Document:

DC2867.pdf -- Converted by SEC Publisher 4.2, created by BCL Technologies Inc., for SEC Filing

	
EXHIBIT 4.2

     THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE
REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A
NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

     UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

	
MARRIOTT INTERNATIONAL, INC.
	
	
5.625% Series J Notes due February 15, 2013
	
	
 
	
	
No. R-1 
		
 		
 
		
 		
$400,000,000 
	
	
CUSIP 571903 AH6 
		
 		
 
		
 		
 
	

     MARRIOTT INTERNATIONAL, INC., a corporation duly organized and existing under the laws of Delaware (herein called the “Company,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises
to pay to Cede & Co., or registered assigns, the principal sum of Four Hundred Million Dollars on February 15, 2013 and to pay interest thereon from October 19, 2007, semi-annually on February 15 and August 15 in each year, commencing February
15, 2008, at the rate of 5.625% per annum, until the principal hereof is paid or made available for payment. All such payments of principal, interest and premium, if any, shall be paid in immediately available funds. The interest so payable, and
punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular
Record Date for such interest, which shall be the January 31 or July 31 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith
cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of
such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of 

Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this
series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture. 

     Payment of the principal of (and premium, if any) and interest on this Security will be made at the office or agency of the Trustee maintained for that purpose in Dallas, Texas, in such coin or
currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register; and provided, further, that notwithstanding the foregoing, the Person in whose name this Security is registered may elect to receive payments of interest on this Security (other than at Maturity) by electronic funds transfer of immediately available funds
to an account maintained by such Person, provided such Person so elects by giving written notice to a Paying Agent designating such account, no later than the January 15 or the July 15 immediately preceding the February 15 or August 15 Interest
Payment Date, as the case may be. Unless such designation is revoked by such Person, any such designation made by such Person with respect to such Securities shall remain in effect with respect to any future payments with respect to such Securities
payable to such Person.

     Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this
place.

     Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the
Indenture or be valid or obligatory for any purpose. 

     IN WITNESS WHEREOF, the
Company has caused this instrument to be duly executed under its corporate seal.

	
Dated: October 19, 2007

	
MARRIOTT INTERNATIONAL, INC.

	
By: /s/ Carolyn B. Handlon

Carolyn B. Handlon

Vice President

	
Attest:

	
/s/ Bancroft S. Gordon

Bancroft S. Gordon

Secretary

     This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture.

	
THE BANK OF NEW YORK

as Trustee

	
By: /s/ Francine Kincaid

Authorized Officer

	
[Reverse of Security]

     This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of
November 16, 1998 (herein called the “Indenture”, which term shall have the meaning assigned to it in such instrument), between the Company and The Bank of New York, successor to JPMorgan Chase Bank, N.A., formerly known as The Chase
Manhattan Bank, as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties
and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face
hereof, limited initially in aggregate principal amount to $400,000,000. The Company may subsequently issue additional securities as part of this series of Securities under the
Indenture.

     The Company may, at its option, redeem the Securities in whole or in part at any time at a Redemption Price equal to the greater of (A) 100% of the principal amount of the Securities to be redeemed,
plus accrued interest to the Redemption Date, and (B) as determined by the Independent Investment Banker (as defined below), the sum of the present values of the principal amount of, and remaining scheduled payments of interest on, the Securities to
be redeemed (not including any interest accrued as of the Redemption Date) discounted to the Redemption Date on a semi-annual basis at the Treasury Rate (as defined below) plus 20 basis points plus accrued interest to, but not including, the
redemption date for the Securities.

     The Redemption Price will be calculated assuming a 360-day year consisting of twelve 30-day months.

     The Company will mail notice of any redemption at least 30 days but not more than 60 days before the Redemption Date to each Holder of the Securities to be redeemed.

     Unless the Company defaults in payment of the Redemption Price, on and after the Redemption Date, interest will cease to accrue on the Securities or portions of the Securities called for
redemption.

     In the event of redemption of this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder
hereof upon the cancellation hereof.

     “Comparable Treasury Issue” means the United States Treasury security selected by the Independent Investment Banker as having a
maturity comparable to the remaining term of the Securities that would be used, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining
term of the Securities.

     “Comparable Treasury Price” means, with respect to any Redemption Date, (1) the average of the Reference Treasury Dealer Quotations
for that Redemption Date, after excluding 

the highest and lowest of the Reference Treasury Dealer Quotations, or (2) if the Trustee obtains fewer than three Reference Treasury Dealer Quotations, the average of all Reference Treasury Dealer Quotations so
received.

     “Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Trustee after consultation with the
Company.

     “Reference Treasury Dealer” means (a) each of Citigroup Global Markets Inc. and Merrill Lynch, Pierce, Fenner & Smith
Incorporated and its successors, unless it ceases to be a primary U.S. government securities dealer in New York City (a “Primary Treasury Dealer”), in which case the Company shall substitute another Primary Treasury Dealer, and (b) any
other Primary Treasury Dealer selected by the Company.

     “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average,
as determined by the Trustee, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Trustee by that Reference Treasury Dealer at 5:00 p.m., New York
City time, on the third business day preceding that Redemption Date.

     “Treasury Rate” means, with respect to any Redemption Date, the rate per year equal to the semiannual equivalent yield to maturity
of the Comparable Treasury Issue, calculated on the third business day preceding the Redemption Date, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for
that Redemption Date.

     If a Change of Control Repurchase Event (as defined below) occurs, unless the Company has exercised its right to redeem the Securities of this series, the Company will make an offer to each Holder of
the Securities of this series to repurchase all or any part (in integral multiples of $1,000) of that Holder’s Securities of this series at a repurchase price in cash equal to 101% of the aggregate principal amount of the Securities of this
series repurchased plus any accrued and unpaid interest on the Securities of this series repurchased to the date of purchase. Within 30 days following any Change of Control Repurchase Event or, at the Company’s option, prior to any Change of
Control (as defined below), but after the public announcement of the Change of Control, the Company will mail a notice to each Holder, with a copy to the Trustee, describing the transaction or transactions that constitute or may constitute the
Change of Control Repurchase Event and offering to repurchase the Securities of this series on the payment date specified in the notice, which date will be no earlier than 30 days and no later than 60 days from the date such notice is mailed. The
notice shall, if mailed prior to the date of consummation of the Change of Control, state that the offer to purchase is conditioned on the Change of Control Repurchase Event occurring on or prior to the payment date specified in the notice. The
Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Securities of
this series as a result of a Change of Control Repurchase Event. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control Repurchase Event provisions herein, the 

Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under the Change of Control Repurchase Event provisions herein by virtue of such conflict.

     On the Change of Control Repurchase Event payment date, the Company will, to the extent lawful:

     1. accept for payment all Securities of this series or portions of Securities of this series properly tendered pursuant to the Company’s offer;

     2. deposit with the Paying Agent an amount equal to the aggregate purchase price in respect of all Securities of this series or portions of Securities of this series properly tendered; and

     3. deliver or cause to be delivered to the Trustee the Securities of this series properly accepted, together with an Officers’ Certificate stating the aggregate principal amount of the Securities
being purchased by the Company.

     The Paying Agent will promptly mail to each Holder of the Securities of this series properly tendered the purchase price for the Securities, and the Trustee will promptly authenticate and mail (or
cause to be transferred by book-entry) to each Holder a new Security equal in principal amount to any unpurchased portion of any Securities surrendered; provided that each new Security will be in a principal amount of $1,000 or an integral
multiple of $1,000.

     The Company will not be required to make an offer to repurchase the Securities of this series upon a Change of Control Repurchase Event if a third party makes such an offer in the manner, at the times
and otherwise in compliance with the requirements for an offer made by the Company and such third party purchases all Securities properly tendered and not withdrawn under its offer.

