Document:

Stockholders Agreement, dated as of May 2, 2005

 Exhibit 10.1 
 EXECUTION VERSION 
 STOCKHOLDERS AGREEMENT 
 This Stockholders Agreement (“Agreement”) is made and entered into as of the 2nd day of May, 2005, by and among Virtual Radiologic
Consultants, Inc., a Delaware corporation (the “Company”), those holders of the shares of Common Stock of the Company and/or options and warrants convertible into or exercisable for such shares of Common Stock (collectively, the
“Common Stock”) listed on Exhibit A attached hereto (the “Common Stockholders”), those transferees or other holders of shares of capital stock and/or options or warrants who have executed and delivered to the
Company a Joinder Agreement substantially in the form of Exhibit C hereto, and the other parties listed on the signature page of this Agreement as investors (referred to in this Agreement collectively as “Investors” and each
individually as an “Investor”) (the Investors and the Common Stockholders, collectively, the “Stockholders”). 
 RECITALS 
 A. The Investors have expressed an interest in acquiring from the Company shares of its Series A Cumulative
Redeemable Convertible Preferred Stock (the “Series A Preferred Stock”), which are convertible into shares of Common Stock of the Company. 
 B. The Common Stockholders are (i) the legal or beneficial owners of all of the currently outstanding shares of Common Stock, (ii) the holders of certain of the Company’s issued options to acquire
shares of Common Stock, and (iii) all those persons who will be purchasing shares of Common Stock from the Company simultaneously with the closing of the sale of the Series A Preferred Stock. 
 C. The Common Stockholders and the Company wish to provide a further inducement to the Investors to purchase the Company’s Series A Preferred Stock
by offering them certain stockholder rights as set forth below. 
 AGREEMENT 
 In consideration of the mutual covenants and agreements hereinafter set forth, the parties to this Agreement agree as follows: 
 1. Restrictions on Transfer. Subject to the provisions of Sections 3 and 6 hereof, no Stockholder shall have the right or power to sell, transfer (with or without
consideration), pledge, hypothecate or otherwise dispose of (such actions being collectively referred to in this Agreement as “Transfers”) any capital stock of the Company, or any interest therein, except: 
 (a) In the case of a Stockholder that is an individual, Transfers by death or inter vivos Transfers, with or without consideration, to any of the
Stockholder’s family members or to any trust established for the benefit of a Stockholder or a member of that Stockholder’s family; provided, however, that the executor or administrator of the estate, in the case of death, or
other transferee shall agree in a writing deposited with the Company prior to such Transfer to be bound by all of the terms of this Agreement as a 

 
“Stockholder” hereunder and such transferee shall execute and deliver to the Company a Joinder Agreement substantially in the form of Exhibit C
hereto. 
 (b) In the case of a Stockholder that is an entity, Transfers to its limited partners, general partners, stockholders, directors,
officers or affiliates, provided, however, that such transferee shall agree in a writing deposited with the Company prior to such Transfer to be bound by all of the terms of this Agreement as a “Stockholder” hereunder and
such transferee shall execute and deliver to the Company a Joinder Agreement substantially in the form of Exhibit C hereto. 
 (c) Transfers
authorized by the provisions of Section 2 below. 
 (d) Transfers of shares of Common Stock held by Dr. Sean Casey and Eduard
Michel (collectively, the “Founders”) to consultants and employees of Virtual Radiologic Professionals LLC (“VRP”), at a price per share equal to such share’s fair market value (as determined by the Board of
Directors), in amount not to exceed $250,000 in any fiscal year and $1,000,000 in the aggregate, provided, however, that no Transfer pursuant to this Section 1(d) shall be made without the prior written consent of Generation
Capital Partners II LP (“Generation”). 
 2. Rights of First Refusal. 
 (a) Each Stockholder agrees that if any Stockholder (a “Transferring Stockholder”) wishes to Transfer any or all of the capital stock
then owned by such Transferring Stockholder, other than as provided through the right to sell securities provided by Section 3, then such Transferring Stockholder shall first give a written notice (the “Transfer Notice”) to the
Company specifying the number of shares of capital stock such Transferring Stockholder wishes to Transfer (the “Transfer Securities”), containing an irrevocable offer (open to acceptance for a period of fifteen (15) days after
the date such Transfer Notice is received) to sell the Transfer Securities to the Transfer Offerees (as defined below) at the price stated in the Transfer Notice (the “Transfer Price”), which price shall be equal to the price
offered to such Stockholder by a bona fide third party offeror or in a letter of intent (the “Purchase Offer”), the identity of the offeror of which shall be contained in the Transfer Notice. If such bona fide third party offer is
contained in a written proposal, a copy of such document will be provided with the Transfer Notice. In addition, the Transfer Notice will contain the Transferring Stockholder’s certification that the proposed transferee has been notified in
writing of the rights of the Transfer Offerees under this Agreement. No Transfer to which this Section 2(a) is applicable shall be permitted unless the third party offer is for cash. 
 (b) The Company shall have the right to purchase all or a portion of the Transfer Securities; provided, however, that the Company must
determine the number of Transfer Securities it will purchase within ten (10) days after its receipt of the Transfer Notice. Within ten (10) days after its receipt of the Transfer Notice, the Company shall deliver a copy of the Transfer
Notice and a written statement of the number of Transfer Securities it has elected not to purchase (if any) (the “Remaining Transfer Securities”) to each of the Major Stockholders listed on Exhibit B hereto (the “Major
Stockholders” and 

  

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together with the Company, the “Transfer Offerees”). Any Major Stockholder who wishes to purchase any Remaining Transfer Securities shall
provide the Company with written notice specifying the number of Remaining Transfer Securities (up to such Major Stockholder’s Pro Rata Share, as defined below) which such Major Stockholder desires to accept within five (5) days of the
delivery of the Transfer Notice by the Company, and may, at the Major Stockholder’s option, indicate the maximum number of Remaining Transfer Securities such Major Stockholder irrevocably commits to purchase in excess of such Major
Stockholder’s Pro Rata Share (the “Excess Amount”). If one or more Major Stockholders decline to participate in such purchase or elect to purchase less than such Major Stockholder’s Pro Rata Share, then the Remaining
Transfer Securities shall automatically be deemed to be accepted by the Major Stockholders who specified an Excess Amount in their respective notice of acceptance, allocated among such Major Stockholders (with rounding to avoid fractional shares) in
proportion to their respective Pro Rata Share but in no event shall an amount greater than a Major Stockholder’s Excess Amount be allocated to such Major Stockholder. Any excess Remaining Transfer Securities shall be allocated among the
remaining Major Stockholders whose specified Excess Amount has not been satisfied (with rounding to avoid fractional shares) in proportion to each Major Stockholder’s respective Pro Rata Share, and such procedure shall be employed until the
entire Excess Amount of each Major Stockholder has been satisfied or all Remaining Transfer Securities have been allocated. The Company shall have the right but not the obligation to purchase any Remaining Transfer Securities remaining thereafter.
“Pro Rata Share” shall mean the percentage of Remaining Transfer Securities being offered to the Major Stockholders that each Major Stockholder shall be entitled to purchase, if any. Such percentage shall be determined by dividing
the number of shares of Common Stock (on an as-converted basis, but excluding any shares of Common Stock issuable to a Major Stockholder upon the exercise of outstanding options or warrants to purchase Common Stock) held by such Major Stockholder by
the aggregate number of all shares of Common Stock (on an as-converted basis, but excluding any shares of Common Stock issuable to a Major Stockholder upon the exercise of outstanding options or warrants to purchase Common Stock) held by the Major
Stockholders entitled to participate in the purchase of the Remaining Transfer Securities. A Major Stockholder’s failure to give timely written notice regarding its election to purchase any Remaining Transfer Securities under this section will
be deemed an election by such Major Stockholder not to purchase any Remaining Transfer Securities. 
 (c) If the offer to purchase Transfer
Securities is accepted by any Transfer Offerees, the Company, on behalf of all purchasing Transfer Offerees, shall provide the Transferring Stockholder with written notice of such acceptance specifying the number of the Transfer Securities as to
which each Transfer Offeree is accepting the offer (a “Notice of Acceptance”) within fifteen (15) days after the Transfer Notice is received. 
 (d) The closing of the purchase by the Transfer Offerees of the Transfer Securities pursuant to this Section 2 shall take place at the principal offices of the Company, or any other location as the parties may
agree, no later than the fifth (5th) day after the Notice of Acceptance is given. At such closing, each of the Transfer Offerees who has elected to purchase Transfer Securities shall deliver payment in immediately 

  

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available funds in the appropriate amount to the Transferring Stockholder against delivery of certificates duly endorsed for transfer representing the
Transfer Securities to be purchased. The Transfer Securities shall be delivered free and clear of all liens and encumbrances other than those imposed by this Agreement and applicable federal and state securities laws. 
 (e) If any Transfer Securities allocated to a Transfer Offeree are not purchased by such Transfer Offeree (the “Transfer Default
Securities”), such Transfer Default Securities may be purchased by the Company. Nothing contained herein shall prejudice any person’s right to maintain any cause of action or pursue any other remedies available to it as a result of
such default. 
 (f) If, at the end of the fifteenth (15th) day after the Transfer Notice is received, the Company has not delivered an
effective Notice of Acceptance of the offer contained in such Transfer Notice, or if it has delivered a Notice of Acceptance covering less than all of the Transfer Securities, then the Transferring Stockholder shall have sixty (60) days in
which to Transfer any or all of the Transfer Securities not accepted for purchase by the Transfer Offerees, at a price not lower than the Transfer Price and on terms no more favorable to the transferee than those contained in the Transfer Notice, to
the third party offeror referred to in Section 2(b) hereof; provided, however, that such third party offeror shall execute and deliver to the Company a Joinder Agreement substantially in the form of Exhibit C hereto as a
“Stockholder” hereunder. Promptly after any Transfer pursuant to this Section 2, the Transferring Stockholder shall notify the Company of the consummation thereof and shall furnish such evidence of the completion and time of
completion of such Transfer and of the terms thereof as the Company may request. If, at the end of such sixty (60) day period, the Transferring Stockholder has not completed the Transfer of all of the Transfer Securities, the Transferring
Stockholder shall no longer be permitted to Transfer such Securities pursuant to this Section 2(f) without again complying with this Section 2 in its entirety. If the Transferring Stockholder determines at any time within such sixty
(60) day period that the Transfer of all or any part of such Transfer Securities at a price not lower than the Transfer Price and on terms no more favorable to the transferee than those contained in the Transfer Notice is impractical, such
Transferring Stockholder may terminate all attempts to Transfer such Transfer Securities and recommence the procedures of this Section 2 in their entirety without waiting for the expiration of such sixty (60) day period by delivering
written notice of such decision to the Company. 
 3. Co-Sale Rights. 
 (a) Sales By The Stockholders. 
 (i) Participation Right. Upon receipt of a Transfer Notice pursuant to Section 2(b) hereof, each of the Major Stockholders shall also have the right, exercisable upon written notice to the Transferring
Stockholder within ten (10) days after receipt of the Transfer Notice, to participate in the Transferring Stockholder’s sale of capital stock pursuant to the specified terms and conditions of such Purchase Offer. To the extent one or more
of the Major Stockholders exercises such right of participation in accordance 

  

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with the terms and conditions set forth below, the number of shares of capital stock which the Transferring Stockholder may sell pursuant to such Purchase
Offer shall be correspondingly reduced such that the aggregate number of shares covered by the Purchase Offer remains constant. The right of participation of each of the Major Stockholders shall be subject to the following terms and conditions:

