Document:

Exhibit 10.9

 

AAMD LLC

9832 Laurel Valley Dr

Windermere FL 34786

 

 

 

March 26, 2014

 

 

Mahmud Haq

CEO and Chairman of the Board of Directors

Medical Transcription Billing, Corp.

7 Clyde Road

Somerset, NJ 08873

 

Dear Sir,

 

This letter confirms that AAMD LLC, a Delaware limited liability
corporation, located at 9832 Laurel Valley Drive, Windermere FL 34786, has the ability and intent to provide financial support,
in the form of purchasing stock, convertible notes, or some other instrument, at an interest rate determined by AAMD, of up to
$1.2 million, if and as needed to enable MTBC to continue as a going concern until the earlier of May 31, 2015 or when MTBC notifies
AAMD that it no longer needs the support.

 

 

 

Sincerely,

 

/s/ Ronald Davis

Ronald Davis

 

Cc: Deloitte LLPExhibit 10.10

 

 

 April 2, 2014

 

 

Board of Directors

Medical Transcription Billing, Corp.

7 Clyde Road

Somerset, NJ 08873

 

Dear Sir,

 

This letter confirms that I have the ability and intent to provide
financial support, if and as needed to enable Medical Transcription Billing, Corp. (the “Company”) to continue as a
going concern until the earlier of May 31, 2015 or when the Company needs the support.

 

 

 

Sincerely,

 

/s/ Mahmud Haq

Mahmud Haq

 

Cc: Deloitte LLPExhibit 10.11

 

PROMISSORY NOTE

 

$1,225,000.00

As of July
1, 2013

 

			FOR VALUE RECEIVED, Medical Transcription Billing, Corp., a Delaware corporation, 7
Clyde Road, Somerset, New Jersey 08873 (“Payor”), promises to pay to Metro Medical Management Services, Inc.,
a New York corporation, 110 East 23rd Street, #600, New York, New York, 10010 (“Payee”), the sum of One
Million Two Hundred Twenty-Five Thousand and 00/100 Dollars ($1,225,000.00), plus interest at the rate of five percent (5%) per
annum and payable as follows: Principal and interest shall be paid in accordance with the provisions of the Asset Purchase Agreement,
which is hereby incorporated by reference, in twenty-four (24) consecutive monthly payments beginning on September 1, 2013.

 

PAYMENT. Each payment shall be payable
in lawful money of the United States. Payments shall be applied first to interest and then the balance to principal. Payments shall
be made on or before the due dates at 599 McDonough Street, Brooklyn, New York 11233

or such other place as the Payee may designate
from time to time in writing.

 

MANNER OF PAYMENT. All amounts payable
hereunder shall be payable to Lender via overnight delivery at the address referred to above.

 

PREPAYMENT. Payor shall have the
right to prepay this Note in full or in part at any time without penalty.

 

ASSET PURCHASE AGREEMENT. This Note
is given pursuant to an Asset Purchase Agreement entered into by Lender and Borrower on or about June 26, 2013. Borrower shall
not have the right of setoff with respect to Borrower’s obligations hereunder for any reason whatsoever except as the parties
may hereafter mutually agree.

 

DEFAULT. The occurrence of any one
or more of the following shall constitute an event of default as the term is used herein:

 

(a)          default
in the payment of interest or principal herein when the same are due; or

 

(b)          the
Payor becomes bankrupt or admits in writing inability to pay debts as they mature, or makes an assignment for the benefit of creditors,
or consents to the appointment of a trustee or receiver; or

 

(c)          a
trustee or receiver is appointed for the Payor or for all or part of the Payor's property; or

 

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(d)          bankruptcy
or insolvency proceedings, or other proceedings for relief in equity or under any acts of Congress or any laws of any State of
the United States relating to the relief of debtors are instituted against the Payor or are consented to by the Payor; or

 

(e)          The
Payor assigns any right, title or interest in or to the collateral which is the security for this Note without the prior written
consent of Payee.

