Document:

MEDB Building Lease Agreement,dated November 28,2005

 Exhibit 10.32 
 MEDB BUILDING LEASE 
 THIS LEASE, made and entered into this 28th day of November, 2005, by and between MAUI ECONOMIC DEVELOPMENT BOARD, INC., a Hawaii nonprofit corporation, with its business
and mailing address at 590 Lipoa Parkway, Suite 103, Kihei, HI 96753, hereinafter called “Lessor,” and VIRTUAL RADIOLOGIC CONSULTANTS, INC., a Minnesota corporation, with its business and mailing address at 5995 Opus Parkway, Suite 200,
Minnetonka, MN 55343, hereinafter called “Lessee,” 
 W I T N E S S E
T H: 
 1. Premises. Lessor hereby leases to Lessee and Lessee hereby rents from Lessor the area shown on the site plan,
Exhibit A (herein the “premises”), attached hereto and incorporated herein, containing approximately 2,222 square feet of the MEDB Building (the “building”), and known as Suite 4 located at the Maui Research and Technology
Park, Lot 13 B1, 1305 North Holopono Street, Kihei, Hawaii, including the right to use with others the common areas designated by Lessor such as halls, stairs, parking, restrooms and other public parts of the building and property. 
 2. Term. 
 (a) The
term of this lease shall be the period commencing on the date that is the earlier of (i) the date which is thirty (30). calendar days after Lessor substantially completes “Lessor’s Work” pursuant to Exhibit C (or would
have substantially completed Lessor’s Work had Lessor not been prevented from so doing due to delays caused by Lessee) and delivers possession of the premises to Lessee, which date is presently estimated to be on or about March 1, 2006, or
(ii) the date on which Lessee first opens for business in the premises (the “Term Commencement Date”) and ending on the last day of the fifty ninth (59th) full calendar month thereafter (the “Term Expiration Date”),
unless sooner terminated as herein provided. Lessor shall have no right to delay the substantial completion date due to delays caused by Lessee unless Lessor notifies Lessee that there is a delay caused by Lessee within 24 hours after Lessee
commences to cause such delay. As used herein, to “substantially complete” Lessor’s Work shall have the same meaning as in Exhibit C hereto. If the Term Commencement Date does not occur by June 1, 2006 (provided that if
and to the 

 
extent the Term Commencement Date was delayed by Lessee, the foregoing date shall be delayed by the same number of days), then Lessee shall have the right to
terminate this Lease, in which event Lessor shall promptly refund any prepaid rent and other amounts paid by Lessor to Lessee. 
 Within thirty (30) days of the Term Commencement Date, Lessor and Lessee shall execute a Confirmation of Commencement Date, substantially in the form of Exhibit B attached hereto. Lessee’s failure to execute this
Confirmation shall not affect the Term Commencement Date nor the Term Expiration Date, but at Lessor’s option, shall constitute a default by Lessee of its obligations under this Lease. 
 3. Basic Rent. Lessee shall pay Base Rent and additional rent, if applicable, as set forth below, (Base Rent and additional rent, as defined in
Paragraph (b) hereof, being hereinafter collectively referred to as “Basic Rent”), in advance on the first day of each calendar month at the principal place of business of Lessor or such other place designated by Lessor, without
demand therefor and without any deduction or offset whatsoever. In the event that the duty to pay rent commences on a day other than the first day of a calendar month or terminates on a day other than the last day of such month, the rent for such
fraction of a month shall be prorated on a thirty (30) day month basis. Base Rent for the first month, or fraction thereof, of this lease is due and payable upon execution hereof. Basic Rent for the term of this lease shall be as follows:

 (a) Base Rent. The Base Rent for each of the months during the term hereof shall be as follows: 
  

				
	 Months 1-6
	  	$	1,999.80
	 Months 7-12
	  	$	3,999.60
	 Months 12-24
	  	$	4,119.56
	 Months 24-36
	  	$	4,243.15
	 Months 36-48
	  	$	4,370.44
	 Months 48-59
	  	$	4,501.55.

 (b) Additional Rent. Lessee shall pay as additional rent all other sums of
money or charges required to be paid by Lessee under this lease, whether or not the same is designated additional rent. If such amounts or charges are not paid at the time 

  

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provided in the lease, then, they nevertheless shall be collectible as additional rent with any installment of rent thereafter falling due hereunder, but
nothing herein contained shall be deemed to suspend or delay the payment of any amount of money or charge at the time the same becomes due and payable hereunder, or limit any other remedy of Lessor. 
 4. Net Rent; General Excise Taxes. All of the rent due under this lease shall be net above taxes, assessments and charges of any kind otherwise
payable by the Lessee. All of the rent, taxes, assessments, charges and other reimbursements provided for in this lease shall be net above Hawaii general excise taxes, and the Lessee shall also pay (in addition to such rent, taxes, assessments,
charges and other reimbursements) an amount which, when added to the rental payments and taxes, assessments, charges and other reimbursements reserved under this lease, shall yield to the Lessor after the deduction of all Hawaii general excise taxes
a net amount equal to that which the Lessor would have realized from such payments, taxes, assessments, charges and other reimbursements had no such taxes been imposed. During such time as the Hawaii general excise tax remains at its present rate of
four percent (4%) and no other taxes are imposed upon the receipt by the Lessor of the rental payments and other reimbursements due hereunder, such additional amount will be equal to 4.166% of the rental payments, taxes, assessments, charges
and other reimbursements reserved under this lease. As used herein, “Hawaii general excise taxes” shall mean the amount of gross income taxes payable by the Lessor under the Hawaii General Excise Tax Law, or any similar law which may be
hereafter enacted, on account of the receipt, actual or constructive, by the Lessor of the rental payments, payment or reimbursement of real property taxes, assessments, charges and other sums payable by the Lessee under this lease, the payment or
reimbursement of gross income taxes, and any other taxable gross income attributable to the premises or this lease. 
 5. Lessor’s
Construction Obligations. Lessor shall construct or furnish to Lessee the improvements, facilities and services specified in Exhibit C attached hereto (“Lessor’s Work”). Lessor shall have no other obligation in connection with the
construction of improvements and/or the furnishing of facilities or services except as provided therein. Exhibit A designates the location of the premises in the building. 
  

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 6. Lessee’s Construction Obligations. Lessee will construct, make, install and provide, at no
cost to Lessor, all furniture, fixtures and equipment as may be necessary to prepare the premises for the use and occupancy of Lessee as office space consistent with a building of the location and character of that in which the premises are located,
including, without limitation, the items specified in Exhibit C attached hereto as “Lessee’s Work” (“Lessee’s Work”). Lessor shall notify Lessee in writing when Lessor’s Work is substantially complete.
Provided that Lessee has obtained the insurance required by this lease, Lessee shall, upon receipt of Lessor’s notice, have the right to enter the building and the premises to install all Lessee’s furniture, fixtures and equipment in the
premises. Lessee’s entry into the building and the premises hereunder shall be at Lessee’s own risk and without interference with any remaining work which must be performed by Lessor in the premises or the building. 
 7. Quiet Enjoyment. Lessor agrees that upon payment of the rent herein provided for and upon the observance and performance by Lessee of the
covenants herein contained and on the part of Lessee to be observed and performed, subject to the provisions of the lease, Lessee shall peaceably hold and enjoy the premises for the term hereby demised without interruption or disturbance by Lessor
or any person claiming by, through or under Lessor. 
 8. Use. Premises may be used and occupied only as General Office Use and
remote radiology file reading and for no other purpose or purposes. In addition, the parties understand that Lessor has obtained a Financial Assistance Award (the “Award”) from the U.S. Department of Commerce, Economic Development
Administration (the “EDA”), for the construction of the MEDB Building. The EDA has strict requirements pertaining to the use of the premises and thus, the premises shall not be used for any purpose other than the general and special
purpose of the Award, including but not limited to, high technology incubator businesses. Further, Lessee shall comply with applicable EDA regulations and requirements concerning, but not limited to, nondiscrimination and environmental compliance.

 No use shall be made of premises, nor act done in or about premises, which is illegal, unlawful, or which will increase the existing rate
of insurance upon the building. Lessee shall not commit or allow to be committed any waste upon premises, 

  

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or any public or private nuisance or other act or thing which disturbs the quiet enjoyment of any other tenant in the building, nor shall Lessee use any
apparatus, machinery or device in or about the premises which shall cause any substantial noise or vibration. If any of Lessee’s office machines and equipment should disturb the quiet enjoyment of any other tenant in the building, then Lessee
shall provide adequate insulation, or take such other action as may be necessary to eliminate the disturbance. 
 9. Services Provided by
Lessor. Provided Lessee shall not be in default hereunder after the expiration of applicable notice and cure periods, Lessor will maintain, repair and restore the common areas of the building and property, including lobbies, stairs, corridors
and restrooms, common area utilities, the mechanical, air conditioning, plumbing and electrical equipment serving the building (excluding such equipment which serves the premises exclusively), and the structure of the building in reasonably good
order and condition. Lessor shall not be liable for any damages caused thereby, or for stoppage or interruption of any of said services mentioned in this paragraph for any reason whether caused by Lessor or otherwise, nor shall Lessor be liable
under any circumstances for loss of or injury to persons or property however occurring, through or in connection with or incidental to the furnishing of any of the foregoing, nor shall such failure relieve Lessee from the duty to pay the full amount
of rent herein reserved or constitute or be construed as a constructive or other eviction of Lessee. 
 10. Cost of Services. During
the term of this lease, in addition to Base Rent, Lessee shall pay to Lessor on the first day of each month, as additional rent, a pro rata share of the total direct expenses (as herein defined) paid or incurred by Lessor on account of the operation
or maintenance of the building. Lessee’s share shall be in the ratio that the rentable area of the premises bears to the total rentable area in the building. The term “direct expenses” as used herein shall include all costs of
operation and maintenance of the building and surrounding plaza and open areas and parking area to include the subdivided parcel on which the building is located and all easements thereto, as determined by standard accounting practices and shall
include the following costs by way of illustration but not limitation: property taxes; the cost and expenses in contesting the amount or validity of any property taxes by appropriate legal 

  

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proceedings; water and sewer charges; insurance premiums; license, permit and inspection fees; landscaping; security; elevator maintenance; building
maintenance; roof repairs; parking area repairs and repaving of parking areas; janitorial services; trash removal; labor; air conditioning maintenance and repairs; maintenance of common area utility pipes and conduits; supplies; materials; equipment
and tools; depreciation on machinery and equipment used in maintenance; the cost and expenses incurred by Lessor in bringing the building into compliance with federal, state or local laws which require physical alteration to the building; electrical
expenses (which electrical expenses shall include without limitation, costs of lights and power for the lobby, parking and other common areas, the air-conditioning system and other electrical expenses incurred in the normal operations of the
building); and management fees. In addition, “direct expenses” shall include a monthly “reserve” amount that will be collected to help defray long term repair costs, provided, however, that during the initial term of this Lease,
these reserve amounts shall be based on a budget to be determined by Lessor, with the total reserve amount for the building and property not exceeding $31,070.00 in the first full year of the term of this Lease and with annual increases no greater
than four percent (4%). These reserve amounts will be held long term and not reconciled at year end. The term “property taxes” as used herein shall include all real estate taxes or personal property taxes and other taxes, charges and
assessments which are levied with respect to the building and any improvements, fixtures and equipment and all other property of Lessor, real or personal, located in the building and used in connection with the operation of the building and the land
upon which they are situated. The term “property taxes” shall also include any tax which shall be levied in addition to or in lieu of real estate or personal property taxes. Without limitation, Lessor shall be obligated to refund to Lessee
Lessee’s prorata share of the amount of any refund, rebate or the like of taxes and/or assessments that were paid by Lessee (directly or as additional rent) regardless of whether such refund, rebate or the like is received by Lessor after the
expiration of the term of this Lease. Any other terms or provisions of this Lease to the contrary notwithstanding, the costs and expenses described on Exhibit G attached hereto and made a part hereof shall be excluded from direct expenses.

  

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 Within one hundred and twenty (120) days after the end of each fiscal year (ending June 30)
(“Fiscal Year”) or as soon after such 120-day period as practicable, Lessor will deliver to Lessee a statement of amounts payable under this section for such fiscal year prepared and certified by Lessor. If such statement shows an amount
owing by Lessee that is less than the estimated payments previously made by Lessee for such fiscal year, the excess will be held by Lessor and credited against the next payment of rent; however, if the term of this Lease has ended and Lessee was not
in default at its end, Lessor will refund the excess to Lessee. If such statement shows an amount owing by Lessee that is more than the estimated payments previously made by Lessee for such fiscal year, Lessee will pay the deficiency to Lessor
within forty-five (45) days after the delivery of such statement. 
 Within forty-five (45) days prior to the end of each Fiscal
Year, Lessor shall furnish to Lessee the Lessor’s estimated cost of services for the following year. 
 Lessor shall maintain accurate
records of operating costs. Lessee shall have the right to inspect and audit all records of Lessor with respect to additional rent. If Lessee’s representatives request print-outs or copies of any such records, Lessor shall deliver the
print-outs or copies and Lessee shall reimburse Lessor for the reasonable costs of the print-outs and copies. Lessor shall reimburse Lessee for any amount paid by Lessee which should not have been paid. 
 11. Right to Use Common Areas. It is understood that Lessee and Lessee’s employees and customers shall have the right in common with other
lessees of the building and their employees and customers to use the common areas designated by Lessor such as halls, stairs, parking, restrooms, malls and other public parts of the building and property. 
 12. Utilities. Lessee agrees to pay for all utility services rendered or furnished to the premises including heat, gas, water, electricity,
sprinkler charges, if any, assessed by any governmental authority, fire line charges, sewer rental, sewage treatment facilities charges and the like, together with all taxes levied or other charges on such utilities and governmental charges based on
utility consumption, standby utility capacity or potential utility use. Prior to the Term Commencement Date, Lessor shall, at its own expense, install sub meters to monitor and regulate the distribution and 

  

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billing for any of the foregoing. Lessor shall not be liable for the quality, quantity, failure or interruption of such services to the premises unless the
problem, failure or interruption is caused by Lessor’s willful act or gross neglect. In addition, Lessor shall under no circumstances be liable to Lessee for damages or otherwise for any failure to furnish or interruption in service of any
water, gas, electricity, air conditioning, for stoppage of sewers, or for closure of the building due to acts of God or natural elements or from any cause whatsoever, unless the problem, failure or interruption is caused by Lessor’s willful act
or gross neglect. 
 The parties understand that Lessee may have computers and other equipment used in the operation of its business in the
premises, which may be impacted by the interruption in the electrical or air conditioning service. It is expressly understood and agreed that Lessor shall under no circumstances be liable to Lessee for damages or otherwise for any failure to furnish
or interruption in the electrical or air conditioning service to the premises and Lessee shall be solely responsible therefore, unless the problem, failure or interruption is caused by Lessor’s willful act or gross neglect. Lessee may be
allowed to install and use generators or other related equipment, subject to Lessor’s approval, as set forth in Paragraph 18, below. 
 13. Employee Parking; Parking Area Rules and Regulations. Lessor shall have the right from time to time to designate an area or areas within the parking area, or in reasonable proximity to the building, or to change and relocate the
same, for the purpose of parking automobiles and other light vehicles for passenger transportation of Lessee, its permitted sublessees, licensees, concessionaires, agents, representatives and employees. Lessee, its permitted sublessees, licensees,
concessionaires, agents, representatives and employees shall park said automobiles and vehicles only in the area or areas so designated by Lessor. Lessee shall within five (5) days after written notice from Lessor furnish to Lessor the state
license numbers of said automobiles and vehicles. 
 Lessor shall have the right to police, regulate traffic in and otherwise control the use
of parking and sidewalk areas. In furtherance of such right Lessor may promulgate reasonable rules and regulations with respect to such areas which shall be binding upon Lessee on notice to Lessee, including but not limited to, the assignment

  

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of parking stalls on a pro rata basis. For the enforcement of said rules and regulations, Lessor shall have all remedies in this lease provided for a breach
of the terms of this lease, as if said rules and regulations were expressly incorporated herein and all legal or equitable remedies whether or not provided for in this lease. If the tenants in the building are encountering problems due to
insufficient parking, as determined in Lessor’s reasonable judgment, then Lessor shall assign parking stalls to tenants of the building, which assignment (unless otherwise mutually agreed by Lessor and Lessee) shall result in Lessee being
assigned not less than Lessee’s prorata share of the parking spaces for the building (as said prorata share is described in Section 10 of this Lease). 
 14. Destruction. In the event of damage causing a partial destruction of the premises during the term of this lease from any cause and in the sole judgment of Lessor repairs can be completed within one hundred
eighty (180) days from the date of the damage under the applicable laws and regulations of governmental authorities, Lessor shall repair said damage within a reasonable time, but such partial destruction shall not invalidate this lease, except
that Lessee, while such repairs are being made shall be entitled to a proportionate reduction of Basic Rent based upon the extent which the portion of the premises not useable by Lessee bears to the total area of the premises, provided that Lessor
shall have no obligations in the event of damage or destruction by act or negligence of Lessee, his agents, employees and invitees. 
 If in
the sole judgment of Lessor such repairs cannot be made within one hundred eighty (180) days, Lessor may, at its option, make the repairs within a reasonable time, this lease continuing in full force and effect and the Basic Rent to be
proportionately abated as provided in the previous paragraph, or Lessor may elect not to make such repairs in which case this lease may be terminated at the option of either party by notice given at any time after Lessor elects not to make such
repairs. 
 In respect to any partial destruction which Lessor is obligated to repair or may elect to repair under the terms of this
paragraph, the provisions of any statute or law permitting Lessee to terminate this lease are waived by Lessee. In the event that the building is destroyed to the extent of thirty-three and one-third percent (33-1/3%) or 

