Document:

Exhibit 10.15

 

Line of Credit Note

 

	 	$2,000,000.00
	Due: September 1, 2018	Date: September 2, 2015

 

Promise
to Pay. On or before September 1, 2018 (the “Maturity Date”), for value received
Medical Transcription Billing, Corp., a Delaware corporation
(the “Borrower”) promises to pay to Opus Bank, a California
commercial bank, and its successors and assigns, whose address is 19900 MacArthur Boulevard, Irvine, California 92612 (the “Bank”)
or order, in lawful money of the United States of America, the lesser of (i) the outstanding principal amount of the Line of Credit,
plus all accrued and unpaid interest thereon or (ii) Two Million and 00/100 Dollars
($2,000,000.00) plus all accrued and unpaid interest at the Note Rate (as defined below), and at the rate of 5.00% per
annum above the Note Rate, at the Bank's option, upon the occurrence and during the continuance of any Event of Default, whether
or not the Bank elects to accelerate the maturity of this Line of Credit Note, from the date such increased rate is imposed by
the Bank. 

 

Interest shall be calculated
on the basis of a year of 360 days and the actual number of days elapsed; that is by applying the ratio of the interest rate over
a year of 360 days, multiplied by the outstanding principal balance, multiplied by the actual number of days the principal balance
is outstanding. All interest payable under this Line of Credit Note is computed using this method which results in a higher effective
interest rate than the numeric interest rate stated herein.

 

In no event shall the
interest rate exceed the maximum rate allowed by law. Any interest payment that would for any reason be unlawful under applicable
law shall be applied to principal.

 

Interest will be computed
on the unpaid principal balance from the date of each borrowing.

 

Borrower will pay monthly
installments of interest only commencing October 1, 2015, and continuing on the first Business Day of each month thereafter until
the Maturity Date, at which time the entire balance of unpaid principal plus accrued and unpaid interest shall be due and payable
immediately.

 

Borrower shall make
all payments, without setoff, deduction, or counterclaim, to the Bank at the Bank's address above or at such other place as the
Bank may designate in writing. Payments shall be allocated among principal, interest and fees at the discretion of the Bank unless
otherwise agreed or required by applicable law. Acceptance by the Bank of any payment that is less than the payment due at that
time shall not constitute a waiver of the Bank's right to receive payment in full at that time or any other time.

 

****************

 

     

     

    

 

Authorization
for Direct Payments (ACH Debits). To effectuate any scheduled payments due under this Line of Credit Note or under any other
Loan Documents, Borrower hereby authorizes the Bank to initiate debit entries to the Designated Deposit Account and to debit
the same to such account. This authorization to initiate debit entries shall remain in full force
and effect until payment in full of the Liabilities under the Credit Agreement. Borrower represents that Borrower is and will be
the owner of all funds in the Designated Deposit Account. Borrower acknowledges: (1) that such debit entries may cause an overdraft
of such account which may result in the Bank’s refusal to honor items drawn on such account until adequate deposits are made
to such account; (2) that the Bank is under no duty or obligation to initiate any debit entry for any purpose; and (3) that if
a debit is not made because the above-referenced account does not have a sufficient available balance, or otherwise, the payment
may be late or past due. 

 

Late Fee. In
addition to interest and principal as set forth herein, Borrower shall pay to Bank a late charge equal to the greater of (i) five
percent (5.00%) of the total payment due, or (ii) $10.00 per late charge, in the event any such amount is not paid within one (1)
day after the date when due. Borrower shall pay the late payment charge upon demand by the Bank or, if billed, within the time
specified.

 

Definitions.
As used in this Line of Credit Note, “Credit Agreement” means the Credit Agreement of even date herewith
between the Borrower and the Bank. Capitalized terms not specifically defined herein shall have the meanings ascribed to them in
the Credit Agreement. “Note Rate” means a fluctuating rate per annum equal to the higher of (a) the rate of
interest in effect for such day as publicly announced from time to time by the Wall Street Journal as its “prime rate”
(or the average prime rate if a high and a low prime rate are therein reported) plus 1.75%, or (b) 5.00%.

