Document:

Executive Change in Control Agreement

 Exhibit 10.6 
 Impel Management Services, L.L.C. 
 Executive Change-in-Control
Severance Agreement 
 THIS EXECUTIVE CHANGE-IN-CONTROL SEVERANCE AGREEMENT is made, entered into, and is effective this
1 day of March, 2011 (hereinafter referred to as the “Effective Date”), by and between Impel Management Services, L.L.C. (the “Company”), a Texas limited liability corporation, and KAREN KENNEDY (the “Executive”).

 WHEREAS, the Executive is currently employed by the Company as its Chief Executive Officer, and 

WHEREAS, the Executive possesses considerable experience and knowledge of the business and affairs of the Company regarding its policies,
methods, personnel, and operations; and 
 WHEREAS, the Company is desirous of assuring insofar as possible, that it will
continue to have the benefit of the Executive’s services; and the Executive is desirous of having such assurances; and 

WHEREAS, the Company recognizes that circumstances may arise in which a Change in Control of the Company occurs, through acquisition or
otherwise, thereby causing uncertainty of employment without regard to the Executive’s competence or past contributions. Such uncertainty may result in the loss of the valuable services of the Executive to the detriment of the Company; and

 WHEREAS, both the Company and the Executive are desirous that any proposal for a Change in Control or acquisition will be
considered by the Executive objectively and with reference only to the business interests of the Company; and 
 WHEREAS, the
Executive will be in a better position to consider the Company’s best interests if the Executive is afforded reasonable security, as provided for in this Agreement, against altered conditions of employment which could result from any such
Change in Control or acquisition. 
 NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and
agreements of the parties set forth in this Agreement, and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows: 

 Article 1. Definitions 
 Wherever used in this Agreement, the following terms shall have the meanings set forth below and, when the meaning is intended, the initial letter of the word is capitalized: 

 

	(a)	“Agreement” means this Executive Change-in-Control Severance Agreement. 

 

	(b)	“Base Salary” means, at any time, the then regular annual rate of pay which the Executive is receiving as annual salary, excluding amounts:
(i) received under short-term or long-term incentive or other bonus plans, regardless of whether or not the amounts are deferred, or (ii) designated by the Company as payment toward reimbursement of expenses. 

 

	(c)	“Beneficial Owner” shall have the meaning ascribed to such term in Rule 13d-3 of the General Rules and Regulations under the Exchange Act.

  

	(d)	“Board” means the Board of Directors of the Company. 

  

	(e)	“Cause” shall be determined solely by the Committee in the exercise of good faith and reasonable judgment, and shall mean the occurrence of any one or
more of the following: 

  

	 	(i)	The Executive’s willful and continued failure to substantially perform his or her duties with the Company (other than any such failure resulting from the
Executive’s Disability), after a written demand for substantial performance is delivered to the Executive that specifically identifies the manner in which the Committee believes that the Executive has not substantially performed his or her
duties, and the Executive has failed to remedy the situation within fifteen (15) business days of such written notice from the Company; or 

  

	 	(ii)	The Executive’s conviction of a felony; or 

  

	 	(iii)	The Executive’s willful engaging in conduct that is demonstrably and materially injurious to the Company, monetarily or otherwise. However, no act or failure to
act on the Executive’s part shall be deemed “willful” unless done, or omitted to be done, by the Executive not in good faith and without reasonable belief that the action or omission was in the best interests of the Company.

  

	(f)	“Change in Control” of the Company shall mean the occurrence of any one (1) or more of the following events: 

	 	(i)	any person, corporation, or other entity or group, including any “group” as defined in Section l3(d)(3) of the Securities Exchange Act of 1934, other than any
employee benefit plan then maintained by the Company, becomes the beneficial owner of units of the Company having 30 percent or more of the total number of votes that may be cast for the election of Directors of the Company; or

  

	 	(ii)	as the result of, or in connection with, any contested election for the Board of Directors of the Company, or any tender or exchange offer, merger or other business
combination or sale of assets, or any combination of the foregoing (a “Transaction”), the persons who were Directors of the Company before the Transaction shall cease to constitute a majority of the Board of Directors of the Company or any
successor to the Company or its assets, or 

  

	 	(iii)	at any time (a) the Company shall consolidate with, or merge with, any other Person and the Company shall not be the continuing or surviving corporation,
(b) any Person shall consolidate with, or merge with the Company, and the Company shall be the continuing or surviving corporation and in connection therewith, all or part of the outstanding Company units shall be changed into or exchanged for
stock or other securities of any other Person or cash or any other property, (c) the Company shall be a party to a statutory share exchange with any other Person after which the Company is a subsidiary of any other Person, or (d) the
Company shall sell or otherwise transfer 50% or more of the assets or earning power of the Company and its subsidiaries (taken as a whole) to any Person or Persons; provided, however, that notwithstanding anything to the contrary herein, a Change in
Control shall not include either any transfer to a consolidated subsidiary, reorganization, spin-off, split-up, distribution, or other similar or related transaction(s) or any combination of the foregoing in which the core business and assets of the
Company and its subsidiaries (taken as a whole) are transferred to another entity (“Controlled” ) with respect to which (1) the majority of the Board of Directors of the Company (as constituted immediately prior to such
transaction(s)) also serve as directors of Controlled and immediately after such transaction(s) constitute a majority of Controlled’s board of directors for a period of no less than 24 months, and (2) more than 70% of the members of the
Company (immediately prior to such transaction(s)) become members, shareholders or other owners of Controlled and immediately after the transaction(s) control more than 70% of the ownership and voting rights of Controlled. 