  

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more of the then replacement cost thereof, Lessor may elect to terminate this lease, whether the premises are injured or not. 
 A total destruction of the premises or of the building in which the premises are located shall terminate this lease. 
 If repairs to the premises are effected by Lessor, Lessee, at its sole expense, shall replace and repair promptly its trade fixtures, equipment and other
property of Lessee located on the premises. 
 Any other provision in this Lease to the contrary notwithstanding, if the premises, access to
the premises and/or any part of the project that provides essential services to the premises is damaged in whole or in part from any cause and it is estimated that the time period to repair and restore the damage will be 180 days or more from the
date of the damage using standard working methods and procedures, then Lessee shall have the right to terminate this Lease by delivering written notice to that effect to Lessor. Similarly, if any damage to the premises, access to the premises and/or
any part of the project that provides essential services to the premises is damaged in whole or in part from any cause and such damage is not in fact fully repaired and restored within 180 days from the date of the damage (irrespective of any
estimated time for completion of the repair and restoration), then Lessee shall have the right to terminate this Lease by delivery of written notice to that effect to Lessor. 
 15. Insurance. Lessee shall, during the entire term hereof, keep in full force and effect general liability insurance with respect to the demised
premises, and the business operated by Lessee and any sublessees of Lessee in the demised premises with a combined single limit for bodily injury and property damage of not less than TWO MILLION DOLLARS ($2,000,000) per occurrence or such higher
limits as Lessor may specify from time to time; provided, however, that (i) no such limit shall in any way limit Lessee’s liability or be construed as a representation of sufficiency to fully protect Lessee or Lessor; and (ii) Lessor
shall not require an increase in such limits unless, and only to the extent, tenants of comparable space in the same geographic area of the premises are typically required to provide such insurance limits under their respective leases. Such
insurance shall name Lessor, Lessor’s mortgage companies (if Lessor has notified Lessee of the identity thereof with instructions to list them as additional 

  

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insureds), Lessor’s management agent (if Lessor has notified Lessee of the identity thereof with instructions to list it as an additional insured) and
any other person, firms or corporation designated by Lessor, and Lessee as additional insured, and shall contain a clause that the insurer will not cancel or change the insurance without first giving Lessor thirty (30) days’ prior written
notice. The insurance shall be obtained from an insurance company approved by Lessor and a copy of the policy or a certificate of insurance shall be delivered to Lessor. 
 Lessee will procure at its own expense and will keep in force during the term of this lease insurance on all alterations, additions and improvements made on the premises against loss or damage by fire with extended
coverage in a responsible insurance company, and in time of war against war damage to the extent such governmental insurance is obtainable at reasonable cost, in an amount as near as practicable to the full insurable value thereof, in the joint
names of Lessor and Lessee as their interests may appear. In every case of loss or damage to such alterations, additions or improvements Lessee with all reasonable speed will use all proceeds of such insurance (excluding the proceeds of any use and
occupancy insurance of Lessee) for rebuilding, repairing or otherwise reinstating the same alterations, additions and improvements in a good and substantial manner, and Lessee will make up from its own funds any deficiency in the insurance proceeds.

 Lessee shall insure and keep insured any and all plate and other glass in and about the premises naming Lessor and Lessee as additional
insureds. If not covered by insurance, Lessee shall be solely responsible for the replacement of any plate glass on the premises. 
 Lessor
shall, during the entire term hereof, keep in full force and effect “all risk” insurance coverage on the building and related improvements from a responsible insurance company for the full insurable value thereof, subject to a commercially
reasonable deductible. 
 Lessor and Lessee each waive any right to recover against the other claims or damages to property to the extent
such damages and claims are insured against, or required to be insured against, by Lessor or Lessee under this Lease. The foregoing provision is intended to waive, fully and for the benefit of each party, any rights and/or 

  

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claims that might give rise to a right of subrogation by any insurance carrier, and the foregoing waiver shall govern and control any contrary or
inconsistent terms or provisions of this Lease. 
 16. Non-liability of Lessor. Lessee will and hereby does assume all risk of loss or
damage to furniture, fixtures, supplies, merchandise and other property, by whomsoever owned, stored or placed in, upon or about the premises and does hereby agree that Lessor will not be responsible for loss or damage to any such property, whether
or not caused by the negligence of Lessor and Lessee hereby agrees to indemnify and save harmless Lessor from and against any and all claims for such loss or damage, other than damage caused by the willful act or gross neglect of Lessor or arising
out of a defect of which Lessor has been given reasonable notice in writing by Lessee and has failed through its willful act or gross neglect to correct. Without prejudice to the generality of the foregoing, Lessor shall not be liable for any damage
to any property at any time stored or kept in the premises or in the building either from rain or any other water which may leak, issue or flow from any part of the building or from the pipes or plumbing of the same or from or through any other
place or quarter, nor shall Lessor be liable for any damage to property in the building caused by accident involving the elevators, or for damage of any character arising out of defects of construction either of the building, or the premises or any
machinery, equipment, electrical wiring or facility therein or failure or breakdown thereof or from lack of repair or proper operation of the same or from any other cause, unless Lessor shall have been given notice by Lessee of a defect causing such
damage and within a reasonable time thereafter shall have failed to remedy such defect. Lessee shall give to Lessor prompt notice of any accident to or defect in any water or other pipes or plumbing, electric lights or fixtures or other equipment or
appurtenances of the premises of which Lessee has actual knowledge (which shall be deemed to mean actual knowledge of Lessee’s on-site office manager. 
 17. Indemnity and Risk of Injury. Lessee will and does hereby assume all risk of personal injury or wrongful death occasioned by any nuisance made or suffered thereon, or resulting from any failure on the part
of Lessee to maintain the premises in a safe condition, and Lessee hereby agrees to indemnify and save harmless Lessor 

  

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from and against any and all claims for personal injury or wrongful death by third persons (including without limiting the generality of said term, officers,
employees or agents of Lessee) arising out of, caused by, occasioned by or resulting from any such nuisance or failure to maintain, except where such injury or death is caused by the willful act or gross neglect of Lessor, or the failure of Lessor,
after reasonable notice of a structural defect to repair the same. Without limitation, Lessee will indemnify and save harmless Lessor against and from any and all claims by or on behalf of any person or persons, firm or firms, corporation or
corporations, arising from the conduct or management of any work or thing whatsoever done by Lessee in or about, or from transactions of Lessee concerning the premises, and will further indemnify and save Lessor harmless against and from any and all
claims arising from any breach or default on the part of Lessee in the performance of any covenant or agreement on the part of Lessee to be performed pursuant to the terms of this lease, or arising from any act or negligence of Lessee, or any of its
agents, contractors, servants, employees, or licensees and from and against the costs, attorneys’ fees, expenses and liabilities incurred in or about any such claim of any action or proceeding brought thereon. 
 18. Repairs, Alterations and Liens. Subject to latent defects and any incomplete items of Lessor’s Work, Lessee agrees by taking possession
of the premises that the premises are then in a tenantable and good condition; that Lessee at Lessee’s expense, except for services furnished by Lessor pursuant to paragraph 9, shall keep the premises in good order, condition and repair. Lessee
waives any right to make repairs at the expense of Lessor. In the event Lessee fails to maintain the premises in good order, condition and repair, Lessor shall give Lessee notice to make such repairs. In the event Lessee fails so to do, Lessor shall
have the option to make such repairs at the expense of Lessee. Lessor shall have no liability to Lessee for any damage, inconvenience or interference with use of the premises by Lessee as a result of the making of any such repairs. All damage or
injury done to the premises by Lessee or by any persons who may be in or upon the premises shall be paid for by Lessee and Lessee shall pay for all damages to the building caused by Lessee’s misuse of the premises or the appurtenances thereto.

  

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 Lessee, after the completion of the construction pursuant to paragraph 6, shall not make or permit to be
made any alterations, changes or additions to the premises without the prior written consent of Lessor. Lessee shall furnish complete plans and specifications covering any desired alterations, changes and additions. As a condition of giving such
consent Lessor may require that Lessee agree that it will, at its expense and before the end of the term of this lease remove from the premises any and all of the alterations, changes and additions to be installed by Lessee and that the premises
shall be put back to their original condition. 
 Lessee shall keep the premises and the building free and clear of any liens arising out of
work performed or caused to be performed by Lessee and shall indemnify, hold harmless and defend Lessor from any liens and encumbrances arising out of any work performed or materials furnished to, by, or at the direction of Lessee. In the event any
lien is filed, Lessee shall do all acts necessary to discharge any such lien within ten (10) days of filing, or if Lessee desires to contest any lien, Lessee shall deposit with Lessor such security as Lessor shall demand to insure the payment
of the lien claim. In the event Lessee shall fail to pay any lien claims when due or shall fail to deposit the security with Lessor, then Lessor shall have the right to expend all sums necessary to discharge the lien claim and Lessee shall pay as
additional rental, when the next rental payment is due, all sums expended by Lessor in discharging any lien, including attorneys’ fees and costs. 
 19. Access to the Premises. Upon not less than two (2) business days’ prior notice (or such shorter notice as is possible in the case of an emergency), Lessee shall permit Lessor and their agents to
enter into and upon the premises at all reasonable times to inspect and examine the same and determine the state of repair and condition thereof, to maintain the building to perform any service provided by Lessor to Lessee hereunder and to make
repairs, alterations and additions to and to inspect and examine any portion of the building including duct work, air-conditioning systems, utilities and similar facilities within the premises, with the right to erect and maintain such scaffolding,
canopies, fences and props as may be required and all without any rebate of rent or liability to Lessee for any loss of occupation of quiet enjoyment of the premises thereby occasioned, provided, however, that all such work shall be done 

  

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promptly and in such manner and during such hours as to cause as little interference as reasonably possible. Lessee agrees that Lessor and Lessor’s
agents may retain a pass key to the premises and may enter the same by the use of such pass key for any of the foregoing purposes and that Lessor shall not be liable for the consequences of admitting or refusing to admit Lessee or any of
Lessee’s agents or employees to the premises by the use of such pass key. Lessee will also permit Lessor to bring prospective tenants upon the premises to view the same at reasonable times from time to time within ninety (90) days prior to
the expiration of said term. 
 20. Default. If Lessee (a) shall fail to pay the said rent or any part thereof promptly when due,
whether or not notice or demand has been given or made by Lessor, or (b) shall fail to pay any other sum due Lessor under the terms of this lease within ten (10) days after notice by Lessor, or (c) shall fail to faithfully observe or
perform any of the other covenants or agreements herein contained and on the part of Lessee to be observed and performed within thirty (30) days after notice of breach thereof or such longer period of time as is reasonably necessary if Lessee
commences such cure within said thirty (30) days and thereafter diligently prosecutes the same, or (d) shall become bankrupt, go into receivership, or make an assignment for the benefit of creditors, or take or have taken against Lessee
any proceedings of any kind under any provisions of the Federal Bankruptcy Act, or (e) shall abandon the premises, or (f) if this lease or any estate of Lessee hereunder shall be sold under any attachment or execution, then and in any such
event Lessor may at once reenter the premises by means of a pass key or otherwise, with or without process of law, with or without notice to Lessee and with or without terminating this lease and may upon such entry remove from said premises all
persons and property and use all necessary force therefor, and in all respects take the actual, full and exclusive possession of said premises and every part thereof without incurring any liability to Lessor or to any persons occupying or using said
premises for any damage sustained by reason of such entry upon said premises or such removal of persons or property therefrom; and Lessee shall indemnify and save harmless Lessor from all cost, loss or damage whatsoever arising or occasioned
thereby. Upon or without such entry, Lessor may, in the event of any such default, at its option terminate this lease and/or bring suit for summary possession 

  

 - 15 - 

 
against Lessee without prejudice to any other remedy or right of action for arrears of rent or for any preceding or other default. Should Lessor elect to
reenter, as herein provided, or should they take possession pursuant to legal proceedings or pursuant to any notice provided by law, they may either terminate this lease or they may from time to time, without terminating this lease, relet the
premises or any part thereof for a term or terms (which need not be the same as the remaining portion of the term of this lease) and at such rental or rentals and upon such other terms and conditions as Lessor in its reasonable discretion may deem
advisable, with the right to make such alterations and repairs to the premises as may be reasonably necessary to relet. Upon each such reletting (a) Lessee shall be immediately liable to pay to Lessor, in addition to any indebtedness other than
rent due hereunder, the cost and expense of such reletting and of such alterations and repairs, incurred by Lessor, and the amount, if any, by which the rent reserved in this lease for the period of such reletting (up to but not beyond the term of
this lease) exceeds the amount agreed to be paid as rent for the premises for such period on such reletting; or (b) at the option of Lessor rents received from such reletting shall be applied: first, to the payment of any indebtedness other
than rent due hereunder from Lessee to Lessor; second, to the payment of attorneys’ fees and real estate commissions paid and all other costs and expenses of such reletting and of such alterations and repairs; third, to the payment of rent due
and unpaid hereunder and the residue, if any, shall be held by Lessor and applied in payment of future rent as the same may become due and payable hereunder, otherwise such residue shall be the sole property of Lessor. If Lessee has been credited
with any rent to be received by such reletting under option (a), and such rent shall not be promptly paid to Lessor by the new tenant, or if such rentals received from such reletting under option (b) during any month be less than that to be
paid during that month by Lessee hereunder, Lessee shall pay any such deficiency to Lessor. Such deficiency shall be calculated and paid monthly. No reentry or taking possession of the premises by Lessor shall be construed as an election on their
part to terminate this lease unless a written notice of such intention be given to Lessee or unless the termination hereof be decreed by a court of competent jurisdiction. Notwithstanding any such reletting without termination, Lessor may at any
time thereafter elect to 

  

 - 16 - 

 
terminate this lease for such previous default. Should Lessor at any time terminate this lease for any default, they may recover from Lessee all damages they
may incur by reason of such default, including the cost of recovering the premises, reasonable attorneys’ fees, and including the worth at the time of such termination of the excess, if any, of the amount of rent and charges equivalent to rent
reserved in this lease for the remainder of the stated term over the then reasonable rental value of the premises for the remainder of the stated term, all of which amounts shall be immediately due and payable from Lessee to Lessor. In determining
the rental which would be payable by Lessee hereunder, subsequent to default, the rental for the unexpired term shall be computed pro rata upon the basis of the average aggregate rentals paid for the expired portions of the term of this lease, or
the thirty-six (36) months next preceding such default, whichever period is the shorter. The foregoing remedies of Lessor shall not be exclusive but shall be cumulative and in addition to all other remedies now or hereafter allowed by law or
elsewhere provided for. Nothing herein contained shall limit or prejudice Lessor’s right to prove and obtain as damages arising out of any default or termination of this lease the maximum allowed by law. Lessee hereby irrevocably appoints
Lessor as agents and attorneys-in-fact of Lessee to enter upon the premises in the event of any default by Lessee and to remove any personal property situated upon the premises and to place such property in storage for the account of, and at the
expense of Lessee. In the event that Lessee shall not pay the cost of storing any such property after the property has been stored for a period of thirty (30) days or more, Lessor may sell any or all of such property at public or private sale
in such manner and at such times and places as Lessor in its sole discretion may deem proper, without notice to Lessee or any demand upon Lessee for the payment of any part of such charges or the removal of any of such property, and shall apply the
proceeds of such sale first to the cost and expenses of such sale, including attorneys’ fees actually incurred; second, to the payment of the costs of or charges for storing any such property; third, to the payment of any other sums of money
which may then or thereafter be due Lessor from Lessee under any of the terms thereof; and, fourth, the balance, if any, to Lessee. Lessee hereby waives all claims for damages that may be caused by Lessor’s removing and storing furniture and
property, as herein provided, 

  

