Document:

Exhibit 10.6

 

 

EXECUTIVE EMPLOYMENT AGREEMENT

 

 

THIS EXECUTIVE EMPLOYMENT
AGREEMENT (this “Agreement”) is entered into on October 22, 2018 by and between Assure Holdings Corp., a Colorado
corporation (the “Company”), and Trent Carman, a resident of Colorado (the “Executive”).

 

NOW, THEREFORE, in consideration
of the foregoing premises and the respective agreements of the Company and Executive set forth below, the Company and Executive,
intending to be legally bound, agree as follows:

 

		1.	Position of Employment.

 

The Company will employ the
Executive in the position of Chief Financial Officer (the “CFO”) and, in that position, the Executive will report to
the Board of Directors (the “Board”). The Company retains the right to change the Executive’s title, duties,
and reporting relationships as may be determined to be in the best interests of the Company; provided, however, that any such change
in the Executive’s duties shall be consistent with the Executive's training, experience, and qualifications.

 

The terms and conditions of the Executive's employment shall, to the extent not addressed or described in this Executive Employment
Agreement, be governed by the Company’s existing practices. In the event of a conflict between this Employment Agreement
and the existing practices, the terms of this Agreement shall govern.

 

		2.	Term of Employment.

 

		a)	The Executive’s employment with Company shall be considered "at will" consistent with the laws of the State
of Colorado.

 

		b)	This Agreement will be in effect for one year from the signing date. At that time, this Agreement will be updated to reflect
future goals. If not updated, this Agreement will renew automatically after one year from the date of signing and will automatically
renew for one year in each subsequent year.

 

		c)	This Agreement, including the Addendums, can be updated with Executive and Board approval during the year.

 

		3.	Position and Duties.

 

		a)	General Duties. Executive shall render to the very best of Executive's ability, on behalf of the Company, services to
and on behalf of the Company, and shall undertake diligently all duties assigned to him by the Board. Executive shall devote his
full time, energy and skill to the performance of the services in which the Company is engaged, at such time and place as the Company
may direct. Executive shall not undertake, either as an owner, director, shareholder, employee or otherwise, the performance of
services for compensation (actual or expected) for any other entity without the express written concert of the Board of Directors.

 

		b)	Specific Duties. The Executive will perform specific duties as described in the “CFO Job Description.”

 

     

     

    

 

		4.	Compensation.

 

		a)	Base Salary. While the Executive is employed by the Company hereunder, the Company shall
pay to Executive a base salary at the annual rate of $260,000, to be paid in semi-monthly (24 pay dates) installments of $10,833.33
less deductions and withholdings.

 

		b)	Stock Options. The Executive will be granted 4000,000 stock options within the first thirty
(30) days of employment. Options will vest in a manner consistent with the employee stock option plan.

 

		c)	Incentive Bonus. While employed with the Company the Executive will be eligible to earn
an annual discretionary bonus up to 60% of the Executive’s base salary. Bonus will be paid quarterly as earned as part of
the annual variable compensation plan.

 

		d)	Incentive Stock Options. While employed with the Company the Executive will be eligible
to earn additional incentive stock options on an annual basis beginning in 2019.

 

		e)	Benefits. While Executive is employed by the Company hereunder, Executive shall be entitled
to participate in all employee benefit plans and programs of the Company to the extent that Executive meets the eligibility requirements
for each individual plan or program. Executive acknowledges that his participation in any such plan or program shall be subject
to the provisions, rules and regulations applicable thereto, and that such plans and programs may be modified by the Company from
time to time.

 

		i.	Health, Dental and Vision – Premiums to be paid by the Company

 

		ii.	401k – Executive will be eligible following 6 months of continuous service with the Company. The Company will match 100%
of the first 6% of the pay you contribute.

 

		iii.	Phone Allowance - $200 per month

 

		iv.	Car Allowance - $500 per month

 

		v.	Paid Parking

 

		f)	Paid Time Off. While employed with the Company the Executive will accrue 6.66 hours of Paid
Time Off (PTO) for a total of four (4) weeks annually.

 

		d)	Expenses. While Executive is employed by the Company hereunder, the Company shall reimburse
Executive for all reasonable and necessary out-of-pocket business, travel and entertainment expenses incurred by him in the performance
of his duties and responsibilities hereunder, subject to the Company’s normal policies and procedures for expense verification
and documentation.

 

		5.	Termination of Employment.

 

The Executive's employment
with the Company may be terminated, in accordance with any of the following provisions:

 

		a)	Termination by the Executive. The Executive may terminate his employment at any time during the course of this agreement
by giving a 60-day notice in writing to the Board of Directors of the Company. During the notice period, Executive must fulfill
all his duties and responsibilities set forth above and use his best efforts to train and support his replacement, if any. Failure
to comply with this requirement may result in Termination for Cause described below, but otherwise Executive’s salary and
benefits will remain unchanged during the notification period. The Company will make no severance payment nor pay for COBRA benefits.

 

	 	Intital Here	 

 

 

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		b)	Termination for “Good Reason.” Good Reason is defined as:

 

		(i)	the Company’s taking any action which is materially inconsistent with, or results in the
material reduction of Executive’s duties or responsibilities hereunder, without his consent (subject to the explicit terms
of this Agreement on this subject);

 

		(ii)	the Company’s reducing Executive’s then-current compensation (per Section 4 above),
without his consent;

 

		(iii)	the Company’s committing a material breach of this Agreement which is not remedied by the
Company within 5 days after receiving notice from Executive of such breach;

 

		(iv)	the Company’s requiring Executive, without his consent, to relocate from his then current
place of residence, except that any initial relocation agreed upon between the Company and Executive.

 

The executive will receive three
(3) months’ severance pay. Should the Executive elect to continue his medical coverage pursuant to COBRA, the Company will
reimburse his premium payments for the first twelve (12) months of the COBRA continuation.

 

		c)	Termination by the Company “Without Cause.” The Company may terminate the Executive's employment at any
time during the course of this agreement by giving notice in writing to the Executive. During the notice period, Executive must
fulfill all of the Executive's duties and responsibilities set forth above and use Executive's best efforts to train and support
Executive's replacement, if any. Failure of Executive to comply with this requirement may result in Termination for Cause described
below, but otherwise the Executive's salary and benefits will remain unchanged during the notification period. The Executive will
receive three (3) months’ severance pay. Should the Executive elect to continue his medical coverage pursuant to COBRA, the
Company will reimburse his premium payments for the first twelve (12) months of the COBRA continuation. Nothing herein shall require
Company to maintain the Executive in active employment for the duration of the notice period.

