Document:

Exhibit 10.4

THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER ANY APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM UNDER SUCH ACT AND UNDER ANY APPLICABLE STATE SECURITIES LAWS.

WARRANT TO PURCHASE

SHARES OF COMMON STOCK OF

EXAMWORKS, INC.

		
	May 7, 2010 (the “Issuance Date”)	No.: ____

     This Warrant (the “Warrant”) shall entitle _________ (the “Holder”), for value received, to purchase from ExamWorks, Inc., a Delaware corporation (the “Company”) at an exercise price of $34.10 per share, subject to adjustments as provided herein, (the “Exercise Price”), ________ fully paid and nonassessable shares of the Company’s common stock, $0.0001 par value per share (the “Common Stock”). This Warrant shall be exercisable at any time or from time to time up to and including 5:00 p.m. (Eastern time) on May 7, 2015 (the “Expiration Date”).

This Warrant is subject to the following terms and conditions.

     1. Exercise; Issuance of Certificates; Payment for Shares.

          a.
General. This Warrant is exercisable at the option of the Holder, at any
time or from time to time up to and including the Expiration Date for all or any
part of the shares of Common Stock (but not for a fraction of a share) which may
be purchased hereunder. This Warrant may be exercised by the Holder by
surrendering to the Company at its principal executive office at 3280 Peachtree
Road NE, Suite 2625, Atlanta, Georgia 30305 (or at such other location as the
Company may advise the Holder in writing), this Warrant properly endorsed with
the Exercise Form attached hereto as Exhibit A (the “Exercise
Form”) and the Letter Agreement attached hereto as Exhibit B
(the “Letter Agreement”), in each case, duly filled in and
signed, and upon compliance with Section 1(b) below. The Company agrees
that the shares of Common Stock purchased under this Warrant shall be and are
deemed to be issued to the Holder hereof as the record owner of such shares as
of the close of business on the date on which this Warrant shall have been
surrendered, properly endorsed, together with the completed, executed Exercise
Form and Letter Agreement, and payment made for such shares (unless the Holder
has elected to receive shares of Common Stock in accordance with Section 1(c).
Certificates for the shares of Common Stock so purchased, together with any
other securities or property to which the Holder hereof is entitled upon such
exercise, shall be delivered to the Holder hereof by the Company at the
Company’s expense within a reasonable time after the rights represented by
this Warrant have been so exercised. In case of a purchase of less than all the
shares of Common Stock which may be purchased under this Warrant, the Company
shall cancel this Warrant and execute and deliver a new Warrant or Warrants of
like tenor for the balance of the shares of Common Stock purchasable under the
Warrant surrendered to the Holder hereof within a reasonable time. Each stock
certificate so delivered shall be in such denominations of Common Stock as may
be required by the Holder hereof and shall be registered in the name of such
Holder. In addition, as a condition to exercising this Warrant and receiving
shares of Common Stock, the Holder shall enter into a Joinder (in the form
attached hereto as Exhibit C) and become subject to the restrictions and
limitations of that certain Stockholders’ Agreement dated as of July 14,
2008, by and among the Company and the stockholders party thereto, as amended
(the “Stockholders’ Agreement”), if such agreement is
still in effect.

          b. Payment of the Aggregate Exercise Price. In connection with the exercise of all or any part of this Warrant, the Holder shall (i) pay by a certified check or wire transfer of immediately available funds an amount equal to the applicable Exercise Price multiplied by the number of shares of Common Stock for which this Warrant is being exercised as set forth in the applicable Exercise Form (the “Aggregate Exercise Price”) or (ii) notify the Company that this Warrant is being exercised pursuant to a Cashless Exercise (as defined in Section 1(c)) below.

          c. Cashless Exercise. Notwithstanding anything contained herein to the contrary, the Holder may, in its sole discretion, exercise this Warrant in whole or in part and, in lieu of payment of the Aggregate Exercise Price, elect instead to receive upon such exercise the “Net Number” of shares of Common Stock determined according to the following formula (a “Cashless Exercise”):

Net Number = (A x B) - (A x C)

                           B

     For purposes of the foregoing formula:

	     	A=	the total number of shares of Common Stock with respect to which this Warrant is then being exercised.
			
		B=	the fair market value of one share of Common Stock.
			
		C=	the Exercise Price then in effect for the applicable shares of Common Stock purchased under this Warrant at the time of such exercise.

     For purposes of the
above calculation, the fair market value of one share of Common Stock shall be
determined by the Board of Directors of the Company (the “Board of
Directors”) in good faith; provided, however, that where there
exists a public market for the Common Stock at the time of such exercise, the
fair market value per share shall be the last reported sale price of the Common
Stock or the closing price quoted on any national exchange on which the Common
Stock is listed, or the average of the closing bid and asked prices of the
Common Stock quoted in the Over-The-Counter Market Summary, whichever is
applicable, for the ten (10) trading days prior to the date of determination of
fair market value. Notwithstanding the foregoing, in the event the Warrant is
exercised in connection with the Company’s initial public offering of
Common Stock, the fair market value of one share of Common Stock shall be the
per share offering price to the public of the Company’s Common Stock in
such initial public offering.

     2.
Shares to be Fully Paid; Reservation of Shares. The Company
covenants and agrees that all shares of Common Stock which may be issued upon
the exercise of the rights represented by this Warrant shall, upon issuance, be
duly authorized, validly issued, fully paid and nonassessable, free from all
preemptive rights of any shareholder and free of all taxes, liens and charges
with respect to the issue thereof. The Company further covenants and agrees that
during the period within which the rights represented by this Warrant may be
exercised, the Company shall at all times have authorized and reserved, for the
purpose of issue or transfer upon exercise of the subscription rights evidenced
by this Warrant, a sufficient number of shares of authorized but unissued Common
Stock when and as required to provide for the exercise in full of the rights
represented by this Warrant. The Company shall take all such action as may be
necessary to assure that such shares of Common Stock may be issued as provided
herein without violation of any applicable law or regulation.

     3. Antidilution Adjustments. The Exercise Price and the number of shares of Common Stock purchasable hereunder shall be subject to adjustment from time to time upon the occurrence of certain events described in this Section 3.

          a. Adjustment upon Issuance of shares of Common Stock. If and whenever the Company issues or sells, or in accordance with this Section 3 is deemed to have issued or sold, any shares of Common Stock (including the issuance or sale of shares of Common Stock owned or held by or for the account of the Company, but excluding shares of Common Stock issued or sold or deemed to have been issued or sold by the

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Company in connection with any Excluded
Securities, as defined below) without consideration or for a consideration per
share (the “Applicable Price”) less than the Exercise Price in
effect immediately prior to such issuance or sale or deemed issuance or sale
(the foregoing a “Dilutive Issuance”), then immediately after
such Dilutive Issuance, the Exercise Price in effect immediately prior to such
Dilutive Issuance shall be reduced to an amount equal to the quotient derived by
dividing (A) an amount equal to the sum of (X) the product of (a) the Exercise
Price on the date immediately prior to such Dilutive Issuance multiplied by (b)
the total number of shares of Common Stock outstanding immediately prior to such
Dilutive Issuance plus, (Y) the aggregate of the amount of all consideration, if
any, received by the Company upon such Dilutive Issuance by (B) the total number
of shares of Common Stock outstanding immediately after such Dilutive
Issuance.

     For purposes of
this Warrant, “Excluded Securities” shall mean: (i) shares of Common
Stock, Options (as defined below) or Convertible Securities (as defined below)
issued upon conversion of or as a dividend or distribution on the Company’s
Series A Preferred Stock, par value $0.0001 per share (the “Series A
Stock”); (ii) shares of Common Stock, Options or Convertible Securities
issued to officers, directors or employees of, or consultants, advisors or
agents to, the Company or any of its subsidiaries pursuant to stock agreements,
purchase plans, employee incentive programs, stock options or warrants approved
by the Board of Directors; provided, however, that the price or exercise or
conversion price for such securities, as applicable, shall not be less than fair
market value at the time of issuance, as determined in good faith by the Board
of Directors of the Company and such issuances shall not exceed the greater of
(a) the number of shares of Common Stock reserved for issuance under the
Company’s 2008 Stock Option Plan and (b) collectively with the issuances
under subclauses (vi), (vii) and (viii) of this paragraph in the aggregate, does
not exceed twenty percent (20%) of the then outstanding shares of Common Stock
(treating for this purpose as outstanding all shares of Common Stock issuable
upon exercise of Options outstanding immediately prior to such issue or upon
conversion or exchange of Convertible Securities (including the Series A Stock)
outstanding (assuming exercise of any outstanding Options therefor) immediately
prior to such issuance); (iii) shares of Common Stock or Convertible Securities
actually issued upon the exercise of Options or shares of Common Stock actually
issued upon the conversion or exchange of Convertible Securities, in each case
provided such issuance is pursuant to the terms of such Option or Convertible
Security; (iv) shares of Common Stock, Options or Convertible Securities issued
by reason of a dividend, stock split, split-up or other distribution of shares
of Common Stock that is covered by Sections 3(b), (c) or (d); (v) shares
of Common Stock, Options or Convertible Securities issued as all or part of the
consideration for the acquisition (whether by merger or otherwise) by the
Company of stock or assets of any other entity in a transaction approved by the
Board of Directors; (vi) shares of Common Stock, Options or Convertible
Securities issued to banks, equipment lessors or other financial institutions,
or to real property lessors, pursuant to a debt financing, equipment leasing or
real property leasing transaction approved by the Board of Directors; provided,
however, that such issuances, collectively with the issuances under subclauses
(ii), (vii) and (viii) of this paragraph in the aggregate, does not exceed
twenty percent (20%) of the then outstanding shares of Common Stock (treating
for this purpose as outstanding all shares of Common Stock issuable upon
exercise of Options outstanding immediately prior to such issue or upon
conversion or exchange of Convertible Securities (including the Series A Stock)
outstanding (assuming exercise of any outstanding Options therefor) immediately
prior to such issuance); (vii) shares of Common Stock, Options or Convertible
Securities issued to suppliers or third party service providers in connection
with the provision of goods or services pursuant to transactions approved by the
Board of Directors; provided, however, (x) that the price or exercise or
conversion price for such securities, as applicable, shall not be less than fair
market value at the time of issuance, as determined in good faith by the Board
of Directors of the Corporation and (y) such issuances, collectively with the
issuances under subclauses (ii), (vi) and (viii) of this paragraph in the
aggregate, does not exceed twenty percent (20%) of the then outstanding shares
of Common Stock (treating for this purpose as outstanding all shares of Common
Stock issuable upon exercise of Options outstanding immediately prior to such
issue or upon conversion or exchange of Convertible Securities (including the
Series A Stock) outstanding (assuming exercise of any outstanding Options
therefor) immediately prior to such issuance); (viii) shares of Common Stock,
Options or Convertible Securities issued pursuant to any transaction determined
by the Board of Directors to be strategic; provided, however, that (a) such
issuance is approved by the Board of Directors, (b) such issuance is not for the
principal purpose of raising equity capital and (c) such issuances, collectively
with the issuances under subclauses (ii), (vi) and (vii) of this paragraph in
the aggregate, does not exceed twenty percent (20%) of the then outstanding
shares of Common Stock (treating for this purpose as outstanding all shares of
Common Stock issuable upon exercise of Options outstanding immediately prior to
such issue or upon conversion or exchange of Convertible Securities (including
the Series A Stock) outstanding (assuming exercise of any

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outstanding Options therefor) immediately prior to such issuance); and (x) shares of Common Stock issuable upon exercise of Options or Convertible Securities granted as of the date hereof.

