Document:

Security Agreement

 Exhibit 10.13 
 SECURITY AGREEMENT 
 (Grantor) 
 This SECURITY AGREEMENT is made as of July 20, 2004 (the “Agreement”), by Virtual Radiologic Consultants, Inc., a Minnesota corporation,
with its chief executive office at 5995 Opus Parkway, Suite 200, Minneapolis, MN 55343 (“Grantor”), in favor of Associated Commercial Finance, Inc., with an office at 401 East Kilbourn Avenue, Suite 350, Milwaukee, WI 53202
(“Lender”). 
 RECITALS: 
 A. Grantor and another “Borrower” have requested extensions of credit from Lender pursuant to the terms of that certain Letter Loan Agreement dated of even date herewith (the Letter Loan Agreement as it may be amended, modified,
supplemented, increased or restated from time to time being the “Loan Agreement”) among Grantor, such other “Borrower” party and Lender. 
 B. As a condition to such extensions of credit, Lender requires that Grantor grant a security interest in its assets in accordance with this Agreement. 
 C. Grantor has determined that the execution, delivery and performance of this Agreement are in its best business and pecuniary interest. 
 NOW, THEREFORE, for good and valuable consideration the receipt and adequacy of which are hereby acknowledged by each of the parties hereto, it is agreed
as follows: 
 ARTICLE I 
 DEFINITIONS 
 As used herein, the following terms shall have the meanings set forth in this Section: 
 “Accounts” shall have the meaning provided in the UCC. 
 “Chattel Paper” shall have the meaning provided in the UCC and shall include, without limitation, all Electronic Chattel Paper and Tangible Chattel Paper. 
 “Collateral” shall mean all property in which a security interest is granted hereunder. 
 “Commercial Tort Claim” shall have the meaning provided in the UCC. 
 “Controlled Property” shall mean property of every kind and description in which Grantor has or may acquire any interest, now or
hereafter at any time in the possession or control 

 
of Lender or any Lender Affiliate for any reason and all dividends and distributions on or other rights in connection with such property. 
 “Data Processing Records and Systems” shall mean all of Grantor’s now existing or hereafter acquired electronic data processing and
computer records, software (including, without limitation, all “Software” as defined in the UCC), systems, manuals, procedures, disks, tapes and all other storage media and memory. 
 “Default” shall mean any event which if it continued uncured would, with notice or lapse of time or both, constitute an Event of
Default. 
 “Deposit Accounts” shall have the meaning provided in the UCC and shall include, without limitation, any demand,
time, savings, passbook or similar account maintained with a bank. 
 “Document” shall have the meaning provided in the UCC.

 “Electronic Chattel Paper” shall have the meaning provided in the UCC. 
 “Equipment” shall have the meaning provided in the UCC. 
 “Event of Default” shall have the meaning specified in Article VI hereof. 
 “Fixtures” shall have the meaning provided in the UCC. 
 “General Intangibles” shall have the
meaning provided in the UCC and shall include, without limitation, all Payment Intangibles. 
 “Goods” shall have the
meaning provided in the UCC and shall include embedded “Software” to the extent included in “Goods” as defined in the UCC. 
 “Grantor” shall have the meaning provided in the preamble hereto. 
 “Instruments” shall have the
meaning provided in the UCC. 
 “Insurance Proceeds” shall mean all proceeds of any and all insurance policies payable to
Grantor with respect to any Collateral, or on behalf of any Collateral, whether or not such policies are issued to or owned by Grantor. 
 “Inventory” shall have the meaning provided in the UCC. 
 “Investment Property” shall have the
meaning provided in the UCC. 
 “Lender” shall have the meaning provided in the preamble hereto. 
 “Lender Affiliate” shall mean any affiliate of the Lender which is party to a written 

  

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agreement with Grantor or any other Loan Party providing for any extension of credit to Grantor or any other Loan Party. 
 “Letter-of-Credit Rights” shall have the meaning provided in the UCC. 
 “Loan Agreement” shall have the meaning provided in the recitals hereto. 
 “Obligations” shall mean all loans (including the Loan(s)), advances, debts, liabilities, obligations, covenants and duties owing by any
Loan Party to the Lender or any Lender Affiliate of any kind or nature, present or future, whether or not evidenced by any note, guaranty or other instrument, whether arising under the Loan Agreement, the other Loan Documents or under any other
agreement or by operation of law, whether or not for the payment of money, whether arising by reason of an extension of credit, opening, guarantying or confirming of a letter of credit, guaranty, indemnification or in any other manner, whether
joint, several or joint and several, direct or indirect (including those acquired by assignment or purchases), absolute or contingent, due or to become due, and however acquired. The term includes, but is not limited to, all principal, interest,
fees, charges, expenses, reasonable attorneys’ fees, and any other sum chargeable to any Loan Party under the Loan Agreement or any other Loan Document. 
 “Payment Intangibles” shall have the meaning provided in the UCC. 
 “Proceeds” shall have the meaning provided in the UCC. 
 “Products” shall mean any goods now or
hereafter manufactured, processed or assembled with any of the Collateral. 
 “Supporting Obligations” shall have the
meaning provided in the UCC. 
 “Tangible Chattel Paper” shall have the meaning provided in the UCC. 
 “UCC” shall mean the Uniform Commercial Code as enacted in the State of Minnesota, as amended from time to time; provided,
however, that: (a) to the extent that the UCC is used to define any term herein, and such term is defined differently in different Articles of the UCC, the definition of such term contained in Article 9 shall govern; and (b) if, by
reason of mandatory provisions of law, any or all of the attachment, perfection or priority of, or remedies with respect to, the Lender’s security interest in any Collateral is governed by the Uniform Commercial Code as enacted and in effect in
a jurisdiction other than the State of Minnesota, the term “UCC” shall mean the Uniform Commercial Code as enacted and in effect in such other jurisdiction solely for purposes of the provisions thereof relating to such attachment,
perfection or priority of, or remedies with respect to, the Lender’s security interest and for purposes of definitions related to such provisions. 
 Other terms defined herein shall have the meanings ascribed to them herein. All capitalized terms used herein, not specifically defined herein, shall have the meaning ascribed to them in the Loan Agreement.

  

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 ARTICLE II 
 SECURITY INTERESTS 
 As security for the payment of all Obligations, Grantor hereby grants to Lender
and each Lender Affiliate a security interest in all of Grantor’s right, title and interest in and to the following, whether now owned or existing or hereafter acquired or arising: 
 Accounts; 
 Chattel Paper; 
 Commercial Tort Claims, if any, described on Exhibit B attached hereto and incorporated herein by reference; 
 Controlled Property; 
 Deposit Accounts;

 Documents; 
 Equipment and
Fixtures; 
 General Intangibles; 
 Instruments; 
 Inventory; 
 Investment Property; 
 Letter-of-Credit Rights; 
 Proceeds (whether cash or non-cash Proceeds, including Insurance Proceeds and non-cash Proceeds of all types); 
 Products of all the foregoing; and 
 Supporting Obligations. 
 ARTICLE III 
 REPRESENTATIONS AND COVENANTS OF GRANTOR 
 Grantor represents, warrants and covenants that: 
 3.1 Authorization. The execution and performance of this Agreement have been duly authorized by all necessary action and do not and will not: (a) require any consent or approval of the stockholders or members of any entity, or
the consent of any governmental entity which has not been obtained; or (b) violate any provision of any indenture, contract, agreement or instrument to which it is a party or by which it is bound. 
 3.2 Title to Collateral. Grantor has good and marketable title to all of the Collateral and none of the Collateral is subject to any security
interest except for the security interest created pursuant to this Agreement or other security interests permitted by the Loan Agreement (such other security interests being “Permitted Liens”). 
 3.3 Disposition or Encumbrance of Collateral. Grantor will not encumber, sell or otherwise transfer or dispose of the Collateral without the prior
written consent of Lender except as provided in this Section or for Permitted Liens. Until a Default or Event of Default has occurred and is continuing, Grantor may: (a) sell Collateral consisting of: (i) Inventory in the ordinary course
of business provided that Grantor receives as consideration for such sale an 

  

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amount not less than the fair market value of the Inventory at the time of such sale; and (ii) Equipment and Fixtures which in the judgment of Grantor
have become obsolete or unusable in the ordinary course of business, provided that all net Proceeds of such sales of Equipment and Fixtures are delivered directly to Lender for application to the Obligations in such order as the Lender may elect;
and (b) grant security interests in Equipment and Fixtures in order to secure permitted by the proviso clause to Section 8(b) of the Loan Agreement. 
 3.4 Validity of Accounts. Grantor warrants that all Collateral consisting of Accounts, Chattel Paper and Instruments included in Grantor’s schedules, financial statements or books and records are bona fide
existing obligations created by the sale and actual delivery of Inventory or the rendition of services to customers in the ordinary course of business, which Grantor then owns free and clear of any security interest other than the security interest
created by this Agreement or other Permitted Liens, and which are then unconditionally owing to Grantor without defenses, offset or counterclaim except those arising in the ordinary course of business that are immaterial in the aggregate and that
the unpaid principal amount of any such Chattel Paper or Instrument and any security therefor is and will be as represented to Lender on the date of the delivery thereof to Lender. 
 3.5 Maintenance of Tangible Collateral. Grantor will maintain the tangible Collateral in good condition and repair. At the time of attachment and
perfection of the security interest granted pursuant hereto and thereafter, all tangible Collateral will be located and will be maintained only at locations where the Lender can perfect its security interest by the filing of a financing statement
with the Minnesota Secretary of State. Except as otherwise permitted by Section 3.3 or by the proviso clause to this Section. Grantor will not remove such Collateral from such locations unless, prior to any such removal, Grantor has
given written notice to Lender of the location or locations to which Grantor desires to remove the Collateral, Lender has given its written consent to such removal, and Grantor has delivered to Lender acknowledgment copies of financing statements
(or comparable filings in Canada) filed where appropriate to continue the perfection of Lender’s security interest as a first priority security interest on such Collateral; provided, however, that Grantor may remove Equipment to
foreign jurisdictions (other than Canada) so long as the aggregate fair market value of all Equipment located in such foreign jurisdictions does not exceed $250,000.00 for the Borrowers on a combined basis. Lender’s security interest attaches
to all of the Collateral wherever located and Grantor’s failure to inform Lender of the location of any item or items of Collateral shall not impair Lender’s security interest thereon. 
 3.6 Notation on Chattel Paper. For purposes of the security interest granted pursuant to this Agreement, Lender has been granted a direct security
interest in all Chattel Paper constituting part of the Collateral and such Chattel Paper is not claimed merely as Proceeds of Inventory. Upon Lender’s request, Grantor will deliver to Lender the original of all Chattel Paper. Grantor will not
execute any copies of such Chattel Paper constituting part of the Collateral other than those which are clearly marked as a copy. Lender may stamp any such Chattel Paper with a legend reflecting Lender’s security interest therein. 

