Document:

Stock Option Agreement dated as of May 15, 2003 - Richard B. Fontaine

 Exhibit 10.7.2 
 COMPHEALTH GROUP, INC. 
 DIRECTOR 
 STOCK OPTION AGREEMENT 
 THIS STOCK OPTION AGREEMENT (this
“Agreement”), dated as May 15,2003, is made by and between CompHealth Group, Inc., a Delaware corporation (the “Company”), and RICHARD B. FONTAINE (the “Director”). Capitalized terms used
herein and not otherwise defined are defined in Section 8 below. 
 WHEREAS, the Company and the Director desire to enter into an
agreement pursuant to which, among other things, the Company shall grant to the Director the option (the “Option”) to acquire 172 shares of the Company’s common stock, par value $.01 per share (the “Common
Stock”), pursuant to the CompHealth Group, Inc. 2003 Stock Option Plan (the “Plan”). In granting the Director the Option, the Company is providing the Director with additional incentive to maximize the Director’s
efforts to develop the Company and its Subsidiaries to the fullest extent possible. Certain provisions of this Agreement are intended for the benefit of the Investors and for the benefit of transferees (other than the Company) of Stockholders Shares
previously held by any of the Investors (other than transferees in a Public Sale or in a Sale of the Company) (such Stockholder Shares, the “Investor Shares”) so long as such transferees continue to hold such Investor Shares.

 NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties to this Agreement hereby agree as follows: 
 1. Stock Options. 

(a) Option. 
 (i)
Option Grant. The Company hereby grants to the Director the Option to purchase 172 shares of Common Stock (“Option Shares”), at a price per share of $242.19 per share (the “Option Price”). The Option Price
and the number of Option Shares will be equitably adjusted for any stock split, stock dividend or reclassification or recapitalization of the Common Stock which occurs subsequent to the date of this Agreement. The Option will expire on the earliest
to occur of the following dates (such earliest date is referred to as the “Expiration Date”): (A) the tenth anniversary of the date of the Plan, (B) thirty (30) days after the effective date upon which the Director
ceases to be a member of the Board for any reason (such date is referred to herein as the “Termination Date”)(provided that, if Director ceases to be a member of the Board by reason of Director’s death, such period shall
be 120 days after the date of such cessation), or (C) the date of consummation of a Sale of the Company in accordance with Section l(a)(iii)(B) below. The Option is not intended to be an “incentive stock option” within the meaning of
Section 422 of the Code. 
  

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 (ii) Exercisability. The Option shall vest and become exercisable in accordance
with the following schedule (the period covered thereby, the “Vesting Period”), if the Director is serving, and has been continuously, as a member of the Board from the date hereof through such date: 
  

				
	 DATE
	  	CUMULATIVE
PERCENTAGE
OF OPTION
SHARES TO
BE VESTED	 
	 1st
Anniversary of the date hereof
	  	33.33	%
	 2nd
Anniversary of the date hereof
	  	66.66	%
	 3rd
Anniversary of the date hereof
	  	100	%

 If the Director ceases to be a member of the Board on any date other than an anniversary date of the date hereof
and prior to the third anniversary of the date hereof, the cumulative percentage of Option Shares to become vested shall be determined on a pro rata basis according to the number of complete calendar months elapsed since the prior anniversary date
of the date hereof. 
 For example: Assume that the Director was granted the Option to purchase 100 Option Shares. If the Director
ceased to be a member of the Board one year and three (3) complete calendar months after the date hereof, 41.67 Option Shares shall have vested: This second result would not change if the Director ceased to be a member of the Board one year,
three complete calendar months and fifteen days after the date hereof. 
 (iii) Accelerated Vesting on Sale of the
Company. 
 (A) Notwithstanding anything to the contrary in Section l(a)(ii) above but subject to Section l(a)(iii)(B)
below, in the event of a Sale of the Company and the involuntary removal of the Director from the Board as a result of the Sale of the Company, the Option will vest and become exercisable immediately upon the effective date of the Director’s
involuntary removal from the Board with respect to 50% of the unvested Option Shares. 
 For example: Assume that the Director was
granted the Option to purchase 100 Option Shares. If a Sale of the Company occurs and the Director is involuntarily removed from the Board as a result one year and three (3) complete calendar months after the date hereof, 29.17 Option Shares
(or 50% of the 58.33 unvested Option Shares) shall vest (in addition to the 41.67 Option Shares already vested as of such date). 
 (B) Notwithstanding anything to the contrary in Section l(a)(ii) or l(a)(iii)(A) above, upon any Sale of the Company, the Board may in its sole discretion elect (if it so desires and without any obligation to do so) to terminate the
Options, effective upon consummation of such Sale of the Company, in which case, in the Board’s discretion, (x) the 