     Upon each such adjustment of the Exercise Price pursuant to Section 3(a), the number of shares of Common Stock underlying this Warrant shall be adjusted to the number of shares of Common Stock determined by multiplying the Exercise Price in effect immediately prior to such adjustment by the number of shares acquirable upon exercise of this Warrant immediately prior to such adjustment and dividing the product thereof by the Exercise Price resulting from such adjustment. In the event an adjustment is required under this Section 3(a), then solely for purposes of determining the adjusted Exercise Price under this Section 3(a), the following shall be applicable:

               (i)
Issuance of Options. If the Company grants any rights, warrants or
options to subscribe for or purchase shares of Common Stock or securities
convertible into or exercisable or exchangeable for Common Stock
(“Options”) and the lowest price per share for which one share
of Common Stock is issuable upon the exercise of any such Option or upon
conversion, exercise or exchange of any indebtedness, shares or other securities
directly or indirectly convertible into or exchangeable for Common Stock
(“Convertible Securities”) issuable upon exercise of any such
Option is less than the Exercise Price in effect immediately prior to such
issue, then such share of Common Stock shall be deemed to be outstanding and to
have been issued and sold by the Company at the time of the granting or sale of
such Option for such price per share. For purposes of this Section
3(a)(i), the “lowest price per share for which one share of Common
Stock is issuable upon exercise of such Options or upon conversion, exercise or
exchange of such Convertible Securities issuable upon exercise of any such
Option” shall be equal to the sum of the lowest amounts of consideration
(if any) received or receivable by the Company with respect to any one share of
Common Stock upon the granting or sale of the Option, upon exercise of the
Option and upon conversion, exercise or exchange of any Convertible Security
issuable upon exercise of such Option. No further adjustment of the Exercise
Price or number of shares underlying this Warrant shall be made upon the actual
issuance of such shares of Common Stock or of such Convertible Securities upon
the exercise of such Options or upon the actual issuance of such shares of
Common Stock upon conversion, exercise or exchange of such Convertible
Securities.

               (ii)
Issuance of Convertible Securities. If the Company in any manner issues
or sells any Convertible Securities and the lowest price per share for which one
share of Common Stock is issuable upon the conversion, exercise or exchange
thereof is less than the Exercise Price in effect immediately prior to such
issue, then such share of Common Stock shall be deemed to be outstanding and to
have been issued and sold by the Company at the time of the issuance or sale of
such Convertible Securities for such price per share. For the purposes of this
Section 3(a)(ii), the “lowest price per share for which one share of
Common Stock is issuable upon the conversion, exercise or exchange thereof”
shall be equal to the sum of the lowest amounts of consideration (if any)
received or receivable by the Company with respect to one share of Common Stock
upon the issuance or sale of the Convertible Security and upon conversion,
exercise or exchange of such Convertible Security. No further adjustment of the
Exercise Price or number of shares underlying this Warrant shall be made upon
the actual issuance of such shares of Common Stock upon conversion, exercise or
exchange of such Convertible Securities, and if any such issue or sale of such
Convertible Securities is made upon exercise of any Options for which adjustment
of this Warrant has been or is to be made pursuant to other provisions of this
Section 3, no further adjustment of the Exercise Price or number of
shares underlying this Warrant shall be made by reason of such issue or
sale.

               (iii)
Change in Option Price or Rate of Conversion. If the purchase price
provided for in any Options, the additional consideration, if any, payable upon
the issue, conversion, exercise or exchange of any Convertible Securities, or
the rate at which any Convertible Securities are convertible into or exercisable
or exchangeable for shares of Common Stock increases or decreases at any time,
the Exercise Price and the number of shares underlying this Warrant in effect at
the time of such increase or decrease shall be adjusted to the Exercise Price
and the number of shares underlying this Warrant which would have been in effect
at such time had such Options or Convertible Securities provided for such
increased or decreased purchase price, additional consideration or increased or
decreased conversion rate, as the case may be, at the time initially granted,
issued or sold. For purposes of this Section 3(a)(iii), if the terms of
any Option or Convertible Security that was outstanding as of the date of
issuance of this Warrant are increased or decreased in the manner described in
the immediately preceding sentence, then such Option or Convertible Security and
the shares of Common Stock deemed issuable upon exercise, conversion or exchange
thereof shall be deemed to have been issued as of the date of such increase
or

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decrease. No adjustment pursuant to this Section 3(a) shall be made if such adjustment would result in an increase of the Exercise Price then in effect or a decrease in the number of shares underlying this Warrant.

               (iv)
Calculation of Consideration Received. In case any Option is issued in
connection with the issue or sale of other securities of the Company, together
comprising one integrated transaction in which no specific consideration is
allocated to such Options by the parties thereto, the Options will be deemed to
have been issued for a consideration of $0.0001 per share. If any shares of
Common Stock, Options or Convertible Securities are issued or sold or deemed to
have been issued or sold for cash, the consideration received therefor will be
deemed to be the gross amount received by the Company therefor. If any shares of
Common Stock, Options or Convertible Securities are issued or sold for a
consideration other than cash, the amount of such consideration received by the
Company will be the fair value of such consideration, except where such
consideration consists of securities, in which case the amount of consideration
received by the Company will be the fair market value of such security on the
date of receipt. If any shares of Common Stock, Options or Convertible
Securities are issued to the owners of the non-surviving entity in connection
with any merger in which the Company is the surviving entity, the amount of
consideration therefor will be deemed to be the fair value of such portion of
the net assets and business of the non-surviving entity as is attributable to
such shares of Common Stock, Options or Convertible Securities, as the case may
be. The fair value of any consideration other than cash or securities will be
determined by the Board of Directors in good faith.

               (v) Expiration, Termination of Options or Convertible Securities. If any Options or Convertible Securities referred to in this Section 3(a) expire or terminate without exercise or conversion, as the case may be, then the Exercise Price of the remaining outstanding shares issuable under this Warrant shall be readjusted as if such Options or Convertible Securities, as the case may be, had never been issued.

               (vi) De Minimis Adjustments. No adjustment in the Exercise Price shall be required unless such adjustment would require an increase or decrease of at least $0.01 in such price; provided, however, that any adjustment which by reason of this Section 3(a)(vi) is not required to be made shall be carried forward and taken into account in any subsequent adjustments under this Section 3(a). All calculations under this Section 3(a) shall be made by the Company in good faith and shall be made to the nearest cent or to the nearest one hundredth of a share, as applicable, provided that the Company shall not be required to issue any factional shares pursuant to this Warrant. No adjustment need be made for a change in the par value or no par value of the Common Stock.

          b. Stock
Dividend, Split or Combination. If at any time the Company shall (i) pay a
dividend in shares of Common Stock, (ii) subdivide any outstanding shares of
Common Stock into a greater number of shares of Common Stock, (iii) combine its
outstanding shares of Common Stock into a smaller number of shares of Common
Stock, or (iv) issue, by reclassification of its shares of Common Stock, any
shares of its capital stock, the amount and type of shares purchasable upon the
exercise of this Warrant immediately prior thereto shall be adjusted thereafter,
until further adjusted pursuant to this Section 3, so that the Holder
shall be entitled to receive upon exercise of this Warrant that number and class
or series of shares of Common Stock or other capital stock which such Holder
would have owned or have been entitled to receive after the happening of such
event had such Holder exercised this Warrant immediately prior to the record
date, in the case of any such dividend, or the effective date in the case of any
such subdivision, combination, reclassification, or issuance. An adjustment made
pursuant to this Section 3(b) shall become effective at the close of
business on the effective date of any such event.

          c. Dividends in Other Stock and Property; Reclassification. If at any time or from time to time the holders of Common Stock (or any shares of stock or other securities at the time receivable upon the exercise of this Warrant) shall have received or become entitled to receive, without payment therefore,

               (i) any shares of stock or other Convertible Securities, or any rights or options to subscribe for, purchase or otherwise acquire any of the foregoing by way of dividend or other distribution (other than Excluded Securities or a dividend consisting solely of shares of Common Stock);

               (ii) any cash paid or payable otherwise than as a cash dividend; or

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               (iii)
additional stock or other securities or property (including cash but excluding
Excluded Securities) by way of spinoff, split up, reclassification, combination
of shares or similar corporate rearrangement (other than an event in which
adjustment is otherwise made pursuant to Section 3(d) below), then and in
each such case, the Holder hereof shall, upon the exercise of this Warrant, be
entitled to receive, in addition to the number of shares of Common Stock
receivable thereupon, and without payment of any additional consideration
therefor, the amount of stock and other securities and property (other than cash
paid or payable as a cash dividend) which such Holder would hold on the date of
such exercise had he been the holder of record of such Common Stock as of the
date on which the holders of Common Stock received or became entitled to receive
such other shares of stock and other securities and property.

