company in respect of Common Stock issued pursuant to
the Stock Award to the surviving corporation or acquiring corporation (or the surviving or acquiring corporation’s parent
company);

 

(iii)        accelerate
the vesting of the Stock Award (and, if applicable, the time at which the Stock Award may be exercised) to a date prior to the
effective time of such Corporate Transaction as the Board shall determine (or, if the Board shall not determine such a date, to
the date that is five (5) days prior to the effective date of the Corporate Transaction), with such Stock Award terminating if
not exercised (if applicable) at or prior to the effective time of the Corporate Transaction;

 

(iv)        arrange
for the lapse of any reacquisition or repurchase rights held by the Company with respect to the Stock Award;

 

(v)         cancel
or arrange for the cancellation of the Stock Award, to the extent not vested or not exercised prior to the effective time of the
Corporate Transaction, in exchange for such cash consideration, if any, as the Board, in its sole discretion, may consider appropriate;
and

 

(vi)        make
a payment, in such form as may be determined by the Board equal to the excess, if any, of (A) the value of the property the Participant
would have received upon the exercise of the Stock Award, over (B) any exercise price payable by such holder in connection with
such exercise.

 

    	MTBC 2014 Equity Incentive Plan	13	 

    	 

    

 

The Board need not
take the same action or actions with respect to all Stock Awards or portions thereof or with respect to all Participants.

 

(d)          Change
in Control. A Stock Award may be subject to additional acceleration of vesting and exercisability
upon or after a Change in Control as may be provided in the Stock Award Agreement for such Stock Award or as may be provided in
any other written agreement between the Company or any Affiliate and the Participant. In the absence of such provision, one year
acceleration of vesting shall occur.

 

10.         Termination
or Suspension of the Plan.

 

(a)          Plan
Term. The Board may suspend or terminate the Plan at any time. Unless terminated sooner
by the Board, the Plan shall automatically terminate on the day before the tenth (10th) anniversary of the earlier of (i) the date
the Plan is adopted by the Board, or (ii) the date the Plan is approved by the stockholders of the Company. No Awards may be granted
under the Plan while the Plan is suspended or after it is terminated.

 

(b)          No
Impairment of Rights. Suspension or termination of the Plan shall not impair rights and
obligations under any Award granted while the Plan is in effect except with the written consent of the affected Participant.

 

11.         Effective
Date of Plan.

 

This Plan shall become
effective on the Effective Date.

 

12.         Choice
of Law.

 

The law of the State
of Delaware shall govern all questions concerning the construction, validity and interpretation of this Plan, without regard
to that state’s conflict of laws rules.

 

13.         Definitions.
As used in the Plan, the following definitions shall apply to the capitalized terms indicated
below:

 

(a)          “Affiliate”
means, at the time of determination, any “parent” or “subsidiary” of the Company as such terms are defined
in Rule 405 of the Securities Act. The Board shall have the authority to determine the time or times at which “parent”
or “subsidiary” status is determined within the foregoing definition.

 

(b)          “Award”
means a Stock Award or a Performance Cash-Settled Award.

 

(c)          “Award
Agreement” means a written agreement between the Company and a Participant evidencing the terms and conditions of
an Award.

 

(d)          “Board”
means the Board of Directors of the Company.

 

(e)          “Capitalization
Adjustment” means any change that is made in, or other events that occur with respect to, the Common Stock subject
to the Plan or subject to any Stock Award after the Effective Date without the receipt of consideration by the Company through
merger, consolidation, reorganization, recapitalization, reincorporation, stock dividend, dividend in property other than cash,
large nonrecurring cash dividend, stock split, liquidating dividend, combination of shares, exchange of shares, change in corporate
structure or any similar equity restructuring transaction, as that term is used in Statement of Financial Accounting Standards
No. 123 (revised). Notwithstanding the foregoing, the conversion of any convertible securities of the Company shall not be treated
as a Capitalization Adjustment.

 

    	MTBC 2014 Equity Incentive Plan	14	 

    	 

    

 

(f)          
“Cause” shall have the meaning ascribed to such
term in any written agreement between the Participant and the Company defining such term and, in the absence of such agreement,
such term shall mean, with respect to a Participant, the occurrence of any of the following events that has a material negative
impact on the business or reputation of the Company: (i) such Participant’s attempted commission of, or participation in,
a fraud or act of dishonesty against the Company; (ii) such Participant’s intentional, material violation of any contract
or agreement between the Participant and the Company or of any statutory duty owed to the Company; (iii)  such Participant’s
unauthorized use or disclosure of the Company’s confidential information or trade secrets; or (iv) such Participant’s
gross misconduct. The determination that a termination of the Participant’s Continuous Service is either for Cause or without
Cause shall be made by the Company, in its sole discretion. Any determination by the Company that the Continuous Service of a Participant
was terminated with or without Cause for the purposes of outstanding Awards held by such Participant shall have no effect upon
any determination of the rights or obligations of the Company or such Participant for any other purpose.