 

Credit Facility.
The Bank has approved a credit facility to Borrower in a principal amount not to exceed the face amount of this Line of Credit
Note. The credit facility is in the form of advances made from time to time by the Bank to Borrower pursuant to the Credit Agreement.
This Line of Credit Note is issued pursuant to the terms of the Credit Agreement and evidences Borrower’s obligation to repay
the Advances made thereunder. The Borrower shall give the Bank written notice (effective upon receipt) of the Borrower’s
request to draw down an Advance under this Line of Credit Note no later than 8:00 a.m. Pacific Time on the day of the requested
advance. The aggregate principal amount of debt evidenced by this Line of Credit Note is the amount reflected from time to time
in the records of the Bank. Until the earliest to occur of the Maturity Date, an Event of Default, or any default that would constitute
an Event of Default but for the giving of notice, the lapse of time or both under the Credit Agreement, Borrower may borrow and
reborrow under this Line of Credit Note subject to the terms of the Loan Documents.

 

Bank's Right of
Setoff. Borrower grants to the Bank a security interest in the deposits in the Designated Deposit Account, and the Bank is
authorized to setoff and apply, all Deposits, Securities and Other Property, and Bank Debt against any and all Liabilities as and
when due hereunder. This right of setoff may be exercised at any time and from time to time after the occurrence and during the
continuance of any Event of Default, without prior notice to or demand on Borrower and regardless of whether any Liabilities are
contingent, unmatured or unliquidated. In this paragraph: (a) the term "Deposits" means any and all accounts and
deposits of Borrower (whether general, special, time, demand, provisional or final) at any time held by the Bank (including all
Deposits held jointly with another, but excluding any IRA or Keogh Deposits, or any trust Deposits in which a security interest
would be prohibited by law); (b) the term "Securities and Other Property" means any and all securities and other
personal property of Borrower in the custody, possession or control of the Bank or its Subsidiaries and Affiliates (other than
Property held by the Bank in a fiduciary capacity); and (c) the term "Bank Debt" means all indebtedness at any
time owing by the Bank, to or for the credit or account of Borrower and any claim of Borrower (whether individual, joint and several
or otherwise) against the Bank now or hereafter existing.

 

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Reinstatement.
Borrower agrees that to the extent any payment or transfer is received by the Bank in connection with the Liabilities evidenced
by this Line of Credit Note, and all or any part of the payment or transfer is subsequently invalidated, declared to be fraudulent
or preferential, set aside or required to be transferred or repaid by the Bank or transferred or paid over to a trustee, receiver
or any other Person, whether under any bankruptcy act or otherwise (any of those payments or transfers is hereinafter referred
to as a "Preferential Payment"), then this Line of Credit Note shall continue to be effective or shall be reinstated,
as the case may be, even if all those Liabilities have been paid in full and whether or not the Bank is in possession of this Line
of Credit Note, or whether the Line of Credit Note has been marked paid, released or canceled, or returned to Borrower and, to
the extent of the payment, repayment or other transfer by the Bank, the Liabilities or part intended to be satisfied by the Preferential
Payment shall be revived and continued in full force and effect as if the Preferential Payment had not been made.

 

Governing Law and
Venue. This Line of Credit Note shall be governed by and construed in accordance with the laws of the State of New York (without
giving effect to its laws of conflicts). Borrower agrees that any legal action or proceeding with respect to any of its obligations
under this Line of Credit Note may be brought by the Bank in any state or federal court (for the Northern District of California)
located in the State of California, as the Bank in its sole discretion may elect. By the execution and delivery of this Line of
Credit Note, Borrower submits to and accepts, for itself and in respect of its property, generally and unconditionally, the non-exclusive
jurisdiction of those courts. Borrower waives any claim that the State of California is not a convenient forum or the proper venue
for any such suit, action or proceeding.