          d.
Reorganization, Reclassification, Consolidation, Merger or Sale. If any
reorganization of the capital stock of the Company, or any consolidation or
merger of the Company with another corporation, or the sale of all or
substantially all of its assets to another corporation shall be effected in such
a way that holders of Common Stock shall be entitled to receive stock,
securities, or other assets or property, then, as a condition of such
reorganization, reclassification, consolidation, merger or sale, lawful and
adequate provisions shall be made whereby the Holder hereof shall thereafter
have the right to purchase and receive (in lieu of the shares of the Common
Stock of the Company immediately theretofore purchasable and receivable upon the
exercise of the rights represented hereby) such shares of stock, securities or
other assets or property as may be issued or payable with respect to or in
exchange for a number of outstanding shares of such Common Stock equal to the
number of shares of such stock immediately theretofore purchasable and
receivable upon the exercise of the rights represented hereby. In any
reorganization described above, appropriate provisions shall be made with
respect to the rights and interests of the Holder of this Warrant to the end
that the provisions hereof (including, without limitation, provisions for
adjustments of the number of shares of Common Stock purchasable and receivable
upon the exercise of this Warrant) shall thereafter be applicable, as nearly as
may be, in relation to any shares of stock, securities or assets thereafter
deliverable upon the exercise hereof. The Company will not effect any such
consolidation, merger or sale unless, prior to the consummation thereof, the
successor corporation (if other than the Company) resulting from such
consolidation or the corporation purchasing such assets shall assume by written
instrument, executed and mailed or delivered to the registered Holder hereof at
the last address of such Holder appearing on the books of the Company, the
obligation to deliver to such Holder such shares of stock, securities or assets
as, in accordance with the foregoing provisions, such Holder may be entitled to
purchase.

          e.
Notice of Adjustment. Upon any adjustment pursuant to this Section
3, the Company shall give written notice thereof, by first class mail,
postage prepaid, addressed to the registered Holder of this Warrant at the
address of such Holder as shown on the books of the Company, and, in case of a
Holder with an address of record outside of the United States, by facsimile, and
confirmed in writing by first class air mail. The notice shall be signed by the
Company’s chief financial officer and shall state the nature of such
adjustment, including the new Exercise Price, if applicable, setting forth in
reasonable detail the method of effecting the adjustment and the facts upon
which such adjustment is based. If at any time in addition to any of the
adjustments set forth in this Section 3, an increase in the number of
authorized and unissued shares of Common Stock is required pursuant to
Section 2 hereof, the Company shall promptly provide to the Holder a certificate of the secretary of the Company certifying that the requisite number of shares of Common Stock have been authorized to permit the exercise of the Warrant.

          f. Other Notices. If at any time:

               (i) the Company shall declare any cash dividend upon its Common Stock;

               (ii) the Company shall declare any dividend upon its Common Stock payable in stock (other than solely in Common Stock) or make any special dividend or other distribution to the holders of its Common Stock;

               (iii) the Company shall offer for subscription pro rata to the holders of its Common Stock any additional shares of stock of any class or other rights;

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               (iv) there shall be any capital reorganization or reclassification of the capital stock of the Company; or consolidation or merger of the Company; or consolidation or merger of the Company with, or sale of all or substantially all of its assets to, another corporation; or

               (v) there shall be a voluntary or involuntary dissolution, liquidation or

winding-up of the Company;

then, in any one or more of said cases, the
Company shall give, by first class mail, postage prepaid, addressed to the
Holder of this Warrant at the address of such Holder as shown on the books of
the Company, (a) at least twenty (20) days’ prior written notice (by the
method set forth in Section 3(e) above) of the date on which the books of
the Company shall close or a record shall be taken for such dividend,
distribution or subscription rights or for determining rights to vote in respect
of any such reorganization, reclassification, consolidation, merger, sale,
dissolution, liquidation or winding-up, and (b) in the case of any such
reorganization, reclassification, consolidation, merger, sale, dissolution,
liquidation or winding-up, at least twenty (20) days’ prior written notice
of the date when the same shall take place. Any notice given in accordance with
the foregoing clause (a) shall also specify, in the case of any such dividend,
distribution or subscription rights, the date on which the holders of Common
Stock shall be entitled thereto. Any notice given in accordance with the
foregoing clause (b) shall also specify the date on which the holders of Common
Stock shall be entitled to exchange their Common Stock for securities or other
property deliverable upon such reorganization, reclassification, consolidation,
merger, sale, dissolution, liquidation, winding-up or conversion, as the case
may be.

          g. Certain Events. If any change in the outstanding Common Stock of the Company or any other event occurs as to which the other provisions of this Section 3 are not strictly applicable or if strictly applicable would not fairly protect the purchase rights of the Holder of the Warrant in accordance with such provisions, then the Board of Directors shall make an adjustment in the Exercise Price and/or the number and class of shares purchasable and receivable upon exercise of this Warrant or the application of such provisions, so as to protect such purchase rights as aforesaid. The adjustment shall be such as will give the Holder of this Warrant upon exercise for the same Aggregate Exercise Price the total number, class and kind of shares as it would have owned had the Warrant been exercised prior to the event and had it continued to hold such shares until after the event requiring adjustment.

     4. Registration Rights.

          a.
Company Registration. If the Company proposes to register any of its
Common Stock under the Securities Act of 1933, as amended (the
“Securities Act”) in connection with the public offering of
such securities solely for cash (other than in an Excluded Registration (as
defined below)), the Company shall, at such time, promptly give the Holder
notice of such registration. Upon the request of the Holder within five (5) days
after such notice is given by the Company, the Company shall, subject to the
provisions of Section 4(b), cause to be registered all of the shares of
Common Stock issuable upon exercise of this Warrant that the Holder has
requested to be included in such registration (“Registrable
Securities”). The Company shall have the right to terminate or withdraw
any registration initiated by it under this Section 4 before the
effective date of such registration, whether or not the Holder has elected to
include any Registrable Securities in such registration. All expenses (other
than Selling Expenses (as defined below)) of such withdrawn registration shall
be borne by the Company in accordance with Section 4(e) below.

     “Excluded Registration” means (i) a registration relating to the sale of securities to employees of the Company or a subsidiary pursuant to a stock option, stock purchase, or a similar plan or (ii) a registration relating to a transaction in connection with Rule 145 of the Securities Act.

     “Selling Expenses” means all underwriting discounts, selling commissions, and stock transfer taxes applicable to the sale of shares of Common Stock issuable upon exercise of this Warrant.

          b. Underwriting Requirements. In connection with any offering involving an underwriting of shares of the Company’s capital stock pursuant to Section 4(a), the Company shall not be required to include any of the Registrable Securities unless the Holder accepts the terms of the underwriting as agreed upon between the Company and its underwriters, and then only in such quantity as the underwriters in their sole discretion

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determine will not jeopardize the success of the offering by the Company. If the total number of securities, including the Registrable Securities, exceeds the number of securities to be sold (other than by the Company) that the underwriters in their reasonable discretion determine is compatible with the success of the offering, then the Company shall be required to include in the offering only that number of such securities, including Registrable Securities, which the underwriters and the Company in their sole discretion determine will not jeopardize the success of the offering.

          c. Furnish Information. It shall be a condition precedent to the obligations of the Company to take any action pursuant to this Section 4 with respect to the Registrable Securities of the Holder that the Holder shall furnish to the Company such information regarding itself, the Registrable Securities held by it, and the intended method of disposition of such securities as is reasonably required to effect the registration of such Registrable Securities.

          d. Delay of Registration. The Holder shall not have any right to obtain or seek an injunction restraining or otherwise delaying any registration pursuant to this Section 4 as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 4.

          e. Termination of Registration Rights. The right of the Holder to request inclusion of Registrable Securities in any registration statement pursuant to this Section 4 shall terminate upon the earliest to occur of (i) the closing of a Deemed Liquidation Event, as such term is defined in the Certificate of Designation with respect to the Series A Convertible Preferred Stock of the Company (the “Series A Preferred Stock”); (ii) when all of the Holder’s Registrable Securities could be sold without restriction under Rule 144 of the Securities Act within any 90-day period; or (iii) the fifth (5th) anniversary of the closing of an initial public offering of the Company.

          f. Expenses of Registration. All expenses (other than Selling Expenses) incurred in connection with registrations, filings, or qualifications pursuant to this Section 4, including all registration, filing and qualification fees, printers’ and accounting fees shall be borne and paid by the Company.

          g. Indemnification. If any Registrable Securities are included in a registration statement under this Section 4:

               (i)
To the extent permitted by law, the Company will indemnify and hold harmless the
Holder, and its partners, members, officers, directors, and stockholders; legal
counsel and accountants for such Holder; any underwriter (as defined in the
Securities Act) for such Holder; and each individual, corporation, partnership,
trust, limited liability company, association or other entity (each, a
“Person”) if any, who controls such Holder or underwriter
within the meaning of the Securities Act or the Securities Exchange Act of 1934,
as amended (the “Exchange Act”), against any Damages (as
defined below), and the Company will pay to such Holder, underwriter,
controlling Person, or other aforementioned Person any legal or other expenses
reasonably incurred thereby in connection with investigating or defending any
claim or proceeding from which Damages may result, as such expenses are
incurred; provided, however, that the indemnity agreement contained in
this Section 4(g)(i) shall not apply to amounts paid in settlement of any
such claim or proceeding if such settlement is effected without the consent of
the Company, which consent shall not be unreasonably withheld, nor shall the
Company be liable for any Damages to the extent that they arise out of or are
based upon actions or omissions made in reliance upon and in conformity with
written information furnished by or on behalf of any such Holder, underwriter,
controlling Person, or other aforementioned Person expressly for use in
connection with such registration.

               (ii)
To the extent permitted by law, the Holder will indemnify and hold harmless the
Company, and each of its directors, each of its officers who has signed the
registration statement, each Person (if any), who controls the Company within
the meaning of the Securities Act, legal counsel and accountants for the
Company, any underwriter (as defined in the Securities Act), and any controlling
Person of any such underwriter, against any Damages, in each case only to the
extent that such Damages arise out of or are based upon actions or omissions
made in reliance upon and in conformity with written information furnished by or
on behalf of the Holder expressly for use in connection with such registration;
and the Holder will pay to the Company and each other aforementioned Person any
legal or other expenses reasonably incurred thereby in connection with
investigating or defending any claim or proceeding from which Damages may
result, as such expenses are incurred;

-8-

provided, however, that the indemnity agreement contained in this Section 4(g)(ii) shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the consent of the Holder, which consent shall not be unreasonably withheld; and provided further that in no event shall the aggregate amounts payable by the Holder by way of indemnity hereunder exceed the proceeds from the offering received by such Holder (net of any Selling Expenses paid by such Holder), except in the case of fraud or willful misconduct by such Holder.

