Document:

EX-10.23

 Exhibit 10.23 

OAK STREET HEALTH LLC 

EQUITY INCENTIVE PLAN 

INCENTIVE UNIT AWARD AND CONTRIBUTION AGREEMENT 

This Incentive Unit Award and Contribution Agreement (this “Agreement”), is made effective as of
                , 2019 (hereinafter referred to as the “Date of Grant”), among Oak Street Health, LLC, an Illinois limited liability company (the
“Company”), OSH Management Holdings, LLC (“Management LLC”) and                  (the “Participant”). 

R E C I T A L S: 

WHEREAS, the Company has adopted the Oak Street Health LLC Equity Incentive Plan (the “Incentive Plan”), which is
incorporated herein by reference and made a part of this Agreement (capitalized terms used and not otherwise defined in this Agreement shall have the meanings set forth for such terms in the Incentive Plan or the Fifth Amended and Restated Limited
Liability Company Operating Agreement of Oak Street Health LLC (as the same may be amended, modified or supplemented from time to time, the “LLC Agreement”)); 

WHEREAS, the Participant is employed by or otherwise provides services to the Company or an Affiliate thereof; 

WHEREAS, pursuant to the terms of the Incentive Plan, the Board is authorized to select the Participants to whom awards of Incentive Units
shall be made; 
 WHEREAS, the Board has determined that it would be in the best interests of the Company to award the Incentive Units
provided for herein to the Participant pursuant to the Incentive Plan and the terms and conditions set forth herein; 
 WHEREAS,
simultaneously with the award of the Incentive Units under this Agreement, Participant desires to contribute the Incentive Units to Management LLC in exchange for an identical number of “Incentive Units” of Management LLC (the
“Corresponding Incentive Units”) with the rights, preferences, and privileges as provided in the Limited Liability Company Operating Agreement of Management LLC dated December 12, 2016 (the “Management Operating
Agreement”); and 
 WHEREAS, Part I of this Agreement describes the terms and conditions of the award of Incentive Units to
Participant by the Company, Part II of this Agreement describes the terms and conditions of the contribution of the Incentive Units by Participant to Management LLC for Corresponding Units and Part III of this Agreement sets out other
terms and conditions and agreements among the parties. 
 NOW THEREFORE, in consideration of the mutual covenants hereinafter set forth, the
parties hereto agree as follows: 

 PART I - Award Agreement 

1. Award of Incentive Units. 

(a) Incentive Units. Subject to the terms and conditions of this Agreement and the Incentive Plan, the Company hereby grants to the
Participant an award of Incentive Units (collectively, the “Incentive Units”). 
 (b) Hurdle; Distributions. The
initial aggregate Hurdle Value with respect to the Incentive Units awarded hereby shall be $                , as shall be adjusted from time to time in accordance
with the Incentive Plan and the LLC Agreement. Distributions in respect of Incentive Units shall be made to the Participant in accordance with the provisions of the LLC Agreement. For the avoidance of doubt and notwithstanding anything to the
contrary herein, or otherwise in the LLC Agreement or in the Plan, in no event shall the Participant be eligible to receive any distributions in respect of the Incentive Units awarded hereby unless and until the aggregate adjusted Hurdle Value has
been achieved. 
 2. Vesting. All Incentive Units awarded hereby shall initially be unvested. Fifty percent (50%) of the Incentive
Units awarded hereby shall vest in accordance with Section 2(a) below (the “Service-Vesting Units”), and the balance of the Incentive Units awarded hereby shall vest in accordance with Section 2(b) below (the
“Performance-Vesting Units”). 
 (a) Service-Vesting Units. The Service-Vesting Units shall vest in installments
over four (4) years, with the first 25% vesting on the first anniversary of the Date of Grant and the remaining 75% vesting in equal quarterly installments thereafter (each such date, a “Vesting Date”), subject to the
Participant’s continuous employment with the Company or an Affiliate of the Company through the applicable Vesting Date. Upon or following the consummation of a Sponsors’ Exit (as defined in the Incentive Plan) prior to the final Vesting
Date, if the Participant’s employment is terminated by the Company or its Affiliates other than for Cause, all unvested Service-Vesting Units then outstanding shall become vested, subject to the Participant’s continuous employment with the
Company or an Affiliate of the Company through the date of such Sponsors’ Exit. 
 (b) Performance-Vesting Units. Upon the
consummation of a Sponsors’ Exit, the Performance-Vesting Units shall become 100% vested, subject to the Participant’s continuous employment with the Company or an Affiliate of the Company through the date of such Sponsors’ Exit. 

3. Effect of Termination of Employment; Company’s Rights to Repurchase Units. 

(a) If the Participant’s employment with the Company and its Affiliates is terminated by either party and for any reason, all then
unvested Incentive Units held by the Participant shall be cancelled and forfeited without consideration. 
 (b) If the Participant’s
employment is terminated by the Company or an Affiliate for Cause, then all Incentive Units held by the Participant, whether vested or unvested, shall be cancelled and forfeited without consideration. 

  
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 (c) If the Participant’s employment with the Company and its Affiliates is terminated
for any reason, the vested Incentive Units then held by the Participant shall be subject to cancellation and repurchase by the Company pursuant to this Section 3(c). 

(i) Upon any termination of Participant’s employment, the Company shall have the right, but not the obligation (the “Company Call
Right”), within 180 days following such termination (the “Call Period”), to make a payment to the Participant in consideration for the cancellation of any one or more of the vested Incentive Units then held by the
Participant (the “Called Units”), such payment to equal the Fair Market Value of such Incentive Units taking into account the applicable Hurdle Value for such Incentive Units (the “Call Price”). 

(ii) The Company Call Right may be exercised by the Company or any assignee(s) or designee(s) of the Company, as applicable, by delivery of
written notice (the “Call Notice”) to the Participant within the Call Period. At the closing of the transactions contemplated by the Company Call Right, (i) the Participant shall deliver certificates, if any, representing the
Called Units, duly endorsed for transfer and accompanied by all requisite transfer taxes, if any; (ii) the Called Units shall be free and clear of any Liens (other than those arising hereunder, the LLC Agreement, securities laws and those
attributable to actions by the purchasers thereof) and the Participant shall so represent and warrant; (iii) the Participant shall further represent and warrant that it is the sole beneficial and record owner of the Called Units; and
(iv) the Participant shall provide a limited release of claims with respect to any claims arising out of or related to the Called Units and the Participant’s capacity as an equity holder. For the avoidance of doubt, all of the
Participant’s rights, title and interest in such Incentive Unit shall terminate automatically without any further action required by any Person upon payment of the Call Price for any Incentive Unit. 

(iii) Notwithstanding the foregoing, if exercise of the Call Right would constitute (or with notice or lapse of time or both would constitute)
an event of default (which remains uncured) under, or would otherwise violate or breach, any financing arrangement of the Company or any of its subsidiaries (a “Financing Restriction”), or if the Company does not have funds
available to effect such repurchase of Incentive Units, the Call Period shall be extended until the earliest date on which such Financing Restriction or unavailability of funds has ceased and no such event would result from exercise of the Call
Right. 
 4. Rights as Holder of Incentive Units. The Participant shall be the record owner of the Incentive Units granted hereunder
unless and until such Units are forfeited or repurchased pursuant to Section 3, or transferred in accordance with Section 6, and as record owner shall be entitled to all rights of a holder of Incentive Units of the Company; provided, that
the Incentive Units shall be subject to the limitations on Transfer set forth in this Agreement, the Incentive Plan and the LLC Agreement. 

5. Participant Representations, Warranties and Acknowledgments. 

(a) No Reliance on the Company. In determining to accept the Incentive Units, the Participant has not relied upon the Company or any of
its Affiliates, or any 

  
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 representative thereof for any advice of any sort, including, but not limited to securities or investment
advice, or advice regarding the federal, state or local tax consequences arising from the grant, vesting, holding or disposition of the Incentive Units (the “Tax Matters”). 

(b) Acknowledgments. The Participant acknowledges and agrees that: 

(i) The Incentive Units cannot be transferred except in very limited circumstances in accordance with the provisions of the LLC Agreement, the
Incentive Plan and this Agreement and at present no market for the Incentive Units exists and it is not anticipated that a market for the Incentive Units will develop in the future. 

