Document:

EMPLOYMENT
AGREEMENT

AGREEMENT,
dated as of July 12, 2021 (the  Effective Date") by and between Healthcare Triangle, Inc., a Delaware  corporation (the "Company"),
and Suresh Venkatachari (the "Executive").

 

WHEREAS,
the Company desires to establish its rights to the services of Executive, in the capacities described below, on the terms and conditions
hereinafter set forth, and Executive is willing to accept such employment on such terms and conditions.

 

NOW
, THEREFORE, in consideration of the premises and the mutual covenants set forth below, the parties hereby agree as follows:

 

 1. Employment.

The
Company hereby agrees to employ the Executive as Chief Executive Officer of the Company, and the Executive hereby accepts such employment
, on the terms and conditions set forth below.

 

 2. Roles and Responsibilities.

In
his position as Chief Executive Officer of the Company, Executive shall report to the Board of Directors of Company and be responsible
for:

 

	•		Managing the long-term
strategy and day-to-day operations of the Company including its sales, marketing and financial performance;

	•		Meeting performance
goals as established by the Board of Directors of the Company (the "Board");

	•		Providing timely
and accurate guidance to the Board as to the performance of Company;

	•		All hiring activities
of Company, provided that they are consistent with any standards established by Comp any;

	•		Identifying potential
acquisition/merger candidates for Company and presenting said candidate opportunities to the Board for consideration; and

	•		Such other reasonable
duties assigned to the Executive by the Board.

 

The
Executive shall comply with all applicable policies and procedures of the Company. The Executive shall devote substantially all of his
working time, attention and energies during normal business hours (other than absences due to illness or vacation) to the performance
of his duties for the Company and give his best efforts to the success of the Company. Notwithstanding the above, the Executive shall
be permitted, to the extent such activities do not substantially interfere with his performance of his duties and responsibilities hereunder
or via late Sections 5 or 6 of this Agreement, to (i) be an officer or director of SecureKloud Technologies Inc., SecureKloud Technologies
Inc, Securekloud Technologies Ltd, Blockedge Technologies Inc and Niyama Healthcare Inc., (ii) manage his personal, financial and legal
affairs, (iii) serve on civic or charitable boards or committees (it being expressly understood and agreed that the Executive's continuing
to serve on any such board and/or committees on which he is serving, or with which he is otherwise associated, as of the Effective Date,
shall be deemed not to interfere with his performance of his duties and responsibilities under this Agreement), (iv) serve on boards
of other companies and (v) make personal appearances and lectures, and the Executive shall be entitled to receive and retain all remuneration
received by him from the items listed in clauses (i) through (v) of this paragraph.

 

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2. Place of Performance.

 

During
the Employment Period, the Executive will reside in Dublin, California and the Executive shall not be required to relocate to any other
location. The Executive agrees to be judicious in spending time between the Company's other physical locations and office facilities,
and all travel required to grow business, develop, acquire and visit vendors, partners, customers and suppliers. The Executive may, in
his soleo pinion, work from his residence when he deems it advisable.

 

 3. Compensation and Related Matters.

 

 (a) Base Salary. During the Term, the Company shall pay the Executive a basesalary of$300,000 per year, which shall be payable bi-monthly in accordance with the payment practices of the Company.

 

(b) 
Annual Cash Bonus ("ACB"). For each full fiscal year of the Company that begins and ends during the Term, the Executive shall
be eligible to earn an annual cash bonus in such amount as shall be determined by the Compensation Committee of the Board (the "Compensation
Committee") (the "Annual Bonus") based on the achievement by the Company of reasonable performance goals established by
the Compensation Committee and agreed to by Executive for each such fiscal year.

 

 (c) Signing Bonus. The Executive is hereby granted as of the Effective Date (i) 250,000 stock options in the Company, exercisable at $0.40 per share of which are 100% vested on the Effective Date and (ii) 6,000 shares of the Company's Series A Super Voting Preferred Stock.

 

(d)  
Automobile. The Company shall provide the Exe<:utive with the use of a Company-owned automobile for business and personal use.
The Company shall pay (or reimburse Executive) for all expenses of insurance, registration, operation and maintenance of such
automobile. Executive shall comply with reasonable reporting on the use of such automobile, as the Company may establish from time
to time or, at the Executive' s option, reimburse for the Executive for auto related payments paid by the Executive in an amount of
$1,500 per month plus the cost of auto insurance.

 

(t)
Business, Travel and Entertainment Expenses. The Company shall promptly reimburse the Executive for all documented business, travel and
entertainment expenses related to the conduct of the Company's business and consistent with the Executive's titles and the practices
of the Company including but not limited to home office expenses, mobile office expenses and other technology expenses, which the Executive
deems appropriate.

 

 (g) Vacation. The Executive shall be entitled to four (4) weeks of paid vacation per year.

 

(h)   
Welfare, Pension and Incentive Benefit Plans. During the Term, the Executive (and his eligible spouse and dependents) shall be
entitled to participate in all the welfare benefit plans and programs maintained by the Company from time to time for the benefit of
its senior executives including, without limitation, all medical, hospitalization, dental, disability, accidental death and
dismemberment and travel accident insurance plans and programs or the Company shall reimburse the Executive if he chooses to obtain
his own insurance up to $1,500 per month. In addition, during the Term, the Executive shall be eligible to participate in all
pensions, retirement, savings and other employee benefit plans and programs maintained from time to time by the Company for the
benefit of its senior executives, other than any annual cash incentive plan.

 

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 4. Work Product.

 

As
used in this Agreement, the tern "Work Product" means all inventions, innovations, improvements, technical infonnation,
systems, software developments, methods, designs, analyses, drawings, reports, service marks, trademarks, trade names, logos and all
similar or related information (whether patentable or unpatentable, copyright table, registerable as a trademark, reduced to writing,
or otherwise) which may or may not be related to the Company, but are conceived, developed or made by the Executive (whether or not during
usual business hours, whether or not by the use of the facilities of the Company, and whether or not alone or in conjunction with any
other person and whether or not for the Company or otherwise) while employed by the Company (including those conceived, developed or
made prior to the Effective Date) together with all patent applicat ions, letters patent, trademark, trade name and service mark applications
or registrations, copyr ights and reissues thereof that may be granted for or upon any of the foregoing. All Work Product that the Executive
may have discovered, invented or originated during his employment by the Company prio r to th e Effec t ive Date, or that he may discover,
invent or originate during the Period of Employment, shall be the exclusive property of the Company, as applicable, and Executive hereby
assigns all of Executive's right, title and interest in and to such Work Product to the Company, including all intellectual property
rights therein. Executive shall promptly disclose all Work Product to the Company, shall execute at the request of the Company any assignments
or other documents the Company may deem necessary to protect or perfect its rights therein, and shall assist the Company, at the Company's
expense, in obtaining, defend ing and enforcing the Company's rights therein. The Executive hereby appoints the Company as his attorney-in-fact
to execute on his behalf any assignments or other documents deemed necessary by the Company to protector perfect the Company, the Company'
s rights to any Work Product.

 

 5. Term & Termination.

 

The
term of this Agreement is for four years from Effective Date (the "Term") then auto renewed for one-year periods or until
a new mutually acceptable agreement is reached; provided; however, the Executive's employment hereunder may be terminated during the
Term and the Term will end, under the following circumstances:

 

 (a) Termination for Cause.

 

The
Executive' s employment hereunder may be terrminated by the Company upon simple notice in writing transmitted to the Executive, without
the or the Company (or any of their Affiliates) being bound to pay any compensation whatsoever or accelerated vesting of options if termination
is for any of the following reasons determined in good faith by the Board of Directors, each of which cons titutes cause (hereinafter,
"Cause"):

 

 (i)The Executive becomes physically or mentally disabled to such an extent as to make him unable to perforrn the essential functions of his duties normally and adequately for a consecutive three-month period. In such a case, the Executive may continue to benefit under short-tenn and long-tenn disability insurance plans, subject to the terms of such plans, if any. The Company's ability to ,terminate the Executive as a result of any disability shall be to the extent permitted by California or federal law.

 

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 (ii) The Executive materially breaches the terms of this Agreement.

 

 (iii) The Executive fundamentally or mate rially fails to perform his duties as Manager of the Company and failure to attempt in good faith to implement a clear and reasonable directive from the Board of Directors.

 

 (iv) There is a conclusive determination that the Executive has committed material fraud, theft, embezzlement or other material criminal act of a similar nature.

