Document:

Exhibit 10.2.4

EXAMWORKS GROUP, INC.

AMENDED AND RESTATED STOCK INCENTIVE PLAN

  

____________________________

  

   Restricted Share Award Agreement

____________________________

      You (the “Participant”) are hereby awarded Restricted Shares subject to the terms and conditions set forth in this Award Agreement (the “Award Agreement” or “Award”) and in the ExamWorks Group Inc. Amended and Restated Stock Incentive Plan (“Plan”). A copy of the Plan is attached as Exhibit A. This Award is conditioned on your execution of this Award Agreement within thirty (30) days after the Grant Date specified in Section 1 below. You should carefully review these documents, and consult with your personal financial advisor, before accepting this Award.

      By executing this Award Agreement, you agree to be bound by all of the Plan’s terms and conditions as if they had been set out verbatim in this Award Agreement. In addition, you recognize and agree that all determinations, interpretations, or other actions respecting the Plan and this Award Agreement will be made by the Company’s Board of Directors (the “Board”) or any Committee or a committee appointed by the Board to administer the Plan, and shall be final, conclusive and binding on all parties, including you and your heirs and representatives. Capitalized terms are defined in the Plan or in this Award Agreement.

 1. Specific Terms. Your Restricted Shares have the following terms:

	 Name of Participant	  
	 Number of Shares

      Subject to Award	  
	 Purchase Price per

      Share (if applicable)	  
	 Grant Date	  
	 Vesting	 Your Award will fully vest on the first anniversary of the Grant Date, provided that your Continuous Service has not ended before the vesting date (subject to any employment agreement between you and the Company or any Affiliate); and you will also fully vest upon a change in control.
	 Lifetime Transfers	  o Allowed in accordance with Section 12(b) of the Plan. 

      

      o Not allowed.

  

 Restricted Share Award Agreement

ExamWorks Group, Inc.

Amended and Restated Stock Incentive Plan

Page 2

	 Recapture and

      Recoupment	x Section 14 of the Plan shall apply re Termination, Rescission, and Recapture of this Award.

      

      x Section 15 shall apply re Recoupment of this Award. 

 2. Termination of Continuous Service. Subject to the terms of any Employment Agreement between you and the Company and/or its subsidiaries then in effect, this Award shall be canceled and become automatically null and void immediately after termination of your Continuous Service for any reason, but only to the extent you have not become vested, pursuant to the foregoing terms, on or at the time your Continuous Service ends.

 3. Voting Rights. As the owner of record of any Restricted Shares you qualify to receive pursuant to this Award Agreement, you will be entitled to vote such Restricted Shares, provided you hold them on the particular record date for determining shareholders of record entitled to vote.

 4. Dividends. You will be entitled to receive any cash dividends that are paid with respect to your Restricted Shares between the date of this Award and your receipt of Shares pursuant to a vesting event. With respect to any dividends that are paid in Shares with respect to your Restricted Shares between the date of this Award and your receipt of Shares pursuant to a vesting event, such Shares shall be issued to you as additional Restricted Shares subject to the same terms, conditions, and vesting restrictions contained in Section 1 as the Restricted Shares with respect to which the dividend is paid. To the extent that either (i) your Continuous Service ends before vesting of the Restricted Shares subject to this Award or (ii) your Continuous Service does not result in full vesting of this Award, you will forfeit all cash and Share-based dividends attributable to all such non-vested Restricted Shares.

 5. Issuance and Vesting of Restricted Shares. The Company will hold all Restricted Shares in escrow, in book entry form, until vesting occurs. You will be reflected as the owner of record on the Company’s books and records of any Restricted Shares credited to you pursuant to this Award Agreement. If you forfeit any Restricted Shares, they will be transferred back to the Company. If the Restricted Shares vest, upon satisfaction of any tax withholding requirements, your Restricted Shares will be reflected on the Company’s books and records as vested Shares. You may request a physical certificate for your vested Shares, and the Committee, in its discretion, may honor such request.

 6. Section 83(b) Election Notice. If you make an election under Section 83(b) of the Internal Revenue Code of 1986 (the “Code”), as amended, with respect to the Shares underlying your Restricted Shares (a “Section 83(b) election”), you agree to provide a copy of such election to the Company within 10 days after filing that election with the Internal Revenue Service. Exhibit B contains a suggested form of Section 83(b) election.

 7. Designation of Beneficiary. Notwithstanding anything to the contrary contained herein or in the Plan, following the execution of this Award Agreement, you may expressly designate a death beneficiary (the “Beneficiary”) to your interest, if any, in this Award and any underling Shares. You shall designate the Beneficiary by completing and executing a designation of beneficiary agreement

  

 Restricted Share Award Agreement

ExamWorks Group, Inc.

Amended and Restated Stock Incentive Plan

Page 3

 substantially in the form attached hereto as Exhibit C (the “Designation of Death Beneficiary”) and delivering an executed copy of the Designation of Beneficiary to the Company. To the extent you do not duly designate a beneficiary who survives you, your estate will automatically be your beneficiary.

 8. Restrictions on Transfer of Award. Your rights under this Award Agreement may not be sold, pledged, or otherwise transferred without the prior written consent of the Committee except as hereinafter provided. If Section 1 allows you to make a transfer of the Restricted Shares subject to this Award, you may transfer the Restricted Shares as follows:

  

		(i)	by instrument to an inter vivos or testamentary trust (or other entity) in which each beneficiary is a Permitted Transferee, as defined in subsection (ii) of this Section, or
	  		
		(ii) 	by gift to charitable institutions or by gift or transfer for consideration to any of the following relatives of yours: any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, domestic partner, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, and shall include adoptive relationships (each a “Permitted Transferee”).

Any Permitted Transferee of your rights shall succeed and be subject to all of the terms of this Award Agreement and the Plan.

 9. Conditions on Issuance of Shares; Transfer Restrictions. Notwithstanding any other provision of the Plan or of this Award Agreement: (i) the Committee may condition your receipt of Shares on your execution of a shareholder agreement imposing terms generally applicable to other similarly-situated employee or director shareholders; and (ii) any Shares issued pursuant to this Award Agreement shall be non-transferable except in accordance with Section 8 above.

 10. Taxes. Except to the extent otherwise specifically provided in an employment agreement between you and the Company or any Affiliate, by signing this Award Agreement, you acknowledge that you shall be solely responsible for the satisfaction of any taxes that may arise pursuant to this Award, including taxes arising under Code Sections 409A (regarding deferred compensation) or 4999 (regarding golden parachute excise taxes), and that neither the Company nor the Administrator shall have any obligation whatsoever to pay such taxes or otherwise indemnify or hold you harmless from any or all of such taxes. The Committee shall have the sole discretion to interpret the requirements of the Code, including Section 409A, for purposes of the Plan and this Award Agreement.

