Document:

Cross Purchase Agreement, dated as of October 24th, 2003

 Exhibit 10.3 
 CROSS PURCHASE AGREEMENT 
 THIS CROSS PURCHASE AGREEMENT, made and entered into effective as
of the 24th day of October, 2003, by and among VIRTUAL RADIOLOGIC CONSULTANTS, INC., a Minnesota corporation (the “Corporation”), SEAN O. CASEY, an individual residing in the State of Minnesota (“Sean”), EDUARD MICHEL, an
individual residing in the State of Minnesota (“Eduard”), DAVID HUNTER, an individual residing in the State of Missouri (“David”), and GARY WEISS, an individual residing in the State of Hawaii (“Gary”) (collectively,
Sean, Eduard, David and Gary are sometimes referred to herein as the “Shareholders”); 
 RECITALS 
 WHEREAS, the Shareholders are the current owners and holders of all the issued and outstanding shares of capital stock of the Corporation; 
 WHEREAS, the Shareholders desire to prevent a forced sale of the Shareholders’ interest in the Corporation, as such a forced sale is likely to
disrupt the harmonious and successful management and control of the Corporation, and it is in the best interest of the Shareholders to avoid such a contingency; and 
 WHEREAS, the Shareholders desire to provide a guaranteed market for the common stock of the Corporation at a fair value in certain events for the benefit of the Shareholders, their heirs, and estates; and 

WHEREAS, each Shareholder hereto desires to place certain restrictions on the right of a Shareholder to transfer or otherwise dispose of the
Corporation’s capital stock; and 
 WHEREAS, the Shareholders have decided to vote as a block and to cause other actions set forth in
this Agreement to be taken; 
 NOW, THEREFORE, in consideration of the mutual promises of the parties hereto and the mutual benefits to be
gained by the performance hereof, the parties hereto agree as follows: 
 ARTICLE 1. 
 DEFINITIONS 
 The terms defined in
this Article I (except as may be otherwise expressly provided in this Agreement or unless the context otherwise requires) shall, for all purposes of this Agreement, have the following respective meanings. 
 1.1) Agreement. The term “Agreement” shall mean this Shareholder Agreement as amended from time to time and any successors thereto.

 1.2) Book Value. The term “Book Value” shall mean the excess value of the
Corporation’s assets over the Corporation’s liabilities based upon the financial statements of the Corporation prepared by the accountant regularly retained by the Corporation. The Book Value of the Corporation shall be determined by the
independent accountant regularly retained or used by the Corporation. The Book Value so determined, together with a detailed schedule showing the manner in which the updated Book Value was determined, shall be furnished to the Shareholders within
fifteen (15) days following the determination of the Book Value. The parties hereto agree that the Book Value determined accordance with the provisions of this Agreement shall be final and shall not be appealable or subject to further review,
whether judicial or otherwise. “Goodwill” shall not be treated as an asset in computing Book Value. 
 1.3) Book Value Per
Share. The term “Book Value Per Share” shall mean the quotient of (i) the Book Value of the Corporation determined as of last day of the month immediately preceding the event causing the Disposition of a Shareholders Shares;
divided by (ii) the total number of Shares of the Corporation that are outstanding as of such date. 
 1.4) Confidential
Information. The term “Confidential Information” shall mean information proprietary to the Corporation and not generally known (including trade secret information) about the Corporation’s customers, products, services, personnel,
pricing, sales strategy, technology, methods, processes, research, development, finances, systems, techniques, accounting, purchasing and plans. All information disclosed to a Shareholder (whether as a director, shareholder, officer, employee or
independent contractor) or to which he obtains access, whether originated by him or by others, during the period in which the Shareholder owns Shares (whether prior to execution of this Agreement or thereafter), shall be presumed to be Confidential
Information if it is treated by the Corporation as being Confidential Information or if a Shareholder has a reasonable basis to believe it to be Confidential Information. 
 1.5) Disposition. The term “Disposition” shall mean, when used in connection with the Shares, the earlier occurrence of any voluntary or involuntary act, which could result, will result, or results in
a third Person (excluding another Shareholder) acquiring all or a portion of the Shares of a Shareholder (or an interest therein) including, but not limited to, any one or more of the following events: 
 (a) The filing of a petition by or against a Shareholder in any proceeding under federal or any state bankruptcy, reorganization, or insolvency laws for
all or any part of the Shareholder’s assets which includes all or part of the Shares and is not dismissed within sixty (60) days after commencement thereof, the making of an assignment for the benefit of creditors of a Shareholder, or the
appointment of a receiver, custodian, or trustee for all or part of the assets of the Shareholder which includes all or part of the Shares; 
 (b) Commencement of an action to foreclose upon any or all of Shares of a Shareholder by a creditor of such Shareholder; 
  

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 (c) Granting of a dissolution of a marriage of a Shareholder, whether voluntary or involuntary, which
results in the transfer of Shares to the spouse of the Shareholder; 
 (d) The making of any other involuntary assignment, transfer,
encumbrance, or lien upon the Shares of a Shareholder; 
 (e) A Shareholder’s failure to perform any of his obligations as provided in
Article 5; 
 (f) The gift, bequest or donation (or any other transfer or assignment without value) of Shares (or an interest therein) to any
third Person including, but not limited to, spouses, family members, foundations, or charities; or 
 (g) A transfer, sale, assignment, trade,
or other disposition of Shares or all or part of any interest therein, in exchange for property, whether personal or real, tangible or intangible. 
 Notwithstanding the foregoing, “Disposition” shall not include a Sale of Shares as defined herein. 
 1.6) Fair Market
Value. The term “Fair Market Value” shall mean the value of the business of the Corporation and shall be the price at which a willing seller would sell, and a willing buyer would purchase, the business of the Corporation. The Selling
Shareholder and the Corporation shall agree as to the Fair Market Value of the business of the Corporation within thirty (30) days after the receipt of the written notice as provided in Article 4. If the Selling Shareholder and the Corporation
do not agree on the Fair Market Value of the business of the Corporation within such thirty (30) day period, the Corporation shall then appoint an appraiser to determine the Fair Market Value of the business of the Corporation. All costs and
fees of the appraiser, and all costs of any arbitration with respect to the selection of an appraiser, shall be paid by the Corporation. The determination of the Fair Market Value of the business of the Corporation shall take into consideration any
and all factors deemed relevant by the appraiser chosen including, but not limited to, any discounts for minority ownership or for lack of marketability. The appraiser shall be required to deliver a written report setting forth all material
information relied upon by the appraiser to determine the Fair Market Value of the business of the Corporation. The appraiser’s determination shall be final and binding upon all parties to this Agreement, but only for the purpose of determining
the then current Fair Market Value for purposes of Article 4. 
 1.7) Operative Date. The term “Operative Date” shall have
the following meanings: 
 (a) In the event of the death of the Shareholder, the “Operative Date” means the date of death of the
Shareholder; 
 (b) In the event of the Disposition of Shares of a Shareholder, the “Operative Date” means the date of delivery to
the Corporation of the written notice of the event of a Disposition of Shares as set forth in Section 3.2 hereof; and 
  

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 (c) In the event of a proposed transfer as set forth in Article 4 hereof, the “Operative Date”
means the date the Corporation and the Remaining Shareholders receive the written notice as provided in Section 4.1 hereof. 
 1.8)
Person. The term “Person” shall mean any individual, entity, or other legal person, including, but not limited to, a joint venture, trust, partnership, corporation (nonprofit or for profit), or financial institution. 
 1.9) Remaining Shareholders. The term “Remaining Shareholders” shall mean those Shareholders who are not the Selling Shareholder.