 

(g)          
“Change in Control” means the occurrence, in a single transaction or in a series of related transactions,
of any one or more of the following events:

 

(i)          any
Exchange Act Person becomes the Owner, directly or indirectly, of securities of the Company representing more than fifty percent
(50%) of the combined voting power of the Company’s then outstanding securities other than by virtue of a merger, consolidation
or similar transaction. Notwithstanding the foregoing, a Change in Control shall not be deemed to occur (A) on account of the acquisition
of securities of the Company directly from the Company, (B) on account of the acquisition of securities of the Company by an investor,
any affiliate thereof or any other Exchange Act Person that acquires the Company’s securities in a transaction or series
of related transactions the primary purpose of which is to obtain financing for the Company through the issuance of equity securities,
or (C) solely because the level of Ownership held by any Exchange Act Person (the “Subject Person”) exceeds
the designated percentage threshold of the outstanding voting securities as a result of a repurchase or other acquisition of voting
securities by the Company reducing the number of shares outstanding, provided that if a Change in Control would occur (but for
the operation of this sentence) as a result of the acquisition of voting securities by the Company, and after such share acquisition,
the Subject Person becomes the Owner of any additional voting securities that, assuming the repurchase or other acquisition had
not occurred, increases the percentage of the then outstanding voting securities Owned by the Subject Person over the designated
percentage threshold, then a Change in Control shall be deemed to occur;

 

(ii)         there
is consummated a merger, consolidation or similar transaction involving (directly or indirectly) the Company and, immediately after
the consummation of such merger, consolidation or similar transaction, the stockholders of the Company immediately prior thereto
do not Own, directly or indirectly, either (A) outstanding voting securities representing more than fifty percent (50%) of the
combined outstanding voting power of the surviving Entity in such merger, consolidation or similar transaction or (B) more than
fifty percent (50%) of the combined outstanding voting power of the parent of the surviving Entity in such merger, consolidation
or similar transaction, in each case in substantially the same proportions as their Ownership of the outstanding voting securities
of the Company immediately prior to such transaction;

 

(iii)        there
is consummated a sale, lease, exclusive license or other disposition of all or substantially all of the consolidated assets of
the Company and its Subsidiaries, other than a sale, lease, license or other disposition of all or substantially all of the consolidated
assets of the Company and its Subsidiaries to an Entity, more than fifty percent (50%) of the combined voting power of the voting
securities of which are Owned by stockholders of the Company in substantially the same proportions as their Ownership of the outstanding
voting securities of the Company immediately prior to such sale, lease, license or other disposition; or

 

    	MTBC 2014 Equity Incentive Plan	15	 

    	 

    

 

(iv)        individuals
who, on the date the Plan is adopted by the Board, are members of the Board (the “Incumbent Board”) cease
for any reason to constitute at least a majority of the members of the Board; provided, however, that if the appointment
or election (or nomination for election) of any new Board member was approved or recommended by a majority vote of the members
of the Incumbent Board then still in office, such new member shall, for purposes of this Plan, be considered as a member of the
Incumbent Board.

 

Notwithstanding the
foregoing or any other provision of this Plan, (A) the term Change in Control shall not include a sale of assets, merger or other
transaction effected exclusively for the purpose of changing the domicile of the Company, and (B) the definition of Change in Control
(or any analogous term) in an individual written agreement between the Company or any Affiliate and the Participant shall supersede
the foregoing definition with respect to Awards subject to such agreement; provided, however, that if no definition of Change
in Control or any analogous term is set forth in such an individual written agreement, the foregoing definition shall apply.

 

(h)          “Code”
means the Internal Revenue Code of 1986, as amended, including any applicable regulations and guidance thereunder.

 

(i)          “Committee”
means a committee of one or more Directors to whom authority has been delegated by the Board in accordance with Section 2(c).

 

(j)          “Common
Stock” means the common stock of the Company.

 

(k)          “Company”
means Medical Transcription Billing, Corp., a Delaware corporation.

 

(l)          “Consultant”
means any person, including an advisor, who is (i) engaged by the Company or an Affiliate to render consulting or advisory services
and is compensated for such services, or (ii) serving as a member of the board of directors of an Affiliate and is compensated
for such services. However, service solely as a Director, or payment of a fee for such service, shall not cause a Director to be
considered a “Consultant” for purposes of the Plan. Notwithstanding the foregoing, a person is treated
as a Consultant under this Plan only if a Form S-8 Registration Statement under the Securities Act is available to register either
the offer or the sale of the Company’s securities to such person.

 

(m)          “Continuous
Service” means that the Participant’s service with the Company or an Affiliate, whether as an Employee, Director
or Consultant, is not interrupted or terminated. A change in the capacity in which the Participant renders service to the Company
or an Affiliate as an Employee, Consultant or Director or a change in the entity for which the Participant renders such service,
provided that there is no interruption or termination of the Participant’s service with the Company or an Affiliate, shall
not terminate a Participant’s Continuous Service ; provided, however, if the Entity for which a Participant is rendering
services ceases to qualify as an Affiliate, as determined by the Board, in its sole discretion, such Participant’s Continuous
Service shall be considered to have terminated on the date such Entity ceases to qualify as an Affiliate. To the extent permitted
by law, the Board or the chief executive officer of the Company, in that party’s sole discretion, may determine whether Continuous
Service shall be considered interrupted in the case of (i) any leave of absence approved by the Board or Chief Executive Officer,
including sick leave, military leave or any other personal leave, or (ii) transfers between the Company, an Affiliate, or their
successors. Notwithstanding the foregoing, a leave of absence shall be treated as Continuous Service for purposes of vesting in
a Stock Award only to such extent as may be provided in the Company’s leave of absence policy, in the written terms of any
leave of absence agreement or policy applicable to the Participant, or as otherwise required by law.