(ii) The Incentive Units may be worthless. 

(iii) The Company is treated as a “partnership” for federal and state income tax purposes and, as a result of receiving and holding
the Incentive Units, the Participant will be treated as a “partner” of the Company for federal and state income tax purposes. Further, the Participant acknowledges that the Participant’s status may have adverse consequences to the
Participant with respect to matters in which employees may be treated more favorably than partners, such as entitlement to and the tax treatment of fringe benefits, employee benefit plans, payroll taxes, and possible self-employment tax liability.

 (iv) The Participant will receive an annual Schedule K-l from the Company requiring that the
Participant report on the Participant’s tax return the Participant’s distributive share of the income, gain, loss, deductions and credits of the Company attributable to the Incentive Units (including any unvested Incentive Units). 

(v) The distributions made to the Participant will not be subject to FIC A or other tax withholding. 

(vi) Ownership of the Incentive Units may result in taxable income to the Participant without a corresponding cash or in-kind distribution. 
 (vii) The Participant has been advised to seek and has had an opportunity to seek
independent advice regarding the Tax Matters, including the 83(b) Election required by Section 8 hereof. 
 (viii) The Company will
have no obligation to indemnify or hold the Participants harmless for any claims or liabilities arising from the Tax Matters. 
 (ix) The
Incentive Units will not be registered under the Securities Act of 1933, as amended (the “Securities Act”) or any applicable state securities laws (collectively, the “Securities Laws”), and they are being issued in
reliance upon certain exemptions contained in Securities Laws, including Rule 701 promulgated under the Securities Act and corresponding state law exemptions, if any, and the representations and warranties of the Participant contained herein are
essential to any claim of exemption by the Company under the Securities Laws. 
 (x) The Incentive Units are “restricted
securities” as that term is defined in Rule 144 promulgated under the Securities Act. 

  
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 (xi) The Participant is aware that there is no assurance of an Initial Offering and even in
the event of an Initial Offering, any capital stock which may be distributed by the Company to the Participant cannot be transferred without registration under the Securities Laws unless the Company receives an opinion of counsel acceptable to it
(as to both counsel and the opinion) that such registration is not required. 
 6. Transferability. Except for Transfers to the
Company or as may otherwise be permitted in the LLC Agreement or the Incentive Plan, the Participant may Transfer, directly or indirectly, any Incentive Unit or any interest in any Incentive Unit only with the prior written consent of the Board,
which consent shall be withheld or granted in the sole discretion of the Board. In addition to the restrictions on Transfer under the LLC Agreement, the Incentive Plan or this Agreement, the Participant acknowledges that the Incentive Units are
“restricted securities” and may only be transferred in compliance with the registration requirements of the Securities Laws or an opinion of counsel acceptable to the Company to the effect that such registration is not required. Any
purported assignment, transfer or grant by the Participant, directly or indirectly, of any Incentive Unit or any interest in any Incentive Unit in contravention of the LLC Agreement, the Incentive Plan or this Agreement shall be entirely null and
void. 
 PART II - Contribution Agreement 

7. Contribution. The Participant hereby contributes, sells, assigns, conveys, transfers and delivers to Management LLC, and Management
LLC accepts from the Participant all of the Incentive Units identified in Section 1(a) in exchange for the issuance by Management LLC to the Participant of an identical number of Corresponding Incentive Units. The Participant irrevocably
constitutes and appoints the Company as the Participant’s true and lawful agent and attorney-in-fact with respect to the Incentive Units, with full power of
substitution (such power of attorney being deemed to be an irrevocable power coupled with an interest), to transfer ownership of the Incentive Units to Management LLC on the Company’s books and records. 

8. Terms and Conditions of Award Continue. The Participant hereby acknowledges and agrees that (i) the Corresponding Incentive
Units shall be subject to the terms and conditions of Part I of this Agreement and of the Incentive Plan and in particular, the Hurdle Value set forth Section 1(b) of this Agreements will continue to apply to the Corresponding Incentive Units;
and (ii) Part I of this Agreements shall be read as if the “Incentive Units” refers to the Corresponding Incentive Units and as if the “LLC Agreement” refers to the Management Operating Agreement. Either Management LLC or
the Company, acting through this Agreement, the LLC Agreement and the Management Operating Agreement, shall be entitled to enforce any right or remedy of Part I against the Participant. 

9. Member of the Company; Joinder. The Participant hereby (i) agrees and acknowledges that Participant has received and read a
copy of the LLC Agreement and the Management Operating Agreement and (ii) agrees that, if Participant was not a Member of the Management LLC prior to the issuance of the Corresponding Incentive Units hereunder, then by execution of this
Agreement, Participant shall become, effective as of the Date of Grant, a party to the Management Operating Agreement and shall be fully bound by, and subject to, all of the covenants, terms and conditions of the Management Operating Agreement as
though an original party thereto and shall be deemed, and is hereby admitted as, a Member, for all purposes thereof and entitled to all the rights incidental thereto. 

  
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 PART III - Other Agreements 

10. Profits Interest. The Incentive Units and the Corresponding Incentive Units are intended to constitute a “profits
interest” for all U.S. federal income tax purposes. A profits interest is granted in connection with the performance of services and is a right to receive distributions funded solely by the profits of the Company and Management LLC,
respectively, which are generated after the grant. As such, the Board of Management LLC shall, if necessary, limit distributions and allocations of profits to the Participant so that such distributions and allocations do not exceed the available
profits in respect of such Participant’s related profits interest. 
 11. Spousal Consent. If married, the Participant has
caused the Participant’s spouse to execute and deliver to the Company and Management LLC the Consent of Spouse in the form attached hereto as Exhibit A. If no Consent of Spouse has been executed and delivered to the Company and Management LLC
on the Date of Grant, the Participant represents and warrants that the Participant is not married and no person has or will have a marital or community property interest in the Incentive Units. If the Participant marries after the Date of Grant, the
Participant will cause the Participant’s spouse to execute and deliver to the Company and Management LLC a Consent of Spouse in the form attached hereto as Exhibit A. 

12. LLC Agreement; Management Operating Agreement. Neither the adoption of the Incentive Plan nor the grant of any Incentive Units or
issuance of Corresponding Incentive Units pursuant to this Agreement shall restrict in any way the adoption of any amendment to the LLC Agreement or Management Operating Agreement in accordance with its terms. 

13. Section 83(b) Election. As a condition subsequent to the issuance of the Incentive Units and Corresponding Incentive Units pursuant
to this Agreement, the Participant shall execute and deliver to the Company and the Internal Revenue Service (the “IRS”) a timely, valid election under Section 83(b) of the Code (the “83(b) Election”) as to
each of the Incentive Units and Corresponding Incentive Units. The Participant understands that under Section 83 of the Code, regulations promulgated thereunder, and certain IRS administrative announcements in the absence of an effective
election under Section 83(b) of the Code, the excess of the fair market value of the Incentive Units or Corresponding Incentive Units on the date on which any forfeiture restrictions applicable to such the Incentive Units or Corresponding
Incentive Units lapse over the respective price paid for the Incentive Units or Corresponding Incentive Units (which price is $0) may be reportable as ordinary income at that time. For this purpose, the term “forfeiture restrictions” means
the restrictions on transferability and the vesting conditions imposed under this Agreement. The Participant understands that (i) in making the 83(b) Election as to each of the Incentive Units and Corresponding Incentive Units, the Participant
may be taxed at the time the Incentive Units and Corresponding Incentive Units are acquired hereunder to the extent the fair market value of the Incentive Units and Corresponding Incentive Units exceeds the purchase price for such Units and
(ii) in order to be effective, the 83(b) Election as to each of the Incentive Units and Corresponding Incentive Units must be filed with the IRS within thirty (30) days after the Date of Grant. The Participant hereby acknowledges that
(x) the 

  
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 foregoing description of the tax consequences of the 83(b) Election is not intended to be complete and,
among other things, does not describe state, local or non-U.S. income and other tax consequences or all tax considerations that might be relevant to the Participant in light of the Participant’s
circumstances or if the Participant is subject to special tax rules, (y) neither the Company or Management LLC has provided, and is not hereby providing, the Participant with legal or tax advice regarding the Incentive Units or the
Corresponding Incentive Units or the 83(b) Election and has urged the Participant to consult the Participant’s own tax advisor with respect to the taxation consequences thereof, and (z) neither the Company or Management LUC has advised the
Participant to rely on any determination by it or its representatives as to the fair market value specified in the 83(b) Election and will have no liability to the Participant if the actual fair market value of the Incentive Units or the
Corresponding Incentive Units on the Date of Grant exceeds the amount specified in the 83(b) Election. 
 14. Notices. Any notice
necessary under this Agreement shall be addressed to the Company or Management LLC at the principal executive office of the Company and to the Participant at the address appearing in the personnel records of the Company or one of its Affiliates or
to any party at such other address as such party may hereafter designate in writing to the other parties. Any such notice shall be deemed effective upon receipt thereof by the addressee. 