 1.10) Sale of Shares. The term “Sale” shall mean the sale, transfer, assignment, or disposition of any or all of a
Shareholder’s right, title, or interest in his Shares in exchange for a receipt of cash, cash equivalents, or a promissory note payable in the future in installments of cash or its equivalent. 
 1.11) Selling Shareholder. The term “Selling Shareholder” shall mean the following: 
 (a) the personal representative, successor in interest, or authorized representative who is entitled to receive the proceeds of a sale in the event of the
death of a Shareholder; 
 (b) the trustee in bankruptcy, spouse, or other third party holding an interest in the Shares in the event of a
Disposition of Shares; or 
 (c) in all other events, the Shareholder required to offer his Shares as set forth herein. 
 1.12) Shares. The term “Shares” shall mean any issued and outstanding shares of capital stock of the Corporation, whether or not issued
now or in the future, including, but not limited to, the Shares of capital stock of the Corporation owned by the Shareholder as of the Operative Date and their transferees, successors, or assigns. Section 2.1 sets forth the authorized and
issued Shares of the Shareholders as of the date of this Agreement. “Shares” shall not include authorized but unissued capital stock of the Corporation and shall not include treasury shares of the Corporation. 
 ARTICLE 2. 
 OWNERSHIP AND
RESTRICTIONS 
 2.1) Present Ownership of Shares. As of the date of this Agreement, a total of one million ninety-five thousand
(1,095,000) Shares of the Corporation are issued and outstanding. The Shares of the Shareholders are set forth below: 
  

			
	 Name
	  	Number of Shares
	 Sean Casey
	  	723,200
	 Eduard Michel
	  	270,700
	 David Hunter
	  	51,100
	 Gary Weiss
	  	50,000

  

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 2.2) Restriction on Sale. Except as permitted in this Agreement, any Sale or Disposition of Shares
by a Shareholder or the Corporation, directly or indirectly, shall be null and void without the approval of the Board of Directors. Notwithstanding the foregoing, the parties agree that no Person may own or hold an interest in any Shares, whether
issued by the Corporation or transferred by a Shareholder (including Persons to whom Shares have been pledged), until they become a party to this Agreement by executing a consent in the form attached hereto as Schedule A, and agree that all
Persons who become subsequent owners of or holders of any interest in Shares shall be subject to the provisions of this Agreement. The Shareholders agree that this Agreement does not unreasonably restrict the Sale or Disposition of Shares.
Furthermore, the Shareholders agree that the terms of this Agreement provide a market for their Shares which, absent this Agreement, may not otherwise be available. 
 ARTICLE 3. 
 PURCHASE OF SHARES 
 3.1) Mandatory Purchase by Corporation. In the event of the death of a Shareholder, the Selling Shareholder shall be obligated to sell all (and
not less than all) of the Shares of the Selling Shareholder to the Corporation, and the Corporation shall be obligated to purchase such Shares pursuant to the terms and conditions of this Agreement. The Selling Shareholder shall promptly notify the
Corporation of its obligation to purchase all (and not less than all) of the Shares. The Corporation shall then purchase all (and not less than all) of the Shares of the Selling Shareholder within ninety (90) days after receipt of such notice
and pursuant to the terms and conditions contained herein. 
 3.2) Optional Purchase by Corporation. In the event of the Disposition
of Shares of a Shareholder, the Selling Shareholder shall promptly give written notice to the Corporation of its option to purchase all (and not less than all) of the Shares of the Selling Shareholder as set forth herein, In such notice, the Selling
Shareholder shall offer to sell all (but not less than all) of the Shares of the Selling Shareholder to the Corporation. The Corporation shall then have the right to purchase all (but not less than all) of the Shares of the Selling Shareholder
within ninety (90) days after the Corporation’s receipt of notice from the Selling Shareholder. 
 3.3) Purchase Price. In
the event of a purchase of Shares of a Selling Shareholder as set forth in Sections 3.1 or 3.2, the purchase price for the Shares of a Selling Shareholder shall be as follows: 
 (a) For purposes of Section 3.1 solely, the purchase price for the Shares of the Selling Shareholder shall be equal to the product of the following:

  

	 	(1)	 the quotient of (i) the Fair Market Value of the Corporation determined as of the last day of the month immediately preceding the Operative Date;
divided by the total number of Shares of the Corporation issued and 

  

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outstanding as of such date plus the number of Shares that would be deemed “common stock equivalents” pursuant to generally accepted accounting
principles; multiplied by 

  

	 	(2)	the number of Shares subject to redemption hereunder from the Selling Shareholder. 

 (b) For purposes of Section 3.2 solely, the purchase price of the Shares of the Selling Shareholder shall be equal to the product of (i) the number of Shares of the Selling Shareholder to be purchased;
multiplied times (ii) the Book Value Per Share; multiplied times (iii) fifty percent (50%). 
 3.4) Payment of Purchase
Price. The purchase price of the Shares determined in accordance herewith shall be paid as follows: 
 (a) In the event the Selling
Shareholder owes any amount not in dispute prior to the Operative Date to the Corporation, the Shareholders agree in advance that the Corporation shall, without any other specific authorization, offset against the purchase price for the Shares the
amount owed by the Selling Shareholder to the Corporation to satisfy the amount due and owing to the Corporation by the Selling Shareholder. 
 (b) Thereafter, the remaining purchase price, if any, shall be paid by the Corporation by delivery to the Selling Shareholder of a fully executed promissory note for the remaining unpaid purchase price. Such promissory note shall be dated
as of the closing date described herein and shall provide for the following: 
  

	 	(1)	No interest shall accrue on the promissory note; 

  

	 	(2)	equal monthly installments commencing one (1) month from the date thereof for five (5) years; 

  

	 	(3)	prepayment without penalty; 

  

	 	(4)	acceleration of the entire principal amount in the event of default of any principal or interest payment; and 

  

	 	(5)	payment of reasonable attorneys’ fees and costs of collection in the event of default. 

