Document:

Stock Purchase Agreement, dated as of April 2007

 Exhibit 10.61 
 STOCK PURCHASE AGREEMENT 
 THIS STOCK PURCHASE AGREEMENT, dated as of April 20, 2007
(this “Agreement”) by and among the individuals listed on Schedule A hereto (each a “Seller” and together the “Sellers”), Generation Capital Partners VRC LP, individually and as agent for Generation Members Fund
II LP (each, a “Buyer” and together the “Buyers”) and Virtual Radiologic Corporation, a Delaware corporation (the “Company”). 
 WHEREAS, each Seller owns shares of common stock of the Company, and each Buyer owns shares of the Company’s Series A Convertible Preferred Stock; and 
 WHEREAS, Buyers wishes to purchase shares of the Company’s common stock from each of the Sellers as indicated on Schedule A hereto and each
Seller wishes to sell such shares of the Company’s common stock to Buyers. 
 NOW, THEREFORE, in consideration of the foregoing
and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 
  

	1.	Agreement to Buy and Sell. Buyers shall purchase, and each Seller shall sell, that number of shares of Company common stock listed next to each Seller’s name on
Schedule A hereto (the “Shares”). The obligations of each Seller are several, and no failure by any Seller to fulfill its obligations hereunder shall affect the rights or obligations of any other Seller. 

  

	2.	Purchase Price. In exchange for the Shares, Buyers shall pay the price of Twelve Dollars and no cents ($12.00) per share of Company common stock to each of the Sellers (the
“Purchase Price”). The purchase and sale of the Shares shall take place at the offices of Generation Partners, One Greenwich Office Park, Greenwich, CT, at 4:00 P.M. (local tune), on the date hereof (which time and place are designated as
the “Closing”). At the Closing, Seller shall deliver to the Company the certificate(s) representing the Shares duly endorsed or accompanied by stock powers duly endorsed to the Buyers against payment of the Purchase Price therefor by
certified check or wire transfer and shall instruct the transfer agent of the Company to issue a new certificate representing the Shares in the name of the Buyers shall designate by written instruction. Upon delivery of payment of the Purchase
Price, each Buyer shall become the legal and beneficial owner of the applicable Shares so being purchased and of all rights and interest therein or related thereto. Promptly following the Closing, the Company shall deliver to each Buyer a
certificate representing the number of Shares purchased hereunder. 

  

	3.	 Stockholders Agreement and Investor Rights Agreement. Buyers and Sellers are, or are entitled to become, parties to that certain Stockholders Agreement dated
as of May 2, 2005, by and among the Company, Buyers, Sellers and certain other holders of the Company’s capital stock (the “Stockholders Agreement”) and the Company and certain holders of the Company capital stock are parties to
that certain Investor Rights Agreement dated as of May 2, 2005 (the “Investor Rights Agreement”). Buyers and 

  

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Sellers each acknowledge that the Stockholders Agreement grants rights of first refusal to the Company and Major Stockholders (as such term is defined in the
Stockholders Agreement), as well as co-sale rights to Major Stockholders. Buyers and Sellers each further acknowledge that the purchase and sale of Shares contemplated by this Agreement are subject to such rights of first refusal and co-sale rights.
Each Seller and the Company has waived any right of first refusal that it may have with respect to the Shares that are being transferred hereunder. All Shares covered by this Agreement shall be bound to the terms of the Stockholders Agreement
following the consummation of the transactions covered by this Agreement and shall be “Registrable Stock” under the Investor Rights Agreement without the need to execute additional joinder documents, amendments or other writings, provided
that if a Buyer is not a party to the Stockholders Agreement, that Buyer will execute a joinder to such Stockholders Agreement, and provided that each Buyer hereunder who is an assignee pursuant to the terms of the Stockholders Agreement shall
become a Major Stockholder (as such term is defined in the Stockholders Agreement) and such Buyer shall be added to Exhibit B of the Stockholders Agreement. 

  

	4.	Representations and Warranties of Sellers. Each Seller individually represents and warrants to each Buyer as follows: 

  

	 	4.1	Seller has good title to the Shares being sold pursuant to this Agreement and such Shares are free and clear of all liens, encumbrances, pledges, security interests or other
restrictions on transfer, with the exception of those rights granted to the Company and the Major Stockholders pursuant to the Stockholders Agreement. 

  

	 	4.2	This Agreement constitutes the valid and legally binding obligation of Seller, enforceable against Seller in accordance with its terms, subject to (a) the laws of bankruptcy
and laws affecting creditors’ rights generally, and (b) the availability of equitable remedies. 

  

	 	4.3	Seller has received all the information it considers necessary or appropriate for deciding whether to sell the Shares to Buyer pursuant to this Agreement. Seller further represents
that it has had an opportunity to ask questions and receive answers from the Company and its management regarding the business, properties, prospects and financial condition of the Company. Seller acknowledges (a) Buyer has not made any
representation or warranty, express or implied, except as set forth herein, regarding any aspect of the sale and purchase of the Shares, the operation or financial condition of the Company or the value of the Shares, (b) that it is not relying
upon the Company or Buyer in making its decision to sell the Shares to Buyer pursuant to this Agreement, (c) that Buyer is relying upon the truth of the representations and warranties in this Section 4 in connection with the purchase of
the Shares hereunder. 

  

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	 	4.4	Seller hereby releases the Company, Buyers and any future holder of the Shares and waives any and all rights, actions, claims, liabilities, obligations, damages and causes of action
whether known, suspected or unknown, whether in law or in equity which Seller may have or may claim to have against the Company, Buyer or any future holder of the Shares. It is the intention of the parties that the foregoing waiver and release shall
be effective as a bar to any and all actions, fees, damages, losses, claims, liabilities and demands of whatsoever character, nature and kind, known or unknown, suspected or unsuspected specified herein. 

  

	 	4.5	Seller hereby acknowledges that it shall have no rights with respect to the Shares, as a stockholder of the Company or otherwise, with respect to any future sale, acquisition,
merger, liquidation, dissolution or other corporate event regarding the Company or its assets (any of the foregoing, a “Corporate Event”). Seller further expressly acknowledges that any such Corporate Event may result in the payment by the
Company or a third party of assets, funds or other proceeds to the Company’s stockholders including Buyer, in a manner such that the value attributed to the Company’s capital stock in such Corporate Event (either in an aggregate amount or
on a per share basis) may be greater than the Purchase Price hereunder. Seller hereby acknowledges and agrees that it shall have no right to or interest in any such assets, funds or proceeds, and it further agrees that it will not make any claim or
assert any right or interest, against Buyer, the Company or such third party with respect to any such assets, funds or proceeds (or with respect to the Corporate Event to which such assets, funds or proceeds relate). 

  

	 	4.6	Seller has had an opportunity to review the federal, state and local tax consequences of the sale of the Shares to Buyer and the transactions contemplated by this Agreement with its
own tax advisors. Seller is relying solely on such advisors and not on any statements or representations of Buyer or the Company. Seller understands that the Seller (and not Buyer) shall be responsible for its own tax liability that may arise as a
result of the transactions contemplated by this Agreement. 

  

	 	4.7	Neither the execution and delivery of this Agreement or the consummation of any of the transactions contemplated hereby nor compliance with or fulfillment of the terms, conditions
and provisions hereof or thereof will conflict with, result in a breach of the terms, conditions or provisions of, or constitute a default (with or without notice or lapse of time, or both), or an event creating rights of acceleration, termination
or cancellation or a loss of rights under (a) any material note, instrument, agreement, mortgage, lease, license, franchise, permit or other authorization, right, restriction or obligation to which Seller is a party or by which Seller or any of
its properties is bound, (b) any judgment or decree applicable to, or affecting, Seller or (c) any statute, law or rule to which Seller is subject. 

