Document:

Virtual Radiologic Corportation Stock Purchase Plan.

 Exhibit 10.35 
 Virtual Radiologic Consultants, Inc. 
 Stock Purchase Plan 

 Virtual Radiologic Consultants, Inc. 
 Stock Purchase 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	  	3
			
	        2.3)	  	Severability	  	3
		
	ARTICLE 3. ADMINISTRATION	  	4
			
	        3.1)	  	The Committee	  	4
			
	        3.2)	  	Authority of the Committee	  	4
			
	        3.3)	  	Selection of Participants	  	4
			
	        3.4)	  	Decisions Binding	  	4
			
	        3.5)	  	Procedures of the Committee	  	4
		
	ARTICLE 4. STOCK SUBJECT TO THE PLAN	  	5
			
	        4.1)	  	Number of Shares	  	5
			
	        4.2)	  	Breach of Stock Purchase Agreement	  	5
			
	        4.3)	  	Adjustments in Authorized Shares	  	5
		
	ARTICLE 5. ELIGIBILITY AND PARTICIPATION	  	5
			
	        5.1)	  	Eligibility	  	5
			
	        5.2)	  	Actual Participation	  	6

					
	ARTICLE 6. STOCK PURCHASE AGREEMENTS	  	6
			
	        6.1)	  	Stock Purchase Agreements	  	6
			
	        6.2)	  	Terms and conditions	  	6
			
	        6.3)	  	Required Provisions	  	
			
	        6.4)	  	Transferability	  	7
			
	        6.5)	  	Saturdays, Sundays and Holidays	  	8
		
	ARTICLE 7. BENEFICIARY DESIGNATION	  	8
		
	ARTICLE 8. RIGHTS OF PARTICIPANTS	  	8
			
	        8.1)	  	Participation	  	8
			
	        8.2)	  	No Implied Rights	  	9
		
	ARTICLE 9. AMENDMENT, MODIFICATION, AND TERMINATION	  	9
			
	        9.1)	  	Amendment, Modification, and Termination	  	9
			
	        9.2)	  	Awards Previously Granted	  	9
		
	ARTICLE 10. PHYSICIAN CONTRACTORS: NON-COMPETITION, CONFIDENTIALITY	  	9
			
	        10.1)	  	General	  	9
			
	        10.2)	  	Prohibition on Competition	  	9
			
	        10.3)	  	Exceptions to Limitations	  	10
			
	        10.4)	  	Extension of Time	  	10
		
	ARTICLE 11. GOVERNMENT REGULATION AND REGISTRATION OF SHARES	  	10
			
	        11.1)	  	General	  	10
			
	        11.2)	  	Compliance as an SEC Registrant	  	11
		
	ARTICLE 12. SUCCESSORS	  	11
		
	ARTICLE 13. RIGHTS AND OBLIGATIONS RESPECTING SHARES	  	11
			
	        13.1)	  	Rights as Shareholder	  	11

					
			
	        13.2)	  	No Obligation to Maintain Relationship	  	11
			
	        13.3)	  	Withholding Taxes	  	11
			
	        13.4)	  	Purchase for Investment; Rights of Holder on Subsequent Registration	  	12
			
	        13.5)	  	Restrictions on Sales of Shares	  	12
			
	        13.6)	  	Right of First Refusal/Call Option	  	12
			
	        13.7)	  	Return/Resale of Shares	  	13
		
	ARTICLE 14. REQUIREMENTS OF LAW	  	13
			
	        14.1)	  	Requirements of Law	  	13
			
	        14.2)	  	Governing Law	  	14

 VIRTUAL RADIOLOGIC CONSULTANTS, INC. 
 STOCK PURCHASE PLAN 
 ARTICLE 1. 
 ESTABLISHMENT, PURPOSE, AND DURATION 
 1.1)
Establishment of the Plan. This plan, known as the “Virtual Radiologic Consultants, Inc. Stock Purchase Plan,” is established effective January 2, 2004, to authorize, offer and facilitate the sale of Shares of the Company to
selected officers, employees and Contractors of the Company, its Subsidiaries and 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 facilitating the ability of officers, employees and Contractors of the Company and its Subsidiaries and Affiliated Companies to acquire
ownership interests in the Company, thereby 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. 
 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)
“Board” or “Board of Directors” means the Board of Directors of the Company. 
 (c) “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) failure
to fully and strictly abide by the restrictions on competition and the obligations of confidentiality set forth in Article 10 hereof. 

 (d) “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.

 (e) “Code” means the Internal Revenue Code of 1986, as amended from time to time. 
 (f) “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. 
 (g) “Company” means Virtual Radiologic Consultants, Inc., a Minnesota corporation, or any successor thereto as provided in Article 12.

 (h) “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, a Subsidiary or an Affiliated Company as confidential information. 
 (i)
“Contractor” means an individual who is an agent of the Company, a Subsidiary or an Affiliated Company or is retained as an independent contractor to provide consulting or other services to the Company, a Subsidiary or an Affiliated
Company, and who is not an employee of the Company or any Subsidiary or Affiliated Company. “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. 
 (j) “Exchange Act”
means the Securities Exchange Act of 1934, as amended from time to time. 
 (k) “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 

  

 2. 

