Document:

Lease Agreement , dated November 22, 2006

 Exhibit 10.43 
  

 LEASE AGREEMENT 
 LIBERTY PROPERTY LIMITED PARTNERSHIP 
 Landlord 
 AND 
 VIRTUAL RADIOLOGIC CORPORATION

 Tenant 
 AT

 SHADY OAK BUSINESS CENTER C 
 Suite B, 10333 West 70th Street 
 Eden Prairie, MN 55344 
  

 LEASE AGREEMENT 
 INDEX 
  

			
	 § Section
	  	Page
	 1. Basic Lease Terms and Definitions
	  	2
	 2. Premises
	  	3
	 3. Use
	  	3
	 4. Term; Possession
	  	3
	 5. Rent
	  	3
	 6. Operating Expenses
	  	3
	 7. Utilities
	  	3
	 8. Insurance; Waivers; Indemnification
	  	4
	 9. Maintenance and Repairs
	  	4
	 10. Compliance
	  	5
	 11. Signs
	  	5
	 12. Alterations
	  	5
	 13. Mechanics’ Liens
	  	6
	 14. Landlord’s Right of Entry
	  	6
	 15. Damage by Fire or Other Casualty
	  	6
	 16. Condemnation
	  	6
	 17. Quiet Enjoyment
	  	6
	 18. Assignment and Subletting
	  	7
	 19. Subordination; Mortgagee’s Rights
	  	7
	 20. Tenant’s Certificate; Financial Information
	  	7
	 21. Surrender
	  	8
	 22. Defaults - Remedies
	  	8
	 23. Tenant’s Authority
	  	9
	 24. Liability of Landlord
	  	9
	 25. Miscellaneous
	  	9
	 26. Notices
	  	10
	 27. Security Deposit
	  	10
	 28. Automatic Funds Transfer
	  	10
	 29. Early Access
	  	10
	 30. Parking
	  	10

 Additional Provisions: 
  

 i 

 THIS LEASE AGREEMENT is made by and between LIBERTY PROPERTY LIMITED PARTNERSHIP, a
Pennsylvania limited partnership (“Landlord”) and VIRTUAL RADIOLOGIC CORPORATION, a corporation organized under the laws of Delaware (“Tenant”), and is dated as of the date on which this Lease has been fully executed by
Landlord and Tenant. 
 1. Basic Lease Terms and Definitions. 
 (a) Premises: Approximately 10,842 rentable square feet to be known as Suite “B” in Shady Oak Business Center C, as shown on Exhibit “A” 
 (b) Building: “Building” means the 7-building business campus commonly known as the Shady Oak Business Center and consisting of
approximately 304,073 total rentable square feet, as follows: 
  

			
	Shady Oak Business Center A	  	10301-10305 70th Street
		  	Eden Prairie, MN 55344
		
	Shady Oak Business Center B	  	10321 West 70th Street
		  	Eden Prairie, MN 55344
		
	Shady Oak Business Center C	  	10333 West 70th Street
		  	Eden Prairie, MN 55344
		
	Shady Oak Business Center D	  	10349-10357 West 70th Street
		  	Eden Prairie, MN 55344
		
	Shady Oak Business Center E	  	10365-10375 West 70th Street
		  	Eden Prairie, MN 55344
		
	Shady Oak Business Center F	  	10391-10399 West 70th Street
		  	Eden Prairie, MN 55344
		
	Shady Oak Business Center G	  	7078 Shady Oak Road
		  	Eden Prairie, MN 55344

 (c) Term: 16 months (plus any partial month from the Commencement Date until the first day
of the next full calendar month during the Term). 
 (d) Commencement Date: December 1, 2006, or the date Tenant takes possession
of the Premises, if earlier. 
 (e) Expiration Date: March 31, 2008 
 (f) Minimum Annual Rent: $92,157.00, payable in monthly installments of $7,679.75. 
 (g) Annual Operating Expenses: $40,332.24, payable in monthly installments of $3,361.02, subject to adjustment as provided in this Lease.

 (h) Tenant’s Share: 3.57% (also see Definitions) 
 (i) Use: General office 
 (j)
Security Deposit: $11,000.00 
 (k) Addresses For Notices: 
  

							
	Landlord:	  	Liberty Property Limited Partnership	  	Tenant:	  	5995 Opus Parkway
		  	10400 Viking Drive, Suite 130	  		  	Suite 200
		  	Eden Prairie, MN 55344	  		  	Minnetonka, MN 55343
		  	Attn: Vice President/City Manager	  		  	Attn: Jamison Young

  

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 (l) Guarantor: N/A 
 (m) Additional Defined Terms: See Rider 1 for the definitions of other capitalized terms. 
 (n) Contents: The following are attached to and made a part of this Lease: 
  

					
	Rider 1 - Additional Definitions	  	Exhibits:	  	“A” – Plan showing Premises
		  		  	“B” – Building Rules
		  		  	“C” – Estoppel Certificate Form

