Document:

EXHIBIT
10.2

 

THIS
WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”),
OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AS SET FORTH IN SECTIONS 5.3 AND 5.4 BELOW, MAY NOT BE OFFERED, SOLD, PLEDGED
OR OTHERWISE TRANSFERRED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND LAWS OR, IN THE OPINION OF LEGAL COUNSEL IN FORM AND SUBSTANCE
SATISFACTORY TO THE ISSUER, SUCH OFFER, SALE, PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION.

 

WARRANT
TO PURCHASE STOCK

 

Company:
Medical Transcription Billing, Corp., a Delaware corporation

 

Number
of Shares: As set forth in Paragraph A below

 

Type/Series
of Stock: Common Stock, $0.001 par value per share

 

Warrant
Price: As set forth in Paragraph A below

 

Issue
Date: September __, 2018

 

Expiration
Date: September __, 2023 See also Section 5.1(b).

 

	Credit
    Facility:	This
    Warrant to Purchase Stock (“Warrant”) is issued in connection with that certain Joinder and First
    Loan Modification Agreement, of even date herewith, to that certain Loan and Security Agreement dated October 13, 2017, between
    Silicon Valley Bank and the Company (collectively, and as may be further amended and/or modified and in effect from time to
    time, the “Loan Agreement”).

 

THIS
WARRANT CERTIFIES THAT, for good and valuable consideration, SILICON VALLEY BANK (together with any successor or permitted assignee
or transferee of this Warrant or of any shares issued upon exercise hereof, “Holder”) is entitled to
purchase up to the number of fully paid and non-assessable shares of the above-stated Type/Series of Stock (the “Class”)
of the above-named company (the “Company”) determined pursuant to Paragraph A below, at a purchase price
per Share equal to the Warrant Price (as defined below) all as set forth above and as adjusted pursuant to Section 2 of this Warrant,
subject to the provisions and upon the terms and conditions set forth in this Warrant. Reference is made to Section 5.4 of this
Warrant whereby Silicon Valley Bank shall transfer this Warrant to its parent company, SVB Financial Group.

 

A. Number
of Shares; Warrant Price.

 

(1) Number
of Shares. This Warrant shall be exercisable for up to such number of shares of the Class (the
“Shares”) as shall equal (a) $150,000, divided by (b) the Warrant Price, subject to adjustment from
time to time in accordance with the provisions of this Warrant.

 

(2) Warrant
Price. The purchase price per Share hereunder (the “Warrant Price”) shall equal the
highest VWAP of a share of the Class computed from data reported on NASDAQ for any five (5) consecutive trading days during
the thirty (30) consecutive trading-day period commencing on the fifteenth (15th) trading day immediately
preceding the Issue Date hereof and ending on the fifteenth (15th) trading day immediately following the Issue
Date hereof (inclusive of the Issue Date), subject to adjustment thereafter from time to time in accordance with the
provisions of this Warrant. As used herein, “VWAP” means volume-weighted average price and shall be
determined as follows:

 

    	 	 	 

    	 

    

 

	 	
	 	 	 	 
	 	Where:	 	 
	 	 	 	 
	 	PVWAP	=	volume-weighted
    average price
	 	 	 	 
	 	Pj	=	price
    of trade j
	 	 	 	 
	 	Qj	=	quantity
    of trade j
	 	 	 	 
	 	j	=	each
    individual trade that takes place during each 5-consecutive trading-day period of the above-mentioned 30-trading-day period,
    excluding cross trades and basket cross trades.

 

Within
five (5) Business Days (as hereinafter defined) following the expiration of the aforementioned 30-trading day period, the Company
shall deliver to Holder the certificate described in Section 2.4 setting forth in reasonable detail the Company’s calculation
of the Warrant Price in accordance with the provisions of this Paragraph A, which calculation shall be conclusive for all purposes
of this Warrant (i) except in the case of manifest error, or (ii) unless Holder objects thereto in writing to the Company within
five (5) Business Days following its receipt of such Company calculation, in which case the parties shall work together in good
faith to promptly resolve such objection and agree on the Warrant Price.

