Document:

EXHIBIT
10.3

 

IMAC
Holdings, LLC

 

SECURITIES
PURCHASE AGREEMENT

 

This
SECURITIES PURCHASE AGREEMENT (this “Agreement”) is made and entered into by and between IMAC Holdings,
LLC, a Kentucky limited liability company that intends to convert, prior to a proposed Regulation A+ initial public offering,
into a corporation pursuant to a statutory conversion and change its name to IMAC Regeneration Centers, Inc., with its principal
executive offices located at 2725 James Sanders Blvd., Paducah, KY 42001 (as applicable, the “Company”), and
each of the purchasers listed on Schedule A hereto (the “Purchasers”), and is dated with respect to
each of the Purchasers as of the date noted on each such Purchaser’s counterpart signature page.

 

WHEREAS,
the Company and the Purchasers are executing and delivering this Agreement in reliance upon the exemption from securities registration
afforded by the rules and regulations as promulgated by the United States Securities and Exchange Commission (the “SEC”)
under the Securities Act of 1933, as amended (the “Securities Act”);

 

WHEREAS,
the Purchasers, severally and not jointly, desire to purchase and the Company desires to issue and sell to the Purchasers, in
each case upon the terms and subject to the conditions set forth in this Agreement, 4% convertible promissory notes of the Company,
in the form attached hereto as Exhibit A, in the aggregate principal face amount of up to Two Million Dollars ($2,000,000)
(together with any note(s) issued in replacement thereof or as a dividend thereon or otherwise with respect thereto in accordance
with the terms thereof, the “Notes”), convertible into shares of Common Stock of the Company (the “Common
Stock”);

 

WHEREAS,
each Purchaser wishes to purchase, upon the terms and conditions stated in this Agreement, such face value amount of Notes, as
is set forth immediately next to such Purchaser’s name on Schedule A; and

 

WHEREAS,
simultaneously with the execution and delivery of this Agreement, the Purchasers are executing and delivering a Lock-Up Agreement,
in the form attached hereto as Exhibit B (the “Lock-Up Agreement” and, collectively with this Agreement,
the Term Sheet delivered to the Purchasers by the Company and the Note, the “Transaction Documents”).

 

NOW
THEREFORE, in consideration of the foregoing and the representations, warranties, covenants and agreements herein contained,
the Company and each of the Purchasers severally (and not jointly) hereby agree as follows:

 

1.
Purchase and Sale of Notes.

 

(a)
Purchase of Notes. On the Closing Date (as defined below), the Company shall issue and sell to each Purchaser and each
Purchaser severally agrees to purchase from the Company such principal face amount of Notes as is set forth next to such Purchaser’s
name on Schedule A hereto.

 

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(b)
Form of Payment. On the Closing Date: (i) each Purchaser shall pay the purchase price for the Notes to be issued and sold
to it at the Closing (as defined below) (the “Purchase Price”) by wire transfer of immediately available funds
to the Company, in accordance with the Company’s written wiring instructions, against delivery of the Notes with principal
face amount as is set forth next to such Purchaser’s name on Schedule A hereto, and (ii) the Company shall deliver
such Notes executed on behalf of the Company, to such Purchaser, against delivery of such Purchase Price. The Purchase Price will
equal the principal face amount of the Notes purchased.

 

(c)
Closing Date. Subject to the satisfaction (or written waiver) of the conditions thereto set forth in Section 6 and Section
7 below, the date and time of the issuance and sale of the Notes pursuant to this Agreement (the “Closing Date”)
shall be 12:00 noon, Eastern time, on the date noted on the subject Purchasers’ counterpart signature pages, or such other
mutually agreed upon time for Purchasers’ over $500,000. The closing of the transactions contemplated by this Agreement
(the “Closing”) shall occur on the Closing Date at such location as may be agreed to by the parties and may
be undertaken remotely by facsimile or other electronic transmission.

 

2.
Representations and Warranties of the Purchasers. Each Purchaser severally (and not jointly) represents and warrants
to the Company solely as to such Purchaser that:

 

(a)
Knowledge of Offering. The Purchaser learned of the Company’s private placement of the Notes exclusively through
an employee or prospective investor in the offering, and not a Placement Agent.

 

(b)
Investment Purpose. As of the date hereof, the Purchaser is purchasing the Notes and the shares of Common Stock issuable
upon conversion thereof (the “Conversion Shares”), for its own account and not with a present view towards
the public sale or distribution thereof, except pursuant to sales registered or exempted from registration under the Securities
Act; provided, however, that by making the representations herein, the Purchaser does not agree to hold any of the
Securities for any minimum or other specific term and reserves the right to dispose of the Securities at any time in accordance
with or pursuant to a registration statement or an exemption under the Securities Act, except as otherwise provided for in the
Lock-Up Agreements.

 

(c)
Accredited Investor Status. The Purchaser is an “accredited investor” as that term is defined in Rule 501(a)
of Regulation D promulgated under the Securities Act (an “Accredited Investor”).

 

(d)
Reliance on Exemptions. The Purchaser understands that the Securities are being offered and sold to it in reliance upon
specific exemptions from the registration requirements of United States federal and state securities laws and that the Company
is relying upon the truth and accuracy of, and the Purchaser’s compliance with, the representations, warranties, agreements,
acknowledgments and understandings of the Purchaser set forth herein in order to determine the availability of such exemptions
and the eligibility of the Purchaser to acquire the Securities.

 

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(e)
Information. The Purchaser and its advisors, if any, have been furnished with all materials relating to the business, finances
and operations of the Company and materials relating to the offer and sale of the Securities which have been requested by the
Purchaser or its advisors. The Purchaser and its advisors, if any, have been afforded the opportunity to ask questions of the
Company. Notwithstanding the foregoing representations, neither such inquiries nor any other due diligence investigation conducted
by Purchaser or any of its advisors or representatives shall modify, amend or affect Purchaser’s right to rely on the Company’s
representations and warranties contained in Section 3 below.

 

(f)
No Governmental Review. The Purchaser understands that no United States federal or state agency or any other government
or governmental agency has passed upon or made any recommendation or endorsement of the Securities.

 

(g)
Transfer or Resale. The Purchaser understands that:

 

(i)
The sale or resale of all or any portion or component of the Securities has not been and is not being registered under the Securities
Act or any applicable state securities laws, and the all or any portion or component of Securities may not be transferred unless:

 

(A)
the Securities are sold pursuant to an effective registration statement under the Securities Act,

 

(B)
the Purchaser shall have delivered to the Company, at the cost of the Company, a customary opinion of counsel that shall be in
form, substance and scope reasonably acceptable to the Company, to the effect that the Securities to be sold or transferred may
be sold or transferred pursuant to an exemption from such registration,

 

(C)
the Securities are sold or transferred to an “affiliate” (as defined in Rule 144 promulgated under the Securities
Act (or a successor rule) (“Rule 144”)) of the Purchaser who agrees to sell or otherwise transfer the Securities
only in accordance with this Section 2(f) and who is an Accredited Investor,

 

(D)
the Securities are sold pursuant to Rule 144, or

 

(E)
the Securities are sold pursuant to Regulation S under the Securities Act (or a successor rule) (“Regulation S”),

 

and,
in each case, the Purchaser shall have delivered to the Company, at the cost of the Company, a customary opinion of counsel, in
form, substance and scope reasonably acceptable to the Company;

 

(ii)
Any sale of such Securities made in reliance on Rule 144 may be made only in accordance with the terms of said Rule and further,
if said Rule is not applicable, any resale of such Securities under circumstances in which the seller (or the person through whom
the sale is made) may be deemed to be an underwriter (as that term is defined in the Securities Act) may require compliance with
some other exemption under the Securities Act or the rules and regulations of the SEC thereunder; and

 

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(iii)
neither the Company nor any other person is under any obligation to register such Securities under the Securities Act or any state
securities laws or to comply with the terms and conditions of any exemption thereunder.

 

Notwithstanding
the foregoing or anything else contained herein to the contrary, the Securities may be pledged as collateral in connection with
a bona fide margin account or other lending arrangement.

 

(h)
Legends. The Purchaser understands that the Notes, until such time as the Conversion Shares have been registered under
the Securities Act or otherwise may be sold pursuant to Rule 144 or Regulation S without any restriction as to the number of securities
as of a particular date that can then be immediately sold, the Conversion Shares may bear a restrictive legend in substantially
the following form (and a stop-transfer order may be placed against transfer of the certificates for such Securities):

 

“The
securities represented by this certificate have not been registered under the Securities Act of 1933, as amended. The securities
may not be sold, transferred or assigned in the absence of an effective registration statement for the securities under said Act,
or an opinion of counsel, in form, substance and scope customary for opinions of counsel in comparable transactions, that registration
is not required under said Act or unless sold pursuant to Rule 144 or Regulation S under said Act.”

 

The
legend set forth above shall be removed and the Company shall issue a certificate without such legend to the holder of any Security
upon which it is stamped, if, unless otherwise required by applicable state securities laws: (i) such Security is registered for
sale under an effective registration statement filed under the Securities Act or otherwise may be sold pursuant to Rule 144 or
Regulation S without any restriction as to the number of securities as of a particular date that can then be immediately sold
or (ii) such holder provides the Company with a reasonable and customary opinion of counsel to the effect that a public sale or
transfer of such Security may be made without registration under the Securities Act. The Purchaser agrees to sell all Securities,
including those represented by a certificate(s) from which the legend has been removed, in compliance with applicable prospectus
delivery requirements, if any.

 

(i)
Authorization; Enforcement. Each Transaction Document to which the Purchaser is a party: (i) has been duly and validly
authorized, (ii) has been duly executed and delivered on behalf of the Purchaser, and (iii) will constitute, upon execution and
delivery by the Purchaser thereof and the Company, the valid and binding agreements of the Purchaser enforceable in accordance
with their terms, except to the extent limited by applicable bankruptcy, insolvency, reorganization, moratorium or other laws
of general application affecting enforcement of creditors’ rights and general principles of equity that restrict the availability
of equitable or legal remedies.

 

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(j)
Residency. The Purchaser is a resident of the jurisdiction set forth immediately below such Purchaser’s name on the
signature pages hereto.

 

3.
Representations and Warranties of the Company. The Company hereby represents and warrants to each Purchaser as of the
date hereof (unless the context specifically indicates otherwise) that:

 

(a)
Organization and Qualification. The Company is a corporation duly organized, validly existing and in good standing under
the laws of the Commonwealth of Kentucky, with full power and authority (corporate and other) to own, lease, use and operate its
properties and to carry on its business as and where now owned, leased, used, operated and conducted. The Company has no Subsidiaries.
The Company is duly qualified as a foreign corporation to do business and is in good standing in every jurisdiction in which its
ownership or use of property or the nature of the business conducted by it makes such qualification necessary except where the
failure to be so qualified or in good standing would not have a Material Adverse Effect. As used in this Agreement, the term “Material
Adverse Effect” means any material adverse effect on the business, operations, assets, financial condition or prospects
of the Company, or on the transactions contemplated hereby or by the other Transaction Documents, but shall not include any change
affecting economic or financial conditions generally or any change affecting the Company’s industry as a whole, provided
such change does not disproportionately affect the Company. As used in this Agreement, the term “Subsidiaries”
means any corporation or other entity or organization, whether incorporated or unincorporated, in which the Company owns, directly
or indirectly, any equity or other ownership interest or otherwise controls through contract or otherwise.

 

(b)
Authorization; Enforcement. (i) The Company has all requisite corporate power and authority to enter into and perform this
Agreement and the other Transaction Documents and to consummate the transactions contemplated hereby and thereby and to issue
the Securities, in accordance with the terms hereof and thereof, (ii) the execution and delivery of this Agreement and the other
Transaction Documents by the Company and the consummation by the Company of the transactions contemplated hereby and thereby (including
without limitation, the issuance of the Notes and the issuance of the Conversion Shares issuable upon conversion thereof) have
been duly authorized by the Company’s Board of Directors and no further consent or authorization of the Company, its Board
of Directors, or its stockholders, is required, (iii) each Transaction Document has been duly executed and delivered by the Company
by its authorized representative, and such authorized representative is a true and official representative with authority to sign
each Transaction Document and the other documents or certificates executed in connection herewith and bind the Company accordingly,
and (iv) each Transaction Document constitutes, and upon execution and delivery thereof by the Company will constitute, a legal,
valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except to the extent
limited by applicable bankruptcy, insolvency, reorganization, moratorium or other laws of general application affecting enforcement
of creditors’ rights and general principles of equity that restrict the availability of equitable or legal remedies. The
Company is proposing to sell Notes to certain other accredited investors pursuant to the Transaction Documents.

 

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(c)
Capitalization. As of the date hereof, the membership interests of the Company are, or upon issuance of shares of Common
Stock upon conversion to a Corporation will be, duly authorized, validly issued, fully paid and nonassessable. All Conversion
Shares will be duly reserved for future issuance. No shares of capital stock of the Company are subject to preemptive rights or
any other similar rights of the stockholders of the Company or any mortgage, lien, title claim, assignment, encumbrance, security
interest, adverse claim, contract of sale, restriction on use or transfer or other defect of title of any kind (each, a “Lien”)
imposed through the actions or failure to act of the Company. Except as previously disclosed: (i) there are no outstanding options,
warrants, scrip, rights to subscribe for, puts, calls, rights of first refusal, agreements, understandings, claims or other commitments
or rights of any character whatsoever relating to, or securities or rights convertible into or exchangeable for any shares of
capital stock of the Company, or arrangements by which the Company is or may become bound to issue additional shares of capital
stock of the Company, (ii) there are no agreements or arrangements under which the Company is obligated to register the sale of
any of its or their securities under the Securities Act, and (iii) there are no anti-dilution or price adjustment provisions contained
in any security issued by the Company (or in any agreement providing rights to security holders) that will be triggered by the
issuance of the Notes, the Conversion Shares and the Company is not currently contemplating any issuances of its debt or equity
securities which would trigger the anti-dilution or price adjustment provisions contained in the Notes. The Articles of Incorporation
of the Company (“Articles of Incorporation”), the Company’s By-laws (the “By-laws”),
and all securities convertible into or exercisable for Common Stock of the Company and the material rights of the holders thereof
in respect thereto are as previously described to the Purchaser.