 11. Notices. Any notice or communication required or permitted by any provision of this Award Agreement to be given to you shall be in writing and shall be delivered electronically, personally, or sent by certified mail, return receipt requested, addressed to you at the last address that the Company had for you on its records. Each party may, from time to time, by notice to the other party hereto, specify a new address for delivery of notices relating to this Award Agreement.

  

 Restricted Share Award Agreement

ExamWorks Group, Inc.

Amended and Restated Stock Incentive Plan

Page 4

 Any such notice shall be deemed to be given as of the date such notice is personally or electronically delivered or properly mailed.

 12. Binding Effect. Except as otherwise provided in this Award Agreement or in the Plan, every covenant, term, and provision of this Award Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, legatees, legal representatives, successors, transferees, and assigns.

 13. Modifications. This Award Agreement may be modified or amended at any time, in accordance with Section 18 of the Plan and provided that you must consent in writing to any modification that adversely and materially affects any rights or obligations under this Award Agreement unless the amendment is required by Applicable Law or, before a Change in Control, the Committee determines in good faith that the modification is not materially adverse to you.

 14. Headings. Section and other headings contained in this Award Agreement are for reference purposes only and are not intended to describe, interpret, define or limit the scope or intent of this Award Agreement or any provision hereof.

 15. Severability. Every provision of this Award Agreement and of the Plan is intended to be severable. If any term hereof is illegal or invalid for any reason, such illegality or invalidity shall not affect the validity or legality of the remaining terms of this Award Agreement.

 16. Counterparts. This Award Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute one and the same instrument.

 17. Investment Purposes. By executing this Award, you acknowledge that you are receiving and will be holding your Restricted Shares for investment purposes only for your own account, and not with a view to your resale in connection with, or with your intent to participate directly or indirectly in, any distribution of such Shares within the meaning of the Securities Act of 1933, as amended.

 18. Plan Governs. By signing this Award Agreement, you acknowledge that you have received a copy of the Plan and that your Award Agreement is subject to all the provisions contained in the Plan, the provisions of which are made a part of this Award Agreement and your Award is subject to all interpretations, amendments, rules and regulations which from time to time may be promulgated and adopted pursuant to the Plan. In the event of a conflict between the provisions of this Award Agreement and those of the Plan, the provisions of the Plan shall control.

 19. Not a Contract of Employment. By executing this Award Agreement you acknowledge and agree that (i) any person who is terminated before full vesting of an award, such as the one granted to you by this Award, could claim that he or she was terminated to preclude vesting; (ii) you promise never to make such a claim; (iii) nothing in this Award Agreement or the Plan confers on you any right to continue an employment, service or consulting relationship with the Company, nor shall it affect in any way your right or the Company’s right to terminate your employment, service,

  

 Restricted Share Award Agreement

ExamWorks Group, Inc.

Amended and Restated Stock Incentive Plan

Page 5

 or consulting relationship at any time, with or without Cause; and (iv) the Company would not have granted this Award to you but for these acknowledgements and agreements.

 20. Long-term Consideration for Award. The terms and conditions set forth in Exhibit D are hereby incorporated by reference and made an integral part of this Award Agreement. An invalidation of all or part of Exhibit D, or your commencement of litigation to invalidate, modify, or alter the terms and conditions set forth in Exhibit D, shall cause this Award to become null, void, and unenforceable.

 21. Company Repurchase Right. Pursuant to Section 24(b) of the Plan, if your Continuous Service terminates for any reason before an initial public offering of the Shares, the Company may repurchase any Shares issued pursuant to this Award for their then Fair Market Value as determined by the Committee in good faith; provided that if your Continuous Service is terminated by the Company for Cause, the repurchase price shall be the lower of the purchase price the you paid for the Shares, if any, or the Shares’ Fair Market Value.

 22. Securities Law Restrictions. Regardless of whether the offering and sale of Shares under the Plan have been registered under the Securities Act of 1933, as amended (the “Securities Act”), or have been registered or qualified under the securities laws of any state, the Company at its discretion may impose restrictions upon the sale, pledge or other transfer of such Shares (including the placement of appropriate legends on stock certificates or the imposition of stop-transfer instructions) if, in the judgment of the Company, such restrictions are necessary or desirable in order to achieve compliance with the Securities Act or the securities laws of any state or any other law or to enforce the intent of this Award.

 23. Governing Law. The laws of the State of Delaware shall govern the validity of this Award Agreement, the construction of its terms, and the interpretation of the rights and duties of the parties hereto.

  

 Restricted Share Award Agreement

ExamWorks Group, Inc.

Amended and Restated Stock Incentive Plan

Page 6

      BY YOUR SIGNATURE BELOW, along with the signature of the Company’s representative, you and the Company agree that the Restricted Shares are awarded under and governed by the terms and conditions of this Award Agreement and the Plan.

			
	 	 EXAMWORKS GROUP, INC.
	 	 	 
	 	By:	________________________________ 
	 	 	 Name:
	 	 	 Title:
	 	 
	 	 PARTICIPANT
	 	 
	 	The undersigned Participant hereby accepts the terms of this Award Agreement and the Plan.
	 	  
	 	 By: ________________________________ 
	 	 
	 	 Name of Participant: ________________________________ 

  

 EXHIBIT A

EXAMWORKS GROUP, INC.

AMENDED AND RESTATED STOCK INCENTIVE PLAN

 ____________________________ 

  

  Plan Document

  ____________________________ 

  

 EXHIBIT B

EXAMWORKS GROUP INC.

AMENDED AND RESTATED STOCK INCENTIVE PLAN

  

_______________________________ 

  

  Section 83(b) Election Form

______________________________

 Attached is an Internal Revenue Code Section 83(b) Election Form. IF YOU WISH TO MAKE A SECTION 83(b) ELECTION, YOU MUST DO SO WITHIN 30 DAYS AFTER THE DATE THE RESTRICTED SHARES COVERED BY THE ELECTION WERE TRANSFERRED TO YOU. In order to make the election, you must completely fill out the attached form and file one copy with the Internal Revenue Service office where you file your tax return. In addition, one copy of the statement also must be submitted with your income tax return for the taxable year in which you make this election. Finally, you also must submit a copy of the election form to the Company within 10 days after filing that election with the Internal Revenue Service. A Section 83(b) election normally cannot be revoked.

  

 EXAMWORKS GROUP, INC. 

AMENDED AND RESTATED STOCK INCENTIVE PLAN 

_________________________________________________________

  

  Election to Include Value of Restricted Shares in Gross Income

in Year of Transfer Under Internal Revenue Code Section 83(b)

_________________________________________________________

      Pursuant to Section 83(b) of the Internal Revenue Code, I hereby elect within 30 days after receiving the property described herein to be taxed immediately on its value specified in item 5 below.