 (A) Each of the Major Stockholders may sell all or any part of that number of shares of the Company equal to the product
obtained by multiplying (i) the aggregate number of shares of Common Stock (including any Common Stock issuable upon conversion of Series A Preferred Stock) covered by the Purchase Offer by (ii) a fraction the numerator of which is the sum
of the number of shares of Common Stock (on an as-converted basis, but excluding any shares of Common Stock issuable to the Major Stockholder upon the exercise of outstanding options or warrants to purchase Common Stock) owned by the Major
Stockholder (collectively, the “Major Stockholder Stock”) and the denominator of which is the sum of (a) the number of shares of Major Stockholder Stock of the Company at the time owned by the Major Stockholder plus
(b) the number of shares of Common Stock of the Company owned by the Transferring Stockholder (on an as-converted basis, but excluding any shares of Common Stock issuable to a Major Stockholder upon the exercise of outstanding options or
warrants to purchase Common Stock) plus (c) the number of shares of Common Stock (on an as-converted basis, but excluding any shares of Common Stock issuable to a Major Stockholder upon the exercise of outstanding options or warrants to
purchase Common Stock) at that time owned by all other Major Stockholders participating in the right of participation set forth in this Section 3. 
 (B) A Major Stockholder with one or more affiliated funds may apportion the number of shares such funds are entitled to sell pursuant to Section 3(a)(i)(A) above, among such funds in any manner the Major
Stockholder may choose. 
 (C) Each of the Major Stockholders may effect its participation in the sale by delivering to the
Transferring Stockholder for transfer to the purchase offeror one or more certificates, properly endorsed for transfer, which represent: 
 (i) the number of shares of Common Stock which the Major Stockholder elects to sell pursuant to this Section 3(a)(i); or 
 (ii) that number of shares of Series A Preferred Stock which is at such time convertible into the number of shares of Common Stock which
the Major Stockholder elects to sell pursuant to this Section 3(a)(i); 
 provided, however, that if the purchase offeror
objects to the delivery of the Series A Preferred Stock in lieu of Common Stock, the participating Major Stockholder or Major Stockholders may convert and deliver Common Stock as 
  

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provided in this Section 3(a)(i)(C) above. If so requested by the purchase offeror, such participating Major Stockholder or Major Stockholders shall
execute a purchase agreement, on terms reasonably satisfactory to such Major Stockholder or Major Stockholders, provided, however, that in no event shall the liability to such Major Stockholder under any such purchase agreement be in
excess of the proceeds received by such Major Stockholder in such sale. 
 (ii) Transfer of Major Stockholder Stock.
The stock certificates which the Major Stockholders deliver to the Transferring Stockholder pursuant to Section 3(a)(i) shall be transferred by the Transferring Stockholder to the purchase offerer’s favor in consummation of the sale of the
Major Stockholder Stock pursuant to the terms and conditions specified in the Transfer Notice, and the Transferring Stockholder shall promptly thereafter remit (or cause the purchase offeror to remit) to each Major Stockholder that portion of the
sale proceeds to which the Major Stockholder is entitled by reason of its participation in such sale. 
 (iii) Subsequent
Sales. The exercise or non-exercise of the rights of the Major Stockholders hereunder to participate in one or more sales of capital stock made by the Transferring Stockholder shall not adversely affect their rights to participate in subsequent
capital stock sales by the Transferring Stockholder. 
 (iv) Pledge of Shares. The participation rights of the Major
Stockholders shall not pertain or apply to any pledge of capital stock made by the Transferring Stockholder which creates a mere security interest, provided the pledgee shall furnish the Major Stockholders with a written agreement to be bound by and
comply with all provisions of this Agreement applicable to the Transferring Stockholder. 
 4. Prohibited Transfers.

 (a) Put and Call Rights. In the event any Transferring Stockholder should sell any capital stock of the Company in contravention of
the rights of the Major Stockholders set forth in Sections 2 and 3 hereof (a “Prohibited Transfer”), the Major Stockholders shall have the put and call options provided in Sections 4(b), (c) and (d) below, and the third
party purchaser or purchasers of the Transferring Stockholder’s capital stock (the “Contingent Purchaser”) and the Transferring Stockholder shall be bound by the applicable provisions of such put and call options. 

(b) Repurchase Right. The Major Stockholders shall have the right, exercisable by each of them in proportion to their respective ownership of
the Company, at the time of a Prohibited Transfer (as determined in accordance with this Section (b)), to repurchase from the Contingent Purchaser any or all of the capital stock sold to such person by the Transferring Stockholder in contravention
of the participation rights of the Major Stockholders under this Agreement. Such option shall be exercisable in accordance with the following provisions: 
 (i) The option price per share shall be equal to the purchase price per share which the Contingent Purchaser paid to the Transferring Stockholder for the acquisition of such shares. 
  

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 (ii) Within ten (10) days after the Company first receives actual notice of the
Transferring Stockholder’s sale in contravention of the Major Stockholder’s participation rights under this Agreement, the Company shall notify each of the Major Stockholders in writing of such sale (a “Contravention
Notice”). The option shall be exercisable by written notice of exercise delivered to the Contingent Purchaser within twenty (20) days after receipt by the Major Stockholders of the Contravention Notice. The notice of exercise to the
Contingent Purchaser shall specify the number of shares for which the option is being exercised, and payment of the option price for such shares shall be made to the Contingent Purchaser within thirty (30) days after delivery of such notice of
exercise. 
 (iii) To the extent one of the Major Stockholders elects not to repurchase the full number of shares covered by
its option under this Section 4(b), the number of shares subject to the Section 4(b) option of the other Major Stockholders shall be correspondingly increased on a pro rata basis. 
 (iv) Upon payment of the option price, the Contingent Purchaser shall deliver to each Major Stockholder exercising the Section 4(b)
option one or more certificates, properly endorsed for transfer, representing the number of shares of capital stock for which the Major Stockholder has exercised such option. 
 (v) Any shares of capital stock sold to the Contingent Purchaser by the Transferring Stockholder which are not repurchased by the Major
Stockholders pursuant to their Section 4(b) option, shall upon the expiration of the option period cease to be subject to Section 4(b) of this Agreement but shall continue to be subject to the other provisions of this Agreement as if the
Transfer has been made pursuant to this Agreement and the transferee had executed and delivered to the Company a Joinder Agreement substantially in the form of Exhibit C hereto. 
 (c) Resale Rights. In the event one or more of the Major Stockholders exercises its Section 4(b) option to repurchase capital stock sold by
the Transferring Stockholder in a Prohibited Transfer, the Major Stockholders exercising such option shall have the additional option under this Section 4(c) to resell the repurchased shares to the Transferring Stockholder upon the following
terms and conditions: 
 (i) The price per share at which the repurchased shares are to be resold to the Transferring
Stockholder shall be equal to the option price per share paid by the Major Stockholder upon the exercise of the Section 4(b) option. 
  

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 (ii) A Major Stockholder exercising the Section 4(c) resale right shall deliver to
the Transferring Stockholder, within thirty (30) days after the repurchase of the shares is effected under Section 4(b), the certificate or certificates representing the repurchased shares, each certificate to be properly endorsed for
transfer. 
 (iii) The Transferring Stockholder shall, upon receipt of the certificates for the repurchased shares, pay the
aggregate Section 4(c) purchase price thereof or, by wire transfer or certified check made payable to the order of each Major Stockholder exercising the Section 4(c) resale option, and shall reimburse each Major Stockholder for any
additional expenses, including legal fees and expenses, incurred in effecting such purchase and resale. 
 (d) Option to Sell. In the
event of a Prohibited Transfer, and in the event that the Major Stockholders do not elect to exercise their right to repurchase such shares from the Contingent Purchaser as provided in Section 4(b) or, having exercised such right, the
transactions contemplated by Sections 4(b) and 4(c) are unable to be completed, the Major Stockholders shall have the option to sell to the Transferring Stockholder a number of shares of Common Stock of the Company (either directly or through
delivery of Series A Preferred Stock) equal to the number of shares sold by the Transferring Stockholder in contravention of such rights on the following terms and conditions: 
 (i) The price per share at which the shares are to be sold to the Transferring Stockholder shall be equal to the price per share paid by
the Contingent Purchaser to the Transferring Stockholder. 
 (ii) In order to exercise their resale rights contained in this
Section 4(d), within ninety (90) days after receipt of the Contravention Notice, a Major Stockholder shall deliver to the Transferring Stockholder the certificate or certificates representing shares to be sold, each certificate to be
properly endorsed for transfer. 
 (iii) The Transferring Stockholder shall, upon receipt of the certificates for the shares
being sold pursuant to this Section 4(d), pay the aggregate Section 4(d) purchase price therefor, by wire transfer or certified check made payable to the order of each Major Stockholder exercising the Section 4(d) option, and shall
reimburse each Major Stockholder for any additional expenses, including legal fees and expenses, incurred in effecting such purchase and resale. 
 5. Legended Certificates. 
 (a) Legend. Each certificate representing shares of the Equity
Securities (as defined below) of the Company now or hereafter owned by any Stockholder shall be endorsed with the following legend: 
 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER AND TO THE TERMS OF AN IRREVOCABLE 

  

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PROXY PURSUANT TO A STOCKHOLDERS’ AGREEMENT AMONG THE ISSUER AND CERTAIN HOLDERS OF THE ISSUER’S SECURITIES. NO TRANSFER OF THESE SECURITIES WILL
BE VALID UNLESS THE CONDITIONS TO TRANSFER CONTAINED IN THE STOCKHOLDERS’ AGREEMENT HAVE BEEN SATISFIED. ALL TRANSFEREES OF THESE SECURITIES WILL TAKE THEM SUBJECT TO THE TERMS AND CONDITIONS OF THE STOCKHOLDERS’ AGREEMENT, INCLUDING THE
RESTRICTIONS ON TRANSFER AND THE IRREVOCABLE PROXY CONTAINED THEREIN. A COPY OF THE STOCKHOLDERS’ AGREEMENT MAY BE OBTAINED AT NO COST BY WRITTEN REQUEST MADE BY THE HOLDER OF RECORD OF THIS CERTIFICATE TO THE SECRETARY OF THE COMPANY.”