 

(d)
Issuance of Shares. The Conversion Shares will be authorized and reserved for issuance and, upon conversion of the Notes
will be validly issued, fully paid and non-assessable, and free from all taxes or Liens with respect to the issue thereof and
shall not be subject to preemptive rights or other similar rights of stockholders of the Company.

 

(e)
Acknowledgment of Dilution. The Company understands and acknowledges the potentially dilutive effect to the Common Stock
upon the issuance of the Conversion Shares of the Notes. The Company further acknowledges that its obligation to issue Conversion
Shares upon conversion of the Notes in accordance with this Agreement, the Notes are absolute and unconditional regardless of
the dilutive effect that such issuance may have on the ownership interests of other stockholders of the Company.

 

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(f)
No Conflicts. The execution, delivery and performance of this Agreement and the other Transaction Documents by the Company
and the consummation by the Company of the transactions contemplated hereby and thereby (including, without limitation, the issuance
and reservation for issuance of the Conversion Shares) will not: (i) conflict with or result in a violation of any provision of
the Articles of Incorporation or By-laws or (ii) violate or conflict with, or result in a breach of any provision of, or constitute
a default (or an event which with notice or lapse of time or both could become a default) under, or give to others any rights
of termination, amendment, acceleration or cancellation of, any agreement, indenture, patent, patent license or instrument to
which the Company is a party, except for possible violations, conflicts or defaults as would not, individually or in the aggregate,
have a Material Adverse Effect, or (iii) result in a violation of any law, rule, regulation, order, judgment or decree (including
federal and state securities laws and regulations and regulations of any self-regulatory organizations to which the Company or
its securities are subject) applicable to the Company or by which any property or asset of the Company is bound or affected. The
Company is not in violation of its Articles of Incorporation, By-laws or other organizational documents. The Company is not in
default (and no event has occurred which with notice or lapse of time or both could put the Company in default) under any agreement,
indenture or instrument to which the Company is a party or by which any property or assets of the Company is bound or affected,
except for possible defaults as would not, individually or in the aggregate, have a Material Adverse Effect. The business of the
Company is not being conducted in violation of any law, rule ordinance or regulation of any governmental entity, except for possible
violations which would not, individually or in the aggregate, have a Material Adverse Effect. Except as required under the Securities
Act, the Securities Exchange Act of 1934, amended (the “Exchange Act”), and any applicable state securities
laws, the Company is not required to obtain any consent, authorization or order of, or make any filing or registration with, any
court, governmental agency, regulatory agency, self regulatory organization or stock market or any third party in order for it
to execute, deliver or perform any of its obligations under this Agreement or any Transaction Document in accordance with the
terms hereof or thereof or to issue and sell the Notes in accordance with the terms thereof and to issue the Conversion Shares
upon conversion of the Notes. All consents, authorizations, orders, filings and registrations which the Company is required to
obtain pursuant to the preceding sentence have been obtained or effected on or prior to the date hereof.

 

(g)
Absence of Certain Changes. Since October 31, 2017, there has been no material adverse change and no material adverse development
in the assets, liabilities, business, properties, operations, financial condition, results of operations or prospects of the Company.
Without limiting the foregoing, the Company has not since October 31, 2017:

 

(i)
issued any stock, bonds or other corporate securities or any rights, options or warrants with respect thereto;

 

(ii)
borrowed any amount or incurred or become subject to any liabilities (absolute or contingent), except for trade payables incurred
in the ordinary course of business;

 

(iii)
discharged or satisfied any Lien or paid any obligation or liability (absolute or contingent), other than current liabilities
paid in the ordinary course of business consistent with past practices;

 

(iv)
declared or made any payment or distribution of cash or other property to stockholders with respect to its stock, or purchased
or redeemed, or made any agreements so to purchase or redeem, any shares of its capital stock;

 

(v)
mortgaged or pledged any of its assets, tangible or intangible, or subjected them to any Lien, except for the anticipated purchase
of a building at 2537 Larkin Rd. in Lexington, Kentucky, for the opening and operation of the Tony Delk IMAC Regeneration Center;

 

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(vi)
suffered any substantial losses or waived any rights of material value, whether or not in the ordinary course of business, or
suffered the loss of any material amount of prospective business;

 

(vii)
made any changes in employee compensation in excess of $10,000;

 

(viii)
adopted or amended any employee benefits or plan relating thereto;

 

(ix)
made capital expenditures or commitments therefor that aggregate in excess of $50,000 for the Company, except for the commitment
to purchase a building at 2537 Larkin Rd. in Lexington, Kentucky;

 

(x)
entered into any other material transaction other than in the ordinary course of business;

 

(xi)
made charitable contributions or pledges in excess of $5,000 in the aggregate;

 

(xii)
suffered any material damage, destruction or casualty loss, whether or not covered by insurance;

 

(xiii)
experienced any union organizing effort or strike problems with labor or management in connection with the terms and conditions
of their employment; or

 

(xiv)
effected or agreed to do any of the foregoing.

 

(h)
Absence of Litigation. There is no action, suit, claim, proceeding, inquiry or investigation before or by any court, public
board, government agency, self-regulatory organization or body pending or, to the knowledge of the Company, threatened against
or affecting the Company, or its business, properties or assets or its officers or directors in their capacity as such, that would
have a Material Adverse Effect.

 

(i)
Intellectual Property. Other than the trademark “IMAC Regeneration Center,” trade names of the endorsed clinics,
and various internet domain names, the Company has no other patents, patent applications, provisional patents, trademarks, service
marks, trademark registrations, service mark registrations, copyrights, licenses, formulae, mask works, customer lists, know-how
and other intellectual property, including trade secrets and other unpatented and/or unpatentable proprietary or confidential
information, systems, procedures or registrations or applications relating to the same (collectively, “Intellectual Property”).
The Company owns valid title, free and clear of any Liens, or possesses the requisite valid and current licenses or rights, free
and clear of any Liens, to use all Intellectual Property in connection with the conduct its business as now operated and, to the
best of the Company’s knowledge, as presently contemplated to be operated in the future. There is no claim or action by
any person pertaining to, or proceeding pending, or to the Company’s knowledge threatened, which challenges the right of
the Company with respect to any Intellectual Property necessary to enable it to conduct its business as now operated and, to the
best of the Company’s knowledge, as presently contemplated to be operated in the future. To the best of the Company’s
knowledge, the Company’s current and intended products, services and processes do not infringe on any Intellectual Property
or other rights held by any person, and the Company is unaware of any facts or circumstances which might give rise to any of the
foregoing. The Company has not received any notice of infringement of, or conflict with, the asserted rights of others with respect
to the Intellectual Property. The Company has taken reasonable security measures to protect the secrecy, confidentiality and value
of their Intellectual Property.

 

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(j)
No Materially Adverse Contracts, etc. The Company is not subject to any charter, corporate or other legal restriction,
or any judgment, decree, order, rule or regulation which in the judgment of the Company’s officers has or is expected in
the future to have a Material Adverse Effect. The Company is not a party to any contract or agreement which has or is reasonably
expected to have a Material Adverse Effect.

 

(k)
Tax Matters. The Company has made or filed all federal, state and foreign income and all other tax returns, reports and
declarations required by any jurisdiction to which it is subject and has paid all taxes and other governmental assessments and
charges that are material in amount, shown or determined to be due on such returns, reports and declarations, except those being
contested in good faith and has set aside on its books provisions reasonably adequate for the payment of all taxes for periods
subsequent to the periods to which such returns, reports or declarations apply. There are no unpaid taxes in any material amount
claimed to be due by the taxing authority of any jurisdiction, and the officers of the Company know of no basis for any such claim.
The Company has not executed a waiver with respect to the statute of limitations relating to the assessment or collection of any
foreign, federal, state or local tax. The Company has not received notice that any of its tax returns is presently being audited
by any taxing authority.

 

(l)
Certain Transactions. A shareholder owning more than five percent (5%) of the company has provided a loan to the Company
that is currently outstanding. There are no leases, royalty agreements or other transactions between: (i) the Company or any of
its customers or suppliers, and (ii) any officer, employee, consultant or director of the Company or any person owning five percent
(5%) or more of the capital stock of the Company or five percent (5%) or more of the ownership interests of the Company or any
member of the immediate family of such officer, employee, consultant, director, stockholder or owner or any corporation or other
entity controlled by such officer, employee, consultant, director, stockholder or owner, or a member of the immediate family of
such officer, employee, consultant, director, stockholder or owner.

 

(m)
Permits; Compliance. The Company is in possession of all franchises, grants, authorizations, licenses, permits, easements,
variances, exemptions, consents, certificates, approvals and orders necessary to own, lease and operate its properties and to
carry on its business as it is now being conducted (collectively, the “Company Permits”), and there is no action
pending or, to the knowledge of the Company, threatened regarding suspension or cancellation of any of the Company Permits. The
Company is not in default or violation of, any of the Company Permits.

 

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(n)
ERISA. The Company has not made or currently makes any contributions to any employee pension benefit plan for its employees
which plan is subject to the Employee Retirement Income Security Act of l974, as amended from time to time (“ERISA”).

 

(o)
Title to Property. The Company holds no title in fee simple to any real property. The Company holds good and marketable
title to all personal property owned by them which is material to the business of the Company, in each case free and clear of
all Liens. Any real property and facilities held under lease by the Company are held by it under valid, subsisting and enforceable
leases.

 

(p)
Insurance. The Company has provided to Purchaser, upon Purchaser’s request, true and correct copies of all policies
relating to directors’ and officers’ liability coverage, errors and omissions coverage, and commercial general liability
coverage. The Company has no reason to believe that it will not be able to renew its existing insurance coverage as and when such
coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that
would not have a Material Adverse Effect.

 

(q)
Internal Accounting Controls. The Company and has not received, orally or in writing, any adverse notification (including
any “management letters”) from its auditors relating to the Company’s internal financial controls and procedures.

 

(r)
Books and Records. The books of account, ledgers, order books, records and documents of the Company accurately and completely
reflect all material information relating to the business of the Company, the location and collection of its assets, and the nature
of all transactions giving rise to the obligations or accounts receivable of the Company.

 

(s)
Subordination of Notes. The Notes will be subordinated in priority and right of payment to any senior Indebtedness of the
Company, now existing or hereafter issued. The Company currently has no senior or secured Indebtedness outstanding. As used herein,
the term “Indebtedness” means: (i) all obligations for borrowed money, (b) all obligations evidenced by bonds,
debentures, notes, or other similar instruments and all reimbursement or other obligations in respect of letters of credit or
other financial products, and (c) all payment obligations (other than trade payables incurred in the ordinary course of business).

 

(t)
Assumptions or Guaranties of Indebtedness of Other Persons. The Company has not assumed, guaranteed, endorsed, or otherwise
become directly or contingently liable on, any Indebtedness or any other agreement of any other person.

 

(u)
Disclosure. All information relating to or concerning the Company or any of its officers, directors, employees, customers
or clients (including, without limitation, all information regarding the Company’s internal financial accounting controls
and procedures): (i) set forth in this Agreement or any other Transaction Document and/or (ii) as provided to the Purchasers pursuant
to Section 2(e) hereof, is true and correct in all material respects and the Company has not omitted to state any material fact
necessary in order to make the statements made herein or therein, in light of the circumstances under which they were made, not
misleading.

 

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(v)
No General Solicitation. Neither the Company nor any person participating on the Company’s behalf in the transactions
contemplated hereby has conducted any “general solicitation,” as such term is defined in Regulation D promulgated
under the Securities Act, with respect to any of the Securities being offered hereby.

 

(w)
No Integrated Offering. Neither the Company, nor any of its affiliates, nor any person acting on its or their behalf, has
directly or indirectly made any offers or sales in any security or solicited any offers to buy any security under circumstances
that would require registration under the Securities Act of the issuance of the Securities to the Purchasers. The issuance of
the Securities to the Purchasers will not be integrated with any other issuance of the Company’s securities (past, current
or future) for purposes of any stockholder approval provisions applicable to the Company or its securities.

 

(x)
No Brokers. The Company has taken no action which would give rise to any claim by any person for brokerage commissions,
transaction fees or similar payments relating to this Agreement or the transactions contemplated hereby.

 

4.
Covenants. In addition to the other agreements and covenants set forth herein, the applicable parties hereto hereby
covenant as follows:

 

(a)
Stop Orders. The Company will advise each Purchaser promptly after it receives notice of issuance by the SEC, any state
securities commission or any other regulatory authority of any stop order or of any order preventing or suspending any offering
of the Securities, or of the suspension of the qualification of the Common Stock of the Company for offering or sale in any jurisdiction,
or the initiation of any proceeding for any such purpose.

 

(b)
Form D; Blue Sky Laws. The Company agrees to file a Form D with respect to the Securities as required under Regulation
D and to provide a copy thereof to each Purchaser promptly after such filing. The Company shall, on or before the Closing Date,
take such action as the Company shall reasonably determine is necessary to qualify the Securities for sale to the Purchasers at
the applicable closing pursuant to this Agreement under applicable securities or “blue sky” laws of the states of
the United States (or to obtain an exemption from such qualification), and shall provide evidence of any such action so taken
to each Purchaser and to the Placement Agent on or prior to the Closing Date.

 

(c)
Use of Proceeds. The Company shall use the proceeds from the sale of the Notes to fund the Company’s short-term working
capital and capital expenditure requirements, including legal and accounting fees, marketing expenses and other costs associated
with preparing for and consummating a Regulation A+ initial public offering.

 

(d)
Expenses. The Company is solely responsible for all expenses incurred in connection with the preparation, execution, delivery
and performance of the Transaction Documents.