  

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	5.	Additional Agreements of Certain Sellers. Brent Backhaus and Lorna Lusic each agree that the terms and conditions of the separate Letter Agreement of even date herewith among
each of them, respectively, the Company and the Buyers are express consideration for this Agreement. A copy of each Letter Agreement is appended hereto as Exhibit A and B, respectively. 

  

	6.	Representations and Warranties of Buyer. Each Buyer represents and warrants to each Seller, and understands, as follows: 

  

	 	6.1	Buyer is purchasing the Shares solely for Buyer’s own account for investment purposes and not with a view to or for sale or distribution of the Shares or any portion thereof
and without any present intention of selling, offering to sell or otherwise disposing of or distributing the Shares or any portion thereof in any transaction other than a transaction complying with the registration requirements of the Securities Act
of 1933, as amended (the “Act”), and applicable state securities or “blue sky” laws, or pursuant to an exemption therefrom. The entire legal and beneficial interest of the Shares that Buyer is purchasing is being purchased for,
and will be held for, Buyer’s account only, and specifically is not being purchased in whole or in part for any other person or entity. 

  

	 	6.2	Buyer has been given access to full and complete information regarding the Company, including, in particular, the current financial condition of the Company and the risks associated
therewith and has utilized such access to Buyer’s satisfaction for the purpose of obtaining information or verifying information, and particularly, Buyer has either attended or been given reasonable opportunity to attend a meeting with
representatives of the Company for the purpose of asking questions of, and receiving answers from, such representatives concerning the Company and the terms and conditions of the purchase of the shares and to obtain any additional information, to
the extent reasonably available. 

  

	 	6.3	Buyer understands that the Shares as an investment involve an extremely high degree of risk. Buyer understands that the Company may need significant additional capital to be
successful, which capital may not be easily available or may only be available upon terms that are substantially dilutive to Buyer. 

  

	 	6.4	Buyer alone, or with the assistance of professional advisors, has such knowledge and experience in financial and business matters that Buyer is capable of evaluating the merits and
risks of Buyer’s purchase of the Shares, or has a pre-existing personal or business relationship with the Company or any of its officers, directors, or controlling persons of a duration and nature that enables the undersigned to be aware of the
character, business acumen and general business and financial circumstances of the Company or such other person. 

  

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	 	6.5	Buyer understands that (a) none of the shares of the Shares being purchased have been registered under the Act, (b) the Shares being purchased are characterized under the
Act as “restricted securities” and, therefore, cannot be sold or transferred unless they are subsequently registered under the Act or an exemption from such registration is available, (c) neither the Company nor any of its officers or
directors has any obligation to register the Shares being purchased under the Act other than as provided in the Investor Rights Agreement and (d) there is presently no public market for the Shares being purchased and Buyer may not be able to
liquidate the investment in the event of an emergency or pledge the Shares as collateral security for loans. 

  

	 	6.6	Except as set forth in this Agreement, no representations or warranties have been made to Buyer, by any Seller or the Company or any agent, employee or affiliate of Seller or the
Company and in entering into this transaction, the Buyer is not relying on any information, other than that contained herein and the results of independent investigation by Buyer. 

  

	7.	Waiver of Right of First Refusal and Right of Co-Sale. To the extent each Buyer and each Seller is a Major Stockholder (as such term is defined in the Stockholders Agreement
and Exhibit B thereto), each Buyer and each Seller hereby acknowledges it possesses a right of first refusal pursuant to the Stockholders Agreement (the “First Refusal Right”) and a right of co-sale (the “Co-Sale Right”) pursuant
to the Stockholders Agreement. Each Buyer and each Seller agrees it has received sufficient notice of and opportunity to exercise such First Refusal Right and Co-Sale Right and hereby waives its First Refusal Right and Co-Sale Right and further
notice thereof with respect to the Shares and to this Agreement. Following the consummation of this Agreement, the Stockholder Agreement shall continue in full force and effect as originally constituted. 

  

	8.	Miscellaneous. 

  

	 	8.1	This Agreement shall be binding upon and inure to the benefit of the parties hereto and to their respective heirs, legal representatives, successors and assigns. This Agreement sets
forth the entire agreement and understanding between the parties as to the subject matter thereof and merges and supersedes all prior discussions, agreements and understandings of any and every nature among them. 

  

	 	8.2	This Agreement shall be governed by the laws of the State of Delaware without application of its choice of law provisions. 

  

	 	8.3	This Agreement may be executed in counterparts, each of which shall be an original, but all of which together shall constitute the same instrument. 

  

	 	8.4	The parties agree to execute and deliver all such further documents, agreements and instruments and take such other and further action as may be necessary or appropriate to carry
out the purposes and intent of this Agreement. 

  

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

  

			
	 BUYERS

	
	GENERATION CAPITAL PARTNERS VRC LP, individually and as agent for
	GENERATION MEMBERS FUND II LP
		
	 By:
	 	 Generation Partners VRC LLC,
 its General
Partner

		
	By:	 	 /s/ Mark E. Jennings

		 	Managing Member
	
	SELLERS
	
	 /s/ Sean Casey
 Sean Casey, M.D.
 /s/ Eduard Michel
 Eduard Michel, M.D.
 /s/ Brent Backhaus
 Brent Backhaus
 /s/ David L. Hunter
 David L. Hunter
 /s/ Gary Weiss
 Gary
Weiss
 /s/ Ranie Pendarvis
 Ranie
Pendarvis
 /s/ Lorna Lusic
 Lorna
Lusic

			
	 COMPANY
  
 VIRTUAL RADIOLOGIC CORPORATION

		
	 By:
	 	 /s/ Sean O. Casey

	 Name:
	 	Sean O. Casey
	 Title:
	 	CEO

 SCHEDULE A 
  

								
	 SELLER
	  	BUYER	  	SHARES	  	AMOUNT
	Sean Casey, M.D.	  	Generation Partners
VRC LP	  	560,000	  	$	6,720,000
	Eduard Michel, M.D.	  	Generation Partners
VRC LP	  	140,000	  	$	1,680,000
	Brent Backhaus	  	Generation Partners
VRC LP	  	200,000	  	$	2,400,000
	David L. Hunter	  	Generation Partners
VRC LP	  	90,000	  	$	1,080,000
	Gary Weiss	  	Generation Partners
VRC LP	  	100,000	  	$	1,200,000
	Ranie Pendarvis	  	Generation Partners
VRC LP	  	65,700	  	$	788,400
	Lorna Lusic	  	Generation Partners
VRC LP	  	175,000	  	$	2,100,000
	TOTAL	  		  	1,330,700	  	$	15,968,400Employment Agreement between Virtual Radiologic Corporation and Robert Kill

 Exhibit 10.62 
 EMPLOYMENT AGREEMENT 
 EMPLOYMENT AGREEMENT (this “Agreement”) dated effective as of
May 29, 2007 (the “Effective Date”), between Virtual Radiologic Corporation, a Delaware corporation (the “Company”), and Robert Kill (“Executive”). 
 WITNESSETH 
 WHEREAS, the Company desires to employ Executive in the capacities of
President and Chief Operating Officer of the Company; 
 WHEREAS, the Company and Executive desire to enter into the Agreement as to the
terms of his employment by the Company; 
 NOW THEREFORE, in consideration of the foregoing, of the mutual promises contained herein and of
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 1. Position/Duties. 
 (a) During the Employment Term (as defined in Section 2 below), Executive shall
serve as the President and Chief Operating Officer of the Company. In this capacity Executive shall have such duties, authorities and responsibilities commensurate with the duties, authorities and responsibilities of persons in similar capacities in
similarly sized companies and such other duties and responsibilities as the Chief Executive Officer shall designate that are consistent with Executive’s position as President and Chief Operating Officer of the Company. Executive shall report to
the Chief Executive Officer. 
 (b) During the Employment Term, Executive shall devote substantially all of his business time
(excluding periods of vacation and other approved leaves of absence) to the performance of his duties with the Company; provided the foregoing shall not prevent Executive from (i) participating in charitable, civic, educational, professional,
community or industry affairs or, with prior written approval of the Board of Directors of the Company (the “Board”), serving on the board of directors or advisory boards of other companies; and (ii) managing his and his family’s
personal investments so long as such activities do not materially interfere with the performance of his duties hereunder or create a potential business conflict or the appearance thereof. If at any time service on any board of directors or advisory
board would, in the good faith judgment of the Board, conflict with Executive’s fiduciary duty to the Company or create any appearance thereof, Executive shall promptly resign from such other board of directors or advisory board after notice of
the conflict is received from the Board. 
 (c) Executive further agrees to serve without additional compensation as an
officer and director of any of the Company’s subsidiaries or affiliates, as the same may exist from time to time, and agrees that any amounts received from any such subsidiary or affiliate may be offset against the amounts due hereunder. In
addition, it is agreed that the Company may assign Executive to one of its subsidiaries or affiliates for payroll purposes providing this does not change the Executive’s role as the President and Chief Operating Officer of the Company.