 

REMEDIES. In the case of default
for any event not involving payment due hereunder, then, upon written notice, Payor shall have the opportunity to cure within thirty
(30) days of the date of the notice. In the case of default involving payment due hereunder, then upon written notice, Payor shall
have the opportunity to cure within seven (7) days of the date of notice. In the event the Payor fails to cure within said time
periods, then at the option of the legal holder hereof, the entire unpaid principal balance of this Note, together with all accrued
interest thereon, shall forthwith become due and payable without notice. The legal holder hereof shall be entitled to reasonable
costs of collection, including attorneys' fees.

 

LATE FEE. If any payment of principal
or interest is not paid within five (5) days of its due date a late fee equal to five percent (5%) of the payment shall be assessed
and shall be immediately due and payable without notice to Payor; to the extent such late fee or penalty would be deemed to be
a usurious payment of interest, the same is waived.

 

DEFAULT INTEREST. Upon the occurrence
of any event of default referred to above that shall not have been cured or waived, and continuing until such time as this Note
is paid in full, and after maturity, the principal hereof then outstanding shall bear interest at nine percent (9%) per annum until
date of actual payment of the entire amount of principal and accrued interest due.

 

NOTICES. All notices required, appropriate
or necessary under the provisions of this Note, shall be sent to Payor and/or Payee, as the case may be, to the addresses set forth
above. Notices to any subsequent holder of this Note shall be sent to the address delivered by such holder for recording in the
records of Payor. The undersigned agrees that the holder of this Note may, without affecting the liability of the undersigned,
accept additional or substitute security for this Note, or release any security or any party liable for this Note, or extend or
renew this Note.

 

BINDING EFFECT. This Note shall
be binding upon Borrower and its successors and assigns, and shall inure to the benefit of Lender, its successors and assigns.

 

NON-WAIVER. Any failure to enforce
any provisions of this Note or other forbearance by Payee or subsequent holder of this Note is not to be deemed a waiver of the
rights of the Payee or subsequent holder to enforce any provision of this Note at any later time.

 

ASSIGNMENT. Neither party may assign
any of its right, title, interest or obligation in this Note without the prior written consent of the other party.    

 

AMENDMENT. This Note may not be
changed or amended unless such changes and amendments are in writing signed by Payor and the holder of this Note.    

 

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TIME OF THE ESSENCE. Time is of
the essence regarding performance under this Note.

 

GOVERNING LAW. This Note shall be
governed by and construed in accordance with the laws of the State of New York, and the Payee consents that any dispute between
or among the parties arising out of the relationship created by this Note or any related document, other than failure to pay, shall
be settled by submitting the same to a single arbitrator at the American Arbitration Association in New York, New York. The submission
shall be pursuant to the commercial rules of the Association then obtaining, and the decision of the arbitrator may be confirmed
as a judgment in any court of competent jurisdiction. The arbitrator may award costs and/or legal fees in her or his discretion.
The remedy or solution to be provided by the arbitrator in any dispute shall be limited in any dispute as follows: (i) The arbitrator
may not award punitive or exemplary damages in any event.

 

IN WITNESS WHEREOF,
this Note has been executed by Payor as of the date set forth above.

 

	 	PAYOR:
	 	 
	 	Medical Transcription Billing, Corp.
	 	 
	 	By:	/s/ Stephen A. Snyder
	 	Name:	Stephen Snyder
	 	Its:	President

 

    	3Exhibit 10.12

 

 

CONVERTIBLE PROMISSORY NOTE

 

	$500,000.00	 As of September 23, 2013

 

			FOR VALUE RECEIVED on September 23, 2013, Medical Transcription Billing, Corp. (“MTBC”),
a Delaware corporation, 7 Clyde Road, Somerset, New Jersey 08873 (“Maker”), unconditionally promises to pay
to AAMD LLC, a Florida limited liability corporation located at 9832 Laurel Valley Drive, Windmere FL 34786 (“Payee”),
the sum of five hundred thousand and 00/100 Dollars ($500,000.00), with interest at the rate of seven percent (7%) per annum, calculated
yearly in arrears, unless conversion occurs.

