Document:

Restricted Stock Grant Agreement

 Exhibit 10.1 
 SRI/SURGICAL EXPRESS, INC. 
  
  
 RESTRICTED STOCK GRANT
AGREEMENT 
 25,000 Shares 
  
  
 Date of Grant: February 1,
2008 
  
  
  

			
	 TO:
	 	Gerald Woodard

 Pursuant to the terms of your Employment Agreement dated as of December 31, 2007 with
SRI/Surgical Express, Inc. (the “Employment Agreement”), you have been granted as of the Date of Grant stated above 25,000 shares of the Company’s Common Stock, subject to all the following terms and conditions: 
 1. Definitions. As used in this Agreement, the capitalized terms defined below have the respective meanings ascribed to them: 
 “Agreement” means this Restricted Stock Grant Agreement, as originally executed by you and the Company, and as subsequently amended or
modified in accordance with its terms. 
 “Board of Directors” means the Board of Directors of the Company. 
 “Change in Control” means any of the following: (a) the shareholders of the Company approve a liquidation of all or substantially
all the consolidated assets of the Company and its Subsidiaries, other than a liquidation of a Subsidiary into the Company or another Subsidiary (unless the transaction is subsequently abandoned or otherwise fails to occur); (b) the
shareholders of the Company approve a sale, lease, exchange, or other transfer to any person, persons or group other than the Company or a Subsidiary (in a single transaction or related series of transactions) of all or substantially all of
consolidated assets of the Company and its Subsidiaries, excluding the creation (but not the foreclosure) of a lien, mortgage, security interest, or other financing arrangement (unless the transaction is subsequently abandoned or otherwise fails to
occur); (c) during any period of two consecutive years, individuals who at the beginning of the period constitute the Board of Directors, and any new Director whose election by the Board of Directors or nomination for election by the
Company’s shareholders was approved by a vote of at least two-thirds (2/3) of the Directors then still in office who either were Directors at the beginning of the period or whose election or nomination for election was previously so
approved, cease for any reason to constitute at least a majority of the Board of Directors; (d) the shareholders of the Company approve a merger or a consolidation of the Company with any other entity (unless the transaction is subsequently
abandoned or otherwise fails to occur), other than (i) a merger or consolidation that would result in the voting securities of the Company outstanding immediately before the transaction continuing to represent (either by remaining outstanding
or by being converted into voting securities of the surviving entity) 

  

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more than 50 percent of the combined voting power of the voting securities of the Company or the surviving entity outstanding immediately after the merger or
consolidation or (ii) a merger or consolidation effected to implement a recapitalization of the Company (or similar transaction) in which no “person,” as the term is used in Sections 13(d) and 14(d) of the Exchange Act acquires more
than 50 percent of the combined voting power of the Company’s then outstanding securities; or (e) the occurrence of any event, transaction, or arrangement that results in any “person” (as defined above), or group (as determined
for purposes of Section 13(d)(3) of the Exchange Act) becoming a “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing a majority of the combined voting
power of all the outstanding securities of the Company that are entitled to vote generally in the election of its directors, unless the beneficial owner is the Company, a Subsidiary, an employee benefit plan sponsored by the Company, a person or
group who is a record or beneficial owner of 25% or more of the outstanding Shares on the Date of Grant, or a person who becomes a beneficial owner of 25% or more of the outstanding Shares solely by becoming a trustee of an inter vivos trust created
by a person who is the record or beneficial owner of 25% or more of the outstanding Shares on the Date of Grant. 
 “Common
Stock” means the common stock, $.001 par value, of the Company. 
 “Company” means SRI/Surgical Express, Inc., a
Florida corporation. 
 “Date of Grant” means the date as of which the Board of Directors authorized the grant of the Shares
of Restricted Stock to you, as stated in the heading of this Agreement. 
 “Exchange Act” means the Securities Exchange Act
of 1934, as amended, and includes all rules and regulations of the SEC promulgated under that act. 
 “Internal Revenue
Code” means the United States Internal Revenue Code of 1986, as amended from time to time, or any United States income tax law subsequently enacted in substitution for that code. 
 “Restricted Stock” means the Shares granted to you pursuant to this Agreement that remain subject to the Restrictions, as determined in
accordance with Section 7 of this Agreement. 
 “Restrictions” means the limitations on transfer set forth in
Section 3 of this Agreement and the risk of forfeiture set forth in Section 4 of this Agreement. 
 “Shares” means
shares of the Company’s Common Stock. 
 “Start Date” means January 31, 2008. 
 “Subsidiary” means a corporation of which 80% of its voting securities are owned directly or indirectly by the Company. 
 2. Revocation. The grant of the Shares of Restricted Stock under this Agreement will be revoked automatically without further action or
notice if you do not accept this Agreement (by signing it and returning it to the Company) within 30 days following the date when you are given written notice of the grant of the Restricted Stock. 
  

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 3. Transfer Restrictions of Restricted Stock. You are prohibited from transferring (whether
by gift, sale, pledge, assignment, hypothecation, or otherwise) any Shares of Restricted Stock, any interest in Shares of Restricted Stock and any rights under this Agreement by any means other than by will or the law of descent and distribution.
Any prohibited transfer will be invalid and ineffective as to the Company. In addition, the Shares of Restricted Stock and your rights under this Agreement are not subject to any lien, levy, attachment, execution, or similar process by creditors.
The Company may cancel all Shares of Restricted Stock by notice to you, if you attempt to make a prohibited transfer, or if any Shares of Restricted Stock, any interest in them, or any right under this Agreement becomes subject to a lien, levy,
attachment, execution, or similar process. 
 4. Forfeiture of Restricted Stock. If your employment with the Company is
terminated either by you or the Company for any reason, all of your Shares of Restricted Stock as of the date of your termination shall be completely forfeited by you without any further action by you or the Company or the payment of any
consideration by the Company to you or your executor, administrator, personal representative, guardian or heirs, and neither you nor your executor, administrator, personal representative, guardian or heirs shall have any further rights or title in
or to such forfeited Shares of Restricted Stock or the benefits of ownership thereof. The Company shall decide to what extent bona fide leaves of absence for illness, temporary disability, military or governmental service, or other reasons will
constitute a termination of employment that results in forfeiture of your Shares of Restricted Stock. 
 5. Certificates for Shares of
Restricted Stock. Certificates for Shares of Restricted Stock shall be registered in your name and constitute issued and outstanding Shares for all corporate purposes as of the Date of Grant, but such certificates shall be delivered to and
held by the Secretary of the Company until the Restrictions terminate, at which time the Company shall cause a new certificate representing the Shares with respect to which the Restrictions have terminated to be delivered to you, and a certificate
representing the remaining Shares of Restricted Stock to continue to be held by the Secretary of the Company. 
 6. Other Rights.
Except for the Restrictions and the other restrictions and limitations expressly set forth in this Agreement, you will have all other rights of a shareholder with respect to the Restricted Shares, including, but not limited to, the right to vote
and receive all dividends and distributions with respect to the Shares of Restricted Stock (which shall be paid to you as and when such dividends or distributions are paid to holders of Shares); provided, however, that if any dividends
are paid in Shares, such Shares shall be subject to the same Restrictions and other limitations and for the same period as the Shares of Restricted Stock with respect to which they were distributed. 
 7. Termination of Restrictions. The Restrictions as to Shares covered by this Agreement shall terminate, and such Shares shall cease to be
Restricted Stock pursuant to this Agreement, on the earlier of (a) the date that is three (3) years after the Start Date or (b) the date of your Involuntary Termination (as that term is defined in the Employment Agreement).