 (d) Executive agrees to permanently relocate with his family to, and establish permanent
residence in, the Minneapolis, St. Paul Metropolitan Area no later than August 31, 2007, or as soon thereafter as reasonably possible. 
 2. Employment Term. 
 Executive’s term of employment under this Agreement (such term of employment, as it may be
extended or terminated, is herein referred to as the “Employment Term”) shall be for a term commencing on the Effective Date and, unless terminated earlier as provided in Section 7 hereof, ending on the third anniversary of the
Effective Date (the “Original Employment Term”); provided that the Employment Term shall be automatically extended, subject to earlier termination as provided in Section 7 hereof, for successive additional one (1) year periods
(the “Additional Terms”), unless, at least 30 days prior to the end of the Original Employment Term or the then Additional Term, the Company or Executive has notified the other in writing that the Employment Term shall terminate at the end
of the then current term. 
 3. Base Salary. 
 The Company agrees to pay Executive a base salary (the “Base Salary”) at an annual rate of Three Hundred Twenty Five Thousand Dollars ($325,000), payable in accordance with the regular payroll practices of
the Company, but not less frequently than monthly. Executive’s Base Salary shall be fixed for the Original Employment Term, and thereafter in any Additional Term shall be determined by the Board (or a committee thereof) and may be increased,
but not decreased, from time to time by the Board. The base salary as determined herein from time to time shall constitute “Base Salary” for purposes of this Agreement. 
 4. Incentive Bonus. 
 During the
Employment Term, Executive shall be eligible to participate in the Company’s bonus and other incentive compensation plans and programs for the Company’s senior executives at a level commensurate with his position. Executive shall have the
opportunity to earn an annual target bonus (the “Annual Bonus”) to be determined by and measured against objective financial criteria to be determined by the Board (or a committee thereof) of up to 50% of Base Salary or such greater
percentage as may be provided in an annual bonus plan approved by the Board (or a committee thereof), upon the Company’s achievement of financial and operating metrics to be annually determined by the Board (or a committee thereof), and upon
recommendation of the Chief Executive Officer, and prorated for any partial period for which such bonuses are calculated during 2007. Such annual incentive bonuses are payable to the Executive no later than 60 days following the close of the fiscal
year. 
 5. Equity Incentives. 
 (a) Initial Option Award. The Board or any committee of the Board (the “Committee”) appointed to administer the Company’s Equity Incentive Plan, as may be amended from time to time (the
“Stock Plan”) shall award Executive on the Effective Date, 

  

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options to purchase two hundred thousand (200,000) shares of the Company’s common stock, $0.001 par value per share, having an exercise price equal
to the fair market value of one share of the Company’s common stock as of the Effective Date as determined by the Board or Committee at the earliest practicable time, which options shall be subject to certain restrictions (the “Initial
Options Award”). The Initial Options Award shall vest in four (4) equal and successive increments of fifty thousand (50,000) shares on the first, second, third and fourth anniversaries of the Effective Date, provided that Executive is
employed on each vesting date. The Initial Options Award shall be granted pursuant to and shall be subject to all of the terms and conditions imposed upon such awards granted under the Stock Plan and shall be evidenced by an Incentive Stock Option
Agreement in the form approved by the Board or Committee; provided, however, any provision in the Stock Plan, including the limitations of Section 10.2 of the Stock Plan, relating to “Parachute Payments” under Internal Revenue Code
Section 280G(b)(2) shall not apply to the Initial Options Award or a future Award. As a condition to receiving the Initial Options Award, Executive shall become party to the Stockholders Agreement dated May 2, 2005, as amended from time to
time, by and among the Company and certain holders of the Company’s securities, and, if requested, Executive shall also execute and deliver a letter in a form approved by the Company’s underwriters agreeing not to sell any shares of
Company common stock during a customary period following the completion of an initial public offering of the Company’s common stock. 
 (b) Discretionary Grants. In addition to the Initial Options Award contemplated under this Section 5, at the sole discretion of the Board or the Committee, Executive shall be eligible for grants of stock
options and other equity awards of a level commensurate with his position and similar to other Executives of the Company. 
 (c) Notwithstanding any other provision, in the event of a change in control, all equity awards (including, but not limited to, any options or stock grants made subsequent to the date of this Agreement) shall fully vest and be immediately
exercisable. For purposes of this Agreement a change in control shall occur upon (i) any “person” (as such term is used in Sections 13(d) of the Securities Exchange Act of 1934 (the “Exchange Act”)) first becoming after the
Effective Date (a) a “beneficial owner” (as defined in Rule 13(d) under the Exchange Act), directly or indirectly, of securities of the Corporation representing 50% or more of the combined voting power of the Corporation’s then
outstanding securities or (b) able to elect a majority of the Company’s Board of Directors (excepting in each case a person or group owned by or affiliated with Generation Partners L.P.), or (ii) the sale of all or substantially all
of the assets of the Company. 
 (d) Option to Have Company Repurchase Stock and Options. If Executive dies while
employed, the Company shall, subject to any restrictions contained in any credit or similar agreements or that exist under the Delaware General Corporation Law, make reasonable efforts to purchase all of Executive’s stock and any outstanding
options which are vested at the time of death. If the representative of the Executive’s estate wishes to accept such offer, he or she shall request, within six (6) months of death, that the Board determine the fair market value of
Executive’s interest in the Company. This value shall be communicated in writing to the representative, and the representative shall have thirty (30) days to accept or reject the valuation. If the valuation is rejected, the representative
shall have no further rights to have the interest repurchased by the Company. If the valuation is accepted, the Company shall pay 

  

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the amount of the valuation in three (3) equal annual installments without interest. The initial installment shall be payable within ten days following
the Company’s receipt of the representatives written acceptance of the valuation and delivery of the shares and/or options together with any transfer documentation reasonably requested by the Company. A subsequent installment shall be due on
the first and on the second anniversary of the payment date of the initial installment. The Company’s repurchase obligation set forth in this Section 5(d) expires upon the Initial Public Offering of the Company’s common stock.