15. Incorporation of Incentive Plan and LLC Agreement. By entering into this Agreement, the Participant agrees and acknowledges that
(i) the Participant has received and read a copy of the Incentive Plan, the LLC Agreement and the Management Operating Agreement, (ii) the Incentive Units are subject to this Agreement, the Incentive Plan and the LLC Agreement, and
(iii) the Corresponding Incentive Units are subject to this Agreement, the Incentive Plan and the Management Operating Agreement, the terms and provisions of all of which are hereby incorporated herein by reference. In the event of a conflict
between any term or provision contained herein and a term or provision of the Incentive Plan, the applicable terms and provisions of the Incentive Plan will govern and prevail. In the event of a conflict between any term or provision contained
herein or the Incentive Plan and a term or provision of the Management Operating Agreement, the applicable terms and provisions of the Management Operating Agreement will govern and prevail. 

16. Certain Specific Acknowledgements; Entire Agreement. This Agreement (together with the Incentive Plan, the LLC Agreement and the
Management Operating Agreement) embody the complete agreement and understanding among the parties to this Agreement with respect to the subject matter of this Agreement and supersede and preempt any prior understandings, agreements or
representations by or among the parties, written or oral, which may have related to the subject matter of this Agreement in any way. Without limiting the provisions of Section 15, the Participant acknowledges that the Corresponding Incentive
Units are subject to Incentive Plan, LLC Agreement and Management Operating Agreement provisions under which (a) in certain circumstances an adjustment may be made to the number of Corresponding Incentive Units and/or the applicable Hurdle
Value of the Corresponding Incentive Units; (b) the Board has full discretion to interpret and administer the Incentive Plan and this Agreement and its judgments are final, conclusive and binding; and (c) the Participant may be required to
sell the Participant’s Corresponding Incentive Units or otherwise participate in a transaction where other equity holders of the Company are selling (a “drag-along”). 

  
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 17. No Right to Continued Service. Neither the Incentive Plan nor this Agreement
shall be construed as giving the Participant the right to be retained in the employ of, or in any other continuing relationship with, the Company or any of its Affiliates. 

18. Tax Withholding. The Participant shall be required to pay to the Company, Management LLC or any Affiliate, and the Company,
Management LLC and its Affiliates shall have the right and are hereby authorized to withhold from any payment due or transfer made under any Corresponding Incentive Unit, under the Incentive Plan or from any other amount owing to a Participant
(including in connection with any Transfers), the amount (in cash, securities or other property) of any applicable U.S. federal, state, local or non-U. S. withholding taxes in respect of an Incentive Unit or
any payment or transfer under an Corresponding Incentive Unit or the Incentive Plan and to take such other action as may be necessary in the opinion of the Board to satisfy all obligations for the payment of such taxes. The Company and Management
LLC acknowledge that, absent a change in applicable Law, the Participant intends to value the Incentive Units awarded hereby and Corresponding Incentive Units issued in exchange therefor using the “liquidation value” of such Incentive
Units and Corresponding Incentive Units, and that consistent with the intention of the Incentive Units and Corresponding Incentive Units to constitute a “profits interest,” the Participant intends the value of the Incentive Units and
Corresponding Incentive Units to be $0 upon grant. The Company, Management LLC and its Affiliates agree to withhold taxes in a manner consistent with this treatment unless otherwise required by applicable Law. 

19. Severability. If any provision of this Agreement is, becomes or is deemed to be invalid, illegal or unenforceable in any
jurisdiction or as to any Person, the Incentive Units or the Corresponding Incentive Units, or would disqualify the Incentive Units or Corresponding Incentive Units under any Law deemed applicable by the Board, such provision shall be construed or
deemed amended to conform to the applicable Laws, or if it cannot be construed or deemed amended without, in the determination of the Board, materially altering the intent of this Agreement, such provision shall be stricken as to such jurisdiction,
Person, the Incentive Units or Corresponding Incentive Units and the remainder of this Agreement, the Incentive Units and Corresponding Incentive Units shall remain in full force and effect. 

20. Choice of Law; Forum. This Agreement and all claims and controversies hereunder shall be governed by and construed in accordance
with the internal laws of the State of Illinois, without regard to the choice of law provisions thereof. The parties hereto hereby agree and consent to be subject to the jurisdiction of the U.S. District Court, Northern District of Illinois or the
State Court of Illinois, Cook County over any action, suit or proceeding (a “Legal Action”) arising out of or in connection with this Agreement. The parties hereto irrevocably waive the defense of an inconvenient forum to the
maintenance of any such Legal Action. Each of the parties hereto further irrevocably consents to the service of process out of any of the aforementioned courts in any such Legal Action by the mailing of copies thereof by registered mail, postage
prepaid, to such party at its address contained in the records of the Company, Management LLC and its Affiliates, such service of process to be effective upon acknowledgment of receipt of such registered mail. Nothing in this Section shall affect
the right of any party hereto to serve legal process in any other manner permitted by law. This provision may be filed with any court as written evidence of the knowing and voluntary irrevocable agreement between the parties to waive any objections
to venue or to convenience of forum. 

  
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 21. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO
(A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, AND (B) ACKNOWLEDGES
THAT SUCH PARTY AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

22. Signature in Counterparts. This Agreement may be signed in counterparts, each of which shall be an original, with the same effect
as if the signatures thereto and hereto were upon the same instrument. 
 [signature page follows] 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Incentive Unit Award and
Contribution Agreement as of the date first written above. 
  

			
	OAK STREET HEALTH, LLC
		
	By:	 	 
	Name:	 	Mike Pykosz
	Title:	 	Chief Executive Officer
	
	OSH MANAGEMENT HOLDINGS, LLC
		
	By:	 	 
	Name:	 	Mike Pykosz
	Title:	 	Chief Executive Officer
	
	PARTICIPANT:
	
	 
	Print Name
	
	 
	Signature

 [Signature Page to Incentive Unit Award and Contribution Agreement] 

 EXHIBIT A 

Consent of Spouse 
 I,
                , the spouse of                 , hereby acknowledge that I
have read the foregoing Incentive Unit Award and Contribution Agreement and the Fifth Amended and Restated Limited Liability Operating Agreement of Oak Street Health, LLC, an Illinois limited liability company (the “Company”) and the
Limited Liability Company Operating Agreement dated December 12, 2016 of OSH Management Holdings, LLC, an Illinois limited liability company (“Management LLC”) (together, the “Agreements”) and that I understand their
contents. I am aware that the Agreements contain numerous provisions that affect my spouse, any Member, the Incentive Units and Corresponding Incentive Units (as defined in the Incentive Unit Award and Contribution Agreement) that may be granted to
my spouse, including, without limitation, provisions that provide for the forfeiture of such Incentive Units and Corresponding Incentive Units and repurchase of such Incentive Units and Corresponding Incentive Units under certain circumstances, and
impose other restrictions on the transfer of such Incentive Units and Corresponding Incentive Units. I hereby consent to the Agreements and agree to be bound by the provisions of the Agreements, and any other agreements now or hereafter entered into
by my spouse in connection with such Incentive Units and Corresponding Incentive Units as and to the same extent as if an initial named party thereto and as amended from time to time. Specifically, I agree that my spouse’s interest in the
Incentive Units and Corresponding Incentive Units is subject to the Agreements and any direct or indirect interest I may have in such Incentive Units and Corresponding Incentive Units will also be irrevocably bound by the Agreements and, further,
that my marital or community property interest in such Incentive Units and Corresponding Incentive Units will be similarly bound by the Agreements. This consent and agreement may be relied upon by my spouse, the Company, Management LLC and any other
Member or other equity holder of the Company or Management LLC, and is irrevocable. 
 I am aware that the legal, financial and other matters contained in
the Agreements are complex and I am encouraged to seek advice with respect thereto from independent legal and/or financial counsel. I have either sought such advice or determined after carefully reviewing the Agreements that I hereby waive such
right. 
 Acknowledged and agreed to this              day of
                , 20        . 

