SEC Contract Filing

Filing Date: 2020-03-30

Document Content:
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<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>ex10-2.htm
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<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
10.2</B></FONT></P>

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<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: 1.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SECURED
PROMISSORY NOTE </B></FONT></P>

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 <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective
 Date: March 25, 2020</FONT></TD>
 <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
 $1,115,000.00</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FOR
VALUE RECEIVED, <FONT STYLE="font-variant: small-caps">IMAC Holdings, Inc.</FONT>, a Delaware corporation (&ldquo;<B>Borrower</B>&rdquo;),
promises to pay to <FONT STYLE="font-variant: small-caps">Iliad Research and Trading, L.P.</FONT>, a Utah limited partnership,
or its successors or assigns (&ldquo;<B>Lender</B>&rdquo;), $1,115,000.00 and any interest, fees, charges, and late fees accrued
hereunder on the date that is eighteen (18) months after the Purchase Price Date (the &ldquo;<B>Maturity Date</B>&rdquo;) in accordance
with the terms set forth herein and to pay interest on the Outstanding Balance at the rate of ten percent (10%) per annum from
the Purchase Price Date until the same is paid in full. All interest calculations hereunder shall be computed on the basis of
a 360-day year comprised of twelve (12) thirty (30) day months, shall compound daily and shall be payable in accordance with the
terms of this Note. This Secured Promissory Note (this &ldquo;<B>Note</B>&rdquo;) is issued and made effective as of March 25,
2020 (the &ldquo;<B>Effective Date</B>&rdquo;). This Note is issued pursuant to that certain Note Purchase Agreement dated March
25, 2020, as the same may be amended from time to time, by and between Borrower and Lender (the &ldquo;<B>Purchase Agreement</B>&rdquo;).
Certain capitalized terms used herein are defined in <U>Attachment 1</U> attached hereto and incorporated herein by this reference.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.
<U>Payment; Prepayment</U>.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1.
<U>Payment</U>. All payments owing hereunder shall be in lawful money of the United States of America and delivered to Lender
at the address or bank account furnished by Lender to Borrower for that purpose. All payments shall be applied first to (a) Lender&rsquo;s
reasonable costs of collection, if any, then to (b) fees and charges hereunder, if any, then to (c) accrued and unpaid interest
hereunder, and thereafter, to (d) principal hereunder.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2.
<U>Prepayment</U>. Borrower may pay all or any portion of the Outstanding Balance earlier than it is due; <I>provided that </I>in
the event Borrower elects to prepay all or any portion of the Outstanding Balance: (a) on or before the date that is six (6) months
from the Effective Date, it shall pay to Lender 115% of the portion of the Outstanding Balance Borrower elects to prepay; or (b)
after the date that is six (6) months from the Effective Date, it shall pay to Lender 125% of the portion of the Outstanding Balance
Borrower elects to prepay. Early payments of less than all principal, fees and interest outstanding will not, unless agreed to
by Lender in writing, relieve Borrower of Bor