Document:

EMPLOYMENT
AND TRANSITION AGREEMENT

This
Employment and Transition Agreement (“Agreement”) is made as of June 8, 2022, by and between Michael Bowen (“Executive”)
and Nutex Health Inc. (the “Company”) (collectively referred to as the “Parties” or individually
referred to as a “Party”).

WHEREAS,
Executive is currently employed as the Company’s Chief Financial Officer (“CFO”);

WHEREAS,
Executive has indicated his desire to retire from full-time employment and to resign from his employment with the Company; and

WHEREAS,
Company desires to incentivize Executive to continue to serve as Company’s CFO until the date his successor to the position of
CFO of the Company commences employment with the Company (the “Succession Date”) and, thereafter, to remain employed
with the Company for the purpose of providing transition services for an additional twelve (12) months (the “Planned Separation
Date”).

NOW,
therefore, in consideration of the mutual covenants herein contained and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties agree as follows:

1. 
Employment and Transition. Executive agrees that he will continue to serve as the Company’s CFO up to the Succession Date.
From the Succession Date through the Planned Separation Date (the “Transition Period”), Executive will remain employed
by Company at his current full-time salary and benefits for purposes of assisting with the transition of his duties to a successor CFO,
including, as reasonably requested by the Company: (i) meeting regularly with the successor CFO, the Company’s CEO and other officers
and employees, (ii) attending the Company’s board of director and committee meetings, and (iii) making himself available to answer
questions from employees and board members via email and telephone (the “Transition Services”). In performing the
Transition Services, Executive will work remotely and will not be expected to report to the Company’s facilities unless mutually
agreed between Executive and Company.

2. 
Consideration. Executive’s opportunity to provide the Transition Services is in consideration of Executive’s execution
of this Agreement and Executive’s fulfillment of all of its terms and conditions. Executive acknowledges that without this Agreement,
Executive is not entitled to the rights and benefits provided under this Agreement.

3. 
Release of Claims. In exchange for the mutual covenants and promises contained in this Agreement,
including the consideration identified above, Executive will, promptly before the start of the Transition Period, execute and deliver
to Company the Release Agreement attached hereto as Exhibit A (the “Release Agreement”).

4. 
At-Will Employment; Termination. Executive acknowledges and agrees that nothing in this Agreement is intended to
alter the at-will nature of Executive’s employment with the Company. Accordingly, Executive’s employment with the Company
may be terminated at any time, with or without cause or for any or no reason, with or without notice, at Executive’s option
or at the option of the Company, whether on or before the Planned Separation Date (with Employee’s actual last day of employment,
whether the Planned Separation Date or earlier, referred to herein as the “Separation Date”). Executive further acknowledges
and agrees that, unless terminated sooner, (i) Executive will resign from the position of CFO on the Succession Date, and (ii) Executive’s
employment with the Company will terminate on the Planned Separation Date.

5.
Termination By Company.

 

a. 
As used in this Section 5, the term “Cause” shall mean: (i) Executive’s refusal or failure to execute
and deliver the Release Agreement or Executive’s revocation of the Release Agreement within eight (8) days of such execution and
delivery; (ii) Executive’s refusal or failure to perform Transition Duties; (iii) Executive’s engagement in dishonesty, misrepresentation,
illegal conduct or gross misconduct related to Executive’s duties to the Company; (iv) Executive’s embezzlement, misappropriation
or fraud, whether or not related to Executive’s employment with the Company; (v) Executive’s conviction of or plea of guilty
or nolo contendere to a crime that constitutes a felony; (vi) Executive’s conviction of, or plea of guilty or nolo contendere to,
a crime that constitutes a misdemeanor involving moral turpitude, if such misdemeanor is work-related, or otherwise impairs Executive’s
ability to perform services for the Company or results in reputational or financial harm to the Company or its affiliates; (vii) Executive’s
willful unauthorized disclosure of any Company confidential information or trade secrets; (viii) Executive’s breach of any material
obligation under this Agreement or any other agreement between Executive and the Company; or (ix) any material failure by Executive to
comply with the Company's policies, rules and standards of conduct, as they may be in effect from time to time prior to the Planned Separation
Date.

b. 
If Company terminates Executive’s employment with Company other than for Cause during the Transition Period and prior to the Planned
Separation Date, then, so long as, after but within 21 days after the termination date, Executive executes and delivers an additional
release in form and substance equivalent to the release set forth on Exhibit A and does not revoke such release within
8 days of such execution and delivery, the Company will make a lump sum severance payment to Executive in an amount equal to the portion
of Executive’s annual salary that, absent such termination, would have been payable to Executive
in respect of the remaining portion of the Transition Period, less applicable withholdings (the “Transition Severance”).

c. 
If Executive resigns, or if Company terminates Executive’s employment with Company for Cause prior to the Planned Separation Date
(a “Good Cause Termination”), such event shall be deemed to constitute a failure to comply with the material terms
and conditions of this Agreement, and in such event, notwithstanding anything to the contrary herein, Executive shall not be entitled
to the opportunity to provide Transition Services or to the Transition Severance, except for Two Hundred Fifty Dollars ($250) thereof,
less applicable withholdings (the “Partial Payment”), which shall be paid within ten (10) business days following
the later of the effectiveness of this Agreement or the Separation Date, and Executive acknowledges and agrees that such Partial Payment
shall serve as full and complete consideration for the promises, releases and obligations made and assumed by Executive under this Agreement
and the Release Agreement.

6. 
Discretionary Bonus. If (and only if) the Company pays discretionary bonuses to bonus-eligible employees generally in respect
of fiscal year 2022, as approved by the Board of Directors of the Company, then, subject to Executive executing, delivering, and not
revoking an additional release in form and substance equivalent to the release set forth on Exhibit A, Executive will be
paid the allocated amount of his bonus for fiscal year 2022 that would have been paid to Executive had he remained employed through the
date such bonuses are paid, assuming no personal performance multipliers, for such period, except that: (a) Executive shall receive no
bonus if Executive resigns or the Company terminates Executive for Cause prior to the Planned Separation Date, and (b) if the Company
terminates Executive other than for Cause prior to the Planned Separation Date, Executive’s bonus payment will be reduced pro rata
in accordance with the portion of fiscal year 2022 that has elapsed as of the Separation Date. To the extent paid, Executive’s
bonus in respect of fiscal year 2022 will be based on Executive’s salary as of the Separation Date and will be paid to Executive
on the later of (and in no event later than March 15, 2023): (a) when and as bonuses related to fiscal year 2022 are paid to other bonus-eligible
employees and (b) 8 days after Executive executes and delivers an additional release in form and substance equivalent to the release
set forth on Exhibit A, without revoking such release.

7. 
Stock. The Parties agree that for purposes of determining the number of shares of the Company’s common stock that Executive
is entitled to purchase or receive from the Company pursuant to the exercise of outstanding stock options (“Options”)
or the vesting and settlement of restricted stock units (“RSUs”), Executive will be considered to have vested only
up to the Separation Date. Executive’s vested Options and RSUs shall continue to be governed by the terms and conditions of the
applicable Company equity incentive plans and award agreements (the “Stock Agreements”).

8. 
Benefits. Executive’s health insurance benefits shall cease no later than the last day of the month in which the Separation
Date occurs, subject to Executive’s right to continue Executive’s health insurance under COBRA. Executive’s participation
in all benefits and incidents of employment, including, but not limited to, vesting in equity awards, and the accrual of bonuses, vacation,
and paid time off, will cease as of the Separation Date.

9.Confidentiality.

(a) Without
the express written consent of the Company, the Executive shall not at any time (either during or after the termination of the Agreement)
use (other than for the benefit of the Company) or disclose to any other business entity proprietary or confidential information concerning
the Company, any of their affiliates, or any of its officers. The Executive shall not disclose any of the Company’s or the Company’s
affiliates’ trade secrets or inventions of which Executive has gained knowledge during his employment with the Company. This paragraph
shall not apply to any such information that: (1) the Executive is required to disclose by law; (2) has been otherwise disseminated,
disclosed, or made available to the public, provided that, such disclosure is through no direct or indirect fault of the Executive or
person(s) acting on the Executive’s behalf; or (3) was obtained after his employment with the Company ended and from some
source other than the Company, which source was under no obligation of confidentiality.

(b) Confidentiality
and Use of Information. The Executive agrees to sign and abide by the Company’s Proprietary Information Agreement attached
hereto as Exhibit B (the “Proprietary Information Agreement”).   The Executive explicitly consents to
the Company holding and processing both electronically and manually the information that he or she provides to the Company or the data
that the Company collects which relates to the Executive or the purpose of the administration, management and compliance purposes, including
but not limited to the Company’s disclosure of any and all information provided by the Executive in the Company’s proxy statements,
annual reports or other securities filings or reports pursuant to federal or state securities laws or regulations, and the Executive
agrees to promptly notify the Company of any misstatement of a material fact regarding the Executive , and of the omission of any material
fact necessary to make the statements contained in such documents regarding the Executive not misleading.

(c)
 Non-Competition & Non-Solicitation Restrictions.
During the Transition Period or he Executive shall not, directly, or indirectly, do any of the following:

	 	(a)	engage
    in any activities, whether as an employer, partner, director, officer, employee, agent, independent contractor, consultant, salesperson,
    or any other capacity in competition with the Company within the contiguous United States; or

	 	(b)	solicit
    or attempt to solicit any employee, independent contractor, director, agent or other service provider of the Company or of any of
    its divisions, subsidiaries or affiliates to terminate his, her or its relationship with the Company or such affiliate.

For
purposes hereof, “affiliate” shall mean any entity which, directly or indirectly, controls or is controlled by, or is under
common control with the Company.

