Document:

Exhibit 10.4

THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER ANY APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM UNDER SUCH ACT AND UNDER ANY APPLICABLE STATE SECURITIES LAWS.

WARRANT TO PURCHASE

SHARES OF COMMON STOCK OF

EXAMWORKS, INC.

		
	May 7, 2010 (the “Issuance Date”)	No.: ____

     This Warrant (the “Warrant”) shall entitle _________ (the “Holder”), for value received, to purchase from ExamWorks, Inc., a Delaware corporation (the “Company”) at an exercise price of $34.10 per share, subject to adjustments as provided herein, (the “Exercise Price”), ________ fully paid and nonassessable shares of the Company’s common stock, $0.0001 par value per share (the “Common Stock”). This Warrant shall be exercisable at any time or from time to time up to and including 5:00 p.m. (Eastern time) on May 7, 2015 (the “Expiration Date”).

This Warrant is subject to the following terms and conditions.

     1. Exercise; Issuance of Certificates; Payment for Shares.

          a.
General. This Warrant is exercisable at the option of the Holder, at any
time or from time to time up to and including the Expiration Date for all or any
part of the shares of Common Stock (but not for a fraction of a share) which may
be purchased hereunder. This Warrant may be exercised by the Holder by
surrendering to the Company at its principal executive office at 3280 Peachtree
Road NE, Suite 2625, Atlanta, Georgia 30305 (or at such other location as the
Company may advise the Holder in writing), this Warrant properly endorsed with
the Exercise Form attached hereto as Exhibit A (the “Exercise
Form”) and the Letter Agreement attached hereto as Exhibit B
(the “Letter Agreement”), in each case, duly filled in and
signed, and upon compliance with Section 1(b) below. The Company agrees
that the shares of Common Stock purchased under this Warrant shall be and are
deemed to be issued to the Holder hereof as the record owner of such shares as
of the close of business on the date on which this Warrant shall have been
surrendered, properly endorsed, together with the completed, executed Exercise
Form and Letter Agreement, and payment made for such shares (unless the Holder
has elected to receive shares of Common Stock in accordance with Section 1(c).
Certificates for the shares of Common Stock so purchased, together with any
other securities or property to which the Holder hereof is entitled upon such
exercise, shall be delivered to the Holder hereof by the Company at the
Company’s expense within a reasonable time after the rights represented by
this Warrant have been so exercised. In case of a purchase of less than all the
shares of Common Stock which may be purchased under this Warrant, the Company
shall cancel this Warrant and execute and deliver a new Warrant or Warrants of
like tenor for the balance of the shares of Common Stock purchasable under the
Warrant surrendered to the Holder hereof within a reasonable time. Each stock
certificate so delivered shall be in such denominations of Common Stock as may
be required by the Holder hereof and shall be registered in the name of such
Holder. In addition, as a condition to exercising this Warrant and receiving
shares of Common Stock, the Holder shall enter into a Joinder (in the form
attached hereto as Exhibit C) and become subject to the restrictions and
limitations of that certain Stockholders’ Agreement dated as of July 14,
2008, by and among the Company and the stockholders party thereto, as amended
(the “Stockholders’ Agreement”), if such agreement is
still in effect.

          b. Payment of the Aggregate Exercise Price. In connection with the exercise of all or any part of this Warrant, the Holder shall (i) pay by a certified check or wire transfer of immediately available funds an amount equal to the applicable Exercise Price multiplied by the number of shares of Common Stock for which this Warrant is being exercised as set forth in the applicable Exercise Form (the “Aggregate Exercise Price”) or (ii) notify the Company that this Warrant is being exercised pursuant to a Cashless Exercise (as defined in Section 1(c)) below.

          c. Cashless Exercise. Notwithstanding anything contained herein to the contrary, the Holder may, in its sole discretion, exercise this Warrant in whole or in part and, in lieu of payment of the Aggregate Exercise Price, elect instead to receive upon such exercise the “Net Number” of shares of Common Stock determined according to the following formula (a “Cashless Exercise”):

Net Number = (A x B) - (A x C)

                           B

     For purposes of the foregoing formula:

	     	A=	the total number of shares of Common Stock with respect to which this Warrant is then being exercised.
			
		B=	the fair market value of one share of Common Stock.
			
		C=	the Exercise Price then in effect for the applicable shares of Common Stock purchased under this Warrant at the time of such exercise.

     For purposes of the
above calculation, the fair market value of one share of Common Stock shall be
determined by the Board of Directors of the Company (the “Board of
Directors”) in good faith; provided, however, that where there
exists a public market for the Common Stock at the time of such exercise, the
fair market value per share shall be the last reported sale price of the Common
Stock or the closing price quoted on any national exchange on which the Common
Stock is listed, or the average of the closing bid and asked prices of the
Common Stock quoted in the Over-The-Counter Market Summary, whichever is
applicable, for the ten (10) trading days prior to the date of determination of
fair market value. Notwithstanding the foregoing, in the event the Warrant is
exercised in connection with the Company’s initial public offering of
Common Stock, the fair market value of one share of Common Stock shall be the
per share offering price to the public of the Company’s Common Stock in
such initial public offering.

     2.
Shares to be Fully Paid; Reservation of Shares. The Company
covenants and agrees that all shares of Common Stock which may be issued upon
the exercise of the rights represented by this Warrant shall, upon issuance, be
duly authorized, validly issued, fully paid and nonassessable, free from all
preemptive rights of any shareholder and free of all taxes, liens and charges
with respect to the issue thereof. The Company further covenants and agrees that
during the period within which the rights represented by this Warrant may be
exercised, the Company shall at all times have authorized and reserved, for the
purpose of issue or transfer upon exercise of the subscription rights evidenced
by this Warrant, a sufficient number of shares of authorized but unissued Common
Stock when and as required to provide for the exercise in full of the rights
represented by this Warrant. The Company shall take all such action as may be
necessary to assure that such shares of Common Stock may be issued as provided
herein without violation of any applicable law or regulation.

     3. Antidilution Adjustments. The Exercise Price and the number of shares of Common Stock purchasable hereunder shall be subject to adjustment from time to time upon the occurrence of certain events described in this Section 3.

          a. Adjustment upon Issuance of shares of Common Stock. If and whenever the Company issues or sells, or in accordance with this Section 3 is deemed to have issued or sold, any shares of Common Stock (including the issuance or sale of shares of Common Stock owned or held by or for the account of the Company, but excluding shares of Common Stock issued or sold or deemed to have been issued or sold by the

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Company in connection with any Excluded
Securities, as defined below) without consideration or for a consideration per
share (the “Applicable Price”) less than the Exercise Price in
effect immediately prior to such issuance or sale or deemed issuance or sale
(the foregoing a “Dilutive Issuance”), then immediately after
such Dilutive Issuance, the Exercise Price in effect immediately prior to such
Dilutive Issuance shall be reduced to an amount equal to the quotient derived by
dividing (A) an amount equal to the sum of (X) the product of (a) the Exercise
Price on the date immediately prior to such Dilutive Issuance multiplied by (b)
the total number of shares of Common Stock outstanding immediately prior to such
Dilutive Issuance plus, (Y) the aggregate of the amount of all consideration, if
any, received by the Company upon such Dilutive Issuance by (B) the total number
of shares of Common Stock outstanding immediately after such Dilutive
Issuance.