 2. Premises. Landlord leases to Tenant and Tenant leases from Landlord the Premises,
together with the right in common with others to use the Common Areas. Tenant accepts the Premises, Building and Common Areas “AS IS”, without relying on any representation, covenant or warranty by Landlord other than as expressly set
forth in this Lease. Landlord and Tenant stipulate and agree to the rentable square footage set forth in Section l(a) above without regard to actual measurement. 
 3. Use. Tenant shall occupy and use the Premises only for the Use specified in Section 1 above. Tenant shall not permit any conduct or condition which may endanger, disturb or otherwise interfere
with any other Building occupant’s normal operations or with the management of the Building. Tenant shall not use or permit the use of any portion of the Property for outdoor storage or installations outside of the Premises. Tenant may use all
Common Areas only for their intended purposes. Landlord shall have exclusive control of all Common Areas at all times. 
 4. Term;
Possession. The Term of this Lease shall commence on the Commencement Date and shall end on the Expiration Date, unless sooner terminated in accordance with this Lease. If Landlord is delayed in delivering possession of all or any portion of
the Premises to Tenant as of the Commencement Date, Tenant will take possession on the date Landlord delivers possession, which date will then become the Commencement Date (but the Expiration Date will not be extended). Landlord shall not be liable
for any loss or damage to Tenant resulting from any delay in delivering possession due to the holdover of any existing tenant or other circumstances outside of Landlord’s reasonable control. 
 5. Rent. Tenant agrees to pay to Landlord, without demand, deduction or offset, Minimum Annual Rent and Annual Operating Expenses for the
Term. Tenant shall pay the Monthly Rent, in advance, on the first day of each calendar month during the Term, at Landlord’s address designated in Section 1 above unless Landlord designates otherwise; provided that Monthly Rent for the
first full month shall be paid at the signing of this Lease. If the Commencement Date is not the first day of the month, the Monthly Rent for that partial month shall be apportioned on a per diem basis and shall be paid on or before the Commencement
Date. Tenant shall pay Landlord a service and handling charge equal to 5% of any Rent not paid within 5 days after the date due. In addition, any Rent, including such charge, not paid within 5 days after the due date will bear interest at the
Interest Rate from the date due to the date paid. If any taxes, special assessments, fees or other charges are imposed against Landlord by any authority with respect to the Rent, Tenant will pay these amounts to Landlord when due. 
 6. Operating Expenses. The amount of the Annual Operating Expenses set forth in Section l(g) above represents Tenant’s Share of the
estimated Operating Expenses for the calendar year in which the Term commences. Landlord may adjust such amount from time to time if the estimated Annual Operating Expenses increase or decrease; Landlord may also invoice Tenant separately from time
to time for Tenant’s Share of any extraordinary or unanticipated Operating Expenses. By April 30th of each year
(and as soon as practical after the expiration or termination of this Lease or, at Landlord’s option, after a sale of the Property), Landlord shall provide Tenant with a statement of Operating Expenses for the preceding calendar year or part
thereof. Within 30 days after delivery of the statement to Tenant, Landlord or Tenant shall pay to the other the amount of any overpayment or deficiency then due from one to the other or, at Landlord’s option, Landlord may credit Tenant’s
account for any overpayment. If Tenant does not give Landlord notice within 30 days after receiving Landlord’s statement that Tenant disagrees with the statement and specifying the items and amounts in dispute, Tenant shall be deemed to have
waived the right to contest the statement. Landlord’s and Tenant’s obligation to pay any overpayment or deficiency due the other pursuant to this Section shall survive the expiration or termination of this Lease. Notwithstanding any other
provision of this Lease to the contrary, Landlord may, in its reasonable discretion, determine from time to time the method of computing and allocating Operating Expenses, including the method of allocating Operating Expenses to various types of
space within the Building to reflect any disparate levels of services provided to different types of space. If the Building is not fully occupied during any period, Landlord may make a reasonable adjustment based on occupancy in computing the
Operating Expenses for such period so that Operating Expenses are computed as though the Building had been fully occupied. If Landlord should ever elect to treat any of the buildings in the 7-building campus independently for purposes of Operating
Expenses, whether because of a sale of a portion of the campus or otherwise, Tenant’s Share shall be appropriately adjusted to reflect the percentage obtained by dividing the rentable square feet of the Premises by the rentable square feet of
the building or buildings that include the Premises. 
 7. Utilities. Tenant shall pay for water, sewer, gas, electricity,
heat, power, telephone and other communication services and any other utilities supplied to the Premises. Except to the extent Landlord elects to provide any such services and invoice 
  

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Tenant for the cost or include the cost in Operating Expenses, Tenant shall obtain service in its own name and timely pay all charges directly to the
provider. Landlord shall not be responsible or liable for any interruption in such services, nor shall such interruption affect the continuation or validity of this Lease. Landlord shall have the exclusive right to select, and to change, the
companies providing such services to the Building or Premises. Any wiring, cabling or other equipment necessary to connect Tenant’s telecommunications equipment shall be Tenant’s responsibility, and shall be installed in a manner approved
by Landlord. In the event Tenant’s consumption of any utility or other service included in Operating Expenses is excessive when compared with other occupants of the Property, Landlord may invoice Tenant separately for, and Tenant shall pay on
demand, the cost of Tenant’s excessive consumption, as reasonably determined by Landlord. Accompanying any invoice for excessive consumption, Landlord will provide a reasonably detailed written analysis comparing Tenant’s consumption of
relevant utilities to that of other occupants of the Property. 
 8. Insurance; Waivers; Indemnification. 
 (a) Landlord shall maintain insurance against loss or damage to the Building or the Property with coverage for perils as set forth under the
“Causes of Loss-Special Form” or equivalent property insurance policy in an amount equal to the full insurable replacement cost of the Building (excluding coverage of Tenant’s personal property and any Alterations by Tenant), and such
other insurance, including rent loss coverage, as Landlord may reasonably deem appropriate or as any Mortgagee may require. 
 (b)
Tenant, at its expense, shall keep in effect commercial general liability insurance, including blanket contractual liability insurance, covering Tenant’s use of the Property, with such coverages and limits of liability as Landlord may
reasonably require, but not less than a $1,000,000 combined single limit with a $5,000,000 general aggregate limit (which general aggregate limit may be satisfied by an umbrella liability policy) for bodily injury or property damage; however, such
limits shall not limit Tenant’s liability hereunder. The policy shall name Landlord, Liberty Property Trust and any other associated or affiliated entity as their interests may appear and at Landlord’s request, any Mortgagee(s), as
additional insureds, shall be written on an “occurrence” basis and not on a “claims made” basis and shall be endorsed to provide that it is primary to and not contributory to any policies carried by Landlord and to provide that
it shall not be cancelable or reduced without at least 30 days prior notice to Landlord. The insurer shall be authorized to issue such insurance, licensed to do business and admitted in the state in which the Property is located and rated at least A
VII in the most current edition of Best’s Insurance Reports. Tenant shall deliver to Landlord on or before the Commencement Date or any earlier date on which Tenant accesses the Premises, and at least 30 days prior to the date of each
policy renewal, a certificate of insurance evidencing such coverage. 
 (c) Landlord and Tenant each waive, and release each other
from and against, all claims for recovery against the other for any loss or damage to the property of such party arising out of fire or other casualty coverable by a standard “Causes of Loss-Special Form” property insurance policy with, in
the case of Tenant, such endorsements and additional coverages as are considered good business practice in Tenant’s business, even if such loss or damage shall be brought about by the fault or negligence of the other party or its Agents;
provided, however, such waiver by Landlord shall not be effective with respect to Tenant’s liability described in Sections 9(b) and 10(d) below. This waiver and release is effective regardless of whether the releasing party actually maintains
the insurance described above in this subsection and is not limited to the amount of insurance actually carried, or to the actual proceeds received after a loss. Each party shall have its insurance company that issues its property coverage waive any
rights of subrogation, and shall have the insurance company include an endorsement acknowledging this waiver, if necessary. Tenant assumes all risk of damage of Tenant’s property within the Property, including any loss or damage caused by water
leakage, fire, windstorm, explosion, theft, act of any other tenant, or other cause. 
 (d) Tenant shall not be permitted to satisfy
any of its insurance obligations set forth in this Lease through any self- insurance or self-insured retention in excess of $25,000. 
 (e) Subject to subsection (c) above, and except to the extent caused by the negligence or willful misconduct of Landlord or its Agents, Tenant will indemnify, defend, and hold harmless Landlord and its Agents from and against
any and all claims, actions, damages, liability and expense (including fees of attorneys, investigators and experts) which may be asserted against, imposed upon, or incurred by Landlord or its Agents and arising out of or in connection with loss of
life, personal injury or damage to property in or about the Premises or arising out of the occupancy or use of the Property by Tenant or its Agents or occasioned wholly or in part by any act or omission of Tenant or its Agents, whether prior to,
during or after the Term. Tenant’s obligations pursuant to this subsection shall survive the expiration or termination of this Lease. 
 9.
Maintenance and Repairs. 
 (a) Landlord shall Maintain the: (i) Building footings, foundations, structural steel
columns and girders at Landlord’s sole expense; (ii) Building roof and exterior walls; (iii) Building Systems; and (iv) Common Areas. Costs incurred by Landlord under the foregoing subsections (ii), (iii) and (iv) will
be included in Operating Expenses, provided that to the extent 