 

SECTION
1. EXERCISE.

 

1.1 Method
of Exercise. Holder may at any time and from time to time exercise this Warrant, in whole or in part, by delivering to
the Company the original of this Warrant together with a duly executed Notice of Exercise in substantially the form
attached hereto as Appendix 1 and, unless Holder is exercising this Warrant pursuant to a cashless exercise set forth in
Section 1.2, a check, wire transfer of same-day funds (to an account designated by the Company), or other form of payment
acceptable to the Company for the aggregate Warrant Price for the Shares being purchased.

 

1.2 Cashless
Exercise. On any exercise of this Warrant, in lieu of payment of the aggregate Warrant Price in the manner as specified
in Section 1.1 above, but otherwise in accordance with the requirements of Section 1.1, Holder may elect to receive Shares
equal to the value of this Warrant, or portion hereof as to which this Warrant is being exercised. Thereupon, the
Company shall issue to the Holder such number of fully paid and non-assessable Shares as are computed using the following
formula:

 

	 	 	X
    = Y(A-B)/A
	 	 	 	 	 
	 	where:		 	 
	 	 	 	 	 
	 	 	X
    =		the number of
    Shares to be issued to the Holder;
	 	 	 	 	 
	 	 	Y =		the
    number of Shares with respect to which this Warrant is being exercised (inclusive of the Shares surrendered to the Company
    in payment of the aggregate Warrant Price);
	 	 	 	 	 
	 	 	A=		the Fair Market
    Value (as determined pursuant to Section 1.3 below) of one Share; and
	 	 	 	 	 
	 	 	B =		the Warrant
    Price.

 

    	 	2	 

    	 

    

 

1.3 Fair
Market Value. For purposes of this Section 1.2, if shares of the Class are then traded or quoted on a nationally
recognized securities exchange, inter-dealer quotation system or over-the-counter market (a “Trading
Market”), the fair market value of a Share shall be the closing price or last sale price of a share of the
Class reported for the Business Day immediately before the date on which Holder delivers this Warrant together with its
Notice of Exercise to the Company. If shares of the Class are not then traded in a Trading Market, the Board of Directors of
the Company shall determine the fair market value of a Share in its reasonable good faith judgment.

 

1.4 Delivery
of Certificate and New Warrant. Within a reasonable time after Holder exercises this Warrant in the manner set forth in
Section 1.1 or 1.2 above, the Company shall deliver to Holder a certificate representing the Shares issued to Holder upon
such exercise and, if this Warrant has not been fully exercised and has not expired, a new warrant of like tenor
representing the Shares not so acquired.

 

1.5 Replacement
of Warrant. On receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation
of this Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably
satisfactory in form, substance and amount to the Company or, in the case of mutilation, on surrender of this Warrant to the
Company for cancellation, the Company shall, within a reasonable time, execute and deliver to Holder, in lieu of this
Warrant, a new warrant of like tenor and amount.

 

1.6 Treatment
of Warrant Upon Acquisition of Company.

 

(a) Acquisition.
For the purpose of this Warrant, “Acquisition” means any transaction or series of related
transactions involving: (i) the sale, lease, exclusive license, or other disposition of all or substantially all of
the assets of the Company; (ii) any merger or consolidation of the Company into or with another person or entity (other than
a merger or consolidation effected exclusively to change the Company’s domicile), or any other corporate
reorganization, in which the stockholders of the Company in their capacity as such immediately prior to such merger,
consolidation or reorganization, own less than a majority of the Company’s (or the surviving or successor
entity’s) outstanding voting power immediately after such merger, consolidation or reorganization (or, if such Company
stockholders beneficially own a majority of the outstanding voting power of the surviving or successor entity as of
immediately after such merger, consolidation or reorganization, such surviving or successor entity is not the Company); or
(iii) any sale or other transfer by the stockholders of the Company of shares representing at least a majority of the
Company’s then-total outstanding combined voting power.

