Document:

EX-10.1

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 Exhibit 10.1 

AGREEMENT FOR THE SALE AND PURCHASE OF SHARE 

CAPITAL OF SKY PLC 

DATED 3 OCTOBER 2018 

COMCAST BIDCO LIMITED 

BSKYB HOLDCO, INC. 
 and

 21ST CENTURY FOX UK NOMINEES LIMITED 
  

 

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 CONTENTS 

 

					
	Clause	  	Page	 
	1. Sale and Purchase	  	 	3	 
	2. Completion	  	 	3	 
	3. Warranties of the Seller	  	 	4	 
	4. Warranties of the Purchaser	  	 	5	 
	5. Notices	  	 	5	 
	6. General	  	 	6	 
	7. Governing Law and Jurisdiction	  	 	7	 

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 THIS AGREEMENT is made on 3 October 2018 

BETWEEN: 
  

	(1)	 COMCAST BIDCO LIMITED, a company incorporated in England and Wales with registered number 11341936 and
whose registered office is at 1 Central St. Giles, St. Giles High Street, London, WC2H 8NU, United Kingdom (the Purchaser); 

  

	(2)	 BSKYB HOLDCO, INC., a company incorporated in Delaware whose registered office is at 1211 Avenue of the
Americas, New York, NY 10036, United States of America (the Seller); and 

  

	(3)	 21ST CENTURY FOX UK NOMINEES LIMITED, a company incorporated in England and Wales with registered number
02636672 and whose registered office is at 25 Soho Square, London, W1D 3QR, United Kingdom (the Trustee). 

 BACKGROUND:

  

	(A)	 The Seller is the beneficial owner of 672,783,139 shares of £0.50 each (the Shares) in the capital
of Sky plc, a company incorporated in England and Wales with registered number 02247735 and whose registered office is at Grant Way, Isleworth, Middlesex, TW7 5QD (the Company). The Seller is a wholly owned subsidiary of Twenty-First Century
Fox, Inc. a company incorporated under the laws of the state of Delaware with its principal registered office at 1211 Avenue of Americas, New York, NY, 10036, United States of America. 

 

	(B)	 The Trustee, a wholly-owned subsidiary of the Seller, is the legal owner of the Shares and holds the Shares on
trust for the Seller. 

  

	(C)	 The Seller wishes to sell (or procure the sale of) full legal and beneficial title to the Shares and the
Purchaser wishes to purchase the Shares on the terms set out in this agreement. 

 IT IS AGREED as follows: 

 

	1.	 SALE AND PURCHASE 

 

	1.1	 The Seller shall sell (or procure the sale of) full legal and beneficial title to the Shares to the Purchaser
free from all liens, equities, charges, encumbrances, options, rights of pre-emption and any other third party rights and interests of any nature whatsoever and together with all rights attaching to them on or
after 25 April 2018, including, without limitation, voting rights and the right to receive and retain in full all dividends and other distributions (if any) declared, made or paid, or any other return of capital (whether by way of reduction of
share capital or share premium account or otherwise) made, on or after 22 September 2018 and the Purchaser shall purchase such Shares, on the terms and conditions of this agreement, at a price of £17.28 per Share, being
£11,625,692,641.92 in aggregate (the Purchase Price). 

  

	1.2	 The Trustee shall act in accordance with the instructions of the Seller to transfer the full legal title to the
Shares. 

  

	2.	 COMPLETION 

  

	2.1	 The completion date for the sale and purchase of the Shares shall be 9 October 2018 (the Completion
Date). 

  

	2.2	 On the Completion Date: 

 

	 	(a)	 the Seller shall procure delivery to the Purchaser of: 

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	 	(i)	 a duly executed transfer in favour of the Purchaser; and 

 

	 	(ii)	 the original share certificate representing the Shares; 

 

	 	(iii)	 an irrevocable power of attorney, in the form set out in Appendix 1 to this agreement, duly executed by the
Trustee in favour of the Purchaser to secure its interest in the Shares pending registration of the transfer of the Shares in the Company’s register of members; and 

 

	 	(b)	 the Purchaser shall pay an amount in cash equal to the Purchase Price into the following account for value on
the Completion Date and in immediately available funds: 

  

			
	To:	  	JPMorgan Chase Bank, N.A. London
	Swift:	  	CHASGB2L
	Sort code:	  	60-92-42
	A/C:	  	BSkyB Holdco, Inc.
	A/C#:	  	41477544,

  

	 	    	 or such other account as the Seller shall, not later than 12.00 noon (London time) on 5 October 2018, have
specified by giving written notice to the Purchaser for the purpose of that payment. 

  

	2.3	 As soon as possible after the Completion Date, the Purchaser shall take all necessary steps within its control,
including the payment of applicable stamp duty on the purchase of the Shares, to procure the registration of the Purchaser in the Company’s register of members in respect of the Shares. 

 

	3.	 WARRANTIES OF THE SELLER 

 

	3.1	 The Seller warrants to the Purchaser on the date of this agreement that: 

 

	 	(a)	 the Seller is duly incorporated and validly existing under the laws of Delaware; 

 

	 	(b)	 the Trustee is duly incorporated and validly existing under the laws of England and Wales;

  

	 	(c)	 each of the Seller and the Trustee has the power and authority to execute and deliver this agreement and to
perform its obligations under it and has taken all action necessary to authorise such execution and delivery and the performance of such obligations; 

  

	 	(d)	 this agreement constitutes legal, valid and binding obligations of the Seller and the Trustee in accordance
with its terms; 

  

	 	(e)	 this agreement has been duly executed and delivered by the duly-authorised representatives of the Seller and
the Trustee; 

  

	 	(f)	 the Seller is irrevocably and unconditionally entitled to sell and transfer the beneficial ownership of the
Shares and to procure the transfer of the legal ownership of the Shares by the Trustee and that such Shares are sold fully paid and free from all liens, equities, charges, encumbrances, options, rights of
pre-emption and any other third party rights and interests of any nature whatsoever and together with all rights attaching to them on or after 25 April 2018, including, without limitation, voting rights
and the right to receive and retain in full all dividends and other distributions (if any) declared, made or paid, or any other return of capital (whether by way of reduction of share capital or share premium account or otherwise) made, on or after
22 September 2018. 

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	3.2	 Each of the warranties set out in clause 3.1 above is separate and independent and is not limited by reference
to any other warranty. 

  

	3.3	 Each of the Seller and the Trustee irrevocably undertakes to execute any further documents, take any further
action and give any further assurance which may be required to transfer legal and beneficial title to any of the Shares to the Purchaser or as otherwise may be necessary to give full effect to this agreement. 

 

	4.	 WARRANTIES OF THE PURCHASER 

 

	4.1	 The Purchaser warrants to the Seller as at the date of this agreement that: 

 

	 	(a)	 it is duly incorporated and validly existing under the laws of England and Wales; 

 

	 	(b)	 it has the power and authority to execute and deliver this agreement and to perform its obligations under it
and has taken all action necessary to authorise such execution and delivery and the performance of such obligations; 

  

	 	(c)	 this agreement constitutes legal, valid and binding obligations of the Purchaser in accordance with their
respective terms; 

  

	 	(d)	 this agreement has been duly executed and delivered by the duly-authorised representatives of the Purchaser;

  

	4.2	 Each of the warranties set out in clause 4.1 above is separate and independent, is not limited by reference to
any other warranty. 

  

	5.	 NOTICES 

  

	5.1	 Any notice or other communication to be given under this agreement must be in writing and must be delivered or
sent by post, fax or electronically to the party to whom it is to be given its address appearing in this agreement as follows: 

  

	 	(a)	 to the Seller and the Trustee at: 

	 	    	 Twenty-First Century Fox, Inc. 

	 	    	 1211 Avenue of the Americas 

	 	    	 New York 

	 	    	 NY 10036 

	 	    	 United States of America 

 

	 	    	 Fax: +1-212-852-7214

  

	 	    	 marked for the attention of: Legal Department 

 

	 	    	 E-mail: jnova@21cf.com 

 

	 	(b)	 to the Purchaser at: 

	 	    	 Comcast Corporation 

	 	    	 Comcast Center 

	 	    	 1801 JFK Boulevard 

	 	    	 Philadelphia, PA 19103 

 

	 	    	 Fax:
+1-212-286-7794 

  

	 	    	 marked for the attention of Executive Vice President, General Counsel & Secretary

  

	 	    	 E-mail: art_block@comcast.com 

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	    	 or at any such other address or fax number of which it shall have given notice for this purpose to the other
party under this clause. Any notice or other communication sent by post shall be sent by prepaid first class post (if within the United Kingdom or by prepaid airmail (if the country of destination is not the same as the country of origin).

  

	5.2	 Any notice or other communication shall be deemed to have been given: 

 

	 	(a)	 if delivered, on the date of delivery; or 

 

	 	(b)	 if sent by post, at 10.00 a.m. (London time) on the second day, (other than a Saturday, Sunday, public or bank
holiday in the UK) on which banks are open for business in the City of London (a Business Day) after it was put into the post; or 

  

	 	(c)	 if sent by fax, on the date of transmission, if transmitted before 3.00 p.m. (local time at the country of
destination) on any Business Day, and in any other case on the Business Day following the date of transmission; or 

  

	 	(d)	 if sent by e-mail, upon the generation of a receipt notice by the
recipient’s server or, if such notice is not generated, upon delivery to the recipient’s server. 

  

	5.3	 In proving the giving of a notice or other communication, it shall be sufficient to prove that delivery was
made or that the envelope containing the communication was properly addressed and posted by prepaid first class post or by prepaid airmail, that the fax was properly addressed and transmitted or that the
e-mail was properly addressed and transmitted by the sender’s server into the network and there was no apparent error in the operation of the sender’s e-mail
system, as the case may be. 

  

	5.4	 This clause shall not apply in relation to the service of any claim form, notice, order, judgment or other
document relating to or in connection with any proceedings, suit or action arising out of or in connection with this agreement. 

  

	6.	 GENERAL 

  

	6.1	 Each party shall, at its own cost and expense, procure the convening of all meetings, the giving of all waivers
and consents and the passing of all resolutions and shall otherwise exercise all powers and rights available to it in order to give effect to this agreement. 

  

	6.2	 None of the rights or obligations under this agreement may be assigned or transferred without prior written
consent of the parties to this agreement. 

  

	6.3	 This agreement may be executed in any number of counterparts, all of which, taken together, shall constitute
one and the same agreement, and any party may enter into this agreement by executing a counterpart. 

  

	6.4	 This agreement contains the whole agreement between the parties relating to the transactions contemplated by
this agreement and supersedes all previous agreements, whether oral or in writing, between the parties relating to these transactions. Except as required by statute, no terms shall be implied (whether by custom, usage or otherwise) into this
agreement. 

  

	6.5	 Each party shall pay the costs and expenses incurred by it in connection with the entering into and completion
of this agreement. 