  

 4 

 
any heating, ventilation and air conditioning system, or other Building System, equipment or fixture exclusively serves the Premises, Landlord may elect
either to Maintain the same at Tenant’s sole expense and bill Tenant .directly or by notice to Tenant require Tenant to Maintain the same at Tenant’s expense. If Tenant becomes aware of any condition that is Landlord’s responsibility
to repair, Tenant shall promptly notify Landlord of the condition. 
 (b) Except as provided in subsection (a) above, Tenant at
its sole expense shall Maintain the Premises and all fixtures and equipment in the Premises. All repairs and replacements by Tenant shall utilize materials and equipment which are comparable to those originally used in constructing the Building and
Premises. Alterations, repairs and replacements to the Property, including the Premises, made necessary because of Tenant’s Alterations or installations, any use or circumstances special or particular to Tenant, or any act or omission of Tenant
or its Agents shall be made by Landlord or Tenant as set forth above, but at the sole expense of Tenant to the extent not covered by any applicable insurance proceeds paid to Landlord. 
 10. Compliance. 
 (a) Tenant will, at its expense, promptly comply with all Laws now or
subsequently pertaining to the Premises or Tenant’s use or occupancy. Tenant will pay any taxes or other charges by any authority on Tenant’s property or trade fixtures or relating to Tenant’s use of the Premises. Neither Tenant nor
its Agents shall use the Premises in any manner that under any Law would require Landlord to make any Alteration to or in the Building or Common Areas (without limiting the foregoing, Tenant shall not use the Premises in any manner that would cause
the Premises or the Property to be deemed a “place of public accommodation” under the ADA if such use would require any such Alteration). Tenant shall be responsible for compliance with the ADA, and any other Laws regarding accessibility,
with respect to the Premises. 
 (b) Tenant will comply, and will cause its Agents to comply, with the Building Rules. 
 (c) Tenant agrees not to do anything or fail to do anything which will increase the cost of Landlord’s insurance or which will prevent
Landlord from procuring policies (including public liability) from companies and in a form satisfactory to Landlord. If any breach of the preceding sentence by Tenant causes the rate of fire or other insurance to be increased, Tenant shall pay the
amount of such increase as additional Rent within 30 days after being billed. 
 (d) Tenant agrees that (i) no activity will be
conducted on the Premises that will use or produce any Hazardous Materials, except for activities which are part of the ordinary course of Tenant’s business and are conducted in accordance with all Environmental Laws (“Permitted
Activities”); (ii) the Premises will not be used for storage of any Hazardous Materials, except for materials used in the Permitted Activities which are properly stored in a manner and location complying with all Environmental Laws;
(iii) no portion of the Premises or Property will be used by Tenant or Tenant’s Agents for disposal of Hazardous Materials; (iv) Tenant will deliver to Landlord copies of all Material Safety Data Sheets and other written information
prepared by manufacturers, importers or suppliers of any chemical; and (v) Tenant will immediately notify Landlord of any violation by Tenant or Tenant’s Agents of any Environmental Laws or the release or suspected release of Hazardous
Materials in, under or about the Premises, and Tenant shall immediately deliver to Landlord a copy of any notice, filing or permit sent or received by Tenant with respect to the foregoing. If at any time during or after the Term, any portion of the
Property is found to be contaminated by Tenant or Tenant’s Agents or subject to conditions prohibited in this Lease caused by Tenant or Tenant’s Agents, Tenant will indemnify, defend and hold Landlord harmless from all claims, demands,
actions, liabilities, costs, expenses, attorneys’ fees, damages and obligations of any nature arising from or as a result thereof, and Landlord shall have the right to direct remediation activities, all of which shall be performed at
Tenant’s cost. Tenant’s obligations pursuant to this subsection shall survive the expiration or termination of this Lease. 
 11.
Signs. Except as expressly permitted in this Section, Tenant shall not place any signs on the Property without the prior consent of Landlord, other than signs that are located wholly within the interior of the Premises and not visible
from the exterior of the Premises. Tenant may install one exterior identification sign on the main entrance door to the Premises. All Tenant signage shall be installed and maintained at Tenant’s sole cost and expense. The design, size and
location of Tenant’s signage shall be consistent with Landlord’s sign criteria and otherwise subject to Landlord’s approval, which approval shall not be unreasonably withheld. Tenant shall cause all Tenant signage to comply with all
Laws. Tenant shall maintain all signs installed by Tenant in good condition. Tenant shall remove its signs at the termination of this Lease, shall repair any resulting damage, and shall restore the Property to its condition existing prior to the
installation of Tenant’s signs. 
 12. Alterations. Except for non-structural Alterations that (i) do not exceed $5,000 in the
aggregate, (ii) are not visible from the exterior of the Premises, (iii) do not affect any Building System or the structural strength of the Building, (iv) do not require penetrations into the floor, ceiling or walls, and (v) do
not require work within the walls, below the floor or above the ceiling, Tenant shall not make or permit any Alterations in or to the Premises without first obtaining Landlord’s consent, which consent shall not be unreasonably withheld. With
respect to any Alterations made by or on behalf of Tenant (whether or not the Alteration requires Landlord’s consent): (i) not less than 10 days prior to commencing any Alteration, Tenant shall deliver to 

  