 

    	MTBC 2014 Equity Incentive Plan	16	 

    	 

    

 

(n)          “Corporate
Transaction” means the occurrence, in a single transaction or in a series of related transactions, of any one or
more of the following events:

 

(i)          the
consummation of a sale or other disposition of all or substantially all, as determined by the Board, in its sole discretion,
of the consolidated assets of the Company and its Subsidiaries;

 

(ii)         the
consummation of a sale or other disposition of at least ninety percent (90%) of the outstanding securities of the Company;

 

(iii)        the
consummation of a merger, consolidation or similar transaction following which the Company is not the surviving corporation; or

 

(iv)        the
consummation of a merger, consolidation or similar transaction following which the Company is the surviving corporation but the
shares of Common Stock outstanding immediately preceding the merger, consolidation or similar transaction are converted or exchanged
by virtue of the merger, consolidation or similar transaction into other property, whether in the form of securities, cash or otherwise.

 

(o)          “Covered
Employee” shall have the meaning provided in Section 162(m)(3) of the Code.

 

(p)          “Director”
means a member of the Board.

 

(q)          “Disability”
means, with respect to a Participant, the inability of such Participant to engage in any substantial gainful activity by reason
of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted or can
be expected to last for a continuous period of not less than twelve (12) months, as provided in Sections 22(e)(3) and 409A(a)(2)(c)(i)
of the Code, and shall be determined by the Board on the basis of such medical evidence as the Board deems warranted under the
circumstances.

 

(r)          
“Effective Date” means the effective date of this Plan document, which is the date the stockholders of
the Company approved this Plan.

 

(s)          “Employee”
means any person employed by the Company or an Affiliate. However, service solely as a Director, or payment of a fee for such services,
shall not cause a Director to be considered an “Employee” for purposes of the Plan.

 

(t)          “Entity”
means a corporation, partnership, limited liability company or other entity.

 

(u)          “Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

(v)         “Exchange
Act Person” means any natural person, Entity or “group” (within the meaning of Section
13(d) or 14(d) of the Exchange Act), except that “Exchange Act Person” shall not include (i) the Company or any Subsidiary
of the Company, (ii) any employee benefit plan of the Company or any Subsidiary of the Company or any trustee or other fiduciary
holding securities under an employee benefit plan of the Company or any Subsidiary of the Company, (iii) an underwriter temporarily
holding securities pursuant to a registered public offering of such securities, (iv) an Entity Owned, directly or indirectly, by
the stockholders of the Company in substantially the same proportions as their Ownership of stock of the Company; or (v) any natural
person, Entity or “group” (within the meaning of Section 13(d) or 14(d) of the Exchange Act) that, as of the Effective
Date, is the Owner, directly or indirectly, of securities of the Company representing more than fifty percent (50%) of the combined
voting power of the Company’s then outstanding securities.

 

    	MTBC 2014 Equity Incentive Plan	17	 

    	 

    

 

(w)          “Fair
Market Value” means, as of any date, the value of the Common Stock determined as follows:

 

(i)          If
the Common Stock is listed on any established stock exchange or traded on any established market, the Fair Market Value of a share
of Common Stock shall be the closing sales price for such stock as quoted on such exchange or market (or the exchange or market
with the greatest volume of trading in the Common Stock) on the date of determination, as reported in a source the Board deems
reliable.

 

(ii)         Unless
otherwise provided by the Board, if there is no closing sales price for the Common Stock on the date of determination, then the
Fair Market Value shall be the closing selling price on the last preceding date for which such quotation exists.

 

(iii)        In
the absence of such markets for the Common Stock, the Fair Market Value shall be determined by the Board in good faith and in a
manner that complies with Sections 409A and 422 of the Code.

 

(x)          “Incentive
Stock Option” means an option granted pursuant to Section 5 of the Plan that is intended to be, and qualifies as,
an “incentive stock option” within the meaning of Section 422 of the Code.

 

(y)          “Non-Employee
Director” means a Director who either (i) is not a current employee or officer of the Company or an Affiliate,
does not receive compensation, either directly or indirectly, from the Company or an Affiliate for services rendered as a consultant
or in any capacity other than as a Director (except for an amount as to which disclosure would not be required under Item 404(a)
of Regulation S-K promulgated pursuant to the Securities Act (“Regulation S-K”)), does not possess an
interest in any other transaction for which disclosure would be required under Item 404(a) of Regulation S-K, and is not engaged
in a business relationship for which disclosure would be required pursuant to Item 404(b) of Regulation S-K; or (ii) is otherwise
considered a “non-employee director” for purposes of Rule 16b-3.

 

(z)          “Nonstatutory
Stock Option” means any option granted pursuant to Section 5 of the Plan that does not qualify as an Incentive Stock
Option.

 

(aa)         “Officer”
means a person who is an officer of the Company within the meaning of Section 16 of the Exchange Act.

 

(bb)         “Option”
means an Incentive Stock Option or a Nonstatutory Stock Option to purchase shares of Common Stock granted pursuant to the Plan.

 

(cc)         “Option
Agreement” means a written agreement between the Company and an Optionholder evidencing the terms and conditions
of an Option grant. Each Option Agreement shall be subject to the terms and conditions of the Plan.

 

    	MTBC 2014 Equity Incentive Plan	18	 

    	 

    

 

(dd)         “Optionholder”
means a person to whom an Option is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding
Option.

 

(ee)         “Other
Stock Award” means an award based in whole or in part by reference to the Common Stock which is granted pursuant
to the terms and conditions of Section 6(d).

 

(ff)         “Other
Stock Award Agreement” means a written agreement between the Company and a holder of an Other Stock
Award evidencing the terms and conditions of an Other Stock Award grant. Each Other Stock Award Agreement shall be subject to the
terms and conditions of the Plan.

