Document:

2010 Equity Compensation Plan of the Registrant

 Exhibit 10.1 
 USMD HOLDINGS, INC. 
 2010 EQUITY COMPENSATION PLAN 

The purpose of the USMD Holdings, Inc. 2010 Equity Compensation Plan (the “Plan”) is to provide (i) designated employees
of USMD Holdings, Inc. (the “Company”) and its subsidiaries, (ii) certain consultants and advisors who perform services for the Company or its subsidiaries and (iii) non-employee members of the Board of Directors of the Company
(the “Board”) with the opportunity to receive grants of incentive stock options, nonqualified stock options, stock appreciation rights and restricted stock. The Company believes that the Plan will encourage the participants to contribute
materially to the growth of the Company, thereby benefiting the Company’s shareholders, and will align the economic interests of the participants with those of the shareholders. The Plan shall become effective upon the consummation of the
“Contribution” referenced in Section 2(b) hereinbelow. 
 1. Administration  

(a) Compensation Committee. The Plan shall be administered and interpreted by the Compensation Committee of the Board. The
Committee shall consist of two or more persons appointed by the Board, all of whom shall be “outside directors” as defined under section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”) and related Treasury
regulations and may be “non-employee directors” as defined under Rule 16b-3 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). References in the Plan to the “Committee” shall be deemed to
include the Board, with respect to ratification or approval of grants made to Non-Employee Directors. 
 (b) Committee
Authority. The Committee shall have the sole authority to (i) determine the individuals to whom grants shall be made under the Plan, (ii) determine the type, size and terms of the grants to be made to each such individual and
(iii) determine the time when the grants will be made and the duration of any applicable exercise or restriction period, including the criteria for exercisability and the acceleration of exercisability. The Committee shall also have full power
and authority to administer and interpret the Plan, to make factual determinations and to adopt or amend such rules, regulations, agreements and instruments for implementing the Plan and for the conduct of its business as it deems necessary or
advisable, in its sole discretion. The Committee’s interpretations of the Plan and all determinations made by the Committee pursuant to the powers vested in it hereunder shall be conclusive and binding on all persons having any interest in the
Plan or in any awards granted hereunder. All powers of the Committee shall be executed in its sole discretion, in the best interest of the Company, not as a fiduciary, and in keeping with the objectives of the Plan and need not be uniform as to
similarly situated individuals. 

 2. Grants. 
 (a) General. Awards under the Plan may consist of grants of incentive stock options as described in Section 5 (“Incentive Stock Options”), nonqualified stock options as described in
Section 5 (“Nonqualified Stock Options”) (Incentive Stock Options and Nonqualified Stock Options are collectively referred to as “Options”), restricted stock as described in Section 6 (“Restricted Stock”) and
stock appreciation rights as described in Section 7 (“SARs”) (hereinafter collectively referred to as “Grants”). All Grants shall be subject to the terms and conditions set forth herein and to such other terms and conditions
consistent with this Plan as the Committee deems appropriate and as are specified in writing by the Committee to the individual in a grant instrument (the “Grant Instrument”) or an amendment to the Grant Instrument. The Committee shall
approve the form and provisions of each Grant Instrument. Grants under a particular Section of the Plan need not be uniform as among the grantees. 
 (b) Assumption of Outstanding USMD Inc. Stock Options. In connection with the contribution by the holders of USMD Inc. common stock of their shares in exchange for shares of Company Stock (the
“Contribution”), the Company and USMD Inc. have agreed that all outstanding stock options granted under the USMD Inc. 2007 Long Term Incentive Plan (the “2007 Plan”) will be assumed under this Plan (an “Assumed Option”)
and deemed to constitute stock options granted under this Plan. The number of shares of Company Stock subject to an Assumed Option will equal the number of shares of USMD Inc. common stock subject to the Assumed Option immediately prior to
completion of the Contribution, multiplied by [.3366], rounded down to the nearest whole share. The per share exercise price for the Assumed Option will equal the exercise price of the Assumed Option immediately prior to completion of the
Contribution divided by [.3366], rounded up to the nearest whole cent. Assumed Options will be exercisable on the same terms and conditions that applied immediately prior to completion of the Contribution. 

3. Shares Subject to the Plan  
 (a) Shares Authorized. Subject to the adjustment specified below, the aggregate number of shares of common stock of the Company (“Company Stock”) that may be issued or transferred under
the Plan is 2,000,000 shares, the maximum number of shares of Company Stock that may be delivered pursuant to Incentive Stock Options is 1,000,000 shares; and the maximum number of shares of Company Stock which may be represented by Grants of
Restricted Stock and SARs shall not exceed 500,000 shares. The maximum aggregate number of shares of Company Stock that shall be subject to Grants made under the Plan to any individual during any calendar year shall be 500,000 shares. The shares may
be authorized but unissued shares of Company Stock or reacquired shares of Company Stock, including shares purchased by the Company on the open market for purposes of the Plan. If and to the extent Options granted under the Plan terminate, expire,
or are canceled, forfeited, exchanged or surrendered without having been exercised or if any shares of Restricted Stock are forfeited, the shares subject to such Grants shall again be available for purposes of the Plan. 

