Document:

Ex10_2

		
			Exhibit 10.2
		

		
			 
		

		
			Certain information marked as [***] has been excluded from this exhibit because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.
		

		
			 
		

		
			 
		

		
			SECOND AMENDED & RESTATED SEPARATION AND SHARED SERVICES AGREEMENT
		

		
			 
		

		
			This Second Amended & Restated Shared Services Agreement (this “Agreement”) is entered into as of March 6, 2020 (the “Effective Date”), by and between BioXcel Corporation, a Delaware corporation located at 780 East Main Street, Branford, CT 06405 (“BioXcel”), and BioXcel Therapeutics, Inc., a Delaware corporation located at 780 East Main Street, Branford, CT 06405 (“BTI”) in order to amend and restate the obligations of each of BioXcel and BTI under that certain Separation and Shared Services Agreement entered into by BioXcel and BTI as of June 30, 2017, as amended and restated on November 7, 2017 (the “SSA”). BioXcel and BTI are sometimes referred to individually as a “Party” and collectively as the “Parties.”
		

		
			 
		

		
			RECITALS
		

		
			 
		

		
			WHEREAS, BioXcel identified a number of therapeutic candidates using its proprietary artificial intelligence-powered research and development engine known as ‘EvolverAI’; and
		

		
			 
		

		
			WHEREAS, the Board of Directors of BioXcel determined that it was in BioXcel’s best interest to restructure its business in order to realize the full potential of its assets, including such therapeutic candidates; and
		

		
			 
		

		
			WHEREAS, in accordance with the restructuring plan, BioXcel formed BTI, a product development biotechnology company, to develop and commercialize certain of the therapeutic candidates; and
		

		
			 
		

		
			WHEREAS, BioXcel and BTI entered into that certain Amended & Restated Contribution Agreement, which is attached as Exhibit A, (the “Contribution Agreement”) whereby BioXcel contributed certain therapeutic candidates and other assets and liabilities to BTI; and
		

		
			 
		

		
			WHEREAS, BTI plans to develop and commercialize such therapeutic candidates; and
		

		
			 
		

		
			WHEREAS, BioXcel and BTI entered into that certain SSA, under which, among other things, BioXcel agreed to furnish BTI with office space, equipment, services, leased employees, and certain financial support, and BTI agreed to cease accepting such space, equipment, services, leased employees, and financial support pursuant to a separation plan, attached as Exhibit B thereto; and
		

		
			 
		

		
			WHEREAS, the Parties now wish to amend the SSA in certain regards.
		

		
			 
		

		
			NOW, THEREFORE, in consideration of the foregoing recitals and the terms and conditions set forth herein, the Parties hereto, intending to be legally bound, hereby amend and restate the terms and conditions of the SSA as follows:
		

		
			 
		

		
			1.    [Section intentionally left blank].
		

		
			 
		

		
			2.    Shared Services.
		

		
			 
		

		
			a.    The Services. BioXcel shall perform for and on behalf of BTI the services set forth on Exhibit C, as may be adjusted from time to time by mutual agreement of the Parties (the “Services”) during the Term, which Services shall include the use of the EvolverAI
		

		
			
		

		
			

		 

		

		
			 
		

		
			research and development engine.
		

		
			 
		

		
			b.    Performance Standards. BioXcel shall perform the Services in a timely, competent, and workmanlike manner and in a nature and at levels consistent with BioXcel’s conduct of its own business.
		

		
			 
		

		
			c.    Compensation.
		

		
			 
		

		
			In consideration of the provision of the following Services:
		

		
			 
		

		
			i.     BTI shall pay to BioXcel for Services related to intellectual property prosecution and management as outlined in Exhibit C
		

		
			 
		

		
			ii.     BTI shall pay to BioXcel the sum of the amounts calculated by multiplying the actual hours spent towards services for and on behalf of BTI with the rates for each type of employee for Services by BioXcel through its subsidiary in India as outlined in Exhibit C.
		