  

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 In addition, all Restrictions on your Shares of Restricted Stock shall terminate, and such Shares shall
cease to be Restricted Stock pursuant to this Agreement immediately upon the occurrence of a “Change in Control” event. 
 8.
Tax Withholding. When the Restrictions on Shares of Restricted Stock terminate, or upon your notification to the Company that you are filing an election with the Internal Revenue Service pursuant to Section 83(b) of the Internal
Revenue Code, you agree to make appropriate arrangements with the Company to provide for the withholding or payment of the amount (if any) that the Company considers necessary to satisfy its legal obligation to withhold any local, state, or federal
taxes (including FICA, income, and Medicare taxes) imposed by any governmental authority with respect to such termination or election. YOU ACKNOWLEDGE THAT IT IS YOUR SOLE RESPONSIBILITY, AND NOT THE COMPANY’S, TO FILE A TIMELY ELECTION UNDER
SECTION 83(b), EVEN IF YOU REQUEST THE COMPANY OR ITS REPRESENTATIVES TO MAKE THIS FILING ON YOUR BEHALF. You may pay to the Company any requisite tax withholding by (a) requesting that the Company withhold from the Shares to be delivered
Shares sufficient to satisfy all or a portion of such tax withholding requirements or (b) bank draft, money order, or personal check payable to the order of the Company. If the grant of the Restricted Stock does not give rise to any tax
withholding obligation on the date of the grant but is reasonably expected to do so at a future time, the Company may require you to place some or all of the Shares in escrow for the benefit of the Company until tax withholding is required for the
amounts included in your gross income as a result of the Restricted Stock grant. At that time, the Company (in its discretion) may require you to pay to it an amount that it considers sufficient to satisfy the tax withholding obligation incurred by
it as a result of the Restricted Stock, in which case the Company shall promptly release to the you the escrowed Shares. 
 9. Change
in Control; Special Rules Governing Mergers and Stock Exchanges. 
 (a) Change in Control. If a Change in Control
occurs, all Shares of Restricted Stock which remain subject to Restriction shall become fully vested. 
 (b) Special Rules Governing
Mergers and Stock Exchanges. In the case of a merger, share exchange, or other transaction in which the shareholders of the Company receive securities of the acquirer but does not result in a Change of Control, at the election of the Board
of Directors, the Company may (but is not obligated to) elect to continue this Agreement, in which case each Share of Restricted Stock will be converted into restricted securities of the acquirer being issued in the transaction based on the
applicable exchange or conversion ratio. 
 10. No Expanded Rights. The award of Restricted Stock to you does not create or
extend any right for you to continue to serve as an officer, employee or director of the Company or any of its Subsidiaries, to participate in any other stock option or employee benefit plan of the Company, or to receive the same benefits as any
other employee; nor does it restrict in any way the right of the Company or any of its Subsidiaries to terminate at any time your employment with it either at will or as provided in any written employment agreement between you and the Company.

  

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 11. Representations and Warranties. By accepting this Agreement, you represent and warrant
to the Company the following: 
 (a) You are accepting the Shares of Restricted Stock solely for your own account, as principal,
without a view to, and not for resale in connection with, any distribution or underwriting of the Shares of Restricted Stock or any other Shares, and you are not participating, directly or indirectly, in any distribution or underwriting of the
Shares of Restricted Stock or any other Shares. You are not acquiring the Shares of Restricted Stock pursuant to it, as an agent, nominee, or representative for the account or benefit of another person or entity, and you have not agreed or arranged
to sell, assign, transfer, subdivide, or otherwise dispose of all or any part of Shares of Restricted Stock subject to another person or entity. 
 (b) You understand that (i) no state or federal agency has passed upon the Shares of Restricted Stock or made any finding or determination as to the fairness of the Shares of Restricted Stock as an investment, (ii) the
Shares of Restricted Stock have not been, and will not be, registered under either the Securities Act of 1933, as amended, or any state securities law, (iii) the Shares of Restricted Stock can be offered for sale, sold, assigned, foreclosed or
otherwise transferred only if the transaction is registered under those laws or qualifies for an available exemption from registration under those laws, and (iv) the Company has not agreed, and is not obligated to register any resale or other
transfer of any of the Shares of Restricted Stock under the Securities Act of 1933, as amended, or any state securities law, or to take any action to enable you to qualify for an exemption from registration under any of those laws with respect to a
resale or other transfer of the Shares of Restricted Stock. 
 (c) You have received from the Company and carefully read the documents
described on Appendix “A” to this Agreement. 
 12. Holdback Agreement and Additional Restrictions on Transfer. Upon
receipt of certificates evidencing Shares with respect to which the Restrictions have terminated, you agree to the following restrictions: (a) if the Company initiates a public offering of Shares, you agree not to effect any public sale or
distribution, including any sale pursuant to Rule 144 or any successor provision of the Securities Act of 1933, as amended, of any Shares during the 120 day period beginning on the closing date of the offering; (b) for so long as you are an
employee of the Company, you agree not to sell any Shares at a time when applicable laws or the Company’s policies prohibit a sale; and (c) if so requested by the Company, you agree to hold such Shares for investment and not with a view of
resale or distribution to the public and to deliver a written statement to that effect satisfactory to the Company. 
 13. Legal
Compliance. Shares are issuable under this Agreement only in compliance with all applicable state and federal laws and regulations (including securities laws) and the rules of all stock markets or exchanges on which the Shares are quoted or
listed for trading. Any certificate representing Shares issued under this Agreement will bear such legends and statements as the Company considers advisable to assure compliance with those laws, rules, and regulations. The grant of Restricted Stock
is not effective until the Company has obtained any consent or approval required from any state or federal regulatory body having jurisdiction. Upon the transfer of Restricted Stock to your heir, guardian, or personal representative, the Company may
require reasonable evidence of the person’s legal ownership of the Restricted Stock and any consents and releases of governmental authorities as it determines are advisable. 
  