 5 

 
Landlord the plans, specifications and necessary permits for the Alteration, together with certificates evidencing that Tenant’s contractors and
subcontractors have adequate insurance coverage naming Landlord, Liberty Property Trust and any other associated or affiliated entity as their interests may appear as additional insureds, (ii) Tenant shall obtain Landlord’s prior written
approval of any contractor or subcontractor, (iii) the Alteration shall be constructed with new materials, in a good and workmanlike manner, and in compliance with all Laws and the plans and specifications delivered to, and, if required above,
approved by Landlord, (iv) Tenant shall pay Landlord all reasonable costs and expenses in connection with Landlord’s review of Tenant’s plans and specifications, and of any supervision or inspection of the construction Landlord deems
necessary, and (v) upon Landlord’s request Tenant shall, prior to commencing any Alteration, provide Landlord reasonable security against liens arising out of such construction. Any Alteration by Tenant shall be the property of Tenant
until the expiration or termination of this Lease; at that time without payment by Landlord the Alteration shall remain on the Property and become the property of Landlord unless Landlord gives notice to Tenant to remove it, in which event Tenant
will remove it, will repair any resulting damage and will restore the Premises to the condition existing prior to Tenant’s Alteration. At Tenant’s request prior to Tenant making any Alterations, Landlord will notify Tenant whether Tenant
is required to remove the Alterations at the expiration or termination of this Lease. Tenant may install its trade fixtures, furniture and equipment in the Premises, provided that the installation and removal of them will not affect any structural
portion of the Property, any Building System or any other equipment or facilities serving the Building or any occupant. 
 13. Mechanics’
Liens. Tenant promptly shall pay for any labor, services, materials, supplies or equipment furnished to Tenant in or about the Premises. Tenant shall keep the Premises and the Property free from any liens arising out of any labor, services,
materials, supplies or equipment furnished or alleged to have been furnished to Tenant. Tenant shall take all steps permitted by law in order to avoid the imposition of any such lien. Should any such lien or notice of such lien be filed against the
Premises or the Property, Tenant shall discharge the same by bonding or otherwise within 15 days after Tenant has notice that the lien or claim is filed regardless of the validity of such lien or claim. 
 14. Landlord’s Right of Entry. Tenant shall permit Landlord and its Agents to enter the Premises at all reasonable times following reasonable notice
(except in an emergency) to inspect, Maintain, or make Alterations to the Premises or Property, to exhibit the Premises for the purpose of sale or financing, and, during the last 12 months of the Term, to exhibit the Premises to any prospective
tenant. Landlord will make reasonable efforts not to inconvenience Tenant in exercising such rights, but Landlord shall not be liable for any interference with Tenant’s occupancy resulting from Landlord’s entry. 
 15. Damage by Fire or Other Casualty. If the Premises or Common Areas shall be damaged or destroyed by fire or other casualty, Tenant shall promptly notify
Landlord, and Landlord, subject to the conditions set forth in this Section, shall repair such damage and restore the Premises or Common Areas to substantially the same condition in which they were immediately prior to such damage or destruction,
but not including the repair, restoration or replacement of the fixtures, equipment, or Alterations installed by or on behalf of Tenant. Landlord shall notify Tenant, within 30 days after the date of the casualty, if Landlord anticipates that the
restoration will take more than 180 days from the date of the casualty to complete; in such event, either Landlord or Tenant (unless the damage was caused by Tenant) may terminate this Lease effective as of the date of casualty by giving notice to
the other within 10 days after Landlord’s notice. If a casualty occurs during the last 12 months of the Term, Landlord may terminate this Lease unless Tenant has the right to extend the Term for at least 3 more years and does so within 30 days
after the date of the casualty. Moreover, Landlord may terminate this Lease if the loss is not covered by the insurance required to be maintained by Landlord under this Lease. Tenant will receive an abatement of Minimum Annual Rent and Annual
Operating Expenses to the extent the Premises are rendered untenantable as a result of the casualty. 
 16. Condemnation. If (a) all of
the Premises are Taken, (b) any part of the Premises is Taken and the remainder is insufficient in Landlord’s opinion for the reasonable operation of Tenant’s business, or (c) any of the Property is Taken, and, in Landlord’s
opinion, it would be impractical or the condemnation proceeds are insufficient to restore the remainder, then this Lease shall terminate as of the date the condemning authority takes possession. If this Lease is not terminated, Landlord shall
restore the Building to a condition as near as reasonably possible to the condition prior to the Taking, the Minimum Annual Rent shall be abated for the period of time all or a part of the Premises is untenantable in proportion to the square foot
area untenantable, and this Lease shall be amended appropriately. The compensation awarded for a Taking shall belong to Landlord. Except for any relocation benefits to which Tenant may be entitled, Tenant hereby assigns all claims against the
condemning authority to Landlord, including, but not limited to, any claim relating to Tenant’s leasehold estate. 
 17. Quiet Enjoyment.
Landlord covenants that Tenant, upon performing all of its covenants, agreements and conditions of this Lease, shall have quiet and peaceful possession of the Premises as against anyone claiming by or through Landlord, subject, however, to the terms
of this Lease. 
  

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 18. Assignment and Subletting. 
 (a) Except as provided in Section (b) below, Tenant shall not enter into nor permit any Transfer voluntarily or by operation of law, without
the prior consent of Landlord, which consent shall not be unreasonably withheld. Without limitation. Tenant agrees that Landlord’s consent shall not be considered unreasonably withheld if (i) the proposed transferee is an existing tenant
of Landlord or an affiliate of Landlord, (ii) the business, business reputation or creditworthiness of the proposed transferee is unacceptable to Landlord, (iii) Landlord or an affiliate of Landlord has comparable space available for lease
by the proposed transferee or (iv) Tenant is in default under this Lease or any act or omission has occurred which would constitute a default with the giving of notice and/or the passage of time. A consent to one Transfer shall not be deemed to
be a consent to any subsequent Transfer. In no event shall any Transfer relieve Tenant from any obligation under this Lease. Landlord’s acceptance of Rent from any person shall not be deemed to be a waiver by Landlord of any provision of this
Lease or to be a consent to any Transfer. Any Transfer not in conformity with this Section 18 shall be void at the option of Landlord. 
 (b) Landlord’s consent shall not be required in the event of any Transfer by Tenant to an Affiliate provided that (i) the Affiliate has a tangible net worth at least equal to that of Tenant as of the date of this Lease,
(ii) Tenant provides Landlord notice of the Transfer at least 15 days prior to the effective date, together with current financial statements of the Affiliate certified by an executive officer of the Affiliate, and (iii) in the case of an
assignment or sublease, Tenant delivers to Landlord an assumption agreement reasonably acceptable to Landlord executed by Tenant and the Affiliate, together with a certificate of insurance evidencing the Affiliate’s compliance with the
insurance requirements of Tenant under this Lease. 
 (c) The provisions of subsection (a) above notwithstanding, if Tenant
proposes to Transfer all of the Premises (other than to an Affiliate), Landlord may terminate this Lease, either conditioned on execution of a new lease between Landlord and the proposed transferee or without that condition. If Tenant proposes to
enter into a Transfer of less than all of the Premises (other than to an Affiliate), Landlord may amend this Lease to remove the portion of the Premises to be transferred, either conditioned on execution of a new lease between Landlord and the
proposed transferee or without that condition. If this Lease is not so terminated or amended, Tenant shall pay to Landlord, immediately upon receipt, the excess of (i) all compensation received by Tenant for the Transfer over (ii) the Rent
allocable to the Premises transferred. 
 (d) If Tenant requests Landlord’s consent to a Transfer, Tenant shall provide Landlord,
at least 15 days prior to the proposed Transfer, current financial statements of the transferee certified by an executive officer of the transferee, a complete copy of the proposed Transfer documents, and any other information Landlord reasonably
requests. Immediately following any approved assignment or sublease, Tenant shall deliver to Landlord an assumption agreement reasonably acceptable to Landlord executed by Tenant and the transferee, together with a certificate of insurance
evidencing the transferee’s compliance with the insurance requirements of Tenant under this Lease. Tenant agrees to reimburse Landlord for reasonable administrative and attorneys’ fees in connection with the processing and documentation of
any Transfer for which Landlord’s consent is requested. 
 19. Subordination; Mortgagee’s Rights. 
 (a) Tenant accepts this Lease subject and subordinate to any Mortgage now or in the future affecting the Premises, provided that Tenant’s
right of possession of the Premises shall not be disturbed by the Mortgagee so long as Tenant is not in default under this Lease. This clause shall be self-operative, but within 10 days after request, Tenant shall execute and deliver any further
instruments confirming the subordination of this Lease and any further instruments of attornment that the Mortgagee may reasonably request. However, any Mortgagee may at any time subordinate its Mortgage to this Lease, without Tenant’s consent,
by giving notice to Tenant, and this Lease shall then be deemed prior to such Mortgage without regard to their respective dates of execution and delivery; provided that such subordination shall not affect any Mortgagee’s rights with respect to
condemnation awards, casualty insurance proceeds, intervening liens or any right which shall arise between the recording of such Mortgage and the execution of this Lease. 
 (b) No Mortgagee shall be (i) liable for any act or omission of a prior landlord, (ii) subject to any rental offsets or defenses against a prior landlord, (iii) bound by any amendment of this
Lease made without its written consent, or (iv) bound by payment of Monthly Rent more than one month in advance or liable for any other funds paid by Tenant to Landlord unless such funds actually have been transferred to the Mortgagee by
Landlord. 
 (c) The provisions of Sections 15 and 16 above notwithstanding, Landlord’s obligation to restore the Premises after
a casualty or condemnation shall be subject to the consent and prior rights of any Mortgagee. 
 20. Tenant’s Certificate; Financial
Information. Within 10 days after Landlord’s request from time to time, (a) Tenant shall execute, acknowledge and deliver to Landlord, for the benefit of Landlord, Mortgagee, any prospective Mortgagee, and any prospective purchaser
of Landlord’s interest in the Property, an estoppel certificate in the form of attached Exhibit “C” (or other 