 
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. 
 (l) “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. 
 (m) “Participant” means an officer, employee or
Contractor of the Company, a Subsidiary or an Affiliated Company (including a Physician Contractor) who, with the Company, is a party to a Stock Purchase Agreement. 
 (n) “Physician Contractor” means a physician who is a Contractor of the Company, a Subsidiary or an Affiliated Company, and who provides radiology or radiology related services to or on behalf of the
Company, a Subsidiary or an Affiliated Company. 
 (o) “Plan” means this Virtual Radiologic Consultants, Inc. Stock Purchase Plan.

 (p) “Securities Act” means the Securities Act of 1933, as amended from time to time. 
 (q) “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. 
 (r) “Stock” or
“Shares” means the common shares, par value $.01 per share of the Company, and includes any equivalents thereof in accordance with Section 4.3. 
 (s) “Stock Purchase Agreement” or “Agreement” means, in accordance with Section 3.6, a legally binding written agreement between the Company and a Participant under which the Company agrees to
sell, and the Participant agrees to buy, a specified number of Shares of the Company at the Fair Market Value of such Shares on the date of sale, in accordance with the terms and conditions stated in the Agreement. 
 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.

  

 3. 

 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 and discretion to construe, interpret, establish, amend or waive rules for its administration, and to require, establish, waive, compromise, revise, amend or
interpret any condition or provision of any Stock Purchase Agreement. 
 3.3) Selection of Participants. Subject to the provisions of
Section 5.2, the Committee shall have the authority to enter into Stock Purchase Agreements from time to time with such officers, employees and Contractors of the Company and its Subsidiaries and Affiliated Companies as it may select. Without
amending the Plan, the Committee may enter into Stock Purchase Agreements with 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, beneficiaries and transferees, 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. 
  

 4. 

 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 sold and delivered under the Plan shall not exceed Eight Hundred Thousand (800,000) Shares. 
 4.2) Reavailability of Shares. If for any reason the Company fails to complete a sale, or a Participant fails to complete a purchase, of Shares under the terms of a Stock Purchase Agreement, or if any Shares
are re-acquired by the Company in accordance with Section 13.6 or 13.7, such Shares shall remain available for sale under other Stock Purchase Agreements under the Plan. 
 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 which may be sold under the
Plan such that the proportionate interest of each Participant to be purchased under each Stock Purchase Agreement shall be maintained as before the occurrence of such event. 
 (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 assumed the Company’s obligations to sell shares under Stock Purchase Agreements, then each Participant shall be entitled
and obligated (subject to the conditions stated herein), in respect of that Participant’s Agreement, to purchase 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 Shares subject to the Agreement immediately before the corporate transaction is substantially equivalent to the value of such other shares or securities immediately after the transaction. 
 (c) Upon the happening of any such corporate transaction, the class and aggregate number of Shares which have been heretofore or may be hereafter sold
under the Plan shall be appropriately adjusted to reflect the events specified in this Section 4.3. 
 ARTICLE 5. 
 ELIGIBILITY AND PARTICIPATION 
 5.1)
Eligibility. The Committee may enter into one or more Stock Purchase Agreements with any officer, employee or Contractor of the Company, a Subsidiary, or an Affiliated Company. No person shall have any right to be eligible to enter into a
Stock Purchase Agreement under this Plan even if he or she was previously a Participant and a party to a Stock 

  

 5. 

 
Purchase Agreement. Without amending the Plan, the Committee may enter into Stock Purchase Agreements with 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. 
 5.2) Actual Participation. 
 (a) An
officer, employee or Contractor of the Company, a Subsidiary or an Affiliated Company shall become a Participant under the Plan as of the effective date of the Stock Purchase Agreement to which he or she is a party, and shall remain a Participant
for the period that any provisions of the Plan or Agreement remain in effect with respect to such person. 
 (b) Each Participant’s
eligibility to enter into a Stock Purchase Agreement, and to purchase Shares under the provisions of the Agreement and the Plan, shall be in connection with and in consideration of the provision of services by such Participant to or for the Company,
a Subsidiary or an Affiliated Company, whether pursuant to a written agreement for such services or otherwise. 
 (c) The termination of a
Participant’s status as an officer, employee or Contractor of the Company, a Subsidiary or an Affiliated Company for any reason at any time prior to the Company’s receipt of full and timely payment of the purchase price for the shares as
set forth in the Stock Purchase Agreement shall be treated as, and deemed to be, a default in full and timely payment in accordance with Section 6.3 of this Plan. 
 ARTICLE 6. 
 STOCK PURCHASE AGREEMENTS 
 6.1) Stock Purchase Agreements. Stock Purchase Agreements shall be in writing, be signed by an officer of the Company and by the Participant, and
be legally binding on the Company and the Participant. 
 6.2) Terms and Conditions. Each Stock Purchase Agreement shall obligate the
Company to sell, and the Participant to purchase, the number of Shares specified in the Agreement at the Fair Market Value of such Shares on the date(s) stated in the Agreement. 
 6.3) Required Provisions. Each Stock Purchase Agreement shall set forth (a) the number of shares being sold and purchased, (b) the total
purchase price, (c) the purchase price per share, (d) the duration of time over which the total purchase price must be paid, and (e) a payment schedule showing the due dates of each installment to be paid. The Agreement shall provide
that no Shares shall be issued until full and timely payment of the total purchase price has been received by the Company. The Agreement shall also provide that in the event of (a) Employee’s termination of employment by the Company for
any reason (other than death or disability) or (b) Employee’s default in full and timely payment of the purchase price, then the 

  

 6. 