 

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(e)
Authorization and Reservation of Shares. The Company shall at all times have authorized, and reserved for the purpose of
issuance, a sufficient number of shares of Common Stock to provide for the full conversion or exercise of the outstanding Notes
and issuance of the Conversion Shares in connection therewith (based on the conversion price of the Notes in effect from time
to time) (collectively, the “Reserved Amount”). The Company shall not reduce the number of shares of Common
Stock reserved for issuance upon conversion of the Notes. If at any time the number of shares of Common Stock authorized and reserved
for issuance (“Authorized and Reserved Shares”) is below the Reserved Amount, the Company will promptly take
all corporate action necessary to authorize and reserve a sufficient number of shares, including, without limitation, calling
a special meeting of stockholders to authorize additional shares to meet the Company’s obligations under this Section 4(e),
in the case of an insufficient number of authorized shares, obtain stockholder approval of an increase in such authorized number
of shares, and voting the shares of the Company’s officers and directors in favor of an increase in the authorized shares
of the Company to ensure that the number of authorized shares is sufficient to meet the Reserved Amount. The Company shall use
its best efforts to obtain such stockholder approval within thirty (30) days following the date on which the number of Reserved
Amount exceeds the Authorized and Reserved Shares.

 

(f)
Corporate Existence. So long as a Purchaser beneficially owns any Notes, the Company shall maintain its corporate existence
and shall not sell all or substantially all of the Company’s assets, except in the event of a merger or consolidation or
sale of all or substantially all of the Company’s assets, where the surviving or successor entity in such transaction assumes
the Company’s obligations hereunder and under the agreements and instruments entered into in connection herewith.

 

(g)
Sarbanes-Oxley Matters. When required to do so, the Company will comply with any and all applicable requirements of the
Sarbanes-Oxley Act of 2002 that are effective for the Company, and any and all applicable rules and regulations promulgated by
the SEC thereunder. The Company shall implement such programs and shall take such steps reasonably necessary to provide for its
future compliance (not later than the relevant statutory and regulatory deadline therefor) with all provisions of Section 404
of the Sarbanes-Oxley Act that shall become applicable to the Company.

 

(h)
Accounting Changes. Make any change in its accounting treatment or financial reporting practices except as required or
permitted by generally accepted accounting principles in effect from time to time

 

(i)
No Integration. The Company shall not make any offers or sales of any security (other than the Securities) under circumstances
that would require registration of the Securities being offered or sold hereunder under the Securities Act or cause the offering
of the Securities to be integrated with any other offering of securities by the Company for the purpose of any stockholder approval
provision applicable to the Company or its securities.

 

(j)
Insurance. Subsequent to the Closing, the Company will keep its assets which are of an insurable character insured by financially
sound and reputable institutional insurers against loss or damage by fire, explosion and other risks customarily insured against
by companies in similar business similarly situated as the Company, and the Company will maintain, with financially sound and
reputable institutional insurers, insurance against other hazards and risks and liability to persons and property to the extent
and in the manner which the Company reasonably believes is customary for companies in similar business similarly situated as the
Company.

 

    	 	12	 

    	 

    

 

(k)
Nature of Business. For so long as the Notes remain outstanding and unpaid, or any other amount is owing to any Purchaser
under any Transaction Document, without the prior written approval of a majority in interest of the Purchasers, the Company shall
not materially alter the nature of the Company’s business.

 

(l)
Intellectual Property. For so long as the Notes remain outstanding and unpaid, or any other amount is owing to any Purchaser
under any Transaction Document, the Company shall use commercially reasonable efforts to maintain in full force and effect its
existence, rights and franchises and all licenses and other rights to use Intellectual Property owned or possessed by it and reasonably
deemed to be necessary to the conduct of its business.

 

(m)
Properties. For so long as the Notes remain outstanding and unpaid, or any other amount is owing to any Purchaser under
any Transaction Document, the Company will keep its owned or leased properties and other assets in good repair, working order
and condition, reasonable or ordinary wear and tear excepted, and from time to time make all needful and proper repairs, renewals,
replacements, additions and improvements thereto; and the Company will at all times comply with each provision of all leases to
which it is a party or under which it occupies property if the breach of such provision could, either individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect.

 

(n)
Taxes. For so long as the Notes remain outstanding and unpaid, or any other amount is owing to any Purchaser under any
Transaction Document, the Company shall duly pay and discharge all taxes or other claims, which might become a lien upon any of
its property except to the extent that any thereof are being in good faith appropriately contested with adequate reserves provided
therefor.

 

(o)
Notice of Litigation. For so long as the Notes remain outstanding and unpaid, or any other amount is owing to any Purchaser
under any Transaction Document, the Company shall promptly notify the Purchasers in writing, with a reasonably detailed description
thereof, of any litigation, legal proceeding or dispute, other than disputes in the ordinary course of business or, whether or
not in the ordinary course of business, involving amounts in excess of Two Hundred Fifty Thousand ($250,000) Dollars, affecting
the Company, whether or not fully covered by insurance, and regardless of the subject matter thereof.

 

(p)
Most Favored Nation Provision. For so long as the Notes remain outstanding and unpaid, in the event that the Company issues
or sells any other Indebtedness of the Company convertible into shares of Common Stock, if a Purchaser then holding outstanding
Securities reasonably believes that any of the material terms and conditions appurtenant to such issuance or sale are more favorable
to such investors than are the terms and conditions granted to the Purchasers hereunder, upon notice to the Company by such Purchaser
within five (5) business days after disclosure of such issuance or sale, the Company shall amend the terms of this transaction
as to such Purchaser only so as to give such Purchaser the benefit of such more favorable material terms or conditions. This Section
4(p) shall not apply with respect to Exceptions under Section 5.6 of the Note. The Company shall provide each Purchaser with notice
of any such issuance or sale not later than ten (10) business days before such issuance or sale.

 

    	 	13	 

    	 

    

 

5.
Transfer Agent Instructions. The Company shall issue irrevocable instructions to its transfer agent (if and when it
shall have engaged a transfer agent) to issue certificates, registered in the name of each Purchaser or its nominee, for the Conversion
Shares in such amounts as specified from time to time by each Purchaser to the Company upon conversion of the Notes in accordance
with the terms thereof (the “Irrevocable Transfer Agent Instructions”). Prior to registration of the Conversion
Shares under the Securities Act or the date on which the Conversion Shares may be sold pursuant to Rule 144 without any restriction
as to the number of Securities as of a particular date that can then be immediately sold, all such certificates shall bear the
restrictive legend specified in Section 2(h) of this Agreement. The Company warrants that no instruction other than the Irrevocable
Transfer Agent Instructions referred to in this Section 5, and stop transfer instructions to give effect to Section 2(g) hereof
(in the case of the Conversion Shares, prior to registration of the Conversion Shares under the Securities Act or the date on
which the Conversion Shares may be sold pursuant to Rule 144 without any restriction as to the number of Securities as of a particular
date that can then be immediately sold), will be given by the Company to its transfer agent and that the Securities shall otherwise
be freely transferable on the books and records of the Company as and to the extent provided in this Agreement. Nothing in this
Section shall affect in any way the Purchaser’s obligations and agreement set forth in Section 2(g) hereof to comply with
all applicable prospectus delivery requirements, if any, upon re-sale of the Securities. If a Purchaser provides the Company,
with a customary opinion of counsel, that shall be in form, substance and scope reasonably acceptable to Company counsel, to the
effect that a public sale or transfer of such Securities may be made without registration under the Securities Act and such sale
or transfer is effected, the Company shall permit the transfer, and, in the case of the Conversion Shares, promptly instruct its
transfer agent to issue one or more certificates, free from restrictive legend, in such name and in such denominations as specified
by such Purchaser. The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the
Purchasers, by vitiating the intent and purpose of the transactions contemplated hereby. Accordingly, the Company acknowledges
that the remedy at law for a breach of its obligations under this Section 5 may be inadequate and agrees, in the event of a breach
or threatened breach by the Company of the provisions of this Section, that the Purchasers shall be entitled, in addition to all
other available remedies, to an injunction restraining any breach and requiring immediate transfer, without the necessity of showing
economic loss and without any bond or other security being required.

 

6.
Conditions to the Company’s Obligation to Sell. The obligation of the Company hereunder to issue and sell the
Notes to a Purchaser at the Closing is subject to the satisfaction, at or before the Closing Date of each of the following conditions
thereto, provided that these conditions are for the Company’s sole benefit and may be waived by the Company at any time
in its sole discretion:

 

(a)
The applicable Purchaser shall have executed this Agreement and the Lock-Up Agreement, and delivered the same to the Company.

 

    	 	14	 

    	 

    

 

(b)
The applicable Purchaser shall have delivered the Purchase Price in accordance with Section 1(b) above.

 

(c)
The representations and warranties of the applicable Purchaser shall be true and correct in all material respects, and the applicable
Purchaser shall have performed, satisfied and complied in all material respects with the covenants, agreements and conditions
required by this Agreement to be performed, satisfied or complied with by the applicable Purchaser at or prior to the Closing
Date.

 

(d)
No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated
or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having
authority over the matters contemplated hereby which prohibits the consummation of any of the transactions contemplated by this
Agreement.

 

7.
Conditions to Each Purchaser’s Obligation to Purchase. The obligation of each Purchaser hereunder to purchase
the Notes at the Closing is subject to the satisfaction, at or before the Closing Date of each of the following conditions, provided
that these conditions are for such Purchaser’s sole benefit and may be waived by such Purchaser at any time in its sole
discretion:

 

(a)
The Company shall have executed this Agreement, and delivered the same to the Purchaser.

 

(b)
The Company shall have delivered to such Purchaser duly executed Notes (in such denominations as the Purchaser shall request)
in accordance with Section 1(b) above.

 

(c)
The representations and warranties of the Company shall be true and correct in all material respects, and the Company shall have
performed, satisfied and complied in all material respects with the covenants, agreements and conditions required by this Agreement
to be performed, satisfied or complied with by the Company at or prior to the Closing Date. The Purchaser shall have received
a certificate or certificates, executed by the Chief Executive Officer of the Company, dated as of the Closing Date, to the foregoing
effect and as to such other matters as may be reasonably requested by such Purchaser including, but not limited to certificates
with respect to the Company’s Articles of Incorporation, By-laws and Board of Directors’ resolutions relating to the
transactions contemplated hereby.

 

(d)
No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated
or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having
authority over the matters contemplated hereby which prohibits the consummation of any of the transactions contemplated by this
Agreement.

 

(e)
No event shall have occurred which would reasonably be expected to have a Material Adverse Effect on the Company.

 

    	 	15	 

    	 

    

 

8.
Governing Law; Jurisdiction; Fees; Waiver of Jury Trial.

 

(a)
THIS AGREEMENT SHALL BE ENFORCED, GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE COMMONWEALTH OF KENTUCKY APPLICABLE
TO AGREEMENTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAW.

 

(b)
THE PARTIES HERETO HEREBY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE COMMONWEALTH OF KENTUCKY OR UNITED STATES FEDERAL COURTS
LOCATED IN THE MIDDLE DISTRICT OF KENTUCKY WITH RESPECT TO ANY DISPUTE ARISING UNDER THIS AGREEMENT, ANY OTHER TRANSACTION DOCUMENT
OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. THE PARTIES IRREVOCABLY WAIVE THE DEFENSE OF AN INCONVENIENT FORUM TO THE
MAINTENANCE OF SUCH SUIT OR PROCEEDING. THE PARTIES FURTHER AGREE THAT SERVICE OF PROCESS UPON A PARTY MAILED BY FIRST CLASS MAIL
IN ACCORDANCE WITH SECTION 9(e) HEREOF SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON THE PARTY IN ANY SUCH
SUIT OR PROCEEDING. NOTHING HEREIN SHALL AFFECT A PARTY’S RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW. THE
PARTIES AGREE THAT A FINAL NON-APPEALABLE JUDGMENT IN ANY SUCH SUIT OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER
JURISDICTIONS BY SUIT ON SUCH JUDGMENT OR IN ANY OTHER LAWFUL MANNER.

 

(c)
THE PARTY OR PARTIES WHICH DO NOT PREVAIL IN ANY DISPUTE ARISING UNDER THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT PRIOR
TO THE CONSUMMATION BY THE COMPANY OF ANY UNDERWRITTEN PUBLIC OFFERING OF ITS SECURITIES SHALL BE RESPONSIBLE FOR ALL FEES AND
EXPENSES, INCLUDING ATTORNEYS’ FEES, INCURRED BY THE PREVAILING PARTY IN CONNECTION WITH SUCH DISPUTE.

 

(d)
EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY
DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT, ANY TRANSACTION DOCUMENT OR ANY TRANSACTION CONTEMPLATED
HEREBY OR THEREBY.

 

9.
Miscellaneous.

 

(a)
Counterparts; Signatures by Facsimile. This Agreement may be executed in one or more counterparts (with the Purchasers
each executing the counterpart in the form of Annex A hereto). Each of such counterparts shall be deemed an original, and
all of which shall, when taken together, constitute one and the same agreement, and shall become effective when counterparts have
been signed by each party and delivered to the other party. This Agreement, once executed by a party (including in the manner
described above), may be delivered to the other party hereto by facsimile transmission of a copy of this Agreement bearing the
signature of the party so delivering this Agreement.

 

    	 	16	 

    	 

    

 

(b)
Headings. The headings of this Agreement are for convenience of reference only and shall not form part of, or affect the
interpretation of, this Agreement.

 

(c)
Severability. In the event that any provision of this Agreement is invalid or unenforceable under any applicable statute
or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed
modified to conform with such statute or rule of law. Any provision hereof which may prove invalid or unenforceable under any
law shall not affect the validity or enforceability of any other provision hereof.

 

(d)
Entire Agreement; Amendments. This Agreement, the other Transaction Documents and the instruments, documents and schedules
referenced herein contain the entire understanding of the parties with respect to the matters covered herein and therein and,
except as specifically set forth herein or therein, neither the Company nor any Purchaser makes any representation, warranty,
covenant or undertaking with respect to such matters. No provision of this Agreement may be waived or amended other than by an
instrument in writing signed by the Company and a majority in interest of the Purchasers.