 (b) Removal of Legend. The Section 5(a) legend shall be removed upon termination of this Agreement in accordance with the
provisions of Section 9. 
 6. Come-Along Rights. Each Stockholder agrees that, in the event that the Board of Directors, with the approval of
the holders of at least a majority of the then outstanding shares of Series A Preferred Stock, approves a sale of the Company, whether by merger, reorganization, or sale of all or substantially all of the Company’s assets or business, or
otherwise, then the Company shall have the right to require the participation by each Stockholder in such transfer, and each Stockholder shall vote their shares in favor of such sale and cooperate in connection therewith to facilitate such sale,
provided, however, that the foregoing rights shall not be exercisable during any period during which the Designated Directors elected pursuant to Section 7(b) are in office. 
 7. Board of Directors; Governance. 
 (a) Election of Directors Generally. Each Stockholder shall from time to time take such action, in such Stockholders’ capacity as a direct or indirect stockholder of the Company, including the voting or
causing to be voted all voting securities owned or controlled by such Stockholder, as may be necessary to cause the Company to be managed at all times by a Board of Directors composed, subject to the remainder of this Section 7, of six
(6) directors, as follows: 
 (i) For so long as the Investors hold shares of Series A Preferred Stock, the Investors,
acting as a separate class, will have the right to nominate and elect two (2) directors and their replacements (the “Series A Directors”). The initial Series A Directors will be Mark E. Jennings and Robert M. Pflieger. The
Series A Directors (and any successors thereto) may not be removed without the approval of the Investors, acting as a separate class, and any vacancy created by a Series A Director (or a successor) ceasing to be a director, for any reason, will be
filled only by a replacement approved by the Investors; 
 (ii) The holders of a majority of the Common Stock (acting together
as a single class) will have the right to nominate and elect three (3) directors and their replacements (the “Common Directors”), provided, however, that one of the three Common Directors shall be the then-current
chief executive officer of the Company. The 

  

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initial Common Directors will be Eduard Michel, Domingo R. Gallardo and Sean O. Casey. The Common Directors (and any successors thereto) may not be removed
without the approval of at least a majority of the Common Stock (acting together as a single class) and any vacancy created by a Common Director (or a successor) ceasing to be a director, for any reason, will be filled only by a replacement approved
by the same requisite vote of holders of Common Stock; and 
 (iii) The remaining one (1) director and his or her
replacement shall be nominated by the mutual agreement of at least one Series A Director and a majority of the Common Directors and shall be elected by the holders of a majority of the Common Stock and the Series A Preferred Stock (acting together
as a single class on an as if converted basis) (the “Independent Director”). The Independent Director (and any successor thereto) may not be removed without the approval of the Stockholders that would be entitled to elect that
director’s replacement. Any nominee to fill any vacancy created by the Independent Director (or a successor) ceasing to be a director for any reason will be a nominee approved by the mutual agreement of at least one Series A Director and a
majority of the Common Directors. The parties agree that the Board of Directors shall have the power to to fill the initially vacant directorship with respect to the Independent Director with a nominee designated as provided in the preceding
sentence without any further action by the stockholders of the Company. 
 (b) Voting Agreement Relating to a Restructuring Default.
If the Company fails to implement the Committee Plan (as defined in the Purchase Agreement) within ninety (90) days of its adoption then, upon written notice from the holders of a majority of the shares of Series A Preferred Stock then
outstanding, the Company shall promptly set a record date for and hold a meeting of the Stockholders of the Company for the purpose of electing the Board of Directors of the Company and each of the Common Stockholders shall grant to each of Mark
Jennings and Rob Pflieger a proxy (“Proxy”) coupled with an interest and with power of substitution authorizing each and either of them to vote all shares of capital stock of the Company then owned by such Common Stockholder to
remove two (or such greater number of directors as may be necessary in order to implement the provisions of this Section 7(b)) Common Directors (provided, that the remaining Common Director, if any, shall be Dr. Sean Casey if
Dr. Casey is a director at such time) and elect as Common Directors two individuals (or such greater number of individuals such that, together with the Series A Directors, such individuals will constitute a majority of the Board of Directors)
(the “Designated Directors”) designated by Generation. The Designated Directors shall be elected for the purpose of implementing the Committee Plan, and the Board of Directors shall thereupon proceed to implement the Committee Plan
as promptly as practicable. Upon the earlier of (i) implementation of the Committee Plan or (ii) expiration of one year following election of the Designated Directors, the Proxy shall lapse, the Company shall promptly set a record date for
and hold a meeting of the Stockholders of the Company for the purpose of electing the Board of Directors of the Company and the Common Stockholders shall be entitled to remove the Common Directors elected as provided above and elect their
replacements (or leave such directorships vacant if they so desire). Subject to termination as provided in Section 9(a), the provisions of this Section 7(b) shall remain in effect until such time as the Company completes a Restructuring
(as defined in the Purchase Agreement). 
  

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 (c) Expenses. The Company shall pay the reasonable out-of-pocket expenses incurred by each member
of the Board of Directors designated pursuant to Section 6(a) in connection with attending the meetings of the Board and any committees thereof. 
 (d) Covenant to Vote. Each of the Stockholders agrees to vote or cause to be voted, in person or by proxy, all of the securities of the Company owned or controlled by such Stockholder entitled to vote at any
annual or special meeting of the stockholders of the Company called for the purpose of voting on the election of directors, or to execute a written consent in lieu thereof, in favor of the election of the directors nominated in accordance with
Section 7(a) and 7(b). 
 (e) Vacancies. In the case of any vacancy (other than a vacancy caused by removal) relating to any
Series A Director or any Common Director, the remaining Series A Director or Common Directors, as the case may be, may appoint a successor or successors to hold office for the unexpired term of the director or directors whose place or places shall
be vacant. Each of the Stockholders will use its best efforts to cause the directors designated by such Stockholders to comply with the provisions of this Section. If the Board does not fill any vacancy on the Board or fills it in a manner contrary
to the terms of this Agreement, each of the Stockholders will use its best efforts to cause the Company to either promptly hold a special meeting of stockholders or to execute a written consent in lieu thereof, and each of the Stockholders will vote
or cause to be voted all of the securities owned or controlled by such Stockholder and entitled to vote at such meeting, in person or by proxy, or pursuant to such written consent of stockholders, in favor of the removal of any such person elected
contrary to the terms of this Agreement and in favor of the person or persons designated in accordance with Section 7(a) to fill such vacancy. 
 (f) No Inconsistent Agreements. Each Stockholder represents that such Stockholder has not granted and is not a party to any proxy, voting trust or other agreement that is inconsistent with or conflicts with the provisions of this
Agreement, and no Stockholder will grant any proxy or become party to any voting trust or other agreement that is inconsistent with or conflicts with the provisions of this Agreement. 
 (g) Board of Directors of Subsidiaries. The rights to designate directors provided in Section 7(a) shall also apply, proportionally, to any
board of directors of any subsidiary of the Company, except as determined otherwise by the Board on a unanimous basis. 
 (h)
Sarbanes-Oxley Act Board Requirements. The Stockholders and the Company shall reasonably cooperate to comply with any provisions of the Sarbanes-Oxley Act of 2002, as amended, relating to the composition of the Board of Directors at such time
as such provisions are applicable to the Company. 
  

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 (i) Conditional Irrevocable Proxy and Power of Attorney. To secure each Stockholder’s
obligation to vote his, her or its shares of capital stock of the Company in accordance with the provisions of Sections 6 and 7(d), each Stockholder, on behalf of himself, herself or itself and any person to whom he, she or it transfers any shares
of capital stock, hereby appoints each of Generation Partners and Dr. Sean Casey as his, her or its proxy and attorney-in-fact, with full power of substitution and resubstitition, to vote all of such Stockholder’s shares of capital stock
of the Company for the matters set forth in Sections 6 and 7(d) and to execute and deliver any and all documents as may be reasonably required in connection therewith, if and only if such Stockholder fails to comply with such provisions. The proxy
and power of attorney granted pursuant to this Section 7(i) are coupled with an interest and are given to secure the performance of such Stockholder’s agreements under this Agreement. Such proxy and such power of attorney are irrevocable
for the term of this Agreement and will survive the death, incompetency or disability of any individual holder of capital stock of the Company subject to this Agreement and the merger or dissolution of any holder of capital stock of the Company
subject to this Agreement that is a corporation, partnership, limited liability company or similar entity. Except as set forth in Sections 6 and 7(d), each Stockholder will retain at all times the right to vote its shares of capital stock of the
Company, in his, her or its sole discretion, on all matters which are, at any time and from time to time, presented for a vote to the stockholders of the Company. 
 8. Preemptive Rights 
 (a) If the Company determines to issue any additional shares of its capital stock, or warrants,
options, rights or other securities convertible into its capital stock (collectively the “Equity Securities”), from and after the date of this Agreement, the Company shall first give each of the Major Stockholders the right to
purchase such Equity Securities by delivering to them a written offer which shall state the price and other terms and conditions of the proposed issuance. If the Company proposes to issue the Equity Securities for consideration other than solely
cash and/or promissory notes, the offer to the Major Stockholders shall, to the extent of such consideration, permit such Major Stockholders to pay in lieu thereof, cash equal to the fair market value of such consideration, and the offer shall state
the Company’s estimate of such fair market value. The Board of Directors shall fix the period of the offer which shall be a minimum of 30 days but in no event more than 90 days to determine the fair market value of the consideration referred to
in the preceding sentence. Each Major Stockholder shall have the right to assign any of the rights such Major Stockholder may have to purchase Equity Securities under this Section 8(a) to any person affiliated with such holder provided such
person is an “accredited investor” under Regulation D promulgated by the Securities and Exchange Commission. For purposes of the foregoing sentence, the term “affiliated” shall have the meaning assigned to it under Rule 405 under
the Securities Act. 
 (b) A Major Stockholder may accept an offer only by giving written notice to the Company before the offer expires that
the Major Stockholder has accepted the offer to purchase some or all of the securities offered (the “Accepted Securities”); provided, however, that the maximum number or amount of securities a Major Stockholder shall be

  

 12 

 
entitled to purchase shall be equal to that number or amount of securities to be issued multiplied by a fraction, the numerator of which shall be the
aggregate number of shares of Common Stock (computed by assuming the conversion into Common Stock of all convertible preferred stock then outstanding, but excluding any shares of Common Stock issuable upon the exercise of outstanding options or
warrants to purchase Common Stock) owned by the Major Stockholder and the denominator of which shall be the aggregate number of shares of Common Stock outstanding (computed by assuming the conversion into Common Stock of all convertible preferred
stock then outstanding, but excluding any shares of Common Stock issuable upon the exercise of outstanding options or warrants to purchase Common Stock). 
 Notwithstanding the foregoing, any such Major Stockholder may, at the time it accepts the offer, subscribe to purchase any or all securities offered (“Oversubscription Securities”) which may be
available as a result of the rejection, or partial rejection, of the offer by other Major Stockholder. Promptly following the expiration of the offer, the Company shall allocate the securities subscribed for among the Major Stockholders accepting or
partially accepting the offer (the “Subscribing Holders”), pro rata, based upon their respective holdings as aforesaid, and shall by written notice (the “Acceptance Notice”) advise all Subscribing Holders of the
number or amount of securities allocated to each of the Subscribing Holders. Within 10 days following receipt of the Acceptance Notice, each of the Subscribing Holders shall deliver to the Company payment in full for the Accepted Securities
purchased by it against delivery by the Company by each Subscribing Holder of a certificate or certificates evidencing the Accepted Securities purchased by it. To the extent the offer is not subscribed in full by Major Stockholders, the Company may,
for a period of 90 days thereafter, issue and sell the unaccepted securities, or any of them, at the same price, and upon the other terms and conditions specified in such offer, to any person or persons. 
 (c) Notwithstanding the provisions of this Section 8, the Company shall not be required to first offer the Equity Securities to the Major
Stockholders if: (i) the issuance is pursuant to the conversion of any shares of the Preferred Stock; (ii) the issuance is pursuant to the exercise of any currently outstanding options or warrants, provided the total of all such
shares does not exceed 3,162,303 (as adjusted for any stock split, stock dividend, recapitalization, reorganization, merger or consolidation); (iii) the Company proposes to issue nontransferable options to purchase Common Stock to its officers,
directors, employees or consultants, or to the employees or consultants of VRP, pursuant to employment or compensation plans or other arrangements approved by the Company’s Board of Directors, provided the total of all such shares does
not exceed 910,230 shares (as adjusted for any stock split, stock dividend, recapitalization, reorganization, merger or consolidation); (iv) the issuance is pursuant to the Company’s 2005 Stock Purchase Plan (the “2005 Stock
Purchase Plan”), provided the total of all such shares under this Section 8(c)(iv) does not exceed 483,341; (v) the issuance is in connection with the acquisition of more than fifty (50%) percent of the voting
securities of another entity or of all or substantially all of the assets of another entity; or (vi) the issuance is pursuant to a registration statement on Form S-1 under the Securities Act of 1933, as amended, at an offering price (prior to
underwriting commissions and expenses) 

  

 13 

 
of not less than $13,125 per share (as adjusted for any stock split, stock dividend, recapitalization, reorganization, merger or consolidation) and the
aggregate proceeds to the Company of which exceed $40,000,000 (a “Qualified Public Offering”). 
 (d) Notwithstanding the
other provisions of this Section 8, in the event the Company issues any Equity Securities pursuant to the 2005 Stock Purchase Plan (other than as set forth in Section 8(c)(iv) above), no Major Stockholder shall be entitled to exercise any
pre-emptive rights with respect thereto, provided, that immediately following such issuance, the Major Stockholders shall be entitled to purchase from the Company, at the same price per share as those Equity Securities issued under the 2005
Stock Purchase Plan, that number of shares of Equity Securities of the same class and series as issued under the 2005 Stock Purchase Plan that, when added to the number of shares issued to the participants in the 2005 Stock Purchase Plan, result in
the Major Stockholders owning the same percentage of shares as the Major Stockholders owned of the Company immediately prior to such issuance. The Equity Securities to be offered pursuant to this Section 8(d) shall be offered by the Company to
the Major Stockholders on the same terms and conditions as set forth in the Section 8(a) and 8(b) hereof. 
 9. Miscellaneous Provisions.