 In the event the Corporation is prevented by law from making any payment to the Selling Shareholder, the Corporation shall not be required to make such
payment but shall make such payment as soon as it is legally permissible for it to do so. If the Corporation delivers a promissory note to the Selling Shareholder in full or partial payment of the purchase price, the Corporation shall also deliver
to the Selling Shareholder the Shares purchased from the Selling Shareholder reissued in the Corporation’s name endorsed in blank or accompanied by an assignment separate from certificate as collateral. The Shares purchased by the Corporation
shall be held by the Selling Shareholder as collateral 

  

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for so long as an installment of principal or interest of the promissory note delivered by the Corporation remains unpaid. In connection herewith, the
Corporation shall complete, execute and deliver a pledge agreement to the Selling Shareholder reasonably acceptable to both the Corporation and the Selling Shareholder. 
 3.5) Closing. The closing of the purchase of the Shares as provided for pursuant to this Article 3 will take place at the Corporation’s principal office (or at such other time and place as is mutually
agreed upon by the Corporation and the Selling Shareholder) but, in no event, more than ninety (90) days after the Operative Date. At the closing, the Corporation shall pay the purchase price. In exchange therefore, the Selling Shareholder
shall sell, assign and convey the Shares, free and clear of all liens and encumbrances. The parties hereto agree that they will carry out such acts and execute and deliver such documents as may be necessary or appropriate to carry out the other
terms and conditions of the purchase. 
 3.6) Waiver. The Shareholders hereby acknowledge that they have had full and complete access
to information regarding the nature and extent of the Corporation’s business, including, but not limited to, all pertinent financial data affecting the Corporation, its current business and prospects, in order to make a decision whether to
enter into the terms of this Agreement, including the obligations in connection with a future Sale or Disposition of Shares. Neither the Corporation nor the Shareholders have any duty or obligation to affirmatively disclose to the Selling
Shareholder, and the Selling Shareholder shall have no right to be advised of any material information regarding the Corporation at any time prior to, upon, or in connection with the Selling Shareholder’s Sale or Disposition of Shares.

 ARTICLE 4. 
 RIGHT OF
FIRST REFUSAL 
 4.1) Sale of Shares. Prior to any Sale of Shares by a Shareholder to third Persons, and except as otherwise
specifically authorized by this Agreement, the Selling Shareholder shall deliver in writing to the Corporation and the Remaining Shareholders the following: 
 (a) An offer first to the Corporation and then to the Remaining Shareholders to purchase all (and not less than all) of the Shares of the Selling Shareholder that are to be sold by the Selling Shareholder to the third
Person (the “Offered Shares”) subject to the terms and conditions as set forth in this Article 4, and a statement of the address to which notice of acceptance may be sent; and 
 (b) A statement identifying the Person to whom there will be the Sale of Shares; the terms and conditions of the proposed Sale of Shares (including the
amount of the purchase price); the terms of any pledge, lien, or other encumbrance; the date and manner of payment thereof; and copies of any documentation related thereto. 
  

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 4.2) Terms of Sale. The Shares of the Selling Shareholder subject to a proposed Sale of Shares
shall be offered to the Corporation and the Remaining Shareholders as follows: 
 (a) For a period of thirty (30) days after the
Operative Date, the Corporation shall have the right to purchase all (and not less than all) of the Shares that the Selling Shareholder proposes to sell to the third Person as described in written notice to the Corporation as provided in
Section 4.1. In the event the Corporation fails to exercise its right to purchase all (and not less than all) of the Shares of the Selling Shareholder, the Remaining Shareholders shall then have the right to purchase all (and not less than all)
of the Shares that the Selling Shareholder proposes to sell to the third Person during an additional thirty (30) days option period. If more than one (1) of the Remaining Shareholders desires to purchase the Shares of the Selling
Shareholder, the Shares of the Selling Shareholder shall be allocated among the Remaining Shareholders as mutually agreed to by them or, in the alternative, in proportion to the number of Shares then owned by the Remaining Shareholders. 

(b) Any exercise of the right of first refusal under this Article 4 shall be made in writing and signed by the party exercising such right, which
writing must be delivered to the Selling Shareholder within the applicable time period provided above. 
 (c) If the Corporation and the
Remaining Shareholders do not elect to purchase all (and not less than all) of the Shares that the Selling Shareholder proposes to sell, the Selling Shareholder may transfer the Shares to the Person referred to in the written notice to the
Corporation and the Remaining Shareholder within thirty (30) days after the expiration of option periods granted hereunder and subject to the same terms and conditions set forth in the written notice delivered to the Corporation and the
Remaining Shareholders unless the Shares are first reoffered to the Corporation and Remaining Shareholders in accordance with this Article 4. In connection with a Sale of the Shares, the Person to whom the Selling Shareholder’s Shares are being
transferred must become a party to this Agreement as set forth in Article 2 hereof. 
 (d) The purchase price for Shares of the Selling
Shareholder subject to the terms of this Article 4 shall be the price at which the Selling Shareholder proposes to sell the Shares to the Person as described in the written notice to the Corporation as provided in Section 4.1. Notwithstanding
the foregoing, if the Operative Date is on or before December 31, 2006 and the Corporation and Remaining Shareholders purchase the Selling Shareholder’s Shares, then the purchase price shall be determined pursuant to Section 3.3(b)
and Corporation and/or Remaining Shareholders shall be entitled to pay the purchase price for the Shares of the Selling Shareholder (as determined by this Article 4) with the payment of such being made pursuant to the terms of Section 3.4.

 4.3) Closing. The closing of the purchase of the Shares as provided in this Article 4 shall take place at the Corporation’s
principal office and at such time and place agreeable to the Selling Shareholder and the Corporation but, in no event, more than ninety (90) days after the date on which the offer to purchase the Shares provided for in Section 4.2 expires.
At the closing the Corporation or the Remaining Shareholder(s) (as the case may be) shall pay the purchase price and perform the other terms and conditions as set forth in the statement provided to the Corporation and the Remaining Shareholders as
set forth in Section 4.1(b). In exchange therefor, the Selling Shareholder shall deliver to the Corporation or the Remaining Shareholder(s) (as the 

  

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case may be) certificates, duly endorsed for transfer, in good form, and representing all Shares sold, and each of the parties hereto shall carry out such
acts or deliver such documents necessary or appropriate to carry out the other terms and conditions hereof, including pledges of the Shares, if any. 
 4.4) Third Person Purchaser(s). If the Corporation or the Remaining Shareholders do not elect to purchase all (and not less than all) of the Shares of the Selling Shareholder, the Selling Shareholder may
transfer the Shares to the third Person referred to in the notice to the Corporation and the Remaining Shareholders within thirty (30) days after the expiration of option periods granted hereunder subject to the same terms and conditions set
forth in the notice delivered to the Corporation and the Remaining Shareholders unless the Shares are first reoffered to the Corporation and the Remaining Shareholders in accordance with this Article 4. In connection with this Sale of the Shares,
the third Person shall become a party to this Agreement as set forth in Section 2.2 hereof. 
 ARTICLE 5. 
 NONCOMPETE PROVISIONS 
 5.1)
Covenant Not To Compete. Each Shareholder agrees that, while they are a Shareholder and for the period of time after they cease being a Shareholder as stated below, whether voluntarily or involuntarily, the Shareholder will not directly or
indirectly: 
 (a) For a period of two (2) years, induce or attempt to induce (i) any person who is employed by or otherwise engaged
to perform services for the Corporation to cease working for the Corporation; or (ii) induce or attempt to induce any customer, client, vendor, or supplier of the Corporation to cease doing business with the Corporation; 
 (b) For a period of one (1) year, engage or participate, either individually or as an employee, contractor, consultant, principal, owner, partner,
agent, trustee, officer, director or shareholder of a corporation, partnership or other business entity, in any business which competes with the Corporation or engages in any line of business which the Corporation has entered or internally announced
an intention to enter prior to the time the Shareholder ceases owning any Shares including, without limitation, the provision of radiology services through the Internet to medical providers. Notwithstanding the foregoing, nothing in this Article 5
shall be deemed to preclude a Shareholder from holding less than one percent (1%) of the outstanding capital stock of any corporation required to file periodic reports with the Securities and Exchange Commission under Section 13 or 15(d)
of the Securities Exchange Act of 1934, as amended, and the securities of which are listed on any national securities exchange or quoted on the National Association of Securities Dealers Automated Quotation System or traded on the over-the-counter
market. Notwithstanding the foregoing, nothing in this Section 5.1 shall be deemed to preclude a Shareholder from practicing medicine in any of the fifty (50) states of the United States in the practice of radiology if such practice of
radiology is performed locally within that state and less than ten percent (10%) of the Shareholder’s 