 

    	 	3	 

    	 

    

 

(b) Treatment
of Warrant at Acquisition. In the event of an Acquisition in which the consideration to be received by the
Company’s stockholders consists solely of cash, solely of Marketable Securities or a combination of cash and Marketable
Securities (a “Cash/Public Acquisition”), and the fair market value of one Share as determined in
accordance with Section 1.3 above would be greater than the Warrant Price in effect on such date immediately prior to
such Cash/Public Acquisition, and Holder has not exercised this Warrant pursuant to Section 1.1 above as to all Shares, then
this Warrant shall automatically be deemed to be Cashless Exercised pursuant to Section 1.2 above as to all Shares
effective immediately prior to and contingent upon the consummation of a Cash/Public Acquisition. In connection with such
Cashless Exercise, Holder shall be deemed to have restated each of the representations and warranties in Section 4 of
the Warrant as of the date thereof and the Company shall promptly notify the Holder of the number of Shares (or such other
securities) issued upon exercise. In the event of a Cash/Public Acquisition where the fair market value of one Share as
determined in accordance with Section 1.3 above would be less than the Warrant Price in effect immediately prior to such
Cash/Public Acquisition, then this Warrant will expire immediately prior to the consummation of such
Cash/Public Acquisition.

 

(c)
Upon the closing of any Acquisition other than a Cash/Public Acquisition, the acquiring, surviving or successor entity shall
assume the obligations of this Warrant, and this Warrant shall thereafter be exercisable for the same securities and/or other
property as would have been paid for the Shares issuable upon exercise of the unexercised portion of this Warrant as if such
Shares were outstanding on and as of the closing of such Acquisition, subject to further adjustment from time to time in
accordance with the provisions of this Warrant.

 

(d)
As used in this Warrant, “Marketable Securities” means securities meeting all of the following
requirements: (i) the issuer thereof is then subject to the reporting requirements of Section 13 or Section 15(d) of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”), and is then current in its filing
of all required reports and other information under the Act and the Exchange Act; (ii) the class and series of shares or
other security of the issuer that would be received by Holder in connection with the Acquisition were Holder to exercise this
Warrant on or prior to the closing thereof is then traded in a Trading Market, and (iii) following the closing of such
Acquisition, Holder would not be restricted from publicly re-selling all of the issuer’s shares and/or other securities
that would be received by Holder in such Acquisition were Holder to exercise this Warrant in full on or prior to the closing
of such Acquisition, except to the extent that any such restriction (x) arises solely under federal or state securities laws,
rules or regulations, and (y) does not extend beyond six (6) months from the closing of such Acquisition.

 

SECTION
2. ADJUSTMENTS TO THE SHARES AND WARRANT PRICE.

 

2.1 Stock
Dividends, Splits, Etc. If the Company declares or pays a dividend or distribution on the outstanding shares of the Class
payable in additional shares of the Class or other securities or property (other than cash), then upon exercise of
this Warrant, for each Share acquired, Holder shall receive, without additional cost to Holder, the total number and kind of
securities and property which Holder would have received had Holder owned the Shares of record as of the date the dividend or
distribution occurred. If the Company subdivides the outstanding shares of the Class by reclassification or otherwise into a
greater number of shares, the number of Shares purchasable hereunder shall be proportionately increased and the Warrant Price
shall be proportionately decreased. If the outstanding shares of the Class are combined or consolidated, by reclassification
or otherwise, into a lesser number of shares, the Warrant Price shall be proportionately increased and the number of Shares
shall be proportionately decreased.