 

 (v) Any material act of dishonesty, fraud, or misrepresentation in relation to Executive's duties to the Company.

 

 (vi) The Executive fails or refuses to follow in any material respect any reasonable and lawful directives of the Board of Directors.

 

(vii)
The Executive misuses or abuses alcohol, drugs or controlled substances. 

 

 (viii) The Executive's material breach of any material term of any confidentiality provision of this Agreement regarding the Company's or its Affiliates' confidential or trade secret information.

 

 (ix) The Executive conducts himself publicly, by speech or behavior, in such a manner as to cause material public embarrassment, scandal or ridicule to the Company or any of its Affiliates.

 

 (x) The Executive fails to comply, in all material respects, with the laws and regulations applicable to the Company or any of its subsidiaries, including the rules established by, and agreements with, the Company's securities exchange except when such failure could not reasonably be expected to have a material adverse effect of the Company or any of its subsidiaries.

 

Provided
, however, no reason set forth in this Section 4.2(aXi) through (x) shall constitute Cause unless (1) the Exec utive upon notice is given
a reasonable period to effect a substantial cure or correction; (2) the reason is not cured or corrected during such timeas reasonably
determined by the Board of Directors; and (3) the reason clearly and adversely affects the Executive' s abil ity to co ntinue to perform
his dut ies and responsibilities under this Agreement. Notwithstanding anything to the contrary contained herein, if the Executive decides
to challenge the Board of Director's determination that Cause exists in a court of law or other legal proceeding, the Company shall (i)
continue pay Executives Base Salary and (ii) pay the Executive' s reasonable legal fees in co nnection with such challenge as set forth
in Sec tion I0, in each case, until the such time as the Executive has exhausted all available appeals related to such challenge and
a finaJ verdict has been rendered.

 

 (b) Termination by Death. In the event of the Executive's death during his period of employment , the Company's obligation to make payments under this Agreement shall terminate on the date of death.

 

 

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(c)  
Voluntary Termination. In the event Executive wishes to resign for any reason, the Executive shall give at least thirty (30) days prior
written notice of such resignation to the Board of Directors. Any such notice shall not relieve either the Executive or the Company of
their respective obligations to perfonn under this Agreement or to relieve the Company to compensate the Executive during such notice
period for any earned but unpaid salary and bonus and reimburse business expenses incurred but not reimbursed as of his date of termination.

 

 (d) Termination Without Cause. In the event that the Company terminates the Executive's employment without Cause at a date that is following the Effective Date, (1) all of Executive's unvested options shall vest immediately; (2) the Company shall immediately pay to Executive or estate two years of the Executives then current Base Salary in one lump sum payment; and (3) the Company shall immediately pay the Executive for all accrued and untaken vacation time that has not expired (the vesting ofoptions and the compensation paid to Executive set forth in clauses I through 3 of this Section 5(d) shall be referred to herein as "Severance Pay").

 

(e)   
Good Reason. Executive may terminate his employment for Good Reason so long as Executive tenders his resignation to the Company within
45 days after the occurrence of the event which forms the basis for his resignation for Good Reason. Executive shall provide written
notice to the Company describing the nature of the event which forms the basis for Executive's resignation for Good Reason, and the Company
shall thereafter have ten (10) days to cure such event. Good Reason shall mean the occurrence of any of the following without the written
consent of the Executive:

 

(i)  
Any material diminution of Executive positions, duties, responsibilities hereunder, the assignment of his duties that are inconsistent
with his current position; a change in his reporting relationship; or a change in his titles and authority;

 

 (ii) The requirement of the Executive to relocate to locations other than those provided in Section 2 hereof; or

 

 (iii) Any material breach of this Agreement by the Company.

 

In
the event that the Executive terminates this Agreement for Good Reason at a date that is following the Effective Date, the Company shall
pay to Executive Severance Pay. The Executive's right to terminate his employment hereunder for Good Reason shall not be affected by
his incapacity due to physical or mental illness.

 

(f)   
Mitigation. The Executive shall not be required to mitigate damages with respect to the termination of his employment under this Agreement
by seeking other employment or otherwise, and there shall be no offset against amounts due the Executive under this Agreement on account
of subsequent employment except as specifically provided in this Section 4. Additionally, amounts owed to the Executive under this Agreement
shall not be offset by any claims the Company may have against the Executive, and the Company's obligation to make the payments provided
for in this Agreement, and otherwise to perform its obligations hereunder, shall not be affected by any other circumstances, including,
without limitation, any counterclaim, recoupment, defense or other right which the Company may haveagainst the Executive or others.

 

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 6. Confidential Information.

 

The
Executive acknowledges that he has received and will receive or conceive, in carrying on or in the course of his work during his
employment with the Company, confidential information pertaining to the activities, the technologies, the operations and the
business , past, present and future, of the Company or its officers, directors, shareholders, agents or related or associated
companies collectively (" Affiliates"), which information is not in the public domain. The Executive acknowledges that
such confidential information belongs to the Company and/or its Affiliates and that its disclosure or unauthorized use could be
damaging or prejudicial to the Company and/or its Affiliates and contrary to their best interests. Accordingly, the Executive agrees
to respect the confidentiality of such information and not to make use of or disclose it to, or to discuss it with, any person,
other than in the ordinary course of his duties with the Company and its Affiliates, or as required under applicable law. This
undertaking to respect the confidentiality of such information and not to make use of or disclose or discuss it to or with any
person shall survive and continue to have full effect notwithstanding the termination of the Executive's employment with the
Company, so long as such confidential information does not become public as a result of an act by the Company or a third party,
which act does not involve the fault of one of its executives. Nothing in this Agreement prohibits Executive from reporting possible
violations of federal law or regulation to any governmental agency or entity, including but not limited to the U.S. Department of
Just ice, the Securities and Exchange Commission, the U.S. Congress, and any agency Inspector General, or making other disclosures
that are protected under the whistleblower provision s of federal law or regulation. Executive does not need the prior
authorization of the Company to make any such reports or disclosures and Executive is not required to notify the Company that I have
made such reports or disclosures.

 

 7. Non-Solicitation

 

 (a) Except as otherwise prohibited in the State of California, the Executive shall not compete with the Company in the businesses that it or any of its subsidiaries are engaged in. Executive shall not participate in any capacity whatsoever in a business that would directly or indirectly compete with the Company or with any of its subsidiaries, including, without limitation, as an executive, direct or, officer , em ployer or principal, unless such participation is fully disclosed to the Board and approved in writing in advance. In addition, the Executive shall not have any interest whatsoever in such an enterprise, including, without limitation, as owner, shareholder, partner, limited partner, lender or silent partner that is in competition with the business of the Company or any of its subsidiaries. This noncompetition covenant is limited as follows:

 

(I)
 As to the time period, to the duration of the Executive' s employment and for a period of 18 months following the date of termination
of his employment;

 

(2)
 As to the geographical area, the territory in which the Company and/or its subsidiaries operated during the two years preceding
the employment termination date.

 

 (b) The Executive also undertakes, fo r the same period and in respect of the same territory referred to hereinabove in subsection s 6(a)(l) and (2), not to solicit clients for sales of products that are competitive with products that are so ld by any of the Company's subs idiaries or do anything whatsoever to induce or to lead any person to end, in whole or in part, business relations with the Company or any of its subsidiaries.

 

 (c) The Executive also undertakes, for the same period and in respect of the same territory referred to hereinabove in subsections 6(a)( I) and (2), not to induce, attempt to induce or otherwise interfere in the relations which the Company or which any of its subsidiaries has with their distributors, suppliers, representatives, agents and other parties with whom the Company or any of its subsidiaries deals.

 

 

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 (d) The Executive also unde rtakes, for the same period and in respect of the same ten-itory referred to in subsections 6(a)(I) and (2), not to induce, attempt to induce or otherwise solicit the personnel of the Company to leave their employment with the Company or any of its subsidiaries nor to hire the personnel of the Company or any of its subsidiaries for any enterprise in which the Executive has an interest.

 

 (e) The Executive acknowledges that the provisions of this Section 6 are limited as to the time period, the geographic area and the nature of the activities to what the parties deem necessary to protect the legitimate inte rests of the Company and its subsidiaries, whi le allowing theExecutive to earn his living.