  

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workload or “practice” (whether as a partner, employee, shareholder or independent contractor of that “practice”) is via interstate
teleradiology. 
 5.2) Reasonableness of Covenants. Each Shareholder acknowledges that the Corporation has expended substantial time
and expense in the acquisition, research and development of processes, technology, techniques and product which are unique to the Corporation or not generally known to others and which could be unfairly taken or used by others in competition with
the Corporation. Each Shareholder further acknowledges that competition with the Corporation is not based strictly on geographical location. Accordingly, each Shareholder agrees that the restrictions contained in this Agreement are reasonable. If
the scope of the restrictions contained in this Article 5 are too broad to permit enforcement of such restrictions to their full extent, then such restrictions shall be construed or re-written (“blue-lined”) so as to be enforceable to the
maximum extent permitted by law, and each Shareholder hereby consents, to the extent the Shareholder may lawfully do so, to the judicial modification of the scope of such restrictions in any proceeding brought to enforce such restrictions.

 5.3) Equitable Remedies. The Shareholders acknowledge that the Corporation’s remedy at law for any breach or threatened breach
of this Agreement will be inadequate. Therefore, the Corporation shall be entitled to injunctive and other equitable relief restraining each Shareholder from violating those requirements, in addition to any other remedies that may be available to
the Corporation under this Agreement or applicable law. 
 5.4) Extension of Term. The period of time during which a Shareholder is
prohibited from engaging in certain activities or obligated to undertake certain actions pursuant to the terms of this Agreement shall be extended by the length of time during which such Shareholder is in breach of this Agreement. 
 5.5) Confidentiality. Except as required in connection with a Shareholder’s duties as an officer or Shareholder of the Corporation, each
Shareholder agrees that, while they are a Shareholder and for a period of two (2) years after they cease being a Shareholder, whether voluntarily or involuntarily, the Shareholder will not directly or indirectly use or disclose to any person
any Confidential Information for any purpose. 
 ARTICLE 6. 
 MISCELLANEOUS 
 6.1) Selling Shareholder’s Vote. Notwithstanding any
vote permitted to be cast by a Selling Shareholder, the Selling Shareholder’s vote as a shareholder or director shall not be counted to authorize an act to be undertaken by the Corporation pursuant to this Agreement. 
 6.2) Restrictive Covenants. If Shares of a Shareholder are purchased pursuant to the provisions of this Agreement in exchange for a promissory
note and are subject to the pledge of Shares, then so long as the promissory note remains unpaid, the Corporation shall abide by the following covenants, and the Shareholders agree that, as shareholder, officer, or directors of the Corporation, they
will act and vote in accordance with, and so abide by, the following covenants 

  

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and restrictions. More specifically (and without limiting the generality of the foregoing), the Corporation will not, except with the written consent of the
Selling Shareholder: 
 (a) Participate in any merger, consolidation, or reorganization; or 
 (b) Do any act or thing which may result in the frustration or avoidance of the obligation to pay for the unpaid balance of any Shares purchased pursuant
to this Agreement. 
 For the purposes of the foregoing restrictive covenants, the payment of a distribution by the Corporation to its
Shareholders, whether or not in complete liquidation of the Corporation, shall not be a violation of this provision, and as a result, the consent of the Selling Shareholder to pay any such distribution shall not be required. Furthermore, the
Corporation shall not be prevented from paying reasonable salaries to its Shareholders for services performed by them as employees of the Corporation. The provisions of this Article 6 shall survive the termination of this Agreement if the promissory
note remains unpaid. 
 6.3) Specific Performance. The parties agree that it is impossible to measure in money the damages which will
accrue by reason of a failure of a party hereto to perform any of the obligations under this Agreement. Therefore, if any person shall institute any action or proceeding to enforce the provisions hereof, any person against whom such action or
proceeding is brought hereby waives and agrees not to assert the defense that the plaintiff has an adequate remedy at law. Furthermore, the parties agree that the injured party may, in addition to any other remedies, have the right to compel
specific performance of the terms and provisions of this Agreement. In addition, a party found in violation hereof agrees to pay the reasonable attorneys’ fees incurred by the party enforcing this Agreement. 
 6.4) Termination of Agreement. Notwithstanding any other terms or provisions hereof, this Agreement shall terminate upon the occurrence of any of
the following events: 
 (a) Upon written agreement of all the parties hereto; 
 (b) Upon the bankruptcy or insolvency of the Corporation occurring during the lifetime of the Shareholders; 
 (c) Upon Corporation making an offering to the public of its common Shares pursuant to a registration statement effective under the Securities Act of
1933, as amended; or 
 (d) Upon the adoption of the plan of liquidation, commencement of dissolution, or entering into a sale of all or
substantially all of the assets of the Corporation; or 
 (e) Upon the disposition of seventy-five percent (75%) of all Shares of
Shareholders. 
 Notwithstanding any termination of this Agreement as set forth above, the obligations of the Corporation to the Selling
Shareholder evidenced by the execution of a promissory 

  

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note and pledge agreement, if any, shall not terminate and shall continue as set forth therein until the outstanding promissory note is paid in full.

 6.5) Endorsement on Stock Certificates. Each Shareholder realizes and represents that any Disposition or Sale of the Shares is
restricted and will be further restricted by a legend on each certificate representing the Shares set forth below. Each Shareholder and the Corporation shall cause all stock certificates of Shares to be endorsed on the face thereof as follows:

 “The shares represented by this certificate are subject to the terms of a Cross Purchase Agreement dated October 24, 2003, a copy
of which is available at the registered office of the Corporation.” 
 6.6) Fractional Shares. No fractional Shares shall be sold
to or by Shareholders as set forth herein. The number of Shares shall be rounded up to the next highest number of Shares if .5 or more results from a calculation set forth herein if less than .5 results from the calculation set forth herein. The
fraction number of Shares shall be dropped. 
 6.7) Notices. All notices, requests, or demands, and other communications from any of
the parties hereto to the others shall be in writing and shall be considered to have been duly given if personally given to all other parties or on the date mailed if sent by certified or registered mail, return receipt requested, postage prepaid,
to the other parties at the address such party may designates by written notice to the other party. 
 6.8) Amendment. This Agreement
may be amended in whole or in part at any time only by a written instrument setting forth such changes and signed by all the parties hereto. 
 6.9) Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same instrument. Signature pages executed and delivered by
facsimile shall be deemed effective as originals. 
 6.10) Assignment. This Agreement is personal to the Shareholders, and no
assignment or transfer of any rights hereof shall be valid without the consent of all the parties hereto. 
 6.11) Binding Effect.
This Agreement shall be binding not only upon the parties hereto, but also upon their heirs, personal representatives, successors, or assigns; and the parties hereby agree for themselves, their heirs, personal representatives, successors, or
assigns, to execute any instrument and to perform any acts that may be necessary or proper to carry out the purposes of this Agreement. 
 6.12) Situs, Venue, and Jurisdiction. This Agreement and all acts and transactions pursuant or relating hereto, and all rights and obligations of the parties hereto shall be governed, construed, and interpreted in accordance with the
laws of the State of Minnesota. In order to induce the parties to accept this Agreement, and as a material part of the consideration therefor: (i) the parties hereto agree that all actions or proceedings arising out of this Agreement shall be
litigated in courts located within Hennepin County, Minnesota; (ii) the Shareholders and the Corporation consent to the exclusive jurisdiction of such court and consent to the service of process in any such action or proceeding by personal
delivery or any other method permitted by law; and (iii) the parties waive any and all rights they may have to transfer or change the venue of any such action or proceeding. 
  