               (iii)
Promptly after receipt by an indemnified party under this Section 4(g) of
notice of the commencement of any action (including any governmental action) for
which a party may be entitled to indemnification hereunder, such indemnified
party will, if a claim in respect thereof is to be made against any indemnifying
party under this Section 4(g), give the indemnifying party notice of the
commencement thereof. The indemnifying party shall have the right to participate
in such action and, to the extent the indemnifying party so desires, participate
jointly with any other indemnifying party to which notice has been given, and to
assume the defense thereof with counsel mutually satisfactory to the parties;
provided, however, that an indemnified party (together with all other
indemnified parties that may be represented without conflict by one counsel)
shall have the right to retain one separate counsel, with the fees and expenses
to be paid by the indemnifying party, if representation of such indemnified
party by the counsel retained by the indemnifying party would be inappropriate
due to actual or potential differing interests between such indemnified party
and any other party represented by such counsel in such action. The failure to
give notice to the indemnifying party within a reasonable time of the
commencement of any such action shall relieve such indemnifying party of any
liability to the indemnified party under this Section 4(g), to the extent
that such failure materially prejudices the indemnifying party’s ability to
defend such action. The failure to give notice to the indemnifying party will
not relieve it of any liability that it may have to any indemnified party
otherwise than under this Section 4(g).

               (iv)
To provide for just and equitable contribution to joint liability under the
Securities Act in any case in which either (i) any party otherwise entitled to
indemnification hereunder makes a claim for indemnification pursuant to this
Section 4(g) but it is judicially determined (by the entry of a final
judgment or decree by a court of competent jurisdiction and the expiration of
time to appeal or the denial of the last right of appeal) that such
indemnification may not be enforced in such case, notwithstanding the fact that
this Section 4(g) provides for indemnification in such case, or (ii)
contribution under the Securities Act may be required on the part of any party
hereto for which indemnification is provided under this Section 4(g),
then, and in each such case, such parties will contribute to the aggregate
losses, claims, damages, liabilities, or expenses to which they may be subject
(after contribution from others) in such proportion as is appropriate to reflect
the relative fault of each of the indemnifying party and the indemnified party
in connection with the statements, omissions, or other actions that resulted in
such loss, claim, damage, liability, or expense, as well as to reflect any other
relevant equitable considerations. The relative fault of the indemnifying party
and of the indemnified party shall be determined by reference to, among other
things, whether the untrue or allegedly untrue statement of a material fact, or
the omission or alleged omission of a material fact, relates to information
supplied by the indemnifying party or by the indemnified party and the
parties’ relative intent, knowledge, access to information, and opportunity
to correct or prevent such statement or omission; provided, however,
that, in any such case, (x) the Holder will not be required to contribute any
amount in excess of the public offering price of all such Registrable Securities
offered and sold by the Holder pursuant to such registration statement, and (y)
no Person guilty of fraudulent misrepresentation (within the meaning of Section
11(f) of the Securities Act) will be entitled to contribution from any Person
who was not guilty of such fraudulent misrepresentation; and provided further
that in no event shall the Holder’s liability pursuant to this
Section 4(g)(iv), when combined with the amounts paid or payable by such
Holder pursuant to Section 4(g)(ii), exceed the proceeds from the
offering received by the Holder (net of any Selling Expenses paid by such
Holder), except in the case of willful misconduct or fraud by such Holder.

               (v) Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control.

               (vi) Unless otherwise superseded by an underwriting agreement entered into in connection with the underwritten public offering, the obligations of the Company and the Holder under this

-9-

Section 4(g) shall survive the completion of any offering of Registrable Securities in a registration under this Section 4, and otherwise shall survive the termination of this Warrant.

               (vii)
“Damages” means any loss, damage, or liability (joint or
several) to which a party hereto may become subject under the Securities Act,
the Exchange Act, or other federal or state law, insofar as such loss, damage,
or liability (or any action in respect thereof) arises out of or is based upon
(i) any untrue statement or alleged untrue statement of a material fact
contained in any registration statement of the Company, including any
preliminary prospectus or final prospectus contained therein or any amendments
or supplements thereto; (ii) an omission or alleged omission to state therein a
material fact required to be stated therein, or necessary to make the statements
therein not misleading; or (iii) any violation or alleged violation by the
indemnifying party (or any of its agents or affiliates) of the Securities Act,
the Exchange Act, any state securities law, or any rule or regulation
promulgated under the Securities Act, the Exchange Act, or any state securities
law.

          h.
Lock-up Agreement. The Holder hereby agrees that it will not, without the
prior written consent of the managing underwriter, during the period commencing
on the date of the final prospectus relating to an initial public offering and
ending on the date specified by the Company and the managing underwriter (such
period not to exceed one hundred eighty (180) days, which period may be extended
upon the request of the managing underwriter, to the extent required by any
rules of the Financial Industry Regulatory Authority, for an additional period
of up to fifteen (15) days if the Company issues or proposes to issue an
earnings or other public release within fifteen (15) days of the expiration of
the 180-day lockup period, (i) lend; offer; pledge; sell; contract to sell; sell
any option or contract to purchase; purchase any option or contract to sell;
grant any option, right, or warrant to purchase; or otherwise transfer or
dispose of, directly or indirectly, any shares of Common Stock or any securities
convertible into or exercisable or exchangeable (directly or indirectly) for
Common Stock held immediately before the effective date of registration
statement of such initial public offering or (ii) enter into any swap or other
arrangement that transfers to another, in whole or in part, any of the economic
consequences of ownership of such securities, whether any such transaction
described in clause (i) or (i) above is to be settled by delivery of Common
Stock or other securities, in cash, or otherwise. The foregoing provisions of
this Section 4(h) shall apply only to the initial public offering of
Common Stock by the Company, shall not apply to the sale of any shares to an
underwriter pursuant to an underwriting agreement, and shall be applicable to
the Holder only if all officers and directors of the Company are subject to the
same restrictions and the Company uses commercially reasonable efforts to obtain
a similar agreement from all stockholders individually owning more than five
percent (5%) of the Company’s outstanding Common Stock (after giving effect
to conversion into Common Stock of all outstanding Series A Preferred Stock).
The underwriters in connection with such initial public offering are intended
third-party beneficiaries of this Section 4(h) and shall have the right
power, and authority to enforce the provisions hereof as though they were party
hereto. The Holder further agrees to execute such agreements as may be
reasonably requested by the underwriters in connection with such initial public
offering that are consistent with this Section 4(h) or that are necessary
to give further effect thereto.

     5. Issue Tax. The issuance of certificates for shares of Common Stock upon the exercise of the Warrant shall be made without charge to the Holder of the Warrant for any issue tax (other than any applicable income taxes) in respect thereof; provided, however, that the Company shall not be required to pay any tax which may be payable in respect of any transfer involved in the issuance and delivery of any certificate in a name other than that of the then Holder of the Warrant being exercised.

     6. Closing of Books. The Company will at no time close its transfer books against the transfer of any Warrant or of any shares of Common Stock issued or issuable upon the exercise of any warrant in any manner which interferes with the timely exercise of this Warrant.

     7. No Voting or Dividend Rights; Limitations of Liability. Nothing contained in this Warrant shall be construed as conferring upon the Holder hereof the right to vote or to consent or to receive notice as a shareholder of the Company or any other matters or any rights whatsoever as a shareholder of the Company. No dividends or interest shall be payable or accrued in respect of this Warrant or the interest represented hereby or the shares purchasable hereunder until and only to the extent that this Warrant shall have been exercised. No provisions hereof, in the absence of affirmative action by the Holder to purchase shares of Common Stock, and no mere enumeration herein of the rights or privileges of the Holder hereof, shall give rise to any liability of such Holder for

-10-

the Exercise Price or as a shareholder of the Company, whether such liability is asserted by the Company or by its creditors.

     8.
Transfer and Exchange. This Warrant may not be offered, sold,
transferred, pledged, assigned, hypothecated or otherwise disposed of, in whole
or in part (collectively, a “Transfer”), at any time except to
officers and employees (“Permitted Transferees”) of Broadband Capital
Management LLC, provided that such Transfer is in compliance with
applicable federal and state securities laws. If such a Transfer is effected,
this Warrant is transferable on the books of the Company maintained for such
purpose at its principal office referred to above by the Holder hereof in person
or by duly authorized attorney, upon surrender of this Warrant properly endorsed
and upon payment of any necessary transfer tax or other governmental charge
imposed upon such Transfer. Each Permitted Transferee, by taking or holding this
Warrant, consents and agrees that this Warrant, when endorsed in blank, shall be
deemed negotiable and that when this Warrant shall have been so endorsed, such
Permitted Transferee may be treated by the Company and all other persons dealing
with this Warrant as the absolute owner hereof for any purpose and as the person
entitled to exercise the rights represented hereby, any notice to the contrary
notwithstanding; but until such Transfer on such books, the Company may treat
the registered Holder hereof as the owner for all purposes.

     9. Rights and Obligations Survive Exercise of Warrant. The rights and obligations of the Company, of the Holder of this Warrant and of the holder of shares of Common Stock issued upon exercise of this Warrant referred to in Section 4(g) shall survive the exercise of this Warrant.

     10. Modification and Waiver. This Warrant and any provision hereof may be changed, waived, discharged or terminated only by an instrument in writing signed by the party against which enforcement of the same is sought.

     11. Notices. Any notice, request or other document required or permitted to be given or delivered to the Holder hereof or the Company shall be delivered or shall be sent by certified mail, postage prepaid, to each such holder at its address as shown on the books of the Company or to the Company at the address indicated therefor in the first paragraph of this Warrant or such other address as either may from time to time provide to the other and shall be sent to each such holder located outside of the United States by facsimile confirmed in writing by first class air mail.