 - 17 - 

 
and will save Lessor harmless from loss, costs or damages occasioned Lessor thereby. Any other provision in this Lease to the contrary notwithstanding, in
the event of termination or reentry due to Lessee’s default hereunder, Lessor shall be obligated to use reasonable efforts to relet the premises and to mitigate damages. 
 21. Lessor’s Right to Cure Defaults. All covenants and agreements to be performed by Lessee under any of the terms of this lease shall be
performed by Lessee at its sole cost and expense and without any abatement of rent. If Lessee shall be in default of any provision of this lease after the expiration of applicable notice and cure periods, then, in addition to and not in limitation
of Lessor’s rights set forth in paragraph 20, Lessor in its sole discretion and at its option may, but shall not be obligated so to do, and without waiving or releasing Lessee from any obligations of Lessee, make any payment or perform any
other act which, if timely paid or performed by Lessee hereunder, would have avoided or cured such default. All sums so paid by Lessor and all costs incurred by Lessor in connection with any such payment or performance, together with interest
thereon at the rate of twelve percent (12%) per annum from the date of such payment by Lessor or the performance of any such act by Lessor (or if Lessor has both paid and performed, from the earlier date), shall be deemed additional rent
hereunder and, except as otherwise in this lease expressly provided, shall be payable to Lessor on demand or at the option of Lessor payable in such installments as Lessor may elect and may be added to any rent then due or thereafter becoming due
under this lease and Lessee covenants to pay any such sum or sums and Lessor shall have (in addition to any other right or remedy of Lessor) the same rights and remedies in the event of the nonpayment thereof by Lessee as in the case of default by
Lessee in the payment of the rent. 
 22. Surrender of the Premises. At the end of the lease term or any renewal thereof or other
sooner termination of this lease, Lessee will peaceably deliver up to Lessor possession of the premises, together with all improvements and additions upon or belonging to the same, by whomsoever made, in the same condition as received, or first
installed, ordinary wear and tear excepted. Lessee shall indemnify Lessor against any loss or liability resulting from delay by Lessee in so surrendering the premises, including, without limitation, any claims made by any succeeding tenant founded
on 

  

 - 18 - 

 
such delay. Lessee may, upon the termination of this lease, remove all movable partitions of less than full height from floor to ceiling, all counters and
all other trade fixtures installed by Lessee, title to which shall be in Lessee until such termination, repairing promptly at Lessee’s own expense all damage caused by such removal. Property not so removed shall be deemed abandoned by Lessee
and title to the same shall thereupon pass to Lessor. Upon written request by Lessor made not less than sixty (60) days prior to the end of said term, Lessee shall remove before the end of said term all movable partitions, counters and other
trade fixtures installed by Lessee and specified by Lessor and Lessee shall at its own expense promptly repair all damage caused by such removal. As used in this paragraph, the term “trade fixtures” means only and exclusively the
following: equipment and machinery other than air-conditioning systems; movable partitions, mirrors and floor coverings other than hard surface bonded or adhesively affixed floor coverings; non-attached shelves, racks, tables, desks, cupboards, file
cabinets and other furniture; safes, vaults, vault doors and their frames; curtains, draperies and their attaching fixtures; pictures, picture frames and other wall decorations and coverings other than bonded or adhesively affixed wall coverings;
and non-attached lighting. 
 23. Security Deposit. Receipt of -0- ($0.00) is hereby acknowledged by Lessor as security for the full
and faithful performance of all obligations of Lessee to be performed under this lease. If Lessee defaults in the performance of any of the terms hereof or abandons the premises, Lessor may use, apply or retain all or part of such security for the
payment of rent or any other payment to be made by Lessee which is in default or of any other cost, expense or liability which Lessor may suffer by reason of such default. At the end of the lease term if Lessee is not in default the security or its
balance shall be returned to Lessee. Lessee shall not be entitled to interest on the security deposit. 
 24. Assignment. Subordination
and Attornment. Lessee shall not assign this lease voluntarily or by operation of law, or any right hereunder, nor sublet the premises nor any part thereof, nor allow any other person to use the whole or any part of the premises with or without
a license, without the prior written consent of Lessor, which consent may be withheld in Lessor’s reasonable discretion; provided, however, that 

  

 - 19 - 

 
upon providing Lessor with thirty (30) days prior written notice, Lessee may assign or sublease without obtaining Lessor’s consent to: (i) any
corporation into or with which Lessee may be merged or consolidated or which acquires all or substantially all of Lessee’s assets, or to any subsidiary, parent or affiliate of Lessee; or (ii) any contract partner, subcontractor or prime
contractor working with Lessee on its business conducted from the demised premises. Notwithstanding the foregoing, if as of the date of this Lease the EDA has the right to approve or reject subleases and assignments by Lessee, Lessee shall not
assign this lease voluntarily or by operation of law, or any right hereunder, nor sublet the premises nor any part thereof, nor allow any other person to use the whole or any part of the premises with or without a license, without the prior written
consent of the EDA, which consent may be withheld in the EDA’s sole and absolute discretion. 
 In the event of any such permitted
assignment, subleasing or use, such assignee, sublessee or user agrees to be bound by all of the terms and conditions of this Lease, as amended, and all laws, ordinances, rules and regulations now or hereafter made by any governmental authority or
in connection with the use of the premises, including but not limited to the Kihei Research and Technology Park District ordinance (Ch. 19.33, Maui County Code), the Covenants Conditions and Restrictions and Reservation of Easements for the Maui
Research and Technology Park and requirements of the EDA, as amended. 
 Unless consent is not required, as provided above, any assignment of
this lease, voluntarily or by operation of law, or any subletting, licensing or use by other persons of the premises, without obtaining the prior written consent of Lessor, shall be void and at the option of Lessor shall terminate this lease. If
this lease be assigned, or if the demised premises or any part thereof be sublet or occupied by anyone other than Lessee, Lessor may collect rent from the assignee, sublessee or occupant, and apply the net amount collected to the rent herein
reserved, but no such assignment, underletting, occupancy or collection shall be deemed a waiver of this covenant, or the acceptance by Lessor of any assignee, sublessee or occupant as lessee during the lease term or any extension thereof, or a
release of Lessee, any mesne assignors or sublessors, from the further performance by Lessee, and any mesne assignors or 

  

 - 20 - 

 
mesne sublessors, of covenants on the part of Lessee herein contained during the lease term and any extension pursuant to paragraph 25 hereof. 
 25. Extensions. Any failure to completely surrender the demised premises to Lessor, as specified in paragraph 22 hereof, on or before the date set
forth in paragraph 2 hereof (unless terminated as specifically allowed by this lease) shall be deemed to extend the term of this Lease on a month-to-month basis at the same rentals, terms and conditions specified in this Lease, and shall not be
deemed to result in a new tenancy. 
 26. Signs. Lessee, at its expense, may install such signs as set forth in the MEDB Building Sign
Criteria, attached hereto as Exhibit D. Written consent from the Lessor is at all times required prior to the installation of any signs. Lessor reserves the absolute right and power to prohibit Lessee from erecting, installing, painting,
inscribing or placing on any exterior walkway, door, wall, window or other surface, whether interior or exterior, visible from the sidewalk, mall, or other area outside the premises, any sign, lettering, picture, placard or other visible mode of
communication which Lessor in its sole discretion deems detrimental to the aesthetic or commercial purpose of the building or potentially dangerous or hazardous to persons or property, and Lessee shall, immediately upon being directed in writing by
Lessor to do so, remove forever any such prohibited item as Lessor shall direct. 
 27. Rules and Regulations. Lessor, for the proper
maintenance of the building and the premises, the rendering of good service, the protection and quiet enjoyment of tenants and the providing of safety, order and cleanliness, may from time to time make and enforce rules and regulations appropriate
for such purposes but not inconsistent with the terms, covenants and conditions of this lease. Lessee shall observe and comply with all such rules and regulations so made. 
 28. Observance by Law. Lessee will not make or suffer any waste or strip and will not make or suffer any improper, offensive or unlawful uses of
the premises and will at all times during the term keep the premises in good order and in a strictly clean and sanitary condition, and will observe and comply with all laws, ordinances, rules and regulations now or hereafter made by any governmental
authority for the time being applicable to or in connection with Lessee’s use of the premises or any 

  

 - 21 - 

 
improvement thereon made by Lessee or the use thereof, and will indemnify the Lessor against all actions, suits, damages and claims by whomsoever brought or
made by reason of the nonobservance or nonperformance of such laws, ordinances, rules and regulations or of this covenant. 
 In addition to
the requirements set forth above, Lessee hereby covenants and agrees with Lessor that Lessee shall at all times during the term of this lease, comply with any and all governmental regulation of the demised premises regarding access of disabled
persons, including without limitation, Title III of the Americans With Disabilities Act of 1990, 42 U.S.C. §12101 et seq. or any other similar federal, state or local laws or ordinances and the regulations promulgated thereunder
(collectively “Disability Access Laws”). Lessor shall not be liable for any failure by Lessee to comply with the requirements of the Disability Access Laws with respect to the premises during the term hereof and Lessee expressly releases
Lessor from any and all liability for any failure by Lessee to so comply. Lessee shall indemnify, defend and hold Lessor harmless from and against any and all claims and demands for loss or damage, including claims for discrimination, personal
injury, monetary damage or injunctive relief arising out of or in connection with any failure or alleged failure of the demised premises to comply with the Disability Access Laws, and Lessee shall reimburse Lessor for all costs and expenses,
including reasonable attorneys’ and other professional or consultants’ fees, paid or incurred by Lessor in connection with the defense of any such claims including, but not limited to, all costs for research regarding settlement or other
preventive measures which Lessor may take prior to the filing of such action or to attempt to prevent the filing of such an action. 
 29.
Broker’s Commission. Lessor and Lessee represent and warrant that they have dealt with no broker or agent, in connection with the negotiation or execution of this lease, except that Lessor has been represented by Commercial Properties of
Maui as its agent. Lessor will pay a commission to Commercial Properties of Maui for its services rendered on behalf of Lessee in connection with this lease, pursuant to a separate arrangement. Lessee covenants, warrants and represents that there
was no broker instrumental in consummating this Lease and that no conversations or prior negotiations were had by Lessee with any broker concerning the renting of the 

  

 - 22 - 

 
premises. Lessee agrees to indemnify, defend and hold Lessor harmless against any claims for brokerage commission arising out of any conversations or
negotiations had by Lessee with any broker, including, without limitation, the cost of counsel fees in connection therewith. 
 30. Action
or Suit. Lessee agrees to pay all costs and reasonable attorneys’ fees which may be incurred or paid by Lessor in enforcing any of the covenants, conditions or agreements contained in this lease and all such amounts shall be deemed
additional rent payable upon demand. 
 31. Condemnation. If the whole or any part of the premises shall be taken for public or
quasi-public use by right of eminent domain with or without litigation, or transferred by agreement in connection with such public or quasi-public use, this lease, as to the part so taken or condemned or transferred, shall terminate as of the date
possession thereof shall vest in the condemnor and the Basic Rent payable hereunder shall be adjusted so that Lessee shall be required to pay for the remainder of the term only such portion of the minimum rent as the area in the part remaining after
the taking or condemnation bears to the area of the entire premises as of the date possession thereof vests in the condemnor. 
 In the event
of such taking of condemnation by judgment, verdict or agreement, Lessor shall have the option to terminate this lease as of said date, or if all of the premises shall be so taken or condemned or such part thereof be so taken or condemned so that
there does not remain a portion susceptible of occupation hereunder, this lease shall thereupon terminate. 
 All compensation awarded upon
such condemnation or taking shall go to Lessor and Lessee shall have no claims thereto and Lessee hereby irrevocably assigns and transfers to Lessor any right to compensation or damages to which Lessor may become entitled during the term hereof by
reason of the condemnation of all or a part of the premises. 
 If Lessee’s leasehold interest in the premises or any part thereof shall
be taken by condemnation without a taking of the fee this lease shall not terminate and Lessee shall continue to pay in full the rent provided for herein, in the manner and at the times herein specified and, except only to the extent that Lessee is
prevented from so doing 

  

 - 23 - 

 
by reason of any order of the condemning authority, Lessee shall continue to perform and observe all of the other covenants, agreements, terms and provisions
of this lease as though such taking had not occurred. In the event of any such taking, Lessee shall be entitled to receive the entire amount paid by the governmental authority with respect to governmental occupancy during the term of this lease
(whether paid by the authority as damages, rent or otherwise), Lessor’s right to damages being limited to its reversion and in the event any such governmental occupancy extends beyond the date of termination of this lease, all such amounts paid
by the governmental authority shall be prorated as of the date of termination of the lease. Lessee covenants that at the termination of any such limited or specified period prior to the expiration of this lease, Lessee will, at its sole cost and
expense, restore the premises and improvements thereon as nearly as may be reasonably possible to the condition which the same were in prior to such taking. 
 32. Successors. All of the covenants, agreements, terms and conditions contained in this lease shall apply to, accrue to and be binding upon Lessor and Lessee and their respective heirs, executors,
administrators, successors and assigns. 
 33. Waiver. Either party’s failure to take advantage of any default or breach of
covenant on the part of the other party shall not be construed as a waiver thereof, nor shall any custom or practice which may grow up between the parties in the course of administering this instrument be construed to waive or to lessen the right of
the nondefaulting party to insist upon the performance by the other party of any term, covenant or condition hereof, or to exercise any rights given him on account of any such default. A waiver by either party of a particular breach or default shall
not be deemed to be a waiver of the same or any other subsequent breach or default. The acceptance or payment of rent hereunder shall not be, or be construed to be, a waiver of any breach of any term, covenant or condition of this lease. 

34. No Rent Reduction. Except as provided elsewhere under those provisions of this lease which specifically refer to rent reduction, Lessee
shall not be entitled to any suspension, abatement or reduction of rent, nor to the recovery of any sums for any loss or damage on account of the interruption by reason of delays beyond 

  

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the reasonable control of Lessor of the use of the premises nor of any of the services required to be furnished by Lessor hereunder. 
 35. Holding Over. If Lessee shall hold over after the expiration or sooner termination of this lease without Lessor’s prior written consent,
Lessee shall remain bound by all the terms, covenants and agreements hereof except that the Base Rent shall be one and one-half (1-1/2) times the Base Rent for the month of the term, prorated on a daily basis for each day that Lessee remains in
possession, and Lessee shall also be liable to Lessor for any damages from failure to surrender possession. If Lessee remains in possession with Lessor’s written consent, such tenancy shall be one from month-to-month, terminable by either party
by not less than twenty-five (25) days’ prior written notice. 
 36. Notice. All notices hereunder shall be given in writing
and shall be given or served for all purposes by being sent as mail, postage prepaid addressed to Lessee at its post office address hereinbefore specified or at such other post office address as Lessee may from time to time designate in writing by
notice to Lessor, or to Lessor at its office in the building or any of the addresses Lessor may designate to Lessee and any such notice shall be deemed to have been served as of the date mailed. 
 37. Entire Agreement - No Warranties. The provisions of this lease constitute, and are intended to constitute, the entire agreement of the parties
to this lease. No terms, conditions, warranties, promises or undertakings of any nature whatever, express or implied exist between the parties except as herein expressly set forth. 
 38. Interest on Past Due Amounts. Any amounts owing by either party under the terms of this lease shall carry interest from the date the same
become due until paid at the rate of twelve percent (12%) per year and said interest shall be considered as a part of the rental payable hereunder 
 39. Late Charge. In the event that Lessee fails to pay all required monthly rent and rental-related charges by the tenth day of the month, Lessee shall pay Lessor a late charge of 5% of the entire monthly
payment. The late charge shall compensate Lessor for administrative costs it may incur and other detrimental effects it may suffer 

  

 - 25 - 

 
because of Lessee’s failure to make the monthly payment when due and expected by Lessee. 
 40. Hazardous Materials. 
 (a) Definition. For purposes of this lease, “Hazardous Materials” means any explosives, radioactive materials, hazardous wastes, or hazardous substances, including, without limitation, substances defined as “hazardous
substances” in the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended, 42 U.S.C. §§ 9601-9657; the Hazardous Materials Transportation Act of 1975, 49 U.S.C. §§ 1801-1812; the Resource
Conservation and Recovery Act of 1976, 42 U.S.C. §§ 6901-6987; or any other federal, state, or local statute, law, ordinance, code, rule, regulation, order, or decree regulating, relating to, or imposing liability or standards of conduct
concerning hazardous materials, waste, or substances now or at any time hereafter in effect (collectively, “Hazardous Materials Laws”). 
 (b) Prohibited Conduct. Lessee will not cause or permit the storage, use, generation, or disposition of any Hazardous Materials in, on or about the premises, the building or the property by Lessee, its agents,
employees, or contractors. Lessee will not permit the premises to be used or operated in a manner that may cause the premises, the building or the property to be contaminated by any Hazardous Materials in violation of any Hazardous Materials Laws.
Lessee will immediately advise Lessor in writing of (1) any and all enforcement, cleanup, remedial, removal, or other governmental or regulatory actions instituted, completed, or threatened pursuant to any Hazardous Materials Laws relating to
any Hazardous Materials affecting the premises, the building or the property of which Lessee has knowledge and Lessor has not been previously notified; and (2) all claims made or threatened by any third party against Lessee, Lessor, or the
premises, the building or the property relating to damage, contribution, cost recovery, compensation, loss, or injury resulting from any Hazardous Materials on or about the premises, the building or the property of which Lessee has knowledge and
Lessor has not been previously notified. Without Lessor’s prior written consent, Lessee will not take any remedial action or enter into any agreements or 