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

									
	CORPORATION:	 		 	THE SHAREHOLDERS:
	VIRTUAL RADIOLOGIC CONSULTANTS, INC.	 		 	SEAN CASEY
				
	By:	 	/s/ Sean O. Casey	 		 	/s/ Sean O. Casey
		 	Its: President and CEO	 		 	Sean Casey
			
		 		 	EDUARD MICHEL
				
		 		 		 	/s/ Eduard Michel
		 		 		 	 Eduard Michel

			
		 		 	DAVID HUNTER
				
		 		 		 	/s/ David Hunter
		 		 		 	David Hunter
			
		 		 	 GARY WEISS

				
		 		 		 	/s/ Gary Weiss
		 		 		 	 Gary Weiss

  

 13 

 SCHEDULE A 
 CONSENT 
 This Consent is executed the          day of
                , 20    , by the undersigned as required by Section 2.2 of the Shareholder Agreement by and among the VIRTUAL
RADIOLOGIC CONSULTANTS, INC., SEAN CASEY, EDUARD MICHEL, DAVID HUNTER and GARY WEISS, dated as of October 24, 2003, and as may have been amended thereafter (“Agreement”). 
 The undersigned hereby agrees to be subject to all the terms and the conditions of the Agreement. Hereafter, the undersigned shall be deemed to be a
Shareholder as set forth therein, and with the exception of the addition of the undersigned, all other provisions of the Agreement shall remain in full force and effect. 
 IN WITNESS WHEREOF, the undersigned has executed this Consent as of the day and year first above written.Form of Indemnification Agreement

 Exhibit 10.4 
 INDEMNIFICATION AGREEMENT 
  
 THIS AGREEMENT (the “Agreement”)
is made and entered into effective as of                              2006 between Virtual Radiologic
Corporation, a Delaware corporation (“the Company”), and
                                 (“Indemnitee”). 
 WITNESSETH THAT: 
 WHEREAS, Indemnitee performs a valuable
service for the Company; and 
 WHEREAS, the Board of Directors of the Company has adopted Bylaws (the “Bylaws”) providing for the
indemnification of the officers and directors of the Company to the maximum extent authorized by Section 145 of the Delaware General Corporation Law, as amended (“Law”); and 
 WHEREAS, the Bylaws and the Law, by their nonexclusive nature, permit contracts between the Company and the officers or directors of the Company with respect to
indemnification of such officers or directors; and 
 WHEREAS, in accordance with the authorization as provided by the Law, the Company may purchase
and maintain a policy or policies of directors’ and officers’ liability insurance (“D & O Insurance”), covering certain liabilities which may be incurred by its officers or directors in the performance of their
obligations to the Company; and 
 WHEREAS, in order to induce Indemnitee to serve or to continue to serve as an officer or director of the Company,
the Company has determined and agreed to enter into this contract with Indemnitee; 
 NOW, THEREFORE, in consideration of Indemnitee’s service as
an officer or director after the date hereof, the parties hereto agree as follows: 
 1. Indemnity of Indemnitee. The Company hereby agrees to
hold harmless and indemnify Indemnitee to the full extent authorized or permitted by the provisions of the Law, as such may be amended from time to time, and Article VI of the Bylaws, as such may be amended. In furtherance of the foregoing
indemnification, and without limiting the generality thereof: 
 (a) Proceedings Other Than Proceedings by or in the Right of the Company.
Indemnitee shall be entitled to the rights of indemnification provided in this Section 1(a) ii; by reason of his Corporate Status (as hereinafter defined), he is, or is threatened to be made, a party to or participant or witness in any
Proceeding (as hereinafter defined) other than a Proceeding by or in the right of the Company. Pursuant to this Section 1(a), Indemnitee shall be indemnified against all Expenses (as hereinafter defined), judgments, penalties, fines and amounts
paid in settlement actually and reasonably incurred by him, or on his behalf, in connection with such Proceeding or any claim, issue or matter therein, if he acted in good faith 

 
and in a manner he reasonably believed to be in or not opposed to the best interests of the Company, and with respect to any criminal Proceeding, had no reasonable
cause to believe his conduct was unlawful. 
 (b) Proceedings by or in the Right of the Company. Indemnitee shall be entitled to the rights of
indemnification provided in this Section 1(b) if, by reason of his Corporate Status, he is, or is threatened to be made, a party to or participant or witness m any Proceeding brought by or in the right of the Company. Pursuant to this
Section 1(b), Indemnitee shall be indemnified against all Expenses actually and reasonably incurred by him, or on his behalf, in connection with such Proceeding if he acted in good faith and in a manner be reasonably believed to be in or not
opposed to the best interests of the Company; provided, however, if applicable law so provides, no indemnification against such Expenses shall be made in respect of any claim, issue or matter in such Proceeding as to which Indemnitee shall have been
adjudged to be liable to the Company unless and to the extent that the Court of Chancery of the State of Delaware shall determine that such indemnification may be made. 
 (c) Indemnification for Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason of his Corporate Status, a party to and
is successful, on the merits or otherwise, in any Proceeding, he shall be indemnified to the maximum extent permitted by law against all Expenses actually and reasonably incurred by him or on his behalf in connection therewith. If Indemnitee is not
wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee against all Expenses actually and reasonably
incurred by him or on his behalf in connection with each successfully resolved claim, issue or matter. For purposes of this Section and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or
without prejudice, shall be deemed to be a successful result as to such claim, issue or matter. 
 (d) Survival Regardless of Investigation.
The indemnification and contribution provided for in this Agreement will remain in full force and effect regardless of any investigation made by or on behalf of Indemnitee or any officer, director, employee, agent or controlling person of
Indemnitee. 
 2. Additional Indemnity, In addition to, and without regard to any limitations on, the indemnification provided for in
Section 1 of this Agreement, the Company shall and hereby does indemnify and hold harmless Indemnitee against all Expenses, judgments, penalties, fines and amounts paid in settlement actually and reasonably incurred by him or on his behalf if,
by reason of his Corporate Status, he is, or is threatened to be made, a party to or participant in any Proceeding (including a Proceeding by or in the right of the Company), including, without limitation, all liability arising out of the negligence
or active or passive wrongdoing of Indemnitee. The only limitation that shall exist upon the Company’s obligations pursuant to this Agreement shall be that the Company shall not be obligated to make any payment to Indemnitee that is finally
determined (under the procedures, and subject to the presumptions, set forth in Sections 6 and 7 hereof) to be unlawful under Delaware law. 