 

	 	(iv)	The Company’s stockholders approve a plan of complete liquidation or dissolution of the Company, or an agreement for the sale or disposition by the Company of all
or substantially all of the Company’s assets (or any transaction having a similar effect); or 

  

	 	(v)	Any other transaction that the Board of Directors of the Company designates as being a Change in Control. 

 

	(g)	“Code” means the Internal Revenue Code of 1986, as amended. 

	(h)	“Committee” means the Management Development and Compensation Committee of the Board of Directors of the Company, or, if no Management Development and
Compensation Committee exists, then the full Board of Directors of the Company, or a committee of Board members, as appointed by the full Board to administer this Agreement. 

 

	(i)	“Company” means Impel Management Services, L.L.C., a Texas limited liability company (including any and all subsidiaries), or any successor thereto as
provided in Article 8 herein. 

  

	(j)	“Disability” shall have the meaning ascribed to such term in the Executive’s governing long-term disability plan, or if no such plan exists, at
the discretion of the Board. 

  

	(k)	“Effective Date” means the date this Agreement is approved by the Board or the Committee, or such other date as the Board or Committee shall designate
in its resolution approving this Agreement, and as specified in the opening sentence of this Agreement. 

  

	(l)	“Effective Date of Termination” means the date on which a Qualifying Termination occurs, as provided in Section 2.2 herein, which triggers the
payment of Severance Benefits hereunder. 

  

	(m)	“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

 

	(n)	“Good Reason” means, without the Executive’s express written consent, the occurrence after a Change in Control of the Company of anyone
(1) or more of the following: 

  

	 	(i)	The assignment of the Executive to duties materially inconsistent with the Executive’s authorities, duties, responsibilities, and status (including offices,
titles, and reporting requirements) as an executive and/or officer of the Company, or a material reduction or alteration in the nature or status of the Executive’s authorities, duties, or responsibilities from those in effect as of ninety
(90) calendar days prior to the Change in Control, other than an insubstantial and inadvertent act that is remedied by the Company promptly after receipt of notice thereof given by the Executive; 

 

	 	(ii)	The Company’s requiring the Executive to be based at a location in excess of thirty-five (35) miles from the location of the Executive’s principal job
location or office immediately prior to the Change in Control; except for required travel on the Company’s business to an extent substantially consistent with the Executive’s then present business travel obligations;

  

	 	(iii)	A reduction by the Company of the Executive’s Base Salary in effect on the Effective Date hereof, or as the same shall be increased from time to time;

	 	(iv)	The failure of the Company to continue in effect any of the Company’s short-and long-term incentive compensation plans, or employee benefit or retirement plans,
policies, practices, or other compensation arrangements in which the Executive participates unless such failure to continue the plan, policy, practice, or arrangement pertains to all plan participants generally; or the failure by the Company to
continue the Executive’s participation therein on substantially the same basis, both in terms of the amount of benefits provided and the level of the Executive’s participation relative to other participants, as existed immediately prior to
the Change in Control of the Company; 

  

	 	(v)	The failure of the Company to obtain a satisfactory agreement from any successor to the Company to assume and agree to perform the Company’s obligations under this
Agreement, as contemplated in Article 8 herein; and 

  

	 	(vi)	A material breach of this Agreement by the Company which is not remedied by the Company within ten (10) business days of receipt of written notice of such breach
delivered by the Executive to the Company. 

 The Executive’s right to terminate employment for Good Reason
shall not be affected by the Executive’s incapacity due to physical or mental illness. The Executive’s continued employment shall not constitute consent to, or a waiver of rights with respect to, any circumstance constituting Good Reason
herein. 
  

	(o)	“Person” shall have the meaning ascribed to such term in Section 3(a)(9) of the Exchange Act and used in Sections 13(d) and 14(d) thereof,
including a “group” as defined in Section 13(d). 

  

	(p)	“Qualifying Termination” means any of the events described in Section 2.2 herein, the occurrence of which triggers the payment of Severance
Benefits hereunder. 

  

	(q)	“Severance Benefits” mean the payment of severance compensation as provided in Section 2.3 herein. 

Article 2. Severance Benefits 
 2.1 Right to Severance Benefits. The Executive shall be entitled to receive from the Company Severance Benefits as described in Section 2.3 herein, if there has been a Change in Control of the
Company and if, within twenty-four (24) calendar months thereafter, the Executive’s employment with the Company shall end for any reason specified in Section 2.2 herein as being a Qualifying Termination. 