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	6.6	 Except as otherwise expressly stated in this agreement, a person who is not a party to this agreement may not
enforce any of its terms under the Contracts (Rights of Third Parties) Act 1999. 

  

	6.7	 From the date of this agreement, each party shall, at its own cost and expense, execute and do (or procure to
be executed and done by any other necessary party) all such deeds, documents, acts and things as any other party may from time to time require in order to transfer any of the Shares in the Purchaser or its assignee or as otherwise may be necessary
to give full effect to this agreement. 

  

	7.	 GOVERNING LAW AND JURISDICTION 

 

	7.1	 This agreement and any non-contractual obligations arising out of or in
connection with it shall be governed by English law. 

  

	7.2	 The English courts have exclusive jurisdiction to settle any dispute arising out of or in connection with this
agreement (including a dispute relating to any non-contractual obligations arising out of or in connection with this agreement) and the parties submit to the exclusive jurisdiction of the English courts.

  

	7.3	 The parties waive any objection to the English courts on grounds that they are an inconvenient or inappropriate
forum to settle any such dispute. 

  

	7.4	 The Seller irrevocably appoints the Trustee as its agent to receive on its behalf in England and Wales service
of any legal proceedings to settle any dispute or claim arising out of or in connection with this agreement or its subject matter or formation. Such service shall be deemed completed on delivery to such agent (whether or not it is forwarded to and
received by the Seller) and shall be valid until such time as the Purchaser has received prior written notice that such agent has ceased to act as agent. If for any reason such agent ceases to be able to act as agent or no longer has an address in
England and Wales, the Seller shall forthwith appoint a substitute acceptable to the Purchaser and deliver to the Purchaser the new agent’s name and address within England and Wales. 

[Remainder of the page intentionally blank] 

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 AS WITNESS this agreement has been signed by the parties (or their duly authorised representatives)
on the date stated at the beginning of it. 
  

							
	 SIGNED by Arthur Block, Director
	  	 	)	 	  	
	 for COMCAST BIDCO LIMITED
	  	 	)	 	  	 /s/ Arthur Block

			
	 SIGNED by Janet Nova, Director
	  	 	)	 	  	
	 for BSKYB HOLDCO, INC.
	  	 	)	 	  	 /s/ Janet Nova

			
	 SIGNED by Jeff Palker
	  	 	)	 	  	
	 for 21ST CENTURY FOX UK NOMINEES LIMITED
	  	 	)	 	  	 /s/ Jeff Palker

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 APPENDIX 1 

POWER OF ATTORNEY 
  

	    	 THIS POWER OF ATTORNEY is granted on 9 October 2018 

 

	    	 21st Century Fox Nominees Limited, a company incorporated in England and Wales (registered number
02636672), whose registered is at 25 Soho Square, London, W1D 3QR, England (the Company), irrevocably APPOINTS: 

  

	    	 Comcast Bidco Limited, a company incorporated in England and Wales (registered number 11341936) 1 Central St.
Giles, St. Giles High Street, London, United Kingdom, WC2H 8NU, 

  

	1.1	 to be its attorney will full power pending registration of the attorney as the legal holder of the 672,783,139
ordinary shares of £0.50 each in the capital of Sky plc (Sky) (the Shares) to exercise all rights of ownership which are capable of exercise by the Company in the capacity of registered holder of the Shares including (but not
limited to): 

  

	 	(a)	 receiving notice of, attending and voting at any general meeting of the shareholders of Sky, or signing any
resolution as holder of the Shares; 

  

	 	(b)	 the right to nominate proxies on behalf of the Company, the right to consent to short notice and any other
documents required to be signed by the holder of the Shares; 

  

	 	(c)	 dealing with and giving directions as to any moneys, securities, benefits, documents, notices or other
communications (in whatever form) arising by right of the Shares or in connection with the Shares, in each case received from Sky; and 

  

	 	(d)	 otherwise executing, delivering and doing all deeds, instruments and acts in the name of the Company in
relation to the Shares insofar as may be done in the Company’s capacity as registered holder of the Shares, 

  

	    	 in each case as the attorney in its absolute discretion sees fit. 

 

	1.2	 The Company will not exercise any rights attaching to the Shares or exercisable in the capacity of registered
holder without the attorney’s prior written consent. 

  

	1.3	 The Company will hold on trust for the attorney and will promptly notify the attorney of any moneys or
documents received by it from Sky in its capacity as registered holder of the Shares after the date of this power of attorney, and will act promptly in accordance with the attorney’s reasonable instructions in relation to any such thing.

  

	1.4	 The attorney may delegate one or more of the powers conferred on it under this deed to an officer of the
attorney appointed for that purpose by the board of directors of the attorney by resolution or otherwise. 

  

	1.5	 The Company will ratify whatever its attorney lawfully does or causes to be done under the authority or
purported authority of this power of attorney. 

  

	1.6	 This power is given to secure the proprietary interest of the attorney in the Shares. This power and the powers
conferred on the attorney in this deed will terminate (without prejudice to anything done by the attorney pursuant to it before termination) on the date on which the attorney and/or its nominee is entered in the register of members of the Company as
the legal holder of the Shares 

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	1.7	 This power of attorney is governed by and shall be construed in accordance with English law.

  

	1.8	 This power is delivered as a deed on the date written at the start of this power of attorney.

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 IN WITNESS whereof this deed has been executed and delivered on the date stated at the beginning of
it. 
  

							
	 EXECUTED AS A DEED by
	  	 	)	 	  	
	 21ST CENTURY FOX UK NOMINEES LIMITED
	  	 	)	 	  	
	 acting by
	  	 	)	 	  	
		  	 	)	 	  	  

	
	 
	 Witness’s signature:

	
	   

	 Name:

Address:PLACEMENT
AGENCY AGREEMENT

 

October
            , 2018

 

H.C.
Wainwright & Co., LLC

430
Park Avenue, 4th Floor

New
York, NY 10022

 

Ladies
and Gentlemen:

 

Introduction.
Subject to the terms and conditions herein (this “Agreement”), Medical Transcription Billing, Corp., a Delaware
corporation (the “Company”), hereby agrees to sell up to an aggregate of 500,000 registered shares (the
“Shares”) of the Company’s 11% Series A Cumulative Redeemable Perpetual Preferred Stock, $0.001 par value
per share (the “Preferred Stock”) (the “Securities”), directly to various investors (each,
an “Investor” and, collectively, the “Investors”) through H.C. Wainwright & Co., LLC,
as lead placement agent (the “Placement Agent”). The documents executed and delivered by the Company and the
Placement Agent, including this Agreement, shall be collectively referred to herein as the “Transaction Documents.”
The purchase price to the Investors for each Share is $25.00. The Placement Agent may retain other brokers or dealers to act as
sub-agents or selected-dealers on its behalf in connection with the Offering.

 

The
Company hereby confirms its agreement with the Placement Agent as follows:

 

	1.	Agreement
    to Act as Placement Agent. 

 

(a)
On the basis of the representations, warranties and agreements of the Company herein contained, and subject to all the terms and
conditions of this Agreement, the Placement Agent shall be the exclusive lead Placement Agent in connection with the offering
and sale by the Company of the Securities pursuant to the Company’s registration statement on Form S-1 (File No. 333-227524)
(the “Registration Statement”), with the terms of such offering (the “Offering”) to be subject
to market conditions and negotiations between the Company, the Placement Agent and the prospective Investors. If the Company files
any registration statement pursuant to Rule 462(b) of the Securities Act of 1933, as amended (the “Securities Act”),
then after such filing, the term “Registration Statement” shall include such registration statement filed pursuant
to Rule 462(b). The Placement Agent will act on a reasonable best efforts basis and the Company agrees and acknowledges that there
is no guarantee of the successful placement of the Securities, or any portion thereof, in the prospective Offering. Under no circumstances
will the Placement Agent or any of its “Affiliates” (as defined below) be obligated to underwrite or purchase any
of the Shares for its own account or otherwise provide any financing. The Placement Agent shall act solely as the Company’s
agent and not as principal. The Placement Agent shall have no authority to bind the Company with respect to any prospective offer
to purchase Shares and the Company shall have the sole right to accept offers to purchase Shares and may reject any such offer,
in whole or in part. Subject to the terms and conditions hereof, payment of the purchase price for, and delivery of, the Securities
shall be made at one or more closings (each a “Closing” and the date on which each Closing occurs, a “Closing
Date”). As compensation for services rendered, on each Closing Date, the Company shall pay to the Placement Agent the
fees and expenses set forth below:

 

(i)
A cash fee equal to 10 % of the gross proceeds received by the Company from the sale of the Securities at the closing of
the Offering (the “Closing”).

 

    	 

    	 

    

 

(ii)
A non-accountable expense reimbursement of $25,000 for each Closing.

 

(iii)
The Company also agrees to pay the Placement Agent up to $75,000 for the fees and expenses of its legal counsel. Up to $10,000
of additional actual costs related to clearing and settlement of the Securities shall be reimbursable to the Placement Agent.

 

(b)
The term of the Placement Agent’s exclusive engagement will be until the completion of the Offering (the “Exclusive
Term”); provided, however, that a party hereto may terminate the engagement with respect to itself at
any time upon 10 days written notice to the other parties. Notwithstanding anything to the contrary contained herein, the provisions
concerning confidentiality, indemnification and contribution contained herein and the Company’s obligations contained in
the indemnification provisions will survive any expiration or termination of this Agreement, and the Company’s obligation
to pay fees actually earned and payable and to reimburse expenses actually incurred and reimbursable pursuant to Section 1 hereof
and which are permitted to be reimbursed under FINRA Rule 5110(f)(2)(D), will survive any expiration or termination of this Agreement.
Nothing in this Agreement shall be construed to limit the ability of the Placement Agent or its Affiliates to pursue, investigate,
analyze, invest in, or engage in investment banking, financial advisory or any other business relationship with Persons (as defined
below) other than the Company. As used herein (i) “Persons” means an individual or corporation, partnership, trust,
incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency
or subdivision thereof) or other entity of any kind and (ii) “Affiliate” means any Person that, directly or indirectly
through one or more intermediaries, controls or is controlled by or is under common control with a Person as such terms are used
in and construed under Rule 405 under the Securities Act of 1933, as amended (the “Securities Act”).