 
Company shall have the election either to (i) terminate and rescind the Stock Purchase Agreement, refund all payments theretofore made without interest
and retain the shares or (ii) terminate the Stock Purchase Agreement, retain all sums theretofore paid thereunder, and issue a number of shares equal to the total amount received divided by the purchase price per share. In the event of
Employee’s termination of employment by the Company for death or disability, then Employee or Employee’s lawful heir or representative, as the case may be, elect be whether (y) to pay the theretofore unpaid balance of the total
purchase price in a single lump sum and receive the total number of Shares provided in the Stock Purchase Agreement or (z) to not pay the theretofore unpaid balance of the total purchase price and accept only the number of shares theretofore
paid. Either such election must be made and performed within six (6) months following the event of disability or death. In the absence of election, the Company may treat the termination as a termination for reasons other than death or
disability. The Company shall not issue any partial shares, but shall refund any excess payment received in an amount that is less than the price of one full share. 
 The Agreement shall contain such other terms and conditions as to which the Committee and the Participant may agree, and shall incorporate this Plan by reference into each Agreement. Terms and conditions may differ
between Participants and between Agreements. 
 6.4) Transferability. Each Stock Purchase Agreement shall be transferable: 

 

	 	(1)	by a 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; 

  

	 	(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; or 

  

	 	(4)	as otherwise permitted by the Committee and provided in the Agreement. 

 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 and obligations the Participant under the Agreement shall accrue only by the permitted transferee or such
transferee’s guardian or legal representative. Except as permitted by this subsection, no Stock Purchase Agreement shall be further transferred, assigned or pledged in any way (whether by operation of law or otherwise), or be subject to
execution, attachment or similar process. Upon any attempt to so further transfer, further assign, pledge, or otherwise further dispose of an Agreement, or of any right or privilege conferred thereby, contrary to the provisions of the Agreement or
the Plan, or upon levy 

  

 7. 

 
of any attachment or similar process upon such rights and privileges, the Agreement, and such rights and privileges, shall immediately become voidable at the
election of the Committee. No permitted transfer shall cause any change in the terms of any Agreement except the identity of the person(s) entitled to purchase Shares pursuant thereto. Without limiting the generality of the foregoing, the Committee
may provide under the terms of an Agreement that the Agreement 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 without reference to the employment, death or Disability of any permitted transferee. In the event of any transfer, the rights and obligations of the Company with respect to the Participant shall become rights and obligations of the
Company with the transferee and references to the Participant in this Plan or in an Agreement shall, unless the context otherwise requires, refer to the transferee. 
 (b) The Committee may impose such restrictions on any Shares acquired pursuant to a Stock Purchase Agreement 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. 
 6.5) Saturdays, Sundays and Holidays. When a date referenced in a Stock Purchase 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 7. 
 BENEFICIARY DESIGNATION 
 Each Participant may name a beneficiary or beneficiaries (who may be named
contingently or successively and who may include a trustee under a will or living trust) to purchase, or complete the purchase of Shares under a Stock Purchase Agreement in the event of the Participant’s death prior to the completed purchase of
all such Shares. 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, the party to purchase, or complete the purchase of, such Shares shall be determined pursuant to the Participant’s will or by the laws of
descent and distribution. 
 ARTICLE 8. 
 RIGHTS OF PARTICIPANTS 
 8.1) Participation. No officer, employee or Contractor of the Company, a Subsidiary, or 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. 
  

 8. 

 8.2) 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 a Stock Purchase Agreement. Except as expressly provided in this Plan or a Stock
Purchase Agreement, neither the Company nor any of its Subsidiaries or Affiliated Companies shall have any obligation to any Participant, beneficiary, or other person or entity under the Plan. 
 ARTICLE 9. 
 AMENDMENT, MODIFICATION, AND TERMINATION 
 9.1) Amendment, Modification, and Termination. This Plan shall terminate at such time as the Board of Directors may determine. Any termination
shall not affect any Stock Purchase Agreements 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 increases the total amount of Stock which may be issued under this Plan (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. 
 9.2) 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 Stock Purchase Agreement previously entered into under the Plan, without the written consent of the Committee and the Participant. 
 ARTICLE 10. 
 NON-COMPETITION, CONFIDENTIALITY

 10.1) General. In partial consideration for the Company’s consent to enter into a Stock Purchase Agreement with a Participant,
and notwithstanding any conflicting or incompatible terms, provisions or limitations in any other contract or agreement between the Participant and the Company, a Subsidiary or an Affiliated Company, the Participant agrees to be subject to the
limitations and provisions set forth in this Article 10. 
 10.2) Prohibition on Competition. During the term of any contract or
agreement between the Company and a Participant which establishes the Participant’s eligibility for participation hereunder, and for two years following the termination or expiration of such term, whether voluntarily or involuntarily, a
Participant 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, a Subsidiary or an Affiliated Company to cease performing services for the Company, a Subsidiary or an Affiliated Company, or to perform services for another corporation or business entity; or

  

 9. 

