Document:

Exhibit 10.5

 

AMENDED AND RESTATED PROMISSORY NOTE

 

	$1,000,000.00	As of July 13, 2015

 

This is an amendment and restatement of
the One Million and 00/100 Dollars ($1,000,000.00) promissory note issued on July 5, 2013, together with the first allonge and
second allonge thereto dated October 30, 2013 and June 10, 2015, respectively, by Mahmud Haq to Medical Transcription Billing,
Corp. (collectively the “Original Promissory Note”).

 

FOR VALUE RECEIVED Medical Transcription
Billing, Corp. (“MTBC”), a Delaware corporation, 7 Clyde Road, Somerset, New Jersey 08873 (“Maker”),
unconditionally promises to pay to Mahmud Haq, an individual residing at 10 Beekman Road, Franklin Park, New Jersey 08823
(“Payee”), the sum of One Million and 00/100 Dollars ($1,000,000.00), with interest at the rate of seven percent (7%)
per annum, calculated yearly, not in advance.

 

PAYMENT. Payment under this Amended
and Restated Promissory Note (“Note” or “Amended and Restated Promissory Note”) shall be made in lawful
money of the United States. Payment of principal and interest shall be made in full upon the earlier of either: (1) July 4, 2016;
or (2) a default that is not cured within the timeframes set forth herein.

 

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

 

CURRENT BALANCE. Certain payments
were made on the Original Promissory Note prior to the date hereof such that the outstanding principal balance as of July 13, 2015
is Four Hundred Seventy Thousand, Eighty Nine and 00/100 Dollars ($470,089.00), plus accrued interest.

 

REBORROWING.     Subject to the mutual
consent of Maker and Payee, Maker may have the right to re-borrow sums which have been prepaid under this Note in future periods,
without the need for the execution of an allonge, amendment or restatement, as long as the total amount outstanding at any time
does not exceed One Million and 00/100 Dollars ($1,000,000.00).

 

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

 

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

 

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

 

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

 

REMEDIES. In the case of default,
Maker shall have the opportunity to cure within seven (7) days of its receipt of written notice from Payee. In the event Maker
fails to cure within said time period, then at the option of Payee, the entire unpaid principal balance of this Note, together
with all accrued interest thereon, shall forthwith become due and payable upon notice. In the event that Payee is required to take
any legal action to enforce this Note, Payee shall also be entitled to the reasonable costs of collection, including attorneys'
fees.

 

    	 

    	 

    

 

LATE FEE. If any payment of principal
or interest is not paid within five (5) days of its due date, a late fee equal to one percent (1%) of the payment shall be assessed
and shall be immediately due and payable upon notice to Maker; to the extent such late fee or penalty would be deemed to be a usurious
payment of interest, the same is waived.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

GOVERNING LAW. This Note shall be
governed by and construed in accordance with the laws of the State of New Jersey.

 

MISCELLANEOUS. The effect of this
Amended and Restated Promissory Note is to amend and restate the Original Promissory Note. This Amended and Restated Promissory
Note shall constitute a renewal, extension and modification of the terms of the Original Promissory Note and evidences the same
indebtedness that existed under the Original Promissory Note. To the extent that any rights, benefits or provisions in favor of
Payee existed in the Original Promissory Note as of the date hereof, then such rights, benefits or provisions are acknowledged
to be and to continue to be effective from and after the date of the Original Promissory Note. The Maker and the Payee agree and
acknowledge that any and all rights, remedies and payment provisions under the Original Promissory Note, as hereby amended and
restated, shall continue and survive the execution and delivery of this Amended and Restated Promissory Note. The Maker and the
Payee further agree and acknowledge that any and all amounts owing or otherwise due under or pursuant to the Original Promissory
Note immediately prior to the effectiveness of this Amended and Restated Promissory Note shall be owing and otherwise due pursuant
to this Amended and Restated Promissory Note. All references to the Original Promissory Note in any agreement, instrument or document
executed or delivered in connection herewith or therewith shall be deemed to refer to this Amended and Restated Promissory Note,
as the same may be amended, restated, supplemented or otherwise modified from time to time.