The Executive shall not be entitled to receive Severance Benefits if he or she is terminated for Cause, or if his or her employment with
the Company ends due to death, Disability, voluntary normal retirement (as defined under the then established rules of the Company’s tax-qualified retirement plan), or due to a voluntary termination of employment for reasons other than as
specified in Section 2.2(b) herein. 

 2.2 Qualifying Termination. The occurrence of any one of the following events within
twenty-four (24) calendar months after a Change in Control of the Company shall trigger the payment of Severance Benefits to the Executive under this Agreement: 
  

	 	(a)	The Company’s involuntary termination of the Executive’s employment without Cause; and 

 

	 	(b)	The Executive’s voluntary employment termination for Good Reason. 

 For purposes of this Agreement, a Qualifying Termination shall not include a termination of employment by reason of death, Disability, or voluntary normal retirement (as such term is defined under the
then established rules of the Company’s tax-qualified retirement plan), the Executive’s voluntary termination for reasons other than as specified in Section 2.2(b) herein, or the Company’s involuntary termination for Cause.

 2.3 Description of Severance Benefits. In the event that the Executive becomes entitled to receive Severance Benefits,
as provided in Sections 2.1 and 2.2 herein, the Company shall pay to the Executive and provide him or her with the following Severance Benefits: 
  

	 	(a)	A lump-sum amount equal to the Executive’s unpaid Base Salary, accrued vacation pay, unreimbursed business expenses, and all other items earned by and owed to the
Executive through and including the Effective Date of Termination. 

  

	 	(b)	A lump-sum amount equal to the Executive’s annual target bonus amount, established under the annual bonus plan in which the Executive is then participating, for
the bonus plan year in which the Executive’s Effective Date of Termination occurs, multiplied by a fraction the numerator of which is the number of full completed months in the year from January 1 through the Effective Date of Termination, and
the denominator of which is twelve (12). This payment will be in lieu of any other payment to be made to the Executive under the annual bonus plan in which the Executive is then participating for the plan year. 

 

	 	(c)	A lump-sum amount equal to two (2) multiplied by the higher of: (i) the Executive’s annual rate of Base Salary in effect upon the Effective Date of
Termination, or (ii) the Executive’s annual rate of Base Salary in effect on the date of the Change in Control. 

  

	 	(d)	A lump-sum amount equal to two (2) multiplied by the higher of: (i) the Executive’s annual target bonus established under the annual bonus plan in which
the Executive is then participating for the bonus plan year in which the Executive’s Effective Date of Termination occurs, or (ii) the actual annual bonus payment made to the Executive under the annual bonus plan in which the Executive
participated in the year preceding the year in which the Effective Date of Termination occurs. 

	 	(e)	Equivalent payment for continued medical coverage for a period of twenty- four (24) months. Such equivalent payment shall be provided based on the same coverage
level, including dependent coverage, as in effect on the Effective Date of Termination by: (i) providing payment of the Company’s portion of the monthly COBRA premium (for the eighteen (18) months COBRA period); and
(ii) providing a lump-sum payment equal to the Company’s portion of the first monthly COBRA premium times six (6). Dependent coverage shall continue for the full twenty-four month period even if the Executive dies during the period.

  

	 	(f)	For a period of up to twenty-four (24) months following a Qualifying Termination, the Executive shall be entitled, at the expense of the Company, to receive
standard executive placement services from a reputable executive search/placement firm of the Executive’s selection. However, the Company’s total obligation shall not exceed fifty thousand dollars ($50,000.00). 

2.4 Termination for Total and Permanent Disability. Following a Change in Control, if the Executive’s employment is
terminated with the Company due to Disability, the Executive’s benefits shall be determined in accordance with the Company’s retirement, insurance, and other applicable plans and programs then in effect. 

2.5 Termination for Retirement or Death. Following a Change in Control, if the Executive’s employment with the Company is
terminated by reason of his or her voluntary normal retirement (as defined under the then established rules of the Company’s tax-qualified retirement plan), or death, the Executive’s benefits shall be determined in accordance with the
Company’s retirement, survivor’s benefits, insurance, and other applicable programs then in effect. 
 2.6
Termination for Cause or by the Executive Other Than for Good Reason. Following a Change in Control, if the Executive’s employment is terminated either: (i) by the Company for Cause; or (ii) voluntarily by the Executive for
reasons other than as specified in Section 2.2(b) herein, the Company shall pay the Executive his or her full Base Salary at the rate then in effect, accrued vacation, and other items earned by and owed to the Executive through the Effective
Date of Termination, plus all other amounts to which the Executive is entitled under any compensation plans of the Company at the time such payments are due, and the Company shall have no further obligations to the Executive under this Agreement.