3.7 Instruments as Proceeds; Deposit Accounts. Notwithstanding any other provision in this Agreement concerning Instruments, Grantor covenants
that Instruments constituting cash 

  

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Proceeds (for example, money and checks) shall be deposited in Deposit Accounts with the Depository Bank. Grantor has granted to the Lender a direct security
interest in all Deposit Accounts constituting part of the Collateral and such Deposit Accounts are not claimed merely as Proceeds of other Collateral. 
 3.8 Protection of Collateral. All expenses of protecting, storing, warehousing, insuring, handling and shipping of the Collateral, all costs of keeping the Collateral free of any liens, encumbrances and
security interests prohibited by this Agreement and of removing the same if they should arise, and any and all excise, property, sales and use taxes imposed by any state, federal or local authority on any of the Collateral or in respect of the sale
thereof, shall be borne and paid by Grantor and if Grantor fails to promptly pay any thereof when due, Lender may, at its option, but shall not be required to pay the same whereupon the same shall constitute Obligations and shall bear interest at
the Default Rate specified in the Revolving Credit Note (the “Interest Rate”) and shall be secured by the security interest granted hereunder. 
 3.9 Insurance. Grantor will procure and maintain, or cause to be procured and maintained, insurance issued by responsible insurance companies insuring the Collateral against damage and loss by theft, fire,
collision (in the case of motor vehicles), and such other risks as are usually carried by owners of similar properties or as may be requested by Lender in an amount equal to the replacement value thereof, and, in any event, in an amount sufficient
to avoid the application of any co-insurance provisions and payable, in the case of any loss in excess of $10,000.00, to Grantor and Lender jointly. All such insurance shall contain an agreement by the insurer to provide Lender with 30 days’
prior notice of cancellation and an agreement that the interest of Lender shall not be impaired or invalidated by any act or neglect of Grantor nor by the occupation of the premises wherein such Collateral is located for purposes more hazardous than
are permitted by said policy. Grantor will maintain, with financially sound and reputable insurers, insurance with respect to its properties and business against such casualties and contingencies of such types (which may include, without limitation,
public and product liability, larceny, embezzlement, business interruption or other criminal misappropriation insurance) and in such amounts as may from time to time be reasonably required by Lender. Grantor will deliver evidence of such insurance
and the policies of insurance or copies thereof to Lender upon request. 
 3.10 Compliance with Law. Grantor will not use the
Collateral, or knowingly permit the Collateral to be used, for any unlawful purpose or in violation of any federal, state or municipal law. 
 3.11 Books and Records; Access. 
 (a) Grantor will permit Lender and its representatives to examine
Grantor’s books and records (including Data Processing Records and Systems) with respect to the Collateral and make extracts therefrom and copies thereof at any time and from time to time, and Grantor will furnish such information and reports
to Lender and its representatives regarding the Collateral as Lender and its representatives may from time to time request. Grantor will also permit Lender and its representatives to inspect the 

  

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Collateral at any time and from time to time as Lender and its representatives may request. 
 (b) Lender shall have authority, at any time, to place, or require Grantor to place, upon Grantor’s books and records relating to
Accounts, Chattel Paper and other rights to payment covered by the security interest granted hereby a notation or legend stating that such Accounts, Chattel Paper and other rights to payment are subject to Lender’s security interest.

 3.12 Notice of Default. Immediately upon any officer of Grantor becoming aware of the existence of any Default or Event of Default,
Grantor will give notice to Lender that such Default or Event of Default exists, stating the nature thereof, the period of existence thereof, and what action Grantor proposes to take with respect thereto. 
 3.13 Additional Documentation. Grantor will execute, from time to time, and authorizes Lender to execute from time to time as Grantor’s
attorney-in-fact and/or file, such financing statements, assignments, and other documents covering the Collateral, including Proceeds, as Lender may request in order to create, evidence, perfect, maintain or continue its security interest in the
Collateral (including additional Collateral acquired by Grantor after the date hereof), and Grantor will pay the cost of filing the same in all public offices in which Lender may deem filing to be appropriate and will notify Lender promptly upon
acquiring any additional Collateral that may require an additional filing. Upon request, Grantor will deliver to Lender all Grantor’s Documents, Chattel Paper and Instruments constituting part of the Collateral. 
 3.14 Chief Executive Office; State of Incorporation. The location of the chief executive office of Grantor is located in the State set forth in
the preamble hereto and will not be changed from such state without 30 days’ prior written notice to Lender. Grantor warrants that its books and records concerning Accounts and Chattel Paper constituting part of the Collateral are located at
its chief executive office. Grantor’s State of organization is the State set forth in the preamble hereto and such State has been its State of organization since the date of Grantor’s organization except as set forth on Exhibit A attached
hereto. Grantor will not change its State of organization from such State without 30 days’ prior written notice to Lender, Lender has given its written consent to such change, and Grantor has delivered to Lender acknowledgment copies of
financing statements filed where appropriate to continue the perfection of Lender’s security interest as a first priority security interest therein. 
 3.15 Name of Grantor. Grantor’s exact legal name and type of legal entity is as set forth in the preamble hereto. Grantor will not change its legal name without 30 days’ prior written notice to the
Lender, the Lender has given its written consent to such change, and Grantor has delivered to the Lender acknowledgment copies of financing statements filed where appropriate to continue the perfection of the Lender’s security interest as a
first priority security interest in the Collateral. Grantor has not used any other name within the past five years except those described on Exhibit A attached hereto. Neither Grantor nor, to Grantor’s knowledge, any predecessor in title to any
of the Collateral has executed any financing statements or security 

  

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agreements presently effective as to the Collateral except those described on Exhibit A attached hereto. 
 3.16 Disputes. Etc. Grantor shall advise Lender promptly of Inventory in excess of $10,000.00 for any one customer in any fiscal year or in excess
of $25,000.00 in the aggregate for all customers in any fiscal year which are returned by a customer(s) or otherwise recovered from such customer(s) and unless instructed to deliver such Inventory to Lender, Grantor shall resell such Inventory for
Lender and assign or deliver to Lender the resulting Accounts or other Proceeds. Grantor shall also advise Lender promptly of all disputes and claims in excess of $10,000.00 for any one obligor on the Collateral in any fiscal year or in excess of
$25,000.00 in the aggregate for all obligors in any fiscal year and settle or adjust them at no expense to Lender. After the occurrence and during the continuance of an Event of Default, Lender may at all times settle or adjust such disputes and
claims directly with the customers for amounts and upon terms which Lender considers commercially reasonable. No discount, credit, allowance, adjustment or return shall be granted by Grantor to any customer without Lender’s written consent
other than discounts, credits, allowances, adjustments and returns made or granted by Grantor in the ordinary course of business prior to the occurrence and during the continuance of an Event of Default. 
 3.17 Power of Attorney. Grantor appoints Lender, or any other person whom Lender may from time to time designate, as Grantor’s attorney with
power, to: (a) endorse Grantor’s name on any checks, notes, acceptances, drafts or other forms of payment or security evidencing or relating to any Collateral that may come into Lender’s possession; (b) sign Grantor’s name
on any invoice or bill of lading relating to any Collateral, on drafts against customers, on schedules and confirmatory assignments of Accounts, Chattel Paper, Documents or other Collateral, on notices of assignment, financing statements under the
UCC and other public records, on verifications of accounts and on notices to customers; (c) notify the post office authorities to change the address for delivery of Grantor’s mail to an address designated by Lender; (d) receive and
open all mail addressed to Grantor; (e) send requests for verification of Accounts, Chattel Paper, Instruments or other Collateral to customers; and (f) do all things necessary to carry out this Agreement. Grantor ratifies and approves all
acts of the attorney taken within the scope of the authority granted; provided, however, that so long as no Event of Default has occurred and is continuing, Lender: (x) shall not exercise the powers granted pursuant to Section 3.17(c) or
(d); (y) shall exercise the power granted by Section 3.17(e) through Lender’s trade accounting firm name and not in any name identifying the verifying party as a bank, lender or other financial institution; and (z) shall exercise
the powers granted by Section 3.17(f) only upon Grantor’s failure to take action requested by Lender within five (5) business days after the Lender has requested that Grantor take the requested action. Neither Lender nor the attorney
will be liable for any acts of commission or omission, or for any error in judgment or mistake of fact or law. This power, being coupled with an interest, is irrevocable so long as any Obligation remains unpaid. Grantor waives presentment and
protest of all instruments and notice thereof, notice of default and dishonor and all other notices to which Grantor may otherwise be entitled. 
  

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 3.18 Patents and Trademarks. Etc. Grantor agrees with Lender that, until the security interest
granted by this Agreement has been terminated in accordance with the terms hereof: 
 (a) Grantor will perform all acts and
execute all documents including, without limitation, grants of security interest, in form suitable for filing with the United States Patent and Trademark Office, reasonably requested by Lender at any time to evidence, perfect, maintain, record and
enforce Lender’s interest in the Collateral comprised of patents (collectively the “Patents”), patent applications (collectively the “Patent Applications”), trademarks or service marks (collectively the
“Trademarks”) or of any applications therefor (collectively the “Trademark Applications”) or otherwise in furtherance of the provisions of this Agreement; 
 (b) Except to the extent that Lender shall consent in writing, Grantor (either itself or through licensees) will, unless Grantor shall
reasonably determine that a Trademark (or the use of a Trademark in connection with a particular class of goods or products) is not of material economic value to Grantor: (i) continue to use each Trademark on each and every trademark class of
goods in order to maintain each Trademark in full force free from any claim of abandonment for non-use; (ii) maintain as in the past the quality of products and services offered under each Trademark; (iii) employ each Trademark with the
appropriate notice of application or registration to the extent required by applicable law to maintain such Trademark; (iv) not use any Trademark except for the uses for which registration or application for registration of such Trademark has
been made, unless such use is otherwise lawful; and (v) not (and not permit any licensee or sublicensee thereof to) do any act or knowingly omit to do any act whereby any Trademark may become invalidated; 
 (c) Except to the extent that Lender shall consent in writing, Grantor will not, unless Grantor shall reasonably determine that a Patent
is not of material economic value to Grantor, do any act, or not to do any act, whereby any Patent may become abandoned or dedicated; 
 (d) Unless Grantor shall reasonably determine that a Patent, Patent Application, Trademark or Trademark Application is not of material economic value to Grantor, Grantor shall notify Lender immediately if it knows, or
has reason to know, of any reason that any Patent, Patent Application, Trademark or Trademark Application may become abandoned or dedicated, or of any adverse determination or development (including, without limitation, the institution of, or any
such determination or development in, any proceeding in the United States Patent and Trademark Office or any court) regarding Grantor’s ownership of any Patent or Trademark, its rights to register the same, or to keep and maintain the same;

 (e) If Grantor, either itself or through any agent, employee, licensee or designee, shall file a Patent Application or
Trademark Application for the registration of any Trademark with the United States Patent and Trademark Office, or any similar office or agency in any other country or any political subdivision thereof, Grantor shall promptly inform Lender, and,
upon request of Lender, shall promptly execute and deliver any and all agreements, instruments, documents and papers as Lender may reasonably request to evidence Lender’s security interest in such Patent or Trademark and the goodwill and
general intangibles of Grantor relating thereto or represented thereby; 
  

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 (f) Unless Grantor shall reasonably determine that a Patent Application or Trademark
Application is not of material economic value to Grantor, Grantor will take all necessary steps, including, without limitation, in any proceeding before the United States Patent and Trademark Office, or any similar office or agency in any other
country or any political subdivision thereof, to maintain and pursue each Patent Application and Trademark Application (and to obtain the relevant registration) and to maintain each registration of the Patents and Trademarks, including, without
limitation, filing of applications for renewal and affidavits of use; 
 (g) Unless Grantor shall reasonably determine that a
Patent or Trademark is not of material economic value to Grantor, Grantor shall promptly notify Lender if any Patent or Trademark is infringed, misappropriated or diluted by a third party and either shall promptly sue for infringement,
misappropriation or dilution and to recover any and all damages for such infringement, misappropriation or dilution, or take such other actions as Grantor shall reasonably deem appropriate under the circumstances to protect such Patent or Trademark;
and 
 (h) Grantor agrees that it will not enter into any agreement (for example, a license agreement) which is inconsistent
with Grantor’s obligations under this Agreement. 
 3.19 Copyrights. Grantor agrees with Lender that, until the security interest
granted by this Agreement has been terminated in accordance with the terms hereof: 
 (a) Grantor will perform all acts and
execute all documents including, without limitation, grants of security interest, in form suitable for filing with the United States Copyright Office, reasonably requested by Lender at any time to evidence, perfect, maintain, record and enforce
Lender’s interest in the Collateral comprised of copyrights or copyright applications (collectively the “Copyrights”) or otherwise in furtherance of the provisions of this Agreement; 
 (b) Except to the extent that the Lender shall consent in writing, Grantor (either itself or through licensees) will, unless Grantor shall
reasonably determine that a Copyright is not of material economic value to Grantor, publish the materials for which a Copyright has been obtained (the “Works”) with any notice of copyright registration required by applicable law to
preserve the Copyright; 
 (c) Unless Grantor shall reasonably determine that a Copyright is not of material economic value to
Grantor, Grantor shall notify the Lender immediately if it knows, or has reason to know, of any reason that any application or registration relating to any Copyright may become abandoned or dedicated or of any adverse determination or development
(including, without limitation, the institution of, or any such determination or development in, any proceeding in the United States Copyright Office or any court) regarding Grantor’s ownership of any Copyright, its right to register the same,
or to keep and maintain the same; 
  