 

(gg)         “Outside
Director” means a Director who either (i) is not a current employee of the Company or an “affiliated corporation”
(within the meaning of Treasury Regulations promulgated under Section 162(m) of the Code), is not a former employee of the Company
or an “affiliated corporation” who receives compensation for prior services (other than benefits under a tax-qualified
retirement plan) during the taxable year, has not been an officer of the Company or an “affiliated corporation,” and
does not receive remuneration from the Company or an “affiliated corporation,” either directly or indirectly, in any
capacity other than as a Director, or (ii) is otherwise considered an “outside director” for purposes of Section 162(m)
of the Code.

 

(hh)         “Own,”
“Owned,” “Owner,” “Ownership”
A person or Entity shall be deemed to “Own,” to have “Owned,” to be the “Owner” of, or
to have acquired “Ownership” of securities if such person or Entity, directly or indirectly, through any contract,
arrangement, understanding, relationship or otherwise, has or shares voting power, which includes the power to vote or to direct
the voting, with respect to such securities.

 

(ii)         “Participant”
means a person to whom an Award is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding Stock
Award.

 

(jj)         “Performance
Cash-Settled Award” means an award of cash granted pursuant to the terms and conditions of Section 6(c)(ii).

 

(kk)         “Performance
Criteria” means the one or more criteria that the Board shall select for purposes of establishing the Performance
Goals for a Performance Period. The Performance Criteria that shall be used to establish such Performance Goals may be based on
any one of, or combination of, the following as determined by the Board: (i) earnings (including earnings per share and net earnings);
(ii) earnings before interest, taxes and depreciation; (iii) earnings before interest, taxes, depreciation and amortization; (iv)
total stockholder return; (v) return on equity or average stockholder’s equity; (vi) return on assets, investment, or capital
employed; (vii) stock price; (viii) margin (including gross margin); (ix) income (before or after taxes); (x) operating income;
(xi) operating income after taxes; (xii) pre-tax profit; (xiii) operating cash flow; (xiv) sales or revenue targets; (xv) increases
in revenue or product revenue; (xvi) expenses and cost reduction goals; (xvii) improvement in or attainment of working capital
levels; (xiii) economic value added (or an equivalent metric); (xix) market share; (xx) cash flow; (xxi) cash flow per share; (xxii)
share price performance; (xxiii) debt reduction; (xxiv) implementation or completion of projects or processes; (xxv) customer satisfaction;
(xxvi) stockholders’ equity; (xxvii) capital expenditures; (xxiii) debt levels; (xxix) operating profit or net operating
profit; (xxx) workforce diversity; (xxxi) growth of net income or operating income; (xxxii) billings; and (xxxiii) to the extent
that an Award is not intended to comply with Section 162(m) of the Code, other measures of performance selected by the Board.

 

    	MTBC 2014 Equity Incentive Plan	19	 

    	 

    

 

(ll)         “Performance
Goals” means, for a Performance Period, the one or more goals established by the Board for the Performance Period
based upon the Performance Criteria. Performance Goals may be based on a Company-wide basis, with respect to one or more business
units, divisions, Affiliates, or business segments, and in either absolute terms or relative to the performance of one or more
comparable companies or the performance of one or more relevant indices. Unless specified otherwise by the Board (i) in the Award
Agreement at the time the Award is granted or (ii) in such other document setting forth the Performance Goals at the time the Performance
Goals are established, the Board shall appropriately make adjustments in the method of calculating the attainment of Performance
Goals for a Performance Period as follows: (1) to exclude restructuring and/or other nonrecurring charges; (2) to exclude exchange
rate effects, as applicable, for non-U.S. dollar denominated Performance Goals; (3) to exclude the effects of changes to generally
accepted accounting principles; (4) to exclude the effects of any statutory adjustments to corporate tax rates; and (5) to exclude
the effects of any “extraordinary items” as determined under generally accepted accounting principles. In addition,
the Board retains the discretion to reduce or eliminate the compensation or economic benefit due upon attainment of Performance
Goals and to define the manner of calculating the Performance Criteria it selects to use for such Performance Period. Partial achievement
of the specified criteria may result in the payment or vesting corresponding to the degree of achievement as specified in the Stock
Award Agreement or the written terms of a Performance Cash-Settled Award.

 

(mm)         “Performance
Period” means the period of time selected by the Board over which the attainment of one or more Performance Goals
will be measured for the purpose of determining a Participant’s right to and the payment of a Stock Award or a Performance
Cash-Settled Award. Performance Periods may be of varying and overlapping duration, at the sole discretion of the Board.

 

(nn)         “Performance
Stock Award” means a Stock Award granted under the terms and conditions of Section 6(c)(i).

 

(oo)         “Plan”
means this  2014 Equity Incentive Plan.

 

(pp)         “Restricted
Stock Award” means an award of shares of Common Stock which is granted pursuant to the terms and conditions of Section
6(a).

 

(qq)         “Restricted
Stock Award Agreement” means a written agreement between the Company and a holder of a Restricted Stock Award evidencing
the terms and conditions of a Restricted Stock Award grant. Each Restricted Stock Award Agreement shall be subject to the terms
and conditions of the Plan.

 

(rr)         “Restricted
Stock Unit Award” means a right to receive shares of Common Stock which is granted pursuant to the
terms and conditions of Section 6(b).

 

(ss)         “Restricted
Stock Unit Award Agreement” means a written agreement between the Company and a holder of a Restricted
Stock Unit Award evidencing the terms and conditions of a Restricted Stock Unit Award grant. Each Restricted Stock Unit Award Agreement
shall be subject to the terms and conditions of the Plan.