 6. Employee Benefits. 
 (a) Benefit Plans. Executive shall be entitled to participate in all employee benefit plans of the Company including, but not limited to, equity, pension, thrift, profit sharing, medical coverage, education, or
other retirement or welfare benefits that the Company has adopted or may adopt, maintain or contribute to for the benefit of its senior executives at a level commensurate with his position, subject to satisfying any applicable eligibility
requirements. 
 (b) Paid Time Off. Executive shall be entitled to paid time off in accordance with the Company’s
policies applicable to its senior executives, but in no event less than twenty days (as prorated for partial years), which paid time off may be taken at such times as Executive elects with due regard to the needs of the Company. 
 (c) Perquisites. The Company shall provide to Executive all perquisites which other senior executives of the Company are generally
entitled to receive. 
 (d) Business and Entertainment Expenses. Upon presentation of appropriate documentation,
Executive shall be reimbursed in accordance with the Company’s expense reimbursement policy for all reasonable and necessary business and entertainment expenses incurred in connection with the performance of his duties hereunder. 
 (e) Temporary Housing Expenses. The Company shall pay until October 31, 2007 the costs of temporary housing, meals, weekly
coach class round trip air fare transportation and commuting to be incurred in connection with Executive’s commencement of employment by the Company prior to his permanent relocation to the Twin Cities Metropolitan Area from Raleigh, NC; and
thereafter until December 31, 2007, the Company shall pay only the costs of temporary housing. 
 (f) Relocation
Allowance. The Company shall pay Executive a Relocation Allowance in the amount One Hundred and Twenty Thousand Dollars ($120,000) to defray the costs of permanently relocating with his family to the Twin Cities Metropolitan Area, which amount
includes costs associated with the move, sale of existing home, purchase of new home, as well as a gross up for taxes that Executive may be obligated to pay in connection with this Allowance. 
  

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 7. Termination. 
 Executive’s employment and the Employment Term shall terminate on the first of the following to occur: 
 (a) Disability. Upon written notice by the Company to Executive of termination due to Disability. For purposes of this Agreement, “Disability” shall be defined as the inability of Executive to have
performed his material duties hereunder due to a physical or mental injury, infirmity or incapacity for 180 days (including weekends and holidays) in any 365-day period, with or without reasonable accommodations as defined (and if required) by
applicable state and federal disability laws. The existence or nonexistence of a Disability shall be determined by an independent physician selected by the Company and reasonably acceptable to Executive. 
 (b) Death. Automatically on the date of death of Executive. 
 (c) Cause. Immediately upon written notice by the Company to Executive of a termination for Cause. “Cause” shall mean:

 (i) Executive shall have been indicted for a felony; 
 (ii) Executive shall have been convicted of (or plead “guilty” or “nolo contendre” to or been found guilty and not
convicted of) any misdemeanor or summary offense involving fraud, theft, misrepresentation or moral turpitude or any other misdemeanor or summary offense that will, in the opinion of the Board, determined in good faith, adversely affect in any
material respect the Company’s prospects or reputation or Executive’s ability to perform his obligations or duties to the Company or any of its subsidiaries; or 
 (iii) The termination is evidenced by a resolution adopted in good faith by the Board concluding that Executive: 
 (A) intentionally and continually failed substantially to perform his reasonably assigned duties with the Company (other than a failure
resulting from Executive’s incapacity due to physical or mental illness or from the assignment to Executive of duties that would constitute Good Reason), which failure has continued for a period of at least 30 days after a written notice of
demand for substantial performance, signed by a duly authorized member of the Board, has been delivered to Executive, 
 (B)
intentionally engaged in conduct which is demonstrably and materially injurious to the Company; provided, however, that no termination of Executive’s employment shall be for Cause as set forth in this subsection (B) until (1) there
shall have been delivered to Executive a copy of a written notice, signed by a duly authorized member of the Board, stating that the Board has determined that Executive has engaged in the conduct set forth in this subsection (B), and
(2) Executive shall have been provided an opportunity to be heard by the Board; 
  

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 (C) willfully or repeatedly engaged in misconduct or gross negligence in the performance
of his duties to the Company or any of its subsidiaries that has a material detrimental effect on the Company; or 
 (D)
committed an act of fraud, theft or dishonesty against the Company or any of its subsidiaries or any act or omission intended to result in the personal enrichment of Executive or his spouse, parents or descendants (whether by blood or adoption and
including stepchildren) or the spouses of such individuals in violation of law or of his duty of loyalty to the Company or its subsidiaries at the expense, directly or indirectly, of the Company or any of its subsidiaries. 
 (iv) Notwithstanding anything in the foregoing to the contrary, if Executive has been terminated ostensibly for Cause because he has been
indicted for a felony, and he is not convicted of, or does not plead guilty or nolo contendere to, such felony or a lesser offense (based on the same operative facts), such termination shall be deemed to be a termination without Cause as of the date
of the termination; provided, however, that, any payments due hereunder shall be only paid after a final determination in such proceeding is reached. 
 (d) Without Cause. Upon written notice by the Company to Executive of an involuntary termination without Cause, other than for death or Disability. 
 (e) Good Reason. Upon written notice by Executive to the Company of a termination for Good Reason, unless such events are corrected
in all material respects by the Company within 30 days following written notification by Executive to the Company that he intends to terminate his employment hereunder for one of the reasons set forth below (so long as such notice is given within
ninety (90) days of the occurrence of such Good Reason). “Good Reason” shall mean, without the consent of Executive, the occurrence of any of the following events: 
 (i) assignment to Executive of any duties inconsistent in any material respect with Executive’s position (including titles and
reporting relationships), authority, duties or responsibilities as contemplated by this Agreement; and 
 (ii) any material
failure by the Company to comply with any of the material provisions regarding Executive’s Base Salary, bonus, equity incentive, benefits and perquisites and other benefits and amounts payable to Executive under this Agreement; 
 (iii) the requirement that Executive relocate to a workplace outside of the Minneapolis-St. Paul Metropolitan Area. 
  

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 (f) Without Good Reason. Upon 30 days’ prior written notice by Executive to
the Company of Executive’s voluntary termination of employment without Good Reason (which the Company may, in its sole discretion, make effective earlier than any notice date). 
 8. Consequences of Termination. 
 Any
termination payments made and benefits provided under this Agreement to Executive shall be in lieu of any termination or severance payments or benefits for which Executive may be eligible under any of the plans, policies or programs of the Company
or its affiliates. No termination payments shall be payable hereunder until Executive shall have returned to the Company all Company property used by Executive including without limitation any automobile, computer or laptop, cell phone, Blackberry
or similar device. Subject to Section 9, the following amounts and benefits shall be due to Executive. 
 (a)
Disability. Upon such termination, the Company shall pay or provide Executive (i) any unpaid Base Salary through the date of termination and any accrued vacation in accordance with Company policy; (ii) any unpaid bonus earned with
respect to any fiscal year ending on or preceding the date of termination; (iii) reimbursement for any unreimbursed expenses incurred through the date of termination; and (iv) all other payments, benefits or fringe benefits to which
Executive may be entitled under the terms of any applicable compensation arrangement or benefit, equity or fringe benefit plan or program or grant or this Agreement (collectively, “Accrued Amounts”). 
 (b) Death. In the event the Employment Term ends on account of Executive’s death, Executive’s estate shall be entitled to
any Accrued Amounts. 
 (c) Termination for Cause or Without Good Reason. If Executive’s employment should be
terminated (i) by the Company for Cause, or (ii) by Executive without Good Reason, the Company shall pay to Executive any Accrued Amounts. 
 (d) Termination Without Cause or for Good Reason. If Executive’s employment by the Company is terminated by the Company other than for Cause (other than a termination for Disability) or by Executive for
Good Reason, the Company shall pay or provide Executive with (i) Accrued Amounts; (ii) a pro-rata portion (determined by multiplying the amount Executive would have received had employment continued through the end of the performance year
by a fraction, the numerator of which is the number of days during the performance year of termination that Executive is employed by the Company and the denominator of which is 365) of Executive’s Annual Bonus for the performance year in which
Executive’s termination occurs at the time that annual bonuses are paid to other senior executives; provided that the Board determines in good faith that the Company was on plan for Executive to earn such bonus at the time of termination;
(iii) continue his then current Base Salary as if his employment continued for a period of twelve (12) months from the date of termination, subject to the mitigation provisions set forth below; and (iv) subject to Executive’s
continued co-payment of premiums, continued participation for twelve (12) months in all health and welfare plans which cover Executive (and eligible dependents) upon the same terms and conditions (except for the requirements of Executive’s
continued employment) in effect on the 

  

