Document:

Employment Agreement

 Exhibit 10.1 
 EMPLOYMENT AGREEMENT 
 EMPLOYMENT AGREEMENT (the “Agreement”), entered
into as of September 25, 2012, by and between iCAD, Inc., a Delaware corporation (the “Company”), and Kenneth Ferry (the “Executive”). 
 W I T N E S S E T H: 
 WHEREAS, the Company and the Executive entered into an
employment agreement dated as of June 1, 2008 (the “Prior Agreement”); 
 WHEREAS, the Company and the Executive
desire to continue the Executive’s employment with the Company on the terms and conditions set forth in this Agreement; and 
 NOW, THEREFORE, in consideration of the covenants and agreements hereinafter set forth and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties
hereto agree as follows: 
 1. EMPLOYMENT AND DUTIES 

1.1. Term of Employment. The Executive’s employment under this Agreement shall commence on the date hereof (the “Start
Date”) and shall continue until December 31, 2016 (such period being herein referred to as the “Initial Term,” and any calendar year thereafter ending on December 31 shall be referred to as an “Employment Year”).
After the Initial Term and on the last day of any Employment Year thereafter, this Agreement shall be automatically renewed for successive one year periods (each such period being referred to as a “Renewal Term”), unless, more than ninety
(90) days prior to the expiration of the Initial Term or any Renewal Term, either the Executive or the Company gives written notice that employment will not be renewed, whereupon the term of the Executive’s employment (the
“Term”) shall terminate upon the expiration of the Initial Term or the then current Renewal Term, unless sooner terminated pursuant to Section 5 hereof. 
 1.2. General. 
 1.2.1. During the Term, the Executive shall have the title
of the President and Chief Executive Officer of the Company and shall have such duties as may be from time to time delegated to him by the Board of Directors of the Company (the “Board”). The Executive shall faithfully and diligently
discharge his duties hereunder and use his best efforts to implement the policies established by the Board. The Executive’s responsibilities shall include, among other things, to render executive, policy, operations and other management
services to the Company of the type customarily provided by persons situated in similar executive and management capacities. 

 1.2.2. The Executive shall devote all of his business time, attention, knowledge and skills
faithfully, diligently and to the best of his ability, in furtherance of the business and activities of the Company; provided, however, that nothing in this Agreement shall preclude the Executive from devoting reasonable periods of
time required for: 
 (i) serving as a director or member of a committee of any organization or corporation involving no
conflict of interest with the interests of the Company and with the written consent of the Company; 
 (ii) delivering lectures,
fulfilling speaking engagements, and any writing or publication relating to his area of expertise; 
 (iii) engaging in
professional organization and program activities; and 
 (iv) managing his personal investments; 

provided that such activities do not materially interfere with the due performance of his duties and responsibilities under this Agreement as determined
by the Board. 
 1.3. Reimbursement of Expenses. (a) The Company shall pay to the Executive the reasonable expenses
incurred by him in the performance of his duties hereunder, including, without limitation, those incurred in connection with the use of an automobile, business related travel or entertainment, or, if such expenses are paid directly by the Executive,
the Company shall promptly reimburse him for such payments, provided that the Executive properly accounts for such expenses in accordance with the Company’s policy. 
 (b) The Company shall pay to the Executive an automobile expense allowance in the amount of $2,200 per month accruing from day to day. The Executive shall pay all the expenses of maintaining, insuring and
operating such automobile. 
 To the extent any reimbursements referenced in Section 1.3(a) (and any other reimbursements of costs and
expenses provided for herein) or the automobile expense allowance referenced in Section 1.3 (b) are includable in the Executive’s gross income for Federal income tax purposes, all such reimbursements and the automobile expense
allowance shall be made no later than March 15 of the calendar year next following the calendar year in which the expenses to be reimbursed are incurred or the automobile expense allowance accrued. 

1.4. Consideration. In consideration for the Executive’s execution of this Agreement, the Company agrees that the Executive
shall become employed by the Company as set forth in this Agreement, the Executive shall be permitted access to the Company’s confidential information and shall be eligible to receive post-Term severance payments (Sections 5.4.2 and 5.4.4) as
set forth in this Agreement (subject to his compliance with Sections 7 and 8 of this Agreement). The Executive understands, acknowledges and agrees that the Executive would not receive the consideration specified in this Section 1.4, except for
the Executive’s execution of this Agreement and the fulfillment of the promises contained herein. 
 1.5. Appointment as
Director. Upon the commencement of the term, the Company’s Board of Directors shall appoint the Executive as a director of the Company. Upon termination of the Executive’s employment as President and Chief Executive Officer of the
Company, the executive shall resign as a director of the Company. In such event, this agreement shall serve as the Executive’s resignation and no further action by the Executive shall be required for such resignation as a director to become
effective. 

  
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 2. COMPENSATION 

2.1. Base Salary. During the Term, the Executive shall be entitled to receive a base salary (“Base Salary”) at a rate of
four hundred thousand dollars ($400,000.00) per annum during the Term, which Base Salary shall be payable in arrears in equal installments not less frequently than on a bi-monthly basis in accordance with the payroll practices of the Company, with
such increases as may be determined by the Board from time to time. 
 2.2. Incentive Bonus. The Executive shall be
eligible to receive, for each Employment Year during the Term, a target annual incentive bonus of 55% of Base Salary for such Employment Year (the “Incentive Bonus”) if the Company achieves goals and objectives established by the Board of
Directors for such Employment Year. Any Incentive Bonus shall be paid in full in a single lump sum cash payment during the calendar year next following the Employment Year for which it is earned and vested (“Payment Calendar Year”), and no
later than the earlier of (1) December 31 of the Payment Calendar Year or (2) fifteen (15) calendar days following the date on which the Company publicly announces its results of operations for such Employment Year. 

