PROMISSORY NOTE

    	
            Principal

            $2,915,000.00

          	
            Loan Date

            04-10-2020

          	
            Maturity

            04-10-2022

          	
            Loan No

            19845002

          	
            Call / Coll

          	
            Account

          	
            Officer LNS

          	
            Initials

          
	
            References in the boxes above are for Lender's use only and do not limit the applicability of this document to
              any particular loan or item.

            Any item above containing "***" has been omitted due to text length limitations.

          


    

    

    	
            Borrower:

          	
            ADDVANTAGE TECHNOLOGIES GROUP INC (TIN:  73-1351610)

            1221 E HOUSTON

            BROKEN ARROW, OK  74012

          	
            Lender:

          	
            Vast Bank, N.A. dba Valley National Bank

            Tulsa - Elgin

            110 N Elgin

            Tulsa, OK  74120

          


     

    

    

    

    	
             

            Principal Amount:  $2,915,000.00

          	
             

            Date of Note:  April 10, 2020

          


    

    

    SBA
        LOAN #. SBA Loan #60465370-03.

    PROMISE
        TO PAY.  ADDVANTAGE TECHNOLOGIES GROUP INC ("Borrower") promises to pay to Vast Bank, N.A. dba Valley National Bank ("Lender"), or order, in lawful money of the United States of America, the principal amount of Two Million Nine Hundred
      Fifteen Thousand & 00/100 Dollars ($2,915,000.00), together with interest on the unpaid principal balance from April 10, 2020, until paid in full.

    PAYMENT. 
      Borrower will pay this loan in accordance with the following payment schedule, which calculates interest on the unpaid principal balances as described in the "INTEREST CALCULATION METHOD" paragraph using the interest rates described in this
      paragraph:  17 monthly consecutive principal and interest payments of $164,045.00 each, beginning November 10, 2020, with interest calculated on the unpaid principal balances using an interest rate of 1.000% per annum based on a year of 360 days; and
      one principal and interest payment of $164,044.99 on April 10, 2022, with interest calculated on the unpaid principal balances using an interest rate of 1.000% per annum based on a year of 360 days.  This estimated final payment is based on the
      assumption that all payments will be made exactly as scheduled; the actual final payment will be for all principal and accrued interest not yet paid, together with any other unpaid amounts under this Note.  Unless otherwise agreed or required by
      applicable law, payments will be applied first to any accrued unpaid interest; then to principal; then to any unpaid collection costs; and then to any late charges.  Borrower will pay Lender at Lender's address shown above or at such other place as
      Lender may designate in writing.

    INTEREST
        CALCULATION METHOD.  Interest on this Note is computed on a 30/360 simple interest basis; that is, with the exception of odd days before the first full payment cycle, monthly interest is calculated by applying the ratio of the interest rate
      over a year of 360 days, multiplied by the outstanding principal balance, multiplied by a month of 30 days.  Interest for the odd days before the first full month is calculated on the basis of the actual days and a 360-day year.  All interest payable
      under this Note is computed using this method.

    PREPAYMENT. 
      Borrower may pay without penalty all or a portion of the amount owed earlier than it is due.  Early payments will not, unless agreed to by Lender in writing, relieve Borrower of Borrower's obligation to continue to make payments under the payment
      schedule.  Rather, early payments will reduce the principal balance due and may result in Borrower's making fewer payments.  Borrower agrees not to send Lender payments marked "paid in full", "without recourse", or similar language.  If Borrower
      sends such a payment, Lender may accept it without losing any of Lender's rights under this Note, and Borrower will remain obligated to pay any further amount owed to Lender.  All written communications concerning disputed amounts, including any
      check or other payment instrument that indicates that the payment constitutes "payment in full" of the amount owed or that is tendered with other conditions or limitations or as full satisfaction of a disputed amount must be mailed or delivered to: 
      Vast Bank, N.A. dba Valley National Bank, 13112 S. Memorial Drive Bixby, OK  74008.

    LATE
        CHARGE.  If a payment is 15 days or more late, Borrower will be charged 5.000% of the unpaid portion of the regularly scheduled payment or $50.00, whichever is greater.