     12. Binding Effect on Successors. This Warrant shall be binding upon any corporation succeeding the Company by merger, consolidation or acquisition of all or substantially all of the Company’s assets. All of the obligations of the Company relating to the Common Stock issuable upon the exercise of this Warrant shall survive the exercise of this Warrant. All of the covenants and agreements of the Company shall inure to the benefit of the successors and assigns of the Holder hereof.

     13. Descriptive Headings and Governing Law. The description headings of the several sections and paragraphs of this Warrant are inserted for convenience only and do not constitute a part of this Warrant. This Warrant shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the laws of the State of Delaware, regardless of the laws that might otherwise govern under applicable principles of conflicts of law.

     14. Lost Warrants. The Company represents and warrants to the Holder hereof that upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction, or mutilation of this Warrant and, in the case of any such loss, theft or destruction, upon receipt of an indemnity reasonably satisfactory to the Company, or in the case of any such mutilation upon surrender and cancellation of such Warrant, the Company, at its expense, will make and deliver a new Warrant, of like tenor, in lieu of the lost, stolen, destroyed or mutilated Warrant.

[Signature on Succeeding Page]

-11-

     IN WITNESS WHEREOF, the Company has caused this Warrant to be duly executed by its officers, thereunto duly authorized this 7th day of May, 2010

		
	 	EXAMWORKS, INC.
	 	a Delaware corporation
	 	 
	 	__________________________
	 	Name:
	 	Title:

 

EXHIBIT A

EXERCISE FORM

Date:

________________________________ 

  ________________________________ 

  ________________________________

Ladies and Gentlemen:

The undersigned hereby elects to exercise the warrant issued to it by ExamWorks, Inc. (the “Company”) and dated ________, 2010, (the “Warrant”) and initially to purchase thereunder shares of the common stock, $0.0001 par value per share, of the Company (the “Shares”), at an exercise price of $34.10 per share, or an aggregate purchase price of _______________ Dollars ($__________ ) (the “Purchase Price”), subject to adjustment.

Pursuant to the terms of the Warrant, the undersigned intends that payment of the Exercise Price be made as:

_______ a “Cash Exercise” with respect to _______ shares of Common Stock; and/or

_______ a “Cashless Exercise” with respect to _______ shares of Common Stock.

In the event that the undersigned has elected a Cash Exercise with respect to some or all of the Common Stock to be issued pursuant hereto, the undersigned shall pay the Aggregate Exercise Price in the sum of $______ to the Company in accordance with the terms of the Warrant.

The undersigned has delivered to the Company a completed and executed Letter Agreement in the form attached as Exhibit B to the Warrant. The undersigned hereby agrees to enter into and be subject to the restrictions and limitations of that certain Stockholders’ Agreement dated as of July 14, 2008, by and among the Company and the stockholders party thereto, as amended (the “Stockholders’ Agreement), and in connection therewith has delivered to the Company a completed and executed Joinder to the Stockholders’ Agreement attached as Exhibit C to this Warrant.] [Do not include if Stockholders’ Agreement is no longer in effect]

		
	 	Very truly yours,
	 	 
	 	____________________________
	 	 
	 	____________________________
	 	Name:
	 	Title:

 

EXHIBIT B

THIS AGREEMENT MUST BE COMPLETED, SIGNED AND RETURNED TO EXAMWORKS, INC., ALONG WITH THE EXERCISE FORM BEFORE THE COMMON STOCK ISSUABLE UPON EXERCISE OF THE WARRANT CERTIFICATE DATED ________, 2010 WILL BE ISSUED.

ExamWorks, Inc.

Attention: Chief Executive Officer

The undersigned, ________________________________ (“Purchaser”), intends to acquire ___________ shares of the common stock, $0.0001 par value per share (the “Common Stock”) of ExamWorks, Inc. (the “Company”) from the Company pursuant to the exercise of a certain Warrant to purchase Common Stock held by Purchaser. The Common Stock will be issued to Purchaser in a transaction not involving a public offering and pursuant to an exemption from registration under the Securities Act of 1933, as amended (the “Securities Act”) and applicable state securities laws. In connection with such purchase and in order to comply with the exemptions from registration relied upon by the Company, Purchaser represents, warrants and agrees as follows:

Purchaser is acquiring the Common Stock for its own account, to hold for investment, and Purchaser shall not make any sale, transfer or other disposition of the Common Stock in violation of the Securities Act or the General Rules and Regulations promulgated thereunder by the Securities and Exchange Commission or in violation of any applicable state securities law.

Purchaser has been advised that the Common Stock has not been registered for initial issuance under the Securities Act or state securities laws on the ground that this transaction is exempt from registration, and that reliance by the Company on such exemptions is predicated in part on Purchaser’s representations set forth in this letter.

Purchaser has been informed that under the Securities Act, the Common Stock must be held indefinitely unless it is subsequently registered under the Securities Act or unless an exemption from such registration is available with respect to any proposed transfer or disposition by Purchaser of the Common Stock.

Purchaser also understands and agrees that there will be placed on the certificate(s) for the Common Stock or any substitutions therefor, a legend stating in substance:

  “THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE FEDERAL AND STATE SECURITIES LAWS AND ARE BEING OFFERED AND SOLD IN RELIANCE UPON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE FEDERAL AND STATE SECURITIES LAWS. THESE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE OFFERED, SOLD, ASSIGNED, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED, EXCEPT IN A TRANSACTION WHICH IS REGISTERED UNDER, EXEMPT FROM, OR OTHERWISE IN COMPLIANCE WITH THE FEDERAL AND STATE SECURITIES LAWS, AS TO WHICH THE ISSUER HAS RECEIVED SUCH ASSURANCES AS THE ISSUER MAY REQUEST, WHICH MAY INCLUDE, A SATISFACTORY OPINION OF ITS COUNSEL.

  ANY SALE, ASSIGNMENT, TRANSFER, PLEDGE OR OTHER DISPOSITION OF THE SHARES OF STOCK REPRESENTED BY THIS CERTIFICATE IS RESTRICTED BY, AND SUBJECT TO, THE TERMS AND PROVISIONS OF A STOCKHOLDERS’ AGREEMENT BETWEEN THE COMPANY AND THE STOCKHOLDERS SET FORTH THEREIN DATED JULY 14, 2008, AS SUCH AGREEMENT MAY BE AMENDED FROM TIME TO TIME. A COPY OF SAID AGREEMENT IS ON FILE WITH THE SECRETARY OF THE COMPANY AT THE PRINCIPAL OFFICE OF THE COMPANY. BY ACCEPTANCE OF THIS CERTIFICATE, THE HOLDER HEREOF AGREES TO BE BOUND BY THE TERMS OF SUCH AGREEMENT.”

 

Purchaser has carefully read this letter and has discussed its requirements and other applicable limitations upon Purchaser’s resale of the Common Stock with Purchaser’s counsel.

		
	 	Very truly yours,
	 	 
	 	____________________________
	 	 
	 	____________________________
	 	By:
	 	Title:

-2-Exhibit 10.5

REGISTRATION RIGHTS AGREEMENT

BY AND AMONG

EXAMWORKS, INC.,

BROADBAND CAPITAL MANAGEMENT LLC

AND

THE OFFICERS AND EMPLOYEES OF BROADBAND CAPITAL MANAGEMENT

LLC PARTY HERETO

DATED AS OF MAY 7, 2010

TABLE OF CONTENTS

				
	 	 	 	Page
	 
	1.	Definitions	1
	2.	Registration Rights	3
	 	2.1	Registration Rights with Respect to IPO	3
	 	2.2	Company Registration	4
	 	2.3	Underwriting Requirements	4
	 	2.4	Furnish Information	5
	 	2.5	Expenses of Registration	5
	 	2.6	Delay of Registration	5
	 	2.7	Indemnification	5
	 	2.8	Rule 144	7
	 	2.9	Lock-up Agreement	7
	 	2.10	Restrictions on Transfer	8
	 	2.11	Termination of Registration Rights	10
	3.	Miscellaneous	10
	 	3.1	Successors and Assigns	10
	 	3.2	Governing Law	10
	 	3.3	Counterparts; Facsimile	10
	 	3.4	Titles and Subtitles	10
	 	3.5	Notices	10
	 	3.6	Amendments and Waiver	11
	 	3.7	Severability	12
	 	3.8	Aggregation of Stock	12
	 	3.9	Entire Agreement	12
	 	3.10	Dispute Resolution	12
	 	3.11	Delays or Omissions	12
	 	3.12	Confidentiality	13

i

REGISTRATION RIGHTS AGREEMENT

          THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made as of May 7, 2010, by and among ExamWorks, Inc., a Delaware corporation (the “Company”), Broadband Capital Management LLC (the “Placement Agent”) and each of the employees and/or officers of the Placement Agent identified on Schedule A hereto, each of which, together with the Placement Agent, is referred to in this Agreement as a “Placement Agent Party,” and collectively, the “Placement Agent Parties.”

RECITALS

          WHEREAS, the Company is conducting an offering (the “Offering”) of up to 967,741 shares of its Series A Preferred Stock (as defined below) at $34.10 per share;

          WHEREAS, pursuant to that certain Placement Agency Letter, dated March 9, 2010, as amended, by and between the Company and the Placement Agent, the Company engaged the Placement Agent to act as the exclusive placement agent for the Offering and in connection with compensating the Placement Agent for such services, the Company agreed to pay the Placement Agent certain compensation, including, but not limited to a placement fee (the “Placement Fee”), which includes payment of cash and the issuance of shares of Common Stock;

          WHEREAS, the Placement Agent has elected to receive $2,699,969.80 of the Placement Fee in Common Stock and the Company has satisfied this obligation by issuing to the Placement Agent Parties 79,178 shares of Common Stock (the “Placement Fee Shares”); and

          WHEREAS, the Company and each of the Placement Agent Parties hereby agree that this Agreement shall govern the rights of the Placement Agent Parties to cause the Company to register shares of the Common Stock and certain other matters as set forth in this Agreement;

          NOW, THEREFORE, the parties hereby agree as follows:

     1. Definitions. For purposes of this Agreement:

          1.1 “Affiliate” means, with respect to any specified Person, any other Person who, directly or indirectly, controls, is controlled by, or is under common control with such Person, including without limitation any general partner, managing member, officer or director of such Person or any venture capital fund now or hereafter existing that is controlled by one or more general partners or managing members of, or shares the same management company with, such Person.