  

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form requested by Landlord), modified as necessary to accurately state the facts represented, and (b) Tenant shall furnish to Landlord, Landlord’s
Mortgagee, prospective Mortgagee and/or prospective purchaser reasonably requested financial information. 
 21. Surrender. 
 (a) On the date on which this Lease expires or terminates, Tenant shall return possession of the Premises to Landlord in good condition, except for
ordinary wear and tear, and except for casualty damage or other conditions that Tenant is not required to remedy under this Lease. Prior to the expiration or termination of this Lease, Tenant shall remove from the Property all furniture, trade
fixtures, equipment, wiring and cabling (unless Landlord directs Tenant otherwise), and all other personal property installed by Tenant or its assignees or subtenants. Tenant shall repair any damage resulting from such removal and shall restore the
Property to good order and condition. Any of Tenant’s personal property not removed as required shall be deemed abandoned, and Landlord, at Tenant’s expense, may remove, store, sell or otherwise dispose of such property in such manner as
Landlord may see fit and/or Landlord may retain such property or sale proceeds as its property. If Tenant does not return possession of the Premises to Landlord in the condition required under this Lease, Tenant shall pay Landlord all resulting
damages Landlord may suffer. 
 (b) If Tenant remains in possession of the Premises after the expiration or termination of this Lease,
Tenant’s occupancy of the Premises shall be that of a tenancy at will. Tenant’s occupancy during any holdover period shall otherwise be subject to the provisions of this Lease (unless clearly inapplicable), except that the Monthly Rent
shall be 150% of the Monthly Rent payable for the last full month immediately preceding the holdover. No holdover or payment by Tenant after the expiration or termination of this Lease shall operate to extend the Term or prevent Landlord from
immediate recovery of possession of the Premises by summary proceedings or otherwise. Any provision in this Lease to the contrary notwithstanding, any holdover by Tenant shall constitute a default on the part of Tenant under this Lease entitling
Landlord to exercise, without obligation to provide Tenant any notice or cure period, all of the remedies available to Landlord in the event of a Tenant default, and Tenant shall be liable for all damages, including consequential damages, that
Landlord suffers as a result of the holdover. 
 22. Defaults - Remedies. 
 (a) It shall be an Event of Default: 
 (i) If Tenant does not pay in full when due any and all Rent and, except as provided in Section 22(c) below, Tenant fails to cure such default on or before the date that is 5 days after Landlord gives Tenant notice of default;

 (ii) If Tenant enters into or permits any Transfer in violation of Section 18 above; 
 (iii) If Tenant fails to observe and perform or otherwise breaches any other provision of this Lease, and, except as provided in Section 22(c)
below, Tenant fails to cure the default on or before the date that is 10 days after Landlord gives Tenant notice of default; provided, however, if the default cannot reasonably be cured within 10 days following Landlord’s giving of notice,
Tenant shall be afforded additional reasonable time (not to exceed 30 days following Landlord’s notice) to cure the default if Tenant begins to cure the default within 10 days following Landlord’s notice and continues diligently in good
faith to completely cure the default; or 
 (iv) If Tenant becomes insolvent or makes a general assignment for the benefit of creditors or
offers a settlement to creditors, or if a petition in bankruptcy or for reorganization or for an arrangement with creditors under any federal or state law is filed by or against Tenant, or a bill in equity or other proceeding for the appointment of
a receiver for any of Tenant’s assets is commenced, or if any of the real or personal property of Tenant shall be levied upon; provided that any proceeding brought by anyone other than Landlord or Tenant under any bankruptcy, insolvency,
receivership or similar law shall not constitute an Event of Default until such proceeding has continued unstayed for more than 60 consecutive days. 
 (b) If an Event of Default occurs, Landlord shall have the following rights and remedies: 
 (i)
Landlord, without any obligation to do so, may elect to cure the default on behalf of Tenant, in which event Tenant shall reimburse Landlord upon demand for any sums paid or costs incurred by Landlord (together with an administrative fee of 15%
thereof) in curing the default, plus interest at the Interest Rate from the respective dates of Landlord’s incurring such costs, which sums and costs together with interest at the Interest Rate shall be deemed additional Rent; 
 (ii) To enter and repossess the Premises, by breaking open locked doors if necessary, and remove all persons and all or any property, by action at law or
otherwise, without being liable for prosecution or damages. Landlord may, at 
  