     For purposes of
this Warrant, “Excluded Securities” shall mean: (i) shares of Common
Stock, Options (as defined below) or Convertible Securities (as defined below)
issued upon conversion of or as a dividend or distribution on the Company’s
Series A Preferred Stock, par value $0.0001 per share (the “Series A
Stock”); (ii) shares of Common Stock, Options or Convertible Securities
issued to officers, directors or employees of, or consultants, advisors or
agents to, the Company or any of its subsidiaries pursuant to stock agreements,
purchase plans, employee incentive programs, stock options or warrants approved
by the Board of Directors; provided, however, that the price or exercise or
conversion price for such securities, as applicable, shall not be less than fair
market value at the time of issuance, as determined in good faith by the Board
of Directors of the Company and such issuances shall not exceed the greater of
(a) the number of shares of Common Stock reserved for issuance under the
Company’s 2008 Stock Option Plan and (b) collectively with the issuances
under subclauses (vi), (vii) and (viii) of this paragraph in the aggregate, does
not exceed twenty percent (20%) of the then outstanding shares of Common Stock
(treating for this purpose as outstanding all shares of Common Stock issuable
upon exercise of Options outstanding immediately prior to such issue or upon
conversion or exchange of Convertible Securities (including the Series A Stock)
outstanding (assuming exercise of any outstanding Options therefor) immediately
prior to such issuance); (iii) shares of Common Stock or Convertible Securities
actually issued upon the exercise of Options or shares of Common Stock actually
issued upon the conversion or exchange of Convertible Securities, in each case
provided such issuance is pursuant to the terms of such Option or Convertible
Security; (iv) shares of Common Stock, Options or Convertible Securities issued
by reason of a dividend, stock split, split-up or other distribution of shares
of Common Stock that is covered by Sections 3(b), (c) or (d); (v) shares
of Common Stock, Options or Convertible Securities issued as all or part of the
consideration for the acquisition (whether by merger or otherwise) by the
Company of stock or assets of any other entity in a transaction approved by the
Board of Directors; (vi) shares of Common Stock, Options or Convertible
Securities issued to banks, equipment lessors or other financial institutions,
or to real property lessors, pursuant to a debt financing, equipment leasing or
real property leasing transaction approved by the Board of Directors; provided,
however, that such issuances, collectively with the issuances under subclauses
(ii), (vii) and (viii) of this paragraph in the aggregate, does not exceed
twenty percent (20%) of the then outstanding shares of Common Stock (treating
for this purpose as outstanding all shares of Common Stock issuable upon
exercise of Options outstanding immediately prior to such issue or upon
conversion or exchange of Convertible Securities (including the Series A Stock)
outstanding (assuming exercise of any outstanding Options therefor) immediately
prior to such issuance); (vii) shares of Common Stock, Options or Convertible
Securities issued to suppliers or third party service providers in connection
with the provision of goods or services pursuant to transactions approved by the
Board of Directors; provided, however, (x) that the price or exercise or
conversion price for such securities, as applicable, shall not be less than fair
market value at the time of issuance, as determined in good faith by the Board
of Directors of the Corporation and (y) such issuances, collectively with the
issuances under subclauses (ii), (vi) and (viii) of this paragraph in the
aggregate, does not exceed twenty percent (20%) of the then outstanding shares
of Common Stock (treating for this purpose as outstanding all shares of Common
Stock issuable upon exercise of Options outstanding immediately prior to such
issue or upon conversion or exchange of Convertible Securities (including the
Series A Stock) outstanding (assuming exercise of any outstanding Options
therefor) immediately prior to such issuance); (viii) shares of Common Stock,
Options or Convertible Securities issued pursuant to any transaction determined
by the Board of Directors to be strategic; provided, however, that (a) such
issuance is approved by the Board of Directors, (b) such issuance is not for the
principal purpose of raising equity capital and (c) such issuances, collectively
with the issuances under subclauses (ii), (vi) and (vii) of this paragraph in
the aggregate, does not exceed twenty percent (20%) of the then outstanding
shares of Common Stock (treating for this purpose as outstanding all shares of
Common Stock issuable upon exercise of Options outstanding immediately prior to
such issue or upon conversion or exchange of Convertible Securities (including
the Series A Stock) outstanding (assuming exercise of any

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outstanding Options therefor) immediately prior to such issuance); and (x) shares of Common Stock issuable upon exercise of Options or Convertible Securities granted as of the date hereof.

     Upon each such adjustment of the Exercise Price pursuant to Section 3(a), the number of shares of Common Stock underlying this Warrant shall be adjusted to the number of shares of Common Stock determined by multiplying the Exercise Price in effect immediately prior to such adjustment by the number of shares acquirable upon exercise of this Warrant immediately prior to such adjustment and dividing the product thereof by the Exercise Price resulting from such adjustment. In the event an adjustment is required under this Section 3(a), then solely for purposes of determining the adjusted Exercise Price under this Section 3(a), the following shall be applicable:

               (i)
Issuance of Options. If the Company grants any rights, warrants or
options to subscribe for or purchase shares of Common Stock or securities
convertible into or exercisable or exchangeable for Common Stock
(“Options”) and the lowest price per share for which one share
of Common Stock is issuable upon the exercise of any such Option or upon
conversion, exercise or exchange of any indebtedness, shares or other securities
directly or indirectly convertible into or exchangeable for Common Stock
(“Convertible Securities”) issuable upon exercise of any such
Option is less than the Exercise Price in effect immediately prior to such
issue, then such share of Common Stock shall be deemed to be outstanding and to
have been issued and sold by the Company at the time of the granting or sale of
such Option for such price per share. For purposes of this Section
3(a)(i), the “lowest price per share for which one share of Common
Stock is issuable upon exercise of such Options or upon conversion, exercise or
exchange of such Convertible Securities issuable upon exercise of any such
Option” shall be equal to the sum of the lowest amounts of consideration
(if any) received or receivable by the Company with respect to any one share of
Common Stock upon the granting or sale of the Option, upon exercise of the
Option and upon conversion, exercise or exchange of any Convertible Security
issuable upon exercise of such Option. No further adjustment of the Exercise
Price or number of shares underlying this Warrant shall be made upon the actual
issuance of such shares of Common Stock or of such Convertible Securities upon
the exercise of such Options or upon the actual issuance of such shares of
Common Stock upon conversion, exercise or exchange of such Convertible
Securities.

               (ii)
Issuance of Convertible Securities. If the Company in any manner issues
or sells any Convertible Securities and the lowest price per share for which one
share of Common Stock is issuable upon the conversion, exercise or exchange
thereof is less than the Exercise Price in effect immediately prior to such
issue, then such share of Common Stock shall be deemed to be outstanding and to
have been issued and sold by the Company at the time of the issuance or sale of
such Convertible Securities for such price per share. For the purposes of this
Section 3(a)(ii), the “lowest price per share for which one share of
Common Stock is issuable upon the conversion, exercise or exchange thereof”
shall be equal to the sum of the lowest amounts of consideration (if any)
received or receivable by the Company with respect to one share of Common Stock
upon the issuance or sale of the Convertible Security and upon conversion,
exercise or exchange of such Convertible Security. No further adjustment of the
Exercise Price or number of shares underlying this Warrant shall be made upon
the actual issuance of such shares of Common Stock upon conversion, exercise or
exchange of such Convertible Securities, and if any such issue or sale of such
Convertible Securities is made upon exercise of any Options for which adjustment
of this Warrant has been or is to be made pursuant to other provisions of this
Section 3, no further adjustment of the Exercise Price or number of
shares underlying this Warrant shall be made by reason of such issue or
sale.

               (iii)
Change in Option Price or Rate of Conversion. If the purchase price
provided for in any Options, the additional consideration, if any, payable upon
the issue, conversion, exercise or exchange of any Convertible Securities, or
the rate at which any Convertible Securities are convertible into or exercisable
or exchangeable for shares of Common Stock increases or decreases at any time,
the Exercise Price and the number of shares underlying this Warrant in effect at
the time of such increase or decrease shall be adjusted to the Exercise Price
and the number of shares underlying this Warrant which would have been in effect
at such time had such Options or Convertible Securities provided for such
increased or decreased purchase price, additional consideration or increased or
decreased conversion rate, as the case may be, at the time initially granted,
issued or sold. For purposes of this Section 3(a)(iii), if the terms of
any Option or Convertible Security that was outstanding as of the date of
issuance of this Warrant are increased or decreased in the manner described in
the immediately preceding sentence, then such Option or Convertible Security and
the shares of Common Stock deemed issuable upon exercise, conversion or exchange
thereof shall be deemed to have been issued as of the date of such increase
or

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decrease. No adjustment pursuant to this Section 3(a) shall be made if such adjustment would result in an increase of the Exercise Price then in effect or a decrease in the number of shares underlying this Warrant.

