Document:

Exhibit 10.12

 

SECURITY AGREEMENT

 

THIS SECURITY AGREEMENT
(this "Agreement"), is entered into as of August 12, 2020, by ASSURE HOLDINGS CORP., a Nevada corporation
("Borrower") and those certain undersigned parties, along with each party from time to time made a party hereto
(together with Borrower, "Grantors"), in favor of CENTRAL BANK & TRUST, part of Farmers & Stockmens
Bank (together with its successors and assigns, if any, the "Lender").

 

PRELIMINARY STATEMENTS

 

A.            Pursuant
to the Loan Agreement, dated as of even date herewith, by and among Borrower and Lender (as modified, amended, restated or supplemented
from time to time, the "Loan Agreement"), Lender has agreed to extend credit to and or for the account of Borrower
(the "Loan"). Capitalized terms used in this Agreement and not otherwise defined in this Agreement shall have
the meanings given to those terms in the Loan Agreement or in the UCC; provided that terms used herein which are defined
in the UCC on the date hereof shall continue to have the same meaning notwithstanding any replacement or amendment of such statute
except as Lender may otherwise determine

 

B.            It
is a condition precedent to Lender making the Loan to Borrower, pursuant to the Loan Agreement, that Grantors shall have executed
and delivered to Lender this Agreement and granted to Lender a security interest in and Lien on (1) all personal property
and fixtures of Grantors (subject to the limitations set forth herein) and (2) all Equity Interests held by each Grantor,
together with all income from such Equity Interests (the "Assigned Interests").

 

C.            Additional
parties may join into this Agreement by executing and delivering to Lender a Joinder to Security Agreement in substantially the
form attached as Exhibit A ("Joinder"), and such Joinder will be incorporated herein by reference
as if such party originally executed this Agreement.

 

D.            Each
of Grantors other than Borrower are wholly owned Subsidiaries of Borrower and all of the Grantors are mutually dependent on each
other in the conduct of their respective business as an integrated operation, with credit needed from time to time by each Grantor
often being provided through financing obtained by the other Grantors and the ability to obtain such financing being dependent
on the successful operations of all Grantors as a whole.

 

E.            Each
Grantor has determined that the execution, delivery and performance of this Agreement directly benefits, and is in the best interest
of, such Grantor.

 

NOW, THEREFORE,
in consideration of the premises and the agreements herein, the statements above, and in the other Loan Documents, Grantors
hereby jointly and severally agree with Lender, as follows:

 

AGREEMENT

 

1.            Defined
Terms. As used in this Agreement, the following terms shall have the meanings set forth below:

 

     

     

    

 

"Assigned Interests"
shall have the meaning set forth in Preliminary Statement B, above.

 

"Excluded
Account" means any Deposit Account which is used solely (i) to fund payroll, 401(k) and other employee benefit
plans, (ii) as a withholding tax account or (iii) as a trust or fiduciary account.

 

"Extraordinary
Expenses" means all costs, expenses, liabilities or advances that Lender may incur or make during a Default or Event of
Default, or during the pendency of a proceeding of any Loan Party under any Debtor Relief Laws.

 

"Intellectual
Property" means all past, present and future trade secrets, know-how and other proprietary information; trademarks, internet
domain names, service marks, trade dress, trade names, business names, designs, logos, slogans (and all translations, adaptations,
derivations and combinations of the foregoing) indicia and other source or business identifiers, and the goodwill of the business
relating thereto and all registrations or applications for registrations which have heretofore been or may hereafter be issued
thereon throughout the world; copyrights (including copyrights for computer programs) and copyright registrations or applications
for registrations which have heretofore been or may hereafter be issued throughout the world and all tangible property embodying
the copyrights, unpatented inventions (whether or not patentable); patent applications and patents; industrial design applications
and registered industrial designs; license agreements related to any of the foregoing and income therefrom; books, records, writings,
computer tapes or disks, flow diagrams, specification sheets, computer software, source codes, object codes, executable code, data,
databases and other physical manifestations, embodiments or incorporations of any of the foregoing; the right to sue for all past,
present and future infringements of any of the foregoing; all other intellectual property; and all common law and other rights
throughout the world in and to all of the foregoing.

 

"Issuer"
means those such Issuers as identified on Exhibit B, as the same may be supplemented, amended, modified or restated
from time to time.

 

"Pledged Equity"
means the Equity Interests listed on Exhibit B, as the same may be supplemented, amended, modified or restated
from time to time, together with any other Equity Interests, certificates, options or rights of any nature whatsoever in respect
of the Equity Interests of any Person that may be issued or granted, or held by, any Grantor while this Agreement is in effect.

 

Reference is hereby made to Section 1.02
of the Loan Agreement, the terms of which are hereby incorporated by reference herein as if fully set forth herein.

 

2.            Grant
of Security Interest. As collateral security for the payment, performance

 

and observance of all of the Obligations,
and including any extensions or renewals or changes in form of the Loan Agreement, and all costs and expenses of collection, including,
without limitation, attorneys' fees and Extraordinary Expenses, Grantors hereby pledge, assign and grant to Lender a continuing
security interest in all of the following property of Grantors, wherever located; and whether now or hereafter existing and whether
now owned or hereafter acquired (all being collectively referred to herein as the "Collateral"): (a) all
Accounts; (b) all Inventory; (c) all Equipment; (d) all Goods; (e) all Chattel Paper (whether tangible or
electronic); (f) all Deposit Accounts and all cash; (g) all Documents; (h) all General Intangibles (including,
without limitation, all Payment Intangibles and Intellectual Property); (i) all Instruments; (j) all Investment Property;
(k) all Letter-of-Credit Rights; (1) all titled vehicles; (m) all Supporting Obligations; (n) all Commercial
Tort Claims; (o) all other tangible and intangible personal property of Grantors (whether or not subject to the UCC); (p) Pledged
Equity; (q) all Proceeds including all Cash Proceeds and all noncash Proceeds, and all products of any and all of the foregoing
Collateral; and (r) all collateral security and guaranties given by any Person with respect to any of the foregoing.

 

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3.            Assignment
of Right to Receive Distributions. As collateral security for the payment, performance
and observance of all of the Obligations, and including any extensions or renewals or changes in form of the Loan Agreement, and
all costs and expenses of collection, including, without limitation, attorneys' fees and Extraordinary Expenses, subject to Section 7(c) each
Grantor hereby grants, transfers, and assigns to Lender all of Grantor's right, title and interest now owned or later acquired
in and to the right to withdraw or receive distributions or any other proceeds from the Pledged Equity, including from the Assigned
Interests, pursuant to the Equity Interests, or applicable Laws, including, but not limited to, Proceeds from sale, transfer,
refinancing, or other conveyances, and income, earnings, shares, profits, distributions, and other amounts earned by, accruing
for the benefit of, or otherwise allocable to any Grantor's interest.