  

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Option shall vest and become exercisable with respect to all of the Option Shares immediately prior to the consummation of such Sale of the Company, and the
Director shall be given an opportunity to exercise the Option simultaneously with the consummation of the Sale of the Company and, if the Director exercises the Option, to participate in such Sale of the Company as a holder of Common Stock or
(y) the Option shall cease to vest and become exercisable and the holder of the Option shall be entitled to receive consideration in an amount equal to the number of shares of Common Stock then issuable upon exercise of the Option
multiplied by the difference between (1) the consideration received for each share of Common Stock in such Sale of the Company (if other than cash, valued by the Board in its reasonable discretion) and (2) the applicable Option
Price. 
 (iv) Procedure for Exercise. At any time after the Option has vested and become exercisable with respect to
any of the Option Shares and prior to the Expiration Date, the Director may exercise all or any portion of the Option with respect to Option Shares vested pursuant to Sections 1 (a)(ii) or 1 (a)(iii) above by delivering written notice of exercise to
the Company, together with (1) a written acknowledgment reaffirming the representations and warranties set forth in this Agreement and agreeing to be bound by all of the terms and conditions contained herein and in the Plan and counterpart
signature pages to the Stockholders Agreement, upon execution of which the Director shall become a party to such agreements as contemplated by Section 7 hereof and (2) payment in full of the Option Price with respect to the Option Shares
being acquired in such exercise of the Option. The Option Price shall be paid by (I) delivery of a cashier’s, personal or certified check or wire transfer of immediately available funds in the amount of the Option Price with respect to the
Option Shares being acquired in such exercise of the Option, (II) the surrender to the Company of shares of Common Stock having an aggregate Fair Market Value equal to the Option Price, so long as such shares of Common Stock are not Director
Securities held by the Director for less than six months or, if the Board in its sole discretion agrees, (III) a cashless exercise procedure if one has been established by the Board. 
 (b) Securities Laws Restrictions. The Director represents that when the Director exercises the Option he will be purchasing Option Shares for the
Director’s own account and not on behalf of others. The Director understands and acknowledges that federal and state securities laws govern and restrict the Director’s right to offer, sell or otherwise dispose of any Option Shares unless
the Director’s offer, sale or other disposition thereof is registered under the Securities Act and state securities laws or, in the opinion of the Company’s counsel, such offer, sale or other disposition is exempt from registration
thereunder. The Director agrees that he will not offer, sell or otherwise dispose of any Option Shares in any manner which would: (i) require the Company to file any registration statement (or similar filing under state law) with the Securities
and Exchange Commission or to amend or supplement any such filing or (ii) violate or cause the Company to violate the Securities Act, the rules and regulations promulgated thereunder or any other state or federal law. The Director further
understands that the certificates for any Option Shares the Director purchases will bear the legend set forth in Section 4 hereof or such other legends as the Company deems necessary or desirable in connection with the Securities Act or other
rules, regulations or laws. 
  

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 (c) Non-Transferability of Option. The Option is personal to the Director and is not transferable
by the Director. Only the Director shall be entitled to exercise the Option; provided that, in the event of the Director’s death, the Option may be exercised only (i) by the executor or administrator of the Director’s estate or
the Person or Persons to whom the Director’s rights under the Option shall pass by will or the laws of descent and distribution and (ii) to the extent that the Director was entitled to exercise the Option hereunder at the date of his
death. In the event of an exercise of the Option by a Person other than the Director pursuant to the proviso in the preceding sentence, all references in this Agreement to actions to be taken and representations to be made by the Director in
connection with such exercise shall be deemed to be references to such Person. 
 (d) Conformity with Plan. The Option and the Option
Shares are intended to conform in all respects with, and be subject to all applicable provisions of, the Plan, which is hereby incorporated herein by reference in its entirety. Inconsistencies between this Agreement and the Plan shall be resolved in
accordance with the terms of this Agreement, but only to the extent of such inconsistencies. By executing this Agreement, the Director acknowledges his receipt of this Agreement and the Plan and agrees to be bound by all of the terms of this
Agreement and the Plan. 
 (e) Rights of Participants. Except as expressly provided herein, nothing in this Agreement shall interfere
with or limit in any way the ability of the Director to be removed from the Board for any reason by the stockholders of the Company (pursuant to the Stockholders Agreement or otherwise) nor confer upon the Director any right to continue as a member
of the Board for any period of time, and, in the event of cessation of Director as a member of the Board, the Option, if not previously vested and exercisable, will be forfeited. Nothing in this Agreement shall confer upon the Director any right to
be selected again as a Plan participant. 
 (f) Withholding of Taxes. The Company shall be entitled, if necessary or desirable, to
withhold from the Director from any amounts due and payable by the Company to the Director (or secure payment from the Director in lieu of withholding) the amount of any withholding or other tax due from the Company with respect to any Option Shares
issuable hereunder, and the Company may defer such issuance unless indemnified by the Director to its satisfaction. 
 2. Repurchase
Option. 
 (a) In the event the Director ceases to be a member of the Board for any reason (the “Termination”), the
Director Securities (whether held by the Director or one or more of the Director’s Permitted Transferees (as defined in the Stockholders Agreement) will be subject to repurchase by the Company and the holders of Investor Shares pursuant to the
terms and conditions set forth in this Section 2 (the “Repurchase Option”). The Repurchase Option for any Director Securities shall become effective on the later of the date the Director has held the Director Shares for six
months or the date of the Termination (the “Repurchase Date”). 
 (b) If the Director ceases to be a director of the Company
for any reason, the purchase price for the Director Securities shall be the Fair Market Value thereof on the Repurchase Date. 
  