 

		c)	Termination by the Company “For Cause.” The Company may, at any time and without notice, terminate the Executive
for "cause". Termination by the Company of the Executive for "cause" shall include but not be limited to termination
based on any of the following grounds: (a) failure to perform the duties of the Executive's position in a satisfactory manner;
(b) fraud, misappropriation, embezzlement or acts of similar dishonesty; (c) conviction of a felony involving moral turpitude;
(d) illegal use of drugs or excessive use of alcohol in the workplace; (e) intentional and willful misconduct that may subject
the Company to criminal or civil liability; (f) breach of the Executive's duty of loyalty, including the diversion or usurpation
of corporate opportunities properly belonging to the Company; (g)
willful disregard of Company policies and procedures; (h) breach of any of the material terms of this Agreement; and (i) insubordination
or deliberate refusal to follow the instructions of the Board of Directors of the Company. The Company will make no severance payment
nor pay for COBRA benefits.

 

	 	Intital Here	 

 

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		d)	Termination “By Death or Disability.” The Executive's employment and rights to compensation under this Employment
Agreement shall terminate if the Executive is unable to perform the duties of his position due to death or disability lasting more
than 90 days, and the Executive's heirs, beneficiaries, successors, or assigns shall not be entitled to any of the compensation
or benefits to which Executive is entitled under this Agreement, except: (a) to the extent specifically provided in this Employment
Agreement (b) to the extent required by law; or (c) to the extent that such benefit plans or policies under which the Executive
is covered provide a benefit to the Executive's heirs, beneficiaries, successors, or assigns. The Company will make no severance
payment nor pay for COBRA benefits.

 

		6.	Remedies.

 

Executive acknowledges that it
would be difficult to fully compensate the Company for monetary damages resulting from any breach by him of any of the provisions
of this agreement and the addendums. Accordingly, in the event of any actual or threatened breach of any such provisions, the Company
shall, in addition to any other remedies it may have, be entitled to injunctive and other equitable relief to enforce such provisions,
and such relief may be granted without the necessity of proving actual monetary damages.

 

		7.	Indemnification.

 

		a)	The Company hereby agrees to indemnify, defend, and hold harmless Executive and Executive’s
affiliates, customers, employees, successors, and assigns from and against any losses, damages, claims, fines, penalties, and expenses
(including reasonable attorney fees) that arise out of or result from:

 

		(i)	any material breach by the Company of this Agreement or the covenants, representations or warranties
of the Company provided herein;

 

		(ii)	any negligent act, omission, or willful misconduct of the Company in the performance of this Agreement;

 

		(iii)	the Company’s failure to comply with applicable federal, state, or local governmental statutes,
ordinances and regulations; or

 

		(iv)	any infringement or violation by the Company of any non-party’s proprietary rights.

 

Executive shall promptly give to
the Company, and confirm receipt of, written notice of the assertion of any such claim. The Company shall assume the timely defense
of any such claim at its own expense and with counsel of its own choosing that has been approved in writing by Executive. Executive
shall render assistance in this defense as may be reasonably requested by the Company. Executive shall be entitled to participate
in any action, arbitration, or mediation, at his own expense with counsel of his selection.

 

	 	Intital Here	 

 

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		(b)	Executive hereby agrees to indemnify, defend, and hold
harmless the Company and the Company’s affiliates, customers, employees, successors, and assigns from and against any losses,
damages, claims, fines, penalties, and expenses (including reasonable attorney fees) that arise out of or result from:

 

		(i)	any material breach by Executive of this Agreement or the covenants, representations or warranties
of Executive provided herein;

 

		(ii)	any negligent act, omission, or willful misconduct of Executive in the performance of this Agreement;

 

		(iii)	Executive’s failure to comply with applicable federal, state, or local governmental statutes,
ordinances and regulations; or

 

		(iv)	any infringement or violation by the Executive of any non-party’s proprietary rights.

 

The Company shall promptly give
to Executive, and confirm receipt of, written notice of the assertion of any such claim. Executive shall assume the timely defense
of any such claim at its own expense and with counsel of its own choosing that has been approved in writing by the Company. The
Company shall render assistance in this defense as may be reasonably requested by Executive. The Company shall be entitled to participate
in any action, arbitration, or mediation, at its own expense with counsel of its own selection.

 

		8.	Miscellaneous.

 

		a)	Governing Law. All matters relating to the interpretation, construction, application, validity
and enforcement of this Agreement shall be governed by the laws of the State of Colorado without giving effect to any choice or
conflict of law provision or rule, whether of the State of Colorado or any other jurisdiction, that would cause the application
of laws of any jurisdiction other than the State of Colorado.

 

		b)	Jurisdiction and Venue. Executive and the Company consent to jurisdiction of the courts
of the State of Colorado and/or the federal district courts, District of Colorado, for the purpose of resolving all issues of law,
equity, or fact arising out of or in connection with this Agreement. Any action involving claims of a breach of this Agreement
shall be brought in such courts. Each party consents to personal jurisdiction over such party in the state and/or federal courts
of Colorado and hereby waives any defense of lack of personal jurisdiction. The venue, for the purpose of all such actions shall
be in the state of Colorado, whether or not such venue is or subsequently becomes inconvenient.

 

		(c)	Entire Agreement. The following documents are
considered part of this agreement:

 

		(i)	CFO Job Description (Addendum A to this Agreement)

 

		(ii)	Confidentiality Agreement (Addendum B to this Agreement)

 

		(iii)	Non-Compete Agreement (Addendum C to this Agreement)

 

This Agreement constitutes the
complete understanding between the Company and Executive. All prior representations, agreements, and understandings have been merged
into this Agreement. The parties hereto have made no agreements, representations or warranties relating to the subject matter of
this Agreement that are not set forth herein.

 

		(d)	Amendments. No amendment or modification of this
Agreement or Addenda shall be deemed effective unless made in a writing signed by the Executive and approved by the Board.

