Document:

Loan No: 37166	PROMISSORY
NOTE
	Page
    1

 

	Principal	Loan
    Date	Maturity	Loan
    No	Call
    / Coll	Account	Officer	Initials
	$200,000.00	05-04-2016	05-04-2021	37166	4
    / 26	 	SHA	 
	

                                                                                 

                                                                                References in the boxes above are for Lender’s use only and do not limit the applicability of this document to any particular loan or item. Any item above containing “•••” has been omitted due to text length limitations.

 

	Borrower:	INTEGRATED
        MEDICINE AND CHIROPRACTIC REGENERATION CENTER OF ST LOUIS, LLC 13339-13353 OLIVE BLVD

        ST
        LOUIS, MO 63017
	Lender:	INDEPENDENCE
        BANK OF KENTUCKY Paducah-Jefferson Sq -

                                                                                                        NMLS #405645 PO BOX 1776

        3143
        BROADWAY STREET

        PADUCAH,
        KY 42001

        (270)
442-1716

         

 

	Principal
    Amount:	$200,000.00	Interest
    Rate:	4.250%	Date
of Note:	May
4, 2016

 

PROMISE
TO PAY. INTEGRATED MEDICINE AND CHIROPRACTIC REGENERATION CENTER OF ST LOUIS, LLC (“Borrower”) promises to pay to
INDEPENDENCE BANK OF KENTUCKY (“Lender”), or order, in lawful money of the United States of America, the principal
amount of Two Hundred Thousand & 00/100 Dollars (5200,000.00) or so much as may be outstanding, together with interest on
the unpaid outstanding principal balance of each advance. Interest shall be calculated from the date of each advance until repayment
of each advance.

 

PAYMENT.
Borrower will pay this loan in accordance with the following payment schedule, which calculates interest on the unpaid principal
balances as described in the “INTEREST CALCULATION METHOD” paragraph using the interest rates described in this paragraph:
3 monthly consecutive interest payments, beginning June 4, 2016, with interest calculated on the unpaid principal balances using
an interest rate of 4.250% per annum; 56 monthly consecutive principal and interest payments of $3,881.21 each, beginning September
4, 2016, with Interest calculated on the unpaid principal balances using an interest rate of 4.250% per annum; and one principal
and interest payment of $3,881.28 on May 4, 2Q21, with interest calculated on the unpaid principal balances using an interest
rate of 4.250% per annum. This estimated final payment is based on the assumption that all payments will be made exactly as scheduled;
the actual final payment will be for all principal and accrued interest not yet paid, together with any other unpaid amounts under
this Note. Unless otherwise agreed or required by applicable law, payments will be applied first to any late charges; then to
any accrued unpaid interest; than to principal; and then to any unpaid collection costs. Borrower will pay Lender at Lender’s
address shown above or at such other place as Lender may designate in writing

 

INTEREST
CALCULATION METHOD. Interest on this Note is computed on a 365/365 simple interest basis; that is, by applying the ratio of the
interest rate over the number of days in a year, multiplied by the outstanding principal balance, multiplied by the actual number
of days the principal balance is outstanding. All interest payable under this Note is computed using this method.

 

PREPAYMENT.
Borrower agrees that all loan fees and other prepaid finance charges are earned fully as of the date of the loan and will not
be subject to refund upon early payment (whether voluntary or as a result of default), except as otherwise required by law. Except
for the foregoing, Borrower may pay without penalty all or a portion of the amount owed earlier than it is due. Early payments
will not, unless agreed to by Lender in writing, relieve Borrower of Borrower’s obligation to continue to make payments
under the payment schedule. Rather, early payments will reduce the principal balance due and may result in Borrower’s making
fewer payments. Borrower agrees not to send Lender payments marked “paid in full”, “without recourse”,
or similar language. if Borrower sends such a payment, Lender may accept it without losing any of Lender’s rights under
this Note, and Borrower will remain obligated to pay any further amount owed to Lender. All written communications concerning
disputed amounts, inducing any check or other payment instrument that indicates that the payment constitutes “payment in
full” of the amount owed or that is tendered with other conditions or limitations or as full satisfaction of a disputed
amount must be mailed or delivered to: INDEPENDENCE BANK OF KENTUCKY, Paducah-Jefferson Sq - NMLS #405645, PO BOX 1776, 3143 BROADWAY
STREET, PADUCAH, KY 42001.

 

    	 	 	 

    	Loan No: 37166	PROMISSORY NOTE
(Continued)
	Page 2

    

 

LATE
CHARGE. if a payment is 10 days or more late, Borrower will be charged 5.000% of the regularly scheduled payment or $25.00, whichever
is greater.

 

INTEREST
AFTER DEFAULT. Upon default, including failure to pay upon final maturity, the interest rate on this Note shall be increased to
18.000% per annum. However, in no event will the interest rate exceed the maximum interest rate limitations under applicable law.