		
			 
		

		
			d.    EvolverAI Collaborative Services. On or before December 31, 2020, BTI shall have the option to enter into a Collaborative Services Agreement with BioXcel by which BioXcel shall perform product identification and related services for BTI utilizing the EvolverAI Platform. The Parties agree to negotiate the terms of such Collaborative Services Agreement in good faith and that such agreement will incorporate reasonable market based terms, including consideration for BioXcel reflecting a low, single-digit royalty on net sales and reasonable development and commercialization milestone payments, provided that (i) development milestones shall not exceed $10 million in the aggregate and not be payable prior to proof of concept in humans and (ii) commercialization milestones shall be based on reaching annual net sales levels, be limited to 3% of the applicable net sales level, and not exceed $30M in the aggregate. BioXcel shall continue to make such product identification and related services available to BTI until at least June 30, 2022.
		

		
			 
		

		
			e.    Payment. BTI shall pay to BioXcel amounts due under Section 2(c). BioXcel shall send invoices to BioXcel for such amounts within thirty (30) days after the end of each calendar month. BTI shall pay each invoice within sixty (60) days after receipt thereof. If any portion of any invoice is disputed, BTI shall pay the undisputed amount, and the Parties shall use good faith efforts to reconcile the disputed amount as soon as possible.
		

		
			 
		

		
			3.    [Section intentionally left blank].
		

		
			 
		

		
			4.    [Section intentionally left blank].
		

		
			 
		

		
			5.    Separation Plan. BioXcel and BTI hereby acknowledge that the Services shall decrease over time in accordance with the Separation Plan attached as Exhibit B (the “Separation Plan”), as may be adjusted from time to time by mutual agreement of the Parties. The Parties agree to adhere to the terms of the Separation Plan. In the event BTI determines that the Separation Plan must be amended due to changes related to the business of BTI, including the development or commercialization of the therapeutic candidates, BTI shall notify BioXcel in writing and the Parties shall, in good faith, assess any continued support required by BTI. Any amendments to the Separation Plan shall be agreed upon in writing by the Parties and shall be attached in Exhibit B hereto.
		

		
			 
		

		
			
		

		
			

		 

		

		
			 
		

		
			6.    Recusal. The Parties covenant and agree that, in support of the Separation Plan as long as Vimal Mehta is a member of senior management or the governing board of both BioXcel and BTI, he may participate in discussions at the senior management and governing board levels for each of BioXcel and BTI but shall not vote on matters coming before either governing board material to this Agreement, the Contribution Agreement or other agreements relating to the relationship between the Parties. Each Party shall ensure that Vimal Mehta recuses himself with respect to governing board matters consistent with this Section 6.
		

		
			 
		

		
			7.    Confidentiality. Each Party shall maintain the confidentiality of all data, information, records, reports and all other nonpublic information provided to it by the other Party (the “Confidential Information”), and shall not disclose any Confidential Information to third parties for any reason unless and only to the extent jointly agreed to, in writing, by the Parties or as required by law. The foregoing applies to information communicated orally, in writing, by computer processes, and includes without limitation, this Agreement, any and all meeting notes, business plans, financial statements, analyses and/or research materials, corporate documents, and correspondence.
		

		
			 
		

		
			Intellectual Property Rights. BioXcel and BTI intend for any work product, including designs, business plans, correspondence (printed or electronic), discoveries, inventions, improvements, software, works of authorship, information, know-how, or other materials made, conceived, reduced to practice or developed in whole or in part by BioXcel during the Term or within six (6) months after the expiration of the Term in connection with the Services or that relate to the Confidential Information or the business of BTI (the “Developments”) to be works made for hire. BTI shall own all right, title and interest in and to the Developments, and shall be deemed to be the author of the Developments for copyright purposes. Any and all forms of intellectual property rights including, without limitation, patents, trademarks, copyrights, mask rights, trade secrets and proprietary know-how related to or covering property therein resulting from the Services shall be owned by BTI and may be registered exclusively in the name of BTI in the U.S. Copyright Office, the U.S. Patent and Trademark Office, and other similar registries in other countries. BioXcel shall promptly disclose to BTI all Developments and Confidential Information relating to the Services and perform all actions reasonably requested by BTI, whether during or after the Term, to establish and confirm BTI’s ownership of Developments, Confidential Information and related intellectual property, including, without limitation, the execution and delivery of assignments, consents, powers of attorney and other instruments, and provide reasonable assistance to BTI or any of its affiliates in connection with (a) the prosecution of any applications for patents, trademarks, trade names, service marks, reissues thereof or other legal protection thereon, (b) the maintenance, enforcement and renewal of any rights that may be obtained, granted or vest therein, and (c) the prosecution and defense of any actions, proceedings, oppositions or interferences relating thereto. For clarity, Developments shall include any new product candidates and any related inventions identified through the use of EvolverAI in performing the Services.
		