     “Below Investment Grade Rating Event” means the Securities of this series are rated below Investment Grade (as defined below) by
both Rating Agencies (as defined below) on any date from the date of the public notice of an arrangement that could result in a Change of Control until the end of the 60-day period following public notice of the occurrence of a Change of Control
(which period shall be extended so long as the rating of the Securities of this series is under publicly announced consideration for possible downgrade by either of the Rating Agencies); provided that a Below Investment Grade Rating Event otherwise
arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed a Below Investment Grade Rating Event for purposes of the definition of Change of
Control Repurchase Event herein) if the Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm or inform the Trustee in writing at its request that the reduction was the
result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control shall have occurred at the time of the Below
Investment Grade Rating Event).

     “Change of Control” means the consummation of any transaction (including, without limitation, any merger or consolidation) the
result of which is that any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) becomes the beneficial owner, directly or indirectly, of more than 50% of the Company’s Voting Stock, measured by voting power rather
than number of shares. Notwithstanding the foregoing, a transaction effected to create a holding company for the Company will not be deemed to involve a change of control if: (1) pursuant to such transaction the Company becomes a direct or indirect
wholly owned subsidiary of such holding company and (2)(A) the direct or indirect holders of the Voting Stock of such holding company immediately following that transaction are substantially the same as the holders of the Company’s Voting Stock
immediately prior to that transaction or (B) immediately following that transaction no person (other than a holding company satisfying the requirements of this sentence) is the beneficial owner, directly or indirectly, of more than 50% of the Voting
Stock of such holding company, measured by voting power rather than number of shares.

     “Change of Control Repurchase Event” means the occurrence of both a Change of Control and a Below Investment Grade Rating
Event.

     “Investment Grade” means a rating of Baa3 or better by Moody’s (or its equivalent under any successor rating categories of
Moody’s); a rating of BBB- or better by S&P (or its equivalent under any successor rating categories of S&P); and the equivalent investment grade credit rating from any replacement rating agency or rating agencies selected by the
Company.

“Moody’s” means Moody’s Investors Service Inc.

     “Rating Agency” means (1) each of Moody’s and S&P; and (2) if either of Moody’s or S&P ceases to rate the
Securities of this series or fails to make a rating of the Securities of this series publicly available for reasons outside of the Company’s control, a “nationally recognized statistical rating organization” within the meaning of Rule
15c3-1(c)(2)(vi)(F) under the Exchange Act, selected by the Company (as certified by a resolution of the Company’s board of directors) as a replacement agency for Moody’s or S&P, or both, as the case may be.

     “S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc.

     “Voting Stock” of any specified “person” (as that term is used in Section 13(d)(3) of the Exchange Act) as of any date
means the capital stock of such person that is at the time entitled to vote generally in the election of the board of directors of such person.

     The Indenture contains provisions for defeasance at any time of the entire indebtedness of this Security or certain restrictive covenants and Events of Default with respect to this Security, in each
case upon compliance with certain conditions set forth in the Indenture.

     If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with
the effect provided in the Indenture.

     The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the
Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of 50% in principal amount of the Securities at the time Outstanding of each series to be affected. The Indenture
also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with
certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this
Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.

     As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of
a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in
principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity, and the
Trustee shall not have received from the Holders of a majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding, for 60 days
after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after
the respective due dates expressed herein.

     No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the
principal of and any premium and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed.

     As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon surrender of this Security for
registration of transfer at the office or agency of the Trustee in any place where the principal of and any premium and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory
to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the same
aggregate principal amount, will be issued to the designated transferee or transferees.

     The Securities of this series are issuable only in registered form without coupons in denominations of $1,000 and integral multiples of $1,000 in excess thereof. As provided in the Indenture
and subject to certain limitations therein set forth, Securities of this series are 

exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same.

     No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in
connection therewith.

     Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is
registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.

     All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

The following abbreviations, when used in the inscription on the face of the within Security, shall be construed as though they were written out in full according to applicable laws or regulations.

	
TEN COM -- as tenants in common 
		
 		
UNIF GIFT MIN Act – 
		
 		
        Custodian 
	
	
		
		
		
		

	
	
TEN ENT -- as tenants by the entireties 
		
 		
 
		
 		
(Cust) (Minor) 
	
	
JT TEN -- as joint tenants with right of 
		
 		
 
		
 		
under Uniform Gifts to 
	
	
                      survivorship and not as 
		
 		
 
		
 		
Minors Act 
	
	
                      tenants in common 
		
 		
 
		
 		
                              (State) 
	

Additional abbreviations may also be used though not in the above list 
_____________________________

FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto

	
PLEASE INSERT SOCIAL SECURITY OR OTHER

IDENTIFYING NUMBER OF ASSIGNEE

______________________________________________________________________________________________________
 (Name and Address of Assignee, including zip code, must be printed or typewritten)

the within Security, and all rights thereunder, hereby irrevocably constituting and appointing

_______________________________________________________________________________________________
 Attorney to transfer said Security on the books of the Company, with full power of substitution in the premises.

	
Dated:

     NOTICE: The signature to this assignment must correspond with the name as it appears upon the face of the within Security in every particular, without alteration or enlargement of any change
whatever.Independent Physician Agreement

 Exhibit 10.63 
 VIRTUAL RADIOLOGIC PROFESSIONALS 
 INDEPENDENT PHYSICIAN AGREEMENT 
 This Independent Physician Agreement (“Agreement”) is made as of April 12, 2006 (the “Effective Date”), by and between VIRTUAL RADIOLOGIC
PROFESSIONALS, LLC, a Delaware limited liability company (“Practice”) and Eduard Michel (“Physician”), sometimes referred to collectively as “the Parties.” 
 WHEREAS, Physician is an independent medical practitioner, specializing in the field of radiology; 
 WHEREAS, Practice is a professional medical practice that provides radiology interpretation and consultation services to remote locations primarily
through one or more secure network connections; 
 WHEREAS, Practice provides its service under direct or indirect contract with radiology
groups (“Customers”) for coverage for medical facilities (“Clients”); 
 WHEREAS, Practice also provides services
directly to medical facilities (in such context, “Customers”); 
 WHEREAS, Practice typically provides evening and weekend coverage
to its Customers, but also provides day coverage at its Customer’s request; 
 WHEREAS, Practice desires to engage Physician as an
independent contractor in accordance with the terms and conditions of this Agreement; and 
 WHEREAS, Physician is agreeable to such
engagement. 
 NOW, THEREFORE, in consideration of the above recitals and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties agree as follows: 
  

	1.	Provision of Services; Payments 

 1.1 Provision
of Services. Physician shall provide on request professional radiology interpretation and consultation services, including preliminary and/or official interpretations (the “Services”), via Practice’s Radiologic Information System
(RIS) and image hosting system or by such other means as Practice may provide from time to time. Physician agrees to provide diagnostic reports as set forth on Exhibit C. Physician may elect to produce a non-diagnostic report in response to a
request if the Client has not provided requested information necessary for Physician to produce a diagnostic report. Commencing on the Start Date (“Start Date”) Physician shall provide the services during the coverage periods
(“Coverage Periods”) as set forth in Exhibit A to this Agreement. Any modification or variation to the Start Date or Coverage Periods must be agreed in writing by Practice. 
 1.2 Payment for Services. In full consideration for all Services performed by Physician, Practice agrees to pay Physician the Professional Fees in
the amounts and upon the times and terms set forth on Exhibit A to this Agreement. Practice shall make such payments to Physician via electronic funds transfer, directed to a U.S. account or accounts designated in writing by Physician from time to
time, or via check through U.S. mail. 
  