 

    	 

    	 

    

 

No waiver, amendment or other modification
of this Amended and Restated Promissory Note shall be binding upon either the Maker or the Payee, unless in writing and signed
by a duly-authorized representative of both parties. If any provision of this Amended and Restated Promissory Note shall be prohibited
or invalid under applicable law, such provision shall be ineffective but only to the extent of such prohibition or invalidity,
and without invalidating the remainder of such provision or the remaining provisions of this Amended and Restated Promissory Note.

 

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

 

	 	MAKER
	 	Medical Transcription Billing, Corp.
	 	 
	 	 
	Witness: /s/Amritpal Deol	By: /s/ Stephen A. Snyder 
	Name: Amritpal Deol	Name: Stephen A. Snyder
	 	Its: President
	 	 
	 	 
	 	 
	 	PAYEE
	 	 
	 	 
	Witness: /s/Amritpal Deol	/s/ Mahmud Haq
	Name: Amritpal Deol	Mahmud HaqExhibit 10.1

 

 

 

June 17, 2015

Brian Sereda

San Jose, Ca

 

 

Re: Offer Letter with Energous Corporation

 

Dear Brian:

 

Energous Corporation
(the “Company”) is pleased to offer you employment subject to the conditions outlined in this letter. We would like
to present the following offer:

 

1.                 
Position. Your initial title will be Vice President and Chief Financial Officer and you will report to the Company’s
Chief Executive Officer. This is a full-time position. While you render services to the Company, you will not engage in any other
employment, consulting or other business activity (whether full-time or part-time) that would create a conflict of interest with
the Company. By signing this letter agreement, you confirm to the Company that you have no contractual commitments or other legal
obligations that would prohibit you from performing your duties for the Company.

 

2.                 
Cash Compensation. The Company will pay you a starting salary at the rate of $10,416.66 per pay period (semi-monthly),
payable in accordance with the Company’s standard payroll schedule and subject to applicable deductions and withholdings.
This salary will be subject to periodic review and adjustments at the Company’s discretion. You will have the opportunity
to earn $187,500 in bonus for a total cash compensation package of $437,500. The bonus to be in the form of four quarterly bonus
opportunities of $46,875.00 each. The bonus will be paid out according to the actual performance against specific Objectives common
for the entire executive team. 

 

3.                 
Employee Benefits. As a regular employee of the Company, you will be eligible to participate in a number of Company-sponsored
benefits. In addition, you will be entitled to paid vacation in accordance with the Company’s vacation policy, as in effect
from time to time.

 

4.                 
Equity Grants. As part of your offer we will be requesting that the Energous Board of Directors grant you a value
of 120,000 Restricted Stock Units (RSUs) to be vested over four (4) years.

 

As you may be aware, RSUs are not Stock Options,
they are essentially a promise to deliver a share of Energous Corporation common stock at a specific time; in this case within
a few days after the RSU has vested. When you sell the common stock represented by the RSU, you will receive the full value of
the share of stock on the date you sell it. As Energous is a public company, the vested shares are fully tradable when you receive
the underlying share of stock. In order to assist participants in selling their shares, the Company is exploring options with brokerage
firms to allow same day trading of common stock.

 

Your RSUs will vest 25% on each of the 4 anniversaries
of your start date. Upon vesting, there may be certain tax consequences so you should consult your financial advisor or CPA well
in advance of the vesting dates to discuss the issue.

 

    	 

    	 

    

 

 

After one (1) year of service, you will be
eligible to participate in the Executive managements PSU Program which rewards the Energous executive team with incremental RSU’s
based on market cap appreciation.

 

Upon a change in control and termination of
your employment for any reason other than cause within the first year after the CIC becomes effective, 100% of all unvested RSU’s
accelerate.

 

Additionally, the Company is a “Pay
for Performance” based company. As a result, you can expect to receive additional equity incentives for outstanding performance
throughout your career at Energous.

 

5.                 
Confidential Information and Inventions Assignment Agreement. Like all Company employees, you will be required, as
a condition of your employment with the Company, to sign the Company’s standard Confidential Information and Inventions Assignment
Agreement, a copy of which is attached hereto as Exhibit A.