 

Usury. The Bank
does not intend to charge, collect or receive any interest that would exceed the maximum rate allowed by law. If the effect of
any applicable law is to render usurious any amount called for under this Line of Credit Note or the other Loan Documents, or if
any amount is charged or received with respect to this Line of Credit Note, or if any prepayment by Borrower results in the payment
of any interest in excess of that permitted by law, then all excess amounts collected by the Bank shall be credited on the principal
balance of this Line of Credit Note (or, if this Line of Credit Note and all other indebtedness arising under or pursuant to the
other Loan Documents shall have been paid in full, refunded to Borrower), and the provisions of this Line of Credit Note and the
other Loan Documents shall immediately be deemed reformed and the amounts thereafter collectable reduced, without the necessity
of the execution of any new document, so as to comply with the then applicable law. All sums paid, or agreed to be paid, by Borrower
for the use, forbearance, or detention of money under this Line of Credit Note or the other Loan Documents shall, to the maximum
extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness
until payment in full so that the rate or amount of interest on account of such indebtedness does not exceed the usury ceiling
from time to time in effect and applicable to such indebtedness for so long as such indebtedness is outstanding.

 

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Miscellaneous. This
Line of Credit Note binds Borrower and its successors, and benefits the Bank, its successors and assigns. Any reference to the
Bank includes any holder of this Line of Credit Note. Section headings are for convenience of reference only and do not affect
the interpretation of this Line of Credit Note. Any notices and demands under or related to this Line of Credit Note shall be delivered
in accordance with Section 9.1 of the Credit Agreement. This Line of Credit Note and the other Loan Documents embody the entire
agreement between Borrower and the Bank regarding the terms of the loan evidenced by this Line of Credit Note and supersede all
oral statements and prior writings relating to that loan. No delay on the part of the Bank in the exercise of any right or remedy
waives that right or remedy. No single or partial exercise by the Bank of any right or remedy precludes any other future exercise
of it or the exercise of any other right or remedy. No waiver or indulgence by the Bank of any default is effective unless it is
in writing and signed by the Bank, nor shall a waiver on one occasion bar or waive that right on any future occasion. The rights
of the Bank under this Line of Credit Note and the other Loan Documents are in addition to other rights (including without limitation,
other rights of setoff) the Bank may have contractually, by law, in equity or otherwise, all of which are cumulative and hereby
retained by the Bank. If any provision of this Line of Credit Note cannot be enforced, the remaining portions of this Line of Credit
Note shall continue in effect. Borrower agrees that the Bank may provide any information or knowledge the Bank may have about Borrower
or about any matter relating to this Line of Credit Note or the Loan Documents to the Bank’s Subsidiaries or Affiliates or
their successors, or to any one or more purchasers or potential purchasers of this Line of Credit Note or the Loan Documents. Borrower
agrees that the Bank may at any time sell, assign or transfer one or more interests or participations in all or any part of its
rights and obligations in this Line of Credit Note to one or more purchasers whether or not related to the Bank.

 

WAIVER OF SPECIAL
DAMAGES. BORROWER WAIVES, TO THE MAXIMUM EXTENT NOT PROHIBITED BY LAW, ANY RIGHT THE UNDERSIGNED MAY HAVE TO CLAIM OR RECOVER
FROM THE BANK IN ANY LEGAL ACTION OR PROCEEDING ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES.

 

JURY WAIVER. AS
MORE FULLY SET FORTH IN SECTION 12 OF THE CREDIT AGREEMENT, BORROWER AND THE BANK (BY ITS ACCEPTANCE HEREOF) HEREBY INCORPORATE
BY REFERENCE THE PROVISIONS OF SECTION 12 OF THE CREDIT AGREEMENT. THIS PROVISION IS A MATERIAL INDUCEMENT TO THE BANK TO PROVIDE
THE FINANCING EVIDENCED BY THIS LINE OF CREDIT NOTE.

 

Signature Appears on Following Page

 

    	 	4	 

     

    

 

THIS LINE OF CREDIT
NOTE AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF
PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.

 

	 	Medical Transcription Billing, Corp., a Delaware corporation
	 	 	 
	 	 	By:/s/ Mahmud Haq
	 	 	Name: Mahmud Haq
	 	 	Title: CEO
	 	 	 
	 	 	Date Signed: 9/2/2015Exhibit 10.16

 

Warrant No. 1

 

THIS WARRANT AND THE
SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE SECURITIES LAW, AND MAY NOT BE OFFERED FOR SALE, SOLD OR TRANSFERRED UNLESS A REGISTRATION STATEMENT
UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS SHALL BE EFFECTIVE WITH RESPECT THERETO, OR AN EXEMPTION FROM REGISTRATION
UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS IS AVAILABLE IN CONNECTION WITH SUCH OFFER, SALE OR TRANSFER.