 

Name:EX-10.24

 Exhibit 10.24 

ADMINISTRATIVE SERVICES AGREEMENT 

BETWEEN 
 [INSERT PRACTICE
NAME] 
 AND 
 OAK
STREET HEALTH MSO, LLC 
 This Administrative Services Agreement (“Agreement”) is made by and among [INSERT PRACTICE NAME], a
[INSERT JURISDICTION] professional corporation (“Provider”), Griffin Robert Myers, M.D. (“Owner”), the sole owner of Provider and Oak Street Health MSO, LLC, an Illinois limited liability
company (“Manager”). This Agreement is effective on [INSERT DATE] (the “Effective Date”). 
 RECITALS: 

A. Provider intends to provide health care services at primary care clinics (“Practice”). The parties contemplate that the Practice
shall operate in [INSERT JURISDICTION] (the “Service Area”). The Practice shall include the practice of medicine and other health care professional practices as the Practice deems appropriate (these professionals are referred to
herein as “Practitioners”). For the purposes of this Agreement, the Practice shall consist of examining and diagnosing, treating and monitoring patients health conditions; writing prescriptions and conducting medication management and
performing any other health care services in such manner and to such extent as is permitted under the laws, rules and regulations applicable to health care providers in each applicable state. 

B. Manager provides assets, solutions, personnel and services to healthcare practices. Manager’s services are intended to improve the
efficiency and profitability of healthcare practices and permit the professionals in such practices to focus their efforts solely on rendering quality health care. 

C. Provider desires to focus its energies, expertise and time on the delivery of healthcare services to patients. To accomplish this goal,
Provider desires to engage Manager to provide such services as are necessary and appropriate for the day-to-day administration of the
non-medical aspects of Provider’s practice and Manager desires to provide such services to Provider, all upon the terms and subject to the conditions set forth in this Agreement. 

NOW, THEREFORE, in consideration of the mutual promises and agreements set forth below, and/or other good, valuable and sufficient
consideration, Provider and Manager agree as follows: 
 ARTICLE 1 

ENGAGEMENT AND TERM 
 1.1
Engagement of Manager. Provider hereby engages Manager on an exclusive basis to provide management and administration services for the Practice as described in this Agreement on the terms and conditions described herein, and Manager accepts
such engagement, subject to the terms and conditions of this Agreement. 

  
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 1.2 Agency. Manager shall have access to Provider’s bank account(s) solely for
the purposes stated herein and shall use all funds on deposit therein in accordance with the terms of this Agreement. Except as set forth in Article 5, Provider hereby appoints Manager as Provider’s true and lawful agent throughout the
term with respect to these bank accounts, and Manager hereby accepts such appointment, to make deposits in and withdrawals from Provider’s account to satisfy the terms and conditions of this Agreement. 

1.3 Term. The term of this Agreement (the “Term”) shall be as set forth in Article 7 and shall include the Initial Term
(as defined herein) and any renewal terms. 
 ARTICLE 2 

DUTIES AND RESPONSIBILITIES OF MANAGER 

During the Term of this Agreement, subject to the provisions of Section 3.1, Manager shall provide, in exchange for the Management Fee
described herein, all such services as are necessary and appropriate for the day-to-day administration and management of Provider’s business in a manner consistent
with good business practice, including, without limitation, those services set forth in this Article 2. 
 2.1 Equipment, Supplies,
Space and Technology. Manager shall lease, license, procure or otherwise arrange for the provision of equipment, supplies, space and technology for the operation of Practice by Provider, with Provider’s advice, and shall permit Provider to
use such space and items hereunder. Manager shall arrange for the maintenance of Provider’s space and equipment. Notwithstanding anything in this paragraph to the contrary, Provider shall have discretion to select Medical Products (as that term
is defined herein). 
 2.2 Licenses. Manager shall coordinate all reasonable and necessary actions to maintain all licenses, permits
and certificates required for the operations of Provider, not including the individual professional licenses of Owner or Practitioners. 

2.3 Personnel. To the extent allowable under applicable law, Manager shall work with Provider to establish and implement guidelines for
recruiting, selecting, hiring, terminating, disciplining, compensating, terms, conditions, obligations and privileges of employment or engagement of Practitioners. All such guidelines shall be approved by Provider. As directed by Provider, Manager
may carry out certain delegated steps in disciplining Practitioners for failure to follow the standards set forth in employee policies or in any quality review program under Section 2.4, including verbal and written warnings. Manager may also
recommend suspension, termination or other disciplinary action to Provider with respect to Practitioners that have failed to follow such standards and Provider shall promptly review such recommendations. Manager shall also further assist Provider in
recruiting new Practitioners and shall carry out such administrative functions as may be appropriate for such recruiting, including advertising for and identifying all potential candidates, assisting Provider in examining and investigating the
credentials of such potential candidates, and arranging interviews with such potential candidates; provided, however, that Provider shall make the ultimate decision as to whether to employ or retain specific candidates presented by Manager. All
physicians, nurse practitioners and physician’s assistants recruited with the assistance of Manager to render professional services on behalf of Provider shall be employees of Provider. For clarity, Manager shall not interfere with
Provider’s professional judgment and supervision of licensed health care personnel in clinical matters. Manager shall arrange for all appropriate tax filings to be made with respect to those individuals whose services it leases to Provider.

  
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 2.4 Training and Quality Review. Manager shall train Provider personnel with respect
to all aspects of Provider’s operations including, but not limited to, administrative, financial, technology, equipment maintenance matters and protocols for medical care which are approved by Provider. Manager shall develop and maintain a
quality review program, subject to Provider’s approval, to evaluate the care being provided by Practitioners in the Practice. 
 2.5
Insurance and Benefits. Manager shall arrange for the purchase by Provider of professional liability insurance in an amount deemed reasonable by Manager, with the advice of Provider. Manager shall also arrange for any other insurance coverage
advisable for the Practice as determined by Manager. If mutually agreed to by the parties, Manager shall arrange for the purchase by Provider of any benefit plans for Provider’s employees. 

2.6 Accounting. Manager shall establish and administer, or hire an accountant to administer, accounting procedures and controls and
systems, using Generally Accepted Accounting Principles, for the development, preparation, and keeping of records and books of accounting related to the business and financial affairs of Provider, including the preparation of required tax reports
and returns. 
 2.7 Reports and Information. Manager shall furnish Provider, in a timely fashion, a minimum of an annual report or
more frequent operating reports and other reports as reasonably requested by Provider, including without limitation (i) copies of bank statements, (ii) financial statements, and (iii) proof of insurance that Manager is required to
purchase and maintain for Provider under this Agreement. 
 2.8 Budgets. At least thirty (30) days prior to the end of the fiscal
year of the Manager, commencing with the first full fiscal year after the Effective Date, the Manager shall submit to the Provider an annual budget, with an estimate of the operating revenues and expenses and capital expenditures for the Provider
for the ensuing fiscal year. The budget shall contain an explanation of plans and projections regarding the operations of the Practice, utilization, services, staffing and other factors that may affect the budget, and shall include an amount
estimating the direct costs allocated to the Practice and the Manager’s estimated Management Fee for the ensuing year. Upon approval of a budget by the Provider, which approval shall not be unreasonably withheld, the parties shall use their
best efforts to operate the Practice so that actual expenses and revenues are consistent with the budget. 
 2.9 Expenditures. Manager
shall manage all cash receipts and disbursements of Provider, including the payment on behalf of Provider of all taxes, assessments, insurance premiums, licensing fees for Provider, Owner and Practitioners, continuing education for Owner and
Practitioners, compensation for Owner and Provider’s employees and other fees of any nature whatsoever in connection with the operation of the Practice as the same become due and payable, unless payment thereof is being contested in good faith
by Provider. 