 - 7 - 

 
date of termination. If at any time after Executive’s termination while the Company is obligated hereunder to make such payments of Base Salary or
continue such benefits, Executive receives compensation for providing services as an employee or as an independent contractor from any person or entity, then Executive shall immediately notify the Company of such event and the Company’s
obligation to continue to make such payments to Executive shall be reduced by the gross amount of any such payments and the obligation to continue to provide benefits shall cease at such time as Executive is eligible for health insurance coverage by
any successor employer or person or entity, prompt notice of which Executive shall furnish to the Company. Executive shall use good faith and reasonable efforts to find and secure new employment after any such termination. To the extent such
coverage cannot be provided under the Company’s health or welfare plans without jeopardizing the tax status of such plans, for underwriting reasons or because of the tax impact on Executive, the Company shall pay Executive an amount equal to
the amount the Company would have paid for such benefits on behalf of Executive if the benefits were provided to him as an employee. The continuation of health benefits under this subsection shall reduce and count against Executive’s rights
under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”). 
 (e) Amounts
Payable. The Company reserves the right to set off against amounts payable to Executive hereunder any amounts owed by Executive to the Company. 
 9. Release. 
 Any and all amounts payable and benefits or additional rights provided pursuant to this Agreement beyond
Accrued Amounts shall only be payable if Executive delivers to the Company a general release of all claims of Executive occurring up to the release date in the form of Exhibit A hereto (with such insertions or changes therein as may be necessary in
the reasonable opinion of counsel for the Company to make it valid and encompassing under applicable law) within 21 days of presentation thereof by the Company to Executive, or such other longer or shorter period as may be permitted or required by
then applicable law. 
 10. Restrictive Covenants. 
 (a) Confidentiality. Executive shall not, directly or indirectly, use, make available, sell, disclose or otherwise communicate to
any person, other than in the course of Executive’s assigned duties and for the benefit of the Company, either during the Employment Term or at any time thereafter, any nonpublic proprietary or confidential information, knowledge or data
relating to the Company or any of its subsidiaries or affiliates that has been obtained by Executive during Executive’s employment by the Company or has been obtained pursuant to any consulting services provided by Executive to Company prior to
Executive’s employment by the Company. For purposes of this Agreement, non-public proprietary information means information proprietary to the Company that is not generally known (including any “trade secret” within the meaning of the
Economic Espionage Act of 1996, Title 18 USC § 1839) about the Company’s customers, products, services, personnel, pricing, sales strategy, technology, methods, processes, research, development, finances, systems, techniques,
accounting, purchasing and plans. All information disclosed to Executive or to which he obtains access, whether originated by him or by others, during the period that Executive is an employee of the 

  

 - 8 - 

 
Company (such period being referred to as the “Employment Period”) (whether prior to the Effective Date or thereafter), shall be presumed to be
non-public proprietary information if it is so treated by the Company or if Executive has a reasonable basis to believe it to be such. The foregoing shall not apply to information that (i) was known to the public prior to its disclosure to
Executive; (ii) becomes known to the public subsequent to disclosure to Executive through no wrongful act of Executive or any representative of Executive; or (iii) Executive is required to disclose by applicable law, regulation or legal
process (provided that Executive provides the Company with prior notice of the contemplated disclosure and reasonably cooperates with the Company at its expense in seeking a protective order or other appropriate protection of such information).
Notwithstanding clauses (i) and (ii) of the preceding sentence, Executive’s obligation to maintain such disclosed information in confidence shall not terminate where only portions of the information are in the public domain.

 (b) Nonsolicitation. During the Employment Term and for the two year period thereafter, Executive shall not,
directly or indirectly, individually or on behalf of any other person, firm, corporation or other entity, knowingly solicit, aid or induce (i) any employee of or consultant to the Company or any of its subsidiaries or affiliates to leave such
employment or engagement in order to accept employment with or render services to or with any other person, firm, corporation or other entity unaffiliated with the Company or knowingly take any action to materially assist or aid any other person,
firm, corporation or other entity in identifying or hiring any such employee or (ii) any customer of the Company or any of its subsidiaries or affiliates to purchase goods or services then sold by the Company or any of its subsidiaries or
affiliates from another person, firm, corporation or other entity or assist or aid any other persons or entity in identifying or soliciting any such customer. 
 (c) Noncompetition. Executive acknowledges that he performs services of a unique nature for the Company that are irreplaceable, and
that his performance of such services to a competing business will result in irreparable harm to the Company. Accordingly, during the Employment Term and for the two year period thereafter, Executive shall not, directly or indirectly, own, manage,
operate, control, be employed by (whether as an employee, consultant, independent contractor or otherwise, and whether or not for compensation) or render services to any person, firm, corporation or other entity, in whatever form, engaged in any
business of the same type as any business in which the Company or any of its subsidiaries or affiliates is engaged on the date of termination or in which they have proposed, on or prior to such date, to be engaged in on or after such date, in any
locale of any country in which the Company or its subsidiaries conducts business. This Section 10(c) shall not prevent Executive from owning not more than one percent of the total shares of all classes of stock outstanding of any publicly held
entity engaged in such business, nor will it restrict Executive from rendering services to charitable organizations, as such term is defined in Section 501(c) of the Internal Revenue Code of 1986, as amended. 
 (d) Nondisparagment. Neither Executive nor the Company (for purposes hereof, the Company shall mean the Company together with its
executive officers and directors and not any other employees) shall make any public statements that disparage the other party, or in the case of the Company, its respective subsidiaries, affiliates, employees, officers, directors, products or
services. Notwithstanding the foregoing, statements made in the course of 

  

 - 9 - 

 
sworn testimony in administrative, judicial or arbitral proceedings (including, without limitation, depositions in connection with such proceedings) shall
not be subject to this Section 10(d). 
 (e) Equitable Relief and Other Remedies. Executive acknowledges and
agrees that the Company’s remedies at law for a breach or threatened breach of any of the provisions of this Section 10 would be inadequate and, in recognition of this fact, Executive agrees that, in the event of such a breach or
threatened breach, in addition to any remedies at law, the Company, without posting any bond, shall be entitled to obtain equitable relief in the form of specific performance, temporary restraining order, a temporary or permanent injunction or any
other equitable remedy which may then be available. 
 (f) Reformation. If it is determined by a court of competent
jurisdiction in any state or other jurisdiction that any restriction in this Section 10 is excessive in duration or scope or is unreasonable or unenforceable under the laws of that state or jurisdiction, it is the intention of the parties that
such restriction may be modified or amended by the court to render it enforceable to the maximum extent permitted by the law of that state or jurisdiction. 
 (g) Survival of Provisions. The obligations contained in this Section 10 shall survive the termination or expiration of Executive’s employment with the Company and shall be fully enforceable
thereafter. 
 11. Inventions and Other Intellectual Property. 
 (a) Assignment of Inventions and Works Limitation of Assignment in Certain Cases. Executive acknowledges that Executive will
exercise Executive’s inventive and creative abilities for the benefit of the Company. Executive therefore assigns and transfers to the Company Executive’s entire right, title and interest in and to all Inventions. Executive agrees that all
such Inventions are the sole property of the Company. For purposes of this Agreement, “Inventions” shall include but not be limited to all ideas, improvements, designs and discoveries whether or not patentable and whether or not reduced to
practice, made or conceived by Executive (whether made solely by Executive or jointly with others) which relate in any manner to the business, work or research and development of the Company, its subsidiaries or affiliates, or result from and are
suggested by any task assigned to Executive or any work performed by Executive for or on behalf of the Company, its predecessors in interest or any related entity. The foregoing definition does not however, include an Invention for which no
equipment, supplies, facility, or confidential information of the Company was used and that was developed entirely on Executive’s own time and that (i) does not directly relate to the Company’s business, research or development, or
(ii) does not result from any work performed by Executive for the Company. 
 Executive agrees that all Works are the sole property of
the Company, and shall, to the extent possible, be considered works made for hire for Company within the meaning of Title 17 of the United States Code; provided, however, that if Executive is domiciled in California or if any of the Work is created
in California, then such Work shall not be a work made for hire. If for any reason any Work is not deemed to be a work made for hire, then Executive assigns and transfers to the Company Executive’s entire right, title and interest in and to
such Work, and Executive further waives all of his rights under the United States Copyright Act and under any other country’s copyright law, including any rights provided in 17 U.S.C. 