 2.7 Notice of Termination. Any termination of the Executive’s employment by the Company for Cause or by the
Executive for Good Reason shall be communicated by Notice of Termination to the other party. For purposes of this Agreement, a “Notice of Termination” shall mean a written notice which shall indicate the specific termination provision in
this Agreement relied upon, and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Executive’s employment under the provision so indicated. 

 Article 3. Form and Timing of Severance Benefits 

3.1 Form and Timing of Severance Benefits. The Severance Benefits described in Sections 2.3(a), 2.3(b), 2.3(c), 2.3(d), and 2.3(e)
herein shall be paid in cash to the Executive in a single lump sum as soon as practicable following the Effective Date of Termination, but in no event beyond ten (10) calendar days from such date. 

3.2 Withholding of Taxes. The Company shall withhold from any amounts payable under this Agreement all federal, state, city, or
other taxes as legally shall be required. 
 Article 4. Excise Tax 

4.1 Excise Tax Payment. If any portion of the Severance Benefits or any other payment under this Agreement, or under any other
agreement with, or plan of the Company (in the aggregate, “Total Payments”) would constitute an “excess parachute payment,” such that a golden parachute excise tax is due, the Company shall provide to the Executive, in cash, an
additional payment in an amount sufficient to cover the full cost of any excise tax and all of the Executive’s additional state and federal income, excise, and employment taxes that arise on this additional payment (cumulatively, the “Full
Gross-Up Payment”), such that the Executive is in the same after-tax position as if he or she had not been subject to the excise tax. For this purpose, the Executive shall be deemed to be in the highest marginal rate of federal and state taxes.
This payment shall be made as soon as possible following the date of the Executive’s Qualifying Termination, but in no event later than ten (10) calendar days from such date. 

For purposes of this Agreement, the term “excess parachute payment” shall have the meaning assigned to such term in
Section 280G of the Internal Revenue Code, as amended (the “Code”), and the term “excise tax” shall mean the tax imposed on such excess parachute payment pursuant to Sections 280G and 4999 of the Code. 

4.2 Subsequent Recalculation. In the event the Internal Revenue Service subsequently adjusts the excise tax computation herein
described, the Company shall reimburse the Executive for the full amount necessary to make the Executive whole on an after-tax basis (less any amounts received by the Executive that the Executive would not have received had the computations
initially been computed as subsequently adjusted), including the value of any underpaid excise tax, and any related interest and/or penalties due to the Internal Revenue Service. 
 Article 5. The Company’s Payment Obligation 
 5.1 Payment
Obligations Absolute. The Company’s obligation to make the payments and the arrangements provided for herein shall be absolute and unconditional, and shall not be affected by any circumstances including, without limitation, any offset,

 
counterclaim, recoupment, defense, or other right which the Company may have against the Executive or anyone else. All amounts payable by the Company hereunder shall be paid without notice or
demand. Each and every payment made hereunder by the Company shall be final, and the Company shall not seek to recover all or any part of such payment from the Executive or from whomsoever may be entitled thereto, for any reasons whatsoever.

 The Executive shall not be obligated to seek other employment in mitigation of the amounts payable or arrangements made under
any provision of this Agreement, and the obtaining of any such other employment shall in no event effect any reduction of the Company’s obligations to make the payments and arrangements required to be made under this Agreement, except to the
extent provided in Section 2.3(h) herein. 
 5.2 Contractual Rights to Benefits. This Agreement establishes and
vests in the Executive a contractual right to the benefits to which he or she is entitled hereunder. However, nothing herein contained shall require or be deemed to require, or prohibit or be deemed to prohibit, the Company to segregate, earmark, or
otherwise set aside any funds or other assets, in trust or otherwise, to provide for any payments to be made or required hereunder. 

Article 6. Term of Agreement 
 This Agreement will commence on the Effective Date and shall continue in effect for two (2) full years. However, at the end of such two (2) year period and, if extended, at the end of each
additional year thereafter, the term of this Agreement shall be extended automatically for one (1) additional year, unless either party delivers written notice six (6) months prior to the end of such term, or extended term, stating that
the Agreement will not be extended. In such case, the Agreement will terminate at the end of the term, or extended term, then in progress. 
 However, in the event of a Change in Control of the Company, the term of this Agreement shall automatically be extended for two (2) years from the date of the Change in Control. 