2.3. Equity Compensation. 
 (a) In addition to the Base Salary and Incentive Bonuses, if any, the Executive shall receive, as incentive compensation, options (“Options”) to purchase up to an aggregate of 200,000 shares
(the “Shares”) of common stock of the Company, pursuant to and upon the terms and conditions set forth in the form of Option Agreement (the “Option Agreement”) attached as Exhibit A hereto. The Options shall vest and be
exercisable as to 50,000 of the Shares immediately, 50,000 of the Shares on September 25, 2013 and 50,000 of the Shares on September 25, 2014 and 50,000 of the Shares on September 25, 2015, subject to earlier vesting as set forth in
this Section 2.4 and Section 5.4.4(ii), at any time during the ten-year period commencing upon the date of grant, subject to earlier termination as provided in the Option Agreement, at an exercise price per share equal to the last sales
price for the Company’s common stock on the date hereof. 
 2.4. Additional Compensation. In addition to the Base
Salary, the Incentive Bonus, if any, and the Shares, the Executive shall be entitled to receive such other cash bonuses and such other compensation in the form of stock, stock options or other property or rights as may from time to time be awarded
him by the Board during or in respect of his employment hereunder. 
 3. PLACE OF PERFORMANCE. In connection with his
employment by the Company, the Executive shall be based at the Company’s principal executive offices in Nashua, New Hampshire, subject to the mutual agreement of the Executive and the Company to relocate him to another office of the Company.

  
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 4. EMPLOYEE BENEFITS 

4.1. Benefit Plans. The Executive shall, during the Term, be included to the extent eligible thereunder in all employee benefit
plans, programs or arrangements of general application (including, without limitation, any plans, programs or arrangements providing for retirement benefits, options and other equity-based incentive compensation, profit sharing, bonuses, disability
benefits, health and life insurance, or vacation and paid holidays) which shall be established by the Company or any affiliate of the Company, for, or made available to, their respective senior executives (“Benefits”). During the Term, the
Benefits described in this paragraph 4 may only be reduced as a result of a general reduction for senior executives. 
 4.2.
Vacation. The Executive shall be entitled to not less than four (4) weeks vacation at full pay for each calendar year during the Term. Such vacation may be taken in the Executive’s discretion, and at such time or times as are not
inconsistent with the reasonable business needs of the Company. 
 5. TERMINATION OF EMPLOYMENT 

5.1. General. The Executive’s employment under this Agreement may be terminated without any breach of this Agreement only on
the following circumstances: 
 5.1.1. Death. The Executive’s employment under this Agreement shall terminate upon
his death. 
 5.1.2. Disability. If, as a result of the Executive’s Disability (as defined below), the Executive
shall have been absent from his duties under this Agreement for sixty (60) consecutive days, the Company may terminate the Executive’s employment upon fifteen (15) days prior written notice; provided that the Executive has not
returned to full time performance of his duties during such fifteen (15) day period. For purposes hereof, “Disability” shall mean that the Executive is unable to perform his normal and customary duties hereunder as a result of
physical or mental incapacity, illness or disability. 
 5.1.3. Good Reason. The Executive may terminate his employment
for Good Reason at any time. For purposes of this Agreement, “Good Reason” shall mean: 
 (i) the failure by the
Company to comply with its material obligations and agreements contained in this Agreement; 
 (ii) a material diminution of the
executive responsibilities or title of the Executive with the Company without the consent of the Executive; or 
 (iii) a
reduction by the Company in the Base Salary as in effect on the date hereof, or as the same may be increased from time to time, without the express written consent of the Executive. 
 provided, however, the Executive must give notice to the Company of the existence of the condition described in paragraph 5.1.3 within a period not to exceed 90 days of the initial existence of the
condition, upon notice of which the Company may, within 30 days thereafter, remedy such condition. 

  
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 5.1.4. Cause. The Company may terminate the Executive’s employment under this
Agreement for Cause. Termination for “Cause” shall mean termination of the Executive’s employment because of the occurrence of any of the following as determined by the Board: 

(i) the willful failure by the Executive to substantially perform his obligations under this Agreement (other than any such failure
resulting from the Executive’s incapacity due to physical or mental incapacity, illness or disease); provided, however, that the Company shall have provided the Executive with written notice that such actions are occurring and the
Executive has been afforded a reasonable opportunity of at least thirty (30) days to cure same, or 
 (ii) the indictment
of the Executive for a felony or other crime involving moral turpitude or dishonesty; or 
 (iii) a breach of Section 7 or
Section 8 hereof or a breach of any representation contained in this Agreement by the Executive; or 
 (iv) a breach of
fiduciary duty involving personal profit; or 
 (v) a material act of dishonesty in connection with his employment with the
Company; or 
 (vi) the Executive having committed acts or omissions constituting gross negligence or willful misconduct
(including theft, fraud, embezzlement, and securities law violations) which is injurious to the Company, monetarily, or otherwise. For purposes of this Section 5.1.4(v), no act, or failure to act, on the part of the Executive shall be
considered “gross negligence” or “willful” unless done, “or” omitted to be done, by him in bad faith and without reasonable belief that his action or omission was in the best interest of the Company; or. 

(vii) the Executive having committed any willful or material violation of, or willful or material noncompliance with, any securities law,
rule or regulation or stock exchange regulation or rule relating to or affecting the Company, including without limitation (A) the Executive’s failure or refusal to honestly provide the chief executive officer or principal executive
officer certification required under the Sarbanes-Oxley Act of 2002, including the rules and regulations promulgated thereunder (the “Sarbanes-Oxley Act”), or failure to take reasonable and appropriate steps to determine whether or not any
such certificate was accurate or otherwise in compliance with the requirements of the Sarbanes-Oxley Act, or (B) the Executive’s failure to establish and administer effective systems and controls necessary for the Company to timely file
reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. 