	1. 	My General Information:

			
	 	 Name:	____________________________________
	 	 Address:	____________________________________
	 	 	____________________________________
	 	 S.S.N.

      or T.I.N.:	____________________________________

	 2.         	
      Description of the property with respect to which I am making this election:

    
	 	 
	 	
      ____________________ shares of ___________ stock of ExamWorks Group, Inc. (the “Restricted Shares”).

    
	 	 
	 3.         	
      The Restricted Shares were transferred to me on ______________ ___, 20__. This election relates to the 20____ calendar taxable year.

    
	 	 
	 4.         	
      The Restricted Shares are subject to the following restrictions:

    

  
     The Restricted Shares are forfeitable until they are earned in accordance with Section 1 of the ExamWorks Group Inc. Amended and Restated Stock Incentive Plan (“Plan”) the Restricted Share Award Agreement (“Award Agreement”) made under the ExamWorks Group, Inc. Amended and Restated Stock Incentive Plan. The Restricted Shares generally are not transferable until my interest becomes vested and nonforfeitable, pursuant to the Award Agreement and the Plan.

  

	5. 	Fair market value:

  
    The fair market value at the time of transfer (determined without regard to any restrictions other than restrictions which by their terms never will lapse) of the Restricted Shares with respect to which I am making this election is $_____ per share.

  

	6. 	Amount paid for Restricted Shares:

  
     The amount I paid for the Restricted Shares is $____ per share.

  

  

  

	7. 	Furnishing statement to employer:

  
    A copy of this statement has been furnished to my employer, ExamWorks Group, Inc. If the transferor of the Restricted Shares is not my employer, that entity also has been furnished with a copy of this statement.

  

	8. 	Award Agreement or Plan not affected:

  
    Nothing contained herein shall be held to change any of the terms or conditions of the Award Agreement or the Plan.

  

 Dated: ____________ __, 200_.

		
	 	__________________________________
	 	 Taxpayer

  

 EXHIBIT C 

EXAMWORKS GROUP, INC.

AMENDED AND RESTATED STOCK INCENTIVE PLAN

_________________________________ 

  

  Designation of Death Beneficiary

_________________________________

      In connection with the Awards designated below that I have received pursuant to the ExamWorks Group, Inc. Amended and Restated Stock Incentive Plan, I hereby designate the person specified below as the beneficiary upon my death of my interest in such Awards. This designation shall remain in effect until revoked in writing by me.

			
	 	 Name of Beneficiary:	___________________________________________
	 	 Address:	___________________________________________
	 	 	___________________________________________
	 	 	___________________________________________
	 	 Social Security No.:	___________________________________________

      This beneficiary designation relates to any and all of my rights under the following Award or Awards:

			
		o 	any Award that I have received or ever receive under the Plan. 
	 	  	 
		o  	 the ______________ Award that I received pursuant to an award agreement dated ____________ __, ___ between myself and the Company.

      I understand that this designation operates to entitle the above named beneficiary, in the event of my death, to any and all of my rights under the Award(s) designated above from the date this form is delivered to the Company until such date as this designation is revoked in writing by me, including by delivery to the Company of a written designation of beneficiary executed by me on a later date.

			
	 	 Date:	__________________________________  
	 	 	 
	 	 By:	__________________________________ 
	 	  	 Name of Participant

	
	 Sworn to before me this
	 ____day of ____________, 20__
	__________________________
	 Notary Public
	 County of __________________
	 State of__________________

  

 EXHIBIT D

EXAMWORKS GROUP, INC.

AMENDED AND RESTATED STOCK INCENTIVE PLAN 

  _________________________________ 

  

  Long-Term Consideration and

Company Recovery for Breach

  _________________________________ 

  

      By signing and accepting your Award Agreement, you recognize and agree that the Company’s key consideration in granting this Award is securing your long-term commitment to serve as its _________[include job title or description] who will advance and promote the Company’s business interests and objectives. Accordingly, you agree that this Award shall be subject to the terms and conditions set forth in Section 14 of the Plan (relating to the termination, rescission, and recapture if you violate certain commitments made therein to the Company), as well as to the following terms and conditions as material and indivisible consideration for this Award:

      (a) Fiduciary Duty. During your employment with the Company you shall devote your full energies, abilities, attention and business time to the performance of your job responsibilities and shall not engage in any activity which conflicts or interferes with, or in any way compromises, your performance of such responsibilities.

      (b)
Confidential Information. You recognize that by virtue of your employment
with the Company, you will be granted otherwise prohibited access to
confidential information and proprietary data which are not known, and not
readily accessible to the Company’s competitors. This information (the
“Confidential Information”) includes, but is not limited to, current
and prospective customers; the identity of key contacts at such customers;
customers’ particularized preferences and needs; marketing strategies and
plans; financial data; personnel data; compensation data; proprietary procedures
and processes; and other unique and specialized practices, programs and plans of
the Company and its customers and prospective customers. You recognize that this
Confidential Information constitutes a valuable property of the Company,
developed over a significant period of time and at substantial expense.
Accordingly, you agree that you shall not, at any time during or after your
employment with the Company, divulge such Confidential Information or make use
of it for your own purposes or the purposes of any person or entity other than
the Company.

      (c)
Non-Solicitation of Customers. You recognize that by virtue of your
employment with the Company you will be introduced to and involved in the
solicitation and servicing of existing customers of the Company and new
customers obtained by the Company during your employment. You understand and
agree that all efforts expended in soliciting and servicing such customers shall
be for the permanent benefit of the Company. You further agree that during your
employment with the Company you will not engage in any conduct which could in
any way jeopardize or disturb any of the Company’s customer relationships.
You also recognize the Company’s legitimate interest in protecting, for a
reasonable period of time after your employment with the Company, the
Company’s customers. Accordingly, you agree that, for a period beginning on
the date hereof and ending one (1) year after termination of your employment
with the Company, regardless of the reason for such termination, you shall not,
directly or indirectly, without the prior written consent of the Chairman of the
Company, market, offer, sell or otherwise furnish

  

 any products or services similar to, or otherwise competitive with, those offered by the Company to any customer of the Company.

      (d) Non-Solicitation of Employees. You recognize the substantial expenditure of time and effort which the Company devotes to the recruitment, hiring, orientation, training and retention of its employees. Accordingly, you agree that, for a period beginning on the date hereof and ending two (2) years after termination of your employment with the Company, regardless of the reason for such termination, you shall not, directly or indirectly, for yourself or on behalf of any other person or entity, solicit, offer employment to, hire or otherwise retain the services of any employee of the Company.

      (e) [Non-Competition.]