  

 - 10 - 

 
§§ 106 and 106A, for any and all purposes for which such Work and any derivative works thereof may be used, and any rights of attribution and
integrity or any other “moral rights of authors” with respect to such Work and any derivative works thereof and any uses thereof to the full extent now or hereafter permitted by the laws of the United States of America or the laws of any
other country. For purposes of this Agreement, “Works” shall include but not be limited to all copyrightable works created by Executive (whether solely by Executive or jointly with others) during the Employment Period, or any time
thereafter, which relate in any manner to the business, work or research and development of the Company, its subsidiaries or affiliates, or result from and are suggested by any task assigned to Executive or any work performed by Executive for or on
behalf of the Company, its subsidiaries or affiliates. If any such assignment is invalid or ineffective for any reason, then Executive hereby grants Company a perpetual, royalty-free, non-exclusive, worldwide license to fully exploit any
intellectual property or propriety rights in such Inventions and Works and any patents and copyrights (or other intellectual property or propriety registrations or applications) resulting therefrom. 
 (b) Disclosure of Inventions, Works and Patents. Executive agrees that in connection with any Invention or Work: 
 (i) Executive will disclose such Invention promptly in writing to the President, Chief Executive Officer or Board of the Company, in order
to permit the Company to claim rights to which it may be entitled under this Agreement. Such disclosure shall be received in confidence by the Company or the Board. 
 (ii) Executive will, at the Company’s request, promptly execute a written assignment of title to the Company for any Invention
required to be assigned by this Article (“Assignable Invention”), and Executive will preserve any such Assignable Invention as confidential information of the Company. 
 (iii) Executive will give to the relevant contact person at the Company a copy of such Work. Executive will, at the Company’s
request, promptly execute a written assignment of title to the Company for any such Work. 
 (iv) Upon request, Executive
agrees to assist the Company or its nominee (at its expense) during and at any time subsequent to the Employment Period in every reasonable way to obtain for its own benefit patents and copyrights for such Assignable Inventions and such Works in any
and all countries, which Inventions and Works shall be and remain the sole and exclusive property of the Company or its nominee whether or not patented or copyrighted. Executive agrees to execute such papers and perform such lawful acts as the
Company deems to be necessary to allow it to exercise all right, title and interest in such patents and copyrights. 
 (c)
Execution of Documents. In connection with this Section 11, Executive further agrees to execute, acknowledge and deliver to the Company or its nominee upon request (at its expense) all such documents, including applications for patents
and copyrights and assignments of inventions, patents and copyrights to be issued therefore, as the 

  

 - 11 - 

 
Company may determine necessary or desirable to apply for and obtain letters, patents and copyrights on such Assignable Inventions and such Works in any and
all countries and/or to protect the interest of the Company or its nominee in such inventions, such Works, patents and copyrights, and to vest title thereto in the Company, or its nominee. 
 (d) Maintenance of Records. Executive agrees to keep and maintain adequate and current written records of all Inventions and Works
made or created by Executive (in the form of notes, sketches, drawings and other typical forms), which records shall be available to and remain the sole property of the Company at all times. 
 (e) Prior Inventions. It is understood that all inventions, if any, patented or unpatented, which Executive made prior to the
Executive’s first day as an employee of or consultant or contractor to the Company, its predecessors in interest or any related entity (and which have not been otherwise assigned or transferred to the Company) are excluded from the scope of
this Agreement. 
 To preclude any possible uncertainty, Executive has set forth on Exhibit B attached hereto a complete list of all
Executive’s prior inventions, if any, including numbers of all patents and patent applications, and a brief description of all unpatented inventions that are not the property of a previous employer or other person and which have not been
otherwise assigned or transferred to the Company. Executive represents and covenants that the list is complete and that, if no items are on the list, Executive has no such prior inventions. Executive agrees to notify the Company in writing before
Executive makes any disclosure or performs any work on behalf of the Company which appears to threaten or conflict with proprietary rights Executive claims in any invention or idea. In the event of Executive’s failure to give such notice,
Executive agrees that Executive will make no claim against the Company with respect to any such inventions or ideas. 
 (f)
Trade Secrets and Intellectual Property of Others. Executive represents that Executive’s performance of all the terms of this Agreement does not and will not breach any noncompetition or nonsolicitation agreement, or any agreement to
keep proprietary information, knowledge or data acquired by Executive in confidence or in trust prior to the Employment Period, and Executive will not disclose to the Company or induce the Company to use any confidential or proprietary information
or material belonging to any previous employer or other person. Executive agrees not to enter into any agreement either written or oral in conflict herewith. 
 (g) Non infringement. Executive represents that the work product that Executive provides to the Company, including the Inventions
and the Works, and Company’s use thereof in their intended manner: (a) do not and will not infringe or violate the copyright or trade secret rights of any other party; and (b) to the best of Executive’s knowledge, do not and will
not infringe or violate the actual or prospective patent or trademark rights of any other party. If at any time during or after the Employment Period, Executive has reason to believe that the foregoing representation is no longer true, then
Executive shall promptly inform Company of such belief and the reasons therefor. 
  

 - 12 - 

 (h) Other Obligations. Executive acknowledges that the Company from time to time
may have agreements with other persons or with the U.S. Government or governments of other countries, or agencies thereof, which impose obligations or restrictions on the Company regarding inventions made during the course of work thereunder or
regarding the confidential nature of such work. Executive agrees to be bound by all such obligations and restrictions and to take all action necessary to discharge the obligations of the Company thereunder. 
 12. Assignments. 
 (a)
This Agreement is personal to each of the parties hereto. Except as provided in Section 12(b) below, no party may assign or delegate any rights or obligations hereunder without first obtaining the written consent of the other party hereto.

 (b) The Company may assign this Agreement to any successor to all or substantially all of the business and/or assets of the
Company, provided the Company shall require such successor to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place.

 13. Notice. 
 For the
purpose of this Agreement, notices and all other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given (i) on the date of delivery if delivered by hand, (ii) on the date of
transmission, if delivered by confirmed facsimile, (iii) on the first business day following the date of deposit if delivered by guaranteed overnight delivery service, or (iv) on the fourth business day following the date delivered or
mailed by United States registered or certified mail, return receipt requested, postage prepaid, addressed as follows: 
 If to Executive:

 At the address (or to the facsimile number) shown on the records of the Company. 
 If to the Company: 
 Virtual Radiologic
Corporation 
 5995 Opus Parkway, Suite 200 
 Minnetonka, MN 55343 
 Attention: Corporate Secretary 
 Fax: 952/943-2401 
  

 - 13 - 

 with copies to: 
 Generation Partners L.P. 
 One Greenwich Office Park 
 Greenwich, CT 06831-5156 
 Attention: Andrew
Hertzmark 
 Fax: 203/422-8250 
 or to such other
address as either party may have furnished to the other in writing in accordance herewith, except that notices of change of address shall be effective only upon receipt. 
 14. Section Headings; Inconsistency. 
 The section headings used in this Agreement are included
solely for convenience and shall not affect, or be used in connection with, the interpretation of this Agreement. 
 15. Severability.