		
			 
		

		
			8.   Term and Termination.
		

		
			 
		

		
			a.    Term. Unless terminated earlier in accordance with the terms hereof, the term of this Agreement shall commence as of the Effective Date and terminate immediately upon the completion of the Separation Plan (the “Term”).
		

		
			 
		

		
			b.    Termination on Mutual Agreement. This Agreement may be terminated by mutual agreement of the Parties hereto at any time during the Term.
		

		
			 
		

		
			c.    [Section intentionally left blank].
		

		
			 
		

		
			d.    Termination on Insolvency of BTI. If BTI becomes bankrupt or insolvent, or makes any assignment for the benefit of creditors, or if a receiver is appointed to take charge of its
		

		
			
		

		
			

		 

		

		
			 
		

		
			property and such proceeding is not vacated or terminated within thirty (30) days after its commencement or institution, BioXcel may immediately terminate this Agreement by written notice after the thirty (30)-day period has passed. Any such termination shall be without prejudice to accrued rights of BioXcel, and to other rights and remedies for default.
		

		
			 
		

		
			e.    Termination for Breach. Either Party may terminate this Agreement upon thirty (30) days’ prior written notice if the other Party is in material breach of this Agreement and fails to cure such material breach within such thirty (30)-day period.
		

		
			 
		

		
			9.    Miscellaneous.
		

		
			 
		

		
			a.    Compliance with Applicable Law. In connection with the performance of this Agreement, both Parties shall comply with all applicable federal, state and local laws and regulations. The Parties shall cooperate with each other to effect such compliance.
		

		
			 
		

		
			b.    Coordination Meetings. The Parties agree to meet and confer in good faith on a regular basis to discuss the Services provided hereunder.
		

		
			 
		

		
			     Independent Contractors. The relationship between BioXcel on the one hand and BTI on the other is that of independent contractors, and none of the provisions of this Agreement is intended to create, nor will be construed to create, an agency, partnership or joint venture relationship between the Parties. No Party to this Agreement or any of their respective officers, members or employees, will be deemed to be the agent, employee or representative of another Party by virtue of this Agreement.
		

		
			 
		

		
			c.    Force Majeure. No Party shall be deemed to be in default of this Agreement if prevented from performing any obligation hereunder for any reason beyond its control, including but not limited to, acts of God, war, civil commotion, fire, flood or casualty, labor difficulties, shortages of or inability to obtain labor, materials or equipment, governmental regulations or restrictions, or unusually severe weather. In any such case, the Parties agree to negotiate in good faith with the goal of preserving this Agreement and the respective rights and obligations of the Parties hereunder, to the extent reasonably practicable. It is agreed that financial inability shall not be deemed a matter beyond a Party’s reasonable control.
		

		
			 
		

		
			d.    Entire Agreement. This Agreement constitutes the entire agreement between the Parties relating to the subject matter hereof and supersede any prior understandings, agreements, or representations by or between the Parties, written or oral, to the extent they relate in any way to the subject matter hereof.
		