  
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 (b) Adjustments. If there is any change in the number or kind of shares of Company
Stock outstanding (i) by reason of a stock dividend, spinoff, recapitalization, stock split, or combination or exchange of shares, (ii) by reason of a merger, reorganization or consolidation in which the Company is the surviving
corporation, (iii) by reason of a reclassification or change in par value, or (iv) by reason of any other extraordinary or unusual event affecting the outstanding Company Stock as a class without the Company’s receipt of
consideration, or if the value of outstanding shares of Company Stock is substantially reduced as a result of a spinoff or the Company’s payment of an extraordinary dividend or distribution, the maximum number of shares of Company Stock
available for Grants, the maximum number of shares of Company Stock that any individual participating in the Plan may be granted in any year, the number of shares covered by outstanding Grants, the kind of shares issued under the Plan, and the price
per share or the applicable market value of such Grants shall be appropriately adjusted by the Committee to reflect any increase or decrease in the number of, or change in the kind or value of, issued shares of Company Stock to preclude, to the
extent practicable, the enlargement or dilution of rights and benefits under such Grants; provided, however, that any fractional shares resulting from such adjustment shall be eliminated. Any adjustments determined by the Committee shall be final,
binding and conclusive. 
 4. Eligibility for Participation  

(a) Eligible Persons. All employees of the Company and its subsidiaries (“Employees”), including Employees who are
officers or members of the Board, and members of the Board who are not Employees (“Non-Employee Directors”), shall be eligible to participate in the Plan. Consultants and advisors who perform services to the Company or any of its
subsidiaries (“Key Advisors”) shall be eligible to participate in the Plan if the Key Advisors render bona fide services and such services are not in connection with the offer or sale of securities in a capital-raising transaction.

 (b) Selection of Grantees. The Committee shall select the Employees, Non-Employee Directors and Key Advisors to
receive Grants and shall determine the number of shares of Company Stock subject to a particular Grant in such manner as the Committee determines. Employees, Key Advisors and Non-Employee Directors who receive Grants under this Plan shall
hereinafter be referred to as “Grantees.” In no event shall Options be granted to any Grantee in substitution for, or upon cancellation of, previously granted Options to purchase Company Stock, or shall similar action be taken to effect
the “repricing” of previously granted Options. 
 5. Granting of Options  

(a) Number of Shares. The Committee shall determine the number of shares of Company Stock that will be subject to each Grant of
Options to Employees, Non-Employee Directors and Key Advisors. 

  
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 (b) Type of Option and Price. 

(i) The Committee may grant Incentive Stock Options that are intended to qualify as “incentive stock options” within the meaning
of section 422 of the Code or Nonqualified Stock Options that are not intended so to qualify or any combination of Incentive Stock Options and Nonqualified Stock Options, all in accordance with the terms and conditions set forth herein. Incentive
Stock Options may be granted only to Employees. Nonqualified Stock Options may be granted to Employees, Non-Employee Directors and Key Advisors. 
 (ii) The purchase price (the “Exercise Price”) of Company Stock subject to an Option shall be determined by the Committee but in all cases shall be equal to, or greater than, the Fair Market
Value of a share of Company Stock on the date the Option is granted; provided, however, that an Incentive Stock Option may not be granted to an Employee who, at the time of grant, owns or is deemed to own (by reason of the attribution rules of
Section 424(d) of the Code) stock possessing more than 10% of the total combined voting power of all classes of stock of the Company or any parent or subsidiary of the Company, unless the Exercise Price per share is not less than 110% of the
Fair Market Value of Company Stock on the date of grant. 
 (iii) So long as the Company Stock is publicly traded, Fair Market
Value per share shall be determined as follows: (x) if the principal trading market for the Company Stock is a national securities exchange or the Nasdaq Stock Market, the last reported sale price thereof on the relevant date or (if there were
no trades on that date) the latest preceding date upon which a sale was reported, or (y) if the Company Stock is not principally traded on such exchange or market, the mean between the last reported “bid” and “asked” prices
of Company Stock on the relevant date, as reported on Nasdaq or, if not so reported, as reported in a customary financial reporting service, as applicable and as the Committee determines. If the Company Stock is not publicly traded or, if publicly
traded, is not subject to reported transactions or “bid” or “asked” quotations as set forth above, the Fair Market Value per share shall be as determined by the Committee. 

(iii) If at any time the Company Stock is not publicly traded, Fair Market Value per share shall be as determined by the Committee.

 (c) Option Term. The Committee shall determine the term of each Option. The term of any Option shall not exceed ten
years from the date of grant. However, an Incentive Stock Option that is granted to an Employee who, at the time of grant, owns stock possessing more than 10 percent of the total combined voting power of all classes of stock of the Company, or any
parent or subsidiary of the Company, may not have a term that exceeds five years from the date of grant. 
 (d)
Exercisability of Options. Options shall become exercisable in accordance with such terms and conditions, consistent with the Plan, as may be determined by the Committee and specified in the Grant Instrument or an amendment to the Grant
Instrument. The Committee may accelerate the exercisability of any or all outstanding Options at any time for any reason. 

  
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 (e) Termination of Employment, Disability or Death. 