 

	2.	Representations,
    Warranties and Covenants of the Company. The Company hereby represents, warrants and covenants to the Placement Agent
    as of the date hereof, and as of each Closing Date, as follows:

 

(a)
Securities Law Filings. The Company has filed with the Securities and Exchange Commission (the “Commission”)
the Registration Statement under the Securities Act, which was filed on September 25, 2018 (File No. 333-227524) for the registration
under the Securities Act of the Securities, which included a preliminary prospectus of even date therewith or as amended, called
the “Preliminary Prospectus”. Following the effectiveness of the Registration Statement, the Company will file
with the Commission, if required by the rules and regulations (the “Rules and Regulations”) of the Commission
promulgated thereunder, a final prospectus relating to the placement of the Securities and will advise the Placement Agent of
all further information (financial and other) with respect to the Company required to be set forth therein. Such registration
statement, at any given time, including the exhibits thereto filed at such time, as amended at such time, is hereinafter called
the “Registration Statement”; such final prospectus in the form in which filed with the Commission is hereinafter
called the “Prospectus”. The Registration Statement at the time it originally becomes effective is hereinafter
called the “Original Registration Statement.” Any reference in this Agreement to the Registration Statement,
the Original Registration Statement, the Preliminary Prospectus or the Prospectus shall be deemed to refer to and include the
documents incorporated by reference therein (the “Incorporated Documents”), if any, which were or are filed
under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), at any given time, as the case
may be; and any reference in this Agreement to the terms “amend,” “amendment” or “supplement”
with respect to the Registration Statement, the Original Registration Statement, the Preliminary Prospectus or the Prospectus
shall be deemed to refer to and include the filing of any document under the Exchange Act after the date of this Agreement, or
the issue date of the Preliminary Prospectus or the Prospectus, as the case may be, deemed to be incorporated therein by reference.
All references in this Agreement to financial statements and schedules and other information which is “contained,”
“included,” “described,” “referenced,” “set forth” or “stated” in
the Registration Statement, the Preliminary Prospectus or the Prospectus (and all other references of like import) shall be deemed
to mean and include all such financial statements and schedules and other information which is or is deemed to be incorporated
by reference in the Registration Statement, the Preliminary Prospectus or the Prospectus, as the case may be. The Company has
not received any notice that the Commission has issued or intends to issue a stop order suspending the effectiveness of the Registration
Statement or the use of the Preliminary Prospectus or the Prospectus or intends to commence a proceeding for any such purpose.

 

    	 	2	 

    	 

    

 

(b)
Assurances. The Original Registration Statement, as amended, (and any further documents to be filed with the Commission)
contains all exhibits and schedules as required by the Securities Act. Each of the Registration Statement and any post-effective
amendment thereto, at the time it became effective, complied in all material respects with the Securities Act and the applicable
Rules and Regulations and did not contain any untrue statement of a material fact or omit to state a material fact required to
be stated therein or necessary to make the statements therein not misleading. The Preliminary Prospectus, and the Prospectus,
each as of its respective date, comply or will comply in all material respects with the Securities Act and the applicable Rules
and Regulations. Each of the Preliminary Prospectus and the Prospectus, as amended or supplemented, did not and will not contain
as of the date thereof any untrue statement of a material fact or omit to state a material fact necessary in order to make the
statements therein, in light of the circumstances under which they were made, not misleading. The Incorporated Documents, when
they were filed with the Commission, conformed in all material respects to the requirements of the Exchange Act and the applicable
rules and regulations promulgated thereunder, and none of such documents, when they were filed with the Commission, contained
any untrue statement of a material fact or omitted to state a material fact necessary to make the statements therein (with respect
to Incorporated Documents incorporated by reference in the Preliminary Prospectus or Prospectus), in light of the circumstances
under which they were made not misleading. No post-effective amendment to the Registration Statement reflecting any facts or events
arising after the date thereof which represent, individually or in the aggregate, a fundamental change in the information set
forth therein is required to be filed with the Commission. Except for this Agreement, there are no documents required to be filed
with the Commission in connection with the transaction contemplated hereby that (x) have not been filed as required pursuant to
the Securities Act or (y) will not be filed within the requisite time period. Except for this Agreement, there are no contracts
or other documents required to be described in the Preliminary Prospectus or Prospectus, or to be filed as exhibits or schedules
to the Registration Statement, which have not been described or filed as required.

 

(c)
Offering Materials. Neither the Company nor any of its directors and officers has distributed and none of them will distribute,
prior to each Closing Date, any offering material in connection with the offering and sale of the Securities other than the Preliminary
Prospectus, the Prospectus, the Company Free Writing Prospectus, the Registration Statement, copies of the documents incorporated
by reference therein and any other materials permitted by the Securities Act.

 

(d)
Subsidiaries. All of the direct and indirect subsidiaries of the Company (the “Subsidiaries”) are set
forth in the Incorporated Documents. The Company owns, directly or indirectly, all of the capital stock or other equity interests
of each Subsidiary free and clear of any liens, charges, security interests, encumbrances, rights of first refusal, preemptive
rights or other restrictions (collectively, “Liens”), except for one share of capital stock of Medical Transcription
Billing, Corp. (Private) Limited owned by Mahmud Haq, Executive Chairman of the Board. All of the issued and outstanding shares
of capital stock of each Subsidiary are validly issued and are fully paid, non-assessable and free of preemptive and similar rights
to subscribe for or purchase securities.

 

    	 	3	 

    	 

    

 

(e)
Organization and Qualification. The Company and each of the Subsidiaries is an entity duly incorporated or otherwise organized,
validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization, with the requisite
power and authority to own and use its properties and assets and to carry on its business as currently conducted. Neither the
Company nor any Subsidiary is in violation nor default of any of the provisions of its respective certificate or articles of incorporation,
bylaws or other organizational or charter documents. Each of the Company and the Subsidiaries is duly qualified to conduct business
and is in good standing as a foreign corporation or other entity in each jurisdiction in which the nature of the business conducted
or property owned by it makes such qualification necessary, except where the failure to be so qualified or in good standing, as
the case may be, could not have or reasonably be expected to result in: (i) a material adverse effect on the legality, validity
or enforceability of this Agreement or any other agreement entered into between the Company and the Investors, (ii) a material
adverse effect on the results of operations, assets, business, prospects or condition (financial or otherwise) of the Company
and the Subsidiaries, taken as a whole, or (iii) a material adverse effect on the Company’s ability to perform in any material
respect on a timely basis its obligations under this Agreement or the transactions contemplated under the Prospectus (any of (i),
(ii) or (iii), a “Material Adverse Effect”) and no an action, claim, suit, investigation or proceeding (including,
without limitation, an informal investigation or partial proceeding, such as a deposition), whether commenced or threatened (“Proceeding”)
has been instituted in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power
and authority or qualification.

 

(f)
Authorization; Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate
the transactions contemplated by this Agreement and the Prospectus and otherwise to carry out its obligations hereunder and thereunder.
The execution and delivery of each of this Agreement by the Company and the consummation by it of the transactions contemplated
hereby and thereby and under the Prospectus have been duly authorized by all necessary action on the part of the Company and no
further action is required by the Company, the Company’s Board of Directors (the “Board of Directors”)
or the Company’s stockholders in connection herewith or therewith other than in connection with the Required Approvals (as
defined below). This Agreement has been duly executed by the Company and, when delivered in accordance with the terms hereof,
will constitute the valid and binding obligation of the Company enforceable against the Company in accordance with its terms,
except (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other
laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the
availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution
provisions may be limited by applicable law.

 

(g)
No Conflicts. The execution, delivery and performance by the Company of this Agreement and the transactions contemplated
pursuant to the Prospectus, the issuance and sale of the Securities and the consummation by it of the transactions contemplated
hereby and thereby to which it is a party do not and will not (i) conflict with or violate any provision of the Company’s
or any Subsidiary’s certificate or articles of incorporation, bylaws or other organizational or charter documents, or (ii)
conflict with, or constitute a default (or an event that with notice or lapse of time or both would become a default) under, result
in the creation of any Lien upon any of the properties or assets of the Company or any Subsidiary, or give to others any rights
of termination, amendment, acceleration or cancellation (with or without notice, lapse of time or both) of, any agreement, credit
facility, debt or other instrument (evidencing a Company or Subsidiary debt or otherwise) or other understanding to which the
Company or any Subsidiary is a party or by which any property or asset of the Company or any Subsidiary is bound or affected,
or (iii) subject to the Required Approvals, conflict with or result in a violation of any law, rule, regulation, order, judgment,
injunction, decree or other restriction of any court or governmental authority to which the Company or a Subsidiary is subject
(including federal and state securities laws and regulations), or by which any property or asset of the Company or a Subsidiary
is bound or affected; except in the case of each of clauses (ii) and (iii), such as could not have or reasonably be expected to
result in a Material Adverse Effect.

 

    	 	4	 

    	 

    

 

(h)
Filings, Consents and Approvals. The Company is not required to obtain any consent, waiver, authorization or order of,
give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental authority
or other Person in connection with the execution, delivery and performance by the Company of this Agreement and the transactions
contemplated pursuant to the Prospectus, other than: (i) the filing with the Commission of the Prospectus, (ii) application(s)
to the Nasdaq Capital Market (the “Trading Market”) for the listing of the Securities for trading thereon in
the time, manner and to the extent required by the Trading Market and (iii) such filings as are required to be made under applicable
state securities laws (collectively, the “Required Approvals”).

 

(i)
Issuance of the Securities; Registration. The Securities are duly authorized and, when issued and paid for in accordance
with the Prospectus, will be duly and validly issued, fully paid and nonassessable, free and clear of all Liens imposed by the
Company.

 

(j)
Capitalization. The capitalization of the Company is as set forth in the SEC Reports. The Company has not issued any capital
stock since its most recently filed periodic or current report under the Exchange Act, other than pursuant to the exercise of
employee stock options or restricted stock units under the Company’s stock option plans, the issuance of shares of Common
Stock to employees pursuant to the Company’s employee stock purchase plans and pursuant to the conversion and/or exercise
of Common Stock Equivalents outstanding as of the date of the most recently filed periodic report under the Exchange Act. Common
Stock Equivalents means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire at
any time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that
is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common
Stock. No Person has any right of first refusal, preemptive right, right of participation, or any similar right to participate
in the transactions contemplated by the Transaction Documents. Except as a result of the purchase and sale of the Shares or as
disclosed in the SEC Reports, there are no outstanding options, warrants, scrip rights to subscribe to, calls or commitments of
any character whatsoever relating to, or securities, rights or obligations convertible into or exercisable or exchangeable for,
or giving any Person any right to subscribe for or acquire, any shares of Preferred Stock, Common Stock or the capital stock of
any Subsidiary, or contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is or may become
bound to issue additional shares of Preferred Stock, Common Stock or Common Stock Equivalents or capital stock of any Subsidiary.
The issuance and sale of the Shares will not obligate the Company or any Subsidiary to issue shares of Preferred Stock, Common
Stock or other securities to any Person (other than the Purchasers) and will not result in a right of any holder of Company securities
to adjust the exercise, conversion, exchange or reset price under any of such securities. There are no securities of the Company
or any Subsidiary that have any anti-dilution or similar adjustment rights (other than adjustments for stock splits, recapitalizations,
and the like) to the exercise or conversion price, have any exchange rights, or reset rights. Except for the redemption terms
of the Preferred Stock and company rights of repurchase that may be applicable to exercised stock options or to restricted stock
units, there are no outstanding securities or instruments of the Company or any Subsidiary that contain any redemption or similar
provisions, and there are no contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is
or may become bound to redeem a security of the Company or such Subsidiary. Except as provided in the Company’s equity incentive
plan, the Company does not have any stock appreciation rights or “phantom stock” plans or agreements or any similar
plan or agreement. All of the outstanding shares of capital stock of the Company are duly authorized, validly issued, fully paid
and nonassessable, have been issued in compliance with all federal and state securities laws, and none of such outstanding shares
was issued in violation of any preemptive rights or similar rights to subscribe for or purchase securities. No further approval
or authorization of any stockholder, the Board of Directors or others is required for the issuance and sale of the Shares. There
are no stockholders agreements, voting agreements or other similar agreements with respect to the Company’s capital stock
to which the Company is a party or, to the knowledge of the Company, between or among any of the Company’s stockholders.