 

 (f) Nothing in this Section 6 shaU operate to reduce or extinguish the obligations of the Executive arising at law or under this contract which survive at the tennination of this Agreement in reason of their nature and, in particular, without limiting the foregoing, the Executive's duty of loyalty and obligat ion to act faithfully, honestly and ethically.

 

 8. Indemnification.

 

 (a) General. During the Tenn, the Company agrees that it will maintain industry standard Director & Officer Liability Insurance and that if the. Exec utive is made a party or is threatened to be made a party to any action, suit or proceeding, whether civil, criminal, administrative or investigative (a "Proceeding"), by reason of the fact that the Executive is or wasa trustee, director or officer of the Company , or any of their Affiliates or is or was serving at the request of the Company, or any of its Affiliates as a trustee, director, officer, member, employee or agent of another corporation or a partnership, joint venture, limited liability company, trust or other enterprise, including, without limitation, service with respect to employee benefit plans, whether or not the basis of such Proceeding is alleged action in an official capacity as a trustee, director, office r, member, employee or agent while serving as a trustee, director, officer, member, employee or agent, the Executive shall be indemnified and held hann less by the Company to the fullest extent authorized by Delaware law and as otherwise allowed by law, as the same exists or may hereafter be amended, against all Expenses incurred or suffered by the Executive in connection therewith unless such Expenses are the result of the Executive's gross negligence or willful misconduct, and such indemnification shall continue as to the Executive even if the Executive has ceased to be an officer, director, trustee or agent, or is no longer emp loyed by the Company and shall inure to the benefit of his heirs, executors and administrators. The Company shall not provide indemnification for any Expenses paid for under the terms of the Company's Director & Officer Liability Insurance.

 

 (b) Expenses. As used in this Agreement, the term "Expenses" shall include, without limitation, damages, losses, judgments, liabilities, fines, penalties, excise taxes, settlements, and costs, attorneys' fees, accountants' fees, and disbursements and costs of attachment or similar bonds, investigations,and any expenses of establishing a right to indemnification under this Agreement.

 

 (c) Enforcement. If a claim or request under this Section 7 is not paid by the Company or on its behalf, within thirty (30) days after a written claim or request has been received by the Company, the Executive may at any time thereafter bring suit against the Company to recover the unpaid amount of the claim or request and if successful in whole or in part, the Executive shall beentitled to be paid also the expenses of prosecuting such suit. All obligations for indemnification hereunder shall be subject to, and paid in accordance with, applicable Delaware law/

 

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 (d) Partial Indemnification. If the Executive is entitled under any provision of this Agreement to indemnification or paymentof any kind by the Company for some or a po1tion of any obligations hereunder, including Expenses, the Company shall pay the Executive for the portion of such Expenses to which the Executive is entitled and any such amount shall be deemed compensation in any Chapter 11bankruptcy proceeding.

 

(e)  
Notice of Claim. The Executive shall give to the Company notice of any claim made against his for which indemnification will or could
be sought under this Agreement. In addition, the Executive shall give the Company such information and cooperation as it may reasonably
require and as shall be within the Executive's power and at such times and places as are convenient for the Executive.

 

 (f) Defense of Claim. With respect to any Proceeding as to which the Executive notifies the Company of the commencement thereof:

 

 (i) The Company will be entitled to participate therein at its own expense;

 

(ii)  
Except as otherwise provided below, to the extent that it may wish, the Company will be entitled to assume the defense thereof, with
counsel reasonably satisfactory to the Executive, which in the Company's sole discretion may be regular counsel to the Company and may
be counsel to other officers and directors of the Company or any subsidiary. The Executive also shall have the right to employ his own
counsel in such action, suit or proceeding if he reasonably concludes that failure to do so would involve a conflict of interest between
the Company and the Executive, and under such circumstances the fees and expenses of such counsel shall be at the expense of the Company.

 

(iii) 
The Company shall not be liable to indemnify the Executive under this Agreement for any amounts paid in settlement of any action or claim
effected without its written consent. The Company shall not settle any action or claim in any manner which would impose any penalty that
would not be paid directly or indirectly by the Company or limitation on the Executive without the Executive's written consent. Neither
the Company nor the Executive will unreasonably withhold or delay their consent to any proposed settlement.

 

(g)  
Non-Exclusivity. The right to indemnification and the payment of expenses incurred in defending a Proceeding in advance of its final
disposition conferred in this Section 9 shall not be exclusive of any other right which the Executive may have or hereafter may acquire
under any statute or certificate of incorporation or by-laws of the Company or any subsidiary, agreement, vote of shareholders or disinterested
directors or trustees or otherwise.

 

 9. Legal Fees and Expenses.

 

If
any contest or dispute shall arise between the Company and the Executive regarding any provision of this Agreement, the Company
shall continue to pay all of the above enumerated expenses and compensation and all of the Executive's legal fees and expenses
reasonably incurred by the Executive in connection with such contest or dispute. Such payment shall be made directly to the
Executive's counsel within three business days of receipt of an invoice of Executive's counsel.

 

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10.
Successors; Binding Agreement.

 

(a) 
Company's Successors. No rights or obligations of the Company under this Agreement may be assigned or transferred, except that the Company
shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all
of the business and/or assets of the Company to expressly assume and agree to perform this Agreement in the same manner and to the same
extent that the Company would be required to perform it if no such succession had taken place. As used in this Agreement, "Company"
shall include any successor to its business and/or assets (by merger, purchase or otherwise) which executes and delivers the agreement
provided for in this Section 13 or which otherwise becomes bound by all the terms and provisions of this Agreement by operation of law.

 

(b) 
Executive's Successors. No rights or obligations of the Executive under this Agreement may be assigned or transfen-ed by the Executive
other than his rights to payments or benefits hereunder, which may be transfen-ed only by will or the laws of descent and distribution.
Upon the Executive's death, this Agreement and all rights of the Executive hereunder shall inure to the benefit of and be enforceable
by the Executive's beneficiary or beneficiaries, personal or legal representatives, or estate, to the extent any such person succeeds
to the Executive's interests under this Agreement. If the Executive should die following his Date of Termination while any amounts would
still be payable to Executive hereunder if he had continued to live, all such amounts unless otherwise provided herein shall be paid
in accordance with the terms of this Agreement to such person or persons so appointed in writing by the Executive, or otherwise to his
legal representatives or estate.

 

11.
Governing Law.

 

This
Agreement and the rights and obligations of the parties hereunder shall be governed by and construed in accordance with the laws of the
California applicable to contracts made and to be performed therein.

 

12.
Arbitration.

 

Any
controversy arising out of or relating to this Agreement or any termination thereof shall be submitted to and settled by the American
Arbitration Association and pursuant to the Commercial Arbitration Rules. The venue for any arbitration shall be Alameda County, California.
The parties hereto and all who may claim under them shall be conclusively bound by the determination of such arbitration. The parties
hereby submit to the in personam jurisdiction of the courts of the State of California and theFederal courts located therein (and
expressly waive any defenses to personal jurisdiction by such courts) for the purpose of confirming, vacating or modifying any award
pursuant to such arbitration and entering judgment thereon.

 

13.
Notice .

 

For
the purposes of this Agreement, notices, demands and all other communications provided for in this Agreement shall be in writing and
shall be deemed to have been duly given when delivered either personally or by recognized can·ier, addressed to the Executive
at his residence address most recently filed with the Company.

 

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 14. Miscellaneous.

 

No
provisions of this Agreement may be amended, modified, or waived unless such amendment or modification is agreed to in writing signed
by the Executive and by a duly authorized officer of the, and such waiver is set forth in writing and signed by the party to be charged.
No waiver by either party hereto at any time of any breach by the other party hereto of any con dition or provision of this Agreement
to be performed by such other party shall be deemed a waiver of similar or dissimilar provisio ns or conditions at the same or at any
prior or subsequent time. No agreements or representations, oral or otherwise, express or implied, with respect to the subject matter
hereof have been made byeither party which are not set forth expressly in this Agreement. The respective rights and obligations of the
parties hereunderof this Agreement shall survive the Executive's termination of employment and the termination of this Agreement to the
extent necessary for the intended preservation of such rights and obligations.

 

 15. Validity.

 

The
invalidity or unenforceability of any provision or provisions of this Agreement shall not affect the validity or enforceability of any
other provision of this Agreement, which sha ll rema in in full force and effect.

 

 16. Counterparts.

 

This
Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together will
constitute one and the same instrument.