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 14. Section 16(b) Exemption. Transactions under this Agreement are intended to
comply with all applicable conditions of SEC Rules 16b-3 and 16b-6 and any rule promulgated by the Securities and Exchange Commission under the Exchange Act in substitution for either of those rules. To the extent any provision of this Agreement or
action by the Company fails to so comply, it shall be null and void to the extent permitted by law and determined by the Company. 
 15.
Section 409A. The parties intend for this Agreement to be interpreted, construed, administered and applied in a manner as shall meet and comply with the requirements of Section 409A of the Internal Revenue Code or an exemption
thereto, and the Company may amend this Agreement in its discretion so as to comply with any such requirement. Notwithstanding any other provision of this Agreement, neither the Company nor any individual acting as a director, officer, employee,
agent or other representative of the Company shall be liable to you or any other person for any claim, loss, liability or expense arising out of any interest, penalties or additional taxes due by you or any other person as a result of this Agreement
or the Company’s administration of the terms of this Agreement not satisfying any of the requirements of Section 409A of the Internal Revenue Code. You represent and warrant that you have reviewed or will review with his own tax advisors
the federal, state, local and employment tax consequences of entering into this Agreement, including, without limitation, under Section 409A of the Internal Revenue Code, and, with respect to such matters, you rely solely on such advisors.

 16. Notices. Every notice, demand, consent, approval, and other communication required or permitted under this Agreement
will be valid only if it is in writing and delivered personally or by telecopy, commercial courier, or first class, postage prepaid, United States mail (whether or not certified or registered and regardless of whether a return receipt is received or
requested by the sender) and addressed, if to you, at your address set forth below and, if to the Company, at 12425 Race Track Road, Tampa, Florida 33626, Attention: Chief Financial Officer, or at any other address that either party has previously
designated by notice given to the other party in accordance with this provision. A validly given notice, demand, consent, approval, or other communication will be effective on the earlier of its receipt, if delivered personally or by telecopy or
commercial courier, or the third day after it is postmarked by the United States Postal Service, if it is delivered by first class, postage prepaid, United States mail. You shall notify the Company of any change in your mailing address that is
listed in this Agreement. 
 17. Power of Attorney; Further Assurances. You irrevocably constitute and appoint the Secretary of
the Company, with full power of substitution in the premises, as your due and lawful attorney in fact (a) to transfer any Shares of Restricted Stock forfeited, revoked or cancelled pursuant to the terms of this Agreement on the books of the
Company, and (b) take such other actions and execute such assignments, conveyances, transfers and other documents in your name and on your behalf as may be necessary or appropriate to effect such forfeiture, revocation, cancellation or any
other provisions of this Agreement. You further irrevocably authorize the Company to direct its transfer agent to make appropriate entries in its records showing the cancellation of the certificate or certificates for such Shares and to return the
Shares represented thereby to the Company’s treasury or authorized and unissued capital stock, as 

  

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directed by the Company. Nevertheless, you agree to make, do, execute and deliver, or cause to be made, done, executed and delivered, all such further acts,
deeds, assurances and things as may be requested by the Company for the purposes of effecting the terms and provisions of this Agreement. 
 18. Legal Proceedings. If any dispute arises between you and the Company with respect to this Agreement or the Restricted Stock, either party may elect (but is not obligated) to submit the dispute to arbitration before a panel
of arbitrators in accordance with the Florida Arbitration Code by giving the other party a notice of arbitration in accordance with section 16 of this Agreement. If a party elects to arbitrate a dispute before a lawsuit is filed with respect to the
subject matter of the dispute, arbitration will be the sole and exclusive method of resolving the dispute, the other party must arbitrate the dispute, and each party will be barred from filing a lawsuit concerning the subject matter of the
arbitration, except to obtain an equitable remedy. A party’s right to submit a dispute to arbitration does not restrict its right to institute litigation to obtain any legal or equitable remedy. The filing of a lawsuit by either party before
the other party has elected that a dispute be submitted to arbitration will bar and preclude both you and the Company from submitting the subject matter of the lawsuit to arbitration while the lawsuit is pending. 
 The arbitration panel will consist of three arbitrators, with one arbitrator selected by the Company, the second selected by you, and the third, neutral
arbitrator selected by agreement of the first two arbitrators. Each party shall select an arbitrator and notify the other party of the selection within 15 days after the effective date of the notice of arbitration and the two arbitrators selected by
the parties shall select the third arbitrator within 30 days after the effective date of the notice of arbitration. A party who fails to select an arbitrator within the prescribed 15-day period waives the right to select an arbitrator or to have an
additional, neutral arbitrator selected by the arbitrator selected by the other party, and the arbitrator chosen by the other party will constitute the “arbitration panel” for purposes of this Agreement. 
 Every arbitrator must be independent (not a relative of yours or an officer, director, employee, or shareholder of the Company or any Subsidiary) without
any economic or financial interest of any kind in the outcome of the arbitration. Each arbitrator’s conduct will be governed by the Code of Ethics for Arbitrators in Commercial Disputes (1986) that has been approved and recommended by the
American Bar Association and the American Arbitration Association. 
 Within 120 days after the effective date of the notice of arbitration,
the arbitration panel shall convene a hearing for the dispute to be held on such date and at such time and place in Tampa, Florida, as the arbitration panel designates upon 60 days’ advance notice to you and the Company. The arbitration panel
shall render its decision within 30 days after the conclusion of the hearing. The decision of the arbitration panel will be binding and conclusive as to you and the Company and, upon the pleading of either party, any court having jurisdiction may
enter a judgment of any award rendered in the arbitration, which may include an award of damages. The arbitration panel shall hear and decide the dispute based on the evidence produced, notwithstanding the failure or refusal to appear by a party who
has been duly notified of the date, time, and place of the hearing. 
  