 (a) Termination of Rights. The rights and obligations of the Stockholders under this Agreement (except those obligations of the
Stockholders set forth in Section 9(1)) shall terminate upon the occurrence of any one of the following events: 
 (i)
the liquidation, dissolution or indefinite cessation of the business operations of the Company; 
 (ii) the execution by the
Company of a general assignment for the benefit of creditors or the appointment of a receiver or trustee to take possession of the property and assets of the Company; or 
 (iii) the consummation of a Qualified Public Offering. 
 (b) Notices. All notices, demands or other communications hereunder shall be in writing and shall be deemed given when delivered personally, mailed by certified mail, return receipt requested, sent by overnight
courier service or telecopied, telegraphed or telexed (transmission confirmed), or otherwise actually delivered: 
 (i) if to
the Investors, at the address and number set forth in the Purchase Agreement of even date herewith by and between the Company and the Investor, marked for attention as therein indicated; 
 (ii) if to the Company, at 5995 Opus Parkway, Suite 200, Minneapolis, MN 55343, Attn: Chief Executive Officer, with a copy to the General
Counsel, or at such other address as may have been furnished by the Company in writing to the other parties. 
 (iii) if to
any Stockholder, at the address and numbers set forth in Exhibit A hereto; 
  

 14 

 or at such other address and numbers as may have been furnished by such person in writing to the other
parties. 
 (c) Severability and Governing Law. Should any Section or any part of a Section within this Agreement be rendered void,
invalid or unenforceable by any court of law for any reason, such invalidity or unenforceability shall not void or render invalid or unenforceable any other Section or part of a Section in this Agreement. This Agreement is made and entered into in
the State of Delaware and the laws of said state shall govern the validity and interpretation hereof and the performance by the parties hereto of their respective duties and obligations hereunder without regard to its principles of conflicts of
laws. 
 (d) Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original but
all of which together shall constitute one and the same instrument. 
 (e) Captions and Section Headings. Section titles or captions
contained in this Agreement are inserted as a matter of convenience and for reference purposes only, and in no way define, limit, extend or describe the scope of this Agreement or the intent of any provision hereof. 
 (f) Singular and Plural. Etc. Whenever the singular number is used herein and where required by the context, the same shall include the plural,
and the neuter gender shall include the masculine and feminine genders. 
 (g) Costs and Attorneys’ Fees. In the event that any
action, suit, or other proceeding is instituted concerning or arising out of this Agreement, the prevailing party shall recover all of such party’s costs, and attorneys’ fees incurred in each and every such action, suit, or other
proceeding, including any and all appeals or petitions therefrom. As used herein, “attorneys’ fees” shall mean the full and actual costs of any legal services actually rendered in connection with the matters involved,
calculated on the basis of the usual fee charged by the attorneys performing such services. 
 (h) Amendments and Waivers. Neither
this Agreement nor any term hereof may be changed, waived, discharged or terminated orally or in writing, except that any term of this Agreement may be amended and the observance of any such term may be waived (either generally or in a particular
instance and either retroactively or prospectively) with (but only with) the written consent of each of (i) the Company, (ii) Stockholders holding a majority of the shares of Common Stock then held by the Stockholders, and
(iii) Stockholders holding a majority of the shares of Series A Preferred Stock then held by the Stockholders; provided, however, that no such amendment or waiver shall affect the provisions of this Section 9(h) and no such
waiver shall extend to or affect any obligation not expressly waived or impair any right consequent therein, provided, further, however, that with respect to rights under Section 2, 3, 4 and 8, (x) Stockholders holding
a majority of the shares of Common Stock then held by the Stockholders, acting separately as a class, may in any instance waive the application of such rights to the holders of Common Stock, (y) Stockholders holding a 

  

 15 

 
majority of the shares of Series A Preferred Stock then held by the Stockholders, acting separately as a class, may in any instance waive the application of
such rights to the holders of Series A Preferred Stock and (z) any party may waive any of its rights without the written consent of any other party. 
 (i) Successors and Assigns. All rights, covenants and agreements of the parties contained in this Agreement shall, except as otherwise provided herein, be binding upon and inure to the benefit of the respective
successors and assigns of the parties hereto. 
 (j) Entire Agreement. This Agreement contains the entire understanding of the parties
and there are no further or other agreements or understandings, written or oral, in effect between the parties relating to the subject matter hereof unless expressly referred to herein. This Agreement supercedes that certain Cross Purchase
Agreement, dated October 24, 2003, by and among the Company, Dr. Sean Casey, Eduard Michel, David Hunter and Gary Weiss. 
 (k)
Remedies. The parties agree that money damages may not be an adequate remedy for any breach of the provisions of this Agreement. If any party brings any action or proceeding to enforce the provisions of this Agreement, any party against whom
such action or proceeding is brought waives the claim or defense that an adequate remedy at law exists and such party will not urge in any such action or proceeding the claim or defense that such remedy at law exists. The parties further agree that
an injured party will, at its option, have the right to an injunction from a court of competent jurisdiction restraining further violation of this Agreement or any provision of this Agreement or affirmatively compelling any violating party to carry
out its obligations hereunder without necessity of posting bond or proving damages. The rights granted in this Section 9(k) shall be cumulative and not exclusive, and shall be in addition to any and all other rights which the parties hereto may
have hereunder, at law or in equity. 
 (l) Holdback. If the Company files a registration statement in connection with an underwritten
public offering, upon the request of the managing underwriter, no Stockholder shall effect any sale or distribution of any shares (except pursuant to such registration statement) of the capital stock of the Company, whether now owned or hereafter
acquired, during a reasonable and customary period of time, as determined by the Board of Directors upon the advice of the underwriters, not to exceed 180 days, following the effective date of a registration statement filed under the Securities Act
in connection with the initial public offering of the Company, provided that all holders of one percent (1%) or more of the Company’s outstanding Series A Preferred Stock (on an as-converted basis) and Common Stock, and all officers,
directors and key employees of the Company, to the extent that they hold Common Stock or Series A Preferred Stock, enter into similar agreements providing for similar restrictions on sales. In order to enforce the foregoing covenant, the Company may
impose stop-transfer instructions with respect to the Series A Preferred Stock or Common Stock of each Stockholder until the end of such reasonable and customary period. 
  

 16 

 IN WITNESS WHEREOF, the parties have executed this Agreement on the date and year indicated above.

  

	
	COMPANY:
	
	VIRTUAL RADIOLOGIC CONSULTANTS, INC.
	
	/s/ Sean O. Casey
	Name: Sean O. Casey, M.D.
	Title: President and Chief Executive Officer

 STOCKHOLDERS AGREEMENT 
 VIRTUAL RADIOLOGIC CONSULTANTS, INC. 

 IN WITNESS WHEREOF, the parties have executed this Agreement on the date and year indicated above.

  

			
	INVESTORS:
	
	GENERATION CAPITAL PARTNERS II LP
	
	By: Generation Partners II LLC, its General Partner
		
	By:	 	/s/ Mark E. Jennings
		 	Name: Mark E. Jennings
		 	Title: Managing Member
	
	GENERATION MEMBERS’ FUND II LP
	
	By: Generation Partners II LLC, its General Partner
		
	By:	 	/s/ Mark E. Jennings
		 	Name: Mark E. Jennings
		 	Title: Managing Member

 STOCKHOLDERS AGREEMENT 
 VIRTUAL RADIOLOGIC CONSULTANTS, INC. 

 IN WITNESS WHEREOF, the parties have executed this Agreement on the date and year indicated above.

  

							
	 INVESTORS:

	
	 MACH II LIMITED PARTNERSHIP

		
	By:	 	 Mach Capital L.P., its general partner

			
		 	 By:
	 	 Aureus Capital Partners Ltd., its general partner

				
		 		 	 By:
	 	 /s/ Andrew Ian Wignall

		 		 		 	 Name: Andrew Ian Wignall

		 		 		 	 Title: Director

  

					
	 MACH CAPITAL L.P.

		
	By:	 	 Aureos Capital Partners Ltd., its general partner

			
		 	By:	 	 /s/ Andrew Ian Wignall

		 		 	 Name: Andrew Ian Wignall

		 		 	 Title: Director

 STOCKHOLDERS AGREEMENT 
 VIRTUAL RADIOLOGIC CONSULTANTS, INC. 

 IN WITNESS WHEREOF, the parties have executed this Agreement on the date and year indicated above.

  

			
	 INVESTORS:

	
	 FUJIFILM Medical Systems USA, Inc.

		
	 By:
	 	 /s/ Clayton Larsen

		 	 Name: Clayton Larsen

		 	 Title: Vice President, Marketing and Network Development

 STOCKHOLDERS AGREEMENT 
 VIRTUAL RADIOLOGIC CONSULTANTS, INC. 

 IN WITNESS WHEREOF, the parties have executed this Agreement on the date and year indicated above.

  

	
	 INVESTORS:

	
	 Kelly J. Martin

	
	 /s/ Kelly J. Martin

	
	 Richard P. Conklin

	
	 /s/ Richard P. Conklin

 STOCKHOLDERS AGREEMENT 
 VIRTUAL RADIOLOGIC CONSULTANTS, INC. 

 IN WITNESS WHEREOF, the parties have executed this Agreement on the date and year indicated above. 
  

	
	 COMMON STOCKHOLDERS:

	
	 Brent Backhaus

	
	 /s/ Brent Backhaus

	
	 Sean O. Casey, M.D.

	
	 /s/ Sean O. Casey

	
	 David L. Hunter

	
	 /s/ David L. Hunter

	
	 Eduard Michel

	
	 /s/ Eduard Michel

	
	 Gary Weiss

	
	 /s/ Gary Weiss

 Kirk M. Brown or Sally de Zwaan, Trustees for the Brown de Zwaan Investment Trust 

					
		
	By:	 	 /s/ Kirk M. Brown

		 	 Name:
	 	 Kirk M. Brown

		 	 Title:
	 	

 Ranie W. Pendarvis, Trustee for the Ranie W. Pendarvis Revocable Trust 

					
		
	By:	 	 /s/ Ranie W. Pendarvis,Trustee for the Ranie W. Pendarvis Revocable Trust, dated
11/10/03

		 	 Name:
	 	 Ranie W. Pendarvis

		 	 Title:
	 	

 STOCKHOLDERS AGREEMENT 
 VIRTUAL RADIOLOGIC CONSULTANTS, INC. 

 IN WITNESS WHEREOF, the parties have executed this Agreement on the date and year indicated above. 
  

					
	COMMON STOCKHOLDERS:
	
	 William Blair & Company, L.L.C.

		
	By:	 	 /s/ Kelly J. Martin

		 	 Name:
	 	 Kelly J. Martin

		 	 Title:
	 	 Principal

 STOCKHOLDERS AGREEMENT 
 VIRTUAL RADIOLOGIC CONSULTANTS, INC. 