 

17.
Entire Agreement.

 

This
Agreement set forth the entire agreement of the parties hereto in respect of the subject matter contained herein and supersedes all prior
agreements, promises, covenants, arrangements, communications , representations or warranties, whether oral or written, by any officer,
employee or representative of any pruty hereto in res pect of s uch subject ma tter. Any prior agreement of the parties hereto in respect
of the subject matter contained herein is hereby terminated and canceled.

 

 18. Withholding.

 

All
payments hereunder shall be subject to any required withho ld ing of Fede ral, state and local taxes pursuant to any applicable law or
regulation.

 

 19. Section Headings.

 

The
section head ings in this Employment Agreement are for conve nience of reference only, and they fonn no pa11of this Agreement and shall
not affect its interpretati on.

 

 

 

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REMAINER OF THIS PAGE IS INTENTIONALLY BLANK]

 

 

 

 

 

 

 

 

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IN
WITNESS WHEREOF, the parties hereto have executed this Agreement on the date first

above
written.

 

 

HEALTHCARE
TRIANGLE, INC.

 

By: Michael Gill

Title: Vice President, Finance

 

 

EXECUTIVE

 

 

/s/ V Suresh

Suresh Venkatachari 

 

 

    	12Exhibit 10.4

 

Appendix
B

 

NEITHER
THIS SECURITY NOR THE SECURITIES INTO WHICH THIS SECURITY IS CONVERTIBLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE
COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO,
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. THIS SECURITY AND
THE SECURITIES ISSUABLE UPON CONVERSION OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER
LOAN SECURED BY SUCH SECURITIES.

 

Original
Issue Date: [___], 2020

$_______________

 

 

HEALTHCARE
TRIANGLE, INC.

10%
CONVERTIBLE Promissory Note

DUE
[___][1], 2021

 

THIS
10% CONVERTIBLE PROMISSORY NOTE is one of a series of duly authorized and validly issued 10% Convertible Promissory Notes of Healthcare
Triangle, Inc., a Delaware corporation (the “Company”), having its principal place of business at 4309 Hacienda
Dr., Suite 150 Pleasanton, CA 945888, designated as its 10% Convertible Promissory Note due [__][2], 2021 (this note,
the “Note” and, collectively with the other notes of such series, the “Notes”).

 

FOR
VALUE RECEIVED, the Company promises to pay to ________________________ or its registered assigns (the “Holder”),
or shall have paid pursuant to the terms hereunder, the principal sum of $_______________ on the earlier of [_______], 2021 or
upon the occurrence of the Liquidity Event (subject to extension as provided herein, the “Maturity Date”) or
such earlier date as this Note is required or permitted to be repaid as provided hereunder, and to pay interest to the Holder
on the aggregate unconverted and then outstanding principal amount of this Note in accordance with the provisions hereof. This
Note is subject to the following additional provisions:

 

Section
1.Definitions. For the purposes hereof, in addition to the terms defined elsewhere in this Note, (a) capitalized
terms not otherwise defined herein shall have the meanings set forth in the Purchase Agreement and (b) the following terms shall
have the following meanings:

 

“Alternate
Consideration” shall have the meaning set forth in Section 5(a).

 

“Bankruptcy
Event” means any of the following events: (a) the Company or any Significant Subsidiary (as such term is defined in
Rule 1-02(w) of Regulation S-X) thereof commences a case or other proceeding under any bankruptcy, reorganization, arrangement,
adjustment of debt, relief of debtors, dissolution, insolvency or liquidation or similar law of any jurisdiction relating to the
Company or any Significant Subsidiary thereof, (b) there is commenced against the Company or any Significant Subsidiary thereof
any such case or proceeding that is not dismissed within 60 days after commencement, (c) the Company or any Significant Subsidiary
thereof is adjudicated insolvent or bankrupt or any order of relief or other order approving any such case or proceeding is entered,
(d) the Company or any Significant Subsidiary thereof suffers any appointment of any custodian or the like for it or any substantial
part of its property that is not discharged or stayed within 60 calendar days after such appointment, (e) the Company or any Significant
Subsidiary thereof makes a general assignment for the benefit of creditors, (f) the Company or any Significant Subsidiary thereof
calls a meeting of its creditors with a view to arranging a composition, adjustment or restructuring of its debts, (g) the Company
or any Significant Subsidiary thereof admits in writing that it is generally unable to pay its debts as they become due, (h) the
Company or any Significant Subsidiary thereof, by any act or failure to act, expressly indicates its consent to, approval of or
acquiescence in any of the foregoing or takes any corporate or other action for the purpose of effecting any of the foregoing.

 

“Beneficial
Ownership Limitation” shall have the meaning set forth in Section 4(c).

 

“Business
Day” means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized
or required by law to remain closed; provided, however, for clarification,
commercial banks shall not be deemed to be authorized or required by law to remain closed due to “stay at home”, “shelter-in-place”,
“non-essential employee”  or any other similar orders or restrictions or the closure of any physical branch locations
at the direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers)
of commercial banks in The City of New York are generally are open for use by customers on such day.

 

“California
Courts” shall have the meaning set forth in Section 8(d).

 

“Change
of Control Transaction” means the occurrence after the date hereof of any of (a) an acquisition after the date hereof
by an individual or legal entity or “group” (as described in Rule 13d-5(b)(1) promulgated under the Exchange Act)
of effective control (whether through legal or beneficial ownership of capital stock of the Company, by contract or otherwise)
of in excess of 33% of the voting securities of the Company (other than by means of conversion of the Notes), (b) the Company
merges into or consolidates with any other Person, or any Person merges into or consolidates with the Company and, after giving
effect to such transaction, the stockholders of the Company immediately prior to such transaction own less than 66% of the aggregate
voting power of the Company or the successor entity of such transaction, (c) the Company (and all of its Subsidiaries, taken as
a whole) sells or transfers all or substantially all of its assets to another Person and the stockholders of the Company immediately
prior to such transaction own less than 66% of the aggregate voting power of the acquiring entity immediately after the transaction,
(d) a replacement at one time or within a three year period of more than one-half of the members of the Board of Directors which
is not approved by a majority of those individuals who are members of the Board of Directors on the Original Issue Date (or by
those individuals who are serving as members of the Board of Directors on any date whose nomination to the Board of Directors
was approved by a majority of the members of the Board of Directors who are members on the date hereof), or (e) the execution
by the Company of an agreement to which the Company is a party or by which it is bound, providing for any of the events set forth
in clauses (a) through (d) above.

 

“Conversion”
shall have the means a conversion of this Note pursuant to Section 4.

 

“Conversion
Date” means in connection with an election by the Holder for a Conversion, the date on which the Company consummates
a Liquidity Event.

 

“Conversion
Price” means (i) the product of (x) the Liquidity Event Price multiplied by (z) the Discount.

 

“Conversion
Shares” A number of shares of Common Stock equal to the quotient (rounded down to the nearest whole share) obtained
by dividing (x) the outstanding principal amount and any unpaid accrued interest and any fees and any and all other outstanding
amounts owing under this Note, in each case, on the Conversion Date by (y) the Conversion Price.

 

“Discount”
means 0.60 (representing a discount of forty percent (40%)).

 

“Event
of Default” shall have the meaning set forth in Section 7(a).

 

“Fundamental
Transaction” shall have the meaning set forth in Section 5(a).

 

“Indebtedness”
means any liabilities of the Company for borrowed money or amounts owed and all guaranties made by the Company of borrowed money
or amounts owed by others.

 

“Interest
Payment Date” shall have the meaning set forth in Section 2(a).

 

“Mandatory
Default Amount” means the sum of (a) 130% of the outstanding principal amount of this Note, plus (b) 130% of accrued
and unpaid interest hereon, and (c) 130% of all other amounts, costs, expenses and liquidated damages due in respect of this Note.

 

“Note
Register” shall have the meaning set forth in Section 2(b).

 

“Original
Issue Date” means the date of the first issuance of the Notes, regardless of any transfers of any Note and regardless
of the number of instruments which may be issued to evidence such Notes.