               (iv)
Calculation of Consideration Received. In case any Option is issued in
connection with the issue or sale of other securities of the Company, together
comprising one integrated transaction in which no specific consideration is
allocated to such Options by the parties thereto, the Options will be deemed to
have been issued for a consideration of $0.0001 per share. If any shares of
Common Stock, Options or Convertible Securities are issued or sold or deemed to
have been issued or sold for cash, the consideration received therefor will be
deemed to be the gross amount received by the Company therefor. If any shares of
Common Stock, Options or Convertible Securities are issued or sold for a
consideration other than cash, the amount of such consideration received by the
Company will be the fair value of such consideration, except where such
consideration consists of securities, in which case the amount of consideration
received by the Company will be the fair market value of such security on the
date of receipt. If any shares of Common Stock, Options or Convertible
Securities are issued to the owners of the non-surviving entity in connection
with any merger in which the Company is the surviving entity, the amount of
consideration therefor will be deemed to be the fair value of such portion of
the net assets and business of the non-surviving entity as is attributable to
such shares of Common Stock, Options or Convertible Securities, as the case may
be. The fair value of any consideration other than cash or securities will be
determined by the Board of Directors in good faith.

               (v) Expiration, Termination of Options or Convertible Securities. If any Options or Convertible Securities referred to in this Section 3(a) expire or terminate without exercise or conversion, as the case may be, then the Exercise Price of the remaining outstanding shares issuable under this Warrant shall be readjusted as if such Options or Convertible Securities, as the case may be, had never been issued.

               (vi) De Minimis Adjustments. No adjustment in the Exercise Price shall be required unless such adjustment would require an increase or decrease of at least $0.01 in such price; provided, however, that any adjustment which by reason of this Section 3(a)(vi) is not required to be made shall be carried forward and taken into account in any subsequent adjustments under this Section 3(a). All calculations under this Section 3(a) shall be made by the Company in good faith and shall be made to the nearest cent or to the nearest one hundredth of a share, as applicable, provided that the Company shall not be required to issue any factional shares pursuant to this Warrant. No adjustment need be made for a change in the par value or no par value of the Common Stock.

          b. Stock
Dividend, Split or Combination. If at any time the Company shall (i) pay a
dividend in shares of Common Stock, (ii) subdivide any outstanding shares of
Common Stock into a greater number of shares of Common Stock, (iii) combine its
outstanding shares of Common Stock into a smaller number of shares of Common
Stock, or (iv) issue, by reclassification of its shares of Common Stock, any
shares of its capital stock, the amount and type of shares purchasable upon the
exercise of this Warrant immediately prior thereto shall be adjusted thereafter,
until further adjusted pursuant to this Section 3, so that the Holder
shall be entitled to receive upon exercise of this Warrant that number and class
or series of shares of Common Stock or other capital stock which such Holder
would have owned or have been entitled to receive after the happening of such
event had such Holder exercised this Warrant immediately prior to the record
date, in the case of any such dividend, or the effective date in the case of any
such subdivision, combination, reclassification, or issuance. An adjustment made
pursuant to this Section 3(b) shall become effective at the close of
business on the effective date of any such event.

          c. Dividends in Other Stock and Property; Reclassification. If at any time or from time to time the holders of Common Stock (or any shares of stock or other securities at the time receivable upon the exercise of this Warrant) shall have received or become entitled to receive, without payment therefore,

               (i) any shares of stock or other Convertible Securities, or any rights or options to subscribe for, purchase or otherwise acquire any of the foregoing by way of dividend or other distribution (other than Excluded Securities or a dividend consisting solely of shares of Common Stock);

               (ii) any cash paid or payable otherwise than as a cash dividend; or

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               (iii)
additional stock or other securities or property (including cash but excluding
Excluded Securities) by way of spinoff, split up, reclassification, combination
of shares or similar corporate rearrangement (other than an event in which
adjustment is otherwise made pursuant to Section 3(d) below), then and in
each such case, the Holder hereof shall, upon the exercise of this Warrant, be
entitled to receive, in addition to the number of shares of Common Stock
receivable thereupon, and without payment of any additional consideration
therefor, the amount of stock and other securities and property (other than cash
paid or payable as a cash dividend) which such Holder would hold on the date of
such exercise had he been the holder of record of such Common Stock as of the
date on which the holders of Common Stock received or became entitled to receive
such other shares of stock and other securities and property.

          d.
Reorganization, Reclassification, Consolidation, Merger or Sale. If any
reorganization of the capital stock of the Company, or any consolidation or
merger of the Company with another corporation, or the sale of all or
substantially all of its assets to another corporation shall be effected in such
a way that holders of Common Stock shall be entitled to receive stock,
securities, or other assets or property, then, as a condition of such
reorganization, reclassification, consolidation, merger or sale, lawful and
adequate provisions shall be made whereby the Holder hereof shall thereafter
have the right to purchase and receive (in lieu of the shares of the Common
Stock of the Company immediately theretofore purchasable and receivable upon the
exercise of the rights represented hereby) such shares of stock, securities or
other assets or property as may be issued or payable with respect to or in
exchange for a number of outstanding shares of such Common Stock equal to the
number of shares of such stock immediately theretofore purchasable and
receivable upon the exercise of the rights represented hereby. In any
reorganization described above, appropriate provisions shall be made with
respect to the rights and interests of the Holder of this Warrant to the end
that the provisions hereof (including, without limitation, provisions for
adjustments of the number of shares of Common Stock purchasable and receivable
upon the exercise of this Warrant) shall thereafter be applicable, as nearly as
may be, in relation to any shares of stock, securities or assets thereafter
deliverable upon the exercise hereof. The Company will not effect any such
consolidation, merger or sale unless, prior to the consummation thereof, the
successor corporation (if other than the Company) resulting from such
consolidation or the corporation purchasing such assets shall assume by written
instrument, executed and mailed or delivered to the registered Holder hereof at
the last address of such Holder appearing on the books of the Company, the
obligation to deliver to such Holder such shares of stock, securities or assets
as, in accordance with the foregoing provisions, such Holder may be entitled to
purchase.

          e.
Notice of Adjustment. Upon any adjustment pursuant to this Section
3, the Company shall give written notice thereof, by first class mail,
postage prepaid, addressed to the registered Holder of this Warrant at the
address of such Holder as shown on the books of the Company, and, in case of a
Holder with an address of record outside of the United States, by facsimile, and
confirmed in writing by first class air mail. The notice shall be signed by the
Company’s chief financial officer and shall state the nature of such
adjustment, including the new Exercise Price, if applicable, setting forth in
reasonable detail the method of effecting the adjustment and the facts upon
which such adjustment is based. If at any time in addition to any of the
adjustments set forth in this Section 3, an increase in the number of
authorized and unissued shares of Common Stock is required pursuant to
Section 2 hereof, the Company shall promptly provide to the Holder a certificate of the secretary of the Company certifying that the requisite number of shares of Common Stock have been authorized to permit the exercise of the Warrant.

          f. Other Notices. If at any time:

               (i) the Company shall declare any cash dividend upon its Common Stock;

               (ii) the Company shall declare any dividend upon its Common Stock payable in stock (other than solely in Common Stock) or make any special dividend or other distribution to the holders of its Common Stock;

               (iii) the Company shall offer for subscription pro rata to the holders of its Common Stock any additional shares of stock of any class or other rights;