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 (c) The Company may elect to purchase all or any portion of the Director Securities by delivering written
notice (the “Repurchase Notice”) to the holder or holders of Director Securities within 60 days after the Repurchase Date. The Repurchase Notice will set forth the Director Securities to be acquired from each holder, the aggregate
consideration to be paid for such Director Securities and the time and place for the closing of the transaction. The number of Director Securities to be repurchased by the Company shall first be satisfied, to the extent possible, from the Director
Securities held by the Director at the time of delivery of the Repurchase Notice. If the number of Director Securities then held by the Director is less than the total number of Director Securities which the Company has elected to purchase, the
Company shall purchase the remaining Director Securities elected to be purchased from the other holder(s) of Director Securities under this Agreement, pro rata according to the number of Director Securities held by such other holder(s) at the time
of delivery of such Repurchase Notice (determined as nearly as practicable to the nearest whole share). 
 (d) If for any reason the Company
does not elect to purchase all of the Director Securities pursuant to the Repurchase Option, the holders of Investor Shares shall be entitled to exercise the Repurchase Option for the Director Securities which the Company has not elected to purchase
(the “Available Shares”). As soon as reasonably practicable after the Company has determined that there will be Available Shares, but in any event within 60 days after the Repurchase Date, the Company shall give written notice (the
“Option Notice”) to each of the holders of Investor Shares setting forth the number of Available Shares and the purchase price for the Available Shares. Each holder of Investor Shares may elect to purchase any or all of the
Available Shares by giving written notice to the Company within 60 days after the Option Notice has been delivered to such holder of Investor Shares by the Company. In the event that the holders of Investor Shares elect to purchase more Available
Shares than are available, then the number of Available Shares to be purchased by each such holder that has elected to purchase more than its pro rata share of Available Shares (based upon the number of shares of Investor Shares held by all such
holders of Investor Shares) shall be reduced on a pro rata basis in proportion to the number of Investor Shares held by all holders that have elected to purchase more than their pro rata share that are not owned by such holder. As soon as
practicable, and in any event within five (5) days after the expiration of such 60-day period, the Company shall notify each holder of Director Securities as to the number of Director Securities being purchased from such holder by each holder
of Investor Shares (the “Supplemental Repurchase Notice”) exercising the Repurchase Option setting forth the number of Director Securities which such holder of Investor Shares is entitled to purchase, the aggregate purchase price
for such Director Securities and the time and place of the closing of the transaction. 
 (e) The closing of the purchase of the Director
Securities pursuant to the Repurchase Option shall take place on the date designated by the Company in the Repurchase Notice or Supplemental Repurchase Notice, which date shall not be more than 45 days nor less than five (5) days after the
delivery of such notice. The Company and/or the holders of Investor Shares, as the case may be, will pay for the Director Securities to be purchased pursuant to the Repurchase Option by delivery of a check or wire transfer of funds to the holders of
the Director Securities. The Company and the holders of Investor Shares will be entitled to receive customary representations and warranties from the sellers regarding such sale and to require all sellers’ signatures be guaranteed. 