 

(e)
Notices. Any notices required or permitted to be given under the terms of this Agreement shall be sent by certified or
registered mail (return receipt requested) or delivered personally or by courier (including a recognized overnight delivery service)
or by facsimile transmission and shall be effective five days after being placed in the mail, if mailed by regular United States
mail, or upon receipt, if delivered personally or by courier (including a recognized overnight delivery service) or by facsimile
transmission, with printed confirmation of receipt, in each case addressed to a party. The addresses for such communications shall
be:

 

	 	(i)
    	If
    to the Company:
	 	 	 
	 	 	IMAC
    Holdings, LLC
	 	 	2725
    James Sanders Blvd.
	 	 	Paducah,
    KY 42001
	 	 	Attention:
    Mr. Jeff Ervin, CEO
	 	 	Telephone:
    (615) 473-8873
	 	 	 
	 	 	With
    a copy to:
	 	 	 
	 	 	Olshan
    Frome Wolosky LLP
	 	 	1325
    Avenue of the Americas, 15th Floor
	 	 	New
    York, New York 10019
	 	 	Attention:
    Spencer G. Feldman, Esq.
	 	 	Telephone:
    (212) 451-2300
	 	 	Facsimile:
    (212) 451-2222
	 	 	 
	 	(ii)
    	If
    to a Purchaser: To the address and fax number set forth immediately below such Purchaser’s name on the counterpart signature
    pages hereto.

 

    	 	17	 

    	 

    

 

Each
party shall provide notice to the other party of any change in address, telephone or facsimile number.

 

(f)
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors
and assigns. Neither the Company nor any Purchaser shall assign this Agreement or any rights or obligations hereunder without
the prior written consent of the other. Notwithstanding the foregoing, but subject to the provisions of Section 2(f) hereof, any
Purchaser may, without the consent of the Company, assign its rights hereunder to any person that purchases Securities in a private
transaction from a Purchaser or to any of its “affiliates,” as that term is defined under the Exchange Act.

 

(g)
Third Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective permitted
successors and assigns, and, except for the Placement Agent, who is specifically agreed to be and acknowledged by each party as
a third party beneficiary hereof, is not for the benefit of, nor may any provision hereof be enforced by, any other person.

 

(h)
Survival; Indemnification; Limitation on Liability.

 

(i)
The representations and warranties of the Purchasers and the Company set forth in Sections 2 and 3 hereof shall survive for 12
months following the Closing Date notwithstanding any due diligence investigation conducted by or on behalf of the Purchasers
or the Company, as applicable.

 

(ii)
The Company agrees to indemnify and hold harmless each of the Purchasers and all of their respective officers, directors, employees,
agents and representative from and against any and all claims, costs, expenses, liabilities, obligations, losses or damages (including
reasonable legal fees) of any nature (“Losses”), incurred by or imposed upon any such party arising as a result
of or related to any actual or alleged breach by the Company of any of its representations, warranties and covenants set forth
in Sections 3 and 4 hereof or any of its covenants, agreements and obligations under this Agreement or any other Transaction Document.

 

(iii)
Each Purchaser agrees, severally but not jointly, to indemnify and hold harmless the Company and its officers, directors, employees
and agents for Losses arising as a result of or related to any actual or alleged breach any breach by such Purchaser of any of
its representations or warranties set forth in Section 2 hereof or any of its covenants, agreements and obligations under this
Agreement or any other Transaction Document.

 

(iv)
Notwithstanding the foregoing: (A) an indemnifying party shall not be liable for any claim for indemnification or Loss associated
therewith unless and until the aggregate amount of indemnifiable Losses which may be recovered from the indemnifying party equals
or exceeds $100,000, after which the indemnifying party shall be liable, subject to the provisions hereof, for all Losses, including
the initial $100,000 of Losses, and (ii) in no event shall the aggregate amount paid by an indemnifying party pursuant to this
Section 9(h) exceed $500,000.

 

    	 	18	 

    	 

    

 

(i)
Publicity. The Company and the Placement Agent shall have the right to review a reasonable period of time before issuance
of any press releases or SEC or other regulatory filings, or any other public statements with respect to the transactions contemplated
hereby; provided, however, that the Company shall be entitled, without the prior approval of the Placement Agent
or the Purchasers, to make any press release or SEC or other regulatory filings with respect to such transactions as is required
by applicable law and regulations (although the Placement Agent shall be consulted by the Company in connection with any such
press release prior to its release and shall be provided with a copy thereof and be given an opportunity to comment thereon).

 

(j)
Further Assurances. Each party shall do and perform, or cause to be done and performed, all such further acts and things,
and shall execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably
request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions
contemplated hereby.

 

(k)
No Strict Construction. The language used in this Agreement will be deemed to be the language chosen by the parties to
express their mutual intent, and no rules of strict construction will be applied against any party.

 

[Remainder
of page intentionally left blank; signature pages follow.]

 

    	 	19	 

    	 

    

 

IN
WITNESS WHEREOF, the undersigned Purchasers and the Company have caused this Securities Purchase Agreement to be duly executed
as of the date first above written.

 

	 	IMAC
    Holdings, LLC
	 	 	 
	 	By:
    	              
	 	Name:	 
	 	Title:	 
	 	 	 
	 	PURCHASERS:
	 	 	 
	 	The Purchasers executing the Signature Page in the form attached hereto as Annex A and delivering the same to the Company or its agents shall be deemed to have executed this Agreement and agreed to the terms hereof.

 

    	 	20	 

    	 

    

 

Annex
A

 

Securities
Purchase Agreement

Purchaser
Counterpart Signature Page

 

The
undersigned, desiring to: (i) enter into this Securities Purchase Agreement dated as of ________ ___, 2018 (the “Agreement”),
between the undersigned, IMAC Holdings, LLC, a Kentucky limited liability company (the “Company”), and the
other parties thereto, in or substantially in the form furnished to the undersigned and (ii) purchase the securities of the Company
appearing next to the undersigned’s name on Schedule A to the Agreement, hereby agrees to purchase such securities
from the Company as of the Closing and further agrees to join the Agreement as a party thereto, with all the rights and privileges
appertaining thereto, and to be bound in all respects by the terms and conditions thereof.

 

IN
WITNESS WHEREOF, the undersigned has executed the Agreement as of ____________ ___, 2018.

 

	 	PURCHASER:
	 	 
	 	Name
    and Address, E-mail, Fax No. and Social Security No./EIN of Purchaser:
	 	 

        ______________________________________

         

        ______________________________________

         

        ______________________________________

         

        E-mail:
        ________________________________

         

        Fax
        No.: _______________________________

         

        Soc.
        Sec. No./EIN: _______________________

 

	 	If a partnership, corporation, trust or other business entity:
	 	 	 
	 	By:
    	          
	 	Name:	 
	 	Title:	 
	 	 	 
	 	If an individual:
	 	 
	 	 
	 	Signature
	 	 	 
	 	Purchase
    Price: $ ___________________

 

    	 	21	 

    	 

    

 

THE
SECURITY REPRESENTED HEREBY, AND THE SECURITIES ISSUABLE UPON CONVERSION OR REDEMPTION HEREOF, HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933 OR ANY STATE SECURITIES LAWS AND NEITHER SUCH SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD,
TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT OR SUCH LAWS
OR AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND SUCH LAWS WHICH, IN THE OPINION OF COUNSEL FOR THE HOLDER, WHICH COUNSEL
AND OPINION ARE REASONABLY SATISFACTORY TO COUNSEL FOR THIS COMPANY, IS AVAILABLE.

 

IMAC
Holdings, LLC

 

4%
CONVERTIBLE PROMISSORY NOTE

 

No.
_____

 

US$______
___________ __, 2018

 

THIS
4% CONVERTIBLE PROMISSORY NOTE is one of a duly authorized issue of unsecured convertible promissory notes (each, a “Note”
and collectively, the “Notes”) of IMAC Holdings, a Kentucky limited liability company that intends to convert,
prior to a proposed Regulation A+ initial public offering, into a corporation pursuant to a statutory conversion and change its
name to IMAC Regeneration Centers, Inc. (as applicable, the “Company”), and has been issued to the Holder (as
defined below) in connection with the private placement of securities offered pursuant to that certain: (i) Securities Purchase
Agreement, (ii) Term Sheet, (iii) this Note, and (iv) Lock-Up Agreement, each dated as of the date of this Note (collectively,
the “Transaction Documents”). The Notes are designated as the 4% Convertible Promissory Notes, in an
aggregate maximum principal face value for all Notes of this series (the “Series”) of up to Two Million United
States Dollars (US$2,000,000).

 

FOR
VALUE RECEIVED, the Company promises to pay to the order of __________, having an address at ____________________, and such person
or entities’ successors and assigns (the “Holder”), the principal sum of __________ Dollars ($__________),
or such other amount as shall then equal the outstanding principal amount hereof, in accordance with the terms hereof, and to
pay interest on the principal sum outstanding, at the rate of four percent (4%) per annum. Accrual of interest on the outstanding
principal amount shall commence on the date hereof and shall continue until payment in full of the outstanding principal amount
has been made or duly provided for, or until the entire outstanding principal amount of the Note has been converted. This Note
is unsecured. The Holder takes this Note subject to the terms and restrictions set forth in the Transaction Documents and shall
be entitled to certain rights and privileges as set forth in the Transaction Documents.

 

    	 	1	 

    	 

    

 

The
following is a statement of the rights of the Holder of this Note and the terms and conditions to which this Note is subject,
and to which the Holder, by acceptance of this Note, agrees:

 

1.
Principal Repayment. This Note and any accrued but unpaid interest hereunder will become due and payable in accordance
with the terms hereof on ________, 2019, one year from the date of issuance (such date, the “Maturity Date”),
unless this Note has been converted as described below; provided, however, that this Note may be prepaid in whole
or in part at any time at one hundred twenty percent (120%) of the principal amount hereof plus accrued interest to the date of
repayment; and provided, further, that the Company shall be required to offer to prepay the aggregate principal
amount of this Note at one hundred twenty-five percent (125%) of the principal amount hereof upon the occurrence of a Change of
Control prior to a Qualified Financing.

 

2.
Interest. The holders of the Notes are entitled to receive interest at an annual cumulative rate of four percent (4%) of
the principal face dollar value of this Note, due and payable quarterly at a rate of three percent (1%), in the form, at the Holder’s
option, of (a) cash out of funds legally available therefor (but mandatorily in cash as to the first such quarterly interest payment),
(b) in-kind as shares of the Company’s Common Stock, no par value per share (the “Common Stock”), based
on the fair market value of the Common Stock on the date of issuance, as determined by the Board of Directors of the Company in
good faith, or (c) a combination of cash and in-kind interest, on the last business day of each calendar quarter commencing six
months after the date of issuance of this Note. Upon the occurrence of an Event of Default (as defined in Section 7), and so long
as it remains uncured, interest on the principal face dollar value of this Note shall accrue at a rate of eight percent (8%) per
annum. The interest rates provided above shall be calculated for the actual days elapsed on the basis of a 365-day year and shall
apply before and after maturity and judgment.

 

3.
Conversion.

 

(a)
Generally. All or any portion of the outstanding principal amount of and accrued interest under this Note may, at any time
after the conversion of the Company into a corporation and on or prior to or after the Maturity Date and in the Holder’s
sole discretion (except as provided for in Section 3(b) below), be converted into shares of Common Stock at a price equal to the
Conversion Price, as defined below.

 

(b)
In Connection with a Qualified Financing. If, on or prior to the Maturity Date, the Company consummates a Qualified Financing
(as defined below) establishing a valuation of the Company, then, on and following the closing of such Qualified Financing, one
hundred percent (100%) of the outstanding principal amount of and accrued interest under this Note may, at the Holder’s
option, be converted into such number of shares of Common Stock at a price equal to eighty percent (80%) of the offering price
per share to be received by the Company (or otherwise calculable) in the Qualified Financing (as modified below, the “Conversion
Price”). For purposes hereof, a “Qualified Financing” shall mean an equity financing transaction
pursuant to which the Company sells shares of its common stock, preferred stock or any other equity or equity-linked securities
(which financing includes the Company’s contemplated Regulation A+ initial public offering under Title IV of the JOBS Act),
with aggregate gross proceeds of not less than $3.0 million, excluding any and all indebtedness under the Notes that is converted
into shares of Common Stock, and with the principal purpose of raising capital. In the event that a Qualified Financing is not
consummated by the Company on or before the Maturity Date, the Holder may elect to convert this Note into shares of Common Stock
at a “Conversion Price” equal to eighty percent (80%) of the gross price per share received by the Company (or otherwise
calculable) in the last round of financing by the Company of any of its equity or equity-linked securities of the Company in a
third-party financing transaction (provided, that, in the event an agreement or letter of intent for a Qualified Financing is
executed by the Company establishing a valuation of the Company prior to the Maturity Date and is actively in the process of being
completed, the Conversion Price shall not be less than the price per share of Common Stock established (or calculable) in the
agreement or letter of intent for the Qualified Financing).

 

    	 	2	 

    	 

    

 

(c)
Mechanics of Conversion. Upon any conversion of this Note: (i) such principal amount converted and such converted portion
of this Note shall become fully paid and satisfied, (ii) the Holder shall surrender and deliver this Note, duly endorsed, to the
Company or such other address which the Company shall designate against delivery of the certificates representing the new securities
of the Company, (iii) the Company shall promptly deliver a duly executed Note to the Holder in the principal amount, if any, that
remains outstanding after any such conversion; and (iv) in exchange for all or any portion of the surrendered Note described in
the preceding clauses 3(c)(i) or (ii) hereof, the Company shall deliver to the Holder certificates representing such number of
shares of Common Stock to which the Holder is entitled to receive based on its conversion of the Note, which certificates shall
bear such legends as are required under applicable state and federal securities laws.

 

(d)
Issue Taxes. The Company shall pay any and all issue and other taxes that may be payable with respect to any issue or delivery
of shares of Common Stock on conversion of this Note pursuant hereto; provided, however, that the Holder shall not
be obligated to pay any transfer taxes resulting from any transfer requested by any holder in connection with any such conversion.