          1.2 “Agreement” shall have the meaning given to such term in the introductory paragraph hereof.

          1.3 “Common Stock” means shares of the Company’s common stock, par value $0.0001 per share.

1

          1.4 “Company” has the meaning given to such term in the introductory paragraph hereof.

          1.5
“Damages” means any loss, damage, or liability (joint or
several) to which a party hereto may become subject under the Securities Act,
the Exchange Act, or other federal or state law, insofar as such loss, damage,
or liability (or any action in respect thereof) arises out of or is based upon
(i) any untrue statement or alleged untrue statement of a material fact
contained in any registration statement of the Company, including any
preliminary prospectus or final prospectus contained therein or any amendments
or supplements thereto, or any issuer free writing prospectus or any
“issuer information” filed or to be filed pursuant to Rule 433(d)
under the Securities Act; (ii) an omission or alleged omission to state therein
a material fact required to be stated therein, or necessary to make the
statements therein not misleading; or (iii) any violation or alleged violation
by the indemnifying party (or any of its agents or Affiliates) of
the Securities Act, the Exchange Act, any state securities law, or any rule or
regulation promulgated under the Securities Act, the Exchange Act, or any state
securities law.

          1.6 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

          1.7 “Excluded Registration” means (i) a registration relating to the sale of securities to employees of the Company or a subsidiary pursuant to a stock option, stock purchase, or similar plan or (ii) a registration relating to an SEC Rule 145 transaction.

          1.8 “FINRA” means the Financial Industry Regulation Authority, Inc.

          1.9 “Form S-1” means such form under the Securities Act or any successor registration form under the Securities Act subsequently adopted by the SEC.

          1.10 “Holder” means any holder of Registrable Securities who is a party to this Agreement.

          1.11 “Immediate Family Member” means a child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships, of a natural person referred to herein, or anyone residing in such person’s home.

          1.12 “IPO” means the Company’s first underwritten public offering of its Common Stock under the Securities Act.

          1.13 “IPO Registration Statement” means a Form S-1 registration statement under the Securities Act that the Company prepares and files with the SEC with respect to its IPO.

          1.14 “Offering” shall have the meaning given to such term in the Recitals hereto.

2

          1.15 “Other Selling Holders” shall have the meaning given to such term in Section 2.1(b) hereof.

          1.16 “Person” means any individual, corporation, partnership, trust, limited liability company, association or other entity.

          1.17 “Registrable Securities” means (i) the Placement Fee Shares and (ii) any Common Stock issued as (or issuable upon the conversion or exercise of any warrant, right or other security that is issued as) a dividend or other distribution with respect to, or in exchange for or in replacement of, the shares referenced in clause (i) above; excluding in all cases, however, any Registrable Securities sold by a Person in a transaction in which the applicable rights under this Agreement are not assigned pursuant to Section 3.1 and excluding for purposes of Section 2, any shares for which registration rights have terminated pursuant to Section 2.11 of this Agreement.

          1.18 “Registrable Securities then outstanding” means the number of shares of outstanding Common Stock that are Registrable Securities.

          1.19 “Restricted Securities” means the securities of the Company required to bear the legend set forth in Section 2.10(b) hereof.

          1.20 “SEC” means the Securities and Exchange Commission.

          1.21 “SEC Rule 144” means Rule 144 promulgated by the SEC under the Securities Act.

          1.22 “SEC Rule 145” means Rule 145 promulgated by the SEC under the Securities Act.

          1.23 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

          1.24 “Selling Expenses” means all underwriting discounts, selling commissions, and stock transfer taxes applicable to the sale of Registrable Securities.

          1.25 “Selling Holder” shall have the meaning given to such term in Section 2.1(b) hereof.

          1.26 “Series A Preferred Stock” means shares of the Company’s Series A Preferred Stock, par value $0.0001 per share issued in connection with the Offering.

     2. Registration Rights.

          2.1 Registration Rights with Respect to IPO. If the Company proposes to conduct an IPO, the Company shall notify each Holder of Registrable Securities in writing at least 20 days prior to filing the IPO Registration Statement of its rights to include Registrable Securities in the IPO Registration Statement, if any, pursuant to this Section 2.1. If Holders of Registrable Securities have the right to include Registrable Securities in the IPO Registration

3

Statement, a Holder desiring to include all or any portion of its Registrable Securities (a “Selling Holder”) shall notify the Company in writing no later than five (5) days after the date of receipt of the Company’s notice, such notice to include the number of Registrable Securities such Selling Holder wishes to include in the IPO Registration Statement. Subject to Section 2.3 below, if and to the extent other existing stockholders of Common Stock (“Other Selling Holders”) will be registering Common Stock in the IPO Registration Statement, the Company shall use its best efforts to include in the IPO Registration Statement, such number of shares of Registrable Securities held by Selling Holders as is proportionate to the number of shares of Common Stock held by Other Selling Holders which are to be included in the IPO Registration Statement.

          The Company shall have the right to terminate or withdraw any registration initiated by it under this Section 2.1 before the effective date of such registration, whether or not any Holder has elected to include Registrable Securities in such registration. The expenses (other than Selling Expenses) of such withdrawn registration shall be borne by the Company in accordance with Section 2.5.

          2.2
Company Registration. If the Company proposes to register (including, for
this purpose, a registration effected by the Company for stockholders other than
the Holders) any of its Common Stock under the Securities Act in connection with
the public offering of such securities solely for cash (other than in the IPO or
an Excluded Registration), the Company shall, at such time, promptly give each
Holder notice of such registration. Upon the request of each Holder given within
five (5) days after such notice is given by the Company, the Company shall,
subject to the provisions of Section 2.3, cause to be registered all of
the Registrable Securities that each such Holder has requested to be included in
such registration. The Company shall have the right to terminate or withdraw any
registration initiated by it under this Section 2.2 before the effective
date of such registration, whether or not any Holder has elected to include
Registrable Securities in such registration. The expenses (other than Selling
Expenses) of such withdrawn registration shall be borne by the Company in
accordance with Section 2.5.

          2.3
Underwriting Requirements. In connection with the IPO pursuant to
Section 2.1 and any offering involving an underwriting of shares of the
Company’s capital stock pursuant to Section 2.2, the Company shall
not be required to include any of the Holders’ Registrable Securities in
such underwriting unless the Holders accept the terms of the underwriting as
agreed upon between the Company and its underwriters, and then only in such
quantity as the underwriters in their sole discretion determine will not
jeopardize the success of the offering by the Company. If the total number of
securities, including Registrable Securities, requested by stockholders to be
included in such offering exceeds the number of securities to be sold (other
than by the Company) that the underwriters in their reasonable discretion
determine is compatible with the success of the offering, then the Company shall
be required to include in the offering only that number of such securities,
including Registrable Securities, which the underwriters and the Company in
their sole discretion determine will not jeopardize the success of the offering.
If the underwriters determine that less than all of the Registrable Securities
requested to be registered can be included in such offering, then the
Registrable Securities that are included in such offering shall be allocated
among the Selling Holders in proportion (as nearly as practicable) to the number
of Registrable Securities owned by each Selling Holder or in such other
proportions as shall mutually be agreed to by all such Selling Holders. To
facilitate

4

the allocation of shares in accordance with the above provisions, the Company or the underwriters may round the number of shares allocated to any Holder to the nearest 100 shares. For purposes of the provision in this Section 2.3 concerning apportionment, for any Selling Holder that is a partnership, limited liability company, or corporation, the partners, members, retired partners, retired members, stockholders, and Affiliates of such Holder, or the estates and Immediate Family Members of any such partners, retired partners, members and retired members and any trusts for the benefit of any of the foregoing Persons, shall be deemed to be a single Selling Holder, and any pro rata reduction with respect to such Selling Holder shall be based upon the aggregate number of Registrable Securities owned by all Persons included in such Selling Holder, as defined in this sentence.

          2.4 Furnish Information. It shall be a condition precedent to the obligations of the Company to take any action pursuant to this Section 2 with respect to the Registrable Securities of any Selling Holder that such Holder shall furnish to the Company such information regarding itself, the Registrable Securities held by it, and the intended method of disposition of such securities as is reasonably required to effect the registration of such Holder’s Registrable Securities.

          2.5 Expenses of Registration. All expenses (other than Selling Expenses) incurred in connection with registrations, filings, or qualifications pursuant to Section 2, including all registration, filing, and qualification fees; printers’ and accounting fees; and fees and disbursements of counsel for the Company shall be borne and paid by the Company.

          2.6 Delay of Registration. No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any registration pursuant to this Agreement as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 2.

          2.7 Indemnification. If any Registrable Securities are included in a registration statement under this Section 2:

               (a)
To the extent permitted by law, the Company will indemnify and hold harmless
each Selling Holder, and the partners, members, officers, directors, and
stockholders of each such Holder; legal counsel and accountants for each such
Holder; any underwriter (as defined in the Securities Act) for each such Holder;
and each Person, if any, who controls such Holder or underwriter within the
meaning of the Securities Act or the Exchange Act, against any Damages, and the
Company will pay to each such Holder, underwriter, controlling Person, or other
aforementioned Person any legal or other expenses reasonably incurred thereby in
connection with investigating or defending any claim or proceeding from which
Damages may result, as such expenses are incurred; provided, however, that the
indemnity agreement contained in this Section 2.7(a) shall not apply to
amounts paid in settlement of any such claim or proceeding if such settlement is
effected without the consent of the Company, which consent shall not be
unreasonably withheld, nor shall the Company be liable for any Damages to the
extent that they arise out of or are based upon actions or omissions made in
reliance upon and in conformity with written information furnished by or on
behalf of any such Holder, underwriter, controlling Person, or other
aforementioned Person expressly for use in connection with such
registration.