9. 
Cooperation with Company. Following the Separation Date, Executive agrees to provide reasonable cooperation and assistance to
the Company in the resolution of any matters in which Executive was involved during the course of Executive’s employment, or about
which Executive has knowledge, and in the defense or prosecution of any investigations, audits, claims or actions now in existence or
which may be brought or threatened in the future against or on behalf of the Company, including any investigations, audits, claims or
actions involving or against its officers, directors and Executives. Executive’s cooperation with such matters shall include, without
limitation, being available to consult with the Company regarding matters in which Executive has been involved or has knowledge; to reasonably
assist the Company in preparing for any proceeding (including, without limitation, depositions, mediations, hearings, settlement negotiations,
discovery conferences, arbitration, or trial); to provide affidavits reflecting truthful written testimony; to assist with any audit,
inspection, proceeding or other inquiry; and to act as a witness to provide truthful testimony in connection with any investigation,
audit, mediation, litigation or other legal proceeding affecting the Company. Executive agrees to keep the Company’s Human Resource
department apprised of Executive’s current contact information, including telephone numbers, work address, home address, and email
address(es), and to promptly respond to communications from the Company in connection with this Section.

Executive
understands and agrees that this provision requires Executive’s cooperation with the Company but is not intended to have any influence
whatsoever on any specific outcome in any matter and Executive is expected at all times to provide truthful testimony and responses in
connection with any matter. Executive understands and agrees that other than the consideration described in this Agreement, Executive
shall not receive compensation for the transition assistance described in this Section 10.

11. 
Costs. The Parties shall each bear their own costs, attorneys’ fees, and other fees incurred in connection with the preparation
of this Agreement.

12. Tax
Consequences. The Company makes no representations or warranties with respect to the tax consequences of the payments and any other
consideration provided to Executive or made on Executive’s behalf under the terms of this Agreement. The Company will make all
payments due hereunder subject to customary withholdings, but Executive agrees and understands that Executive is responsible for payment,
if any, of any other or greater local, state, and/or federal taxes on the payments and any other consideration provided hereunder by
the Company and any penalties or assessments thereon.

13. 
No Representations. Executive represents that Executive has had an opportunity to consult with an attorney and has carefully read
and understands the scope and effect of the provisions of this Agreement. Executive has not relied upon any representations or statements
made by the Company that are not specifically set forth in this Agreement.

14. 
Section 409A. It is intended that this Agreement comply with, or be exempt from, Code Section 409A and the final regulations and
official guidance thereunder (“Section 409A”) and any ambiguities herein will be interpreted to so comply and/or be exempt
from Section 409A. Each payment and benefit to be paid or provided under this Agreement is intended to constitute a series of separate
payments for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations. Payments under Section 5 of this Agreement will be
made no later than March 15, 2023. The Company and Executive will work together in good faith to consider either (i) amendments to this
Agreement; or (ii) revisions to this Agreement with respect to the payment of any awards, which are necessary or appropriate to avoid
imposition of any additional tax or income recognition prior to the actual payment to Executive under Section 409A. In no event will
the Releasees reimburse Executive for any taxes that may be imposed on Executive as a result of Section 409A.

15. 
Severability. In the event that any provision or any portion of any provision of this Agreement, the Release Agreement, or any
surviving agreement made a part hereof becomes or is declared by a court of competent jurisdiction or arbitrator to be illegal, unenforceable,
or void, this Agreement and the Release Agreement shall continue in full force and effect without said provision or portion of provision.

16. 
Attorneys’ Fees. Except with regard to a legal action challenging or seeking a determination in good faith of the validity
of the ADEA waiver in the Release Agreement, in the event that either Party brings an action to enforce or effect its rights under this
Agreement or the Release Agreement, the prevailing Party shall be entitled to recover its costs and expenses, including the costs of
mediation, arbitration, litigation, court fees, and reasonable attorneys’ fees incurred in connection with such an action.

17. 
Entire Agreement. This Agreement, together with the Release Agreement, represents the entire agreement and understanding between
the Company and Executive concerning the subject matter of this Agreement and the Release Agreement and Executive’s employment
with and separation from the Company and the events leading thereto and associated therewith, and supersedes and replaces any and all
prior agreements and understandings concerning the subject matter of this Agreement and the Release Agreement and Executive’s relationship
with the Company.

18. 
No Oral Modification. This Agreement and the Release Agreement may only be amended in a writing signed by Executive and the person
signing on behalf of the Company below (or such other representative of the Company specifically authorized to agree to modifications
of this Agreement).

19. 
Governing Law. This Agreement and the Release Agreement shall be governed by the laws of the State of Texas, without regard for
choice-of-law provisions. Executive consents to personal and exclusive jurisdiction and venue in the State of Texas.

20. 
Counterparts. This Agreement and the Release Agreement may be executed in counterparts and by facsimile, and each counterpart
and facsimile shall have the same force and effect as an original and shall constitute an effective, binding agreement on the part of
each of the undersigned.

    	 	1	 

     

    

IN
WITNESS WHEREOF, this Agreement has been executed as a sealed instrument by the Employer by its duly authorized officer, and by the Employee,
as of the date first above written.

	 	 	 	 	 
	Executive:	 	 	Company:
    Nutex Health, Inc.
	 	 	 	 	 
	 	 	 	 	 
	Signature: 	 	 	Signature:	 
	Print
    Name:	 Michael
    Bowen	 	 	 Thomas
    Vo M.D.
	Title:	 Executive	 	 	 Chief
    Executive Officer

    	 	2	 

     

    

Exhibit
A

RELEASE
AGREEMENT

This
Release Agreement (“Release”) is made by and between Michael Bowen (“Executive”) and Nutex Health,
Inc. (the “Company”) (collectively referred to as the “Parties” or individually referred to as
a “Party”) in connection with the Employment and Transition Agreement dated June 2, 2022, to which this Release was
attached as an Exhibit (the “Agreement”). Capitalized terms used but not defined in this Release have the meanings
ascribed to them in the Agreement.

1. 
Payment of Salary and Receipt of Benefits. Executive acknowledges and represents that Company and its agents have paid or provided
all salary, wages, bonuses, accrued vacation/paid time off, notice periods, premiums, interest, fees, reimbursable expenses, commissions,
stock, stock options, vesting, and any and all other benefits and compensation due to Executive in accordance with the Company’s
standard payroll and vesting schedules, as of the date Executive signs this Release.

2. 
Release of Claims. In exchange for the mutual covenants and promises contained in the Agreement, including the consideration identified
in Section 2 thereof, Executive, on Executive’s own behalf and on behalf of Executive’s respective heirs, family members,
executors, agents, and assigns, hereby and forever releases the Company and its current and former officers, directors, executives, agents,
investors, attorneys, shareholders, administrators, affiliates, benefit plans, plan administrators, insurers, trustees, divisions, and
subsidiaries, and predecessor and successor corporations and assigns (collectively, the “Releasees”) from, and agrees
not to sue or institute any action regarding, any claim, complaint, charge, duty, obligation, or cause of action relating to any matters
of any kind, whether presently known or unknown, suspected or unsuspected, that Executive may possess against any of the Releasees arising
from any omissions, acts, facts, or damages that have occurred up until and including the date Executive signs this Release, including,
without limitation, any and all claims:

 a. relating to or arising from Executive’s employment relationship with the Company;

 

b. 
relating to, or arising from, Executive’s right to purchase, or actual purchase of, shares of stock of the Company, including,
without limitation, any claims for fraud, misrepresentation, breach of fiduciary duty, breach of duty under applicable state corporate
law, and securities fraud under any state or federal law;

c. 
under the law of any jurisdiction, including, but not limited to, wrongful discharge of employment; constructive discharge from employment;
termination in violation of public policy; discrimination; harassment; retaliation; breach of contract, both express and implied; breach
of covenant of good faith and fair dealing, both express and implied; promissory estoppel; negligent or intentional infliction of emotional
distress; fraud; negligent or intentional misrepresentation; negligent or intentional interference with contract or prospective economic
advantage; unfair business practices; defamation; libel; slander; negligence; personal injury; assault; battery; invasion of privacy;
false imprisonment; conversion; and disability benefits;

d. 
for violation of any federal, state, or municipal statute, including, but not limited to, the following, each as may be amended, and
except as prohibited by law: Title VII of the Civil Rights Act of 1964; the Civil Rights Act of 1991; the Rehabilitation Act of 1973;
the Americans with Disabilities Act of 1990; the Equal Pay Act; the Fair Labor Standards Act; the Fair Credit Reporting Act; the Age
Discrimination in Employment Act of 1967; the Older Workers Benefit Protection Act; the Executive Retirement Income Security Act of 1974;
the Worker Adjustment and Retraining Notification Act; the Family and Medical Leave Act; the Uniformed Services Employment and Reemployment
Rights Act; the Immigration Reform and Control Act; the National Labor Relations Act; the Washington Law Against Discrimination (RCW
ch. 49.60); other Washington sex and age discrimination laws (e.g., RCW 49.12.200, 49.44.090); Washington laws regarding prohibited employment
practices (RCW ch. 49.44); the Washington Equal Pay Opportunity Act (RCW ch. 49.58); Washington whistleblower protection laws (e.g.,
RCW 49.60.210, 49.12.005, and 49.12.130); the Washington Family Care Act (RCW 49.12.265 to 49.12.295); the Washington Family Leave Act
(RCW ch. 49.78); the Washington Military Family Leave Act (RCW ch. 49.77); the Washington Paid Family and Medical Leave Act (RCW ch.
50A.04); the Washington Minimum Wage Act (RCW ch. 49.46); Washington wage, hour, and working conditions laws, and all other provisions
of the Washington Industrial Welfare Act (RCW ch. 49.12); the Washington Wage Payment Act (RCW ch. 49.48); and the Washington Wage Rebate
Act (RCW ch. 49.52);

e. 
arising out of any other laws and regulations relating to employment or employment discrimination or under the federal or any state constitution;

g. 
for any loss, cost, damage, or expense arising out of any dispute over the non-withholding or other tax treatment of any of the proceeds
received by Executive as a result of this Agreement; and

 h. for attorneys’ fees and costs.

 

Executive
agrees that the release set forth in this Section shall be and remain in effect in all respects as a complete general release as to the
matters released. Notwithstanding the foregoing, this Release does not extend to any obligations incurred under the Agreement or under
the Indemnification Agreement, nor does it release claims that cannot be released as a matter of law, including any Protected Activity
(as defined in Section 5 below). Subject to Section 5 below regarding Protected Activity, Employee agrees that Employee will not
knowingly encourage, counsel, or assist any attorneys or their clients in the presentation or prosecution of any disputes, differences,
grievances, claims, charges, or complaints by any third party against any of the Releasees, unless under a subpoena or other court order
to do so or as related directly to the ADEA waiver in this Release Agreement.