 

(e)
Elimination of Fractional Interests. No fractional shares of Common Stock shall be issued upon conversion of this Note,
nor shall the Company be required to pay cash in lieu of fractional interests, it being the intent of the parties that all fractional
interests shall be eliminated and that all issuances of Common Stock shall be rounded up to the nearest whole share.

 

4.
Rights upon Liquidation, Dissolution or Winding Up. In the event of any liquidation, dissolution or winding up of the Company,
either voluntary or involuntary, the holders of the Notes shall be entitled to receive, prior and in preference to any distribution
of any of the assets of the Company to the holders of any debt or equity securities of the Company, an amount equal to the unpaid
and unconverted principal face amount of their Notes and any accrued and unpaid interest thereon. The Holder shall be paid in
preference to any unsecured creditors of the Company and shall be paid pro rata in proportion to the principal amount of Notes
held by holders of the Series if the available assets are not sufficient to repay the Notes. The rights of the Holder described
in this Section 4 are referred to collectively as the “Liquidation Preference.”

 

    	 	3	 

    	 

    

 

5.
Adjustments.

 

(a)
Splits, Subdivisions, etc. In the event that the Company should at any time or from time to time, after the date of this
Note, fix a record date for the effectuation of a split or subdivision of the outstanding shares of Common Stock, or the determination
of holders of Common Stock entitled to receive a dividend or other distribution payable in additional shares of Common Stock or
other securities or rights convertible into, or entitling the holder thereof to receive directly or indirectly additional shares
of Common Stock (hereinafter referred to as “Common Stock Equivalents”) without payment of any consideration
by such holder for the additional shares of Common Stock or the Common Stock Equivalents (including the additional shares of Common
Stock issuable upon conversion or exercise thereof), then, as of such record date (or the date of such dividend, distribution,
split or subdivision if no record date is fixed), the Conversion Price shall be appropriately decreased so that the number of
shares of Common Stock issuable on conversion of this Note shall be increased in proportion to such increase in the aggregate
number of shares of the Common Stock outstanding.

 

(b)
Combinations. If the number of shares of Common Stock outstanding at any time after the date of this Note is decreased
by a combination of the outstanding shares of Common Stock, then, following the record date of such combination, the Conversion
Price shall be appropriately increased so that the number of shares of Common Stock issuable upon conversion of this Note shall
be decreased in proportion to such decrease in outstanding shares.

 

(c)
Mergers, Consolidations, etc. A merger, consolidation or other corporate reorganization in which the Company’s stockholders
shall receive cash or securities of another entity, or any transaction in which all or substantially all of the assets of the
Company are sold shall be treated as a liquidation of the Company for purposes of the payment of the Liquidation Preference. The
Holder shall receive prior written notice of any of the foregoing transactions and shall have an opportunity to convert, at their
sole election, the Note prior to the consummation of any such transaction.

 

(d)
Dilutive Issuances. In the event that the Company shall, at any time while all or any portion of this Note is outstanding,
sell any shares of Common Stock for a consideration per share less than the Conversion Price, or issue Common Stock Equivalents
convertible into or exchangeable for Common Stock at an exercise or conversion price below the Conversion Price (such actions,
a “Dilutive Offering”), then the Conversion Price shall immediately be changed upon each such issuance such
that the Conversion Price shall be adjusted by multiplying the then applicable Conversion Price by the following fraction:

 

A
+ B

————————————————

(A
+ B) + [((C – D) x B) / C]

 

A
= Total amount of shares convertible pursuant to this Note assuming the entire amount of the Note is converted.

 

B
= Actual shares sold in the Dilutive Offering

 

C
= Conversion Price

 

D
= Offering price in the Dilutive Offering

 

    	 	4	 

    	 

    

 

(e)
Computation of Consideration. For purposes of any computation respecting consideration received pursuant to Section 5(d)
above, the following shall apply:

 

(i)
in the case of the issuance of shares of Common Stock for cash, the consideration shall be the amount of such cash, provided that
in no case shall any deduction be made for any commissions, discounts or other expenses incurred by the Company for any underwriting
of the issue or otherwise in connection therewith;

 

(ii)
in the case of the issuance of shares of Common Stock for a consideration in whole or in part other than cash, the consideration
other than cash shall be deemed to be the fair market value thereof as determined in good faith by the Board of Directors of the
Company (irrespective of the accounting treatment thereof); and

 

(iii)
upon any such exercise, the aggregate consideration received for such securities shall be deemed to be the consideration received
by the Company for the issuance of such securities plus the additional minimum consideration, if any, to be received by the Company
upon the conversion or exchange thereof (the consideration in each case to be determined in the same manner as provided in subsections
(i) and (ii) of this Section 5(e)).

 

(f)
Exceptions. No adjustment to the Conversion Price shall be made pursuant to this Section 5 with respect to: (i) the issuance
or sale of this Note or other Notes in the series, or shares of Common Stock issuable upon exercise of the Notes, warrants and
convertible securities outstanding as of the date hereof, or (ii) the issuance or sale of any shares of Company capital stock,
or the grant of options exercisable therefore, issued or issuable after the date of this Note, to directors, officers, employees,
advisers and consultants of the Company pursuant to any incentive or non-qualified stock option plan or agreement, stock purchase
plan or agreement, employee stock ownership plan (ESOP), but solely as the same is in existence as of the date hereof, or (iii)
shares of Company capital stock issued in connection with any subdivision, reclassification or combination of, the outstanding
shares of Common Stock, or (iv) shares of Company capital stock issued at less than the Conversion Price then in effect to the
sellers in connection with the acquisition by the Company of a corporation or other business entity or assets; provided,
however, that in no event shall any issuances of Company capital stock issued under clause (iv) of this subsection
(f) cause dilution in excess of twenty percent (20%) to the holders of the Securities.

 

6.
Representations and Affirmative and Negative Covenants of the Company. The Company hereby represents and warrants to the
Holder, and covenants and agrees, as the case may be, to all of the matters set forth in Sections 3 and 4 of the Securities Purchase
Agreement, which representations, warranties, covenants and agreements are incorporated by reference herein as if set forth fully
herein. In addition, the Company hereby covenants to the holder as follows:

 

    	 	5	 

    	 

    

 

(a)
Event of Default. Within five (5) days of any officer of the Company obtaining knowledge of any Event of Default (as defined
in Section 7 hereof), if such Event of Default is then continuing, the Company shall furnish to the Holder a certificate of the
chief financial or accounting officer of the Company setting forth the details thereof and the action which the Company is taking
or proposes to take with respect thereto.

 

(b)
Performance. The Company will not, by any voluntary action, avoid or seek to avoid the observance or performance of any
of the terms to be observed or performed hereunder by the Company, but will at all times in good faith assist in the carrying
out of the provisions of this Note and in the taking of all such action as may be necessary or appropriate in order to protect
the rights of the Holder of this Note against impairment.

 

7.
Events of Default. This Note shall become immediately due and payable at the option of the holders of greater than 50%
of the face amount of all then outstanding Notes issued in the Series, upon any one or more of the following events or occurrences
(“Events of Default”):

 

(a)
if any portion of this Note is not paid when due; provided, that this shall only constitute an Event of Default if such
default is not cured by the Company within fifteen (15) days after the Holder has given the Company written notice of such default;

 

(b)
upon a “Change in Control” of the Company, meaning: (i) an acquisition of any voting securities of the Company
(the “Voting Securities”) by any “person” (as the term “person” is used for purposes
of Section 13(d) or Section 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
immediately after which such person has “beneficial ownership” (within the meaning of Rule 13d-3 promulgated under
the Exchange Act) (“Beneficial Ownership”) of 30% or more of the combined voting power of the Company’s
then outstanding Voting Securities without the approval of the Company’s Board of Directors (the “Board”);
(ii) a merger or consolidation that results in more than 50% of the combined voting power of the Company’s then outstanding
Voting Securities of the Company or its successor changing ownership(whether or not approved by the Board); (iii) the sale of
all or substantially all of the Company’s assets in one or a series of related transactions; (iv) approval by the stockholders
of the Company of a plan of complete liquidation of the Company; or (v) the individuals constituting the Board as of the date
of this Note (the “Incumbent Board”) cease for any reason to constitute at least 1/2 of the members of the
Board; provided, however, that if the election, or nomination for election by the Company’s stockholders,
of any new director was approved by a vote of the Incumbent Board, such new director shall be considered a member of the Incumbent
Board. The Company shall give the Holder no less than thirty (30) days written notice of a potential Change in Control.

 

(c)
if any final judgment for the payment of money is rendered against the Company and the Company does not discharge the same or
cause it to be discharged or vacated within ninety (90) days from the entry thereof, or does not appeal therefrom or from the
order, decree or process upon which or pursuant to which said judgment was granted, based or entered, and does not secure a stay
of execution pending such appeal within ninety (90) days after the entry thereof;

 

    	 	6	 

    	 

    

 

(d)
if the Company makes an assignment for the benefit of creditors or if the Company generally does not pay its debts as they become
due;

 

(e)
if a receiver, liquidator or trustee of the Company is appointed or if the Company is adjudicated a bankrupt or insolvent, or
if any petition for bankruptcy, reorganization or arrangement pursuant to federal bankruptcy law, or any similar federal or state
law, is filed by or against, consented to, or acquiesced in, by the Company or if any proceeding for the dissolution or liquidation
of the Company is instituted; however, if such appointment, adjudication, petition or proceeding is involuntary and is not consented
to by the Company, upon the same not being discharged, stayed or dismissed within sixty (60) days;

 

(f)
if the Company defaults in any material respect under any other secured or unsecured indebtedness for borrowed money, other than
any indebtedness owed to officers, directors or stockholders of the Company, mortgage or security agreement covering any part
of its property;

 

(g)
if the Company defaults in the observance or performance of any other material term, agreement, covenant or condition of this
Note or the Transaction Documents, and the Company fails to remedy such default within fifteen (15) days after notice by the Holder
to the Company of such default, or, if such default is of such a nature that it cannot with due diligence be cured within said
fifteen (15) day period, if the Company fails, within said fifteen (15) days, to commence all steps necessary to cure such default,
and fail to complete such cure within forty five (45) days after the end of such fifteen (15) day period;

 

(h)
except for specific defaults set forth in this Section 7, if the Company defaults in the observance or performance of any material
term, agreement or condition of the Note or the Transaction Documents, and such default continues after the end of any applicable
cure period provided for therein; and

 

(i)
if any of the following exist uncured for fifteen (15) days following written notice to the Company: (i) the failure, subject
to applicable survival periods, of any representation or warranty made by the Company to the Holder pursuant to any of the Transaction
Documents to be true and correct in all material respects or (ii) the Company fails to provide the Holder with the written certifications
and evidence referred to in this Note.

 

8.
Usury. In no event shall the amount of interest paid or agreed to be paid hereunder exceed the highest lawful rate permissible
under applicable law. Any excess amount of deemed interest shall be null and void and shall not interfere with or affect the Company’s
obligation to repay the principal of and interest on the Note.

 

    	 	7	 

    	 

    

 

9.
Holder Not Deemed a Stockholder. The Holder, as such, of this Note shall be entitled (prior to conversion or redemption
of this Note into Common Stock, and only then to the extent of such conversion) to vote or receive dividends or be deemed the
holder of shares of Common Stock for any purpose, nor shall anything contained in this Note be construed to confer upon the Holder
hereof, as such, any of the rights at law of a stockholder of the Company prior to the issuance to the holder of this Note of
the shares of Common Stock which the Holder is then entitled to receive upon the due conversion of all or a portion of this Note.

 

10.
Mutilated, Destroyed, Lost or Stolen Notes. In case this Note shall become mutilated or defaced, or be destroyed, lost
or stolen, the Company shall execute and deliver a new note of like principal amount in exchange and substitution for the mutilated
or defaced Note, or in lieu of and in substitution for the destroyed, lost or stolen Note. In the case of a mutilated or defaced
Note, the Holder shall surrender such Note to the Company. In the case of any destroyed, lost or stolen Note, the Holder shall
furnish to the Company: (a) evidence to its satisfaction of the destruction, loss or theft of such Note and (b) such security
or indemnity as may be reasonably required by the Company to hold the Company harmless.

 

11.
Waiver of Demand, Presentment, etc. The Company hereby expressly waives demand and presentment for payment, notice of nonpayment,
protest, notice of protest, notice of dishonor, notice of acceleration or intent to accelerate, bringing of suit and diligence
in taking any action to collect amounts called for hereunder and shall be directly and primarily liable for the payment of all
sums owing and to be owing hereunder, regardless of and without any notice, diligence, act or omission as or with respect to the
collection of any amount called for hereunder.

 

12.
Payment. Except as otherwise provided for herein, all payments with respect to this Note shall be made in lawful currency
of the United States of America by check or wire transfer of immediately available funds, at the option of the Holder, at the
principal office of the Holder or such other place or places or designated accounts as may be reasonably specified by the Holder
of this Note in a written notice to the Company at least one (1) business day prior to payment. Payment shall be credited first
to the accrued interest then due and payable and the remainder applied to principal.

 

13.
Assignment. The rights and obligations of the Company and the Holder of this Note shall be binding upon, and inure to the
benefit of, the permitted successors, assigns, heirs, administrators and transferees of the parties hereto.

 

14.
Waiver and Amendment. Any provision of this Note, including, without limitation, the due date hereof, and the observance
of any term hereof, may be amended, waived or modified (either generally or in a particular instance and either retroactively
or prospectively) only with the written consent of the Company and the holders of greater than 50% of the face amount of all then
outstanding Notes issued in the Series.

 

15.
Notices. Any notice, request or other communication required or permitted hereunder shall be in writing and shall be deemed
to have been duly given if personally delivered or mailed by registered or certified mail, postage prepaid, or delivered by facsimile
transmission, to the Company at the address or facsimile number set forth herein or to the Holder at its address or facsimile
number set forth in the records of the Company. Any party hereto may by notice so given change its address for future notice hereunder.
Notice shall conclusively be deemed to have been given when personally delivered or when deposited in the mail in the manner set
forth above and shall be deemed to have been received when delivered or, if notice is given by facsimile transmission, when delivered
with confirmation of receipt.