 

		(e)	No Waiver. No term or condition of this Agreement shall be deemed to have been waived,
                                                                                   except by a statement in writing signed by the party against whom enforcement of the waiver is sought. Any written waiver
shall not be deemed a continuing waiver unless specifically stated, shall operate only as to the specific term or condition waived
and shall not constitute a waiver of such term or condition for the future or as to any act other than that specifically waived.

 

	 	Intital Here	 

 

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		(f)	Assignment. This Agreement shall not be assignable,
in whole or in part, by either party without the written consent of the other party, except that the Company may, without the
consent of Executive, assign its rights and obligations under this Agreement to any corporation or other business entity that
acquires all or substantially all of its assets or with which the Company merges. After any such assignment by the Company, the
Company shall be discharged from all further liability hereunder and such assignee shall thereafter be deemed to be the “Company”
for purposes of all terms and conditions of this Agreement.

 

		(g)	Counterparts. This Agreement may be executed in
any number of counterparts, and such counterparts executed and delivered, each as an original, shall constitute but one and the
same instrument.

 

		(h)	Severability. Subject to Section 6(e) hereof,
to the extent that any portion of any provision of this Agreement shall be invalid or unenforceable, it shall be considered deleted
herefrom and the remainder of such provision and of this Agreement shall be unaffected and shall continue in full force and effect.

 

		(i)	Captions and Headings. The captions and paragraph headings used in this Agreement are for
convenience of reference only and shall not affect the construction or interpretation of this Agreement or any of the provisions
hereof.

 

    6

     

    

 

BY EXECUTING THIS AGREEMENT, THE EXECUTIVE
REPRESENTS THAT HE HAS THOROUGHLY REVIEWED ITS TERMS, HAS, IF HE DESIRED, CONSULTED AN ATTORNEY, AND THAT HE ACKNOWLEDGES THAT
THE TERMS AND CONDITIONS OF THIS AGREEMENT ARE REASONABLE UNDER THE CIRCUMSTANCES.

 

IN WITNESS WHEREOF, the
Executive and the Company have executed this Agreement as of the date set in the first paragraph. 

 	Executive	 
	 	 
	By:	 	 
	 	Name	 
	 	 	 
	 	Signature	 
	 	 	 
	 	Title	 
	 	 	 
	 	Date	 
	 	 
	Company	 
	 	 
	By:	 	 
	 	Name	 
	 	 	 
	 	Signature	 
	 	 	 
	 	Title	 
	 	 	 
	 	Company	 
	 	 	 
	 	Date	 

 

	 	Intital Here	 

 

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EMPLOYEE CONFIDENTIALITY AGREEMENT

 

 

THIS CONFIDENTIALITY
AGREEMENT (this “Confidentiality Agreement”) is entered into on XXXX XX, XXXX by and between Company
Name, a Colorado corporation (the “Company”), and Employee Name, a resident of Colorado (the
 “Employee”).

 

 

		1.	Confidential Information.

 

(a)General
Obligations. Except as permitted in writing by the Board, during the term of the Employee’s employment with the
Company and at all times thereafter, the Employee shall not divulge, furnish or make accessible to anyone or use in any way other
than in the ordinary course of the business of the Company, any confidential, proprietary or secret knowledge or information of
the Company or its customers that the Company has acquired or acquires during the Employee’s employment with the Company,
whether developed by the Employee’s or by others, concerning: (i) any trade secrets; (ii) any confidential, proprietary or
secret designs, methods, processes, formulas, plans, devices, materials, inventions (whether or not patented or patentable) directly
or indirectly useful in any aspect of the business of the Company; (iii) contractual terms and conditions the Company has established
with any customers, suppliers, joint ventures, partnerships, licensors, licenses, or distributors, customer or supplier lists,
including prices the Company has established; (iv) any confidential, proprietary or secret development or research work, proposed
products, proposed technologies, or current or proposed product tests of the Company; (v) any strategic or other business, marketing
or sales plans of the Company; (vi) any of the Company’s financial data or plans including current or proposed manufacturing
costs, product or service pricing; and financial projections; (vii) names, addresses, duties or other personal characteristics
of employees of the Company including, without limitation, information in any way relating to diagnosis or treatment services provided
by any health care provider; or (viii) any other confidential or proprietary information or secret aspects of the business of the
Company (collectively, “Confidential Information”). The Employee acknowledges that the above-described knowledge
and information constitutes a unique and valuable asset of the Company and represents a substantial investment of time and expense
by the Company, and that any disclosure or other use of such knowledge or information other than for the sole benefit of the Company
would be wrongful and would cause irreparable harm to the Company. During the term of the Employee’s employment with the
Company, the Employee shall refrain from any acts or omissions that would reduce the value of such knowledge or information to
the Company. The foregoing obligations of confidentiality shall not apply to any knowledge or information that (A) is now or subsequently
becomes generally publicly known in the form in which it was obtained from the Company, (B) is independently made available to
the Employee in good faith by a third party who has not violated a confidential relationship with the Company, or (C) is required
to be disclosed by legal process, other than as a direct or indirect result of the breach of this Agreement by the Employee. The
Employee will cooperate with the Company to implement reasonable measures to maintain the secrecy of, and will use Employee’s
best efforts to prevent the unauthorized disclosure, use, or reproduction of, all Confidential Information.

 

(b)Publication.
The Employee shall not publish any papers prepared by the Employee as a result of the Employee employment, consultation, work or
services, with, for, on behalf of or in conjunction with the Company without the Company’s prior written consent. Proposed
publications referring to the Employee employment, consultation, work, services and activities with, for, on behalf of or in conjunction
with the Company, or referring to any information developed therefrom, will be submitted by the Employee to the Company for review,
prior to publication, to insure that the Company’s position with respect to Confidential Information is not adversely affected
by disclosures. The Employee agrees to abide by the Company’s reasonable decisions in these matters.

 

	 	Intital Here	 

 

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(c) Return of
Confidential Information and Property. Upon termination of the Employee’s employment with the Company (or otherwise upon
request), the Employee shall promptly deliver to the Company any and all the Company’s records and any and all the Company’s
property in the Employee’s possession or under the Employee’s control, including without limitation, manuals, books,
blank forms, documents, letters, memoranda, notes, notebooks, reports, printouts, computer disks, computer tapes, source codes,
data, tables or calculations and all copies thereof, documents that in whole or in part contain any trade secrets or confidential,
proprietary or other secret information of the Company and all copies thereof, and keys, access cards, access codes, passwords,
credit cards, personal computers, printers, telephones and other electronic equipment belonging to the Company.

