Document:

Exhibit 10.6

RIDER TO BUSINESS LOAN AGREEMENT

AND RELATED
DOCUMENTS 

This Rider to Business Loan Agreement (“Rider”)
is attached to and made a part of that certain Business Loan Agreement dated December 18, 2013 (“Business Loan Agreement”)
between Electromed, Inc. (“Borrower”) and Venture Bank (“Lender”). In the event of any inconsistency between
this Rider and the Business Loan Agreement or any of the Related Documents, as defined therein, the terms of this Rider shall
control. Terms used herein and not otherwise defined shall have the meanings given such terms in the Business Loan Agreement.
Accordingly, notwithstanding any provisions of the Business Loan Agreement or any of the Related Documents: 

1.      
Borrower’s representations and warranties with respect to Hazardous Substances are made
to the best of its knowledge, based upon reasonable investigation, and subject to any matters disclosed in any environmental site
assessments obtained by or delivered to Lender. Lender acknowledges and agrees that the Collateral has been used for the storage,
use and generation of hazardous substances as customary in Borrower’s business in compliance with all applicable laws and
may in the future be used for such purposes in compliance with all applicable laws. Further, inspections, tests and assessments
of the Collateral by Lender to determine compliance with the provisions of the Business Loan Agreement and Related Documents relating
to Hazardous Substances shall be at Borrower’s expense only if Lender has reasonable cause to believe Borrower is in violation
of such provisions.

2.      
Lender’s request for additional information and insurance coverage shall be reasonable
for the type of business and type of property constituting the Collateral. Borrower shall not have the obligation to have the Collateral
appraised for insurance purposes during the term of the Loan.

3.      
Borrower shall not have the obligation to notify Lender of defaults under any agreements other
than the Business Loan Agreement or Related Documents unless such defaults are material.

4.      
Borrower shall not have the obligation to notify Lender of defaults under any agreements other
than the Business Loan Agreement or Related Documents unless such defaults are material.

5.      
Borrower shall not have the obligation to notify Lender of management changes other than executive
management changes.

6.      
Lender shall not have the right to exercise any of the remedies provided for under the Business
Loan Agreement or Related Documents except upon the occurrence of an Event of Default as defined therein and during the continuance
of such Event of Default.

7.      
Failure of the Borrower to make any payment when due under the Loan shall not constitute
an Event of Default under the Business Loan Agreement or any of the Related

    	 

    	 

    

 

Documents until five
(5) days after written notice thereof is given to Borrower.

8.      
Lender will promptly notify Borrower if it makes any expenditures or takes any action pursuant
to the paragraph labeled “LENDER’S EXPENDITURES.”

9.      
Borrower shall have the right to incur indebtedness to other lenders and to enter into equipment
leases from third party vendors or finance companies to finance equipment acquisitions not to exceed $100,000 per year without
the consent of Lender. 

10.   
The filing of any involuntary bankruptcy or insolvency petition against Borrower shall not
constitute an Event of Default unless the Borrower fails to have such filing dismissed within thirty days after such filing is
made or the court grants the petition for relief.

11.   
A change in ownership of Borrower’s stock shall not constitute a default.

12.   
A material adverse change in Borrower’s financial condition, or Lender believing the
prospect of payment or performance is impaired, or the Lender otherwise believing itself insecure, shall not constitute an event
of default so long as no other event of default has occurred and is continuing.

13.   
Borrower shall have the right to sell obsolete equipment or fixtures constituting part of
the Collateral without the consent of Lender, so long as such equipment or fixtures are promptly replaced with items of equivalent
or greater value.

14.   
Lender shall not sell the Loan to another lender or sell participation interests in the Loan
without Borrower’s prior consent, except in the event of the sale or transfer of substantially all the assets of Lender.

15.   
There are no guarantors of the Loan, and no affiliates of Borrower shall be required to provide
Collateral. 

16.   
Borrower shall have the right to prepay the Loan without penalty or premium at any time during
the final one hundred eighty (180) days of the term of the Loan, if all or substantially all of the assets of the Borrower are
sold, if all or substantially all of the stock of the Borrower is acquired by merger or otherwise, or if the credit facility evidenced
by that certain Promissory Note of even date herewith between Borrower and Lender in the amount of $2,500,000 (the “LOC Note”)
and the “Related Documents” as defined in the Business Loan Agreement (Asset Based) of even date herewith between Borrower
and Lender relating to the LOC Note (the “LOC Loan Agreement”) is not renewed by Lender upon the maturity date thereof.

17.   
The Mortgage and Assignment of Rents shall secure only the Note, the obligations under the
Related Documents, and the LOC Note and the “Related Documents” as defined in the LOC Loan Agreement.