 

    	 	8	 

    	 

    

 

16.
Governing Law; Jurisdiction; Waiver of Jury Trial.

 

(a)
THIS NOTE SHALL BE ENFORCED, GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE COMMONWEALTH OF KENTUCKY APPLICABLE
TO AGREEMENTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAW.

 

(b)
THE COMPANY HEREBY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE COMMONWEALTH OF KENTUCKY OR UNITED STATES FEDERAL COURTS LOCATED
IN THE MIDDLE DISTRICT OF KENTUCKY WITH RESPECT TO ANY DISPUTE ARISING UNDER THIS NOTE. THE COMPANY IRREVOCABLY WAIVES THE DEFENSE
OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH SUIT OR PROCEEDING. THE COMPANY FURTHER AGREES THAT SERVICE OF PROCESS UPON
IT MAILED BY FIRST CLASS MAIL SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON THE COMPANY IN ANY SUCH SUIT
OR PROCEEDING. NOTHING HEREIN SHALL AFFECT THE HOLDER’S RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW. THE
COMPANY AGREES THAT A FINAL NON-APPEALABLE JUDGMENT IN ANY SUCH SUIT OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN
OTHER JURISDICTIONS BY SUIT ON SUCH JUDGMENT OR IN ANY OTHER LAWFUL MANNER.

 

(c)
THE COMPANY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY
DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS NOTE.

 

17.
Severability. If one or more provisions of this Note are held to be unenforceable under applicable law, such provisions
shall be excluded from this Note, and the balance of this Note shall be interpreted as if such provisions were so excluded and
shall be enforceable in accordance with its terms.

 

18.
Headings. Section headings in this Note are for convenience only, and shall not be used in the construction of this Note.

 

[Remainder
of page intentionally left blank; signature page follows.]

 

    	 	9	 

    	 

    

 

IN
WITNESS WHEREOF, the Company has caused this Note to be issued as of the date first above written.

 

	 	IMAC
    Holdings, LLC
	 	 	 
	 	By:	         
	 	Name:
    	 
	 	Title:	 

 

    	 	10	 

    	 

    

 

NOTICE
OF CONVERSION

 

(to
be signed upon conversion of the Note by the Holder)

 

To
IMAC Regeneration Centers, Inc.:

 

The
undersigned, the holder of the foregoing Note, hereby surrenders such Note for conversion into ______ shares of the common stock
of IMAC Regeneration Centers, Inc., and requests that the certificates for such shares be issued in the name of, and delivered
to, _________________, whose address is ___________________________________.

 

Dated:
_____________________

 

	 	 
	 	(signature)
	 	 
	 	 
	 	(address)

 

    	 	 	 

    	 

    

 

LOCK-UP
AGREEMENT

 

IMAC
Regeneration Centers, Inc.

2725
James Sanders Blvd.

Paducah, KY 42001

 

Ladies
and Gentlemen:

 

The
undersigned, an owner of a 4% convertible promissory note of IMAC Holdings, LLC, a Kentucky limited liability company that intends
to convert, prior to a proposed Regulation A+ initial public offering, into a corporation pursuant to a statutory conversion and
change its name to IMAC Regeneration Centers, Inc. (as applicable, the “Company”), in the principal amount
of $________, convertible into shares of Common Stock of the Company (the “Common Stock”), understands that
the Company proposes to file with the U.S. Securities and Exchange Commission an offering statement for the registration of certain
securities of the Company (the “Registration Statement”) in connection with a proposed public offering of such
securities (the “Offering”).

 

In
order to induce the Underwriter to proceed with the Offering, the undersigned agrees, for the benefit of the Company and the Underwriter,
that should the Offering become effective, the undersigned will not, without the Underwriter’s prior written consent (and,
if required by applicable state blue sky laws, the securities commissions in any such states), offer, sell, assign, hypothecate,
pledge, transfer or otherwise dispose of, directly or indirectly, any of the abovementioned securities, or any shares of Common
Stock issued in connection with the conversion of such securities, or by reason of any stock split or other distribution of stock,
or grant of options, warrants or other rights with respect to any such options (collectively, the “Securities”),
during the six-month period commencing on the date the Company’s Registration Statement is declared effective by the Securities
and Exchange Commission) (the “Effective Date”); provided that the foregoing shall not apply to (i) Securities
acquired by the undersigned in the Offering or Securities acquired by the undersigned in the after-market after the Effective
Date; and (ii) the transfer without consideration to family members or a trust established for their benefit in connection with
which the proposed transferee agrees in writing to be bound by all of the provisions of this agreement prior to the consummation
of such transfer.

 

The
undersigned will permit all certificates evidencing any such Securities to be endorsed with an appropriate restrictive legend
reflecting the terms of this letter, and consents to the placement of appropriate stop transfer orders with the transfer agent
for the Company. A copy of this letter will be available from the Company or the Company’s transfer agent upon request and
without charge. The terms and conditions of this letter can be modified (including premature termination of this Agreement) only
with the Underwriter’s prior written consent.

 

	Dated:
    _________ ___, 2018	
	 	 	Printed Name
	 	 
	 	By:	       
	 	 	Signature

 

    	 	1EXHIBIT
10.4

 

MANAGEMENT
SERVICES AGREEMENT

 

THIS
MANAGEMENT SERVICES AGREEMENT (the “Agreement”) is made as of November 1, 2016, by and between IMAC Regeneration Center
of Nashville, P.C., a professional corporation organized and existing under the laws of Tennessee (“PC”) and IMAC
Regeneration Management of Nashville, LLC (“IMAC”), a Tennessee corporation.

 

RECITALS

 

A.       PC
is engaged in the practice of medicine through physicians and nurse practitioners, each of whom are duly licensed to practice
medicine by the State of Tennessee are employed or contracted with PC to provide services to patients of PC, and conducts such
practice at facilities and offices located in the State of Tennessee.

 

B.       IMAC
seeks to provide comprehensive management and related administrative services to PC and has developed extensive expertise and
experience in the management of the non-professional aspects of the medical practice of the type operated by PC.

 

C.       PC,
in order to enable its physicians to focus their efforts and time on the practice of medicine and the delivery of medical services
to the public, has requested, and IMAC has agreed to provide, comprehensive management and related administrative services.

 

NOW,
THEREFORE, in consideration of the foregoing and of the mutual agreements set forth herein, the parties agree as follows:

 

1.       Definitions.

 

(a)       “Acts”
means the Tennessee Business Corporation Act, the Tennessee Professional Corporation Act, the Tennessee Medical Practice Act,
the regulations of the Tennessee Board of Medical Examiners and the regulations of the Tennessee Board of Nursing.

 

(b)       “Cost
of Medical Services” means the aggregate compensation of physicians who are employed by or who are independent contractors
with PC and other personnel who must be employed by the PC under applicable law including nurse practitioners and nurses (“Support
Personnel”) together with the cost of expenses, taxes, and benefits of such physicians and Support Personnel including,
but not limited to, vacation pay, sick pay, health care expenses, professional dues, expense reimbursement, discretionary bonuses
or incentive payments, if any, based on profitability or productivity and other expenses and payments required to be made to or
for the benefit of the physicians or the Support Personnel pursuant to their employment agreements or independent contractor agreements
plus PC portion of all employment and payroll taxes; other expenses incurred by PC in carrying out its obligations under this
Agreement; all other taxes of PC except income of PC; and the costs of malpractice insurance, in each case on an accrual basis.

 

(c)       “Medical
Board” means the Tennessee Board of Medical Examiners or Tennessee Board of Nursing.

 

    	 

     

    

 

(d)       “Medical
Services” means all services which constitute the practice of medicine as defined under the Act, including ancillary health
care services, rendered by practitioners licensed to practice medicine in Tennessee who are employed by or under contract with
PC, including any non-physician personnel acting under the supervision or delegation of a physician.

 

(e)       “Non-Medical
Personnel” means all personnel including, but not limited to, accountants, bookkeepers, and receptionists who perform services
which do not constitute the practice of medicine or practice of nursing.

 

(f)       “Revenues”
means all amounts on an accrual basis which PC receives or becomes entitled to receive for any services or sales of products or
otherwise, including, without limitation, for the performance of Medical Services (including payments from managed care and similar
organizations whether in the form of capitated payments, incentive bonuses, risk pool allocations or other revenues) for its patients
by physicians or Support Personnel who are employees or independent contractors of PC, for the sale of products, including pharmaceuticals,
and for other forms of ancillary services rendered to patients of the PC by physicians and Support Personnel all as determined
in accordance with generally accepted accounting principles consistently applied.

 

(g)       “IMAC
Costs” means all costs incurred by IMAC including indirect overhead and other expenses attributable to the carrying out
of its obligations under this Agreement, in each case on an accrual basis.

 

(h)       “Support
Personnel” shall have the meaning specified in the definition of Cost of Medical Services.

 

2.       Engagement
to Provide Services. It is the intention of the parties that IMAC provide management services that will permit PC’s
physicians to devote their skills and expertise to the delivery of health care services. Therefore, during the term of this Agreement
and all renewals and extensions thereof, PC engages IMAC to provide sole and exclusive development, management and administrative
services with respect to all non-medical functions of the practice, and IMAC agrees to furnish to PC all of the non-medical development,
management, and administrative services needed by PC in connection with the operation of the practice. Pursuant to its engagement
hereunder, IMAC shall manage all aspects of PC’s business other than those aspects which relate to the provision of Medical
Services, as contemplated by Section 4.

 

3.       Services.
The non-medical development, management and administrative services to be provided by IMAC shall include the following:

 

(a)       Bookkeeping
and Accounts. IMAC shall provide all bookkeeping and accounting services necessary or appropriate to the functioning of the
practice including, but not limited to, maintenance, custody and supervision of all business records, ledgers, journals and reports,
and the preparation, distribution and recordation of all bills and statements for professional services rendered by PC including
the billing and completion of reports and forms required by insurance companies, health maintenance organizations, governmental
agencies or other third-party payors (collectively, the “Business Records”); provided, however, that
such Business Records shall not be deemed to include patient records and other records or documents which relate to patient treatment
by physicians.

 

    	2

     

    

 

(b)       Billing;
Collections. IMAC shall be responsible, in PC’s name and for and on its behalf as its agent, for billing and collecting
the charges made with respect to all Medical Services provided by PC at any location. PC hereby appoints IMAC for the term hereof
to be its true and lawful attorney-in-fact, for the following purposes: (i) to bill payors and patients in PC’s name and
on its behalf; (ii) to collect accounts receivable resulting from such billing in PC’s name and on its behalf; (iii) to
receive payments from payors in PC’s name and on its behalf for deposit in a bank account of PC; and (iv) to take possession
of, in the name of PC and deposit in a bank account of PC any notes, checks, money orders, insurance payments and other instruments
received in payment of accounts receivable. The extent to which IMAC attempts to collect such charges, the methods of collection
and the amount of settlements with respect to disputed charges, and the determination of which charges are not collectible, shall
be determined by PC in consultation with IMAC; provided that IMAC will comply with all applicable law, including without limitation,
the Federal Fair Debt Collection Practice Act. The performance of all billing and collection functions by IMAC shall comply with
state and federal statutes, regulations and directives applicable to such functions.

 

(c)       Non-Medical
Personnel. IMAC shall, in its sole discretion but following consultation with PC, select for employment and terminate the
employment of all Non-Medical Personnel as IMAC shall deem necessary or advisable, and shall be responsible for the supervision,
direction, training and assigning of duties of all Non-Medical Personnel, with the exception of activities carried on by Non-Medical
Personnel which must be under the direction or supervision of licensed physicians in accordance with applicable law and regulations.
Unless otherwise specifically agreed in writing, all Non-Medical Personnel shall be employees or independent contractors employed
or engaged by IMAC, and the selection and terms of employment or engagement, including the rates of compensation, supervision,
direction, training and assignment of duties of all Non-Medical Personnel shall be determined and controlled exclusively by IMAC.
Notwithstanding the foregoing, IMAC shall consult with PC from time to time as appropriate in connection with the hiring, performance
evaluation and termination of the Non-Medical Personnel. IMAC will make reasonable efforts, consistent with sound business practice,
to honor the specific requests of PC with regard to the assignment of Non-Medical Personnel by IMAC.

 

(d)       Medical
Personnel. IMAC shall assist PC with the recruitment and evaluation of prospective physicians and Support Personnel as employees
or independent contractors of PC, provided that all physicians and support personnel shall be employees of or independent contractors
to PC. PC shall have complete control of and responsibility for the hiring, firing, selection, supervision, evaluation, compensation,
terms, conditions and privileges of employment and retention of all medical and Support Personnel. PC shall be responsible for
the payment of such physicians’ salaries and wages, payroll taxes, benefits and all other taxes and charges now or hereafter
applicable to them. PC shall be solely responsible for the cost of membership in professional associations and continuing professional
education for its physicians.

 

(e)       Marketing
and Advertising Programs. IMAC shall: (i) develop, with the consultation and approval of PC, marketing and advertising programs
for PC; (ii) provide advice and assistance to PC on overall marketing programs, and determine and analyze the effect of such programs;
(iii) plan, create, write, and prepare advertising materials for PC, subject to PC’s approval; (iv) negotiate contracts
on behalf of PC with advertising media for space and time; and (v) obtain services necessary in connection with the production
and presentation of PC’s advertisements.

 

    	3

     

    

 

(f)       Insurance.
IMAC shall, following consultation with PC, make reasonable efforts to obtain and maintain in full force and effect during the
term of this Agreement, and all extensions and renewals thereof, public liability and property insurance which IMAC deems appropriate
to protect against loss, claims, and other risks, or which is necessary to comply with the terms of lease agreements for the practice’s
location, and IMAC shall assist PC and the physicians in obtaining professional liability insurance.