		
			 
		

		
			e.    Succession and Assignment. This Agreement shall be binding upon and inure to the benefit of the Parties named herein and their respective successors and permitted assigns. Neither Party may assign either this Agreement or any of its rights, interests, or obligations hereunder without the prior written approval of the other Party. In the event that BioXcel sells, exclusively out-licenses or otherwise disposes of EvolverAI to a third party, BioXcel shall assign this Agreement to such third party and cause such third party to assume this Agreement, solely with respect to the continued provision of Services (including the use of EvolverAI in connection therewith) to BTI.
		

		
			 
		

		
			f.     Counterparts. This Agreement may be executed in one or more counterparts (including by means of facsimile), each of which shall be deemed an original but all of which together will constitute one and the same instrument. The transmission of a copy of an executed
		

		
			
		

		
			

		 

		

		
			 
		

		
			signature page hereof by facsimile or portable document format (.pdf) shall have the same effect as the delivery of a manually executed counterpart hereof.
		

		
			 
		

		
			g.    Headings. The section headings contained in this Agreement are inserted for convenience only and shall not affect in any way the meaning or interpretation of this Agreement.
		

		
			 
		

		
			h.    Notices. All notices, requests, demands, claims, and other communications hereunder shall be in writing and delivered to a Party at the address listed above. Any notice, request, demand, claim, or other communication hereunder shall be deemed duly given (a) when delivered personally to the recipient, (b) one (1) business day after being sent to the recipient by reputable overnight courier service (charges prepaid), or (c) four (4) business days after being mailed to the recipient by certified or registered mail. Any Party may change the address to which notices, requests, demands, claims, and other communications hereunder are to be delivered by giving the other Party notice in the manner herein set forth.
		

		
			 
		

		
			i.       Governing Law; Waiver of Jury Trial. This Agreement shall be governed by and construed in accordance with the laws of the State of Connecticut without giving effect to any choice or conflict of law provision or rule (whether of the State of Connecticut or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Connecticut. BOTH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVE ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.
		

		
			 
		

		
			j.     Amendments. No amendment of any provision of this Agreement shall be valid unless the same shall be in writing and signed by both of the Parties.
		

		
			 
		

		
			k.    Severability. Any term or provision of this Agreement that is invalid or unenforceable in any situation in any jurisdiction shall not affect the validity or enforceability of the remaining terms and provisions hereof or the validity or enforceability of the offending term or provision in any other situation or in any other jurisdiction.
		

		
			 
		

		
			l.     Incorporation of Exhibits. The Exhibits identified in this Agreement are incorporated herein by reference and made a part hereof.
		

		
			 
		

		
			m.   No Waiver. The failure of any Party to this Agreement to assert any of its rights under this Agreement or otherwise shall not constitute a waiver of such rights. The waiver of any such right with respect to particular facts and other circumstances shall not be deemed a waiver with respect to any other facts and circumstances and each such right shall be deemed an ongoing right that may be asserted at any time and from time to time. No right, remedy or election given by any term of this Agreement shall be deemed exclusive but shall be cumulative with all of the rights, remedies and elections available at law or in equity.
		

		
			 
		

		
			[Signature page follows]
		

		
			 
		

		
			
		

		
			

		 

		

		
			 
		

		
			IN WITNESS WHEREOF,  the Parties hereto have executed this Amended & Restated Separation and Shared Services Agreement as of the Effective Date.
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						BIOXCEL CORPORATION

					
					
						 

					
					
						BIOXCEL THERAPEUTICS, INC.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						By: 

					
					
						/s/ Ankush Sethi

					
					
						 

					
					
						By: 

					
					
						/s/ Dr. Peter Mueller

				
	
					
						Name:

					
					
						Ankush Sethi

					
					
						 

					
					
						Name:

					
					
						Dr. Peter Mueller

				
	
					
						Title:

					
					
						COO

					
					
						 

					
					
						Title:

					
					
						Chairman

				

		
			 
		

		
			
		

		
			

		 

		

		
			 
		

		
			Exhibit A
		

		
			 
		

		
			Amended & Restated Asset Contribution Agreement
		

		
			 
		

		
			[Separately Filed]
		

		
			 
		

		
			
		

		
			

		 

		

		
			 
		

		
			Exhibit B
		

		
			 
		

		
			Separation Plan
		

		
			 
		

		
			BioXcel Therapeutics (BTI) business focus is to develop and commercialize lead candidates contributed by BioXcel (parent) BXCL 501, 502, 701 and 702 and any future candidates.
		