  
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 5.2. Notice of Termination. Any termination of the Executive’s employment by the
Company or by the Executive (other than termination by reason of the Executive’s death) shall be communicated by written Notice of Termination to the other party of this Agreement. For purposes of this Agreement, a “Notice of
Termination” shall mean a notice which shall indicate the specific termination provision in this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the
Executive’s employment under the provision so indicated. 
 5.3. Date of Termination. The “Date of
Termination” shall mean (a) if the Executive’s employment is terminated by his death, the date of his death, (b) if the Executive’s employment is terminated pursuant to subsection 5.1.2 above, fifteen (15) days after
Notice of Termination is given (provided that the Executive shall not have returned to the performance of his duties on a full-time basis during such fifteen (15) day period), (c) if the Executive’s employment is terminated pursuant
to subsections 5.1.3 or 5.1.4 above, the date specified in the Notice of Termination after the expiration of any applicable cure periods, and (d) if the Executive’s employment is terminated for any other reason, the date on which a Notice
of Termination is given. 
 5.4. Compensation upon Termination. 

5.4.1. Termination for Cause. If the Executive’s employment shall be terminated for Cause, the Company shall pay the
Executive his Base Salary through the Date of Termination in accordance with the Company’s standard payroll practices, at the rate in effect at the time Notice of Termination is given, and all expenses and accrued Benefits arising prior to such
termination which are payable to the Executive pursuant to this Agreement through the Date of Termination and the Company shall have no further obligation with respect to this Agreement. 

5.4.2. Termination without Cause or For Good Reason. Subject to the provisions of subsection 5.4.3 hereof, if, prior to the
expiration of the Term, the Executive’s employment hereunder is terminated by the Executive for Good Reason or by the Company without Cause (other than a termination by reason of Disability), the Company shall pay to the Executive all expenses
and accrued Benefits arising prior to such termination which are payable to the Executive pursuant to this Agreement through the Date of Termination and the Company shall continue to pay the Executive his Base Salary as then in effect for a period
of one year (1) year from the Date of Termination (such period being referred to hereinafter as the “Severance Period”), in equal installments on the Company’s normal payroll dates during the Severance Period in accordance with
the payroll practices of the Company, beginning with the first pay date that begins after the Date of Termination and, shall pay a pro rata portion of the Incentive Bonus, if any, earned for the Employment Year through the Date of Termination as
determined in the discretion of the Board of Directors, at such time the Incentive Bonus, if any, would otherwise have been payable in accordance with Section 2.2 hereof. In addition, during the Severance Period, the Executive shall be entitled
to continue to participate in all employee benefit plans that the Company provides (and continues to provide) generally to its senior executives. 
 5.4.3. Death during Severance Period. In the event of the Executive’s death during the Severance Period, payments of Base Salary under this Section 5.4 and payments under the
Company’s employee benefit plan(s) shall continue to be made in accordance with their terms during the remainder of the Severance Period to the beneficiary designated in writing for such purpose by the Executive or, if no such beneficiary is
specifically designated, to the Executive’s estate. 

  
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 5.4.4. Termination Following Change in Control. 

(i) Anything contained herein to the contrary notwithstanding, in the event the Executive’s employment hereunder is terminated
within six (6) months following a Change in Control (as defined below) by the Company without Cause, or by the Executive with Good Reason, then the Company shall pay to the Executive in complete satisfaction of its obligations under this
Agreement, as severance pay and as liquidated damages (because actual damages are difficult to ascertain), an amount equal to (i) (a) his Base Salary as then in effect for a period of two (2) years from the Date of Termination, in equal
installments on the Company’s normal payroll dates over the twenty four (24) month period following the Date of Termination and continuing on the same day of each succeeding month thereafter plus (b) an amount equal to the Incentive
Bonus which would otherwise been payable in accordance with Section 2.2 hereof for the Employment Year in which the Date of Termination occurs at such time the Incentive Bonus, if any, would otherwise have been payable in accordance with
Section 2.2 hereof; or (ii) except with regard to the payment of an amount that is a Section 409A Amount, the Company, in its sole discretion, may elect to make a lump sum cash payment equal to the present value of the payments
otherwise due under clause (i)(a); provided that if any severance payment payable after a “Change in Control” as defined in Section 280G of the Internal Revenue Code of 1986 (the “Code”), either alone or together with
other payments or benefits, either cash or non-cash, that the Executive has the right to receive from the Company, including, but not limited to, accelerated vesting or payment of any deferred compensation, options, stock appreciation rights or any
benefits payable to the Executive under any plan for the benefit of employees, which would constitute an “excess parachute payment” (as defined in Code Section 280G), then such severance payment or other benefit shall be reduced to
the largest amount that will not result in receipt by the Executive of a parachute payment. The determination of the amount of the payment described in this subsection shall be made by the Company’s independent auditors at the sole expense of
the Company. For purposes of clarification the value of any options described above will be determined by the Company’s independent auditors using a Black-Scholes valuation methodology. 

For purposes of this Agreement, a “Change in Control” shall be deemed to occur (i) when any “person” as defined
in Section 3(a)(9) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and as used in Section 13(d) and 14(d) thereof, including a “group” as defined in Section 13(d) of the Exchange Act, but
excluding the Executive, the Company or any subsidiary or any affiliate of the Company or any employee benefit plan sponsored or maintained by the Company or any subsidiary of the Company (including any trustee of such plan acting as trustee),
becomes the “beneficial owner” (as defined in Rule 13(d)(3) under the Exchange Act) of securities of the Company representing 50% or more of the combined voting power of the Company’s then outstanding securities; or (ii) when,
during any period of twelve (12) consecutive months, the individuals who, at the beginning of such period, constitute the Board of Directors (the “Incumbent Directors”) cease for any reason other than death to constitute at least a
majority thereof; provided, however, that a director who was not a director at the beginning of such twelve (12)-month period shall be deemed to have satisfied such twelve (12) month requirement (and be an Incumbent Director) if
such director was elected by, or on the recommendation of or with the approval of, at least a majority of the directors who then qualified as Incumbent Directors either actually (because they were directors at the beginning of such twelve (12)-month
period) or through the operation of this proviso; or (iii) the occurrence of a transaction requiring stockholder approval for the acquisition of the Company by an entity other than the Company or a subsidiary or an affiliated company of the
Company through purchase of assets, or by merger, or otherwise. 