 (b) induce or attempt to induce any customer, client, vendor, or supplier of the Company, a Subsidiary or
an Affiliated Company to cease doing business with the Company, a Subsidiary 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, a
Subsidiary or an Affiliated Company or engages in any line of business which the Company, a Subsidiary 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. 
 10.3) Exceptions to
Limitations. Notwithstanding the foregoing, nothing in this Article 10 shall be deemed to preclude: 
 (a) a Participant 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 
 (b) a Participant who is 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. For purposes hereof, “interstate teleradiology” means the electronic transmission of radiographs from the state in which created to another state for purposes of interpretation or
diagnosis. 
 10.4) Extension of Time. The period of time set forth is Section 10.2 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 the agreement described in section 10.2 shall be extended by the length of time during which such person is in
breach of such agreement. 
 ARTICLE 11. 
 GOVERNMENT REGULATION AND REGISTRATION OF SHARES 
 11.1) General. The Plan, each Stock Purchase Agreement, and all sales of
Shares pursuant thereto 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. 
  

 10. 

 11.2) Compliance as an SEC Registrant. The obligations of the Company with respect to the Plan and
each Stock Purchase Agreement 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 12. 
 SUCCESSORS 
 All obligations of the Company
under the Plan and each Stock Purchase Agreement 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. All obligations of a Participant under the Plan and a Stock Purchase Agreement shall be binding on any transferee. 
 ARTICLE 13. 
 RIGHTS AND OBLIGATIONS RESPECTING SHARES 
 13.1) Rights as Shareholder. A Participant who is a party to a Stock Purchase Agreement shall not have any rights of a shareholder of the Company
pending the completion of the purchase of Shares pursuant to the provisions of the Plan and the Agreement. 
 13.2) No Obligation to
Maintain Relationship. Nothing in the Plan or in any Stock Purchase Agreement entered into pursuant hereto shall be construed to confer upon a Participant any right to employment or service as a consultant or Contractor or interfere in any way
with the right of the Company, Subsidiary or Affiliated Employer, as applicable, to terminate his or her relationship at any time. 
 13.3)
Withholding Taxes. Whenever Shares are to be sold under the Plan, and prior to the delivery of any certificate or certificates for said Shares by the Company, the Company, Subsidiary or Affiliated Company, as applicable, shall have the right
to require the Participant to remit 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 purchase, to the extent permitted by law, the
Company, Subsidiary or Affiliated Company, as applicable, shall have the right, but not the obligation, to cause such withholding taxes to be satisfied by reducing the number of Shares deliverable or by offsetting such withholding taxes against
amounts otherwise due to the Participant as compensation, fees or otherwise. If withholding taxes are paid by reduction of the number of Shares deliverable to Participant, such Shares shall be valued at the Fair Market Value as of the business day
preceding the date of purchase. 
  

 11. 

 13.4) Purchase for Investment; Rights of Holder on Subsequent Registration. Unless the Shares to
be issued have been effectively registered under the Securities Act, the Company shall be under no obligation to sell 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 sold to him for his 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 sold 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. 
 13.5) Restrictions on Sales of Shares. Notwithstanding provisions of this Plan to the contrary, the Company may delay the sale of Shares and the
delivery of a certificate for such Shares until one of the following conditions shall be satisfied: 
 (a) The Shares are at the time of the
sale 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 sale or 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 sales of Shares 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 sale of Shares in respect of any Stock Purchase Agreement. 
 13.6) Right of First Refusal/Call Option. Subject to the provisions
of this Section 12.6, 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 Stock Purchase Agreement. Subject to the provisions 

  

 12. 

 
of this Section 13.6, the Company shall have a call option, whether in connection with a Change in Control or otherwise, to repurchase any Shares
acquired by a Participant as a result of any Stock Purchase Agreement. The price to be paid by the Company therefore, upon exercise of a right of first refusal or call option, shall be the Fair Market Value of the Shares on the last business day
preceding the repurchased date stated in the Company’s notice of exercise to the Participant. The Company may exercise its right of first refusal or call option by written notice of exercise to the Participant no less than thirty (30) days
prior to the date of repurchase stated in the notice. The Company shall deliver payment for the Shares to the Participant against the concurrent delivery of certificates, or other evidence satisfactory to the Company, representing the Shares.

 The Company’s right of first refusal and call option 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. 
 The provisions of this Section 13.6 shall survive the termination of the Plan. 
 13.7) Return/Resale of Shares. If a Participant’s position as an employee or Contractor of the Company, a Subsidiary, or of an Affiliated
Company terminates for Cause or if a Participant otherwise breaches any obligation described in Section 10.2 of the Plan, then in either such event any Shares which the Participant may have purchased pursuant to a Stock Purchase Agreement
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, at the Committee’s election, pay to the Company an amount equal to the greater of (a) the Fair Market Value of the Shares on the date of Participant’s sale,
transfer or other disposition of the Shares, or (b) the excess, if any, of (i) the price received by the Participant upon such sale, transfer or other disposition, over (ii) the amount paid by the Participant to purchase the Shares.

 The provisions of this Section 13.7 shall survive the termination of the Plan. 
 ARTICLE 14. 
 REQUIREMENTS OF LAW 

14.1) Requirements of Law. The sale and issuance of Shares under this Plan and all Stock Purchase Agreements 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. 
  

 13. 

 14.2) Governing Law. The Plan, and all Stock Purchase Agreements and other 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

	 Its:
	 	 CEO

 Adopted by Directors effective January 2, 2004 
 Approved by Shareholders: December 1, 2004 
  

 14. 

