Document:

Letter Agreement

 Exhibit 10.24 
 May 24, 2006 
 Mr. Ernie Ludy 
 3030 Bridgeway, Suite 204 
 Sausalito, CA 94965 
 Dear
Ernie: 
 On behalf of NightHawk Radiology Holdings, Inc. (the “Company”), I am extremely pleased to invite you to become a
member of the Company’s Board of Directors (the “Board”). It is our belief that your skills, expertise and knowledge will prove helpful to the progress of the Company. 
 In connection with your service as director, you will receive an initial grant of restricted stock units (the “Initial Grant”) equal to
approximately $200,000, with the actual number of restricted stock units to be determined on the date of grant based upon the closing trading price of the Company’s common stock. The Initial Grant will be made pursuant to the Company’s
2006 Equity Incentive Plan (the “Plan”) with the shares vesting fully on the one year anniversary of the date of the Initial Grant. Beginning at the annual meeting of the Company’s Board held in connection with the
Company’s 2007 annual stockholder meeting, and at each annual meeting thereafter during your service on the Board, you may also receive an additional grant of restricted stock units in an amount currently anticipated to be equal to
approximately $120,000, the actual number of restricted stock units to be determined at the time of the grant (the “Annual Grant”). 
 The Initial Grant and the Annual Grant will be subject to the terms and conditions of the Plan and the Restricted Stock Unit Agreement evidencing the Initial Grant and the Annual Grant. 
 In addition to the grants described above, you will also receive cash compensation in the amount of $4,000 per quarter during your service as a Board
member and an additional $1,000 for each board or committee meeting attended in person ($500 for meetings attended by telephone). Finally, you shall also be reimbursed for all reasonable expenses incurred by you in connection with your services to
the Company. All expense reimbursements will be in accordance with established Company policies. 
 Our Board meetings are generally held
quarterly and we would hope that your schedule would permit you to attend all of the meetings. In addition, there may be telephonic calls to address special projects that arise from time to time. 
 In addition to your service on the Board, as one of the Company’s “independent” directors, the Company will require your service on the
Board’s Audit Committee. 
 In accepting this offer, you are representing to us that (i) you do not know of any conflict that would
restrict you from becoming a director of the Company and (ii) you will not provide the Company with any documents, records or other confidential information belonging to any other parties. Nothing in this offer or the Restricted Stock
Agreement(s) should be construed to interfere with or otherwise restrict in any way the rights of the Company and the Company’s stockholders to remove any individual from the Board at any time in accordance with the provisions of applicable
law. 

 May 24, 2006 
 Page 2 
  

 We hope that you find the foregoing terms acceptable. You may indicate your agreement with these
terms and accept this offer by signing and dating both the enclosed duplicate and original letter and returning them to me. 
 We are looking
forward to having you join us at the Company. We believe that your enthusiasm and past experience will be an asset to the Company and that you will have a positive impact on the organization. If you have any questions, please call me at
(208) 292-2251. 
  

	
	Sincerely,
	
	 On behalf of the Board of Directors of
 NightHawk
Radiology Holdings, Inc.

	
	/s/ Paul E. Berger
	Paul E. Berger, M.D.
	President and Chief Executive Officer

  

	
	AGREED AND ACCEPTED:
	
	/s/ Ernest G. Ludy
	Signature
	
	June 1, 2006
	Date

  

 -2-Board Advisor Agreement

 Exhibit 10.25 
 BOARD ADVISOR AGREEMENT 
 THIS AGREEMENT is made effective as of June 23, 2006 by and between
William G. Bradley, M.D., an individual (“Advisor”) and NightHawk Radiology Holdings, Inc., a Delaware corporation (the “Company”). 
 The Company wishes to retain the Advisor as an outside advisor to the Company’s Board of Directors (the “Board”), and the Advisor desires to perform such services. Accordingly, the parties hereby
agree as follows: 
 1. Advisory Services. Advisor will provide information, counsel and assistance as requested by the Board in
furtherance of the Company’s business strategies. Advisor will also perform such other duties as are agreed upon from time to time by the Advisor and the Board (collectively, the “Advisory Services”). Advisor agrees to use his
or her best efforts to attend and participate in each Board meeting. The Company will provide the Advisor with at least thirty (30) days prior notice of scheduled Board meetings, and in the event of the need for additional meetings of the
Board, will provide Advisor with reasonable notice for such additional meetings. 
 2. Advisory Fee. In connection with the Advisory
Services, Advisor will be compensated at a rate equal to $1,000 for each Board meeting attended in person or $500 for each Board meeting attended via teleconference. 
 3. Payment and Reimbursement of Expenses. Company shall reimburse Advisor for (i) Advisor’s reasonable out-of-pocket expenses incurred in connection with Board meeting attendance and (ii) other
pre-approved out-of-pocket expenses directly related to services rendered by Advisor under this Agreement but not incurred in connection with Advisor’s attendance at Board meetings. Reimbursement shall be made by the Company according to its
usual and customary accounting and payment procedures. 
 4. Confidentiality. 
 (a) The Advisor acknowledges that, during the course of performing his services hereunder, the Company will be disclosing information to
the Advisor in connection with the Advisory Services, including but not limited to projects, products, services, potential customers, personnel, business plans, and finances, as well as other commercially valuable information (collectively
“Confidential Information”). The Advisor acknowledges that the Company’s business is extremely competitive and that any disclosure of the Confidential Information would result in serious harm to the Company. 
 (b) The Advisor agrees that the Confidential Information will be used by the Advisor only in connection with Advisory Services and will
not be used in any way that is detrimental to the Company. 
 (c) The Advisor agrees not to disclose, directly or indirectly,
the Confidential Information to any third person or entity, other than representatives or agents of the Company. The Advisor will treat all such information as confidential and proprietary property of the Company. 
 (d) The term “Confidential Information” does not include information that (i) is or becomes generally available to the
public other than by disclosure in violation of this Agreement, (ii) was within the Advisor’s possession prior to being furnished by the Company, (iii) becomes available to the Advisor on a nonconfidential basis, or (iv) was
independently developed by the Advisor without reference to the information provided by the Company. 
  