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               (iv) there shall be any capital reorganization or reclassification of the capital stock of the Company; or consolidation or merger of the Company; or consolidation or merger of the Company with, or sale of all or substantially all of its assets to, another corporation; or

               (v) there shall be a voluntary or involuntary dissolution, liquidation or

winding-up of the Company;

then, in any one or more of said cases, the
Company shall give, by first class mail, postage prepaid, addressed to the
Holder of this Warrant at the address of such Holder as shown on the books of
the Company, (a) at least twenty (20) days’ prior written notice (by the
method set forth in Section 3(e) above) of the date on which the books of
the Company shall close or a record shall be taken for such dividend,
distribution or subscription rights or for determining rights to vote in respect
of any such reorganization, reclassification, consolidation, merger, sale,
dissolution, liquidation or winding-up, and (b) in the case of any such
reorganization, reclassification, consolidation, merger, sale, dissolution,
liquidation or winding-up, at least twenty (20) days’ prior written notice
of the date when the same shall take place. Any notice given in accordance with
the foregoing clause (a) shall also specify, in the case of any such dividend,
distribution or subscription rights, the date on which the holders of Common
Stock shall be entitled thereto. Any notice given in accordance with the
foregoing clause (b) shall also specify the date on which the holders of Common
Stock shall be entitled to exchange their Common Stock for securities or other
property deliverable upon such reorganization, reclassification, consolidation,
merger, sale, dissolution, liquidation, winding-up or conversion, as the case
may be.

          g. Certain Events. If any change in the outstanding Common Stock of the Company or any other event occurs as to which the other provisions of this Section 3 are not strictly applicable or if strictly applicable would not fairly protect the purchase rights of the Holder of the Warrant in accordance with such provisions, then the Board of Directors shall make an adjustment in the Exercise Price and/or the number and class of shares purchasable and receivable upon exercise of this Warrant or the application of such provisions, so as to protect such purchase rights as aforesaid. The adjustment shall be such as will give the Holder of this Warrant upon exercise for the same Aggregate Exercise Price the total number, class and kind of shares as it would have owned had the Warrant been exercised prior to the event and had it continued to hold such shares until after the event requiring adjustment.

     4. Registration Rights.

          a.
Company Registration. If the Company proposes to register any of its
Common Stock under the Securities Act of 1933, as amended (the
“Securities Act”) in connection with the public offering of
such securities solely for cash (other than in an Excluded Registration (as
defined below)), the Company shall, at such time, promptly give the Holder
notice of such registration. Upon the request of the Holder within five (5) days
after such notice is given by the Company, the Company shall, subject to the
provisions of Section 4(b), cause to be registered all of the shares of
Common Stock issuable upon exercise of this Warrant that the Holder has
requested to be included in such registration (“Registrable
Securities”). The Company shall have the right to terminate or withdraw
any registration initiated by it under this Section 4 before the
effective date of such registration, whether or not the Holder has elected to
include any Registrable Securities in such registration. All expenses (other
than Selling Expenses (as defined below)) of such withdrawn registration shall
be borne by the Company in accordance with Section 4(e) below.

     “Excluded Registration” means (i) a registration relating to the sale of securities to employees of the Company or a subsidiary pursuant to a stock option, stock purchase, or a similar plan or (ii) a registration relating to a transaction in connection with Rule 145 of the Securities Act.

     “Selling Expenses” means all underwriting discounts, selling commissions, and stock transfer taxes applicable to the sale of shares of Common Stock issuable upon exercise of this Warrant.

          b. Underwriting Requirements. In connection with any offering involving an underwriting of shares of the Company’s capital stock pursuant to Section 4(a), the Company shall not be required to include any of the Registrable Securities unless the Holder accepts the terms of the underwriting as agreed upon between the Company and its underwriters, and then only in such quantity as the underwriters in their sole discretion

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determine will not jeopardize the success of the offering by the Company. If the total number of securities, including the Registrable Securities, exceeds the number of securities to be sold (other than by the Company) that the underwriters in their reasonable discretion determine is compatible with the success of the offering, then the Company shall be required to include in the offering only that number of such securities, including Registrable Securities, which the underwriters and the Company in their sole discretion determine will not jeopardize the success of the offering.

          c. Furnish Information. It shall be a condition precedent to the obligations of the Company to take any action pursuant to this Section 4 with respect to the Registrable Securities of the Holder that the Holder shall furnish to the Company such information regarding itself, the Registrable Securities held by it, and the intended method of disposition of such securities as is reasonably required to effect the registration of such Registrable Securities.

          d. Delay of Registration. The Holder shall not have any right to obtain or seek an injunction restraining or otherwise delaying any registration pursuant to this Section 4 as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 4.

          e. Termination of Registration Rights. The right of the Holder to request inclusion of Registrable Securities in any registration statement pursuant to this Section 4 shall terminate upon the earliest to occur of (i) the closing of a Deemed Liquidation Event, as such term is defined in the Certificate of Designation with respect to the Series A Convertible Preferred Stock of the Company (the “Series A Preferred Stock”); (ii) when all of the Holder’s Registrable Securities could be sold without restriction under Rule 144 of the Securities Act within any 90-day period; or (iii) the fifth (5th) anniversary of the closing of an initial public offering of the Company.

          f. Expenses of Registration. All expenses (other than Selling Expenses) incurred in connection with registrations, filings, or qualifications pursuant to this Section 4, including all registration, filing and qualification fees, printers’ and accounting fees shall be borne and paid by the Company.

          g. Indemnification. If any Registrable Securities are included in a registration statement under this Section 4:

               (i)
To the extent permitted by law, the Company will indemnify and hold harmless the
Holder, and its partners, members, officers, directors, and stockholders; legal
counsel and accountants for such Holder; any underwriter (as defined in the
Securities Act) for such Holder; and each individual, corporation, partnership,
trust, limited liability company, association or other entity (each, a
“Person”) if any, who controls such Holder or underwriter
within the meaning of the Securities Act or the Securities Exchange Act of 1934,
as amended (the “Exchange Act”), against any Damages (as
defined below), and the Company will pay to such Holder, underwriter,
controlling Person, or other aforementioned Person any legal or other expenses
reasonably incurred thereby in connection with investigating or defending any
claim or proceeding from which Damages may result, as such expenses are
incurred; provided, however, that the indemnity agreement contained in
this Section 4(g)(i) shall not apply to amounts paid in settlement of any
such claim or proceeding if such settlement is effected without the consent of
the Company, which consent shall not be unreasonably withheld, nor shall the
Company be liable for any Damages to the extent that they arise out of or are
based upon actions or omissions made in reliance upon and in conformity with
written information furnished by or on behalf of any such Holder, underwriter,
controlling Person, or other aforementioned Person expressly for use in
connection with such registration.

               (ii)
To the extent permitted by law, the Holder will indemnify and hold harmless the
Company, and each of its directors, each of its officers who has signed the
registration statement, each Person (if any), who controls the Company within
the meaning of the Securities Act, legal counsel and accountants for the
Company, any underwriter (as defined in the Securities Act), and any controlling
Person of any such underwriter, against any Damages, in each case only to the
extent that such Damages arise out of or are based upon actions or omissions
made in reliance upon and in conformity with written information furnished by or
on behalf of the Holder expressly for use in connection with such registration;
and the Holder will pay to the Company and each other aforementioned Person any
legal or other expenses reasonably incurred thereby in connection with
investigating or defending any claim or proceeding from which Damages may
result, as such expenses are incurred;

-8-

provided, however, that the indemnity agreement contained in this Section 4(g)(ii) shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the consent of the Holder, which consent shall not be unreasonably withheld; and provided further that in no event shall the aggregate amounts payable by the Holder by way of indemnity hereunder exceed the proceeds from the offering received by such Holder (net of any Selling Expenses paid by such Holder), except in the case of fraud or willful misconduct by such Holder.