(i) Except as provided below, an Option may only be exercised while the Grantee is employed by the Company as an Employee,
Key Advisor or member of the Board. In the event that a Grantee ceases to be employed by the Company for any reason other than a “disability” or death, any Option which is otherwise exercisable by the Grantee shall terminate unless
exercised within 90 days after the date on which the Grantee ceases to be employed by the Company (or within such other period of time as may be specified by the Committee), but in any event no later than the date of expiration of the Option
term. Any of the Grantee’s Options that are not otherwise exercisable as of the date on which the Grantee ceases to be employed by the Company shall terminate as of such date. Notwithstanding the foregoing provisions of this Section, in the
event a Grant issued under the Plan is subject to Section 409A of the Code, then, to the extent necessary to comply with the requirements of Section 409A of the Code, a Grantee shall be considered to cease employment with the Company for
any reason other than a disability or death, provided that such employment shall cease in accordance with the definition of “separation from service” provided for under Section 409A of the Code and the regulations or other guidance
issued thereunder. 
 (ii) In the event the Grantee ceases to be employed by the Company because the Grantee is
“disabled”, any Option which is otherwise exercisable by the Grantee shall terminate unless exercised within one year after the date on which the Grantee ceases to be employed by the Company (or within such other period of time as may be
specified by the Committee), but in any event no later than the date of expiration of the Option term. Any of the Grantee’s Options which are not otherwise exercisable as of the date on which the Grantee ceases to be employed by the Company
shall terminate as of such date. 
 (iii) If the Grantee dies while employed by the Company or within
90 days after the date on which the Grantee ceases to be employed on account of a termination of employment specified in Section 5(e)(i) above (or within such other period of time as may be specified by the Committee), any Option that is
otherwise exercisable by the Grantee shall terminate unless exercised within one year after the date on which the Grantee ceases to be employed by the Company (or within such other period of time as may be specified by the Committee), but in any
event no later than the date of expiration of the Option term. Any of the Grantee’s Options that are not otherwise exercisable as of the date on which the Grantee ceases to be employed by the Company shall terminate as of such date. 

  
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 (iv) As used herein: 

(A) “Employed by the Company” shall mean employment or service as an Employee, Key Advisor or member of the
Board (so that, for purposes of exercising Options and SARs and satisfying conditions with respect to Restricted Stock, a Grantee shall not be considered to have terminated employment or service until the Grantee ceases to be an Employee, Key
Advisor and member of the Board), unless the Committee determines otherwise. 
 (B) “Disability” shall
mean a Grantee’s becoming disabled within the meaning of section 22(e)(3) of the Code. Notwithstanding the foregoing provisions of this Section 5(e)(iv)(C), in the event a Grant issued under the Plan is subject to Section 409A of the
Code, then, in lieu of the foregoing definition and to the extent necessary to comply with the requirements of Section 409A of the Code, the definition of “disability” for purposes of such Grant shall be the definition of
“disability” provided for under Section 409A of the Code and the regulations or other guidance issued thereunder. 
 (v) Notwithstanding anything to the contrary in this Plan, (i) if upon the date of a Grantee’s termination of employment with the Company, the Grantee is a “specified employee” within
the meaning of Section 409A of the Code, and the delay of any amounts otherwise payable under this Plan as a result of the Grantee’s termination of employment is necessary in order to prevent any accelerated or additional tax to Grantee
under Section 409A of the Code, then the Company will delay the payment of any such amounts hereunder until the date that is six (6) months following the date of Grantee’s termination of employment with the Company at which time any
such delayed amounts will be paid to Grantee in a single lump sum. 
 (f) Exercise of Options. A Grantee may exercise an
Option that has become exercisable, in whole or in part, by delivering a notice of exercise to the Company with payment of the Exercise Price. The Grantee shall pay the Exercise Price for an Option in cash or by such other method as the Committee
may approve, including payment through a broker in accordance with procedures permitted by Regulation T of the Federal Reserve Board. The Grantee shall pay the Exercise Price and the amount of any withholding tax due at the time of exercise.

 (g) Limits on Incentive Stock Options. Each Incentive Stock Option shall provide that, if the aggregate Fair Market
Value of the stock on the date of the grant with respect to which Incentive Stock Options are exercisable for the first time by a Grantee during any calendar year, under the Plan or any other stock option plan of the Company or a parent or
subsidiary, exceeds $100,000, then the option, as to the excess, shall be treated as a Nonqualified Stock Option. An Incentive Stock Option shall not be granted to any person who is not an Employee of the Company or a parent or subsidiary (within
the meaning of section 424(f) of the Code). 

  
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 6. Restricted Stock Grants. The Committee may issue or transfer shares of Company
Stock to an Employee, Non-Employee Director or Key Advisor under a Grant of Restricted Stock, upon such terms as the Committee deems appropriate. The following provisions are applicable to Restricted Stock: 

(a) General Requirements. Shares of Company Stock issued or transferred pursuant to Restricted Stock Grants may be issued or
transferred for consideration or for no consideration, as determined by the Committee. The Committee may establish conditions under which restrictions on shares of Restricted Stock shall lapse over a period of time or according to such other
criteria as the Committee deems appropriate. The period of time during which the Restricted Stock will remain subject to restrictions will be designated in the Grant Instrument as the “Restriction Period.” 

(b) Number of Shares. The Committee shall determine the number of shares of Company Stock to be issued or transferred pursuant to
a Restricted Stock Grant and the restrictions applicable to such shares. 
 (c) Requirement of Employment. If the Grantee
ceases to be employed by the Company during a period designated in the Grant Instrument as the Restriction Period, or if other specified conditions are not met, the Restricted Stock Grant shall terminate as to all shares covered by the Grant as to
which the restrictions have not lapsed, and those shares of Company Stock must be immediately returned to the Company. The Committee may, however, provide for complete or partial exceptions to this requirement as it deems appropriate. 

(d) Restrictions on Transfer and Legend on Stock Certificate. During the Restriction Period, a Grantee may not sell, assign,
transfer, pledge or otherwise dispose of the shares of Restricted Stock except to a Successor Grantee as described herein. Each certificate for a share of Restricted Stock shall contain a legend giving appropriate notice of the restrictions in the
Grant. The Grantee shall be entitled to have the legend removed from the stock certificate covering the shares subject to restrictions when all restrictions on such shares have lapsed. The Committee may determine that the Company will not issue
certificates for shares of Restricted Stock until all restrictions on such shares have lapsed, or that the Company will retain possession of certificates for shares of Restricted Stock until all restrictions on such shares have lapsed. 