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 You and the Company (a) consent to the personal jurisdiction of the state and federal courts having
jurisdiction over Hillsborough County, Florida, (b) stipulate that the proper, exclusive, and convenient venue for any legal proceeding arising out of this Agreement or the Restricted Stock is Hillsborough County, Florida, and (c) waive
any defense, whether asserted by a motion or pleading, that Hillsborough County, Florida, is an improper or inconvenient venue. YOU KNOWINGLY, VOLUNTARILY, AND INTENTIONALLY WAIVE YOUR RIGHT TO A JURY TRIAL IN ANY LAWSUIT BETWEEN YOU AND THE
COMPANY WITH RESPECT TO THIS AGREEMENT OR THE RESTRICTED STOCK. 
 In any mediation, arbitration, or legal proceeding arising out of this
Agreement, the losing party shall reimburse the prevailing party, on demand, for all costs incurred by the prevailing party in enforcing, defending, or prosecuting any claim arising out of this Agreement, including all fees, costs, and expenses of
agents, experts, attorneys, witnesses, arbitrators, and supersedeas bonds, whether incurred before or after demand or commencement of legal or arbitration proceedings, and whether incurred pursuant to trial, appellate, mediation, arbitration,
bankruptcy, administrative, or judgment-execution proceedings. The Company shall pay to you, on demand, interest on any amount owed to you under this Agreement that is not paid to you when due, from the date when due until paid in full, at the
annual rate then provided by Florida law for the payment of interest on judgments generally (as prescribed by section 55.03, Florida Statutes). 
 19. Miscellaneous. The validity, construction, enforcement, and interpretation of this Agreement are governed by the laws of the State of Florida and the federal laws of the United States of America,
excluding the laws of those jurisdictions pertaining to resolution of conflicts with the laws of other jurisdictions. A waiver, amendment, modification, or cancellation of this Agreement will be valid and effective only if it is in writing and
executed by you and the Company. By signing this Agreement, you accept the grant of the Shares of Restricted Stock and the terms and conditions of this Agreement, acknowledge receipt of the disclosure documents described on Appendix “A,”
and warrant that you are free to enter into this Agreement and do not have any legal obligations that are inconsistent with this Agreement. This Agreement records the final, complete, and exclusive understanding between you and the Company with
respect to the Shares of Restricted Stock and supersede any prior or contemporaneous agreement, representation, or understanding, oral or written, by you or the Company. This Agreement is binding on your heirs, guardian, and personal representative
and is binding on, and inures to the benefit of, the Company’s assignees and successors. 
  

			
	SRI/SURGICAL EXPRESS, INC.
		
	 By:
	 	 /s/ Wallace D. Ruiz

	 Name:
	 	 Wallace D. Ruiz

	 Title:
	 	 Chief Financial Officer

  

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 ACCEPTANCE OF NOTICE OF RESTRICTED STOCK GRANT 
 AND STOCK RESTRICTION AGREEMENT 
 I have carefully read the foregoing Restricted Stock Grant Agreement and all the disclosure documents described on Appendix “A” to the Agreement. I accept the Restricted Stock granted to me pursuant to the Agreement and agree to
be bound by all the terms and conditions of the Agreement. 
  

					
	 EXECUTED: as of February 6, 2008
	 	 /s/ Gerald Woodard
	 	
		 	Gerald Woodard	 	
		 	3983 Moreno Drive	 	
		 	Palm Harbor, Florida 34685	 	

  

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 APPENDIX “A” 
 SRI/SURGICAL EXPRESS, INC. 
 GRANT OF RESTRICTED STOCK 
 DISCLOSURE DOCUMENTS FURNISHED TO GRANTEE 
 Most Recent Annual Report on Form 10-K of the Company 
 Most Recent Quarterly Report on Form 10-Q of the CompanyStock Option Agreement

 Exhibit 10.2 
 SRI/SURGICAL EXPRESS, INC. 
  
  
 STOCK OPTION AGREEMENT 

 150,000 Shares 
  
  
 Date of Grant: February 1,
2008 
 Expiration Date: February 1, 2018 
 Exercise Price: $4.50 Per Share 
  
  
 TO: Gerald Woodard 
 Pursuant to the terms of your Employment Agreement dated as of December 31, 2007 with SRI/Surgical Express, Inc. (the “Employment
Agreement”), you have been granted as of the Date of Grant stated above a non-qualified stock option to purchase up to 150,000 shares of the Company’s Common Stock, at the exercise price per share stated above, subject to all the
following terms and conditions: 
 1. Definitions. As used in this Agreement, the capitalized terms defined below have the
respective meanings ascribed to them: 
 “Agreement” means this Stock Option Agreement, as originally executed by you and the
Company, and as subsequently amended or modified in accordance with its terms. 
 “Board of Directors” means the
Board of Directors of the Company. 
 “Change in Control” means any of the following: (a) the shareholders of the
Company approve a liquidation of all or substantially all the consolidated assets of the Company and its Subsidiaries, other than a liquidation of a Subsidiary into the Company or another Subsidiary (unless the transaction is subsequently abandoned
or otherwise fails to occur); (b) the shareholders of the Company approve a sale, lease, exchange, or other transfer to any person, persons or group other than the Company or a Subsidiary (in a single transaction or related series of
transactions) of all or substantially all of consolidated assets of the Company and its Subsidiaries, excluding the creation (but not the foreclosure) of a lien, mortgage, security interest, or other financing arrangement (unless the transaction is
subsequently abandoned or otherwise fails to occur); (c) during any period of two consecutive years, individuals who at the beginning of the period constitute the Board of Directors, and any new Director whose election by the Board of Directors
or nomination for election by the Company’s shareholders was approved by a vote of at least two-thirds (2/3) of the Directors then still in office who either were Directors at the beginning of the period or whose election or nomination for
election was previously so approved, cease for any reason to constitute at least a majority of the Board of 

  

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Directors; (d) the shareholders of the Company approve a merger or a consolidation of the Company with any other entity (unless the transaction is
subsequently abandoned or otherwise fails to occur), other than (i) a merger or consolidation that would result in the voting securities of the Company outstanding immediately before the transaction continuing to represent (either by remaining
outstanding or by being converted into voting securities of the surviving entity) more than 50 percent of the combined voting power of the voting securities of the Company or the surviving entity outstanding immediately after the merger or
consolidation or (ii) a merger or consolidation effected to implement a recapitalization of the Company (or similar transaction) in which no “person,” as the term is used in Sections 13(d) and 14(d) of the Exchange Act acquires more
than 50 percent of the combined voting power of the Company’s then outstanding securities; or (e) the occurrence of any event, transaction, or arrangement that results in any “person” (as defined above), or group (as determined
for purposes of Section 13(d)(3) of the Exchange Act) becoming a “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing a majority of the combined voting
power of all the outstanding securities of the Company that are entitled to vote generally in the election of its directors, unless the beneficial owner is the Company, a Subsidiary, an employee benefit plan sponsored by the Company, a person or
group who is a record or beneficial owner of 25% or more of the outstanding Shares on the Date of Grant, or a person who becomes a beneficial owner of 25% or more of the outstanding Shares solely by becoming a trustee of an inter vivos trust created
by a person who is the record or beneficial owner of 25% or more of the outstanding Shares on the Date of Grant. 
 “Common
Stock” means the common stock, $.001 par value, of the Company. 
 “Company” means SRI/Surgical Express,
Inc., a Florida corporation. 
 “Date of Grant” means the date as of which the Board of Directors authorized the grant of
the Stock Option to you, as stated in the heading of this Agreement. 
 “Disability” has the meaning ascribed to such term
in the Employment Agreement. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and includes all rules
and regulations of the SEC promulgated under that act. 
 “Internal Revenue Code” means the United States Internal Revenue
Code of 1986, as amended from time to time, or any United States income tax law subsequently enacted in substitution for that code. 
 “Shares” means shares of the Company’s Common Stock. 
 “Start Date” means January 31,
2008. 
 “Stock Option” means the non-qualified stock option to purchase Shares from the Company according to the terms and
conditions of this Agreement. 
 “Subsidiary” means a corporation of which 80% of its voting securities are owned directly
or indirectly by the Company. 
  