 3. Acknowledgment of Waiver of Claims under ADEA. Executive understands and acknowledges that Executive is waiving and releasing any rights Executive may have under the Age Discrimination in Employment Act of 1967 (“ADEA”), and that this waiver and release is knowing and voluntary. Executive understands and agrees that this waiver and release does not apply to any rights or claims that may arise under the ADEA after the date Executive signs this Release. Executive understands and acknowledges that the consideration given for this waiver and release is in addition to anything of value to which Executive was already entitled. Executive further understands and acknowledges that Executive has been advised by this writing that: (a) Executive should consult with an attorney prior to executing this Release; (b) Executive has twenty-one (21) days within which to consider this Release Agreement; (c) Executive has seven (7) days following Executive’s execution of this Release Agreement to revoke this Release Agreement; (d) this Release Agreement shall not be effective until after the revocation period has expired; and (e) nothing in this Release Agreement or the Transition Agreement prevents or precludes Executive from challenging or seeking a determination in good faith of the validity of this waiver under the ADEA, nor does it impose any condition precedent, penalties, or costs for doing so, unless specifically authorized by federal law. In the event Executive signs this Release Agreement and returns it to the Company in less than the 21-day period identified above, Executive hereby acknowledges that Executive has freely and voluntarily chosen to waive the time period allotted for considering this Release Agreement. Executive acknowledges and understands that any revocation of this Release Agreement must be accomplished by a written notification to the person executing this Release Agreement on the Company’s behalf that is received prior to the Supplemental Effective Date. The Parties agree that changes, whether material or immaterial, do not restart the running of the 21-day period.

Unknown
Claims. Executive acknowledges that Executive has been advised to consult with legal counsel and that Executive is familiar with
the principle that a general release does not extend to claims that the releaser does not know or suspect to exist in Executive’s
favor at the time of executing the release, which, if known by Executive, would have materially affected the terms under which Executive
gives this Release. Executive, being aware of said principle, agrees to expressly waive any rights Executive may have thereunder, as
well as under any other statute or common law principles of similar effect.

5.  Protected
Activity Not Prohibited. Executive understands that nothing in the Agreement or this Release shall in any way limit or prohibit
Executive from engaging in any Protected Activity. For purposes of the Agreement and this Release, “Protected
Activity” shall mean filing a charge, complaint, or report with, or otherwise communicating, cooperating, or participating
in any investigation or proceeding that may be conducted by, any federal, state or local government agency or commission, including
the Securities and Exchange Commission, the Equal Employment Opportunity Commission, the Occupational Safety and Health
Administration, and the National Labor Relations Board (“Government Agencies”). Executive understands that in
connection with such Protected Activity, Executive is permitted to disclose documents or other information as permitted by law, and
without giving notice to, or receiving authorization from, the Company. Notwithstanding the foregoing, Executive agrees to take all
reasonable precautions to prevent any unauthorized use or disclosure of any information that may constitute Company confidential
information to any parties other than the Government Agencies. Executive further understands that “Protected Activity”
does not include the disclosure of any Company attorney-client privileged communications or attorney work product. In addition,
pursuant to the Defend Trade Secrets Act of 2016, Executive is notified that an individual will not be held criminally or civilly
liable under any federal or state trade secret law for the disclosure of a trade secret that (a) is made in confidence to a federal,
state, or local government official (directly or indirectly) or to an attorney solely for the purpose of reporting or
investigating a suspected violation of law, or (b) is made in a complaint or other document filed in a lawsuit or other proceeding,
if (and only if) such filing is made under seal. In addition, an individual who files a lawsuit for retaliation by an employer for
reporting a suspected violation of law may disclose the trade secret to the individual’s attorney and use the trade secret
information in the court proceeding, if the individual files any document containing the trade secret under seal and does not
disclose the trade secret, except pursuant to court order. Finally, nothing in this Agreement or in the Release Agreement
constitutes a waiver of any rights Executive may have under the Sarbanes-Oxley Act or Section 7 of the National Labor
Relations Act.

6. 
Incorporation of Agreement Terms. The Parties further acknowledge that the terms of the Agreement shall apply to this Release
and are incorporated herein to the extent that they are not inconsistent with the express terms of this Release. Any capitalized terms
not otherwise defined herein shall have the meanings ascribed to them in the Transition Agreement.

7. 
Authority. The Company represents and warrants that the undersigned has the authority to act on behalf of the Company and to bind
the Company and all who may claim through it to the terms and conditions of this Release. Executive represents and warrants that Executive
has the capacity to act on Executive’s own behalf and on behalf of all who might claim through Executive to bind them to the terms
and conditions of this Release. Each Party warrants and represents that there are no liens or claims of lien or assignments in law or
equity or otherwise of or against any of the claims or causes of action released herein.

8. 
Release Effective Date. Executive understands that, in the event of this Release being signed in connection with Section 3
of the Agreement, this Release shall be null and void if executed by Executive at a time other than the Succession Date or the three
(3) day period immediately preceding or following the Succession Date. Executive acknowledges and agrees that Executive received this
Release Agreement for review greater than twenty-one (21) days before such execution deadline. Executive further understand that, in
the event of this Release being signed in connection with Section 5.b or Section 6 of the Agreement, this Release shall
be null and void if not signed by Executive within twenty-one (21) days following the Separation Date. In the case of Executive signing
this release in connection with either Section 3, Section 5.b or Section 6 of the Agreement, this Release Agreement
will become effective on the eighth (8th) day after Executive signed this Release, so long as it has been signed by the Parties and has
not been revoked by either Party before that date (the “Release Effective Date”).

9. 
Voluntary Execution of Agreement. Executive understands and agrees that Executive executed this Release Agreement voluntarily,
without any duress or undue influence on the part or behalf of the Company or any third party, with the full intent of releasing all
of Executive’s claims against any of the Releasees. Executive acknowledges that:

		(a)	Executive
                                            has read this Release Agreement;

		(b)	Executive
                                            has been represented in the preparation, negotiation, and execution of this Release Agreement
                                            by legal counsel of Executive’s own choice or has elected not to retain legal counsel;

		(c)	Executive
                                            understands the terms and consequences of this Release Agreement and of the releases it contains;

		(d)	Executive
                                            has not relied upon any representations or statements made by the Company that are not specifically
                                            set forth in this Release Agreement or in the Transition Agreement; and

		(e)	Executive
                                            is fully aware of the legal and binding effect of this Release Agreement.

IN
WITNESS WHEREOF, this Agreement has been executed as a sealed instrument by the Employer by its duly authorized officer, and by the Employee,
as of the date first above written.

	 	 	 	 	 
	Executive:	 	 	Company:
    Nutex Health, Inc.
	 	 	 	 	 
	Signature: 	 	 	Signature:	 
	Print
    Name:	 Michael
    Bowen	 	 	 Thomas
    Vo M.D.
	Title:	 Executive	 	 	 Chief
    Executive Officer

 

    	 	3	 

     

    

 

Exhibit
B

PROPRIETARY
INFORMATION AGREEMENT

THIS
PROPRIETARY INFORMATION AGREEMENT (the “Agreement”) is made effective as of June 2, 2022, by and between NUTEX
HEALTH, INC., a Delaware corporation (“Nutex”), and Michael Bowen (the “Executive”).

WHEREAS,
the Executive and Nutex have has entered into that certain Employment And Transition Agreement dated June 2, 2022 (the “Transition
Agreement”);

WHEREAS,
the parties desire to assure the confidential status of the information which may be disclosed by Nutex to the Executive in connection
with the Transition Agreement; and

NOW
THEREFORE, in reliance upon and in consideration of the following undertaking, the parties agree as follows:

1. 
Subject to the limitations set forth in Paragraph 2, all information disclosed by Nutex to the Executive shall be deemed to be “Proprietary
Information.”  In particular, Proprietary Information shall be deemed to include any information, process, technique, algorithm,
program, design, drawing, formula or test data relating to any research project, work in process, future development, engineering, manufacturing,
marketing, servicing, financing or personnel matter relating to Nutex, any of its affiliates or subsidiaries, present or future products,
sales, suppliers, customers, employees, investors, or business of Nutex or any of its affiliates or subsidiaries, whether or oral, written,
graphic or electronic form.

2. 
The term “Proprietary Information” shall not be deemed to include the following information: (i) information which is now,
or hereafter becomes, through no breach of this Agreement on the part of the Executive, generally known or available to the public; (ii)
is known by the Executive at the time of receiving such information; (iii) is hereafter furnished to the Executive by a third party,
as a matter of right and without restriction on disclosure; or (iv) is the subject of a written permission to disclose provided by Nutex. 

3. 
The Executive shall maintain in trust and confidence and not disclose to any third party or use for any unauthorized purpose any Proprietary
Information received from Nutex.  The Executive may use such Proprietary Information only to the extent required to accomplish the
purposes of his position at Nutex.  The Executive shall not use Proprietary Information for any purpose or in any manner which would
constitute a violation of any laws or regulations, including without limitation the export control laws of the United States.  No
other rights of licenses to trademarks, inventions, copyrights, or patents are implied or granted under this Agreement.

4. 
Proprietary Information supplied shall not be reproduced in any form except as required to accomplish the intent of this Agreement.

5. 
The Executive represents, warrants, and covenants that he shall protect the Proprietary Information received with at least the same degree
of care used to protect his or her own Proprietary Information from unauthorized use or disclosure. 

6. 
All Proprietary Information (including all copies thereof) shall remain in the property of Nutex and shall be returned to Nutex (or destroyed)
after the Executive's need for it has expired, or upon request of Nutex, and in any event, upon the expiration or termination of that
certain Board of Executives Agreement, of even date herewith, between Nutex and the Executive (the “Executive Agreement”).

7. 
Notwithstanding any other provision of this Agreement, disclosure of Proprietary Information shall not be precluded if such disclosure:

(a) 
is in response to a valid order, including a subpoena, of a court or other governmental body of the United States or any political subdivision
thereof; provided, however, that to the extent reasonably feasible, the Executive shall first have given Nutex notice of the Executive’s
receipt of such order and Nutex shall have had an opportunity to obtain a protective order requiring that the Proprietary Information
so disclosed be used only for the purpose for which the order was issued;

(b) 
is otherwise required by law; or

(c) 
is otherwise necessary to establish rights or enforce obligations under this Agreement, but only to the extent that any such disclosure
is necessary.

