Document:

Exhibit 10.33

 

FIRST AMENDMENT 

TO 

MQ ASSOCIATES, INC.

2003 STOCK OPTION PLAN

 

This First Amendment (this “Amendment”) to
the MQ Associates, Inc. 2003 Stock Option Plan. (the “Plan”) is made
effective as of January 1, 2003 (the “Effective Date”).  Capitalized terms used and not otherwise
defined in this Amendment have the meanings given such terms in the Plan.

 

RECITALS:

 

WHEREAS, the Board previously adopted the
Plan effective as of the Effective Date in order to provide an incentive to
select MedQuest employees by granting such employees Options; and

 

WHEREAS, the Board has determined that it is
in the best interests of the Company and its shareholders to amend the Plan to
provide for the grant of Options that are NQSOs to such non-employee directors
of MedQuest and such independent contractors to MedQuest as the Committee may
designate in order to provide an incentive to such select non-employee
directors and independent contractors.

 

NOW THEREFORE, in consideration of the
foregoing, the Plan is amended as follows:

 

AMENDMENT:

 

1.             Amendment
to Section 1 of the Plan.  The
first sentence of Section 1 of the Plan is amended and restated in its
entirety as follows:

 

“The purpose of the MQ Associates, Inc.
2003 Stock Option Plan (the “Plan”) is to provide an incentive to certain
employees, non employee directors and independent contractors of MQ Associates, Inc.,
a Delaware corporation (the “Company”), and of the Company’s subsidiaries and
affiliates (the Company and its subsidiaries and affiliates are referred to
collectively as “MedQuest”) by granting such employees, independent
contractors, and non-employee directors: (i) incentive stock options (“ISOs”),
within the meaning of Section 422 of the Internal Revenue Code of 1986, as
amended (the “Code”), and (ii) options that are not ISOs (“NQSOs”), in
either case to acquire shares of the Company’s common stock, par value $0.001
per share (“Shares” of “Stock”).”

 

2.             Amendment
to Section 4 of the Plan.  Clauses
(ii) and (iii) of Section 4(b) of the Plan are hereby amended
and restated in their entirety as follows:

 

1

 

“(ii) to grant NQSOs to such employees,
non-employee directors, and independent contractors as the Committee shall
select (the grantee of an ISO or NQSO is hereinafter referred to as an “Optionee”);
(iii) to make all determinations necessary or desirable for the
administration of the Plan including, within any applicable limits specifically
set out in the Plan, the number of Shares that may be subject to Options, the
Option Price, and the period during which an Optionee must remain a MedQuest
employee, non-employee director, or independent contractor prior to the
exercise of an Option;”

 

3.             Amendment
to Section 5 of the Plan.  Section 5(a) of
the Plan is hereby amended and restated in its entirety as follows:

 

“(a)         Option Agreement.  The Committee shall, subject to the terms of
the Plan, have sole authority to determine the employees, non-employee
directors, and independent contractors to whom Options shall be granted under
the Plan and the terms and conditions of such Options.  Each Option granted under the Plan shall be
evidenced by a stock option agreement (each, an “Option Agreement”).  Each Option Agreement shall be subject to the
terms and conditions of the Plan and may contain additional terms and
conditions (which may vary from Optionee to Optionee) not inconsistent with the
Plan, as the Committee may deem necessary or desirable.  Unless the Committee determines otherwise at
the time of any grant, each Option Agreement granted to an employee shall be in
substantially the form attached hereto as Exhibit A and each Option
Agreement granted to a non-employee director or independent contractor shall be
in substantially the form attached hereto as Exhibit A-1.”

 

4.             Amendment
to Section 7 of the Plan.  The
first sentence of Section 7 of the Plan is hereby amended and restated in
its entirety as follows:

 

“Any unexercised Options shall automatically
and without notice expire upon the first to occur of the following:

 

(a)           the tenth anniversary of the Grant Date,
or such earlier date as may be specified in the applicable Option Agreement; or

 

(b)           upon termination of the Optionee’s employment
with, or service as a non-employee director or independent contractor of, MedQuest,
except to the extent otherwise specified in the applicable Caption Agreement or
as determined by the Committee.”

 

2

 

5.             Amendment
to Section 9 of the Plan.  The
last sentence of Section 9 of the Plan is hereby amended and restated in
its entirety as follows:

 

“Nothing herein or in any option Agreement
shall confer on any Optionee any right to continued employment with or service
to MedQuest or interfere in any way with the rights of MedQuest to terminate
such employment or service at any time.”