  

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settlements in response to the presence of any Hazardous Materials in, on, or about the premises, the building or the property. 
 (c) Indemnification. Lessee will be solely responsible for and will defend, indemnify and hold Lessor, its agents and employees
harmless from and against all claims, costs and liabilities, including attorneys fees and costs, arising out of or in connection with Lessee’s breach of its obligations in this section. Lessee will be solely responsible for and will defend,
indemnify and hold Lessor, its agents and employees harmless from and against any and all claims, costs, and liabilities, including attorneys fees and costs, arising out of or in connection with the removal, clean-up and restoration work and
materials necessary to return the premises, the building or the property and any other property of whatever nature located on the property to their condition existing prior to the appearance of Lessee’s Hazardous Materials on the premises, the
building or the property. Lessee’s obligations under this section will survive the expiration or other termination of this lease. 
 41.
Subordination to Mortgage. Lessee agrees that this lease shall be subordinate to any mortgage, deed of trust or other first lien (herein “mortgage”) that may now or hereafter be placed by Lessor upon the building or the real
property upon which the building is situate; provided, that the mortgagee, beneficiary or first lien holder (herein “mortgagee”) named therein shall agree to recognize the lease of Lessee in the event of foreclosure or sale if Lessee is
not in default hereunder after the expiration of any applicable notice and cure periods. If any mortgagee of the real property and building wishes to have this lease a prior lien to its mortgage, then and in such event, upon such mortgagee notifying
Lessee to that effect this lease shall be deemed prior to the lien of such mortgage. Within fifteen (15) days of presentation, Lessee shall execute any documents which any such mortgagee may require to effectuate the provisions of this
paragraph, provided that such documents include a reasonable nondisturbance clause. 
 42. Estoppel Certificates. From time to time,
Lessee shall provide to Lessor within fifteen (15) days, upon written request therefor, estoppel certificates in recordable form certifying that, if such be the case, there are no outstanding breaches of the terms, conditions or covenants
contained in this lease; that this lease is in full 

  

 - 27 - 

 
force and unmodified or, if modified, describing such modifications; and the dates to which the rents due under this lease have been paid and the amount of
security deposit held by the Lessor. 
 43. Costs and Attorneys’ Fees. Each party (the “defaulting party”) will pay to
the other party (the “non-defaulting party”), on demand, all costs and expenses, including attorneys’ fees, incurred by the non-defaulting party in enforcing any of the covenants herein contained, in remedying any breach by the
defaulting party of its covenants, in recovering possession of the premises, in collecting any delinquent rent, taxes or other charges payable by the defaulting party hereunder, or in connection with any litigation commenced by or against the
non-defaulting party (other than condemnation proceedings) to which the non-defaulting party, without any fault on its part, shall be made a party. 
 44. Severability. Any provision of this lease which shall prove to be invalid, void or illegal shall in no way affect, impair or invalidate any other provision hereof and the remaining provisions hereof shall nevertheless remain in
full force and effect. 
 45. Force Majeure. Time periods for Lessor’s or Lessee’s performance under any provisions of this
lease shall be extended for periods of time during which the nonperforming party’s performance is prevented due to circumstances beyond the party’s control, including, without limitation, strikes, embargoes, governmental regulations, acts
of God, war or other strife. 
 46. Partial Invalidity. Each term, covenant or condition of this lease shall be valid and enforced to
the fullest extent permitted by law. If any term, covenant or condition of this lease or the application thereof to any person or circumstance to any extent is invalid or unenforceable, then the remainder of this lease, or the application of such
term, covenant or condition to persons or circumstances other than those as to which it is held invalid or unenforceable, shall not be affected thereby. 
 47. Captions and Section Numbers. The captions preceding paragraphs of this Lease are inserted only as a matter of convenience and in no way define, limit, construe or describe the scope or intent of such
provisions of this lease. 
  

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 48. Joint and Several Liability. In the event that there is more than one person or entity as
Lessee hereunder, all obligations hereunder shall be joint and several. 
 49. Short Form Lease. This lease shall not be recorded by
either the Lessor or the Lessee; provided, however, that upon the request of either the Lessor or Lessee, the other party shall execute and deliver a recordable short form lease, stating the names of the parties, the term, the description of the
premises, and the nature of any options for renewal. The party requesting the short form lease shall pay for the recordation costs. 
 50.
Entire Agreement. This lease constitutes the final, complete and exclusive statement between the parties to this lease pertaining to the premises, supercedes all prior and contemporaneous written or oral understandings or agreements of the
parties, and is binding on and inures to the benefit of their respective heirs, representatives, successors, and assigns. 
 51.
Applicable Law. This lease shall be governed by and construed in accordance with the laws of the State of Hawaii. The venue for any action with respect to this lease shall be in the State of Hawaii. 
 52. Counterpart. This lease may be executed in two or more counterparts, and when all counterparts have been executed, each counterpart shall be
considered an original, but all counterparts shall constitute one and the same instrument, and in making proof of this instrument, it shall not be necessary to prove or account for more than one such counterpart. 
 53. Facsimile Signatures. Facsimile signatures shall be deemed valid, original signatures. Any party that executes this lease by facsimile
signature shall deliver to the other party, the hard copy original signature page(s) of this document within seven (7) days after execution thereof; provided, however, than any failure to provide such hard copy shall not invalidate this lease
that was executed by facsimile. 
 54. Consent. At any time that Lessor’s or Lessee’s consent, approval or discretion is
required or is to be implemented, unless otherwise indicated herein, a reasonableness standard shall be deemed to apply, and neither party shall 

  

 - 29 - 

 
unreasonably withhold, condition or delay its consent or approval, nor exercise discretion in an unreasonable manner. 
 55. Exhibits. All exhibits referred to in this Lease shall be deemed incorporated in and made a part of this Lease. 
 56. Special Conditions. 
 (a)
Tenant Improvement Allowance. Lessor will initially pay for Lessor’s Work as identified in Exhibit C attached hereto, which includes certain improvements being constructed for Lessee, the total cost of which is $180,912.00. The parties
agree that Lessor will contribute a maximum of $35,552.00 towards this total cost and Lessee shall pay the balance of $145,360.00 (“Lessee’s Share”), which amounts shall be collectible as additional rent, as follows: 
  

	 	(i)	the amount of $70,360.00 on the Term Commencement Date; and 

  

	 	(ii)	the amount of $75,000.00 plus interest (based on 2.25% over the Federal Home Loan Bank of Seattle’s long term five-year interest rate on the Term Commencement Date) , amortized
over the 59-month term of this lease, in monthly payments in addition to Base Rent. 

 On the Term Commencement Date, the parties shall execute
a statement confirming the amount of Lessee’s Share, the interest rate and the amount of the monthly payment, substantially in the form attached hereto as Exhibit E. 
 (b) Options. 
 (i) Option Period. Lessor grants to Lessee the right and option to extend the
term of this lease for one (1) additional five (5) year period, commencing on the first day of the 60th month and terminating on the last day of the 119th month, measured from the Term Commencement Date, under the same terms and conditions
of this lease except as hereinafter set forth and on the following terms and conditions: 
 (1) Exercise of Option: Lessee may
exercise each option by delivering written notice to the Lessor at the address set forth herein, or at such other address as may be designated by the Lessor, on or prior to one hundred eighty (180) days prior to the Expiration Date of the
initial term of this lease. 
  

 - 30 - 

 (2) Lessee not in Default: Lessee shall not be permitted to exercise the option if Lessee is or
has been in default under any of the terms, conditions, and provisions of this lease after the expiration of any applicable notice and cure periods. 
 (3) Time of Essence; Failure to Exercise Option: Time is of the essence with respect to this option. Lessee’s failure to exercise the option within a timely manner as stated above for any reason whatsoever
shall result in the automatic termination and cancellation of the option. 
 (4) Lease Rent: Base Rent during the Option Period shall
be negotiated between the parties hereto based on the fair market value of the premises based on comparable properties in the Maui Research and Technology Park area; provided, however, that in no event shall the Base Rent payable by Lessee for the
Option Period or any period therein be less than the Base Rent payable by Lessee during the next preceding period. 
 In the event the Lessor
and Lessee are unable to agree on a fair market value of the premises before the commencement of a ninety (90) day period prior to the beginning of the Option Period, then the fair market value may be determined by an impartial and
disinterested, recognized real estate appraiser agreed upon or approved of by both parties. 
 In the event the parties are unable to agree
on or approve of a single, impartial appraiser, then the fair market value shall be determined by three (3) impartial and disinterested, recognized real estate appraisers. Lessor and Lessee shall each appoint one appraiser and shall give the
other written notice of such appointment, and if either fails to so appoint within ten (10) days after receipt of written notice of the appointment of an appraiser by the other, the one making the appointment may apply to the Judge of the
Circuit Court of the Second Circuit of the State of Hawaii for appointment of a second appraiser. The two appraisers shall appoint a third appraiser, and if they fail to so appoint within ten days after the appointment of the second appraiser,
either party may apply to said Judge for appointment of a third appraiser. The three appraisers shall determine such fair market value, and the decision of a majority of them shall be final, conclusive, and binding upon Lessor and Lessee; provided,
however, that in no event shall the Base Rent payable by Lessee for the 

  

 - 31 - 

 
Option Period or any period therein be less than the Base Rent payable by Lessee during the next preceding period. Lessor and Lessee each shall pay one-half
of all proper costs and expenses of such appraisal, except for their respective attorneys’ and witnesses’ fees. In the event the appraisers have not reached a decision within sixty (60) days after the expiration of the initial lease
term, Lessee shall continue to pay the same Base Rent for the Option Period as reserved herein for the next preceding period until the appraisal is completed, whereupon Lessee shall pay to Lessor the deficiency, if any, between such Base Rent and
the new Base Rent determined by the appraisal. 
 AND IT IS HEREBY EXPRESSLY AGREED AND DECLARED that time is of the essence of this lease;
that the term “premises” wherever it appears herein includes and shall be deemed or taken to include (except where such meaning would be clearly repugnant to the context) the office space demised and improvements now or at any time
hereinafter comprising or built in the space hereby demised; that the paragraph headings herein are for convenience of reference and shall in no way define, limit or describe the scope of intent of any provisions of this lease; that the term
“Lessor” in these presents shall include the above named Lessor and its successors and assigns; that the term “building” shall include all common areas both interior and exterior now or during the term of this lease used or
useable in conjunction with the building or the premises; that in any case where this lease is signed by more than one person, the obligations hereunder shall be joint and several; and that the term “Lessee” or any pronoun used in place
thereof shall indicate and include the masculine or feminine, the singular or plural number, individuals, firms or corporations and their and each of their respective successors, executors, administrators and permitted assigns, according to the
context hereof. 
 IN WITNESS WHEREOF, the parties hereto have executed this indenture the day and year first above written. 
  

 - 32 - 

					
	MAUI ECONOMIC DEVELOPMENT BOARD, INC.
		
	By	 	

		 	Its	 	President & CEO
		
	By	 	

		 	Its	 	Vice President
		 		 	Lessor
	
	VIRTUAL RADIOLOGIC CONSULTANTS, INC.
		
	By	 	/s/ Sean O. Casey
		 	Its	 	
		
	By	 	Chief Executive Officer
		 	Its	 	
		 		 	Lessee

  

 - 33 -Virtual Radiologic Corporation Equity Incentive Plan.

 Exhibit 10.34 
 Virtual Radiologic Consultants, Inc. 
 Equity Incentive Plan 

 Virtual Radiologic Consultants, Inc. 
 Equity Incentive Plan 
 Table Of Contents 
  

					
	 	 	 	  	Page
	ARTICLE 1. ESTABLISHMENT, PURPOSE, AND DURATION	  	1
			
	        1.1)	 	 Establishment of the Plan
	  	1
			
	1.2)	 	 Purpose of the Plan
	  	1
			
	1.3)	 	 Duration of the Plan
	  	1
		
	ARTICLE 2. DEFINITIONS AND CONSTRUCTION	  	1
			
	2.1)	 	 Definitions
	  	1
			
	2.2)	 	 Gender and Number
	  	4
			
	2.3)	 	 Severability
	  	4
		
	ARTICLE 3. ADMINISTRATION	  	4
			
	3.1)	 	 The Committee
	  	4
			
	3.2)	 	 Authority of the Committee
	  	4
			
	3.3)	 	 Selection of Participants
	  	5
			
	3.4)	 	 Decisions Binding
	  	5
			
	3.5)	 	 Procedures of the Committee
	  	5
			
	3.6)	 	 Award Agreements
	  	5
			
	3.7)	 	 Conditions on Awards
	  	6
			
	3.8)	 	 Saturdays, Sundays and Holidays
	  	6
		
	ARTICLE 4. STOCK SUBJECT TO THE PLAN	  	6
			
	4.1)	 	 Number of Shares
	  	6
			
	4.2)	 	 Lapsed Awards
	  	6
			
	4.3)	 	 Adjustments in Authorized Shares
	  	6

					
	        4.4)	 	 Right of Call Options and SARs
	  	7
		
	ARTICLE 5. ELIGIBILITY AND PARTICIPATION	  	7
			
	5.1)	 	 Eligibility
	  	7
			
	5.2)	 	 Actual Participation
	  	8
		
	ARTICLE 6. STOCK OPTIONS	  	8
			
	6.1)	 	 Grant of Options
	  	8
			
	6.2)	 	 Option Agreement
	  	9
			
	6.3)	 	 Option Exercise Price
	  	9
			
	6.4)	 	 Duration of Options
	  	9
			
	6.5)	 	 Exercise of Options
	  	9
			
	6.6)	 	 Manner of Exercise of Options
	  	9
			
	6.7)	 	 Restrictions on Stock Transferability
	  	11
			
	6.8)	 	 Termination Due to Death or Disability
	  	11
			
	6.9)	 	 Termination for Other Reasons
	  	12
			
	6.10)	 	 Nontransferability/Permitted Transfers of Options.
	  	13
		
	ARTICLE 7. STOCK APPRECIATION RIGHTS	  	15
			
	7.1)	 	 Grant of Stock Appreciation Rights
	  	15
			
	7.2)	 	 Stock Appreciation Rights Agreement
	  	15
			
	7.3)	 	 Exercise of Stock Appreciation Rights
	  	15
			
	7.4)	 	 Payment of Stock Appreciation Right Amount
	  	15
			
	7.5)	 	 Form and Timing of Payment
	  	16
			
	7.6)	 	 Term of Stock Appreciation Rights
	  	16
			
	7.7)	 	 Termination Due to Death or Disability
	  	16
			
	7.8)	 	 Termination for Other Reasons
	  	17
			
	7.9)	 	 Nontransferability of Stock Appreciation Rights
	  	17

					
	ARTICLE 8. RESTRICTED STOCK	  	18
			
	        8.1)	 	 Grant of Restricted Stock
	  	18
			
	8.2)	 	 Restricted Stock Agreement
	  	18
			
	8.3)	 	 Transferability
	  	18
			
	8.4)	 	 Other Restrictions
	  	18
			
	8.5)	 	 Certificate Legend
	  	18
			
	8.6)	 	 Removal of Restrictions
	  	19
			
	8.7)	 	 Voting Rights; Shareholder Rights Plan
	  	19
			
	8.8)	 	 Dividends and Other Distributions
	  	19
			
	8.9)	 	 Termination Due to Death or Disability
	  	19
			
	8.10)	 	 Termination for Other Reasons
	  	19
			
	8.11)	 	 Election Under Code Section 83(b)
	  	20
		
	ARTICLE 9. CHANGE IN CONTROL	  	20
			
	9.1)	 	 Acceleration of Vesting; Termination of Period of Restriction
	  	20
			
	9.2)	 	 Limitation on Payments
	  	20
		
	ARTICLE 10. BENEFICIARY DESIGNATION	  	21
		
	ARTICLE 11. RIGHTS OF PARTICIPANTS	  	21
			
	11.1)	 	 Participation
	  	21
			
	11.2)	 	 No Implied Rights
	  	21
			
	11.3)	 	 No Right to Company Assets
	  	21
		
	ARTICLE 12. AMENDMENT, MODIFICATION, AND TERMINATION	  	22
			
	12.1)	 	 Amendment, Modification, and Termination
	  	22
			
	12.2)	 	 Awards Previously Granted
	  	22
		
	ARTICLE 13. PHYSICIAN CONTRACTORS; NON-COMPETITION, CONFIDENTIALITY	  	23
			
	13.1)	 	 General
	  	23

					
	    13.2)	  	 Prohibition on Competition
	  	23
			
	13.3)	  	 Exceptions to Limitations
	  	23
			
	13.4)	  	 Extension of Time
	  	24
		
	ARTICLE 14. GOVERNMENT REGULATION AND REGISTRATION OF SHARES	  	24
			
	14.1)	  	 General
	  	24
			
	14.2)	  	 Compliance as an SEC Registrant
	  	24
		
	ARTICLE 15. SUCCESSORS	  	24
		
	ARTICLE 16. RIGHTS AND OBLIGATIONS RESPECTING SHARES	  	24
			
	16.1)	  	 Rights as Shareholder
	  	24
			
	16.2)	  	 No Obligation to Exercise Option or SAR; Maintenance of Relationship
	  	25
			