 8 

 
Landlord’s option, make Alterations and repairs in order to relet the Premises and relet all or any part(s) of the Premises for Tenant’s account.
Tenant agrees to pay to Landlord on demand any deficiency (taking into account all costs incurred by Landlord) that may arise by reason of such reletting. In the event of reletting without termination of this Lease, Landlord may at any time
thereafter elect to terminate this Lease for such previous breach; 
 (iii) To accelerate the whole or any part of the Rent for the balance
of the Term, and declare the same to be immediately due and payable; and 
 (iv) To terminate this Lease and the Term without any right on
the part of Tenant to save the forfeiture by payment of any sum due or by other performance of any condition, term or covenant broken. 
 (c) Any provision to the contrary in this Section 22 notwithstanding, (i) Landlord shall not be required to give Tenant the notice and opportunity to cure provided in Section 22(a) above more than twice in any
consecutive 12-month period, and thereafter Landlord may declare an Event of Default without affording Tenant any of the notice and cure rights provided under this Lease, and (ii) Landlord shall not be required to give such notice prior to
exercising its rights under Section 22(b) if Tenant fails to comply with the provisions of Sections 13, 20 or 27 or in an emergency. 
 (d) No waiver by Landlord of any breach by Tenant shall be a waiver of any subsequent breach, nor shall any forbearance by Landlord to seek a remedy for any breach by Tenant be a waiver by Landlord of any rights and remedies with
respect to such or any subsequent breach. Efforts by Landlord to mitigate the damages caused by Tenant’s default shall not constitute a waiver of Landlord’s right to recover damages hereunder. No right or remedy herein conferred upon or
reserved to Landlord is intended to be exclusive of any other right or remedy provided herein or by law, but each shall be cumulative and in addition to every other right or remedy given herein or now or hereafter existing at law or in equity. No
payment by Tenant or receipt or acceptance by Landlord of a lesser amount than the total amount due Landlord .under this Lease shall be deemed to be other than on account, nor shall any endorsement or statement on any check or payment be deemed an
accord and satisfaction, and Landlord may accept such check or payment without prejudice to Landlord’s right to recover the balance of Rent due, or Landlord’s right to pursue any other available remedy. 
 (e) If either party commences an action against the other party arising out of or in connection with this Lease, the prevailing party shall be
entitled to have and recover from the other party attorneys’ fees, costs of suit, investigation expenses and discovery costs, including costs of appeal. 
 (f) Landlord and Tenant waive the right to a trial by jury in any action or proceeding based upon or related to, the subject matter of this Lease. 
 23. Tenant’s Authority. Tenant represents and warrants to Landlord that: (a) Tenant is duly formed, validly existing and in good standing under the laws of the state under which
Tenant is organized, and qualified to do business in the state in which the Property is located, and (b) the person(s) signing this Lease are duly authorized to execute and deliver this Lease on behalf of Tenant. 
 24. Liability of Landlord. The word “Landlord” in this Lease includes the Landlord executing this Lease as well as its successors
and assigns, each of which shall have the same rights, remedies, powers, authorities and privileges as it would have had it originally signed this Lease as Landlord. Any such person or entity, whether or not named in this Lease, shall have no
liability under this Lease after it ceases to hold title to the Premises except for obligations already accrued (and, as to any unapplied portion of Tenant’s Security Deposit, Landlord shall be relieved of all liability upon transfer of such
portion to its successor in interest). Tenant shall look solely to Landlord’s successor in interest for the performance of the covenants and obligations of the Landlord hereunder which subsequently accrue. Landlord shall not be deemed to be in
default under this Lease unless Tenant gives Landlord notice specifying the default and Landlord fails to cure the default within a reasonable period following Tenant’s notice. In no event shall Landlord be liable to Tenant for any loss of
business or profits of Tenant or for consequential, punitive or special damages of any kind. Neither Landlord nor any principal of Landlord nor any owner of the Property, whether disclosed or undisclosed, shall have any personal liability with
respect to any of the provisions of this Lease or the Premises; Tenant shall look solely to the equity of Landlord in the Property for the satisfaction of any claim by Tenant against Landlord. 
 25. Miscellaneous. 
 (a) The captions in
this Lease are for convenience only, are not a part of this Lease and do not in any way define, limit, describe or amplify the terms of this Lease. 
  

 9 

 (b) This Lease represents the entire agreement between the parties hereto and there are no
collateral or oral agreements or understandings between Landlord and Tenant with respect to the Premises or the Property. No rights, easements or licenses are acquired in the Property or any land adjacent to the Property by Tenant by implication or
otherwise except as expressly set forth in this Lease. This Lease shall not be modified in any manner except by an instrument in writing executed by the parties. The masculine (or neuter) pronoun and the singular number shall include the masculine,
feminine and neuter genders and the singular and plural number. The word “including” followed by any specific item(s) is deemed to refer to examples rather than to be words of limitation. The word “person” includes a natural
person, a partnership, a corporation, a limited liability company, an association and any other form of business association or entity. Both parties having participated fully and equally in the negotiation and preparation of this Lease, this Lease
shall not be more strictly construed, nor any ambiguities in this Lease resolved, against either Landlord or Tenant. 
 (c) Each
covenant, agreement, obligation, term, condition or other provision contained in this Lease shall be deemed and construed as a separate and independent covenant of the party bound by, undertaking or making the same, not dependent on any other
provision of this Lease unless otherwise expressly provided. All of the terms and conditions set forth in this Lease shall apply throughout the Term unless otherwise expressly set forth herein. 
 (d) If any provisions of this Lease shall be declared unenforceable in any respect, such unenforceability shall not affect any other provision of
this Lease, and each such provision shall be deemed to be modified, if possible, in such a manner as to render it enforceable and to preserve to the extent possible the intent of the parties as set forth herein. This Lease shall be construed and
enforced in accordance with the laws of the state in which the Property is located. 
 (e) This Lease shall be binding upon and inure
to the benefit of Landlord and Tenant and their: respective heirs, personal representatives and permitted successors and assigns. All persons liable for the obligations of Tenant under this Lease shall be jointly and severally liable for such
obligations. 
 (f) Tenant shall not record this Lease or any memorandum without Landlord’s prior consent. 
 26. Notices. Any notice, consent or other communication under this Lease shall be in writing and addressed to Landlord or Tenant at their respective
addresses specified in Section 1 above (or to such other address as either may designate by notice to the other) with a copy to any Mortgagee or other party designated by Landlord. Each notice or other communication shall be deemed given if
sent by prepaid overnight delivery service or by certified mail, return receipt requested, postage prepaid or in any other manner, with delivery in any case evidenced by a receipt, and shall be deemed to have been given on the day of actual delivery
to the intended recipient or on the business day delivery is refused. The giving of notice by Landlord’s attorneys, representatives and agents under this Section shall be deemed to be the acts of Landlord. 
 27. Security Deposit. At the time of signing this Lease, Tenant shall deposit with Landlord the Security Deposit to be retained by Landlord as cash
security for the faithful performance and observance by Tenant of the provisions of this Lease. Tenant shall not be entitled to any interest on the Security Deposit. Landlord shall have the right to commingle the Security Deposit with its other
funds. Landlord may use the whole or any part of the Security Deposit for the payment of any amount as to which Tenant is in default or to compensate Landlord for any loss or damage it may suffer by reason of Tenant’s default under this Lease.
If Landlord uses all or any portion of the Security Deposit as herein provided, within 10 days after demand, Tenant shall pay Landlord cash in an amount equal to that portion of the Security Deposit used by Landlord. If Tenant complies fully and
faithfully with all of the provisions of this Lease, the Security Deposit shall be returned to Tenant after the Expiration Date and surrender of the Premises to Landlord. 
 28. Automatic Funds Transfer. At Landlord’s option, Monthly Rent payments shall be made automatically via electronic funds transfer to an account designated by Landlord from an account of Tenant
designated by Tenant. 
 29. Early Access. Tenant shall at all reasonable times from and after November 15, 2006 have access to the
Premises, at Tenant’s own risk, expense and responsibility, for purposes of installing Tenant’s furniture, trade fixtures and equipment. In connection with such access prior to the Commencement Date, Tenant shall abide by the terms and
conditions of this Lease including carrying the insurance specified by the Lease, as if the term of this Lease had already commenced, except that Tenant shall have no obligation to pay Monthly Rent until the earlier of (i) the date Tenant
occupies the Premises and begins conducting business therefrom or (ii) the Commencement Date. Tenant shall also pay the charges for all utilities furnished to the Premises during Tenant’s early-access period, as reasonably estimated by
Landlord. 
 30. Parking. Tenant shall be entitled to the use of 5 parking spaces without charge for each 1,000 rentable square feet of the
Premises. Such parking shall be nonexclusive, undesignated and unreserved parking provided as part of the Building’s common area parking facilities. Tenant shall not utilize parking in excess of the ratio afforded Tenant in this lease.