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 (e) The Advisor may disclose any Confidential Information that is required to be
disclosed by law, government regulation or court order. If disclosure is required, the Advisor will give the Company advance notice so that the Company may seek a protective order or take other action reasonable in light of the circumstances.

 (f) The Advisor shall continue to be bound by the terms of the confidentiality provisions contained in this Section 4
for a period of two years after the termination of the Advisory Services by Advisor. 
 5. Other Matters. Advisor understands that the
Company is not seeking to obtain any information that is proprietary to any prior or current business relation of Advisor. Advisor shall not, in performing services for the Company, make use of any such proprietary information of third parties.

 6. Restrictions on Trading. The Advisor agrees that he will continue to be subject to the provisions of the Company’s Insider
Trading Policy. 
 7. Assignment. To the extent necessary for the Company’s complete ownership of all property rights embodied in
the Confidential Information or Company developments (the “Developments”) (i.e. to the extent the Confidential Information or Developments cannot legally be considered “work made for hire” and with respect to patent, trade
secret and other rights), Advisor hereby sells, assigns, grants, transfers, and delivers to the Company, and its successors and assigns, all Advisor’s right, title and interest in and to the Confidential Information or Developments, and the
right to secure patent rights, copyrights, and other intellectual property rights throughout the world, and to have and to hold such rights in perpetuity. Advisor further waives for himself or his successors in interest, any right they may have now
or in the future to terminate or waive this assignment. 
 8. Further Assurances. Advisor agrees to assist and cooperate with the
Company in obtaining, maintaining, and enforcing any U.S. or foreign patents, copyrights, trademarks, service marks, trade secrets or other intellectual property rights relating in any manner to the Advisory Services, including, but not limited to,
executing applications therefor and other documents relating thereto, and rendering all such assistance and testimony as may be reasonably necessary to protect the rights of the Company or its designee. All such filings and enforcement activities
shall be conducted at the Company’s expense. 
 9. Relationship of the Parties: Terminable At Will. In the performance of all
services under this Agreement, Advisor shall be an independent contractor and not an employee of the Company. Advisor shall have no right to bind the Company, transact any business in the name of the Company or on its behalf in any matter, or make
any promises or representations on behalf of the Company. As an independent contractor, Advisor shall be solely responsible for all income, self-employment, social security, medicare, unemployment or other federal or state withholding or taxes
applicable to compensation paid to Advisor by the Company under this Agreement; provided, however, that the Company shall have a right to make any and all tax withholdings reasonably deemed necessary or appropriate by the Company. This
Agreement and the relationship of the parties are terminable at will by either party, at any time, with or without cause. 
 10. Use of
Name. It is understood that the name of the Advisor and Advisor’s affiliation with any employer may appear in disclosure documents required by securities laws, and in other regulatory and administrative filings in the ordinary course of the
Company’s business. 
 11. No Conflict; Valid and Binding. The Advisor represents that neither the execution of this Agreement
nor the performance of the Advisor’s obligations under this Agreement will result in a violation or breach of any other agreement by which the Advisor is bound. The Company represents that this Agreement 

  

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has been duly authorized and executed and is a valid and legally binding obligation of the Company, subject to no conflicting agreements. 
 12. Assignment. This Agreement may not be assigned. 
 13. Entire Agreement; Waiver; Separability. This Agreement, except as supplemented or modified in writing between the parties, constitutes the entire agreement between the parties with respect to the subject
matter hereof. No waiver of breach shall constitute a subsequent waiver of any subsequent breach, and if any provision of this Agreement be held invalid, the remaining provisions shall remain enforceable. 
 14. Governing Law. This Agreement shall be governed by, construed and enforced in accordance with the laws of the State of Idaho (without giving
effect to any choice or conflict of laws provision or rule). Venue of any action or other proceeding brought on or in connection with this Agreement shall be in Kootenai County, Idaho. 
  

	
	NIGHTHAWK RADIOLOGY HOLDINGS, INC.
	
	/s/ Paul E. Berger
	Paul E. Berger, M.D.
	President and Chief Executive Officer

  

	
	ADVISOR
	
	/s/ William G. Bradley
	William G. Bradley

  

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