 

4.            Limitations.
The term "Collateral" shall not include, and no Grantor is pledging, nor granting
a security interest hereunder in, any Excluded Accounts.

 

5.            Representations
and Warranties. Each Grantor jointly and severally represents and warrants as follows:

 

(a)            Legal
Name and Formation. As of the date of execution hereof and as of the date of any supplement, amendment, modification or restatement
thereof, Schedule I hereto sets forth (i) the exact legal name of each Grantor, (ii) the state or jurisdiction
of organization of each Grantor, and (iii) the type of organization of each Grantor.

 

(b)            Litigation.
As of the date of execution hereof, there is no pending or, to the knowledge of any Grantor, threatened action, suit, proceeding
or claim before any court or other Governmental Authority or any arbitrator, or any order, judgment or award by any court or other
Governmental Authority or any arbitrator, that could reasonably be expected to adversely affect the grant by any Grantor, or the
perfection, of the security interest purported to be created hereby in any material portion of the Collateral, or the exercise
by Lender of any of its rights or remedies hereunder.

 

(c)            Location
of Inventory and Equipment. Except for Inventory and Equipment sold or otherwise disposed of in accordance with the terms
of the Loan Agreement, all Equipment and Inventory now existing are, and all Equipment and Inventory hereafter existing will be,
located at the Premises.

 

(d)            Pledged
Equity. (i) That the Pledged Equity pledged hereunder constitutes all of the issued and outstanding Equity Interests
of each Issuer (identified in Exhibit B) owned by each Grantor; (ii) that all of the Pledged Equity has been
duly and validly issued; (iii) that none of the Pledged Equity is a security under the UCC; (iv) that none of the
Pledged Equity is certificated except as noted on Exhibit B; (vi) that each Grantor is the record and
beneficial owner of, and has good and marketable title to, the Pledged Equity pledged hereunder, free of any and all liens or
options in favor of, or claims of, any other Person; and (vii) that Grantor does not have any obligation to make further
payments for its purchase of its Pledged Equity or contributions to the issuer thereof solely by reason of its ownership of
any Pledged Equity or its status as a member of the issuer.

 

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(e)            Grantor
Location. Each Grantor's chief place of business and chief executive office and the place where such Grantor keeps its material
Records concerning Accounts and all originals of all Chattel Paper and Instruments are located at the addresses specified therefor
in Schedule I hereto (as amended, supplemented or otherwise modified from time to time in accordance with the terms hereof).

 

(f)            Non-Contravention.
The exercise by Lender of any of its rights and remedies hereunder will not contravene any law or any contractual restriction
binding on or otherwise affecting any Grantor or any of its properties and will not result in, or require the creation of, any
Lien upon or with respect to any of its properties (other than as set forth in this Agreement).

 

(g)            No
Further Action. No authorization or approval or other action by, and no notice to or filing with, any Governmental Authority
or any other Person, is required for (i) the grant by any Grantor of the security interest purported to be created hereby
in the Collateral, (ii) the exercise by Lender of any of its rights and remedies hereunder or (iii) perfection of the
security interest purported to be created hereby in the Collateral, except (A) for the filing under the Uniform Commercial
Code as in effect in the applicable jurisdiction of the financing statements described in Schedule I hereto, (B) with
respect to any action that may be necessary to obtain control of Collateral constituting Deposit Accounts, Electronic Chattel
Paper, Investment Property or Letter-of-Credit Rights, the taking of such actions, and (C) Lender's having possession
of all Documents, Chattel Paper, Instruments and cash constituting Collateral (subclauses (A), (B), and (C), each a "Perfection
Requirement" and collectively, the "Perfection Requirements").

 

(h)            Valid
Lien. This Agreement creates a legal, valid and enforceable security interest in favor of Lender, for the benefit of Lender,
in the Collateral, as security for the Obligations. Upon compliance with the Perfection Requirements, Lender's Lien on the Collateral
will be a perfected, first priority security interest, subject in priority only to the Permitted Liens.

 

(i)            Commercial
Tort Claims. As of the date hereof, no Grantor holds any Commercial Tort Claims or is aware of any such pending claims.

 

(j)            Depository
Accounts. Each Grantor agrees to establish and maintain at all times so long as any Obligations remain outstanding, its primary
depository and operating accounts, and associated treasury management services, with Lender.

 

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6.            Covenants
as to the Collateral. Prior to the Termination Date, unless Lender shall otherwise consent in writing:

 

(a)            Location
of Equipment and Inventory. Grantors shall give Lender not less than 30 days prior written notice of any change in any Grantor's
chief executive office and principal place of business or of any new location of Collateral.

 

(b)            Provisions
Concerning the Accounts. Each Grantor will, except as otherwise provided in this subsection (b), continue to collect,
at its own expense, all amounts due or to become due under the Accounts and all payment rights arising under Chattel Paper, Instruments
and Payment Intangibles. Lender shall have the right at any time, upon the occurrence and during the continuance of an Event of
Default , to notify the Account debtor or obligors under any Accounts of the assignment of such Accounts to Lender and to direct
such Account debtor or obligors to make payment of all amounts due or to become due to Grantors thereunder directly to Lender
or its designated agent and, upon such notification and at the expense of Grantors and to the extent permitted by law, to enforce
collection of any such Accounts and to adjust, settle or compromise the amount or payment thereof, in the same manner and to the
same extent as Grantors might have done. While an Event of Default exists, all amounts and proceeds received by Grantors in respect
of the Accounts shall be received in trust for the benefit of Lender hereunder and upon notice of Lender, shall be segregated
from other funds of Grantors and shall be forthwith paid over to Lender or its designated Lender in the same form as so received
(with any necessary indorsement) to be held as cash collateral.

 

(c)            Intellectual
Property.

 

(i)            Grantors
shall have the duty, with respect to Intellectual Property that is necessary in the conduct of Grantors' business, to protect and
diligently enforce and defend at Grantors' expense such Intellectual Property and register any such Intellectual Property with
the applicable filing office to the extent such registration is necessary to preserve Grantors' interest therein. Grantor further
agrees not to abandon any Intellectual Property that is necessary in the conduct of Grantors' business.