5

          (b)
To the extent permitted by law, each Selling Holder, severally and not jointly,
will indemnify and hold harmless the Company, and each of its directors, each of
its officers who has signed the registration statement, each Person (if any),
who controls the Company within the meaning of the Securities Act, legal counsel
and accountants for the Company, any underwriter (as defined in the Securities
Act), any other Holder selling securities in such registration statement, and
any controlling Person of any such underwriter or other Holder, against any
Damages, in each case only to the extent that such Damages arise out of or are
based upon actions or omissions made in reliance upon and in conformity with
written information furnished by or on behalf of such Selling Holder expressly
for use in connection with such registration; and each such Selling Holder will
pay to the Company and each other aforementioned Person any legal or other
expenses reasonably incurred thereby in connection with investigating or
defending any claim or proceeding from which Damages may result, as such
expenses are incurred; provided, however, that the indemnity agreement
contained in this Section 2.7(b) shall not apply to amounts paid in
settlement of any such claim or proceeding if such settlement is effected
without the consent of the Holder, which consent shall not be unreasonably
withheld; and provided further that in no event shall the aggregate
amounts payable by any Holder by way of indemnity or contribution under this
Sections 2.7(b) and 2.7(d) exceed the proceeds from the offering received
by such Holder (net of any Selling Expenses paid by such Holder), except in the
case of fraud or willful misconduct by such Holder.

               (c)
Promptly after receipt by an indemnified party under this Section 2.7 of
notice of the commencement of any action (including any governmental action) for
which a party may be entitled to indemnification hereunder, such indemnified
party will, if a claim in respect thereof is to be made against any indemnifying
party under this Section 2.7, give the indemnifying party notice of the
commencement thereof. The indemnifying party shall have the right to participate
in such action and, to the extent the indemnifying party so desires, participate
jointly with any other indemnifying party to which notice has been given, and to
assume the defense thereof with counsel mutually satisfactory to the parties;
provided, however, that an indemnified party (together with all other
indemnified parties that may be represented without conflict by one counsel)
shall have the right to retain one separate counsel, with the fees and expenses
to be paid by the indemnifying party, if representation of such indemnified
party by the counsel retained by the indemnifying party would be inappropriate
due to actual or potential differing interests between such indemnified party
and any other party represented by such counsel in such action. The failure to
give notice to the indemnifying party within a reasonable time of the
commencement of any such action shall relieve such indemnifying party of any
liability to the indemnified party under this Section 2.7, to the extent
that such failure materially prejudices the indemnifying party’s ability to
defend such action. The failure to give notice to the indemnifying party will
not relieve it of any liability that it may have to any indemnified party
otherwise than under this Section 2.7.

              (d) To provide for just and equitable contribution to joint liability under the Securities Act in any case in which either (i) any party otherwise entitled to indemnification hereunder makes a claim for indemnification pursuant to this Section 2.7 but it is judicially determined (by the entry of a final judgment or decree by a court of competent jurisdiction and the expiration of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case, notwithstanding the fact that this Section 2.7

6

provides for indemnification in such case, or
(ii) contribution under the Securities Act may be required on the part of any
party hereto for which indemnification is provided under this Section
2.7, then, and in each such case, such parties will contribute to the
aggregate losses, claims, damages, liabilities, or expenses to which they may be
subject (after contribution from others) in such proportion as is appropriate to
reflect the relative fault of each of the indemnifying party and the indemnified
party in connection with the statements, omissions, or other actions that
resulted in such loss, claim, damage, liability, or expense, as well as to
reflect any other relevant equitable considerations. The relative fault of the
indemnifying party and of the indemnified party shall be determined by reference
to, among other things, whether the untrue or allegedly untrue statement of a
material fact, or the omission or alleged omission of a material fact, relates
to information supplied by the indemnifying party or by the indemnified party
and the parties’ relative intent, knowledge, access to information, and
opportunity to correct or prevent such statement or omission; provided,
however, that, in any such case, (x) no Holder will be required to
contribute any amount in excess of the public offering price of all such
Registrable Securities offered and sold by such Holder pursuant to such
registration statement, and (y) no Person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) will be
entitled to contribution from any Person who was not guilty of such fraudulent
misrepresentation; and provided further that in no event shall a
Holder’s liability pursuant to this Section 2.7(d), when combined
with the amounts paid or payable by such Holder pursuant to Section
2.7(b), exceed the proceeds from the offering received by such Holder (net
of any Selling Expenses paid by such Holder), except in the case of willful
misconduct or fraud by such Holder.

              (e) Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control.

               (f) Unless otherwise superseded by an underwriting agreement entered into in connection with the underwritten public offering, the obligations of the Company and Holders under this Section 2.7 shall survive the completion of any offering of Registrable Securities in a registration under this Section 2, and otherwise shall survive the termination of this Agreement.

          2.8 Rule 144. With a view to making available to the Holders the benefits of Rule 144 under the Securities Act and any other rule or regulation of the SEC that may permit a Holder to sell securities of the Company to the public without registration, to the extent the Common Stock constituted “restricted securities,” as such term is defined in Rule 144, the Company shall make and keep available adequate current public information, as those terms are understood and defined in Rule 144.

          2.9 Lock-up Agreement. Each Holder hereby agrees that it will not, without the prior written consent of the managing underwriter, during the period commencing on the date of the final prospectus relating to the IPO and ending on the date specified by the Company and the managing underwriter (such period not to exceed one hundred eighty (180) days, which period may be extended upon the request of the managing underwriter, to the extent required by any FINRA rules, for an additional period of up to fifteen (15) days if the Company issues or

7

proposes to issue an earnings or other public
release within fifteen (15) days of the expiration of the 180-day lockup period,
(i) lend; offer; pledge; sell; contract to sell; sell any option or contract to
purchase; purchase any option or contract to sell; grant any option, right, or
warrant to purchase; or otherwise transfer or dispose of, directly or
indirectly, any shares of Common Stock or any securities convertible into or
exercisable or exchangeable (directly or indirectly) for Common Stock held
immediately before the effective date of the IPO Registration Statement or (ii)
enter into any swap or other arrangement that transfers to another, in whole or
in part, any of the economic consequences of ownership of such securities,
whether any such transaction described in clause (i) or (ii) above is to be
settled by delivery of Common Stock or other securities, in cash, or otherwise.
The foregoing provisions of this Section 2.9 shall apply only to the IPO,
shall not apply to the sale of any shares to an underwriter pursuant to an
underwriting agreement, and shall be applicable to the Holders only if all
officers and directors are subject to the same restrictions and the Company uses
commercially reasonable efforts to obtain a similar agreement from all
stockholders individually owning more than five percent (5%) of the
Company’s outstanding Common Stock (after giving effect to conversion into
Common Stock of all outstanding Series A Preferred Stock). The underwriters in
connection with the IPO are intended third party beneficiaries of this
Section 2.9 and shall have the right, power, and authority to enforce the
provisions hereof as though they were a party hereto. Each Holder further agrees
to execute such agreements as may be reasonably requested by the underwriters in
connection with such IPO that are consistent with this Section 2.9 or
that are necessary to give further effect thereto. Any discretionary waiver or
termination of the restrictions of any or all of such agreements by the Company
or the underwriters shall apply pro rata to all Holders subject to such
agreements, based on the number of shares subject to such agreements.

     2.10 Restrictions on Transfer.

               (a) The Registrable Securities shall not be sold, pledged or otherwise transferred, and the Company shall not recognize and shall issue stop transfer instructions to its transfer agent with respect to any such sale, pledge, or transfer, except upon the conditions specified in this Agreement, which conditions are intended to ensure compliance with the provisions of the Securities Act. A transferring Holder will cause any proposed purchaser, pledgee, or transferee of the Registrable Securities held by such Holder to agree to take and hold such securities subject to the provisions and upon the conditions specified in this Agreement.

               (b) Each certificate or instrument representing the Registrable Securities and any other securities issued in respect of the Registrable Securities upon any stock split, stock dividend, recapitalization, merger, consolidation, or similar event, shall (unless otherwise permitted by the provisions of Section 2.10(c)) be stamped or otherwise imprinted with a legend substantially in the following form:

  “THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE FEDERAL AND STATE SECURITIES LAWS AND ARE BEING OFFERED AND SOLD IN RELIANCE UPON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE FEDERAL AND STATE SECURITIES LAWS. THESE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT

8

  AND MAY NOT BE OFFERED, SOLD, ASSIGNED, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED, EXCEPT IN A TRANSACTION WHICH IS REGISTERED UNDER, EXEMPT FROM, OR OTHERWISE IN COMPLIANCE WITH THE FEDERAL AND STATE SECURITIES LAWS, AS TO WHICH THE ISSUER HAS RECEIVED SUCH ASSURANCES AS THE ISSUER MAY REQUEST, WHICH MAY INCLUDE, A SATISFACTORY OPINION OF ITS COUNSEL.

  ANY SALE, ASSIGNMENT, TRANSFER, PLEDGE OR OTHER DISPOSITION OF THE SHARES OF STOCK REPRESENTED BY THIS CERTIFICATE IS RESTRICTED BY, AND SUBJECT TO, THE TERMS AND PROVISIONS OF A STOCKHOLDERS’ AGREEMENT BETWEEN THE COMPANY AND THE STOCKHOLDERS SET FORTH THEREIN DATED JULY 14, 2008, AS SUCH AGREEMENT MAY BE AMENDED FROM TIME TO TIME. A COPY OF SAID AGREEMENT IS ON FILE WITH THE SECRETARY OF THE COMPANY AT THE PRINCIPAL OFFICE OF THE COMPANY. BY ACCEPTANCE OF THIS CERTIFICATE, THE HOLDER HEREOF AGREES TO BE BOUND BY THE TERMS OF SUCH AGREEMENT.”

     The Holders consent to the Company making a notation in its records and giving instructions to any transfer agent of the Restricted Securities in order to implement the restrictions on transfer set forth in this Section 2.10.