 

WARRANT

 

TO
PURCHASE COMMON STOCK 

 

OF

 

MEDICAL
TRANSCRIPTION BILLING, CORP.

 

Issue Date: September 2, 2015

 

THIS CERTIFIES that
OPUS BANK, or any subsequent holder hereof (the “Holder”), has the right to exercise this Warrant in whole or in part
and purchase from MEDICAL TRANSCRIPTION BILLING, CORP., a Delaware corporation (the “Company”), up to ONE HUNDRED
THOUSAND (100,000) fully paid and nonassessable shares of the Company’s common stock, par value $0.001 per share (the “Common
Stock”), subject to proportionate adjustments for stock splits, stock dividends, reverse stock splits and similar events,
at a price per share equal to $5.00, also subject to proportionate adjustments for stock splits, stock dividends, reverse stock
splits and similar events (the "Exercise Price"). The shares of Common Stock for which this Warrant is exercisable is
referred to herein as the “Warrant Shares”.

 

1.            Exercise.

 

(a)          Exercise
Period. This Warrant may be exercised in whole or in part at any time and from time to time beginning on the issue date set
forth above (the “Issue Date”) and ending at 5:00 p.m., New York City time, on the seventh (7th) anniversary
of the Issue Date (the “Expiration Date”); provided, however, that if the Expiration Date occurs on a date that is
not a Business Day, the Expiration Date shall be deemed to occur on the on the Business Day immediately following such date. As
used herein, the term "Business Day" means a day (other than a Saturday or Sunday) on which the banks are open for commercial
banking business in New York, New York.

 

(b)         Cashless
Exercise. The Holder may, in its sole discretion at any time, exercise this Warrant in whole or in part and, in lieu of making
the cash payment otherwise contemplated to be made to the Company upon such exercise in payment of the aggregate Exercise Price,
elect instead to receive upon such exercise the “Net Number” of Warrant Shares determined according to the following
formula (a “Cashless Exercise”):

 

    	 	 	 

     

    

  

Net Number = (A x B) - (A x C)

                                    B

 

For purposes
of the foregoing formula:

 

A is equal to the total number
of Warrant Shares with respect to which this Warrant is then being exercised.

 

B is equal to the Market Price
per share of Common Stock. For purposes hereof, (A) “Market Price” per share of Common Stock means, as of a particular
date, the average of the Closing Prices for the Common Stock occurring during the 20 Trading Day period ending on (and including)
the Trading Day immediately preceding such date, (B) “Closing Price” means, with respect to the Common Stock as of
any Trading Day, the closing price on such date for the Common Stock on the Principal Market as reported by Bloomberg Financial
Markets (“Bloomberg”), or if the foregoing does not apply, the last closing price of the Common Stock in the OTC Markets
as reported by Bloomberg, or, if no closing price is reported for such security by Bloomberg, the last closing trade price for
such security as reported by Bloomberg, (C) “Trading Day” means any day on which the Common Stock is traded on the
Principal Market, or, if the Principal Market is not the principal trading market for the Common Stock, then on the principal securities
exchange or securities market on which the Common Stock is then traded; provided that “Trading Day” shall not include
any day on which the Common Stock is scheduled to trade on such exchange or market for less than 4.5 hours or any day that the
Common Stock is suspended from trading during the final hour of trading on such exchange or market (or if such exchange or market
does not designate in advance the closing time of trading on such exchange or market, then during the hour ending at 4:00 p.m.,
New York City time), and (D) “Principal Market” means the NASDAQ Capital Market. If the Closing Price cannot be calculated
for the Common Stock on such date on any of the foregoing bases, then the Closing Price shall be determined by the Company’s
board of directors in good faith, and such determination shall be deemed conclusive absent manifest error.

 

C is equal to the Exercise Price
for the applicable Warrant Shares at the time of such exercise.

 

For purposes of Rule 144 of the Securities
Act (“Rule 144”), it is intended and acknowledged that the Warrant Shares issued in a Cashless Exercise transaction
shall be deemed to have been acquired by the Holder, and the holding period for the Warrant Shares required by Rule 144 shall be
deemed to have been commenced, on the Issue Date.