		
			 
		

		
			Operations: BioXcel has assigned key management team to BTI to conduct its business and R&D functions. BTI management team is responsible for management and execution of R&D associated with BXCL501, 502, 701 and 702. In addition, all relevant material contracts assigned to BTI. BTI will continue to use shared services from BioXcel as outlined in Table 1 below.
		

		
			 
		

		
			Table 1: Separation Plan Timelines
		

		
			 
		

			
					
						Facility / Services / Assets /

					
						Employees

					
					
						Expected Timeframe

					
					
						Additional Details

				
	
					
						Shared Services (Section 2)

					
					
						 

					
					
						 

				
	
					
						i.        Services in the nature of support for intellectual property prosecution and management

					
						 

					
					
						Indefinitely, as may be agreed upon by the Parties

					
					
						 

				
	
					
						ii.        Services by BioXcel thru its subsidiary in the USA and India

					
					
						Indefinitely, as may be agreed upon by the Parties

				

		
			 
		

		
			 
		

		
			
		

		
			

		 

		

		
			 
		

		
			Exhibit C
		

		
			 
		

		
			The Services
		

		
			 
		

		
			A: BioXcel shall provide the following Services to BTI using the following rates, as may be adjusted from time to time by mutual agreement of the Parties:
		

		
			 
		

		
			1.    Services for intellectual property prosecution and management (Flexible).
		

		
			 
		

		
			a.    A fee of $250 per hour for a maximum of twenty hours per month. Fee shall be $500 per hour upon financing event of $5,000,000 or an IPO for BTI.
		

		
			 
		

		
			2.    Services by BioXcel directly, or through its subsidiary in India, for various departments and corresponding hourly rates are outlined in the table below.
		

		
			 
		

			
					
						 

					
						 

					
						Title - Department (USA)

					
					
						 

					
						 

					
						Rate ($)

				
	
					
						CSO AI Applications

					
					
						[***]

				
	
					
						 

					
					
						 

				
	
					
						 

					
						 

					
						Title - Department (India)

					
					
						 

					
						 

					
						Rate ($)

				
	
					
						Managing Director

					
					
						[***]

				
	
					
						Director-Drug Discovery

					
					
						[***]

				
	
					
						Director-Data Sciences

					
					
						[***]

				
	
					
						Assistant Director-Drug Discovery

					
					
						[***]

				
	
					
						Assistant Director-Drug Discovery

					
					
						[***]

				
	
					
						Senior Manager-Drug Discovery

					
					
						[***]

				
	
					
						Principal Analyst-Drug Discovery

					
					
						[***]

				
	
					
						Principal Analyst-Drug Discovery

					
					
						[***]

				
	
					
						Principal Analyst-Drug Discovery

					
					
						[***]

				
	
					
						Principal Analyst-Medical Analytics

					
					
						[***]

				
	
					
						Principal Analyst-Data Science

					
					
						[***]

				
	
					
						Assistant Director-Commercial Analytics

					
					
						[***]

				
	
					
						Senior Manager-IP Analytics

					
					
						[***]

				
	
					
						 

					
					
						Apply nearest rate applicable based on Title - Department above

				

		
			To be adjusted to CPI every year.Exhibit
10.1

 

IMAC
HOLDINGS, INC.

 

10%
PROMISSORY NOTE

 

	No.
    1	March
    __, 2020
	$_____	Brentwood,
    Tennessee

 

IMAC
HOLDINGS, INC., a Delaware corporation (the “Company”), for value received, hereby promises to pay to the order
of __________ with an address at ____________________, or registered assigns (the “Holder”), the principal
amount of ____________ dollars ($_____), payable in full on the Maturity Date (as hereinafter defined), unless prepayments have
been made by the Company pursuant to Section 1(d) hereof, in which case the outstanding balance hereon (if any) shall be payable
in full on the Maturity Date, and to pay interest on the unpaid principal balance hereof from time to time at the rate of 10%
per annum (calculated on the basis of a 365-day year) on the Maturity Date, all as hereafter further provided.