 EXHIBIT A  
 COMMON STOCKHOLDERS 
 Brent Backhaus 
 Sean O. Casey, M.D. 
 David L. Hunter 
 Eduard Michel 
 Gary Weiss 
 Kirk M. Brown or Sally de Zwaan, Trustees for the Brown de Zwaan Investment Trust 
 Ranie W. Pendarvis, Trustee
for the Ranie W. Pendarvis Revocable Trust 
 William Blair & Company, L.L.C. 
 STOCKHOLDERS AGREEMENT 
 VIRTUAL RADIOLOGIC
CONSULTANTS, INC. 

 EXHIBIT B  
 MAJOR STOCKHOLDERS 
 Generation Capital Partners II LP 
 Generation Members’ Fund II LP 
 Mach II Limited Partnership 
 Mach Capital L.P. 
 Brent Backhaus 
 Sean O. Casey, M.D. 
 David L. Hunter 
 Eduard Michel 
 Gary Weiss 
 Kirk M. Brown or Sally de Zwaan, Trustees for the Brown de Zwaan Investment Trust 
 Ranie W. Pendarvis, Trustee for the Ranie W. Pendarvis Revocable Trust 
 STOCKHOLDERS AGREEMENT 
 VIRTUAL RADIOLOGIC CONSULTANTS, INC. 

 EXHIBIT C 
 Joinder Agreement 
 The undersigned is executing and delivering this Joinder Agreement pursuant to
the Stockholder Agreement dated as of May     , 2005 (the “Stockholder Agreement”), among Virtual Radiologic Consultants, Inc., a Delaware corporation (the “Company”), and the Stockholders
named therein. 
 By executing and delivering this Joinder Agreement to the Company, the undersigned hereby agrees to become a party to, to
be bound by, and to comply with the provisions of, and recognized that the undersigned will receive the benefits of the Stockholder Agreement in the same manner as if the undersigned were an original signatory to such agreement. 
 The undersigned agrees that he shall be a Stockholder as such term is defined in the Stockholders Agreement. 
 Accordingly, the undersigned has executed and delivered this Joinder Agreement as of the      day of
        ,             . 
  

	
	
	
	   
	 Signature of [Stockholder]

	
	   
	 Print Name of [Stockholder]

 STOCKHOLDERS AGREEMENT 
 VIRTUAL RADIOLOGIC CONSULTANTS, INC.Investor Rights Agreement, dated as of May 2, 2005

 Exhibit 10.2 
 EXECUTION VERSION 
 INVESTOR RIGHTS AGREEMENT 
 This Investor Rights Agreement (“Agreement”) is made and entered into as of the 2nd day of May, 2005, by and among Virtual Radiologic
Consultants, Inc., a Delaware corporation (the “Company”), the other parties listed on the signature page of this Agreement as investors (the “Investors”) and, for purposes of Section 1 only, William
Blair & Company, L.L.C. (“Blair”). 
 RECITALS 
 A. Pursuant to a Stock Purchase Agreement, dated as of May 2, 2005 (the “Purchase Agreement”), the Company agreed to sell 3,626,667
shares of its Series A Preferred Stock to the Investors. 
 B. The execution and delivery of this Agreement by the Company are conditions to
the issuance of the shares of Series A Preferred Stock under the Purchase Agreement. Accordingly, the Company deems it necessary and advisable and in its best interests, and in the best interests of the stockholders of the Company, to enter into
this Agreement. 
 AGREEMENT 
 In consideration of the mutual covenants and agreements hereinafter set forth, the parties to this Agreement agree as follows: 
 1. Registration
Provisions. 
 1.1 Definitions. For the purposes of this Section 1 and other Sections of this Agreement, the following words
shall have the meanings set forth below: 
 (a) “Blair Warrant” means the warrant to purchase up to 72,533
shares of Common Stock issued to Blair on the date hereof. 
 (b) “Commission” means the Securities and
Exchange Commission or any other federal agency at the time administering the Securities Act. 
 (c) “Common
Stock” means the Company’s Common Stock $0.001 par value per share. 
 (d) “Company’s
Notice” shall have the meaning set forth in Section 1.2 hereof. 
 (e) “Initiating Holders”
means the holders of Registrable Stock initially requesting registration of Registrable Stock pursuant to Section 1.2 of this Agreement. 

 (f) “Investors’ Notice” shall have the meaning set forth in
Section 1.4 hereof. 
 (g) “Long-Form Registration Statement” means a registration statement on Form S-l
or Form S-2, or any similar form of registration statement adopted by the Commission from and after the date hereof. 
 (h)
“Major Series A Investor(s)” means each of the Major Series A Investors listed on Exhibit A hereto. 
 (i)
“Prospective Sellers” shall have the meaning set forth in Section 1.7(a)(ii) hereof. 
 (j)
“Preferred Stock” shall mean all shares of Series A Preferred Stock of the Company as are outstanding from time to time. 
 (k) The terms “register,” “registered” and “registration” refer to a registration effected by preparing and filing a registration statement in compliance with the
Securities Act. 
 (l) “Registrable Stock” means (i) any Common Stock issued or issuable upon conversion
of the Preferred Stock held by any of the Investors (the “Conversion Shares”); (ii) any Common Stock issued or issuable with respect to the Conversion Shares by reason of a stock dividend or stock split or in connection with a
combination of shares, recapitalization, merger, consolidation or other reorganization, (iii) any Common Stock issued or issuable upon the exercise of the Blair Warrant (the “Warrant Shares”); (iv) any Common Stock issued
or issuable with respect to the Warrant Shares by reason of a stock dividend or stock split or in connection with a combination of shares, recapitalization, merger, consolidation or other reorganization, and (v) any other shares of Common Stock
now held or hereafter acquired by persons holding the securities described in clauses (i) through (iv) above. A person shall be deemed to be a holder of Registrable Stock when such person has a right to acquire such Registrable Stock (by
conversion or otherwise) regardless of whether such acquisition has actually been effected. Each share of Registrable Stock shall continue to be Registrable Stock in the hands of each subsequent holder thereof; provided that each share of
Registrable Stock shall cease to be Registrable Stock when (x) transferred to any person who is not affiliated with a holder in accordance with a registered public offering or in accordance with Rule 144 promulgated by the Commission under the
Securities Act or (y) when the holder thereof may transfer all of such holder’s Registrable Stock pursuant to Rule 144(k) or any successor provision. For the purposes of this Agreement, the officers, directors and stockholders, in the case
of a corporation, and the partners, in the case of a partnership, of a holder, without limitation, shall be deemed to be affiliated with such holder. 
 (m) “Requesting Holders” shall have the meaning set forth in Section 1.2 hereof. 
  

 2 

 (n) “Securities Act” means the Securities Act of 1933, as from time to
time amended. 
 (o) “Short-Form Registration Statement” means a registration statement on Form S-3 or any
similar form of registration statement adopted by the Commission from and after the date hereof. 
 (p) Other Terms.
Unless the context otherwise requires, all capitalized terms not defined in this Agreement shall have the respective meanings accorded to them in the Purchase Agreement. 
 1.2 Required Registrations. 
 (a) If, at any time after the earlier to occur of
May 2, 2010 or six (6) months after the effective date of the first registration statement filed by the Company covering an offering of the Company’s securities (other than a registration statement relating to the sale of securities
pursuant to a Company stock option, stock purchase or similar plan), holders of at least 50% of the Registrable Stock then outstanding propose to dispose of, pursuant to a Long-Form Registration Statement, Registrable Stock at an aggregate price to
the public of not less than $2,500,000, then such holders may request the Company in writing to effect such registration, stating the form of registration statement under the Securities Act to be used (subject to the Company qualifying for its use),
the number of shares of Registrable Stock to be disposed of and the intended method of disposition of such shares. 
 (b) If
at any time at which the Company is entitled to file a registration statement on a Short-Form Registration Statement, holders of at least 50% of the Registrable Stock then outstanding propose to dispose of shares of Registrable Stock which such
holders in their good faith discretion determine would have an anticipated aggregate offering price of at least $500,000 pursuant to a Short-Form Registration Statement, then such holders may request the Company in writing to effect such
registration, stating the form of registration statement under the Securities Act to be used, the number of shares of Registrable Stock to be disposed of and the intended method of disposition of such shares. 
 (c) Upon receipt of the request of the Initiating Holders pursuant to Section 1.2(a) or 1.2(b) above, the Company shall give prompt
written notice thereof to all other holders of Registrable Stock. Subject to the provisions of Section 1.3 below, the Company shall use its best efforts to cause a registration statement to be declared effective promptly under the Securities
Act relating to those shares of Registrable Stock specified in the requests of the Initiating Holders and the requests (stating the number of shares of Registrable Stock to be disposed of and the intended method of disposition of such shares) of
other holders of shares of Registrable Stock (“Requesting Holders”) given within 30 days after receipt of such notice from the Company. 
  

 3 

 1.3 Limitations on Required Registration. 
 (a) The Company shall not be required to prepare and file more than two (2) Long-Form Registration Statements, which actually become
or are declared effective, at the request of holders of Registrable Stock pursuant to Section 1.2(a) hereof; provided, that if the holders of Registrable Stock who demand registration under Section 1.2(a) hereof (including the
Initiating Holders and the Requesting Holders) are unable to register and sell at least 50% of the Registrable Stock requested to be included in any such registration, then the number of registrations which may be requested by the holders of
Registrable Stock under Section 1.2(a) of this Agreement shall be increased by one for each such registration; provided, further, that if the Initiating Holders have voluntarily requested that a registration pursuant to Section 1.2
be withdrawn, such registration will count as one of the required registrations under Section 1.2 unless the Initiating Holders reimburse the Company for all costs and expenses incurred by the Company in connection with the withdrawn
registration statement (except if the withdrawal is due to material adverse information relating to the condition or business of the Company or any of its subsidiaries which is not known to the Initiating Holders at the time of delivery of the
request pursuant to Section 1.2 hereof, in which case the Initiating Holders will not be required to reimburse the Company and the registration statement will not count as a registration pursuant to Section 1.2). Nothing contained herein,
however, shall limit the Company’s obligation from time to time to prepare and file a Short-Form Registration Statement requested by holders of Registrable Stock pursuant to Section 1.2(b) hereof; provided the Company shall not be
required to prepare and file more than one Short-Form Registration Statement requested by holders of Registrable Stock pursuant to Section 1.2(b) hereof in any six-month period. 
 (b) Only Common Stock may be included in a registration, and, whenever a registration requested by the holders of Registrable Stock is for
a firmly underwritten offering, if the managing underwriters determine that the number of shares of Common Stock so included which are to be sold by the holders of Registrable Stock is limited due to market conditions, the holders (including both
the Initiating Holders and the Requesting Holders) of Registrable Stock proposing to sell their shares in such underwriting and registration shall share pro rata in the available portion of the registration in question, such sharing to
be based upon the number of shares of Registrable Stock then held by such holders, respectively. If any holder of Registrable Stock disapproves of the terms of the underwriting, such Person may elect to withdraw therefrom by written notice to the
Company, the underwriter and the Initiating Holders. The Registrable Stock so withdrawn shall also be withdrawn from registration; provided, however, that, if by the withdrawal of such Registrable Stock a greater number of shares of
Registrable Stock held by other holders of Registrable Stock may be included in such registration (up to the maximum of any limitation imposed by the Initiating Holders), then the Company shall offer to all holders of Registrable Stock who have
included Registrable Stock in the registration the right to include additional Registrable Stock in the same proportion used in determining the limitation imposed by the provisions of this Section 1.3(b). 
 (c) The Company shall not be required to prepare and file a registration statement pursuant to Section 1.2 hereof which would become
effective within 180 days following the effective date of a registration statement filed by the Company with the Commission pertaining to an underwritten public offering of securities for cash for the 