 3. Contribution in the Event of Joint Liability. 
 (a) Whether or not the indemnification provided in Sections 1 and 2 hereof is available, in respect of any threatened, pending or completed action, suit or
proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), the Company shall pay, in the first instance, the entire amount of any judgment or settlement of such action, suit or
proceeding without requiring Indemnitee to contribute to such payment and the Company hereby waives and relinquishes any right of contribution it may have against Indemnitee. The Company shall not enter into any settlement of any action, suit or
proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding) unless such settlement provides for a full and final release of all claims asserted against Indemnitee. 
 (b) Without diminishing or impairing the obligations of the Company set forth in the preceding subparagraph, if, for any reason, Indemnitee shall elect or be
required to pay all or any portion of any judgment or settlement in any threatened, pending or completed action, suit or proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding),
the Company shall contribute to the amount of expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred and paid or payable by Indemnitee in proportion to the relative benefits
received by the Company and all officers, directors or employees of the Company, other than Indemnitee, who are jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), on the one hand, and Indemnitee, on the other
hand, from the transaction from which such action, suit or proceeding arose; provided, however, that the proportion determined on the basis of relative benefit may, to the extent necessary to conform to law, be further adjusted by reference to the
relative fault of the Company and all officers, directors or employees of the Company other than Indemnitee who are jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), on the one hand, and Indemnitee, on the
other hand, in connection with the events that resulted in such expenses, judgments, fines or settlement amounts, as well as any other equitable considerations which the Law may require to be considered. The relative fault of the Company and all
officers, directors or employees of the Company, other than Indemnitee, who are jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), on the one hand, and Indemnitee, on the other hand, shall be determined by
reference to, among other things, the degree to which their actions were motivated by intent to gain personal profit or advantage, the degree to which their liability is primary or secondary and the degree to which their conduct is active or
passive. 
 (c) The Company hereby agrees to fully indemnify and hold Indemnitee harmless from any claims of contribution which may be brought by
officers, directors or employees of the Company, other than Indemnitee, who may be jointly liable with Indemnitee. 
 4. Indemnification for
Expenses of a Witness. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason of his Corporate Status, a 

 
witness in any Proceeding to which Indemnitee is not a party, he shall be indemnified against all Expenses actually and reasonably incurred by him or on his behalf in
connection therewith. 
 5. Advancement of Expenses. Notwithstanding any other provision of this Agreement, the Company shall advance all
Expenses incurred by or on behalf of Indemnitee in connection with any Proceeding by reason of Indemnitee’s Corporate Status within ten (10) days after the receipt by the Company of a statement or statements from Indemnitee requesting such
advance or advances from time to time, whether prior to or after final disposition of such Proceeding. Such statement or statements shall reasonably evidence the Expenses incurred by Indemnitee and shall include or be preceded or accompanied by an
undertaking by or on behalf of Indemnitee to repay any Expenses advanced if it shall ultimately be determined that Indemnitee is not entitled to be indemnified against such Expenses. Any advances and undertakings to repay pursuant to this
Section 5 shall be unsecured and interest free. 
 6. Procedures and Presumptions for Determination of Entitlement to Indemnification. It
is the intent of this Agreement to secure for Indemnitee rights of indemnity that are as favorable as may be permitted under the Law and public policy of the State of Delaware. Accordingly, the parties agree that the following procedures and
presumptions shall apply in the event of any question as to whether Indemnitee is entitled to indemnification under this Agreement: 
 (a) To obtain
indemnification (including, but not limited to, the advancement of Expenses and contribution by the Company) under this Agreement, Indemnitee shall submit to the Company a written request, including therein or therewith such documentation and
information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification. The Secretary of the Company shall, promptly upon receipt of such a request for
indemnification, advise the Board of Directors in writing that Indemnitee has requested indemnification. 
 (b) Upon written request by Indemnitee for
indemnification pursuant to the first sentence of Section 6(a) hereof, a determination, if required by applicable law, with respect to Indemnitee’s entitlement thereto shall be made in the specific case by one of the following three
methods, which shall be at the election of Indemnitee: (1) by a majority vote of the disinterested directors, even though less than a quorum, (2) by independent legal counsel in a written opinion or (3) by the stockholders.

 (c) If the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 6(b) hereof, the
Independent Counsel shall be selected as provided in this Section 6(c). The Independent Counsel shall be selected by Indemnitee (unless Indemnitee requests that such selection be made by the Board of Directors). Indemnitee or the Company, as
the case may be, may, within 10 days after such written notice of selection shall have been given, deliver to the Company or to Indemnitee, as the case may be, a written objection to such selection; provided, however, that such objection may be
asserted only on the ground that the Independent Counsel so selected does not meet the requirements of “Independent Counsel” as defined in Section 14 of this Agreement, and the objection shall set 

 
forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person so selected shall act as Independent Counsel. If a
written objection is made and substantiated, the Independent Counsel selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court has determined that such objection is without merit. If, within 20 days after
submission by Indemnitee of a written request for indemnification pursuant to Section 6(a) hereof; no Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee may petition the Court of Chancery of the
State of Delaware or other court of competent jurisdiction for resolution of any objection which shall have been made by the Company or Indemnitee to the other’s selection of Independent Counsel and/or for the appointment as Independent Counsel
of a person selected by the court or by such other person as the court shall designate, and the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel under Section 6(b) hereof.
The Company shall pay any and all reasonable fees and expenses of Independent Counsel incurred by such Independent Counsel in connection with acting pursuant to Section 6(b) hereof; and the Company shall pay all reasonable fees and expenses
incident to the procedures of this Section 6(c), regardless of the manner in which such Independent Counsel was selected or appointed. 
 (d) In
making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination shall presume that Indemnitee is entitled to indemnification under this Agreement. Anyone seeking to overcome
this presumption shall have the burden of proof and the burden of persuasion by clear and convincing evidence. 
 (e) Indemnitee shall be deemed to
have acted in good faith if Indemnitee’s action is based on the records or books of account of the Enterprise, including financial statements, or on information supplied to Indemnitee by the officers of the Enterprise (as hereinafter defined)
in the course of their duties, or on the advice of legal counsel for the Enterprise or on information or records given or reports made to the Enterprise by an independent certified public accountant or by an appraiser or other expert selected with
reasonable care by the Enterprise. In addition, the knowledge and/or actions, or failure to act, of any director, officer, agent or employee of the Enterprise shall not be imputed to Indemnitee for purposes of determining the right to
indemnification under this Agreement. Whether or not the foregoing provisions of this Section 6(e) are satisfied, it shall in any event be presumed that Indemnitee has at all times acted in good faith and in a manner he reasonably believed to
be in or not opposed to the best interests of the Company. Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion by clear and convincing evidence. 
 (f) If the person, persons or entity empowered or selected under Section 6 to determine whether Indemnitee is entitled to indemnification shall not have made
a determination within thirty (30) days after receipt by the Company of the request therefor, the requisite determination of entitlement to indemnification shall be deemed to have been made and Indemnitee shall be entitled to such
indemnification absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or
(ii) a prohibition of 