8. 
This Agreement shall continue in full force and effect during the term of the Transition Agreement.  This Agreement may be terminated
at any time thereafter upon thirty (30) days written notice to the other party.  The termination of this Agreement shall not relieve
the Executive of the obligations imposed by Paragraphs 3, 4, 5 and 11 of this Agreement with respect to Proprietary information disclosed
prior to the effective date of such termination and the provisions of these Paragraphs shall survive the termination of this Agreement
indefinitely with respect to Proprietary Information that constitutes “trade secrets” and for a period of eighteen (18) months
from the date of such termination with respect to other Proprietary Information.

9. 
 This Agreement shall be governed by the laws of the State of Texas as those laws are applied to contracts entered into and to be
performed entirely in Texas by as residents.

10. 
This Agreement contains the final, complete, and exclusive agreement of the parties relative to the subject matter hereof and may not
be changed, modified, amended, or supplemented except by a written instrument signed by both parties.

11. 
Each party hereby acknowledges and agrees that in the event of any breach of this Agreement by the Executive, including, without limitation,
an actual or threatened disclosure of Proprietary Information without the prior express written consent of Nutex, Nutex will suffer an
irreparable injury, such that no remedy at law will afford it adequate protection against, or appropriate compensation for, such injury. 
Accordingly, each party hereby agrees that Nutex shall be entitled to specific performance of the Executive's obligations under this
Agreement, as well as such further injunctive relief as may be granted by a court of competent jurisdiction.

	 	 	 	 	 
	Executive:	 	 	Nutex
    Health, Inc.
	 	 	 	 	 
	Signature: 	 	 	Signature:	 
	Print
    Name:	 Michael
    Bowen	 	 	 Thomas
    Vo M.D.
	Title:	 Executive	 	 	 Chief
    Executive Officer

 

 

    	 	4EMPLOYMENT
AGREEMENT

THIS
EMPLOYMENT AGREEMENT (this “Agreement”) is made and entered into as of June 8, 2022, by and between Nutex Health,
Inc., a Delaware corporation (the “Company”), and Jon Bates, (the “Employee”), each individually
a “party” and collectively the “Parties.” For good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Parties agree as follows:

1. 
Positions and Duties.

(a)  Position.
The Employee shall initially serve as Chief Financial Officer for Nutex Health Inc. (CFO) of the Company. The Company may change the
Employee’s position and/or title to those of another senior executive officer as the Company’s needs change.

(b) 
Duties. The Employee shall perform for the Company the duties that are customarily associated with being a senior executive officer
that are consistent with his experience and skills and such other duties as may be assigned to the Employee from time to time by the
Company’s Board of Directors (the “Board”) and/or the Company’s Chief Executive Officer (the “CEO”)
that are consistent with the duties normally performed by those performing the role of the most senior executives of similar entities.

(c) 
Reporting. The Employee shall report directly to the CEO.

(d) 
Devotion of Time. The Employee shall devote such working time, attention, knowledge, skills, and efforts as may be required to
fulfill the Employee’s duties hereunder and not less than a full-time (40 hours per week) commitment.

(e) 
Location. The Employee shall be based in Houston, Texas.

(f) 
Company Policies. The Employee agrees to comply with the policies and procedures of the Company as may be adopted and changed
from time to time. If this Agreement conflicts with such policies or procedures, this Agreement shall control.

(g) 
Fiduciary Duties. The Employee owes a duty of loyalty to the Company, as well as a duty to perform his duties in a manner that
is in the best interests of the Company.

2. 
Term. Employee will commence his employment as CFO of the Company under the terms of this
Agreement starting on June 30, 2022 (the “Commencement Date”). The term of this Agreement shall be for a two
(2) year period commencing on the Commencement Date (the “Initial Term”). The term of this Agreement shall automatically
renew for an additional two (2) years (each, a “Renewal Term”) following the Initial Term and any Renewal Term unless
either Party provides written notice to the other Party at least sixty (60) days before the end of the Initial Term or any Renewal Term,
as applicable, that it does not desire to renew this Agreement, in which case this Agreement shall expire at the end of the Initial Term
or any Renewal Term, as applicable. The Initial Term and any Renewal Term are referred to herein collectively as the “Term”.

3. 
Compensation and Related Matters. The Company shall provide the Employee with the compensation and benefits set forth in this
Section 3 during the Term. Authority to take action under this Section 3 with respect to the Employee’s compensation
and benefits may be delegated by the Board to its compensation committee and/or the CEO.

(a) 
Base Salary. The Company shall pay the Employee for all services rendered a base salary of Three Hundred Thousand and No/100s
Dollars ($300,000.00) per year (the “Base Salary”), payable in accordance with the Company’s payroll procedures,
subject to customary withholdings and employment taxes. The Base Salary shall be evaluated annually by the CEO and Board of Directors
for increase only.

(b) 
Annual Bonus. The Employee will be eligible to receive an annual cash bonus (the “Annual Bonus”) calculated
up to forty percent (40%) of the Employee’s Base Salary. The amount of the Annual Bonus will be recommended by the CEO at his discretion
and approved by the Company Board of Directors. The Annual Bonus shall be based on a combination of Company-wide and Employee-specific
goals, both qualitative and quantitative, to be developed by the CEO, with input from the CMO, each year and approved by the Board of
Directors, and which will be set forth in the attached Exhibit B, “Employment Agreement Addendum”, together
with the specifics of such bonus payment terms.

(c) 
Long Term Incentive Awards. The Employee shall be eligible to participate in any long-term incentive plan that may be available
to similarly positioned executives. The Employee will initially receive 20,000 restricted stock units (RSUs) upon the Commencement Date,
with the RSU program intended to be created within a few months after the commencement of his employment. Those RSUs shall become one-third
(1/3) vested upon the Employee’s one year anniversary and shall thereafter be an additional one-third (1/3) vested upon each of
the next two (2) anniversary dates such that the RSUs are fully vested upon the Employee’s three (3) year anniversary of employment
with the Company. The Board may determine to grant additional long-term incentive awards in cash or in equity awards settled in shares
of the Company’s stock, including but not limited to stock options, RSUs, and performance shares. In the event the Company has
terminated the Employee’s employment without Cause (as defined in Section 4(d) below or the Employee terminates employment
on account of Death or Disability (as defined in Section 4(b) below), the Employee shall be deemed to be fully vested with respect
to any RSUs, stock options, or other equity rights with vesting conditions based solely on continued employment, and to be entitled to
payment with respect to any long-term incentive award subject to corporate or business goals to the extent that such goals are met during
the performance period on the same basis as if the Employee had remained continuously employed with the Company.

(d) 
Paid Time Off. During the term, the Employee shall be entitled to twenty (20) business days of paid time off (“PTO”)
per calendar year which shall be accrued ratably during the calendar year, to be taken at such times and intervals as shall be agreed
to by Company and the Employee in their reasonable discretion. The Employee may at his/her option elect to carry over a maximum of five
(5) days at the end of the year into the next year. Otherwise, any accrued and unused PTO shall be paid in cash at the end of a fiscal
year.

(e) 
Business Expenses. The Employee shall be entitled to prompt reimbursement of reasonable and usual business expenses incurred on
behalf of Company in accordance with the Company’s expense reimbursement policy.

(f) 
Benefit Plans. The Employee shall be entitled to continue to participate in or receive benefits under any employee benefit plan
or arrangement which is or may, in the future, be made available by the Company to its employees, subject to and on a basis consistent
with the terms, conditions and overall administration of such plan or arrangement.

4. 
Termination. The Employee’s employment hereunder may be terminated during the Term without any breach of this Agreement
under the following circumstances:

(a) 
Death. The Employee’s employment hereunder shall terminate upon the Employee’s death.

(b) 
Disability. The Company may terminate the Employee’s employment if the Employee is disabled and, because of the disability,
is unable to perform the essential functions of the Employee’s then existing position or positions under this Agreement with or
without reasonable accommodation. This provision is not intended to reduce any rights the Employee may have pursuant to any law.

(c) 
Termination by the Company for Cause. At any time during the Term, the Company may terminate the Employee’s employment hereunder
for Cause. For purposes of this Agreement, “Cause” shall mean: (i) conduct by the Employee constituting a material
act of willful misconduct in connection with the performance of the Employee’s duties that results in loss, damage or injury that
is material to the Company; (ii) the commission by the Employee of (A) any felony or (B) a misdemeanor in which dishonesty or fraud is
a material element, (iii) continued, willful and deliberate non-performance by the Employee of the Employee’s duties hereunder
(other than by reason of the Employee’s physical or mental illness, incapacity or disability); (iv) a material breach by the Employee
of Section 6 of this Agreement that results in loss, damage or injury that is material to the Company; (v) willful failure to
cooperate with a bona fide internal investigation or an investigation by regulatory or law enforcement authorities, after being instructed
by the Company to cooperate, or the willful destruction or failure to preserve documents or other materials known to be relevant to such
investigation or the willful inducement of others to fail to cooperate or to produce documents or other materials in connection with
such investigations; or (vi) fraud, embezzlement or theft against the Company or any of its Affiliates (as defined in Section 6(a)
below). With respect to the events in (i), (iii) and (iv) herein, the Company shall have delivered written notice to the Employee
of its intention to terminate the Employee’s employment for Cause, which notice specifies in reasonable detail the circumstances
claimed to give rise to the Company’s right to terminate the Employee’s employment for Cause and the Employee shall not have
cured such circumstances to the extent such circumstances are reasonably susceptible to cure as determined by the Board in good faith
within thirty (30) days following the Company’s delivery of such notice. For avoidance of doubt, “Cause” shall not
include (w) below par or below average operational performance, in and of itself; (x) expense reimbursement disputes in which the Employee
acts in reasonably good faith; (y) occasional, customary and de minimis use of the Company’s property for personal purposes; and
(z) acting in good faith upon advice of Company’s legal counsel.