               (iii)
Promptly after receipt by an indemnified party under this Section 4(g) of
notice of the commencement of any action (including any governmental action) for
which a party may be entitled to indemnification hereunder, such indemnified
party will, if a claim in respect thereof is to be made against any indemnifying
party under this Section 4(g), give the indemnifying party notice of the
commencement thereof. The indemnifying party shall have the right to participate
in such action and, to the extent the indemnifying party so desires, participate
jointly with any other indemnifying party to which notice has been given, and to
assume the defense thereof with counsel mutually satisfactory to the parties;
provided, however, that an indemnified party (together with all other
indemnified parties that may be represented without conflict by one counsel)
shall have the right to retain one separate counsel, with the fees and expenses
to be paid by the indemnifying party, if representation of such indemnified
party by the counsel retained by the indemnifying party would be inappropriate
due to actual or potential differing interests between such indemnified party
and any other party represented by such counsel in such action. The failure to
give notice to the indemnifying party within a reasonable time of the
commencement of any such action shall relieve such indemnifying party of any
liability to the indemnified party under this Section 4(g), to the extent
that such failure materially prejudices the indemnifying party’s ability to
defend such action. The failure to give notice to the indemnifying party will
not relieve it of any liability that it may have to any indemnified party
otherwise than under this Section 4(g).

               (iv)
To provide for just and equitable contribution to joint liability under the
Securities Act in any case in which either (i) any party otherwise entitled to
indemnification hereunder makes a claim for indemnification pursuant to this
Section 4(g) but it is judicially determined (by the entry of a final
judgment or decree by a court of competent jurisdiction and the expiration of
time to appeal or the denial of the last right of appeal) that such
indemnification may not be enforced in such case, notwithstanding the fact that
this Section 4(g) provides for indemnification in such case, or (ii)
contribution under the Securities Act may be required on the part of any party
hereto for which indemnification is provided under this Section 4(g),
then, and in each such case, such parties will contribute to the aggregate
losses, claims, damages, liabilities, or expenses to which they may be subject
(after contribution from others) in such proportion as is appropriate to reflect
the relative fault of each of the indemnifying party and the indemnified party
in connection with the statements, omissions, or other actions that resulted in
such loss, claim, damage, liability, or expense, as well as to reflect any other
relevant equitable considerations. The relative fault of the indemnifying party
and of the indemnified party shall be determined by reference to, among other
things, whether the untrue or allegedly untrue statement of a material fact, or
the omission or alleged omission of a material fact, relates to information
supplied by the indemnifying party or by the indemnified party and the
parties’ relative intent, knowledge, access to information, and opportunity
to correct or prevent such statement or omission; provided, however,
that, in any such case, (x) the Holder will not be required to contribute any
amount in excess of the public offering price of all such Registrable Securities
offered and sold by the Holder pursuant to such registration statement, and (y)
no Person guilty of fraudulent misrepresentation (within the meaning of Section
11(f) of the Securities Act) will be entitled to contribution from any Person
who was not guilty of such fraudulent misrepresentation; and provided further
that in no event shall the Holder’s liability pursuant to this
Section 4(g)(iv), when combined with the amounts paid or payable by such
Holder pursuant to Section 4(g)(ii), exceed the proceeds from the
offering received by the Holder (net of any Selling Expenses paid by such
Holder), except in the case of willful misconduct or fraud by such Holder.

               (v) Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control.

               (vi) Unless otherwise superseded by an underwriting agreement entered into in connection with the underwritten public offering, the obligations of the Company and the Holder under this

-9-

Section 4(g) shall survive the completion of any offering of Registrable Securities in a registration under this Section 4, and otherwise shall survive the termination of this Warrant.

               (vii)
“Damages” means any loss, damage, or liability (joint or
several) to which a party hereto may become subject under the Securities Act,
the Exchange Act, or other federal or state law, insofar as such loss, damage,
or liability (or any action in respect thereof) arises out of or is based upon
(i) any untrue statement or alleged untrue statement of a material fact
contained in any registration statement of the Company, including any
preliminary prospectus or final prospectus contained therein or any amendments
or supplements thereto; (ii) an omission or alleged omission to state therein a
material fact required to be stated therein, or necessary to make the statements
therein not misleading; or (iii) any violation or alleged violation by the
indemnifying party (or any of its agents or affiliates) of the Securities Act,
the Exchange Act, any state securities law, or any rule or regulation
promulgated under the Securities Act, the Exchange Act, or any state securities
law.

          h.
Lock-up Agreement. The Holder hereby agrees that it will not, without the
prior written consent of the managing underwriter, during the period commencing
on the date of the final prospectus relating to an initial public offering and
ending on the date specified by the Company and the managing underwriter (such
period not to exceed one hundred eighty (180) days, which period may be extended
upon the request of the managing underwriter, to the extent required by any
rules of the Financial Industry Regulatory Authority, for an additional period
of up to fifteen (15) days if the Company issues or proposes to issue an
earnings or other public release within fifteen (15) days of the expiration of
the 180-day lockup period, (i) lend; offer; pledge; sell; contract to sell; sell
any option or contract to purchase; purchase any option or contract to sell;
grant any option, right, or warrant to purchase; or otherwise transfer or
dispose of, directly or indirectly, any shares of Common Stock or any securities
convertible into or exercisable or exchangeable (directly or indirectly) for
Common Stock held immediately before the effective date of registration
statement of such initial public offering or (ii) enter into any swap or other
arrangement that transfers to another, in whole or in part, any of the economic
consequences of ownership of such securities, whether any such transaction
described in clause (i) or (i) above is to be settled by delivery of Common
Stock or other securities, in cash, or otherwise. The foregoing provisions of
this Section 4(h) shall apply only to the initial public offering of
Common Stock by the Company, shall not apply to the sale of any shares to an
underwriter pursuant to an underwriting agreement, and shall be applicable to
the Holder only if all officers and directors of the Company are subject to the
same restrictions and the Company uses commercially reasonable efforts to obtain
a similar agreement from all stockholders individually owning more than five
percent (5%) of the Company’s outstanding Common Stock (after giving effect
to conversion into Common Stock of all outstanding Series A Preferred Stock).
The underwriters in connection with such initial public offering are intended
third-party beneficiaries of this Section 4(h) and shall have the right
power, and authority to enforce the provisions hereof as though they were party
hereto. The Holder further agrees to execute such agreements as may be
reasonably requested by the underwriters in connection with such initial public
offering that are consistent with this Section 4(h) or that are necessary
to give further effect thereto.

     5. Issue Tax. The issuance of certificates for shares of Common Stock upon the exercise of the Warrant shall be made without charge to the Holder of the Warrant for any issue tax (other than any applicable income taxes) in respect thereof; provided, however, that the Company shall not be required to pay any tax which may be payable in respect of any transfer involved in the issuance and delivery of any certificate in a name other than that of the then Holder of the Warrant being exercised.

     6. Closing of Books. The Company will at no time close its transfer books against the transfer of any Warrant or of any shares of Common Stock issued or issuable upon the exercise of any warrant in any manner which interferes with the timely exercise of this Warrant.

     7. No Voting or Dividend Rights; Limitations of Liability. Nothing contained in this Warrant shall be construed as conferring upon the Holder hereof the right to vote or to consent or to receive notice as a shareholder of the Company or any other matters or any rights whatsoever as a shareholder of the Company. No dividends or interest shall be payable or accrued in respect of this Warrant or the interest represented hereby or the shares purchasable hereunder until and only to the extent that this Warrant shall have been exercised. No provisions hereof, in the absence of affirmative action by the Holder to purchase shares of Common Stock, and no mere enumeration herein of the rights or privileges of the Holder hereof, shall give rise to any liability of such Holder for

-10-

the Exercise Price or as a shareholder of the Company, whether such liability is asserted by the Company or by its creditors.