  
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 (ii) If within six (6) months after the occurrence of a Change in Control, the Company
shall terminate the Executive’s employment without Cause or the Executive terminates his employment for Good Reason, then notwithstanding the vesting and exercisability schedule in any stock option or other equity award agreement between the
Company and the Executive, all unvested stock options and other equity awards granted by the Company to the Executive pursuant to such agreement shall immediately vest and become exercisable and shall remain exercisable for not less than 180 days
thereafter. 
 5.4.5. Termination upon Death or Disability. In the event of the termination of the Executive’s
employment by reason of death or Disability, the Company shall pay the Executive his Base Salary through the Date of Termination in accordance with the Company’s standard payroll practices, at the rate then in effect, and all expenses or
accrued Benefits arising prior to such termination which are payable to the Executive pursuant to this Agreement through the Date of Termination. In addition, the Executive and/or his beneficiaries shall be entitled to such other Benefits as shall
be determined in accordance with the benefit plans maintained by the Company. 
 6. INSURABILITY; RIGHT TO INSURE

 During the continuance of the Executive’s employment hereunder, the Company shall have the right to maintain key man
life insurance in its own name covering the Executive’s life in such amount as shall be determined by the Company, for a term ending on the termination or expiration of this Agreement. The Executive shall aid in the procuring of such insurance
by submitting to the required medical examinations, if any, and by filling out, executing and delivering such applications and other instrument in writing as may be reasonably required by an insurance company or companies to which application or
applications for insurance may be made by or for the Company. 
 7. CONFIDENTIALITY; NONCOMPETITION; NONSOLICITATION;
NONDISPARAGEMENT 
 7.1. The Company and the Executive acknowledge that the services to be performed by the Executive under
this Agreement are unique and extraordinary and, as a result of such employment, the Executive shall be in possession of confidential information relating to the business practices of the Company. The term “confidential information” shall
mean any and all information (oral and written) relating to the Company or any of its affiliates, or any of their respective activities, as well as any distributors, vendors, suppliers, customers or other third party of which the Executive shall
possess in connection with his employment with the Company, other than such information which (i) can be shown by the Executive to be in the public domain (such information not being deemed to be in the public domain merely because it is
embraced by more general information which is in the public domain) other than as the result of breach of the provisions of this paragraph 7 or (ii) the Executive is required to disclose under any applicable laws, regulations or directives of
any government agency, tribunal or authority having jurisdiction in the matter or under subpoena or other process of law. The Executive shall not, during the Term and for a period of five (5) years thereafter, except as may be required in the
course of the performance of his duties hereunder, directly or indirectly, use, communicate, disclose or disseminate to any person, firm or corporation any confidential information regarding the clients, customers or business practices of the
Company acquired by the Executive, without the prior written consent of the Company; provided, however, that the Executive understands that Executive shall be prohibited from misappropriating any trade secret at any time during or
after the Term. 

  
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 7.2. Upon the termination of the Executive’s employment for any reason whatsoever, all
documents, records, notebooks, equipment, price lists, specifications, programs, customer and prospective customer lists and other materials which refer or relate to any aspect of the business of the Company which are in the possession of the
Executive, including all copies thereof, shall be promptly returned to the Company. 
 7.3. The Executive hereby agrees that he
shall not, during the Term and for a period of two years after the Date of Termination, directly or indirectly, within any county (or adjacent county) in any State within the United States or territory outside of the United States in which the
Company is engaged in business during the Term, engage, have an interest in or render any services to any business (whether as owner, manager, operator, licensor, licensee, lender, partner, stockholder, joint venturer, employee, consultant, advisor
or otherwise) competitive with the business activities conducted by the Company, its subsidiaries, or affiliates during the Term. Notwithstanding the foregoing, nothing herein shall prevent the Executive from owning stock in a publicly traded
corporation whose activities compete with those of the Company’s, provided that such stock holdings are not greater than two percent (2%) of such corporation. 
 7.4. The Executive shall not, during the Term and for a period of two years after the Date of Termination, directly or indirectly, take any action which constitutes an interference with or a disruption of
any of the Company’s business activities including, without limitation, the solicitations of the Company’s customers, distributors or vendors or persons listed on the personnel lists of the Company. 

7.5. For purposes of clarification, but not of limitation, the Executive hereby acknowledges and agrees that the provisions of Sections
7.3 and 7.4 above shall serve as a prohibition against him from, during the period referred to therein, directly or indirectly, hiring, offering to hire, enticing, soliciting or in any other manner persuading or attempting to persuade any officer,
employee, agent, lessor, lessee, licensor, licensee or customer of the Company (but only those suppliers existing during the time of the Executive’s employment by the Company, or at the termination of his employment), to discontinue or alter
his, her or its relationship with the Company. 