  
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 2.10 Third Party Contracts. Manager may directly negotiate and enter in to such
contractual arrangements on behalf of Provider with primary care clinics, insurance companies and other third parties, subject to Provider’s approval of such activities. Such contractual agreements shall include participating provider
agreements with insurance companies and other third party payors. Provider agrees that it shall accept all obligations applicable to it and serve the patients under such agreements, unless Provider concludes: (i) that it does not have adequate
capacity to provide the services, or (ii) that the applicable services are outside of its areas of expertise. In the case of the former, Manager shall work with Provider to increase the capacity of the Practice in order to meet demand. To the
extent that the Provider performs services under any such third party contract, Manager shall, where permitted by law, appropriately account for and accept on Provider’s behalf the corresponding revenue. 

2.11 Billing and Collection. Manager shall, on behalf of Provider, establish and maintain credit and billing and collection policies and
procedures, and shall exercise reasonable efforts to bill and collect in a timely manner all professional and other fees for all billable services provided by Provider. In connection with the billing and collection services to be provided hereunder,
Provider hereby appoints Manager as Provider’s exclusive true and lawful agent, and Manager hereby accepts such appointment, for the following purposes: 

(a) To bill, in Provider’s name and on Provider’s behalf, all claims for reimbursement or indemnification from
employers, patients, insurance companies, HMOs and plans, all state or federally funded benefit plans, and all other third party payors or fiscal intermediaries for all covered billable medical care provided by or on behalf of Provider to patients.

 (b) Except as set forth in Article 5, to collect and receive, in Provider’s name and on Provider’s behalf,
all accounts receivable generated by such billings and claims for reimbursement, to take possession of, endorse in the name of Provider, and deposit into Provider’s account or any other account as directed by Provider any notes, checks, money
orders, insurance payments, and any other instruments received in payment of accounts receivable for medical care, to administer such accounts including, but not limited to, extending the time or payment of any such accounts for cash, credit or
otherwise; discharging or releasing the obligors of any such accounts; suing, assigning or selling at a discount such accounts to collection agencies; or taking other measures to require the payment of any such accounts; provided, however, that
extraordinary collection measures, such as filing lawsuits, discharging or releasing material obligors, or assigning or selling accounts at a discount to collection agencies shall not be undertaken without Provider’s consent, which shall not be
unreasonably withheld. 
 (c) To sign checks, drafts, bank notes or other instruments on behalf of Provider, and to make
withdrawals from Provider’s account for payments as specified in this Agreement and as requested from time to time by Provider. 
 Upon request of
Manager, Provider shall execute and deliver to the financial institution at which Provider’s account is maintained such additional documents or instruments as Manager may reasonably request to demonstrate its authority. The agency granted
herein is coupled with an interest and shall be irrevocable except with Manager’s written consent. 

  
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 2.12 Litigation Management. Manager shall (a) manage and direct the defense of
all claims, actions, proceedings or investigations against Provider or any of its officers, directors, employees or agents in their capacity as such, and (b) manage and direct the initiation and prosecution of all claims, actions, proceedings
or investigations brought by Provider against any person other than Manager. Provider shall not settle, compromise, or waive any material rights relating to any litigation or arbitration matters involving Provider without the prior written consent
of Manager. 
 2.13 Marketing, Advertising and Public Relations Programs. Manager shall develop, with Provider’s consultation,
marketing and advertising programs to be implemented by Manager to effectively notify potential patients, clinics or others of the services offered by Provider. Manager shall advise and assist Provider in implementing such communication programs. If
Manager engages in advertising of Provider’s services to the public, the parties expressly acknowledge and agree that Provider shall exercise control over all policies and decisions relating to every element of such advertising. 

2.14 Officer. Consistent with the foregoing, the designated representative of Manager shall serve as the Secretary of Provider where
allowed by law. The designated representative of Manager shall also have the power and authority to execute contracts on behalf of Provider in accordance with this Agreement and to engage in all other appropriate activities, subject to the terms,
conditions and limitations of this Agreement. 
 ARTICLE 3 

RELATIONSHIP OF THE PARTIES/ CONTROL OF PROVIDER 

3.1 Sole Authority to Practice. Notwithstanding the other provisions of this Agreement, Provider shall have exclusive authority and
control over the healthcare aspects of Provider and its practice to the extent they constitute the practice of a licensed health care profession, including all diagnosis, treatment and ethical determinations with respect to patients which are
required by law to be decided by a licensed professional. Manager shall not be required or permitted to engage in, and Provider shall not request Manager to engage in, activities that constitute the practice of medicine or another health profession.
Manager shall not direct, control, attempt to control, influence, restrict or interfere with Provider’s or Practitioners’ exercise of independent clinical, medical or professional judgment in providing healthcare or medical related
services. The parties hereto have made all reasonable efforts to ensure that this Agreement complies with any corporate practice of medicine prohibitions in the applicable state(s). The parties hereto understand and acknowledge that such laws may
change, be amended, or have different interpretations in the future, and the parties intend to comply with such laws in the event of such occurrences. 

ARTICLE 4 

RESPONSIBILITIES OF PROVIDER 

4.1 Practitioners. Subject to Article 2 and to the right of Manager to establish guidelines for recruiting, selecting, hiring,
terminating, disciplining, promoting, compensating, terms, conditions, obligations and privileges of employment or engagement of Practitioners, Provider shall have the authority to engage (whether as employees or as independent contractors),

  
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promote, discipline, suspend and terminate the services of all licensed professional employees. Provider shall employ or contract with all Practitioners who provide professional services on
behalf of Provider. Any employment contracts or other contract with Practitioners for the provision of professional services on behalf of Provider shall include terms agreed upon by Manager and Provider. Provider shall control all aspects of the
practice of licensed health professions, including clinical supervision of the Practitioners and approving Manager’s clinical training. Manager shall, in consultation with Provider, establish work schedules for all Practitioners necessary to
ensure adequate coverage for the Practice. Provider shall ensure that all Practitioners employed or contracted by Provider are: (i) appropriately licensed; and (ii) appropriately supervised with respect to the provision of medical services
to patients in accordance with all applicable laws. Specifically, Provider and its supervising professional employee(s) shall have full responsibility for and shall supervise the medical and clinical aspects of each Practitioner’s work as
required by applicable law. Provider shall consult with Manager prior to engaging new Practitioners. Provider shall consult with Manager from time to time regarding the number, work schedules and evaluation of the Practitioners employed or engaged
by Provider. Provider shall staff its practice as required for the efficient operation of Provider, and as otherwise necessary to meet the requirements of applicable third party contracts and applicable law. Provider shall provide full and prompt
medical coverage consistent with comparable practice standards that are created and administered by Manager in consultation with Provider. 

4.2 Billing Information. Provider shall be responsible for ensuring that it and its Practitioners timely submit accurate, true,
complete, legible and correct information necessary for billing purposes to Manager. Such information shall be submitted in a format agreed upon by the parties. The parties agree that Manager shall verify all bills to ensure that the appropriate
information has been provided by Practitioners. 
 4.3 Exclusivity. During the Term of this Agreement, Manager shall serve as
Provider’s sole and exclusive manager, and Provider shall not engage any other person or entity to furnish Provider with any technology or equipment for the conduct of the Practice, any policies or procedures for the conduct of the Practice,
any contracts pursuant to which Provider shall provide services to patients, or any of the financial, administrative or other services provided hereunder by Manager. 

4.4 Medical/Patient Records. Subject to the provisions of Article 6, Manager shall, on behalf of Provider, be responsible for the
confidentiality, privacy, maintenance, storage, retention and custody of all medical/patient records of Provider. Manager agrees to comply with all state and federal laws applicable to maintenance, storage, retention and custody of such records,
including without limitation laws and regulations related to record confidentiality and privacy. 
 4.5 Selection of Medical Products.
Notwithstanding anything herein to the contrary, Manager shall not provide medical supplies or items that only an appropriately licensed, permitted or registered physician or professional entity is authorized by law to provide (“Medical
Products”). To the extent permitted by law, Manager shall assist Provider in the acquisition of such reasonably necessary and appropriate Medical Products. 