 

(ii)            Grantors
acknowledge and agree that the Lender shall have no duties with respect to any Intellectual Property of Grantors and no obligation
to take any steps to preserve rights in the Collateral consisting of Intellectual Property against any other Person, but Lender
may do so at its option from and after the occurrence and during the continuance of an Event of Default.

 

(iii)            For
the purpose of enabling Lender to exercise rights and remedies hereunder, at such time as, and to the extent that, Lender
shall be lawfully entitled to exercise such rights and remedies, and for no other purpose, Grantors hereby (A) grant to
Lender an irrevocable, non-exclusive license (exercisable without payment of royalty or other compensation to Grantors) to
use, assign, license or sublicense any Intellectual Property now or hereafter owned by any Grantor, wherever the same may be
located, including in such license reasonable access to all media in which any of the licensed items may be recorded or
stored and to all computer programs used for the compilation or printout thereof; and (B) assign as collateral security
to Lender, to the extent assignable, all of its rights to any Intellectual Property now or hereafter licensed or used by any
Grantor.

 

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(d)            Control.
Grantors hereby agree to take any or all action that may be necessary or that Lender may reasonably request in order for Lender
to perfect and protect its security interest in the Collateral in a first lien position (subject only to the Permitted Liens)
for purposes of carrying out the intent of this Agreement.

 

(e)            Pledged
Equity. If any Grantor becomes entitled to receive or shall receive any certificate, option or rights in respect to Equity
Interests of any Issuer, whether in addition to, in substitution of, as a conversion of, or in exchange for, any Pledged Equity,
or otherwise in respect thereof, said Grantor shall accept the same as the agent of Lender, hold the same in trust for Lender
and deliver the same forthwith to Lender in the exact form received, duly indorsed by said Grantor to Lender, if required, together
with an undated instrument of transfer covering such certificate duly executed in blank by said Grantor and with, if Lender so
requests, signature guaranteed, to be held by Lender as additional Collateral. Grantor shall not take any action to cause any
membership interest comprising the Pledged Equity to be or become a security within the meaning of, or to be governed by Article 8
of the Uniform Commercial Code and shall not cause or permit any Issuer of any Pledged Equity to "opt in" or to take
any other action seeking to elect or treat its membership interest comprising any Pledged Equity as a security or to cause any
membership interest comprising any Pledged Equity to become certified.

 

(f)            Disposition.
Grantors shall not make any Disposition, or enter into any agreement to make any Disposition, of Collateral except (a) Dispositions
of cash equivalents and Inventory in the Ordinary Course of Business, (b) Dispositions in the Ordinary Course of Business
of equipment or fixed assets that are obsolete, worn out or no longer useful in the Ordinary Course of Business, and (c) such
Disposition that results from an Event of Loss and is not otherwise an Event of Default so long as all proceeds are remitted to
Lender for application to the Obligations or otherwise applied as approved by Lender in its sole discretion. Further, Grantor
shall not vote to enable, or take any other action to permit, any Issuer to issue any Equity Interest of any nature or to issue
any other securities or interests convertible into or granting the right to purchase or exchange for any Equity Interests of any
nature of any Issuer.

 

(g)            Organizational
Changes. Without limiting Section 6.10 of the Loan Agreement, upon not less than ten (10) days' prior written
notice to Lender accompanied by a new Schedule I hereto, indicating such change, no Grantor shall change (A) its name,
identity or organizational structure, (B) its jurisdiction of incorporation or organization as set forth in Schedule I
hereto or (C) its chief executive office as set forth in Schedule I hereto.

 

7.            Additional
Provisions Concerning the Collateral.

 

(a)            With
respect to leased Premises, each Grantor shall use commercially reasonable efforts to cause the landlord(s) in respect of
such leased Premises to sign a landlord's waiver in form and substance acceptable to Lender. The requirements of this subsection
may be waived at the option of Lender.

 

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(b)            Grantors
hereby (i) authorize Lender at any time and from time to time prior to the termination of the Loan Agreement to file, one
or more financing or continuation statements and amendments thereto, relating to the Collateral (including, without limitation,
any such financing statements that describe the Collateral as "all assets" or "all personal property" (or words
of similar effect)); (ii) ratify such authorization to the extent that Lender has filed any such financing statements, continuation
statements, or amendments thereto, prior to the date hereof; and (iii) authorize Lender to record this security agreement
or other such documents required with the United States Copyright Office or United States Patent and Trademark Office relating
to Intellectual Property that has an application pending or been or will be registered.

 

(c)            Each
Grantor hereby irrevocably appoints Lender as its attorney-in-fact and proxy, with full authority and power of substitution in
the place and stead of said Grantor and in the name of said Grantor or otherwise, from time to time in Lender's discretion, to
take any action and to execute any instrument that Lender may deem necessary or advisable to accomplish the purposes of this Agreement.
THIS POWER AND PROXY IS COUPLED WITH AN INTEREST AND IS IRREVOCABLE UNTIL THE TERMINATION DATE. THIS POWER AND PROXY SHALL BE EFFECTIVE
AUTOMATICALLY AND WITHOUT THE NECESSITY OF ANY ACTION (INCLUDING ANY TRANSFER OF ANY INVESTMENT PROPERTY ON THE RECORD BOOKS OF
THE ISSUER THEREOF) BY ANY PERSON (INCLUDING THE ISSUER OF THE INVESTMENT PROPERTY OR ANY OFFICER OR LENDER THEREOF). Grantors
ratify all actions taken by Lender pursuant to this power and proxy granted. All prior proxies granted by Grantors with respect
to the subject matter hereof are hereby revoked.

 

(d)            So
long as no Event of Default has occurred and is continuing, Grantor shall be permitted to receive all Proceeds, including dividends
and distributions paid in respect of the Pledged Equity to the extent permitted by the Loan Agreement, provided that all such Proceeds
shall be deposited into the Primary Account, and to exercise all voting and other rights with respect to the Pledged Equity; provided,
that no vote shall be cast or other right exercised or action taken which would have a Material Adverse Effect or which would be
inconsistent with or result in any violation of any provision of the Loan Agreement, this Agreement or any other Loan Document.

 

(e)            On
each date on which a Compliance Certificate is required to be delivered pursuant to the Loan Agreement, each Grantor shall provide
Lender updates to the Schedules and Exhibits hereto in order to make such Schedules and Exhibits complete and correct as of such
date and, upon the request of Lender, the applicable Grantor shall promptly cause to be prepared, executed, and delivered to Lender
supplemental schedules and exhibits to the applicable Loan Documents.