 1 

 1.3 Licensing and Credentialing Fees. Practice also agrees to pay all fees, including initial
application, renewal or similar fees, necessary to secure, re-establish or renew Physician’s right to practice in the states identified in Exhibit B and such other states for which Practice from time to time requests Physician to be licensed
(collectively “License Fees”) and fees associated with obtaining staff membership, reading rights, or clinical privileges (collectively “Clinical Privileges”) with medical facilities for which Physician will provide Services
(collectively “Credentialing Fees”); subject in each case to reimbursement in accordance with Section 6.3.b upon termination of this Agreement during the Initial Term. 
  

	2.	Professional Qualifications and Physician Independence 

 2.1 Professional Qualifications and Obligations. At all times during the Term of this Agreement (defined below), Physician: (a) shall maintain permanent residence in the United States (b) shall maintain Physician’s
status as a board certified radiologist; (c) shall comply with the requirements of the American College of Radiology (“ACR”) relating to the provision of radiology and teleradiology services (d) shall be qualified and licensed to
practice medicine in Physician’s jurisdiction of residence; (e) shall be continue to be qualified to be licensed to practice medicine in the states set forth in Exhibit B and become and remain so qualified and licensed in such other states
for which Practice requests Physician to become licensed and qualified; (f) shall not be under current exclusion or sanction by any state or federal health care program, including Medicare or Medicaid, or in any non-U.S. jurisdiction with the
exception or exclusion solely based on geographic location; (g) shall have passed and thereafter maintain Practice medical staff status and privileges (“VRP Privileges”); (h) shall be eligible for coverage under Practice’s
medical liability insurance and for medical liability insurance for the jurisdictions in which medical practice is performed and in the site of residence of the Physician; and (i) shall not, without the prior written consent of Practice,
perform any services from a location outside of the United States or a Territory thereof. Physician agrees to accept an appointment as a Rotating Member of the Practice’s Quality Assurance (QA) committee and to perform the periodically required
attendant duties described in Practice’s Physician’s Manual, “Radiology Quality Assurance- Discrepancy Reports” available at Practice’s Radiologist Portal (“Radiologist Portal”) currently located at
[INFORMATION SUBJECT TO A REQUEST FOR CONFIDENTIAL TREATMENT]. Practice will notify Physician of any future change in the URL for the Radiologist Portal. 
 2.2 Reporting Requirements. Physician shall inform the Practice’s President or Board of Managers in writing immediately of: (a) any charge or conviction whatsoever of violation of any law or ordinance
of any local, county, state or federal jurisdiction; (b) any denial or revocation of membership in a state, county or local medical society; (c) any denial or relinquishment of staff membership, reading rights, or clinical privileges at
any time; (d) the initiation of any disciplinary action or inquiry concerning Physician by a hospital or medical staff, state medical licensing authority or federal authority or program including Medicare; (e) any malpractice claim
asserted against Physician or settled or adjudicated by or on behalf of Physician; (f) any voluntary or involuntary surrender, suspension, revocation or restriction of a state or federal narcotics controlled substance permit; (g) any
voluntary or involuntary surrender, suspension, revocation or restriction of any professional license; (h) revocation of any professional board certification; (i) any action commenced or taken against Physician by any licensing or
privileging authority; (j) the commencement or taking of any disciplinary action or inquiry whatsoever by any licensing authority, institution or professional society; or (k) any agreement or understanding by or between Physician and any
licensing authority that Physician will not apply for license renewal in a jurisdiction. 
 2.3 Clinical Privileges; License
Applications. Physician shall obtain a state medical license (“License”) and clinical privileges (“Clinical Privileges”) for each state or medical facility requested by 

  

 2 

 
the Practice within a reasonable time following Practice’s request. Practice agrees to provide Physician with reasonable assistance, including the
preparation and submission of applications necessary to obtain Licenses and Clinical Privileges at each hospital, imaging center, or other medical facility designated by Practice in its sole judgment to permit Physician to provide Services at such
facility. Physician shall furnish promptly upon request by Practice all documentation, information or verifications necessary for the preparation and submission of applications for Licenses and Clinical Privileges. Physician shall maintain each
License and Clinical Privilege granted to Physician until Practice specifies that such License or Clinical Privilege is no longer required; which shall include fulfillment of any applicable Continuing Medical Education (“CME”) or similar
requirements for each state in which Physician holds a License or at each facility where Physician holds Clinical Privileges. Physician shall relinquish a Clinical Privilege upon a request to do so by Practice or by the institution that granted the
Clinical Privilege. Practice shall provide Physician with reasonable assistance with maintenance and tracking of CME requirements for each state in which Physician holds a License. Upon termination of this Agreement, Physician and Practice shall
share the costs of expenses associated with Licensing and Credentialing as set forth on Exhibit A. 
 2.4 Medicare Identification and
Qualification. Upon request by Practice, Physician shall enroll or maintain enrollment in Medicare and/or similar or comparable public or private third party payor programs, and shall provide Physician’s unique identifying number or similar
identification to Practice to facilitate billing. Practice agrees to provide Physician with reasonable assistance in completing and maintaining such enrollments. 
 2.5 Compliance with Professional Standards. Physician shall perform all Services contemplated by this Agreement in accordance with the standards of professional ethics and practice as may from time to time be
applicable to the fields of medicine and radiology, in the United States and in each of the states in which Physician holds a License, including standards promulgated from time to time by the American College of Radiology for the practice of
radiology and teleradiology. 
 2.6 Reports. Physician covenants and agrees that all reports (“Reports”) rendered by
Physician shall include all pertinent findings and clinical impressions, and shall be personally reviewed and signed by Physician; and that Physician will verbally communicate clinical findings to an attending physician where appropriate for patient
care. Physician accepts responsibility for the contents of all such signed reports and communications. 
 2.7 Independent Contractor.

 a. Physician is and shall at all times remain an independent contractor to Practice. Nothing in this Agreement shall
create, or be construed to create, any relationship between Physician and Practice other than that of an independent contractor. Physician hereby consents to Practice identifying Physician among Practice’s independent contractor physicians on
Practice’s, or Practice’s management company’s, website. 
 b. Physician’s obligations under this
agreement relate primarily to the provision of Services during agreed Coverage Periods, participation in Practice’s quality assurance program and compliance with applicable state and federal laws and requirements for clinical practice at client
facilities. This Agreement permits Physician to, and contemplates that Physician will, conduct any and all other personal, business or professional activities that are not expressly limited or conditioned by this Agreement. 
 c. Physician acknowledges that the Health Insurance Portability and Accountability Act of 1996 and related regulations (45 C.F.R. Parts
160 and 164) (“HIPAA”) and the Joint Commission 

  

 3 

 
on Accreditation of Healthcare Organizations (“JCAHO”) require Practice to establish and follow written procedures pertaining to the protection of
patient information and the provision of health care services. Physician further agrees to abide by Practice’s written procedures complying with applicable HIPAA and JCAHO requirements in order that Practice and Physician may fulfill their
respective legal obligations under HIPAA and in order that Practice may maintain its JCAHO accreditation. Practice’s written procedures applicable to physician are located on the Radiologist Portal. 
 2.8 Obligation to Update. Upon Practice’s request from time to time, Physician shall provide certificates or other proof of continued
compliance with Sections 2.1, 2.2 and 2.3 above, and shall provide Practice written notice of any change in such status, not less than 30 days prior to the effective date of such change. 
 2.9. Policies and Procedures. Physician agrees to abide by the policies and procedures set forth from time to time at the Practice’s
Radiologist Portal, including those relating to network use and access, use and care of equipment, and operating procedures as may be revised by Practice from time to time. 
 2.10 Information Requirements: Privileges. In connection with the granting of VRP Privileges, Practice may request professional references from
Physician and may require Physician to complete questionnaires or other documentation necessary for or related to VRP Privileges or Physician’s prospective Services. If Practice, in its sole judgment, is not satisfied with the information
provided in such references, questionnaires or other documentation, Practice may, in its sole discretion, decline to grant VRP Privileges to Physician and terminate this Agreement. 
 2.11 Additional Information; References. Physician agrees to obtain annually a physical examination evidencing that Physician is not impaired from
performing Services and to furnish the same to Practice’s Medical Director. Upon request by Practice, Physician shall obtain and thereafter maintain at least three cooperative personal references, and will obtain from time to time such
additional personal or training references necessary for Physician to obtain Clinical Privileges. Practice will reasonably assist Physician to obtain the same. 
  