 

“Permitted
Indebtedness” means (a) the Indebtedness evidenced by the Notes, (b) the Indebtedness existing on the Original Issue
Date and set disclosed to the Holder prior to the date hereof, (c) Indebtedness of up to an aggregate of $200,000, inclusive of
any interest, fees, penalties or other amounts due or payable thereunder, (d) indebtedness under agreements or arrangements with
respect to refinancing the Indebtedness as disclosed to the Holder prior to the date hereof, provided that the terms of such refinancing
are more favorable to the Company and are no more favorable to the holders of such Indebtedness than the terms of the Notes, (e)
amounts outstanding under a $5 million credit line extended to 8K Miles Software Services Inc. by Columbia Bank and guaranteed
by the Company (the “Columbia Line of Credit”) or amounts outstanding under any line of credit or term loan which
represents the restructuring of the Columbia Line of Credit, which is expected to be restructured into an approximately $4 million
credit line and approximately $2 million term loan and (f) indebtedness supported by the U.S. Small Business Administration (the
“SBA”) under the Payroll Protection Program and any future similar relief programs pursuant to the (i) Coronavirus
Aid, Relief, and Economic Security Act of 2020, as supplemented by regulations promulgated by the SBA, and (ii) future Congressional
legislation which is enacted into law and contains forgiveness of indebtedness provisions.

 

“Prepayment
Amount” means the product of (i) the sum of (a) the outstanding principal amount of this Note, plus (b) accrued and
unpaid interest hereon, plus (c) all other amounts, costs, expenses and liquidated damages due in respect of this Note if the
Company prepays this Note prior to the Maturity Date.

 

“Purchase
Agreement” means the Securities Purchase Agreement, dated as of ___, 2020 by and among the Company and the original
Holders, as amended, modified or supplemented from time to time in accordance with its terms.

 

“Liquidity
Event” means an offering of Common Stock (or units consisting of Common Stock and warrants to purchase Common Stock)
resulting in the listing for trading of the Common Stock on the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market,
the Nasdaq Global Select Market or the New York Stock Exchange (or any successors to any of the foregoing).

 

“Liquidity
Event Price” shall mean the price per share (or unit, if units are offered in the Liquidity Event) at which the Liquidity
Event is consummated. For the avoidance of doubt, if a unit includes more than one share of Common Stock, “Liquidity Event
Price” shall mean the unit price divided by the number of shares of Common Stock contained in a unit.

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Share
Delivery Date” shall have the meaning set forth in Section 4(c)(ii).

 

“Successor
Entity” shall have the meaning set forth in Section 5(a).

 

“Trading
Day” means a day on which the principal Trading Market is open for trading.

 

“Trading
Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on
the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market,
the New York Stock Exchange, OTCQB or OTCQX (or any successors to any of the foregoing).

 

Section
2.Interest; Prepayment; and Extension.

 

a) 
Payment of Interest. The Company shall pay interest to the Holder on the aggregate unconverted and then outstanding principal
amount of this Note at the rate of 10% per annum (subject to Section 2(d)), payable quarterly on January 1, April 1, July 1 and
October 1, beginning on the first such date after the Original Issue Date and on the Maturity Date (each such date, an “Interest
Payment Date”) (if any Interest Payment Date is not a Business Day, then the applicable payment shall be due on the
next succeeding Business Day), in cash (subject to the Holder’s right, in its sole discretion, to convert any accrued but
unpaid interest into shares of Common Stock in accordance with Section 4). 

 

b) 
Interest Calculations. Interest shall be calculated on the basis of a 360-day year, consisting of twelve 30 calendar day
periods, and shall accrue daily commencing on the Original Issue Date until payment in full of the outstanding principal, together
with all accrued and unpaid interest, liquidated damages and other amounts which may become due hereunder, has been made. Interest
shall cease to accrue with respect to any principal amount converted, provided that, the Company actually delivers the Conversion
Shares within the time period required by Section 4(b)(ii) herein. Interest hereunder will be paid to the Person in whose name
this Note is registered on the records of the Company regarding registration and transfers of this Note (the “Note Register”).

 

c) 
Prepayment. The Company shall have the option to prepay this Note at any time after the Original Issue Date at an amount
equal to the Prepayment Amount. 

d) 
Extension. The Company may extend the Maturity Date to __________, 2021[3] at any time prior to and including
the Maturity Date by providing the Holder with written notice of such extension. Upon any such extension the outstanding principal
amount of this Note shall automatically, and without any further action by the Holder, increase by 30% and the interest rate on
this Note shall automatically increase to 15% per annum. 

 

Section
3.Registration of Transfers and Exchanges.

 

a) 
Different Denominations. This Note is exchangeable for an equal aggregate principal amount of Notes of different authorized
denominations, as requested by the Holder surrendering the same. No service charge will be payable for such registration of transfer
or exchange.

 

b) 
Investment Representations. This Note has been issued subject to certain investment representations of the original Holder
set forth in the Purchase Agreement and may be transferred or exchanged only in compliance with the Purchase Agreement and applicable
federal and state securities laws and regulations. 

 

c) 
Reliance on Note Register. Prior to due presentment for transfer to the Company of this Note, the Company and any agent
of the Company may treat the Person in whose name this Note is duly registered on the Note Register as the owner hereof for the
purpose of receiving payment as herein provided and for all other purposes, whether or not this Note is overdue, and neither the
Company nor any such agent shall be affected by notice to the contrary.

 

Section
4.Conversion.

 

a) 
Conversion. Upon the occurrence of a Liquidity Event, the Holder shall have the right, at the Holder’s option, to
convert this Note in whole or in part, including any of its outstanding principal amount and any unpaid accrued interest and any
fees and any and all other outstanding amounts owing thereon, in each case, on the Conversion Date, into Conversion Shares by
following the mechanics of conversion set forth in Section 4(b).

 

		b)	Mechanics
                                         of Conversion.

 

i. 
Conversion Notice. At least seven calendar days prior to the consummation of a Liquidity Event the Company will provide
the Holder with written notice, which includes notice via email, of the Liquidity Event (the “Liquidity Event Notice”).
After receipt of the Liquidity Event Notice, but prior to the consummation of the Liquidity Event, Holder may exercise its right
to convert any portion of this Note into Conversion Shares by delivering to the Company (i) written notice of its election to
convert this Note pursuant to Section 4, including the amount if this Note to be Converted and (ii) in the case of a Conversion
of this Note in whole, this Note (or a notice to the effect that the original Note has been lost, stolen or destroyed and an agreement
acceptable to the Company whereby the holder agrees to indemnify the Company from any loss incurred by it in connection with this
Note). Upon Conversion, Holder agrees to execute and deliver to the Company any lock-up agreements or leak out agreements
required by the underwriter for all investors in connection with the Liquidity Event. The Company shall, as soon as practicable
thereafter, issue and deliver to Holder a certificate or certificates for the number of shares to which Holder shall be entitled
upon such conversion. If for any reason the Liquidity Event does not occur within 7 calendar days of the date specified in the
Liquidity Event Notice, Holder may withdraw its conversion election by written notice to the Company.

 

ii. 
Delivery of Conversion Shares Upon Conversion. Not later than three (3) Trading Days after the Conversion Date (the “Share
Delivery Date”), the Company shall deliver, or cause to be delivered, to the Holder the Conversion Shares.

 

iii. 
Failure to Deliver Conversion Shares. If, in the case of Conversion, the Conversion Shares are not delivered to or as directed
by the applicable Holder by the Share Delivery Date, the Holder shall be entitled to elect by written notice to the Company at
any time on or before its receipt of such Conversion Shares, to rescind the Conversion, in which event the Company shall promptly
return to the Holder any original Note delivered to the Company and the Holder shall promptly return to the Company the Conversion
Shares issued to such Holder pursuant to the rescinded Conversion Notice. 