 
such indemnification under applicable law; provided, however, that such 30-day period may be extended for a reasonable time, not to exceed an additional fifteen
(15) days, if the person, persons or entity making such determination with respect to entitlement to indemnification in good faith requires such additional time to obtain or evaluate documentation and/or information relating thereto; and
provided, further, that the foregoing provisions of this Section 6(f) shall not apply if the determination of entitlement to indemnification is to be made by the stockholders pursuant to Section 6(b) of this Agreement and if
(A) within fifteen (15) days after receipt by the Company of the request for such determination, the Board of Directors or the Disinterested Directors, if appropriate, resolve to submit such determination to the stockholders for their
consideration at an annual meeting thereof to be held within seventy-five (75) days after such receipt and such determination is made thereat, or (B) a special meeting of stockholders is called within fifteen (15) days after such
receipt for the purpose of making such determination, such meeting is held for such purpose within sixty (60) days after having been so called and such determination is made thereat. 
 (g) Indemnitee shall cooperate with the person, persons or entity making such determination with respect to Indemnitee’s entitlement to indemnification,
including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably
necessary to such determination. Any determination with respect to Indemnitee’s entitlement to indemnification under this Agreement shall be made in good faith and on a reasonable basis. Any costs or expenses (including attorneys’ fees and
disbursements) incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the
Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom. 
 (h) The Company acknowledges that a settlement or other disposition
short of final judgment may be successful if it permits a party to avoid expense, delay, distraction, disruption and uncertainty. In the event that any action, claim or proceeding to which Indemnitee is a party is resolved in any manner other than
by adverse judgment against Indemnitee (including, without limitation, settlement of such action, claim or proceeding with or without payment of money or other consideration) it shall be presumed that Indemnitee has been successful on the merits or
otherwise in such action, suit or proceeding. Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion by clear and convincing evidence. 
 (i) For purposes of this Agreement, the termination of any claim by judgment, order, settlement (whether with or without court approval) or conviction, or upon a
plea of nolo contendere, or its equivalent, shall not create a presumption that Indemnitee did not meet any particular standard of conduct or have any particular belief or that a court has determined that indemnification is not permitted by
applicable law. In addition, neither the failure to have made a determination as to whether Indemnitee has met any particular standard of conduct or had any particular belief; nor an actual determination that Indemnitee has not met such standard of
conduct or did not have such belief; prior to the commencement of legal 

 
proceedings by Indemnitee to secure a judicial determination that Indemnitee should be indemnified under applicable law, shall be a defense to Indemnitee’s claim
or create a presumption that Indemnitee has not met any particular standard of conduct or did not have any particular belief. 
 7. Remedies of
Indemnitee. 
 (a) In the event that (i) a determination is made pursuant to Section 6 of this Agreement that Indemnitee is not entitled
to indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 5 of this Agreement, (iii) no determination of entitlement to indemnification is made pursuant to Section 6(b) of this
Agreement within 90 days after receipt by the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant to this Agreement within ten (10) days after receipt by the Company of a written request
therefor or (v) payment of indemnification is not made within ten (10) days after a determination has been made that Indemnitee is entitled to indemnification or such determination is deemed to have been made pursuant to Section 6 of
this Agreement, Indemnitee shall be entitled to an adjudication in an appropriate court of the State of Delaware, or in any other court of competent jurisdiction, of his entitlement to such indemnification. Indemnitee shall commence such proceeding
seeking an adjudication within 180 days following the date on which Indemnitee first has the right to commence such proceeding pursuant to this Section 7(a). The Company shall not oppose Indemnitee’s right to seek any such adjudication.

 (b) In the event that a determination shall have been made pursuant to Section 6(b) of this Agreement that Indemnitee is not entitled to
indemnification, any judicial proceeding commenced pursuant to this Section 7 shall be conducted in all respects as a de novo trial on the merits, and Indemnitee shall not be prejudiced by reason of the adverse determination under
Section 6(b). 
 (c) If a determination shall have been made pursuant to Section 6(b) of this Agreement that Indemnitee is entitled to
indemnification, the Company shall be bound by such determination in any judicial proceeding commenced pursuant to this Section 7, absent a prohibition of such indemnification under applicable law. 
 (d) In the event that Indemnitee, pursuant to this Section 7, seeks a judicial adjudication of his rights under, or to recover damages for breach of, this
Agreement, or to recover under any directors’ and officers’ liability insurance policies maintained by the Company, the Company shall pay on his behalf, in advance, any and all expenses (of the types described in the definition of Expenses
in Section 13 of this Agreement) actually and reasonably incurred by him in such judicial adjudication, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, advancement of expenses or insurance
recovery. 
 (e) The Company shall be precluded from asserting in any judicial 

 
proceeding commenced pursuant to this Section 7 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate
in any such court that the Company is bound by all the provisions of this Agreement. 
 8. Non-Exclusivity: Survival of Rights: Insurance:
Subrogation. 
 (a) The rights of indemnification as provided by this Agreement shall not be deemed exclusive of any other rights to which
Indemnitee may at any time be entitled under applicable law, the certificate of incorporation of the Company, the Bylaws, any agreement, a vote of stockholders, a resolution of directors or otherwise. No amendment, alteration or repeal of this
Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in his Corporate Status prior to such amendment, alteration or repeal. To the
extent that a change in the Law, whether by statute or judicial decision, permits greater indemnification than would be afforded currently under the Bylaws and this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by
this Agreement the greater benefits so afforded by such change. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every other right
and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or
remedy. 
 (b) As long as the Indemnitee shall continue to serve as a director and/or officer of the Corporation and thereafter as long as the
Indemnitee shall be subject to any possible Proceeding by reason of the fact that the Indemnitee was a director and/or officer of the Corporation (or served in any of said other capacities), the Company will purchase and maintain in effect for the
benefit of the Indemnitee one or more valid, binding, and enforceable policies (the “Insurance Policies”) of directors’ and officers’ liability insurance (“D&O Insurance”) providing adequate liability coverage for
the Indemnitee’s acts as a director and/or officer of the Company. The Company shall promptly notify the Indemnitee of any lapse, amendment or failure to renew said policy or policies or any provision thereof relating to the extent or nature of
coverage provided thereunder. In the event the Company does not purchase and maintain in effect said policy or policies of D&O Insurance pursuant to the provisions of this Section 8, the Company shall, in addition to and not in limitation
of the other rights granted the Indemnitee under this Agreement, bold harmless and indemnify the Indemnitee to the full extent of coverage which would otherwise have been provided for the benefit of the Indemnitee pursuant to the Insurance Policies.

 (c) To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, employees, or
agents or fiduciaries of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise that such person serves at the request of the Company, Indemnitee shall be covered by such policy or
policies in accordance with its or their terms to the maximum extent of the coverage available for any director, officer, employee, agent or fiduciary under such policy or policies. 