(d) 
Termination without Cause. At any time during the Term, the Company may terminate the Employee’s employment hereunder without
Cause by providing the Employee with sixty (60) days advance written notice. Any termination by the Company of the Employee’s employment
under this Agreement that does not constitute a termination for Cause under Section 4(c) and does not result from the death or
Disability of the Employee under Sections 4(a) or 4(b) shall be deemed a termination without Cause under this Section
4(d). Any suspension of the Employee’s employment with pay or benefits pending an investigation of alleged improper activities
by the Employee that, if determined to be accurate, would-be grounds for a Cause termination, shall not be considered a termination of
the Employee’s employment without Cause.

(e) 
Notice of Termination. Except for termination as specified in Section 4(a), any termination of the Employee’s employment
shall be communicated by written Notice of Termination by the terminating Party to the other Party hereto. For purposes of this Agreement,
a “Notice of Termination” shall mean a notice which shall indicate the specific termination provision in this Agreement
relied upon.

(f) 
Date of Termination. “Date of Termination” shall mean the earliest of the following: (i) if the Employee’s
employment is terminated by the Employee’s death, the date of the Employee’s death; (ii) if the Employee’s employment
is terminated on account of Disability under Section 4(b) or by the Company for Cause under Section 4(c), the date on which
Notice of Termination is given that follows any applicable required cure period; (iii) if the Employee’s employment is terminated
by the Company under Section 4(d), thirty (30) days after the date on which a Notice of Termination is given; or (iv) if the Employee’s
employment is terminated by the Employee, thirty (30) days after the date of which a Notice of Termination is given or such shorter period
agreed to by the Company. Notwithstanding the foregoing, in the event that the Employee gives a Notice of Termination to the Company,
the Company may unilaterally accelerate the Date of Termination, but such acceleration shall nevertheless be deemed a termination by
the Employee on the accelerated date for purposes of this Agreement. For purposes of determining the time when the lump sum portion of
the Severance Amount, if any, is to be paid under Section 5(b)(i) of this Agreement, “Date of Termination”
means the Employee’s separation from service as defined under Section 409A.

5. 
Compensation upon Termination.

(a) 
Accrued Benefits. If the Employee’s employment with the Company is terminated for any reason during the Term, or if the
Term is not renewed, the Company shall pay or provide the Employee (or the Employee’s authorized representative or estate) any
earned but unpaid Base Salary or Annual Bonus for services rendered through the Date of Termination, unpaid expense reimbursements, and
accrued but unused paid time off (the “Accrued Benefits”) within thirty (30) days. The unpaid Annual Bonus pursuant
to this Paragraph 5(a) will be any bonus earned from the prior calendar year, but not yet paid, plus a pro rata amount of the Annual
Bonus in Paragraph 3(b) for the year in which Employee is terminated. With respect to vested compensation or benefits the Employee may
have under any employee benefit or compensation plan, program or arrangement of the Company, payment will be made to the Employee under
the terms of the applicable plan, program, or arrangement.

(b) 
Termination by the Company without Cause. If the Employee’s employment is terminated by the Company without Cause as provided
in Section 4(d), or the Employee terminates his employment during the Term, or the Employee terminates employment at the end of
the Term after the Company provides notice of intent not to renew pursuant to Section 1 for reasons other than would provide grounds
for a Cause termination, then the Company shall, through the Date of Termination, pay the Employee his or her Accrued Benefits. If the
Employee signs a general release of claims substantially in the form which is attached as Exhibit A to this Agreement) (the “Release”)
within twenty-one (21) days of the receipt of the form of the Release (extended to forty-five (45) days in the event of a group termination
or exit incentive program) and does not revoke such Release during the seven (7) day revocation period:

(i) 
the Company shall pay the Employee an amount equal to one time the sum of the Employee’s most recent Base Salary and any earned
but unpaid Annual Bonus (the “Severance Amount”), with such amount to be paid out over twelve (12) months, commencing the
first full month following termination and in accordance with the Company’s normal payment schedule and policies and

(ii) 
any unvested Employee RSUs/options/stocks shall be deemed vested at the time of termination; and

(iii) 
the Company shall pay the Employee an amount in cash equal to the Company’s premium amounts paid for coverage of Employee at the
time of the Employee’s termination of coverage under the Company’s group medical, dental and vision programs for a period
of twelve (12) months, to be paid directly to the Employee at the same times such payments would be paid on behalf of a current employee
for such coverage; provided, however:

(A) 
No payments shall be made under this paragraph (ii) unless and until the Employee timely elects continued coverage under such plan(s)
pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985 as amended (“COBRA”);

(B) 
This paragraph (ii) shall not be read or construed as placing any restrictions upon amounts paid under this paragraph (ii) as to their
use;

(C) 
Payments under this paragraph (ii) shall cease as of the earliest to occur of the following:

(1) 
the Employee is no longer eligible for and continuing to receive the COBRA coverage elected in subparagraph (A);

(2) 
the time period set forth in the first sentence of this paragraph (ii);

(3) 
the date on which the Employee first becomes eligible to enroll in a group health plan in which eligibility is based on employment with
an employer, and

(4) 
if the Company in good faith determines that payments under this paragraph (ii) would result in a discriminatory health plan pursuant
to the Patient Protection and Affordable Care Act of 2010, as amended.

(iv) 
If the Employee has opted out of the Company’s group medical, dental and vision programs during the coverage year in which termination
occurs, the Company shall add to the Severance Amount an amount equal to twelve (12) months of the Company’s monthly amount paid
to employees who opt out from such coverage.

(v) 
Each individual payment of Severance Amount under Section 5(b)(i), Section 5(b)(ii), and Section 5(b)(iii) of this Agreement,
shall be deemed to be a separate “payment” for purposes and within the meaning of Treasury Regulation Section 1.409A-2(b)(2)(iii).

(vi) 
Each individual payment of the Severance Amount under Section 5(b)(i), Section 5(b)(ii), and Section 5(b)(iii) of this
Agreement, which are considered “non-qualified deferred compensation” (“NQDC”) under Section 409A shall
be made on the date(s) provided herein and no request to accelerate or defer any such payment under this Agreement shall be considered
or approved for any reason whatsoever, except as permitted under Section 409A and as the Company allows in its sole discretion. The Company
may in its sole discretion accelerate or defer (but not beyond the time limit set forth below) any severance payments which do not constitute
NQDC in order to allow for the payment of taxes due, but not beyond the time limit specified for such payment such that the payment would
be treated as NQDC. Subject to the requirements of Section 409A, if any severance payment or reimbursement under Section 5(b)
of this Agreement is determined in good faith by the Company to constitute NQDC payable to a “specified employee” as defined
under Section 409A, then the Company shall make any such payment not earlier than the earlier of: (x) the first payroll date which is
six (6) months following the Employee’s separation from service (as defined under Section 409A) with the Company, or (y) the date
of Employee’s death.

(vii) 
for purposes of this Section 5, “Section 409A” means Section 409A of the Internal Revenue Code of 1986, as amended,
and the regulations thereunder.

6.
 Confidential Information, Non-solicitation, and Cooperation.

(a) 
Definitions.

(i) 
As used in this Agreement, “Affiliate” means, as to any Person, (i) any other Person which directly, or indirectly
through one or more intermediaries, controls such Person or is consolidated with such Person in accordance with GAAP, (ii) any other
Person which directly, or indirectly through one or more intermediaries, is controlled by or is under common control with such Person,
or (iii) any other Person of which such Person owns, directly or indirectly, fifty percent (50%) or more of the common stock or equivalent
equity interests. As used herein, the term “control” means possession, directly or indirectly, of the power to direct or
cause the direction of the management or policies of a Person, whether through the ownership of voting securities or otherwise.

(ii) 
As used in this Agreement, “Person” means an individual, a corporation, a partnership, a limited liability company,
an association, a trust or any other entity or organization.

(b) 
Confidential Information. As used in this Agreement, “Confidential Information” means information belonging
to the Company or its Affiliates which is of value to the Company or any of its Affiliates in the course of conducting its business (whether
having existed, now existing, or to be developed or created during Employee’s employment by Company) and the disclosure of which
could result in a competitive or other disadvantage to the Company or its Affiliates. Confidential Information includes, without limitation,
contract terms and rates; negotiating and contracting strategies; financial information, reports, and forecasts; inventions, improvements
and other intellectual property; product plans or proposed product plans; trade secrets; designs, processes or formulae; software; market
or sales information, plans or strategies; employee, customer, patient, provider and supplier information; information from patient medical
records; financial data; insurance reimbursement methodologies, strategies and practices; product and service pricing methodologies,
strategies and practices; contracts with physicians, providers, provider networks, payors, physician databases and contracts with hospitals;
regulatory and clinical manuals; and business plans, prospects and opportunities (such as possible acquisitions or dispositions of businesses
or facilities) that have been discussed or considered by the Company or its Affiliates, including, without limitation, the management
of the Company or its Affiliates. Confidential Information includes information developed by the Employee in the course of the Employee’s
employment by the Company, as well as other information to which the Employee may have access in connection with the Employee’s
employment. Confidential Information also includes the confidential information of others with which the Company or its Affiliates has
a business relationship. Notwithstanding the foregoing, Confidential Information does not include information in the public domain, unless
due to breach of the Employee’s duties under Section 6(b), unless otherwise due to Employee’s breach of the obligations
in this Agreement, or unless due to violation of another Person’s obligations to the Company or its Affiliates that Employee should
have taken reasonable measures to prevent but that Employee did not take.

(c) 
Confidentiality. The Employee understands and agrees that the Employee’s employment creates a relationship of confidence
and trust between the Company and the Employee with respect to all Confidential Information. At all times, both during the Employee’s
employment with the Company and after the Employee’s termination from employment for any reason, the Employee shall keep in confidence
and trust all such Confidential Information, and shall not use, disclose, or transfer any such Confidential Information without the written
consent of the Company, except as may be necessary within the scope of Employee’s duties with Company and in the ordinary course
of performing the Employee’s duties to the Company or as otherwise provided in Section 6(d) below. Employee understands
and agrees not to sell, license, or otherwise exploit any products or services which embody or otherwise exploit in whole or in part
any Confidential Information or materials. Employee acknowledges and agrees that the sale, misappropriation, or unauthorized use or disclosure
in writing, orally or by electronic means, at any time of Confidential Information obtained by Employee during or in connection with
the course of Employee’s employment constitutes unfair competition. Employee agrees and promises not to engage in unfair competition
with Company or its Affiliates, either during employment, or at any time thereafter.