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 (d) If Grantor, either itself or through any agent, employee, licensee or designee, shall
file an application for the registration of any Copyright with the United States Copyright Office or any similar office or agency in any other country or any political subdivision thereof, Grantor shall promptly inform Lender, and, upon request of
Lender, execute and deliver any and all agreements, instruments, documents and papers as Lender may request to evidence Lender’s security interest in such Copyright and the Works relating thereto or represented thereby; 
 (e) Unless Grantor shall reasonably determine that a Copyright is not of material economic value to Grantor, Grantor will take all
commercially reasonable steps, including, without limitation, in any proceeding before the United States Copyright Office or any similar office or agency in any other country or any political subdivision thereof, to maintain and pursue each
application (and to obtain the relevant registration) and to maintain each registration of the Copyrights; 
 (f) In the event
that any Copyright is infringed by a third party, Grantor shall promptly notify Lender and shall, unless Grantor shall reasonably determine that such Copyright is not of material economic value to Grantor, promptly sue to recover any and all damages
or take such other actions as Grantor shall reasonably deem appropriate under the circumstances to protect such Copyright; and 
 (g) Grantor agrees that it will not enter into any agreement (for example, a license agreement) which is inconsistent with Grantor’s obligations under this Agreement. 
 3.20 Control. Grantor will cooperate with Lender in obtaining control with respect to Collateral consisting of Deposit Accounts, Investment
Property, Letter-of-Credit Rights, and Electronic Chattel Paper. Without limiting the foregoing, if Grantor becomes a beneficiary of a letter of credit, then Grantor shall promptly notify the Lender thereof and, if further requested by the Lender,
enter into a tri-party agreement with the Lender and the issuer and/or confirmation bank with respect to such letter of credit assigning the Letter-of-Credit Rights to the Lender and directing all payments thereunder to the Lender, all in form and
substance reasonably satisfactory to the Lender. 
 3.21 Further Acts. Where Collateral is in the possession of a third party, Grantor
will join with Lender in notifying such third party of Lender’s security interest and in obtaining an acknowledgment from such third party that it is holding such Collateral for the benefit of the Lender. 
 3.22 Commercial Tort Claims. Grantor shall promptly notify the Lender of any Commercial Tort Claim acquired by it and, unless otherwise consented
to by the Lender, Grantor shall promptly enter into a supplement to this Agreement granting to the Lender a security interest in such Commercial Tort Claim. 
  

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 ARTICLE IV 
 COLLECTIONS 
 Except as otherwise provided in this Article IV, Grantor shall continue to collect, at
its own expense, all amounts due or to become due to Grantor under the Accounts constituting part of the Collateral and all other Collateral. In connection with such collections, Grantor may take (and, at Lender’s direction given after the
occurrence and during the continuance of an Event of Default, shall take) such action as Grantor or Lender may deem necessary or advisable to enforce collection of the Accounts and such other Collateral; provided, however, that Lender
shall have the right at any time after the occurrence and during the continuance of an Event of Default, without giving written notice to Grantor of Lender’s intention to do so, to notify the account debtors under any Accounts or obligors with
respect to such other Collateral of the assignment of such Accounts and such other Collateral to Lender and to direct such account debtors or obligors to make payment of all amounts due or to become due to Grantor thereunder directly to Lender and,
upon such notification and at the expense of Grantor, to enforce collection of any such Accounts or other Collateral, and to adjust, settle or compromise the amount or payment thereof in the same manner and to the same extent as Grantor might have
done, but unless and until Lender does so or gives Grantor other instructions, Grantor shall make all collections for Lender. In addition to its rights under the preceding sentence to this Section, Lender, at any time after the occurrence and during
the continuance of a Default or Event of Default, may require that Grantor instruct all current and future account debtors and obligors on other Collateral to make all payments directly to a lockbox (the “Lockbox”) controlled by Lender.
All payments received in the Lockbox shall be transferred to a special bank account (the “Collateral Account”) maintained for the benefit of Lender subject to withdrawal by Lender only. Grantor shall immediately deposit in the Collateral
Account all full and partial payments on any Collateral received by Grantor to Lender in their original form, except for endorsements where necessary. Lender shall apply all collections on the Collateral delivered to it or deposited in the
Collateral Account as provided in the Collateral Account Agreement and any such amount applied to the payment of the Obligations may be applied in such order as Lender may elect; provided, however, that after an Event of Default has
occurred and is continuing, Lender shall apply all collections in accordance with Section 7.7. Until such payments are so delivered to Lender, such payments shall be held in trust by Grantor for and as Lender’s property, and shall not be
commingled with any funds of Grantor. Any application of any collection to the payment of any Obligation is conditioned upon final payment of any check or other instrument. 
 ARTICLE V 
 ASSIGNMENT OF INSURANCE 
 Grantor hereby assigns to Lender, as additional security for payment of the Obligations, any and all monies due or to become due under, and any and all
other rights of Grantor with respect to, any and all policies of insurance covering the Collateral. So long as no Default or Event of Default has occurred and is continuing, Grantor may itself adjust and collect for any losses of up to an aggregate
amount of $10,000.00 for all occurrences during any of Grantor’s fiscal years and Grantor may use the resulting Insurance Proceeds for the replacement, restoration or repair of the Collateral. After the occurrence and during the continuance of
a 

  

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Default or an Event of Default, or after the aggregate amount of losses arising out of all occurrences during any of Grantor’s fiscal years exceeds
$10,000.00, Lender may (but need not) in its own name or in Grantor’s name execute and deliver proofs of claim, receive such monies, and settle or litigate any claim against the issuer of any such policy and Grantor directs the issuer to pay
any such monies directly to Lender and Lender, at its sole discretion and regardless of whether Lender exercises its right to collect Insurance Proceeds under this Section, may apply any Insurance Proceeds to the payment of the Obligations, whether
due or not, in such order and manner as Lender may elect or may permit Grantor to use such Insurance Proceeds for the replacement, restoration or repair of the Collateral. 
 ARTICLE VI 
 EVENTS OF DEFAULT 
 The occurrence of any Event of Default as defined in the Loan Agreement shall constitute an Event of Default hereunder (“Event of Default”).

 ARTICLE VII 
 RIGHTS
AND REMEDIES ON DEFAULT 
 Upon the occurrence of an Event of Default, and at any time thereafter until such Event of Default is cured to
the satisfaction of Lender, and in addition to the rights granted to Lender under Articles IV and V hereof, Lender may exercise any one or more of the following rights and remedies: 
 7.1 Acceleration of Obligations. Declare any and all Obligations to be immediately due and payable, and the same shall thereupon become
immediately due and payable without further notice or demand. 
 7.2 Right of Offset. Offset any deposits, including unmatured time
deposits, then maintained by Grantor with Lender, whether or not then due, against any indebtedness then owed by Grantor to Lender whether or not then due. 
 7.3 Deal with Collateral. In the name of Grantor or otherwise, demand, collect, receive and give receipt for, compound, compromise, settle and give acquittance for and prosecute and discontinue any suits or
proceedings in respect of any or all of the Collateral. 
 7.4 Realize on Collateral. Take any action which Lender may deem reasonably
necessary or desirable in order to realize on the Collateral, including, without limitation, the power to perform any contract, to endorse in the name of Grantor any checks, drafts, notes, or other instruments or documents received in payment of or
on account of the Collateral. Lender may comply with any applicable state or federal law requirements in connection with a disposition of the Collateral and compliance will not be considered adversely to affect the commercial reasonableness of any
sale of the Collateral. Lender may sell the Collateral without giving any warranties as to the Collateral. Lender may specifically disclaim any warranties of title or the like. This procedure will not be considered adversely to affect the commercial
reasonableness of any sale of the Collateral. 
  

 13 

 7.5 Access to Property. Enter upon and into and take possession of all or such part or parts of
the properties of Grantor, including lands, plants, buildings, machinery, equipment, Data Processing Records and Systems and other property as may be necessary or appropriate in the reasonable judgment of Lender, to permit or enable Lender to store,
lease, sell or otherwise dispose of or collect all or any part of the Collateral, and use and operate said properties for such purposes and for such length of time as Lender may deem necessary or appropriate for said purposes without the payment of
any compensation to Grantor therefor. Grantor shall provide Lender with all information and assistance requested by Lender to facilitate the storage, leasing, sale or other disposition or collection of the Collateral after an Event of Default has
occurred and is continuing. 
 7.6 Other Rights. Exercise any and all other rights and remedies available to it by law or by
agreement, including rights and remedies under the UCC as adopted in the relevant jurisdiction or any other applicable law, or under the Loan Agreement and, in connection therewith, Lender may require Grantor to assemble the Collateral and make it
available to Lender at a place to be designated by Lender, and any notice of intended disposition of any of the Collateral required by law shall be deemed reasonable if such notice is mailed or delivered to Grantor at its address as shown on
Lender’s records at least 10 days before the date of such disposition. 
 7.7 Application of Proceeds. All Proceeds of Collateral
shall be applied in accordance with the UCC, and such Proceeds applied toward the Obligations shall be applied in such order as Lender may elect. 
 7.8 Patents and Trademarks. Upon the occurrence and during the continuance of an Event of Default: 
 (a)
Lender may, at any time and from time to time, upon thirty (30) days’ prior notice to Grantor, license or, to the extent permitted by an applicable license, sublicense, whether general, special or otherwise, and whether on an exclusive or
non-exclusive basis, any Patent or Trademark, throughout the world for such term or terms, on such conditions, and in such manner, as Lender shall in its sole discretion determine; 
 (b) Lender may (without assuming any obligations or liability thereunder), at any time enforce (and shall have the exclusive right to
enforce) against any licensor, licensee or sublicensee all rights and remedies of Grantor in, to and under any one or more license or other agreements with respect to any Patent or Trademark and take or refrain from taking any action under any such
license or other agreement, and Grantor hereby releases Lender from, and agrees to hold Lender free and harmless from and against, any claims arising out of, any action taken or omitted to be taken with respect to any such license or agreement;

 (c) Any and all payments received by Lender under or in respect of any Patent or Trademark (whether from Grantor or
otherwise), or received by Lender by virtue of 

  

 14 

 
the exercise of the license granted to Lender by subsection (g) below, shall be applied to the Obligations in accordance with Section 7.7 hereof;

 (d) Lender may exercise in respect of the Patents and Trademarks, in addition to other rights and remedies provided for
herein or otherwise available to it, all the rights and remedies of a secured party on default under the UCC; 
 (e) In order
to implement the sale, lease, assignment, license, sublicense or other disposition of any of the Patents and Trademarks pursuant to this Section 7.8, Lender may, at any time, execute and deliver on behalf of Grantor one or more instruments of
assignment of the Patents and Trademarks (or any application or registration thereof), in form suitable for filing, recording or registration in any country. Grantor agrees to pay when due all reasonable costs incurred in any such transfer of the
Patents and Trademarks, including any taxes, fees and reasonable attorneys’ fees; 
 (f) In the event of any sale, lease,
assignment, license, sublicense or other disposition of any of the Patents or Trademarks pursuant to this Section, Grantor shall supply to Lender or its designee its know-how and expertise relating to the manufacture and sale of the products
relating to any Patent or Trademark subject to such disposition, and its customer lists and other records relating to such Patents or Trademarks and to the distribution of said products; and 
 (g) For the purpose of enabling Lender to exercise rights and remedies under this Agreement at such time as Lender shall be lawfully
entitled to exercise such rights and remedies, and for no other purpose, Grantor hereby grants to Lender, an irrevocable, non-exclusive license (exercisable without payment of royalty or other compensation to Grantor) to use, license or sublicense
at such time any Patent or Trademark, now owned or hereafter acquired by Grantor, and wherever the same may be located, and including in such license reasonable access to all media in which any of the licensed items may be recorded or stored and to
all computer and automatic machinery software and programs used for the compilation or printout thereof. 
 7.9 Copyrights. Upon the
occurrence and during the continuance of an Event of Default: 
 (a) Lender may, at any time and from time to time, upon
thirty (30) days’ prior notice to Grantor, license or, to the extent permitted by an applicable license, sublicense, whether general, special or otherwise, and whether on an exclusive or non-exclusive basis, any Copyright, for such term or
terms, on such conditions, and in such manner, as Lender shall in its sole discretion determine; 
 (b) Lender may (without
assuming any obligations or liability thereunder), at any time, enforce (and shall have the exclusive right to enforce) against any licensor, licensee or sublicensee all rights and remedies of Grantor in, to and under any one or more license or
other agreements with respect to any Copyright and take or refrain from taking any action under any such license or other agreement and Grantor hereby releases 