    	- 2 -

    	 

    

18.   
Borrower shall be obligated to notify Lender of work at the Property only if the cost exceeds
$100,000. 

19.   
Borrower may maintain deductibles under its insurance policies up to $20,000. Borrower shall
not have the obligation to notify Lender and shall have the right to adjust and receive insurance proceeds upon damage to the Collateral
not exceeding $50,000, so long as Borrower promptly repairs and restores such damage. The occurrence of casualty damage or other
loss which is insured (other than a reasonable deductible) shall not constitute an Event of Default. In the event of casualty damage
to the Collateral, and provided no Event of Default is continuing, Lender will make the insurance proceeds available for restoration
so long as Lender receives reasonable assurances that the insurance proceeds plus additional amounts deposited by Borrower will
be adequate fully to restore the Collateral. Lender reserves the right to require an appraisal of the as-restored value of the
Collateral and to require that the insurance proceeds be held in escrow by Lender or an acceptable title company and disbursed
in accordance with customary construction loan disbursement procedures and conditions. 

20.   
Lender acknowledges that the Real Property is used in Borrower’s business and Borrower
shall have no obligation to provide annual reports of net operating income from the Real Property.

21.   
If all or any portion of the Collateral is condemned by eminent domain proceedings, the net
proceeds to be made available to Lender shall be after payment of all reasonable costs, expenses and attorneys’ fees incurred
by both Borrower and Lender in connection with the condemnation.

22.   
Lender waives the obligation of Borrower to make monthly payments into reserves for payment
of insurance unless and until an Event of Default occurs. Borrower shall have the obligation to make such payments into reserves
for payment of property taxes.

23.   
Borrower has a corporate seal but it is not required for effective execution of the Business
Loan Agreement or any of the Related Documents.

[SIGNATURES ON FOLLOWING
PAGE]

    	- 3 -

    	 

    

	 	VENTURE BANK
	 	 
	 	By:	      /s/
    Kevin Doyle
	 	Its:	      Authorized Signer
	 	 	 
	 	ELECTROMED, INC.
	 	 
	 	By:	      /s/ Jeremy Brock
	 	Its:	      Chief Financial Officer

[SIGNATURE PAGE TO RIDER
TO BUSINESS LOAN AGREEMENT

AND RELATED DOCUMENTS] 

    	- 4 -Exhibit
10.7

PROMISSORY
NOTE

	
        Principal

        $1,300,000.00
	
        Loan Date

        12-18-2013
	
        Maturity

        12-18-2018
	
        Loan No

        15696
	Call / Coll	Account	Officer 	Initials
	References in the boxes above are for Lender’s use only and do not limit the applicability of this document to any particular loan or item.  

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

 

	Borrower:	Electromed, Inc.	Lender:	Venture Bank
	 	500 Sixth Avenue NW	 	6210 Wayzata Boulevard
	 	New Prague, MN 56071	 	Golden Valley, MN 55416
	 	 	 	 
	 	 	 	 
	Principal Amount: $1,300,000.00	 	Date of Note: December 18, 2013

 

PROMISE TO PAY. Electromed, Inc.
(“Borrower”) promises to pay to Venture Bank (“Lender”), or order, in lawful money of the United States
of America, the principal amount of One Million Three Hundred Thousand & 00/100 Dollars ($1,300,000.00), together with interest
on the unpaid principal balance from December 18, 2013, calculated as described in the “INTEREST CALCULATION METHOD”
paragraph using an interest rate of 5.000% per annum based on a year of 360 days, until paid in full. The interest rate may change
under the terms and conditions of the “INTEREST AFTER DEFAULT” section.

PAYMENT. Borrower will pay this loan
in 59 regular payments of $8,631.55 each and one irregular last payment estimated at $1,094,913.64. Borrower’s first payment
is due January 18, 2014, and all subsequent payments are due on the same day of each month after that. Borrower’s final payment
will be due on December 18, 2018, and will be for all principal and all accrued interest not yet paid. Payments include principal
and interest. Unless otherwise agreed or required by applicable law, payments will be applied first to any accrued unpaid interest;
then to principal; then to any unpaid collection costs; and then to any late charges. Borrower will pay Lender at Lender’s
address shown above or at such other place as Lender may designate in writing.

INTEREST CALCULATION METHOD. Interest
on this Note is computed on a 365/360 basis; that is, by applying the ratio of the interest rate over a year of 360 days, 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. This calculation method results in a higher effective interest rate than
the numeric interest rate stated in this Note.

PREPAYMENT PENALTY. 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. Upon prepayment of this
Note, Lender is entitled to the following prepayment penalty: In the event of a prepayment of more than 20% of the original principal
amount of the loan within a twelve month period due to loan being refinanced at another institution, a prepayment penalty shall
be assessed as follows:

1) If the prepayment occurs on or
before the first anniversary date of the loan, the prepayment penalty will equal five percent (5%) of the principal amount prepaid.

2) If the prepayment occurs after
the first anniversary date, but on or before the second anniversary date, the prepayment penalty will equal four percent (4%) of
the principal amount prepaid.

3) If the prepayment occurs after
the second anniversary date, but on or before the third anniversary date, the prepayment penalty will equal three percent (3%)
of the principal amount prepaid.