 

6.             Addition
of Exhibit A-1 to the Plan.  Exhibit A-1,
attached to this Amendment and referenced in Section 3(a) of the Plan
as amended by this Amendment, is
hereby incorporated in and made a part of the Plan as Exhibit A-1
thereto.

 

7.             No
Further Modification.  Except as
expressly amended hereby, the Plan remains unmodified and in full force and
effect.

 

IN WITNESS WHEREOF, the Company has caused
this Amendment to be executed effective as of the Amendment Date.

 

 

	
  MQ ASSOCIATES, INC.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
  Effective Date: January 1, 2003

  
	
   

  	
  Name

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  

 

3

 

EXHIBIT A-1

 

(See separate exhibit filed with the Securities and
Exchange Commission.)Exhibit 10.34

 

STOCK OPTION AGREEMENT

 

1.                                       Grant
of Option.  MQ Associates, Inc.,
a Delaware corporation (the “Company”), grants to            
(the “Optionee”), effective              
(the “Grant Date”), an option (the “Option”) to purchase an aggregate of                  
shares of the Company’s common stock, par value $0.001 per share (“Shares” of “Stock”),
at a price of         per share (the “Option
Price”).  The Option is granted pursuant
to the Company’s 2003 Stock Option Plan (the “Plan”), and is subject to the
terms and conditions of this Agreement and of the Plan.  The Shares subject to the Option are referred
to collectively as the “Option Shares.”  All Option Shares shall be subject to the MQ
Associates, Inc. Employee Stockholders Agreement (the “Stockholders Agreement”),
a copy of which is attached, and no portion of the Option shall be exercisable
until such time as the Optionee has signed or otherwise joined in the
Stockholders Agreement in a manner satisfactory to the Company.  The Option and all Option Shares are also
subject to the terms and conditions of the Optionee Non-Competition Agreement
of even date between the Optionee and the Company.  This Option is not intended to qualify as an
incentive stock option within the meaning of Section 422 of the Internal
Revenue Code of 1986, as amended.  The
Optionee shall be a “Covered Optionee” under Section 11 of the Plan.

 

2.                                       Basic
Terms of Option.

 

(a)                                  Term.
 The term of the Option (the “Term”)
shall continue from the Grant Date until the date immediately preceding the
tenth anniversary of the Grant Date (the “Expiration Date”), provided the
Option shall only be exercisable as permitted in Sections 2(b) and 2(c) below.

 

(b)                                 Schedule of
Exercisability.

 

(i)                                     General.
 Except as otherwise specifically
provided in this Agreement and subject to the Optionee’s continuous service
(whether as a director, an independent contractor, or employee) to the Company
or any subsidiary of the Company (collectively, “MedQuest”) until the date on
which the Option or applicable portion thereof is scheduled to become
exercisable, the Option shall become exercisable with respect to the Option
Shares in five equal annual installments on each of the first five
anniversaries of the Grant Date

 

 

as
provided in the Schedule set forth below, and shall thereafter remain
exercisable until the Expiration Date, subject to Section 2(c) below.

 

	
  DATE EXERCISABLE

  	
   

  	
  NUMBER OF OPTION SHARES FOR
  WHICH THE

  OPTION IS TO BECOME EXERCISABLE

  
	
   

  	
   

  	
   

  
	
  First Anniversary of the Grant Date.

  	
   

  	
  20% of the total number of the Option
  Shares.

  
	
   

  	
   

  	
   

  
	
  Second Anniversary of the Grant Date.

  	
   

  	
  An additional 20% of the Option Shares.

  
	
   

  	
   

  	
   

  
	
  Third Anniversary of the Grant Date

  	
   

  	
  An additional 20% of the Option Shares.

  
	
   

  	
   

  	
   

  
	
  Fourth Anniversary of the Grant Date.

  	
   

  	
  An additional 20% of the Option Shares.

  
	
   

  	
   

  	
   

  
	
  Fifth Anniversary of the Grant Date.

  	
   

  	
  The remaining 20% percent of the Option
  Shares.

  

 

The Committee, in its discretion, may accelerate the exercisability of
the Option or any part thereof at any time and from time to time.  Unless sooner terminated in accordance with
the terms of this Agreement, the entire Option shall expire on the Expiration
Date and may not be exercised in whole or in any part at any time thereafter.