 (d) In the event of any payment under this Agreement, the Company shall be subrogated to the extent of such
payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce
such rights. 
 (e) The Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder if and to
the extent that Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise. 
 9.
Exception to Right of Indemnification. Notwithstanding any other provision of this Agreement, Indemnitee shall not be entitled to indemnification under this Agreement with respect to any Proceeding brought by Indemnitee, or any claim therein,
unless (a) the bringing of such Proceeding or making of such claim shall have been approved by the Board of Directors of the Company or (b) such Proceeding is being brought by Indemnitee to assert, interpret or enforce his rights under
this Agreement. 
 10. Duration of Agreement. All agreements and obligations of the Company contained herein shall continue during the period
Indemnitee is an officer or director of the Company (or is or was serving at the request of the Company as a director, officer, employee, agent, fiduciary or controlling person of another corporation, partnership, joint venture, trust or other
enterprise) and shall continue thereafter so long as Indemnitee shall be subject to any Proceeding (or any proceeding commenced under Section 7 hereof) by reason of his Corporate Status, whether or not he is acting or serving in any such
capacity at the time any liability or expense is incurred for which indemnification can be provided under this Agreement 
 11. Security. To the
extent requested by Indemnitee and approved by the Board of Directors of the Company, the Company may at anytime and from time to time provide security to Indemnitee for the Company’s obligations hereunder through an irrevocable bank line of
credit, funded trust or other collateral. Any such security, once provided to Indemnitee, may not be revoked or released without the prior written consent of the Indemnitee. 
 12. Notice to Insurers. If, at the time of the receipt by the Company of a notice of a claim pursuant hereto, the Company has liability insurance in effect
that may cover such claim, the Company shall give prompt notice of the commencement of such claim to the insurers in accordance with the procedures set forth in each of the policies. The Company shall thereafter take all necessary or desirable
action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such action, suit, proceeding, inquiry or investigation in accordance with the terms of such policies. 
 13. Enforcement. 
 (a) The Company expressly confirms
and agrees that it has entered into 

 
this Agreement and assumes the obligations imposed on it hereby in order to induce Indemnitee to serve or continue to serve as an officer or director of the Company,
and the Company acknowledges that Indemnitee is relying upon this Agreement in serving as an officer or director of the Company. 
 (b) This Agreement
constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter
hereof. 
 14. Definitions. For purposes of this Agreement: 
 (a) “Corporate Status” describes the status of a person who is or was a director, officer, employee, agent, fiduciary or controlling person of the Company or of any other corporation, partnership, joint venture,
trust, employee benefit plan or other enterprise that such person is or was serving at the request of the Company. 
 (b) “Disinterested
Director” means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification is sought by Indemnitee. 
 (c) “Enterprise” shall mean the Company and any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise that Indemnitee is or was serving at the express written request of the Company as a
director, officer, employee, agent or fiduciary. 
 (d) “Expenses” shall include all reasonable attorneys’ fees, retainers, court
costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees and all other disbursements or expenses of the types customarily incurred in
connection with prosecuting, defending, preparing to prosecute or defend, investigating, participating, or being or preparing to be a witness in a Proceeding. 
 (e) “Independent Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently is, nor in the past five years has been, retained to represent:
(i) the Company or Indemnitee in any matter material to either such party, or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent
Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s
rights under this Agreement. The Company agrees to pay the reasonable fees of the Independent Counsel referred to above and to fully indemnify such counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to
this Agreement or its engagement pursuant hereto. 

 (f) “Proceeding” includes any threatened, pending or completed action, suit, arbitration, alternate
dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought by or in the right of the Company or otherwise and whether civil, criminal, administrative or
investigative, in which Indemnitee was, is or will be involved as a party or otherwise, by reason of the fact that Indemnitee is or was an officer, director, employee, agent, fiduciary or controlling person of the Company, by reason of any action
taken by him or of any inaction on his part while acting as an officer, director, employee, agent, fiduciary or controlling person of the Company, or by reason of the fact that he is or was serving at the request of the Company as a director,
officer, employee, agent, fiduciary or controlling person of another corporation, partnership, joint venture, trust or other Enterprise; in each case whether or not he is acting or serving in any such capacity at the time any liability or expense is
incurred for which indemnification can be provided under this Agreement; including one pending on or before the date of this Agreement, but excluding one initiated by an Indemnitee pursuant to Section 7 of this Agreement to enforce his rights
under this Agreement. 
 15. Severability. If any provision or provisions of this Agreement shall be held by a court of competent jurisdiction
to be invalid, void, illegal or otherwise unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including without limitation, each portion of any section of this
Agreement containing any such provision held to be invalid, illegal or unenforceable that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent
permitted by law; and (b) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any section of this Agreement containing any such provision held to be invalid, illegal or unenforceable
that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby. Without limiting the generality of the foregoing, this Agreement is intended to confer upon Indemnitee indemnification
rights to the fullest extent permitted by applicable laws. In the event any provision hereof conflicts with any applicable law, such provision shall be deemed modified, consistent with the aforementioned intent, to the extent necessary to resolve
such conflict. 
 16. Modification and Waiver. No supplement, modification, termination or amendment of this Agreement shall be binding unless
executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a
continuing waiver. 
  
 17. Notice By Indemnitee. Indemnitee agrees promptly
to notify the Company in writing upon being served with or otherwise receiving any summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may be subject to indemnification covered
hereunder. The failure to so notify the Company shall not relieve the Company of any obligation which it may have to Indemnitee under this Agreement or otherwise unless and only to the extent that such failure or delay materially 

 
prejudices the Company. 
 18. Notices. All notices, requests,
demands and other communications hereunder shall be in writing and shall be deemed to have been duly given if (I) delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, or (II)
mailed by certified or registered mail with postage prepaid, on the third business day after the date on which it is so mailed: 
  

	 	(a)	If to Indemnitee, to the address set forth below Indemnitee signature hereto. 

  

	 	(b)	If to the Company, to: 

  

	 	  	Virtual Radiologic Corporation 

	 	  	5995 Opus Parkway 

	 	  	Minnetonka, MN 55343 

	 	  	Attn: Chief Executive Officer 

	 	  	With a copy to: General Counsel 

 or to such other address as may have been furnished to
Indemnitee by the Company or to the Company by Indemnitee, as the case may be. 
 19. Identical Counterparts. This Agreement may be executed in
one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed by the party against whom enforceability is sought
needs to be produced to evidence the existence of this Agreement. 
 20. Headings. The headings of the paragraphs of this Agreement are inserted
for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof. 
 21. Governing Law.
The parties agree that this Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware without application of the conflict of laws principles thereof. 
 22. Gender. Use of the masculine pronoun shall be deemed to include usage of the feminine pronoun where appropriate. 
 23. Binding Effect Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and
their respective successors, assigns, including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of the Company, spouses, heirs and personal and legal
representatives. The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially 

 
all, or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance satisfactory to Indemnitee, expressly to assume
and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place. 
 24. No Construction as Employment Agreement. Nothing contained in this Agreement shall be construed as giving Indemnitee any right to be retained in the employ of the Company or any of its subsidiaries. 
 25. Board Approval. The Company represents that this agreement has been approved by the Company’s board of directors. 
 VIRTUAL RADIOLOGIC CORPORATION 
 INDEMNIFICATION AGREEMENT

  
  
 IN
WITNESS WHEREOF, the parties hereto have executed this Agreement on and as of the day and year first above written. 
  
 VIRTUAL RADIOLOGIC CORPORATION 
  
 By:
                                        
                                     
 Name: Sean O. Casey, M.D. 
 Title: President and Chief Executive Officer 
 By:
                                        
                                     
 Name: 
 Title: Director

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