 

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8.            Remedies
Upon Default. If any Event of Default shall have occurred and be continuing:

 

(a)            Lender
may exercise in respect of the Collateral, in addition to any other rights and remedies provided for in any Loan Document or
otherwise available to it, all of the rights and remedies of a secured party upon default under the UCC (whether or not the
UCC applies to the affected Collateral), and also may (i) take control of the Collateral, including, without limitation,
transfer into Lender's name or into the name of its nominee or nominees (to the extent Lender has not theretofore done so)
and thereafter receive all payments made thereon, give all consents, waivers and ratifications in respect thereof and
otherwise act with respect thereto as though it were the outright owner thereof, (ii) require Grantors to, and each
Grantor hereby agrees that it will at its expense and upon request of Lender forthwith, assemble all or part of the
Collateral as directed by Lender and make it available to Lender at a place or places to be designated by Lender that is
reasonably convenient to both parties, and Lender may enter into and occupy any premises owned or leased by Grantors where
the Collateral or any part thereof is located or assembled for a reasonable period in order to effectuate Lender's rights and
remedies hereunder or under law, without obligation to Grantors in respect of such occupation, and (iii) without notice
except as specified below and without any obligation to prepare or process the Collateral for sale, (A) sell the
Collateral or any part thereof in one or more parcels at public or private sale, for cash, on credit or for future delivery,
and upon such terms as Lender may deem commercially reasonable and/or (B) lease, license or otherwise dispose of the
Collateral or any part thereof upon such terms as Lender may reasonably deem commercially reasonable. Grantors agree that, to
the extent notice of sale or any other disposition of the Collateral shall be required by law, at least 10 days' prior notice
to the Grantor of the time and place of any public sale or the time after which any private sale or other disposition of the
Collateral is to be made shall constitute reasonable notification. Lender shall not be obligated to make any sale or other
disposition of Collateral regardless of notice of sale having been given. Lender may adjourn any sale by announcement prior
to or at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which
it was so adjourned. Grantor hereby waives any claims against Lender arising by reason of the fact that the price at which
the Collateral may have been sold at a private sale was less than the price which might have been obtained at a public sale
or was less than the aggregate amount of the Obligations, even if Lender accepts the first offer received and does not offer
the Collateral to more than one offeree, and waives all rights that Grantors may have to require that all or any part of the
Collateral be marshaled upon any sale (public or private) thereof; provided, however, the foregoing is not a waiver of any
non-waivable provisions of the UCC, including the provisions of UCC §9-610(b). Grantors hereby acknowledge that
(i) any such sale of the Collateral by Lender shall be made without warranty, (ii) Lender may specifically disclaim
any warranties of title, possession, quiet enjoyment or the like, (iii) Lender may bid the Obligations (which bid may
be, in whole or in part, in the form of cancellation of indebtedness), if permitted by law, for the purchase, lease, license
or other disposition of the Collateral or any portion thereof for the account of Lender and (iv) such actions set forth
in clauses (i), (ii) and (iii) above shall not adversely affect the commercial reasonableness of any such sale of
the Collateral. In addition to the foregoing, (x) upon written notice to Grantors from Lender, Grantors shall cease any
use of the Intellectual Property for any purpose described in such notice and (y) Lender may, at any time and from time
to time, upon 10 days' prior notice to Grantors, license, whether general, special or otherwise, and whether on an exclusive
or non-exclusive basis, any of the Intellectual Property.

 

(b)            In
the event that the proceeds of any such sale, collection or realization are insufficient to pay all amounts to which Lender
is legally entitled, Grantors shall be jointly and severally liable for the deficiency, together with interest thereon at the
Default Rate, together with the costs of collection and the reasonable fees, costs, expenses and other client charges of any
attorneys employed by Lender to collect such deficiency.

 

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(c)            Grantors
hereby acknowledge that if Lender complies with any applicable requirements of law in connection with a disposition of the Collateral,
such compliance will not adversely affect the commercial reasonableness of any sale or other disposition of the Collateral. Additionally,
each Grantor agrees to use its best efforts to do or cause to be done all such other acts as may be necessary to make such sale
or sales of all or any portion of the Pledged Equity valid and binding and in compliance with applicable law.

 

(d)            Any
sums paid upon or in respect of the Pledged Equity upon liquidation or dissolution of any Issuer shall be paid over to Lender and
held as additional Collateral; and, in the case of any distribution of capital shall be made on or in respect of the Pledged Equity
or any property shall be distributed upon or with respect to the Pledged Equity pursuant to recapitalization or reclassification
of the capital of any Issuer or pursuant to reorganization thereof, the property so distributed shall, unless otherwise subject
to a perfected Lien in favor of Lender, be delivered to Lender to be held by it hereunder as additional Collateral.

 

(e)            Any
sum of money or property paid or distributed in respect to the Pledged Equity shall be received by Grantor, and held in trust for
Lender, segregated from other funds of such Grantor until delivered to Lender, as additional Collateral.

 

(f)            Lender
shall have the right to receive any and all dividends and distributions, payments or other Proceeds paid in respect of the Pledged
Equity and make application thereof to the Obligations in such order as Lender may determine.

 

(g)            Lender
shall have any and all voting and other rights pertaining to the Pledged Equity at any meeting of holder of the Equity Interests
of the relevant Issuers or otherwise (or by written consent), and any and all rights of conversion, exchange, and subscription
and any other rights, privileges or options pertaining to such Pledged Equity as if Lender were the absolute owner thereof, all
without liability except to account for property actually received by it, but Lender shall have no duty to Grantor to exercise
any such right, privilege or option and shall not be responsible for any failure to do so or delay in doing so.

 

(h)            Grantor
hereby authorizes and instructs each Issuer of any Pledged Equity of Grantor to (i) comply with any instruction received by
it from Lender in writing that states that an Event of Default has occurred and is continuing, without any other or further instructions
from Grantor, and Grantor agrees that each Issuer shall be fully protected in so complying and (ii) unless otherwise permitted
hereby, such Issuer shall pay any dividends, distributions or other payments with respect to the Pledged Equity directly to Lender.