 AMENDMENT NO. 1 
 TO 
 VIRTUAL RADIOLOGIC CONSULTANTS, INC. 
 STOCK PURCHASE PLAN 
 This AMENDMENT
NO. 1 to the Virtual Radiologic Consultants, Inc. Stock Purchase Plan dated January 2, 2004 is made this 2 day of May, 2005. Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed to them in the Plan.

 WHEREAS, the Company, formerly a Minnesota corporation, reincorporated by merging with and into a Delaware corporation on May 2, 2005
(the "Reincorporation"); and 
 WHEREAS, in connection with the Reincorporation the Company desires to amend the Plan as set forth herein.

 NOW, THEREFORE, the Company hereby amends and modifies the following sections, paragraphs, and terms of the Plan in the following
respects: 
  

	1.	Section 1.1 is deleted in its entirety, and the following is substituted in its place: 

 "Establishment of the Plan. This plan, known as the "Virtual Radiologic Consultants, Inc. 2005 Stock Purchase Plan," is established effective
January 2, 2004, to authorize, offer and facilitate the sale of Shares of the Company to selected officers, employees and Contractors of the Company, its Subsidiaries and Affiliated Companies." 
  

	2.	Section 2.1(g) is deleted in its entirety, and the following is substituted in its place: 

 "'Company' means Virtual Radiologic Consultants, Inc., a Delaware corporation, or any successor thereto as provided in Article 12." 
  

	3.	Section 2.1(o) is deleted in its entirety, and the following is substituted in its place: 

 "Plan' means this Virtual Radiologic Consultants, Inc. 2005 Stock Purchase Plan. 
  

	4	Section 2.1(r) is deleted in its entirety, and the following is substituted in its place: 

 "'Stock' or 'Shares' means the shares of common stock, par value $0.001 per share, of the Company, and includes any equivalents thereof in accordance with
Section 4.3." 
  

	5.	Section 3.5 is deleted in its entirety, and the following is substituted in its place: 

 "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. 
  

			
	Virtual Radiologic Consultants, Inc., a Delaware corporation
		
	By:	 	 /s/ Sean O. Casey, M.D.

	Its:	 	CEO

 Adopted by the Board of Directors of the Company effective: May 2, 2005 
  

 2Virtual Radiologic Professionals,LLC equity Incentive Plan.

 Exhibit 10.36 
 Virtual Radiologic Professionals, PLC 
 Equity Incentive Plan 

 Virtual Radiologic Professionals, PLC 
 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
	  	4
			