 

(d) Obligations Regarding
Third Party Information. The Company expects the Employee to guard any confidential information of the Employee’s prior
employers with the same degree of care that the Employee will use to protect the Company’s own confidential information.
Consequently, the Company specifically directs the Employee to not bring to, or use for the benefit of, or use while performing
job duties for the Company, any information (in any form or on any media) which belongs to any third party, including any prior
employers, without the express written consent of the owner of the confidential information. The Employee may not bring on the
Company’s premises or install on the Company’s computers, any software program or data, which the Employee knows belongs
to any third party without proof of a valid license or release for use. The Employee represents that the Employee’s performance
of all the terms of this Agreement, and as an employee of the Company, does not and will not breach any agreement to keep in confidence
information acquired by Employee in confidence or in trust prior to the Employee’s employment with the Company.

 

		2.	Patents, Copyrights and Related Matters.

 

(a) Disclosure and
Assignment. The Employee shall immediately disclose to the Company any and all ideas, processes, inventions, discoveries and
improvements to any of the foregoing, whether or not patentable, (“Inventions”) that the Employee may learn
of, conceive, develop, and/or reduce to practice individually or jointly or commonly with others while he is employed with the
Company and for one year thereafter that directly or indirectly arise from or relate to: (i) the Company’s business, technology,
products, goods, software, or services; (ii) work or research performed for the Company; (iii) the use of the Company’s products,
technology, equipment, software, or time; or (iv) confidential, proprietary, or secret knowledge or information of the Company
or its customers. Any such Inventions are the sole and exclusive property of the Company and the Employee hereby assigns, transfers
and sets over to the Company the Employee’s entire right, title and interest in and to any and all of such Inventions and
in and to any and all patent applications that may be filed on such Inventions, and that may issue, or be issued, upon such applications.

 

(b) Copyrightable
Material. All right, title and interest in all copyrightable material that the Employee shall conceive or originate
individually or jointly or commonly with others, and that arise in connection with the Employee’s services hereunder, or
knowledge of confidential and proprietary information of the Company, shall be the property of the Company and are hereby assigned
by the Employee to the Company and each entity that controls, is controlled by, or is under common control with, the Company (collectively
 “Affiliates”) along with ownership of any and all copyrights in the copyrightable material. Where applicable,
works of authorship created by the Employee relating to the Company or any Affiliate and arising out of the Employee’s knowledge
of confidential and proprietary information of the Company shall be considered “works made for hire,” as defined in
the U.S. Copyright Act, as amended.

 

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(c) Exceptions.
Sections 2(a) and 2(b) do not apply to any invention or material: (i) for which no product, technology, software, equipment,
supplies, facilities, confidential, proprietary or secret knowledge or information, or other trade secret information of the
Company was used, and (ii) that was developed entirely on the Employee’s own time, and (iii) that does not relate (A)
directly to the business of the Company, or (B) to the Company’s actual or demonstrably anticipated research or
development, and (iv) that does not result from any work performed by the Employee for the Company.

 

(d) Cooperation.
The Employee shall, at no cost to the Employee, promptly execute, acknowledge and deliver to the Company all additional instruments
or documents that the Company determines at any time to be necessary to carry out the intentions of this Section 2. Furthermore,
whether during or after the Employee’s employment with the Company, the Employee hereby agrees to perform any acts deemed
necessary or desirable by the Company, at the Company’s expense, to assist it in obtaining, maintaining, defending and enforcing
any rights and/or assignment of an Invention or any copyrightable material. The Employee hereby irrevocably designates and appoints
the Company and its duly authorized officers and agents, as the Employee’s agent and attorney-in-fact to act for and on his
or her behalf and instead of the Employee, to execute and file any documents, applications or related findings and to do all other
lawfully permitted acts in furtherance of the purposes set forth above in this Section 2, including, without limitation, the perfection
of assignment and the prosecution and issuance of patents, patent applications, copyright applications and registrations, trademark
applications and registrations, or other rights in connection with such Inventions and improvements thereto with the same legal
force and effect as if executed by the Employee.

 

	 	Intital Here	 

 

    10

     

    

 

BY EXECUTING THIS CONFIDENTIALITY AGREEMENT,
EMPLOYEE REPRESENTS THAT HE HAS THOROUGHLY REVIEWED ITS TERMS, HAS, IF HE DESIRED, CONSULTED AN ATTORNEY, AND THAT HE ACKNOWLEDGES
THAT THE TERMS AND CONDITIONS OF THIS AGREEMENT ARE REASONABLE UNDER THE CIRCUMSTANCES. 

 

IN WITNESS WHEREOF, Employee
and the Company have executed this Confidentiality Agreement as of the date set forth in the date set in the first paragraph.

 

	Employee	 
	 	 
	By:	 	 
	 	Name	 
	 	 	 
	 	Signature	 
	 	 	 
	 	Title	 
	 	 	 
	 	Date	 
	 	 
	Company	 
	 	 
	By:	 	 
	 	Name	 
	 	 	 
	 	Signature	 
	 	 	 
	 	Title	 
	 	 	 
	 	Company	 
	 	 	 
	 	Date	 

 

	 	Intital Here	 

 

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ADDENDUM D:

EXECUTIVE NON-COMPETE/NON-SOLICITATION
AGREEMENT

 

 

THIS NON-COMPETE/NON-SOLICITATION
AGREEMENT (this “Non-Compete/Non-Solicitation Agreement”) is entered into on XXXX XX, XXXX by and
between Company Name, a Colorado corporation (the “Company”), and Employee Name, a resident of
Colorado (the “Employee”). 