 

1.
Payments.

 

(a)
The “Maturity Date” shall be the date that is the earlier of (i) twenty-one (21) days after the date hereof
or (ii) the receipt of cash proceeds from any equity offering or debt financing by the Company with gross proceeds exceeding $500,000.

 

(b)
Interest on this Note shall accrue on the principal amount outstanding hereunder based upon the actual number of days elapsed
from the date hereof, and shall be payable on the Maturity Date.

 

(c)
If the Maturity Date would fall on a day that is not a Business Day (as defined below), the payment due on such Maturity Date
will be due and payable on the immediately preceding Business Day with the same force and effect as if made on the Maturity Date.
“Business Day” means any day which is not a Saturday or Sunday and is not a day on which banking institutions are
generally authorized or obligated to close in the City of Brentwood, Tennessee.

 

(d)
The Company may, at its option, prepay all or any part of the principal of this Note, without payment of any premium or penalty.

 

(e)
Payments of principal and interest on this Note shall be made by check sent to the Holder’s address set forth above or to
such other address as the Holder may designate for such purpose from time to time by written notice to the Company, in such coin
or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private
debts.

 

(f)
The obligations to make the payments provided for in this Note are absolute and unconditional and not subject to any defense,
set-off, counterclaim, rescission, recoupment or adjustment whatsoever. The Company hereby expressly waives demand and presentment
for payment, notice of non-payment, notice of dishonor, protest, notice of protest, bringing of suit and diligence in taking any
action to collect any amount called for hereunder, and shall be directly and primarily liable for the payment of all sums owing
and to be owing hereon, regardless of and without any notice, diligence, act or omission with respect to the collection of any
amount called for hereunder.

 

    	 

     

    

 

2.
No Collateral.

 

The
payment of this Note and the Company’s obligations hereunder are not secured by any collateral. The Holder hereof is an
unsecured creditor of the Company.

 

3.
Remedies upon Default.

 

Upon
the failure of the Company to make any payment when due to the Holder hereunder, which failure shall not be cured within ten (10)
Business Days following the date that such payment is due, the Holder, by notice in writing given to the Company, may declare
the entire principal amount then outstanding of, and the accrued interest on, this Note to be due and payable immediately, and
upon any such declaration the same shall become and be due and payable immediately, without presentment, demand, protest or other
formalities of any kind, all of which are expressly waived by the Company.

 

4.
Transfer.

 

(a)
Any Notes issued upon the transfer of this Note shall be numbered and shall be registered in a Note Register as they are issued.
The Company shall be entitled to treat the registered holder of any Note on the Note Register as the owner in fact thereof for
all purposes and shall not be bound to recognize any equitable or other claim to, or interest in, such Note on the part of any
other person, and shall not be liable for any registration or transfer of Notes which are registered or to be registered in the
name of a fiduciary or the nominee of a fiduciary unless made with the actual knowledge that a fiduciary or nominee is committing
a breach of trust in requesting such registration or transfer, or with the knowledge of such facts that its participation therein
amounts to bad faith. This Note shall be transferable only on the books of the Company upon delivery thereof duly endorsed by
the Holder or by the Holder’s duly authorized attorney or representative, or accompanied by proper evidence of succession,
assignment, or authority to transfer. In all cases of transfer by an attorney, executor, administrator, guardian, or other legal
representative, duly authenticated evidence of his, her or its authority shall be produced. Upon any registration of transfer,
the Company shall deliver a new Note or Notes to the person entitled thereto. This Note may be exchanged, at the option of the
Holder thereof, for another Note, or other Notes of different denominations, of like tenor and representing in the aggregate a
like principal amount, upon surrender hereof to the Company or its duly authorized agent.