	3.4)	  	 Decisions Binding
	  	5
			
	3.5)	  	 Procedures of the Committee
	  	5
			
	3.6)	  	 Award Agreements
	  	5
			
	3.7)	  	 Conditions on Awards
	  	5
			
	3.8)	  	 Saturdays, Sundays and Holidays
	  	5
		
	ARTICLE 4. STOCK SUBJECT TO THE PLAN	  	5
			
	4.1)	  	 Number of Shares
	  	5
			
	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
	  	7
		
	ARTICLE 6. STOCK OPTIONS	  	8
			
	6.1)	 	 Grant of Options
	  	8
			
	6.2)	 	 Option Agreement
	  	8
			
	6.3)	 	 Option Exercise Price
	  	8
			
	6.4)	 	 Duration of Options
	  	8
			
	6.5)	 	 Exercise of Options
	  	8
			
	6.6)	 	 Manner of Exercise of Options
	  	8
			
	6.7)	 	 Restrictions on Stock Transferability
	  	10
			
	6.8)	 	 Termination Due to Death or Disability
	  	10
			
	6.9)	 	 Termination for Other Reasons
	  	11
			
	6.10)	 	 Nontransferability/Permitted Transfers of Options
	  	12
		
	ARTICLE 7. STOCK APPRECIATION RIGHTS	  	13
			
	7.1)	 	 Grant of Stock Appreciation Rights
	  	13
			
	7.2)	 	 Stock Appreciation Rights Agreement
	  	13
			
	7.3)	 	 Exercise of Stock Appreciation Rights
	  	13
			
	7.4)	 	 Payment of Stock Appreciation Right Amount
	  	14
			
	7.5)	 	 Form and Timing of Payment
	  	14
			
	7.6)	 	 Term of Stock Appreciation Rights
	  	14
			
	7.7)	 	 Termination Due to Death or Disability
	  	14
			
	7.8)	 	 Termination for Other Reasons
	  	15
			
	7.9)	 	 Nontransferability of Stock Appreciation Rights
	  	16

					
	ARTICLE 8. RESTRICTED STOCK	  	16
			
	        8.1)	 	 Grant of Restricted Stock
	  	16
			
	8.2)	 	 Restricted Stock Agreement
	  	16
			
	8.3)	 	 Transferability
	  	16
			
	8.4)	 	 Other Restrictions
	  	16
			
	8.5)	 	 Certificate Legend
	  	17
			
	8.6)	 	 Removal of Restrictions
	  	17
			
	8.7)	 	 Voting Rights; Shareholder Rights Plan
	  	17
			
	8.8)	 	 Dividends and Other Distributions
	  	17
			
	8.9)	 	 Termination Due to Death or Disability
	  	17
			
	8.10)	 	 Termination for Other Reasons
	  	18
			
	8.11)	 	 Election Under Code Section 83(b)
	  	18
		
	ARTICLE 9. CHANGE IN CONTROL	  	19
			
	9.1)	 	 Acceleration of Vesting; Termination of Period of Restriction
	  	19
			
	9.2)	 	 Limitation on Payments
	  	19
		
	ARTICLE 10. BENEFICIARY DESIGNATION	  	19
		
	ARTICLE 11. RIGHTS OF PARTICIPANTS	  	20
			
	11.1)	 	 Participation
	  	20
			
	11.2)	 	 No Implied Rights
	  	20
			
	11.3)	 	 No Right to Company Assets
	  	20
		
	ARTICLE 12. AMENDMENT, MODIFICATION, AND TERMINATION	  	20
			
	12.1)	 	 Amendment, Modification, and Termination
	  	20
			
	12.2)	 	 Awards Previously Granted
	  	21
		
	ARTICLE 13. PHYSICIAN CONTRACTORS: NON-COMPETITION, CONFIDENTIALITY	  	21

					
			
	    13.1)	 	 General
	  	21
			
	13.2)	 	 Prohibition on Competition
	  	21
			
	13.3)	 	 Exceptions to Limitations
	  	22
			
	13.4)	 	 Extension of Time
	  	22
		
	ARTICLE 14. GOVERNMENT REGULATION	  	22
			
	14.1)	 	 General
	  	22
			
	14.2)	 	 Compliance as an SEC Registrant
	  	22
		
	ARTICLE 15. SUCCESSORS	  	22
		
	ARTICLE 16. MISCELLANEOUS	  	23
			
	16.1)	 	 Rights as Shareholder
	  	23
			
	16.2)	 	 No Obligation to Exercise Option or SAR; Maintenance of Relationship
	  	23
			
	16.3)	 	 Withholding Taxes
	  	23
			
	16.4)	 	 Purchase for Investment; Rights of Holder on Subsequent Registration
	  	23
			
	16.5)	 	 Modification of Outstanding Awards
	  	24
			
	16.6)	 	 Liquidation
	  	24
			
	16.7)	 	 Restrictions on Issuance of Shares
	  	24
			
	16.8)	 	 Right of First Refusal
	  	25
		
	ARTICLE 17. REQUIREMENTS OF LAW	  	25
			
	17.1)	 	 Requirements of Law
	  	25
			
	17.2)	 	 Governing Law
	  	25

 VIRTUAL RADIOLOGIC PROFESSIONALS, PLC 
 EQUITY INCENTIVE PLAN 
 ARTICLE 1. 
 ESTABLISHMENT, PURPOSE, AND DURATION 
 1.1)
Establishment of the Plan. This plan, known as the “Virtual Radiologic Professionals, PLC Equity Incentive Plan,” is established effective as of March 10, 2004, subject to approval by the members of Virtual Radiologic
Professionals, PLC within one year of the date of adoption, for the grant of Nonqualified Stock Options, Stock Appreciation Rights and/or Restricted Stock to selected officers, employees and Contractors of the Company. 
 1.2) Purpose of the Plan. The purpose of the Plan is to promote the success of the Company by providing incentives to the officers, employees and
Contractors of the Company, by linking their interests to the long-term financial success and growth in the value of the Company and its affiliated company, Virtual Radiologic Consultants, Inc.. 
 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 members 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) “Award” means, individually or
collectively, a grant under this Plan of Nonqualified Stock Options, Stock Appreciation Rights or Restricted Stock. 
 (b) “Beneficial
Owner” shall have the meaning ascribed to such term in Rule 13d-3 of the General Rules and Regulations under the Exchange Act. 
 (c)
“Cause” shall include but not be limited to: (i) material breach of any agreement entered into between the Participant and the Company or VRC; (ii) misappropriation of the Company’s property, fraud, embezzlement, breach of
fiduciary duty, other acts of dishonesty against the Company or VRC; (iii) conviction of any felony or crime involving moral turpitude; or (iv) in the case of 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. 

 (d) “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 Virtual Radiologic Consultants,
Inc. representing 40% or more of the combined voting power of Virtual Radiologic Consultants, Inc.’s outstanding securities, or (ii) any other event which is determined by the committee under the Virtual Radiologic Consultants, Inc. Equity
Incentive Plan effective January 2, 2004 (“VRC Plan”) to constitute a change in control for purposes of the VRC Plan. 
 (e)
“Code” means the Internal Revenue Code of 1986, as amended from time to time. 
 (f) “Committee” means a committee
consisting of not less than one member of the Company, who shall be its President. The term “Committee” shall refer to the all members of the Company during such times as the office of President may be vacant. 
 (g) “Company” means Virtual Radiologic Professionals, PLC, a Minnesota professional limited liability company, or any successor thereto as
provided in Article 15, including all Subsidiaries of Virtual Radiologic Professionals, PLC. 
 (h) “Confidential Information” means
any trade secrets, as defined by United States Code, Section 1839, and includes all information that has been designated by the Company or VRC as confidential information. 
 (i) “Contractor” means an individual who is an agent of the Company or is retained as an independent contractor to provide consulting or other
services to or on behalf of the Company, and who is not an employee of the Company. “Contractor” shall include Physician Contractors of the Company. 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. 
 (j)
“Disability” means a physical or mental impairment which prevents a Participant 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. 
 (k)
“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time. 
 (l) “Fair Market Value” means
the price per Share of the common Stock of Virtual Radiologic Consultants, Inc. 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 

  

 2. 