 

6.                 
Employment Relationship. Employment with the Company is for no specific period of time. Your employment with the
Company will be “at will,” meaning that either you or the Company may terminate your employment at any time and for
any reason, with or without cause. Any contrary representations that may have been made to you are superseded by this letter agreement.
This is the full and complete agreement between you and the Company on this term. Although your job duties, title, compensation
and benefits, as well as the Company’s personnel policies and procedures, may change from time to time, the “at will”
nature of your employment may only be changed in an express written agreement signed by you and a duly authorized officer of the
Company (other than you). Notwithstanding the at-will nature of your employment, the Company will grant you six months of severance
pay and continue health coverage under COBRA for six months in the event your relationship is terminated by the Company for any
reason other then Cause.

 

Cause means (i) the
commission of an act constituting financial dishonesty (which would be chargeable as a crime under applicable law; engaging in
any other act of dishonesty, fraud, intentional misrepresentation, moral turpitude, illegality, or harassment which would (a) materially
adversely affect the business or reputation of the Company or its Affiliates with their respective current or prospective customers,
suppliers, lenders, or other third parties with whom such entity does or might do business or (b) expose the Company or any of
its Affiliates to a risk of civil or criminal legal damages, liabilities, or penalties; (iii) repeated failure to follow the directives
of the CEO or the Board; or (iv) any material misconduct, violation of the Company’s policies, or willful and deliberate
nonperformance of duty in connection with the business affairs of the Company.

 

    	 

    	 

    

 

7.                 
Tax Matters.

 

(a)               
Withholding. All forms of compensation referred to in this letter agreement are subject to reduction to reflect applicable
withholding and payroll taxes and other deductions required by law.

 

(b)              
Tax Advice. You are encouraged to obtain your own tax advice regarding your compensation from the Company. You agree
that the Company does not have a duty to design its compensation policies in a manner that minimizes your tax liabilities, and
you will not make any claim against the Company or its Board of Directors related to tax liabilities arising from your compensation.

 

 

8.                 
Terms and Conditions. This offer is subject to the following conditions:

 

		o	Passing Employment Investigation and Reference checks

 

		o	Follow-on final round of interviews with the executive team and key members of the Board.

 

9.                 
Interpretation, Amendment and Enforcement. This offer letter and Exhibit A constitute the complete offer letter
between you and the Company, contain significant terms of your offer of employment with the Company and supersede any prior agreements,
representations or understandings (whether written, oral or implied) between you and the Company. This offer letter may not be
amended or modified, except by an express written agreement signed by both you and a duly authorized officer of the Company. The
terms of this offer letter and the resolution of any disputes as to the meaning, effect, performance or validity of this offer
letter or arising out of, related to, or in any way connected with, this offer letter between you and the Company (the “Dispute”)
will be governed by California law, excluding laws relating to conflicts or choice of law. For all pre-employment and offer letter
Disputes, you and the Company submit to the exclusive personal jurisdiction of the federal and state courts located in Alameda
County, California, in connection with any Dispute or any claim related to any Dispute.

 

* * * * *

 

We hope that you will
accept our offer to join the Company. You may indicate your agreement with these terms and accept this offer letter by signing
and dating both the enclosed duplicate original of this offer letter and the enclosed Confidential Information and Inventions Assignment
Agreement and returning them to me. This offer, if not accepted, will expire at the close of business on June 18, 2015. As required
by the Company, your employment is contingent on completion of and successful passing of an investigative consumer report and a
negative result pre-employment drug test. As required by law, your employment with the Company is also contingent upon your providing
legal proof of your identity and authorization to work in the United States. Your employment is also contingent upon your starting
work with the Company on a mutually-agreed upon date to be determined.

 

    	 

    	 

    

 

 

If you have any questions,
please call me at 408-963-0201

 

Very truly yours,

 

ENERGOUS CORPORATION

 

/s/ Stephen R. Rizzone

By: Stephen R. Rizzone

 

 

I have read and accept this employment
offer:

 

/s/ Brian Sereda

Signature of Employee

 

Dated:    6/18/15  

 

Attachment

 

Exhibit A: Confidential Information and
Inventions Assignment Agreement

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