 

(c)          Exercise
Notice. In order to exercise this Warrant, the Holder shall send to the Company by email transmission, at any time prior to
5:00 p.m., New York City time, on the Business Day on which the Holder wishes to effect such exercise (the “Exercise Date”),
(i) a notice of exercise in substantially the form attached hereto as Exhibit A (the “Exercise Notice”), (ii) a copy
of the original Warrant, and (iii) the Exercise Price by wire transfer of immediately available funds. The Exercise Notice shall
state the name or names in which the shares of Common Stock that are issuable on such exercise shall be issued. 

 

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(d)          Holder
of Record. The Holder shall, for all purposes, be deemed to have become the holder of record of the Warrant Shares specified
in an Exercise Notice on the Exercise Date specified therein, irrespective of the date of delivery of such Warrant Shares. Except
as specifically provided herein, nothing in this Warrant shall be construed as conferring upon the Holder hereof any rights as
a shareholder of the Company prior to the Exercise Date.

 

(e)          Cancellation
of Warrant. This Warrant shall be canceled upon its exercise in full and, if this Warrant is exercised in part, the Company
shall, promptly thereafter issue a new warrant, and deliver to the Holder a certificate representing such new warrant, with terms
identical in all respects to this Warrant (except that such new warrant shall be exercisable into the number of shares of Common
Stock with respect to which this Warrant shall remain unexercised); provided, however, that the Holder shall be entitled to exercise
all or any portion of such new warrant at any time following the time at which this Warrant is exercised, regardless of whether
the Company has actually issued such new warrant or delivered to the Holder a certificate therefor.

 

2.           Delivery
of Warrant Shares Upon Exercise. Upon receipt of an email copy of an Exercise Notice pursuant to Section 1 above, the Company
shall, no later than the close of business on the later to occur of (i) the third (3rd) Business Day following the Exercise Date
specified in such Exercise Notice and (ii) such later date on which the Company shall have received payment of the Exercise Price
(such date being referred to as a “Delivery Date”), issue and deliver or caused to be delivered to the Holder the number
of Warrant Shares as shall be determined as provided herein. The Company shall effect delivery of Warrant Shares to the Holder,
as long as the Company’s designated transfer agent (the “Transfer Agent”) participates in the Depository Trust
Company (“DTC”) Fast Automated Securities Transfer program (“FAST”) and no restrictive legend is required
under applicable securities laws, by crediting the account of the Holder or its nominee at DTC (as specified in the applicable
Exercise Notice) with the number of Warrant Shares required to be delivered, no later than the close of business on such Delivery
Date. In the event that the Transfer Agent is not a participant in FAST, or a restrictive legend is required under applicable securities
laws, or if the Holder so specifies in an Exercise Notice or otherwise in writing on or before the Exercise Date, the Company shall
effect delivery of Warrant Shares by delivering to the Holder or its nominee physical certificates representing such Warrant Shares,
no later than the close of business on such Delivery Date.

 

3.            Representations
and Warranties. The Company hereby represents and warrants to the Holder as follows:

 

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(a)        
All Warrant Shares which may be issued upon the exercise of this Warrant have been duly authorized and shall, upon issuance, be
validly issued, fully paid and nonassessable; shall be free of any liens and encumbrances except for restrictions on transfer provided
for herein or under applicable federal and state securities laws; and will be issued in compliance with all applicable federal
and state securities laws.  The issuance of certificates for the Warrant Shares upon exercise of this Warrant shall be made
without charge to the Holder for any issuance tax in respect thereof, or other cost incurred by the Company in connection with
such exercise and related issuance of such shares; provided, that the Company shall not be required to pay any tax which may
be payable in respect of any transfer and the issuance and delivery of any certificate in a name other than that of the Holder.

 

(b)         All
corporate action has been taken on the part of the Company, its officers, directors, and stockholders necessary for the authorization,
execution and delivery of this Warrant.  The Company has taken all corporate action required to make all the obligations of
the Company reflected in the provisions of this Warrant the valid and enforceable obligations they purport to be, and this Warrant
constitutes a legal, valid and binding agreement of the Company, enforceable in accordance with its terms.  The issuance of
this Warrant and, upon exercise of this Warrant, the Warrant Shares, are not and will not be subject to preemptive rights of any
stockholders of the Company. The Company has authorized and reserved for issuance sufficient shares of Common Stock to allow for
the full exercise of this Warrant.