(d)
 Business Associate Agreement. Pursuant to this Employment Agreement, Employee and the Company
agree to enter into the attached Exhibit C, “Business Associate Addendum,” related to the functions
and activities Employer performs on behalf of the Company.

(e) Non-Compete.
Due to the Company’s legitimate business interest in protecting its confidential information and the good and valuable consideration
offered to the Employee, Employee covenants and agrees that at all times during employment with the company and for the period expiring
two (2) years after the date of termination, Employee shall not enter into or attempt to enter into employment or other financial arrangement
under the same capacity as with the Employer with any company, venture or other direct competitor of the Company business model.

(f) 
Protected Rights. Notwithstanding anything to the contrary in this Section 6, this Agreement is not intended to, and shall
not, in any way prohibit, limit or otherwise interfere with the Employee’s protected rights under federal, state or local law to,
without notice to the Company, (i) communicate or file a charge with a government regulator; (ii) participate in an investigation or
proceeding conducted by a government regulator; or (iii) receive an award paid by a government regulator for providing information.

(g) 
Documents, Records, etc. All documents, records, data, apparatus, equipment, and other physical property, whether or not pertaining
to Confidential Information, that are furnished to the Employee by the Company or its Affiliates or are produced by the Employee in connection
with the Employee’s employment will be and remain the sole property of the Company and its Affiliates. The Employee shall return
to the Company all such materials and property as and when requested by the Company. In any event, the Employee shall return all such
materials and property immediately upon termination of the Employee’s employment for any reason. The Employee shall not retain
any such material or property or any copies thereof after such termination. It is specifically agreed that any documents, card files,
notebooks, programs, or similar items containing customer or patient information are the property of the Company and its Affiliates regardless
of by whom they were compiled.

(h) 
Disclosure Prevention. The Employee will take all reasonable precautions to prevent the inadvertent or accidental exposure of
Confidential Information.

(i) 
Removal of Material. The Employee will not remove any Confidential Information from the Company’s or its Affiliate’s
premises except for use in the Company’s business, and only consistent with the Employee’s duties with the Company.

(j) 
Copying. The Employee agrees that copying or transferring Confidential Information (by any means) shall be done only as needed
in furtherance of and for use in the Company’s and its Affiliate’s business, and consistent with the Employee’s duties
with the Company. The Employee further agrees that copies of Confidential Information shall be treated with the same degree of confidentiality
as the original information and shall be subject to all restrictions herein.

(k) 
Computer Security. During the Employee’s employment with the Company, the Employee agrees only to use Company’s and
its Affiliate’s computer resources (both on and off the Company’s premises) for which the Employee has been authorized and
granted access. The Employee agrees to comply with the Company’s policies and procedures concerning computer security.

(l) 
E-Mail. The Employee acknowledges that the Company retains the right to review any and all electronic mail communications made
with employer provided email accounts, hardware, software, or networks, with or without notice, at any time.

(m) 
Assignment. The Employee acknowledges that any and all inventions, discoveries, designs, developments, methods, modifications,
improvements, trade secrets, processes, software, formulae, data, “know-how,” databases, algorithms, techniques and works
of authorship whether or not patentable or protectable by copyright or trade secret, made or conceived, first reduced to practice, or
learned by the Employee, either alone or jointly with others, during the Term that (i) relate to or are useful in the business of the
Company or its Affiliates, or (ii) are conceived, made or worked on at the expense of or during the Employee’s work time for the
Company, or using any resources or materials of the Company or its Affiliates, or (iii) arise out of tasks assigned to the Employee by
the Company (together “Proprietary Inventions”) will be the sole property of the Company or its Affiliates. The Employee
acknowledges that all work performed by the Employee is on a “work for hire” basis and the Employee hereby assigns or agrees
to assign to the Company the Employee’s entire right, title and interest in and to any and all Proprietary Inventions and related
intellectual property rights. The Employee agrees to assist the Company to obtain, maintain and enforce intellectual property rights
for Proprietary Inventions in any and all countries during the Term, and thereafter for as long as such intellectual property rights
exist.

(n) 
Non-solicitation. Employee agrees and covenants that, at any time during Employee’s employment with the Company and for
a period of twelve (12) months immediately following the termination of Employee’s relationship with the Company for any reason,
whether with or without cause, Employee shall not, either on Employee’s own behalf or on behalf of any other Person: (i) solicit
the services of or entice away, directly or indirectly, any Person employed or engaged by or otherwise providing services to the Company
or its Affiliates (this provision does not prohibit the Employee’s post-termination acceptance of unsolicited applications for
employment); or (ii) take any illegal action or engage in any unfair business practice, including, without limitation, any misappropriation
of confidential, proprietary or trade secret information of the Company or its Affiliates, as a result of which relations between the
Company or its Affiliates, and any of their customers, clients, suppliers, distributors or others, may be impaired or which might otherwise
be detrimental to the business interests or reputation of the Company or its Affiliates.

(o) 
Third-Party Agreements and Rights. The Employee hereby confirms that the Employee is not bound by the terms of any agreement with
any previous employer or other party which restricts in any way the Employee’s use or disclosure of information or the Employee’s
engagement in any business except as Employee has previously provided written notice to Company and has attached to this Agreement. The
Employee represents to the Company that the Employee’s execution of this Agreement, the Employee’s employment with the Company
and the performance of the Employee’s proposed duties for the Company will not violate any obligations the Employee may have to
any previous employer or other party. In the Employee’s work for the Company, the Employee will not disclose or use any information
in violation of any agreements with or rights of any such previous employer or other party, and the Employee will not bring to (by any
means) the premises of the Company any copies or other tangible embodiments of non-public information belonging to or obtained from any
such previous employment or other party.

(p) 
Litigation and Regulatory Cooperation. During and after the Employee’s employment, the Employee shall cooperate fully with
the Company in the defense or prosecution of any claims or actions now in existence or that may be brought in the future against or on
behalf of the Company that relate to events or occurrences that transpired while the Employee was employed by the Company. The Employee’s
full cooperation in connection with such claims or actions shall include, but not be limited to, being available to meet with counsel
to prepare for discovery or trial and to act as a witness on behalf of the Company at mutually convenient times. During and after the
Employee’s employment, the Employee also shall cooperate fully with the Company in connection with any investigation or review
of any federal, state, or local regulatory authority as any such investigation or review relates to events or occurrences that transpired
while the Employee was employed by the Company. The Company shall reimburse the Employee for any reasonable out of pocket expenses incurred
in connection with the Employee’s performance of obligations pursuant to this Section. “Full cooperation” shall
not be construed to in any way require any violation of law or any testimony that is false or misleading.

(q) 
Enforcement; Injunction. The Employee acknowledges and agrees that the restrictions contained in this Agreement are reasonable
and necessary to protect the business and interests of the Company and its Affiliates, do not create any undue hardship for the Employee,
and that any violation of the restrictions in this Agreement would cause the Company and its Affiliates substantial irreparable injury.
Accordingly, the Employee agrees that a remedy at law for any breach or threatened breach of the covenants or other obligations in Section
6 of this Agreement would be inadequate and that the Company, in addition to any other remedies available, shall be entitled to obtain
preliminary and permanent injunctive relief to secure specific performance of such covenants and to prevent a breach or contemplated
or threatened breach of this Agreement without the necessity of proving actual damage and without the necessity of posting bond or security,
which the Employee expressly waives. Moreover, the Employee will provide the Company a full accounting of all proceeds and profits received
by the Employee as a result of or in connection with a breach of Section 6 of this Agreement. Unless prohibited by law, the Company
shall have the right to retain any amounts otherwise payable by the Company to the Employee to satisfy any of the Employee’s obligations
as a result of any breach of Section 6 of this Agreement. The Employee hereby agrees to indemnify and hold harmless the Company
and its Affiliates from and against any damages incurred by the Company or its Affiliates as assessed by a court of competent jurisdiction
as a result of any breach of Section 6 of this Agreement by the Employee. The prevailing party shall be entitled to recover its
reasonable attorneys’ fees and costs if it prevails in any action to enforce Section 6 of this Agreement. It is the express
intention of the parties that the obligations of Section 6 of this Agreement shall survive the termination of the Employee’s
employment. The Employee agrees that each obligation specified in Section 6 of this Agreement is a separate and independent covenant
that shall survive any termination of this Agreement and that the unenforceability of any of them shall not preclude the enforcement
of any other covenants in Section 6 of this Agreement. No change in the Employee’s duties or compensation shall be construed
to affect, alter or otherwise release the Employee from the covenants herein.

7. 
Successors and Assigns. This Agreement shall be assignable to and shall be binding upon and inure to the benefit of, the Company’s
successors and assigns, including, without limitation, successors through merger, name change, consolidation, or sale of a majority of
the Company’s stock or assets, and shall be binding upon the Employee. The Employee shall not have the right to assign his rights
or obligations under this Agreement.

8. 
Severability. The provisions of this Agreement are severable. If any provision of this Agreement is determined to be unenforceable,
in whole or in part, then such provision shall be modified so as to be enforceable to the maximum extent permitted by law. If such provision
cannot be modified to be enforceable, the provision shall be severed from this Agreement to the extent unenforceable. The remaining provisions
and any partially enforceable provisions shall remain in full force and effect.

9. 
Waiver. No waiver of any provision hereof shall be effective unless made in writing and signed by the waiving party. The failure
of any party to require the performance of any term or obligation of this Agreement, or the waiver by any party of any breach of this
Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach.

10. 
Notices. Whenever any notice is required hereunder, such notice shall be deemed to have
been effectively delivered or given and received on the date personally delivered or on the date sent via email to the respective party
to whom it is directed and confirmed by return email within three (3) business days, provided that if confirmation by email is not received
within such time, a copy of such notice is also delivered to the person via overnight delivery at the known address of such person or,
if not known, then to the corporate headquarters and to the attention of such person.