 

    	 	5	 

    	 

    

 

(k)
SEC Reports; Financial Statements. The Company has filed all reports, schedules, forms, statements and other documents
required to be filed by the Company under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d)
thereof, for the two years preceding the date hereof (or such shorter period as the Company was required by law or regulation
to file such material) (the foregoing materials, including the exhibits thereto and documents incorporated by reference therein,
together with the Preliminary Prospectus, Company Free Writing Prospectus and the Prospectus, being collectively referred to herein
as the “SEC Reports”) on a timely basis or has received a valid extension of such time of filing and has filed
any such SEC Reports prior to the expiration of any such extension. As of their respective dates, the SEC Reports complied in
all material respects with the requirements of the Securities Act and the Exchange Act, as applicable, and none of the SEC Reports,
when filed, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein
or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.
The Company has never been an issuer subject to Rule 144(i) under the Securities Act. The financial statements of the Company
included in the SEC Reports comply in all material respects with applicable accounting requirements and the rules and regulations
of the Commission with respect thereto as in effect at the time of filing. Such financial statements have been prepared in accordance
with United States generally accepted accounting principles applied on a consistent basis during the periods involved (“GAAP”),
except as may be otherwise specified in such financial statements or the notes thereto and except that unaudited financial statements
may not contain all footnotes required by GAAP, and fairly present in all material respects the financial position of the Company
and its consolidated Subsidiaries as of and for the dates thereof and the results of operations and cash flows for the periods
then ended, subject, in the case of unaudited statements, to normal, immaterial, year-end audit adjustments.

 

(l)
Material Changes; Undisclosed Events, Liabilities or Developments. Since the date of the latest audited financial statements
included within the SEC Reports, except as specifically disclosed in a subsequent SEC Report filed prior to the date hereof, (i)
there has been no event, occurrence or development that has had or that could reasonably be expected to result in a Material Adverse
Effect, (ii) the Company has not incurred any liabilities (contingent or otherwise) other than (A) trade payables and accrued
expenses incurred in the ordinary course of business consistent with past practice and (B) liabilities not required to be reflected
in the Company’s financial statements pursuant to GAAP or disclosed in filings made with the Commission, (iii) the Company
has not altered its method of accounting, (iv) the Company has not declared or made any dividend or distribution of cash or other
property to its common stockholders or purchased, redeemed or made any agreements to purchase or redeem any shares of its capital
stock and (v) the Company has not issued any equity securities to any officer, director or Affiliate, except pursuant to existing
Company equity incentive plans. The Company does not have pending before the Commission any request for confidential treatment
of information. Except for the issuance of the Securities contemplated by this Agreement, no event, liability, fact, circumstance,
occurrence or development has occurred or exists or is reasonably expected to occur or exist with respect to the Company or its
Subsidiaries or their respective businesses, prospects, properties, operations, assets or financial condition that would be required
to be disclosed by the Company under applicable securities laws at the time this representation is made or deemed made that has
not been publicly disclosed at least one (1) Trading Day prior to the date that this representation is made.

 

    	 	6	 

    	 

    

 

(m)
Litigation. Except as set forth in the SEC Reports, there is no action, suit, inquiry, notice of violation, proceeding
or investigation pending or, to the knowledge of the Company, threatened against or affecting the Company, any Subsidiary or any
of their respective properties before or by any court, arbitrator, governmental or administrative agency or regulatory authority
(federal, state, county, local or foreign) (collectively, an “Action”) which (i) adversely affects or challenges
the legality, validity or enforceability of any of this Agreement and the transactions contemplated pursuant to the Prospectus
or the Securities or (ii) could, if there were an unfavorable decision, have or reasonably be expected to result in a Material
Adverse Effect. Neither the Company nor any Subsidiary, nor any director or officer thereof, is or has been the subject of any
Action involving a claim of violation of or liability under federal or state securities laws or a claim of breach of fiduciary
duty. There has not been, and to the knowledge of the Company, there is not pending or contemplated, any investigation by the
Commission involving the Company or any current or former director or officer of the Company. The Commission has not issued any
stop order or other order suspending the effectiveness of any registration statement filed by the Company or any Subsidiary under
the Exchange Act or the Securities Act.

 

(n)
Labor Relations. No material labor dispute exists or, to the knowledge of the Company, is imminent with respect to any
of the employees of the Company, which could reasonably be expected to result in a Material Adverse Effect. None of the Company’s
or its Subsidiaries’ employees is a member of a union that relates to such employee’s relationship with the Company
or such Subsidiary, and neither the Company nor any of its Subsidiaries is a party to a collective bargaining agreement, and the
Company and its Subsidiaries believe that their relationships with their employees are good. No executive officer of the Company
or any Subsidiary, to the knowledge of the Company, is, or is now expected to be, in violation of any material term of any employment
contract, confidentiality, disclosure or proprietary information agreement or non-competition agreement, or any other contract
or agreement or any restrictive covenant in favor of any third party, and the continued employment of each such executive officer
does not subject the Company or any of its Subsidiaries to any liability with respect to any of the foregoing matters. The Company
and its Subsidiaries are in compliance with all U.S. federal, state, local and foreign laws and regulations relating to employment
and employment practices, terms and conditions of employment and wages and hours, except where the failure to be in compliance
could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

    	 	7	 

    	 

    

 

(o)
Compliance. Neither the Company nor any Subsidiary: (i) is in default under or in violation of (and no event has occurred
that has not been waived that, with notice or lapse of time or both, would result in a default by the Company or any Subsidiary
under), nor has the Company or any Subsidiary received notice of a claim that it is in default under or that it is in violation
of, any indenture, loan or credit agreement or any other agreement or instrument to which it is a party or by which it or any
of its properties is bound (whether or not such default or violation has been waived), (ii) is in violation of any judgment, decree
or order of any court, arbitrator or other governmental authority or (iii) is or has been in violation of any statute, rule, ordinance
or regulation of any governmental authority, including without limitation all foreign, federal, state and local laws relating
to taxes, environmental protection, occupational health and safety, product quality and safety and employment and labor matters,
except in each case as could not have or reasonably be expected to result in a Material Adverse Effect.

 

(p)
Environmental Laws. The Company and its Subsidiaries (i) are in compliance with all federal, state, local and foreign laws
relating to pollution or protection of human health or the environment (including ambient air, surface water, groundwater, land
surface or subsurface strata), including laws relating to emissions, discharges, releases or threatened releases of chemicals,
pollutants, contaminants, or toxic or hazardous substances or wastes (collectively, “Hazardous Materials”)
into the environment, or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport
or handling of Hazardous Materials, as well as all authorizations, codes, decrees, demands, or demand letters, injunctions, judgments,
licenses, notices or notice letters, orders, permits, plans or regulations, issued, entered, promulgated or approved thereunder
(“Environmental Laws”); (ii) have received all permits licenses or other approvals required of them under applicable
Environmental Laws to conduct their respective businesses; and (iii) are in compliance with all terms and conditions of any such
permit, license or approval where in each clause (i), (ii) and (iii), the failure to so comply could be reasonably expected to
have, individually or in the aggregate, a Material Adverse Effect.

 

(q)
Regulatory Permits. The Company and the Subsidiaries possess all certificates, authorizations and permits issued by the
appropriate federal, state, local or foreign regulatory authorities necessary to conduct their respective businesses as described
in the SEC Reports, except where the failure to possess such permits could not reasonably be expected to result in a Material
Adverse Effect (“Material Permits”), and neither the Company nor any Subsidiary has received any notice of
proceedings relating to the revocation or modification of any Material Permit.

 

(r)
Title to Assets. The Company and the Subsidiaries have good and marketable title in fee simple to all real property owned
by them and good and marketable title in all personal property owned by them that is material to the business of the Company and
the Subsidiaries, in each case free and clear of all Liens, except for Liens securing bank indebtedness owed to Silicon Valley
Bank, Liens as do not materially affect the value of such property and do not materially interfere with the use made and proposed
to be made of such property by the Company and the Subsidiaries, and Liens for the payment of federal, state or other taxes, for
which appropriate reserves have been made therefor in accordance with GAAP and, the payment of which is neither delinquent nor
subject to penalties. Any real property and facilities held under lease by the Company and the Subsidiaries are held by them under
valid, subsisting and enforceable leases with which the Company and the Subsidiaries are in compliance.

 

    	 	8	 

    	 

    

 

(s)
Patents and Trademarks. The Company and the Subsidiaries have, or have rights to use, all patents, patent applications,
trademarks, trademark applications, service marks, trade names, trade secrets, inventions, copyrights, licenses and other intellectual
property rights and similar rights necessary or required for use in connection with their respective businesses as described in
the SEC Reports and which the failure to so have could have a Material Adverse Effect (collectively, the “Intellectual
Property Rights”). None of, and neither the Company nor any Subsidiary has received a notice (written or otherwise)
that any of, the Intellectual Property Rights has expired, terminated or been abandoned, or is expected to expire or terminate
or be abandoned, within two (2) years from the date of this Agreement. Neither the Company nor any Subsidiary has received, since
the date of the latest audited financial statements included within the SEC Reports, a written notice of a claim or otherwise
has any knowledge that the Intellectual Property Rights violate or infringe upon the rights of any Person, except as could not
have or reasonably be expected to not have a Material Adverse Effect. To the knowledge of the Company, all such Intellectual Property
Rights are enforceable and there is no existing infringement by another Person of any of the Intellectual Property Rights. The
Company and its Subsidiaries have taken reasonable security measures to protect the secrecy, confidentiality and value of all
of their intellectual properties, except where failure to do so could not, individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect.

 

(t)
Insurance. The Company and the Subsidiaries are insured by insurers of recognized financial responsibility against such
losses and risks and in such amounts as are prudent and customary in the businesses in which the Company and the Subsidiaries
are engaged, including, but not limited to, directors and officers insurance coverage. Neither the Company nor any Subsidiary
has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires
or to obtain similar coverage from similar insurers as may be necessary to continue its business without a significant increase
in cost.