  

 15 

 
Lender from, and agrees to hold Lender free and harmless from and against, any claims arising out of, any action taken or omitted to be taken with respect to
any such license or agreement; 
 (c) Any and all payments received by Lender under or in respect of any Copyright (whether
from Grantor or otherwise), or received by Lender by virtue of the exercise of the license granted to Lender by subsection (f) below, shall be applied to the Obligations in accordance with Section 7.7; 
 (d) Lender may exercise in respect of the Copyrights, in addition to other rights and remedies provided for herein or otherwise available
to it, all the rights and remedies of a secured party on default under the UCC; 
 (e) In order to implement the sale, lease,
assignment, license, sublicense or other disposition of any of the Copyrights pursuant to this Section 7.9, Lender may, at any time, execute and deliver on behalf of Grantor one or more instruments of assignment of the Copyrights (or any
application or registration thereof), in form suitable for filing, recording or registration in the Copyright Office or any country where the relevant Copyright is of material economic value to Grantor. Grantor agrees to pay when due all reasonable
costs incurred in any such transfer of the Copyrights, including any taxes, fees and reasonable attorneys’ fees; and 
 (f) For the purpose of enabling Lender to exercise rights and remedies under this Agreement at such time as Lender shall be lawfully entitled to exercise such rights and remedies, and for no other purpose, Grantor hereby grants to Lender an
irrevocable, non-exclusive license (exercisable without payment of royalty or other compensation to Grantor) to use, license or sublicense any Copyright, now owned or hereafter acquired by Grantor, and wherever the same may be located, and including
in such license reasonable access to all media in which any of the licensed items may be recorded or stored and to all computer and automatic machinery software and programs used for the compilation or printout thereof. 
 ARTICLE VIII 
 MISCELLANEOUS 

 8.1 No Liability on Collateral. It is understood that Lender does not in any way assume any of Grantor’s obligations under any
of the Collateral. Grantor hereby agrees to indemnify Lender against all liability arising in connection with or on account of any of the Collateral, except for any such liabilities arising on account of Lender’s negligence or willful
misconduct. 
 8.2 No Waiver. Lender shall not be deemed to have waived any of its rights hereunder or under any other agreement,
instrument or paper signed by Grantor unless such waiver is in writing and signed by Lender. No delay or omission on the part of Lender in exercising any right shall operate as a waiver of such right or any other right. A waiver on any 

  

 16 

 
one occasion shall not be construed as a bar to or waiver of any right or remedy on any future occasion. 
 8.3 Remedies Cumulative. All rights and remedies of Lender shall be cumulative and may be exercised singularly or concurrently, at their option,
and the exercise or enforcement of any one such right or remedy shall not bar or be a condition to the exercise or enforcement of any other. 
 8.4 Governing Law. This Agreement shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the laws of the State of Minnesota, except to the extent that the perfection of the security
interest hereunder, or the enforcement of any remedies hereunder, with respect to any particular Collateral shall be governed by the laws of a jurisdiction other than the State of Minnesota. 
 8.5 Expenses. Grantor agrees to pay the reasonable attorneys’ fees and legal expenses incurred by Lender in the exercise of any right or
remedy available to it under this Agreement, whether or not suit is commenced, including, without limitation, attorneys’ fees and legal expenses incurred in connection with any appeal of a lower court’s order or judgment. 
 8.6 Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the successors and assigns of Grantor and Lender.

 8.7 Recitals. The above Recitals are true and correct as of the date hereof and constitute a part of this Agreement. 
 8.8 Severability. Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Agreement shall be prohibited by or invalid under such law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the
remaining provisions of this Agreement. 
 8.9 No Obligation to Pursue Others. Lender has no obligation to attempt to satisfy the
Obligations by collecting them from any other person liable for them and Lender may release, modify or waive any Collateral provided by any other person to secure any of the Obligations, all without affecting Lender’s rights against Grantor.
Grantor waives any right it may have to require Lender to pursue any third person for any of the Obligations. 
 [REMAINDER OF PAGE
INTENTIONALLY LEFT BLANK] 
  

 17 

 IN WITNESS WHEREOF, the undersigned has executed this Agreement as of the date and year first above
written. 
  

			
	Virtual Radiologic Consultants, Inc.
		
	 By:
	 	 /s/ Mark Marlow

	 Its:
	 	 CFO/Treasurer

  

	
	Subscribed and sworn to before me this 23rd day of July,
2004.
	
	 /s/ Jennyfer L. McDavitt

	 Notary Public

 

 
  

 18 

 EXHIBIT A 
  

	I.	Financing Statements on File Listing Grantor or Any Predecessor in Title as Debtor 

 See Schedule 8(a) to the Loan Agreement which is incorporated herein by reference. 
  

	II.	Location of Inventory 

 Minnesota. 
  

	III.	Prior Names within the last five years. 

 None

  

	IV.	Prior States of Organization. 

 None. 
  

 19 

 EXHIBIT B 
 COMMERCIAL TORT CLAIMS 
 NONE 
  

 20Professional and Management Services Agreement and License

 Exhibit 10.17 
 PROFESSIONAL AND MANAGEMENT SERVICES AGREEMENT AND LICENSE 
 This Professional and Management
Services Agreement and License (the “Agreement”) is made and entered into effective as of the 1st day of January, 2006 (the “Effective Date”), by and between Virtual Radiologic Professionals, LLC, a Delaware limited liability
company (the “Practice”), and Virtual Radiologic Corporation, a Delaware corporation (“VRC”). The Practice and VRC are referred to herein each individually as a “party,” and collectively the “parties.”

 WITNESSETH: 
 WHEREAS, the Practice is a limited liability company whose members and independent contractor physicians are licensed to provide professional radiology services, including, without limitation, professional teleradiology services;

 WHEREAS, VRC is an ambulatory health care organization accredited by the Joint Commission on Accreditation of Healthcare
Organizations (“JCAHO”), and owns certain teleradiology assets, operates a teleradiology infrastructure, and is in the business of providing management, consulting, administrative, and other support services to radiologists who perform
teleradiology services; 
 WHEREAS, VRC has entered into contracts with physician groups and other customers to provide professional
teleradiology services, and would like to obtain the professional teleradiology services of the Practice’s members and independent contractor physicians to fulfill VRC’s obligations under those contracts; and 
 WHEREAS, the Practice desires to obtain the use of VRC assets and infrastructure, and the management services of VRC, in order to permit the
Practice to devote its full efforts to providing physicians who render teleradiology services. 
 NOW, THEREFORE, for and in
consideration of the premises and the mutual covenants and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and on the terms and subject to the conditions herein
set forth, the parties have agreed and do hereby agree as follows: 
 ARTICLE 1 
 Engagement of VRC 
 Section 1.1
Primary Purpose. The primary purpose of this Article 1 is to secure for the Practice the systems infrastructure and the administrative and management services necessary to permit the radiologists who are members, employees, or independent
contractors of the Practice (the “Radiologists”) to devote their efforts on a concentrated and continuous basis to the rendering of professional teleradiology services. 
 Section 1.2 Engagement. The Practice hereby engages VRC to act as the Practice’s sole and exclusive business manager in connection with
the management of the business, 

 
operations, and all non-clinical activities of the Practice (the “Practice Operations”), in the name, for the account of, and on behalf of the
Practice, and VRC hereby accepts such engagement for and in consideration of the compensation hereinafter provided. 
 ARTICLE 2

 General Authority of the Parties 
 Section 2.1 VRC’s Authority. Subject to the authority of the Practice set forth in Section 2.2, VRC has the full responsibility and authority to operate and manage the day-to-day aspects of the
Practice Operations in any reasonable manner VRC deems appropriate, and to perform the specific functions set out elsewhere in this Agreement, all without the prior consultation or approval of the Practice unless otherwise explicitly stated in this
Agreement. VRC shall have exclusive authority over all decision-making relating to ongoing, major or central operations of the Practice (except for decision-making relating to the delivery of professional services, which shall be the exclusive
responsibility of the Radiologists). Specifically, VRC shall have exclusive decision-making authority over the scope of services (other than professional services of the Radiologists), patient acceptance policies and procedures, pricing of services,
negotiation and execution of contracts, establishment and approval of operating and capital budgets, and issuance of debt by the Practice. Further, VRC shall have the ability to establish and implement guidelines for the selection, hiring and firing
of Radiologists. Additional responsibilities and duties of VRC hereunder shall be set forth in Article 3 of this Agreement. 
 Section 2.2 Retained Authority of the Practice. The Board of Directors of the Practice, and such officers of the Practice to whom the Board of Directors has delegated such authority, at all times retain: (a) all authority
exclusively reserved to it by law and its bylaws, as may be amended from time to time; and (b) such authority over matters relating to the professional judgment and services of the Radiologists. Notwithstanding this Section 2.2,
Section 2.2 shall not be interpreted to limit the authority of VRC specifically set forth in Sections 2.1 and 3.1 and elsewhere throughout this Agreement. 
 Section 2.3 Limitation on Liability. In connection with the rendition of the services to be performed by VRC under this Agreement, VRC shall be responsible for the receipt and disbursement of funds under
this Agreement on behalf of the Practice, but VRC shall not: (a) incur or assume any liability for any obligations, liabilities or debts of the Practice or any Radiologist; or (b) be liable to the Practice, any Radiologist, or any other
third party who may claim such liability on the part of VRC, for any acts or omissions in the performance of such services, except as provided in Section 6.6. 
 Section 2.4 Relationship of the Parties. VRC and the Practice are independent contractors. The Practice and VRC each acknowledge and agree that: 
 (a) Neither is the employee or employer of the other; 
  

 2 

 (b) Nothing contained in this Agreement creates, constitutes or is to be construed as, a partnership,
joint venture, or any other business arrangement or organization between the Practice and VRC; 
 (c) The Practice retains exclusive
authority to direct the medical, professional and clinical aspects of the Practice, and VRC shall not exercise control over or interfere with the clinical work of the Radiologists; 
 (d) VRC is not engaged in the practice of medicine or other professional service for which state law requires a license. Only the Practice and its
Radiologists will perform such professional services; 
 (e) VRC shall not share in the fees for professional services that the Practice
renders. All compensation to VRC is solely in exchange for use of VRC’s systems infrastructure, assets, and management services at a fair market value for such use and services; and 
 (f) VRC may render similar services for other business entities and persons, whether or not engaged in the same business, and may enter into such other
business activities as VRC, in its sole discretion, may determine, so long as the provision of such services does not prohibit VRC from performing its duties under this Agreement. 
 ARTICLE 3 
 Duties of VRC 
 Section 3.1 Management Services. Consistent with applicable federal, state and local laws, the Practice hereby engages VRC on an exclusive
basis to provide management services to the Practice. VRC’s duties include, but are not limited to, the following: 
 (a) Development
and maintenance of information systems and teleradiology systems infrastructure as are reasonably required to administer the Practice Operations; 
 (b) To the extent necessary, management of the orderly and timely payment of bills, accounts payable and insurance premiums, as well as case management, payment accounting, and bank reconciliation for the Practice; 
 (c) Preparation and delivery to the Practice of quarterly and annual budgets and financial reports; 
 (d) Preparation of written reports, as requested, for meetings of the Practice management and Board of Managers; 
 (e) Recommending to the Practice actions regarding quality assurance and quality enhancement programs, credentialing and credentialing criteria;

 (f) Development and administration of credentialing and licensing systems and support; 
  