 

2.2 Reclassification,
Exchange, Combinations or Substitution. Upon any event whereby all of the outstanding shares of the Class are
reclassified, exchanged, combined, substituted, or replaced for, into, with or by Company securities of a different
class and/or series, then from and after the consummation of such event, this Warrant will be exercisable for the number,
class and series of Company securities that Holder would have received had the Shares been outstanding on and as of the
consummation of such event, and subject to further adjustment thereafter from time to time in accordance with the provisions
of this Warrant. The provisions of this Section 2.2 shall similarly apply to successive reclassifications, exchanges,
combinations substitutions, replacements or other similar events.

 

    	 	4	 

    	 

    

 

2.3
No Fractional Share. No fractional Share shall be issuable upon exercise of this Warrant and the number of
Shares to be issued shall be rounded down to the nearest whole Share. If a fractional Share interest arises upon any exercise
of the Warrant, the Company shall eliminate such fractional Share interest by paying Holder in cash the amount computed by
multiplying the fractional interest by (i) the fair market value (as determined in accordance with Section 1.3 above) of a
full Share, less (ii) the then-effective Warrant Price.

 

2.4 Notice/Certificate
as to Adjustments. Upon each adjustment of the Warrant Price, Class and/or number of Shares, the Company, at the
Company’s expense, shall notify Holder in writing within a reasonable time setting forth the adjustments to the
Warrant Price, Class and/or number of Shares and facts upon which such adjustment is based. The Company shall, upon written
request from Holder, furnish Holder with a certificate of its Chief Financial Officer, including computations of such
adjustment and the Warrant Price, Class and number of Shares in effect upon the date of such adjustment.

 

SECTION
3. REPRESENTATIONS AND COVENANTS OF THE COMPANY.

 

3.1 Representations
and Covenants. The Company represents and warrants to, and agrees with, the Holder as follows:

 

(a)
All Shares which may be issued upon the exercise of this Warrant shall, upon issuance, be duly authorized, validly issued,
fully paid and non-assessable, and free of any liens and encumbrances except for restrictions on transfer provided for herein
or under applicable federal and state securities laws.

 

(b)
The Company covenants that it shall at all times cause to be reserved and kept available out of its authorized and unissued
capital stock such number of shares of the Class and other securities as will be sufficient to permit the exercise in full of
this Warrant.

 

3.2 Notice
of Certain Events. If the Company proposes at any time to:

 

(a)
declare any dividend or distribution upon the outstanding shares of the Class, whether in cash, property, stock, or other
securities and whether or not a regular cash dividend;

 

(b)
offer for subscription or sale pro rata to the holders of the outstanding shares of the Class any additional shares of any
class or series of the Company’s stock (other than pursuant to contractual pre-emptive rights);

 

(c)
effect any reclassification, exchange, combination, substitution, reorganization or recapitalization of the outstanding
shares of the Class; or

 

(d)
effect an Acquisition or to liquidate, dissolve or wind up;

then,
in connection with each such event, the Company shall give Holder notice thereof at the same time and in the same manner as given
to holders of the outstanding shares of the Class.

 

    	 	5	 

    	 

    

 

SECTION
4. REPRESENTATIONS, WARRANTIES OF THE HOLDER.

 

The
Holder represents and warrants to the Company as follows:

 

4.1 Purchase
for Own Account. This Warrant and the Shares to be acquired upon exercise of this Warrant by Holder are being acquired
for investment for Holder’s account, not as a nominee or agent, and not with a view to the public resale or
distribution within the meaning of the Act. Holder also represents that it has not been formed for the specific purpose of
acquiring this Warrant or the Shares.

 

4.2 Disclosure
of Information. Holder is aware of the Company’s business affairs and financial condition and has received or has
had full access to all the information it considers necessary or appropriate to make an informed investment decision
with respect to the acquisition of this Warrant and its underlying securities. Holder further has had an opportunity to ask
questions and receive answers from the Company regarding the terms and conditions of the offering of this Warrant and its
underlying securities and to obtain additional information (to the extent the Company possessed such information or could
acquire it without unreasonable effort or expense) necessary to verify any information furnished to Holder or to which Holder
has access.