 
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, giving due consideration to the valuation
determined by VRC in any Award to the Company under the VRC Plan, which determination shall be final and binding on all parties. 
 (m)
“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. 
 (n) “Option” or “Nonqualified Stock Option” means any stock option (except an incentive stock option within the meaning of Section 422 of the Code) granted pursuant to this Plan. 

(o) “Participant” means an officer, employee or Contractor of the Company, including a Physician Contractor, who has been granted an Award
under the Plan. 
 (p) “Period of Restriction” means the period during which the transfer or sale of Shares of Restricted Stock by
the Participant is restricted. 
 (q) “Physician Contractor” means a physician who is a Contractor of the Company, and who provides
radiology related services to or on behalf of the Company. 
 (r) “Plan” means this Virtual Radiologic Professionals, PLC Equity
Incentive Plan. 
 (s) “Restricted Stock” means an Award of Stock granted to a Participant pursuant to Article 8. 
 (t) “Securities Act” means the Securities Act of 1933, as amended from time to time. 
 (u) “Stock” or “Shares” means the common stock of Virtual Radiologic Consultants, Inc. 
 (v) “Stock Appreciation Right” or “SAR” means an Award designated as a Stock Appreciation Right, granted to a Participant pursuant to
Article 7. 
 (w) “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 

  

 3. 

 
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. 
 (x) “Virtual Radiologic Consultants, Inc.” or “VRC” means Virtual Radiologic Consultants, Inc., a Minnesota corporation, with which
the Company has a contractual relationship for the provision of services, and includes for purposes of Article XIII hereof each Subsidiary of VRC. 
 (y) “VRC Plan” means the Virtual Radiologic Consultants, Inc. Equity Incentive Plan effective January 2, 2004, as such plan may be amended from time to time 
 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, which shall serve at the discretion of the members of the
Company. 
 3.2) Authority of the Committee. Subject to the provisions of the Plan and to the provisions, if any, in an Award to the
Company under the VRC 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 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 the members 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 current 

  

 4. 

 
officers, employees and Contractors as it may select. 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 members shall be final, conclusive and binding on all persons, including the Company and its members, 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. 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 Organization and Minnesota law for their
services as officers or members of the Company. 
 3.6) Award Agreements. Awards under the Plan shall be evidenced by an Award
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. 
 3.7) Conditions on Awards. Notwithstanding any other provision of the Plan, 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 the number of Shares for which the Company has been awarded Shares or options to purchase Shares under the Virtual Radiologic Consultants, Inc. Equity Incentive Plan (“VRC Plan” effective
January 2, 

  

 5. 

 
2004, as such plan may be amended from time to time). 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 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 not again be available for the grant of an Award under the Plan. 
 4.3) Adjustments in Authorized
Shares. 
 (a) In the event that the outstanding Shares are changed into or exchanged for a different number or kind of shares or other
securities of Virtual Radiologic Consultants, Inc. or of another company by reason of VRC’s reorganization, merger, consolidation, recapitalization, reclassification, stock split, reverse stock split, combination of shares or dividends payable
in capital stock, the Company shall make reasonable efforts to achieve an appropriate adjustment 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, with the objective 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 Virtual Radiologic
Consults, Inc. 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 VRC and/or (ii) securities of another
company which has assumed the outstanding Awards under the Plan or has substituted for such Awards its own awards, then the Company shall make reasonable efforts to assure that each Participant shall receive (subject to the conditions stated herein
or in such substituted awards, if any), in respect of that Participant’s Awards, rights with respect to such other securities of VRC or of such other company as are sufficient in the determination of the Committee such 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. 
  

 6. 

 (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 any officer, employee or Contractor of the Company. No person 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. 
 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 at such times as the Committee shall determine. Awards granted under this subsection shall contain such
terms and conditions may be as determined by the Committee at the time of grant; provided that no such terms or conditions shall conflict with any terms or conditions of the corresponding Award to the Company under the VRC Plan. 
 (b) The maximum number of Shares with respect to which Awards may be granted to any Participant for any fiscal year of the Company is Two Hundred Thousand
(200,000) 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. 
  

 7. 

 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, 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. 
 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, and may be less than the Fair Market Value of the Stock on the date the Option is granted. 
 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. 
 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); 
  

 8. 

 (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 

  

 9. 

 
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. 
 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 ceases to be an employee or
Contractor of the 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 or VRC and/or complete months of service as a Contractor of the Company or VRC, 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 Section 6.10 or Article 10 (or in the absence of an effective beneficiary designation pursuant to Article 10, by will or by
the laws of descent and distribution). 
 Unless otherwise provided in the Option agreement, if a Participant ceases to be an employee or
Contractor of the Company by reason of Disability, each of such Participant’s outstanding Options shall vest and become exercisable for the great 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 

  

 10. 

 
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 or VRC and/or complete months of service as a Contractor of the Company or VRC, 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 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, and the Company may not thereafter grant an Award with respect to the Shares to which such forfeited Options related. 
 6.9) Termination for Other Reasons. Unless otherwise provided in the Option agreement, if a Participant ceases to be an employee or Contractor of
the 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 and the Company may not thereafter grant an Award
with respect to the Shares to which such forfeited SARs related. 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 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, whichever period is shorter; and 
 Notwithstanding the foregoing, the Committee may, for any Participant, in its sole discretion,
lengthen the exercise period of any 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. 
 If the Participant’s
position as an employee or Contractor, including a Physician Contractor, of the Company terminates for Cause, all of the Participant’s outstanding Options, whether or not then vested, shall be immediately forfeited and the Company may not
thereafter grant an Award with respect to the Shares to which such forfeited Options related. In addition, any Shares which the Participant may have purchased by exercise of an Option shall, at the 

  

 11. 