  
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 7.6. (a) The Executive agrees that all processes, technologies and inventions
(“Inventions”), including new contributions, improvements, ideas and discoveries, whether patentable or not, conceived, developed, invented or made by him during the Term shall belong to the Company, provided that such Inventions grew out
of the Executive’s work with the Company, are related in any manner to the business (commercial or experimental) of the Company or are conceived or made on the Company’s time or with the use of the Company’s facilities or materials.
The Executive shall further: (a) promptly disclose such Inventions to the Company; (b) assign to the Company, without additional compensation, all patent and other rights to such Inventions for the United States and foreign countries;
(c) sign all papers necessary to carry out the foregoing; and (d) give testimony in support of his inventorship; 

(b) If any Invention is described in a patent application or is disclosed to third parties, directly or indirectly, by the Executive
within two (2) years after the termination of his employment by the Company, it is to be presumed that the Invention was conceived or made during the Term by the Company; and 

(c) The Executive agrees that he will not assert any rights to any Invention as having been made or acquired by him prior to the date of
this Agreement, except for Inventions, if any, disclosed to the Company in writing prior to the date hereof. 
 7.7. The Company
shall be the sole owner of all products and proceeds of the Executive’s services hereunder, including, but not limited to, all materials, ideas, concepts, formats, suggestions, developments, arrangements, packages, programs and other
intellectual properties that the Executive may acquire, obtain, develop or create in connection with and during the term of the Executive’s employment hereunder, free and clear of any claims by the Executive (or anyone claiming under the
Executive) of any kind or character whatsoever (other than the Executive’s right to receive payments hereunder). The Executive shall, at the request of the Company, executive such assignments, certificates or other instruments as the Company
may from time to time deem necessary or desirable to evidence, establish, maintain, perfect, protect, enforce or defend its right, or title and interest in or to any such properties. 

7.8. At no time during or after the Term shall the Executive, directly or indirectly, disparage the commercial, business, professional or
financial, as the case may be, reputation of the Company or its officers or directors. 
 7.9. Without intending to limit the
remedies available to the Company, the Executive acknowledges that a breach of any of the covenants contained in this Section 7 may result in material and irreparable injury to the Company, or its affiliates or subsidiaries, for which there is
no adequate remedy at law, that it will not be possible to measure damages for such injuries precisely and that, in the event of such a breach or threat the Company shall be entitled to seek a temporary restraining order and/or a preliminary or
permanent injunction restraining the Executive from engaging in activities prohibited by this Section 7 or such other relief as may be required specifically to enforce any of the covenants in this Section 7. The Executive hereby
acknowledges and agrees that the type and periods of restrictions imposed in this Section 7 are fair and reasonable and are reasonably required for the protection of the Company’s confidential information and the goodwill associated with
the business of the Company. Further, the Executive acknowledges and agrees that the restrictions imposed in this Section 7 will not prevent him from obtaining suitable employment after his employment with the Executive ceases or from earning a
livelihood. If for any reason it is held that the restrictions under this Section 7 are not reasonable or that consideration therefor is inadequate, such restrictions shall be interpreted or modified to include as much of the duration and scope
identified in this Section as will render such restrictions valid and enforceable. 

  
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 8. EXECUTIVE’S COOPERATION 

During the Term and thereafter, the Executive shall cooperate with the Company in any internal investigation or administrative,
regulatory or judicial proceeding as reasonably requested by the Company (including, without limitation, the Executive being available to the Company upon reasonable notice for interviews and factual investigations, appearing at the Company’s
request to give testimony without requiring service of a subpoena or other legal process, volunteering to the Company all pertinent information and turning over to the Company all relevant documents which are or may come into the Executive’s
possession, all at times and on schedules that are reasonably consistent with the Executive’s other permitted activities and commitments). In the event the Company requires the Executive’s cooperation in accordance with this section after
the termination of the Term, the Company shall reimburse the Executive for all of his reasonable costs and expenses incurred, in connection therewith, plus pay the Executive a reasonable amount per day for his time spent. 

9. RIGHTS OF INDEMNIFICATION 
 The Company shall indemnify the Executive to the fullest extent permitted by the General Corporation Law of the State of Delaware, as amended from time to time, for all amounts (including without
limitation, judgments, fines, settlement payments, expenses and attorney’s fees) incurred or paid by the Executive in connection with any action, suit, investigation or proceeding arising out of or relating to the performance by the Executive
of services for, or the acting by the Executive as a director, officer or employee of the Company, or any other person or enterprise at the Company’s request. 
 10. MISCELLANEOUS 
 10.1. Notices. All notices or communications
hereunder shall be in writing, addressed as follows: 
  

			
	To the Company:	  	 iCAD, Inc.
 98 Split Brook
Road, Suite 100
 Nashua, New Hampshire 03062
 Attn: Chairman of the Board

		  	  
 with a copy to:

 

		  	 Blank Rome LLP
 405
Lexington Avenue
 New York, NY 10174

Attn: Robert J. Mittman, Esq.

	  
 To the Executive:
	  	  
 Kenneth Ferry

		  	 50 Waltham Street, Unit 207

		  	 Lexington, MA 02421

  
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 All such notices shall be conclusively deemed to be received and shall be effective
(i) if sent by hand delivery, upon receipt, (ii) if sent by telecopy or facsimile transmission, upon confirmation of receipt by the sender of such transmission, (iii) if sent by overnight courier, one business day after being sent by
overnight courier, or (iv) if sent by registered or certified mail, postage prepaid, return receipt requested, on the fifth day after the day on which such notice is mailed. 

10.2. Severability. Each provision of this Agreement shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision will be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such
provision or the remaining provisions of this Agreement. 
 10.3. Binding Effect; Benefits. Executive may not delegate
his duties or assign his rights hereunder. This Agreement shall inure to the benefit of, and be binding upon, the parties hereto and their respective heirs, legal representatives, successors and permitted assigns. 