 

(tt)         “Rule
16b-3” means Rule 16b-3 promulgated under the Exchange Act or any successor to Rule 16b-3, as in effect from time
to time.

 

(uu)         “Securities
Act” means the Securities Act of 1933, as amended.

 

    	MTBC 2014 Equity Incentive Plan	20	 

    	 

    

 

(vv)         “Stock
Appreciation Right” or “SAR” means a right to receive the appreciation on
Common Stock that is granted pursuant to the terms and conditions of Section 5.

 

(ww)         “Stock
Appreciation Right Agreement” means a written agreement between the Company and a holder of a Stock Appreciation
Right evidencing the terms and conditions of a Stock Appreciation Right grant. Each Stock Appreciation Right Agreement shall be
subject to the terms and conditions of the Plan.

 

(xx)        “Stock
Award” means any right to receive Common Stock granted under the Plan, including an Incentive Stock Option, a Nonstatutory
Stock Option, a Restricted Stock Award, a Restricted Stock Unit Award, a Stock Appreciation Right, a Performance Stock Award or
any Other Stock Award.

 

(yy)         “Stock
Award Agreement” means a written agreement between the Company and a Participant evidencing the terms and conditions
of a Stock Award grant. Each Stock Award Agreement shall be subject to the terms and conditions of the Plan.

 

(zz)         “Subsidiary”
means, with respect to the Company, (i) any corporation of which more than fifty percent (50%) of the outstanding capital stock
having ordinary voting power to elect a majority of the board of directors of such corporation (irrespective of whether, at the
time, stock of any other class or classes of such corporation shall have or might have voting power by reason of the happening
of any contingency) is at the time, directly or indirectly, Owned by the Company, and (ii) any partnership, limited liability company
or other entity in which the Company has a direct or indirect interest (whether in the form of voting or participation in profits
or capital contribution) of more than fifty percent (50%).

 

(aaa)        “Ten
Percent Stockholder” means a person who Owns (or is deemed to Own pursuant to Section 424(d) of the Code) stock possessing
more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or any Affiliate.

 

    	MTBC 2014 Equity Incentive Plan	21Exhibit 10.3

 

 

 Medical transcription billing, corp.

 

Restricted
STOCK UNIT Award Agreement

 

THIS MEDICAL TRANSCRIPTION
BILLING, CORP. Restricted STOCK UNIT Award Agreement (this “Agreement”)
is made as of the ____ day of ________, 2014, between Medical Transcription Billing, Corp., Delaware (the “Company”),
and [EXECUTIVE NAME], an employee of the Company (the “Executive”).

 

Pursuant to and under
the terms of the Medical Transcription Billing, Corp. 2014 Equity Incentive Plan (the “Plan”), the Company hereby grants
Restricted Stock Units (“RSUs”) to the Executive pursuant to which the Executive may acquire shares of Common Stock
of the Company (the “Common Shares”) on the following terms and conditions. Capitalized terms used but not defined
in this Agreement shall have the respective meaning set forth in the Plan.

 

1.           GRANT
OF RESTRICTED STOCK UNITS. The Company hereby grants to the Executive [NUMBER] RSUs.

 

2.           RESTRICTED
STOCK UNITS. 

 

(a)          Pursuant
to the provisions of Section 1, above, the Company has granted to the Executive as a separate incentive in connection with his
employment and not in lieu of any salary or other compensation for his services, an award of that number of RSUs (as set forth
in Section 1, above) on the date hereof, subject to all of the terms and conditions in this Agreement and the Plan. Each grant
of RSUs grants to the Executive the right to receive Common Shares (at the rate of one Common Share for each RSU) pursuant to the
vesting schedule set forth in Section 4, hereunder.

 

(b)          Until
vested, the RSUs, although registered in the name of the Executive, shall be held by the Company as Escrow Agent. The Executive
hereby appoints the Company, as Escrow Agent, with full power of substitution, as the Executive’s true and lawful attorney-in-fact
with irrevocable power and authority in the name and on behalf of the Executive to take any action and execute all documents and
instruments, including, without limitation, stock powers which may be necessary to transfer the certificate or certificates evidencing
the forfeiture of shares to the Company upon the termination of employment pursuant to the terms of the Plan and this Agreement.

 

(c)          Subject
to Section 9 hereunder, the Common Shares shall be distributed to the Executive as soon as administratively possible following
the Vesting Dates (as hereinafter defined) of each tranche of the RSUs awarded hereunder (the “Distribution Date” or
“Distribution Dates”).

 

3.           Dividend
Equivalents. Whenever dividends are paid or distributed with respect to the Common Shares, the Executive shall
be entitled to receive notional dividend equivalents (the “Dividend Equivalents”) until the Vesting Date of each corresponding
RSUs, in an amount equal in value to the amount of the dividend or property distributed on a single Common Share, multiplied by
the number of RSUs granted. Payment of the notional dividend equivalents paid on Common Shares will be withheld by the Company
and shall be delivered to the Executive as of the Distribution Date of such Common Shares.

 

    	1

    	 

    

 

4.           VESTING.
 Except as provided in Section 5 hereof, if the Executive remains in the active employ of the Company or of any subsidiary,
one-third (1/3) of the RSUs granted hereunder shall vest on [DATE], and one-half (1/2) of the remaining RSUs granted hereunder
shall vest on [DATE], and the remaining RSUs granted hereunder shall vest on [DATE]. The date on which any tranche of RSUs granted
here under vests shall be referred to herein as the “Vesting Date.”