  

 4 

 
account of the Company if the Initiating Holders’ request for registration is received by the Company subsequent to such time as the Company in good
faith gives written notice to the holders of Registrable Stock that the Company is commencing to prepare a Company-initiated registration statement and the Company is actively employing in good faith all reasonable efforts to cause such registration
statement to become effective. 
 (d) Notwithstanding the foregoing, if the Company shall furnish to the Initiating Holders
pursuant to this Section 1.3 a certificate signed by a duly authorized officer of the Company stating that in the good faith judgment of the Board of Directors of the Company it would be materially detrimental to the Company and its
stockholders for such registration statement to be filed and it is therefore essential to defer the filing of such registration statement, the Company shall have the right to defer such filing, once in any twelve-month period, for a period of not
more than ninety (90) days (or sixty (60) days in the case of a Short-Form Registration Statement) after receipt of the request of the Initiating Holders. 
 1.4 Incidental Registration. If the Company at any time proposes to register any of its securities for sale for its own account or for the account of any other Person (other than a registration statement
relating to the sale of securities pursuant to a Company stock option, stock purchase or similar plan, a registration requested pursuant to Section 1.2 hereof or a registration statement relating exclusively to the sale or exchange of
non-convertible debt securities) it shall each such time give written notice (the “Company’s Notice”), at its expense, to all holders of Registrable Stock of its intention to do so at least fifteen (15) days prior to the
filing of a registration statement with respect to such registration with the Commission. If any holder of Registrable Stock desires to dispose of all or part of its Registrable Stock, it may request registration thereof in connection with the
Company’s registration by delivering to the Company, within fifteen (15) days after receipt of the Company’s Notice, written notice of such request (the “Investors’ Notice”) stating the number of shares of
Registrable Stock to be disposed of and the intended method of disposition of such shares by such holder or holders. The Company shall use its best efforts to cause all shares of Registrable Stock specified in the Investors’ Notice to be
registered under the Securities Act so as to permit the sale or other disposition (in accordance with the intended methods thereof as aforesaid) by such holder or holders of the shares so registered, subject, however, to the limitations set forth in
Section 1.5 hereof. 
 1.5 Limitations on Incidental Registration. 
 (a) If the registration of which the Company gives notice pursuant to Section 1.4 above is for the purpose of permitting a
disposition of securities by the Company pursuant to a firm commitment underwritten offering, the notice shall so state, and the Company shall have the right to limit the aggregate size of the offering or the number of shares to be included therein
by stockholders of the Company if requested to do so in good faith by the managing underwriter of the offering and only securities which are to be included in the underwriting may be included in the registration. The Company shall have the right to
terminate or withdraw any registration initiated by it under Section 1.4 above prior to the effectiveness of such registration. 
  

 5 

 (b) Whenever the number of shares which may be registered pursuant to Section 1.4 is
limited by the provisions of Section 1.5(a) above, the holders of Registrable Stock shall have priority as to sales over the other holders of the Company’s securities and the Company shall cause such other holders to withdraw from such
registration to the extent necessary to allow all requesting holders of Registrable Stock to include all of the shares so requested to be included within such registration. Whenever the number of shares which may be registered pursuant to
Section 1.4 is still limited by the provisions of Sections 1.5(a) above, after the withdrawal of the other holders of the Company’s securities, the Company shall have priority as to sales over the holders of Registrable Stock and each
holder hereby agrees that it shall withdraw its securities from such registration to the extent necessary to allow the Company to include all the shares which the Company desires to sell for its own account to be included within such registration;
provided, that, except with respect to the first Long-Form Registration Statement effected by the Company on its own initiative, no holder shall be required to withdraw more than 66% of the Registrable Stock which it requested to be included
pursuant to Sections 1.4 above. The holders of Registrable Stock given rights by Section 1.4 above shall share pro rata in the available portion of the registration in question, such sharing to be based upon the number of shares
of Registrable Stock then held by each of such holders, respectively. 
 1.6 Designation of Underwriter. In the case of any
registration initiated by the holders of Registrable Stock pursuant to the provisions of Section 1.2 hereof which is proposed to be effected pursuant to a firm commitment underwriting, the Initiating Holders shall have the right to designate
the managing underwriter, subject to the approval of the Company, which shall not be unreasonably conditioned, delayed or withheld, and all holders of Registrable Stock participating in the registration shall sell their shares only pursuant to such
underwriting. In the case of any registration initiated by the Company, the Company shall have the sole right to designate the underwriters and all holders of Registrable Stock participating in the registration shall sell their shares only pursuant
to such underwriting. 
 1.7 Registration Procedures. 
 (a) If and when the Company is required by the provisions of this Agreement to use its best efforts to effect the registration of shares
of Registrable Stock, the Company shall: 
 (i) prepare and file with the Commission a registration statement (the form and
substance of which shall be subject to the approval of the holders of a majority of the Registrable Stock to be included in such registration, which shall not be unreasonably conditioned, delayed or withheld) with respect to such shares and use its
best efforts to cause such registration statement to become and remain effective as provided herein; 
 (ii) prepare and file
with the Commission such amendments and supplements to such registration statement and the prospectuses used in connection therewith as may be necessary to keep such registration statement effective and current and to comply with the provisions of
the Securities Act with respect to the 

  

 6 

 
sale or other disposition of all shares covered by such registration statement, including such amendments and supplements as may be necessary to reflect the
intended method of disposition from time to time of the holder or holders of Registrable Stock who have requested that any of their shares be sold or otherwise disposed of in connection with the registration (the “Prospective
Sellers”); 
 (iii) furnish to each Prospective Seller such number of copies of each prospectus, including
preliminary prospectuses, in conformity with the requirements of the Securities Act, and such other documents, as the Prospective Seller may reasonably request in order to facilitate the public sale or other disposition of the shares owned by it;

 (iv) use its best efforts to register or qualify the shares covered by such registration statement under such other
securities or blue sky or other applicable laws of such jurisdictions as each Prospective Seller shall reasonably request to enable such seller to consummate the public sale or other disposition of the shares owned by such seller; provided,
that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business, file a general consent to service of process, subject itself to taxation or register as a broker or dealer in any such jurisdictions;

 (v) furnish to each Prospective Seller, at the request of such Prospective Seller, a signed counterpart, addressed to the
Prospective Sellers and their underwriters, if any, of an opinion of counsel for the Company, dated the effective date of the registration statement; covering substantially the same matters with respect to the registration statement (and the
prospectus included therein), as are customarily covered (at the time of such registration) in the opinions of issuers’ counsel in connection with underwritten public offerings of securities; 
 (vi) in the case of an underwritten public offering, use its reasonable best efforts to furnish, at the request of a Prospective Seller, a
signed counterpart, addressed to the underwriters and to the extent reasonably practicable, to the Prospective Sellers, a “comfort” letter signed by the independent public accountants who have certified the Company’s financial
statements included in the registration statement; covering substantially the same matters with respect to the registration statement (and the prospectus included therein) and with respect to the events subsequent to the date of the financial
statements, as are customarily covered (at the time of such registration) in accountants’ letters delivered to the underwriters in connection with underwritten public offerings of securities; 
 (vii) cause all such Registrable Stock to be listed on each securities exchange or trading system on which similar securities issued by
the Company are then listed; 
 (viii) provide a transfer agent and registrar for all such Registrable Stock not later than
the effective date of such registration statement; 
  

 7 

 (ix) enter into such customary agreements (including an underwriting agreement) and take
all such other customary actions as the holders of a majority of the Registrable Stock being sold reasonably request in order to expedite or facilitate the disposition of such Registrable Stock; and 
 (x) upon execution of confidentiality agreements in form and substance reasonably satisfactory to the Company, make available for
inspection, at reasonable times and in a reasonable manner, by any Prospective Seller, any underwriter participating in any disposition pursuant to such registration statement, and any attorney, accountant or other agent retained by any such seller
or underwriter, all financial and other records, pertinent corporate documents and properties of the Company, and cause the Company’s officers, directors and employees to supply all information reasonably requested by any such seller,
underwriter, attorney, accountant or agent in connection with the preparation of such registration statement. 
 (b) Each
Prospective Seller of Registrable Stock, shall, as a condition to inclusion of such Registrable Stock in any registration, furnish to the Company such information as the Company may reasonably require from the Prospective Seller for inclusion in the
registration statement (and the prospectus included therein). 
 (c) The Prospective Sellers shall not (until further notice)
effect sales of the shares covered by the registration statement after receipt of telegraphic or written notice from the Company to suspend sales to permit the Company to correct or update a registration statement or prospectus. 
 1.8 Expenses of Registration. All expenses incurred in effecting any registration requested pursuant to Section 1.2 or 1.4 hereof, including,
without limitation, all registration and filing fees, printing expenses, expenses of compliance with blue sky laws, fees and disbursements of counsel for the Company, fees and disbursements of one counsel for the holders of Registrable Stock,
expenses of any audits incidental to or required by any such registration, and expenses of all marketing and promotional efforts requested by the managing underwriter (“Registration Expenses”) shall be borne by the Company,
provided, however, that the Company shall have no obligation to pay or otherwise bear any portion of the underwriters’ commissions or discounts attributable to the Registrable Stock. 
 1.9 Indemnification. 
 (a) In the event of any registration of any of its securities under the Securities Act pursuant to this Agreement, the Company shall indemnify and hold harmless, each holder requesting or joining in a registration of such securities, each
underwriter (as defined in the Securities Act) and each controlling person of any holder or underwriter, if any, (within the meaning of the Securities Act) against any losses, claims, damages or liabilities, joint or several (or actions in respect
thereof), to which such holder, underwriter or controlling person may be subject under the Securities Act or under any other statute or at common law, insofar as such losses, claims, damages or liabilities (or actions in respect 

  

 8 

 
thereof) arise out of or are based upon any of the following statements, omissions or violations (collectively, a “Violation”): (i) any
untrue statement (or alleged untrue statement) of any material fact contained in any registration statement under which such securities were registered under the Securities Act, any preliminary prospectus or final prospectus contained therein, or
any summary prospectus issued in connection with any securities being registered, or any amendment or supplement thereto, or any other document, or (ii) any 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 by the Company of the Securities Act or any Blue Sky law, or any rule or regulation promulgated under the Securities Act or any Blue Sky law, or any
other law, applicable to the Company in connection with any such registration, qualification or compliance, and shall reimburse each such holder, underwriter or controlling person for any legal or other expenses reasonably incurred by such holder,
underwriter or controlling person in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the Company shall not be liable to any holder, underwriter or controlling person
in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon any such untrue statement or omission made in such registration statement, preliminary prospectus, summary prospectus, prospectus, or
amendment or supplement thereto, or any other document, in reliance upon and in conformity with written information furnished to the Company by such holder, underwriter or controlling person, respectively, specifically for use therein;
provided further, however, that the indemnity agreement in this Section 1.9(a) shall not apply to amounts paid in settlement of any loss, claim, damage or liability if such settlement is effected without the consent of the
Company (which consent shall not be unreasonably withheld). The indemnity provided for herein shall remain in full force and effect regardless of any investigation made by or on behalf of such holder, underwriter or controlling person, and shall
survive transfer of such securities by such holder. 
 (b) Indemnification by Selling Holder of Registrable Stock. In
the event of any registration of any of its securities under the Securities Act pursuant to this Agreement in which a holder of Registrable Stock is participating, each such holder shall indemnify and hold harmless the Company, each underwriter (as
defined in the Securities Act) and each controlling person of the Company or underwriter, if any, (within the meaning of the Securities Act) against any losses, claims, damages or liabilities, joint or several (or actions in respect thereof), to
which the Company, underwriter or controlling person may be subject under the Securities Act, under any other statute or at common law, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based
upon any Violation, in each case to the extent (and only to the extent) that such Violation occurs in reliance upon and in conformity with written information furnished by such holder specifically for use in connection with such registration and
each such holder shall reimburse the Company and each underwriter or controlling person for any legal or other expenses reasonably incurred by the Company, such underwriter or controlling person in connection with investigating or defending any such
loss, claim, damage, liability or action; provided, however, that the indemnity agreement in this Section 1.9(b) shall not apply to amounts paid in settlement of any loss, claim, damage or liability if such settlement is effected
without the consent of such holders (which consent shall not be unreasonably withheld) and in no event 