10.4. Entire Agreement. This Agreement represents the entire agreement of the parties and shall supersede any and all previous
contracts, arrangements or understandings between the Company and the Executive, including the Prior Agreement. This Agreement may be amended at any time by mutual written agreement of the parties hereto. In the case of any conflict between any
express term of this Agreement and any statement contained in any employment manual, memo or rule of general applicability of the Company, this Agreement shall control. 
 10.5. Warranty. The Executive hereby represents and warrants as follows: (i) that the execution of this Agreement and the discharge of the Executive’s obligations hereunder will not
breach or conflict with any other contract, agreement, or understanding between the Executive and any other party or parties; and (ii) the Executive’s resume which was provided to the Company by the Executive and other statements made
about the Executive’s employment history to the Company by the Executive are true, accurate and complete in all material respects. 
 10.6. Withholding. The payment of any amount pursuant to this Agreement shall be subject to applicable withholding and payroll taxes, and such other deductions as may be required under the
Company’s employee benefit plans, if any. 
 10.7. Governing Law. This Agreement and the performance of the parties
hereunder shall be governed by the internal laws (and not the law of conflicts) of the State of Delaware. Any claim or controversy arising out of or in connection with this Agreement, or the breach thereof, shall be adjudicated exclusively by the
state courts for the State of New Hampshire, or by a federal court sitting in New Hampshire. The parties hereto agree to the personal jurisdiction of such courts and agree to accept process by regular mail in connection with any such dispute.

  
 12 

 10.8. Execution in Counterparts. This Agreement may be executed by the parties in one
or more counterparts, each of which shall be deemed to be an original but all of which taken together shall constitute one and the same agreement, and shall become effective when one or more counterparts has been signed by each of the parties hereto
and delivered to each of the other parties hereto. A photocopy or electronic facsimile of this Agreement or of any signature hereon shall be deemed an original for all purposes. 

10.9. Section 409A of the Code. 
 10.9.1. It is intended that the provisions of this Agreement comply with Section 409A of Code and the regulations and guidance promulgated thereunder (collectively “Code
Section 409A”), and all provisions of this Agreement shall be construed in a manner consistent with the requirements for avoiding taxes or penalties under Code Section 409A. If any provision of this Agreement (or of any award of
compensation, including equity compensation or benefits) would cause the Executive to incur any additional tax or interest under Code Section 409A, the Company shall, upon the specific request of the Executive, use its reasonable business
efforts to in good faith reform such provision to comply with Code Section 409A; provided, that to the maximum extent practicable, the original intent and economic benefit to the Executive and the Company of the applicable provision
shall be maintained, but the Company shall have no obligation to make any changes that could create any additional economic cost or loss of benefit to the Company. Notwithstanding the foregoing, the Company shall have no liability with regard to any
failure to comply with Code Section 409A so long as it has acted in good faith with regard to compliance therewith. Any provision required for compliance with Code Section 409A that is omitted from this Agreement shall be incorporated
herein by reference and shall apply retroactively, if necessary, and be deemed a part of this Agreement to the same extent as though expressly set forth herein. 
 10.9.2. A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits upon or following a
termination of employment unless such termination is also a “Separation from Service” within the meaning of Code Section 409A and, for purposes of any such provision of this Agreement, references to a “termination,”
“termination of employment” or like terms shall mean Separation from Service. If the Executive is deemed on the date of termination of his employment to be a “specified employee”, within the meaning of that term under
Section 409A(a)(2)(B) of the Code and using the identification methodology selected by the Company from time to time, or if none, the default methodology, then with regard to any payment or the providing of any benefit subject to this
Section 10.9.2, to the extent required to be delayed in compliance with Section 409A(a)(2)(B) of the Code, and any other payment or the provision of any other benefit that is required to be delayed in compliance with
Section 409A(a)(2)(B) of the Code, such payment or benefit shall not be made or provided prior to the earlier of (i) the expiration of the six-month period measured from the date of the Executive’s Separation from Service or
(ii) the date of the Executive’s death. On the first day of the seventh month following the date of Executive’s Separation from Service or, if earlier, on the date of his death, all payments delayed pursuant to this
Section 10.9.2 (whether they would have otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid or reimbursed to the Executive in a lump sum, and any remaining payments and benefits due under this
Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein. On any delayed payment date under this Section 10.9.2, there shall be paid to the Executive or, if the Executive has died, to his estate,
in a single cash lump sum together with the payment of such delayed payment, interest on the aggregate amount of such delayed payment at the Delayed Payment Interest Rate (as defined below) computed from the date on which such delayed payment
otherwise would have been made to the Executive until the date paid. For purposes of the foregoing, the “Delayed Payment Interest Rate” shall mean the short term Applicable Federal Rate as of the business day immediately preceding the
payment date for the applicable delayed payment. 

  
 13 

 10.9.3. Each installment payable hereunder shall constitute a separate payment for purposes
of Treasury Regulation Section 1.409A-2(b), including Treasury Regulation Section 1.409A-2(b)(2)(iii). Each payment that is made within the terms of the “short-term deferral” rule set forth in Treasury Regulation
Section 1.409A-1(b)(4) is intended to meet the “short-term deferral” rule. Each other payment is intended to be a payment upon an involuntary termination from service and payable pursuant to Treasury Regulation
Section 1.409A-1(b)(9)(iii), et. seq., to the maximum extent permitted by that regulation, with any amount that is not excepted from Code Section 409A being subject to Code Section 409A (“Section 409A Amounts”).
Notwithstanding anything to the contrary in Section 5.4.4, the lump sum option in Section 5.4.4(i) shall not apply to any Section 409A Amount and the payment of the Section 409A Amounts shall begin with the first installment that
next follows the last full installment payment of a non Section 409A Amount or would have been the last full installment in the event that a lump sum payment is made with regard to non Section 409A Amounts under Section 5.4.4.

 10.9.4. With regard to any provision herein that provides for reimbursement of costs and expenses or in-kind benefits,
except as permitted by Code Section 409A, (i) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit, (ii) the amount of expenses eligible for reimbursement, or in-kind benefits,
provided during any taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year, provided that the foregoing clause (ii) shall not be violated with regard to
expenses reimbursed under any arrangement covered by Section 105(b) of the Code solely because such expenses are subject to a limit related to the period the arrangement is in effect and (iii) such payments shall be made on or before the
last day of the Executive’s taxable year following the taxable year in which the expense was incurred. 