 

(g)       Supplies.
IMAC shall acquire and supply to PC all medical and non-medical supplies which may be reasonably required in connection with the
operation of the practice.

 

(h)       Health
Plans. IMAC shall provide assistance to PC in developing, negotiating, marketing, and administering prepaid managed and other
health plans for the provision of medical care and shall obtain licensure as a third party administrator, and any other appropriate
licenses, registrations or certificates, if and to the extent required by applicable law.

 

(i)       Bank
Accounts, Cash Management. IMAC is authorized to establish and maintain for and on behalf of PC bank accounts for the collection
and disbursement of PC’s funds. IMAC is authorized to disburse funds from such accounts for the payment of costs incurred
by or on behalf of PC in accordance with this Agreement, for IMAC’s compensation, and for all other costs, expenses, and
disbursements which are incurred in connection with this Agreement. IMAC shall manage all cash and cash equivalents of PC.

 

(j)       Tax
Returns, Reports. IMAC shall be responsible for preparing and filing on behalf of PC all tax returns and reports required
or necessary in connection with the operation of the practice.

 

(k)       Overall
Supervision. IMAC shall provide PC with overall supervision and management, including maintenance and repair, of the practice
and all furniture, fixtures, furnishings, equipment, and leasehold improvements located in or used at the practice operated by
PC.

 

(l)       Space,
Equipment and Furnishings. IMAC shall provide and maintain, either directly or through appropriate lease agreements, all necessary
equipment and furnishings for the practice (unless otherwise agreed by the parties). INSPRIS shall provide and maintain, either
directly or through appropriate lease agreements, the premises on which the PC’s offices are or will be located, including
all necessary office space, buildings, fixtures and other real property and improvements (unless otherwise agreed by the parties).

 

(m)       Financial
Statements and Budgets. IMAC shall prepare monthly and annual financial statements containing a balance sheet and statement
of income for PC. Annual financial statements shall be delivered to PC within 90 days after the end of each fiscal year and monthly
financial statements shall be delivered to PC within 30 days after the end of each calendar month. IMAC shall prepare, in reasonable
detail, an annual budget for PC which shall be delivered to PC within 30 days prior to the end of each fiscal year, with IMAC
retaining final authority with respect to budgeting.

 

    	4

     

    

 

(n)       Litigation
Management. IMAC will (i) manage and direct the defense of all claims, actions, proceedings or investigations against PC or
any of its officers, directors or employees in their capacity as such, and (ii) manage and direct the initiation and prosecution
of all claims, actions, proceedings or investigations brought by PC against any person other than IMAC.

 

(o)       Business
Operations. IMAC shall generally control and manage all non-professional aspects of the business of the practice other than
those aspects relating to the provision of Medical Services or the physicians which under applicable law are required to be subject
to the control of PC, as contemplated by Section 4. IMAC agrees that PC will perform medical and clinical functions and provide
Medical Services. IMAC will have no authority, directly or indirectly, to perform and will not perform any medical functions or
provide health care services. IMAC may, however, advise PC as to the relationship between its performance of Medical Services
and the overall administrative and business functioning of PC.

 

4.       Conduct
of Medical Practice and Other Matters.

 

(a)       Practice
of Medicine. PC, through physicians licensed to practice in Tennessee who are either employed by PC or independent contractors
of PC, shall direct and control the treatment of patients at the practice where medical services are performed. Notwithstanding
the authority granted to IMAC herein, IMAC and PC agree that each of PC’s physicians shall retain the authority to direct
the medical, professional and ethical aspects of his or her medical practice. PC shall be solely and exclusively in control of
all clinical aspects of the practice of medicine, as defined under the Act, and the delivery of Medical Services at the practice,
including the exercise of independent professional judgment regarding the diagnosis or treatment of any medical disease, disorder
or physical condition (which IMAC shall not control, attempt to control, influence, attempt to influence or otherwise interfere
with), and PC shall be responsible for providing all Medical Services and for the payment of all Costs of Medical Services. All
persons to whom such Medical Services are provided shall be patients of PC and not of IMAC, and IMAC shall not have or exercise
any control or direction over the manner or methods with which Medical Services and related duties are performed or interfere
in any way with the exercise by the physicians who are employees or independent contractors of PC of their professional judgment.
IMAC shall not practice Medicine or engage therein, or hold itself out as being entitled to practice Medicine. PC shall be solely
responsible for assuring that all physicians who are employed or who are independent contractors of PC hold all necessary licenses
from the State of Tennessee and that such licenses are current and in good standing, and that such professional services are performed
in accordance with the applicable ethical standards, laws and regulations relating to professional practice in the State of Tennessee.
PC shall take all actions necessary to maintain its status as a professional services corporation including provision for succession
of ownership of shares of the PC as required by applicable State law.

 

    	5

     

    

 

(b)       Fees
for Professional Services. PC shall be solely responsible for determining all fees for professional services rendered by physicians.

 

(c)       Patient
Referrals. It is not a purpose of this Agreement to induce or encourage the referral of patients. The parties agree that the
benefits to PC and IMAC do not require, are not payment or inducement for, and are not in any way contingent upon the admission,
referral or any other arrangement for the provisions of any item or service offered by IMAC to any of PC’s patients or for
the referral of any patient. All services by IMAC hereunder are provided in exchange for fair and reasonable fees, and all compensation
provided by PC to any employed physicians is provided without reference to any referrals or specific utilization of services.

 

(d)       Non-competition/Non-solicitation.

 

(i)       PC
hereby irrevocably appoints IMAC as its agent and attorney in fact during the term of this Agreement with full power and authority
to enforce the terms of any employment or independent contractor agreements to which it is a party and any noncompetition, confidentiality
and similar covenants or restrictions (“Non-competition Agreements”) of which PC is the beneficiary.

 

(ii)       During
the term of this Agreement and for a period of three (3) years after the termination of this Agreement, PC shall not, directly
or indirectly, for its own benefit or the benefit of others, induce, nor attempt to induce, any employee of IMAC (or any of its
affiliates) to terminate his or her association with any such party.

 

(iii)       PC
understands and acknowledges that the foregoing provisions in this Section are designed to preserve the goodwill of IMAC and the
goodwill of the individual physicians of PC. Accordingly, if PC breaches any obligation of this Section 4(d), in addition to any
other remedies available under this Agreement, at law or in equity, IMAC shall be entitled to enforce this Agreement by injunctive
relief and by specific performance of the Agreement, such relief to be without the necessity of posting a bond, cash or otherwise
(unless required by applicable law). Additionally, nothing in this paragraph shall limit IMAC’s right to recover any other
damages to which it is entitled as a result of PC’s breach. If any one or more of the provisions of this Section 4(d) or
any word, phrase, clause, sentence or other portion of this Section 4(d) (including, without limitation, the geographical, temporal
or scope of activity restrictions contained in this Section 4(d)) shall be held to be unenforceable or invalid for any reason,
such provision or portion of provision shall be modified or deleted in such a manner so as to make this Section 4(d), as modified,
legal and enforceable to the fullest extent permitted under applicable law. The provisions of this Section 4(d) shall survive
the termination of this Agreement.

 

(e)       Attorney-in-Fact.
PC hereby appoints IMAC for the term of this Agreement to be its true and lawful attorney-in-fact for all purposes relating to
or arising in connection with the provision by IMAC of the management and related administrative services as provided in this
Agreement, including without limitation the provisions of Section 3(b) and Section 4(d)(i). This power of attorney and the power
of attorney granted under Section 4(e) are coupled with an interest and shall be irrevocable and remain in effect for the term
of this Agreement.

 

    	6

     

    

 

5.       Compensation
of IMAC.

 

(a)       Security
Interest. PC hereby grants a security interest in all accounts receivable, contract rights, Revenues and general intangibles
of PC to IMAC to secure all indebtedness and obligations of PC to IMAC arising under or in connection with this Agreement. At
the request of IMAC, PC shall execute all documents and instruments necessary to evidence and perfect the foregoing security interest.

 

(b)       Compensation
of IMAC. As consideration for the services provided by IMAC under this Agreement, IMAC shall receive a service fee (the “Service
Fee”) in an amount equal to: (i) IMAC Costs, plus (ii) ___ percent (__%) of IMAC Costs.

 

(c)       Adjustment.
The Service Fee shall be payable monthly in arrears based upon IMAC Costs in the prior month. Adjustments to the estimated payments
shall be made to reconcile actual amounts due under Section 5(b) by the end of the following month. The Service Fee shall be reviewed
annually and at such other times as may be deemed appropriate and adjusted in such manner as the parties may agree; in the absence
of such agreement, the Service Fee then in effect shall continue in effect.

 

(d)Bonus.
PC in its sole discretion, may elect to award a year end bonus (“Bonus”) to IMAC, in an amount, if any, equal to the
amount as determined by PC’s Board of Directors. The Bonus, if any, shall be paid by PC to IMAC within sixty (60) days following
the end of each calendar year.

 

6.       Indemnification.
PC shall indemnify, hold harmless and defend IMAC, its officers, directors, shareholders, employees, agents and subcontractors
from and against any and all liability, loss, damage, claim, causes of action and expenses (including reasonable attorneys’
fees) (collectively, “Claims”), whether or not covered by insurance, caused or asserted to have been caused, directly
or indirectly, by or as a result of the performance of Medical Services or the performance of any intentional acts, negligent
acts or omissions by PC and/or its officers, directors, shareholders, agents, employees, independent contractors and/or subcontractors
(other than IMAC and its employees) during the term of this Agreement. IMAC shall indemnify, hold harmless and defend PC, its
officers, directors, shareholders and employees, from and against any and all Claims, whether or not covered by insurance, caused
or asserted to have been caused, directly or indirectly by or as a result of the performance of any intentional acts, negligent
acts or omissions by IMAC and/or its officers, directors, shareholders, agents, employees and/or subcontractors (other than PC
and its employees) in connection with the performance of IMAC’s obligations under this Agreement.

 

7.       General
Obligations of PC and IMAC. PC and IMAC each agrees to cooperate fully with the other in connection with the carrying out
of their respective obligations under this Agreement and to employ their best efforts to resolve any dispute which may arise under
or in connection with the carrying out of this Agreement.

 

8.       Term.
Subject to Section 9, the term of this Agreement shall be for a period of thirty (30) years from November 1, 2016, and unless
either party shall give written notice to the contrary at least 180 days prior to the 30th anniversary of this Agreement or any
anniversary thereafter, the term shall be extended for an additional year on the 30th anniversary and on each anniversary thereafter
so that on the thirtieth (30th) anniversary and at each anniversary of this Agreement thereafter the remaining term shall always
be, unless such written notice is given, ten (10) years.

 

    	7

     

    

 

9.       Termination.
This Agreement may be terminated as follows:

 

(a)       By
mutual agreement of the parties.

 

(b)       If
either party fails to perform any of its obligations under this Agreement and, after written notice from the other party demanding
that such failure be cured, the party on whom such notice is served shall fail to cure such breach within 30 days after such notice
or, if such breach will reasonably require more than 30 days to cure, such party is not diligently pursuing efforts to cure such
breach; provided, however, that if the party on whom such demand is made elects to submit such dispute to arbitration,
no action to terminate this Agreement can be taken until such arbitration has been finally adjudicated and then only if the party
guilty of such failure shall fail to comply with the arbitration award within 60 days after its issuance.

 

(c)       If
any bankruptcy, insolvency or receivership proceedings are instituted by or against the PC or IMAC and not dismissed within sixty
(60) days after the commencement of such proceedings or if the PC party shall voluntarily dissolve.

 

(d)       By
IMAC for any reason with or without cause, after delivering ninety (90) days prior written notice to PC.

 

10.       Relationship
of Parties. This Agreement is not intended to and shall not construed as creating the relationship of employer and employee,
partnership, joint venture or association between IMAC and PC Since the physicians and Support Personnel who perform services
for the PC are not employees or independent contractors of IMAC, IMAC shall not withhold on their behalf any amounts for income
tax, social security, unemployment compensation, workers compensation or other similar withholding provisions and all such withholding
shall be the obligation of PC. Notwithstanding any provision to the contrary contained herein, this Agreement is not intended
to: (a) constitute the use of a medical license or other professional license by anyone other than a person licensed to provide
such services; (b) aid IMAC or any other entity to practice medicine or other health services when in fact such entity is not
licensed to practice such services; or (c) do any other act or create any other arrangement in violation of the State of Tennessee’s
Public Health Code, Public Act 368 of 1978, as amended, or any other applicable act, regulation or rule governing the delivery
of medical or health care services.

 

    	8

     

    

 

11.       Confidential
Information. Each of PC and IMAC acknowledges that it will have access to information of a proprietary nature owned by the
other including (i) information on the systems, policies and procedures developed by IMAC in connection with the provision of
management services for practices and (ii) patient information. PC acknowledges that IMAC has a proprietary interest in such information,
that such information constitutes trade secrets and that PC does not, by reason of this Agreement, acquire any continuing right
or interest in such proprietary information or trade secrets. PC will hold such proprietary information and trade secrets in confidence
and will not disclose them, either during the term of this Agreement or thereafter, to any person or entity other than employees
or independent contractors of PC or IMAC without the prior written consent of IMAC or as may be required by law. IMAC will comply
with all applicable federal, state and local laws and regulations regarding the confidentiality and security of health-related
information, including, but not limited to, regulations issued pursuant to the Health Insurance Portability and Accountability
Act of 1996 (“HIPAA”), as may be amended from time to time. IMAC shall comply with the terms of the Business Associate
Addendum, attached hereto as Schedule 11 and incorporated by reference. IMAC will use the information in such records only
for the limited purposes necessary to perform the services of IMAC set forth herein (including billing and collections) and shall
not use patient names, addresses or any other patient information for marketing or any other purpose except as expressly permitted
by this Agreement without the prior written consent of PC. Each of PC and IMAC acknowledges that it does not have an adequate
remedy at law for a breach of this Section 11, will suffer irreparable harm in the event of such breach and that, therefore, the
other party shall be entitled to injunctive and other equitable relief for the enforcement of this Section 11. The provisions
of this Section 11 shall survive termination of this Agreement.