Article 7. Legal Remedies 

7.1 Dispute Resolution. The Executive shall have the right and option to elect to have any good faith dispute or controversy
arising under or in connection with this Agreement settled by litigation or arbitration. If arbitration is selected, such proceeding shall be conducted by final and binding arbitration before a panel of three (3) arbitrators in accordance with
the laws and under the administration of the American Arbitration Association. 
 7.2 Payment of Legal Fees. In the event
that it shall be necessary or desirable for the Executive to retain legal counsel and/or to incur other costs and expenses in connection with the enforcement of any or all of his rights under this Agreement, the Company shall pay (or the Executive
shall be entitled to recover from the Company) the Executive’s 

 
reasonable attorneys’ fees, costs, and expenses in connection with the good faith enforcement of his or her rights including the enforcement of any arbitration award. This shall include,
without limitation, court costs and attorneys’ fees incurred by the Executive as a result of any good faith claim, action, or proceeding, including any such action against the Company arising out of, or challenging the validity or
enforceability of, this Agreement or any provision hereof. 
 Article 8. Successors 

The Company shall require any successor (whether direct or indirect, by purchase, merger, reorganization, consolidation, acquisition of
property or stock, liquidation, or otherwise) of all or a significant portion of the assets of the Company by agreement, in form and substance satisfactory to the Executive, to expressly assume and agree to perform this Agreement in the same manner
and to the same extent that the Company would be required to perform if no such succession had taken place. Regardless of whether such agreement is executed, this Agreement shall be binding upon any successor in accordance with the operation of law
and such successor shall be deemed the “Company” for purposes of this Agreement. 
 Article 9. Miscellaneous 

9.1 Employment Status. This Agreement is not, and nothing herein shall be deemed to create, an employment contract between the
Executive and the Company or any of its subsidiaries. The Executive acknowledges that the rights of the Company remain wholly intact to change or reduce at any time and from time to time his compensation, title, responsibilities, location, and all
other aspects of the employment relationship, or to discharge him prior to a Change in Control (subject to such discharge possibly being considered a Qualifying Termination pursuant to Section 2.2). 

9.2 Entire Agreement. This Agreement contains the entire understanding of the Company and the Executive with respect to the
subject matter hereof. In addition, the payments provided for under this Agreement in the event of the Executive’s termination of employment shall be in lieu of any severance benefits payable under any severance plan, program, or policy of the
Company to which he might otherwise be entitled. 
 9.3 Notices. All notices, requests, demands, and other communications
hereunder shall be sufficient if in writing and shall be deemed to have been duly given if delivered by hand or if sent by registered or certified mail to the Executive at the last address he or she has filed in writing with the Company or, in the
case of the Company, at its principal offices. 
 9.4 Execution in Counterparts. This Agreement may be executed by the
parties hereto in counterparts, each of which shall be deemed to be original, but all such counterparts shall constitute one and the same instrument, and all signatures need not appear on any one counterpart. 

 9.5 Conflicting Agreements. The Executive hereby represents and warrants to the
Company that his or her entering into this Agreement, and the obligations and duties undertaken by him or her hereunder, will not conflict with, constitute a breach of, or otherwise violate the terms of, any other employment or other agreement to
which he or she is a party, except to the extent any such conflict, breach, or violation under any such agreement has been disclosed to the Board in writing in advance of the signing of this Agreement. 

9.6 Severability. In the event any provision of this Agreement shall be held illegal or invalid for any reason, the illegality or
invalidity shall not affect the remaining parts of the Agreement, and the Agreement shall be construed and enforced as if the illegal or invalid provision had not been included. Further, the captions of this Agreement are not part of the provisions
hereof and shall have no force and effect. 
 Notwithstanding any other provisions of this Agreement to the contrary, the
Company shall have no obligation to make any payment to the Executive hereunder to the extent, but only to the extent, that such payment is prohibited by the terms of any final order of a federal or state court or regulatory agency of competent
jurisdiction; provided, however, that such an order shall not affect, impair, or invalidate any provision of this Agreement not expressly subject to such order. 
 9.7 Modification. No provision of this Agreement may be modified, waived, or discharged unless such modification, waiver, or discharge is agreed to in writing and signed by the Executive and by the
Company, as applicable, or by the respective parties’ legal representatives or successors. 
 9.8 Applicable Law. To
the extent not preempted by the laws of the United States, the laws of the State of Texas shall be the controlling law in all matters relating to this Agreement without giving effect to principles of conflicts of laws. 

IN WITNESS WHEREOF, the parties have executed this Agreement as of the Effective Date. 

 

			
	Impel Management Services, L.L.C.
		
	By:	 	/s/    Steven Brock
		 	Steven Brock, President
	
	Executive
		
	By:	 	/s/    Karen Kennedy        
		 	Karen KennedySeverance Agreement

 Exhibit 10.7 
 SEVERANCE AGREEMENT 
 This Severance Agreement (the
“Agreement”) is entered into as of September 1, 2011 (the “Effective Date”), by and between USMD lnc. (which, including its affiliates and successors and assigns shall be referred to herein as the
“Company”) and Gregory A. Cardenas (“Employee”). 
 Recitals

 WHEREAS, Company acknowledges that Employee possesses skills and knowledge instrumental to the successful conduct of
the Company’s business. Company, either directly or through a wholly owned subsidiary, is willing to enter into this Agreement with Employee in order to better ensure itself of access to the continued services of Employee both before and after
a Change in Control or a termination of Employee without cause (as such terms are further defined below). 
 NOW, THEREFORE, for
and in consideration of the mutual covenants and agreements set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby agree as follows:

 1. Term. The term of this Agreement shall commence on the Effective Date and shall terminate on
the actual date on which Employee’s employment with Company terminates. 
 2. Operation of Agreement. On the
Effective Date, this Agreement shall supercede any other agreement, if any, between the Company and Employee that would provide Employee the right to receive severance and other benefits in connection with the termination of Employee’s
employment. 
 3. Certain Definitions. As used in this Agreement, the following terms shall have the meanings set
forth below: 
 (a) “Accrued Obligations” shall mean any vested amounts or benefits owing to Employee
under the Company’s otherwise applicable employee compensation and benefit plans and programs. 
 (b) “Base
Salary” shall mean Employee’s annualized base salary as in effect from time to time as reflected in the Company’s regular payroll records. Base Salary shall not include any portion of any bonus compensation for time periods
which have not concluded as of the Date of Termination. 
 (c) “Change in Control” shall mean the
consummation of a transaction or a series of the transactions in which more than fifty percent (50%) of the shares of stock of the Company are sold, transferred or conveyed. 

(d) “Change in Control Date” means the date on which a Change in Control occurs. 

 (e) “Date of Termination” shall mean 

(1) In the case of a termination for which a Notice of Termination is required, the date of receipt of such Notice of
Termination or, if later, the date specified therein, and 
 (2) In all other cases, the actual date on which
Employee’s employment terminates. 
 (f) “Earned Salary” shall mean Employee’s Base Salary
earned, but unpaid, through Employee’s Date of Termination. 
 (g) “Notice of Termination” shall
mean a written notice given, in the case of a Termination for Cause or a Termination for Good Reason, within 45 days of Employee’s having actual knowledge of the events giving rise to such termination. Any such Notice of Termination shall:

 (1) Indicate the specific termination provision in this Agreement relied upon, 

(2) Set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of
Employee’s employment under the provision so indicated, 
 (3) If the Date of Termination is other than the
date of receipt of such notice, specify the Date of Termination (which date shall be not more than 30 days after the giving of such notice), and 
 (4) Be delivered prior to the expiration of the term of this Agreement. 
 (h)
“Termination for Cause” shall mean a termination of Employee’s employment by the Company due to the occurrence of any of the following: 

(1) Employee’s continued failure to substantially perform Employee’s duties and responsibilities after written
demand for substantial performance is delivered by the Company specifically identifying the manner in which the Company believes Employee has not substantially performed Employee’s duties and responsibilities; 

(2) Employee’s engaging in an act or acts of misconduct which result in, or are intended to result in, material
damage to the Company’s business or reputation; 
 (3) Employee’s material violation of, or failure to
comply with, any material written policy of the Company which specifically provides that Employee may be dismissed (or Employee’s employment terminated) as a consequence of any such violation or failure to comply, or 

 (4) Employee’s conviction of (or plea of guilty or nolo contendere
to a charge of) any felony, or any crime or misdemeanor involving moral turpitude or financial misconduct. 
 (i)
“Termination for Good Reason” shall mean a termination of Employee’s employment by Employee due to the occurrence of any of the following, without the express written consent of Employee: 

(1) The assignment to Employee of any duties and at a change in Base Salary materially inconsistent in any material
adverse respect with Employee’s position, authority or responsibilities as in effect immediately prior such assignment or change; 
 (2) Any failure by the Company, other than an insubstantial or inadvertent failure remedied by the Company promptly after receipt of notice thereof given by Employee, to provide Employee with the agreed
on annual Base Salary for Employee; or 
 (3) If, not later than the Change in Control Date, any successor in
interest to the Company shall have failed to agree in writing to assume and perform this Agreement as required by paragraph 7(f) hereof. 
 4. Termination of Employment. Employee acknowledges that this Agreement is not an employment agreement between Company and Employee and Employee remains an “at will” employee of
the Company. Nothing in this Agreement shall be construed in any way to limit the right of the Company to terminate Employee’s employment, with or without cause, or for Employee to terminate Employee’s employment with the Company, with or
without reason; provided, however, that the Company and Employee must nonetheless comply with any duty or obligation such party has at law or under any other agreement between the parties. 

5. Amounts Payable Upon Termination of Employment. 

(a) Cause and Voluntary Termination. During the term of this Agreement, if Employee’s employment is terminated by the
Company in a Termination for Cause or voluntarily by Employee (other than in a Termination for Good Reason), the Company shall pay Employee: 
 (1) The Earned Salary as soon as practicable, but in no event more than 30 days, following Employee’s Date of Termination; and 

(2) The Accrued Obligations in accordance with the terms of the applicable plan, program, policy or arrangement.