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 2. Revocation and Expiration. The grant of the Stock Option to you under this Agreement
will be revoked automatically without further action or notice if you do not accept this Agreement (by signing it and returning it to the Company) within 30 days following the date when you are given written notice of the grant of the Stock Option.
In any event, unless extended by the Board of Directors, the Stock Option expires at 5:00 P.M., New York time, on the earlier of (a) the date that is ten years after the Date of Grant, which is the Expiration Date stated in the heading of this
Agreement, (b) the 90th day after the day that you cease to be an employee of the Company (other than as a result of your death or Disability), or (c) the date that is one year after you die or cease to be an employee of the Company
because of a Disability. In no event is the Stock Option exercisable after the Expiration Date stated in the heading of this Agreement. 
 3. Exercise of Option. The Stock Option is not exercisable until you accept this Agreement. Thereafter, the Stock Option is exercisable to the extent and in the manner described this Agreement. To the extent that it is
exercisable, you may exercise the Stock Option as a whole, in part, or in increments at any time and from time to time. You may exercise the Stock Option as to all or any portion of the full number of Shares for which it is exercisable at any time,
but you must exercise the Stock Option before it expires, and every exercise must be in increments of the lesser of 100 Shares or the number of Shares then exercisable. No fractional Shares will be issued pursuant to the Stock Option. 
 The Stock Option will vest become exercisable on each of the first, second and third anniversaries of the Start Date, in serial increments equal to 33
1/3% of the Shares subject to the Stock Option, as follows: 
  

					
	 	  	Shares Exercisable
	 Vesting Date
	  	As of Vesting Date	  	Cumulatively
	 Start Date
	  	0	  	0
	 First Anniversary of Start Date
	  	50,000	  	50,000
	 Second Anniversary of Start Date
	  	50,000	  	100,000
	 Third Anniversary of Start Date
	  	50,000	  	150,000

 The Stock Option will vest and become exercisable to the extent set forth above on a vesting date only if you are
employed by the Company on such date. 
 In addition, the Stock Option will become fully and immediately exercisable upon the occurrence of a
“Change in Control” event, if you are employed by the Company on the effective date of the “Change in Control event,” but subject to the right of the Board of Directors to elect for different treatment as set forth in
Section 12. In no event is the Stock Option exercisable after the Expiration Date or if the exercise of the Stock Option or the Company’s issuance and delivery of Shares pursuant to the exercise would violate any law. 
 4. Method of Exercise. To exercise the Stock Option, you must do the following before the Stock Option expires: (a) deliver to the
Company a written notice of exercise in the form of Appendix “A” to this Agreement (or such other form as the Company may subsequently prescribe), specifying the number of Shares to be purchased; (b) tender to the Company full 

  

 3 

 
payment for the Shares to be purchased pursuant to the exercise of the Stock Option; (c) pay to the Company, or make an arrangement satisfactory to the
Company for the payment of, any tax withholding required in connection with your exercise of the Stock Option (including FICA, Medicare, and local, state, or federal income taxes); and (d) comply with any other reasonable requirements of
exercise that the Company has established. You may pay the exercise price and any tax withholding for the Shares that you purchase pursuant to the Stock Option by any combination of money order, personal check, or certified or official bank check.
The exercise date for each exercise of the Stock Option will be the date when (i) the Company has received notice of exercise and full payment of the exercise price, (ii) you have paid to the Company or made a satisfactory arrangement for
the payment of any requisite tax withholding, and (iii) you have satisfied any other requirements of exercise established by the Company. 
 5. Exercise Conditions. A Stock Option expires and ceases to be exercisable on the 90th day after you cease to be an employee of the Company, except as otherwise provided in this Agreement. If your employment with the Company
is terminated (voluntarily or involuntarily), you may exercise your Stock Option, to the extent it was exercisable on the date of termination, within 90 calendar days following the date of termination. If you die or cease to be an employee of the
Company because of a Disability at a time when you are entitled to exercise a Stock Option, the Stock Option will continue to be exercisable, to the extent it was exercisable on the date of your death or Disability, for one year after your death or
Disability by you or your guardian (in the case of Disability) or your heir or personal representative (in the case of death). Notwithstanding the foregoing, the Stock Option is never exercisable after the Expiration Date stated in the heading of
this Agreement. The Stock Option will be exercisable after your death, Disability, or termination of employment only to the extent that it was exercisable on the date when you ceased to be an employee of the Company. The Board of Directors shall
decide to what extent bona fide leaves of absence for illness, temporary disability, military or governmental service, or other reasons will constitute an interruption of continuous employment that results in your ceasing to be an employee of
the Company. The award of the Stock Option to you does not create or extend any right for you to continue to serve as an officer or employee of the Company, to participate in any other stock option or employee benefit plan of the Company, or to
receive the same benefits as any other employee; nor does it restrict in any way the right of the Company to terminate at any time your employment with it either at will or as provided in any written employment agreement between you and the Company.

 6. Nontransferability of Option. You are prohibited from transferring the Stock Option, any interest in it, or any right
under this Agreement by any means other than by will or the law of descent and distribution. The Stock Option is exercisable during your lifetime only by you or your guardian. Any prohibited transfer (whether by gift, sale, pledge, assignment,
hypothecation, or otherwise) will be invalid and ineffective as to the Company. In addition, the Stock Option and your rights under this Agreement are not subject to any lien, levy, attachment, execution, or similar process by creditors. The Company
may cancel the Stock Option by notice to you, if you attempt to make a prohibited transfer, or if the Stock Option, any interest in it, or any right under this Agreement becomes subject to a lien, levy, attachment, execution, or similar process.