 

PAYMENT. Payment shall be made in
lawful money of the United States. Unless conversion occurs, payment of principal and interest shall be made in full upon the earlier
of either: (a) the expiration of thirty (30) months from the execution of this Note (the “Maturity Date”) or (b) an
event of Default, which is not cured as provided herein.

 

CONVERSION. The Maker has filed
a draft Registration Statement with the SEC under the JOBS Act, and expects to go public during Q4 2013, subject to SEC approval.
If, prior to the Maturity Date, the Maker shall consummate an initial public offering (IPO) of its stock, then the entire outstanding
principal amount of, and accrued and unpaid interest on, the Note then outstanding will be automatically converted into the equity
securities being sold by the Maker, with the number of shares to be issued upon the conversion of the Note equal to the quotient
of (A) the aggregate amount of outstanding principal plus accrued and unpaid interest on the Note at the IPO date, divided by (B)
ninety percent (90%) of the IPO share price.

 

DEFAULT. The occurrence of any one
or more of the following shall constitute an event of default as the term is used herein:

 

(a)          failure
to pay interest or principal hereunder when the same are due; or

 

(b)          Maker
becomes bankrupt or admits in writing to its inability to pay debts as they mature, or consents to the appointment of a trustee
or receiver; or

 

(c)          a
trustee or receiver is appointed for Maker or for all or part of Maker’s property.

 

REMEDIES. In the case of default,
Maker shall have the opportunity to cure the default within seven (7) days of its receipt of written notice from Payee. In the
event Maker fails to cure the default within said time period, then at the option of Payee, the entire unpaid principal balance
of this Note, together with all accrued interest thereon, shall forthwith become due and payable upon notice.

 

DEFAULT INTEREST. Upon the occurrence
of any default that shall not have been cured or waived, and continuing until such time as this Note is paid in full, and after
maturity, the principal hereof then outstanding shall bear interest at the rate of ten percent (10%) per annum from the date of
default until the date of actual payment of the entire amount of principal and accrued interest due.

 

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NOTICES. All notices required, appropriate
or necessary under the provisions of this Note shall be sent by Payee to Maker to the address set forth above.

 

BINDING EFFECT. This Note shall
be binding upon and inure to the benefit of Payee and his successors and assignees.

 

NON-WAIVER. Any failure to enforce
any provisions of this Note or other forbearance by Payee shall not to be deemed a waiver of the rights of Payee to enforce any
provision of this Note at any later time.

 

SUBORDINATION. This Note shall be
subordinate to any senior bank debt, line of credit or secured debt of the Maker.

 

AMENDMENT. This Note may not be
changed or amended unless such changes and amendments are in writing signed by Maker and Payee.    

 

TIME OF THE ESSENCE. Time is of
the essence regarding performance under this Note.

 

ACCREDITED INVESTOR. Payee represents
that he is an “accredited investor” within the meaning of Rule 501 of Regulation D promulgated under the Securities
Act of 1933.

 

IN WITNESS WHEREOF,
this Note has been executed by Maker as of the date set forth above.

 

	 	 	MAKER:
	 	 	 
	 	 	Medical Transcription Billing, Corp.
	 	 	 
	Witness: 	/s/ Bill Korn	 	By:	/s/ Mahmud Haq
	 	 	Name: 	Mahmud Haq
	 	 	Its: 	Chief Executive Officer
	 	 	 
	 	 	Payee:
	 	 	 
	 	 	AAMD LLC
	 	 	 
	Witness:_______________________________	 	By: 	/s/ Ronald Davis and Nancy Davis
	 	 	Name:	Ronald Davis and Nancy Davis
	 	 	Its: 	President and Vice President

 

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