    INTEREST
        AFTER DEFAULT.  Upon default, including failure to pay upon final maturity, the interest rate on this Note shall be increased by adding an additional 5.000 percentage point margin ("Default Rate Margin").  The Default Rate Margin shall also
      apply to each succeeding interest rate change that would have applied had there been no default.  After maturity, or after this Note would have matured had there been no default, the Default Rate Margin will continue to apply to the final interest
      rate described in this Note.  However, in no event will the interest rate exceed the maximum interest rate limitations under applicable law.

    DEFAULT. 
      Each of the following shall constitute an event of default ("Event of Default") under this Note:

    Payment
        Default.  Borrower fails to make any payment when due under this Note.

    Other
        Defaults.  Borrower fails to comply with or to perform any other term, obligation, covenant or condition contained in this Note or in any of the related documents or to comply with or to perform any term, obligation, covenant or condition
      contained in any other agreement between Lender and Borrower.

    Default
        in Favor of Third Parties.  Borrower or any Grantor defaults under any loan, extension of credit, security agreement, purchase or sales agreement, or any other agreement, in favor of any other creditor or person that may materially affect
      any of Borrower's property or Borrower's ability to repay this Note or perform Borrower's obligations under this Note or any of the related documents.

    False
        Statements.  Any warranty, representation or statement made or furnished to Lender by Borrower or on Borrower's behalf under this Note or the related documents is false or misleading in any material respect, either now or at the time made or
      furnished or becomes false or misleading at any time thereafter.

    Insolvency. 
      The dissolution or termination of Borrower's existence as a going business, the insolvency of Borrower, the appointment of a receiver for any part of Borrower's property, any assignment for the benefit of creditors, any type of creditor workout, or
      the commencement of any proceeding under any bankruptcy or insolvency laws by or against Borrower.

    Creditor
        or Forfeiture Proceedings.  Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self-help, repossession or any other method, by any creditor of Borrower or by any governmental agency against any collateral
      securing the loan.  This includes a garnishment of any of Borrower's accounts, including deposit accounts, with Lender.  However, this Event of Default shall not apply if there is a good faith dispute by Borrower as to the validity or reasonableness
      of the claim which is the basis of the creditor or forfeiture proceeding and if Borrower gives Lender written notice of the creditor or forfeiture proceeding and deposits with Lender monies or a surety bond for the creditor or forfeiture proceeding,
      in an amount determined by Lender, in its sole discretion, as being an adequate reserve or bond for the dispute.

    Events
        Affecting Guarantor.  Any of the preceding events occurs with respect to any guarantor, endorser, surety, or accommodation party of any of the indebtedness or any guarantor, endorser, surety, or accommodation party dies or becomes
      incompetent, or revokes or disputes the validity of, or liability under, any guaranty of the indebtedness evidenced by this Note.

    Change
        In Ownership.  Any change in ownership of twenty-five percent (25%) or more of the common stock of Borrower.

    Adverse
        Change.  A material adverse change occurs in Borrower's financial condition, or Lender believes the prospect of payment or performance of this Note is impaired.

    Insecurity. 
      Lender in good faith believes itself insecure.

    Cure
        Provisions.  If any default, other than a default in payment, is curable and if Borrower has not been given a notice of a breach of the same provision of this Note within the preceding twelve (12) months, it may be cured if Borrower, after
      Lender sends written notice to Borrower demanding cure of such default:  (1)  cures the default within ten (10) days; or  (2)  if the cure requires more than ten (10) days, immediately initiates steps which Lender deems in Lender's sole discretion to
      be sufficient to cure the default and thereafter continues and completes all reasonable and necessary steps sufficient to produce compliance as soon as reasonably practical.

    LENDER'S
        RIGHTS.  Upon default, Lender may declare the entire unpaid principal balance under this Note and all accrued unpaid interest immediately due, and then Borrower will pay that amount.