 (b) Termination for Good Reason or Not for Cause. During the term of this Agreement, if Employee terminates
Employee’s employment in a Termination for Good Reason, or the Company terminates Employee’s employment for any reason other than those described in paragraph 5(a) above, the Company shall pay or shall provide to Employee the following
benefits and compensation: 

 (1) The Earned Salary, as soon as practicable, but in no event more than 30
days, following Employee’s Date of Termination; 
 (2) The Accrued Obligations, in accordance with
applicable law and the provisions of any applicable plan, program, policy or practice; and 
 (3) A Separation
Payment equal to one year’s Base Salary of Employee based on Employee’s Base Salary on the date of termination; provided that if Employee terminates employment for good reason based on a material change in Employee’s Base Salary, then
Employee’s Base Salary shall be considered the Base Salary immediately prior to such change. The Separation Payment shall be paid over the ensuing twelve month period following the expiration of the revocation period stated in the release
agreement described in paragraph 5(c) below in accordance with the usual and customary payroll practices of Employer; provided that 
 (4) If and only if Employee’s obligation to make a Separation Payment as described in Section 5(b)(3) above is triggered within 24 months of the Effective Date, then the amount of such
Separation Payment shall not be as set forth in Section 5(b)(3), but instead Employee shall be paid a Separation Payment equal to the lesser of: (i) two year’s Base Salary of Employee based on Employee’s Base Salary on the date
of termination; provided that if Employee terminates employment for good reason based on a material change in Employee’s Base Salary, then Employee’s Base Salary shall be considered the Base Salary immediately prior to such change; or
(ii) an amount equal to Employee’s Base Salary for the time period beginning on the date of Employee’s termination and ending on the 3rd anniversary of the Effective Date, based on Employee’s Base Salary on the date of termination; provided that if
Employee terminates employment for good reason based on a material change in Employee’s Base Salary, then Employee’s Base Salary shall be considered the Base Salary immediately prior to such change. 

(c) Payments Contingent on Release. The Separation Payment payable under paragraph 5(b) shall be subject to, and contingent
upon, Employee providing the Company with a signed release agreement, in a form satisfactory to the Company, releasing the Company and all affiliates of any and all claims, charges and causes of action the Employee may have arising out of or
relating in any way to the Employee’s employment by the Company and its affiliated companies and the termination of such employment. 
 (d) Transfer. For purposes of this Agreement, a transfer of employment from the Company to substantially equivalent employment with an affiliate of the Company shall not constitute a
termination of employment and shall not entitle Employee to a Separation Payment. 
 6. Employee Covenants.

 (a) Acknowledgement of Access. Employee hereby acknowledges that in connection with Employee’s employment
with the Company, Employee has received, and may continue to receive, information regarding the Company and its business, operations and affairs. All such information, to the extent not publicly available other than as a result of a disclosure by
Employee in violation of this Agreement, is referred to herein as the “Nonpublic Information.” 

 (b) Agreement to Keep Confidential. Employee hereby agrees that, from and
after the Effective Date and continuing until three (3) years following Employee’s Date of Termination, Employee will keep all Nonpublic Information confidential and will not, without the prior written consent of the Chairman of the
Company, disclose any Nonpublic Information in any manner whatsoever or use any Nonpublic Information other than in connection with the performance of Employee’s services to the Company; provided, however, that the provisions of this
paragraph 6(b) shall not prevent Employee from: 
 (1) Disclosing any Nonpublic Information to any other
employee of the Company or to any representative or agent of the Company (such as an independent accountant, engineer, attorney or financial advisor) when such disclosure is reasonably necessary or appropriate (in Employee’s judgment) in
connection with the performance by Employee of Employee’s duties and responsibilities, 
 (2) Disclosing
any Nonpublic Information as required by applicable law, rule, regulation or legal process (but only after compliance with the provisions of subparagraph (c) of this paragraph), or 

(3) Disclosing any information about this Agreement and Employee’s other compensation arrangement to Employee’s
spouse, financial advisors or attorneys, or to enforce any of Employee’s rights under this Agreement. 
 (c)
Commitment to Seek Protective Order. If Employee is requested pursuant to, or required by, applicable law, rule, regulation or legal process to disclose any Nonpublic Information, Employee will notify Company promptly so that the
Company may seek a protective order or other appropriate remedy or, in the Company’s sole discretion, waive compliance with the terms of this subparagraph, and Employee will fully cooperate in any attempt by the Company to obtain any such
protective order or other remedy. If no such protective order or other remedy is obtained, or the Company waives compliance with the terms of this paragraph, Employee will furnish or disclose only that portion of the Nonpublic Information as is
legally required and will exercise all reasonable efforts to obtain reliable assurance that confidential treatment will be accorded the Nonpublic Information that is so disclosed. 

7. Miscellaneous Provisions. 
 (a) Arbitration. Except to the extent provided in paragraph 7(b), any dispute or controversy arising under or in connection with this Agreement shall be resolved by binding arbitration. The
arbitration shall be held in Dallas, Texas and except to the extent inconsistent with this Agreement, shall be conducted in accordance with the Expedited Employment Arbitration Rules of the American Arbitration Association then in effect at the time
of the arbitration, and otherwise in accordance with principles which would be applied by a court of law or equity. The arbitrator shall be acceptable to both the Company and Employee. If the parties cannot agree on an acceptable arbitrator, the
dispute shall be heard by a panel of three arbitrators, one appointed by each of the parties and the third appointed by the other two arbitrators. 