 

(ii)                                  Partial
Acceleration on IPO Prior to First Anniversary. Notwithstanding the Schedule set
forth above, if the Registration Date (as defined in the Plan) occurs prior to
the first anniversary of the Grant Date (the “First Anniversary”), then
immediately prior to the Registration Date, the Option shall become exercisable
with respect to the number of Option Shares with respect to which the Option is
scheduled to become exercisable on the First Anniversary, provided that the
Optionee continues in service with MedQuest until the Registration Date, and
further provided that the Option shall not become exercisable with respect to
any additional Option Shares on the First Anniversary, but thereafter the
exercisability schedule shall revert to that set forth in Section 2(b)(i) above
such that the Option shall become exercisable with respect to all Option Shares
on the fifth (5th) anniversary of the Grant Date, subject to the
Optionee’s continuous service with MedQuest through the such fifth (5th)
anniversary.

 

(c)                                  Exercise
Following Termination of Service.

 

(i)                                     General.
 Except as otherwise provided in this Section 2(c) below,
if the Optionee’s service to MedQuest terminates for any reason, the portion of
the Option which has not then become exercisable (the “Nonexercisable Portion”)
shall automatically expire and

 

 

the
portion of the Option, if any, which has become exercisable and has not yet
been exercised (the “Exercisable Portion”) shall continue to be exercisable
until the earlier of (x) the date that is thirty (30) days after the date of
termination of the Optionee’s service to MedQuest or (y) the Expiration Date,
whereupon the Exercisable Portion shall automatically expire to the extent not
then exercised.

 

(ii)                                  Cause
or Resignation.  If the Optionee’s
service to MedQuest is terminated for Cause (including any termination if it is
later determined that Cause existed at the time of termination) or by the
Optionee’s voluntary resignation, the entire Option, including the Exercisable
Portion shall expire immediately upon such termination.  For this purpose “Cause” shall mean the
occurrence of any of the following events:

 

(1)                                  fraud,
embezzlement or gross insubordination on the part of the Optionee;

 

(2)                                  the
Optionee’s conviction of or plea of nolo contendere to any felony;

 

(3)                                  the
Optionee’s material breach of, or willful failure or refusal to perform and
discharge, his or her duties, responsibilities or obligations as a director,
independent contractor or employee of MedQuest, as applicable (other than by
reason of disability or death), that is not corrected within thirty (30) days
following written notice from MedQuest to the Optionee specifying the breach,
failure or refusal; or

 

(4)                                  any
act of willful misconduct by the Optionee which (A) is intended to result
in personal enrichment of the Optionee at the expense of MedQuest or (B) has
a material adverse impact on MedQuest, as determined by the Board in its
reasonable judgment.

 

(iii)                               Death or Disability.
 If the Optionee’s service to MedQuest is
terminated by reason of the Optionee’s death or Disability (defined below),
then upon such termination (x) the Option shall become exercisable with respect
to the number of Option. Shares with respect to which the Option was scheduled
to become exercisable on the next two anniversaries of the Grant Date following
the date of termination, (y) the Nonexercisable Portion

 

 

shall
automatically expire and (z) the Exercisable Portion shall continue to be
exercisable until the earlier of (A) the second anniversary of the date of
such termination or (B) the Expiration Date, whereupon the Exercisable
Portion shall automatically expire to the extent not then exercised.  A termination for “Disability” means any
termination if at the time of such termination the Optionee is eligible to
receive long-term disability benefits under any applicable MedQuest plan or
program or MedQuest disability insurance policy, or any other termination that
the Committee, in its discretion, determines is a termination for “Disability.”

 

(iv)                              During
a Change in Control Period.  If,
during a Change in Control Period (defined below), the Optionee’s service to MedQuest
is terminated by MedQuest other than for Cause, then immediately upon such
termination, the Option shall become exercisable with respect to all Option
Shares and shall continue to be exercisable until the earlier of (x) the date
that is sixty days after the date of termination or (y) the Expiration Date,
whereupon the Option shall automatically expire to the extent not then
exercised.  As used herein, the term “Change
in Control Period” means the twelve month period commencing on the occurrence
of a Change in Control and the term “Change in Control” means, with respect to
the Company, the occurrence of any one or more of the following events:

 