 

12.       Miscellaneous.

 

(a)       Assignment.
This Agreement shall not be assignable by either party hereto without the express prior written consent of the other; provided,
however, that this Agreement shall be assignable by IMAC to any of its affiliates, subsidiaries or successors without the
consent of PC.

 

(b)       Waiver.
Waiver of any agreement or obligation set forth in this Agreement by either party shall not prevent that party from later insisting
upon full performance of such agreement or obligation and no course of dealing, partial exercise or any delay or failure on the
part of any party hereto in exercising any right, power, privilege, or remedy under this Agreement or any related agreement or
instrument shall impair or restrict any such right, power, privilege or remedy or be construed as a waiver therefore. No waiver
shall be valid against any party unless made in writing and signed by the party against whom enforcement of such waiver is sought.

 

(c)       Amendment.
No amendment or change in the provisions of this Agreement shall be effective unless made in writing and signed by and on behalf
of the parties to this Agreement or their successors and assigns.

 

(d)       Entire
Agreement. This Agreement constitutes the entire agreement between the parties in connection with the subject matter of this
Agreement and supersedes all prior agreements entered into before the effective date of this Agreement.

 

(e)       Notices.
The mailing addresses of IMAC and PC for the purposes of any notices to be given under this Agreement are as follows:

 

	 	If
    to IMAC: 	2725
    James Sanders Blvd., Ste. B
	 	 	Paducah,
    KY 42001
	 	 	 
	 	If
    to PC: 	2725
    James Sanders Blvd., Ste. B
	 	 	Paducah,
    KY 42001

 

    	9

     

    

 

(f)       Binding
Effect. Subject to the provisions set forth in this Agreement, this Agreement shall be binding upon and inure to the benefit
of the parties hereto and upon their respective successors and assigns.

 

(g)       Arbitration.
Any disputes arising under this Agreement shall be resolved by arbitration; provided, however, that arbitration shall not apply
to the enforcement of either party’s rights under Sections 4(d) and 11. Any party electing to submit an action to arbitration
shall give written notice to the other party of such election. The dispute shall be submitted to arbitration in accordance with
the rules of the American Health Lawyers Association (“AHLA”) Dispute Resolution Service. Such arbitration shall be
conducted, unless otherwise agreed by the parties, by a panel of three arbitrators, one selected by IMAC and the PC, and the third
one selected by the other two arbitrators, in Nashville, Tennessee. The award of the arbitrator may be confirmed or enforced in
any court of competent jurisdiction. The prevailing party in any arbitration shall be entitled to recover all costs incurred by
such party in connection with such proceedings, including reasonable attorney fees.

 

(h)       Severability.
If any one or more of the provisions of this Agreement is adjudged to any extent invalid, unenforceable, or contrary to law by
a court of competent jurisdiction, each and all of the remaining provisions of this Agreement will not be affected thereby and
shall be valid and enforceable to the fullest extent permitted by law.

 

(i)       Governing
Law. This Agreement shall be governed by and enforced in accordance with the laws of the State of Tennessee, without regard
to its conflict of law rules.

 

(j)       Change
in Law. If after the effective date of this Agreement, any new law, rule or regulation becomes effective which renders illegal
the structure of the relationship between PC and IMAC set forth in this Agreement, or otherwise substantially impairs the economics
of the parties hereunder, this Agreement shall not terminate, but the parties hereto agree to exclusively negotiate with each
other in good faith for a period of six months following such change of law or circumstance with respect to the subject matter
hereof. To the maximum extent possible, any amendment hereto shall preserve the underlying economic and financial arrangements
between PC and IMAC.

 

(k)       Counterpart.
This Agreement may be signed and executed in one or more counterparts, each which shall be deemed an original and all of which
together shall constitute one agreement.

 

(l)       Litigation.
In the event that a dispute between the parties results in litigation, in addition to any other relief to which it may be entitled,
the prevailing party shall be reimbursed for reasonable attorneys’ fees and all other reasonable costs.

 

(m)       No
Rights or Liabilities in Third Parties. This Agreement is not intended to, nor shall it be construed to, create any rights
or liabilities in any third parties, including, without limitation, in any of PC’s physicians, employees, contractors, patients
or patient representatives.

 

[Remainder of Page Left Blank Intentionally]

 

    	10

     

    

 

IN
WITNESS WHEREOF, the parties have signed this Agreement as of the date first set forth above.

 

	 	PC: IMAC REGENERATION CENTER OF NASHVILLE, P.C.
	 	 	 
	 	By:	/s/
    David N. Smithson, M.D.
	 	Name:	David
    N. Smithson, M.D.
	 	Title:	Physician
	 	 	 
		IMAC: IMAC REGENERATION MANAGEMENT OF NASHVILLE, LLC
	 	  	                 
	                   	By:	/s/
    Jeff Ervin
	 	Name:	Jeff
    Ervin
	 	Title:	CEO

 

    	 

    	 

    

 

SCHEDULE
11

 

HIPAA
BUSINESS ASSOCIATE ADDENDUM

 

This
HIPAA Business Associate Addendum (“Addendum”) amends and is made part of that certain Management Services Agreement
effective as of November 1, 2016 (“Agreement”), by and among IMAC Regeneration Center of Nashville, P.C., (“Entity”),
and IMAC Regeneration Management of Nashville, LLC (“Associate”).

 

Entity
and Associate agree that the parties incorporate this Addendum into the Agreement in order to comply with the requirements of
the Health Insurance Portability and Accountability Act of 1996 (“HIPAA”), the Health Information Technology for Economic
and Clinical Health Act (“HITECH”) and their implementing regulations set forth at 45 C.F.R. Parts 160 and Part 164
(the “HIPAA Rules”). To the extent Associate is acting as a Business Associate of Entity pursuant to the Agreement,
the provisions of this Addendum shall apply, and Associate shall be subject to the penalty provisions of HIPAA as specified in
45 CFR Part 160.

 

1.       Definitions.
Capitalized terms not otherwise defined in this Addendum shall have the meaning set forth in the HIPAA Rules. References to
“PHI” mean Protected Health Information maintained, created, received or transmitted by Associate from Entity or on
Entity’s behalf.

 

2.       Uses
or Disclosures. Associate will neither use nor disclose PHI except as permitted or required by this Addendum or as Required
By Law. To the extent Associate is to carry out an obligation of Entity under the HIPAA Rules, Associate shall comply with the
requirements of the HIPAA Rules that apply to Entity in the performance of such obligation. Associate is permitted to use and
disclose PHI:

 

(a)       to
perform any and all obligations of Associate as described in the Agreement, provided that such use or disclosure would not violate
the HIPAA Rules, if done by Entity directly;

 

(b)       as
otherwise permitted by law, provided that such use or disclosure would not violate the HIPAA Rules, if done by Entity directly
and provided that Entity gives its prior written consent;

 

(c)       to
perform Data Aggregation services relating to Entity’s health care operations;

 

(d)       to
report violations of the law to federal or state authorities consistent with 45 CFR § 164.502(j)(1);

 

(e)       as
necessary for Associate’s proper management and administration and to carry out Associate’s legal responsibilities
(collectively “Associate’s Operations”), provided that Associate may only disclose PHI for Associate’s
Operations if the disclosure is Required By Law or Associate obtains reasonable assurance, evidenced by a written contract, from
the recipient that the recipient will: (1) hold such PHI in confidence and use or further disclose it only for the purpose for
which it was disclosed or as Required By Law; and (2) notify Associate of any instance of which the recipient becomes aware in
which the confidentiality of such PHI was breached;

 

    	1

    	 

    

 

(f)       to
de-identify PHI in accordance with 45 CFR § 164.514(b), provided that such de-identified information may be used and disclosed
only consistent with applicable law.

 

In
the event Entity notifies Associate of an Individual’s restriction request granted pursuant to 45 CFR §164.522 that
would restrict a use or disclosure otherwise permitted by this Section, Associate shall comply with the terms of the restriction
request.

 

3.       Safeguards.
Associate will use appropriate administrative, technical and physical safeguards to prevent the use or disclosure of PHI other
than as permitted by this Addendum. Associate will also comply with the applicable provisions of 45 CFR Part 164, Subpart C of
the HIPAA Rules with respect to electronic PHI to prevent any use or disclosure of such information other than as provided by
this Addendum.

 

4.       Subcontractors.
In accordance with 45 CFR §§ 164.308(b)(2) and 164.502(e)(1)(ii), Associate will ensure that all of its subcontractors
that create, receive, maintain or transmit PHI on behalf of Associate agree by written contract to comply with the same restrictions
and conditions that apply to Associate with respect to such PHI.

 

5.       Minimum
Necessary. Associate represents that the PHI requested, used or disclosed by Associate shall be the minimum amount necessary
to carry out the purposes of the Agreement. Associate will limit its uses and disclosures of, and requests for, PHI (i) when practical,
to the information making up a Limited Data Set; and (ii) in all other cases subject to the requirements of 45 CFR § 164.502(b),
to the minimum amount of PHI necessary to accomplish the intended purpose of the use, disclosure or request.

 

6.       Entity
Obligations. Entity shall notify Associate of (i) any limitations in its notice of privacy practices, (ii) any changes
in, or revocation of, permission by an individual to use or disclose PHI, and (iii) any confidential communication request or
restriction on the use or disclosure of PHI affecting Associate that Entity has agreed to or with which Entity is required to
comply, to the extent any of the foregoing affect Associate’s use or disclosure of PHI.

 

7.       Access
and Amendment. In accordance with 45 CFR § 164.524, Associate shall permit Entity or, at Entity’s request,
an individual (or the individual’s designee) to inspect and obtain copies of any PHI about the individual that is in Associate’s
custody or control and that is maintained in a Designated Record Set. If the requested PHI is maintained electronically, Associate
must provide a copy of the PHI in the electronic form and format requested by the individual, if it is readily producible, or,
if not, in a readable electronic form and format as agreed to by Entity and the individual. Associate will, upon receipt of notice
from Entity, promptly amend or permit Entity access to amend PHI so that Entity may meet its amendment obligations under 45 CFR
§ 164.526.

 

8.       Accounting.
Except for disclosures excluded from the accounting obligation by the HIPAA Rules and regulations issued pursuant to HITECH, Associate
will record for each disclosure that Associate makes of PHI the information necessary for Entity to make an accounting of disclosures
pursuant to the HIPAA Rules. In the event the U.S. Department of Health and Human Services (“HHS”) finalizes regulations
requiring Covered Entities to provide access reports, Associate shall also record such information with respect to electronic
PHI held by Associate as would be required under the regulations for Covered Entities beginning on the effective date of such
regulations. Associate will make information required to be recorded pursuant to this Section available to Entity promptly upon
Entity’s request for the period requested, but for no longer than required by the HIPAA Rules (except Associate need not
have any information for disclosures occurring before the effective date of this Addendum).

 

    	2

    	 

    

 

9.       Inspection
of Books and Records. Associate will make its internal practices, books, and records, relating to its use and disclosure of
PHI, available upon request to HHS to determine compliance with the HIPAA Rules.

 

10.       Reporting.
To the extent Associate becomes aware or discovers any use or disclosure of PHI not permitted by this Addendum, any Security Incident
involving electronic PHI or any Breach of Unsecured Protected Health Information, Associate shall promptly report such use, disclosure,
Security Incident or Breach to Entity. Associate shall mitigate, to the extent practicable, any harmful effect known to it of
a Security Incident, Breach or use or disclosure of PHI by Associate not permitted by this Addendum. Notwithstanding the foregoing,
the parties acknowledge and agree that this section constitutes notice by Associate to Entity of the ongoing existence and occurrence
of attempted but Unsuccessful Security Incidents (as defined below) for which no additional notice to Entity shall be required.
“Unsuccessful Security Incidents” shall include, but not be limited to, pings and other broadcast attacks on Associate’s
firewall, port scans, unsuccessful log-on attempts, denials of service and any combination of the above, so long as no such incident
results in unauthorized access, use or disclosure of electronic PHI. All reports of Breaches shall be made in compliance with
45 CFR § 164.410.

 

11.       Term.
This Addendum shall be effective as of the effective date of the Agreement and shall remain in effect until termination of the
Agreement. Either party may terminate this Addendum and the Agreement effective immediately if it determines that the other party
has breached a material provision of this Addendum and failed to cure such breach within thirty (30) days of being notified by
the other party of the breach. If the non-breaching party determines that cure is not possible, such party may terminate this
Addendum and the Agreement effective immediately upon written notice to other party. Upon termination of this Addendum for any
reason, Associate will, if feasible, return to Entity or destroy all PHI maintained by Associate in any form or medium, including
all copies of such PHI. Further, Associate shall recover any PHI in the possession of its agents and subcontractors and return
to Entity or securely destroy all such PHI. In the event that Associate determines that returning or destroying any PHI is infeasible,
Associate may maintain such PHI but shall continue to abide by the terms and conditions of this Addendum with respect to such
PHI and shall limit its further use or disclosure of such PHI to those purposes that make return or destruction of the PHI infeasible.
Upon termination of this Addendum for any reason, all of Associate’s obligations under this Addendum shall survive termination
and remain in effect (a) until Associate has completed the return or destruction of PHI as required by this Section and (b) to
the extent Associate retains any PHI pursuant to this Section.

 

12.       General
Provisions. In the event that any final regulation or amendment to final regulations is promulgated by HHS or other government
regulatory authority with respect to PHI, the parties shall negotiate in good faith to amend this Addendum to remain in compliance
with such regulations. Any ambiguity in this Addendum shall be resolved to permit Entity and Associate to comply with the HIPAA
Rules. Nothing in this Addendum shall be construed to create any rights or remedies in any third parties or any agency relationship
between the parties. A reference in this Addendum to a section in the HIPAA Rules means the section as in effect or as amended.
The terms and conditions of this Addendum override and control any conflicting term or condition of the Agreement and replace
and supersede any prior business associate agreements in place between the parties. All non-conflicting terms and conditions of
the Agreement remain in full force and effect.

 

    	3

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