     8.
Transfer and Exchange. This Warrant may not be offered, sold,
transferred, pledged, assigned, hypothecated or otherwise disposed of, in whole
or in part (collectively, a “Transfer”), at any time except to
officers and employees (“Permitted Transferees”) of Broadband Capital
Management LLC, provided that such Transfer is in compliance with
applicable federal and state securities laws. If such a Transfer is effected,
this Warrant is transferable on the books of the Company maintained for such
purpose at its principal office referred to above by the Holder hereof in person
or by duly authorized attorney, upon surrender of this Warrant properly endorsed
and upon payment of any necessary transfer tax or other governmental charge
imposed upon such Transfer. Each Permitted Transferee, by taking or holding this
Warrant, consents and agrees that this Warrant, when endorsed in blank, shall be
deemed negotiable and that when this Warrant shall have been so endorsed, such
Permitted Transferee may be treated by the Company and all other persons dealing
with this Warrant as the absolute owner hereof for any purpose and as the person
entitled to exercise the rights represented hereby, any notice to the contrary
notwithstanding; but until such Transfer on such books, the Company may treat
the registered Holder hereof as the owner for all purposes.

     9. Rights and Obligations Survive Exercise of Warrant. The rights and obligations of the Company, of the Holder of this Warrant and of the holder of shares of Common Stock issued upon exercise of this Warrant referred to in Section 4(g) shall survive the exercise of this Warrant.

     10. Modification and Waiver. This Warrant and any provision hereof may be changed, waived, discharged or terminated only by an instrument in writing signed by the party against which enforcement of the same is sought.

     11. Notices. Any notice, request or other document required or permitted to be given or delivered to the Holder hereof or the Company shall be delivered or shall be sent by certified mail, postage prepaid, to each such holder at its address as shown on the books of the Company or to the Company at the address indicated therefor in the first paragraph of this Warrant or such other address as either may from time to time provide to the other and shall be sent to each such holder located outside of the United States by facsimile confirmed in writing by first class air mail.

     12. Binding Effect on Successors. This Warrant shall be binding upon any corporation succeeding the Company by merger, consolidation or acquisition of all or substantially all of the Company’s assets. All of the obligations of the Company relating to the Common Stock issuable upon the exercise of this Warrant shall survive the exercise of this Warrant. All of the covenants and agreements of the Company shall inure to the benefit of the successors and assigns of the Holder hereof.

     13. Descriptive Headings and Governing Law. The description headings of the several sections and paragraphs of this Warrant are inserted for convenience only and do not constitute a part of this Warrant. This Warrant shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the laws of the State of Delaware, regardless of the laws that might otherwise govern under applicable principles of conflicts of law.

     14. Lost Warrants. The Company represents and warrants to the Holder hereof that upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction, or mutilation of this Warrant and, in the case of any such loss, theft or destruction, upon receipt of an indemnity reasonably satisfactory to the Company, or in the case of any such mutilation upon surrender and cancellation of such Warrant, the Company, at its expense, will make and deliver a new Warrant, of like tenor, in lieu of the lost, stolen, destroyed or mutilated Warrant.

[Signature on Succeeding Page]

-11-

     IN WITNESS WHEREOF, the Company has caused this Warrant to be duly executed by its officers, thereunto duly authorized this 7th day of May, 2010

		
	 	EXAMWORKS, INC.
	 	a Delaware corporation
	 	 
	 	__________________________
	 	Name:
	 	Title:

 

EXHIBIT A

EXERCISE FORM

Date:

________________________________ 

  ________________________________ 

  ________________________________

Ladies and Gentlemen:

The undersigned hereby elects to exercise the warrant issued to it by ExamWorks, Inc. (the “Company”) and dated ________, 2010, (the “Warrant”) and initially to purchase thereunder shares of the common stock, $0.0001 par value per share, of the Company (the “Shares”), at an exercise price of $34.10 per share, or an aggregate purchase price of _______________ Dollars ($__________ ) (the “Purchase Price”), subject to adjustment.

Pursuant to the terms of the Warrant, the undersigned intends that payment of the Exercise Price be made as:

_______ a “Cash Exercise” with respect to _______ shares of Common Stock; and/or

_______ a “Cashless Exercise” with respect to _______ shares of Common Stock.

In the event that the undersigned has elected a Cash Exercise with respect to some or all of the Common Stock to be issued pursuant hereto, the undersigned shall pay the Aggregate Exercise Price in the sum of $______ to the Company in accordance with the terms of the Warrant.

The undersigned has delivered to the Company a completed and executed Letter Agreement in the form attached as Exhibit B to the Warrant. The undersigned hereby agrees to enter into and be subject to the restrictions and limitations of that certain Stockholders’ Agreement dated as of July 14, 2008, by and among the Company and the stockholders party thereto, as amended (the “Stockholders’ Agreement), and in connection therewith has delivered to the Company a completed and executed Joinder to the Stockholders’ Agreement attached as Exhibit C to this Warrant.] [Do not include if Stockholders’ Agreement is no longer in effect]

		
	 	Very truly yours,
	 	 
	 	____________________________
	 	 
	 	____________________________
	 	Name:
	 	Title:

 

EXHIBIT B

THIS AGREEMENT MUST BE COMPLETED, SIGNED AND RETURNED TO EXAMWORKS, INC., ALONG WITH THE EXERCISE FORM BEFORE THE COMMON STOCK ISSUABLE UPON EXERCISE OF THE WARRANT CERTIFICATE DATED ________, 2010 WILL BE ISSUED.

ExamWorks, Inc.

Attention: Chief Executive Officer

The undersigned, ________________________________ (“Purchaser”), intends to acquire ___________ shares of the common stock, $0.0001 par value per share (the “Common Stock”) of ExamWorks, Inc. (the “Company”) from the Company pursuant to the exercise of a certain Warrant to purchase Common Stock held by Purchaser. The Common Stock will be issued to Purchaser in a transaction not involving a public offering and pursuant to an exemption from registration under the Securities Act of 1933, as amended (the “Securities Act”) and applicable state securities laws. In connection with such purchase and in order to comply with the exemptions from registration relied upon by the Company, Purchaser represents, warrants and agrees as follows:

Purchaser is acquiring the Common Stock for its own account, to hold for investment, and Purchaser shall not make any sale, transfer or other disposition of the Common Stock in violation of the Securities Act or the General Rules and Regulations promulgated thereunder by the Securities and Exchange Commission or in violation of any applicable state securities law.

Purchaser has been advised that the Common Stock has not been registered for initial issuance under the Securities Act or state securities laws on the ground that this transaction is exempt from registration, and that reliance by the Company on such exemptions is predicated in part on Purchaser’s representations set forth in this letter.

Purchaser has been informed that under the Securities Act, the Common Stock must be held indefinitely unless it is subsequently registered under the Securities Act or unless an exemption from such registration is available with respect to any proposed transfer or disposition by Purchaser of the Common Stock.

Purchaser also understands and agrees that there will be placed on the certificate(s) for the Common Stock or any substitutions therefor, a legend stating in substance:

  “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 REQUEST, WHICH MAY INCLUDE, A SATISFACTORY OPINION OF ITS COUNSEL.

  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 SUCH AGREEMENT.”

 

Purchaser has carefully read this letter and has discussed its requirements and other applicable limitations upon Purchaser’s resale of the Common Stock with Purchaser’s counsel.

		
	 	Very truly yours,
	 	 
	 	____________________________
	 	 
	 	____________________________
	 	By:
	 	Title:

-2-

 EXHIBIT C

JOINDER TO STOCKHOLDERS AGREEMENT

[See attached]

 JOINDER TO STOCKHOLDERS’ AGREEMENT

      This JOINDER TO THE STOCKHOLDERS’ AGREEMENT (the “Joinder”) effecting a joinder to that certain Stockholders’ Agreement, dated as of July 14, 2008, as amended (the “Stockholders’ Agreement”) among the Company and the Stockholders party thereto (the “Stockholders”) is entered into and executed this 7th day of May, 2010 (the “Effective Date”) by the undersigned party (the “New Stockholder”) and ExamWorks, Inc. (the “Company”). Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Stockholders’ Agreement.