 

Non-Compete/Non-Solicitation. The
Employee agrees that during the period the Employee is employed by the Company, and

 

		a.	If the Employee quits his employment without “Good Reason” (as defined in Section xx
of the Executive Employment Agreement) or if his employment is terminated by the Company for “Cause” (as defined in
Section 5 of the Executive Employment Agreement), for a period of 2 years from the date of termination of such employment, and

 

		b.	If the Employee quits his employment with the Company or the Employee’s employment with the
Company is terminated by the Company for any reason other than for Cause, and the Company is making “severance payments”
to the Employee, for a period of 2 years from the date of termination of such employment,

 

The Employee will not, without the prior
written consent of the Company, directly or indirectly engage, at any place in the United States, in the following actions:

 

(i) Render services,
advice or assistance to any corporation, person, organization or other entity which engages in the marketing, selling, production,
design or development of any product, good, service or procedure which is or may be used as an alternative to, or which is or
may be sold in competition with any product, good, service or procedure marketed, sold, produced, designed or developed by the
Company (including products, goods, services, or procedures currently being researched or under development by the Company), or
engage in any such activities in any capacity whatsoever, including, without limitation, as an employee, consultant, independent
contractor, officer, director, manager, beneficial owner, partner, member or shareholder (other than being a shareholder in a
publicly traded corporation where the shareholder’s total holdings are less than one percent (1%) of the total outstanding
shares. 

 

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(ii) Induce, solicit,
endeavor to entice or attempt to induce any customer, supplier, licensee, licensor or other business relation of the Company to
cease doing business with the Company, or in any way interfere with the relationship between any such customer, vendor, licensee,
licensor or other business relation and the Company.

 

(iii) Induce, solicit,
endeavor to entice or attempt to induce any other employee, consultant or independent contractor of the Company to leave the employ
of the Company, or to work for, render services or provide advice to or supply Confidential Information of the Company to any third
person or entity, or to in any way adversely interfere with the relationship between any such employee, consultant or independent
contractor and the Company.

 

(iv) The Employee
acknowledges that the compensation paid to the Employee during the Employee's employment by the Company (including any stock options
granted, or to be granted, to the Employee) and “severance payments” paid to the Employee following his employment
by the Company are intended to and do compensate the Employee for any inconveniences or economic losses resulting from Executive's
agreement not to compete with the Company.

 

(v) If the duration
of, the scope of, the territory covered by, or any business activity covered by any provision of this Agreement is in excess of
what is determined to be valid and enforceable under applicable law, such provision shall be construed to cover only that duration,
scope, territory, or activity that is determined to be valid and enforceable. The Employee hereby acknowledges that this Agreement
shall be construed so as to render its provisions valid and enforceable to the maximum extent, not exceeding its express terms,
possible under applicable law.

 

	 	Intital Here	 

 

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BY EXECUTING THIS NON-COMPETE/NON-SOLICITATION
AGREEMENT, THE EMPLOYEE REPRESENTS THAT HE HAS THOROUGHLY REVIEWED ITS TERMS, HAS, IF HE DESIRED, CONSULTED AN ATTORNEY, AND THAT
HE ACKNOWLEDGES THAT THE TERMS AND CONDITIONS OF THIS AGREEMENT ARE REASONABLE UNDER THE CIRCUMSTANCES.

 

IN WITNESS WHEREOF, the Employee and the
Company have executed this Non-Compete/Non-Solicitation Agreement as of the date set in the first paragraph. 

 

	Employee	 
	 	 
	By:	 	 
	 	Name	 
	 	 	 
	 	Signature	 
	 	 	 
	 	Title	 
	 	 	 
	 	Date	 
	 	 
	Company	 
	 	 
	By:	 	 
	 	Name	 
	 	 	 
	 	Signature	 
	 	 	 
	 	Title	 
	 	 	 
	 	Company	 
	 	 	 
	 	Date	 

 

	 	Intital Here	 

 

    14Exhibit 10.7

 

DEBT SETTLEMENT AGREEMENT

 

This
Debt Settlement Agreement (“Agreement”)
is made as of December ·,
2018, by and between Assure Holdings Corp., a Nevada corporation (“Assure”),
and Preston Parsons, a Colorado resident (“Parsons”).
Assure and Parsons together are referred to as the “Parties”.

 

RECITALS:

 

WHEREAS:

 

		A.	Parsons is the founder of Assure Neuromonitoring, LLC which was reorganized in November 2016
into Assure Holdings Inc. (“Holdings”);

 

		B.	Holdings was acquired by Montreux Capital Corp, by way of a reverse take-over and following
same, the resulting entity changed its name to Assure, the whole in connection with a business combination (the “Business
Combination’’), effected under the terms of a Share Exchange
Agreement dated on or about May 16, 2017 (the “Share Exchange Agreement”);

 

		C.	Under the Business Combination, (i) Assure assumed stock options of Holdings held by Parsons,
which are exercisable to acquire 2,500,000 shares of common stock of Assure at an exercise price of $0.05 per share (the “
Parsons’ Options”),
all of which are fully vested as of the date of this Agreement; (ii) Parsons’ common
stock in Holdings was exchanged for common stock of Assure; (iii) the common stock received by Parsons is currently held in escrow
(the “Assure Escrowed Shares”)
pursuant to a mandatory escrow agreement entered into between Parsons and the TSX Venture Exchange (the “TSXV”),
the whole as set forth in Schedule I attached hereto (the “Escrow Agreement”);

 

		D.	The Assure Escrowed Shares are subject to a phased release to Parsons, the whole as set forth
in Schedule I attached hereto;

 

		E.	In connection with the Business Combination, Parsons was appointed to serve as Assure’s
Chief Executive Officer and to serve as a member of the Assure Board of Directors;

 

		F.	Parsons entered into a pledge and security agreement with Assure dated as of August 6, 2018
(the “Pledge Agreement”) pursuant
to which Parsons agreed to repay certain Reclassified Expenses (as such term is defined in the Pledge Agreement) in the principal
amount of $2,086,887.77 (the “Parsons’ Debt”)
and pledge certain collateral to secure repayment of the Parsons’ Debt, which obligation
is evidenced by a secured promissory note dated August 6, 2018 (the “Parsons’
Note”) with interest accruing on the Parsons’
Debt at the rate of 8% per annum on or before December 31, 2018;

 

		G.	The Parsons’ Debt, including accrued interest,
as of December 31, 2018, was $2,192,088.33;

 

     

     

    

 

		H.	In connection with the Parsons’ Debt and the Parsons’
Note, Parsons resigned as Assure’s Chief Executive
Officer;

 