11. 
Publicity. The Employee hereby grants to the Company the right to use the Employee’s name and likeness, without additional
consideration, on, in and in connection with technical, marketing and/or disclosure materials published by or for the Company for the
duration of Employee’s employment with Company.

12. 
Conflicting Obligations and Rights. The Employee agrees to inform the Company of any apparent conflicts between the Employee’s
work for the Company and (a) any obligations the Employee may have to preserve the confidentiality of another’s proprietary information
or materials or (b) any rights the Employee claims to any inventions or ideas before using the same on the Company’s behalf. Otherwise,
the Company may conclude that no such conflict exists, and the Employee agrees thereafter to make no such claim against the Company.
The Company shall receive such disclosures in confidence and consistent with the objectives of avoiding any conflict of obligations and
rights or the appearance of any conflict of interest.

13. 
Notification of New Employer. In the event that the Employee leaves the employ of the Company, voluntarily or involuntarily, the
Employee agrees to inform any subsequent employer of the Employee’s obligations under Section 6 of this Agreement. The Employee
further hereby authorizes the Company to notify the Employee’s new employer about the Employee’s obligations under Section
6 of this Agreement.

14. 
Entire Agreement. This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and
supersedes any previous oral or written communications, negotiations, representations, understandings, or agreements between them. Any
modification of this Agreement shall be effective only if set forth in a written document signed by the Employee and a duly authorized
officer of the Company.

15. 
Amendment. This Agreement may be amended or modified only by a written instrument signed by the Employee and by a duly authorized
representative of the Company.

16. 
Non-Interference. Notwithstanding anything to the contrary set forth in this Agreement or in any other agreement between the Employee
and the Company, nothing in this Agreement or in any other agreement shall limit the Employee’s ability, or otherwise interfere
with the Employee’s rights, to (a) file a charge or complaint with the Equal Employment Opportunity Commission, the National Labor
Relations Board, the Occupational Safety and Health Administration, the Securities and Exchange Commission, or any other federal, state,
or local governmental agency or commission (each a “Government Agency”), (b) communicate with any Government Agency
or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents
or other information, without notice to the Company, (c) receive an award for information provided to any Government Agency, or (d) engage
in activity specifically protected by Section 7 of the National Labor Relations Act, or any other federal or state statute or regulation.

17. 
Governing Law/Consent to Jurisdiction and Venue. The laws of the State of Texas shall govern this Agreement. Any and all claims
arising out of or relating to this Agreement shall be brought in a state or federal court of competent jurisdiction in Harris County,
Texas. The Parties waive (i) any objection to jurisdiction or venue, or (ii) any defense claiming lack of jurisdiction or improper venue,
in any action brought in such courts.

18. 
Obligations of Successors. The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation
or otherwise) to all or substantially all of the business or assets of the Company 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.

19. 
Limitation on Payments in Certain Events. 

(a) Limitation
on Payments. Notwithstanding anything to the contrary in Section 3 and Section 5 of this Agreement, if any payment
or distribution that the Employee would receive pursuant to this Agreement or otherwise (“Payment”) would (a) constitute
a “parachute payment” within the meaning of Section 280G of the Code), and (b) but for this sentence, be subject to the excise
tax imposed by Section 4999 of the Code (the “Excise Tax”), then the Company shall cause to be determined, before
any amounts of the Payment are paid to the Employee, which of the following alternative forms of payment would maximize the Employee’s
after-tax proceeds: (i) payment in full of the entire amount of the Payment (a “Full Payment”), or (ii) payment of
only a part of the Payment so that the Employee receives that largest Payment possible without being subject to the Excise Tax (a “Reduced
Payment”), whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes and
the Excise Tax (all computed at the highest marginal rate, net of the maximum reduction in federal income taxes which could be obtained
from a deduction of such state and local taxes), results in the Employee’s receipt, on an after-tax basis, of the greater amount
of the Payment, notwithstanding that all or some portion the Payment may be subject to the Excise Tax.

(b) The
independent registered public accounting firm engaged by the Company for general audit purposes as of the day prior to the date the first
Payment is due shall make all determinations required to be made under this Section 19. If the independent registered public accounting
firm so engaged by the Company is serving as accountant or auditor for the individual, group or entity effecting the transaction, the
Company shall appoint a nationally recognized independent registered public accounting firm to make the determinations required hereunder.
The Company shall bear all expenses with respect to the determinations by such independent registered public accounting firm required
to be made hereunder.

(c) The
independent registered public accounting firm engaged to make the determinations hereunder shall provide its calculations, together with
detailed supporting documentation, to the Company and the Employee at such time as requested by the Company or the Employee. If the independent
registered public accounting firm determines that no Excise Tax is payable with respect to a Payment, either before or after the application
of the Reduced Payment, it shall furnish the Company and the Employee with an opinion reasonably acceptable to the Employee that no Excise
Tax will be imposed with respect to such Payment. Any good faith determinations of the accounting firm made hereunder shall be final,
binding, and conclusive upon the Parties.

20. 
Counterparts. This Agreement may be executed in any number of counterparts, including, but not limited to, electronically signed
or scanned images, each of which when so executed and delivered shall be taken to be an original; but such counterparts shall together
constitute one and the same document.

[Signature
Page Follows]

    	 	1	 

     

    

 

IN
WITNESS WHEREOF, this Agreement has been executed as a sealed instrument by the Company by its duly authorized officer, and by the Employee,
as of the date first above written.

COMPANY:

NUTEX
HEALTH, INC.:

By:

Printed
Name: 

Its:

Date:

EMPLOYEE:

JON
BATES

By:

Printed
Name:

Date:

    	 	2	 

     

    

EXHIBIT
A

Release
of Claims

I,
Jon Bates, in consideration of and subject to the performance by NUTEX HEALTH, INC., a Delaware corporation (the “Company”)
of its obligations under the Employment Agreement, dated as of ___________, 2022 (as amended from time to time, the “Agreement”),
do hereby release and forever discharge as of the date of my execution of this release (this “Release”) the Company,
its affiliated and related entities, its and their respective predecessors, successors and assigns, its and their respective employee
benefit plans and fiduciaries of such plans, and the current and former officers, directors, shareholders, employees, attorneys, accountants
and agents of each of the foregoing in their official and personal capacities (collectively, the “Released Parties”)
to the extent provided below.

1.
I understand that any payments or benefits paid or granted to me under Section 5(b) of the Agreement represent, in part, consideration
for signing this Release and are not salary, wages or benefits to which I was already entitled. Such payments and benefits will not be
considered compensation for purposes of any employee benefit plan, program, policy, or arrangement maintained or hereafter established
by the Company or its affiliates. 

 2. Releases.

I
knowingly and voluntarily (on behalf of myself, my spouse, my heirs, executors, administrators, agents and assigns, past and present)
fully and forever release and discharge the Company and the other Released Parties from any and all claims, suits, controversies, actions,
causes of action, cross claims, counterclaims, demands, debts, liens, contracts, covenants, suits, rights, obligations, expenses, judgments,
compensatory damages, liquid damages, punitive or exemplary damages, other damages, claims for costs and attorneys’ fees, orders
and liabilities of whatever kind of nature, in law and in equity, in contract of in tort, both past and present (through the date this
General Release becomes effective and enforceable) and whether known or unknown, vested or contingent, suspected, or claimed, against
the Company or any of the Released Parties which I, my spouse, or any of my heirs, executors, administrators or assigns, may have, which
arise out of or relate to my employment with, or my separation or termination from, the Company up to the date of my execution of this
Release (including, but not limited to, any allegation, claim of violation arising under: Title VII of the Civil Rights Act of 1964,
as amended; the Civil Rights Act of 1991; the Age Discrimination in Employment Act of 1967, as amended (including the Older Workers Benefit
Protection Act), the Equal Pay Act of 1963, as amended; the Americans with Disabilities Act of 1990; the Family and Medical Leave Act
of 1993; the Worker Adjustment Retraining and Notification Act; the Employee Retirement Income Security Act of 1974; the Fair Labor Standards
Act; or their state or local counterparts; or under any other federal, state or local civil or human rights law, or under any other local
state or federal law, regulation or ordinance; or under any public policy, contract of tort, or under common law; or arising under any
policies, practices or procedures of the Company; or any claim for wrongful discharge, breach of the Agreement, infliction of emotional
distress or defamation; or any claim for costs, fees, or other expenses, including attorneys’ fees incurred in these matters) (collectively,
the “Claims”).

Employee
agrees that this Agreement is intended to include all claims, if any, that Employee may have against the Company, and that this Agreement
extinguishes those claims.

 3. I represent that I have made no assignment of transfer of any right, claim, demand, cause of action, or other matter covered by Section 2 above.

 4. In signing this Release, I acknowledge and intend that it shall be effective as a bar to each and every one of the claims, demands and causes of action herein above mentioned or implied. I expressly consent that this Release shall be given full force and effect according to each and all of its express terms and provisions, including those relating to unknown and unsuspected claims up to the date of my execution of this Release, if any, as well as those relating to any other claims hereinabove mentioned. I acknowledge and agree that this waiver is an essential and material term of this Release and that without such waiver the Company would not have agreed to the terms of the Agreement. I further agree that in the event I should bring a claim seeking damages against the Company, this Release shall serve as a complete defense to such claims as to my rights and entitlements. I further agree that I am not aware of any pending charge or complaint of the type described in Section 2 above as of the date of my execution of this Release.

 5. I agree that neither this Release, nor the furnishing of the consideration for this Release, shall be deemed or constructed at any time to be an admission or acknowledgement by the Company, any Released Party or myself of any improper or unlawful conduct.

 6. I agree and acknowledge that the provisions, conditions, and negotiations of this Release are confidential and agree not to disclose any information regarding the terms, conditions and negotiations of this Release, nor transfer any copy of this Release to any person or entity, other than my immediate family and any tax, legal or other counsel or advisor I have consulted regarding the meaning or effect hereof or as required by applicable law, and I will instruct each of the foregoing not to disclose the same to anyone.