RECITALS

      WHEREAS, pursuant to the Stockholders’ Agreement, the Company and its Stockholders have agreed to, among other things, certain stockholder voting provisions and certain restrictions regarding the transfer and issuance of the shares of common stock (the “Common Stock”) and the shares of Series A Convertible Preferred Stock of the Company (the “Series A Preferred Stock”); WHEREAS, pursuant to that certain Confidential Private Placement Memorandum, dated February 22, 2010, as amended on March 10, 2010 (the “Memorandum”), the Company is conducting a private placement of the Series A Preferred Stock (the “Offering”);

      WHEREAS,
pursuant to that certain Placement Agency Letter, dated March 9, 2010, as
amended, by and between the Company and Broadband Capital Management LLC (the
“Placement Agent”), the Company engaged the Placement Agent to
act as the exclusive placement agent for the Offering and in connection with
compensating the Placement Agent for such services, the Company agreed to pay
the Placement Agent certain compensation, including, but not limited to, a
placement fee, which includes payment of cash and the issuance of Common Stock;

     WHEREAS, as a condition to such issuance of Common Stock, the New
Stockholder must enter into and execute this Joinder. On the Effective Date, the
New Stockholder shall become a party to the Stockholders’ 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 issuance of the Common Stock to the New Stockholder and for other sufficient and valuable consideration, the New Stockholder agrees as follows:

      1. Amendment of Stockholders’ Agreement. As of the Effective Date, the Stockholders’ Agreement is deemed amended so that the term “Stockholder” as used therein shall include, in addition to the presently existing Stockholders, the New Stockholder. Except as expressly provided by this Joinder, all terms and provisions set forth in the Stockholders’ Agreement shall remain in full force and effect and the Stockholders’ Agreement, as amended hereby, is hereby ratified in all respects.

      2. Common Stock Granted to New Stockholder. New Stockholder agrees and acknowledges that as of the Effective Date, the Common Stock issued to such New Stockholder by the Company shall be deemed “Stock” under the Stockholders’ Agreement.

      3.
Addition of New Stockholder as a Stockholder under the
Stockholders’ Agreement. The New Stockholder agrees that as of the
Effective Date, it is hereby made a party to the Stockholders’ Agreement as
a “Stockholder” as if the New Stockholder were an original party to
the Stockholders’ Agreement; provided, however, that notwithstanding
anything in the Stockholders’ Agreement to the contrary, the provisions of
Section 9 of the Stockholders’ Agreement shall be inapplicable to any
shares of stock of the Company hereafter acquired by or issuable to the
Placement Agent or its designees, solely in its capacity as a placement agent,
underwriter, broker or dealer (other than with respect to any shares of stock of
the Company acquired by or issuable to the Placement Agent for its own account).
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.

      4. Effective Time. This Joinder shall be effective as of the Effective Date, as of and made on and as of the Effective Date.

      5. Counterparts. This Joinder may be executed in counterparts and by facsimile or other electronic transmission, each of which shall be deemed an original, but all of which shall constitute one and the same instrument.

      IN WITNESS WHEREOF, the parties have caused this JOINDER to be duly executed and delivered as of the date set forth above.

		
	 	 NEW STOCKHOLDER:
	 	 
	 	
      

    
	 	Name:	 
	 	  	
      

    
	 	  
	 	 EXAMWORKS, INC.
	 	 
	 	 
	 	
      

    
	 	 By: J. Miguel Fernandez de Castro
	 	 Title: Chief Financial Officer

(Signature Page to Joinder to Stockholders' Agreement)Exhibit 10.10 

 MONITORING FEE AGREEMENT

      THIS MONITORING FEE AGREEMENT is dated as of July 14, 2008 (this “Agreement”) and is between ExamWorks, Inc., a Delaware corporation (the “Company”), and Compass Partners, L.L.C., a New York limited liability company (“Compass”).

 RECITALS

      1. The Company has entered into separate acquisition agreements with three targets, as a result of which, among other things, the Company will become the holding company of three independent medical examination (“IME”) businesses in multiple states (the “Initial Transactions”).

      2. As part of its growth strategy, the Company plans to acquire additional IME businesses over the next twenty-four (24) to thirty-six (36) months.

      3. Compass has expertise in the areas of finance, strategy, investment and acquisitions relating to the Company and its business and has facilitated the Initial Transactions and certain other related transactions (together with all future transactions, the “Transactions”) through its provision of structural analysis, due diligence investigations, and other advice and assistance in connection with the Transactions.

      4. The Company desires to continue to avail itself, for the term of this Agreement, of the expertise of Compass in these areas, and Compass wishes to provide the services to the Company as set forth in this Agreement in consideration of the payment of the fees described below.

      5. The rendering by Compass of the services described in this Agreement is being made on the basis that the Company will pay the fees described below.

 AGREEMENT

 The parties agree as follows:

      SECTION 1. APPOINTMENT. The Company appoints Compass to render the monitoring, advisory and consulting services described in Section 2 (the “Services”) for the term of this Agreement.

      SECTION 2. SERVICES. Compass agrees that during the term of this Agreement, it will render to the Company, by and through itself, its affiliates and their respective officers, employees and representatives as Compass in its sole discretion may designate from time to time, monitoring, advisory and consulting services in relation to the affairs of the Company and its subsidiaries, including, without limitation, (a) advice regarding the structure, terms, conditions and other provisions, distribution and timing of debt and equity offerings and advice regarding relationships with the Company’s and its subsidiaries’ lenders and bankers, (b) advice regarding the strategy of the Company, (c) advice regarding dispositions or acquisitions and (d) such other advice directly related or ancillary to the above advisory services as may be reasonably requested by the Company. It is expressly agreed that the services to be performed
hereunder will not include investment banking or other financial advisory services rendered by Compass or any of its affiliates to the Company in connection with any specific acquisition, divestiture, refinancing or recapitalization by the Company or any of its subsidiaries. Compass may be

 entitled to receive additional compensation for providing services of the type specified in the preceding sentence by mutual agreement of the Company or such subsidiary, on the one hand, and Compass or its relevant affiliates, on the other hand.

 SECTION 3. MONITORING FEE.

      (a) In consideration of the Services being provided by Compass, the Company will pay to Compass an aggregate annual monitoring fee in cash (the “Monitoring Fee”) equal to five percent (5%) of the Company’s consolidated earnings before interest, taxes, depreciation and amortization (“EBITDA”). The Monitoring Fee will be payable quarterly in arrears no later than forty-five (45) days after the end of each calendar quarter, by wire transfer in same-day funds to the bank account designated by Compass, commencing at the Effective Time (as defined herein) through the Termination Date (as defined below). Any Monitoring Fee for the first calendar quarter of this Agreement will be prorated for the period of such quarter commencing at the Effective Time. Any Monitoring Fee for the last calendar quarter of this Agreement will be prorated for the period of such quarter ending on the Termination Date.
For purposes of this Agreement, “Termination Date” means the earliest of (i) the date on which the Company consummates an initial public offering, (ii) the date on which the Company consummates a change of control transaction or a sale of substantially all of its assets, in either case approved by the majority of its stockholders or (iii) such earlier date as the Company and Compass may mutually agree upon.