	3.	Financial Arrangements 

 3.1 Exclusive
Billing. Practice shall bill for, collect from Practice’s customers and clients, and own all of the fees that are charged for Physician’s services and all related accounts receivable. Physician shall provide Practice, and at
Practice’s request, its customers and clients with all information reasonably necessary to permit such billing in a timely and accurate manner. Physician shall be solely responsible for, and shall indemnify and hold Practice (and
Practice’s clients) harmless from, any claims, liabilities and repayment obligations with respect to (a) the accuracy of Physician’s record of claims and (b) Physician’s compliance with federal and state laws (including but
not limited to Medicare and Medicaid requirements) relating to the submission or assignment of such claims. Physician acknowledges and agrees that the right to bill and collect for Services shall be the exclusive right of Practice. Physician shall
not bill Practice’s clients or their patients for Services provided. 
 3.2 Taxes; No Withholdings, Benefits. The Professional
Fees set forth in this Agreement are inclusive of all applicable sales, use, gross receipts, excise, value-added, withholding, and other taxes that may be due based on Practice’s payments to Physician under this Agreement, all of which taxes
shall be Physician’s sole obligation. Physician acknowledges and agrees that: (a) neither Practice nor any of Practice’s patients or clients will withhold on behalf of Physician pursuant to this Agreement any sums for income tax,
unemployment insurance, social security or any other withholding pursuant to any law or requirement of any governmental body relating to Physician or make available to Physician any of the 

  

 4 

 
benefits afforded to employees of Practice or of Practice’s clients, and (b) all such withholdings and benefits, if any, are the sole
responsibility of Physician. 
  

	4.	Patient Records and Information 

 4.1 Patient
Record and Patient Information. All patient records pertaining to professional services shall remain the property of Practice’s Customers or Clients. Practice agrees that it shall cause its Customers or Clients to obtain patient consents
and patient authorizations necessary for Physician to receive orders, images and other information necessary for Physician to render a Report. Physician shall comply with all requirements of HIPAA, and applicable laws of any U.S. state or Territory
relating to the privacy, security, and administration of patient health information. Physician agrees to enter into, and thereafter comply with, any business associate or confidentiality agreements reciting such obligations, including training
sufficient for Physician to demonstrate proper use, as may be required by Clients to permit access to a Client’s network and patient information. 
 4.2 Access to Books and Records. Physician and Practice shall each maintain all records in a form and for the period of time required by applicable laws. Physician and Practice shall make available to
authorized agents of the Secretary of Health and Human Services (or other governmental authority) this Agreement, any amendments to this Agreement, and any books, documents or records belonging to Physician or Practice and any related entity that
may be necessary to verify the nature and extent of any payments made to Physician or Practice hereunder. Any such access shall be in accordance with the written regulations established by the Secretary of Health and Human Services to the extent
required by law. In the event that Physician or Practice is requested to disclose any books, documents, or records for the purpose of an audit or investigation of Services delivered under this Agreement, Practice or Physician shall notify the other
of the nature and scope of the request and shall make all books, documents, or records so disclosed available to the other upon written request. 
  

	5.	Equipment. 

 5.1 Equipment. 
 a. Practice shall provide, at no cost to Physician: 
  

	 	(i)	HIPAA compliant computer equipment (“Practice Equipment”) suitable for Physician to perform the Services; 

  

	 	(ii)	installation and setup instructions for the Practice Equipment and reasonable technical assistance thereafter; and 

  

	 	(iii)	necessary patches, upgrades, and instructions required to maintain, the security, operation, and HIPAA compliance, of the Practice Equipment. 

 b. Physician shall: 
  

	 	(i)	obtain a primary and secondary network access connection meeting the requirements specified by Practice, provided that Practice shall reimburse Physician for the portion of the
primary network connection as specified in Exhibit A; 

  

	 	(ii)	set-up and install the Practice Equipment according to the instructions provided by Practice; 

  

	 	(iii)	follow Practice’s direction regarding maintenance and operation of the Practice Equipment; and 

  

	 	(iii)	maintain the Practice Equipment in good order and repair and replace (at Practice’s cost) the Practice Equipment or any part of it that becomes worn out or obsolete. In
addition, Physician is solely responsible for any physical damage to the Practice Equipment that occurs on Physician’s premises or otherwise while in Physician’s control. 

  

 5 

 5.2 Procedures for HIPAA Compliance. Physician shall comply with the procedures respecting use of
Practice Equipment, including applicable HIPAA requirements, as are set forth at Practice’s Radiologist Portal. Physician shall not: (i) use the Practice Equipment for any purpose except the Provision of Services to Practice, or
(ii) a utilize a network connection to provide services to third parties if that connection is being used for the provision of Services to, or for communication with Practice. 
 5.3 System Access. Practice will provide Physician with all necessary usernames and passwords to access studies for Clients who have granted
Clinical Privileges. 
  

	6.	Term and Termination 

 6.1 Initial Term and
Renewal. This Agreement shall have an initial term of two years from the Effective Date (the “Initial Period”). The Agreement shall automatically renew for subsequent one-year periods after the expiration of the Initial Period and each
subsequent one year period (each a “Renewal Period”), unless earlier terminated pursuant to Section 6.2. The Initial Period and each Renewal Period, if any, are collectively referred to herein as the “Term.” 
 6.2 Termination; Suspension. 
 a. Termination Without Cause. Either party may terminate this Agreement without cause upon ninety (90) days prior written notice to the other. 
 b. Termination for Cause. Either party may terminate this Agreement for cause if the other party materially or repeatedly defaults
in the performance of its obligations and has not cured such default within 30 days of receipt of a default notice specifying the default and the intention to terminate. 
 c. Automatic Suspension Upon the occurrence of any of the following events, each of which shall constitute a ground for termination
for cause, then, without further action by either party, the provisions of Sections 1 of this Agreement shall be immediately suspended pending cure or termination in accordance with subparagraph b of this Section 6.2: 
  

	 	(i)	Physician’s License to practice medicine in any state or Territory of the United States is forfeited or restricted in any way; 

  

	 	(ii)	Physician’s Clinical Privileges with Clients are terminated, limited or restricted in any manner if, in Practice’s sole discretion, such termination, limitation or
restriction would materially affect Physician’s ability to perform under this Agreement; 

  

	 	(iii)	Physician fails to comply with any requirement under Section 2.1; 

  

	 	(iv)	Physician becomes ineligible for continued malpractice insurance coverage pursuant to Article 7; 

  

	 	(v)	Physician is convicted upon trial or plea of the commission of any felony or of the commission of a misdemeanor related to the delivery of health care services or a moral turpitude;

  

	 	(vi)	Physician is excluded or debarred from participation in any federally-funded health care program, including the Medicare or Medicaid programs, with the exception of ineligibility
based solely on Physician’s geographic location; or 

  

 6 

	 	(vii)	Physician’s disability. For the purpose of this Section, “disability” means the inability of Physician to provide Services by reason of Physician’s illness or
other physical or mental impairment or condition continuing for a period of thirty (30) calendar days; or 

  

	 	(viii)	If, in the reasonable judgment of Practice’s Medical Director, after consultation with Practice’s Quality Assurance Officer or Quality Assurance Committee, Physician
(i) has failed to comply with the requirements of Section 2.5 and (ii) such failure had or may have had an adverse impact on patient care. 