 7. Notwithstanding anything in the Release to the contrary, nothing in this Release shall be deemed to affect, impair, relinquish, diminish, or in any way affect any rights or claims in any respect to (i) any vested rights or other entitlements that I may have as of the date of my execution of this Release under the Company’s 401(k) plan; (ii) any other vested rights or other entitlements that I may have as of the date of my execution of this Release under any employee benefit plan or program, in which I participated in my capacity as an employee of the Company; (iii) my rights under the Agreement; or (iv) my rights under the Release.

 8. I understand that I continue to be bound by Section 6 of the Agreement.

 9. Whenever possible, each provision of this Release shall be interpreted in such a manner as to be effective and valid under applicable law, but if any provisions of this Release are held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision or any other jurisdiction, but this Release shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provisions had never been contained herein.

 10. This Release shall be governed by and construed in accordance with the laws of the State of Texas, without giving effect to the conflict of laws principles of the State of Texas.

BY
SIGNING THIS RELEASE, I REPRESENT AND AGREE THAT:

		(i)	I
                                            HAVE READ IT CAREFULLY;

		(ii)	I
                                            UNDERSTAND ALL OF ITS TERMS AND KNOW THAT I AM GIVING UP IMPORTANT RIGHTS, INCLUDING BUT
                                            NOT LIMITED TO, RIGHTS UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967, AS AMENDED;

		(iii)	I
                                            VOLUNTARILY CONSENT TO EVERYTHING IN IT;

		(iv)	THE
                                            COMPANY IS HEREBY ADVISING ME TO CONSULT WITH AN ATTORNEY BEFORE EXECUTING IT, I HAVE HAD
                                            THE OPPORTUNITY TO SO CONSULT, AND HAVE AVAILED MYSELF OF SUCH ADVICE TO THE EXTENT I HAVE
                                            DEEMED NECESSARY TO MAKE A VOLUNTARY AND INFORMED CHOICE TO EXECUTE THIS RELEASE;

		(v)	I
                                            HAVE HAD AT LEAST TWENTY-ONE (21) DAYS [45 DAYS IN CONNECTION WITH A GROUP TERMINATION OR
                                            EXIT INCENTIVE PLAN] FOLLOWING THE DATE OF TERMINATION OF MY EMPLOYMENT TO CONSIDER THIS
                                            RELEASE;

		(vi)	CHANGES
                                            TO THIS RELEASE, WHETHER MATERIAL OR IMMATERIAL, DO NOT RESTART THE RUNNING OF THE TWENTY-ONE
                                            (21) DAY [OR 45 DAY] CONSIDERATION PERIOD;

		(vii)	I
                                            UNDERSTAND THAT I HAVE SEVEN (7) DAYS AFTER THE EXECUTION OF THIS RELEASE TO REVOKE IT, SUCH
                                            REVOCATION TO BE RECEIVED IN WRITING BY THE COMPANY BY THE END OF THE SEVENTH DAY AFTER THE
                                            DATE HEREOF, AND THAT THIS RELEASE SHALL NOT BECOME EFFECTIVE OR ENFORCEABLE UNTIL THE REVOCATION
                                            PERIOD HAS EXPIRED;

		(viii)	I
                                            HAVE SIGNED THIS RELEASE KNOWINGLY AND VOLUNTARILY AND WITH THE ADVICE OF ANY COUNSEL RETAINED
                                            TO ADVISE ME WITH RESPECT TO IT; AND

		(ix)	I
                                            AGREE THAT THE PROVISIONS OF THIS RELEASE MAY NOT BE AMENDED, WAIVED OR MODIFIED EXCEPT BY
                                            AN INSTRUMENT IN WRITING SIGNED BY AN AUTHORIZED REPRESENTATIVE OF THE COMPANY AND BY ME.

DATED
AS OF ________, 2022

___________________________________________

[Name]

    	 	3	 

     

    

EXHIBIT
B

Employment
Agreement Addendum

EXHIBIT
C

Business
Associate Agreement

THIS
HIPAA BUSINESS ASSOCIATE ADDENDUM (the “Addendum”) is entered into as of the 2nd day of June 2022, by and
between Nutex Health, Inc., a Delaware company (the “Covered Entity”), and Jon Bates (the “Business Associate”),
and adds the same to the Employment Agreement between the Business Associate and Covered Entity dated June 2, 2022 (the “Agreement”),
and shall become effective on the Commencement Date, as defined in the Agreement.

Pursuant
to the Agreement, Business Associate may perform functions or activities on behalf of Covered Entity involving the use and/or disclosure
of protected health information received from, or created or received by, Business Associate on behalf of Covered Entity (“PHI”)
and/or in the furtherance of his /her responsibilities under the Agreement. Therefore, Business Associate and Covered Entity will comply
with the terms of this Addendum for the duration of the Agreement and for such other continuing periods as provided in this Addendum.

1.
Definitions

“HIPAA
Rules” shall mean the Privacy, Security, Breach Notification, and Enforcement Rules at 45 CFR Part 160 and Part 164 of the Health
Insurance Portability and Accountability Act of 1996 and any amendments or implementing regulations (“HIPAA”), or
the Health Information for Economic and Clinical Health Act (Title XIII of the American Recovery and Reinvestment Act of 2009) and any
amendments or implementing regulations (“HITECH”). Unless otherwise provided, all capitalized terms in this Addendum
will have the same meaning as provided under HIPAA Rules.

2.
Obligations and Activities of Business Associate

Business
Associate agrees to:

(a)
Comply with, at all times, applicable HIPAA Rules;

(b)
Not use or disclose PHI other than as permitted or required by the Addendum or as required by law;

(c)
Use appropriate safeguards, and comply with Subpart C of 45 CFR Part 164 with respect to electronic PHI, to prevent use or disclosure
of PHI other than as provided for by the Addendum;

(d)
Mitigate, to the extent practicable, any harmful effect that is known to Business Associate of a use or disclosure of PHI by Business
Associate in violation of this Addendum;

(e)
Report to Covered Entity any use or disclosure of PHI not provided for by the Addendum of which it becomes aware, including breaches
of unsecured PHI as required at 45 CFR 164.410, and any security incident of which it becomes aware;

(f)
In accordance with 45 CFR 164.502(e)(1)(ii) and 164.308(b)(2), if applicable, ensure that any subcontractors that create, receive, maintain,
or transmit PHI on behalf of the Business Associate agree to the same restrictions, conditions, and requirements that apply to the Business
Associate with respect to such information;

(g)
Make available PHI in a designated record set to the Covered Entity as necessary to satisfy Covered Entity’s obligations under
45 CFR 164.524;

(h)
Make any amendment(s) to PHI in a designated record set as directed or agreed to by the Covered Entity pursuant to 45 CFR 164.526, or
take other measures as necessary to satisfy Covered Entity’s obligations under 45 CFR 164.526;

(i)
Maintain and make available the information required to provide an accounting of disclosures to the Covered Entity as necessary to satisfy
Covered Entity’s obligations under 45 CFR 164.528;

(j)
To the extent the Business Associate is to carry out one or more of Covered Entity’s obligation(s) under Subpart E of 45 CFR Part
164, comply with the requirements of Subpart E that apply to the Covered Entity in the performance of such obligation(s); and

(k)
Make its internal practices, books, and records available to the Secretary for purposes of determining compliance with the HIPAA Rules.

3.
Permitted Uses and Disclosures by Business Associate

(a)
Business Associate may only use or disclose PHI as necessary to perform the services set forth in the Agreement.

(b)
Business Associate may use or disclose PHI as required by law.

(c)
Business Associate agrees to make uses and disclosures and requests for PHI consistent with Covered Entity’s minimum necessary
policies and procedures.

(d)
Business Associate may not use or disclose PHI in a manner that would violate Subpart E of 45 CFR Part 164 if done by Covered Entity
except for the specific uses and disclosures set forth below.

(e)
Business Associate may use PHI for the proper management and administration of the Business Associate or to carry out the legal responsibilities
of the Business Associate.

(f)
Business Associate may disclose PHI for the proper management and administration of Business Associate or to carry out the legal responsibilities
of the Business Associate, provided the disclosures are required by law, or Business Associate obtains reasonable assurances from the
person to whom the information is disclosed that the information will remain confidential and used or further disclosed only as required
by law or for the purposes for which it was disclosed to the person, and the person notifies Business Associate of any instances of which
it is aware in which the confidentiality of the information has been breached.

(g)
Business Associate may provide data aggregation services relating to the health care operations of the Covered Entity.

4.
Provisions for Covered Entity to Inform Business Associate of Privacy Practices and Restrictions

(a)
Covered Entity shall notify Business Associate of any limitation(s) in the notice of privacy practices of Covered Entity under 45 CFR
164.520, to the extent that such limitation may affect Business Associate’s use or disclosure of PHI.

(b)
Covered Entity shall notify Business Associate of any changes in, or revocation of, the permission by an individual to use or disclose
his or her PHI, to the extent that such changes may affect Business Associate’s use or disclosure of PHI.

(c)
Covered Entity shall notify Business Associate of any restriction on the use or disclosure of PHI that Covered Entity has agreed to or
is required to abide by under 45 CFR 164.522, to the extent that such restriction may affect Business Associate’s use or disclosure
of PHI.

5.
Termination

(a)
Termination for Cause. Covered Entity shall provide Business Associate with written notice of Business Associate’s breach
of any term or condition of this Addendum, and afford Business Associate the opportunity to cure the breach to the satisfaction of Covered
Entity within forty-five (45) days of such notice. If Business Associate fails to cure the breach, as determined by Covered Entity, the
Agreement will terminate as provided in Covered Entity’s notice.

(b)
Obligations of Business Associate Upon Termination. Upon termination of this Addendum for any reason, Business Associate shall
destroy all PHI received from Covered Entity, or created, maintained, or received by Business Associate on behalf of Covered Entity,
that the Business Associate still maintains in any form. Business Associate shall retain no copies of the PHI.

(c)
Survival. The obligations of Business Associate under this Section shall survive the termination of this Addendum.

[Signatures
to follow]

IN
WITNESS WHEREOF, the parties have caused this Business Associate Addendum to be executed by their duly authorized representatives, on
the date and year first above written.

	“Covered
    Entity”

    Nutex
    Health, Inc.

    By:
	“Business
    Associate”

    Jon
    Bates

    By:

    	 	4

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