 

5.           TERMINATION
OF EMPLOYMENT; SERVICE/CHANGE IN CONTROL.

 

(a) Termination
of Employment. Upon the Executive’s termination of employment with, or service to, the Company or a subsidiary of the
Company prior to the Vesting Date of the RSUs, the RSUs shall be subject to the terms and conditions set forth below:

 

(i) In the event Executive’s
employment or service with the Company or any subsidiary terminates by reason of: (A) the Executive’s Retirement (as hereafter
defined); (B) the Executive’s Disability (as hereafter defined); (C) the termination of the Executive’s employment
by the Company or a subsidiary of the Company in the absence of Cause (an “Involuntary Termination Without Cause”);
or (D) the Executive’s voluntary termination of Employment for Good Reason (as hereafter defined) (a “Good Reason Termination”),
the RSUs shall immediately vest in an amount that would otherwise vest under Section 4 hereof had the Executive remained in the
employ of the Company or of any subsidiary until the date that is one (1) year following the termination date of the Executive’s
employment.

 

(ii)
In the event the Executive’s employment or service is terminated other than on account of: (A) the Executive’s Disability,
(B) the Executive’s Retirement, (C) an Involuntary Termination Without Cause or (D) a Good Reason Termination, all RSUs granted
hereunder shall be forfeited immediately, and none shall ever been deemed to have vested. 

 

(b)
Change in Control of the Company. Upon the date of a Change in Control (as hereinafter defined) of the Company, all unvested
RSUs shall automatically and immediately vest, and all vested RSUs shall automatically be converted to restricted Common Shares
(the “Restricted Shares”), at the rate of one Common Share per RSU, that will be distributed to the Executive within
30 days of such Change in Control of the Company. 

 

6.           DEFINITIONS.

 

(a)
For purposes of this Agreement, the capitalized terms used herein and not otherwise defined shall have the meanings set forth in
the Plan and set forth below: 

 

(i)
“Cause” shall have the meaning ascribed to such term in any written agreement between the Executive and the
Company defining such term and, in the absence of such agreement, such term shall mean, with respect to the Executive, the occurrence
of any of the following events that has a material negative impact on the business or reputation of the Company: (i) such Executive’s
attempted commission of, or participation in, a fraud or act of dishonesty against the Company; (ii) such Executive’s intentional,
material violation of any contract or agreement between the Executive and the Company or of any statutory duty owed to the Company;
(iii) such Executive’s unauthorized use or disclosure of the Company’s confidential information or trade secrets; or
(iv) such Executive’s gross misconduct. The determination that a termination of the Executive’s Continuous Service
is either for Cause or without Cause shall be made by the Company, in its sole discretion. Any determination by the Company that
the Continuous Service of the Executive was terminated with or without Cause for the purposes of outstanding Restricted Stock Unit
Awards held by the Executive shall have no effect upon any determination of the rights or obligations of the Company or the Executive
for any other purpose.

 

    	2

    	 

    

 

(ii)
“Change in Control” means the occurrence, in a single transaction or in a series of related transactions, of
any one or more of the following events:

 

1.
any Exchange Act Person becomes the Owner, directly or indirectly, of securities of the Company representing more than fifty percent
(50%) of the combined voting power of the Company’s then outstanding securities other than by virtue of a merger, consolidation
or similar transaction. Notwithstanding the foregoing, a Change in Control shall not be deemed to occur (A) on account of the acquisition
of securities of the Company directly from the Company, (B) on account of the acquisition of securities of the Company by an investor,
any affiliate thereof or any other Exchange Act Person that acquires the Company’s securities in a transaction or series
of related transactions the primary purpose of which is to obtain financing for the Company through the issuance of equity securities,
or (C) solely because the level of Ownership held by any Exchange Act Person (the “Subject Person”) exceeds the designated
percentage threshold of the outstanding voting securities as a result of a repurchase or other acquisition of voting securities
by the Company reducing the number of shares outstanding, provided that if a Change in Control would occur (but for the operation
of this sentence) as a result of the acquisition of voting securities by the Company, and after such share acquisition, the Subject
Person becomes the Owner of any additional voting securities that, assuming the repurchase or other acquisition had not occurred,
increases the percentage of the then outstanding voting securities Owned by the Subject Person over the designated percentage threshold,
then a Change in Control shall be deemed to occur;

 

2.
there is consummated a merger, consolidation or similar transaction involving (directly or indirectly) the Company and, immediately
after the consummation of such merger, consolidation or similar transaction, the stockholders of the Company immediately prior
thereto do not Own, directly or indirectly, either (A) outstanding voting securities representing more than fifty percent (50%)
of the combined outstanding voting power of the surviving Entity in such merger, consolidation or similar transaction or (B) more
than fifty percent (50%) of the combined outstanding voting power of the parent of the surviving Entity in such merger, consolidation
or similar transaction, in each case in substantially the same proportions as their Ownership of the outstanding voting securities
of the Company immediately prior to such transaction;

 

3.
there is consummated a sale, lease, exclusive license or other disposition of all or substantially all of the consolidated assets
of the Company and its Subsidiaries, other than a sale, lease, license or other disposition of all or substantially all of the
consolidated assets of the Company and its Subsidiaries to an Entity, more than fifty percent (50%) of the combined voting power
of the voting securities of which are Owned by stockholders of the Company in substantially the same proportions as their Ownership
of the outstanding voting securities of the Company immediately prior to such sale, lease, license or other disposition; or

 

    	3

    	 

    

 

4.
individuals who, on the date the Plan is adopted by the Board, are members of the Board (the “Incumbent Board”) cease
for any reason to constitute at least a majority of the members of the Board; provided, however, that if the appointment or election
(or nomination for election) of any new Board member was approved or recommended by a majority vote of the members of the Incumbent
Board then still in office, such new member shall, for purposes of this Plan, be considered as a member of the Incumbent Board.