 

9.            Notices,
Etc. All notices and other communications provided for hereunder shall be given in accordance
with the notice provision of the Loan Agreement

 

10.            Security
Interest Absolute; Joint and Several Obligations.

 

(a)            All
rights of Lender, all Liens and all obligations of the Grantors hereunder shall be absolute and unconditional irrespective of
(i) any lack of validity or enforceability of the Loan Agreement or any other Loan Document, (ii) any change in the
time, manner or place of payment of, or in any other term in respect of, all or any of the Obligations, or any other
amendment or waiver of or consent to any departure from the Loan Agreement or any other Loan Document, (iii) any
exchange or release of, or non-perfection of any Lien on any Collateral, or any release or amendment or waiver of or consent
to departure from any guaranty, for all or any of the Obligations, or (iv) any other circumstance that might otherwise
constitute a defense available to, or a discharge of, Grantors in respect of the Obligations (other than defense of payment).
All authorizations and agencies contained herein with respect to any of the Collateral are irrevocable and powers coupled
with an interest.

 

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(b)            Grantors
hereby waive, to the extent permitted by applicable law, (i) promptness and diligence, (ii) notice of acceptance and
notice of the incurrence of any Obligation by Grantors, (iii) notice of any actions taken by Lender, any Guarantor or any
other Person under any Loan Document or any other agreement, document or instrument relating thereto, (iv) all other notices,
demands and protests, and all other formalities of every kind in connection with the enforcement of the Obligations, the omission
of or delay in which, but for the provisions of this subsection (b), might constitute grounds for relieving Grantors of
any obligations hereunder and (v) any requirement that Lender protect, secure, perfect or insure any security interest or
other lien on any property subject thereto or exhaust any right or take any action against Grantors or any other Person or any
collateral.

 

(c)            All
of the obligations of Grantors hereunder are joint and several. Lender may, in its sole and absolute discretion, enforce the provisions
hereof against any of Grantors and shall not be required to proceed against all Grantors jointly or seek payment from Grantors
ratably. In addition, Lender may, in its sole and absolute discretion, select the Collateral of any one or more of Grantors for
sale or application to the Obligations, without regard to the ownership of such Collateral, and shall not be required to make such
selection ratably from the Collateral owned by all of Grantors. The release or discharge of any Grantor by Lender shall not release
or discharge any other Grantor from the obligations of such Person hereunder.

 

11.            Miscellaneous.

 

(a)            No
amendment of any provision of this Agreement shall be effective unless it is in writing and signed by the parties hereto. No waiver
of any provision of this Agreement shall be effective unless it is in writing and signed by a duly authorized officer of the party
against whom the waiver is enforceable. Grantors hereby waive any and all claims of promissory estoppel; or amendment or waiver
by acts or inaction.

 

(b)            This
Agreement and every part hereof shall be effective upon delivery to Lender, without further act, condition or acceptance by Lender,
shall be binding upon the Grantor, and upon the heirs, legal representatives, successors and assigns thereof, and shall inure to
the benefit of the Lender and its respective successors, legal representatives and assigns. None of the rights or obligations of
Grantors hereunder may be assigned or otherwise transferred without the prior written consent of Lender, and any such assignment
or transfer absent such consent shall be null and void.

 

(c)            Without
limiting comparable provisions of the Loan Agreement, this Agreement shall remain in full force and effect and continue to be
effective should any petition be filed by or against Grantors for liquidation or reorganization, should any Grantor become
insolvent or make an assignment for the benefit of any creditor or creditors or should a receiver or trustee be appointed for
all or any significant part of any Grantor's assets, and shall continue to be effective or be reinstated, as the case may be,
if at any time payment or performance of the Obligations, or any part thereof, is, pursuant to applicable law (or any
settlement agreement), rescinded or reduced in amount, or must otherwise be restored or returned by any obligee of the
Obligations, whether as a "voidable preference," "fraudulent conveyance," or otherwise, all as though
such payment or performance had not been made. In the event that any payment, or any part thereof, is rescinded, reduced,
restored or returned, the Obligations shall be reinstated and deemed reduced only by such amount paid and not so rescinded,
reduced, restored or returned.

 

    10

     

    

 

(d)            THIS
AGREEMENT SHALL BE GOVERNED BY, CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF COLORADO, EXCEPT AS REQUIRED
BY MANDATORY PROVISIONS OF LAW AND EXCEPT TO THE EXTENT THAT THE VALIDITY AND PERFECTION OR THE PERFECTION AND THE EFFECT OF PERFECTION
OR NON-PERFECTION OF THE SECURITY INTEREST CREATED HEREBY, OR REMEDIES HEREUNDER, IN RESPECT OF ANY PARTICULAR COLLATERAL
ARE GOVERNED BY THE LAW OF A JURISDICTION OTHER THAN THE STATE OF COLORADO.

 

(e)            EACH
PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL
BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT
OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES
THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD
NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES
HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
CERTIFICATIONS IN THIS SECTION.

 

(f)            In
addition to and without limitation of any of the foregoing, this Agreement shall be deemed to be a Loan Document and shall otherwise
be subject to all of terms and conditions contained in Article VII of the Loan Agreement, incorporated by reference.

 

(g)            Each
Grantor irrevocably and unconditionally waives any right it may have to claim or recover in any legal action, suit or proceeding
with respect to this Agreement any special, exemplary, punitive or consequential damages.

 

(h)            Any
provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining portions hereof or thereof or affecting
the validity or enforceability of such provision in any other jurisdiction.

 

    11

     

    

 

(i)            Section headings
herein are included for convenience of reference only and shall not constitute a part of this Agreement for any other purpose.

 

(j)           This
Agreement may be executed in any number of counterparts and by the different parties hereto on separate counterparts, each of which
shall be deemed an original, but all of such counterparts taken together shall constitute one and the same agreement. Delivery
of an executed counterpart of this Agreement by facsimile or electronic mail shall be equally effective as delivery of an original
executed counterpart.

 

[Signatures appear on following pages]

 

    12

     

    

 

IN WITNESS WHEREOF, each of the undersigned
has caused this Agreement to be executed and delivered by its officer thereunto duly authorized, as of the date first above written.

 

	 	BORROWER:
	 	 	 
	 	ASSURE HOLDINGS CORP., a Nevada corporation
	 	 	 
	 	By:	/s/ Trent
    Carman
	 	Name:	Trent Carman
	 	Title:	Chief Financial Officer

 

Signature Page to Security Agreement

 

     

     

    

 

IN WITNESS WHEREOF, each of the undersigned
has caused this Agreement to be executed and delivered by its officer thereunto duly authorized, as of the date first above written.