 

iv. 
Obligation Absolute; Partial Liquidated Damages. The Company’s obligations to issue and deliver the Conversion Shares
upon conversion of this Note in accordance with the terms hereof are absolute and unconditional, irrespective of any action or
inaction by the Holder to enforce the same, any waiver or consent with respect to any provision hereof, the recovery of any judgment
against any Person or any action to enforce the same, or any setoff, counterclaim, recoupment, limitation or termination, or any
breach or alleged breach by the Holder or any other Person of any obligation to the Company or any violation or alleged violation
of law by the Holder or any other Person (unless the Conversion would violate any law applicable to the Company) , and irrespective
of any other circumstance which might otherwise limit such obligation of the Company to the Holder in connection with the issuance
of such Conversion Shares; provided, however, that such delivery shall not operate as a waiver by the Company of
any such action the Company may have against the Holder. In the event the Holder of this Note shall elect to convert any or all
of the outstanding principal amount hereof, the Company may not refuse conversion based on any claim that the Holder or anyone
associated or affiliated with the Holder has been engaged in any violation of law, agreement or for any other reason, unless an
injunction from a court, on notice to Holder, restraining and or enjoining conversion of all or part of this Note shall have been
sought and obtained, and the Company posts a surety bond for the benefit of the Holder in the amount of 150% of the outstanding
principal amount of this Note, which is subject to the injunction, which bond shall remain in effect until the completion of arbitration/litigation
of the underlying dispute and the proceeds of which shall be payable to the Holder to the extent it obtains judgment. In the absence
of such injunction, the Company shall issue Conversion Shares or, if applicable, cash, upon a properly noticed conversion. If
the Company fails for any reason to deliver to the Holder such Conversion Shares pursuant to Section 4(b)(ii) by the Share Delivery
Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of principal amount
being converted, $10 per Trading Day (increasing to $20 per Trading Day on the fifth (5th) Trading Day after such liquidated
damages begin to accrue) for each Trading Day after such Share Delivery Date until such Conversion Shares are delivered or Holder
rescinds such conversion. Nothing herein shall limit a Holder’s right to pursue actual damages or declare an Event of Default
pursuant to Section 7 hereof for the Company’s failure to deliver Conversion Shares within the period specified herein and
the Holder shall have the right to pursue all remedies available to it hereunder, at law or in equity including, without limitation,
a decree of specific performance and/or injunctive relief. The exercise of any such rights shall not prohibit the Holder from
seeking to enforce damages pursuant to any other Section hereof or under applicable law.

 

v. 
Reservation of Shares Issuable Upon Conversion. The Company covenants that it will at all times reserve and keep available
out of its authorized and unissued shares of Common Stock for the sole purpose of issuance upon Conversion, free from preemptive
rights or any other actual contingent purchase rights of Persons other than the Holder (and the other holders of the Notes), not
less than the Required Minimum. The Company covenants that all shares of Common Stock that shall be so issuable shall, upon issue,
be duly authorized, validly issued, fully paid and nonassessable and, if a registration statement covering the resale of the Conversion
Shares is then effective under the Securities Act, shall be registered for public resale in accordance with such registration
statement.

 

vi. 
Fractional Shares. No fractional shares or scrip representing fractional shares shall be issued upon the conversion of
this Note. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such conversion, the Company
shall at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied
by the Conversion Price or round up to the next whole share.

 

vii. 
Transfer Taxes and Expenses. The issuance of Conversion Shares on conversion of this Note shall be made without charge
to the Holder hereof for any documentary stamp or similar taxes that may be payable in respect of the issue or delivery of such
Conversion Shares, provided that the Company shall not be required to pay any tax that may be payable in respect of any transfer
involved in the issuance and delivery of any such Conversion Shares upon conversion in a name other than that of the Holder of
this Note so converted and the Company shall not be required to issue or deliver such Conversion Shares unless or until the Person
or Persons requesting the issuance thereof shall have paid to the Company the amount of such tax or shall have established to
the satisfaction of the Company that such tax has been paid. The Company shall pay all Transfer Agent fees required for same-day
processing of any conversion and all fees to the Depository Trust Company (or another established clearing corporation performing
similar functions) required for same-day electronic delivery of the Conversion Shares. The Company shall pay all attorney fees
required for the issuance of attorney legal opinions for removal of restrictive legends on Conversion Shares.

 

c) 
Holder’s Conversion Limitations. The Company shall not effect any conversion of this Note, and a Holder shall not
have the right to convert any portion of this Note, to the extent that after giving effect to the conversion, the Holder (together
with the Holder’s Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder’s
Affiliates (such Persons, “Attribution Parties”)) would beneficially own in excess of the Beneficial Ownership
Limitation (as defined below).  For purposes of the foregoing sentence, the number of shares of Common Stock beneficially
owned by the Holder and its Affiliates and Attribution Parties shall include the number of shares of Common Stock issuable upon
conversion of this Note with respect to which such determination is being made, but shall exclude the number of shares of Common
Stock which are issuable upon (i) conversion of the remaining, unconverted principal amount of this Note beneficially owned by
the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or unconverted portion
of any other securities of the Company subject to a limitation on conversion or exercise analogous to the limitation contained
herein (including, without limitation, any other Notes or the Warrants) beneficially owned by the Holder or any of its Affiliates
or Attribution Parties.  Except as set forth in the preceding sentence, for purposes of this Section 4(c), beneficial ownership
shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder.
To the extent that the limitation contained in this Section 4(c) applies, the determination of whether this Note is convertible
(in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which principal
amount of this Note is convertible shall be in the sole discretion of the Holder. In addition, a determination as to any group
status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations
promulgated thereunder. For purposes of this Section 4(c), in determining the number of outstanding shares of Common Stock, the
Holder may rely on the number of outstanding shares of Common Stock as stated in the most recent of the following: (i) the Company’s
most recent periodic or annual report filed with the Commission, as the case may be, (ii) a more recent public announcement by
the Company, or (iii) a more recent written notice by the Company or the Company’s transfer agent setting forth the number
of shares of Common Stock outstanding.  Upon the written or oral request of a Holder, the Company shall within one Trading
Day confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding.  In any case, the
number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities
of the Company, including this Note, by the Holder or its Affiliates since the date as of which such number of outstanding shares
of Common Stock was reported. The “Beneficial Ownership Limitation” shall be 4.99% of the number of shares
of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon conversion
of this Debenture held by the Holder. The Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership
Limitation provisions of this Section 4(c), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the
number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock upon
conversion of this Note held by the Holder and the Beneficial Ownership Limitation provisions of this Section 4(c) shall continue
to apply. Any increase in the Beneficial Ownership Limitation will not be effective until the 61st day after such notice
is delivered to the Company. The Beneficial Ownership Limitation provisions of this paragraph shall be construed and implemented
in a manner otherwise than in strict conformity with the terms of this Section 4(c) to correct this paragraph (or any portion
hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation contained herein or to make changes
or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph
shall apply to a successor holder of this Note.

 

Section
5.Certain Adjustments.

 

a) 
Fundamental Transaction. If, at any time while this Note is outstanding, (i) the Company, directly or indirectly, in one
or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company
(and all of its Subsidiaries, taken as a whole), directly or indirectly, effects any sale, lease, license, assignment, transfer,
conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any,
direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed pursuant
to which holders of Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or property
and has been accepted by the holders of 50% or more of the outstanding Common Stock, (iv) the Company, directly or indirectly,
in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Stock or any
compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities,
cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share
purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off
or scheme of arrangement) with another Person whereby such other Person acquires more than 50% of the outstanding shares of Common
Stock (not including any shares of Common Stock held by the other Person or other Persons making or party to, or associated or
affiliated with the other Persons making or party to, such stock or share purchase agreement or other business combination) (each
a “Fundamental Transaction”), then, upon any subsequent conversion of this Note, the Holder shall have the
right to receive, for each Conversion Share that would have been issuable upon such conversion immediately prior to the occurrence
of such Fundamental Transaction (without regard to any limitation in Section 4(c) on the conversion of this Note), the number
of shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and
any additional consideration (the “Alternate Consideration”) receivable as a result of such Fundamental Transaction
by a holder of the number of shares of Common Stock for which this Note is convertible immediately prior to such Fundamental Transaction
(without regard to any limitation in Section 4(c) on the conversion of this Note). For purposes of any such conversion, the determination
of the Conversion Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate
Consideration issuable in respect of one (1) share of Common Stock in such Fundamental Transaction, and the Company shall apportion
the Conversion Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components
of the Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received
in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon
any conversion of this Note following such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental
Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing all of the
obligations of the Company under this Note and the other Transaction Documents (as defined in the Purchase Agreement) in accordance
with the provisions of this Section 5(a) pursuant to written agreements in form and substance reasonably satisfactory to the Holder
and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the
holder of this Note, deliver to the Holder in exchange for this Note a security of the Successor Entity evidenced by a written
instrument substantially similar in form and substance to this Note which is convertible for a corresponding number of shares
of capital stock of such Successor Entity (or its parent entity) equivalent to the shares of Common Stock acquirable and receivable
upon conversion of this Note (without regard to any limitations on the conversion of this Note) prior to such Fundamental Transaction,
and with a conversion price which applies the conversion price hereunder to such shares of capital stock (but taking into account
the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital
stock, such number of shares of capital stock and such conversion price being for the purpose of protecting the economic value
of this Note immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form
and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and
be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Note and the other
Transaction Documents referring to the “Company” shall refer instead to the Successor Entity), and may exercise every
right and power of the Company and shall assume all of the obligations of the Company under this Note and the other Transaction
Documents with the same effect as if such Successor Entity had been named as the Company herein.