 

(u)
Transactions With Affiliates and Employees. Except as set forth in the SEC Reports, none of the officers or directors of
the Company or any Subsidiary and, to the knowledge of the Company, none of the employees of the Company or any Subsidiary is
presently a party to any transaction with the Company or any Subsidiary (other than for services as employees, officers and directors),
including any contract, agreement or other arrangement providing for the furnishing of services to or by, providing for rental
of real or personal property to or from, providing for the borrowing of money from or lending of money to or otherwise requiring
payments to or from any officer, director or such employee or, to the knowledge of the Company, any entity in which any officer,
director, or any such employee has a substantial interest or is an officer, director, trustee, stockholder, member or partner,
in each case in excess of $120,000 other than for: (i) payment of salary or consulting fees for services rendered, (ii) reimbursement
for expenses incurred on behalf of the Company and (iii) other employee benefits, including stock option agreements under any
stock option plan of the Company.

 

(v)
Sarbanes-Oxley; Internal Accounting Controls. The Company and the Subsidiaries are in compliance with any and all applicable
requirements of the Sarbanes-Oxley Act of 2002 that are effective as of the date hereof, and any and all applicable rules and
regulations promulgated by the Commission thereunder that are effective as of the date hereof and as of the Closing Date. The
Company and the Subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable assurance that:
(i) transactions are executed in accordance with management’s general or specific authorizations, (ii) transactions are
recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset accountability,
(iii) access to assets is permitted only in accordance with management’s general or specific authorization, and (iv) the
recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken
with respect to any differences. The Company and the Subsidiaries have established disclosure controls and procedures (as defined
in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Company and the Subsidiaries and designed such disclosure controls and
procedures to ensure that information required to be disclosed by the Company in the reports it files or submits under the Exchange
Act is recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms.
The Company’s certifying officers have evaluated the effectiveness of the Company’s disclosure controls and procedures
of the Company and the Subsidiaries as of the end of the period covered by the Company’s most recently filed periodic report
under the Exchange Act (such date, the “Evaluation Date”). The Company presented in its most recently filed
periodic report under the Exchange Act the conclusions of the certifying officers about the effectiveness of the disclosure controls
and procedures based on their evaluations as of the Evaluation Date. Since the Evaluation Date, there have been no changes in
the internal control over financial reporting (as such term is defined in the Exchange Act) of the Company and its Subsidiaries
that have materially affected, or is reasonably likely to materially affect, the internal control over financial reporting of
the Company and its Subsidiaries.

 

    	 	9	 

    	 

    

 

(w)
Certain Fees. Except as set forth in the Prospectus, no brokerage or finder’s fees or commissions are or will be
payable by the Company to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other
Person with respect to the transactions contemplated by this Agreement and the transactions contemplated pursuant to the Prospectus.
The Investors shall have no obligation with respect to any fees or with respect to any claims made by or on behalf of other Persons
for fees of a type contemplated in this Section that may be due in connection with the transactions contemplated by this Agreement
and the transactions contemplated pursuant to the Prospectus.

 

(x)
Investment Company. The Company is not, and is not an Affiliate of, and immediately after receipt of payment for the Securities,
will not be or be an Affiliate of, an “investment company” within the meaning of the Investment Company Act of 1940,
as amended. The Company shall conduct its business in a manner so that it will not become an “investment company”
subject to registration under the Investment Company Act of 1940, as amended.

 

(y)
Registration Rights. Except as set forth in SEC Reports and for piggy-back registration rights granted to Opus Bank for
the common stock underlying its warrants, no Person has any right to cause the Company or any Subsidiary to effect the registration
under the Securities Act of any securities of the Company or any Subsidiary.

 

(z)
Listing and Maintenance Requirements. The Preferred Stock is registered pursuant to Section 12(b) or 12(g) of the Exchange
Act, and the Company has taken no action designed to, or which to its knowledge is likely to have the effect of, terminating the
registration of the Preferred Stock under the Exchange Act nor has the Company received any notification that the Commission is
contemplating terminating such registration. The Company has not, in the 12 months preceding the date hereof, received notice
from any Trading Market on which the Preferred Stock is or has been listed or quoted to the effect that the Company is not in
compliance with the listing or maintenance requirements of such Trading Market with respect to the Preferred Stock. The Company
is, and has no reason to believe that it will not in the foreseeable future continue to be, in compliance with all such listing
and maintenance requirements. The Preferred Stock is currently eligible for electronic transfer through the Depository Trust Company
or another established clearing corporation and the Company is current in payment of the fees to the Depository Trust Company
(or such other established clearing corporation) in connection with such electronic transfer.

 

    	 	10	 

    	 

    

 

(aa)
Application of Takeover Protections. The Company and the Board of Directors have taken all necessary action, if any, in
order to render inapplicable any control share acquisition, business combination, poison pill (including any distribution under
a rights agreement) or other similar antitakeover provision under the Company’s certificate of incorporation (or similar
charter documents) or the laws of its state of incorporation that is or could become applicable to the Investors as a result of
the Investors and the Company fulfilling their obligations or exercising their rights under this Agreement and the transactions
contemplated pursuant to the Prospectus, including without limitation as a result of the Company’s issuance of the Securities
and the Investors’ ownership of the Securities.

 

(bb)
Disclosure. Except with respect to the material terms and conditions of the transactions contemplated by this Agreement
and the transactions contemplated pursuant to the Prospectus, the Company confirms that neither it nor any other Person acting
on its behalf has provided any of the Investors or their agents or counsel with any information that it believes constitutes or
might constitute material, non-public information which is not otherwise disclosed in the Preliminary Prospectus, any Company
Free Writing Prospectus or the Prospectus. The Company understands and confirms that the Investors will rely on the foregoing
representation in effecting transactions in securities of the Company. All of the disclosure furnished by or on behalf of the
Company to the Investors regarding the Company and, its Subsidiaries, their respective businesses and the transactions contemplated
hereby is true and correct and does not contain any untrue statement of a material fact or omit to state any material fact necessary
in order to make the statements made therein, in light of the circumstances under which they were made, not misleading. The press
releases disseminated by the Company during the twelve months preceding the date of this Agreement taken as a whole do not contain
any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to
make the statements therein, in light of the circumstances under which they were made and when made, not misleading.

 

(cc)
No Integrated Offering. Neither the Company, nor any of its Affiliates, nor any Person acting on its or their behalf has,
directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances
that would cause this offering of the Securities to be integrated with prior offerings by the Company for purposes of any applicable
shareholder approval provisions of any Trading Market on which any of the securities of the Company are listed or designated.

 

(dd)
Solvency. Based on the consolidated financial condition of the Company as of each Closing Date and except as set forth
in the SEC Reports, after giving effect to the receipt by the Company of the proceeds from the sale of the Securities hereunder,
(i) the anticipated fair saleable value of the Company’s business and its assets exceeds the amount that will be required
to be paid on or in respect of the Company’s existing debts and other liabilities (including known contingent liabilities)
as they mature, (ii) the Company’s assets do not constitute unreasonably small capital to carry on its business as now conducted
and as proposed to be conducted including its capital needs taking into account the particular capital requirements of the business
conducted by the Company, consolidated and projected capital requirements and capital availability thereof, and (iii) the current
cash flow of the Company, together with the proceeds the Company would receive, were it to liquidate all of its assets, after
taking into account all anticipated uses of the cash, would be sufficient to pay all amounts on or in respect of its liabilities
when such amounts are required to be paid. The Company does not intend to incur debts beyond its ability to pay such debts as
they mature (taking into account the timing and amounts of cash to be payable on or in respect of its debt). The Company has no
knowledge of any facts or circumstances which lead it to believe that it will file for reorganization or liquidation under the
bankruptcy or reorganization laws of any jurisdiction within one year from each Closing Date. As of the date hereof, there has
been no material change to the Indebtedness set forth in SEC Reports, detailing all outstanding secured and unsecured Indebtedness
of the Company or any Subsidiary, or for which the Company or any Subsidiary has commitments. For the purposes of this Agreement,
“Indebtedness” means (x) any liabilities for borrowed money or amounts owed in excess of $50,000 (other than
trade accounts payable incurred in the ordinary course of business), (y) all guaranties, endorsements and other contingent obligations
in respect of indebtedness of others, whether or not the same are or should be reflected in the Company’s consolidated balance
sheet (or the notes thereto), except guaranties by endorsement of negotiable instruments for deposit or collection or similar
transactions in the ordinary course of business; and (z) the present value of any lease payments in excess of $50,000 due under
leases required to be capitalized in accordance with GAAP. Except as described in the SEC Reports, neither the Company nor any
Subsidiary is in default with respect to any Indebtedness.

 

    	 	11	 

    	 

    

 

(ee)
Tax Status. Except for matters that would not, individually or in the aggregate, have or reasonably be expected to result
in a Material Adverse Effect, the Company and its Subsidiaries each (i) has made or filed all United States federal, state and
local income and all foreign income and franchise tax returns, reports and declarations required by any jurisdiction to which
it is subject, (ii) has paid all taxes and other governmental assessments and charges that are material in amount, shown or determined
to be due on such returns, reports and declarations and (iii) has set aside on its books provision reasonably adequate for the
payment of all material taxes for periods subsequent to the periods to which such returns, reports or declarations apply. There
are no unpaid taxes in any material amount claimed to be due by the taxing authority of any jurisdiction, and the officers of
the Company or of any Subsidiary know of no basis for any such claim.

 

(ff)
Foreign Corrupt Practices. Neither the Company nor any Subsidiary, nor to the knowledge of the Company or any Subsidiary,
any agent or other person acting on behalf of the Company or any Subsidiary, has (i) directly or indirectly, used any funds for
unlawful contributions, gifts, entertainment or other unlawful expenses related to foreign or domestic political activity, (ii)
made any unlawful payment to foreign or domestic government officials or employees or to any foreign or domestic political parties
or campaigns from corporate funds, (iii) failed to disclose fully any contribution made by the Company or any Subsidiary (or made
by any person acting on its behalf of which the Company is aware) which is in violation of law, or (iv) violated in any material
respect any provision of the Foreign Corrupt Practices Act of 1977, as amended.

 

(gg)
Accountants. The Company’s accounting firm is Grant Thornton LLP. To the knowledge and belief of the Company, such
accounting firm (i) is a registered public accounting firm as required by the Exchange Act and (ii) has expressed its opinion
with respect to the financial statements included in the Company’s Annual Report for the fiscal year ending December 31,
2017.

 

(hh)
Regulation M Compliance. The Company has not, and to its knowledge no one acting on its behalf has, (i) taken, directly
or indirectly, any action designed to cause or to result in the stabilization or manipulation of the price of any security of
the Company to facilitate the sale or resale of any of the Securities, (ii) sold, bid for, purchased, or, paid any compensation
for soliciting purchases of, any of the Securities, or (iii) paid or agreed to pay to any Person any compensation for soliciting
another to purchase any other securities of the Company, other than, in the case of clauses (ii) and (iii), compensation paid
to the Company’s placement agent in connection with the placement of the Securities.