 

	GRANTORS:	 	 	 
	 	 	 	 	 
	ASSURE
    HOLDINGS, INC., a Colorado corporation	 	ASSURE
    NETWORKS UTAH, LLC, a Utah limited liability company
	 	 	 	 	 
	By:	/s/ Trent
    Carman	 	By:	/s/ Trent
    Carman
	Name:	Trent
    Carman	 	Name:	Trent
    Carman
	Title:	Chief
    Financial Officer	 	Title:	Chief
    Financial Officer
	 	 	 	 	 
	ASSURE
    NEUROMONITORING LLC, a Colorado limited liability company	 	DNS
    PROFESSIONAL READING LLC, a Colorado limited liability company
		 	
	By:	/s/ Trent
    Carman	 	By:	/s/ Trent
    Carman
	Name:	Trent
    Carman	 	Name:	Trent
    Carman
	Title:	Chief
    Financial Officer	 	Title:	Chief
    Financial Officer
	 	 	 	 	 
	ASSURE
    NEUROMONITORING ARIZONA, LLC, a Arizona limited liability company	 	DNS
    LOUISIANA, LLC, a Louisiana limited liability company
		 	 	 
	By:	/s/ Trent
    Carman	 	By:	/s/ Trent
    Carman
	Name:	Trent
    Carman	 	Name:	Trent
    Carman
	Title:	Chief
    Financial Officer	 	Title:	Chief
    Financial Officer
	 	 	 	 	 
	ASSURE
    NEUROMONITORING COLORADO, LLC, a Colorado limited liability company	 	DNS
    UTAH, LLC, a Utah limited liability company
		 	 	 
	By:	/s/ Trent
    Carman	 	By:	/s/ Trent
    Carman
	Name:	Trent
    Carman	 	Name:	Trent
    Carman
	Title:	Chief
    Financial Officer	 	Title:	Chief
    Financial Officer

 

Signature Page to Security Agreement

 

     

     

    

 

IN WITNESS WHEREOF, each of the undersigned
has caused this Agreement to be executed and delivered by its officer thereunto duly authorized, as of the date first above written.

 

GRANTORS:

 

	ASSURE
    NEUROMONITORING LOUISIANA, LLC, a Louisiana limited liability company	 	ASSURE
    EQUIPMENT LEASING, LLC, a Colorado limited liability company
		 	 	 
	By:	/s/ Trent
    Carman	 	By:	/s/ Trent
    Carman 
	Name:	Trent
    Carman	 	Name:	Trent
    Carman
	Title:	Chief
    Financial Officer	 	Title:	Chief
    Financial Officer
	 	 	 	 	 
	ASSURE
    NEUROMONITORING MICHIGAN, LLC, a Michigan limited liability company	 	VELOCITY
    REVENUE CYCLE, LLC, a Colorado limited liability company
		 	 	 
	By:	/s/ Trent
    Carman	 	By:	/s/ Trent
    Carman
	Name:	Trent
    Carman	 	Name:	Trent
    Carman
	Title:	Chief
    Financial Officer	 	Title:	Manager
	 	 	 	 	 
	ASSURE
    NEUROMONITORING PENNSYLVANIA, LLC, a Pennsylvania limited liability company	 	ASSURE
    NEUROMONITORING GEORGIA, LLC, a Georgia limited liability company
	 	 	 	 	 
	By:	/s/ Trent
    Carman	 	By:	/s/ Trent
    Carman
	Name:	Trent
    Carman	 	Name:	Trent
    Carman
	Title:	Chief
    Financial Officer	 	Title:	Chief
    Financial Officer
	 	 	 	 	 
	ASSURE
    NEUROMONITORING SOUTH CAROLINA, LLC, a South Carolina limited liability company	 	ASSURE
    NEUROMONITORING MINNESOTA LLC, a Minnesota limited liability company
	 	 	 	 	 
	By:	/s/ Trent
    Carman	 	By:	/s/ Trent
    Carman
	Name:	Trent
    Carman	 	Name:	Trent
    Carman
	Title:	Chief
    Financial Officer	 	Title:	Chief
    Financial Officer

 

Signature Page to Security Agreement

 

     

     

    

 

IN WITNESS WHEREOF, each of the undersigned
has caused this Agreement to be executed and delivered by its officer thereunto duly authorized, as of the date first above written.

 

GRANTORS:

 

	ASSURE
    NEUROMONITORING TEXAS, LLC, a Texas limited liability company	 	ASSURE
    NEUROMONITORING NEVADA LLC, a Nevada limited liability company
	 	 	 	
	By:	/s/ Trent
    Carman	 	By:	/s/ Trent
    Carman
	Name:	Trent
    Carman	 	Name:	Trent
    Carman
	Title:	Chief
    Financial Officer	 	Title:	Chief
    Financial Officer
	 	 	 	 	 
	ASSURE
    NEUROMONITORING TEXAS HOLDINGS, LLC, a Texas limited liability company	 	ASSURE
    NEUROMONITORING OKLAHOMA, LLC, a Oklahoma limited liability company
	 	 	 	 	 
	By:	/s/ Trent
    Carman	 	By:	/s/ Trent
    Carman
	Name:	Trent
    Carman	 	Name:	Trent
    Carman
	Title:	Chief
    Financial Officer	 	Title:	Chief
    Financial Officer
	 	 	 	 	 
	ASSURE
    NEUROMONITORING UTAH, LLC, a Utah limited liability company	 	ASSURE
    NEUROMONITORING TENNESSEE LLC, a Tennessee limited liability company
	 	 	 	
	By:	/s/ Trent
    Carman	 	By:	/s/ Trent
    Carman
	Name:	Trent
    Carman	 	Name:	Trent
    Carman
	Title:	Chief
    Financial Officer	 	Title:	Chief
    Financial Officer
	 	 	 	 	 
	ASSURE
    NETWORKS, LLC, a Colorado limited liability company	 	ASSURE
    NEUROMONITORING VIRGINIA, LLC, a Virginia limited liability company
	 	 	 	
	By:	/s/ Trent
    Carman	 	By:	/s/ Trent
    Carman 
	Name:	Trent
    Carman	 	Name:	Trent
    Carman
	Title:	Chief
    Financial Officer	 	Title:	Chief
    Financial Officer

 

Signature Page to Security Agreement

 

     

     

    

 

IN WITNESS WHEREOF, each of the undersigned
has caused this Agreement to be executed and delivered by its officer thereunto duly authorized, as of the date first above written.