      (f) Survival of Commitments; Potential Recapture of Award and Proceeds. You acknowledge and agree that the terms and conditions of this Section regarding confidentiality and non-solicitation and non-competition shall survive both (i) the termination of your employment with the Company for any reason, and (ii) the termination of the Plan, for any reason. You acknowledge and agree that the grant of Restricted Shares in this Award Agreement is just and adequate consideration for the survival of the restrictions set forth herein, and that the Company may pursue any or all of the following remedies if you either violate the terms of this Section or succeed for any reason in invalidating any part of it (it being understood that the invalidity of any term hereof would result in a failure of consideration for the Award):

	 	 (i)            	
      declaration that the Award is null and void and of no further force or effect;

    
	 	 	 
	 	 (ii)       	
      recapture of any cash paid or Shares issued to you, or any designee or beneficiary of you, pursuant to the Award;

    
	 	 	 
	 	 (iii)              	
      recapture of the proceeds, plus reasonable interest, with respect to any Shares that are both issued pursuant to this Award and sold or otherwise disposed of by you, or any designee or beneficiary of you.

    

 The remedies provided above are not intended to be exclusive, and the Company may seek such other remedies as are provided by law, including equitable relief.

      (g) Acknowledgement. You acknowledge and agree that your adherence to the foregoing requirements will not prevent you from engaging in your chosen occupation and earning a satisfactory livelihood following the termination of your employment with the Company.Exhibit 10.3.1

EXAMWORKS, INC.

STOCKHOLDERS’ AGREEMENT

      THIS STOCKHOLDERS’ AGREEMENT (this “Agreement”) is made and entered into as of this 14th day of July, 2008, by and among ExamWorks Holdings, LLLP, a Georgia limited liability limited partnership (“Holdings”), the individuals whose names appear on the signature pages hereto (together with Holdings, the “Stockholders”) and ExamWorks, Inc., a Delaware corporation (the “Company”).

RECITALS:

      A. The Stockholders currently own the number of shares of the Company’s presently issued and outstanding shares of common stock (the “Stock”) as set forth on Schedule I; and

      B. The Company and the Stockholders deem it in their best interests and in the best interests of the Company to provide for certain voting requirements and other agreements with respect to the relationship among the Stockholders, and among the Stockholders and the Company, and to impose certain restrictions upon the transfer of shares of the Stock now owned or subsequently acquired by them or any other person, and upon the issuance by the Company of new shares of Stock.

      NOW, THEREFORE, in consideration of the mutual agreements and covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, it is mutually agreed and covenanted by and among the parties to this Agreement as follows:

      1. Stockholder Voting.

           (a) The provisions of this Section 1 are intended to govern the manner in which the Stockholders vote their shares of Stock with respect to the election of directors of the Company, as permitted by the applicable provisions of the Delaware General Corporation Law (the “DGCL”). The Stockholders intend that the provisions of this Section 1 be construed as a stockholder agreement and governed by Section 218(c) of the DGCL, or any successor provision of the DGCL thereto.

           (b) Without limiting the generality of Section 1(a), for a duration of ten (10) years from the date hereof, at each annual meeting of Stockholders, and at each special meeting of the Stockholders called for the purpose of electing directors of the Company, and at any time at which Stockholders have the right to, or shall, vote for or consent in writing to the election of the directors of the Company (including replacement and/or substitute directors), each Stockholder shall, in each such case, vote (or consent in writing, as the case may be), with respect to all shares of Stock owned by them, in favor of any and all director nominees designated by Holdings.

           (c) Except as specifically provided in this Agreement, the existence of this Agreement shall not affect a Stockholder’s right to vote his shares of Stock or receive any dividends thereon.

1

          (d) By executing
this Agreement, each Stockholder, in furtherance of the transactions
contemplated hereby, and to secure the performance by such Stockholder of his,
her or its duties under this Agreement, hereby irrevocably appoints either
Richard Perlman or James K. Price, or both, as the attorney, agent and proxy for
the undersigned and in the name, place and stead of the undersigned, in respect
of any of the matters set forth in this Section 1, to vote or, if
applicable, to give written consent, in accordance with the provisions of this
Section 1 and otherwise act (consistent with the terms of this
Agreement) with respect to all shares of the Stock held by such Stockholder
which such Stockholder is or may be entitled to vote at any meeting of the
Company held after the date hereof, whether annual or special and whether or not
an adjourned meeting, or, if applicable, to give written consent with respect
thereto. This proxy is coupled with an interest, shall be irrevocable and
binding on any successor in interest of each Stockholder and shall not be
terminated by operation of law upon the occurrence of any event, including the
death or incapacity of any Stockholder. The proxy set forth in this
Section 1(d) shall operate to revoke any prior proxy as to the
shares of Stock heretofore granted by any Stockholder and shall terminate on the
tenth (10th) year anniversary of the date hereof. This proxy has been executed
in accordance with Section 212 of the DGCL.

      2. General Restrictions on Transfer.

          (a) Except as
specifically provided in this Agreement, and except for transfers to a Permitted
Transferee as provided in Section 2(c), no Stockholder
shall sell or transfer in any manner shares of such Stockholder’s Stock by
sale or other disposition, or give or in any way create in any person or entity
any option, warrant or other right to acquire all or any portion of such
Stockholder’s Stock, or bequeath shares of Stock by will or the laws of
descent and distribution, and no such sale, transfer, bequest, gift or other
disposition of shares by a Stockholder shall be effective to vest any right,
title or ownership in any transferee, personal representative, executor, heir,
legatee, devisee or any person or entity which takes such shares by operation of
law or otherwise, unless (i) such transferee agrees in writing at the time of
such transfer, in a form satisfactory to the Company, to be bound by the terms
of this Agreement and (ii) such transfer is otherwise in compliance with the
requirements of this Agreement.

           (b) Except as specifically provided in this Agreement, and except for transfers to a Permitted Transferee as provided in Section 2(c), no Stockholder shall pledge, assign, hypothecate or otherwise encumber in any manner whatsoever any shares of the Stockholder’s Stock, nor shall any Stockholder transfer any shares of such Stock by exchange, gift or pursuant to any pledge, assignment, hypothecation or encumbrance.

          (c) Notwithstanding
the restrictions on sales, transfers, bequests, gifts, other dispositions,
pledges, assignments, hypothecation or encumbrances of shares of Stock set forth
in this Agreement, each Stockholder shall have the right to sell, give or
otherwise transfer his or her shares of Stock to Permitted Transferees. For
purposes of this Section 2(c), the term “Permitted
Transferee” shall mean with respect to a Stockholder, his or her spouse
and children or a trust, limited liability company, limited liability
partnership or other entity the beneficiaries of which shall include only the
Stockholder and his or her spouse, children and other descendants. As a
condition precedent to the transfer of any shares of Stock to a Permitted
Transferee, the Permitted Transferee shall be required to become a party to this
Agreement by executing and delivering a transfer amendment substantially in the
form set forth in Exhibit A hereto (the

2

 “Transfer Amendment”). Stockholder approval of the transfer to the Permitted Transferee and of the Transfer Amendment is not required. Upon the execution of a Transfer Amendment by the Permitted Transferee, the Company shall update Schedule I accordingly and provide a copy thereof to each Stockholder.