  

 9 

 
shall any indemnity under this Section 1.9(b) exceed the net proceeds from the offering received by such holder. The indemnity provided for herein shall
remain in full force and effect regardless of any investigation made by or on behalf of such holder, underwriter or controlling person, and shall survive transfer of such securities by such holder. 
 (c) If the Indemnification provided for in subsection (a) or (b) above is unavailable to an indemnified party in respect of any
losses, claims, damages or liabilities referred to therein, then the Company or the selling holder of Registrable Stock, as the case may be, in lieu of indemnifying such indemnified party thereunder shall contribute to the amount paid or payable by
such indemnified party as a result of such losses, claims, damages or liabilities, in such proportion as is appropriate to reflect the relative fault of the Company or the selling holder of Registrable Stock, as the case may be, on the one hand and
of the indemnified parties on the other in connection with the statements or omissions which resulted in such losses, claims, damages, or liabilities, as well as any other relevant equitable considerations. The relative fault of the Company or the
holder of Registrable Stock, as the case may be, and of the indemnified parties shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact
relates to information supplied by the Company or the holder of Registrable Stock, as the case may be, or by the indemnified parties, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such
statement or omission. 
 The Company and the holders of Registrable Stock agree that it would not be just and equitable if
contribution pursuant to this Section 1.9(c) were determined by pro rata allocation or by any other method of allocation which does not take into account the equitable considerations referred to in the immediately preceding
paragraph. The amount paid or payable by an indemnified party as a result of the losses, claims, damages and liabilities or actions in respect thereof referred to in the immediately preceding paragraph shall be deemed to include, subject to the
limitations set forth above, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 1.9(c), no holder of
Registrable Stock shall be required to contribute any amount in excess of the amount by which the total price at which the Registrable Stock sold by it exceeds the amount of any damages which such holder of Registrable Stock has otherwise been
required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentations (within the meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution from any person who was not guilty of such fraudulent misrepresentation. 
 (d) Promptly after receipt by an
indemnified party under Section 1.9(a) or 1.9(b) above of notice of the commencement of any action, such indemnified party shall notify the indemnifying party in writing of the commencement thereof, but the omission so to notify the
indemnifying party shall not relieve it from any liability which it may have to any indemnified party otherwise than under such Section or to the extent that it has not been prejudiced as a proximate result of such failure. In case any such action
shall be brought against any indemnified party, and it shall notify the indemnifying party of the 

  

 10 

 
commencement thereof, the indemnifying party shall be entitled to participate therein and, to the extent that it shall wish, to assume the defense thereof,
with counsel satisfactory to such indemnified party; provided, however, that if the defendants in any such action include both the indemnified party and the indemnifying party and the indemnified party shall have reasonably concluded that
there may be legal defenses available to it and/or other indemnified parties which are different from or additional to those available to the indemnifying party, the indemnified party or parties shall have the right to select separate counsel to
assert such legal defenses (in which case the indemnifying party shall not have the right to direct the defense of such action on behalf of the indemnified party or parties). Upon the permitted assumption by the indemnifying party of the defense of
such action, and approval by the indemnified party of counsel, the indemnifying party shall not be liable to such indemnified party under this Section 1.9 for any legal or other expenses subsequently incurred by such indemnified party in
connection with the defense thereof (other than reasonable costs or investigation) unless (i) the indemnified party shall have employed separate counsel in connection with the assertion of legal defenses in accordance with the proviso to the
next preceding sentence, (ii) the indemnifying party shall not have employed counsel satisfactory to the indemnified party to represent the indemnified party within a reasonable time, (iii) the indemnifying party and its counsel do not
actively and vigorously pursue the defense of such action, or (iv) the indemnifying party has authorized the employment of counsel for the indemnified party at the expense of the indemnifying party. 
 1.10 Inclusion of Additional Shares in Required Registrations; Other Company Initiated Registrations. The Company shall not register securities
for sale for its own account or for the account of any other Person in any registration requested by the holders of Registrable Stock pursuant to Section 1.2 hereof unless permitted to do so by the written consent of holders who hold at least
50.1% of the Registrable Stock as to which registration has been requested. The Company may not cause any other underwritten registration of securities for sale for its own account to become effective within 180 days after the effective date of any
underwritten registration requested by the holders of Registrable Stock pursuant to Section 1.2(a) hereof unless permitted to do so by the written consent of holders who hold at least 50.1% of the Registrable Stock so registered. The Company
may not cause any other underwritten registration of securities for sale for the account of any other Person to become effective within 180 days after the effective date of any underwritten registration requested by the holders of Registrable Stock
pursuant to Section 1.2 hereof unless permitted to do so by the written consent of holders who hold at least 50.1% of the Registrable Stock so registered. 
 1.11 Rights Which May Be Granted to Other Persons. The Company shall not grant any Person registration rights without the consent of holders of at least 50.1% of the shares of Registrable Stock then
outstanding. 
 1.12 Rule 144 Requirements. Immediately after the date on which a registration statement filed by the Company under
the Securities Act becomes effective, the Company shall undertake to make publicly available, and available to the holders of Registrable Stock, such information as is necessary to enable the holders of Registrable Stock to make sales of Registrable
Stock pursuant to Rule 144 of the Commission under the Securities Act. The 

  

 11 

 
Company shall furnish to any holder of Registrable Stock, upon request, a written statement executed by the Company as to the steps it has taken to comply
with the current public information requirements of Rule 144. 
 1.13 Sale of Preferred Stock to Underwriter. Notwithstanding any
provision in this Agreement to the contrary, in lieu of converting any shares of Preferred Stock prior to the filing of any registration statement filed pursuant to this Agreement, the holder of such shares may sell such shares of Preferred Stock to
the underwriters of the offering being registered upon the undertaking of such underwriters to convert the Preferred Stock on or prior to the closing date of the offering. The Company agrees to cause the Common Stock issuable on the conversion of
the Preferred Stock to be issued within such time period as will permit the underwriters to make and complete the distribution contemplated by the underwriting. 
 1.14 Holdback. If the Company files a registration statement in connection with an underwritten public offering, upon the request of the managing underwriter, a holder of Registrable Stock shall not effect any
sale or distribution of any shares (except pursuant to such registration statement) of the capital stock of the Company, whether now owned or hereafter acquired, during a reasonable and customary period of time, as determined by the Board of
Directors upon the advice of the underwriters, not to exceed 180 days, following the effective date of a registration statement filed under the Securities Act in connection with the initial public offering of the Company, provided that all holders
of one percent (1%) or more of the Company’s outstanding Preferred Stock (on an as-converted basis) and Common Stock, and all officers, directors and key employees of the Company, to the extent that they hold Common Stock or Preferred
Stock, enter into similar agreements providing for similar restrictions on sales. In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions with respect to the Registrable Stock, Preferred Stock or Common Stock of
each holder until the end of such reasonable and customary period. 
 2. Other Rights. 
 2.1 Covenants of the Company. Unless otherwise agreed to in writing by Investors holding at least 50.1% of the shares of Series A Preferred Stock
then outstanding, the Company agrees as follows: 
 (a) Accounting; Financial Statements and Other Information; Inspection
Rights. The Company covenants and agrees with the Major Series A Investors, as follows: 
 (i) Accounting. The
Company shall maintain and cause each of its subsidiaries to maintain a system of accounting established and administered in accordance with generally accepted accounting principles consistently applied, and shall set aside on its books and cause
each of its operating subsidiaries to set aside on its books, all such proper reserves as shall be required by generally accepted accounting principles. 
  

 12 

 (ii) Financial Statements and Other Information. The Company shall deliver to the
Major Series A Investors, promptly after the period covered thereby, monthly (delivered within 30 days of the end of each month), quarterly (delivered within 45 days of the end of each quarter) and annual financial statements (delivered within 90
days of the end of each year), prepared in accordance with generally accepted accounting principles; the annual financial statements shall be audited by an independent certified public accounting firm approved by the Company’s Board of
Directors. The monthly and quarterly financial statements shall include a comparison to the prior years results as well as a comparison to the projections set forth in the annual Operating Plan (as defined in Section 2.1(a)(iii) below). The
Company shall also promptly furnish to the Major Series A Investors general communications from the Company to its stockholders, directors or the public at large, reports filed with the Commission and notice of any material adverse event, condition
or litigation affecting the Company. 
 (iii) Annual Operating Plan. The Company has prepared and delivered to the
Major Series A Investors party to the Purchase Agreement financial forecasts of the Company, dated the date hereof, for the fiscal years 2005 through 2009 (the “Business Plan”), including a cash flow budget and other financial
information and projections. For the fiscal year ending December 31, 2005, the Company agrees to use its best efforts to conduct its business in conformity with the Business Plan. Prior to each December 1, the Company shall prepare an
Operating Plan, including a cash flow budget, for each succeeding 12 month period commencing each subsequent January 1, which shall meet the approval of a majority of the members of the Company’s Board of Directors and the written consent
of holders of a majority of the then outstanding Series A Preferred Stock. The Company shall furnish to each Major Series A Investor (in person or by first-class mail) a copy of the Operating Plan at least 30 days prior to the commencement of the
period covered thereby. As used herein, the term “Operating Plan” shall mean a document analyzing the current business and marketing plans of the Company and its subsidiaries for the 12 month period covered by such plan, including
but not limited to a forecast of revenues and expenses, a cash flow budget and pro forma profit and loss statement for each month included in such period. 
 (iv) Inspection Rights. The Company shall permit any representative designated by any Major Series A Investor, at such Major Series A Investor’s expense, to visit and inspect any of the properties of the
Company or any of its subsidiaries, including its and their books of account (and to make copies thereof and to take extracts therefrom), and to discuss its and their affairs, finances and accounts with its and their officers or employees, all at
such reasonable times and as often as may be reasonably requested, and with representatives of the Company’s lenders; provided that (i) such rights shall be exercised in a manner so as not to materially and adversely disrupt the
ordinary course of business of the Company or any of its subsidiaries, (ii) the Company shall not be obligated to provide access to any information that it deems in good faith to be proprietary or confidential unless such representative and the
Major Series A Investor provide reasonable assurances in 

  

 13 

 
writing that it and they will maintain the confidentiality of the information, (iii) the Company shall not be obligated to provide access to any
information which it reasonably believes would adversely affect the availability of the attorney-client privilege and (iv) the Company shall not be obligated to disclose any individually identifiable health information that the Company is
prohibited from disclosing under any federal, state, or local law regarding the protection of health care information, or under the terms of any agreement between the Company and an entity regulated under the Standards for Privacy of Individually
Identifiable Health Information at 45 C.F.R. Parts 160 and 164. 
 (b) Board of Directors. 
 (i) Meetings of Board of Directors. The Bylaws shall at all times provide that any two members of the Board of Directors of the
Company shall have the right and power to call a meeting of the Board of Directors of the Company at the Company’s principal offices and that all meetings of the Board of Directors of the Company shall require notice thereof to all directors at
least five business days’ prior to the date of such meeting for meetings conducted in person and at least two business days’ notice prior to the date of such meeting for meetings conducted by telephone. 
 (ii) Equal Board Treatment. The members of the Board of Directors appointed by holders of the Series A Preferred Stock shall be
accorded no less favorable treatment than any other member of the Board of Directors with respect to all matters, including, without limitation, expense reimbursement, stock options or grants, benefits and access to Company information and
management. 
 (iii) Frequency of Board Meetings. The Board of Directors of the Company shall meet at least once during
each calendar quarter. 
 (iv) Board of Directors Observation Rights. For so long as either Mach II Limited Partnership
or Mach Capital L.P. (collectively, “Mach”) is a holder of Series A Preferred Stock, the Company shall give Mach notice of, and shall permit one representative designated by Mach to attend as observer, all meetings of the Board of
Directors. The Company shall distribute to Mach all materials furnished to the members of the Board in connection with any such meeting at the time such materials are furnished to members of the Board and, in connection with any written consent in
lieu of such meetings, shall furnish to each such representative the materials furnished to the Board at the time such materials are furnished to the members thereof. Such representative may be recused from any meeting, and the Company may exclude
Mach from access to any materials, if in the opinion of the Company’s counsel such exclusion is reasonably necessary to preserve the attorney-client privilege, to protect highly confidential information or for other similar reasons. 