 

	GRANTORS:	 	 	 
	 	 	 	 	 
	ASSURE
    NETWORKS ARIZONA, LLC, a Arizona limited liability company	 	ASSURE
    NETWORKS GEORGIA LLC, a Georgia limited liability company
	 	 	 	 	 
	By:	/s/ Trent
    Carman	 	By:	/s/ Trent
    Carman
	Name:	Trent
    Carman	 	Name:	Trent
    Carman
	Title:	Chief
    Financial Officer	 	Title:	Chief
    Financial Officer
	 	 	 	 	 
	ASSURE
    NETWORKS COLORADO, LLC, a Colorado limited liability company	 	ASSURE
    NETWORKS MINNESOTA LLC, a Minnesota limited liability company
	 	 	 	 	 
	By:	/s/ Trent
    Carman	 	By:	/s/ Trent
    Carman
	Name:	Trent
    Carman	 	Name:	Trent
    Carman
	Title:	Chief
    Financial Officer	 	Title:	Chief
    Financial Officer
	 	 	 	 	 
	ASSURE
    NETWORKS LOUISIANA, LLC, a Louisiana limited liability company	 	ASSURE
    NETWORKS NEVADA LLC, a Nevada limited liability company
	 	 	 	 	 
	By:	/s/ Trent
    Carman	 	By:	/s/ Trent
    Carman
	Name:	Trent
    Carman	 	Name:	Trent
    Carman
	Title:	Chief
    Financial Officer	 	Title:	Chief
    Financial Officer
	 	 	 	 	 
	ASSURE
    NETWORKS MICHIGAN, LLC, a Michigan limited liability company	 	ASSURE
    NETWORKS OKLAHOMA, LLC, a Oklahoma limited liability company
	 	 	 	 	 
	By:	/s/ Trent
    Carman	 	By:	/s/ Trent
    Carman
	Name:	Trent
    Carman	 	Name:	Trent
    Carman
	Title:	Chief
    Financial Officer	 	Title:	Chief
    Financial Officer

 

Signature Page to Security Agreement

 

     

     

    

 

IN WITNESS WHEREOF, each of the undersigned
has caused this Agreement to be executed and delivered by its officer thereunto duly authorized, as of the date first above written.

 

	GRANTORS:	 	 	 
	 	 	 	 	 
	ASSURE
    NETWORKS PENNSYLVANIA, LLC, a Pennsylvania limited liability company	 	ASSURE
    NETWORKS TENNESSEE LLC, a Tennessee limited liability company
	 	 	 	 	 
	By:	/s/ Trent
    Carman	 	By:	/s/ Trent
    Carman
	Name:	Trent Carman	 	Name:	Trent
    Carman
	Title:	Chief Financial Officer	 	Title:	Chief
    Financial Officer
	 	 	 	 	 
	ASSURE
    NETWORKS SOUTH CAROLINA, LLC, a South Carolina limited liability company	 	ASSURE
    NETWORKS VIRGINIA, LLC, a Virginia limited liability company
	 	 	 
	By:	/s/ Trent
    Carman	 	By:	/s/ Trent
    Carman
	Name:	Trent Carman	 	Name:	Trent
    Carman
	Title:	Chief Financial Officer	 	Title:	Chief
    Financial Officer
	 	 	 	 	 
	ASSURE
    NETWORKS TEXAS, LLC, a Texas limited liability company	 	ASSURE
    NETWORKS TEXAS HOLDINGS, LLC, a Texas limited liability company
	 	 	 	
	By:	/s/ Trent
    Carman	 	By:	/s/ Trent
    Carman
	Name:	Trent
    Carman	 	Name:	Trent
    Carman
	Title:	Chief Financial Officer	 	Title:	Chief
    Financial Officer

 

Signature Page to Security Agreement

 

     

     

    

 

IN WITNESS WHEREOF, each of the undersigned
has caused this Agreement to be executed and delivered by its officer thereunto duly authorized, as of the date first above written.

 

	 	LENDER:
	 	 	 
	 	CENTRAL BANK & TRUST,
    part of Farmers & Stockmens Bank
	 	 	 
	 	By:	/s/ Mary Holm
	 	 	Mary Holm, Senior Vice President

 

Signature Page to Security AgreementExhibit 10.13

 

PROMISSORY
NOTE

 

	$6,500,000	 	Denver,
    Colorado

August 12,
2020

 

FOR
VALUE RECEIVED, and at the times hereinafter specified, the undersigned ("Borrower") hereby promises to pay to
the order of CENTRAL BANK & TRUST, part of Farmers & Stockmens Bank ("Lender"), at the office of Lender,
at 4582 S. Ulster Street, Suite 150, Denver, CO 80237, or at such other address as may be designated from time to time hereafter
by Lender, the principal sum of SIX MILLION FIVE HUNDRED THOUSAND DOLLARS ($6,500,000), or so much thereof as shall have been
advanced by Lender to or for the benefit of Borrower, together with interest on the principal balance outstanding from time to
time, as hereinafter provided, in lawful money of the United States of America.

 

This
Promissory Note ("Note") is executed and delivered in connection with that certain Loan Agreement of even date
herewith between Borrower and Lender as the same may be modified, amended, restated or supplemented from time to time ("Loan
Agreement"). Capitalized terms used but not otherwise defined herein shall have the meanings assigned to such terms in
the Loan Agreement. The holder of this Note is entitled to all of the rights, remedies, benefits and security provided for in
the Loan Agreement and all other Loan Documents.

 

During
the term of the Loan, (a) interest on the outstanding principal balance of this Note shall accrue at the interest rates and in
the manner set forth in the Loan Agreement, and (b) Borrower shall make payments as set forth in the Loan Agreement. If not sooner
paid, the entire unpaid principal indebtedness, all accrued and unpaid interest, and all other sums payable in connection with
this Note shall be due and payable in full on the Maturity Date.

 

Interest
shall be computed on the basis of a 360-day year, calculated for the actual number of days elapsed.

 

Whenever
any payment to be made hereunder is due on a day other than a Business Day, such payment may be made on the next succeeding Business
Day, and such extension of time shall in such case be included in the computation of payment of interest.

 

Borrower may prepay
this Note in whole or in part.

 

Unless
otherwise agreed or required by applicable law, all payments hereunder will be applied as set forth in Section 7.03 of
the Loan Agreement. If any payment is not paid when due hereunder, then the entire outstanding balance hereunder, including the
interest component of the delinquent payment, shall bear interest from the date such payment was due until such payment is paid
at a rate equal to the Default Rate. In addition, upon the applicable maturity date of all or any part hereof, by acceleration
or otherwise, the entire balance of principal, interest, and other sums due shall bear interest from the Maturity Date until paid
at the Default Rate.