		I.	The volume weighted average trading price of Assure’s
common stock on the TSXV during the 30 day period ended December 31, 2018 was CAD $2.15 per share ($1.58 per share in United States
dollars, based on the Bank of Canada exchange rate as of 1.36 as of December 31, 2018);

 

		J.	The Board of Directors of Assure (with Parsons abstaining) have determined that it is in the
best interest of Assure and its shareholders to settle the Parsons’ Debt in consideration
for the surrender and cancellation of 1,461,392 Assured Escrowed Shares registered in the name Preston Parsons (the “Settlement
Shares”) at a deemed fair value of $1.50 per share (the “Debt
Settlement”);

 

		K.	The Assure Escrowed Shares are subject to certain escrow requirements (the “Escrow
Requirements”) and the Debt Settlement remains subject to TSXV approval (the
“Regulatory Approval”); and

 

		L.	The Parties wish to enter into the Debt Settlement and make certain other provisions as provided
herein.

 

AGREEMENT

 

NOW, THEREFORE:

 

In consideration of the representations,
warranties, mutual covenants and agreements of the Parties contained in this Agreement, the Parties agree as follows:

 

ARTICLE I

SETTLEMENT
OF PARSONS’ DEBT

 

1.1       Debt
Settlement. Except for the agreements, rights and obligations set forth in this Agreement, the Parties agree that on the Closing
Date (as defined and as set forth in Section 1.3), subject to obtaining all Regulatory Approval:

 

		(a)	Parsons will repay the Parsons’ Debt and satisfy
his obligations under the Parsons’ Note by tendering, transferring and conveying to
Assure for cancellation at Closing the Settlement Shares at a deemed fair value of $1.50 per share (the “Debt
Payment”), subject to Regulatory Approval, which payment shall be made on
the Closing Date (as defined below). The Settlement Shares shall be surrendered and canceled effective on the Closing Date in full
satisfaction and release of the Parsons’ Note, including all interest accrued thereunder,
in consideration for surrendering for cancellation the Settlement Shares on the Closing Date.

 

    2

     

    

 

		(b)	If Parsons fails to deliver the Settlement Shares or the Parties are unable to obtain
                                                               Regulatory Approval, on or before 11:59 pm (Denver time) on March 31, 2019 (the “Closing
                                                               Deadline”), or such other time as may be mutually agreed in writing by the Parties,
then the Parsons’ Debt and the Parsons’ Note
shall remain in full force and effect and Section 2.2 shall not otherwise be binding on Assure; except that any interest
accruing prior to the Closing Deadline, or such other mutually agreed upon time, will have accrued at a rate of 8% per annum and
not at the default rate set forth in the Parsons’ Note.

  

1.2       Closing.
The closing of the transactions contemplated by this Agreement (the “Closing”)
will take place at 12:00 pm (Denver time) on the later of January 4, 2019 or the fifth Business Day following receipt of the Regulatory
Approval or at such other time or on such other date as the Parties may mutually agree upon in writing (the “Closing
Date”), at the offices of Dorsey & Whitney LLP, 1400 Wewatta Street, Suite
400, Denver, CO 80202.

 

		(a)	At the Closing, Parsons shall deliver to Assure the certificates representing the Settlement
Shares for surrender and cancellation, free and clear of all Encumbrances together with a validly executed stock power;

 

		(b)	Assure shall deliver to Parsons the originally issued Parsons’ Note
marked “Cancelled and Fully Paid”;

 

		(c)	Assure shall deliver to Parsons a fully executed copy of the release agreement in the form
attached as Schedule 3 to the Pledge Agreement; and

 

		(d)	Assure shall deliver to Parsons any applicable UCC-3 termination statements and execute and
deliver any documents and agreements necessary to release the Pledged Collateral (as such term is defined in the Pledge Agreement)
from the Liens (as such term is defined in the Pledge Agreement) or security interests granted under the Pledge Agreement, to terminate
all of Assure’s rights under the Pledge Agreement, or to evidence such release or
termination.

 

1.3       Definitions.
As used in this Agreement, the following terms have the meanings:

 

		(a)	“Action” means any claim, action,
cause of action, demand, lawsuit, arbitration, inquiry, audit, notice of violation, proceeding, litigation, citation, summons,
subpoena or investigation of any nature, civil, criminal, administrative, regulatory or otherwise, whether at law or in equity.

 

		(b)	“Business Day” means any day except
Saturday, Sunday or any other day on which commercial banks located in the City of Denver are authorized or required by Law to
be closed for business.

 

		(c)	“Encumbrance’’ means any charge,
claim, community property interest, pledge, condition, equitable interest, lien (statutory or other), option, security interest,
mortgage, easement, encroachment, right of way, right of first refusal, or restriction of any kind, including any restriction on
use, voting, transfer, receipt of income or exercise of any other attribute of ownership.

 

    3 

     

    

  

		(d)	“Governmental Authority” means any
federal, state, local or foreign government or political subdivision thereof, or any agency or instrumentality of such government
or political subdivision, or any self-regulated organization or other non-governmental regulatory authority or quasi-governmental
authority (to the extent that the rules, regulations or orders of such organization or authority have the force of Law), or any
arbitrator, court or tribunal of competent jurisdiction.

 

		(e)	“Governmental Order” means any order,
writ judgment, injunction, decree, stipulation, determination or award entered by or with any Governmental Authority.

 

		(f)	“Law” means any statute, law, ordinance,
regulation, rule, code, order, constitution, treaty, common law, judgment, decree, other requirement or rule of law of any Governmental
Authority.

 

		(g)	“Person” means an individual, corporation,
partnership, joint venture, limited liability company, Governmental Authority, unincorporated organization, trust, association,
or other entity.

 

ARTICLE II

RELEASES

 

2.1       Release
by Parsons. Upon delivery of the Parsons’ Note, except for the agreements, rights
and obligations set forth in this Agreement, and for good and valuable consideration as set forth herein, the adequacy of which
is hereby acknowledged, Parsons, and his heirs, legal representatives and assigns, release and forever discharge Assure and any
and all of its successors, assigns, officers, directors, employees, managers and members, from any claims or obligations under
the Settlement Shares.