  

 10 

 Landlord and Tenant have executed this Lease on the respective date(s) set forth below. 
  

					
		 	Landlord:
		
		 	LIBERTY PROPERTY LIMITED PARTNERSHIP
		
		 	By: Liberty Property Trust, Sole General Partner
			
	 Date signed:
	 	 By:
	 	 /s/ Robert L. Kiel

	 11/27/06
	 	 Name:
	 	 Robert L. Kiel

		 	 Title:
	 	 Senior Vice President/Regional Director

 

 
  

							
	 Date signed
	 	Tenant:
		
	 November 14, 2006
	 	VIRTUAL RADIOLOGIC CORPORATION
			
	 Attest:
	 		 	
				
	 By:
	 	 /s/ Jamison A Young
	 	 By:
	 	 /s/ Sean Casey,

	 Name:
	 	 Jamison A Young
	 	 Print Name:
	 	 Sean Casey, M. D.

	 Title:
	 	 Controller
	 	 Print Title:
	 	 CEO

  

 11 

 Rider 1 to Lease Agreement 
 (Multi-Tenant Industrial) 
 ADDITIONAL DEFINITIONS 
 “ADA” means the Americans With Disabilities Act of 1990 (42 U.S.C. § 1201 et seq.), as amended and supplemented from time to time. 
 “Affiliate” means (i) any entity controlling, controlled by, or under common control of, Tenant, (ii) any successor to Tenant by merger,
consolidation or reorganization, and (iii) any purchaser of all or substantially all of the assets of Tenant as a going concern. 
 “Agents”
of a party means such party’s employees, agents, representatives, contractors, licensees or invitees. 
 “Alteration” means any addition,
alteration or improvement to the Premises or Property, as the case may be. 
 “Building Rules” means the rules and regulations attached to this
Lease as Exhibit “B” as they may be amended from time to time. 
 “Building Systems” means any electrical, mechanical, structural,
plumbing, heating, ventilating, air conditioning, sprinkler, life safety or security systems serving the Building. 
 “Common Areas” means all
areas and facilities as provided by Landlord from time to time for the use or enjoyment of all tenants in the Building or Property, including, if applicable, driveways, sidewalks, parking, loading and landscaped areas. 
 “Environmental Laws” means all present or future federal, state or local laws, ordinances, rules or regulations (including the rules and regulations of the
federal Environmental Protection Agency and comparable state agency) relating to the protection of human health or the environment. 
 “Event of
Default” means a default described in Section 22(a) of this Lease. 
 “Hazardous Materials” means pollutants, contaminants, toxic or
hazardous wastes or other materials the removal of which is required or the use of which is regulated, restricted, or prohibited by any Environmental Law. 
 “Interest Rate” means interest at the rate of 1 1/2 % per month.

 “Land” means the lot or plot of land on which the Building is situated or the portion thereof allocated by Landlord to the Building.

 “Laws” means all laws, ordinances, rules, orders, regulations, guidelines and other requirements of federal, state or local governmental
authorities or of any private association or contained in any restrictive covenants or other declarations or agreements, now or subsequently pertaining to the Property or the use and occupation of the Property. 
 “Lease Year” means the period from the Commencement Date through the succeeding 12 full calendar months (including for the first Lease Year any partial month
from the Commencement Date until the first day of the first full calendar month) and each successive 12-month period thereafter during the Term. 
 “Maintain” means to provide such maintenance, repair and, to the extent necessary and appropriate, replacement, as may be needed to keep the subject property in good condition and repair. 
 “Monthly Rent” means the monthly installment of Minimum Annual Rent plus the monthly installment of estimated Annual Operating Expenses payable by Tenant under
this Lease. 
  

 Page 1 of 2 

 “Mortgage” means any mortgage, deed of trust or other lien or encumbrance on Landlord’s interest in the
Property or any portion thereof, including without limitation any ground or master lease if Landlord’s interest is or becomes a leasehold estate. 
 “Mortgagee” means the holder of any Mortgage, including any ground or master lessor if Landlord’s interest is or becomes a leasehold estate. 
 “Operating Expenses” means all costs, charges and expenses incurred or charged by Landlord in connection with the ownership, operation, maintenance and repair of, and services provided to, the Property,
including, but not limited to, (i) the charges at standard retail rates for any utilities provided by Landlord pursuant to Section 7 of this Lease, (ii) the cost of insurance carried by Landlord pursuant to Section 8 of this
Lease together with the cost of any deductible paid by Landlord in connection with an insured loss, (iii) Landlord’s cost to Maintain the Property, subject to the provisions of Section 9 of this Lease, (iv) the cost of trash
collection, (v) all levies, taxes (including real estate taxes, sales taxes and gross receipt taxes), assessments, liens, license and permit fees, together with the reasonable cost of contesting any of the foregoing, which are applicable to the
Term, and which are imposed by any authority or under any Law, or pursuant to any recorded covenants or agreements, upon or with respect to the Property, or any improvements thereto, or directly upon this Lease or the Rent or upon amounts payable by
any subtenants or other occupants of the Premises, or against Landlord because of Landlord’s estate or interest in the Property, (vi) the annual amortization (over their estimated economic useful life or payback period, whichever is
shorter) of the costs (including reasonable financing charges) of capital improvements or replacements, (vii) a management and administrative fee, and (viii) a tenant service charge. The foregoing notwithstanding, Operating Expenses will
not include: (i) depreciation on the Building, (ii) financing and refinancing costs (except as provided above), interest on debt or amortization payments on any mortgage, or rental under any ground or underlying lease, (iii) leasing
commissions, advertising expenses, tenant improvements or other costs directly related to the leasing of the Property, or (iv) income, excess profits or corporate capital stock tax imposed or assessed upon Landlord, unless such tax or any
similar tax is levied or assessed in lieu of all or any part of any taxes includable in Operating Expenses above. If Landlord elects to prepay real estate taxes during any discount period, Landlord shall be entitled to the benefit of any such
prepayment. Landlord shall have the right to directly perform (by itself or through an affiliate) any services provided under this Lease provided that the Landlord’s charges included in Operating Expenses for any such services shall not exceed
competitive market rates for comparable services. 
 “Property” means the Land, the Building, the Common Areas, and all appurtenances to them.