 

Any
default in payment of any sum required hereunder or performance of any other covenant or agreement herein contained that constitutes
an Event of Default under the Loan Agreement shall also constitute an Event of Default hereunder and under each document securing
or executed in connection with the Loan Agreement or this Note, and any Event of Default under any of such documents shall constitute
an Event of Default hereunder. Upon the occurrence of any Event of Default, the entire balance of principal, accrued interest,
and other sums owing hereunder shall, at the option of Lender, become at once due and payable without notice or demand.

 

     

     

    

 

The
rights or remedies of Lender as provided in this Note, the Security Agreement, the other Loan Documents and applicable law shall
be cumulative and concurrent and may be pursued singly, successively, or together against Borrower, the property described in
the Security Agreement, any guarantor hereof, and any other funds, property, or security held for the payment hereof or otherwise,
at the sole discretion of Lender. The failure to exercise any such right or remedy shall in no event be construed as a waiver
or release of said rights or remedies or of the rights to exercise them at any later time.

 

Borrower
and all parties now or hereafter liable for the payment hereof, primarily or secondarily, directly or indirectly, and whether
as indorser, guarantor, surety, or otherwise, hereby severally (a) waive presentment, demand, protest, notice of protest or dishonor
or both, and all other demands or notices of any sort whatever with respect to this Note, (b) waive any defenses that might be
available to a surety or accommodation maker, (c) consent to impairment or release of collateral, extensions of time for payment,
and acceptance of partial payments before, at, or after maturity, (d) waive any right to require Lender to proceed against any
security for this Note before proceeding hereunder, (e) consent to the release of any other party liable hereunder, without diminishing
or in any way affecting their liability hereunder, and (f) agree to pay all reasonable costs and expenses, including attorneys'
fees and expenses, which may be incurred in the collection of this Note or any part thereof or in preserving, securing possession
of, and realizing upon any security for this Note.

 

It
is expressly stipulated and agreed to be the intent of Lender and Borrower at all times to comply with the applicable law governing
the highest lawful interest rate. If the applicable law is ever judicially interpreted so as to render usurious any amount called
for under the Note or under any of the other Loan Documents, or, contracted for, charged, taken, reserved or received with respect
to the loan evidenced thereby, or if acceleration of the maturity of the Note, any prepayment by Borrower, or any other circumstance
whatsoever, results in Borrower having paid any interest in excess of that permitted by applicable law, then it is the express
intent of Borrower and Lender that all excess amounts theretofore collected by Lender be credited on the principal balance of
the Note (or, if the Note have been or would thereby be paid in full, refunded to Borrower), and the provisions of the Note and
other Loan Documents immediately be deemed reformed and the amounts thereafter collectible hereunder and thereunder reduced, without
the necessity of the execution of any new document, so as to comply with the applicable law, but so as to permit the recovery
of the fullest amount otherwise called for hereunder and thereunder. The right to accelerate maturity of the Note does not include
the right to accelerate any interest which has not otherwise accrued on the date of such acceleration, and Lender does not intend
to collect any unearned interest in the event of acceleration. All sums paid or agreed to be paid to Lender for the use, forbearance
or detention of the indebtedness evidenced hereby or by the Note shall, to the extent permitted by applicable law, be amortized,
prorated, allocated and spread throughout the full term of such indebtedness until payment in full so that the rate or amount
of interest on account of such indebtedness does not exceed the maximum rate or amount of interest permitted under applicable
law. The term "applicable law" as used herein shall mean any federal or state law applicable to the Loans.

 

    2

     

    

 

If
any provision hereof or of any other document securing or related to the indebtedness evidenced hereby is, for any reason and
to any extent, invalid or unenforceable, then neither the remainder of the document in which such provision is contained, nor
the application of the provision to other persons, entities, or circumstances, nor any other document referred to herein, shall
be affected thereby, but instead shall be enforceable to the maximum extent permitted by law.

 

Each
provision of this Note shall be and remain in full force and effect notwithstanding any negotiation or transfer hereof to any
other holder.

 

This
Note may not be amended, modified, or changed, nor shall any waiver of any provision hereby be effective except only by an instrument
in writing and signed by the party against whom enforcement of any waiver, amendment, change, modification, or discharge is sought.

 

The
provisions thereof and all rights and obligations of the parties hereunder shall be governed by and construed in accordance with
the internal laws of the State of Colorado, and to the extent they preempt such laws, the laws of the United States. Borrower
consents to the exercise of personal jurisdiction over Borrower in Colorado. The District Court of the City and County of Denver,
Colorado shall be the sole and exclusive jurisdiction and venue applicable to the resolution of all disputes arising under this
Note and the Loan Documents.

 

BORROWER,
BY ITS ACCEPTANCE HEREOF, HEREBY WAIVES THE RIGHT TO A TRIAL BY JURY IN ANY DISPUTE ARISING IN CONNECTION WITH THIS NOTE OR ANY
OF THE LOAN DOCUMENTS, OR IN ANY WAY RELATED TO THE NEGOTIATION, ADMINISTRATION, MODIFICATION, EXTENSION OR COLLECTION OF THE
LOAN. BORROWER HAS CONFERRED SPECIFICALLY WITH LENDER WITH RESPECT TO THIS WAIVER, AND HAS AGREED TO THIS WAIVER AFTER CONSULTATION
WITH ITS COUNSEL AND WITH FULL UNDERSTANDING OF THE IMPLICATIONS HEREOF.

 

[The
remainder of this page has been left blank intentionally.] 

 

    3

     

    

 

IN WITNESS
WHEREOF, the undersigned has executed this Note as of the date first written above.

 

	 	BORROWER:
	 	 
	 	ASSURE
    HOLDINGS CORP., a Nevada corporation
	 	 
	 	By:	/s/ Trent Carman
	 	Name:
    Trent Carman
	 	Title:
    Chief Financial Officer

 

	STATE OF COLORADO	)
	 	) ss.
	COUNTY OF Denver                                                       	)

 

The
foregoing was subscribed and sworn to before me this 12 day of August, 2020, by Trent Carman as Chief Financial Officer of ASSURE
HOLDINGS CORP., a Nevada corporation.

 

Witness my
hand and official seal

 

My commission
expires: 12.17.22

 

[SEAL]

 

	TRISHA
                                         COMBS

NOTARY
PUBLIC - STATE OF COLORADO

NOTARY
ID 20064037838

MY COMMISSION
EXPIRES DEC 17, 2022

	 	 
	 	 	Notary
    Public

 

Signature
Page to Promissory Note

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