           (d) The Stockholders agree that all shares of the capital Stock of the Company now held by the Stockholders and all shares of the capital Stock of the Company to be issued to any Stockholder hereafter shall be subject to this Agreement. All shares of the capital Stock of the Company now held or hereafter issued to the Stockholders shall have endorsed thereon the appropriate legends contained in Section 8(b) below.

           (e) In the event any purported or attempted transfer of shares of Stock does not comply with the provisions of this Agreement, such purported transfer shall be deemed to be invalid, and such purported transferee shall not be deemed to be a Stockholder of the Company and shall not be entitled to receive a new stock certificate or any dividends or other distributions on or with respect to such shares of Stock.

      3. Right of First Refusal.

           (a) Whenever any Stockholder (a “Selling Stockholder”) receives a bona fide written offer (a “Purchase Offer”) from a prospective purchaser not related to or affiliated with the Selling Stockholder (a “Prospective Purchaser”) for the purchase of all or any portion of shares of the Stock owned by such Stockholder (“Offered Stock”), which Purchase Offer such Selling Stockholder desires to accept, the Company and the other Stockholders (the “Non-Selling Stockholders”) shall have the right to purchase all or any portion of the Offered Stock at a price not to exceed the price at which such Selling Stockholder has offered to sell the Offered Stock to the Prospective Purchaser, and on the same terms and conditions offered to the Prospective Purchaser (the “Right of First Refusal”).

          (b) If a Selling Stockholder decides to accept a Purchase Offer, the Selling Stockholder shall give to the Company and to the Non-Selling Stockholders written notice of its intention to sell the Offered Stock (the “Company Notice”), accompanied by (i) a copy of the Purchase Offer, including the name and address of the Prospective Purchaser, and (ii) a written offer from the Selling Stockholder to sell such Offered Stock to the Company. The Company shall then have a period of thirty (30) days from the date of such Company Notice (the “Company Notice Period”) within which to deliver to the Selling Stockholder written notice of its intent to exercise its Right of First Refusal (the “Company Exercise Notice”).

          (c) In the event the Company notifies the Selling Stockholder of its intent to purchase less than all of the shares of the Offered Stock or fails to deliver to the Selling Stockholder the Company Exercise Notice prior to the expiration of the Company Notice Period, the Non-Selling Stockholders shall, collectively, be deemed to have the Right of First Refusal with respect to all or any portion of the unpurchased Offer Stock (the “Remaining Offered Stock”). Within ten (10) days from the expiration of the Company Notice Period, the Selling Stockholder shall give to each Non-Selling Stockholder written notice (the “Non-Selling Stockholder Notice”), which notice shall include the aggregate number of shares of the Remaining Offered Stock. Each Non-Selling Stockholder shall then have a period of fifteen (15)

3

 days from the date of the Non-Selling Stockholder Notice (the “Non-Selling Stockholder Notice Period”) within which to deliver to the Selling Stockholder written notice of its intent to exercise its Right of First Refusal with respect to all or any portion of the Remaining Offered Stock (the “Non-Selling Stockholder Exercise Notice”). Each Non-Selling Stockholder shall be entitled to purchase up to the number of shares of the Remaining Offered Stock in the same proportion that (i) the total number of shares of Stock owned by such Non-Selling Stockholder at the time of the Purchase Offer, bears to (ii) the total number of shares of Stock collectively owned by all Non-Selling Stockholders at the time of the Purchase Offer (the “Proportion”).

          (d) In the event
that there are shares of Remaining Offered Stock and any Non-Selling Stockholder
notifies the Selling Stockholder of its intent to purchase less than all of its
Proportion or fails to deliver the Non-Selling Stockholder Notice prior to the
expiration of the Notice Period, the Selling Stockholder shall, within five (5)
days from the expiration of the Notice Period, give to each of the other
Non-Selling Stockholders who have elected to purchase all of their respective
Proportions written notice (the “Unpurchased Stock Notice”),
which notice shall include the aggregate number of shares of Stock so declined
by each Non-Selling Stockholder out of its respective Proportion. Each
Non-Selling Stockholder who has elected to purchase all of its Proportion shall
then have a period of seven (7) days from the date of the Unpurchased Stock
Notice within which to deliver to the Selling Stockholder written notice of its
intent to purchase the aggregate number of shares of Stock so declined by each
Non-Selling Stockholder, in the same proportion that (i) the total number of
shares of Stock owned by such Non-Selling Stockholder at the time of the
Purchase Offer, bears to (ii) the total number of shares of Stock collectively
owned by all of the Non-Selling Stockholders at the time of the Purchase Offer
who have elected to purchase all of their respective Proportions of the
Remaining Offered Stock.

           (e) All purchases by the Company and any Non-Selling Stockholder under this Section 3 shall be consummated within seventy-five (75) days from the expiration of the Company Notice Period.

           (f) Any offer required to be made by a Selling Stockholder under this Agreement shall be in writing, signed by the Selling Stockholder, and shall be delivered to each party hereto in accordance with Section 11(b). Any acceptance by the Company or any Non-Selling Stockholder, as the case may be, of an offer made hereunder shall be in writing, signed by the Company or the Non-Selling Stockholder, as the case may be, and shall be delivered to each party hereto in accordance with Section 11(b).

          (g) In the event the
Company and the Non-Selling Stockholders shall collectively fail to accept for
purchase all of the Offered Stock of a Selling Stockholder, or if they fail to
exercise their Right of First Refusal within the time periods prescribed herein
or consummate the purchase of all shares of the Offered Stock within
seventy-five (75) days from the expiration of the Company Notice Period, the
Selling Stockholder shall be free, for a period of forty-five (45) days from the
date of such failure to exercise or consummate such purchase, to transfer the
remaining shares of the Offered Stock to the Prospective Purchaser for the same
price and on the same terms and conditions as set forth in the Purchase Offer
Notice, subject only to any additional restriction on such transfer that may be
imposed by this Agreement, by any other agreement between the parties hereto, by
statute, law, ordinance, rule or regulation, or by

4

 the Articles of Incorporation or Bylaws of the Company; provided, that the Selling Stockholder shall be permitted to transfer such remaining shares of the Offered Stock to the Prospective Purchaser at a lower price or upon more favorable terms than the price and terms contained in the Purchase Offer Notice only if the Selling Stockholder first re-offers the Offered Stock to the Company and the Non-Selling Stockholders, successively, at such lower price and/or upon such more favorable terms in the manner provided in this Section 3. If the Selling Stockholder shall not transfer his Stock to the Potential Purchaser within such forty-five (45) day period, his right to transfer his Stock pursuant to this Section 3 shall cease, subject to his right to re-commence the same process at any time in the future if he desires to sell capital Stock pursuant to this Section 3.