(1)                                  any
“person” (as defined under Section 3(a)(9) of the Securities Exchange
Act of 1934 (the “Act”)) or “group” (as defined in Section 13(d)(3) of
the Act) (not including any person or group that, as of the date of this
Agreement, holds any Voting Stock (defined below) or rights to acquire Voting
Stock (each, a “Current Shareholder”) or any affiliates of any Current
Shareholder) becomes the “beneficial owner” (as defined in Rule 13d-3 or
otherwise under the Act), directly or indirectly (including as provided in Rule 13d-3(d)(1) of
the Act), of capital stock of the Company the holders of which are entitled to
vote for the election of directors (“Voting Stock”) representing fifty percent
(50%) or more of the Company’s then outstanding Voting Stock (giving effect to
the deemed ownership of securities by such person or group, as provided in Rule 13d-3(d)(1) of
the Act, but not giving effect to any such deemed ownership of securities by
another person or group);

 

(2)                                  any
consolidation, merger, stock for stock exchange or similar transaction (any
such transaction, a “Merger Transaction”) in which holders of Voting Stock

 

 

immediately prior to the Merger Transaction own, as a
group, immediately after the Merger Transaction, fifty percent (50%) or less of
the Voting Stock of the Company (or, if the Company does not survive the Merger
Transaction, voting securities of the entity surviving such Merger
Transaction); or

 

(3)                                  the
sale, transfer, or other disposition of all or substantially all of the assets
of the Company through one or more related transactions.

 

(v)                                 Committee
Discretion. Notwithstanding anything to the contrary in Section 2(c) above,
the Committee, in its discretion but subject to the terms of the Plan, may
accelerate the exercisability of all or any portion of the Option and may
extend the period following termination during which the Exercisable Portion
may be exercised.

 

3.                                       Exercise
of Option.

 

(a)                                  Exercise
Notice.  The Option may be exercised
with respect to all or any part of the Exercisable Portion by written notice
from the Optionee to the Company (“Exercise Notice”) specifying the number of
whole Option Shares with respect to which the Option is being exercised (the “Exercise
Shares”), and the aggregate Option Price for such Exercise Shares.  The Option may not be exercised for any
fractional Share unless the Committee determines otherwise.

 

(b)                                 Closing;
Payment.  Upon receipt of the
Exercise Notice, the Company shall schedule a closing date (the “Exercise
Date”) that is not later than thirty (30) business days following its receipt
of the Exercise Notice.  On or before the
Exercise Date (x) the Optionee shall deliver to the Company full payment for
the Exercise Shares either (A) in cash, by certified or bank check payable
to the order of the Company, (B) by tendering Shares (other than Restricted
Shares) already owned by the Optionee for at least six (6) months prior to
the Exercise Date (“Old Shares”) or (C) by payment in such other form as
the Committee, in its discretion, may permit, in an amount equal to the product
of the Option Price and the number of Exercise Shares to be purchased (such
amount, the “Exercise Price”), (y) the Optionee shall join in and become a
party to the Stockholders Agreement by written instrument in form and substance

 

 

satisfactory
to the Committee (and with respect to the Optionee, all references in the
Stockholders Agreement to “employment” shall be deemed to refer to service as a
director, independent contractor or employee and all references to “termination
of employment” and terms of similar import shall mean termination of the
Optionee’s service to MedQuest as a director, independent contractor or
employee, as applicable), and (z) the Optionee and the Company shall enter into
a subscription agreement with respect to the Exercise Shares (the “Subscription
Agreement”) in form and substance satisfactory to the Committee.  To the extent that Old Shares are tendered in
payment of the Exercise Price, the fair market value, as reasonably determined
by the Committee, of the Old Shares tendered will be credited against payment
of the Exercise Price. After the Registration Date, the Company will make
available a procedure for, and will permit, broker assisted “cashless” exercise
of the Option to the extent permitted by applicable law.

 

(c)                                  Delivery
of Shares.  Upon payment of the
Exercise Price, the Optionee’s delivery of the Subscription Agreement, and the
Optionee’s joining in and becoming a party to the Stockholders Agreement, the
Company shall make prompt delivery of a certificate or certificates
representing the Exercise Shares, registered in the name of the Optionee and
bearing an appropriate legend as provided in Section 8(b) below;
provided however, that if the Company or its counsel determines that compliance
with any applicable law or regulation requires that the Company take any action
prior to the issuance of the Exercise Shares to the Optionee, then the Exercise
Date shall be extended for such period as may be necessary to complete such
action and no Shares shall be issued unless and until the Company’s counsel has
determined that the Company has complied with all applicable securities laws,
the listing requirements of any securities exchange on which stock of the same
class as the Stock is then listed, and any other law or regulation applicable
to such issuance.  The Company may
require that the Optionee furnish or execute such other documents as the
Company shall reasonably deem necessary to (i) evidence such exercise, (ii) determine
whether registration is then required under applicable securities law, and (iii) comply
with or satisfy the requirements of applicable securities law or other
applicable law.