 

Notwithstanding
the foregoing or any other provision of this Plan, (A) the term Change in Control shall not include a sale of assets, merger or
other transaction effected exclusively for the purpose of changing the domicile of the Company, and (B) the definition of Change
in Control (or any analogous term) in an individual written agreement between the Company or any Affiliate and the Executive shall
supersede the foregoing definition with respect to Restricted Stock Unit Awards subject to such agreement; provided, however, that
if no definition of Change in Control or any analogous term is set forth in such an individual written agreement, the foregoing
definition shall apply.

 

(iii)
“Detrimental Activity” shall mean (A) the failure to comply with the terms of this Agreement or the Plan; (B)
the failure to comply with any post-termination provision set forth in an employment agreement or other agreement as to terms of
employment; (C) the commission of any act for which either criminal or civil penalties may be sought; (D) the willful violation
of any of the Company’s written policies; (E) engaging in any activity which is in violation of any of the provisions of
Section 10 hereof. 

 

(iv)
“Disability” means, with respect to the Executive, the inability to engage in any substantial gainful activity
by reason of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted
or can be expected to last for a continuous period of not less than twelve (12) months, as provided in Sections 22(e)(3) and 409A(a)(2)(c)(i)
of the Code, and shall be determined by the Board on the basis of such medical evidence as the Board deems warranted under the
circumstances..

 

(v)
“Good Reason” means resignation or other termination of employment or other services to the Company within ninety
(90) days following (A) a material breach by Company of the terms and provisions of any written agreement between the Company and
Executive (which the Company fails to cure within ten (10) days after written notice thereof from Executive), (B) a material diminution
of the authority or responsibility of Executive, or (iii) an involuntary relocation of where Executive performs his principal duties
hereunder to a new location that increases Executive’s commute by more than fifty (50) miles (crow’s miles) beyond
his commute at the time of the grant of the RSUs.

 

(viii) “Retirement”
shall mean where the Executive’s employment or service terminates by reason of Executive’s retirement and such retirement
or cessation of services occurs after Executive has attained the age of 65 and has completed at least 10 years of service as an
employee of the Company and/or a subsidiary of the Company.

 

    	4

    	 

    

 

7.          Nontransferability.
The RSUs granted pursuant to this Agreement may not be given, granted, sold, exchanged, transferred, pledged, assigned or otherwise
encumbered or disposed of by the Executive, excepting by will or the laws of descent and distribution.

 

8.          No
Rights Other Than Those Expressly Created. Neither this Agreement, the grant of RSUs, nor any action
taken hereunder shall be construed as (i) giving the Executive any right to be retained in the service of, or continue to be affiliated
with, the Company or any subsidiary, (ii) giving the Executive any interest of any kind in any assets of the Company or any subsidiary
or (iii) creating a trust of any kind or a fiduciary relationship of any kind between the Executive and the Company or any subsidiary.

 

9.          Compliance
with Laws.

 

(a)          Tax
Matters.

 

(i)          In
order to comply with all applicable federal, state and local tax laws or regulations, the Company may take such actions as it deems
appropriate to ensure that all applicable federal, state and local payroll, withholding, income or other taxes are withheld or
collected from the Executive.

 

(ii)         In
accordance with the terms of the Plan, and such rules as may be adopted by the Board under the Plan, the Executive may elect to
satisfy the Executive’s federal, state and local tax withholding obligations arising from the receipt of Common Shares, by
(A) delivering cash, check or money order payable to the Company, or (B) having the Company withhold a portion of the Common Shares
otherwise to be delivered having a Fair Market Value equal to the amount of such taxes. The Company will not deliver any fractional
Common Shares but will instead round down to the next full number the amount of Common Shares to be delivered. The Executive’s
election must be made on or before the date that any such withholding obligation with respect to the Common Shares arises. If the
Executive fails to timely make such an election, the Company shall have the right to withhold a portion of the Common Shares otherwise
to be delivered having a Fair Market Value equal to the amount of such taxes.

 

(b)          
Securities Law Compliance. Upon distribution of Common Shares related to RSUs granted hereunder, the Executive shall make
such representations and furnish such information as may, in the opinion of counsel for the Company, be appropriate to permit the
Company to issue or reissue Common Shares in compliance with the provisions of applicable federal or state securities laws. The
Company, in its discretion, may postpone the issuance and reissuance of Common Shares until completion of such registration or
other qualification of such shares under any Federal or state laws, or stock exchange listing, as the Company may consider appropriate.
In addition, the Company may require that prior to the issuance or reissuance of Common Shares, the Executive enter into a written
agreement to comply with any restrictions on subsequent disposition that the Company deems necessary or advisable under any applicable
federal and state securities laws.

 

(c)          General.
No Common Shares shall be issued or Dividend Equivalents distributed upon vesting of RSUs granted hereunder unless and until the
Company is satisfied, in its sole discretion, that there has been compliance with all legal requirements applicable to the issuance
of such Common Shares and/or distribution of such Dividend Equivalents.