  
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 ARTICLE 5 

FINANCIAL ARRANGEMENTS 

5.1 Collection and Application of Provider’s Revenues. Revenues shall be generated by Provider’s activities in accordance
with the schedule developed in connection with each third party compensation agreement along with any direct patient payments and any other payments (collectively, “Provider’s Revenues”). The schedule of fees may vary depending upon
the applicable third party agreement. The parties agree that Manager shall apply or disburse Provider’s Revenues for the following purposes, in the order set out below: 

5.1.1 Patient/Payor Refunds. Provider’s Revenues shall first be applied to pay any refunds or rebates owed to
patients or payors. 
 5.1.2 Costs and Expenses of Provider. Provider’s Revenues shall next be applied to pay all
cumulative direct costs and expenses of operating its business, including, without limitation, insurance premiums, benefits contributions, agreed-upon compensation for Owner and Provider’s employees, marketing expenses, supply expenses,
equipment purchase and lease expenses, auditing and tax preparation fees and fees of professional advisors, such as attorneys. 

5.1.3 Manager’s Expenses. Provider’s Revenues shall next be applied to pay all cumulative direct or indirect
expenses incurred by Manager (including, without limitation, an allocable percentage of Manager’s corporate overheard) in developing the services provided hereunder including those services provided prior to the Effective Date and in carrying
out its duties hereunder on behalf of Provider as well as any advances to Provider from Manager. 
 5.1.4 Management
Fee. Provider’s Revenues shall next be applied to pay Manager an annual management fee (the “Management Fee”) in an amount specified at Exhibit A. Provider and Manager agree that payment of the fees set forth in
Exhibit A are not intended and shall not be interpreted as permitting Manager to share in Provider’s fees for medical services, but are acknowledged as the parties’ negotiated agreement as to the reasonable fair
market value of Manager’s services under this Agreement. 
 5.2 Collection by Manager. Provider hereby issues a standing
instruction, which it shall confirm upon request from time to time, that all payments due to Provider shall be remitted directly to Manager as its agent and
attorney-in-fact hereunder; provided, however, that no such payments will be made directly to Manager if prohibited by law (for example, amounts receivable from state or
federal healthcare programs, including Medicare, Medicaid, or TRICARE accounts). 
 5.3 Collection by Provider. To the extent that
payment directly to Manager as set forth in Section 5.2 is prohibited by law, Provider shall establish a separate bank account with a financial institution acceptable to Manager to collect such payments (the “Provider Account”).
Provider shall enter into a revocable control agreement with the financial institution maintaining the Provider Account. The revocable control agreement shall be in a form acceptable to Manager and shall provide for the transfer of all of the funds
in the Provider Account at the end of each business day to an account maintained by Manager. Provider shall notify Manager in the event that such revocable control agreement is ever modified or revoked. Any modification or revocation of the
revocable control agreement without the consent of the Manager shall be considered a material breach of this Agreement. 

  
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 5.4 Advancement of Funds. So long as Provider is operating within the agreed upon
budget, Manager, in its sole discretion, may advance funds to Provider for periods in which Provider’s Revenues do not exceed amounts due to patients or payors and costs and expenses of the parties or the Provider’s budget anticipates such
an occurrence. Manager may oblige Provider to sign a promissory note or any document to reflect the loan amounts, which may include interest payments. 

5.5 Security Agreement. To secure its obligations hereunder, Provider hereby grants to Manager a security interest in all accounts
receivable, contract rights, Provider’s Revenues, personal property of Provider and general intangibles of Provider to secure all indebtedness and obligations of Provider to Manager arising under or in connection with this Agreement, to the
extent permitted by applicable law. The security agreement shall not have an acceleration clause. Provider shall execute promptly all documents and instruments necessary to evidence and perfect the foregoing security interest. 

ARTICLE 6 
 RECORDS AND
RECORD KEEPING 
 6.1 Access to Information. Provider hereby authorizes and grants to Manager full and complete access to all
information, instruments and documents relating to Provider which may be reasonably requested by Manager to perform its obligations hereunder, and shall disclose and make available to representatives of Manager for review and photocopying all
relevant books, agreements, papers and records of Provider as reasonably needed by Manager to perform its duties hereunder. Provider shall at all times during the Term, and at all times thereafter, make available to Manager for inspection by its
authorized representatives, during regular business hours, any Provider records determined by Manager to be necessary to perform its services and carry out its responsibilities hereunder or necessary for the defense of any legal or administrative
action or claim relating to said records. 
 6.2 Patient Records. The management services herein shall include Manager’s
retention and maintenance of patient medical records on behalf of Provider, in full accordance with all applicable laws regarding confidentiality and retention. 

6.3 Ownership. At all times during and after the Term of this Agreement, all business records and information, including, but not
limited to, all books of account and general administrative records and all information generated under or contained in the management information system pertaining to Provider, relating to the business and activities of Manager, shall be and remain
the sole property of Manager. To the extent not covered by the foregoing, Provider hereby grants Manager a perpetual, royalty-free, irrevocable license to use any and all data developed by Provider in the course of the Practice, subject to
Section 6.6. 
 6.4 Confidentiality of Records. Manager and Provider shall adopt procedures to assure the confidentiality of the
records relating to the operations of Manager and Provider. 

  
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 6.5 Maintenance, Retention and Storage of Records. Manager agrees to maintain, retain
and store on behalf of Provider all records in its possession, including, but not limited to, patient medical records for such periods required by applicable law. Patient medical records shall be stored in Manager’s systems for the duration,
and in such form and manner as required by applicable law. Thereafter, as consistent with applicable law, Manager shall be entitled to dispose of such records as it deems necessary or appropriate; provided, however, Manager shall provide
sixty (60) days prior written notice to Provider (or, if Provider is dissolved, notice to Owner) of its intent to dispose of such records, during which period Provider may take control of or copy any or all of the records being disposed of, at
its sole cost and expense, to the extent permitted by applicable law. This Section shall survive any termination of this Agreement and the dissolution of Provider. 

6.6 HIPAA. Manager, as a business associate of Provider, agrees to comply with all applicable federal, state and local laws, including
without limitation the Health Insurance Portability and Accountability Act of 1996 (“HIPAA”) and all implementing regulations issued pursuant thereto, as may be amended from time to time. Manager agrees to comply with the HIPAA Business
Associate Addendum attached hereto as Exhibit B and incorporated by reference. 
 ARTICLE 7 

TERM AND TERMINATION 
 7.1
Term. This Agreement shall have an initial term commencing as of the Effective Date and continuing in full force and effect through December 31 of the year which is thirty (30) years from the Effective Date (“Initial
Term”), and shall renew automatically for additional five (5) year terms thereafter, unless terminated as provided herein. 
 7.2
Termination By Manager Without Cause. Manager may terminate this Agreement at any time without cause upon written notice to Provider. 

7.3 Immediate Termination By Manager. Manager shall have the right, but not the obligation, to terminate this Agreement immediately upon
notice to Provider of any of the following events: (i) the revocation, suspension, cancellation or restriction, in any manner, of the license to practice medicine in any state in the Service Area where such licensure is required for the
Practice and/or the DEA registration of Owner or any Practitioner employed or engaged by Provider; (ii) the conviction of Provider, Owner or any Practitioner employed or engaged by Provider of any crime punishable as a felony under federal or
state law or of any health care crime; (iii) the suspension or exclusion of Provider, Owner or any Practitioner employed or engaged by Provider from any state or federal healthcare program; (iv) the date that Owner is no longer an employee
of Manager, the date Owner dies, becomes permanently disabled, or disqualified under applicable law to be an owner of the Provider; (v) the merger, consolidation, reorganization, sale, liquidation, dissolution, or other disposition of all or
substantially all of the stock or assets of the Provider without the prior written approval of the Manager; (vi) failure of the Provider to pay the fees as set forth in Article 5 and Exhibit A; (vii) the Provider’s
materially altering or changing the scope of the Practice without prior written approval of Manager; or (viii) the Provider’s breach of any provision of Article 9. 

  
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 7.4 Termination by Either Party. This Agreement may also be terminated as follows:

 (a) By mutual written agreement of the parties. 

(b) By either party immediately upon the filing of a petition in bankruptcy or the insolvency of the other party. 

(c) Automatically upon the dissolution of the other party. 

(d) By either party upon the expiration of the Initial Term or any subsequent renewal term, provided that such party gives the
other party written notice at least one (1) year prior to the end of the Initial Term or any renewal term. 
 (e) By
either party upon a material breach of a material provision hereof by the other party, provided that the non-breaching party provides the breaching party with one hundred twenty (120) days written notice
of any such breach, during which period of time the breaching party shall have the opportunity to cure any such breach. If any such breach is cured by the breaching party during such period of time, it shall be as if such breach never occurred and
this Agreement shall continue in full force and effect, unaffected by the non-breaching party’s notice. 