              (c)
The holder of each certificate representing Restricted Securities, by acceptance
thereof, agrees to comply in all respects with the provisions of this Section
2.10. Before any proposed sale, pledge, or transfer of any Restricted
Securities, unless there is in effect a registration statement under the
Securities Act covering the proposed transaction, the Holder thereof shall give
notice to the Company of such Holder’s intention to effect such sale,
pledge, or transfer. Each such notice shall describe the manner and
circumstances of the proposed sale, pledge, or transfer in sufficient detail
and, if reasonably requested by the Company, shall be accompanied at such
Holder’s expense by either (i) a written opinion of legal counsel who
shall, and whose legal opinion shall, be reasonably satisfactory to the Company,
addressed to the Company, to the effect that the proposed transaction may be
effected without registration under the Securities Act; (ii) a “no
action” letter from the SEC to the effect that the proposed sale, pledge,
or transfer of such Restricted Securities without registration will not result
in a recommendation by the staff of the SEC that action be taken with respect
thereto; or (iii) any other evidence reasonably satisfactory to counsel to the
Company to the effect that the proposed sale, pledge, or transfer of the
Restricted Securities may be effected without registration under the Securities
Act, whereupon the Holder of such Restricted Securities shall be entitled to
sell, pledge, or transfer such Restricted Securities in accordance with the
terms of the notice given by the Holder to the Company. The Company will not
require such a legal opinion or “no action” letter (x) in any
transaction in compliance with SEC Rule 144 or (y) in any transaction in
which

9

such Holder distributes Restricted Securities to an Affiliate of such Holder for no consideration, provided that each transferee agrees in writing to be subject to the terms of this Section 2.10. Each certificate or instrument evidencing the Restricted Securities transferred as above provided shall bear, except if such transfer is made pursuant to SEC Rule 144, the appropriate restrictive legend set forth in Section 2.10(b), except that such certificate shall not bear such restrictive legend if, in the opinion of counsel for such Holder and the Company, such legend is not required in order to establish compliance with any provisions of the Securities Act.

          2.11 Termination of Registration Rights. The right of any Holder to request inclusion of Registrable Securities in any registration pursuant to Section 2.1 or Section 2.2 shall terminate upon the earliest to occur of:

               (a) when all of such Holder’s Registrable Securities could be sold without restriction under SEC Rule 144 within any 90-day period; or

               (b) the fifth (5th) anniversary of the closing of the IPO.

     3. Miscellaneous.

          3.1
Successors and Assigns. Except as otherwise provided herein, the terms
and conditions of this Agreement shall inur to the benefit and be binding upon
the respective successors and assigns of the parties (including permitted
transferees of any shares of Registrable Securities); provided, however,
that, with respect to any permitted transfer by a Holder; (i) the Company is,
within a reasonable time after such transfer, furnished with written notice of
the name and address of such transferee and the Registrable Securities with
respect to which such rights are being transferred; and (ii) such transferee
agrees in a written instrument delivered to the Company to be bound by and
subject to the terms and conditions of this Agreement, including the provisions
of Section 2.10. Nothing in this Agreement, express or implied, is
intended to confer upon any party other than the parties hereto or their
respective successors and permitted assignees any rights, remedies, obligations
or liabilities under or by reason of this Agreement, except as expressly
provided herein. Any purported transfer of any shares of Registrable Securities
in violation or noncompliance with this Section 3.1 shall be null and
void.

          3.2 Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, regardless of the laws that might otherwise govern under applicable principles of conflicts of law.

          3.3 Counterparts; Facsimile. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. This Agreement may also be executed and delivered by facsimile signature and in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

          3.4 Titles and Subtitles. The titles and subtitles used in this Agreement are for convenience only and are not to be considered in construing or interpreting this Agreement.

          3.5 Notices. All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given upon the earlier of

10

actual receipt or: (i) personal delivery to the
party to be notified; (ii) when sent, if sent by electronic mail or facsimile
during the recipient’s normal business hours, and if not sent during normal
business hours, then on the recipient’s next business day; (iii) five (5)
days after having been sent by registered or certified mail, return receipt
requested, postage prepaid; or (iv) one (1) business day after the
business day of deposit with a nationally recognized overnight courier, freight
prepaid, specifying next-day delivery, with written verification of receipt. All
communications shall be sent to the respective parties at their addresses as set
forth on Schedule A hereto, or to the principal office of the Company as
set forth below and to the attention of the Chief Executive Officer, in the case
of the Company, or to such email address, facsimile number, or address as
subsequently modified by written notice given in accordance with this
Section 3.5.

  
    If to the Company, at:

ExamWorks, Inc.

3280 Peachtree Road NE

Suite 2625

Atlanta, GA 30305

Attn: Richard E. Perlman, Co-Chairman

Facsimile No.: (646) 358-1779

Email: richardperlman@examworks.com

with a copy to:

Paul, Hastings, Janofsky & Walker LLP

600 Peachtree Street, N.E.

Suite 2400

Atlanta, GA 30308

Attention: Reinaldo Pascual

Facsimile No.: (404) 685-5227

Email: reypascual@paulhastings.com

  

          3.6
Amendments and Waiver. Any term of this Agreement may be amended and the
observance of any term of this Agreement may be waived (either generally or in a
particular instance, and either retroactively or prospectively) only with the
written consent of the Company and the holders of a majority of the Registrable
Securities then outstanding; provided that the Company may in its sole
discretion waive compliance with Section 2.10(c) (and the Company’s
failure to object promptly in writing after notification of a proposed
assignment allegedly in violation of Section 2.10(c) shall be deemed to
be a waiver); and provided further that any provision hereof may
be waived by any waiving party on such party’s own behalf, without the
consent of any other party. Notwithstanding the foregoing, this Agreement may
not be amended or terminated and the observance of any term hereof may not be
waived with respect to any Placement Agent Party without the written consent of
such Placement Agent Party, unless such amendment, termination, or waiver
applies to all Placement Agent Parties in the same fashion. The Company shall
give prompt notice of any amendment or termination hereof or waiver hereunder to
any party hereto that did not consent in writing to such amendment, termination,
or waiver. Any amendment, termination, or waiver effected in accordance with
this

11

Section 3.6 shall be binding on all parties hereto, regardless of whether any such party has consented thereto. No waivers of or exceptions to any term, condition, or provision of this Agreement, in any one or more instances, shall be deemed to be or construed as a further or continuing waiver of any such term, condition, or provision.

          3.7 Severability. In case any one or more of the provisions contained in this Agreement is for any reason held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provision of this Agreement, and such invalid, illegal, or unenforceable provision shall be reformed and construed so that it will be valid, legal, and enforceable to the maximum extent permitted by law.

          3.8 Aggregation of Stock. All shares of Registrable Securities held or acquired by Affiliates shall be aggregated together for the purpose of determining the availability of any rights under this Agreement and such Affiliated persons may apportion such rights as among themselves in any manner they deem appropriate.

          3.9 Entire Agreement. This Agreement (including any Schedules hereto) and the other documents delivered pursuant hereto, constitute the full and entire understanding and agreement among the parties with respect to the subject matter hereof, provided that, the parties hereto acknowledge and agree that the parties hereto are subject to the terms and conditions of that certain Stockholders Agreement by and among ExamWorks Holdings, LLLP, the other stockholders party thereto and the Company, dated as of July 14, 2008, as amended.

          3.10
Dispute Resolution. The parties (a) hereby irrevocably and
unconditionally submit to the jurisdiction of the federal and state courts
located within the geographic boundaries of the United States District Court for
the District of New Castle County, Delaware for the purpose of any suit, action
or other proceeding arising out of or based upon this Agreement, (b) agree not
to commence any suit, action or other proceeding arising out of or based upon
this Agreement except in the federal and state courts located within the
geographic boundaries of the United States District Court for the District of
New Castle County, Delaware, and (c) hereby waive, and agree not to assert, by
way of motion, as a defense, or otherwise, in any such suit, action or
proceeding, any claim that it is not subject personally to the jurisdiction of
the above-named courts, that its property is exempt or immune from attachment or
execution, that the suit, action or proceeding is brought in an inconvenient
forum, that the venue of the suit, action or proceeding is improper or that this
Agreement or the subject matter hereof may not be enforced in or by such court.
Each of the parties to this Agreement consents to personal jurisdiction for any
equitable action sought in the U.S. District Court for the District of New
Castle County, Delaware or any court of the State of Delaware.

          3.11 Delays or Omissions. No delay or omission to exercise any right, power, or remedy accruing to any party under this Agreement, upon any breach or default of any other party under this Agreement, shall impair any such right, power, or remedy of such nonbreaching or nondefaulting party, nor shall it be construed to be a waiver of or acquiescence to any such breach or default, or to any similar breach or default thereafter occurring, nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. All remedies, whether under this Agreement or by law or otherwise afforded to any party, shall be cumulative and not alternative.

12

          3.12
Confidentiality. Each Placement Agent Party agrees that it will keep
confidential and will not disclose, divulge, or use for any purpose (other than
to monitor its investment in the Company) any confidential information obtained
from the Company pursuant to the terms of this Agreement (including notice of
the Company’s intention to file a registration statement), unless such
confidential information (a) is known or becomes known to the public in general
(other than as a result of a breach of this Section 3.12 by such
Placement Agent Party), (b) is or has been independently developed or conceived
by the Placement Agent Party without use of the Company’s confidential
information, or (c) is or has been made known or disclosed to the Placement
Agent Party by a third party without a breach of any obligation of
confidentiality such third party may have to the Company; provided,
however, that a Placement Agent Party may disclose confidential information
(i) to its attorneys, accountants, consultants, and other professionals to the
extent necessary to obtain their services in connection with monitoring its
investment in the Company; (ii) to any prospective purchaser of any Registrable
Securities from such Placement Agent Party, if such prospective purchaser agrees
to be bound by the provisions of this Section 3.12; (iii) to any
Affiliate, partner, member, stockholder, or wholly owned subsidiary of such
Placement Agent Party in the ordinary course of business, provided that
such Placement Agent Party informs such Person that such information is
confidential and directs such Person to maintain the confidentiality of such
information; or (iv) as may otherwise be required by law, provided that
the Placement Agent Party promptly notifies the Company of such disclosure
and takes reasonable steps to minimize the extent of any such required
disclosure.

13

     IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

			
	 	EXAMWORKS, INC.
	 	 	 
	 	By:	/s/ J. Miguel Fernandez de Castro
	 	Name: 	J. Miguel Fernandez de Castro
	 	Title: 	Chief Financial Officer

[Registration Rights Agreement]

			
	 	BROADBAND CAPITAL MANAGEMENT LLC
	 	 	 
	 	By:	/s/ Philip Wagenheim
	 	Name: 	Philip Wagenheim
	 	Title: 	Vice Chairman

[Registration Rights Agreement]

		
	 	EMPLOYEE/OFFICER
	 	 
	 	/s/ Michael Rapaport
	 	Name: Mike Rapaport
	 	 
	 	/s/ Philip Wagenheim
	 	Name: Philip Wagenheim

[Registration Rights Agreement]

Schedule A

Placement Agent Parties

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