           (h) As a condition precedent to the transfer of any shares of Stock to a Prospective Purchaser, the Prospective Purchaser shall be required to become a party to this Agreement by executing and delivering a Transfer Amendment. Stockholder approval of the transfer to the Prospective Purchaser and of the Transfer Amendment is not required. Upon the execution of a Transfer Amendment by a new Stockholder, the Company shall update Schedule I accordingly and provide a copy thereof to each Stockholder.

      4. Buy-Sell Provisions.

         (a) Come-Along
Rights. In the event that Holdings receives an offer to purchase shares of
Stock held by Holdings, and the offeror, as a condition to such purchase,
requires or commits to purchase, or to cause the Company to redeem, all (but not
less than all) of the other shares of Stock on the same per share price and
terms as the offer for the shares of Stock held by Holdings, each other
Stockholder (and any Permitted Transferee of the shares of Stock) shall be
obligated, at the election of Holdings, to sell to the offeror or to the
Company, as the case may be, that number of shares of Stock equal to the sum of
(x) the number of shares actually held by such other Stockholder multiplied
by (y) a fraction, the numerator of which is the number of shares of Stock
proposed to be transferred by Holdings, and the denominator of which is the
total number of shares of Stock held by Holdings, at the same per share price
and on the same terms and conditions offered to Holdings for the shares of Stock
held by Holdings. Within ten (10) days after the date of the written notice of
Holdings’ election made pursuant to this Section 4(a), the
other Stockholders (and any Permitted Transferee of the shares of Stock) shall
deliver the certificate(s) representing shares of Stock to Holdings endorsed in
blank. Notwithstanding the forgoing, the other Stockholders and any Permitted
Transferee of the shares of Stock (collectively, the “Seller”)
will not be required to comply with this Section 4(a) in
connection with any specific transaction (the “Proposed Sale”)
unless:

                (i) any representations and warranties to be made by the Seller (as distinguished from the Company) in connection with the Proposed Sale are limited to representations and warranties related to authority, ownership of the Stock held by the Seller and the ability to convey title to the Stock, including but not limited to representations and warranties that (a) the Seller holds all right, title and interest in and to the Company’s securities such Seller purports to hold, free and clear of all liens and encumbrances, and (b) the documents to be entered into by the Seller have been duly executed by the Seller and delivered to the acquirer and are enforceable against the Seller in accordance with their respective terms;

5

                (ii) the Seller shall not be liable for the inaccuracy of any representation or warranty made by any individual or entity (a “Person”) other than the Seller and the Company in connection with the Proposed Sale;

                (iii) the liability for indemnification, if any, of each Seller in the Proposed Sale and for the inaccuracy of any representations and warranties made by the Company in connection with such Proposed Sale, is several and not joint with any other Person, and is not greater than pro rata in accordance with such Seller’s relative stock ownership of the Company;

                (iv) the liability for indemnification, if any, of each Seller in the Proposed Sale shall be limited to the amount of consideration actually paid to such Seller in connection with such Proposed Sale, except with respect to (a) the representations and warranties of such Seller, (b) any covenants made by such Seller with respect to confidentiality or voting related to the Proposed Sale or (c) claims related to fraud or willful breach by such Seller, the liability for each of which need not be limited.

          (b) Co-Sale
Rights. In the event Holdings proposes to sell any shares of the Stock held
by Holdings to any person (except to the Company by way of redemption,
repurchase or the like), the other Stockholders shall then have a right of
co-sale (the “Right of Co-Sale”) with respect to any shares of
Stock proposed to be sold. Before any proposed transfer, Holdings shall give the
other Stockholders ten (10) days written notice (the “Co-Sale
Notice”) which sets forth the terms of the proposed sale of the shares
of Stock held by Holdings. Each other Stockholder shall have the right at any
time within ten (10) days from the date of the Co-Sale Notice within which to
deliver to Holdings and to the Company notice of its election (the
“Election Notice”) to exercise the Right of Co-Sale and to sell
to the proposed transferee named in the Co-Sale Notice (at the price per share
set forth in the Co-Sale Notice) the aggregate number of shares of Stock
proposed to be sold to such purchaser multiplied by a fraction, the numerator of
which is the number of shares actually held by such other Stockholder and the
denominator of which equals the total number of shares of Stock held by all of
the Stockholders of the Company. After the delivery of the Election Notice, the
Stockholders shall have the right to sell their respective portion of the shares
of Stock to the proposed transferee, and Holdings shall have the right to sell
its portion of shares of Stock remaining after the exercise, if any, by the
other Stockholders of their Right of Co-Sale, on the same terms and conditions
otherwise described in the Co-Sale Notice. Any Stockholder who exercises his,
her or its Right of Co-Sale under this Section 4(b) shall be bound
by the same terms and conditions as are both agreed to by Holdings in the
applicable sale agreement (including any indemnity and escrow provisions
thereof) and consistent with the Co-Sale Notice; provided,
however, in no event shall any such Stockholder be required to represent
to the prospective transferee to more than such Stockholder’s valid title
to (and absence of any encumbrances or liens upon) the Stock and such
Stockholder’s authority to enter into such sale agreement and related
documents, as well as the validity, binding nature and enforceability of such
agreements against such Stockholder. Such sale shall be consummated not later
than sixty (60) days following the Election Notice. Any proposed transfer on
terms and conditions differing materially from those described in the Election
Notice, shall again be subject to the Right of Co-Sale and shall require
compliance by Holdings with the procedures described in this Section
4.

6

          5. Specific
Performance. The parties hereby declare that it is impossible to measure
in monetary terms the damages which will accrue to a party hereto or to the
personal representative of a deceased Stockholder by reason of a breach of any
of the obligations under this Agreement. Therefore, in the event of a breach of
any of the obligations under this Agreement, any non-breaching party hereto may
maintain an action for specific performance against the other party or parties
hereto who are alleged to have breached any of the terms, conditions,
representations, warranties or agreements herein contained, and it is hereby
further agreed that no objection to the form of action in any proceeding for
specific performance of this Agreement shall be raised by any party hereto so
that such specific performance of this Agreement may not be obtained by the
aggrieved party. Notwithstanding anything contained herein to the contrary, this
Section 5 shall not be construed to limit in any manner whatsoever
any other rights and remedies an aggrieved party may have by virtue of any
breach of this Agreement.