    ATTORNEYS'
        FEES; EXPENSES.  Lender may hire or pay someone else to help collect this Note if Borrower does not pay.  Borrower will pay Lender that amount.  This includes, subject to any limits under applicable law, Lender's attorneys' fees and Lender's
      legal expenses, whether or not there is a lawsuit, including without limitation all attorneys' fees and legal expenses for bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction), and appeals.  If not
      prohibited by applicable law, Borrower also will pay any court costs, in addition to all other sums provided by law.

    JURY
        WAIVER.  Lender and Borrower hereby waive the right to any jury trial in any action, proceeding, or counterclaim brought by either Lender or Borrower against the other.

    GOVERNING
        LAW.  This Note will be governed by federal law applicable to Lender and, to the extent not preempted by federal law, the laws of the State of Oklahoma without regard to its conflicts of law provisions.  This Note has been accepted by
      Lender in the State of Oklahoma.

    CHOICE
        OF VENUE.  If there is a lawsuit, Borrower agrees upon Lender's request to submit to the jurisdiction of the courts of TULSA County, State of Oklahoma.

    RIGHT
        OF SETOFF.  To the extent permitted by applicable law, Lender reserves a right of setoff in all Borrower's accounts with Lender (whether checking, savings, or some other account).  This includes all accounts Borrower holds jointly with
      someone else and all accounts Borrower may open in the future.  However, this does not include any IRA or Keogh accounts, or any trust accounts for which setoff would be prohibited by law.  Borrower authorizes Lender, to the extent permitted by
      applicable law, to charge or setoff all sums owing on the debt against any and all such accounts.

    COLLATERAL. 
      This loan is unsecured.

    COMMERCIAL
        LOAN LATE CHARGE. If a payment is 15 days or more late, I will be charged $50.00 or 5% of the past due amount.  However, Lender may charge the maximum delinquency charge authorized by law as it may be increased during the term of this loan.

    SMALL
        BUSINESS ADMINISTRATION (SBA).  When SBA is the holder, this Note will be interpreted and enforced under Federal law, including SBA regulations. Lender or SBA may use state or local procedures for filing papers, recording documents, giving
      notice, foreclosing liens, and other purposes. By using such procedures, SBA does not waive any Federal immunity from state or local control, penalty, tax, or liability. As to this Note, Borrower may not claim or assert against SBA any local or state
      law to deny any obligation, defeat any claim of SBA, or preempt Federal law.

    SUCCESSOR
        INTERESTS.  The terms of this Note shall be binding upon Borrower, and upon Borrower's heirs, personal representatives, successors and assigns, and shall inure to the benefit of Lender and its successors and assigns.

    GENERAL
        PROVISIONS.  If any part of this Note cannot be enforced, this fact will not affect the rest of the Note.  Lender may delay or forgo enforcing any of its rights or remedies under this Note without losing them.  Borrower and any other person
      who signs, guarantees or endorses this Note, to the extent allowed by law, waive presentment, demand for payment, and notice of dishonor.  Upon any change in the terms of this Note, and unless otherwise expressly stated in writing, no party who signs
      this Note, whether as maker, guarantor, accommodation maker or endorser, shall be released from liability.  All such parties agree that Lender may renew or extend (repeatedly and for any length of time) this loan or release any party or guarantor or
      collateral; or impair, fail to realize upon or perfect Lender's security interest in the collateral; and take any other action deemed necessary by Lender without the consent of or notice to anyone.  All such parties also agree that Lender may modify
      this loan without the consent of or notice to anyone other than the party with whom the modification is made.  The obligations under this Note are joint and several.

    PRIOR TO SIGNING THIS NOTE, BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS OF
      THIS NOTE.  BORROWER AGREES TO THE TERMS OF THE NOTE.

    BORROWER ACKNOWLEDGES RECEIPT OF A COMPLETED COPY OF THIS PROMISSORY NOTE.

    BORROWER:

    ADDVANTAGE TECHNOLOGIES GROUP INC

    

    

    

    

    By: _/s/ Joseph E.
          Hart__________________________

    JOSEPH E HART, President of ADDVANTAGE 

    TECHNOLOGIES GROUP INC