 

    	 	12	 

    	 

    

 

(ii)
Office of Foreign Assets Control. Neither the Company nor any Subsidiary, to the Company’s knowledge, any director,
officer, agent, employee or affiliate of the Company or any Subsidiary is currently subject to any U.S. sanctions administered
by the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”).

 

(jj)
U.S. Real Property Holding Corporation. The Company is not and has never been a U.S. real property holding corporation
within the meaning of Section 897 of the Internal Revenue Code of 1986, as amended, and the Company shall so certify upon Investor’s
request.

 

(kk)
Bank Holding Company Act. Neither the Company nor any of its Subsidiaries or Affiliates is subject to the Bank Holding
Company Act of 1956, as amended (the “BHCA”) and to regulation by the Board of Governors of the Federal Reserve
System (the “Federal Reserve”). Neither the Company nor any of its Subsidiaries or Affiliates owns or controls,
directly or indirectly, five percent (5%) or more of the outstanding shares of any class of voting securities or twenty-five percent
or more of the total equity of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve. Neither
the Company nor any of its Subsidiaries or Affiliates exercises a controlling influence over the management or policies of a bank
or any entity that is subject to the BHCA and to regulation by the Federal Reserve.

 

(ll)
Money Laundering. The operations of the Company and its Subsidiaries are and have been conducted at all times in compliance
with applicable financial record-keeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of
1970, as amended, applicable money laundering statutes and applicable rules and regulations thereunder (collectively, the “Money
Laundering Laws”), and no action, suit or proceeding by or before any court or governmental agency, authority or body
or any arbitrator involving the Company with respect to the Money Laundering Laws is pending or, to the knowledge of the Company,
threatened.

 

(mm)
Certificates. Any certificate signed by an officer of the Company and delivered to the Placement Agent or to counsel for
the Placement Agent shall be deemed to be a representation and warranty by the Company to the Placement Agent as to the matters
set forth therein.

 

(nn)
Reliance. The Company acknowledges that the Placement Agent will rely upon the accuracy and truthfulness of the foregoing
representations and warranties and hereby consents to such reliance.

 

(oo)
FINRA Affiliations. There are no affiliations with any FINRA member firm among the Company’s officers, directors
or, to the knowledge of the Company, any five percent (5%) or greater stockholder of the Company, except for John N. Daly, a director
of the Company.

 

	3.	Delivery
    and Payment. Each Closing shall occur at the offices of Sichenzia Ross Ference LLP, 1185 Avenue of the Americas, 37th
    Floor, New York, NY 10036 (or at such other place as shall be agreed upon by the Placement Agent and the Company) (“Placement
    Agent Counsel”). Subject to the terms and conditions hereof, at each Closing payment of the purchase price for the
    Securities sold on such Closing Date shall be made by Federal Funds wire transfer, against delivery of such Securities, and
    such Securities shall be registered in such name or names and shall be in such denominations, as the Placement Agent may request
    at least one business day before the time of purchase (as defined below).

 

Deliveries
of the documents with respect to the purchase of the Securities, if any, shall be made at the offices of Placement Agent Counsel.
All actions taken at a Closing shall be deemed to have occurred simultaneously.

 

    	 	13	 

    	 

    

 

	4.	Covenants
    and Agreements of the Company. The Company further covenants and agrees with the Placement Agent as follows:

 

(a)
Registration Statement Matters. The Company will advise the Placement Agent promptly after it receives notice thereof of
the time when any amendment to the Registration Statement has been filed or becomes effective or any supplement to any Prospectus
or any amended Prospectus has been filed and will furnish the Placement Agent with copies thereof. The Company will file promptly
all reports and any definitive proxy or information statements required to be filed by the Company with the Commission pursuant
to Section 13(a), 14 or 15(d) of the Exchange Act subsequent to the date of any Prospectus and for so long as the delivery of
a prospectus is required in connection with the Offering. The Company will advise the Placement Agent, promptly after it receives
notice thereof (i) of any request by the Commission to amend the Registration Statement or to amend or supplement any Prospectus
or for additional information, and (ii) of the issuance by the Commission of any stop order suspending the effectiveness of the
Registration Statement or any post-effective amendment thereto or any order directed at any Incorporated Document, if any, or
any amendment or supplement thereto or any order preventing or suspending the use of the Preliminary Prospectus or any Prospectus
or any amendment or supplement thereto or any post-effective amendment to the Registration Statement, of the suspension of the
qualification of the Securities for offering or sale in any jurisdiction, of the institution or threatened institution of any
proceeding for any such purpose, or of any request by the Commission for the amending or supplementing of the Registration Statement
or a Prospectus or for additional information. The Company shall use its best efforts to prevent the issuance of any such stop
order or prevention or suspension of such use. If the Commission shall enter any such stop order or order or notice of prevention
or suspension at any time, the Company will use its best efforts to obtain the lifting of such order at the earliest possible
moment, or will file a new registration statement and use its best efforts to have such new registration statement declared effective
as soon as practicable. Additionally, the Company agrees that it shall comply with the provisions of Rules 424(b), 430A, 430B
and 430C, as applicable, under the Securities Act, including with respect to the timely filing of documents thereunder, and will
use its reasonable efforts to confirm that any filings made by the Company under such Rule 424(b) are received in a timely manner
by the Commission.

 

(b)
Blue Sky Compliance. The Company will cooperate with the Placement Agent and the Investors in endeavoring to qualify the
Securities for sale under the securities laws of such jurisdictions (United States and foreign) as the Placement Agent and the
Investors may reasonably request and will make such applications, file such documents, and furnish such information as may be
reasonably required for that purpose, provided the Company shall not be required to qualify as a foreign corporation or to file
a general consent to service of process in any jurisdiction where it is not now so qualified or required to file such a consent,
and provided further that the Company shall not be required to produce any new disclosure document other than a Prospectus. The
Company will, from time to time, prepare and file such statements, reports and other documents as are or may be required to continue
such qualifications in effect for so long a period as the Placement Agent may reasonably request for distribution of the Securities.
The Company will advise the Placement Agent promptly of the suspension of the qualification or registration of (or any such exemption
relating to) the Securities for offering, sale or trading in any jurisdiction or any initiation or threat of any proceeding for
any such purpose, and in the event of the issuance of any order suspending such qualification, registration or exemption, the
Company shall use its best efforts to obtain the withdrawal thereof at the earliest possible moment.

 

    	 	14	 

    	 

    

 

(c)
Amendments and Supplements to a Prospectus and Other Matters. The Company will comply with the Securities Act and the Exchange
Act, and the rules and regulations of the Commission thereunder, so as to permit the completion of the distribution of the Securities
as contemplated in this Agreement, the Incorporated Documents and any Prospectus. If during the period in which a prospectus is
required by law to be delivered in connection with the distribution of Securities contemplated by the Incorporated Documents or
any Prospectus (the “Prospectus Delivery Period”), any event shall occur as a result of which, in the judgment
of the Company or in the opinion of the Placement Agent or counsel for the Placement Agent, it becomes necessary to amend or supplement
the Incorporated Documents or any Preliminary Prospectus or Prospectus in order to make the statements therein, in the light of
the circumstances under which they were made, as the case may be, not misleading, or if it is necessary at any time to amend or
supplement the Incorporated Documents or any Preliminary Prospectus or Prospectus or to file under the Exchange Act any Incorporated
Document to comply with any law, the Company will promptly prepare and file with the Commission, and furnish at its own expense
to the Placement Agent and to dealers, an appropriate amendment to the Registration Statement or supplement to the Registration
Statement, the Incorporated Documents or any Preliminary Prospectus or Prospectus that is necessary in order to make the statements
in the Incorporated Documents and any Preliminary Prospectus or Prospectus as so amended or supplemented, in the light of the
circumstances under which they were made, as the case may be, not misleading, or so that the Registration Statement, the Incorporated
Documents or any Preliminary Prospectus or Prospectus, as so amended or supplemented, will comply with law. Before amending the
Registration Statement or supplementing the Incorporated Documents or any Preliminary Prospectus or Prospectus in connection with
the Offering, the Company will furnish the Placement Agent with a copy of such proposed amendment or supplement and will not file
any such amendment or supplement to which the Placement Agent reasonably objects.

 

(d)
Copies of any Amendments and Supplements to a Prospectus. The Company will furnish the Placement Agent, without charge,
during the period beginning on the date hereof and ending on the later of the last Closing Date of the Offering, as many copies
of the Incorporated Documents and any Preliminary Prospectus or Prospectus and any amendments and supplements thereto (including
any Incorporated Documents, if any) as the Placement Agent may reasonably request.

 

(e)
Free Writing Prospectus. The Company covenants that it will not, unless it obtains the prior written consent of the Placement
Agent, make any offer relating to the Securities that would constitute a Company Free Writing Prospectus or that would otherwise
constitute a “free writing prospectus” (as defined in Rule 405 of the Securities Act) required to be filed
by the Company with the Commission or retained by the Company under Rule 433 of the Securities Act. In the event that the Placement
Agent expressly consents in writing to any such free writing prospectus (a “Permitted Free Writing Prospectus”),
the Company covenants that it shall (i) treat each Permitted Free Writing Prospectus as a Company Free Writing Prospectus, and
(ii) comply with the requirements of Rule 164 and 433 of the Securities Act applicable to such Permitted Free Writing Prospectus,
including in respect of timely filing with the Commission, legending and record keeping.

 

(f)
Transfer Agent. The Company will maintain, at its expense, a registrar and transfer agent for the Preferred Stock.

 

    	 	15	 

    	 

    

 

(g)
Earnings Statement. As soon as practicable and in accordance with applicable requirements
under the Securities Act, but in any event not later than 18 months after the last Closing Date, the Company will make generally
available to its security holders and to the Placement Agent an earnings statement, covering a period of at least 12 consecutive
months beginning after the last Closing Date, that satisfies the provisions of Section 11(a) and Rule 158 under the Securities
Act.

 

(h)
Periodic Reporting Obligations. During the Prospectus Delivery Period, the Company will duly file, on a timely basis, with
the Commission and the Trading Market all reports and documents required to be filed under the Exchange Act within the time periods
and in the manner required by the Exchange Act.

 

(i)
Omitted.

 

(j)
No Manipulation of Price. The Company will not take, directly or indirectly, any action designed to cause or result
in, or that has constituted or might reasonably be expected to constitute, the stabilization or manipulation of the price of any
securities of the Company.

 

(k)
Acknowledgment. The Company acknowledges that any advice given by the Placement Agent to the Company is solely for the
benefit and use of the Board of Directors of the Company and may not be used, reproduced, disseminated, quoted or referred to,
without the Placement Agent’s prior written consent.