      (b) To the extent the Company cannot pay the Monitoring Fee for any reason, including by reason of any debt financing of the Company or its subsidiaries, the payment by the Company to Compass of the accrued and payable Monitoring Fee will be deferred until the earlier of (i) the date of payment of such deferred Monitoring Fee that is not otherwise prohibited under any contract applicable to the Company and that is otherwise able to be made, and (ii) total or partial liquidation, dissolution or winding up of the Company. Any installment of the Monitoring Fee not paid on the scheduled due date will bear interest at an annual rate of ten percent (10%), compounded quarterly, from the date due until paid.

      SECTION 4.
REIMBURSEMENTS. In addition to the fees payable pursuant to this Agreement,
the Company will pay directly or reimburse Compass and each of its affiliates
for their respective Out-of-Pocket Expenses (as defined below). For the purposes
of this Agreement, the term “Out-of-Pocket Expenses” means the
out-of-pocket costs and expenses incurred by Compass and its affiliates in
connection with the Transactions, or the Services rendered under this Agreement,
including, without limitation, (a) fees and disbursements of any independent
professionals and organizations, including independent accountants, outside
legal counsel or consultants, retained by Compass or any of its affiliates, (b)
costs of any outside services or independent contractors such as financial
printers, couriers, business publications, on-line financial services or similar
services, retained or used by Compass, or any of its affiliates and (c)
transportation, per diem costs, word processing expenses or any similar expense
not associated with Compass’ or its affiliates’ ordinary operations.
All payments or reimbursements for Out-of-Pocket Expenses will be promptly upon
or as soon as practicable following request for reimbursement in accordance with
this Agreement.

      SECTION 5. INDEMNIFICATION. The Company will indemnify and hold harmless Compass, its affiliates and their respective partners (both general and limited), members (both managing and otherwise), officers, directors, employees, agents and representatives (each such person being an “Indemnified Party”) from and against any and all losses, claims, damages and liabilities, whether joint or several (the “Liabilities”), related to, arising out of or in

 connection with the Services contemplated by
this Agreement or the engagement of Compass pursuant to, and the performance by
Compass of the services contemplated by, this Agreement, whether or not pending
or threatened, whether or not an Indemnified Party is a party, whether or not
resulting in any liability and whether or not such action, claim, suit,
investigation or proceeding is initiated or brought by the Company. The Company
will reimburse any Indemnified Party for all reasonable costs and expenses
(including reasonable attorneys’ fees and expenses) as they are incurred in
connection with investigating, preparing, pursuing, defending or assisting in
the defense of any action, claim, suit, investigation or proceeding for which
the Indemnified Party would be entitled to indemnification under the terms of
the previous sentence, or any action or proceeding arising therefrom, whether or
not such Indemnified Party is a party thereto. The Company will not be liable
under the foregoing indemnification provision with respect to any particular
loss, claim, damage, liability, cost or expense of an Indemnified Party that is
determined by a court, in a final judgment from which no further appeal may be
taken, to have resulted primarily from the gross negligence or willful
misconduct of such Indemnified Party. If an Indemnified Party is reimbursed
hereunder for any expenses, such reimbursement of expenses will be refunded to
the extent it is finally judicially determined that the Liabilities in question
resulted primarily from the gross negligence or willful misconduct of such
Indemnified Party.

      SECTION 6. ACCURACY OF INFORMATION. The Company will furnish or cause to be furnished to Compass such information as Compass believes reasonably appropriate to its monitoring, advisory and consulting services hereunder and to comply with SEC or other legal requirements relating to the beneficial ownership by Compass or its affiliates (including ExamWorks Holdings, LLLP, of the capital stock of the Company (all such information so furnished, the “Information”). The Company recognizes and confirms that Compass (a) will use and rely primarily on the Information and on information available from generally recognized public sources in performing the Services contemplated by this Agreement without having independently verified the same, (b) does not assume responsibility for the accuracy or completeness of the Information and such other information and (c) is entitled to rely upon the Information without independent
verification.

      SECTION 7. EFFECTIVE TIME. This Agreement will become effective (the “Effective Time”) as of the closing date of the first Initial Transaction.

      SECTION 8. TERM. This Agreement will become effective as of the Effective Time and will continue until the Termination Date, except that Section 5 will remain in effect thereafter with respect to Monitoring Fees and Out-of-Pocket Expenses which were incurred prior to the Termination Date, but have not, in each case, been paid to Compass in accordance with Sections 3 and 4. The provisions of Sections 3(b), 5, 6 and 8 will survive the termination of this Agreement.

      SECTION 9. PERMISSIBLE ACTIVITIES. Subject to applicable law, nothing herein will in any way preclude Compass or its affiliates (other than the Company or its subsidiaries and their respective employees) or their respective partners (both general and limited), members (both managing and otherwise), stockholders, officers, directors, employees, agents or representatives from engaging in any business activities or from performing services for its or their own account or for the account of others, including for companies that may be in competition with the business conducted by the Company.

 SECTION 10. MISCELLANEOUS.

        (a) No amendment or waiver of any provision of this Agreement, or consent to any departure by any party hereto from any such provision, will be effective unless it is in writing and signed by the parties hereto. Any amendment, waiver or consent will be effective only in the specific instance and for the specific purpose for which given. The waiver by any party of any breach of this Agreement will not operate as or be construed to be a waiver by such party of any subsequent breach.

        (b) Any notices or other communications required or permitted hereunder will be sufficiently given if delivered personally or sent by facsimile with confirmed receipt, or by overnight courier, addressed as follows or to such other address of which the parties may have given written notice:

  
     if to Compass:

655 Madison Avenue

23rd Floor

New York, NY 10021

Attention: Richard E. Perlman

Facsimile: (646) 358-1779

with a copy (which will not constitute notice) to:

Paul, Hastings, Janofsky & Walker LLP

600 Peachtree Street, NE

Suite 2400

Atlanta, GA 30308

Attention: Reinaldo Pascual

Facsimile: (404) 685-2227

if to the Company:

     ExamWorks, Inc.

1500 Pleasant Valley Way

Suite 301

West Orange, NJ 07052

Attention: Michael J. Bendit

Facsimile: (973) 847-0304

  

        Unless otherwise specified herein, such notices or other communications will be deemed received (i) on the date delivered, if delivered personally or sent by facsimile with confirmed receipt, and (ii) one business day after being sent by overnight courier.

        (c) This Agreement will constitute the entire agreement between the parties with respect to the subject matter hereof, and will supersede all previous oral and written (and all contemporaneous oral) negotiations, commitments, agreements and understandings relating hereto.

        (d) This Agreement will be governed by, and construed in accordance with, the laws of the State of New York, regardless of the laws that might otherwise govern under applicable principles of conflicts of laws thereof.

        (e) The provisions of this Agreement will be binding upon and inure to the benefit of the parties hereto and their permitted transferees and their respective successors, each of which permitted transferees will agree, in writing in form and substance satisfactory to Compass, to become a party hereto and be bound to the same extent as its transferor hereby. Subject to the next sentence, no Person other than the parties hereto and their successors and permitted assigns is intended to be a beneficiary of this Agreement.

        (f) This Agreement may be executed by one or more parties to this Agreement on any number of separate counterparts, and all of said counterparts taken together will be deemed to constitute one and the same instrument.

        (g) Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction will, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction will not invalidate or render unenforceable such provision in any other jurisdiction.

 [Signatures on following page]

      IN WITNESS WHEREOF, the undersigned have executed, or have caused to be executed, this Monitoring Fee Agreement on the date first written above.

			
	     	 EXAMWORKS, INC.
	 	  
	 	  	 
	 	 By:	       /s/ Michael J. Bendit
      

    
	 	  	 Name: Michael J. Bendit
	 	  	 Title: Chief Financial Officer
	 	  	 
	 	  	 
	 	 COMPASS PARTNERS, L.L.C.
	 	  
	 	  	 
	 	 By:	       /s/ Richard E. Perlman
      

    
	 	  	 Name: Richard E. Perlman
	 	  	 Title: President

(Signature Page to Monitoring Fee Agreement)

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