 

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

 

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

 

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

 

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

 

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

 

Death
or Insolvency. The dissolution of Borrower (regardless of whether election to continue is made), any member withdraws from Borrower,
or any other termination of Borrower’s existence as a going business or the death of any member, the insolvency of Borrower,
the appointment of a receiver for any part of Borrower’s property, any assignment for the benefit of creditors, any type
Of creditor workout, Or the commencement of any proceeding under any bankruptcy or insolvency laws by or against Borrower.

 

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

 

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

 

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

 

Insecurity.
Lender in good faith believes itself insecure.

 

Cure
Provisions. If any default, other than a default in payment, is curable and if Borrower has not been given a notice of a broach
of the same provision of this Note within the preceding twelve (12) months, it may be cured if Borrower, after Lender sends written
notice to Borrower demanding cure of such default: (11 cures the default within five t5) days; or (21 if the cure requires more
than five (5) days, immediately initiates steps which Lender deems in Lender’s sole discretion to be sufficient to cure
the default and thereafter continues and compotes all reasonable arid necessary steps sufficient to produce compliance as soon
as reasonably practical.

 

    	 	 	 

    	Loan No: 37166	PROMISSORY NOTE
(Continued)
	Page 3

    

 

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

 

COLLATERAL.
Borrower acknowledges this Note is secured by Collateral described in Commercial Security Agreement.

 

ATTORNEYS’
FEES; EXPENSES. Lender may hire or pay someone else to help collect this Note if Borrower does not pay. Borrower will pay Lender
that amount. This includes, subject to any limits under applicable taw, Lender’s reasonable attorneys’ fees and Lender’s
legal expenses whether or not there is a lawsuit, including reasonable attorneys’ fees and legal expenses for bankruptcy
proceedings (including efforts to modify or vacate any automatic stay or injunction), and appeals. If not prohibited by applicable
law, Borrower also will pay any court costs, in addition to all other sums provided by law.

 

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

 

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

 

DISHONORED
ITEM FEE. Borrower will pay a fee to Lender of $35.00 if Borrower makes a payment on Borrower’s loan and the check preauthorized
charge with which Borrower pays is later dishonored.

 

RIGHT
OF SETOFF. To the extent permitted by applicable law, Lender reserves a right of setoff in all Borrower’s accounts with
Lender (whether checking, savings, or some other account). This includes all accounts Borrower holds jointly with someone else
and 811 accounts Borrower may open In the future. However, this does not include any IRA or Keogh accounts, or any trust accounts
for which setoff would be prohibited by law. Borrower authorizes Lender, to tie extent permitted by applicable law, to charge
or setoff all sums owing on the indebtedness against any and all such accounts.

 

LINE
OF CREDIT. This Note evidences a straight line of credit. Once the total amount of principal has been advanced, Borrower is not
entitled to further loan advances. Borrower agrees to be liable for al. sums either: (A; advanced in accordance with the instructions
of an authorized person or (B) credited to any of Borrower’s accounts with Lender. The unpaid principal balance owing or,
this Note at any time may be evidenced by endorsements on this Note or by Lender’s internal records, including daily computer
print-outs.

 

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

 

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

 

    	 	 	 

    	Loan No: 37166	PROMISSORY NOTE
(Continued)
	Page 4

    

 

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

 

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

 

BORROWER:

 

INTEGRATED
MEDICINE AND CHIROPRACTIC REGENERATION CENTER OF ST LOUIS, LLC

 

	IMAC HOLDINGS, LLC, Member of INTEGRATED MEDICINE AND CHIROPRACTIC REGENERATION CENTER OF ST LOUIS, LLC

	 
	 	 	 
	By:	/s/
    Jeff Ervin	 
	 	Jeff
    Ervin, Manager/Chief Operating Officer of IMAC HOLDINGS, LLC	                                    

 

LENDER:

 

	INDEPENDENCE
BANK OF KENTUCKY

	 
	 	 	                                  
	By:	/s/
    Shelly H Aspery	 
	 	Shelly
    H Aspery, Location Manager NMLS #777365PROMISSORY
NOTE

 

	Borrower:
        

        IMAC
        Holdings, LLC

        2725
        James Sanders Blvd.

        Paducah,
        KY 42001
	Lender:
        

        Edward
        S. Bredniak Revocable Trust U/A Dated 8/14/15

 

	Principal:
    $500,000	Rate:
    5.00%
	Loan
    Date: 12/1/2016 	Maturity:
    11/30/2019

 

PROMISE
TO PAY. IMAC Holdings, LLC (“Borrower”) promises to pay to Edward S. Bredniak Revocable Trust U/A Dated 8/14/15 (“Lender”),
or order, in lawful money of the United States of America, the principal amount of Five Hundred Thousand & 00/100 Dollars
($500,000.00) or so much as may be outstanding, together with interest on the unpaid outstanding principal balance of each advance.
Interest shall be calculated from the date of each advance until repayment of each advance.