 7. Stock Certificates. Promptly after the Stock Option has been validly exercised in accordance with the terms of this
Agreement, the Company shall issue and deliver to the person 

  

 4 

 
who exercised it, against a written receipt in substantially the form attached as Appendix “B” to this Agreement, a stock certificate evidencing
that person’s ownership of the Shares that were purchased pursuant to the Stock Option plus, instead of any fractional Share to which that person otherwise would be entitled, a cash sum equal to the product of (a) that fraction, multiplied
by (b) the fair market value of a Share on the exercise date of the Stock Option, as determined pursuant to the terms of the Company’s 2004 Stock Compensation Plan. No one will have any rights as a shareholder with respect to any Shares
issuable upon exercise of the Stock Option until the Stock Option has been validly exercised, the Company has issued and delivered to the person exercising the Stock Option a certificate evidencing those Shares, and the name of the person exercising
the Stock Option has been entered as a shareholder of record in the Company’s stock records. 
 8. Representations and
Warranties. By accepting this Agreement, you represent and warrant to the Company the following: 
 (a) You are accepting the
Stock Option, and will purchase the Shares subject to your Stock Option, solely for your own account, as principal, without a view to, and not for resale in connection with, any distribution or underwriting of the Stock Option or any Shares, and you
are not participating, directly or indirectly, in any distribution or underwriting of the Stock Option or any Shares. You are not acquiring the Stock Option, and will not purchase any Shares pursuant to it, as an agent, nominee, or representative
for the account or benefit of another person or entity, and you have not agreed or arranged to sell, assign, transfer, subdivide, or otherwise dispose of all or any part of the Stock Option or the Shares subject to it to another person or entity.

 (b) You understand that (i) no state or federal agency has passed upon the Stock Option or the Shares or made any finding or
determination as to the fairness of the Stock Option or the Shares as an investment, (ii) the Stock Option and the Shares subject to it have not been, and will not be, registered under either the Securities Act of 1933, as amended, or any state
securities law, (iii) those Shares can be offered for sale, sold, assigned, foreclosed or otherwise transferred only if the transaction is registered under those laws or qualifies for an available exemption from registration under those laws,
and (iv) the Company has not agreed, and is not obligated to register any resale or other transfer of any Shares acquired pursuant to the Stock Option under the Securities Act of 1933, as amended, or any state securities law, or to take any
action to enable you to qualify for an exemption from registration under any of those laws with respect to a resale or other transfer of those Shares. 
 (c) You have received from the Company and carefully read the documents described on Appendix “C” to this Agreement. 
 9. Holdback Agreement. If the Company initiates a public offering of the Shares, you agree not to effect any public sale or distribution, including any sale pursuant to Rule 144 or any successor
provision of the Securities Act of 1933, as amended, of any Shares during the 120 day period beginning on the closing date of the offering.  
 10. Notice of Sale. You agree to promptly notify the Company of any sale of your Shares. 
  

 5 

 11. Adjustments for Corporate Transactions. The Board of Directors may determine that a
corporate transaction has occurred affecting the Shares such that an adjustment or adjustments to the Stock Option is required to preserve (or prevent the enlargement of) the benefits or potential benefits intended at the Date of Grant. For this
purpose, a corporate transaction includes, but is not limited to, a dividend or other distribution (whether in the form of cash, common stock, securities of a subsidiary of the Company, other securities, or other property), recapitalization, stock
split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase or exchange of Shares or other securities of the Company, issuance of warrants or other rights to purchase Shares or other securities of
the Company, or other similar corporate transaction. In the event of such a corporate transaction, the Board of Directors may, in the manner that the Board of Directors deems equitable, adjust (a) the number and kinds of Shares subject to this
Agreement; and (b) the exercise price of the Stock Option.  
 12. Change in Control. 
 (a) Generally. Subject to Section 12(b), if a Change in Control occurs, the Stock Option, to the extent not yet vested, will become
fully vested and exercisable as of the earlier of the effective date of the shareholder approval or the effective date of any Change in Control transaction. In the event of a Change in Control, the Board of Directors may elect, in its sole
discretion, to cancel the Stock Option and pay or deliver, or cause to be paid or delivered, to you an amount in cash or securities having a value (as determined by the Board of Directors acting in good faith) equal to the product of the number of
Shares subject to the Stock Option multiplied by the amount, if any, by which (i) the formula or fixed price per share paid to holders of Shares pursuant to the transaction exceeds (ii) the exercise price applicable to the Shares subject
to the Stock Option. The Company shall send to you written notice of a transaction or event that will result in such a termination not later than the time at which the Company notifies its shareholders of the applicable transaction or event.

 (b) Special Rules Governing Mergers and Stock Exchanges. In the case of a merger, share exchange, or other transaction in
which the shareholders of the Company receive securities of the acquirer, at the election of the Board of Directors, the Company may (but is not obligated to) elect to continue the Stock Option, in which case the Stock Option will be converted into
an option to purchase securities of the acquirer being issued in the transaction. In such case, the exercise price and number of Shares subject to the Stock Option will be adjusted based on the exchange or conversion ratio (the
“Ratio”) used to convert Shares into securities of the acquirer. The adjusted exercise price will be the exercise price per Share, divided by the Ratio. The adjusted number of Shares subject to the Stock Option will be the product
of the Ratio multiplied by the number of Shares subject to the Stock Option before the transaction. 
 13. Reservation, Listing, and
Delivery Of Shares. The Company shall reserve from its authorized but unissued Shares and keep available until the termination of the Stock Option, solely for issuance upon the exercise of the Stock Option, the number of Shares issuable at
any time pursuant to the exercise of the Stock Option. In addition, the Company shall take all requisite action to assure that it validly and legally may issue fully-paid, nonassessable Shares upon the exercise of the Stock Option. Also, if the
Shares are traded in the Nasdaq Stock Market 

  

 6 

 
or on any United States national securities exchange, the Company, at its sole expense, shall reserve for quotation or listing on that market or exchange,
upon official notice of issuance pursuant the exercise of the Stock Option, the number of Shares issuable at any time upon the exercise of the Stock Option, and the Company shall maintain that listing until the Stock Option terminates. 