 
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 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 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 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 Option granted hereunder to a Participant 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. 

 (c) 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

  

 12. 

 
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 shall be subject to termination upon such Participant’s termination as an employee or Contractor of the 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. 
 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 Participants 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. 
  

 13. 

 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 
 (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
ceases to be an employee or Contractor of the Company or VRC 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 or VRC and/or complete months of service as a Contractor of the Company or
VRC, 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. 
  

 14. 

 Unless otherwise provided in the SAR agreement, if a Participant ceases to be an employee or Contractor
of the Company or VRC 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 or VRC and/or complete months of service as a Contractor of
the Company or VRC, 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 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 and the Company may not thereafter grant an Award with respect to the Shares to
which such forfeited SARs related. 
 7.8) Termination for Other Reasons. Unless otherwise provided in the SAR agreement, if a
Participant ceases to be an employee or Contractor of the Company or VRC 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 and the Company may not thereafter grant an Award with respect to the Shares to which such forfeited SARs related. 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 VRC, 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. 
  

 15. 

 Any SARs, to the extent not vested and exercisable, shall be forfeited and the Company may not thereafter
grant an Award with respect to the Shares to which such forfeited SARs related. 
 If the Participant’s position as an employee or
Contractor of the Company or VRC shall terminate for Cause, all of the Participant’s outstanding SARs, whether or not then vested, shall be immediately forfeited and the Company may not thereafter grant an Award with respect to the Shares to
which such forfeited SARs related. 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. 
 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 such Participants, 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. 
  

 16. 

 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 Professionals, PLC 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 an officer of Virtual Radiologic Professionals, PLC 
 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, and shall be covered by
the provisions of the Virtual Radiologic Consultants, Inc. Shareholder Rights Plan, if then in effect. 
 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 ceases to be an
employee or Contractor of the Company or VRC 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 or VRC and/or complete months of service as a Contractor of the Company or VRC, by the total number of months comprising the Period of Restriction (to a maximum of 100%). 

  

 17. 

 
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 (which forfeited Shares may not thereafter be
subject to any Award under the Plan), 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 ceases to be an employee or Contractor of the Company or VRC 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; 
 (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 8.10(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 he 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 (which forfeited Shares may not thereafter be subject to any Award under the Plan). 
  

 18. 

 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 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 under the Plan 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. 
  

 19. 

 ARTICLE 11. 
 RIGHTS OF PARTICIPANTS 
 11.1) Participation. No officer, employee or Contractor of the 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 VRC 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 VRC whatsoever including, without limiting the generality of the foregoing, any specific funds, assets, or other property which the Company or VRC, in its 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. The Participant shall have only a contractual right to the amounts, if any, payable hereunder unsecured
by any asset of the Company or VRC. Nothing contained in the Plan constitutes a guarantee by the Company or VRC that the assets of the Company shall be sufficient to pay any benefit to any person. 
 ARTICLE 12. 
 AMENDMENT, MODIFICATION, AND
TERMINATION 
 12.1) Amendment, Modification, and Termination. This Plan shall terminate at such time as the members 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 members may amend
or modify the Plan. If the approval of the members of the Company is required by the Code 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 
  

 20. 

 (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, except as provided in Section 4.3; 
 shall be
effective prior to the date that such amendment or modification has been approved by the members 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 members of the Company. 
 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 VRC, the right of a Physician Contractor or former
Physician Contractor to receive or benefit from an Award under this Plan 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 under this Plan 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 VRC to cease performing services for the Company or VRC, 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
VRC to cease doing business with the Company or VRC; 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 VRC or engages in any line of business which
the Company or VRC 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 
  

 21. 

 (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 
 (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 
 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. 
 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. 
  

 22. 

 ARTICLE 16. 
 MISCELLANEOUS 
 16.1) Rights as Shareholder. A Participant granted a SAR under the Plan shall not by
reason thereof have any rights of a member of the Company or a shareholder of Virtual Radiologic Consultants, Inc., and a Participant granted an Option under the Plan shall not by reason thereof have any rights of a shareholder of Virtual Radiologic
Consultants, Inc. with respect to the Shares covered by such Option until the exercise of such Option is effective. 
 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 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 the Participant 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 

  

 23. 

 
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 members 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. 
 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 members 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. 
  

 24. 

 16.8) Right of First Refusal. Subject to the provisions of this Section 16.8, VRC 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 in the event of a voluntary termination of employment without Cause. The price to be
paid by VRC 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. VRC may exercise its 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 Company. VRC shall deliver payment for the Shares to Participant against the concurrent delivery of
certificates, or other evidence satisfactory to VRC, representing the Shares. The exchange shall occur at a time and place agreeable to VRC and the Participant, or, failing such agreement at VRC’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. 
 VRC’s right of first refusal shall lapse and be of no further force and effect when VRC 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
 PROFESSIONALS,
PLC

		
	By:	 	 /s/ Sean O. Casey

	Its:	 	 President

  

 25.

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