 

    	5

    	 

    

 

10.         CERTAIN
RESTRICTIONS. Executive covenants and agrees to abide by and comply with the terms and provisions of any written agreement
with the Company including without limitation any agreement not to disclose confidential information, any agreement not to solicit
customers, any agreement to assign intellectual property to the Company, any agreement not to compete with the Company, and any
other written agreement, and to abide by and comply with any written policy of the Company.

 

11.         COMPLIANCE
WITH SECTION 409A OF THE CODE.

 

(a)          This
Agreement is intended to comply with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”).
Payments of Non-Qualified Deferred Compensation (as such term is defined under Code Section 409A (“Section 409A”) and
the regulations promulgated thereunder) may only be made under this Agreement upon an event and in a manner permitted by Section
409A. Any amounts payable solely on account of an involuntary separation from service of the Executive within the meaning of Section
409A shall be excludible from the requirements of Section 409A, either as involuntary separation pay or as short-term deferral
amounts, to the maximum possible extent. For purposes of Section 409A, the right to a series of installment payments under this
Agreement shall be treated as a right to a series of separate payments.

 

(b)          To
the extent required by Section 409A, and notwithstanding any other provision of this Agreement to the contrary, no payment of Non-Qualified
Deferred Compensation will be provided to, or with respect to, the Executive on account of his separation from service until the
first to occur of (i) the date of the Executive’s death or (ii) the date which is one day after the six (6) month anniversary
of his separation from service, but in either case only if he is a “specified employee” (as defined under Section 409A(a)(2)(B)(i)
of the Code and the regulations promulgated thereunder) in the year of his separation from service. Any payment that is delayed
pursuant to the provisions of the immediately preceding sentence shall instead be paid in a lump sum promptly following the first
to occur of the two dates specified in such immediately preceding sentence.

 

(c)          Any
payment of Non-Qualified Deferred Compensation made pursuant to a voluntary or involuntary termination of the Executive’s
employment with the Company shall be withheld until the Executive incurs both (i) a termination of his employment relationship
with the Company and (ii) a “separation from service” with the Company, as such term is defined in Treas. Reg. Section
1.409A-1(h).

 

(d)          If
the Executive is permitted to elect to defer the receipt of Common Shares which are treated as Non-Qualified Deferred Compensation,
such election shall be made in accordance with the requirements of Code Section 409A. Each initial deferral election (an "Initial
Deferral Election") must be received by the Board prior to the following dates or will have no effect whatsoever:

 

    	6

    	 

    

 

(i)          Except
as otherwise provided below, the December 31 immediately preceding the year in which the compensation is earned;

 

(ii)         With
respect to any annual or long-term incentive pay which qualifies as "performance-based compensation" within the meaning
of Code Section 409A, by the date six (6) months prior to the end of the performance measurement period applicable to
such incentive pay provided such additional requirements set forth in Code Section 409A are met;

 

(iii)        With
respect to "fiscal year compensation" as defined under Code Section 409A, by the last day of the Company's fiscal
year immediately preceding the year in which the fiscal year compensation is earned; or

 

(iv)        With
respect to mid-year awards or other legally binding rights to a payment of compensation in a subsequent year that is subject to
a forfeiture condition requiring the Executive continued service for a period of at least twelve (12) months, on or before
the thirtieth (30th) day following the grant of such award, provided that the election is made at least twelve (12) months
in advance of the earliest date at which the forfeiture condition could lapse.

 

The
Board may, in its sole discretion, permit the Executive to submit additional deferral elections in order to delay, but not to accelerate,
a payment, or to change the form of payment of an amount of deferred compensation (a "Subsequent Deferral Election"),
if, and only if, the following conditions are satisfied: (i) the Subsequent Deferral Election must not take effect until 12 months
after the date on which it is made, (ii) in the case of a payment other than a payment attributable to the Executive’s
death, disability or an unforeseeable emergency (all within the meaning of Section 409A of the Code) the Subsequent Deferral
Election further defers the payment for a period of not less than five years from the date such payment would otherwise have been
made and (iii) the Subsequent Deferral Election is received by the Company at least 12 months prior to the date the payment
would otherwise have been made. In addition, the Executive may be further permitted to revise the form of payment he has elected,
or the number of installments elected, provided that such revisions comply with the requirements of a Subsequent Deferral Election. 

 

(e)          The
preceding provisions of this Section 12 shall not be construed as a guarantee by the Company of any particular tax effect to the
Executive under this Agreement. The Company shall not be liable to the Executive for any additional tax, penalty or interest imposed
under Section 409A nor for reporting in good faith any payment made under this Agreement as an amount includible in gross income
under Section 409A.

 

11.         MISCELLANEOUS
PROVISIONS. 

 

(a)          Except
as herein otherwise expressly provided, this Agreement shall be binding upon and inure to the benefit of the parties hereto, their
legal representatives, successors and assigns.

 

(b)          In
the event of any conflict between the Plan and this Agreement, the terms of the Plan shall take precedence. A provision set forth
herein which is not addressed by the Plan shall be given effect to except to the extent to which it is in conflict with the Plan.

 

    	7

    	 

    

 

(c)          This
Agreement shall be governed by and construed in accordance with the laws of the State of Delaware without regard to its principles
of conflicts of laws.

 

(d)          This
Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures
thereto and hereto were upon the same instrument.

 

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

 

	 	MEDICAL TRANSCRIPTION BILLING, CORP.
	 	 	 
	 	By:	 
	 	 	 
	 	Name: 	 
	 	 	 
	 	Title: 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 	, Executive

 

    	8

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