14. Legal Compliance. The Stock Option is exercisable, and Shares are issuable under this Agreement, only in compliance with all
applicable state and federal laws and regulations (including securities laws) and the rules of all stock markets or exchanges on which the Shares are quoted or listed for trading. Any certificate representing Shares issued under this Agreement will
bear such legends and statements as the Company considers advisable to assure compliance with those laws, rules, and regulations. In addition, as a condition to the exercise of the Stock Option, you shall provide to the Company any agreements,
representations, and warranties that, in the opinion of counsel for the Company, are desirable or necessary to comply with applicable laws and all rules and regulations of any stock market or exchange on which the Shares are traded or quoted,
including a representation that the Shares granted or Shares issuable pursuant to exercise of the Stock Option are or will be acquired for investment purposes without a view to distribute them to others. The Stock Option is not exercisable, and the
Company shall not issue any Shares under this Agreement, until the Company has obtained any consent or approval required from any state or federal regulatory body having jurisdiction. Upon the exercise of the Stock Option by your heir, guardian, or
personal representative, the Company may require reasonable evidence of the person’s legal ownership of the Stock Option and any consents and releases of governmental authorities as it determines are advisable. 
 15. Section 16(b) Exemption. Transactions under this Agreement are intended to comply with all applicable conditions of SEC Rules
16b-3 and 16b-6 and any rule promulgated by the Securities and Exchange Commission under the Exchange Act in substitution for either of those rules. To the extent any provision of this Agreement or action by the Company fails to so comply, it shall
be null and void to the extent permitted by law and determined by the Company. 
 16. Section 409A. The parties intend for
this Agreement to be interpreted, construed, administered and applied in a manner as shall meet and comply with the requirements of Section 409A of the Internal Revenue Code or an exemption thereto, and the Company may amend this Agreement in
its discretion so as to comply with any such requirement. Notwithstanding any other provision of this Agreement, neither the Company nor any individual acting as a director, officer, employee, agent or other representative of the Company shall be
liable to you or any other person for any claim, loss, liability or expense arising out of any interest, penalties or additional taxes due by you or any other person as a result of this Agreement or the Company’s administration of the terms of
this Agreement not satisfying any of the requirements of Section 409A of the Internal Revenue Code. You represent and warrant that you have reviewed or will review with his own tax advisors the federal, state, local and employment tax
consequences of entering into this Agreement, including, without limitation, under Section 409A of the Internal Revenue Code, and, with respect to such matters, you rely solely on such advisors. 
 17. Notices. Every notice, demand, consent, approval, and other communication required or permitted under this Agreement will be valid only
if it is in writing and delivered personally or by telecopy, commercial courier, or first class, postage prepaid, United States mail 

  

 7 

 
(whether or not certified or registered and regardless of whether a return receipt is received or requested by the sender) and addressed, if to you, at your
address set forth below and, if to the Company, at 12425 Race Track Road, Tampa, Florida 33626, Attention: Chief Financial Officer, or at any other address that either party has previously designated by notice given to the other party in accordance
with this provision. A validly given notice, demand, consent, approval, or other communication will be effective on the earlier of its receipt, if delivered personally or by telecopy or commercial courier, or the third day after it is postmarked by
the United States Postal Service, if it is delivered by first class, postage prepaid, United States mail. You shall notify the Company of any change in your mailing address that is listed in this Agreement. 
 18. Legal Proceedings. If any dispute arises between you and the Company with respect to this Agreement or the Stock Option, either party
may elect (but is not obligated) to submit the dispute to arbitration before a panel of arbitrators in accordance with the Florida Arbitration Code by giving the other party a notice of arbitration in accordance with section 17 of this Agreement. If
a party elects to arbitrate a dispute before a lawsuit is filed with respect to the subject matter of the dispute, arbitration will be the sole and exclusive method of resolving the dispute, the other party must arbitrate the dispute, and each party
will be barred from filing a lawsuit concerning the subject matter of the arbitration, except to obtain an equitable remedy. A party’s right to submit a dispute to arbitration does not restrict its right to institute litigation to obtain any
legal or equitable remedy. The filing of a lawsuit by either party before the other party has elected that a dispute be submitted to arbitration will bar and preclude both you and the Company from submitting the subject matter of the lawsuit to
arbitration while the lawsuit is pending. 
 The arbitration panel will consist of three arbitrators, with one arbitrator selected by the
Company, the second selected by you, and the third, neutral arbitrator selected by agreement of the first two arbitrators. Each party shall select an arbitrator and notify the other party of the selection within 15 days after the effective date of
the notice of arbitration and the two arbitrators selected by the parties shall select the third arbitrator within 30 days after the effective date of the notice of arbitration. A party who fails to select an arbitrator within the prescribed 15-day
period waives the right to select an arbitrator or to have an additional, neutral arbitrator selected by the arbitrator selected by the other party, and the arbitrator chosen by the other party will constitute the “arbitration panel” for
purposes of this Agreement. 
 Every arbitrator must be independent (not a relative of yours or an officer, director, employee, or
shareholder of the Company or any Subsidiary) without any economic or financial interest of any kind in the outcome of the arbitration. Each arbitrator’s conduct will be governed by the Code of Ethics for Arbitrators in Commercial Disputes
(1986) that has been approved and recommended by the American Bar Association and the American Arbitration Association. 
 Within 120
days after the effective date of the notice of arbitration, the arbitration panel shall convene a hearing for the dispute to be held on such date and at such time and place in Tampa, Florida, as the arbitration panel designates upon 60 days’
advance notice to you and the Company. The arbitration panel shall render its decision within 30 days after the conclusion of the hearing. The decision of the arbitration panel will be binding and conclusive as to you and the Company and, upon the
pleading of either party, any court having jurisdiction may enter a judgment of any award rendered in the arbitration, which may include an award of damages. 

  

 8 

 
The arbitration panel shall hear and decide the dispute based on the evidence produced, notwithstanding the failure or refusal to appear by a party who has
been duly notified of the date, time, and place of the hearing. 
 You and the Company (a) consent to the personal jurisdiction of the
state and federal courts having jurisdiction over Hillsborough County, Florida, (b) stipulate that the proper, exclusive, and convenient venue for any legal proceeding arising out of this Agreement or the Stock Option is Hillsborough County,
Florida, and (c) waive any defense, whether asserted by a motion or pleading, that Hillsborough County, Florida, is an improper or inconvenient venue. YOU KNOWINGLY, VOLUNTARILY, AND INTENTIONALLY WAIVE YOUR RIGHT TO A JURY TRIAL IN ANY
LAWSUIT BETWEEN YOU AND THE COMPANY WITH RESPECT TO THIS AGREEMENT OR THE STOCK OPTION. 
 In any mediation, arbitration, or legal
proceeding arising out of this Agreement, the losing party shall reimburse the prevailing party, on demand, for all costs incurred by the prevailing party in enforcing, defending, or prosecuting any claim arising out of this Agreement, including all
fees, costs, and expenses of agents, experts, attorneys, witnesses, arbitrators, and supersedeas bonds, whether incurred before or after demand or commencement of legal or arbitration proceedings, and whether incurred pursuant to trial, appellate,
mediation, arbitration, bankruptcy, administrative, or judgment-execution proceedings. The Company shall pay to you, on demand, interest on any amount owed to you under this Agreement that is not paid to you when due, from the date when due until
paid in full, at the annual rate then provided by Florida law for the payment of interest on judgments generally (as prescribed by section 55.03, Florida Statutes). 
 19. Miscellaneous. The validity, construction, enforcement, and interpretation of this Agreement are governed by the laws of the State of
Florida and the federal laws of the United States of America, excluding the laws of those jurisdictions pertaining to resolution of conflicts with the laws of other jurisdictions. A waiver, amendment, modification, or cancellation of this Agreement
will be valid and effective only if it is in writing and executed by you and the Company. By signing this Agreement, you accept the grant of the Stock Option, acknowledge receipt of the disclosure documents described on Appendix “C,” and
warrant that you are free to enter into this Agreement and do not have any legal obligations that are inconsistent with this Agreement. This Agreement record the final, complete, and exclusive understanding between you and the Company with respect
to the Stock Option and supersede any prior or contemporaneous agreement, representation, or understanding, oral or written, by you or the Company. This Agreement is binding on your heirs, guardian, and personal representative and is binding on,
inures to the benefit of, the Company’s assignees and successors. Time is of the essence with respect to your exercise of the Stock Option. 
  