(e) Right to Vote and to Receive Dividends. Unless the Committee determines otherwise, during the Restriction Period, the Grantee
shall not have the right to vote shares of Restricted Stock and to receive any dividends or other distributions paid on such shares, subject to any restrictions deemed appropriate by the Committee. 

(f) Lapse of Restrictions. All restrictions imposed on Restricted Stock shall lapse upon the expiration of the applicable
Restriction Period and the satisfaction of all conditions imposed by the Committee. The Committee may determine, as to any or all Restricted Stock Grants, that the restrictions shall lapse without regard to any Restriction Period. 

  
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 7. Stock Appreciation Rights 

(a) General Requirements. The Committee may grant stock appreciation rights (“SARs”) to an Employee, Non-Employee
Director or Key Advisor. The Committee shall establish the base amount of the SAR at the time the SAR is granted. Unless the Committee determines otherwise, the base amount of each SAR shall be equal to the per share Exercise Price of the related
Option or, if there is no related Option, the Fair Market Value of a share of Company Stock as of the date of Grant of the SAR. 

(b) Exercisability. A SAR shall be exercisable during the period specified by the Committee in the Grant Instrument and shall be
subject to such vesting and other restrictions as may be specified in the Grant Instrument. The Committee may accelerate the exercisability of any or all outstanding SARs at any time for any reason. SARs may only be exercised while the Grantee is
employed by the Company or during the applicable period after termination of employment. 
 (c) Value of SARs. When a
Grantee exercises SARs, the Grantee shall receive in settlement of such SARs an amount equal to the value of the stock appreciation for the number of SARs exercised, payable in cash, Company Stock or a combination thereof. The stock appreciation for
an SAR is the amount by which (i) the Fair Market Value of the underlying Company Stock on the date of exercise of the SAR exceeds (ii) the base amount of the SAR as described in Subsection (a). 

(d) Form of Payment. The Committee shall determine whether the appreciation in a SAR shall be paid in the form of cash, shares of
Company Stock, or a combination of the two, in such proportion as the Committee deems appropriate. For purposes of calculating the number of shares of Company Stock to be received, shares of Company Stock shall be valued at their Fair Market Value
on the date of exercise of the SAR. If shares of Company Stock are to be received upon exercise of a SAR, cash shall be delivered in lieu of any fractional share. 
 8. Withholding of Taxes 
 (a) Required Withholding. All Grants under
the Plan shall be subject to applicable federal (including FICA), state and local tax withholding requirements. The Company shall have the right to deduct from all Grants paid in cash, or from other wages paid to the Grantee, any federal, state or
local taxes required by law to be withheld with respect to such Grants. In the case of Options and other Grants paid in Company Stock, the Company may require the Grantee or other person receiving such shares to pay to the Company the amount of any
such taxes that the Company is required to withhold with respect to such Grants, or the Company may deduct from other wages paid by the Company the amount of any withholding taxes due with respect to such Grants. 

(b) Election to Withhold Shares. If the Committee so permits, a Grantee may elect to satisfy the Company’s income tax
withholding obligation with respect to an Option, SAR or Restricted Stock paid in Company Stock by having shares withheld up to an amount that does not exceed the Grantee’s applicable marginal tax rate for federal (including FICA), state and
local tax liabilities. The election must be in a form and manner prescribed by the Committee and shall be subject to the prior approval of the Committee. 

  
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 9. Transferability of Grants 

(a) Nontransferability of Grants. Except as provided below, only the Grantee may exercise rights under a Grant during the
Grantee’s lifetime. A Grantee may not transfer those rights except by will or by the laws of descent and distribution or, with respect to Grants other than Incentive Stock Options, if permitted in any specific case by the Committee, pursuant to
a domestic relations order (as defined under the Code or Title I of the Employee Retirement Income Security Act of 1974, as amended, or the regulations thereunder). When a Grantee dies, the personal representative or other person entitled to succeed
to the rights of the Grantee (“Successor Grantee”) may exercise such rights. A Successor Grantee must furnish proof satisfactory to the Company of his or her right to receive the Grant under the Grantee’s will or under the applicable
laws of descent and distribution. 
 (b) Transfer of Nonqualified Stock Options. Notwithstanding the foregoing, the
Committee may provide, in a Grant Instrument, that a Grantee may transfer Nonqualified Stock Options to family members or other persons or entities according to such terms as the Committee may determine; provided that the Grantee receives no
consideration for the transfer of an Option and the transferred Option shall continue to be subject to the same terms and conditions as were applicable to the Option immediately before the transfer. 

10. Amendment and Termination of the Plan  
 (a) Amendment. The Board may amend or terminate the Plan at any time; provided, however, that the Board shall not amend the Plan without shareholder approval if such approval is required by
Sections 421 and 422 of the Code. 
 (b) Termination of Plan. The Plan shall terminate on the day immediately
preceding the tenth anniversary of its effective date, unless the Plan is terminated earlier by the Board or is extended by the Board with the approval of the shareholders. 
 (c) Termination and Amendment of Outstanding Grants. A termination or amendment of the Plan that occurs after a Grant is made shall not materially impair the rights of a Grantee unless the Grantee
consents. The termination of the Plan shall not impair the power and authority of the Committee with respect to an outstanding Grant. Whether or not the Plan has terminated, an outstanding Grant may be amended by agreement of the Company and the
Grantee consistent with the Plan. 
 (d) Governing Document. The Plan shall be the controlling document. No other
statements, representations, explanatory materials or examples, oral or written, may amend the Plan in any manner. The Plan shall be binding upon and enforceable against the Company and its successors and assigns. 