 3 

 (g) Marketing and public relations functions on behalf of the Practice, including without limitation,
periodic marketing and sales plan support, graphics and printed material support, advertising, sales, and promotion services; 
 (h) Creation
and maintenance of records, reports, applications, returns, and other documents required by foreign, federal, state, and local governmental entities or instrumentalities of any type, third party payors, and clients of the Practice; 
 (i) To the extent necessary, management of the Practice’s accounts receivable management system, including without limitation: (i) patient
billing; (ii) third-party billing and coordination; (iii) accounts receivable follow-up; (iv) management reports; and (v) patient inquiries, including bill and insurance questions and assistance. Such services shall include: the
correlation of records kept by the Radiologists who render care; maintenance of insurance information for each patient; computation and submission of regular bills for each patient account; pursuit of any disputed claims, including the filing of
lawsuits to obtain payment; and accounting for the collection of all revenues. To facilitate the expeditious collection of all of Practice’s fees for services provided by its Radiologists, and to assist VRC in providing appropriate cash flow
management to Practice, Practice hereby assigns to VRC all of its professional fees and accounts receivable for services provided, excluding fees and accounts receivable relating to professional services rendered to patients eligible for coverage
under the Medicare or Medicaid programs or other third party payors which refuse to honor such assignments, and hereby appoints VRC as its true and lawful attorney-in-fact, with full power to collect and otherwise deal in and with such fees and
receivables assigned by Practice; provided, however, that, to the extent allowed by law, Practice assigns to VRC all income received by it on account of services rendered to patients of Practice who are eligible for coverage in the Medicare or
Medicaid programs and other third party payors which refuse to honor assignments, and Practice agrees to surrender, transfer, and remit to VRC promptly all fees received on behalf of or from such patients. Practice agrees to execute any and all
instruments and documents deemed necessary or desirable by VRC to carry out the provisions of this section. Practice agrees that to the extent VRC receives notice from a hospital or other customer, or VRC makes on its own behalf, a bona fide request
to write-off or hold in abeyance any of Practice’s professional fees, that Practice will not unreasonably refuse the request of the hospital or VRC. Practice and VRC acknowledge that, in connection with such billing and collection services, it
may be necessary to provide VRC with Protected Health Information and Practice and VRC agree to treat such information in accordance with Article 9; 
 (j) Identification of new types of services, applications of services, and professional relationships for the Practice, and implementation of such programs; 
 (k) Hiring, promotion, compensation structure, discharge and supervision of all persons performing services for Practice; 
 (l) Assisting the Practice in developing strategic short, medium, and long-range objectives with respect to the Practice and Practice Operations;

 (m) Assisting the Practice in complying with all applicable foreign, federal, state, and local rules, regulations, statutes, laws, and
ordinance governing the Practice and Practice 

  

 4 

 
Operations. In addition, VRC shall develop, on behalf of Practice, a compliance program under which VRC shall make available a compliance officer, compliance
hotline and compliance training program for Practice’s personnel to facilitate compliance by Practice with laws impacting its business and to create a reporting process for concerns regarding compliance issues. VRC shall coordinate filing of
all state mandated clinical reports. Practice and VRC acknowledge that, in connection with such compliance initiatives or clinical reports, it may be necessary to provide VRC with Protected Health Information and Practice and VRC agree to treat such
information in accordance with Article 9; 
 (n) Managing the obtaining and maintaining of all non-professional governmental licenses,
permits, and certifications required by the Practice and the individual Radiologists; 
 (o) Assisting the Practice in instituting in the
name of the Practice, any and all legal actions or proceedings reasonably necessary to carry out Practice Operations; 
 (p) Contracting and
purchasing for the account of the Practice, utilizing purchasing systems and procedures developed by VRC or other sources as appropriate, all equipment, operating supplies and inventory and other material and supplies which VRC deems necessary for
the conduct and maintenance of the Practice Operations; 
 (q) Negotiating and administering, on behalf of the Practice, contracts to provide
services to hospitals, medical groups, third party payor agreements, including without limitation, HMO, PPO, employee health benefit plan, and insurers, to be entered into between the Practice and such third parties. In addition, VRC shall act as
the liaison of Practice with all third party payors for the purpose of negotiating managed care, preferred provider, and other agreements with such third party payors. VRC shall monitor performance of the respective parties to such agreements for
compliance with the terms and conditions set forth therein, as well as all applicable federal and state laws, rules and regulations. VRC shall also be the administrative liaison between Practice and any hospital in which Practice provides
professional services, including pursuant to a contractual arrangement between either VRC or Practice and the hospital; 
 (r) Locating and
recruiting candidate radiologists for consideration by the Practice for admission as Radiologists to the Practice. Decisions as to the professional abilities and suitability for admission into the Practice shall exclusively be within the authority
of the Practice; 
 (s) Collecting, assembling and assessing primary source verification information and recommending the extension or denial
of credentials in accordance with JCAHO approved standards and processes; 
 (t) Consistent with the Health Care Quality Improvement Act of
1986, 42 U.S.C. § 11101, VRC shall develop and maintain, on Practice’s behalf, programs to improve the quality of care provided by Practice’s Radiologists. Specifically, VRC shall implement the following programs: 
 (i) Peer Review. Upon a request for peer review from an officer or Radiologist performing services on behalf of the Practice, VRC,
through its medical board, shall arrange for a review by a qualified professional or professionals in the same 

  

 5 

 
or similar specialty as the Radiologist under review. VRC’s medical board shall report the results of such review to the officer or agent of the
Practice and provide assistance to the Practice to implement recommendations, follow-up and fulfill reporting obligations, if any. Practice acknowledges that, in connection with such peer review activities, it may be necessary to provide VRC with
Protected Health Information and Practice and VRC agree to treat such information in accordance with Article 9. 
 (ii)
Quality Improvement. VRC shall develop programs designed to improve the quality of care provided by the Radiologists and encourage identification and adoption of best demonstrated processes. Practice and VRC acknowledge that, in connection
with such quality improvement activities, it may be necessary to provide VRC with Protected Health Information and Practice and VRC agree to treat such information in accordance with Article 9; 
 (u) Evaluating, on an ongoing basis, the professional liability, general liability, and other insurance needs of Practice and its employees and
Radiologists taking into consideration coverage customarily maintained by similar enterprises, hospital requirements, and general availability of coverage in the market. Insurance shall be maintained in accordance with Article 6; 
 (v) Developing programs to identify areas of potential legal risk for the Practice and provide and coordinate legal representation in the event of actual
or anticipated litigation against Practice. Practice and VRC acknowledge that, in connection with such legal representation, it may be necessary to provide VRC with Protected Health Information and Practice and VRC agree to treat such information in
accordance with Article 9 (collectively, the “Management Services”). 
 Section 3.2 Advisors, Consultants, and
Subcontractors. VRC may utilize the services of advisors, consultants, and subcontractors (collectively, “Consultants”) as it deems necessary to carry out the Management Services; provided, however, if the Practice delivers to VRC a
written good, faith and reasonable objection against the continued utilization of any particular Consultant, VRC shall consider such objection in good faith discretion. 
 Section 3.3 Excluded Services and Liabilities. VRC has no obligation or authority under this Agreement regarding, and shall not undertake, any activity which is required by law to be provided solely by a
licensed physician. Moreover, the parties acknowledge and agree that VRC may not be held responsible for any damages, costs, or liabilities related to the delivery of health care services to the clients of Practice or any Radiologist. 
 Section 3.4 Authority to Carry out Management Services. The Practice hereby grants VRC the authority to carry out the Management Services on
behalf of the Practice. Accordingly, the Practice hereby grants VRC, and individuals that VRC authorizes to carry out the Management Services, with the authority to execute contracts and other instruments on behalf of the Practice as is necessary or
useful in the performance of the Management Services; provided, however, that this provision does not apply where the Board of Managers of the Practice or the law expressly prohibits such a delegation of authority. In addition, the Practice shall
cooperate 

  

 6 

 
with VRC in transferring and accepting or making assignment of contracts and other assets as necessary or useful in the management of the Practice.

 ARTICLE 4 
 Duties of
the Practice 
 Section 4.1 Professional Teleradiology Services. The Practice shall provide to VRC and to medical practices
or groups designated by VRC all of the professional radiology interpretations via teleradiology technology that are necessary and appropriate to fulfill VRC’s contractual obligations to hospitals, medical practices or groups, and other VRC
clients. The Practice shall perform such professional radiology interpretations in accordance with the standards and provisions of this Agreement, and in accordance with the standards (e.g,. turn-around time) set forth in the applicable VRC contract
with hospitals, medical groups, and other VRC clients. VRC shall provide the applicable contractual standards for each VRC client to the Practice. 
 Section 4.2 Payment of Radiologists. VRC may provide payroll and other related services to the Practice with respect to Radiologists. However, the parties agree that the Practice is solely responsible for the payment of fees,
salaries, and wages to the Radiologists, as well as any applicable payroll taxes and all other taxes now or hereafter applicable with regard to Radiologists. The parties agree that neither the Practice nor any of its members, employees, or
independent contractors have any claim under this Agreement or otherwise against VRC for any health and welfare benefits, pension plan or retirement benefits, vacation, sick leave, retirement, disability, or any other employee benefits of any type.
All such benefits, if any, are the sole responsibility of the Practice, and the Practice shall indemnify and hold harmless VRC, its shareholders, directors, officers, employees, and agents from and against any and all claims, liability, loss,
damage, or expenses (including reasonable attorney fees) arising from the Practice’s responsibilities under this Section 4.2. 
 Section 4.3 Professional Services. The Practice shall ensure that all professional services provided by a Radiologist are provided in compliance at all times with all applicable ethical and clinical standards, laws, rules, and
regulations. In the event that any disciplinary actions or medical (or other) malpractice actions are initiated against any Radiologist, the Practice shall promptly inform VRC of such action and the underlying facts and circumstances. The Practice
shall monitor the quality of services provided by Radiologists. The Practice shall provide VRC with at least thirty (30) days prior written notice of vacations of two (2) days or more taken by any Radiologist. 
 Section 4.4 Limitation on Services. The Practice shall not provide professional physician services, clinical or medical services, or other
services of any type, other than as set forth in this Article 4, without the prior written approval of VRC. 
 Section 4.5 Practice
Governance. The Practice is solely responsible for matters involving its internal corporate governance, employees, and similar internal matters. 
  

 7 

 Section 4.6 Compliance with Laws. The Practice shall comply in all, and shall ensure that all
Radiologists comply, with all applicable federal, state, and local laws, rules, regulations, and restrictions in the conduct of the Practice and Practice Operations, including without limitation, the federal anti-kickback statute, the federal false
claims act, the Stark self-referral statute, or the false claims act of any state. 
 Section 4.7 Ancillary Services. During the
term of this Agreement, the Practice shall not, and shall ensure that each Radiologist shall not, acquire, establish, operate, manage, control, own (debt or equity, but excluding ownership of less than five percent of the equity of any publicly
traded entity), or maintain any other interest in, either directly or indirectly, any entity or enterprise that provides consulting or management services to radiologists or offering any type of services or products similar to those that VRC offers.
During the term of this Agreement, the Practice shall not, and shall ensure that each Radiologist shall not, acquire, establish, operate, manage, or maintain any ownership interest (debt or equity, but excluding ownership of less than five percent
of the equity of any publicly traded entity) in, directly or indirectly, any health maintenance organization, preferred provider organization, exclusive provider organization, or similar entity or organization, without the prior written consent of
VRC. 
 Section 4.8 Radiologists. The Practice shall ensure that each Radiologist that performs services with or on behalf of the
Practice is obligated, in writing, to comply with the same terms and restrictions as are set forth in this Article 4 and all other provisions in this Agreement that are applicable to the Practice. 
 Section 4.9 Restrictive Covenants. 
 (a) Radiologists’ Covenant. The Practice shall, to the full extent permitted within the applicable jurisdiction, obtain and enforce formal written agreements with each Radiologist containing certain restrictive covenants, such
agreements states that the Radiologist agrees, during the term of his/her employment or contractor agreement with the Practice and for a period of two years thereafter, not to establish, operate, or provide professional interstate teleradiology
services at any office, practice, hospital, or other health care facility. For purposes hereof, “professional interstate teleradiology services” means the electronic transmission of radiographs originating in one state for review by a
radiologist located in another state or country; provided, however, the restrictive covenant required hereby shall not extend to employment by a radiology practice of which [INFORMATION SUBJECT TO A REQUEST FOR CONFIDENTIAL TREATMENT] percent
(    %) or less of its radiologic interpretation business involves interstate transportation of images or reports. 
 (b)
Practice’s Covenant. During the term of this Agreement with VRC and for a period of two years thereafter, the Practice shall not directly or indirectly, through an affiliate or otherwise, without the prior written consent of VRC, which
consent may be withheld by VRC in its sole discretion, compete with VRC, in any manner or capacity (e.g., through any form of ownership or as an advisor, principal, agent, partner, officer, director, employee, employer, consultant, member of any
association, lender or otherwise) in the provision of professional interstate teleradiology services within each of the states that the Practice had been providing interstate teleradiology services during the term of this Agreement. Practice
acknowledges that the geographic boundaries, scope of prohibited activities and the duration of this Section 4.8(b) are reasonable and are no broader than are necessary to protect the legitimate business interests 