           6. Termination. Notwithstanding any provision hereof to the contrary, this Agreement shall terminate, and all rights and obligations hereunder shall cease, upon the occurrence of any of the following events:

           (a) The voluntary written agreement of all of the parties hereto;

           (b) The adjudication of bankruptcy, receivership, or dissolution of the Company, or the execution by the Company of an assignment of fifty percent (50%) or more of the Company’s assets for the benefit of creditors or the appointment of a receiver for the Company;

           (c) The voluntary or involuntary dissolution of the Company;

           (d) Immediately prior to the consummation of an initial public offering of the Company’s equity securities pursuant to the applicable provisions of the Securities Act of 1933, as amended (the “Act”);

           (e) There being only one (1) equitable owner of all of the issued and outstanding shares of the Stock; or

           (f) A merger, consolidation or share exchange whereby the Company is not the surviving or successor corporation, as the case may be.

      7. Form of Payment; Transfer of Ownership; Issuance of New Certificates.

           (a) Form of Payment. All purchases of shares of Stock hereunder shall be fully paid by check or wire transfer of immediately available funds, unless the Selling Stockholder, in its sole discretion, agrees to accept a promissory note for the payment of any or all of the purchase price, such note having such reasonable terms as the Selling Stockholder, in its sole discretion, may desire. All payment shall be made on the date of closing. Any note given under this Section 7 shall be secured by all of the shares of Stock for which the note was given.

7

           (b) Transfer of Ownership; Issuance of New Certificates. The shares of Stock purchased from any Selling Stockholder shall be deemed immediately transferred and fully vested in any purchasing Stockholder(s) and/or the Company, as appropriate. Shares of Stock transferred to an individual or entity other than a Stockholder, shall be deemed transferred and fully vested only upon compliance of such purchaser with all requirements of this Agreement including but not limited to those requirements set forth in Section 3(h). The Selling Stockholder agrees to take all actions and execute all documents necessary to effect the transfer of the shares of Stock to the purchaser(s). The Company shall cause such transfer to be recorded in the books and stock records of the Company, shall issue and deliver all certificates necessary to reflect the transfer and shall update Schedule I
accordingly and provide a copy thereof to each Stockholder.

      8. Securities Laws; Endorsements of Stock Certificates.

          (a) Investor
Representations. Each Stockholder represents and warrants that it did not
acquire its shares of Stock with any present intention of distributing or
selling such shares in violation of federal, state or other securities laws.
Each Stockholder agrees and acknowledges that the shares of Stock owned by it
have not been registered under the Act or under any state securities law, that
the Company has not agreed to register any of its securities for distribution in
accordance with the provisions of the Act or applicable state securities law or
to take any actions respecting the obtaining of an exemption from registration
for such securities or any transaction with respect thereto, that the shares of
the Stock owned by it may not be sold, transferred or otherwise disposed of
without registration under the Act or an exemption therefrom, and that in the
absence of an effective registration statement covering the Stock or an
available exemption from registration under the Act, the Stockholder shall hold
such shares indefinitely.

           (b) Legends.

	               	 (i)           	
      Securities Laws Legend. All certificates representing shares of Stock subject to his Agreement shall bear a conspicuous legend as follows:

    
	 	 	 
	 	 	THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE FEDERAL AND STATE SECURITIES LAWS AND ARE BEING OFFERED AND SOLD IN RELIANCE UPON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE FEDERAL AND STATE SECURITIES LAWS. THESE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE OFFERED, SOLD, ASSIGNED, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED, EXCEPT IN A TRANSACTION WHICH IS REGISTERED UNDER, EXEMPT FROM, OR OTHERWISE IN COMPLIANCE WITH THE FEDERAL AND STATE SECURITIES LAWS, AS TO WHICH THE ISSUER HAS RECEIVED SUCH ASSURANCES AS THE ISSUER MAY

8

	               	 	REQUEST, WHICH MAY INCLUDE, A SATISFACTORY OPINION OF ITS COUNSEL
	 	 	 
	 	 (ii)       	
      Agreement Legend. Upon the execution of this Agreement, the certificates representing shares of Stock subject to this Agreement shall, in addition to securities legends otherwise required by the Act or applicable state securities laws, bear a conspicuous legend as follows:

    
	 	 	 
	 	 	ANY SALE, ASSIGNMENT, TRANSFER, PLEDGE OR OTHER DISPOSITION OF THE SHARES OF STOCK REPRESENTED BY THIS CERTIFICATE IS RESTRICTED BY, AND SUBJECT TO, THE TERMS AND PROVISIONS OF A STOCKHOLDERS’ AGREEMENT BETWEEN THE COMPANY AND THE STOCKHOLDERS SET FORTH THEREIN DATED JULY 14, 2008, AS SUCH AGREEMENT MAY BE AMENDED FROM TIME TO TIME. A COPY OF SAID AGREEMENT IS ON FILE WITH THE SECRETARY OF THE COMPANY AT THE PRINCIPAL OFFICE OF THE COMPANY. BY ACCEPTANCE OF THIS CERTIFICATE, THE HOLDER HEREOF AGREES TO BE BOUND BY THE TERMS OF SAID AGREEMENT.

                          The Company shall cause a copy of this Agreement to be filed with the secretary of the Company at its principal office address.

      9. After-Acquired Stock. Whenever any existing Stockholder acquires any additional shares of capital stock of the Company other than the shares of Stock owned at the time of the execution of this Agreement, such shares of capital stock so acquired shall be subject to all of the terms of this Agreement, and the certificates therefor shall be surrendered to the Company for legending in accordance with Section 8(b), unless already so legended. Upon such acquisition, the Company shall update Schedule I accordingly and provide a copy thereof to each Stockholder.

      10. Additional Actions and Documents. Each of the parties hereto agrees to take or cause to be taken such further actions, to execute and deliver or cause to be executed and delivered such further instruments, and to use his best efforts to obtain such requisite consents as any other party may from time to time reasonably request in order to effectuate fully the purposes, terms and conditions of this Agreement, including, but not limited to, the endorsement and delivery of all original share certificates of the Stock and blank stock powers necessary to transfer the Stock pursuant to this Agreement

      11. General and Miscellaneous Clauses.

           (a) Amendment. Except as otherwise provided in Section 6 above, neither this Agreement nor any terms hereof shall be changed, waived, discharged, altered, amended or terminated except with the written consent of the Company and Stockholders owning a majority

9

 of the issued and outstanding shares of Stock; provided, however, that neither this Agreement nor any terms hereof shall be changed, waived, discharged, altered, amended or terminated in a manner that is materially adverse to any Stockholder except with the written consent of such Stockholder.