 “Rent” means the Minimum Annual Rent, Annual Operating Expenses and any other amounts payable by Tenant to Landlord under this Lease.

 “Taken” or “Taking” means acquisition by a public authority having the power of eminent domain by condemnation or conveyance in lieu
of condemnation. 
 “Tenant’s Share” means the percentage obtained by dividing the rentable square feet of the Premises by the rentable square
feet of the Building, as set forth in Section 1 of this Lease. 
 “Transfer” means (i) any assignment, transfer, pledge or other encumbrance
of all or a portion of Tenant’s interest in this Lease, (ii) any sublease, license or concession of all or a portion of Tenant’s interest in the Premises, or (iii) any transfer of a controlling interest in Tenant. 
  

 Page 2 of 2First Addendum to Employment Agreement - Mark Marlow

 Exhibit 10.44 
 FIRST ADDENDUM TO 
 EMPLOYMENT AGREEMENT 
 THIS FIRST ADDENDUM TO EMPLOYMENT AGREEMENT (“1st Addendum”), is made and entered into by and between Virtual Radiologic Consultants, Inc. (the
“Corporation”) and Mark Marlow (the “Executive”), to be effective (the “Effective Date”), January 12, 2005. 
 W I T N E S S E T H : 
 WHEREAS, the Corporation and Executive are parties to an Employment Agreement effective August 1,
2003, together with a Side Agreement effective July 1, 2004 (collectively, “Agreement); and 
 WHEREAS, the Corporation and
Executive are also parties to an Incentive Stock Option Agreement effective January 2, 2004 (“SOA”) whereby the Corporation granted stock options (the “Option”) to Executive to purchase Shares of the Corporation; and

 WHEREAS, Section 5 of the Agreement and Section 3.d of the SOA provide for certain consideration in the event of a Change of
Control; and 
 WHEREAS, the parties desire to supplement the provisions of Agreement and the SOA as set forth herein; 
 THEREFORE, in consideration of the foregoing and of the further covenants and agreements of the parties herein contained, the parties hereto agree as
follows: 
 1. Upon the event of a Change of Control and notwithstanding any other provision of the Agreement or of the SOA, Executive shall
have the right at any time prior to the date set forth in Section 5.d of the SOA to require the Corporation to convert the Option (the “Conversion Right”) into the Shares as provided for herein. 
 2. Upon exercise of the Conversion Right in accordance herewith, the Corporation shall deliver to Executive (without payment by Executive of any cash
option price) that number of the Shares equal to the result obtained by multiplying (a) the number of Shares for which the Executive seeks to convert the Option by (b) the quotient obtained by dividing (i) the value of the Option at
the time the Conversion Right is exercised (determined by subtracting the Option exercise price at the time the Conversion Right is exercised from the aggregate Fair Market Value of one share of the Corporation’s Common Stock immediately prior
to the exercise of the Conversion Right) by (ii) the Fair Market Value of one share of Corporation’s Common Stock immediately prior to the exercise of the Conversion Right. 
 3. The Conversion Right may be exercised by the Executive, at any time or from time to time, prior to its expiration, on any business day by specifying
in the notice of exercise (i) the total number of Shares the Executive will purchase, and (ii) the number of Shares that are to be acquired pursuant to the Conversion Right and not for cash. 

 4. In the event Executive exercises the Option for less than the total number of Shares, the Corporation
will promptly deliver to Executive a certificate or certificates for the number of Shares issuable upon such exercise, whether paid in cash or by exercise of the Conversion Right, together with cash, in lieu of any fraction of a share, and the
Corporation will endorse the SOA to show the number of Shares remaining purchasable thereunder and return the SOA as endorsed to Executive. 
 5. For purposes of this 1st Addendum, “Fair Market Value” of a share of Common Stock as of a particular date (the “Determination Date”) shall mean: 
  

	 	(i)	If the Corporation’s Common Stock is traded on an exchange or is quoted on NASDAQ, then the average closing or last sale prices, respectively, reported for the ten
(10) business days immediately preceding the Determination Date, and 

  

	 	(ii)	If the Corporation’s Common Stock is not traded on an exchange or on NASDAQ but is traded on the over-the counter market, then the average closing bid and asked prices reported
for the ten (10) business days immediately preceding the Determination Date. 

  

	 	(iii)	If the Corporation’s Common Stock is not publicly traded, then the Fair Market Value as determined in good faith by the Company’s Board of Directors upon advice of the
Company’s Investment Banker. 

 6. Schedule 1 attached hereto illustrates the manner of calculating the number of shares
issuable upon exercise of the Conversion Right. 
 IN WITNESS WHEREOF, the undersigned officer, on behalf
of Virtual Radiologic Consultations, Inc., and the Executive hereby execute this Agreement to be effective this 12th
day of January 2005. 
  

							
	CORPORATION:	 		 	EXECUTIVE:
				
	By:	 	 /s/ Sean Casey
	 		 	 /s/ Mark Marlow

	Its:	 		 		 	Mark Marlow

  

 Schedule 1 
 Illustration of Conversion Right 
 The following two hypothetical cases demonstrate the number of shares into which the
Option may be converted. 
  

	I.	Hypothetical facts: 

  

	 	1.	Shares under Option = 10,000 

	 	2.	Number of Options for which Conversion Right is being exercised = 10,000 

	 	3.	Option exercise price = $2.00. 

	 	4.	Fair market value of one Share = $10.00 

	 	 5.
	 Option Value when Conversion Right exercised = ($10.00 - $2.00) = $8.001. 

 Calculation based on the
foregoing hypothetical facts: 
 10,000 shares x ($8.00 / $10.00) = 10,000 shares x .8 = 8,000 shares to be issued on exercise of Conversion
Right. 
  

	II.	Hypothetical facts. 

  

	 	6.	Shares under Option = 10,000 

	 	7.	Number of Options for which Conversion Right is being exercised = 10,000 

	 	8.	Option exercise price = $2.00. 

	 	9.	Fair market value of one Share = $20.00 

	 	 10.
	 Option Value when Conversion Right exercised = ($20.00 - $2.00) = $ 18.002. 

 Calculation based on the
foregoing hypothetical facts: 
 10,000 shares x ($18.00 / $20.00) = 10,000 shares x .9 = 9,000 shares to be issued on exercise of Conversion
Right. 
  

	 1
	 Section 2.b (i) calculation of “value of the Option at the time the Conversion Right is
exercised.” 

	 2
	 Section 2.b (i) calculation of “value of the Option at the time the Conversion Right is
exercised.”

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