  
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 11. Funding of the Plan. This Plan shall be unfunded. The Company shall not be
required to establish any special or separate fund or to make any other segregation of assets to assure the payment of any Grants under this Plan. In no event shall interest be paid or accrued on any Grant, including unpaid installments of Grants.

 12. Rights of Participants. Nothing in this Plan shall entitle any Employee, Key Advisor, Non-Employee Director or
other person to any claim or right to be granted a Grant under this Plan. Neither this Plan nor any action taken hereunder shall be construed as giving any individual any rights to be retained by or in the employ of the Company or any other
employment rights. 
 13. No Fractional Shares. No fractional shares of Company Stock shall be issued or delivered
pursuant to the Plan or any Grant. The Committee shall determine whether cash, other awards or other property shall be issued or paid in lieu of such fractional shares or whether such fractional shares or any rights thereto shall be forfeited or
otherwise eliminated. 
 14. Miscellaneous  
 (a) Grants in Connection with Corporate Transactions and Otherwise. Nothing contained in this Plan shall be construed to (i) limit the right of the Committee to make Grants under this Plan in
connection with the acquisition, by purchase, lease, merger, consolidation or otherwise, of the business or assets of any corporation, firm or association, including Grants to employees thereof who become Employees of the Company, or for other
proper corporate purposes, or (ii) limit the right of the Company to grant stock options or make other awards outside of this Plan. Without limiting the foregoing, the Committee may make a Grant to an employee of another corporation who becomes
an Employee by reason of a corporate merger, consolidation, acquisition of stock or property, reorganization or liquidation involving the Company or any of its subsidiaries in substitution for a stock option or restricted stock grant made by such
corporation. The terms and conditions of the substitute grants may vary from the terms and conditions required by the Plan and from those of the substituted stock incentives. The Committee shall prescribe the provisions of the substitute grants.

 (b) Compliance with Law. The Plan, the exercise of Options and SARs and the obligations of the Company to issue or
transfer shares of Company Stock under Grants shall be subject to all applicable laws and to approvals by any governmental or regulatory agency as may be required. With respect to persons subject to section 16 of the Exchange Act, it is the intent
of the Company that the Plan and all transactions under the Plan comply with all applicable provisions of Rule 16b-3 or its successors under the Exchange Act. The Committee may revoke any Grant if it is contrary to law or modify a Grant to
bring it into compliance with any valid and mandatory government regulation. The Committee may also adopt rules regarding the withholding of taxes on payments to Grantees. The Committee may, in its sole discretion, agree to limit its authority under
this Section. 

  
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 (c) Governing Law. The validity, construction, interpretation and effect of the Plan
and Grant Instruments issued under the Plan shall exclusively be governed by and determined in accordance with the law of State of Texas. 
 15. Section 409A. To the extent this Plan provides for nonqualified deferred compensation, it is intended to satisfy the provisions of Section 409A of the Code and related regulations and
Treasury pronouncements. If any provision herein results in the imposition of an excise tax on any Grantee under Section 409A of the Code, any such provision will be reformed to avoid any such imposition in such manner as the Committee
determines is appropriate to comply with Section 409A of the Code. 

  
 11Partnership Interest Purchase Agreement

 Exhibit 10.2 
 PARTNERSHIP INTEREST PURCHASE AGREEMENT 
 THIS PARTNERSHIP INTEREST
PURCHASE AGREEMENT (this “Agreement”), effective as of this 1st day of January, 2007 (the “Effective Date”), is entered into by and between U.S. Lithotripsy, a Texas limited partnership
(“USL”) and Dr. John House (“Seller”). 
 RECITALS 

A. USL is a Texas limited partnership that develops lithotripsy equipment and related service ventures nationally. 

B. Seller owns a 26.69% interest in USL (the “Seller’s Interest”). 

C. Seller desires to sell to USL, and USL desires to purchase from Seller, all of the Seller’s Interest, pursuant to the terms and
conditions set forth herein and in the Limited Partnership Agreement of USL (the “Partnership Agreement”). 
 NOW THEREFORE, for and in consideration of the mutual representations and agreements hereinafter contained, the parties hereto do hereby contract and agree on the following terms: 

1. Purchase of Limited Partnership Interest. Upon the satisfaction of the conditions stated herein, Seller hereby agrees to
sell to USL, and USL hereby agrees to purchase from Seller, all of the Seller’s Interest. 
 2. Representations and
Warranties of USL. Seller hereby represents and warrants to USL that: 
 (a) Seller is transferring to USL a 26.69%
partnership interest in USL as of the Closing Date; 
 (b) Subject to the restrictions set forth in the Partnership Agreement,
Seller has the absolute and unrestricted right, power, authority and capacity to sell, assign, transfer and deliver the Seller’s Interest to USL hereunder; 
 (c) Subject to the restrictions set forth in the Partnership Agreement, Seller has the absolute and unrestricted right, power, authority and capacity to enter into this Agreement without the joinder of
any other party; 
 (d) Subject to the restrictions set forth in the Partnership Agreement, this Agreement and all other
agreements and instruments to be executed by Seller on or before the Closing Date (as defined below) pursuant hereto are valid and binding upon Seller and enforceable against the same in accordance with there respective terms; 

(e) All necessary actions have been taken by Seller to ensure that the execution, delivery and performance by Seller of this Agreement
and the consummation of the contemplated transactions have been duly authorized by Seller and Seller agrees to execute such further consents and approvals as may be reasonably requested to approve this transaction. This Agreement and all other
agreements and instruments to be executed by Seller on or before the Closing Date (as defined below) pursuant hereto shall be duly executed and delivered by Seller 