 

(c)         The
authorization, execution and delivery of this Warrant will not constitute or result in a default or violation of any law or regulation
applicable to the Company or any term or provision of the Company’s current Certificate of Incorporation or bylaws, or any
material agreement or instrument by which it is bound or to which its properties or assets are subject.  No consent or approval
of, giving of notice to, registration with, or taking of any other action in respect of any state, federal or other governmental
authority or agency is required with respect to the execution, delivery and performance by the Company of its obligations under
this Warrant (including the issuance of Shares upon the exercise of this Warrant).

 

4.           Piggyback
Registration Rights.

 

(a)         Whenever
the Company proposes to register any of its Common Stock for its own account or the account of any holders of such securities,
and the registration form to be filed may be used for the registration or qualification for distribution of Warrant Shares, the
Company will give prompt written notice to the Holder of its intention to effect such a registration (but in no event less than
20 days prior to the anticipated filing date) and will include in such registration all Warrant Shares with respect to which the
Company has received a written request from the Holder for inclusion therein within 10 days after the date of the Company’s
notice (a “Piggyback Registration”). The Company may terminate or withdraw any registration under this Section 4 prior
to the effectiveness of such registration, whether or not the Holder has elected to include Warrant Shares in such registration.

 

(b)         If
the registration referred to in Section 4(a) is proposed to be underwritten, the right of the Holder to registration pursuant to
this Section 4 will be conditioned upon the Holder’s participation in such underwriting and the inclusion of the Holder’s
Warrant Shares in the underwriting, and the Holder will (together with the Company and the other persons distributing their securities
through such underwriting) enter into an underwriting agreement in customary form with the underwriter or underwriters selected
for such underwriting by the Company.

 

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(c)          If
a Piggyback Registration relates to an underwritten primary offering on behalf of the Company, and the managing underwriters advise
the Company that in their reasonable opinion the number of securities requested to be included in such registration exceeds the
number which can be sold without adversely affecting the marketability of such offering (including an adverse effect on the per
share offering price), the Company will include in such registration or prospectus only such number of securities that in the reasonable
opinion of such underwriters can be sold without adversely affecting the marketability of the offering (including an adverse effect
on the per share offering price), which securities will be so included in the following order of priority: (i) first, the securities
the Company proposes to sell (if the offering involves a primary offering by the Company), and (ii) second, Warrant Shares if the
Holder has requested registration of such Warrant Shares pursuant to Section 4(a) and any other security holders participating
in such registration, pro rata on the basis of the aggregate number of such securities or shares owned by each such person.

 

(d)         The
provisions of this Section 4 shall terminate when the Warrant Shares may be sold by the Holder under Rule 144.

 

(e)         The
Company will pay for all fees, costs and expenses of any Piggyback Registration, other than any underwriter’s discounts or
commissions.

 

5.           Fractional
Interests. No fractional shares or scrip representing fractional shares shall be issuable upon the exercise of this Warrant,
but on exercise of this Warrant, the Holder hereof may purchase only a whole number of shares of Common Stock. If any fractional
interest in a share of Common Stock would, except for the provisions of the first sentence of this Section 5, be deliverable upon
the exercise of this Warrant, the Company shall, in lieu of delivering the fractional share therefor, pay to the Holder exercising
this Warrant an amount in cash equal to the Market Price of such fractional interest.

 

6.           Warrant
Holder Not Deemed a Shareholder. The Holder, solely in its capacity as a holder of this Warrant, shall not be entitled to vote
or receive dividends or be deemed a holder of Common Stock for any purpose, nor shall anything contained in this Warrant be construed
to confer upon the Holder, solely in its capacity as the holder of this Warrant, any of the rights of a shareholder of the Company
or any right to vote, give or withhold consent to any corporate action (whether any reorganization, issue of stock, reclassification
of stock, consolidation, merger, conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights,
or otherwise, prior to the issuance to the Holder of the Warrant Shares which it is then entitled to receive upon the due exercise
of this Warrant. No provision of this Warrant, in the absence of the actual exercise of this Warrant and receipt by the Holder
thereof of Common Stock issuable upon such exercise, shall give rise to any liability on the part of the Holder as a shareholder
of the Company, whether such liability shall be asserted by the Company or by creditors of the Company.