 The provisions of this Agreement shall be deemed severable and the invalidity of unenforceability of any provision shall not affect the
validity or enforceability of the other provisions hereof. 
 16. Counterparts. 
 This Agreement may be executed in several counterparts, each of which shall be deemed to be an original but all of which together will constitute one and
the same instrument. 
 17. Indemnification. 
 The Company hereby agrees to indemnify Executive and hold him harmless to the fullest extent permitted by law and under the bylaws of the Company against and in respect to any and all actions, suits, proceedings,
claims, demands, judgments, costs, expenses (including reasonable attorney’s fees), losses, and damages resulting from Executive’s good faith performance of his duties and obligations with the Company. 
 18. Governing Law and Venue. 
 The
validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the State of Minnesota without regard to its conflicts of law principles. Each party to this Agreement consents to the jurisdiction over it of
the courts of the State of Minnesota in the City of Minneapolis, and the United States Courts in the District of Minnesota and agrees that any personal service of process may be made by registered or certified mail to the notice address as set forth
in Section 12 hereof, and as the same may be changed from time to time as provided therein. 
 19. Arbitration. Any dispute or
controversy arising under or in connection with this Agreement shall be submitted to arbitration in accordance with the rules of the American Arbitration Association then in effect in Minneapolis Minnesota before a panel of 

  

 - 14 - 

 
three (3) arbitrators who shall be knowledgeable in executive employment law, who shall be independent of, and have no ex parte communications with, the
parties or their representatives, and who shall render written findings of fact, conclusions of law and order. In addition to any other inherent powers, arbitrators shall have the express powers to order a party to comply with or desist from
breaching any of the terms of this Agreement. The determination of the arbitrators shall be final and binding upon the parties and may be entered as a final judgment in any court of competent jurisdiction. The parties shall equally share the costs
of arbitration. Nothing herein, however, shall deprive a party of the right to seek equitable relief from the courts to restrain or enjoin the other from a breach this Agreement pending the empanelling of the arbitrators or their final
determination. 
 20. Miscellaneous. 
 No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing and signed by Executive and on behalf of the Company by such officer or
director as may be designated by the Board. No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed
a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. 
 21. Supercession and
Merger. 
 This Agreement together with all exhibits hereto and the Stock Plan and Stock Option Agreement merges all prior negotiations
or agreements and sets forth the entire agreement of the parties hereto in respect of the subject matter contained herein. No agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been
made by either party which are not expressly set forth in this Agreement. 
 22. Withholding. 
 The Company may withhold from any and all amounts payable under this Agreement such foreign, federal, state and local taxes as may be required to be
withheld pursuant to any applicable law or regulation. 
 23. Survival. The provisions of Sections 8, 9, 10, 11, 13, 18, 19 and 23
shall survive termination of this Agreement for whatever reason. 
  

 - 15 - 

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

  

			
	COMPANY
	
	Virtual Radiologic Corporation
		
	By:	 	/s/ Sean Casey
		 	 Name: Sean Casey
 Its: Chief Executive
Officer

	
	EXECUTIVE
	
	Robert Kill
		
	By:	 	/s/ Robert Kill

  

 - 16 - 

 EXHIBIT A 
 FORM OF RELEASE 
 AGREEMENT AND GENERAL RELEASE 
 Virtual Radiologic Corporation, its affiliates, subsidiaries, divisions, successors and assigns and the current, future and former employees, officers,
directors, trustees and agents thereof (collectively referred to throughout this Agreement as the “Company”) and Robert Kill, his heirs, executors, administrators, successors and assigns (collectively referred to throughout this Agreement
and General Release as “Executive”) agree: 
 1. Last Day of Employment. Executive’s last day of employment with the
Company is [INSERT TERMINATION DATE]. In addition, effective as of [INSERT TERMINATION DATE], Executive resigns from his position as President and Chief Operating Officer of Virtual Radiologic Corporation and will not be eligible for any benefits or
compensation after [INSERT TERMINATION DATE], other than as specifically provided in the employment agreement between Virtual Radiologic Corporation and Executive dated effective as of DATE (the “Employment Agreement”), subject to
Executive’s executing, delivering and not revoking Appendix 1 hereto. Executive further acknowledges and agrees that, after [INSERT TERMINATION DATE], he will not represent himself as being a director, employee, officer, trustee, agent or
representative of the Company for any purpose and will not make any public statements relating to the Company, other than general statements relating to his position, title or experience with the Company, subject to the confidentiality provision
under Section 10(a) of the Employment Agreement and in no event will Executive make any statements as an agent or representative of the Company. In addition, effective as of [INSERT TERMINATION DATE], Executive resigns from all offices,
directorships, trusteeships, committee memberships and fiduciary capacities held with, or on behalf of, the Company or any benefit plans of the Company. These resignations will become irrevocable as set forth in Section 3 below. 
 2. Consideration. The parties acknowledge that this Agreement and General Release is being executed in accordance with Section 9 of the
Employment Agreement. 
 3. Revocation. Executive may revoke this Agreement and General Release for a period of _______________
calendar days following the day he executes this Agreement and General Release. Any revocation within this period must be submitted, in writing, to Virtual Radiologic Corporation and state, “I hereby revoke my acceptance of our Agreement and
General Release.” The revocation must be personally delivered to Sean Casey, Chief Executive Officer, or his/her designee, or mailed to Virtual Radiologic Corporation at 5995 Opus Parkway, Suite 200, Minnetonka, MN, 55343, or the Company’s
then current regular business address, and postmarked within seven (7) calendar days of execution of this Agreement and General Release. This Agreement and General Release shall not become effective or enforceable until the revocation period
has expired. If the last day of the revocation period is a Saturday, Sunday, or legal holiday in the State of Minnesota, then the revocation period shall not expire until the next following day which is not a Saturday, Sunday, or legal holiday.

 4. General Release of Claim. Executive knowingly and voluntarily releases and forever discharges
the Company from any and all claims, causes of action, demands, fees and liabilities of any kind whatsoever, whether known and unknown, against the Company, Executive has, has ever had or may have as of the date of execution of this Agreement and
General Release, including, but not limited to, any alleged violation of: 
  

	 	•	 	 The National Labor Relations Act, as amended; 

  

	 	•	 	 Title VII of the Civil Rights Act of 1964, as amended; 

  

	 	•	 	 The Civil Rights Act of 1991; 

  

	 	•	 	 Sections 1981 through 1988 of Title 42 of the United States Code, as amended; 

  

	 	•	 	 The Employee Retirement Income Security Act of 1974, as amended; 

  

	 	•	 	 The Immigration Reform and Control Act, as amended; 

  

	 	•	 	 The Americans with Disabilities Act of 1990, as amended; 

  

	 	•	 	 The Age Discrimination in Employment Act of 1967, as amended; 

  

	 	•	 	 The Older Workers Benefit Protection Act of 1990; 

  

	 	•	 	 The Worker Adjustment and Retraining Notification Act, as amended; 

  

	 	•	 	 The Occupational Safety and Health Act, as amended; 

  

	 	•	 	 The Family and Medical Leave Act of 1993; 

  

	 	•	 	 The Minnesota Civil Rights Act, as amended; 

  

	 	•	 	 The Minnesota Minimum Wage Law, as amended; 

  

	 	•	 	 Equal Pay Law for Minnesota, as amended; 

  

	 	•	 	 Any other foreign, federal, state or local civil or human rights law or any other local, slate, federal or foreign law, regulation or ordinance;

  

	 	•	 	 Any public policy, contract, tort, or common law; or 

  

	 	•	 	 Any allegation for costs, fees, or other expenses including attorneys’ fees incurred in these matters. 

 Notwithstanding anything herein to the contrary, the sole matters to which this Agreement and General Release do not apply are: (i) Executive’s rights of
indemnification and directors and officers liability insurance coverage, if any, to which he was entitled immediately prior to [INSERT TERMINATION DATE] with regard to his service as an officer of the Company; (ii)

  

 A-2 

 
Executive’s rights under any tax-qualified pension or claims for accrued vested benefits under any other employee benefit plan, policy or arrangement
maintained by the Company or under COBRA; (iii) Executive’s rights under the provisions of the Employment Agreement which are intended to survive termination of employment; or (iv) Executive’s rights as a stockholder. 