	16.3)	  	 Withholding Taxes
	  	25
			
	16.4)	  	 Purchase for Investment; Rights of Holder on Subsequent Registration
	  	25
			
	16.5)	  	 Modification of Outstanding Awards
	  	26
			
	16.6)	  	 Liquidation
	  	26
			
	16.7)	  	 Restrictions on Issuance of Shares
	  	26
			
	16.8)	  	 Right of First Refusal
	  	26
		
	ARTICLE 17. REQUIREMENTS OF LAW	  	27
			
	17.1)	  	 Requirements of Law
	  	27
			
	17.2)	  	 Governing Law
	  	27

 VIRTUAL RADIOLOGIC CONSULTANTS, INC. 
 EQUITY INCENTIVE PLAN 
 ARTICLE 1. 
 ESTABLISHMENT, PURPOSE, AND DURATION 
 1.1)
Establishment of the Plan. This plan, known as the “Virtual Radiologic Consultants, Inc. Equity Incentive Plan,” is established effective January 2, 2004, subject to approval by the shareholders of Virtual Radiologic
Consultants, Inc. within one year of the date of adoption, for the grant of Incentive Stock Options, Nonqualified Stock Options, Stock Appreciation Rights and/or Restricted Stock to selected officers, employees and Contractors of the Company and its
Subsidiaries, Affiliated Companies, officers and employees of Affiliated Companies, and Contractors of Affiliated Companies. 
 1.2)
Purpose of the Plan. The purpose of the Plan is to promote the success of the Company and its Subsidiaries and Affiliated Companies by providing incentives to the officers, employees and Contractors of the Company and its Subsidiaries and
Affiliated Companies, by linking their interests to the long-term financial success of the Company and its Subsidiaries and Affiliated Companies, and to growth in shareholder value. 
 1.3) Duration of the Plan. The Plan will commence on the effective date set forth in Section 1.1, and shall remain in effect, subject to the
right of the Board of Directors to terminate the Plan at any time, until all Shares subject to it have been purchased or acquired according to the provisions herein. No Awards may be granted under the Plan after the tenth anniversary of the
effective date of the Plan. 
 ARTICLE 2. 
 DEFINITIONS AND CONSTRUCTION 
 2.1) Definitions. Whenever used in the Plan, the following terms shall have the meanings set
forth below and, when the meaning is intended, the initial letter of the word is capitalized: 
 (a) “Affiliated Company” means a
business entity with which the Company has a contractual relationship for the mutual provision of goods or services, and which the Board has designated as an Affiliated Company for purposes of the Plan. As of the Effective Date of the Plan, Virtual
Radiologic Professionals, PLC is designated as an Affiliated Company. 
 (b) “Award” means, individually or collectively, a grant
under this Plan of Incentive Stock Options, Nonqualified Stock Options, Stock Appreciation Rights or Restricted Stock. 
 (c)
“Beneficial Owner” shall have the meaning ascribed to such term in Rule 13d-3 of the General Rules and Regulations under the Exchange Act. 

 (d) “Board” or “Board of Directors” means the Board of Directors of the Company.

 (e) “Cause” shall include but not be limited to: (i) material breach of any agreement entered into between the Participant
and the Company, a Subsidiary or an Affiliated Company; (ii) misappropriation of the Company’s, Subsidiary’s or Affiliated Company’s property, fraud, embezzlement, breach of fiduciary duty, other acts of dishonesty against the
Company, a Subsidiary or an Affiliated Company; (iii) conviction of any felony or crime involving moral turpitude; or (iv) in the case of a Participant who is a Physician Contractor, the Participant’s failure to fully and strictly
abide by the restrictions on competition and the obligations of confidentiality set forth in Article 13 hereof. 
 (f) “Change in
Control” shall occur upon: (i) any person (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) first becoming, after the effective date of the Plan, the “beneficial owner” (as defined in Rule 13(d) under the
Exchange Act) directly or indirectly, of securities of the Company representing 40% or more of the combined voting power of the Company’s outstanding securities, or (ii) any other event which the Committee determines in its discretion, on
an event-by-event basis, shall constitute a Change in Control for purposes of the Plan. 
 (g) “Code” means the Internal Revenue
Code of 1986, as amended from time to time. 
 (h) “Committee” means a committee consisting of not less than two members of the
Board of Directors of the Company. The term “Committee” shall refer to the Board of Directors of the Company during such times as no committee is appointed by the Board of Directors and during such times as the Board of Directors is acting
in lieu of the Committee. 
 (i) “Company” means Virtual Radiologic Consultants, Inc., a Minnesota corporation, or any successor
thereto as provided in Article 15. 
 (j) “Confidential Information” means any trade secret or secrets, as defined by United States
Code, Section 1839, and includes all information that has been designated by the Company or an Affiliated Company as confidential information. 
 (k) “Contractor” means an individual who is an agent of the Company or a Subsidiary or is retained as an independent contractor to provide consulting or other services to the Company or a Subsidiary, and who is not an employee of
the Company or any Subsidiary. “Contractor” shall include Physician Contractors. Unless otherwise specified by an agreement in writing, a Contractor’s status as a Contractor shall for purposes of the Plan be deemed to have terminated
at such time as the Committee shall determine. 
 (l) “Contractor of an Affiliated Company” means an individual who is an agent of
an Affiliated Company or is retained as an independent contractor to provide services to or on behalf of an Affiliated Company, and who is not an employee of the Affiliated Company. “Contractor of an Affiliated Company” shall include
Physician Contractors of the Affiliated Company. Unless otherwise specified by an agreement in writing, the status of a Contractor of an Affiliated Company as a contractor shall for purposes of the Plan be deemed to have terminated at such time as
the Affiliated Company shall determine. 
  

 2. 

 (m) “Disability” means a physical or mental impairment which prevents a Participant who is an
individual from performing regularly-scheduled duties and which is expected to be of long duration or result in death. All determinations as to a Participant’s disability status shall be made by the Committee in its discretion and on the basis
of such evidence as it shall deem appropriate. 
 (n) “Exchange Act” means the Securities Exchange Act of 1934, as amended from time
to time. 
 (o) “Fair Market Value” means the price per Share of the common Stock of the Company determined as follows: (i) if
the security is listed for trading on one or more national securities exchanges or is quoted on the Nasdaq National Market System (“Nasdaq NMS”), the reported last sales price on such principal exchange or system on the date in question
(if such security shall not have been traded on such principal exchange or on the Nasdaq NMS on such date, the reported last sales price on such principal exchange or on Nasdaq NMS on the first day prior thereto on which such security was so
traded); or (ii) if the security is not listed for trading on a national securities exchange and is not quoted on Nasdaq NMS but is quoted on the Nasdaq Small Cap System or is otherwise traded in the over-the-counter market, the mean of the
highest and lowest bid prices for such security on the date in question (if there are no such bid prices for such security on such date, the mean of the highest and lowest bid prices on the most recent day prior thereto (not to exceed ten
(10) days prior to the date in question) on which such prices existed); or (iii) if neither (i) nor (ii) is applicable, by any means deemed fair and reasonable by the Committee, which determination shall be final and binding on
all parties. 
 (p) “Family Member” includes any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former
spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships, any person sharing the employee’s household (other than a tenant or employee), a
trust in which these persons have more than fifty percent of the beneficial interest, a foundation in which these persons (or the participant) control the management of assets, and any other entity in which these persons (or the participant) own
more than fifty percent of the voting interests. 
 (q) “Incentive Stock Option” means any stock option granted pursuant to this
Plan as an “incentive stock option” within the meaning of Section 422 of the Code. 
 (r) “Nonqualified Stock Option”
means any stock option granted pursuant to this Plan other than as an Incentive Stock Option. 
 (s) “Option” means an Incentive
Stock Option or a Nonqualified Stock Option. 
 (t) “Participant” means an officer, employee or Contractor of the Company or a
Subsidiary, an Affiliated Company, an officer or employee of an Affiliated Company or a Contractor (including a Physician Contractor) of an Affiliated Company that has been granted an Award under the Plan. 
  

 3. 

 (u) “Period of Restriction” means the period during which the transfer or sale of Shares of
Restricted Stock by the Participant is restricted. 
 (v) “Physician Contractor” means a physician who is a Contractor or a
Contractor of an Affiliated Company, and who provides radiology or radiology related services to or on behalf of the Company or an Affiliated Company. 
 (w) “Plan” means this Virtual Radiologic Consultants, Inc. Equity Incentive Plan. 
 (x)
“Restricted Stock” means an Award of Stock granted to a Participant pursuant to Article 8. 
 (y) “Securities Act” means
the Securities Act of 1933, as amended from time to time. 
 (z) “Subsidiary” means any company in an unbroken chain of companies
beginning with the Company, if, at the time of granting the Award, each of the companies other than the last company in the chain owns stock and/or other securities possessing more than fifty percent (50%) of the total combined voting power of
all classes of stock and/or other securities in one of the other companies in such chain. The term shall include any Subsidiaries which become such after adoption of this Plan. 
 (aa) “Stock” or “Shares” means the common stock of the Company. 
 (bb) “Stock Appreciation Right” or “SAR” means an Award designated as a Stock Appreciation Right, granted to a Participant pursuant to
Article 7. 
 2.2) Gender and Number. Except where otherwise indicated by the context, any masculine term used herein also shall
include the feminine, the plural shall include the singular, and the singular shall include the plural. 
 2.3) Severability. In the
event any provision of the Plan shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of the Plan, and the Plan shall be construed and enforced as if the illegal or invalid provision had
not been included. 
 ARTICLE 3. 
 ADMINISTRATION 
 3.1) The Committee. The Plan shall be administered by the Committee, the members of which shall be
appointed from time to time by, and shall serve at the discretion of, the Board of Directors. 
 3.2) Authority of the Committee.
Subject to the provisions of the Plan, the Committee shall have full power to construe and interpret the Plan; to establish, amend or waive rules for its administration; to accelerate the vesting of any Option or SAR or the termination of any Period

  

 4. 

 
of Restriction under any Award agreement, or other instrument relating to an Award under the Plan; and (subject to the provisions of Article 12) to amend the
terms and conditions of any outstanding Option, SAR or Restricted Stock Award to the extent such terms and conditions are within the discretion of the Committee as provided in the Plan. Except as required by Section 4.3 and as provided in
Article 12, in no event shall the Committee have the right to either (i) cancel outstanding Options or SARs for the purpose of replacing or regranting such Options or SARs with an exercise price that is less than the original exercise price of
the Option or SAR or (ii) change the exercise price of an Option or SAR to an exercise price that is less than the original exercise price, without first obtaining the approval of shareholders of the Company. Notwithstanding the foregoing, as
provided in Section 12.2, no action of the Committee (other than pursuant to Section 4.3) may, without the consent of the person holding Restricted Stock or any outstanding Option or Stock Appreciation Right, adversely affect the rights of
such person. 
 3.3) Selection of Participants. Subject to the provisions of Section 5.2, the Committee shall have the authority
to grant Awards under the Plan, from time to time, to such officers, employees and Contractors of the Company and Subsidiaries, to Affiliated Companies, officers and directors of Affiliated Companies, and Contractors of Affiliated Companies as it
may select; provided, however, that Incentive Stock Options may only be granted to employees of the Company or Subsidiary. Without amending the Plan, the Committee may grant Awards to eligible individuals who are foreign nationals on such terms and
conditions different from those specified in this Plan as may, in the judgment of the Committee, be necessary or desirable to foster and promote achievement of the purposes of the Plan, and, in furtherance of such purposes, the Committee may make
such modification, amendments, procedures, subplans, and the like as may be necessary or advisable to comply with provisions of laws in other countries in which the Company operates or has employees. 
 3.4) Decisions Binding. All determinations and decisions made by the Committee pursuant to the provisions of the Plan and all related orders or
resolutions of the Board of Directors shall be final, conclusive and binding on all persons, including the Company and its Subsidiaries and Affiliated Companies, its stockholders, employees, and Participants and their estates and beneficiaries, and
such determinations and decisions shall not be reviewable. 
 3.5) Procedures of the Committee. All determinations of the Committee
shall be made by not less than a majority of its members present at the meeting (in person or otherwise) at which a quorum is present. A majority of the entire Committee shall constitute a quorum for the transaction of business. Any action required
or permitted to be taken at a meeting of the Committee may be taken without a meeting if a unanimous written consent, which sets forth the action, is signed by each member of the Committee and filed with the minutes for proceedings of the Committee.
Service on the Committee shall constitute service as a director of the Company so that members of the Committee shall be entitled to indemnification, limitation of liability and reimbursement of expenses with respect to their services as members of
the Committee to the same extent that they are entitled under the Company’s Articles of Incorporation and Minnesota law for their services as directors of the Company. 
 3.6) Award Agreements. Awards under the Plan shall be evidenced by an Award agreement (e.g., an Option agreement, a SAR agreement or a Restricted
Stock agreement), which shall be signed by an officer of the Company and by the Participant, and shall contain such terms and conditions as are approved by the Committee. Such terms and conditions need not be the same in all cases. 
  

 5. 

 3.7) Conditions on Awards. Notwithstanding any other provision of the Plan, the Board or the
Committee may impose such conditions on any Award (including, without limitation, impositions on the time of exercise of Options and SARs to specified periods) as it deems appropriate. 
 3.8) Saturdays, Sundays and Holidays. When a date referenced in an Award agreement falls on a Saturday, Sunday or other day when the
Company’s general office is closed, the date referenced will revert back to the day prior to such date. 
 ARTICLE 4. 
 STOCK SUBJECT TO THE PLAN 
 4.1) Number of
Shares. Subject to adjustment as provided in Section 4.3, the aggregate number of Shares that may be delivered under the Plan shall not exceed Six Hundred Thousand (600,000) Shares. For purposes of determining at any time the number of
shares that may be delivered pursuant to this Section 4.1, the exercise of a Stock Appreciation Right, whether paid in cash or Stock, shall be treated as a delivery of, and a reduction to remaining available shares by, that number of Shares
which corresponds to the number of Shares with respect to which the Stock Appreciation Right is exercised. 
 4.2) Lapsed Awards. If
any Award granted under this Plan terminates, expires, or lapses for any reason, any Stock subject to such Award again shall be available for the grant of an Award under the Plan, subject to Section 7.2. 
 4.3) Adjustments in Authorized Shares. 
 (a) In the event that the outstanding Shares of the Company are changed into or exchanged for a different number or kind of shares or other securities of the Company or of another company by reason of any reorganization, merger,
consolidation, recapitalization, reclassification, stock split, reverse stock split, combination of shares or dividends payable in capital stock, an appropriate adjustment shall be made in the number and kind of Shares as to which Awards may be
granted under the Plan and as to which outstanding Options and SARs or portions thereof then unexercised shall be exercisable, to the end that the proportionate interest of each Participant shall be maintained as before the occurrence of such event;
such adjustment in outstanding Options and SARs shall be made without change in the total price applicable to the unexercised portion of such Awards and with a corresponding adjustment in the exercise price per Share. No such adjustment shall be
made hereunder which shall, within the meaning of any applicable sections of the Code, constitute a modification, extension or renewal of an Award or a grant of additional benefits to a participant. 
 (b) If the Company is a party to a merger, consolidation, reorganization, or similar corporate transaction and if, as a result of that transaction, its
Shares are exchanged for: (i) other securities of the Company and/or (ii) securities of another company which has 

  

 6. 

 
assumed the outstanding Awards under the Plan or has substituted for such Awards its own awards, then each Participant shall be entitled (subject to the
conditions stated herein or in such substituted awards, if any), in respect of that Participant’s Awards, to rights with respect to such other securities of the Company or of such other company as are sufficient in the determination of the
Committee to ensure that the value of the Participant’s Awards immediately before the corporate transaction is equivalent to the value of such Awards immediately after the transaction, taking into account the exercise price of Options and SARs
before such transaction, the Fair Market Value of Shares immediately before such transaction and the Fair Market Value immediately after the transaction of the securities then subject to that Award (or to the award substituted for that Award, if
any). The Committee shall make the determinations specified in this subsection (b) in the event of any transaction described in this subsection (b), and its determination shall be binding on all Participants. 
 (c) Upon the happening of any such corporate transaction, the class and aggregate number of Shares subject to the Plan which have been heretofore or may
be hereafter granted under the Plan shall be appropriately adjusted to reflect the events specified in this Section 4.3. 
 4.4)
Right of Call Options and SARs. The Committee in its sole discretion either in an Award agreement at the time of grant or at any time after the grant, and without the consent of any Participant effected thereby, may: (i) determine that
some or all recipients holding outstanding Options will receive, with respect to and in lieu of some or all of the Shares subject to Options, cash in an amount equal to the excess of the Fair Market Value of such Shares at such time over the
exercise price per Share of such Options; and/or (ii) terminate some or all of the SARs then outstanding and pay the holders thereof cash in an amount equal to excess of the Fair Market Value of the Shares to which such SARs relate over the
exercise price of such SARs. 
 ARTICLE 5. 
 ELIGIBILITY AND PARTICIPATION 
 5.1) Eligibility. Awards may be granted to a any officer, employee or Contractor of the
Company or Subsidiary, to an Affiliated Company, or to any officer or employee of an Affiliated Company, and to any Contractor of an Affiliated Company; provided, however, that only employees of the Company or a Subsidiary shall be eligible for a
grant of Incentive Stock Options. No person or entity shall have any right to be granted an Award under this Plan even if previously granted an Award. Without amending the Plan, the Committee may grant Awards to eligible individuals who are foreign
nationals on such terms and conditions different from those specified in this Plan as may, in the judgment of the Committee, be necessary or desirable to foster and promote achievement of the purposes of the Plan, and in furtherance of such
purposes, the Committee may make such modification, amendments, procedures, subplans, and the like as may be necessary or advisable to comply with provisions of laws in other countries in which the Company operates or has employees. 
  

