Document:

Exhibit 10.3.2

AMENDMENT TO EXAMWORKS, INC.

STOCKHOLDERS’ AGREEMENT

      THIS AMENDMENT TO STOCKHOLDERS’ AGREEMENT (this “Amendment”) is made and entered into on this 4th day of December, 2009, and is effective as of July 14, 2008 (the “Effective Date”), by and between ExamWorks Holdings, LLLP, a Georgia limited liability limited partnership (“Holdings”) and ExamWorks, Inc., a Delaware corporation (the “Company”). Capitalized terms used but not defined herein shall have the meanings given to them in the Stockholders’ Agreement dated as of July 14, 2008 (the “Agreement”), by and among Holdings, the Company, and the individuals whose names appear on the signature pages thereto (together with Holdings, the “Stockholders”).

 Pursuant to Section 11(a) of the Agreement, the Agreement is hereby amended as follows:

	 1.            	
      Amendment. The Agreement is hereby amended by adding the following subsection (f) to the end of Section 2 (and Section 2 shall otherwise remain unchanged and in full force and effect):

    
	 	 	 
	 	(f)	
      Notwithstanding anything to the contrary contained in this Agreement, if required by the Company’s lenders and if requested by the Company, any Stockholder may, but shall not be required to, pledge, hypothecate, assign, or otherwise transfer such Stockholder’s Stock or any interest therein to the Company’s lenders (and its successors and assignees) under the Company’s loans, credit facilities and other similar arrangements as security for the obligations of the Company and/or its affiliates thereunder.

    
	 	 
	2.	
     Effective Time. The amendments set forth herein shall be effective as of the Effective Date, as if made on and as of the Effective Date.

    
	 	 
	3.   	
      Reaffirmation. The parties hereby confirm and ratify each of the provisions of the Agreement as amended hereby.

    
	 	 
	4.	
      Full Force and Effect; Counterparts. The Agreement shall remain in full force and effect in accordance with its terms and provisions except as amended by this Amendment. This Amendment shall be binding on the parties and their respective successors and assigns. This Amendment may be executed in one or more counterparts, all counterparts shall be valid and binding on the party executing them and all counterparts shall together constitute one and the same document for all purposes. This Amendment may be executed and delivered by facsimile signature for execution on the part of one or more parties hereto.

    

[Signature page follows.]

  

      IN WITNESS WHEREOF, this Amendment has been duly executed as of the date first written above.

			
	  	EXAMWORKS, INC.
	 	 	 
	 	 By:	 /s/ Richard E. Perlman
	 	 	
      

    
	   	Name:	Richard E. Perlman
	  	Title: 	Co-Chairman
	 	 
	  	EXAMWORKS HOLDINGS, LLLP
	 	 
	  	By Compass Partners, L.L.C., its General Partner
	 	 	 
	 	 By:	 /s/ Richard E. Perlman
	 	 	
      

    
	  	Name: 	Richard E. Perlman
	  	Title: 	President

 (First Amendment to Stockholders’ Agreement)a39638ex10_3-3.htm - Generated by SEC Publisher for SEC Filing

Exhibit 10.3.3

 SECOND AMENDMENT TO STOCKHOLDERS’ AGREEMENT

      THIS SECOND AMENDMENT TO THE STOCKHOLDERS’ AGREEMENT (this “Amendment”) is made and entered into as of March 12, 2010 and effective as of the Effective Date (as defined below) by and among ExamWorks, Inc., a Delaware corporation (the “Company”), ExamWorks Holdings, LLLP, a Georgia limited liability limited partnership (“Holdings”), Richard E. Perlman and James K. Price. Capitalized terms used but not defined herein shall have the meanings given to them in the Stockholders’ Agreement dated as of July 14, 2008, as amended on December 4, 2009 (the “Stockholders’ Agreement”), by and among Holdings, the Company, and the stockholders party thereto (together with Holdings, the “Stockholders”).