 6.3 Consequences of Termination. 
 a. Return of Property and Confidential
Information. In the event of termination for any reason, Physician shall return to Practice all property and Confidential Information (as defined in Section 8.1) received from Practice, Physician shall immediately cease using any passwords
or other information provided by Practice for access to Practice’s or Practice Client’s information systems, and Physician shall return to Practice at Physician’s own expense the VR Workstation and any other equipment or software
provided to Physician by Practice. 
 b. Reimbursement for Licensing and Credentialing Fees. In the event that, during
the first 36 months following Physician’s Start Date (defined below), (a) Physician terminates this Agreement without cause, (b) Practice terminates this Agreement for cause, or (c) this Agreement is suspended and uncured
pursuant to Section 6.2, then, in any such event, Physician shall reimburse Practice for out-of-pocket payments that Practice has made in payment of Licensing Fees and Credentialing Fees pursuant to Section 1.3 in accordance with the
schedule set forth in Exhibit A. 
  

	7.	Insurance 

 7.1 Professional Liability
Coverage. Practice agrees to have and maintain a policy of professional liability insurance naming Physician as an additional insured with coverages of at least the amount of One Million Dollars ($1,000,000) per claim and Three Million Dollars
($3,000,000) in the aggregate annually (the “Insurance”). The Insurance shall cover Physician for malpractice claims made during the term of this Agreement, based on conduct alleged to have occurred based on Services provided during the
Term. Such coverage will apply only to the practice of medicine performed for Practice and specifically excludes any other practice of medicine or professional services that the Physician may engage in outside the Agreement. Physician agrees not to
disclose the name of Practice’s insurance provider or the details of Practice’s insurance policy to any third party entity without the written authorization from an officer of the Practice. Physician agrees to obtain separate insurance
coverage for medical services outside the scope of this Agreement that physician may provide for or on behalf of any third party. 
 7.2
Tail Coverage. Subject to the provisions of this Section 7.2, upon termination of this Agreement, Practice shall maintain or purchase medical malpractice coverage for a period after termination of this Agreement (“Tail”)
insuring against claims made relating to services performed by Physician during the term of this Agreement. Practice and Physician shall share the costs of Tail Coverage as set forth in Exhibit A. 
 7.3 Separate Insurance. Physician agrees to provide certificate(s) of insurance (or other proof of coverage) to Practice, upon its request, for
all policies carried by Physician relating to the practice of medicine or any other professional services conducted by Physician outside of this Agreement, and agrees to provide Practice thirty (30) days prior written notice of any change in,
or termination of, such separate coverage. 
  

 7 

	8.	Confidentiality and Prohibition Against Competition 

 8.1 Confidential Information Defined. For purposes of this Agreement, “Confidential Information” means a “trade secret” within the meaning of 18 U.S.C. § 1839, subd. 3, and includes without limitation thereof
all information about Practice’s clients, products, services, personnel, pricing, sales strategy, technology, trade secrets, methods, processes, research, development, finances, systems, techniques, accounting, purchasing and plans, including
medical liability insurance policy. All information disclosed to Physician by Practice or to which Physician obtains access, whether marked as “confidential” or not, whether originated by Physician or by others (either prior to execution
of this Agreement or thereafter), shall be presumed to be Confidential Information if it is treated by Practice as being Confidential Information or if Physician has a reasonable basis to believe it is Confidential Information. 
 8.2 Obligation of Confidentiality. 
 a. Except as required in connection with delivery of the Services hereunder, Physician shall not use or disclose to any person any Confidential Information for any purpose. 
 b. During the Term and for a period of two years following termination of this Agreement, Physician shall inform Practice of the identity
and location of any entity to which Physician provides any services as an employee or independent contractor or in any other capacity if that entity can be reasonably considered to be a competitor to the Practice in the provision of interstate or
international teleradiology. Physician acknowledges that the purpose of this information is to allow Practice to inform such entities that Physician is in possession of Confidential Information of Practice. Physician further acknowledges that
Physician’s failure to supply the information required by this provision may make Physician personally liable for any use of Practice’s Confidential Information by those companies. 
 8.3 Noninterference with Existing Relationships. Physician agrees that during the Term and for a period of two years following termination of this
Agreement, Physician will not directly or indirectly: 
 a. induce or attempt to induce any person who is employed by or
otherwise engaged to perform services for Practice to cease working for Practice; or 
 b. induce or attempt to induce any
customer, client, vendor, or supplier of Practice to cease doing business with Practice. 
 8.4 Prohibition Against Solicitation.
Unless otherwise agreed in writing by Physician and Practice, Physician will be restricted in the practice of teleradiology for the specified periods indicated below. 
 a. During the term of this Agreement and for a period of one (1) year thereafter, Physician shall not, subject only to the exclusions
set forth in subparagraph (d) hereof, directly or indirectly, engage or participate, either individually or as an employee, contractor, consultant, principal, partner, agent, trustee, officer, director or shareholder of a corporation,
partnership or other business entity, in any business that provides radiology services through the internet, or through a network accessible to the internet, to health care providers located in the United States. 
  

 8 

 b. During the term of this Agreement and for a period of two (2) years thereafter,
Physician shall not, directly or indirectly participate, either individually or as an employee, contractor, consultant, principal, partner, agent, trustee, officer, director or shareholder of a corporation, partnership or other business entity, in
any business that provides radiology services through network or the internet to health care providers that are Practice Clients during the time of Physician’s employment or which the Practice identified to Physician or contacted for purposes
of engaging Physician’s services. 
 c. During the term of this Agreement, Physician shall not engage in the provision of
teleradiology services during any scheduled work shifts for anyone other than the Practice. 
 d. Nothing in this
Section 8.4 to the contrary withstanding, Physician (i) may hold less than 1% of the outstanding capital stock of a corporation whose securities are listed on any national securities exchange or quoted on the National Association of
Securities Dealers Automated Quotation System or traded on the over-the-counter market, and (ii) may practice medicine, including teleradiology, in any U.S. State on a local basis. For purposes hereof, “local basis” means (i) the
provision of services to patients located within 50 miles of Physician’s principal residence by whatever means or (ii) less than 20% of the Physician’s work load involves the electronic transmission or transportation of radiographs
using the means and instrumentalities of interstate commerce, including the internet. Physician may be employee or partner of a practice headquartered in Minnesota, and provide any form of radiology coverage: (1) as long as the practice also
provides on-site services on a regular basis at each of the sites where teleradiology services are provided; and (2) Physician meets the other restrictions of this section 8.4d. 
 e. Practice may refuse during the period for which non-competition limitations apply to provide a list of hospital affiliations for
Physician unless Physician is in compliance with the requirements of this Section 8 and reasonably evidences the same to Practice. 
 8.5 Blue Pencil Doctrine. Physician acknowledges that Practice has expended substantial time and expense in the acquisition, research and development of processes, technology, techniques and products that are unique to Practice or
not generally known to others and which could be unfairly taken or used by others in competition with Practice, and further acknowledges that competition with Practice is not based strictly on geographical location. Accordingly, Physician agrees
that the restrictions contained in this Article are reasonable. If the scope of the restrictions contained in this Article is too broad to permit enforcement of such restrictions to their full extent, then such restrictions shall be construed or
re-written so as to be enforceable to the maximum extent permitted by law. 
 8.6. Extension of Term. The period of time during which
Physician is prohibited from engaging in certain activities or obligated to undertake certain actions pursuant to this Article shall be extended by the length of time during which Physician is in breach of this Agreement. 
 8.7. Effect of Prior Non-Competition Clauses. Physician represents and warrants that neither this Agreement nor Physician’s performance of
services hereunder violates any other agreement to which Physician is a party, including any non-competition agreement in favor of such party. 
  

	9.	Warranties, Indemnification and Limitation on Damages 

 9.1 Disclaimer of Warranties. Except as otherwise expressly provided herein, all services or products provided by Practice are provided without warranty of any kind, whether express, implied or arising from custom, course of dealing
or trade usage, any implied warranties of non-infringement, merchantability or fitness for a particular purpose. 
  