  

 8 

 
of VRC. The parties agree and stipulate that the agreements and covenants not to compete contained in this Section 4.9(b) are fair and reasonable in
light of all of the facts and circumstances of the relationship between VRC and the Practice. VRC and the Practice are aware, however, that in certain circumstances courts have refused to enforce certain agreements not to compete. Therefore, in
furtherance of, and not in derogation of, the provisions of this Section 4.9(b), VRC and the Practice agree that, in the event a court should decline to enforce any of the provisions of this Section 4.9(b), this Section 4.9(b) shall
be deemed to be modified or reformed to restrict the Practice’s competition with VRC to the maximum extent, as to time, geography and business scope, which the court shall find enforceable; provided, however, that in no event shall the
provisions of this Section 4.9(b) be deemed to be more restrictive to the Practice than those contained herein. 
 Section 4.10
Inventions. The Practice shall disclose, and shall ensure that any Radiologist discloses, promptly and rally to VRC in writing all improvements, developments, useful modifications, discoveries, or inventions, conceived or reduced to practice,
either alone or with others, relating to VRC’s teleradiology systems or infrastructure (“Inventions”). All Inventions are the exclusive property of VRC, and all right, title, and interest of the Practice in and to such Inventions are
automatically assigned to, and shall belong exclusively to, VRC. The Practice shall, and ensure that all Radiologists: (i) execute any and all instruments of assignment or other documents necessary or reasonably requested by VRC to evidence the
above ownership of VRC; and (ii) assist in the preparation, prosecution, and procurement of patents, copyrights, or other forms of protection in connection therewith, all at VRC’s request and expense. 
 Section 4.11 Non-Solicitation. The Practice shall not, during the term of this Agreement employ, engage, solicit, or contract for the
employment or services of any employee or former employee of VRC, without the prior written approval of VRC. 
 Section 4.12
Taxes. The Practice shall ensure that each member of the Practice timely files and properly pays all federal, state, local, or foreign assessments, levies, imposts, or taxes of any kind, including without limitation, income, payroll, and
property taxes, together with any applicable interest or penalties, whether disputed or not, imposed by the United States, by any foreign country, or by any state, municipality subdivision or instrumentality of any of the foregoing, or any other
taxing authority of any kind. 
 Section 4.13 Fees. VRC shall pay to Practice those fees described in Article 7. 
 ARTICLE 5 
 License Agreement 

 VRC hereby provides to the Practice a non-exclusive, royalty free license to utilize VRC’s Licensed Intellectual Property (as defined in Exhibit 5)
under the terms and conditions set forth in Exhibit 5, which is hereby incorporated by reference into this Agreement. 
  

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 ARTICLE 6 
 Insurance and Indemnification 
 Section 6.1 Practice Insurance. At all times during the
term of this Agreement, the Practice shall maintain workers’ compensation for the Practice employees. At all times during the term of this Agreement, the Practice shall maintain medical malpractice liability insurance covering all Radiologists,
and general commercial liability insurance, sufficient to cover any liabilities arising from the Practice’s obligations under this Agreement, in amounts of at least one million dollars ($1,000,000) per occurrence and three million dollars
($3,000,000) in the aggregate. Upon request by VRC, the Practice shall provide VRC with certificates of insurance or other satisfactory written evidence of insurance coverages. 
 Section 6.2 Requirement of Notification. The Practice shall notify VRC at least forty-five (45) days prior to the effective date of any
proposed change in the Practice’s insurance arrangements, and shall provide VRC prompt access to any records reasonably necessary to evaluate the effect of such change in the Practice’s insurance arrangements. This Section 6.2 applies
to any cancellation, expiration, material change in content, change in carrier, reduction in amount of coverage, material modification, replacement, or substitution of any policy or policies. 
 Section 6.3 Malpractice Coverage. All medical malpractice coverage that the Practice maintains for itself and for all Radiologists shall be
issued on an “occurrence” or “claims made” basis and include prior acts coverage and a tail coverage reporting endorsement provision. The Practice shall exercise such tail coverage endorsement in the event of a change,
cancellation, or termination of said policy. 
 Section 6.4 VRC’s Coverage. During the term of this Agreement, VRC shall
maintain general liability insurance sufficient to cover any liabilities arising from VRC’s obligations under this Agreement, in amounts of at least one million dollars per occurrence ($1,000,000) and three million dollars ($3,000,000) in the
aggregate. 
 Section 6.5 Indemnification by the Practice. The Practice shall indemnify, hold harmless, and defend VRC and its
respective officers, managers, directors, shareholders, employees, and agents from and against any and all liability, loss, damage, claim, causes of action, and expenses (including reasonable attorneys’ fees), to the extent not covered by
insurance in the name of the Practice, caused or asserted to have been caused, directly or indirectly, by or as a result of: (a) the performance of professional radiology services; (b) the negligent acts or omissions or the intentional
misconduct of the Practice, any of its shareholders, or any Radiologist; or (c) any breach of this Agreement. 
  

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 Section 6.6 Indemnification by VRC. VRC shall indemnify, hold harmless, and defend the
Practice from and against any liability, loss, damage, claim, causes of actions, and expenses (including reasonable attorneys’ fees) to the extent not covered by insurance in the name of VRC, caused by or as a result of the negligent acts or
omissions of VRC and/or any of its employees and/or subcontractors under this Agreement during the term of this Agreement (other than when acting at the direction of or in accordance with the written instructions from the Practice). 
 Section 6.7 Survival. The indemnification obligations of the parties set forth in Sections 6.5 and 6.6 survive indefinitely, regardless of
any expiration, termination, or rescission of this Agreement. 
 ARTICLE 7 
 Fees 
 Section 7.1 Fees. In consideration for Practice’s
provision of its professional services pursuant to this Agreement, VRC agrees to pay Practice a Diagnostic Compensation Fee (“DCF”) equal to $[INFORMATION SUBJECT TO A REQUEST FOR CONFIDENTIAL TREATMENT] per transaction. The
DCF shall be adjusted annually upon mutual agreement of the Parties based on the volume of diagnostic services to be provided as part of Practice’s professional services. 
 The Practice and VRC agree that the fees set forth in this Section 7.1 being paid to Practice have been established with consideration for Practice’s use of VRC assets, systems, teleradiology infrastructure,
the Management Services provided VRC, as well as the substantial commitment and effort made by VRC, and that such fees have been negotiated at arms length and are fair, reasonable, and consistent with fair market value. 
 ARTICLE 8 
 Term of Agreement 

 Section 8.1 Term. 
 The parties intend that the term of the arrangements under this Agreement shall be permanent, subject only to the rights of termination pursuant to Sections 8.2, 8.3 and 8.4. 
 Section 8.2 Termination by VRC with Cause. 
 This Agreement may be terminated by VRC upon a material breach of any provision of this Agreement by Practice which is not cured within sixty (60) days after written notice is given to Practice specifying the
nature of the alleged breach or upon any change in law or regulation which would inure to the detriment of VRC. 
  

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 Section 8.3 Termination by VRC without Cause. 
 This Agreement may be terminated by VRC without cause upon sixty (60) days written notice to Practice. 
 Section 8.4 Termination by Practice with Cause. 
 This Agreement may be terminated by Practice only in the event of gross negligence, fraud, or other illegal acts of VRC; provided, that such events must first have been proven in a court of competent jurisdiction and
all appeal rights related thereto have been exhausted prior to any termination pursuant to this Section 8.4. Except as provided in this Section 8.4, under no circumstances shall Practice have the right to terminate this Agreement.

 Section 8.5 Additional Remedies. If the event of a default by either party involves the failure to make a payment as provided
in this Agreement, the non-defaulting party shall, in addition to the recovery of the amount unpaid, be entitled to reasonable attorneys’ fees and costs of collection, and shall be further entitled to interest on such unpaid amounts from the
date such amounts become due and payable. 
 Section 8.6 Effect of Termination. In addition to any other provisions of this
Agreement, if VRC terminates this Agreement under Section 8.4 above, then neither the Practice nor any Radiologist may use, rely upon, or represent to any person or entity, including without limitation, any hospital or other customer of the
Practice or VRC, the JCAHO accreditation status of VRC for any purpose, including without limitation, state medical licensure, or hospital or other medical facility privileging or re-privileging. 
 Section 8.7 Return or Destruction of PHI. Upon termination or expiration under any other provision of the Agreement, VRC shall, if feasible,
return to the Practice, or destroy, all PHI (as defined in Article 9). VRC shall retain no copies of such PHI in any form. If the return or destruction of such PHI is not feasible, VRC shall: (a) inform the Practice that the return or
destruction is not feasible; (b) limit any further use or disclosure to those purposes that make the return or destruction of PHI infeasible; and (c) extend all provisions and obligations of VRC under Article 9 of this Agreement for so
long as VRC maintains the PHI. 
 ARTICLE 9 
 Patient Confidentiality 
 Section 9.1 Definitions. The terms defined in this Article 9
have within this Article 9 the meaning attributed to those terms in this Article 9. Any term not defined in this Article 9 but having a specific definition within the Privacy Standards has throughout this Article 9 the meaning attributed to that
term within the Privacy Standards. 
 “Data Aggregation” shall mean the combining of PHI created or received under this Agreement with the
Protected Health Information VRC receives or creates in its arrangement with another covered entity under the Privacy Standards to permit data analysis that relate to the health care operations of the covered entities. 
 “Designated Record Set” shall mean a group of records maintained by or for the Practice that is (i) the medical records and billing records about
individuals, (ii) the enrollment, payment, claims 

  

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adjudication, and case or medical management record systems maintained by or for a health plan; or (iii) used, in whole or in part, by or for the
Practice to make decisions about individuals. As used herein the term “Record” means any item, collection, or grouping of information that includes Protected Health Information and is maintained, collected, used, or disseminated by or for
the Practice. 
 “Protected Health Information” shall mean any information, whether transmitted or maintained in electronic, written, oral, or any
other form or medium, that relates to the past, present, or future physical or mental health or condition of an individual; the provision of health care to an individual; or the past, present or future payment for the provision of health care to an
individual; and (i) identifies the individual, or (ii) with respect to which there is a reasonable basis to believe the information can be used to identify the individual. 
 “PHI” shall mean Protected Health Information that is provided by the Practice to VRC or created or received by VRC on behalf of the Practice. 
 “Required by Law” shall have the same meaning as the term “required by law” in 45 C.F.R. Section 164.501.

 “Secretary” shall mean the Secretary of the U.S. Department of Health and Human Services. 
 9.2 Business Associate: For the purposes of this Agreement VRC is a business associate of the Practice as defined in 45 C.F.R. Section 160.103.

 9.3 Use and Disclosure of PHI. VRC shall use and disclose PHI to the minimal amount necessary (1) for purposes of performing
under the Agreement; (2) as permitted or required by this Agreement; or (3) as Required by Law. 
 9.4 Protection of PHI.
VRC shall implement administrative, physical and technical safeguards that reasonably and appropriately protect the confidentiality, integrity and availability of the PHI that it creates, receives, maintains or transmits on behalf of the Practice.

 9.5 Mitigation. VRC shall mitigate, to the extent practicable, any harmful effect that is known to VRC of a use or disclosure of
PHI by Physician in violation of this Agreement. 
 9.6 Improper Use or Disclosure Reporting. In the event that VRC becomes aware of a
Security Incident or of a use or disclosure of PHI by VRC that is not permitted under this Agreement, VRC shall report such use or disclosure to the Practice immediately. 
 9.7 Subcontractors. VRC shall enter into a written agreement with any agent, subcontractor, or any other third party to which VRC discloses, or permit access to, PHI. Such agreement shall bind any such agent,
subcontractor or other third party to the same restrictions, conditions, and required disclosures that apply to VRC under this Agreement. 
  