 

4.3 Investment
Experience. Holder understands that the purchase of this Warrant and its underlying securities involves substantial risk.
Holder has experience as an investor in securities of companies in the development stage and acknowledges that Holder
can bear the economic risk of such Holder’s investment in this Warrant and its underlying securities and has such
knowledge and experience in financial or business matters that Holder is capable of evaluating the merits and risks of its
investment in this Warrant and its underlying securities and/or has a preexisting personal or business relationship with the
Company and certain of its officers, directors or controlling persons of a nature and duration that enables Holder to be
aware of the character, business acumen and financial circumstances of such persons.

 

4.4 Accredited
Investor Status. Holder is an “accredited investor” within the meaning of Regulation D promulgated under the
Act.

 

4.5 The
Act. Holder understands that this Warrant and the Shares issuable upon exercise hereof have not been registered under the
Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide
nature of the Holder’s investment intent as expressed herein. Holder understands that this Warrant and the Shares
issued upon any exercise hereof must be held indefinitely unless subsequently registered under the Act and qualified under
applicable state securities laws, or unless exemption from such registration and qualification are otherwise available.
Holder is aware of the provisions of Rule 144 promulgated under the Act.

 

4.6 No
Voting Rights. Holder, as a Holder of this Warrant, will not have any voting rights until the exercise of this
Warrant.

 

    	 	6	 

    	 

    

 

SECTION
5. MISCELLANEOUS.

 

5.1 Term;
Automatic Cashless Exercise Upon Expiration.

 

(a) Term.
Subject to the provisions of Section 1.6 above, this Warrant is exercisable in whole or in part at any time and from time to
time on or before 6:00 PM, Pacific time, on the Expiration Date and shall be void thereafter.

 

(b) Automatic
Cashless Exercise upon Expiration. In the event that, upon the Expiration Date, the fair market value of one Share as
determined in accordance with Section 1.3 above is greater than the Warrant Price in effect on such date, then this
Warrant shall automatically be deemed on and as of such date to be exercised pursuant to Section 1.2 above as to all Shares
for which it shall not previously have been exercised, and the Company shall, within a reasonable time, deliver a certificate
representing the Shares issued upon such exercise to Holder.

 

5.2 Legends.
Each certificate evidencing Shares shall be imprinted with a legend in substantially the following form:

 

THE
SHARES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”),
OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AS SET FORTH IN THAT CERTAIN WARRANT TO PURCHASE STOCK ISSUED BY THE ISSUER TO
SILICON VALLEY BANK DATED AUGUST __, 2018, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS AND UNTIL REGISTERED
UNDER SAID ACT AND LAWS OR, IN THE OPINION OF LEGAL COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER, SUCH OFFER, SALE,
PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION.

 

5.3 Compliance
with Securities Laws on Transfer. This Warrant and the Shares issued upon exercise of this Warrant may not be transferred
or assigned in whole or in part except in compliance with applicable federal and state securities laws by the transferor and
the transferee (including, without limitation, the delivery of investment representation letters and legal opinions
reasonably satisfactory to the Company, as reasonably requested by the Company). The Company shall not require Holder to
provide an opinion of counsel if the transfer is to SVB Financial Group (Silicon Valley Bank’s parent company) or any
other affiliate of Holder, provided that any such transferee is an “accredited investor” as defined in Regulation
D promulgated under the Act. Additionally, the Company shall also not require an opinion of counsel if there is no material
question as to the availability of Rule 144 promulgated under the Act.