7.5 Termination Obligations. Automatically upon the termination of this Agreement for any reason, including dissolution, the parties
shall immediately disburse any available funds of Provider in accordance with Exhibit A in order to compensate Manager for services rendered hereunder and as a termination or dissolution fee. 

7.6 Effect of Termination. In the event of termination, Provider shall no longer have any right to items or services provided by Manager
hereunder and shall no longer have the right to use or otherwise benefit from the Marks or Intellectual Property (as hereinafter defined). Provider shall also immediately take all steps necessary to change its legal name and trade names to cease
using the Marks and the name “Oak Street Health.” 
 ARTICLE 8 

INTELLECTUAL PROPERTY AND OTHER PROPRIETARY INFORMATION 

8.1 Limited License of “Oak Street Health” Name and Logo. Manager hereby grants to Provider the nonexclusive right and
license to use the name “Oak Street Health” and any related trademarks and logos based on the mark “Oak Street Health” (collectively, the “Marks”) during the term of this Agreement. Manager is and shall be the sole
owner and holder of all right, title and interest to the Marks. Immediately upon the expiration or termination of this Agreement for any reason, Provider shall cease all uses of the Marks and any similar name, trademark or logo. Provider
acknowledges Manager’s ownership of the Marks and agrees that it shall do nothing inconsistent with the ownership, validity, goodwill or value of the Marks. All use of the Marks by Provider and all goodwill associated therewith shall inure to
the benefit of and be on behalf of Manager. Provider shall not register or seek to register any trademark or service mark which includes the Marks, alone or in composite form with other words or designs, nor shall Provider register or seek to
register any trademark or service mark which would be similar to the Marks. Without limiting the generality of the foregoing, Provider shall not assert or claim that the Marks are descriptive, generic, or otherwise attack the validity, title or any
rights of Manager in or to the Marks or any Intellectual Property (as hereinafter defined). Provider shall not sublicense the Marks or Provider’s rights under this Agreement without the prior written consent of Manager. Further, at any time
during the term of this Agreement, Provider shall promptly cease all uses of the Marks upon the request of Manager. 

  
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 8.2 Disclaimer. MANAGER MAKES NO WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED,
WITH RESPECT TO THE MARKS, INCLUDING WITHOUT LIMITATION, ANY WARRANTIES WITH RESPECT TO THE VALIDITY OR ENFORCEABILITY OF THE MARKS. IN NO EVENT SHALL MANAGER BE LIABLE FOR ANY CONSEQUENTIAL, INCIDENTAL, PUNITIVE OR SPECIAL DAMAGES (INCLUDING LOSS
OF BUSINESS PROFITS) ARISING FROM OR RELATED TO PROVIDER’S USE OF THE MARKS, EVEN IF MANAGER HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. 

8.3 Intellectual Property. Manager is and shall be the exclusive owner and holder of all right, title and interest to the proprietary
property of Manager, including, without limitation, all confidential and trade secret material, software and hardware (including source codes and object codes), trademarks, service marks, trade secrets, patents, copyrights, Marks, Confidential
Business Information (as defined below), technological systems, processes, procedures, clinical models, operational models, forms, form contracts and policy manuals, as well as any future enhancements, modifications, updates, derivative works or
translations of the foregoing (collectively the “Intellectual Property”). Provider agrees that it shall not at any time knowingly harm, misuse or bring into disrepute the Intellectual Property of Manager. Provider shall promptly notify
Manager in writing in the event it becomes aware of any third party infringing, misusing or otherwise violating any of the Marks or the Intellectual Property, or who it believes is, or may be infringing, diluting or otherwise derogating the Marks or
the Intellectual Property. 
 8.4 Use of Intellectual Property. Provider shall use all Intellectual Property, provided by Manager
pursuant to this Agreement only for the purpose of conducting the Practice and solely in accordance with and subject to all of the terms and conditions of any license or sublicense agreements, leases or any other agreements that such Intellectual
Property are subject to, and shall not allow or permit any person to use the Intellectual Property or any portion thereof in violation of this Agreement or any such license, sublicense, agreements, lease or any other agreements. Manager hereby
grants Provider a limited, non-exclusive, terminable, non-assignable license to use such Intellectual Property for the purposes set forth in this Agreement. Upon
termination of this Agreement for any reason, Provider’s limited license to use any Intellectual Property provided by Manager shall be immediately terminated. 

8.5 Confidentiality. Provider and Owner acknowledge that during the course of its relationship with Manager hereunder, Provider and
Owner may be given access to or may become acquainted with Confidential Business Information (as defined below) of Manager. In recognition of the foregoing and in addition to any other requirements of confidentiality under applicable law, Provider
and Owner hereby agree not to disclose or use any of the Confidential Business Information (except in connection with the services rendered to Provider hereunder) during the Term of this Agreement and an additional period of five (5) years
thereafter. For purposes of this Agreement, “Confidential Business Information” shall mean any and all information, know-how and data, technical or
non-technical, whether written, oral, electronic, graphic or otherwise of Manager that is reasonably considered or treated as confidential and proprietary, and shall include,

  
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but not be limited to: (a) business methods, strategies and opportunities; (b) facilities and locations; (c) billing policies, procedures, processes and records; (d) tax
returns and records; (e) any records, memoranda, emails and correspondence dealing with the business of Manager; (f) financial, pricing and operational information, including all insurance records; (g) form agreements, checklists or
pleadings; (h) contracts or agreements executed by or on behalf of Manager with any person or entity; (i) officer, director and ownership information; (j) suppliers, marketing, and other information and
know-how, all relating to or useful in Manager’s business and which have not been disclosed to the general public; (k) this Agreement and any agreements contemplated hereby; (l) operational and
business systems, policies and procedures; (m) software, processes, and systems design and any intellectual property, know-how and trade secrets; and (n) customer and patient lists and information.

 Provider and Owner agree and acknowledge that the Confidential Business Information of Manager, as such may exist from time to time, constitutes
valuable, confidential, special and unique assets of Manager. The parties hereto agree that the documents relating to the business of Manager, including all Confidential Business Information, are the exclusive property of Manager. 

8.6 Survival. Provider and Owner understand and agree that the obligations and duties under this Article 8 do not cease upon
termination of this Agreement. 
 ARTICLE 9 

NONCOMPETITION 
 9.1
Scope and Duration. During the term of this Agreement and for a period of two (2) years after the termination or expiration of this Agreement (the “Restricted Period”) for any reason, neither Provider nor Owner shall, within
the Service Area, directly or indirectly establish, operate, advise on, or provide (i) services in accordance with a model that is similar to the model contemplated by this Agreement, or (ii) services or information based upon
Manager’s Intellectual Property. Nothing herein shall prevent Owner from practicing medicine in the Service Area or being employed by a medical provider offering medical care in the Service Area, provided that Owner’s activities do not
involve being employed by an organization that operates a model for health care services under capitation agreements with third party payers similar to that which is contemplated by this Agreement or which uses the benefit of Manager’s
Intellectual Property as prohibited by this Section 9.1. 
 9.2 Employment Agreements. Provider shall ensure that any and all
agreements between Provider and any Practitioner or other employees of Provider contain non-competition agreements and restrictive covenants satisfactory to Manager. Provider shall take any and all steps
necessary to enforce such restrictive covenants with such Practitioners or others to the fullest extent permitted by law. Notwithstanding the foregoing, nothing in this Agreement is intended to restrict the ability of Manager or another entity
contracting with Manager to employ the Practitioners. 
 9.3 Protections. Provider and Owner understand and acknowledge that the
foregoing provisions in this Article are designed to preserve the goodwill of Manager and its affiliates, the goodwill of Provider, the trade secrets of Provider, the valuable confidential business or professional information that otherwise does not
qualify as trade secrets, and any substantial relationships with specific prospective or existing customers or clients. 