  
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and, assuming due execution by Seller, shall constitute the legal and binding obligation of Seller, enforceable against Seller in accordance with its terms; and 

(f) To the best of Seller’s knowledge, neither this Agreement nor any of the exhibits, attachments, written statements, documents,
certificates or other items prepared for or supplied to USL by or on behalf of Seller with respect to the transactions contemplated hereby contains any untrue statement of a material fact or omits a material fact necessary to make each statement
contained herein or therein not misleading. 
 3. Representations and Warranties of USL. USL, by executing a copy
of this Agreement, shall represent and warrant to Seller that, as of the Closing Date: 
 (a) USL has all requisite power and
authority to execute, deliver and perform this Agreement and all agreements and instruments to be executed by it on or before the Closing Date pursuant hereto and to consummate the transactions contemplated hereby; 

(b) USL is purchasing and receiving what is intended to be a 26.69% partnership interest in USL as of the Closing Date; 

(c) USL has the absolute and unrestricted right, power, authority and capacity to enter into this Agreement; 

(d) This Agreement and all other agreements and instruments to be executed by USL on or before the Closing Date (as defined below)
pursuant hereto are valid and binding upon USL and enforceable against it in accordance with their respective terms; 
 (e) All
necessary actions have been taken by USL to ensure that the execution, delivery and performance by it of this Agreement and the consummation of the contemplated transactions have been duly authorized by USL and USL agrees to execute such further
consents and approvals as may be reasonably requested to approve this transaction. This Agreement and all other agreements and instruments to be executed by USL on or before the Closing Date (as defined below) pursuant hereto shall be duly executed
and delivered by USL and, assuming due execution by Seller, shall constitute the legal and binding obligation of USL enforceable against it in accordance with its terms; and 
 (f) To the best of USL’s knowledge, neither this Agreement nor any of the exhibits, attachments, written statements, documents, certificates or other items prepared for or supplied to Seller by or on
behalf of USL with respect to the transactions contemplated hereby contains any untrue statement of a material fact or omits a material fact necessary to make each statement contained herein or therein not misleading; 

4. Purchase Price and Manner of Payment for Partnership Interest. 

(a) The total aggregate purchase price to be paid by USL to Seller for the purchase of the Seller’s Interest (hereinafter referred
to as the “Purchase Price”) shall be a fully executed and notarized note payable from USL to Seller in the amount of $4,942,593 in the form attached hereto as Exhibit A, to be delivered on or before the Closing (the
“Note”), providing for payments to be made from USL to Seller as provided in the Note. 

  
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 (b) In order to evidence the transfer of the Seller’s Interest by Seller to USL, Seller
hereby agrees, at the time of Closing, to execute an Assignment of Partnership Interest (hereinafter referred to as “Seller’s Assignment”) in the form of attached hereto as Exhibit B and incorporated herein by reference,
assigning the Seller’s Interest to USL. 
 (c) In the event a payment required under the Note is not timely paid by USL,
and remains unpaid more than thirty (30) days after Seller has provided USL of written notice of such non-payment, then USL shall be in “Payment Default” of this Agreement. In the event a USL is in Payment Default under
this Agreement, then Seller’s Interest shall automatically revert back to Seller in its entirety, and, at the request of Seller, USL shall take such actions as shall be required under this Agreement and the Partnership Agreement to memorialize
and agree to the transfer from USL to Seller the Partnership Interest transferred to Purchaser pursuant to this Agreement. This transfer is in addition to any other remedies provided in the Note or at law in connection with USL’s Payment
Default. The transfer of Seller’s Interest pursuant to this Section 4(c) shall be deemed a default in the purchase of Seller’s Interest hereunder. The parties understand and agree that for so long as USL has any indebtedness payable
to Bank of Texas, N.A. the contingent reversion of Seller’s Interest to Seller provided for under this section 4(c) shall occur only with the express written consent of Bank of Texas, N.A. 

5. Conditions to Seller’s Obligation to Sell. The obligation of Seller hereunder to sell the Seller’s Interest to
USL on the Closing Date is subject to the satisfaction, or waiver by USL, on or before the Closing Date, of each of the following conditions: 
 (a) USL shall have delivered to Seller an executed Note set forth in Section 4(a) above, which documents comprise the Purchase Price; 

(b) All the representations and warranties of USL contained herein shall be true and correct on the Closing Date with the same force and
effect as if made on and as of the Closing Date; 
 (c) USL shall have performed, satisfied and complied in all material
respects with the covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied with by USL on or prior to the Closing Date; and 
 (d) No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by any court or governmental authority of competent jurisdiction
or any self-regulatory organization having authority over the matters contemplated hereby which prohibits the consummation of any of the transactions contemplated by this Agreement. 

6. Conditions to USL’s Obligation to Purchase. The obligation of USL to purchase Seller’s Interest on the Closing
Date is subject to the satisfaction, or waiver by USL, on or before the Closing Date, of each of the following conditions: 

(a) Seller shall have delivered to USL a duly executed Seller’s Assignment; 

(b) All the representations and warranties of Seller contained herein shall be true and correct on the Closing Date with the same force
and effect as if made on and as of the Closing Date; 

  
 3 

 (c) Seller shall have performed, satisfied and complied in all material respects with the
covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied with by Seller on or prior to the Closing Date; and 
 (d) No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by any account or governmental authority of competent jurisdiction
or any self-regulatory organization having authority over the matters contemplated hereby which prohibits the consummation of any of the transactions contemplated by this Agreement. 