			
	SRI/SURGICAL EXPRESS, INC.
		
	By:	 	 /s/ Wallace D. Ruiz

	Name:	 	 Wallace D. Ruiz

	Title:	 	 Chief Financial Officer

  

 9 

 ACCEPTANCE OF STOCK OPTION 
 I have carefully read the foregoing Stock Option Agreement. Before exercising the Stock Option, I have or will review the additional disclosure documents
furnished to me by the Company. I accept the Stock Option granted to me pursuant to the Agreement and agree to be bound by all the terms and conditions of the Agreement. 
 EXECUTED: as of February 6, 2008 
  

	
	 /s/ Gerald Woodard

	Gerald Woodard
	3983 Moreno Drive
	Palm Harbor, Florida 34685

 APPENDIX “A” 
 SRI/SURGICAL EXPRESS, INC. 
 STOCK OPTION 
 NOTICE OF EXERCISE 
  

	TO:	SRI/Surgical Express, Inc. 

 Attention: Chief Financial
Officer 
 This notifies you that I exercise my option to purchase
                         shares (the “Shares”) of common stock of SRI/Surgical Express, Inc. (the
“Company”) pursuant to the stock option that the Company granted to me on February 1, 2008, pursuant to the Stock Option Agreement that was accepted by me as of February 6, 2008 (the “Agreement”). 
 As full payment for the Shares and any applicable withholding taxes, I enclose a bank draft, money order, or personal check in the sum of
$                                . 
 In connection with my purchase of the Shares, I represent and warrant to the Company the following: 
 (a) I am in full compliance with all conditions to exercise of the Stock Option set forth in the Agreement. 
 (b) I am purchasing the Shares solely for my own account, as principal, without a view to, and not for resale in connection with, any distribution or
underwriting of any Shares, and I am not participating, directly or indirectly, in any distribution or underwriting of any shares. I am not investing in the Shares as an agent, nominee, or representative for the account or benefit of any person or
entity, and I have not agreed or arranged to sell, assign, transfer, subdivide, or otherwise dispose of all or any part of the Shares to another person or entity. 
 (c) I understand that (i) no state or federal agency has passed upon the Shares or made any finding or determination as to the fairness of the Shares as an investment, (ii) the Shares have not been, and will
not be, registered under either the Securities Act of 1933, as amended, or any state securities law, and they can be offered for sale, sold, assigned, pledged, hypothecated, or otherwise transferred or encumbered only if the transaction is
registered under those laws or qualifies for an available exemption from registration under those laws, and (iii) the Company has not agreed, and is not obligated, to register any resale or other transfer of the Shares under the Securities Act
of 1933, as amended, or any state securities law, or to take any action to enable me to qualify for an exemption from registration under any of those laws with respect to a resale or other transfer of the Shares. 
 (d) I have received from the Company and carefully read the documents listed on Appendix “C” attached to the Agreement, and all the documents
incorporated by reference in them (the “Disclosure Documents”). 

 (e) I agree to notify the Company regarding whether or not I have sold the Shares on the first
anniversary of the date the Shares are issued. 
 (f) I have been given adequate opportunity to evaluate this investment, including
opportunities to (i) question officers of the Company, (ii) obtain any additional information necessary to evaluate the investment or to verify any information or representation contained in the Disclosure Documents, and (iii) make
such other investigation as I considered appropriate or necessary to evaluate the business and financial affairs and condition of the Company. 
 (g) Management of the Company has answered all questions asked by me, and they have either furnished to me, or given me full and unrestricted access to, all records, contracts, documents, and other information requested by me, with respect
to the Shares, the Company, the Disclosure Documents, and the business and financial affairs and condition of the Company. 
 (h) I am an
officer, managerial employee or non-employee director of the Company, and therefore, knowledgeable concerning the business of the Company, and I have carefully considered and understand the risks and other factors affecting the suitability of the
Shares as an investment for me. 
 (i) I understand that neither the Company, any officer or director of the Company, nor any professional
advisor of the Company, makes any representation or warranty to me with respect to, or assumes any responsibility for, the federal income tax consequences to me of an investment in the Shares. 
 (j) Because of my knowledge and experience in financial and business matters, and the Company’s business in particular, I am able to evaluate the
merits, risks, and other factors bearing upon the suitability of the Shares as an investment for me, and I have been afforded adequate opportunity to evaluate this proposed investment in light of those factors, my financial condition, and my
investment knowledge and experience. 
 (k) I have adequate net worth and annual income to provide for my current needs and possible future
contingencies and do not have an existing or foreseeable future need for liquidity of my investment in the Shares. Also, I am otherwise able to bear the economic risk of an investment in the Shares, and have sufficient net worth and annual income to
sustain a loss of all or part of my investment in the Shares if that were to occur and to withstand the probable inability to publicly sell, transfer, or otherwise dispose of the Shares for an indefinite period of time. 
 Please issue in my name, as printed below my signature to this notice of exercise, a stock certificate evidencing my ownership of the Shares. 

[Signature Page Follows] 

					
	EXECUTED:
                                ,
            	 	  

		 		 	Signature of Participant
		 	  

		 		 	Name of Participant
		 	  

		 		 	Street Address
		 	  

									
	Amount Enclosed: $                    	 		 	City	 	State	 	Zip Code

					
		 	  

		 		 	Social Security Number

 APPENDIX “B” 
 SRI/SURGICAL EXPRESS, INC. 
 STOCK OPTION 
 STOCK CERTIFICATE RECEIPT 
 I acknowledge
receipt from SRI/Surgical Express, Inc. on                                 ,
            , of stock certificate number                  for
                     shares of common stock of SRI/Surgical Express, Inc., purchased by me pursuant to the exercise of the stock option
granted to me under the Stock Option Agreement that was accepted by me on February 6, 2008. 
  

			
	By:	 	  

	Name:	 	  

 APPENDIX “C” 
 SRI/SURGICAL EXPRESS, INC. 
 STOCK OPTION 
 DISCLOSURE DOCUMENTS FURNISHED TO OPTIONEE 
 Most Recent Annual Report on Form 10-K of the Company 
 Most Recent Quarterly Report on Form 10-Q of the Company

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