 

7.           Transfer
of this Warrant. The Holder may not sell, transfer, assign, pledge or otherwise dispose of this Warrant, in whole or in part
(a “Transfer”), unless (i) the Holder has given the Company not less than five Business Days’ notice of such
proposed Transfer, and (ii) the Company provides evidence as may be reasonably requested by the Company in writing to evidence
that such proposed Transfer will not violate applicable securities laws. With respect to any such permitted Transfer, the Company
shall, promptly upon receipt of the original of this Warrant, deliver to and in the name of the permitted transferee designated
by the Holder a new warrant of like tenor and terms and this Warrant shall be deemed cancelled.

 

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8.           Stock
to be reserved. The Company will at all times reserve and keep available out of the authorized Common Stock, solely for the
purpose of issue upon the exercise of this Warrant as herein provided, such number of shares of Common Stock as shall then be issuable
upon the exercise of this Warrant, and the Company will maintain at all times all other rights and privileges sufficient to enable
it to fulfill all its obligations hereunder. The Company covenants that all shares of Common Stock which shall be so issuable shall,
upon issuance, be duly authorized, validly issued, fully paid and nonassessable, and that the issuance of such shares of Common
Stock shall be free from preemptive or similar rights on the part of the holders of any shares of capital stock or securities of
the Company or any other Person, and free from all taxes, liens and charges with respect to the issue thereof (not including any
income taxes payable by the Holder in respect of gains thereon), and the Exercise Price will be credited to the capital and surplus
of the Company. The Company will take all such action as may be necessary to assure that such shares of Common Stock may be so
issued without violation of any applicable law or regulation, or of any applicable requirements of the Financial Industry Regulatory
Authority, Inc. and of any domestic securities exchange upon which the Common Stock may be listed.

 

9.           Closing
of books. The Company will at no time close its transfer books against the transfer of this Warrant or of any share of Common
Stock issued or issuable upon the exercise of this Warrant in any manner which interferes with the timely exercise of this Warrant.

 

10.          Loss,
theft, destruction or mutilation of Warrant. Upon receipt by the Company of evidence of the loss, theft, destruction or mutilation
of this Warrant, and (in the case of loss, theft or destruction) of indemnity reasonably satisfactory to the Company, and upon
surrender of the original of this Warrant, if mutilated, the Company shall execute and deliver a new warrant of like tenor and
date to replace the original of this Warrant.

 

11.          Notice
or Demands. Any notice, demand or request required or permitted to be given by the Company or the Holder pursuant to the terms
of this Warrant shall be in writing and delivered to the intended party at its address below by one of the following means: (a)
by hand, (b) by a nationally recognized overnight courier service, (c) by email or (d) by certified mail, postage prepaid, with
return receipt requested. Notice shall be deemed given: (a) upon receipt if delivered by hand, (b) on the Business Day after the
day of deposit with a nationally recognized courier service, (c) on the Business Day after the day on which an email is sent, provided
sender does not receive a "failure to deliver" or similar notice, or (d) on the third Business Day after the notice is
deposited in the mail, addressed as follows:

 

If to the Company:

 

Medical Transcription Billing, Corp.

7 Clyde Road

Somerset, New Jersey 08873

Attn: Bill Korn, Chief Financial Officer

Tel: 732-873-5133 *****

****************

 

 

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and:

 

Medical Transcription Billing, Corp.

7 Clyde Road

Somerset, New Jersey 08873

Attn: Amritpal Deol, General Counsel

Telephone: 732-873-5133 *****

****************

 

If to the Holder:

 

Opus Bank

343
Sansome Street #540

San Francisco, CA 94104

Attn: Douglas Stewart, Managing Director

****************

********************

 

with a copy to:

 

Schiff Hardin LLP

233 South Wacker Drive

Suite 6600

Chicago, Illinois 60606-6473

Attn: Sean T. Maloney

********************

 

Any party may change its address for notice by sending notice
in accordance with this Section 11.