 

 

4.                                       Nontransferability
of Option.

 

(a)                                  Restrictions
Generally.  This Option is personal
to the Optionee and neither the Option nor any of the rights of the Optionee
hereunder may be transferred, assigned, pledged or hypothecated in any way
(whether by operation of law or otherwise) except by the laws of descent and
distribution, nor shall the Option or any rights with respect thereto be
subject to execution, attachment or similar process.  Upon any attempted transfer, assignment,
pledge, hypothecation or other disposition of the Option or of any rights with
respect thereto contrary to the provisions of this Agreement, or upon the
placement or levy of any attachment or similar process on the Option or any of
the Optionee’s rights hereunder, the Option and all such rights shall expire
and become null and void, unless the Committee, in its discretion, determines
otherwise.

 

(b)                                 Permitted
Transfers.  Notwithstanding anything
to the contrary in Section 4(a) above, a Optionee may, with the
consent of the Company, which shall not be unreasonably withheld, Transfer by
gift all or any portion of an Option to a trust or trusts (or other entity
approved by the Committee in its discretion) for the exclusive benefit of one
or more members of such Optionee’s Immediate Family, provided that the Option
shall continue to be subject to all of the terms and conditions of this
Agreement and the Plan as if no such Transfer had occurred and the Optionee and
the transferee shall execute and deliver to the Company such instruments or agreements
as the Company may reasonably require to confirm the foregoing.  As used herein, “Immediate Family” means, with
respect to any person, such person’s child, stepchild, grandchild, parent,
stepparent, grandparent, spouse, brother, sister, mother-in-law, father-in-law,
son-in-law, daughter-in-law, brother-in-law, sister-in-law, including adoptive
relationships (or other family relationships specifically approved by the
Committee).

 

5.                                       No
Special Rights.  The Optionee shall
have no rights as a shareholder with respect to any Option Shares unless and
until a certificate representing such Option Shares is duly issued and
delivered to the Optionee and the Optionee joins in and becomes a party to the
Stockholders Agreement.  No adjustment
shall be made for dividends or other rights for which the record date is prior
to the date such stock certificate is issued.  Nothing herein or in the Plan shall be deemed
to confer on the Optionee any right to continue in service with MedQucst
(whether as a director, independent contractor, employee or otherwise) or limit
in any way the right of MedQuest to terminate such service at any time.

 

 

6.                                       Adjustment
Transactions.  The Option and all
rights and obligations under this Agreement are subject to Section 10 of
the Plan, the terms of which are incorporated herein by this reference.

 

7.                                       Withholding
Taxes.  The Company’s obligation to
deliver Shares upon the exercise of the Option is subject to the Optionee’s
satisfaction of all applicable federal, state and local income and employment
tax withholding requirements, if any.  Whenever
Shares are to be issued pursuant to the Option, the Company may require the
Optionee to remit to the Company an amount in cash sufficient to satisfy any
applicable federal, state and local income and employment tax withholding
requirements as a condition to the issuance of such Shares.

 

8.                                       Investment
Representations; Legend.

 

(a)                                  Representations.  The Optionee represents, warrants, covenants
and agrees that:

 

(i)                                     The
Option has been, and any Exercise Shares will be, acquired for the Optionee’s
account for investment only and not with a view to, or for sale in connection
with, any distribution thereof.  The
Optionee agrees that the Optionee will not, directly or indirectly, offer,
transfer, sell, pledge, hypothecate or otherwise dispose of all or any part of
the Option or any Exercise Shares (or solicit offers to buy, purchase or
otherwise acquire or take a pledge of all or any part of the Option or any
Exercise Shares), except in compliance with the Securities Act of 1933 (the “Securities
Act”) and any applicable riles and regulations thereunder, and in compliance
with applicable state securities laws.

 

(ii)                                  The
Optionee has had such opportunity as he or she has deemed adequate to obtain
from representatives of the Company such information as is necessary to permit
the Optionee to evaluate the merits and risks of his or her investment in the
Company.

 

(iii)                               The Optionee is able to
bear the economic risk of holding Shares acquired pursuant to the exercise of
the Option for an indefinite period.