 

	5.	Conditions
    of the Obligations of the Placement Agent. The obligations of the Placement Agent hereunder shall be subject to the accuracy
    of the representations and warranties on the part of the Company set forth in Section 2 hereof, in each case as of the date
    hereof and as of each Closing Date as though then made, to the timely performance by each of the Company of its covenants
    and other obligations hereunder on and as of such dates, and to each of the following additional conditions: 

 

(a)
Accountants’ Comfort Letter. On the initial Closing Date, the Placement Agent shall have received, and the Company
shall have caused to be delivered to the Placement Agent, a letter from Grant Thornton LLP (the independent registered public
accounting firm of the Company), addressed to the Placement Agent, dated as of the initial Closing Date, in form and substance
satisfactory to the Placement Agent. The letter shall not disclose any change in the condition (financial or other), earnings,
operations, business or prospects of the Company from that set forth in the Incorporated Documents or the applicable Prospectus,
which, in the Placement Agent’s sole judgment, is material and adverse and that makes it, in the Placement Agent’s
sole judgment, impracticable or inadvisable to proceed with the Offering of the Securities as contemplated by such Prospectus.

 

(b)
Compliance with Registration Requirements; No Stop Order; No Objection from the FINRA. Each Preliminary Prospectus or Prospectus
(in accordance with Rule 424(b)) and “free writing prospectus” (as defined in Rule 405 of the Securities Act),
if any, shall have been duly filed with the Commission, as appropriate; no stop order suspending the effectiveness of the Registration
Statement or any part thereof shall have been issued and no proceeding for that purpose shall have been initiated or threatened
by the Commission; no order preventing or suspending the use of any Preliminary Prospectus or Prospectus shall have been issued
and no proceeding for that purpose shall have been initiated or threatened by the Commission; no order having the effect of ceasing
or suspending the distribution of the Securities or any other securities of the Company shall have been issued by any securities
commission, securities regulatory authority or stock exchange and no proceedings for that purpose shall have been instituted or
shall be pending or, to the knowledge of the Company, contemplated by any securities commission, securities regulatory authority
or stock exchange; all requests for additional information on the part of the Commission shall have been complied with; and the
FINRA shall have raised no objection to the fairness and reasonableness of the placement terms and arrangements.

 

    	 	16	 

    	 

    

 

(c)
Corporate Proceedings. All corporate proceedings and other legal matters in connection with this Agreement, the Registration
Statement and each Prospectus, and the registration, sale and delivery of the Securities, shall have been completed or resolved
in a manner reasonably satisfactory to the Placement Agent’s counsel, and such counsel shall have been furnished with such
papers and information as it may reasonably have requested to enable such counsel to pass upon the matters referred to in this
Section 5.

 

(d)
No Material Adverse Change. Subsequent to the execution and delivery of this Agreement and prior to each Closing Date,
in the Placement Agent’s sole judgment after consultation with the Company, there shall not have occurred any Material Adverse
Change or Material Adverse Effect.

 

(e)
Opinion of Counsel for the Company. The Placement Agent shall have received on each Closing Date the favorable opinion
of US legal counsel to the Company, dated as of such Closing Date, including, without limitation, a negative assurance letter
addressed to the Placement Agent and in form and substance satisfactory to the Placement Agent.

 

(f)
Officers’ Certificate. The Placement Agent shall have received on each Closing Date a certificate of the Company,
dated as of such Closing Date, signed by the Chief Executive Officer and Chief Financial Officer of the Company, to the effect
that, and the Placement Agent shall be satisfied that, the signers of such certificate have reviewed the Registration Statement,
the Incorporated Documents, any Prospectus, and this Agreement and to the further effect that:

 

(i)
The representations and warranties of the Company in this Agreement are true and correct, as if made on and as of such Closing
Date, and the Company has complied with all the agreements and satisfied all the conditions on its part to be performed or satisfied
at or prior to such Closing Date;

 

(ii)
No stop order suspending the effectiveness of the Registration Statement or the use of the Preliminary Prospectus or any Prospectus
has been issued and no proceedings for that purpose have been instituted or are pending or, to the Company’s knowledge,
threatened under the Securities Act; no order having the effect of ceasing or suspending the distribution of the Securities or
any other securities of the Company has been issued by any securities commission, securities regulatory authority or stock exchange
in the United States and no proceedings for that purpose have been instituted or are pending or, to the knowledge of the Company,
contemplated by any securities commission, securities regulatory authority or stock exchange in the United States;

 

(iii)
When the Registration Statement became effective, at the time of sale, and at all times subsequent thereto up to the delivery
of such certificate, the Registration Statement and the Incorporated Documents, if any, when such documents became effective or
were filed with the Commission, contained all material information required to be included therein by the Securities Act and the
Exchange Act and the applicable rules and regulations of the Commission thereunder, as the case may be, and in all material respects
conformed to the requirements of the Securities Act and the Exchange Act and the applicable rules and regulations of the Commission
thereunder, as the case may be, and the Registration Statement and the Incorporated Documents, if any, did not and do not include
any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the
statements therein, in the light of the circumstances under which they were made, not misleading (provided, however, that the
preceding representations and warranties contained in this paragraph (iii) shall not apply to any statements or omissions made
in reliance upon and in conformity with information furnished in writing to the Company by the Placement Agent expressly for use
therein) and, since the effective date of the Registration Statement, there has occurred no event required by the Securities Act
and the rules and regulations of the Commission thereunder to be set forth in the Incorporated Documents which has not been so
set forth; and

 

    	 	17	 

    	 

    

 

(iv)
Subsequent to the respective dates as of which information is given in the Registration Statement, the Incorporated Documents
and any Prospectus, there has not been: (a) any Material Adverse Change; (b) any transaction that is material to the Company and
the Subsidiaries taken as a whole, except transactions entered into in the ordinary course of business; (c) any obligation, direct
or contingent, that is material to the Company and the Subsidiaries taken as a whole, incurred by the Company or any Subsidiary,
except obligations incurred in the ordinary course of business; (d) any material change in the capital stock (except changes thereto
resulting from the exercise of outstanding stock options or warrants) or outstanding indebtedness of the Company or any Subsidiary;
(e) any dividend or distribution of any kind declared, paid or made on the capital stock of the Company; or (f) any loss or damage
(whether or not insured) to the property of the Company or any Subsidiary which has been sustained or will have been sustained
which has a Material Adverse Effect.

 

(g)
Bring-down Comfort Letter. On each Closing Date that is subsequent to the initial Closing Date, the Placement Agent
shall have received from Grant Thornton LLP, or such other independent registered public accounting firm of the Company, a letter
dated as of such Closing Date, in form and substance satisfactory to the Placement Agent, to the effect that they reaffirm the
statements made in the letter furnished pursuant to subsection (a) of this Section 5, except that the specified date referred
to therein for the carrying out of procedures shall be no more than three business days prior to such Closing Date.

 

(h)
Stock Exchange Listing. The Preferred Stock shall be registered under the Exchange Act and shall be listed on the Trading
Market, and the Company shall not have taken any action designed to terminate, or likely to have the effect of terminating, the
registration of the Preferred Stock under the Exchange Act or delisting or suspending from trading the Preferred Stock from the
Trading Market, nor shall the Company have received any information suggesting that the Commission or the Trading Market is contemplating
terminating such registration or listing.

 

(i)
Additional Documents. On or before each Closing Date, the Placement Agent and counsel for the Placement Agent shall have
received such information and documents as they may reasonably require for the purposes of enabling them to pass upon the issuance
and sale of the Securities as contemplated herein, or in order to evidence the accuracy of any of the representations and warranties,
or the satisfaction of any of the conditions or agreements, herein contained.

 

    	 	18	 

    	 

    

 

(j)
Subsequent Equity Sales. From the date hereof until 90 days after the Closing Date, neither the Company nor any Subsidiary
shall issue, enter into any agreement to issue or announce the issuance or proposed issuance of any shares of Preferred Stock,
Common Stock or Common Stock Equivalents without written approval from the Placement Agent.

 

If
any condition specified in this Section 5 is not satisfied when and as required to be satisfied, this Agreement may be terminated
by the Placement Agent by notice to the Company at any time on or prior to a Closing Date, which termination shall be without
liability on the part of any party to any other party, except that Section 6 (Payment of Expenses), Section 7 (Indemnification
and Contribution) and Section 8 (Representations and Indemnities to Survive Delivery) shall at all times be effective and shall
survive such termination.

 

	6.	Payment
    of Expenses. The Company agrees to pay all costs, fees and expenses incurred by the Company in connection with the performance
    of its obligations hereunder and in connection with the transactions contemplated hereby and, except as otherwise provided
    herein, the Company shall not pay for any costs, fees or expenses incurred by the Placement Agent in connection with the performance
    of its obligations hereunder and in connection with the transactions contemplated hereby.

 

	7.	Indemnification
    and Contribution. 

 

(a)
The Company agrees to indemnify and hold harmless the Placement Agent, its affiliates and each person controlling the Placement
Agent (within the meaning of Section 15 of the Securities Act), and the directors, officers, agents and employees of the Placement
Agent, its affiliates and each such controlling person (the Placement Agent, and each such entity or person. an “Indemnified
Person”) from and against any losses, claims, damages, judgments, assessments, costs and other liabilities (collectively,
the “Liabilities”), and shall reimburse each Indemnified Person for all fees and expenses (including the reasonable
fees and expenses of one counsel for all Indemnified Persons, except as otherwise expressly provided herein) (collectively, the
“Expenses”) as they are incurred by an Indemnified Person in investigating, preparing, pursuing or defending
any Actions, whether or not any Indemnified Person is a party thereto, (i) caused by, or arising out of or in connection with,
any untrue statement or alleged untrue statement of a material fact contained in any Incorporated Document or by any omission
or alleged omission to state therein a material fact necessary to make the statements therein, in light of the circumstances under
which they were made, not misleading (other than untrue statements or alleged untrue statements in, or omissions or alleged omissions
from, information relating to an Indemnified Person furnished in writing by or on behalf of such Indemnified Person expressly
for use in the Incorporated Documents) or (ii) otherwise arising out of or in connection with advice or services rendered or to
be rendered by any Indemnified Person pursuant to this Agreement, the transactions contemplated thereby or any Indemnified Person’s
actions or inactions in connection with any such advice, services or transactions; provided, however, that, in the case
of clause (ii) only, the Company shall not be responsible for any Liabilities or Expenses of any Indemnified Person that are finally
judicially determined to have resulted from such Indemnified Person’s (x) gross negligence or willful misconduct in connection
with any of the advice, actions, inactions or services referred to above or (y) use of any offering materials or information concerning
the Company in connection with the offer or sale of the Securities in the Offering which were not authorized for such use by the
Company and which use constitutes gross negligence or willful misconduct. The Company also agrees to reimburse each Indemnified
Person for all Expenses as they are incurred in connection with enforcing such Indemnified Person’s rights under this Agreement.