  
 14 

 IN WITNESS WHEREOF, the Company has caused this Agreement to be duly executed and the
Executive has hereunto set his hand, as of the day and year first above written, 
  

			
	THE COMPANY:
	
	iCAD, INC
		
	By:	 	 /s/ Dr. Lawrence Howard

		 	Name: Dr. Lawrence Howard
		 	Title: Chairman of the Board
	
	 EXECUTIVE

	
	 /s/ Kenneth Ferry

	 Kenneth Ferry

  
 15Form of Option Agreement

 Exhibit 10.2 
 iCAD, INC. 
 INCENTIVE STOCK OPTION AGREEMENT 

AGREEMENT, entered into [[GRANTDATE]] (the “Date of Grant”), by and between iCAD, Inc. (the “Company”) and [[FIRSTNAME]]
[[LASTNAME]] (“Optionee”). 
 WHEREAS, the Company has adopted the 2012 Stock Incentive Plan (the “Plan”);

 WHEREAS, the Company wishes to grant to the Optionee an option to purchase shares of the Company’s common stock, $.01 par value, (the
“Common Stock”) under the Plan pursuant to the terms of the Plan; 
 WHEREAS, the Company desires to memorialize the grant of the
option to the Optionee by entering into this stock option agreement with the Optionee; 
 WHEREAS, the Company and the Optionee understand and
agree that unless otherwise defined herein any terms used herein have the same meanings as in the Plan. 
 THEREFORE, in consideration of the
promises set forth below, the parties hereto agree as follows: 
  

	1.	GRANT OF OPTION 

 The Company hereby
grants to the Optionee the option (the “Option”) to purchase all or any part of an aggregate of [[SHARESGRANTED]] shares of its Common Stock (the “Shares”), on the terms and conditions and subject to all the limitations
set forth herein and in the Plan, which is incorporated herein by reference. The Optionee acknowledges receipt of a copy of the Plan. 
  

	2.	OPTION EXERCISE PRICE 

 The per share
purchase price to be paid by Optionee for the Shares covered by the Option in the event of an exercise of the Option shall be [[GRANTPRICE]]. 
  

	3.	WHEN OPTIONS ARE EXERCISABLE 

 The Option
shall become exercisable as to one third shares commencing twelve months from the Date of Grant, one third shares commencing twenty four months from the Date of Grant and one third shares commencing thirty six months from the Date of Grant. The
option expires at midnight (Nashua, New Hampshire USA time) ten years from the Date of Grant or earlier subject to paragraph 4 below. 
  

	4.	TERMINATION OF EMPLOYMENT 

  

	 	4.1	Generally: Regardless of what Paragraph 3 hereof says, if Optionee’s employment with the Company should be terminated other than by Early Retirement, Death
or Disability (as defined below) or for Cause, then Optionee has until the earlier of (i) the expiration date of the Options set forth in Paragraph 3 hereof or (ii) ninety (90) days after the date of termination, to exercise those
Options which were exercisable on the date of termination. If Optionee’s employment with the Company should be terminated by the Company for Cause or due to Early Retirement the unexercised portion of the Option shall terminate on the date of
termination of Optionee’s employment. 

	 	4.2	Death or Disability: In the event of the Death or Disability of Optionee prior to the expiration of this Option, the following provisions shall apply:

  

	 	4.2.1	If Optionee, at the time of Death or Disability, has been continuously employed by the Company (as determined by the Compensation Committee or other committee that at
the time is responsible for administration of the Plan (the “Committee”)in its sole discretion) since the Date of Grant, then the Option may be exercised; (A) by Optionee within the earlier of (i) the expiration date of the
Options set forth in Paragraph 3 hereof or (ii) one (1) year following the date Disability commenced, but only to the extent Optionee is entitled to exercise such Option on the date his or her Disability commenced; or (B) by
Optionee’s estate, or by a person who acquired the right to exercise the Option because of Optionee’s will or the laws of descent or distribution, within the earlier of (i) the expiration date of the Options set forth in Paragraph 3
hereof or (ii) one (1) year from the date of Optionee’s Death, but only to the extent of which Optionee is entitled to exercise the Option at the date of Death. For the purpose of this Agreement, the term “Disability” shall
have the meaning given to it in section 22(e)(3) of the Code. Whether Optionee suffers a Disability shall be determined by the Committee in its sole discretion. 

 

	 	4.2.2	If Optionee dies within thirty (30) days after the date of termination of employment (other than termination for Cause, Disability or Early Retirement, the Option
may be exercised at any time within the earlier of (i) the expiration date of the Options set forth in Paragraph 3 hereof or (ii) one (1) year following the date of Death, by Optionee’s estate or by a person who acquired the
right to exercise the Option because of Optionee’s will or the laws of descent or distribution, but only to the extent Optionee is entitled to exercise the Option at the date of termination. 

 

	 	4.3	Cancellation of Options: By giving written notice to the Optionee, the Company in its sole discretion may cancel this Option, in whole or in part, in the
following circumstance (i) where Optionee enters into competition with the Company. 

  

	5.	MANNER OF OPTION EXERCISE 

  

	 	5.1	Notice: Optionee may exercise this Option, in whole or in part from time to time, subject to the conditions contained in the Plan and this Agreement, by giving
written notice of exercise to the Company at its principal executive office. That notice must specify the number of Shares with respect to which the Option is being exercised. Optionee must also pay in full the total purchase price for the Option
Shares purchased. Subject to Paragraph 5.3 below, as soon as practical after receipt of notice and payment, Optionee shall be recorded on the books of the Company as the owner of the Option Shares and the Company shall deliver to Optionee one or
more duly issued stock certificates evidencing such ownership. Until certificates for the Option Shares are issued to Optionee, Optionee shall not have any rights as a stockholder of the Company. 