 7. 

 5.2) Actual Participation. Awards shall be granted as follows: 
 (a) The Committee may grant such type(s) of Awards to such officers, employees and Contractors of the Company or a Subsidiary, to such Affiliated Company,
or to such officers, employees, and Contractors of Affiliated Companies at such times as the Committee shall determine; provided, however, that Incentive Stock Options shall be granted only to employees of the Company or a Subsidiary. Awards granted
under this subsection shall contain such terms and conditions may be as determined by the Committee at the time of grant. 
 (b) The maximum
number of Shares with respect to which Awards may be granted to any Participant who is an individual for any fiscal year of the Company is Five Hundred Thousand (500,000) Shares. For purposes of these maximum limits, the grant of a Stock
Appreciation Right shall be treated as the grant of an Option for that number of Shares which corresponds to the number of Shares with respect to which the Stock Appreciation Right is or may become exercisable. 
 (c) Any grant of Awards to an Affiliated Company shall be in connection with and in consideration of services of such Affiliated Company to or for the
Company, whether pursuant to a written agreement for such services or otherwise. 
 ARTICLE 6. 
 STOCK OPTIONS 
 6.1) Grant of Options.
Subject to the terms and provisions of the Plan, Options may be granted to Participants at any time and from time to time as shall be determined by the Committee. The Committee shall have the sole discretion, subject to the requirements of the Plan,
to determine the actual number of Shares subject to Options granted to any Participant, to determine whether an Option shall be granted as an Incentive Stock Option or a Nonqualified Stock Option, and to impose terms and conditions on the receipt
and exercise of Options. The Committee may specify the period of time over which vesting shall occur, and may in its discretion further provide for the acceleration of vesting upon the attainment of such goals as the Committee may determine in its
discretion. The previous provisions of this Section 6.1 notwithstanding, the aggregate Fair Market Value (determined at the time the Option is granted) of the Stock with respect to which an Incentive Stock Option under this Plan or any other
plan of the Company or its Subsidiaries is exercisable for the first time by a Participant during any calendar year shall not exceed $100,000. To the extent that the aggregate Fair Market Value (determined as of the date an Incentive Stock Option is
granted) of the Shares with respect to which the Incentive Stock Options are exercisable for the first time by a Participant during any calendar year (under the Plan and any other incentive stock option plans of the Company or any Subsidiary)
exceeds $100,000 (or such other amount as may be prescribed by the Code from time to time), such excess Options will be treated as Nonqualified Stock Options. The determination will be made by taking Incentive Stock Options into account in the order
in which they were granted. If such excess only applies to a portion of an Incentive Stock Option, the Committee, in its discretion, will designate which Shares will be treated as Shares to be acquired upon exercise of an Incentive Stock Option.

  

 8. 

 6.2) Option Agreement. Each Option grant shall be evidenced by an Option agreement that shall
specify the Participant, the Option exercise price, the duration of the Option, the number of Shares to which the Option pertains, and such other provisions, including vesting, as the Committee shall determine. 
 6.3) Option Exercise Price. The Option exercise price per share of Stock covered by the Option shall be determined by the Committee, but may not
be less than the Fair Market Value of the Stock on the date the Option is granted; provided, however, that the exercise price of any Incentive Stock Option granted to an employee of the Company or a Subsidiary who, on the date of execution of the
Option agreement owns more than ten percent (10%) of the total combined voting power of all series of Stock then outstanding, shall be at least one hundred ten percent (110%) of the Fair Market Value of a Share on the date of execution of
the Option agreement. 
 6.4) Duration of Options. No Option may be exercised after ten (10) years from the date on which the
Option was granted. If an earlier expiration date is not specified by the Committee at the time of grant, each Option shall expire at the close of business on the tenth (10th) anniversary of the date of grant. The previous provisions of this
Section 6.4 notwithstanding, each Incentive Stock Option shall expire no later than at the close of business on the date preceding the tenth (10th) anniversary of the date of grant, and each Incentive Stock Option granted to an employee of
the Company or a Subsidiary who, on the date of execution of the Option agreement owns more than ten percent (10%) of the total combined voting power of all series of Stock then outstanding, shall expire no later than the close of business on
the date preceding the fifth (5th) anniversary of the date of grant. 
 6.5) Exercise of Options. Options granted under the Plan
shall be exercisable at such times and be subject to such restrictions and conditions as the Committee shall in each instance approve, which need not be the same for all Participants. All Options within a single grant need not be exercised at one
time. 
 6.6) Manner of Exercise of Options. An Option may be exercised in whole or in part, at such time or times, and with such
rights with respect to such Shares of Stock, as provided in the applicable Option agreement. An Option shall be exercisable only by: (i) written notice to the Company of intent to exercise the Option with respect to a specified number of Shares
of Stock; (ii) tendering to the Company the original Option agreement (or a replacement Option agreement satisfactory to the Committee); and (iii) payment to the Company of the exercise price for the number of Shares of Stock with respect
to which the Option is then exercised. Except as set forth in the next sentence, payment of the exercise price may be made in any of the following manners: 
 (a) cash, including certified check, bank draft or postal or express money order; 
 (b) personal check
(provided that if payment of the exercise price is made by personal check and such personal check is not timely paid by the drawer’s bank, such payment shall be deemed not to have been made and any Shares issued upon such exercise shall be
deemed void and never issued); 
  

 9. 

 (c) by surrender for cancellation of Shares of Stock which: 
  

	 	(1)	were acquired by the Participant (or person exercising the Option) other than by exercise of an Option; 

  

	 	(2)	were acquired by the Participant (or person exercising the Option) upon exercise of an Option where the Option Shares being surrendered have been held by the Participant (or person
exercising the Option) for at least six months after such exercise; or 

  

	 	(3)	were acquired by the Participant (or person exercising the Option) upon exercise of an Option where the Option Shares being surrendered have been held by the Participant (or person
exercising the Option) for six months or less after such exercise but only if the Participant (or person exercising the Option) has obtained prior approval of the specific surrender (such approval to specify at least the date of grant of the Option
being exercised, the dates of grant and exercise of the Option pursuant to which Shares to be surrendered were acquired, and the number of Option Shares to be surrendered) by the Committee; 

 and which have a Fair Market Value equal to the exercise price of the Options being exercised (if the Shares surrendered have a Fair Market Value in
excess of the exercise price of the Options being exercised, the Company shall promptly pay to the Participant or person exercising the Option an amount equal to the excess of such Fair Market Value over the exercise price, not to exceed the Fair
Market Value of one Share); or 
 (d) by any other method of payment which the Committee shall approve before, at, or after the date of grant
of such Options. 
 An Option shall be deemed to have been exercised immediately prior to the close of business on the date the Company is in
receipt of the original Option agreement, written notice of intent to exercise the Option, and payment for the number of Shares being acquired upon exercise of the Option. The Participant shall be treated for all purposes as the holder of record of
the Option Stock as of the close of business on such date, except where Shares are held for unpaid withholding taxes. As promptly as practicable on or after such date, the Company shall issue and deliver to the Participant a certificate or
certificates for the Option Stock issuable upon such exercise; provided, however, that such delivery shall be deemed effected for all purposes when the Company, or the stock transfer agent for the Company, shall have deposited such certificates in
the United States mail, postage prepaid, addressed to the Participant at the address specified in the written notice of exercise. 
 Notwithstanding the foregoing listing of permissible manners of payment of exercise price, the Committee shall have the right from time to time to cancel, limit or suspend as to any one, some, or all Option(s) and as to any one, some, or
all Participants, the right to make payment under any one or more manners of payment (other than the payment by cash, certified check, bank draft or postal or express money order), including other methods of payment previously approved by the
Committee under the authority granted in subsection (d) of this Section 6.6. 
  

 10. 

 There shall be no exercise at any one time for fewer than one hundred (100) Shares (or such lesser
number of Shares as the Committee may from time to time determine in its discretion) or all of the remaining Shares then purchasable by the Participant or person exercising the Option. 
 When Shares of Stock are issued pursuant to the exercise of an Option, the fact of such issuance shall be noted on the Option agreement by the Company
before the Option agreement is returned. When all Shares of Stock covered by the Option agreement have been issued, or the Option shall expire, the Option agreement shall be canceled and retained by the Company. 
 6.7) Restrictions on Stock Transferability. The Committee shall impose such restrictions on any Shares acquired pursuant to the exercise of an
Option under the Plan as it may deem advisable, including, without limitation, restrictions under applicable Federal securities law, under the requirements of any stock exchange upon which such Shares are then listed and under any blue sky or state
securities laws applicable to such Shares. 
 6.8) Termination Due to Death or Disability. Unless otherwise provided in the Option
agreement, if a Participant who is an individual ceases to be an employee or Contractor of the Company, of a Subsidiary or of an Affiliated Company by reason of death, each of such Participant’s outstanding Options shall vest and become
exercisable for the greater of: (i) the number of Shares for which the Option was otherwise, in accordance with the Option agreement, vested and exercisable (or previously exercised) on the date of death, or (ii) that percentage of the
total number of Shares subject to the Option (including any Shares for which the Option may have been previously exercised) which is determined by dividing the Participant’s number of complete months of employment as an employee of the Company,
a Subsidiary or an Affiliated Company and/or complete months of service as a director or Contractor of the Company, a Subsidiary or an Affiliated Company, by the total number of months of employment and/or service which would otherwise be required
for the Option to fully vest under the terms of the Option agreement (to a maximum of 100%). All of the Participant’s outstanding Options, to the extent vested and exercisable under the terms of the Option agreement or the provisions of this
Section 6.8, shall be exercisable at any time prior to the expiration date of the Options, but only within twelve (12) months following the date of death, whichever period is shorter. Options may be exercised by such person or persons as
shall have acquired the Participant’s rights under the Option pursuant to Article 10 or, in the absence of an effective beneficiary designation, by will or by the laws of descent and distribution. 
 Unless otherwise provided in the Option agreement, if a Participant who is an individual ceases to be an employee or Contractor of the Company, of a
Subsidiary Contractor or of an Affiliated Company by reason of Disability, each of such Participant’s outstanding Options shall vest and become exercisable for the greater of: (i) the number of Shares for which the Option was otherwise, in
accordance with the Option agreement, vested and exercisable (or previously exercised) on the date that the Committee determines is the date of Disability, or (ii) that percentage of the total number of Shares subject to Option (including any
Shares for which the Option may have been previously exercised) which is determined by dividing the Participant’s 

  

 11. 

 
number of complete months of employment as an employee of the Company, a Subsidiary or an Affiliated Company and/or complete months of service as a director
or Contractor of the Company, a Subsidiary or an Affiliated Company, by the total number of months of employment and/or service which would otherwise be required for the Option to fully vest under the terms of the Option agreement (to a maximum of
100%). All of the Participant’s outstanding Options shall be exercisable, to the extent vested and exercisable under the terms of the Option agreement or the provisions of this Section 6.8, at any time prior to the expiration date of the
Options, but only within twelve (12) months following the date of Disability as determined by the Committee, whichever period is shorter. 
 Notwithstanding the foregoing, the Committee may, for any Participant, in its sole discretion, lengthen the exercise period of any Nonqualified Stock Option for a period which does not exceed the Option’s expiration date, if it deems
this is in the best interest of the Company. 
 Any Options, to the extent not vested and exercisable, shall be forfeited back to the
Company. 
 6.9) Termination for Other Reasons. Unless otherwise provided in the Option agreement, if a Participant who is an
individual ceases to be an employee or Contractor of the Company, of a Subsidiary, or of an Affiliated Company for any reason other than death, Disability or for Cause: 
 (a) If such Participant’s termination of employment or service occurs voluntarily at the election of the Participant within one year after the Participant’s first day of employment or service, any Option, to
the extent not then exercised, shall be forfeited. In addition, any Shares which the Participant may have purchased by exercise of an Option shall, at the election of the Committee, be assigned and returned to the Company, and the amount paid by the
Participant for such Shares shall be refunded to the Participant; 
 (b) Any of such Participant’s remaining outstanding Nonqualified
Stock Options which are vested and exercisable shall be exercisable at any time prior to the expiration date of such Options, but only within twelve (12) months following the date of his termination as an employee or Contractor of the Company
or a Subsidiary, an employee of an Affiliated Company or a Contractor of an Affiliated Company, whichever period is shorter; and 
 (c) Any of
such Participant’s remaining outstanding Incentive Stock Options which are vested and exercisable shall be exercisable at any time prior to the expiration date of such Options, but only within three (3) months following the date of his
termination as an employee or Contractor, whichever period is shorter; provided, however, that in the event of the Participant’s death during the three (3) month period following the date of his termination as an employee or Contractor of
the Company or a Subsidiary, an employee of an Affiliated Company or a Contractor of an Affiliated Company, and prior to the expiration date of such Options, any such Options then vested and unexercised may be exercised within twelve
(12) months following the date of termination by the person or persons who shall have acquired the Participant’s rights thereunder pursuant to Article 10 or, in the absence of an effective beneficiary designation, by will or the laws of
descent and distribution. 
  

 12. 

 Notwithstanding the foregoing, the Committee may, for any Participant, in its sole discretion, lengthen
the exercise period of any Nonqualified Stock Option for a period which does not exceed the Option’s expiration date, if it deems this is in the best interest of the Company. 
 Any Options, to the extent not vested and exercisable, shall be forfeited back to the Company. 
 If the Participant’s position as an employee or Contractor, including a Physician Contractor, of the Company, of a Subsidiary, or of an Affiliated
Company terminates for Cause, all of the Participant’s outstanding Options, whether or not then vested, shall be immediately forfeited back to the Company. In addition, any Shares which the Participant may have purchased by exercise of an
Option shall, at the election of the Committee, be assigned and returned to the Company, and the amount paid by the Participant for such Shares shall be refunded to the Participant; provided, however, that if the Participant shall have already sold,
transferred or otherwise disposed of the Shares, the Participant shall pay to the Company or Affiliated Company, as applicable, an amount equal to the difference between (i) the price paid by Participant for such Shares and (ii) the
greater of the price received by the Participant upon such sale, transfer or other disposition, or the Fair Market Value of the Shares on the date of such event. 
 6.10) Nontransferability/Permitted Transfers of Options. 
 (a) Except as permitted by subsections
(b) and (c) below, each Option granted hereunder to a Participant who is an individual shall, by its terms, not be transferable by such Participant and shall be, during such Participant’s lifetime, exercisable only by the Participant
or Participant’s guardian or legal representative. Except as permitted by subsections (b) and (c) below, each Option granted under the Plan to a Participant who is an individual and the rights and privileges thereby conferred shall
not be transferred, assigned or pledged in any way (whether by operation of law or otherwise), and shall not be subject to execution, attachment or similar process. Upon any attempt to so transfer, assign, pledge, or otherwise dispose of the Option,
or of any right or privilege conferred thereby, contrary to the provisions of the Option or the Plan, or upon levy of any attachment or similar process upon such rights and privileges, the Option, and such rights and privileges, shall immediately
become null and void. 
 (b) Each Incentive Stock Option granted hereunder to a Participant who is an individual shall, by its terms, be
transferable only by will or pursuant to the laws of descent and distribution, and shall be, during the Participant’s lifetime, exercisable only by the Participant or his guardian or legal representative. 
  

 13. 

 (c) Each Nonqualified Stock Option granted hereunder to a Participant who is an individual shall, by its
terms, be transferable: 
  

	 	(1)	by such Participant to a Family Member of the Participant (or to a trust in which the Participant’s Family Member or Family Members have more than fifty percent (50%) of
the beneficial interest) by a bona fide gift or pursuant to a domestic relations order in settlement of marital property rights; 

  

	 	(2)	by will or pursuant to the laws of descent and distribution; or 

  

	 	(3)	as otherwise permitted pursuant to the rules or regulations adopted by the Securities and Exchange Commission (“SEC”) under the Securities Act or the interpretations of
such rules and regulations as announced by the SEC from time to time. 