 

    	 	19	 

    	 

    

 

(b)
Upon receipt by an Indemnified Person of actual notice of an Action against such Indemnified Person with respect to which indemnity
may be sought under this Agreement, such Indemnified Person shall promptly notify the Company in writing; provided that failure
by any Indemnified Person so to notify the Company shall not relieve the Company from any liability which the Company may have
on account of this indemnity or otherwise to such Indemnified Person, except to the extent the Company shall have been prejudiced
by such failure. The Company shall, if requested by the Placement Agent, assume the defense of any such Action including the employment
of counsel reasonably satisfactory to the Placement Agent, which counsel may also be counsel to the Company. Any Indemnified Person
shall have the right to employ separate counsel in any such action and participate in the defense thereof, but the fees and expenses
of such counsel shall be at the expense of such Indemnified Person unless: (i) the Company has failed promptly to assume the defense
and employ counsel or (ii) the named parties to any such Action (including any impeded parties) include such Indemnified Person
and the Company, and such Indemnified Person shall have been advised in the reasonable opinion of counsel that there is an actual
conflict of interest that prevents the counsel selected by the Company from representing both the Company (or another client of
such counsel) and any Indemnified Person; provided that the Company shall not in such event be responsible hereunder for the fees
and expenses of more than one firm of separate counsel for all Indemnified Persons in connection with any Action or related Actions,
in addition to any local counsel. The Company shall not be liable for any settlement of any Action effected without its written
consent (which shall not be unreasonably withheld). In addition, the Company shall not, without the prior written consent of the
Placement Agent (which shall not be unreasonably withheld), settle, compromise or consent to the entry of any judgment in or otherwise
seek to terminate any pending or threatened Action in respect of which indemnification or contribution may be sought hereunder
(whether or not such Indemnified Person is a party thereto) unless such settlement, compromise, consent or termination includes
an unconditional release of each Indemnified Person from all Liabilities arising out of such Action for which indemnification
or contribution may be sought hereunder. The indemnification required hereby shall be made by periodic payments of the amount
thereof during the course of the investigation or defense, as such expense, loss, damage or liability is incurred and is due and
payable.

 

(c)
In the event that the foregoing indemnity is unavailable to an Indemnified Person other than in accordance with this Agreement,
the Company shall contribute to the Liabilities and Expenses paid or payable by such Indemnified Person in such proportion as
is appropriate to reflect (i) the relative benefits to the Company, on the one hand, and to the Placement Agent and any other
Indemnified Person, on the other hand, of the matters contemplated by this Agreement or (ii) if the allocation provided by the
immediately preceding clause is not permitted by applicable law, not only such relative benefits but also the relative fault of
the Company, on the one hand, and the Placement Agent and any other Indemnified Person, on the other hand, in connection with
the matters as to which such Liabilities or Expenses relate, as well as any other relevant equitable considerations; provided
that in no event shall the Company contribute less than the amount necessary to ensure that all Indemnified Persons, in the aggregate,
are not liable for any Liabilities and Expenses in excess of the amount of fees actually received by the Placement Agent pursuant
to this Agreement. For purposes of this paragraph, the relative benefits to the Company, on the one hand, and to the Placement
Agent on the other hand, of the matters contemplated by this Agreement shall be deemed to be in the same proportion as (a) the
total value paid or contemplated to be paid to or received or contemplated to be received by the Company in the transaction or
transactions that are within the scope of this Agreement, whether or not any such transaction is consummated, bears to (b) the
fees paid to the Placement Agent under this Agreement. Notwithstanding the above, no person guilty of fraudulent misrepresentation
within the meaning of Section 11(f) of the Securities Act, as amended, shall be entitled to contribution from a party who was
not guilty of fraudulent misrepresentation.

 

    	 	20	 

    	 

    

 

(d)
The Company also agrees that no Indemnified Person shall have any liability (whether direct or indirect, in contract or tort or
otherwise) to the Company for or in connection with advice or services rendered or to be rendered by any Indemnified Person pursuant
to this Agreement, the transactions contemplated thereby or any Indemnified Person’s actions or inactions in connection
with any such advice, services or transactions except for Liabilities (and related Expenses) of the Company that are finally judicially
determined to have resulted from such Indemnified Person’s fraud, gross negligence or willful misconduct in connection with
any such advice, actions, inactions or services.

 

(e)
The reimbursement, indemnity and contribution obligations of the Company set forth herein shall apply to any modification of this
Agreement and shall remain in full force and effect regardless of any termination of, or the completion of any Indemnified Person’s
services under or in connection with, this Agreement.

 

	8.	Representations
    and Indemnities to Survive Delivery. The respective indemnities, agreements, representations, warranties and other statements
    of the Company or any person controlling the Company, of its officers, and of the Placement Agent set forth in or made pursuant
    to this Agreement will remain in full force and effect, regardless of any investigation made by or on behalf of the Placement
    Agent, the Company, or any of its or their partners, officers or directors or any controlling person, as the case may be,
    and will survive delivery of and payment for the Securities sold hereunder and any termination of this Agreement. A successor
    to a Placement Agent, or to the Company, its directors or officers or any person controlling the Company, shall be entitled
    to the benefits of the indemnity, contribution and reimbursement agreements contained in this Agreement. 
	 	 
	9.	Notices.
    All communications hereunder shall be in writing and shall be mailed, hand delivered or telecopied and confirmed to the parties
    hereto as follows: 

 

If
to the Placement Agent to the address set forth above, attention: Mr. John W. Chambers, President & Head of Investment Banking,
Facsimile: (212) 214-0803.

 

With
a copy to:

 

Sichenzia
Ross Ference LLP

1185
Avenue of the Americas, 37th Floor

New
York, NY 10036 Facsimile: (212) 930-9725

Attention:
Gregory Sichenzia, Esq.

 

If
to the Company:

 

Medical
Transcription Billing, Corp.

7
Clyde Road

Somerset,
NJ 08873

Facsimile:
(732) 227-8575

Attention:
General Counsel and Corporate Secretary

 

    	 	21	 

    	 

    

 

With
a copy to: 

 

Song
P.C.

444
Madison Avenue, 4th Floor

New
York, NY 10022

Facsimile:
(212) 599-8400

Attention:
David S. Song, Esq.

 

	10.	Any
    party hereto may change the address for receipt of communications by giving written notice to the others
	 	 
	11.	Successors.
    This Agreement will inure to the benefit of and be binding upon the parties hereto, and to the benefit of the employees, officers
    and directors and controlling persons referred to in Section 7 hereof, and to their respective successors, and personal representative,
    and no other person will have any right or obligation hereunder. 
	 	 
	12.	Partial
    Unenforceability. The invalidity or unenforceability of any section, paragraph or provision of this Agreement shall not
    affect the validity or enforceability of any other section, paragraph or provision hereof. If any Section, paragraph or provision
    of this Agreement is for any reason determined to be invalid or unenforceable, there shall be deemed to be made such minor
    changes (and only such minor changes) as are necessary to make it valid and enforceable. 
	 	 
	13.	Governing
    Law Provisions. This Agreement shall be deemed to have been made and delivered in New York City and both this Agreement
    and the transactions contemplated hereby shall be governed as to validity, interpretation, construction, effect and in all
    other respects by the internal laws of the State of New York, without regard to the conflict of laws principles thereof. Each
    of the Placement Agent and the Company: (i) agrees that any legal suit, action or proceeding arising out of or relating to
    this Agreement and/or the transactions contemplated hereby shall be instituted exclusively in New York Supreme Court, County
    of New York, or in the United States District Court for the Southern District of New York, (ii) waives any objection which
    it may have or hereafter to the venue of any such suit, action or proceeding, and (iii) irrevocably consents to the jurisdiction
    of the New York Supreme Court, County of New York, and the United States District Court for the Southern District of New York
    in any such suit, action or proceeding. Each of the Placement Agent and the Company further agrees to accept and acknowledge
    service of any and all process which may be served in any such suit, action or proceeding in the New York Supreme Court, County
    of New York, or in the United States District Court for the Southern District of New York and agrees that service of process
    upon the Company mailed by certified mail to the Company’s address shall be deemed in every respect effective service
    of process upon the Company, in any such suit, action or proceeding, and service of process upon the Placement Agent mailed
    by certified mail to the Placement Agent’s address shall be deemed in every respect effective service process upon the
    Placement Agent, in any such suit, action or proceeding. Notwithstanding any provision of this Agreement to the contrary,
    the Company agrees that neither the Placement Agent nor its affiliates, and the respective officers, directors, employees,
    agents and representatives of the Placement Agent, its affiliates and each other person, if any, controlling the Placement
    Agent or any of its affiliates, shall have any liability (whether direct or indirect, in contract or tort or otherwise) to
    the Company for or in connection with this Agreement and the transactions described herein except for any such liability for
    losses, claims, damages or liabilities incurred by us that are finally judicially determined to have resulted from the bad
    faith or gross negligence of such individuals or entities. If either party shall commence an action or proceeding to enforce
    any provision of this Agreement, then the prevailing party in such action or proceeding shall be reimbursed by the other party
    for its reasonable attorney’s fees and other costs and expenses incurred with the investigation, preparation and prosecution
    of such action or proceeding. 

 

    	 	22	 

    	 

    

 

Section
13. General Provisions.

 

(a)
This Agreement constitutes the entire agreement of the parties to this Agreement and supersedes all prior written or oral and
all contemporaneous oral agreements, understandings and negotiations with respect to the subject matter hereof, except for the
engagement agreements entered into by and between the Company and the Placement Agent, dated as of May 10, 2017, May 22, 2017,
June 22, 2017, September 25, 2017, December 5, 2017, March 22, 2018 and September 21, 2018, which shall survive the execution
of this Agreement. This Agreement may be executed in two or more counterparts, each one of which shall be an original, with the
same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement may not be amended or modified
unless in writing by all of the parties hereto, and no condition herein (express or implied) may be waived unless waived in writing
by each party whom the condition is meant to benefit. Section headings herein are for the convenience of the parties only and
shall not affect the construction or interpretation of this Agreement.

 

(b)
The Company acknowledges that in connection with the offering of the Securities: (i) the Placement Agent has acted at arms length,
are not agents of, and owe no fiduciary duties to the Company or any other person, (ii) the Placement Agent owes the Company only
those duties and obligations set forth in this Agreement and (iii) the Placement Agent may have interests that differ from those
of the Company. The Company waives to the full extent permitted by applicable law any claims it may have against the Placement
Agent arising from an alleged breach of fiduciary duty in connection with the offering of the Securities

 

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remainder of this page has been intentionally left blank.]

 

    	 	23	 

    	 

    

 

If
the foregoing is in accordance with your understanding of our agreement, please sign below whereupon this instrument, along with
all counterparts hereof, shall become a binding agreement in accordance with its terms.

 

	 	Very
truly yours,
	 	 
	 	MEDICAL
    TRANSCRIPTION BILLING, CORP.
	 	 	 
	 	By:	                        
	 	Name:	 
	 	Title:	 

 

The
foregoing Placement Agency Agreement is hereby confirmed and accepted as of the date first above written.

 

	H.C.
    Wainwright & Co., LLC	 
	 	 	 
	By:
    	                                       	 
	Name:	 	 
	Title:	 	 

 

    	 	24

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