7. USL Deliverables. At the time of the Closing of the transaction contemplated by this Agreement, USL shall deliver to
Seller the following items: 
 (a) the Purchase Price; 
 (b) two (2) fully executed originals of this Agreement executed by USL; and 

(c) such other instruments Seller has deemed necessary or advisable. 

8. Seller’s Deliverables. At the time of the Closing of the transaction contemplated by this Agreement, Seller shall
deliver to USL the following items: 
 (a) a fully executed original of Seller’s Assignment; 

(b) two (2) fully executed originals of this Agreement; 
 (c) such other instruments of conveyance and transfer, in a form satisfactory to USL, as shall be reasonably required to vest-in USL good and enforceable title in and to Seller’s Interest.

 9. Closing. The closing of the transactions described herein shall take place on or before January 1,
2007, at a time and place to be agreed upon by the parties (such date hereinafter referred to as the “Closing” or “Closing Date”); provided, however, that upon written consent of the parties, the
Closing Date may be extended. Absent a written agreement extending this Agreement, in the event any party has not performed its conditions prerequisite to this Agreement or is unable to make the representations required of such party as of the
Closing Date, this Agreement shall terminate on the Closing Date with respect to all parties hereto, with no further obligation required of any party hereto. 
 10. Non-Competition. As additional consideration for the Purchase Price paid by Buyer hereunder, and in order that USL may enjoy the benefits of this Agreement, for a period of two years
from the Closing Date, Seller shall not, directly or indirectly, directly or indirectly, as an employee, employer, contractor, consultant, agent, principal, shareholder, corporate officer, director, or in any other individual or representative
capacity, engage or participate in any business or practice within a fifteen (15) mile radius of any location in which any entity in which USL or an Affiliate of USL possesses an ownership interest provides any professional medical services,
supplies, or equipment to health care service providers, that is in competition in any manner whatsoever with USL. Seller further agrees that for this same period of time, Seller shall not use or disclose to any person or entity (except as
required by law) any information concerning the names and addresses of USL’s employees, customers, or patients, and shall not, 

  
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on Seller’s behalf or on behalf of any other person or entity, solicit or attempt to induce any partner, employee, customer, or patient of USL to cease such person’s commercial
relationship with USL, or otherwise interfere with the relationship between or among USL and its patients, customers, employees and/or partners. This covenant shall be construed as an agreement ancillary to the other provisions of this Agreement.
Without limiting other possible remedies to USL for breach of this covenant, Seller agrees that injunctive or other equitable relief will be available to enforce the covenants of this provision, such relief to be without the necessity of posting a
bond, cash, or otherwise. Seller further agrees that if any restriction contained in this section 10 is held by any court to be unenforceable or unreasonable, a lesser restriction will be enforced in its place and remaining restrictions
contained herein will be enforced independently of each other. Seller agrees to pay USL’s and Seller’s own attorneys’ fees, court costs, and expenses in the event that USL chooses, in its sole discretion, to enforce any provision
hereunder. 
 11. Notices. Any notice required or permitted to be given under this Agreement must be in writing
and given either by personal delivery or by mailing the same by registered or certified mail, return receipt requested, to the party to whom the notice is directed at the address of such party provided under such party’s signature to this
Agreement, or such other address as the parties may hereinafter designate in writing in accordance herewith: 
 12.
Voidable Clause. In the event any clause or provision of this Agreement shall be invalid or void for any reason, such invalid or void clause or provision shall not affect the whole of this instrument, but the balance of the provisions
hereof will remain in full force and effect. 
 13. Survival. This Agreement and all terms, warranties,
representations, conditions and stipulations contained herein shall survive the Closing. 
 14. Governing Law and
Venue. This Agreement shall be governed by the laws of the State of Texas without regard to the principles of conflicts or choice of law embodied therein, and all undertakings hereunder shall be performable in Tarrant County, Texas.

 15. Further Assurances. Each party agrees that it will execute and deliver, or cause to be executed and
delivered, on or after the date of Closing, all such instruments and will take all such actions as the other party may reasonably request from time to time in order to effectuate the provisions and purposes of this Agreement. 

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK] 

  
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 IN WITNESS WHEREOF, USL and Seller have caused this Agreement to be duly executed to be
effective as of the Effective Date. 
  

			
	USL:
		
	By:	 	/s/ John House, M.D.
	
	Seller:
		
	By:	 	/s/ John House, M.D.

 

  
 6 

 EXHIBIT A 

PROMISSORY NOTE 
  

			
	$4,942,593	  	Date: January 1, 2007

 FOR VALUE RECEIVED, U.S. Lithotrisy, L.P. (hereinafter “Debtor”) hereby promises to pay to the order of Dr. John House (“Payee”) at such place as Payee
or its assigns may designate, the principal sum of $4,942,593 or so much thereof as may be advanced in lawful money of the United States of America in immediately available funds, plus accrued interest thereon as described below. 