4) If the prepayment occurs after
the third anniversary date, but on or before the fourth anniversary date, the prepayment penalty will equal two percent (2%) of
the principal amount prepaid.

5) If the prepayment occurs after
the fourth anniversary date, but on or before the fifth anniversary date, the prepayment penalty will equal one percent (1%) of
the principal amount prepaid.

* Prepayment Penalty will be waived
for the last 180 days of the 5 year term.

Except for the
foregoing, Borrower may pay all or a portion of the amount owed earlier than it is due.  Early payments will not, unless agreed
to by Lender in writing, relieve Borrower of Borrower’s obligation to continue to make payments under the payment schedule.
Rather, early payments will reduce the principal balance due and may result in Borrower’s making fewer payments. Borrower
agrees not to send Lender payments marked “paid in full”, “without recourse”, or similar language. If Borrower
sends such a payment, Lender may accept it without losing any of Lender’s rights under this Note, and Borrower will remain
obligated to pay any further amount owed to Lender. All written communications concerning disputed amounts, including any check
or other payment instrument that indicates that the payment constitutes “payment in full” of the amount owed or that
is tendered with other conditions or limitations or as full satisfaction of a disputed amount must be mailed or delivered to: Venture
Bank, P.O. Box 9180 Minneapolis, MN 55480-9180.

LATE CHARGE. If a payment is 10
days or more late, Borrower will be charged 5.000% of the unpaid portion of the regularly scheduled payment or $50.00, whichever
is greater.

INTEREST AFTER DEFAULT. Upon default,
including failure to pay upon final maturity, the interest rate on this Note shall be increased by 6.000 percentage points. 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.

    	 	 

    	 

    

 

	 	PROMISSORY NOTE	 
	Loan No:  15696	(Continued)	Page 2
	 	 	 

 

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.

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

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

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

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

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

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

Insecurity. Lender in good
faith believes itself insecure.

Cure Provisions. If any
default, other than a default in payment is curable and if Borrower has not been given a notice of a breach of the same provision
of this Note within the preceding twelve (12) months, it may be cured if Borrower, after Lender sends written notice to Borrower
demanding cure of such default: (1) cures the default within fifteen (15) days; or (2) if the cure requires more than fifteen (15)
days, immediately initiates steps which Lender deems in Lender’s sole discretion to be sufficient to cure the default and
thereafter continues and completes all reasonable and necessary steps sufficient to produce compliance as soon as reasonably practical.

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

ATTORNEYS’ FEES; EXPENSES.
Lender may hire or pay someone else to help collect this Note if Borrower does not pay. Borrower will pay Lender that amount. This
includes, subject to any limits under applicable law, Lender’s reasonable attorneys’ fees and Lender’s legal
expenses, whether or not there is a lawsuit, including reasonable attorneys’ fees, 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.

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

DISHONORED ITEM FEE. Borrower
will pay a fee to Lender of $32.00 if Borrower makes a payment on Borrower’s loan and the check or 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 all accounts Borrower
may open in the future. However, this does not include any IRA or Keogh accounts, or any trust accounts for which setoff would
be prohibited by law. Borrower authorizes Lender, to the extent permitted by applicable law, to charge or setoff all sums owing
on the indebtedness against any and all such accounts, and, at Lender’s option, to administratively freeze all such accounts
to allow Lender to protect Lender’s charge and setoff rights provided in this paragraph.

COLLATERAL. Borrower acknowledges
this Note is secured by :

- Real Property located at 500 and 502
Sixth Avenue NW, New Prague, MN 56071 per Mortgage dated 12/18/2013.

- An Assignment of Rents on the Real
Property located at 500 and 502 Sixth Avenue NW, New Prague, MN 56071 dated 12/18/2013.

LOAN AGREEMENT. A document titled,
“Business Loan Agreement”, is attached to this Promissory Note.

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

GENERAL PROVISIONS. If any part
of this Note cannot be enforced, this fact will not affect the rest of the Note. Lender may delay or forgo enforcing any of its
rights or remedies under this Note without losing them. In addition, Lender shall have all the rights and remedies provided in
the related documents or available at law, in equity, or otherwise. Except as may be prohibited by applicable law, all of Lender’s
rights and remedies shall be cumulative and may be exercised singularly or concurrently. Election by Lender to pursue any remedy
shall not exclude pursuit of any other remedy, and an election to make expenditures or to take action to perform an obligation
of Borrower shall not affect Lender’s right to declare a

    	 	 

    	 

    

 

	 	PROMISSORY NOTE	 
	Loan No:  15696	(Continued)	Page 3
	 	 	 

 

default and to exercise its rights and remedies. 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.

SECTION DISCLOSURE. To the extent
not preempted by federal law, this loan is made under Minnesota Statutes, Section 334.01. 

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:

ELECTROMED, INC. 

 

	By:	/s/ Jeremy Brock	 
	 	Jeremy Brock, Chief Financial Officer of Electromed, Inc.

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