 

PAYMENT.
Borrower will pay this loan in accordance with the following payment schedule, which calculates interest on the update principal
balances as described in the “INTEREST CALCULATION METHOD” paragraph using the interest rates descried in this paragraph:
36 consecutive principal and interest payments of $8,534.39 each, beginning December 1, 2016, with interest calculated on the
unpaid principal balances using and interest rate of 5.00% per annum; and one principal and interest payment of $258,534.39 on
November 30, 2019, with interest calculated on the unpaid balances using an interest rate of 5.00% per annum. This estimated final
payment is based on the assumption that all payments will be made exactly as scheduled; the actual final payment will be for the
principal and accrued interest not yet paid, together with any other unpaid amounts under this Note. Unless otherwise agreed or
required by applicable law, payments will be applied first to any late charges; then to any accrued unpaid interest; then to principal;
and then to any unpaid collection costs. Borrower will pay Lender at Lender’s address shown above or such other place as
Lender may designate in writing.

 

INTEREST
CALCULATION METHOD. Interest on this Note is computed on a 360/360 simple interest basis; that is, by applying the ratio of interest
rate over the number of days in a year, multiplied by the outstanding principal balance, multiplied by the actual number of days
the principal balance is outstanding. All interest payable under this Note is computed using this method.

 

PREPAYMENT.
Borrower agrees that all loan fees and other prepaid finance charges are earned fully as of the date of the loan and will not
be subject to refund upon early payment (whether voluntary or as a result of default), except as otherwise required by law. Except
for the foregoing, Borrower may pay without penalty all or a portion of the amount owed earlier than it is due. Early payments
will not, unless agreed to by Lender in writing, relieve Borrower of Borrower’s obligation to continue to make payments
under the payment schedule. Rather, early payments will reduce the principal balance due and may result in Borrower’s making
fewer payments. Borrower agrees not to send Lender payments market “paid in full”, “without recourse”,
or similar language. If Borrower sends such a payment, Lender may accept it without losing any of Lender’s rights under
this Note, and Borrower will remain obligated to pay any further amount owed to Lender. All written communications concerning
disputed amounts, including any check or other payment instrument that indicates that the payment constitutes “payment in
full” of the amount owed or that is tendered with other conditions or limitations or as full satisfaction of a disputed
amount must be mailed or delivered to Lender address of record.

 

LATE
CHARGE. If a payment is 10 days or more late, Borrower will be charged 5.00% of the regularly scheduled payment.

 

INTEREST
AFTER DEFAULT. Upon default, including failure to pay upon final maturity, the interest rate on this Note shall be increased to
18.00% per annum. However, in no event will the interest rate exceed the maximum interest rate limitations under applicable law.

 

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

 

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

 

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

 

    	 

    	 

    

 

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

 

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

 

Death
or Insolvency. The dissolution of Borrower (regardless of whether election to continue is made) any member withdraws from Borrower,
or any other termination of Borrower’s existence as a going business or the death of any member, the insolvency of Borrower,
the appointment of a receiver for any part of Borrower’s property, any assignment for the benefit of creditors, any type
of creditor workout, of the commencement of any proceeding under any bankruptcy or insolvency laws by or against Borrower.

 

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

 

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

 

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

 

Insecurity.
Lender in good faith believes itself insecure.

 

Cure
Provisions. If any default, other than a default in payment, is curable and if Borrower has not been given a notice of a breach
of the same provision of this Note within the preceding twelve (12) months, it may be cured if Borrower, after Lender sends written
notice to Borrower demanding cure of such default: (1) cures the default within five (5) days; or (2) if the cure requires more
than five (5) days, immediately initiates steps which Lender deems in Lender’s sole discretion to be sufficient to cure
the default and thereafter continues and completes all reasonable and necessary steps sufficient to produce compliance as soon
as reasonably practical.

 

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

 

COLLATERAL.
Borrower acknowledges this Note is secured by Assets of IMAC Holdings, LLC.

 

ATTORNEY’S
FEES; EXPENSES. Lender may hire or pay someone else to help collect this Note if Borrower does not pay. Borrower will pay Lender
that amount. This includes, subject to any limits under applicable law. Lender’s reasonable attorneys’ fees and Lender’s
legal expenses whether or not there is a lawsuit, including reasonable attorneys’ fees and legal expenses for bankruptcy
proceedings (including efforts to modify or vacate any automatic stay or injunction), and appeals. If not prohibited by applicable
law, Borrower also will pay any court costs, in addition to all other sums provided by law.

 

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

 

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

 

    	 

    	 

    

 

LINE
OF CREDIT. This Note evidences a straight line of credit. Once the total amount of principal has been advanced, Borrower is not
entitled to further loan advances. Borrower agrees to be liable for all sums either: (A) advanced in accordance with the instructions
of an authorized person or (B) credited to any of Borrower’s accounts with Lender. The unpaid principal balance owing on
this Note at any time may be evidenced by endorsements on this Note or by Lender’s internal records, including daily computer
print-outs.

 

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

 

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

 

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

 

	BORROWER: IMAC Holdings, LLC	 	LENDER: Edward S. Bredniak Revocable Trust U/A

                                                                                Dated 8/14/15

	 	 	 	 	 
	By:	/s/ Jeff Ervin
    	 	By:	/s/ Edward S. Bredniak
	 	Jeff Ervin, CEO	 	 	Edward S. Bredniak

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