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 9.8 Access. 
 (a) If the Practice requests that VRC furnish the Practice with access to any PHI contained in a Designated Record Set, then VRC shall make available to the Practice such PHI within five days of receipt of such
request for so long as such PHI is maintained in the Designated Record Set. 
 (b) In the event any individual requests access to PHI
directly from VRC, VRC shall forward such request to the Practice immediately and take no direct immediate action on any such request. If the Practice determines that an individual is to be granted access to PHI, then VRC shall cooperate with the
Practice to provide to any individual, at the Practice’s direction, any PHI requested by such individual. All decisions to grant or deny access to PHI as requested by any individual are solely the responsibility of VRC. 
 (c) This Section 9.8 does not apply if VRC maintains no Designated Record Set for or on behalf of the Practice. 
 9.9 Amendment. 
 (a) If the Practice
requests that VRC amend any individual’s Protected Health Information or a record regarding an individual contained in a Designated Record Set, then VRC shall provide the relevant PHI to the Practice for amendment and incorporate any such
amendments in the PHI as required by 45 C.F.R. § 164.526. 
 (b) In the event an individual requests directly to VRC that PHI be
amended, VRC shall forward such request to the Practice within two days of VRC s receipt of such request and shall take no direct immediate action on the request. All decisions to amend or deny requests for amendments to PHI shall be solely the
responsibility of the Practice. 
 (c) This Section 9.9 does not apply if VRC maintains no Designated Record Set for or on behalf of the
Practice. 
 9.10 Records Availability. VRC shall make its internal practices, books and records relating to the use and disclosure of
PHI available to the Secretary or any other officer of employee of the Department of Health and Human Services to whom authority has been delegated for purposes of determining the Practice’s compliance with the Privacy Standards. 
 9.11 Accounting of Disclosures. 
 (a)
If the Practice requests that VRC furnish an accounting of disclosures of PHI made by VRC regarding an individual during the six years prior to the date on which the accounting was requested, then VRC shall, within ten days of such request, make
available to the Practice such information as is in VRC’s possession and is required for the Practice to make the accounting required by 45 C.F.R. § 164.528. 
 (b) In the event an individual request an accounting of disclosures directly from VRC, VRC shall within two days forward such request to the Practice and shall take no direct action on the request. All preparation and
delivery of accountings requested by individuals shall be solely the responsibility of the Practice. 
  

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 9.12 Additional Uses and Disclosures. 
 (a) Except as otherwise limited in this Agreement, VRC may use PHI for the proper management and administration of VRC or to carry out the legal
responsibilities of VRC. 
 (b) Except as otherwise limited in this Agreement, VRC may use PHI to provide Data Aggregation services to the
Practice as permitted by 42 C.F.R. § 164.504(e)(2)(i)(B). 
 (c) VRC may use and disclosure PHI to report violation of law to
appropriate Federal and state authorities, consistent with 45 C.F.R. § 164.502(j)(1). 
 9.13 General Confidentiality. VRC shall
protect the confidentiality of the records of the Practice relating to Practice Operations to the extent such records are within the control or direction of VRC, including, without limitation, patient medical records, and shall comply with
applicable federal, state, and local laws and regulations, and medical ethical standards, pertaining to the records of the Practice. VRC shall take no action with respect to such medical records to which the Practice objects, unless otherwise
required by law or to comply with an order of any court or governmental agency. 
 ARTICLE 10 
 Practice Representations, Warranties and Covenants 
 Section 10.1 Representations and Warranties. The Practice hereby represents and warrants to VRC as follows: 
 (a) Organization and Good Standing. The Practice is a limited liability company duly organized, validly existing, and in good standing under the laws of the State of Delaware, and has all necessary corporate
power to own all of its properties and assets and to carry on its business as now being conducted. 
 (b) No Violation. The Practice
has the corporate authority to execute, deliver, and perform this Agreement and all agreements executed and delivered by it pursuant to this Agreement, and has taken all action required by law, its articles or certificate of incorporation, its
bylaws or otherwise to authorize the execution, delivery and performance of this Agreement and such related documents. The execution and delivery of this Agreement does not and, subject to the consummation of the transactions contemplated hereby,
will not, violate any provisions of the articles or certificate of incorporation or bylaws of the Practice or any provisions of or result in the acceleration of, any obligation under any mortgage, lien, lease, agreement, instrument, order,
arbitration award, judgment or decree, to which the Practice is a party, or by which it is bound. This Agreement has been duly executed and delivered by the Practice and constitutes the legal, valid, and binding obligation of the Practice,
enforceable in accordance with its terms. 
 (c) Practice Liability and Potential Liability. No Radiologist has ever: (i) had his
or her license to practice medicine in any state suspended, relinquished, terminated, restricted, or revoked; (ii) been reprimanded, sanctioned or disciplined by any licensing board, or any federal, state or local society or agency,
governmental body or specialty board, including without limitation, exclusion from government programs; or (iii) had entered into against him or her final 

  

 15 

 
judgment in, or settle without judgment, a malpractice or similar action for an aggregate award or amount to the plaintiff in excess of $50,000. Neither the
Practice nor any Radiologist has received any notice, or is otherwise aware of any investigation, audit, dispute or claim by any governmental authority, carrier, fiscal intermediary or other person regarding any governmental reimbursement program or
the Practice’s participation therein. 
 Section 10.2 No Warranty. The Practice acknowledges that VRC has not made and will
not make any express or implied warranties or representations that the services provided by VRC will result in any particular amount or level of revenues to the Practice or income to any Radiologist. 
 ARTICLE 11 
 VRC Representations

 Section 11.1 Representations and Warranties. VRC hereby represents and warrants to the Practice as follows: 
 (a) Organization and Good Standing. VRC is a corporation duly organized, validly existing, and in good standing under the laws of the State of
Delaware, and has all necessary corporate power to own all of its properties and assets and to carry on its business as now being conducted. 
 (b) No Violation. VRC has the authority to execute, deliver, and perform this Agreement and all agreements executed and delivered by it pursuant to this Agreement, and has taken all action required by law, its operating agreement, or
otherwise to authorize the execution, delivery and performance of this Agreement and such related documents. The execution and delivery of this Agreement does not and, subject to the consummation of the transactions contemplated hereby, will not,
violate any provisions of the operating agreement of VRC or any provisions of or result in the acceleration of, any obligation under any mortgage, lien, lease, agreement, instrument, order, arbitration award, judgment or decree, to which VRC is a
party, or by which it is bound. This Agreement has been duly executed and delivered by VRC and constitutes the legal, valid, and binding obligation of VRC, enforceable in accordance with its terms, except as may be limited by bankruptcy or other
operation of law. 
 ARTICLE 12 
 Miscellaneous 
 Section 12.1 Assignments. 
 (a) VRC may assign any or all of its rights and delegate any or all of its obligations hereunder to an affiliate, but VRC may not assign any or all of
its rights and delegate any or all of its obligations hereunder without the prior written consent of the Practice, which consent may not be unreasonably withheld, provided, however, that any such permitted assignment shall in no way relieve VRC of
its duties, obligations, liabilities, or responsibilities hereunder without the consent of the Practice and provided, further, that VRC may assign all or any part of its right, title and interest in any payments to be received hereunder by VRC to a
bank or any other 

  

 16 

 
financial institution or any Person from which VRC thereof has obtained, or will obtain, financing, and VRC may grant a security interest in such payments.

 (b) Notwithstanding the provisions of Section 12.1 (a) above, VRC may assign this Agreement to entity of any kind succeeding to
the business of VRC in connection with the merger, consolidation, or transfer of all or substantially all of the assets and business of the VRC to such successor. 
 (c) The Practice may not assign any of its rights or delegate any of its duties or obligations hereunder without the prior written consent of VRC. 
 (d) All of the terms, provisions, covenants, conditions, and obligations of this Agreement shall be binding upon, and inure to the benefit of, the
successors in interest and permitted assigns of the parties hereto. 
 Section 12.2 Notices. Except as otherwise expressly set
forth herein, all notices required or permitted to be given hereunder shall be in writing and shall be deemed effective when personally delivered, sent via overnight delivery or, if mailed, three (3) days after the date deposited in the United
States mail, postage prepaid, registered, or certified, and return receipt requested. Unless changed by written notice given by one party to the other as provided herein, such notices shall be given to VRC at the following address: 
 Virtual Radiologic Corporation 
 5995 Opus
Parkways, Suite 200 
 Minneapolis, MN 55343 
 Attention: President 
 and such notices shall be given to the Practice at the following address: 
 Virtual Radiologic Professionals, LLC. 
 5995
Opus Parkways, Suite 200 
 Minneapolis, MN 55343 
 Attention: President 
 Section 12.3 Severability. In the event that any of the provisions of
this Agreement are held to be invalid or unenforceable by any court of competent jurisdiction, the remaining provisions hereof shall not be affected thereby, and the provision found invalid or unenforceable shall be revised or interpreted to the
extent permitted by law so as to uphold the validity and enforceability of this Agreement and the intent of the parties as expressed herein. 
 Section 12.4 Governing Law. This Agreement shall be governed by, and interpreted, construed and enforced in accordance with, the laws of the State of Delaware, exclusive of Delaware’s choice of law provisions and
principles. 
 Section 12.5 Entire Agreement; Supercession; Amendment. This Agreement, along with all agreements referred to
herein, constitute the entire agreement between the parties with respect to the subject matter hereof-and supersedes any and all prior agreements, either oral or written, between the parties with respect thereto, including that certain Management
Services 

  

 17 

 
Agreement and License dated and effective January 1, 2005. Any modification to this Agreement must be made in writing and signed by all of the parties.

 Section 12.6 Headings. The section headings used in this Agreement are included solely for convenience and shall not affect
the interpretation of this Agreement. 
 Section 12.7 Waiver. No term or condition of this Agreement shall be deemed to have been
waived except by written instrument of the party charged with such waiver. 
 Section 12.8 Construction of Words. The language
herein shall be construed, in all cases, according to its plain meaning, and not for or against either party. The parties acknowledge that each party and its counsel have reviewed and revised this Agreement and that the rule of construction which
states that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this Agreement. 
 Section 12.9 Prevention of Performance by VRC. VRC shall not be liable for any loss or damage to the Practice (including, without limitation, direct, indirect, incidental and consequential damages) due to any failure in its
performance hereunder: (i) because of compliance with any order, request, or control of any governmental authority or person purporting to act therefor, whether or not said order, request or control ultimately proves to have been invalid; or
(ii) when its performance is interrupted; frustrated or prevented, or rendered impossible or impractical because of wars, hostilities, public disorders, acts of enemies, sabotage, strikes, lockouts, labor or employment difficulties, fires, or
acts of God, or any cause beyond its control, whether or not similar to any of the foregoing. Without limitation of the foregoing, the VRC shall not be required to challenge or resist any such order, request or control, or to proceed or attempt to
proceed with performance if such shall involve additional expense or a departure from its normal practices, unless the parties shall expressly agree as to the further obligations (including, without limitation, an obligation to bear all or part of
any such additional expense) to be borne by the Practice as a result thereof. 
 Section 12.10 Waiver of Breach. The waiver of
any breach of any term or condition of this Agreement shall not be deemed to constitute the waiver of any subsequent breach of the same or any other term or condition hereof. 
 Section 12.11 Confidentiality. 
 (a) All marketing materials, advertisements, programs, guides, publications, pamphlets, flyers and all such other forms of information and materials (collectively, “Marketing Materials”) designed and developed by VRC to assist the
Practice in the marketing of Practice Operations, together with any and all such other Marketing Materials designed and/or developed by VRC for the Practice, belong to and are the exclusive property of VRC. 
 (b) Upon termination of this Agreement, the Practice shall promptly relinquish to VRC all papers, documents, writings, files, data, or materials,
including, without limitation, the Marketing Materials, belonging to VRC that are, at such time, in the possession of the Practice. 
 (c)
All marketing materials, advertisements, programs, guides, publications, pamphlets, flyers, and all such other forms of information and materials (collectively, “Practice 

  

 18 

 
Marketing Materials”) designed and developed solely by the Practice for its use in the marketing of Practice Operations, together with any and all such
other Practice Marketing Materials designed and/or developed by the Practice, belong to and are the exclusive property of the Practice. 
 (d) Upon termination of this Agreement, VRC shall promptly relinquish to the Practice all papers, documents, writings, files, data or materials belonging to the Practice that are, at such time, in the possession of VRC, subject to
VRC’s rights to retain copies of medical records as provided elsewhere herein. 
 Section 12.12 Remedies. The remedies
provided to the parties by this Agreement are not exclusive or exhaustive, but cumulative and in addition to any other remedies the parties may have, at law or in equity. 
 Section 12.13 Attorneys’ Fees. If legal action is commenced by either party to enforce or defend its rights under this Agreement, the prevailing party in such action shall be entitled to recover its
costs and reasonable attorneys’ fees in addition to any other relief granted. The term “prevailing party” shall mean the party in whose favor final judgment after appeal (if any) is rendered with respect to the claims asserted in the
complaint, and the term “reasonable attorneys’ fees” are those attorneys’ fees actually incurred in obtaining a judgment in favor of the prevailing party. 
 Section 12.14 Survival. The indemnities, representations and warranties set forth herein shall survive the expiration, termination, or
rescission of this Agreement for a period of two (2) years. 
 Section 12.15 No Third Party Beneficiaries. The parties do not
intend this Agreement to create any third party beneficiaries, including without limitation, individuals who are the subject of PHI (as defined in Article 9). 
 Section 12.16 Counterparts. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original and all of which shall constitute one and the same
instrument. 
 Section 12.17 Acquisition Right. 
 (a) The Practice shall cause each of its members to hereby irrevocably grant to VRC the fully assignable right, but not the obligation, to acquire or to designate a qualified buyer to acquire all of the membership
units of Practice (the “Securities”) for the sum of the lesser of the amount paid by each of the holders for such securities or the book value thereof (“Acquisition Right”) in each of the following instances: 
 (i) if a termination occurs pursuant to Section 8.2 (or if Practice attempts to terminate this Agreement for any reason), VRC shall
have the right to acquire or designate a qualified buyer to acquire the Securities from the date of the notice of termination and for a period of ninety (90) days after the end of the term of this Agreement. 
  