This promissory note is and shall be payable at the times and in the amounts set forth in Exhibit A, attached hereto: provided that upon
a Change in Control of U.S. Lithotripsy, L.P., this promissory note shall be immediately due and payable in its entirety on the date the Change in Control occurs. For purposes of this provision, a “Change in Control” shall be
deemed to have occurred if (A) a person or group of affiliated persons collectively owning less than 50% of all of U.S. Lithotripsy, L.P.’s outstanding partnership interests as of the date of this promissory note is or becomes the
beneficial owner(s), directly or indirectly, of more than 50% of the combined partnership interests of U.S. Lithotripsy, L.P. then outstanding; (B) U.S. Lithotripsy merges or consolidates with any entity other than USMD Inc. in a manner in
which U.S. Lithotripsy is not the surviving entity; or (C) the partners of U.S. Lithotripsy, L.P. approve a plan of complete liquidation of U.S. Lithotripsy, L.P. or execute an agreement for the sale or disposition by the partnership of all or
substantially all its assets in one transaction or a series of related transactions. Debtor and Payee understand and agree that for so long as USL has any indebtedness payable to Bank of Texas, N.A. this note shall be due and payable in its entirety
only with the express written consent of Bank of Texas, N.A. 
 Interest on the outstanding balance due under this promissory
note shall accrue at a rate of interest equal to the lesser of (i) nine percent per annum (9%), or (ii) the maximum rate permitted by applicable law (the “Interest Rate”). In the event any payment required under
Exhibit A is not received by the Payee on or before the day on which such payment is due, interest (calculated on the basis of the actual number of days elapsed but computed as if each year consisted of 360 days) shall thereafter accrue on the
unpaid principal balance from time to time owing hereon computed from such date until paid in full, at a per annum rate equal to the lesser of (y) the Interest Rate plus one percent (1%) or (z) the maximum rate permitted by applicable
law. Thereafter, payments, whether full or partial, will be applied first to accrued interest and then to the reduction of principal. This promissory note may be prepaid at any time, in whole or in part, without penalty, and interest shall
immediately cease on any amount so prepaid. 
 It is expressly provided and stipulated that notwithstanding any provision of
this promissory note or any other instrument evidencing or securing the loan herein set forth, in no event shall the aggregate of all interest paid or contracted to be paid to Payee by the undersigned (or any guarantors or endorsers) ever exceed the
maximum amount of interest that may lawfully 

  
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be charged the undersigned by Payee on the principal balance of this promissory note from time to time advanced and remaining unpaid. 

The undersigned and all endorsers, sureties, and guarantors hereof, as well as all persons to become liable on this promissory note,
hereby jointly and severally waive all notice of nonpayment, demands for payment, presentations for payment, notices on intention to acceleration maturity, notices of actual acceleration of maturity, protests, notices of protest, and any other
demands or notices of any kind as to this promissory note, diligence in collection hereof and in brining suit hereon, and any notice of, or defense on account of, the extension of time of payment or change in the method of payments, and without
further notice hereby consent to any and all renewals and extensions in the time of payment hereof either before or after maturity and the release of any party primarily or secondarily liable hereon. The undersigned agrees that Payee’s
acceptance of partial or delinquent payments or failure of Payee to exercise any right or remedy contained herein or in any instrument given as security for the payment of this promissory note shall not be a waiver of any obligation of the
undersigned to Payee or constitute waiver of any similar default subsequently occurring. 
 The undersigned Debtor expressly
agrees that in the event of default in the payment of this promissory note, Payee, or the holder hereof may, at is option, without notice of nonpayment, demand for payment, presentment of any kind, all of which are hereby expressly waived, declare
the principal of this promissory note and all interest then accrued at once due and payable, and Payee or any other holder hereof may immediately exercise its rights hereunder and under any security documents executed in connection herewith. In the
event there is a default under this promissory note, or the same is placed in the hands of an attorney for collection, or suit is brought on same, or the same is collected through any judicial proceeding whatsoever, or if any action of foreclosure
be had hereon, then the undersigned agrees and promises to pay to the owner and holder, in addition to the other amounts due hereunder, all costs of court and other collection expenses including an additional sum as a reasonable attorney’s fee
of not less than twenty percent (20%) of the unpaid principal and interest then due on the promissory note. Except to the extent that federal law may apply to this transaction, this promissory note shall be governed by Texas law. This
promissory note is made and performable in Tarrant County, Texas and the undersigned agrees that venue for any dispute involving this promissory note shall be in a court of competent jurisdiction in Tarrant County, Texas. 

  
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 Debtor and Payee understand and acknowledge that all of Debtor’s obligations to make
Note payments hereunder are subordinate to all obligations of Debtor to make loan payments under the following written agreements to which Debtor is a party: 
  

	 	1.	$1,900,000 Revolver Dated 12/4/2006 between US Medical Development, Inc and Bank of Texas, NA. 

 

	 	2.	$2,075,000 Term Loan Dated                      between U.S.
Lithotripsy, L.P. and Bank of Texas, NA $ 

  

			
	[Name]
		
	By:	 	  

 

			
	Name:	 	  

 

			
	Title	 	  

  

  
 3 

			
	STATE OF TEXAS	  	§
		  	§
	COUNTY OF TARRANT	  	§

 This instrument was
acknowledged before me on this      day of                     , 200    , by
                    , Authorized Manager of the general partner of U.S. Lithotripsy, on behalf of the aforesaid Debtor. 

GIVEN under my hand and seal of office this      day of
                    , 200    . 

 

	
	Notary Public, State of Texas

  
 4 

 EXHIBIT B 

ASSIGNMENT OF SELLER’S INTEREST 
 Dr. John House (hereafter, the “Assignor”), in consideration of the terms and provisions of the Partnership Interest Purchase Agreement entered into by and between Assignor
and U.S. Lithotripsy, L.P. (hereafter, the “Assignee”) and the Purchase Price paid by Assignee to Assigner pursuant thereto, hereby assigns, transfers and conveys to Assignee a 26.69% partnership interest in Assignee.

 IN WITNESS WHEREOF, Assignor and Assignee have executed this Assignment in multiple originals effective on January 1,
2007. 
  

			
	ASSIGNOR:                            
                                	 	
		
	 	 	 
		
	By:                             
                                         
                          	 	
		
	Name:                             
                                         
                    	 	
		
	Title                             
                                         
                        	 	

  
 5

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