 9 

 9.2 Indemnification. Each party agrees to indemnify and hold the other harmless from any and all
claims, liabilities, damages, taxes, fines, repayment obligations, or expenses, including court costs and reasonable attorney fees (collectively, “Claims”), arising from any act or omission by the indemnifying party or its employees or
agents (excepting the indemnified party), or from the indemnifying party’s material breach of this Agreement. Without limiting the generality of the foregoing, Physician expressly agrees to indemnify and hold Practice harmless from any and all
Claims arising from any other professional services provided by or on behalf of Physician or any other work Physician may engage in outside of this Agreement. 
 9.3 Limitation of Liability. Neither Practice nor Physician shall be liable for, nor shall any measure of damages include, any indirect, incidental, special, exemplary, punitive or consequential damages or
amounts for loss of income, profits or savings, loss of data arising out of or relating to its performance or failure to perform under this Agreement, even if the party against whom liability is sought to be imposed has been advised of the
possibility of such damages or loss; provided, however, that the limitations of liability set forth this paragraph shall not apply to (i) Practice’s failure to make payments to Physician for services rendered, (ii) Physician’s
obligations set forth in Article 8, or (iii) the reciprocal obligations of indemnification set forth in Section 9.2. 
  

	10.	Miscellaneous 

 10.1 Force Maieure. Neither
party shall be responsible for any damages, delay in performance or failure to perform by Physician or Practice, if caused by any act or occurrence beyond its reasonable control such as embargoes, changes in government regulations or requirements
(executive, legislative, judicial, military or otherwise), acts of war or terrorism, power failure, electrical surges or current fluctuations, lightning, earthquake, flood, the elements or other forces of nature, delays or failures of
transportation, or acts or omissions of telecommunications common carriers. In particular, without limitation, neither Physician nor Practice shall be responsible for any interruption in Services caused by an interruption in or failure of Internet
services. Physician recognizes that any such Internet or network outage if lasting more than a single 10 hour work shift may, if Practice scheduling allows, be credited against Physician’s vacation time or may otherwise result in a prorated
reduction in the contract minimum cash payment to the Physician. 
 10.2 Amendment. This Agreement may be amended only by a writing
that is signed by both parties. 
 10.3 Assignment. Practice may, in its sole discretion, assign this Agreement to any entity that
succeeds to some or all of the business of Practice through merger, consolidation, or sale of some or all of the assets of Practice, or any similar transaction. Physician acknowledges that the services to be rendered to Practice are unique and
personal and therefore Physician may not assign any rights or obligations under this Agreement. 
 10.4 Successors and Assigns.
Subject to Section 10.3, the provisions of this Agreement shall be binding upon the parties hereto, upon any successor or assign of Practice, and upon Physician’s heirs and the personal representative of Physician’s estate.

 10.5 Waiver. Any waiver by either party of compliance with any provision of this Agreement shall not operate or be construed as a
waiver of any other provision of this Agreement or of any subsequent breach by a party of the same or another provision of this Agreement. Any delay or failure by either Party to assert a right under this Agreement shall not constitute a waiver by
said Party of any right hereunder, and either Party may subsequently assert all of its rights hereunder as if the delay or failure had not occurred. No waiver by Practice shall be valid unless in writing and signed by an authorized representative of
Practice. 
  

 10 

 10.6 Severability. If any one or more of the provisions (or portions thereof) of this Agreement
shall for any reason be held by a final determination of a court of competent jurisdiction to be invalid, illegal, or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provisions (or portions
of the provisions) of this Agreement, and the invalid, illegal, or unenforceable provision shall be deemed replaced by a provision that is valid, legal, and enforceable and that comes closest to expressing the intention of the parties. 

10.7 Governing Law, Arbitration. This Agreement shall be governed by and construed in accordance with the laws of the State of Minnesota
without reference to the conflict of law provisions thereof. Any dispute, claim or controversy arising out of or related to this Agreement shall be resolved by binding arbitration by a single arbitrator in Minneapolis, Minnesota, in accordance with
the Commercial Arbitration Rules of the American Arbitration Association then in effect. Judgment upon the arbitration award shall be final, binding and conclusive and may be entered in any court having jurisdiction. If for any reason Physician
performs Services under this Agreement outside of the United States, Physician agrees to submit to the jurisdiction of, be accountable to, and remain in compliance with, all applicable state and federal law, rules, regulations or executive orders of
any U.S. or foreign government, agency or authority, and accreditation authorities including but not limited to the American College of Radiology. 
 10.8 Counterparts. This Agreement may be executed by facsimile signature and by either of the parties in counterparts, each of which shall be deemed to be an original, but all such counterparts shall constitute a single instrument.

 10.9 Notices. All notices, requests, or other communications hereunder shall be in writing and either transmitted via facsimile,
overnight courier, hand delivery or registered mail, postage prepaid and return receipt requested, to the parties at the address listed below their respective signatures or such other addresses as may be specified by written notice. Notices shall be
deemed to have been given when received or, if delivered by registered mail, five days after posting. 
 10.10 Equitable Relief. The
parties acknowledge that their remedies at law for any breach or threatened breach of this Agreement may be inadequate. Therefore, a party shall be entitled to seek injunctive and other equitable relief restraining a party from violating this
Agreement, in addition to any other remedies that may be available to it under this Agreement or applicable law. 
 10.11 Entire
Agreement. This Agreement, including any attached Exhibits, schedules and appendices (which are hereby incorporated into the Agreement), constitutes the entire agreement between the parties hereto with respect to its subject matter and there are
no other representations, understandings or agreements between the Parties relating to such subject matter. 
 10.12 Services Provided Prior
to Effective Date. Except with respect to compensation, the Parties acknowledge that any Services provided by Physician prior to the Effective Date of this Agreement are covered by the terms herein. Physician acknowledges that any compensation owed
for Services performed prior to the Effective Date of this Agreement shall be covered, if at all, by separate agreement. 
 10.13
Survival. The provisions of this Section, Sections 2.4, 4, 6.3, 7.2, 8, 9 and 10 shall survive termination of this Agreement for any reason. 
  

 11 

 IN WITNESS WHEREOF, the parties have executed this Agreement effective as of the Effective Date. 
  

									
	VIRTUAL RADIOLOGIC PROFESSIONALS, LLC, a Delaware limited liability company	 		 	EDUARD MICHEL
				
	By:	 	/s/ Sean O. Casey	 		 	/s/ Eduard Michel
		 	Sean O. Casey, M.D., President	 		 	Eduard Michel, M.D.
					