 

5.4
Transfer Procedure. After receipt by Silicon Valley Bank of the executed Warrant, Silicon Valley Bank will transfer all of
this Warrant to its parent company, SVB Financial Group. By its acceptance of this Warrant, SVB Financial Group hereby makes to
the Company each of the representations and warranties set forth in Section 4 hereof and agrees to be bound by all of the terms
and conditions of this Warrant as if the original Holder hereof. Subject to the provisions of Section 5.3 and upon providing the
Company with written notice, SVB Financial Group and any subsequent Holder may transfer all or part of this Warrant or the Shares
issued upon exercise of this Warrant to any transferee, provided, however, in connection with any such transfer, SVB Financial
Group or any subsequent Holder will give the Company notice of the portion of the Warrant and/or Shares being transferred with
the name, address and taxpayer identification number of the transferee and Holder will surrender this Warrant to the Company for
reissuance to the transferee(s) (and Holder if applicable); and provided further, that any subsequent transferee other than SVB
Financial Group shall agree in writing with the Company to be bound by all of the terms and conditions of this Warrant.

 

    	 	7	 

    	 

    

 

5.5 Notices.
All notices and other communications hereunder from the Company to the Holder, or vice versa, shall be deemed delivered and
effective (i) when given personally, (ii) on the third (3rd) Business Day after being mailed by
first-class registered or certified mail, postage prepaid, (iii) upon actual receipt if given by facsimile or electronic mail
and such receipt is confirmed in writing by the recipient, or (iv) on the first Business Day following delivery to a reliable
overnight courier service, courier fee prepaid, in any case at such address as may have been furnished to the Company or
Holder, as the case may be, in writing by the Company or such Holder from time to time in accordance with the provisions of
this Section 5.5. All notices to Holder shall be addressed as follows until the Company receives notice of a change of
address in connection with a transfer or otherwise:

 

SVB
Financial Group

Attn:
Treasury Department

3003
Tasman Drive, HC 215

Santa
Clara, CA 95054

Telephone:
(408) 654-7400

Facsimile:
(408) 988-8317

Email
address: derivatives@svb.com

 

Notice
to the Company shall be addressed as follows until Holder receives notice of a change in address:

 

Medical
Transcription Billing, Corp.

Attn:
General Counsel

7
Clyde Road

Somerset,
NJ 08873

Telephone:
(732) 873-5133

Email:
spatel@mtbc.com

 

5.6 Waiver.
This Warrant and any term hereof may be changed, waived, discharged or terminated (either generally or in a
particular instance and either retroactively or prospectively) only by an instrument in writing signed by the party against
which enforcement of such change, waiver, discharge or termination is sought.

 

5.7 Attorneys’
Fees. In the event of any dispute between the parties concerning the terms and provisions of this Warrant, the party
prevailing in such dispute shall be entitled to collect from the other party all costs incurred in such dispute,
including reasonable attorneys’ fees.

 

5.8 Counterparts;
Facsimile/Electronic Signatures. This Warrant may be executed in counterparts, all of which together shall constitute one
and the same agreement. Any signature page delivered electronically or by facsimile shall be binding to the same extent as an
original signature page with regards to any agreement subject to the terms hereof or any amendment thereto.

 

5.9 Governing
Law. This Warrant shall be governed by and construed in accordance with the laws of the State of New Jersey, without
giving effect to its principles regarding conflicts of law.

 

5.10 Headings.
The headings in this Warrant are for purposes of reference only and shall not limit or otherwise affect the meaning of any
provision of this Warrant.

 

5.11 Business
Days. “Business Day” is any day that is not a Saturday, Sunday or a day on which Silicon Valley
Bank is closed.

 

[Remainder
of page left blank intentionally]

[Signature
page follows]

 

    	 	8	 

    	 

    

 

IN
WITNESS WHEREOF, the parties have caused this Warrant to Purchase Stock to be executed by their duly authorized representatives
effective as of the Issue Date written above.

 

	“COMPANY”	 
			 
	MEDICAL
    TRANSCRIPTION BILLING, CORP.	 
			 