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 (ii) if the member(s) of Practice receive(s) a bona fide written offer from a third party
that he, she or they wish(es) to accept, VRC shall have sixty (60) days from the date of the actual receipt by VRC of a copy of such bona fide offer to acquire or designate a qualified buyer to acquire the Securities. 
 (b) In order to protect the Acquisition Right, Practice and Practice shall cause each of its member(s) to agree as follows: 
 (i) Practice will not merge or consolidate with another entity or sell any of its assets in other than the normal course of its business.

 (ii) Practice will not issue any stock, incur any debt, pledge or grant a security interest in any asset, amend its
Certificate of Formation, Member Agreement or any agreements of Practice or declare any dividends. 
 (iii) Practice will not
enter into any material agreements with any person or entity without the prior written consent of VRC. 
 (iv) In addition to
the acquisition right described herein, VRC also may have certain rights to acquire the Securities pursuant to any securities transfer agreement between VRC and Practice’s member(s). 
 Section 12.18 Security. 
 As
security and collateral for (i) the obligations of Practice to VRC under this Agreement, and (ii) any loans from VRC to Practice (whether made before or after the date hereof), Practice hereby grants a first security interest to VRC in all
tangible and intangible assets of Practice, whether now owned or later acquired, and to all proceeds from such assets. Additionally, the member(s) of Practice pledges, as security for his, her, or their obligation to VRC and the obligations of
Practice to VRC, all of the membership units of Practice owned by him, her, or them and shall place such membership units in the possession of VRC. Practice agrees and Practice shall cause its members to agree to execute such further documents and
instruments as may be deemed necessary or desirable by VRC, in VRC’s sole discretion, to effect the provisions of this Section 12.18. 
 (The balance of this page is intentionally left blank. Signature pages follow) 
  

 20 

 IN WITNESS WHEREOF, the parties have duly executed this Professional and Management Services
Agreement effective on the date set forth above: 
  

			
	VIRTUAL RADIOLOGIC CORPORATION
		
	By:	 	/s/ Sean O. Casey
	Title:	 	President
	
	VIRTUAL RADIOLOGIC PROFESSIONALS, LLC
		
	By:	 	/s/ Sean O. Casey
	Title:	 	President

 Exhibit 5 
 NONEXCLUSIVE LICENSE AGREEMENT 
 This nonexclusive license agreement (herein called
AGREEMENT), effective January 1, 2006, is entered into by VIRTUAL RADIOLOGIC PROFESSIONALS, LLC, a Delaware limited liability company, having its principal place of business at located at 5995 Opus Parkway, Suite 200, Minnetonka, Minnesota
55343 (hereinafter LICENSEE), and VIRTUAL RADIOLOGIC CORPORATION, a Delaware corporation, having a place of business at 5995 Opus Parkway, Suite 200, Minnetonka, Minnesota 55343 (hereinafter LICENSOR). 
 Background of Agreement. 
 1.1 LICENSOR represents that it has certain intellectual property pertaining to services and technologies in the field of teleradiology, in respect to which it is prepared to grant a nonexclusive license to LICENSEE. 
 1.2 LICENSEE wishes to acquire a nonexclusive license under selected intellectual properties of LICENSOR for purposes of providing teleradiology services
in conjunction with LICENSOR. 
 Definitions. 
 As used herein, the following terms shall have the meanings set forth below: 
 2.1 PATENT or PATENTS means the following listed patent application, patent applications that claim the benefit thereof (including without limitation any
divisions, continuations, reissues, substitutes, and reexaminations) and any patents issued pursuant thereto: 
  

							
	 Filing
Country
	  	Application
Serial No.	  	 Application Title
	  	Filing Date
	U.S.	  		  	[INFORMATION SUBJECT TO A REQUEST FOR CONFIDENTIAL TREATMENT]	  	2/25/2005
	U.S.	  		  	[INFORMATION SUBJECT TO A REQUEST FOR CONFIDENTIAL TREATMENT]	  	6/29/2005
	U.S.	  		  	[INFORMATION SUBJECT TO A REQUEST FOR CONFIDENTIAL TREATMENT]	  	7/14/2005
	U.S.	  		  	[INFORMATION SUBJECT TO A REQUEST FOR CONFIDENTIAL TREATMENT]	  	5/17/2005

 2.2 IMPROVEMENT or IMPROVEMENTS means any patented modification of a system, method, or product
described in the PATENTS, provided such a modification, if unlicensed, would infringe one or more claims of issued PATENTS. 
 2.3 LICENSED
INTELLECTUAL PROPERTY or LICENSED INTELLECTUAL PROPERTIES means PATENTS, IMPROVEMENTS, know how related thereto, and any other intellectual property owned by LICENSOR, whether now owned or existing or hereafter acquired, that is reasonably necessary
for LICENSEE to undertake activities associated with the provision of licensed medical professionals and the delivery of radiological services in 

  

					
	Confidential	 	Page 1	 	License Agreement

 
conjunction with LICENSOR, including without limitation any intellectual property associated with the [INFORMATION SUBJECT TO A REQUEST FOR CONFIDENTIAL
TREATMENT] and the [INFORMATION SUBJECT TO A REQUEST FOR CONFIDENTIAL TREATMENT]. 
 License Grant.

 3.1 Effective upon execution of this AGREEMENT, LICENSOR grants to LICENSEE a nonexclusive, nontransferable, royalty free license under the
LICENSED INTELLECTUAL PROPERTY to make, use, sell, offer to sell, and import systems, methods, and products embodying or employing the LICENSED INTELLECTUAL PROPERTY throughout the United States and its territories. 
 Representations and Disclaimer of Warranties. 
 4.1 NOTHING IN THIS AGREEMENT SHALL BE DEEMED TO BE A REPRESENTATION OR WARRANTY BY LICENSOR OF THE VALIDITY OF ANY OF THE LICENSED INTELLECTUAL PROPERTY, INCLUDING THE PATENTS OR IMPROVEMENTS INCLUDED HEREIN.
LICENSOR SHALL HAVE NO LIABILITY WHATSOEVER TO LICENSEE OR ANY OTHER PERSON FOR OR ON ACCOUNT OF ANY INJURY, LOSS, OR DAMAGE, OF ANY KIND OR NATURE SUSTAINED BY, OR ANY DAMAGE ASSESSED OR ASSERTED AGAINST, OR ANY OTHER LIABILITY INCURRED BY OR
IMPOSED UPON LICENSEE OR ANY OTHER PERSON, ARISING OUT OF OR IN CONNECTION WITH OR RESULTING FROM (i) THE PRODUCTION, USE, OR SALE OF ANY APPARATUS OR PRODUCT, OR THE PRACTICE OF THE LICENSED INTELLECTUAL PROPERTY; OR (ii) ANY ADVERTISING
OR OTHER PROMOTIONAL ACTIVITIES WITH RESPECT TO ANY OF THE FOREGOING, AND LICENSEE SHALL HOLD LICENSOR, AND ITS OFFICERS, AGENTS, OR EMPLOYEES, HARMLESS IN THE EVENT LICENSOR, OR ITS OFFICERS, AGENTS, OR EMPLOYEES, IS HELD LIABLE. 
 4.2 LICENSOR shall have the sole right to file, prosecute, and maintain all of the LICENSED INTELLECTUAL PROPERTIES and shall have the right to determine
whether or not, and where: (i) to file a patent application, trademark application, or copyright application, (ii) to abandon the prosecution of any patent, patent application, trademark, trademark application, copyright, or copyright
application, or (iii) to discontinue the maintenance of any patent, patent application, trademark, trademark application, copyright, or copyright application. 
 Termination. 
 5.1
This AGREEMENT shall terminate upon the expiration of the last to expire of the LICENSED INTELLECTUAL PROPERTIES included herein, or upon the abandonment of the last to be abandoned of any LICENSED INTELLECTUAL PROPERTY included herein, whichever is
later, unless the AGREEMENT is sooner terminated. 
 5.2 LICENSEE may terminate this AGREEMENT at any time upon thirty (30) days’
written notice in advance to LICENSOR. 
 5.3 If either party shall be in default of any obligation hereunder, or shall be adjudged bankrupt,
or become insolvent, or make an assignment for the benefit of creditors, or be placed in the hands of a receiver or a trustee in bankruptcy, the other party may terminate this AGREEMENT by giving thirty (30) days’ notice by Registered Mail
to the other party, specifying the basis for termination. 
  

					
	Confidential	 	Page 2	 	License Agreement

 Litigation. 
 6.1 Each party shall notify the other party in writing of any suspected infringement(s) of any of the LICENSED INTELLECTUAL PROPERTIES and shall inform
the other party of any evidence of such infringement(s). 
 6.2 The sole right to institute suit for infringement and to recover damages
shall rest with LICENSOR. 
 Nonassignability. 
 7.1 This AGREEMENT imposes personal obligations on LICENSEE. LICENSEE shall not assign any rights under this AGREEMENT without the written consent of
LICENSOR. 
 7.2 LICENSOR may freely assign its rights under this AGREEMENT. 
 Severability. 
 8.1
The parties agree that if any part, term, or provision of this AGREEMENT shall be found illegal or in conflict with any valid controlling law, the validity of the remaining provisions shall not be affected thereby. 
 8.2 In the event the legality of any provision of this AGREEMENT is brought into question because of a decision by a court of competent jurisdiction,
LICENSOR, by written notice to LICENSEE, may revise the provision in question or may delete it entirely so as to comply with the decision of said court. 
 Integration, Alteration. 
 9.1 This AGREEMENT represents the entire understanding between the parties,
and supersedes all other agreements, express or implied, between the parties concerning LICENSED INTELLECTUAL PROPERTIES. 
 9.2 A provision
of this AGREEMENT may be altered only by a writing signed by both parties, except as provided in Sections 9.1 and 9.2, above. 
 Applicable Law. 
 10.1 This AGREEMENT shall be construed in accordance with the substantive laws of the State of Delaware of
the United States of America. 
  

					
	Confidential	 	Page 3	 	License Agreement

 IN WITNESS WHEREOF the parties have caused this AGREEMENT to be executed by their duly authorized
officers effective as of the date first written above. 
  

									
	 LICENSEE
	 		 	
	Virtual Radiologic Professionals LLC	 		 	 WITNESS/ATTEST:

					
	By:	 	/s/ Sean O. Casey	 		 		 	  
	 Title:
	 	President	 		 		 	
			
	 LICENSOR
	 		 	
	Virtual Radiologic Corporation	 		 	 WITNESS/ATTEST:

					
	By:	 	/s/ Sean O. Casey	 		 		 	  
	 Title:
	 	President	 		 		 	

  

					
	Confidential	 	Page 4	 	License Agreement

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