	Date:	 	4/12/06	 		 	Date:	 	4/12/06
			
	 Address:
 5995 Opus Parkway, Suite
200
 Minneapolis, MN 55343-9058
 Main: 952-392-1100
 Fax: 952-943-2401
 www.virtualrad.net
	 		 	

  

 12 

 EXHIBIT A 
 COMPENSATION AND COVERAGE PERIODS 
  

	I.	Compensation 

 Structure 
 Practice’s compensation system allows each Physician the flexibility to choose at the inception of his or her engagement by Practice the committed number of hours
that Physician will work on a yearly basis, and allows each Physician the opportunity to earn a bonus based upon the number of interpretations performed each quarter. 
 The compensation table below is based on a full time equivalent to private practice of 2,200 hours. Physician’s actual compensation will be that percentage of the Annual Base Compensation per tier as is set forth
below in the Compensation Chart (“Compensation Chart”) determined by the number of hours Physician has agreed to work on a yearly basis (the “Elected Base Compensation”). Elected Base Compensation begins immediately upon
Physician’s Start Date. 
 Physician will begin with an Elected Base Compensation calculated according to Tier 2 of the Compensation Chart. Physician
will progress to a successive tier when Physician (i) has been in a tier for at least six months and (ii) has read on average during the last six months at least the number of Quarterly Final Reads necessary for the next successive tier, as adjusted
by same percentage that Elected Base Compensation bears to the Annual Base Compensation set forth in the Compensation Chart (“Adjusted Quarterly Final Reads”). Physicians may advance only one Tier at a time. Physician shall regress to the
a preceding tier that corresponds to the number of Adjusted Quarterly Finals actually read during a calendar quarter in the event that Physician during a calendar quarter does not read at least the number of Adjusted Quarterly Final Reads prescribed
for a tier. Physician may again progress to a successive tier upon reading during a calendar quarter at least the number of Adjusted Quarterly Final Reads necessary to advance to that next tier. Practice will notify Physician monthly of the number
of Final Reads that Physician has read for the calendar quarter. In calculating Final Reads, 1 Official Interpretation, 1.33 Preliminary Interpretations or 2 plain film Interpretations, whether Official or Preliminary, shall count as a Final Read. A
Preliminary Interpretation followed to a Final Interpretation of the same images shall count as 1 Final Read. All amounts shall be payable in U.S. Dollars. 
 Compensation Chart 
  

																
	 	  	Tier 1	  	Tier 2 	  	Tier 3 	  	Tier 4 	  	Tier 5
	 Hours Per Year
	  	 	2,200	  	 	2,200	  	 	2,200	  	 	2,200	  	 	2,200
	 Annual Final Reads
	  	 	14,000	  	 	16,500	  	 	tbd	  	 	tbd	  	 	tbd
	 Quarterly Final Reads
	  	 	3,500	  	 	4,125	  	 	tbd	  	 	tbd	  	 	tbd
	 Annual “Base Compensation”
	  	$	340,000	  	$	380,000	  	$	420,000	  	$	460,000	  	$	500,000

 Hours; Base Salary 
  

			
	 Physician elects to work the following number of hours per year:
	  	2200 hours
		
	 Physician shall receive Elected Base Compensation equal to the following percentage of Annual Base Compensation per tier:
	  	100%
		
	 Physician’s Adjusted Quarterly Final Reads are:
	  	4,125 Reads.
		
	 Physician’s Adjusted Annual Final Reads are:
	  	16,500 Reads.

  

 13 

 Physician shall receive 1/12th of Elected Base Compensation per month no later than the 10th business day of each month. If Physician commences work after the first day of the month, or provides coverage for less
than the entire calendar month, payment will be prorated to reflect the total number of days worked at a rate reflecting the daily rate multiplied by the total number of days worked in that month. 
 Bonus 
 Physician is eligible to earn a quarterly bonus payment
(“Bonus Payment”) calculated as follows: For each additional 125 Final Reads performed by Physician during a calendar quarter that exceed the number of Adjusted Quarterly Final Reads applicable to Physician’s tier, Physician shall
receive a payment equal to the amount of the Annual Base Compensation, and without adjustment for Elected Base Compensation, as set forth in the Compensation Chart divided by 4 and multiplied by 2 percent (2%). Bonus Payments will be paid within
fifteen days following the last day of each calendar quarter. Bonus Payments shall not be prorated for any reason. 
 Practice reserves the right to change
the Compensation Chart, and tier and bonus requirements upon 90 days prior written notice to Physician. 
 Network Connection Reimbursement.

 Practice shall periodically reimburse Physician for recurring expenses associated with Physician’s primary network connection used solely to
provide Services under this Agreement. Practice shall make payment to Physician against Practice’s receipt of reasonable documentation supporting the amount requested. Practice shall not provide reimbursement for any portion of Physician’s
secondary network connection. 
 Amounts reimbursable to Physician shall not exceed $250.00 per month. 
  

	II.	Coverage Periods; Additional Hours; Start Date 

 Coverage
Periods. 
 For purposes of this Agreement, “Coverage Periods” mean the “Scheduled Hours” shown below for every week of a calendar
year beginning on Physician’s Start Date and includes any “Unscheduled Committed Hours.” Unscheduled Committed Hours mean the difference, if any, between the total number of Scheduled Hours in a calendar year and the total number of
hours per year that Physician has agreed to work. Additional Hours means hours that the Physician may work beyond the Coverage Period hours. 
  

 14 

													
	Scheduled Hours (CST/CDT Only)
							
	8:00AM – 6:00PM	  	8:00AM –6:00PM	  	*	  	*	  	8:00AM – 6:00PM	  	8:00AM – 6:00PM	  	8:00AM – 6:00PM
							
	Thursday	  	Friday	  	Saturday	  	Sunday	  	Monday	  	Tuesday	  	Wednesday

  

	*	As part of scheduled and back-up coverage Physician shall work up to six weekends each year, including at least one three-day holiday weekend, at a schedule mutually determined
between Practice and Physician. Above Physician’s required Hours Per Year, Physicians weekend Services shall be considered Back-up Coverage. 

 To the extent of any Unscheduled Committed Hours, Practice will propose to Physician at least thirty days prior to the commencement of a month a schedule for Physician’s Unscheduled Committed Hours for that month, provided that
Physician’s total continuous Coverage Period shall never exceed 12 hours. Unless otherwise agreed, each such proposal will be for a minimum of 4 hours and a maximum of 10 hours. Physician agrees to promptly accept or reject the proposal. If
Physician rejects the proposal, Practice will submit an alternate proposal, which shall promptly be accepted or rejected by Physician. If Physician rejects both proposals, Practice shall not be obligated to make further proposals, and may assess a
prorated charge against Base Compensation otherwise due for the month unless Practice and Physician agree to Additional Hours during the current or a future month. 
 Unscheduled Time 
 Physician agrees to be available to provide Services during the Scheduled Hours for a total of 44 weeks during the Initial
Period, 42 weeks during the First Renewal Period, and 40 weeks per year thereafter. The parties shall mutually schedule non-working weeks at least three months in advance of the desired non-working week. Up to two weeks of non-working days may be
transferred to a successive year, otherwise all unused non-working days shall be considered to be declined by Physician if not scheduled at least three months before the next agreement anniversary date. 
 In addition, Physician may pre-arrange with Practice for five of the six following Federal Holidays to be Unscheduled Time: Labor Day, Memorial Day, Thanksgiving Day,
Christmas Day, New Year’s Day and Fourth of July. 
 Additional Hours 
 Physician may propose to Practice that Physician work Additional Hours for the purpose of fulfilling a monthly requirement for Unscheduled Committed Hours, to satisfy any tier requirement for Final Reads, or for Bonus
reads. Practice shall use reasonable efforts to accommodate Physician’s request. Additional Hours shall not be separately compensated on an hourly basis, but all Final Reads performed during Additional Hours shall be calculated for purposes of
tier placement and Bonus. 
 Back-up Coverage 
 Physician
shall provide Back-up Coverage of up to twenty-one days per year in addition to Physician’s normally scheduled coverage periods. Back-up Coverage will be scheduled as mutually agreed between Physician and Practice. Unless otherwise agreed, each
Back-up Coverage Period will be for a minimum of 4 hours and a maximum of 12 hours. Practice will provide Physician quarterly with a proposed schedule of Back-up Coverage days one month prior to the beginning of the calendar quarter in which 

  