	By:	/s/
    Bill Korn	 
	Name:	Bill
    Korn	 
		(Print)	 
	Title:	Chief
    Financial Officer           	 

 

	“HOLDER”	 
	 	 	 
	SILICON
    VALLEY BANK	 
	 	 	 
	By:	/s/
    Nathan Meaux	 
	Name:	Nathan
    Meaux	 
	 	(Print)	 
	Title:	Vice
    President	 

 

    	 	9	 

    	 

    

 

APPENDIX
1

 

NOTICE
OF EXERCISE

 

1.
The undersigned Holder hereby exercises its right to purchase ___________ shares of the Common/Series ______ Preferred
[circle one] Stock of __________________ (the “Company”) in accordance with the attached Warrant To
Purchase Stock, and tenders payment of the aggregate Warrant Price for such shares as follows:

 

[  ]
check in the amount of $________ payable to order of the Company enclosed herewith

 

[  ]
Wire transfer of immediately available funds to the Company’s account

 

[  ]
Cashless Exercise pursuant to Section 1.2 of the Warrant

 

[  ]
Other [Describe] __________________________________________

 

2.
Please issue a certificate or certificates representing the Shares in the name specified below:

 

	 	 	 
	 	Holder’s Name	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	(Address)	 

 

3.
By its execution below and for the benefit of the Company, Holder hereby restates each of the representations and warranties in
Section 4 of the Warrant to Purchase Stock as of the date hereof.

 

	 	HOLDER:
	 	 
	 	 	 
	 	By:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	       
	 	 	 
	 	(Date):	 

 

Schedule
1Exhibit 10.1

 

THIS PROMISSORY NOTE (“NOTE”) HAS NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”).  THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT
ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE SECURITIES ACT
OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.
 

 

PROMISSORY NOTE

 

	
        Principal Amount:  $575,000.00

         
	
        Dated as of September 19, 2018

        New York, New York

 

Draper Oakwood Technology Acquisition Inc., a
Delaware corporation (“Maker”), promises to pay to the order of Draper Oakwood Investments, LLC or its registered
assigns or successors in interest or order (“Payee”), the principal sum of Five Hundred Seventy Five Thousand
Dollars ($575,000.00) in lawful money of the United States of America, on the terms and conditions described below.  All
payments on this Note shall be made by check or wire transfer of immediately available funds to such account as Payee may from
time to time designate by written notice in accordance with the provisions of this Note.

 

1. Repayment. The principal
balance of this Note shall be payable on the earliest to occur of (i) the date on which Maker consummates its initial business
combination and (ii) the date that the winding up of Maker is effective (such date, the “Maturity Date”). The
principal balance may be prepaid at any time, at the election of Maker.

 

2. Interest. This Note shall
be non-interest bearing.

 

3. Intentionally Omitted.

 

4. Application of Payments. All
payments received by Payee pursuant to this Note shall be applied first to the payment in full of any costs incurred in the collection
of any sum due under this Note, including (without limitation) reasonable attorney’s fees, and then to the reduction of the
unpaid principal balance of this Note.

 

5. Events of Default. The following
shall constitute an event of default (“Event of Default”):

 

(a) Failure to Make Required Payments. Failure by
Maker to pay the principal amount due pursuant to this Note within five (5) business days of the Maturity Date.

 

(b) Voluntary Bankruptcy, etc. The commencement by
Maker of a voluntary case under any applicable bankruptcy, insolvency, reorganization, rehabilitation or other similar law, or
the consent by it to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator
(or other similar official) of Maker or for any substantial part of its property, or the making by it of any assignment for the
benefit of creditors, or the failure of Maker generally to pay its debts as such debts become due, or the taking of corporate action
by Maker in furtherance of any of the foregoing.

 

(c) Involuntary Bankruptcy, Etc. The entry of a decree
or order for relief by a court having jurisdiction in the premises in respect of Maker in an involuntary case under any applicable
bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator (or
similar official) of Maker or for any substantial part of its property, or ordering the winding-up or liquidation of its affairs,
and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days.