 Any permitted transfer shall be effective only when
accepted by the Company subject to the Company receiving documentation reasonably satisfactory to it of such gift, transfer pursuant to domestic relations order, or transfer pursuant to will or pursuant to the laws descent and distribution. Upon
effectiveness of any permitted transfer, the rights under any Option shall be exercisable only by the permitted transferee or such transferee’s guardian or legal representative. Except as permitted by this subsection, each Option granted under
the Plan and the rights and privileges thereby conferred shall not be further transferred, assigned or pledged in any way (whether by operation of law or otherwise), and shall not be subject to execution, attachment or similar process. Upon any
attempt to so further transfer, further assign, pledge, or otherwise further dispose of the Option, or of any right or privilege conferred thereby, contrary to the provisions of the Option or the Plan, or upon levy of any attachment or similar
process upon such rights and privileges, the Option, and such rights and privileges, shall immediately become null and void. No permitted transfer shall cause any change in the terms of any Option except the identity of the person(s) entitled to
exercise such Option and to receive the common Stock issuable upon exercise of the Option. Without limiting the generality of the foregoing, any Option granted to a Participant who is an individual shall be subject to termination upon such
Participant’s termination as an employee or Contractor of the Company, a Subsidiary or Affiliated Company, or the death or Disability of the Participant to whom the Option was originally granted without reference to the employment, death or
Disability of any permitted transferee. In the event of any transfer of an Option, the obligations of the Company owed to the Participant shall be owed to the transferee and references in this Plan or in any Option agreement to the Participant
shall, unless the context otherwise requires, refer to the transferee. 
 (d) With the consent of the Committee, Options granted to an
Affiliated Company may be assigned by the Affiliated Company to its employees and to Contractors of the Affiliated Company. 
  

 14. 

 ARTICLE 7. 
 STOCK APPRECIATION RIGHTS 
 7.1) Grant of Stock Appreciation Rights. Subject to the terms and
provisions of the Plan, Stock Appreciation Rights may be granted to officers, employees and Contractors of the Company or a Subsidiary, an Affiliated Company, officers and employees of Affiliated Companies, and Contractors of Affiliated Companies,
at the discretion of the Committee, exercisable in any of the following forms as designated by the Committee at the time of grant: 
  

	 	(a)	in lieu of Options; 

  

	 	(b)	in addition to Options; 

  

	 	(c)	independent of Options; or 

  

	 	(d)	in any combination of (a), (b), or (c). 

 The Committee
shall have the sole discretion, subject to the requirements of the Plan, to determine the actual number of Shares subject to SARs granted to any Participant. The Committee may specify the period of time over which vesting shall occur, and may in its
discretion further provide for the acceleration of vesting upon the attainment of such goals as the Committee may determine in its discretion. The exercise price of a SAR shall not, however, be less than the Fair Market Value of a share of Stock on
the date of grant. 
 7.2) Stock Appreciation Rights Agreement. Each grant of a SAR, and the terms and conditions governing the
exercise of the SAR, shall be evidenced by a SAR agreement. 
 Option Stock with respect to which a SAR shall have been exercised may not be
subject again to an Award under the Plan. 
 7.3) Exercise of Stock Appreciation Rights. SARs granted in lieu of Options may be
exercised for all or part of the Shares subject to the related Option upon the surrender of the related Options representing the right to purchase an equivalent number of Shares. The SAR may be exercised only with respect to the Shares for which its
related Option is then exercisable. 
 SARs granted in addition to Options shall be deemed to be exercised upon the exercise of the related
Options. 
 Subject to Section 7.1, SARs granted independently of Options may be exercised upon whatever terms and conditions the
Committee, in its sole discretion, imposes upon the SARs, including, but not limited to, a corresponding proportional reduction in previously granted Options. 
 7.4) Payment of Stock Appreciation Right Amount. Upon exercise of the SAR, the holder shall be entitled to receive payment of an amount determined by multiplying: 
 (a) The difference between: (i) the Fair Market Value of a Share on the date of exercise and (ii) the exercise price established by the
Committee on the date of grant; by 
  

 15. 

 (b) The number of Shares with respect to which the SAR is exercised. 
 7.5) Form and Timing of Payment. Payment to a Participant, upon SAR exercise, will be made in cash or stock, at the discretion of the Committee,
as soon as administratively possible after exercise. 
 7.6) Term of Stock Appreciation Rights. The term of a SAR granted under the
Plan shall be determined by the Committee, but shall not exceed ten (10) years. If not specified by the Committee at the time of grant, each SAR shall expire at the close of business on the date preceding the tenth (10th) anniversary of
the date of grant. 
 7.7) Termination Due to Death or Disability. Unless otherwise provided in the SAR agreement, if a Participant
who is an individual ceases to be an employee or Contractor of the Company, of a Subsidiary or of an Affiliated Company by reason of death, each of such Participant’s outstanding SARs shall vest and become exercisable in relation to the greater
of: (i) the number of Shares in relation to which the SAR was otherwise, in accordance with the SAR agreement, vested and exercisable (or previously exercised) on the date of death, or (ii) that percentage of the total number of Shares to
which the SAR relates (including any Shares in relation to which the SAR may previously have been exercised) which is determined by dividing the Participant’s number of complete months of employment as an employee of the Company, a Subsidiary
or an Affiliated Company and/or complete months of service as a director or Contractor of the Company, a Subsidiary or an Affiliated Company, by the total number of months of employment and/or service which would otherwise be required for the SAR to
be fully vested under the terms of the SAR agreement (to the maximum of 100%). All of the Participant’s outstanding SARs, to the extent vested under the terms of the SAR agreement or the provisions of this Section 7.7, shall be exercisable
at any time prior to the expiration date of the SARs, but only within twelve (12) months following the date of death, whichever period is shorter. SARs may be exercised by such person or persons as shall have acquired the Participant’s
rights under the SAR pursuant to Article 10 or, in the absence of an effective beneficiary designation, by will or by the laws of descent and distribution. 
 Unless otherwise provided in the SAR agreement, if a Participant who is an individual ceases to be an employee or Contractor of the Company, of a Subsidiary or of an Affiliated Company by reason of Disability, each of
such Participant’s outstanding SARs, shall vest and become exercisable in relation to the greater of: (i) the number of Shares in relation to which the SAR was otherwise, in accordance with the SAR agreement, vested and exercisable (or
previously exercised) on the date that the Committee determines is the date of Disability, or (ii) that percentage of the total number of Shares to which the SAR relates (including any Shares in relation to which the SAR may previously have
been exercised) which is determined by dividing the Participant’s number of complete months of employment as an employee of the Company, a Subsidiary or an Affiliated Company and/or complete months of service as a director or Contractor of the
Company, a Subsidiary or an Affiliated Company, by the total number of months of employment and/or service which would otherwise be required for the SAR to be fully vested under the terms of the SAR agreement (to the maximum of 100%). All of the

  

 16. 

 
Participant’s outstanding SARs, to the extent vested and exercisable under the terms of the SAR agreement or the provisions of this Section 7.7,
shall be exercisable at any time prior to the expiration date of the SARs, but only within twelve (12) months following the date of Disability as determined by the Committee, whichever period is shorter. 
 Notwithstanding the foregoing, the Committee may, for any Participant, in its sole discretion, lengthen the exercise period of any SAR for a period which
does not exceed the SAR’s expiration date, if it deems this is in the best interest of the Company. 
 Any SARs, to the extent not
vested and exercisable, shall be forfeited back to the Company. 
 7.8) Termination for Other Reasons. Unless otherwise provided in
the SAR agreement, if a Participant who is an individual ceases to be an employee or Contractor of the Company, of a Subsidiary or of an Affiliated Company for any reason other than death, Disability or for Cause: 
 (a) If such Participant’s termination of employment or service occurs voluntarily at the election of the Participant within one year after the
Participant’s first day of employment or service, any SAR, to the extent not then exercised, shall be forfeited. In addition, any amounts which the Participant may have received upon the exercise of any SAR shall, at the election of the
Committee, be repaid by the Participant to the Company; and 
 (b) Any of such Participant’s remaining outstanding SARs which are vested
and exercisable shall be exercisable at any time prior to the expiration date of such SARs, but only within twelve (12) months following the date of his termination as an employee or Contractor of the Company or a Subsidiary or an Affiliated
Company, whichever period is shorter. 
 Notwithstanding the foregoing, the Committee may, for any Participant, in its sole discretion,
lengthen the exercise period of any SAR for a period which does not exceed the SAR’s expiration date, if it deems this is in the best interest of the Company. 
 Any SARs, to the extent not vested and exercisable, shall be forfeited back to the Company. 
 If the
Participant’s position as an employee or Contractor of the Company or a Subsidiary or an Affiliated Company shall terminate for Cause, all of the Participant’s outstanding SARs, whether or not then vested, shall be immediately forfeited
back to the Company. In addition, any amounts which the Participant may have received upon the exercise of any SAR shall, at the election of the Committee, be repaid by the Participant to the Company. 
 7.9) Nontransferability of Stock Appreciation Rights. No SAR granted under the Plan may be sold, transferred, pledged, assigned, or otherwise
alienated or hypothecated, and all SARs granted to a Participant under the Plan shall be exercisable during his lifetime only by such Participant. 
  

 17. 

 ARTICLE 8. 
 RESTRICTED STOCK 
 8.1) Grant of Restricted Stock. Subject to the terms and provisions of the Plan,
the Committee, at any time and from time to time, may grant Shares of Restricted Stock under the Plan to officers, employees, and Contractors of the Company or a Subsidiary, Affiliated Companies, officers and employees of Affiliated Companies and
Contractors of Affiliated Companies, in such amounts, with such purchase price (if any) and under such other conditions as it shall determine. The Committee shall specify the period of time over which the lapse of a Period of Restriction established
pursuant to Sections 8.2, 8.3, and 8.4 (i.e., the period of time over which such Shares of Restricted Stock shall vest) shall occur, and may in its discretion further provide for the acceleration of the lapse of a Period of Restriction upon the
attainment of such goals as the Committee may determine in its discretion. Restricted Stock shall at all times for purposes of the Plan be valued at its Fair Market Value without regard to restrictions. 
 8.2) Restricted Stock Agreement. Each Restricted Stock grant shall be evidenced by a Restricted Stock agreement that shall specify the Period(s)
of Restriction, the number of Shares of Restricted Stock granted, and such other provisions as the Committee shall determine. 
 8.3)
Transferability. Except as otherwise provided in this Article 8, the Shares of Restricted Stock granted hereunder may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated until the termination of the applicable
Period of Restriction. Upon any attempt to transfer, assign, pledge, or otherwise dispose of Shares of Restricted Stock, or any right or privilege conferred thereby, contrary to the provisions of the Restricted Stock agreement or the Plan, upon levy
of an attachment or similar process upon such rights or privileges, the Shares of Restricted Stock shall immediately become forfeited to the Company. All rights with respect to the Restricted Stock granted to a Participant under the Plan shall be
exercisable during his lifetime only by such Participant. 
 8.4) Other Restrictions. The Committee may impose such other restrictions
on any Shares of Restricted Stock granted pursuant to the Plan as it may deem advisable, and the Committee may legend certificates representing Restricted Stock to give appropriate notice of such restrictions. 
 8.5) Certificate Legend. In addition to any legends placed on certificates pursuant to Section 8.4, each certificate representing Shares of
Restricted Stock granted pursuant to the Plan shall bear the following, or substantially similar, legend: 
 “The sale or other transfer
of the shares of stock represented by this certificate, whether voluntary, involuntary, or by operation of law, is subject to certain restrictions on transfer set forth in the Virtual Radiologic Consultants, Inc. Equity Incentive Plan, in the rules
and administrative procedures established pursuant to such Plan, and in a Restricted Stock agreement dated
                                . A copy of the Plan, such rules and procedures,
and such Restricted Stock agreement may be obtained from the Secretary of Virtual Radiologic, Inc.” 
  

 18. 

 8.6) Removal of Restrictions. Except as otherwise provided in this Article 8, Shares of Restricted
Stock granted under the Plan shall become freely transferable by the Participant after the last day of the Period of Restriction. Once the Shares are released from the restrictions, the Participant shall be entitled to have the legend required by
Section 8.5 removed from his Stock certificate. 
 8.7) Voting Rights; Shareholder Rights Plan. During the Period of Restriction,
Participants holding Shares of Restricted Stock granted hereunder may exercise full voting rights with respect to those Shares. 
 8.8)
Dividends and Other Distributions. During the Period of Restriction, Participants holding Shares of Restricted Stock granted hereunder shall be entitled to receive all dividends and other distributions paid with respect to those Shares while
they are so held. If any such dividends or distributions are paid in Shares, those Shares shall be subject to the same restrictions on transferability as the Shares of Restricted Stock with respect to which they were paid. 
 8.9) Termination Due to Death or Disability. Unless otherwise provided in the Restricted Stock agreement, if a Participant who is an individual
ceases to be an employee or Contractor of the Company, of a Subsidiary or of an Affiliated Company because of his death or his Disability during a Period of Restriction, any remaining period of the Period of Restriction applicable to the Restricted
Stock shall terminate with respect to the greater of: (i) the number of Shares of Restricted Stock with respect to which the Period of Restriction had, in accordance with the Restricted Stock agreement, already lapsed and terminated on the date
of death or the date that the Committee determines is the date of Disability, or (ii) that percentage of the total number of Shares of Restricted Stock (including Shares for which the Period of Restriction previously terminated) which is
determined by dividing the Participant’s number of complete months of employment as an employee of the Company, a Subsidiary, or an Affiliated Company and/or complete months of service as a director or Contractor of the Company, a Subsidiary or
an Affiliated Company, by the total number of months comprising the Period of Restriction (to a maximum of 100%). Shares of Restricted Stock for which a Period of Restriction is terminated under the terms of the Restricted Stock agreement or the
provisions of this Section 8.10, shall, except as otherwise provided in Section 8.4, be free of restrictions and fully transferable. 
 All Shares of Restricted Stock still subject to Period of Restriction as of the date of termination of employment or service shall automatically be forfeited and assigned and returned by the Participant to the Company, and any amounts paid
by the Participant to the Company for the purchase of such Shares shall be returned to the Participant; provided, however, that the Committee, in its sole discretion, may waive or modify the automatic forfeiture of any or all such Shares of
Restricted Stock as it deems appropriate. 
 8.10) Termination for Other Reasons. Unless otherwise provided in the Restricted Stock
agreement, if a Participant who is an individual ceases to be an employee or Contractor of the Company, of a Subsidiary or of an Affiliated Company for any reason other than for death or Disability: 
 (a) Shares of Restricted Stock for which a Period of Restriction is terminated under the Restricted Stock agreement shall, except as provided in Sections
8.4 and 16.8, be free of restrictions and fully transferable; 
  

 19. 

 (b) All Shares of Restricted Stock still subject to a Period of Restriction as of the date of termination
of employment or service shall automatically be forfeited and assigned and returned by the Participant to the Company, and any amounts paid by the Participant to the Company for the purchase of such Shares shall be returned to the Participant;
provided, however, that the Committee, in its sole discretion, may waive or modify the automatic forfeiture of any or all such Shares of Restricted Stock as it deems appropriate; and 
 (c) The provisions of Section 8.11(a) above notwithstanding, if such Participant’s termination of employment or service occurs voluntarily at
the election of the Participant within one year after the Participant’s first day of employment or service, or for Cause, any Shares for which a Period of Restriction had previously lapsed shall, at the election of the Committee, be assigned
and returned by the Participant to the Company in exchange for the same amount, if any, that the Participant paid for such Shares. 
 8.11)
Election Under Code Section 83(b). As a condition to the receipt of Restricted Stock, the Participant shall be deemed to have agreed, and shall confirm such agreement in writing as requested by the Committee, that the Participant will
not exercise the election permitted under Code Section 83(b) without informing the Company of his election within ten (10) days of such election. If a Participant fails to give timely notification to the Company, the Committee may, in its
discretion, cause the forfeiture of some portion of the Shares of Restricted Stock with respect to which the election was made. 
 ARTICLE 9.

 CHANGE IN CONTROL 
 9.1)
Acceleration of Vesting; Termination of Period of Restriction. The Committee shall have discretion to provide in any Award agreement that such Award, to the extent not already terminated, shall become vested and immediately exercisable, and
any Period of Restriction shall terminate, upon a Change in Control. 
 9.2) Limitation on Payments. Notwithstanding anything in this
Article 9 to the contrary, if the Company is then subject to the provisions of Code Section 280G, and if the acceleration of the vesting of an Option or SAR, the termination of a Period of Restriction or the payment of cash in exchange for all
or part of an Option or SAR (which acceleration or payment could be deemed a “payment” within the meaning of Code Section 280G(b)(2)), together with any other payments which the Participant has the right to receive from the Company or
any company that is a member of an “affiliated group” (as defined in Code Section 1504(a) without regard to Code Section 1504(b)) of which the Company is a member, would constitute a “parachute payment” (as defined in
Code Section 280G(b)(2)), then the payments to the 

  

 20. 