 

(iv)                              The
Optionee understands that (A) the Exercise Shares acquired will not be
registered under the Securities Act and are “restricted securities” within the
meaning

 

 

of Rule 144
under the Securities Act; (B) such Shares cannot be sold, transferred or
otherwise disposed of unless they are subsequently registered under the
Securities Act or an exemption from registration is then available; (C) in
any event, the exemption from registration under Rule 144 will not be
available for at least one year after issuance of the Exercise Shares, and even
then will not be available unless a public market then exists for the Shares,
adequate information concerning the Company is then available to the public and
other terms and conditions of Rule 144 are complied with; and (D) there
is now no registration statement on file with the Securities and Exchange
Commission with respect to any stock of the Company and the Company has no
obligation or current intention to register any Exercise Shares under the
Securities Act.

 

(v)                                 In
respect of any Option Shares purchased upon exercise of all or any part of the
Option, the Optionee shall be entitled to the rights and subject to the
obligations created under the Stockholders Agreement to the extent set forth
therein.

 

By making payment of the Exercise Price, the
Optionee shall be deemed to have remade and reaffirmed, as of the Exercise Date,
all of the representations, warranties, covenants and agreements made in this
Section. 8.

 

(b)                                 Legend
on Stock Certificates.  All stock
certificates representing Exercise Shares shall have affixed thereto a legend
substantially in the following form, in addition to any other legends required
by applicable state law:

 

The shares represented by
this certificate are subject to the provisions of a subscription agreement,
dated as of                   and
neither this certificate nor the shares represented by it are assignable or
otherwise transferable except in accordance with the provisions of such
subscription agreement, as the same may be amended from time to time, a copy of
the current form of which is on file with the Secretary of the Company.  The shares represented by this certificate are
subject to the provisions of a certain Optionee Non-Competition Agreement, a
copy of which is on file with the Secretary of the Company. The shares
represented by this certificate are entitled to certain of the benefits and are
bound by certain of the obligations set forth in an Employee Stockholders
Agreement among the Company and certain of its shareholders, as the same may be
amended from

 

 

time to time, a copy of
the current form of which is on file with the Secretary of the Company.

 

The shares of stock
represented by this certificate have not been registered under the Securities
Act of 1933 and may not be transferred, sold or otherwise disposed of in the
absence of an effective registration statement with respect to the shares
evidenced by this certificate, filed and made effective under the Securities
Act of 1933, or an opinion of counsel satisfactory to the Company to the effect
that registration under such Act is not required.

 

9.                                       Miscellaneous.

 

(a)                                  Except
as provided herein, this Option may not be amended or otherwise modified unless
evidenced in writing and signed by the Company and the Optionee.

 

(b)                                 Any
notices or other communications required or permitted under this Option
Agreement (“Notices”) shall be in writing and shall be either personally
delivered, sent by express or first class mail (postage prepaid), return
receipt requested, or sent by nationally recognized overnight courier service
(overnight delivery, charges prepaid), addressed as follows:

 

If to the Company:                                             MQ
Associates, Inc.

4300 North Point Parkway

Alpharetta, Georgia 30022

Attention: 

 

If to the Optionee:                                               To the
Optionee’s address as set forth in MedQuest’s payroll records.

 

Either party may change its address for
Notices by written Notice to the other given in accordance with this Section 9(b).
 Notices shall be deemed given when
delivered personally, three days after deposit in the U.S. mail, or two
business days after deposit with a nationally recognized overnight courier
service, as applicable.

 

(c)                                  The
Option and the rights and obligations of the Company and the Optionee hereunder
are subject to the terms and conditions of the Plan.  In the event of any conflict between the terms
of the Plan and the terms of this Option Agreement, the terms of the

 

 

Plan shall
govern.  Capitalized terms used and not
otherwise defined herein shall have the meanings given such terms in the Plan.

 

(d)                                 The
provisions of Section 4(b) of the Plan are specifically incorporated
herein.  Any Committee interpretation of
the provisions of the Plan or this Option Agreement shall be final and binding
on all parties.

 

(e)                                  This
Option Agreement shall be governed by and construed in accordance with the laws
of the State of Delaware.

 

(f)                                    The
Optionee shall keep the terms of this Option Agreement strictly confidential,
other than as may be necessary to enforce his or her rights hereunder or as
otherwise required by law.

 

MQ ASSOCIATES, INC.

 

 

	
  By:

  	
   

  	
   

  
	
   

  	
   

  

 

OPTIONEE’S ACCEPTANCE

 

The undersigned hereby accepts the foregoing Option,
acknowledges receipt of a copy of the Company’s 2003 Stock Option Plan and
agrees to the terms and conditions of both.

 

	
   

  	
  Optionee

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Printed Name

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Signature

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

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