 

     

     

    

 

6. Remedies.

 

(a) Upon the occurrence of an Event of Default
specified in Section 5(a) hereof, Payee may, by written notice to Maker, declare this Note to be due immediately and payable, whereupon
the unpaid principal amount of this Note and all other amounts payable hereunder, shall become immediately due and payable without
presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived, anything contained herein or
in the documents evidencing the same to the contrary notwithstanding.

 

(b) Upon the occurrence of an Event of Default
specified in Sections 5(b) and 5(c) hereof, the unpaid principal balance of this Note and all other amounts payable hereunder,
shall automatically and immediately become due and payable, in all cases without any action on the part of Payee.

 

7. Waivers. Maker and all endorsers
and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor, protest, and notice of
protest with regard to this Note, all errors, defects and imperfections in any proceedings instituted by Payee under the terms
of this Note, and all benefits that might accrue to Maker by virtue of any present or future laws exempting any property, real
or personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution,
or providing for any stay of execution, exemption from civil process, or extension of time for payment; and Maker agrees that any
real or personal property that may be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of execution issued
hereon, may be sold upon any such writ in whole or in part in any order desired by Payee.

 

8. Unconditional Liability. Maker
hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement of the payment of this
Note, and agrees that its liability shall be unconditional, without regard to the liability of any other party, and shall not be
affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or consented to by Payee,
and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by Payee with respect to
the payment or other provisions of this Note, and agrees that additional makers, endorsers, guarantors, or sureties may become
parties hereto without notice to Maker or affecting Maker’s liability hereunder.

 

9. Notices. All notices, statements
or other documents which are required or contemplated by this Note shall be: (i) in writing and delivered personally or sent by
first class registered or certified mail, overnight courier service or facsimile or electronic transmission to the address designated
in writing, (ii) by facsimile to the number most recently provided to such party or such other address or fax number as may be
designated in writing by such party and (iii) by electronic mail, to the electronic mail address most recently provided to such
party or such other electronic mail address as may be designated in writing by such party.  Any notice or other communication
so transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on the business day following
receipt of written confirmation, if sent by facsimile or electronic transmission, one (1) business day after delivery to an overnight
courier service or five (5) days after mailing if sent by mail.

 

10. Construction. THIS NOTE
SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF NEW YORK, WITHOUT REGARD TO THE CONFLICT OF LAWS PROVISIONS THEREOF.

 

11. Severability. Any provision
contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition
or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

12. Trust Waiver.  Notwithstanding
anything herein to the contrary, Payee hereby waives any claim in or to any distribution of or from the trust account (the “Trust
Account”) established in connection with Maker’s initial public offering (the “IPO”), and hereby
agrees not to seek recourse, reimbursement, payment or satisfaction for any claim against the Trust Account for any reason whatsoever;
provided, however, that upon the consummation of the initial business combination, Maker shall repay the principal balance of this
Note out of the proceeds released to Maker from the Trust Account.

 

13. Amendment; Waiver.  Any
amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent of Maker and Payee.

 

14. Assignment.  No assignment
or transfer of this Note or any rights or obligations hereunder may be made by any party hereto (by operation of law or otherwise)
without the prior written consent of the other party hereto and any attempted assignment without the required consent shall be
void; provided, however, that the foregoing shall not apply to an affiliate of Payee who agrees to be bound to the
terms of this Note.

 

[Signature Page Follows]

 

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IN WITNESS WHEREOF, Maker, intending
to be legally bound hereby, has caused this Note to be duly executed by the undersigned as of the day and year first above written.

 

	 	DRAPER OAKWOOD TECHNOLOGY ACQUISITION INC.
	 	 
	 	By:	/s/ Aamer Sarfraz
	 	Name:	Aamer Sarfraz
	 	Title:	Chief Executive Officer

 

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