 

2.2       Release
by Assure. Upon delivery of the Settlement Shares, except for the agreements, rights and obligations set forth in this Agreement,
and for good and valuable consideration as set forth herein, the adequacy of which is hereby acknowledged, Assure acting for itself
and its insurers, successors and assigns, and each of them, does hereby release and forever discharge Parsons, from any claims
or obligations arising under or related to the Pledge Agreement, the Parsons’ Debt
and the Parsons’ Note.

 

ARTICLE III

TAX TREATMENT

 

3.1       Taxable
Transaction. Parsons understands that tender, transfer and conveyance of the Settlement Shares to Assure for cancellation at
Closing in satisfaction of the Parsons’ Debt shall be treated as a disposition of
the Settlement Shares. Parsons shall bear responsibility for all taxes, if any, as a result of the transactions contemplated by
this Agreement.

 

    4 

     

    

 

ARTICLE IV

REPRESENTATIONS AND WARRANTIES OF PARSONS

 

Parsons hereby represents and warrants to
Assure that as of the date of this Agreement:

 

4.1       Authority.
Parsons has the power and authority to enter into this Agreement, to carry out its obligations hereunder and thereunder, and to
consummate the transactions contemplated hereby and thereby. Other than the Regulatory Approval, no permit, consent, approval,
authorization or other order of or filing with any other person or entity is required in connection with the execution, delivery,
and performance by Parsons of this Agreement, and the transactions contemplated by this Agreement will not result in the violation
or breach of any term or provision of, or constitute (with or without due notice or lapse of time or both) a default under any
agreement or instrument to which Parsons is a party or is bound. The transactions contemplated by this Agreement constitute the
valid and binding obligations of Parsons, enforceable against Parsons in accordance with the terms of this Agreement.

 

4.2       Ownership
of Settlement Shares. Parsons is the sole legal, beneficial, recorded and equitable owner of and has good and valid title to
the Settlement Shares, free and clear of all Encumbrances. Upon consummation of the transactions contemplated by this Agreement,
including the Regulatory Approval, Parsons shall sell, tender, transfer and assign the Settlement Shares, free and clear of all
Encumbrances, and Assure shall have the legal authority to cancel the Settlement Shares, without claims by any Person.

 

4.3       Restrictive
Documents. Other than the Escrow Agreement and any Exchange approvals required in connection with the transactions contemplated
by this Agreement, Parsons is not subject to, or a party to, any agreement, contract, order, judgment or decree or any other restriction
of any kind or character which would prevent consummation of the transactions contemplated by this Agreement.

 

4.4       Legal
Proceedings; Governmental Orders. There are no Actions pending or, to Parsons knowledge, threatened against him that challenges
or seeks to prevent, enjoin or otherwise delay the transactions contemplated by this Agreement. No event has occurred or circumstances
exist that may give rise to, or serve as a basis for, any such Action.

 

4.5       No
Prior Transfer or Assignment. Other than pursuant to the Pledge Agreement, Parsons has not assigned, sold, conveyed, pledged,
encumbered or otherwise transferred, or purported to do so, any interest or right to or claim of any ownership interest in the
Settlement Shares.

 

4.6       Solvency.
Parsons is solvent and is able to meet all of his respective financial liabilities as they become due and no winding-up, liquidation,
dissolution or bankruptcy proceedings have been commenced or are being commenced or contemplated by Parsons, and Parsons has no
knowledge of any such proceedings or transactions having been commenced or being contemplated in respect of Parsons by any other
Party.

 

    5 

     

    

 

ARTICLE V

REPRESENTATIONS AND WARRANTIES OF

ASSURE

 

Assure represents and warrants to Parsons
that, as of the date of this Agreement:

 

5.1       Authority.
Assure has the full power and lawful authority to consummate its obligations and transactions contemplated by this Agreement on
the terms and conditions set forth in this Agreement, and no permit, consent, approval, authorization or other order of or filing
with any other person or entity is required in connection with such authorization, execution, delivery, and consummation; and the
execution, delivery and performance by Assure of this Agreement and the transactions contemplated by this Agreement constitute
the valid and binding obligations of Assure, enforceable against Assure in accordance with the terms of this Agreement, and will
not result in the violation or breach of any term or provision of, or constitute (with or without due notice or lapse of time or
both) a default under any agreement or instrument to which Assure is a party or by which Assure is bound.

 

5.2       Restrictive
Documents. Assure is not subject to, or a party to, any agreement, contract, order, judgment or decree or any other restriction
of any kind or character which would prevent consummation of the transactions contemplated by this Agreement.

 

5.3       Legal
Proceedings. There are no Actions pending or, to Assure’s knowledge, threatened against it that challenges or seeks to
prevent, enjoin or otherwise delay the transactions contemplated by this Agreement. No event has occurred or circumstances exist
that may give rise to, or serve as a basis for, any such Action.

 

5.4       No
Conflicts. The execution, delivery and performance by Assure of this Agreement, and the consummation of the transactions contemplated
hereby and thereby, do not and will not: (a) conflict with or result in a violation or breach of, or default under, any provision
of the organizational documents of Assure; and (b) conflict with or result in a violation or breach of any provision of any Law
or Governmental Order applicable to Assure.

 

ARTICLE VI

TERMINATION

 

6.1       Termination.
This Agreement may be terminated at any time prior to the Closing:

 

		(a)	By mutual agreement of the Parties;

 

		(b)	By Parsons by written notice to Assure if Parsons is not then in material breach of any provision
of this Agreement and there has been a breach, inaccuracy in or failure to perform any representation, warranty, covenant or agreement
made by Assure pursuant to this Agreement that would give rise to the failure of any Party to perform under this Agreement and
such breach, inaccuracy or failure has not been cured by Assure within ten days of receipt by Assure of written notice of such
breach from Parsons;

 

    6 

     

    

 

		(c)	By Assure by written notice to Parsons if Assure is not then in material breach of any provision
of this Agreement and there has been a breach, inaccuracy in or failure to perform any representation, warranty, covenant or agreement
made by Parsons pursuant to this Agreement that would give rise to the failure of any Party to perform under this Agreement and
such breach, inaccuracy or failure has not been cured by the Parsons within ten days of receipt by Parsons of written notice of
such breach from Assure; or

 

		(d)	By either Party if Regulatory Approval is not obtained by the Closing Deadline.

 

6.2       Effect
of Termination. In the event of the termination of this Agreement in accordance with this Article, this Agreement shall forthwith
become void and there shall be no liability on the part of any Party hereto except that nothing herein shall relieve any party
hereto from liability for any willful breach of any provision hereof.