 

(b)
The Holder acknowledges that it has been advised by the Company that this Note has not been registered under the Act, that the
Note is being or has been issued on the basis of the statutory exemption provided by Section 4(a)(2) of the Act or Regulation
D promulgated thereunder, or both, relating to transactions by an issuer not involving any public offering, and that the Company’s
reliance thereon is based in part upon the representations made by the original Holder in accordance with the terms of this Note.
The Holder acknowledges that such Holder has been informed by the Company of, or is otherwise familiar with, the nature of the
limitations imposed by the Act and the rules and regulations thereunder on the transfer of securities. In particular, the Holder
agrees that no sale, assignment or transfer of the Note shall be valid or effective, and the Company shall not be required to
give any effect to any such sale, assignment or transfer (collectively, “Transfer”), unless (i) the Transfer
of the Note is registered under the Act, it being understood that the Note is not currently registered for sale and that the Company
has no obligation or intention to so register the Notes, or (ii) the Transfer is exempt from registration under the Act and the
Holder delivers an opinion of counsel in form and substance satisfactory to the Company and counsel for the Company that the Transfer
is so exempt, and, in either case, that the Transfer is not restricted by applicable state securities laws.

 

    	2

     

    

 

5.
Miscellaneous.

 

(a)
Any notice or other communication required or permitted to be given hereunder shall be in writing and shall be mailed by certified
mail, return receipt requested, or by Federal Express, Express Mail or similar overnight delivery or courier service or delivered
(in person or by telecopy, telex or similar telecommunications equipment) against receipt to the party to whom it is to be given;
(i) if to the Company, at its address at 1605 Westgate Circle, Brentwood, Tennessee 37027, Attention: Mr. Jeffrey S. Ervin, Chief
Executive Officer, (ii) if to the Holder, at its address set forth on the first page hereof or (iii) in either case, to such other
address as the party shall have furnished in writing in accordance with the provisions of this Section 5(a). Notice to the estate
of any party shall be sufficient if addressed to the party as provided in this Section 5(a). Any notice or other communication
given by certified mail shall be deemed given at the time of certification thereof, except for a notice changing a party’s
address which shall be deemed given at the time of receipt thereof. Any notice given by other means permitted by this Section
5(a) shall be deemed given at the time of receipt thereof.

 

(b)
Upon receipt of evidence satisfactory to the Company of the loss, theft, destruction or mutilation of this Note (and upon surrender
of this Note if mutilated), and upon reimbursement of the Company’s reasonable incidental expenses and in the case of loss,
theft or destruction, indemnity as the Company shall, at its option, reasonably request and in form satisfactory to counsel for
the Company, the Company shall execute and deliver to the Holder a new Note of like date, tenor and denomination.

 

(c)
No course of dealing and no delay or omission on the part of the Holder in exercising any right or remedy shall operate as a waiver
thereof or otherwise prejudice the Holder’s rights, powers or remedies. No right, power or remedy conferred by this Note
upon the Holder shall be exclusive of any other right, power or remedy referred to herein or now or hereafter available at law,
in equity, by statute or otherwise, and all such remedies may be exercised singly or concurrently.

 

(d)
This Note has been negotiated in the State of Tennessee and shall be governed by and construed in accordance with the laws of
the State of Tennessee, without giving effect to principles governing conflicts of law.

 

(e)
The parties irrevocably consent to the jurisdiction of the federal and state courts of the State of Tennessee in connection with
any action or proceeding arising out of or relating to this Note, any document or instrument delivered pursuant to or in connection
with this Note, or a breach of this Note or any such document or instrument.

 

(f)
This Note may be amended, or any of its provisions waived (which amendment or waiver shall be binding upon all future Holders)
only by written consent or consents executed by the Company and the Holder.

 

    	3

     

    

 

IN
WITNESS WHEREOF, the Company has caused this Note to be executed and delivered as of the day and year first above written.

 

	 	IMAC HOLDINGS, INC.
	 	 	 
	 	By:
    	 
	 	 	Jeffrey
    S. Ervin
	 	 	Chief
    Executive Officer

 

    	4

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