 

b) 
Calculations. All calculations under this Section 5 shall be made to the nearest cent or the nearest 1/100th of a share,
as the case may be. For purposes of this Section 5, the number of shares of Common Stock deemed to be issued and outstanding as
of a given date shall be the sum of the number of shares of Common Stock (excluding any treasury shares of the Company) issued
and outstanding.

 

c) 
Adjustment to Conversion Price. Whenever the Conversion Price is adjusted pursuant to any provision of this Section 5,
the Company shall promptly deliver to each Holder a notice setting forth the Conversion Price after such adjustment and setting
forth a brief statement of the facts requiring such adjustment.

 

Section
6. Negative Covenants. As long as any portion of this Note remains outstanding, unless the holders of at least
67% in principal amount of the then outstanding Notes shall have otherwise given prior written consent, the Company shall not,
and shall not permit any of the Subsidiaries to, directly or indirectly:

 

a) 
other than Permitted Indebtedness, enter into, create, incur, assume, guarantee or suffer to exist any Indebtedness;

 

b) 
amend its charter documents, including, without limitation, its certificate of incorporation and bylaws, in any manner that materially
and adversely affects any rights of the Holder unless consented to by the Holder;

 

c) 
repay, repurchase or offer to repay, repurchase or otherwise acquire more than a de minimis number of shares of its Common
Stock or Common Stock Equivalents other than as to (i) the Conversion Shares or Warrant Shares as permitted or required under
the Transaction Documents, (ii) repurchases of Common Stock or Common Stock Equivalents of departing officers and directors of
the Company, provided that such repurchases shall not exceed an aggregate of $25,000 for all officers and directors during the
term of this Note, or (iii) shares of Common Stock and Common Stock Equivalents which do not vest or are otherwise forfeited,
provided (in case of forfeiture) that such Common Stock and Common Stock Equivalents are not acquired for cash;

 

d) 
repay, repurchase or offer to repay, repurchase or otherwise acquire any Indebtedness, other than the Notes if on a pro-rata basis,
other than regularly scheduled principal and interest payments as such terms are in effect as of the Original Issue Date, provided
that such payments shall not be permitted if, at such time, or after giving effect to such payment, any Event of Default exist
or occur;

 

e) 
pay cash dividends or distributions on any equity securities of the Company;

 

f) 
enter into any material transaction with any Affiliate of the Company, unless such transaction is made on an arm’s-length
basis and expressly approved by a majority of the disinterested directors of the Company (even if less than a quorum otherwise
required for board approval); or

 

g) 
enter into any agreement with respect to any of the foregoing.

 

Section
7. Events of Default.

 

a) 
“Event of Default” means, wherever used herein, any of the following events (whatever the reason for such event
and whether such event shall be voluntary or involuntary or effected by operation of law or pursuant to any judgment, decree or
order of any court, or any order, rule or regulation of any administrative or governmental body):

 

i. 
any default in the payment of (A) the principal amount of any Note or (B) interest, liquidated damages and other amounts owing
to a Holder on any Note, as and when the same shall become due and payable (whether on a Conversion Date or the Maturity Date
or by acceleration or otherwise) which default, solely in the case of an interest payment or other default under clause (B) above,
is not cured within 5 Trading Days;

 

ii. 
the Company shall fail to observe or perform any other covenant or agreement contained in the Notes (other than a breach by the
Company of its obligations to deliver shares of Common Stock to the Holder upon conversion, which breach is addressed in clause
(x) below) or in any Transaction Document, which failure is not cured, if possible to cure, within the earlier to occur of (A)
5 Trading Days after notice of such failure sent by the Holder or by any other Holder to the Company and (B) 7 Trading Days after
the Company has become or should have become aware of such failure;

 

iii. 
a default or event of default (subject to any grace or cure period provided in the applicable agreement, document or instrument)
shall occur under (A) any of the Transaction Documents or (B) any other material agreement, lease, document or instrument to which
the Company is obligated (and not covered by clause (vi) below);

 

iv. 
any material representation or warranty made in this Note, any other Transaction Documents, any written statement pursuant hereto
or thereto or any other report, financial statement or certificate made or delivered to the Holder or any other Holder shall be
untrue or incorrect in any material respect as of the date when made or deemed made;

 

v. 
the Company or any Significant Subsidiary (as such term is defined in Rule 1-02(w) of Regulation S-X) shall be subject to a Bankruptcy
Event;

 

vi. 
the Company shall default on any of its obligations under any mortgage, credit agreement or other facility, indenture agreement,
factoring agreement or other instrument under which there may be issued, or by which there may be secured or evidenced, any indebtedness
for borrowed money or money due under any long term leasing or factoring arrangement that (a) involves an obligation greater than
$200,000, whether such indebtedness now exists or shall hereafter be created, and (b) results in such indebtedness becoming or
being declared due and payable prior to the date on which it would otherwise become due and payable;

 

vii. 
the Company (and all of its Subsidiaries, taken as a whole) shall be a party to any Change of Control Transaction or Fundamental
Transaction or shall agree to sell or dispose of all or in excess of 33% of its assets in one transaction or a series of related
transactions (whether or not such sale would constitute a Change of Control Transaction);

 

viii. 
the Company shall fail for any reason to deliver Conversion Shares to a Holder prior to the fifth Trading Day after a Conversion
Date pursuant to Section 4(b) or the Company shall provide at any time notice to the Holder, including by way of public announcement,
of the Company’s intention to not honor requests for conversions of any Notes in accordance with the terms hereof;

 

ix. 
a final non-appealable judgment by any competent court in the United States for the payment of money in an amount of at least
$250,000 is rendered against the Company, and the same remains undischarged and unpaid for a period of 45 days during which execution
of such judgment is not effectively stayed.

 

b) 
Remedies Upon Event of Default. If any Event of Default occurs, the outstanding principal amount of this Note, plus accrued
but unpaid interest, liquidated damages and other amounts owing in respect thereof through the date of acceleration, shall become,
at the Holder’s election, immediately due and payable in cash at the Mandatory Default Amount. Commencing upon the occurrence
of any Event of Default, the interest rate on this Note shall accrue at an interest rate equal to the lesser of 15% per annum
or the maximum rate permitted under applicable law. Upon the payment in full of the Mandatory Default Amount, the Holder shall
promptly surrender this Note to or as directed by the Company. In connection with such acceleration described herein, the Holder
need not provide, and the Company hereby waives, any presentment, demand, protest or other notice of any kind, and the Holder
may immediately and without expiration of any grace period enforce any and all of its rights and remedies hereunder and all other
remedies available to it under applicable law. Such acceleration may be rescinded and annulled by Holder at any time prior to
payment hereunder and the Holder shall have all rights as a holder of the Note until such time, if any, as the Holder receives
full payment pursuant to this Section 7(b). No such rescission or annulment shall affect any subsequent Event of Default or impair
any right consequent thereon. If any amounts under this Note remain unpaid after the date that is 12 months after the Original
Issue Date, the Company shall, in addition to any and all other remedies available, make monthly payments of 5% of its gross revenue
for the previous month until this Note is paid in full.

 

Section
8.Miscellaneous.

 

a) 
Notices. Any and all notices or other communications or deliveries to be provided by the Holder hereunder shall be in writing
and delivered personally, by facsimile, by email attachment, or sent by a nationally recognized overnight courier service, addressed
to the Company, at the address set forth above, or such other facsimile number, email address, or address as the Company may specify
for such purposes by notice to the Holder delivered in accordance with this Section 8(a).  Any and all notices or other communications
or deliveries to be provided by the Company hereunder shall be in writing and delivered personally, by facsimile, by email attachment,
or sent by a nationally recognized overnight courier service addressed to each Holder at the facsimile number, email address or
address of the Holder appearing on the books of the Company, or if no such facsimile number or email attachment or address appears
on the books of the Company, at the principal place of business of such Holder, as set forth in the Purchase Agreement. 
Any notice or other communication or deliveries hereunder shall be deemed given and effective on the earliest of (i) the date
of transmission, if such notice or communication is delivered via facsimile at the facsimile number or email attachment to the
email address set forth on the signature pages attached hereto prior to 5:30 p.m. (New York City time) on any date, (ii) the next
Business Day after the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number
or email attachment to the email address set forth on the signature pages attached hereto on a day that is not a Business Day
or later than 5:30 p.m. (New York City time) on any Business Day, (iii) the second Business Day following the date of mailing,
if sent by U.S. nationally recognized overnight courier service or (iv) upon actual receipt by the party to whom such notice is
required to be given.