 15 

 
those Back-up Coverage days are scheduled. If Physician desires days or times other than those proposed by Practice, Physician must notify Practice within
two weeks of receiving the proposed schedule and Practice and Physician agree to use their best efforts to choose mutually agreeable days and times. If Physician does not propose alternate days or times, the proposed schedule shall be considered
accepted within two weeks of submission by Practice to Physician. Back-up Coverage days will include at most two Fridays, two Saturdays, two Sundays and one Holiday (unless otherwise agreed by Physician). A Holiday falling on a Friday, Saturday or
Sunday will be count as both that particular weekend day and as a Holiday. Physician shall be available to read upon 30 minutes prior notice during periods of Back-up Coverage. Back-up Coverage periods will ordinarily be considered Additional Hours;
provided, upon mutual agreement of Physician and Practice, Back-up Coverage may be exchanged for compensatory time to be applied against otherwise scheduled hours. Back-up Coverage will not be concurrent with Schedule Hours. 
 Start Date. 
 Physician’s
Estimated Start Date is: July 1, 2006. 
 Physician’s Start Date shall occur on the Estimated Start Date shown above provided that Physician
has received Licenses in a minimum of 10 states and has received Clinical Privileges at a minimum of 30 medical facilities. Practice will use best efforts to notify Physician 60 days prior to the Estimated Start Date if Practice anticipates that it
is unlikely Physician will be able to obtain sufficient Licenses and Clinical Privileges by the Estimated Start Date. In such circumstances, Practice may reschedule the Estimated Start Date, or Physician may elect to commence at the Estimated Start
Date at 50% of Elected Base Compensation, and corresponding schedule reduction, pending Physician’s receipt of necessary Licenses and Clinical Privileges. Physician and Practice shall cooperate fully to facilitate Physician receiving the
necessary Licenses and Clinical Privileges. 
  

	III.	Tail Insurance 

 a. Where Physician’s
Tail coverage is included in Practice’s annual premium of its malpractice policy and separate Tail coverage is not purchased (i.e. Physician will continue to be covered under Practice’s malpractice policy), the net cost of the Tail policy
shall be the percentage of the total Tail Premium equal to the Physician’s net reads for the previous 12 months divided by the total reads performed by Practice for that 12 months. The ‘Tail Premium’ is the cost for Tail coverage
stated in Practice’s then-current policy. The Tail cost shall be divided between Physician and Practice according to the schedule below. 
  

							
	 If Agreement is terminated
	  	Percentage of Tail
payable by
Physician**	 	 	Percentage of Tail
payable by
Practice	 
	 0-12 months from Start Date
	  	0	%	 	100	%
	 12-24 months from Start Date
	  	0	%	 	100	%
	 24-36 months from Start Date
	  	0	%	 	100	%
	 More than 36 months from Start Date
	  	0	%	 	100	%

  

	**	Given Physician’s pre-existing tenure at Virtual Radiologic of more than 36 months, all Tail insurance costs have been waived. 

  

 16 

 b. Physician shall pay the cost of separate Tail Coverage purchased by Practice at Physician’s
request. 
 c. Physician’s final payment for Services shall be reduced by the Physician’s assigned Tail cost. Where the final
payment for services is not sufficient to cover the Physician’s assigned Tail cost, Physician shall reimburse Practice for such amount within 60 days following termination to prevent loss of Tail coverage. Physician understands that the above
costs may represent an effective or liquidated cost to Practice for inclusion of Physician under Practice’s existing or future insurance policies. 
 d. Physician understands that the Tail only covers conduct alleged to have occurred based on Services provided under this Agreement. Physician is responsible for independently seeking insurance to cover conduct
occurring after termination of this Agreement, and for services performed during the Term but outside the scope of this Agreement. 
 e.
Where Physician’s Tail Coverage is included in Practice’s group medical malpractice policy, Practice shall provide Tail Coverage for a period of seven (7) years after termination of this agreement, provided that such coverage is
commercially available from Practice’s carrier under Practice’s group medical malpractice policy. If seven (7) years of Tail Coverage is not commercially available from Practice’s carrier, then Practice shall provide coverage for
the maximum length of time that is commercially available under its group medical malpractice policy. 
  

	IV.	Licensing and Credentialing Expenses. 

 Upon
occurrence of any of the events set forth in Section 6.3.b of the Agreement, Physician will reimburse to Practice the Licensing Fees and the Credentialing Fees that Practice has paid on Physician’s behalf as set forth below: 
  

							
	 If Agreement is terminated
	  	Physician pays          of
cost of Licensing and
Credentialing
Fees***	 	 	Practice pays          of
cost of Licensing and
Credentialing
Fees	 
	 0-12 months from Start Date
	  	0	%	 	100	%
	 12-24 months from Start Date
	  	0	%	 	100	%
	 24-36 months from Start Date
	  	0	%	 	100	%
	 More than 36 months from Start Date
	  	0	%	 	100	%

  

	***	Given Physician’s pre-existing tenure at Virtual Radiologic of more than 36 months, all Licensing and Credentialing Expenses have been waived. 

  

 17 

 EXHIBIT B 
 STATES 
 As of the date of this Agreement Physician holds a License to practice medicine in the following states:

  

									
	CO	  	CT	  	FL	  	GA	  	IA
					
	IL	  	KS	  	KY	  	LA	  	MA
					
	MI	  	MN	  	MO	  	MT	  	NH
					
	TN	  	TX	  	WA	  	WI	  	SC
					
	NJ	  	NY	  	OH	  	PA	  	

  

 18 

 EXHIBIT C 
 Reporting Times 
 Physician will provide diagnostic reports as follows: 
  

	 	(i)	for ER coverage, all requested Preliminary Interpretations as promptly as reasonably possible, ordinarily within 30 minutes following receipt of all relevant images and history.

  

	 	(ii)	for ER coverage, all requested Final Interpretations as promptly as reasonably possible, ordinarily within 30 minutes following receipt of all relevant images and history; provided
in the event Physician cannot reasonably render a Final Interpretation within such time, Physician will render a Preliminary Interpretation within 30 minutes and thereafter furnish a Final Interpretation as promptly as reasonably possible, and in
any case not longer than 24 hours. 

  

	 	(iii)	For non-ER coverage, all requested Final Interpretations within 24 hours following receipt of all relevant images and history; provided that, Physician will render Final
Interpretations within 2 hours following receipt for customers designated by Practice. 

  

 19 

 ADDENDUM – COMPENSATION FOR ADDITIONAL SERVICES 
 THIS ADDENDUM to the Independent Physicians Agreement between Virtual Radiologic Professionals, LLC and Eduard Michel dated April 12, 2006, is made and
entered into as of this twenty-second day of June 2006. 
 New item ‘f.’ is added to Exhibit A, section III as follows: 
 f. Practice agrees to pay any additional costs of medical malpractice insurance related to the provision of services, in addition to the costs associated with the
insurance outlined in section 7.1 of the Agreement; provided however that Practice shall pay up to a maximum amount of $12,001.00 under this section f. during the life of the Agreement, and all amounts paid under this section f. are subject to the
following repayment obligations: (a) if this Agreement is terminated or not renewed within 12 months of the effective date of this Agreement, then Physician shall return to Company 100% of the such costs; (b) if this Agreement is
terminated or not renewed within 24 months of the effective date of this Agreement, then Physician shall return to Company 66% of the such costs; (c) if this Agreement is terminated or not renewed within 36 months of the effective date of this
Agreement, then Physician shall return to Company 33% of the such costs. In each case Physician shall make such payment within 30 days of the date on which the Agreement is terminated or not renewed. Company may also elect to withhold the required
amount from Physician’s final compensation payment. 
 IN WITNESS WHEREOF, the parties have executed this Agreement effective as of the Effective Date.

  

									
	VIRTUAL RADIOLOGIC PROFESSIONALS, LLC, a Delaware limited liability company	 		 	EDUARD MICHEL
				
	By:	 	/s/ Sean O. Casey	 		 	/s/ Eduard Michel
		 	Sean O. Casey, M.D. President	 		 	Eduard Michel, M.D.
					
	Date:	 	6/27/06	 		 	Date:	 	6/27/06
			
	 Address:
 5995 Opus Parkway, Suite
200
 Minneapolis, MN 55343-9058
 Main: 952-392-1100
 Fax: 952-943-2401
 www.virtualrad.net
	 		 	

  

 20

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