  
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 9.4 Irreparable Harm. Provider and Owner understand and acknowledge that violation of
this Article 9 will cause irreparable harm to Manager, the exact amount of which will be impossible to ascertain, and for that reason Provider agrees that Manager shall be entitled to seek, without the necessity of showing any actual damage or
posting a bond (unless required by law), from any court of competent jurisdiction temporary or permanent injunctive relief or specific performance of this Agreement restraining Provider or any person from any act prohibited by this Article 9.

 9.5 Additional Remedies. Nothing in this paragraph shall limit Manager’s right to recover any other damages or remedies to
which it is entitled as a result of Provider’s breach. If any portion of this Article 9 (including without limitation the geographical, duration or scope of activity restrictions contained herein) shall be held to be unenforceable or
invalid for any reason, such provision or portion of provision shall be modified or deleted in such a manner so as to make this Article 9, as modified, legal and enforceable to the fullest extent permitted under applicable law. 

9.6 Agent. With respect to the issues set forth in this Article 9, Provider hereby irrevocably appoints Manager as its agent and
attorney in fact during the term of this Agreement with full power and authority to enforce the terms of any employment or independent contractor agreements to which Provider is a party and any restrictive covenants,
non-competition, confidentiality and similar covenants or restrictions of which Provider is the beneficiary. 

9.7 Survival. The provisions of this Article 9 shall survive the termination of this Agreement. 

ARTICLE 10 
 GENERAL

 10.1 Indemnification. 

10.1.1 Indemnification by Provider. Provider hereby agrees to indemnify, defend and hold harmless Manager, its officers,
directors, owners, members, employees, agents, affiliates and subcontractors, from and against any and all claims, damages, demands, diminution in value, losses, liabilities, actions, lawsuits and other proceedings, judgments, fines, assessments,
penalties, awards, costs and expenses (including reasonable attorneys’ fees), whether or not covered by insurance, arising directly or indirectly, in whole or in part, out of (a) any material breach of this Agreement by Provider, or
(b) any acts or omissions by Provider, its Owner, employees, Practitioners, agents or subcontractors. 
 10.1.2
Indemnification by Manager. Manager hereby agrees to indemnify, defend and hold harmless Provider, its officers, directors, Owner, employees and agents, from and against any and all claims, damages, demands, losses, liabilities, actions,
lawsuits and other proceedings, judgments and awards, and costs and expenses (including reasonable attorneys’ fees), arising, directly or indirectly, in whole or in part, out of (a) any material breach of this Agreement by Manager, or
(b) any acts or omissions by Manager or Manager’s employees. Notwithstanding the foregoing, Manager shall not indemnify Provider for the acts or omissions of Provider, Owner, any Practitioners or others employed or engaged by Provider.

  
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 10.1.3 Notification. Each party shall immediately notify the other
party of any lawsuits or actions, or any threat thereof, that are known or become known that might adversely affect any interest of Provider or Manager whatsoever. The provisions of this Section 10.1 shall survive termination or expiration of
this Agreement. 
 10.2 Arbitration. The parties shall work together in good faith to resolve any disputes about their business
relationship. If the parties are unable to resolve the dispute within thirty (30) days following the date one party sent written notice of the dispute to the other party, and if either wishes to pursue the dispute, it shall be submitted to
binding arbitration in accordance with the rules of the American Arbitration Association. In no event may arbitration be initiated more than one year following the sending of written notice of the dispute. Any arbitration proceeding under this
Agreement shall be conducted in Cook County, Illinois. The arbitrators may construe or interpret but shall not vary or ignore the terms of this Agreement, shall have no authority to award extra-contractual damages of any kind, including punitive or
exemplary damages, and shall be bound by controlling law. The Arbitrator shall issue a reasoned award explaining the decision. Each party shall pay its own expenses of arbitration and one-half of the expenses
of the arbitrators. Nothing in this Section 10.2 shall limit either party’s rights of termination set forth in Article 7. 

10.3 Entire Agreement; Amendment. This Agreement constitutes the entire agreement between the parties related to the subject matter
hereof and supersedes all prior agreements, understandings, and letters of intent relating to the subject matter hereof. This Agreement may be amended or supplemented only by a writing executed by both parties. This Agreement may be executed in any
number of counterparts, each of which shall be an original. 
 10.4 Relationship of the Parties. Except as otherwise indicated in this
Agreement, the relationship of the parties is and shall be that of independent contractors, and nothing in this Agreement is intended as, and nothing shall be construed to create, an employer/employee relationship, partnership, or joint venture
relationship between the parties, or to allow either to exercise control or direction over the manner or method by which the other performs the services that are the subject matter of this Agreement; provided, however, that the services to be
provided hereunder shall always be furnished in a manner consistent with the standards governing such services and the provisions of this Agreement. This Agreement does not create a franchise or business opportunity agreement between the parties. If
any provision of this Agreement is deemed to create a franchise or business opportunity, the parties shall negotiate in good faith to modify the Agreement to effect the original intent of the parties. 

10.5 Notices. Any notice or other communication required or desired to be given to either party shall be in writing and shall be deemed
given when hand-delivered or deposited in the United States mail, first-class postage prepaid, addressed to the parties at the addresses indicated below. Any party may change the address to which notices and other communications are to be given by
giving the other parties notice of such change. 

  
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 Oak Street Health MSO, LLC 

30 W Monroe St, #1200 
 Chicago,
IL 60603 
 Attn: Michael Pykosz 

[INSERT PRACTICE NAME] 
 30
W Monroe St, #1200 
 Chicago, IL 60603 

Attn: Griffin Robert Myers, M.D. 

10.6 Governing Law. This Agreement shall be construed and governed in accordance with the laws of the State of [INSERT
JURISDICTION]. 
 10.7 Assignment. This Agreement shall not be assigned by either party hereto without the express written consent
of the other party; provided, however, that this Agreement shall be assignable by Manager to any of its affiliates or successors without the consent of Provider. 

10.8 Waiver. No waiver shall be valid against any party unless made in writing and signed by the party against whom enforcement of such
waiver is sought. 
 10.9 Severability. If any one or more of the provisions of this Agreement is adjudged to any extent invalid,
unenforceable, or contrary to law by a court of competent jurisdiction, each and all of the remaining provisions of this Agreement will not be affected thereby and shall be valid and enforceable to the fullest extent permitted by law. 

10.10 Force Majeure. Either party shall be excused for failures and delays in performance of its respective obligations under this
Agreement due to any cause beyond the control and without the fault of such party, including without limitation, any act of God, war, terrorism, bio-terrorism, riot or insurrection, law or regulation, flood,
earthquake, water shortage, fire, explosion or inability due to any of the aforementioned causes to obtain necessary labor, materials or facilities. 

10.11 Authorization for Agreement. The execution and performance of this Agreement by Provider and Manager have been duly authorized by
all necessary laws, resolutions, and corporate or partnership actions. 
 10.12 Duty to Cooperate. The parties acknowledge that the
parties’ mutual cooperation is critical to the ability of Manager to perform successfully and efficiently its duties hereunder. Accordingly, each party agrees to cooperate fully with the other in formulating and implementing goals and
objectives which are in Provider’s best interest. 
 10.13 Renegotiation. This Agreement shall be construed to be in accordance
with any and all federal and state laws, including laws relating to Medicare, Medicaid and other third party payors. In the event there is a material change in such laws, whether by statute, regulation, agency or judicial decision or guidance that
has any material effect on any term of this Agreement, then the applicable term(s) of this Agreement shall be subject to renegotiation and either party may request renegotiation of the affected term or terms of this Agreement, upon written notice to
the other party, to remedy such condition. The parties expressly recognize that upon request for renegotiation, each party has a duty and obligation to the other only to renegotiate the affected term(s) in good faith and, further, each party
expressly agrees that its consent to proposals submitted by the other party during renegotiation efforts shall not be unreasonably withheld. 

  
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 IN WITNESS WHEREOF, the parties have executed this Administrative Services Agreement as of the day and year
first above written. 
  

									
	[INSERT PRACTICE NAME]	 		 	OAK STREET HEALTH MSO, LLC
					
	By:	 	              
	 		 	By:	 	              

	Name:	 	Griffin Robert Myers, M.D.	 		 	Name:	 	  

	Its:	 	President	 		 	Its:	 	  

				
	OWNER	 		 		 	
					
	By:	 	  
	 		 		 	
	Name:	 	Griffin Robert Myers, M.D.	 		 		 	

  
 Page 16

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