 

12.         Applicable
Law. This Warrant is issued under and shall for all purposes be governed by and construed in accordance with the laws of the
State of New York applicable to contracts made and to be performed entirely within the State of New York. Each party hereby irrevocably
submits to the exclusive jurisdiction of the state and federal courts sitting in the Borough of Manhattan, City of New York for
the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby, 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 any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action
or proceeding is improper. 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 to such party at the address in effect for notices to it under
this Warrant 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 manner permitted by law.

 

    	 	-7-	 

     

    

  

13.         Amendments.
No amendment, modification or other change to, or waiver of any provision of, this Warrant may be made unless such amendment, modification
or change is set forth in writing and is signed by the Company and the Holder.

 

14.         Entire
Agreement. This Warrant constitutes the entire agreement among the parties hereto with respect to the subject matter hereof.
There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein and therein.
This Warrant supersedes all prior agreements and understandings among the parties hereto with respect to the subject matter hereof.

 

15.         Headings.
The headings in this Warrant are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

 

16.         Successors
and Assigns. This Warrant shall be binding on and inure to the benefit of the heirs, executors, administrators,
successors, and assigns of the respective parties. The Company may not assign this Warrant without the express, prior written
consent of the Holder. The Holder may not assign this Warrant except in accordance with Section 7.

 

17.         Survival.
All agreements contained in this Warrant or in any document delivered pursuant hereto shall be for the benefit of the Holder and
shall survive the execution and delivery of this Warrant.

 

 

[Signature Page to Follow]

 

    	 	-8-	 

     

    

  

IN WITNESS WHEREOF, the Company has duly
executed and delivered this Warrant as of the Issue Date.

 

	 	MEDICAL TRANSCRIPTION BILLING, CORP.
	 	 	 
	 	 	By:/s/ Mahmud Haq
	 	 	Name: Mahmud Haq
	 	 	Title: CEO

 

    	 	-9-	 

     

    

  

EXHIBIT A to WARRANT

 

EXERCISE NOTICE

 

MEDICAL TRANSCRIPTION BILLING, CORP.

 

The undersigned holder
hereby exercises the right to purchase _________________ shares of common stock, par value $0.001 per share (“Warrant Shares”)
of Medical Transcription Billing, Corp., a Delaware corporation (the “Company”), evidenced by Warrant No. ___ (the
“Warrant”). Capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in
the Warrant.

 

1.          Form
of Exercise Price. The Holder intends that payment of the Exercise Price shall be made as:

 

____________          a
“Cash Exercise” with respect to ____________ Warrant Shares; and/or

 

____________          a
“Cashless Exercise” with respect to _______________ Warrant Shares.

 

In the event that the
Holder has elected a Cashless Exercise with respect to some or all of the Warrant Shares to be issued pursuant hereto, the Holder
hereby represents and warrants that (i) this Exercise Notice was executed by the Holder at __________ [a.m.][p.m.] on the date
set forth below and (ii) if applicable, the Market Price per share of Common Stock determined based on the principles set forth
in Section 1(b) of the Warrant as of such time of execution of this Exercise Notice was $________.

 

2.           Payment
of Exercise Price. In the event that the Holder has elected a Cash Exercise with respect to some or all of the Warrant Shares
to be issued pursuant hereto, the Holder shall pay the aggregate Exercise Price in the sum of $___________________ to the Company
in accordance with the terms of the Warrant.

 

3.           Delivery
of Warrant Shares. The Company shall deliver to Holder, or its designee or agent as specified below, __________ Warrant Shares
in accordance with the terms of the Warrant. Delivery shall be made to Holder, or for its benefit, as follows:

 

 ̈          Check
here if requesting delivery as a certificate to the following name and to the following address:

 

	Issue to:	 

 

 ̈          Check
here if requesting delivery by Deposit/Withdrawal at Custodian as follows:

 

	DTC Participant (if applicable):	 
	 	 
	DTC Number (if applicable):	 
	 	 
	Account Number (if applicable):	 

 

	 	          ____________________________________
	Name of Registered Holder	          Date
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

  

    	 	-10-

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