 

b) 
Absolute Obligation. Except as expressly provided herein, no provision of this Note shall alter or impair the obligation
of the Company, which is absolute and unconditional, to pay the principal of, liquidated damages and accrued interest, as applicable,
on this Note at the time, place, and rate, and in the coin or currency, herein prescribed. This Note is a direct debt obligation
of the Company. This Note ranks pari passu with all other Notes now or hereafter issued under the terms set forth herein.

 

c) 
Lost or Mutilated Note. If this Note shall be mutilated, lost, stolen or destroyed, the Company shall execute and deliver,
in exchange and substitution for and upon cancellation of a mutilated Note, or in lieu of or in substitution for a lost, stolen
or destroyed Note, a new Note for the principal amount of this Note so mutilated, lost, stolen or destroyed, but only upon receipt
of evidence of such loss, theft or destruction of such Note, and of the ownership hereof, reasonably satisfactory to the Company.

 

d) 
Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Note shall be
governed by and construed and enforced in accordance with the internal laws of the State of Delaware, without regard to the principles
of conflict of laws thereof. Each party agrees that all legal proceedings concerning the interpretation, enforcement and defense
of the transactions contemplated by any of the Transaction Documents (whether brought against a party hereto or its respective
Affiliates, directors, officers, shareholders, employees or agents) shall be commenced exclusively in the state and federal courts
sitting in the City of Alameda, California (the “California Courts”). Each party hereto hereby irrevocably
submits to the exclusive jurisdiction of the California Courts for the adjudication of any dispute hereunder or in connection
herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement of any of
the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim
that it is not personally subject to the jurisdiction of such California Courts, or such California Courts are improper or inconvenient
venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served
in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with
evidence of delivery) to such party at the address in effect for notices to it under this Note and agrees that such service shall
constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any
way any right to serve process in any other manner permitted by applicable law. Each party hereto hereby irrevocably waives, to
the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating
to this Note or the transactions contemplated hereby. If any party shall commence an action or proceeding to enforce any provisions
of this Note, then the prevailing party in such action or proceeding shall be reimbursed by the other party for its attorneys
fees and other costs and expenses incurred in the investigation, preparation and prosecution of such action or proceeding.

 

e) 
Waiver. Any waiver by the Company or the Holder of a breach of any provision of this Note shall not operate as or be construed
to be a waiver of any other breach of such provision or of any breach of any other provision of this Note. The failure of the
Company or the Holder to insist upon strict adherence to any term of this Note on one or more occasions shall not be considered
a waiver or deprive that party of the right thereafter to insist upon strict adherence to that term or any other term of this
Note on any other occasion. Any waiver by the Company or the Holder must be in writing. 

 

f) 
Severability. If any provision of this Note is invalid, illegal or unenforceable, the balance of this Note shall remain
in effect, and if any provision is inapplicable to any Person or circumstance, it shall nevertheless remain applicable to all
other Persons and circumstances. If it shall be found that any interest or other amount deemed interest due hereunder violates
the applicable law governing usury, the applicable rate of interest due hereunder shall automatically be lowered to equal the
maximum rate of interest permitted under applicable law. The Company covenants (to the extent that it may lawfully do so) that
it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay,
extension or usury law or other law which would prohibit or forgive the Company from paying all or any portion of the principal
of or interest on this Note as contemplated herein, wherever enacted, now or at any time hereafter in force, or which may affect
the covenants or the performance of this Note, and the Company (to the extent it may lawfully do so) hereby expressly waives all
benefits or advantage of any such law, and covenants that it will not, by resort to any such law, hinder, delay or impede the
execution of any power herein granted to the Holder, but will suffer and permit the execution of every such as though no such
law has been enacted.

 

g) 
Remedies, Characterizations, Other Obligations, Breaches and Injunctive Relief.  The remedies provided in this Note
shall be cumulative and in addition to all other remedies available under this Note and any of the other Transaction Documents
at law or in equity (including a decree of specific performance and/or other injunctive relief), and nothing herein shall limit
the Holder’s right to pursue actual and consequential damages for any failure by the Company to comply with the terms of
this Note.  The Company covenants to the Holder that there shall be no characterization concerning this instrument other
than as expressly provided herein. Amounts set forth or provided for herein with respect to payments, conversion and the like
(and the computation thereof) shall be the amounts to be received by the Holder and shall not, except as expressly provided herein,
be subject to any other obligation of the Company (or the performance thereof). The Company acknowledges that a breach by it of
its obligations hereunder will cause irreparable harm to the Holder and that the remedy at law for any such breach may be inadequate.
The Company therefore agrees that, in the event of any such breach or threatened breach, the Holder shall be entitled, in addition
to all other available remedies, to an injunction restraining any such breach or any such threatened breach, without the necessity
of showing economic loss and without any bond or other security being required. The Company shall provide all information and
documentation to the Holder that is reasonably requested by the Holder to enable the Holder to confirm the Company’s compliance
with the terms and conditions of this Note.

 

h) 
Next Business Day. Whenever any payment or other obligation hereunder shall be due on a day other than a Business Day,
such payment shall be made on the next succeeding Business Day.

 

i) 
Headings. The headings contained herein are for convenience only, do not constitute a part of this Note and shall not be
deemed to limit or affect any of the provisions hereof.

 

Section
9. Amendments; Waivers. Any modifications, amendments or waivers of the provisions hereof shall be subject to Section 5.05
of the Purchase Agreement.

 

Section
10. Equal Treatment of Purchasers. No consideration (including any modification of this Note) shall be offered or paid
to any Person (as such term is defined in the Purchase Agreement) to amend or consent to a waiver or modification of any provision
hereof unless the same consideration is also offered to all of the parties to the Purchase Agreement. Further, the Company shall
not make any payment of principal or interest on the Notes in amounts which are disproportionate to the respective principal amounts
outstanding on the Notes at any applicable time. For clarification purposes, this provision constitutes a separate right granted
to each Purchaser by the Company and negotiated separately by each Purchaser, and is intended for the Company to treat the Purchasers
as a class and shall not in any way be construed as the Purchasers acting inW concert or as a group with respect to the purchase
or disposition of the Notes or otherwise.

Section
11. Usury. To the extent it may lawfully do so, the Company hereby agrees not to insist upon or plead or in any manner
whatsoever claim, and will resist any and all efforts to be compelled to take the benefit or advantage of, usury laws wherever
enacted, now or at any time hereafter in force, in connection with any Action or Proceeding that may be brought by any Holder
in order to enforce any right or remedy under any Transaction Document.  Notwithstanding any provision to the contrary contained
in any Transaction Document, it is expressly agreed and provided that the total liability of the Company under the Transaction
Documents for payments in the nature of interest shall not exceed the maximum lawful rate authorized under applicable law (the
“Maximum Rate”), and, without limiting the foregoing, in no event shall any rate of interest or default interest,
or both of them, when aggregated with any other sums in the nature of interest that the Company may be obligated to pay under
the Transaction Documents exceed such Maximum Rate.  It is agreed that if the maximum contract rate of interest allowed by
law and applicable to the Transaction Documents is increased or decreased by statute or any official governmental action subsequent
to the date hereof, the new maximum contract rate of interest allowed by law will be the Maximum Rate applicable to the Transaction
Documents from the effective date thereof forward, unless such application is precluded by applicable law.  If under any
circumstances whatsoever, interest in excess of the Maximum Rate is paid by the Company to any Holder with respect to indebtedness
evidenced by the Transaction Documents, such excess shall be applied by such Holder to the unpaid principal amount of any such
indebtedness or be refunded to the Company, the manner of handling such excess to be at such Holder’s election.

 

(Signature
Page Follows)

    	1 

    	 

    

IN
WITNESS WHEREOF, the Company has caused this Note to be duly executed by a duly authorized officer as of the date first above
indicated.

 

 

	Healthcare
        Triangle, Inc.

         

         

	By:__________________________________________

        Name:
        Suresh Venkatachari

        Title:
        Chairman and CEO

         

         

         

 

    	2

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