 
Participant shall be reduced to the largest amount as will result in no portion of such payments being subject to the excise tax imposed by Code
Section 4999; provided, however, that if such Participant is subject to a separate agreement with the Company or a Subsidiary which specifically provides that payments attributable to one or more forms of employee stock incentives or to
payments made in lieu of employee stock incentives will not reduce any other payments under such agreement, even if it would constitute an excess parachute payment, then the limitations of this Section 9.2 will, to that extent, not apply.

 ARTICLE 10. 
 BENEFICIARY
DESIGNATION 
 Each Participant who is an individual may, from time to time, name any beneficiary or beneficiaries (who may be named
contingently or successively and who may include a trustee under a will or living trust) to whom any benefit under the Plan is to be paid in case of his death. Each designation will revoke all prior designations by the same Participant, shall be in
a form prescribed by the Committee, and will be effective only when filed by the Participant in writing with the Committee during his lifetime. In the absence of any such designation or if all designated beneficiaries predecease the Participant,
benefits remaining unpaid at the Participant’s death shall be paid pursuant to the Participant’s will or by the laws of descent and distribution. 
 ARTICLE 11. 
 RIGHTS OF PARTICIPANTS 
 11.1) Participation. No officer, employee or Contractor of the Company or a Subsidiary, no Affiliated Company, and no employee, officer, or
Contractor of an Affiliated Company shall have a right to be selected as a Participant, or, having been so selected, to be selected again as a Participant. 
 11.2) No Implied Rights. Neither the establishment of the Plan nor any amendment thereof shall be construed as giving any Participant, beneficiary, or any other person any legal or equitable right unless such
right shall be specifically provided for in the Plan or conferred by specific action of the Committee in accordance with the terms and provisions of the Plan. Except as expressly provided in this Plan, neither the Company nor any of its Subsidiaries
shall be required or be liable to make any payment under the Plan. 
 11.3) No Right to Company Assets. Neither the Participant nor
any other person or entity shall acquire, by reason of the Plan, any right in or title to any assets, funds or property of the Company or any of its Subsidiaries or Affiliated Companies whatsoever including, without limiting the generality of the
foregoing, any specific funds, assets, or other property which the Company or any of its Subsidiaries or Affiliated Companies, in their sole discretion, may set aside in anticipation of a liability hereunder. Any benefits which become payable
hereunder shall be paid from the general assets of the Company or the applicable Subsidiary or Affiliated Company. Any Participant shall have only a contractual right to the amounts, if any, payable hereunder unsecured by any asset of the Company or
any of its Subsidiaries or Affiliated Companies. Nothing contained in the Plan constitutes a guarantee by the Company or any of its Subsidiaries or Affiliated Companies that the assets of the Company or the applicable Subsidiary or Affiliated
Company shall be sufficient to pay any benefit to any person. 
  

 21. 

 ARTICLE 12. 
 AMENDMENT, MODIFICATION, AND TERMINATION 
 12.1) Amendment, Modification, and Termination. This Plan
shall terminate at such time as the Board of Directors may determine; provided, however, that no Award may be granted under the Plan after the tenth anniversary of its effective date. Any termination shall not affect any Awards then outstanding
under the Plan. At any time and from time to time, the Board may amend or modify the Plan. If the approval of the shareholders of the Company is required by the Code, by the insider trading rules of Section 16 of the Exchange Act, by any
national securities exchange or system on which the Stock is then listed or reported (such as Nasdaq), or by any regulatory body having jurisdiction with respect hereto, no amendment or modification which: 
 (a) increases the total amount of Stock which may be issued under this Plan, except as provided in Section 4.3; or 
 (b) changes the class of persons eligible to participate in the Plan; 
 (c) materially increases the cost of the Plan or materially increase the benefits to Participants; 
 (d)
extends the maximum period after the date of grant during which Options or Stock Appreciation Rights may be exercised; or 
 (e) re-prices any
previously granted Award by lowering the exercise price or canceling any previously granted Award with a subsequent replacement or re-grant of that same Award with a lower exercise price without prior approval of the shareholders of the Company,
except as provided in Section 4.3; 
 shall be effective prior to the date that such amendment or modification has been approved by both the Board and
the shareholders of the Company. 
 12.2) Awards Previously Granted. No termination, amendment or modification of the Plan shall,
other than pursuant to Section 4.3 hereof, in any manner adversely affect any Award theretofore granted under the Plan, without the written consent of the Participant. Except as required pursuant to Section 4.3, no previously granted
Option shall be re-priced by lowering the exercise price thereof, nor shall a previously granted Option be cancelled with a subsequent replacement or re-grant of that same Option with a lower exercise price, without prior approval of the
shareholders of the Company. 
  

 22. 

 ARTICLE 13. 
 PHYSICIAN CONTRACTORS: NON-COMPETITION, CONFIDENTIALITY 
 13.1) General. Notwithstanding any terms,
provision or limitation in any other contract or agreement between a Physician Contractor and the Company or an Affiliated Company, the right of a Physician Contractor or former Physician Contractor to receive or benefit from an Award granted
directly under this Plan, or from a Share-based award granted under a plan of an Affiliated Company, shall be subject to the limitations and provisions set forth in this Article 13. 
 13.2) Prohibition on Competition. During the term of the contract or agreement constituting any person to be a Physician Contractor, and for two
years following the termination or expiration of such term, whether voluntarily or involuntarily, a Physician Contractor or former Physician Contractor who receives an Award granted directly under this Plan, or from a Share-based award granted under
a plan of an Affiliated Company, shall not, either directly or indirectly: 
 (a) induce or attempt to induce any person who is employed by or
otherwise engaged to perform services for or on behalf of the Company or an Affiliated Company to cease performing services for the Company or an Affiliated Company, or to perform services for another corporation or business entity; or 

(b) induce or attempt to induce any customer, client, vendor, or supplier of the Company or an Affiliated Company to cease doing business with the
Company or an Affiliated Company; or 
 (c) engage or participate, either individually or as an employee, contractor, consultant, principal,
owner, partner, agent, trustee, officer, director or shareholder of a corporation, partnership or other business entity, in any business which either competes with the Company or an Affiliated Company or engages in any line of business which the
Company or an Affiliated Company has entered or internally announced an intention to enter (including, without limitation in either event, the provision of radiology services through the Internet to medical providers) at any time that such person
directly or beneficially owns any Shares in the Company; or 
 (d) use or disclose to any person any Confidential Information for any purpose.

 13.3) Exceptions to Limitations. Notwithstanding the foregoing, nothing in this Article 13 shall be deemed to preclude: 

(a) a Physician Contractor or former Physician Contractor from holding less than one half percent (0.5%) of the outstanding capital stock of any
corporation required to file periodic reports with the Securities and Exchange Commission under Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, and the securities of which are listed on any national securities exchange
or quoted on the National Association of Securities Dealers Automated Quotation System or traded on the over-the-counter market; or 
  

 23. 

 (b) a Physician Contractor or former Physician Contractor from practicing medicine in any State of the
United States in the practice of radiology, if the practice is (i) performed locally within that State and (ii) less than 5% of the work load of the current or former Physician Contractor, or of a practice of which he or she is a partner,
employee or independent contractor, consists of interstate teleradiology. 
 13.4) Extension of Time. The period of time set forth is
Section 13.2 during which a Physician Contractor or former Physician Contractor is prohibited from engaging in certain activities or obligated to undertake certain actions pursuant to the terms of this Agreement shall be extended by the length
of time during which such person is in breach of this Agreement. 
 ARTICLE 14. 
 GOVERNMENT REGULATION AND REGISTRATION OF SHARES 
 14.1) General. The Plan, and
the grant and exercise of Awards hereunder, and the Company’s obligations under Awards, shall be subject to all applicable Federal and state laws, rules and regulations and to the approvals of any regulatory or governmental agency as may be
required. 
 14.2) Compliance as an SEC Registrant. The obligations of the Company with respect to Awards shall be subject to all
applicable laws, rules and regulations and such approvals by any governmental agencies as may be required, including without limitation, the Securities and Exchange Commission, and the rules and regulations of any securities exchange or association
on which the Company’s common stock may be listed or quoted. If and when the common stock of the Company is registered under the Exchange Act, the Company shall use its reasonable efforts to comply with any legal requirements (a) to
maintain a registration statement in effect under the Securities Act with respect to all Shares of the applicable class or series of Stock that may be issued to Participants under the Plan and (b) to file in a timely manner all reports required
to be filed by it under the Exchange Act. 
 ARTICLE 15. 
 SUCCESSORS 
 All obligations of the Company under the Plan, with respect to Awards granted hereunder, shall
be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation or otherwise, of all or substantially all of the business and/or assets of the Company.

 ARTICLE 16. 
 RIGHTS AND
OBLIGATIONS RESPECTING SHARES 
 16.1) Rights as Shareholder. A Participant granted a SAR under the Plan shall not by reason thereof
have any rights of a shareholder of the Company, and a Participant granted an Option under the Plan shall not by reason thereof have any rights of a shareholder of the Company with respect to the shares covered by such Option until the exercise of
such Option is effective. 
  

 24. 

 16.2) No Obligation to Exercise Option or SAR; Maintenance of Relationship. The granting of an
Option or SAR shall impose no obligation upon the Participant to exercise such Option or SAR. Nothing in the Plan or in any Award agreement entered into pursuant hereto shall be construed to confer upon a Participant any right to employment, service
as a consultant, Contractor or as a member of the Company’s Board of Directors or interfere in any way with the right of the Company to terminate his or her relationship with the Company at any time. 
 16.3) Withholding Taxes. Whenever, under the Plan, Shares are to be issued upon exercise of the Options granted hereunder and prior to the
delivery of any certificate or certificates for said shares by the Company, and whenever a Period of Restriction lapses with respect to Restricted Stock, the Company shall have the right to require the Participant to remit to the Company an amount
sufficient to satisfy any federal and state withholding or other taxes resulting therefrom. In the event that withholding taxes are not paid by the date of exercise of an Option or the lapse of a Period of Restriction, to the extent permitted by
law, the Company shall have the right, but not the obligation, to cause such withholding taxes to be satisfied by reducing the number of Shares deliverable upon the exercise of the Option, by forfeiting Shares of Restricted Stock, or by offsetting
such withholding taxes against amounts otherwise due from the Company to the Participant as compensation, fees or otherwise. If withholding taxes are paid by reduction of the number of Shares deliverable to Participant or the forfeiture of Shares of
Restricted Stock, such Shares shall be valued at the Fair Market Value as of the business day preceding the date of exercise of the Option or the lapse of the Period of Restriction. 
 16.4) Purchase for Investment; Rights of Holder on Subsequent Registration. Unless the Shares to be issued upon exercise of an Option or granted
as Restricted Stock have been effectively registered under the Securities Act, the Company shall be under no obligation to issue any such Shares unless a Participant who is an individual shall give a written representation and undertaking to the
Company which is satisfactory in form and scope to counsel for the Company and upon which, in the opinion of such counsel, the Company may reasonably rely, that he is acquiring the Shares to be issued to him for his or her own account as an
investment and not with a view to, or for sale in connection with, the distribution of any such Shares, and that he or she will make no transfer of the same except in compliance with any rules and regulations in force at the time of such transfer
under the Securities Act, or any other applicable law, and that if Shares are issued without such registration a legend to this effect may be endorsed on the securities so issued and a “stop transfer” restriction may be placed in the stock
transfer records of the Company. In the event that the Company shall, nevertheless, deem it necessary or desirable to register under the Securities Act or other applicable statutes any such Shares, or to qualify any such Shares for exemption from
the Securities Act or other applicable statutes, then the Company shall take such action at its own expense and may require from each participant such information in writing for use in any registration statement, prospectus, preliminary prospectus,
or offering circular as is reasonably necessary for such purpose and may require reasonable indemnity to the Company and its officers and directors from such holder against all losses, claims, damages, and liabilities arising from such use of the
information so furnished and caused by any untrue statement of any material fact required to be stated therein or necessary to make the statement therein not misleading in light of the circumstances under which they were made. 
  

 25. 

 16.5) Modification of Outstanding Awards. The Committee may accelerate the exercisability of an
outstanding Option or SAR or reduce the Period of Restriction of outstanding Restricted Stock, and may authorize modification of any outstanding Award with the consent of the Participant when and subject to such conditions as are deemed to be in the
best interests of the Company and in accordance with the purposes of the Plan; provided however, that except as provided in Section 4.3 hereof, no previously granted Option will be repriced by lowering the exercise price thereof, nor will a
previously granted Option be cancelled with a subsequent replacement or regrant of that same Option with a lower exercise price, without the prior approval of the shareholders of the Company. 
 16.6) Liquidation. Upon the complete liquidation of the Company, any unexercised Options or SARs theretofore granted under this Plan shall be
deemed canceled, except as otherwise provided in Section 4.3 in connection with a merger, consolidation or reorganization of the Company. 
 16.7) Restrictions on Issuance of Shares. Notwithstanding provisions of this Plan to the contrary, the Company may delay the issuance of Shares covered by the exercise of any Option and the delivery of a certificate for such Shares
until one of the following conditions shall be satisfied: 
 (a) The Shares with respect to which the Option has been exercised are at the
time of the issue of such Shares effectively registered under applicable Federal and state securities acts as now in force or hereafter amended; or 
 (b) A no-action letter in respect of the issuance of such Shares shall have been obtained by the Company from the Securities and Exchange Commission and any applicable state securities commissioner; or 
 (c) Counsel for the Company shall have given an opinion, which opinion shall not be unreasonably conditioned or withheld, that such Shares are exempt from
registration under applicable federal and state securities acts as now in force or hereafter amended. It is intended that all exercise of Options shall be effective, and the Company shall use its best efforts to bring about compliance with the above
conditions within a reasonable time, except that the Company shall be under no obligation to cause a registration statement or a post-effective amendment to any registration statement to be prepared at its expense solely for the purpose of covering
the issue of Shares in respect of which any Option may be exercised. 
 16.8) Right of First Refusal. Subject to the provisions of
this Section 16.8, the Company shall have the right of first refusal, but not the obligation, to repurchase any Shares acquired by a Participant as a result of any Award granted directly under this Plan or any Share-related award granted under
a plan of an Affiliated Company in the event of a voluntary termination of employment without Cause. The price to be paid by the Company therefore, upon exercise of such right of first refusal, shall be the Fair Market Value of the Shares on the
last day the Participant is employed by or a Contractor of the Company or an Affiliated Company. The Company may exercise it’s right of first refusal by written notice to the Participant given no later than thirty (30) days following the
last day Participant is employed by or a Contractor of the 

  

 26. 

 
Company or an Affiliated Company. The Company shall deliver payment for the Shares to Participant against the concurrent delivery of certificates, or other
evidence satisfactory to the Company, representing the Shares. The exchange shall occur at a time and place agreeable to the Company and the Participant, or, failing such agreement at the Company’s offices at ten o’clock (10:00) a.m.
on the tenth (10th) day following the date of notice, the first business day following if such tenth
(10th) day fall on a weekend or holiday. 
 The Company’s right of first refusal shall lapse and be of no further force and effect when the Company first becomes required to file periodic
reports with respect to a class of equity securities in accordance with the requirements of Section 13(a) or 15(g) of the Securities Exchange Act of 1934. 
 ARTICLE 17. 
 REQUIREMENTS OF LAW 
 17.1) Requirements of Law. The granting of Awards and the issuance of Shares of Stock under this Plan shall be subject to all applicable laws,
rules, and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required. 
 17.2)
Governing Law. The Plan, and all agreements hereunder, to the extent not covered by Federal law, shall be construed in accordance with and governed by the laws of the State of Minnesota without giving effect to the principles of the conflicts
of laws. 
  

			
	VIRTUAL RADIOLOGIC CONSULTANTS, INC.
		
	By:	 	 /s/ Sean O. Casey

		 	Sean O. Casey

			
	Its: President	 	

 Adopted by Directors on January 1, 2004 
 Approved by Shareholders on December 1, 2004 
  

 27. 

 AMENDMENT NO. 1 
 TO 
 VIRTUAL RADIOLOGIC CONSULTANTS, INC. 
 EQUITY INCENTIVE PLAN 
 Section 2.1(k) of the Plan is amended and restated in its
entirety to read as follows: 
 (k) "Contractor" means an individual who is an agent of the Company or a Subsidiary, a member of the Board of
Directors, or is retained as an independent contractor to provide consulting or other services to the Company or a Subsidiary, and who is not an employee of the Company or any Subsidiary. "Contractor" shall include Physician Contractors. Unless
otherwise specified by an agreement in writing, a Contractor's status as a Contractor shall for purposes of the Plan be deemed to have terminated at such time as the Committee shall determine. 
 The undersigned hereby certifies that the foregoing amendment has been duly authorized and approved by the Board of Directors and the stockholders of
Virtual Radiologic Consultants, Inc. 
  

	
	 /s/ Sean O. Casey, M.D.

	Sean O. Casey, M.D.
	President & CEO

  

 28.

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