 

	 	5.2	Payment: Optionee can pay the total purchase price of the Shares to be purchased upon exercise of the Option solely in cash or may ask the Company’s Board
of Directors (the “Board”) or other administrator of the Plan for permission to be allowed to pay either by transfer to the Company of previously acquired shares of Common Stock of the Company with a then current aggregate Fair Market
Value equal to such total purchase price, or by a combination of cash and previously acquired shares of Common Stock. For purposes of the Agreement; (i) “Previously Acquired Shares” shall mean only shares of Common Stock of the
Company that are already owned by the Optionee at the time of exercise and (ii) “Fair Market Value” shall be determined as set forth in the Plan. 

 

	 	5.3	Limitation on Obligation to Issue: The Company shall not be required to sell or issue any Shares under this Option if, in the sole opinion of the Committee or
other administrator of the Plan; (i) the issuance of such shares would constitute a violation by Optionee or the Company of any applicable law or regulation including, without limitation, federal and state securities law, or (ii) the
consent or approval of any governmental body is necessary or desirable in connection with the issuance of such Shares. The Company shall also not be required to issue any Shares under this Option if it requests and does not receive from the Optionee
any investment representations or other information in order for the Company to comply with applicable laws or regulations. Among other things, the Company may request that the Optionee provide it with an opinion of counsel reasonably acceptable to
the Company that the Shares to be issued upon exercise of the Option may be issued without registration under the Securities Act of 1933, as amended. 

	6.	LEGENDS 

 Each certificate representing
any shares of Stock issued to Optionee hereunder may have endorsed thereon a legend in a form as may be determined by the Company to be necessary, in its sole discretion, reflecting any limitations on resale. 

 

	7.	CHANGES IN CAPITAL STRUCTURE 

  

	 	7.1	If the Company effects a stock dividend of its Common Stock or a split of its Common Stock, the number of Shares that may be purchased upon the exercise of the
unexercised portion of this Option shall be increased proportionately and the exercise price per Share                  proportionately decreases. In the event the
Company declares or authorizes a reverse stock split of its Common Stock or combination of shares of its Common Stock , the number of Shares that may be purchased upon the exercise of the unexercised portion of this Option shall be shall be
proportionately reduced and the exercise price per Share shall be proportionately increased. 

  

	 	7.2	If the Company’s Common Stock shall be changed into a different class of shares or if, because of reorganization, recapitalization, merger or consolidation it is
necessary to exchange the Shares for shares of another company, then the appropriate substitution or exchange shall be made in the Shares subject to this Option. The Committee or other administrator of the Plan may make such adjustments in the
number, kind, exercise date of the Shares as is necessary. However, none of these changes shall give the Optionee additional benefits or increase the differential between the exercise price and the Fair Market Value. 

 

	 	7.3	If the Company is dissolved or liquidated, or if the Company is not the surviving or resulting corporation in connection with a merger or consolidation, the Committee
or other administrator of the Plan (in its sole discretion) may allow Optionee the right to exercise this Option prior to the occurrence of the event which would otherwise terminate this Option. 

 

	8.	DISPOSITION OF STOCK 

 Prior to making a
disposition (as defined in Section 425(c) of the Code) of any Shares acquired pursuant to the exercise of this Option before the expiration of two years after the Date of Grant or before the expiration of one year after the date on which such
shares of Stock were transferred to the Optionee pursuant to exercise of this Option, the Optionee shall send written notice to the Company of the proposed date of such disposition, the number of shares to be disposed of, the amount of proceeds to
be received from such disposition and any other information relating to such disposition that the Company may reasonably request. 
  

	9.	WITHHOLDING TAXES 

 The Optionee hereby
authorizes the Company to withhold and deduct from future wages of Optionee all legally required amounts necessary to satisfy any federal, state or local withholding tax requirements attributable to any action by Optionee that causes the Option to
cease to qualify as an Incentive Stock Option including, without limitation, a disposition of shares of Shares described in Paragraph 8, above. In the event that the Company is unable to withhold such amounts, for whatever reason, Otionee hereby
agrees to pay to the Company an amount equal to the amount the Company would otherwise be required to withhold under federal, state or local law. 

	10.	NON TRANSFERABILITY 

 This Option shall
not be transferable by Optionee, either voluntarily or involuntarily, except by will or the laws of descent and distribution, and then only to the extent provided in Paragraph 4.2. Any attempt to transfer this Option other than as permitted shall
void the Option. The Option shall be exercisable during Optionee’s lifetime only by Optionee. 
  

	11.	LIMITATION ON LIABILITY 

 Nothing in this
agreement shall be construed to: (i) limit in any way the right of the Company to terminate the employment of Optionee at any time, or (ii) be evidence of any agreement or understanding, express or implied, that the Company will employ
Optionee in any particular position, at any particular rate of compensation or for any particular period of time. 
  

	12.	BINDING EFFECT 

 This agreement shall be
binding upon the heirs, executors, administrators and successors of the parties hereto. 
  

	13.	GOVERNING LAW 

 This Agreement and all
rights and obligations in it shall be construed in accordance with the Plan and governed by the laws of the State of Delaware. The parties hereto agree to submit to the personal jurisdiction of courts sitting in the State of New Hampshire for the
purpose of resolving any dispute under this Agreement. 
  

	14.	INTEGRATION 

 This Agreement supersedes
any prior agreement, discussions or understandings between the parties on the subject matter covered by this Agreement. 
  

	15.	SEVERABILITY 

 Should any provision of the
Agreement be deemed by a court of competent jurisdiction to be unenforceable, the remaining provisions shall continue to be in full force and effect. 
  

	16.	AMENDMENT 

 This Agreement may only be
amended by written agreement signed by both parties, by amendment of the Plan or as provided for in the Plan document. 
 IN WITNESS WHEREOF,
the parties have executed this Agreement effective on the Date of Grant. 
 ICAD, INC. 
 BY: /s/ Ken Ferry 
 ITS: President, Chief Executive Officer 

			
		
	OPTIONEE:	 	  

 [[FIRSTNAME]] [[LASTNAME]]

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