 RECITALS

      WHEREAS, in accordance with the provisions of the Company’s Amended and Restated Certificate of Incorporation, the Board of Directors of the Company, (the “Board of Directors”) has adopted resolutions creating a series of preferred stock, par value $0.0001 per share, designated as “Series A Convertible Preferred Stock” (the “Series A Preferred Stock”);

      WHEREAS, pursuant to that certain Confidential Private Placement Memorandum, dated February 22, 2010 as supplemented by the First Supplement, dated March 10, 2010, the Company is conducting a private placement of the Series A Preferred Stock (the “Offering”);

      WHEREAS, in connection with, and effective upon the initial closing of the Offering (the “Effective Date”), the Company desires to amend the Stockholders’ Agreement and to provide that the Series A Preferred Stock issued pursuant to the Offering shall be deemed “Stock” under the Stockholders’ Agreement; and

      WHEREAS, upon the Effective Date, each holder of the Series A Preferred Stock shall become a party to this Amendment.

      NOW, THEREFORE, pursuant to Section 11(a) of the Stockholders’ Agreement, the Stockholders’ Agreement is hereby amended as follows:

 1. Amendment to Recitals. Recital A of the Stockholders’ Agreement is hereby amended and restated in its entirety to provide as follows:

      “A. The Stockholders currently own the number of shares of the Company’s presently issued and outstanding shares of common stock (the “Common Stock”) and/or Series A Preferred Stock (the “Series A Preferred Stock,” and collectively with the Common Stock, the “Stock”) as set forth on Schedule I. (For all purposes of this Agreement, when calculating the number of shares of Stock held by a Stockholder, or any other calculation based thereon, all shares of Series A Preferred Stock shall be deemed to have been converted into Common Stock at the conversion ratio then in effect, in accordance with the terms of the Certificate of 

 Designation with respect to the Series A Preferred Stock (the “Certificate of Designation”)); and”

 2. Amendment and Restatement of Section 4(a). The first paragraph of Section 4(a) of the Stockholders’ Agreement is hereby amended and restated in its entirety to provide as follows (and Section 4(a) shall otherwise remain unchanged and in full force and effect):

      “(a)
Come-Along Rights. In the event that Holdings receives an offer to
purchase shares of Stock held by Holdings, and the offeror, as a condition to
such purchase, requires or commits to purchase, or to cause the Company to
redeem, all (but not less than all) of the other shares of Stock on the same per
share price and terms as the offer for the shares of Stock held by Holdings,
each other Stockholder (and any Permitted Transferee of the shares of Stock)
shall be obligated, at the election of Holdings, to sell to the offeror or to
the Company, as the case may be, that number of shares of Stock equal to the sum
of (x) the number of shares actually held by such other Stockholder
multiplied by (y) a fraction, the numerator of which is the number of
shares of Stock proposed to be transferred by Holdings, and the denominator of
which is the total number of shares of Stock held by Holdings, at the same per
share price and on the same terms and conditions offered to Holdings for the
shares of Stock held by Holdings. Notwithstanding the foregoing, holders of the
Series A Preferred Stock shall not be obligated to sell to the offeror or to the
Company, as the case may be, any shares of Series A Preferred Stock, unless the
consideration received shall be at least equal to the Series A Liquidation
Amount, as defined in the Certificate of Designation. For the avoidance of
doubt, if the offeror has not specified a proposed purchase price for shares of
Series A Preferred Stock, the proposed purchase price for each share of Series A
Preferred Stock shall be determined based on the conversion ratio of the Series
A Preferred Stock then in effect as if such shares of Series A Preferred Stock
had been converted to Common Stock in accordance with the terms of the
Certificate of Designation. Within ten (10) days after the date of the written
notice of Holdings’ election made pursuant to this Section 4(a), the
other Stockholders (and any Permitted Transferee of the shares of Stock) shall
deliver the certificate(s) representing shares of Stock to Holdings endorsed in
blank. Notwithstanding the foregoing, the other Stockholders and any Permitted
Transferee of the shares of Stock (collectively, the “Seller”) will
not be required to comply with this Section 4(a) in connection with any
specific transaction (the “Proposed Sale”) unless:”

 3. Amendment and Restatement of Section 4(b). Section 4(b) of the Stockholders’ Agreement is hereby amended and restated in its entirety to provide as follows:

      “(b) Co-Sale Rights. In the event Holdings proposes to sell any shares of the Stock held by Holdings to any person (except to the Company by way of redemption, repurchase or the like), the other Stockholders shall then have a right of co-sale (the “Right of Co-Sale”) with respect to any shares of Stock proposed to be sold. Before any proposed transfer, Holdings shall give the other Stockholders ten (10) days written notice (the “Co-Sale Notice”) which sets forth the terms of the proposed sale of the shares of Stock held by Holdings, including, without limitation, the proposed purchase price for shares of Series A Preferred Stock, which, in the event Holdings is not proposing to sell any shares of the Series A Preferred Stock, shall be determined based on the conversion ratio of the Series A Preferred Stock then in effect

2

 as if such shares of Series A Preferred Stock had
been converted to Common Stock in accordance with the terms of the Certificate
of Designation. Each other Stockholder shall have the right at any time within
ten (10) days from the date of the Co-Sale Notice within which to deliver to
Holdings and to the Company notice of its election (the “Election
Notice”) to exercise the Right of Co-Sale and to sell to the proposed
transferee named in the Co-Sale Notice (at the applicable price per share set
forth in the Co-Sale Notice) the aggregate number of shares of Stock proposed to
be sold to such purchaser multiplied by a fraction, the numerator of which is
the number of shares actually held by such other Stockholder and the denominator
of which equals the total number of shares of Stock held by all of the
Stockholders of the Company. After the delivery of the Election Notice, the
Stockholders shall have the right to sell their respective portion of the shares
of Stock to the proposed transferee, and Holdings shall have the right to sell
its portion of shares of Stock remaining after the exercise, if any, by the
other Stockholders of their Right of Co-Sale, on the same terms and conditions
otherwise described in the Co-Sale Notice. Any Stockholder who exercises his,
her or its Right of Co-Sale under this Section 4(b) shall be bound
by the same terms and conditions as are both agreed to by Holdings in the
applicable sale agreement (including any indemnity and escrow provisions
thereof) and consistent with the Co-Sale Notice; provided,
however, in no event shall any such Stockholder be required to represent
to the prospective transferee to more than such Stockholder’s valid title
to (and absence of any encumbrances or liens upon) the Stock and such
Stockholder’s authority to enter into such sale agreement and related
documents, as well as the validity, binding nature and enforceability of such
agreements against such Stockholder. Such sale shall be consummated not later
than sixty (60) days following the Election Notice. Any proposed transfer on
terms and conditions differing materially from those described in the Election
Notice, shall again be subject to the Right of Co-Sale and shall require
compliance by Holdings with the procedures described in this Section
4.”

 4. Effective Time. The amendments set forth herein shall be effective as of the Effective Date, as if made on and as of the Effective Date.

 5. No Other Amendments. Except as expressly modified or amended by this Amendment, all terms and conditions set forth in the Stockholders’ Agreement shall remain in full force and effect and such Stockholders’ Agreement, as amended hereby, is hereby ratified in all respects.

 6. Reaffirmation. The parties hereby confirm and ratify each of the provisions of the Stockholders’ Agreement as amended hereby.

 7. Full Force and Effect; Counterparts. The Stockholders’ Agreement shall remain in full force and effect in accordance with its terms and provisions except as amended by this Amendment. This Amendment shall be binding on the parties and their respective successors and assigns. This Amendment may be executed in one or more counterparts, all counterparts shall be valid and binding on the party executing them and all counterparts shall together constitute one and the same document for all purposes. This Amendment may be executed and delivered by facsimile signature for execution on the part of one or more parties hereto.

 [Signature page follows]

3

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

	
	 COMPANY:
	 
	 EXAMWORKS, INC.
	  
	 /s/ Richard E. Perlman
	
      

    
	 Name: Richard E. Perlman
	 Title: Co-Chairman
	 
	 STOCKHOLDERS:
	 
	 EXAMWORKS HOLDINGS, LLLP
	 
	 By: Compass Partners, L.L.C., its General Partner
	  
	 /s/ Richard E. Perlman
	
      

    
	 Name: Richard E. Perlman
	 Title: President
	  
	 /s/ Richard E. Perlman
	
      

    
	 Name: Richard E. Perlman
	  
	 /s/ James K. Price
	
      

    
	 Name: James K. Price

[Second Amendment to Stockholders’ Agreement]

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