 

 14 

 (c) Meeting of Stockholders. The Company’s by-laws shall provide that holders
of 51% of the outstanding Preferred Stock shall have the right and power to call a meeting of the stockholders of the Company upon at least 10 days’ notice, or such other minimum notice period required by applicable state law. 
 (d) Proprietary Information Agreements. The Company shall require, as a condition to employment with the Company, or continued
employment with the Company, each of its officers, directors, employees and consultants to enter into Non-Disclosure and Proprietary Information and Invention Agreements in the form attached to the Purchase Agreement. 
 (e) Insider Transactions. The Company shall not engage in, and shall not permit any subsidiary to engage in, any transaction with
any of the Company’s or any such subsidiary’s directors, officers, employees or shareholders, or any members of their immediate families or any corporation, partnership, association or other entity in which any of such persons owns 5% or
more of the equity thereof, except (A) as specifically provided in this Agreement, (B) reimbursements of reasonable expenses incurred in the ordinary course of business, (C) employment contracts terminable by the Company at will
without penalty upon not more than 30 days’ notice and (D) transactions with VRP. 
 (f) Future Issuances.
The Company covenants that any future holders (other than existing holders of outstanding options to purchase Common Stock) of capital stock of the Company will be subject to obligations equivalent to those of the holders of Registrable Stock set
forth in Section 1.14. 
 (g) Termination of Company Agreements. The provisions of Sections 2.1 (a) through
2.1(f) shall terminate upon the earliest to occur of the following: 
 (i) the consummation of an underwritten public offering
of shares of the Company, pursuant to a registration statement on Form S-1 under the Securities Act, at an offering price (prior to underwriting commissions and expenses) of not less than $13.125 per share (as adjusted for any stock dividends,
combinations or splits) and the aggregate proceeds to the Company of which exceed $40,000,000 (a “Qualified Public Offering”); 
 (ii) the liquidation or dissolution of the Company; 
 (iii) the execution by the Company of a
general assignment for the benefit of creditors or the appointment of a receiver or trustee to take possession of the property and assets of the Company; or 
 (iv) there are no longer any shares of Series A Preferred Stock outstanding. 
 3. Miscellaneous. 
 3.1 Notices. All notices,
demands or other communications hereunder shall be in writing and shall be deemed given when delivered personally, mailed by certified mail, 

  

 15 

 
return receipt requested, sent by overnight courier service or telecopied, telegraphed or telexed (transmission confirmed) or otherwise actually delivered:

 (a) if to any holder, at the address and telephone numbers set forth in the records of the Company, or at such other
address and telephone numbers as such holder may specify in written notice to the Company; 
 (b) if to the Company, at 5995
Opus Parkway, Suite 200, Minneapolis, MN 55343, Attn: Chief Executive Officer, with a copy to the General Counsel, or at such other address as may have been furnished by the Company in writing to the other parties. 
 3.2 Severability and Governing Law. Should any Section or any part of a Section within this Agreement be rendered void, invalid or unenforceable
by any court of law for any reason, such invalidity or unenforceability shall not void or render invalid or unenforceable any other Section or part of a Section in this Agreement. This Agreement is made and entered into in the State of Delaware and
the laws of said state shall govern the validity and interpretation hereof and the performance by the parties hereto of their respective duties and obligations hereunder without regard to its principles of conflict of laws. 
 3.3 Counterparts. This Agreement may be executed in one 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 Captions and Section Headings. Section titles or captions contained in this
Agreement are inserted as a matter of convenience and for reference purposes only, and in no way define, limit, extend or describe the scope of this Agreement or the intent of any provision hereof. 
 3.5 Singular and Plural, Etc. Whenever the singular number is used herein and where required by the context, the same shall include the plural,
and the neuter gender shall include the masculine and feminine genders. 
 3.6 Costs and Attorneys’ Fees. In the event that any
action, suit, or other proceeding is instituted concerning or arising out of this Agreement, the prevailing party shall recover all of such party’s costs, and attorneys’ fees incurred in each and every such action, suit, or other
proceeding, including any and all appeals or petitions therefrom. As used herein, “attorneys’ fees” shall mean the full and actual costs of any legal services actually rendered in connection with the matters involved, calculated on
the basis of the usual fee charged by the attorneys performing such services. 
 3.7 Amendments and Waivers. Neither this Agreement
nor any term hereof may be changed, waived, discharged or terminated orally or in writing, except that any term of this Agreement may be amended and the observance of any such term 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 Stock then in existence; provided, however, that no such amendment or waiver shall affect the 

  

 16 

 
provisions of this Section 3.7 and no such waiver shall extend to or affect any other obligation not expressly waived. The Company agrees to pay, and
save holders harmless against the liability for payment of (i) reasonable fees and expenses of counsel incurred with respect to any amendments or waivers (whether or not they become effective) under or in respect of the Company’s charter,
bylaws, or this Agreement or any of the Other Agreements, and (ii) in the event of breach or default of the Company’s obligations to holders under the Company’s charter, bylaws, or this Agreement or any of the other Agreements, fees
and expenses incurred in respect of the enforcement of the rights granted under any of the foregoing. 
 3.8 Successors and Assigns.
All rights, covenants and agreements of the parties contained in this Agreement shall, except as otherwise provided herein, be binding upon and inure to the benefit of their respective successors and assigns. 
 3.9 Specific Performance. The parties hereto agree that the capital stock of the Company cannot be purchased or sold in the open market and that,
for these reasons, among others, the parties will be irreparably damaged in the event that this Agreement is not specifically enforceable. Accordingly, in the event of any controversy concerning the capital stock which is the subject of this
Agreement, or any right or obligation to register such securities, such right or obligation shall be enforceable in a court of equity by specific performance. The rights granted in this Section 3.9 shall be cumulative and not exclusive, and
shall be in addition to any and all other rights which the parties hereto may have hereunder, at law or in equity. 
 3.10 Entire
Agreement. This Agreement contains the entire understanding of the parties and there are no further or other agreements or understandings, written or oral, in effect between the parties relating to the subject matter hereof unless expressly
referred to herein. 
 3.11 Confidential Information. Each Investor shall keep confidential and 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, provided, however, that an Investor may disclose
Confidential Information (a) 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 and provided that such attorneys,
accountants, consultants and other professionals owe a duty of confidentiality to such Investor, (b) to any prospective investor of any Registrable Stock from such Investor as long as such prospective investor agrees in a writing delivered to
the Company to be bound by the provisions of this Section 3.11, (c) to any affiliate, partner, member, stockholder or wholly owned subsidiary of such Investor in the ordinary course of business, (d) to any foreign or domestic
governmental or quasi-governmental regulatory authority, including without limitation, the Federal Reserve Bank of New York, any stock exchange, the National Association of Insurance Commissioners or other self-regulatory organization having
jurisdiction over such party or (e) as may otherwise be required by law, provided, that any such disclosure shall be made in compliance with any applicable federal, state or local law regarding the protection of health care information.

  

 17 

 As used herein, the term “Confidential Information” refers to any non-public information
(written or oral) concerning the assets, operations, business, records, projections and prospects of the Company. The term “Confidential Information” shall not include information which: (i) is known or becomes known to the public in
general (other than as a result of a breach of this Section 3.11 by such Investor), (ii) is or has been independently developed or conceived by the Investor without use of the Company’s Confidential Information, or (iii) is or
has been made known or disclosed to the Investor by a third party without a breach known to the Investor of any obligation of confidentiality such third party may have to the Company. 
 [The remainder of this page intentionally left blank] 
  

 18 

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

			
	 COMPANY

	
	 Virtual Radiologic Consultants, Inc.

	
	 /s/ Sean O. Casey

	 By:
	 	 Sean O. Casey, M.D.

	 Title:
	 	 President and Chief Executive Officer

 INVESTOR RIGHTS AGREEMENT 
 VIRTUAL RADIOLOGIC CONSULTANTS, INC. 

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

  

			
	 INVESTORS:

	
	 GENERATION CAPITAL PARTNERS II LP

	
	 By:  Generation Partners II LLC, its General Partner

  

			
	 By:
	 	 /s/ Mark E. Jennings

	 Name:
	 	 Mark E. Jennings

	 Title:
	 	 Managing Member

  

			
	 GENERATION MEMBERS’ FUND II LP

	
	 By:  Generation Partners II LLC, its General Partner

		
	 By:
	 	 /s/ Mark E. Jennings

	 Name:
	 	 Mark E. Jennings

	 Title:
	 	 Managing Member

 INVESTOR RIGHTS AGREEMENT 
 VIRTUAL RADIOLOGIC CONSULTANTS, INC. 

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

									
	 INVESTORS:

	
	 MACH II LIMITED PARTNERSHIP

		
	By:	 	 Mach Capital L.P., its general partner

			
		 	 By:
	 	 Aureus Capital Partners Ltd., its general partner

				
		 		 	 By:
	 	 /s/ Andrew Ian Wignall

		 		 		 	 Name:
	 	 Andrew Ian Wignall

		 		 		 	 Title:
	 	 Director

  

							
	 MACH CAPITAL L.P.

		
	By:	 	 Aureus Capital Partners Ltd., its general partner

			
		 	By:	 	 /s/ Andrew Ian Wignall

		 		 	 Name:
	 	 Andrew Ian Wignall

		 		 	 Title:
	 	 Director

 INVESTOR RIGHTS AGREEMENT 
 VIRTUAL RADIOLOGIC CONSULTANTS, INC. 

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

	
	 INVESTORS:

	
	 Kelly J. Martin

	
	 /s/ Kelly J. Martin

	
	 Richard P. Conklin

	
	 /s/ Richard P. Conklin

 INVESTOR RIGHTS AGREEMENT 
 VIRTUAL RADIOLOGIC CONSULTANTS, INC. 

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

	
	 INVESTORS (for purposes of Section 1 only):

	
	 William Blair & Company, L.L.C.

  

					
	 By:
	 	 /s/ Kelly J. Martin

		 	 Name: Kelly J. Martin

		 	 Title: Principal

 INVESTOR RIGHTS AGREEMENT 
 VIRTUAL RADIOLOGIC CONSULTANTS, INC. 

 EXHIBIT A 
 MAJOR SERIES A INVESTORS 
 Generation Capital Partners II LP 
 Generation Members’ Fund II LP 
 Mach II Limited Partnership 
 Mach Capital L.P. 
 INVESTOR RIGHTS AGREEMENT 
 VIRTUAL RADIOLOGIC
CONSULTANTS, INC.

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