5. No Claims Permitted. Executive waives his right to file any charge or complaint against the Company arising out of his employment with or
separation from the Company before any foreign, federal, state or local court or any foreign, federal, state or local administrative agency, except where such waivers are prohibited by law. This Agreement and General Release, however, does not
prevent Executive from filing a charge with the Equal Employment Opportunity Commission, any other federal government agency, and/or any government agency concerning claims of discrimination, although Executive waives his right to recover any
damages or other relief in any claim or suit brought by or through the Equal Employment Opportunity Commission or any other state or local agency on behalf of Executive under the Age Discrimination in Employment Act, Title VII of the Civil Rights
Act of 1964 as amended, the Americans with Disabilities Act, or any other federal or state discrimination law, except where such waivers are prohibited by law. 
 6. Affirmations. Executive affirms he has not filed, has not caused to be filed, and is not presently a party to, any claim, complaint, or action against the Company in any forum or form. Executive further
affirms that he has been paid and/or has received all compensation, wages, bonuses, commissions, and/or benefits to which he may be entitled and no other compensation, wages, bonuses, commissions and/or benefits are due to him, except as provided in
the Employment Agreement. Executive also affirms he has no known workplace injuries. 
 7. Confidentiality; Cooperation; Return of
Property. Executive agrees not to disclose any information regarding the circumstances surrounding the cessation of his employment, or the existence, terms, or conditions of this Agreement and General Release, to any person or entity whatsoever,
including without limitation, any members of the media (including, but not limited to, print journalists, newspapers, radio, television, cable, satellite programs, or Internet media) or any Internet web page or “chat room,” or any other
entity or person, with the exception of Executive’s spouse, accountant, tax advisor, and/or attorneys. Notwithstanding the aforementioned provision, nothing herein shall preclude Executive from divulging any information to any agency of the
federal, state, or local government pursuant to an official request by such government agency or pursuant to court order (provided that Executive provides the Company with prior notice of the contemplated disclosure and reasonably cooperates with
the Company at its expense in seeking a protective order or other appropriate protection of such information). Executive agrees to reasonably cooperate with the Company and its counsel in connection with any investigation, administrative proceeding
or litigation relating to any matter that occurred during his employment in which he was involved or of which he has knowledge. The Company will reimburse Executive for any reasonable pre-approved out-of-pocket travel, delivery or similar expenses
incurred in providing such service to the Company. Executive represents that he has returned to the Company all property belonging to the Company, including but not limited to any leased vehicle, laptop, cell phone, keys, access cards, phone cards
and credit cards. 
  

 A-3 

 8. Governing Law and Interpretation. This Agreement and General Release shall be governed and
conformed in accordance with the laws of the State of Minnesota without regard to its conflict of laws provision. In the event Executive or the Company breaches any provision of this Agreement and General Release, Executive and the Company affirm
either may institute an action to specifically enforce any term or terms of this Agreement and General Release. Should any provision of this Agreement and General Release be declared illegal or unenforceable by any court of competent jurisdiction
and should the provision be incapable of being modified to be enforceable, such provision shall immediately become null and void, leaving the remainder of this Agreement and General Release in full force and effect. Nothing herein, however, shall
operate to void or nullify any general release language contained in the Agreement and General Release. 
 9. Non-admission of
Wrongdoing. Executive agrees neither this Agreement and General Release nor the furnishing of the consideration for this Release shall be deemed or construed at any time for any purpose as an admission by the Company of any liability or unlawful
conduct of any kind. 
 10. Amendment. This Agreement and General Release may not be modified, altered or changed except upon express
written consent of both parties wherein specific reference is made to this Agreement and General Release. 
 11. Entire Agreement.
This Agreement and General Release sets forth the entire agreement between the parties hereto and fully supersedes any prior agreements or understandings between the parties; provided, however, that notwithstanding anything in this Agreement and
General Release, the provisions in the Employment Agreement which are intended to survive termination of the Employment Agreement, including but not limited to those contained in Section 10 thereof, shall survive and continue in full force and
effect. Executive acknowledges he has not relied on any representations, promises, or agreements of any kind made to him in connection with his decision to accept this Agreement and General Release. 
 EXECUTIVE HAS BEEN ADVISED THAT HE HAS UP TO TWENTY-ONE (21) CALENDAR DAYS TO REVIEW THIS AGREEMENT AND GENERAL RELEASE AND HAS BEEN ADVISED IN
WRITING TO CONSULT WITH AN ATTORNEY PRIOR TO EXECUTION OF THIS AGREEMENT AND GENERAL RELEASE. 
 EXECUTIVE AGREES ANY MODIFICATIONS, MATERIAL
OR OTHERWISE, MADE TO THIS AGREEMENT AND GENERAL RELEASE DO NOT RESTART OR AFFECT IN ANY MANNER THE ORIGINAL TWENTY-ONE (21) CALENDAR DAY CONSIDERATION PERIOD. 
 HAVING ELECTED TO EXECUTE THIS AGREEMENT AND GENERAL RELEASE, TO FULFILL THE PROMISES SET FORTH HEREIN, AND TO RECEIVE THE SUMS AND BENEFITS IN SET FORTH IN THE EMPLOYMENT AGREEMENT, EXECUTIVE FREELY AND KNOWINGLY,
AND AFTER DUE CONSIDERATION, ENTERS INTO THIS AGREEMENT AND GENERAL RELEASE INTENDING TO WAIVE, SETTLE AND RELEASE ALL CLAIMS HE HAS OR MIGHT HAVE AGAINST EMPLOYER. 
  

 A-4 

 IN WITNESS WHEREOF, the parties hereto knowingly and voluntarily executed this Agreement and General
Release as of the date set forth below: 
  

			
	Virtual Radiologic Corporation
		
	By:	 	  
		
	By:	 	  
		 	 Robert Kill
 President and Chief Operating
Officer

  

	 	Re:	Agreement and General Release 

 Dear Robert: 
 This letter confirms that on [INSERT DATE], I personally sent to you the enclosed Agreement and General Release. You have until [INSERT DATE] to consider
this Agreement and General Release, in which you waive important rights, including those under the Age Discrimination in Employment Act of 1967. To this end, we advise you to consult with an attorney of your choosing prior to executing this
Agreement and General Release. 
  

	
	Regards,
	
	   
	 Name:
 Title:

  

 A-5 

 APPENDIX 1 
 Sean Casey 
 Chief Executive Officer 
 Virtual
Radiologic Corporation 
 5995 Opus Parkway, Suite 200 
 Minnetonka, MN 55343 
  

	 	Re:	Agreement and General Release 

 Dear Dr. Casey, 
 On [INSERT DATE] I executed an Agreement and General Release between Virtual Radiologic Corporation and me. I was advised by Virtual Radiologic
Corporation, in writing, to consult with an attorney of my choosing, prior to executing this Agreement and General Release. 
 More than
seven (7) calendar days have expired since I executed the above-mentioned Agreement and General Release. I have at no time revoked my acceptance or execution of that Agreement and General Release and hereby reaffirm my acceptance of it.
Therefore, in accordance with the terms of our Agreement and General Release, I request payment of the monies and benefits described in the Employment Agreement (as defined in the Agreement and General Release). 
  

			
	Regards,
		
	Signed:	 	  
		 	Robert Kill

  

 A-6 

 Exhibit B 
 to 
 Virtual Radiologic Corporation 
 Employment Agreement 
 Executive has indicated on this Exhibit all Inventions
(as defined in the Employment Agreement) in which Executive owned any right or interest prior to time Executive became an employee of the Corporation. Executive agrees that any present or future Inventions not listed in this Appendix are subject to
assignment under the attached Employment Agreement. 
  

			
	 Brief Description
of
Inventions
	 	 Right, Title or Interest
and Date Acquired

		 	
		 	
		 	
		 	
		 	

  

 B-1

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