 (b) Equitable Relief Available. Employee acknowledges that remedies at law may
be inadequate to protect the Company against any actual or threatened breach of the provisions of paragraph 6 by Employee. Accordingly, without prejudice to any other rights or remedies otherwise available to the Company, Employee agrees that the
Company shall have the right to equitable and injunctive relief to prevent any breach of the provisions of paragraph 6, as well as to such damages or other relief as may be available to the Company by reason of any such breach as does occur.

 (c) Breach Not a Defense. The representations and covenants on the part of Employee contained in paragraph 6
shall be construed as ancillary to and independent of any other provision of this Agreement, and the existence of any claim or cause of action of Employee against the Company or any officer, director, stockholder or representative of the Company,
whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement by the Company of the covenants on the part of Employee contained in paragraph 6. 

(d) Notices. Any Notice of Termination or other communication called for by the terms of this Agreement shall be in writing
and either delivered personally or by registered or certified mail (postage prepaid and return receipt requested) and shall be deemed given when received at the following addresses (or at such other address for a party as shall be specified by like
notice): 
  

			
	 If to the Company:
	  	USMD Inc.
		  	6333 North State Highway 161
		  	Ste.200
		  	Irving, Texas 75038
		  	Attn: President
		
	 If to Employee:
	  	Mr. Greg Cardenas
		  	6848 Lakeshore Drive
		  	Dallas, TX 75214

 (e) Assignment. Except pursuant to an assumption by a successor described in paragraph
7(f), the rights and obligations of the Company pursuant to this Agreement may not be assigned, in whole or in part, by the Company to any other person or entity without the express written consent of Employee. The rights and obligations of Employee
pursuant to this Agreement may not be assigned, in whole or in part, by Employee to any other person or entity without the express written consent of the Chairman of the Company. 

(f) Successors. This Agreement shall be binding on, and shall inure to the benefit of, the Company, Employee and their
respective successors, permitted assigns, personal and legal representatives, executors, administrators, heirs, distributes, devisees and legatees, as applicable. Company shall require any successor (whether direct or indirect) to all or

 
substantially all of the business or assets of Company under any Change in Control (whether by purchase of securities, merger, consolidation, sale of assets or otherwise), to expressly assume and
agree to perform the obligations to be performed by the Company under this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place. 

(g) Amendments and Waivers. No provision of this Agreement may be amended or otherwise modified, and no right of any party
to this Agreement may be waived, unless such amendment, modification or waiver is agreed to in a written instrument signed by Employee and Company. No waiver by either party hereto of, or compliance with, any condition or provision of this Agreement
to be performed by the other party hereto shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. 
 (h) Complete Agreement. This Agreement replaces and supersedes all prior agreements, if any, among the parties with respect to the payments to be made to Employee upon termination of
employment and the provisions of this Agreement constitute the complete understanding and agreement among the parties with respect to the subject matter hereof. 
 (i) Governing Law. This Agreement is being made and executed in, and is intended to be performed in, the State of Texas and shall be governed, construed, interpreted and enforced in
accordance with the substantive laws of the State of Texas without regard to its conflict of laws principles. 
 (j)
Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, but all of which together will constitute one and the same agreement. 

(k) Construction. The captions of the paragraphs, subparagraphs and sections of this Agreement have been inserted as a
matter of convenience of reference only and shall not affect the meaning or construction of any of the terms or provisions of this Agreement. Unless otherwise specified, references in this Agreement to a “paragraph,”
“subparagraph”, “section,” “subsection,” or “schedule” shall be considered to be references to the appropriate paragraph, subparagraph, section, subsection, or schedule, respectively, of this Agreement. As
used in this Agreement, the term “including” shall mean “including, but not limited to.” 
 (l)
Validity and Severability. If any term or provision of this Agreement is held to be illegal, invalid or unenforceable under the present or future laws effective during the term of this Agreement, (1) such term or provision shall
be fully severable, (2) this Agreement shall be construed and enforced as if such term or provision had never comprised a part of this Agreement and (3) the remaining terms and provisions of this Agreement shall remain in full force and
effect and shall not be affected by the illegal, invalid or unenforceable term or provision or by its severance from this Agreement. Furthermore, in lieu of such illegal, invalid or unenforceable term or provision, there shall be added automatically
as a part of this Agreement, a term or provision as similar to such illegal, invalid or unenforceable term or provision as may be possible and be legal, valid and enforceable. 

 IN WITNESS WHEREOF, the parties have executed this Agreement effective as of the date first
written above. 
 Company: 
  

			
	USMD Inc.
		
	By:	 	/s/    John House
	Title:	 	CEO & Chairman
	
	Employee:

			
		
		 	/s/    Greg A. Cardenas        
		 	Greg A. Cardenas

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00199-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00199-of-00352.parquet"}]]