           (b) Notices. All notices, offers, acceptances, exercises of options, waivers and other acts under this Agreement shall be in writing and shall be deemed to have been duly given when delivered in person or mailed by first class, certified mail, postage prepaid, or by cable, telex or telegram, and addressed to the Company, as follows:

  
     ExamWorks, Inc.

655 Madison Avenue, 23rd Floor

New York, New York 10021

Attn: Richard Perlman, Chairman

Facsimile: 646-358-1779

with a copy to:

Reinaldo Pascual, Esq.

Paul, Hastings, Janofsky & Walker LLP

600 Peachtree Street, N.E., 24th Floor

Atlanta, Georgia 30308

Facsimile: 404-685-5227

  

                         or to the Stockholders at the addresses set forth in the Company’s record book, or to such other addresses as any of the parties by written notice to the others, may from time to time designate. Except as otherwise provided in this Agreement, time shall be counted from the date of such delivery or mailing.

           (c) Dates. In the event any date upon which an action is required to be performed hereunder falls on a Saturday, Sunday or legal holiday, the day upon which an event shall occur shall be the next succeeding day which is not a Saturday, Sunday or legal holiday.

           (d) Parties Bound. All of the covenants and agreements in this Agreement by or on behalf of any of the parties hereto shall bind and inure to the benefit of such parties and their respective heirs, guardians, personal and legal representatives, successors and assigns.

           (e) Severability. The invalidity, illegality or unenforceability of one or more provisions of this Agreement shall not affect or impair in any way the validity, legality or enforceability of the other provisions hereof, and the Agreement shall be construed in all respects as if such invalid, illegal or unenforceable provisions were omitted.

           (f) Governing Law. This Agreement shall be construed and regulated by the laws of the State of Delaware, without regard to the conflict of laws provisions of that state.

10

           (g) Entire Agreement. This Agreement contains the entire agreement of the parties hereto with respect to the subject matter hereof and supersedes all prior agreements with respect to the subject matter hereof. No representations, inducements, promises or agreements, oral or otherwise, between the parties not included herein shall be of any force or effect, and no such representations, inducements, promises or agreements have been made.

           (h) Headings. The descriptive headings of the several Sections and paragraphs of this Agreement are inserted for convenience only and do not constitute a part of this Agreement.

           (i) Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together constitute one and the same instrument, and shall become effective when each of the parties hereto shall have delivered this Agreement duly executed by it to the Company.

           (j) Litigation Fees and Expenses. In the event litigation shall be necessary to enforce, interpret or rescind the provisions of this Agreement or relating to matters set forth herein, the prevailing party shall be entitled to recover from the adverse party, in addition to such other relief, the prevailing party’s reasonable attorney’s fees for services before trial, on trial, and on any appeal therefrom, and all other litigation costs related thereto.

           (k) Benefit of Counsel. Each party hereto warrants, represents and acknowledges that it has had ample time and opportunity to review the form of this Agreement prior to its execution and delivery and that it has executed and delivered this Agreement following adequate opportunity for full discussion with his legal counsel.

(Signatures begin on following page)

11

      IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year first written above.

		
	 COMPANY:	  
	 	 
	 ExamWorks, Inc.	  
	 	 
	 /s/ Michael J. Bendit	  
	
      

    	 
	 Michael J. Bendit, Chief Financial Officer	  
	  
	 STOCKHOLDERS:	  
	 	 
	 ExamWorks Holdings, LLLP	 Steven G. Robbins
	 By: Compass Partners, L.L.C., its General Partner	  
	 	 
	 /s/ Richard E. Perlman	 /s/ Steven G. Robbins
	
      

    	
      

    
	 Richard E. Perlman, President	  
	  
	 Thomas P. Anderson and Lynn C. Anderson	 Fran and Paul Slansky
	 	 
	 /s/ Thomas P. Anderson	 /s/ Fran Slansky
	
      

    	
      

    
	 Thomas P. Anderson	 Fran Slanksy
	  
	 /s/ Lynn C. Anderson	 /s/ Paul Slansky
	
      

    	
      

    
	 Lynn C. Anderson	 Paul Slansky
	  
	 Edward M. Decter	  
	  
	 /s/ Edward M. Decter	  
	
      

    	 

 [SIGNATURE PAGE TO EXAMWORKS STOCKHOLDERS AGREEMENT]

 EXHIBIT A

TRANSFER AMENDMENT

to Stockholders Agreement

      This TRANSFER AMENDMENT is executed and entered into this ___ day of ___________, 20___ by the undersigned party (the “New Stockholder”) and shall be effective upon execution by ExamWorks, Inc., a Delaware corporation (the “Company”).

Recitals

      Pursuant to that certain Stockholders Agreement dated as of __, 2008, as amended from time to time (“Stockholders Agreement”), among the Company and its Stockholders parties thereto (“Stockholders”), the Company and its Stockholders have agreed to certain restrictions regarding the transfer and issuance of the shares of capital stock of the Company (“Stock”).

      The New Stockholder desires to purchase or otherwise have transferred to the New Stockholder ______ shares of Stock (“Shares”). As a precondition to such purchase or transfer as further described in the Stockholder Agreement, the New Stockholder must enter into and execute this Transfer Amendment. Once executed the New Stockholder shall become a party to the Stockholder Agreement, inure to all rights and benefits thereunder and become liable and responsible for all liabilities, covenants, representations, warranties and obligations thereunder.

      NOW THEREFORE, in consideration for the transfer or issuance of the Shares to the New Stockholder and for other sufficient and valuable consideration, the New Stockholder agrees as follows.

      1. Amendment of Stockholder Agreement. The Stockholder Agreement is hereby amended so that the term ”Stockholder” as used therein shall include, in addition to the presently existing Stockholders, the New Stockholder. With the exception of this amendment, the Stockholders Agreement shall continue in full force and effect.

      2. Addition of New Stockholder as a Stockholder under Stockholders Agreement. The New Stockholder agrees that it is hereby made a party to the Stockholders Agreement as a Stockholder (as defined in the Stockholders Agreement) as if the New Stockholder were an original party to the Stockholder Agreement. The New Stockholder is entitled to enforce all rights and benefits of a Stockholder under the Stockholders Agreement and shall be bound by all of the obligations of a Stockholder under the Stockholders Agreement. The New Stockholder hereby makes and joins in all representations and warranties of the Stockholders as set forth in the Stockholders Agreement.

A-1 

      IN WITNESS WHEREOF, the parties have caused this TRANSFER AMENDMENT to be duly executed and delivered as of the day and year first above written.

		
	 	 EXAMWORKS, INC.
	 	 
	 	_____________________________
	 	 Name:  ________________________
	 	 Title:   ________________________
	 	 
	 	 NEW STOCKHOLDER:
	 	 
	 	_____________________________
	 	 Name: ________________________

  

    A-2

 Schedule I 

Capitalization of ExamWorks, Inc.

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