 

ARTICLE VII

MISCELLANEOUS

 

7.1       Entire
Agreement. This Agreement contains the entire understanding of the Parties with respect to the transactions contemplated in
this Agreement and the terms of this Agreement expressly replace and supersede any prior oral or written communication, understanding
or agreement among the Parties and this Agreement may be amended only by agreement in writing executed by the Parties.

 

7.2       Notices.

 

(a)       All
notices, requests, consents, claims, demands, waivers and other communications hereunder shall be in writing and shall be deemed
to have been given (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee if sent
by a nationally recognized overnight courier (receipt requested); (c) on the date sent by facsimile or e-mail of a PDF document
(with confirmation of transmission) if sent during normal business hours of the recipient, and on the next Business Day if sent
after normal business hours of the recipient or (d) on the third day after the date mailed, by certified or registered mail, return
receipt requested, postage prepaid. Any communications must be sent to the respective parties at the following addresses:

 

	 	If to Assure:	Assure Holdings Corp.

4600 S. Ulster Street, Suite 1225

Denver, CO 80237

Email: john.farlinger!@assureiom.com

Facsimile

 

Attention : John Farlinger Executive Chairman and

Interim CEO

 

    7 

     

    

 

	 	with a copy to:	Dorsey & Whitney LLP

1400 Wewatta Street, Suite 400

Denver, Colorado 80202

Attention: Kenneth Sam, esq.

Email: sam.kenneth@dorsey.com

 

	 	If to Parsons:	Preston Parsons

4600 S. Ulster Street, Suite 1225

Denver, CO 80237

Email: ppars5@gmail.com

Facsimile

 

7.3       Choice
of Law. This Agreement shall be governed by and construed in accordance with the internal laws of the State of Colorado without
giving effect to any choice or conflict of law provision or rule (whether of the State of Colorado or any other jurisdiction).

 

7.4       Arbitration.
Any claim or dispute of any nature between the parties hereto arising directly or indirectly from the relationship created by this
Agreement shall be resolved exclusively by three (3) arbitrators in Denver, Colorado, in accordance with the applicable rules of
the American Arbitration Association. Each of Assure and Parsons shall designate a person to act as an arbitrator, and a third
to be appointed by the Denver, Colorado office of the American Arbitration Association. The fees of the arbitrators and other costs
incurred by the parties in connection with such arbitration shall be paid by the party which is unsuccessful in such arbitration
as shall be determined by the arbitrators. The decision of the arbitrators shall be final and binding upon both parties. Judgment
on the award rendered by the arbitrators may be entered in any court having jurisdiction thereof. In the event of submission of
any dispute to arbitration, each party shall, not later than 30 days prior to the date set for hearing, provide to the other party
and to each of the arbitrators a copy of all exhibits upon which the party intends to rely at the hearing and a list of all persons
each party intends to call at the hearing.

 

7.5       Attorneys’
Fees. The prevailing party in any action or proceeding
to enforce, interpret, or recover damages for breach of this Agreement shall be entitled to the award of reasonable attorneys’
fees and costs at all levels of proceedings.

 

    8 

     

    

 

7.6       Survival.
The representations, warranties, covenants and agreements set forth in this Agreement will survive the closing of the transaction
contemplated in this Agreement.

 

7.7       Heading.
The headings of the Articles and Sections herein are inserted for convenience of reference only and shall be ignored in the construction
or interpretation of this Agreement.

 

7.8       Invalid
Provisions. If any one or more of the provisions of this Agreement, or the applicability of any provision to a specific situation,
shall be held invalid or unenforceable, that provision shall be modified to the minimum extent necessary to make it or its application
valid and enforceable and the validity and enforceability of all other provisions of this Agreement and all other applications
of any such provision shall not be affected thereby.

 

7.9       Successors
and Assigns. This Agreement is binding on and inures to the benefit of the Parties and their respective heirs, personal representatives,
successors and assigns and all of their past, present, and future principals, officers, directors, agents, and employees and their
respective heirs and legal representatives. None of the Parties may assign any rights or obligations hereunder without the prior
written consent of the other Parties, which consent shall not be unreasonably withheld.

 

7.10       Time
of Essence. Time is of the essence in this Agreement.

 

7.11       Further
Assurances. Parsons will execute and deliver such further instruments and take such additional actions as Assure may reasonably
request to effect, consummate, confirm or evidence the transactions contemplated in this Agreement. Assure by and through its duly
authorized officers, employees or agents will execute and deliver such further instruments and take such additional actions as
Parsons may reasonably request to effect, consummate, confirm or evidence the transactions contemplated in this Agreement.

 

7.12       Counterpart
Execution; Facsimile. This Agreement may be executed in multiple counterparts each of which may be deemed an original and shall
become effective when the separate counterparts have been exchanged among the Parties. This Agreement may be signed and delivered
to the other party by facsimile transmission; such transmission shall be deemed a valid signature.

 

7.13       Cooperation
Among the Parties. Assure and Parsons agree to cooperate in performing their duties under this Agreement.

 

[SIGNATURE PAGE FOLLOWS]

 

    9 

     

    

 

	Assure Holdings
    Corp., a Nevada corporation	 
	 	 
	/s/ John
    Farlinger	 
	John Farlinger	 
	Acting Chief Executive
    Officer	 
	 	 
	PRESTON PARSONS:	 
	 	 
	/s/ Preston Parsons	 
	Preston Parsons	 
	A Colorado Resident	 

 

Schedule I

 

TSX Venture Exchange Escrow Restrictions

 

Preston Parsons

 

	 	Escrowed Shares	Escrow Release	Escrow
	Date	Beginning Balance	Percentage	Number	Closing Balance
	May 26, 2017	4,132,987	5%	206,649	3,926,338
	Nov 26, 2017	3,926,338	5%	206,649	3,719,689
	May 26, 2018	3,719,689	10%	413,299	3,719,689
	Nov 26, 2018	3,719,689	10%	413,299	2,893,091
	May 26, 2019	2,893,091	15%	619,948	2,273,143
	Nov 26, 2019	2,273,143	15%	619,948	1,653,195
	May 26, 2020	1.653,195	40%	1,653,195	0

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