 

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 (f) Notwithstanding anything to the contrary contained in this Agreement, the Company’s exercise of
the Repurchase Option shall be subject to applicable restrictions contained in applicable law and in the Company’s and its Subsidiaries’ debt and equity financing agreements. If any such restrictions prohibit the repurchase of Director
Securities hereunder which the Company is otherwise required to make or create a default thereunder, the time periods provided in this Section 2 shall be suspended, and the Company may make such repurchases under this Section 2 as soon as
it is permitted to do so under such restrictions (and the Company shall inform the Director of such restrictions in the Repurchase Notice) and shall consummate such repurchase of Director Securities promptly following the cessation of all such
restrictions thereon (by giving the holder or holders of Director Securities a new Repurchase Notice). 
 (g) The right of the Company and
the holders of Investor Shares to repurchase Director Securities pursuant to this Section 2 shall terminate upon the consummation of a Public Offering. 
 3. Sale of the Company. 
 (a) If a Sale of the Company is approved in accordance with Section 7
of the Stockholders Agreement (an “Approved Sale”), each holder of Director Securities shall vote for, consent to and raise no objections against such Approved Sale. If the Approved Sale is structured as a (i) merger or
consolidation, the holders of Director Securities shall waive any dissenters rights, appraisal rights or similar rights in connection with such merger or consolidation or (ii) sale of stock, the holders of Director Securities shall agree to
sell all of their Option Shares and rights to acquire Option Shares on the terms and conditions approved by the Supermajority Vote (as defined in the Stockholders Agreement). The Director shall take all necessary or desirable actions in connection
with the consummation of the Approved Sale as requested by the Person(s) entitled to request the stockholders to take such actions pursuant to the Stockholders Agreement. 
 (b) If the Company or the holders of the Company’s securities enter into any negotiation or transaction for which Rule 506 (or any similar rule then in effect) promulgated under the 1933 Act by the Securities
Exchange Commission may be available with respect to such negotiation or transaction (including a merger, consolidation or other reorganization), the Director, together with the Company’s other senior management employees or directors which
have entered into Stock Option Agreements with the Company (such other senior management employees or directors, the “Other Executives”), shall at the request of the Company, appoint a “purchaser representative” (as such
term is defined in Rule 501 under the 1933 Act) reasonably acceptable to the Company. If the Director and the Other Executives appoint a purchaser representative designated by the Company, the Company shall pay the fees of such purchaser
representative. However, if the Director or any Other Executive declines to appoint the purchaser representative designated by the Company, the Director or such Other Executive, as the case may be, shall appoint another purchaser representative
(reasonably acceptable to the Company), and such person shall be responsible for the fees of the purchaser representative so appointed unless such person is an Accredited Investor (as defined in Rule 501). 
  

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 4. Legend. Each certificate evidencing Director Securities and each certificate issued in exchange
for or upon the transfer of any Director Securities (if such shares remain Director Securities as defined herein after such transfer) shall be stamped or otherwise imprinted with a legend in substantially the following form: 
 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE ALSO SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER, REPURCHASE OPTIONS AND CERTAIN OTHER
RESTRICTIONS SPECIFIED IN (1) A STOCK OPTION AGREEMENT, DATED AS OF MAY 15, 2003, AS AMENDED AND MODIFIED FROM TIME TO TIME, BETWEEN THE ISSUER (THE “COMPANY”) AND RICHARD B. FONTAINE, AND (2) AN AMENDED AND RESTATED STOCKHOLDERS
AGREEMENT, DATED AS OF MARCH 25, 2003, AS AMENDED AND MODIFIED FROM TIME TO TIME, BETWEEN THE COMPANY AND CERTAIN OF ITS STOCKHOLDERS, AND THE COMPANY RESERVES THE RIGHT TO REFUSE THE TRANSFER OF SUCH SECURITIES UNTIL SUCH CONDITIONS HAVE BEEN
FULFILLED WITH RESPECT TO SUCH TRANSFER. A COPY OF SUCH CONDITIONS SHALL BE FURNISHED BY THE COMPANY TO THE HOLDER HEREOF UPON WRITTEN REQUEST AND WITHOUT CHARGE.” 
 The Company shall imprint such legend on certificates evidencing Director Securities. The legend set forth above shall be removed from the certificates evidencing any shares which cease to be Director Securities in
accordance with the definition thereof. 
 5. Transfer. 
 (a) Director Securities shall be subject to the transfer restrictions set forth in, and may not be transferred except as expressly permitted by, the Stockholders Agreement. 
 (b) Prior to transferring any Director Securities (other than in a Public Sale) to any Person, the transferor shall cause the prospective transferee to
execute and deliver to the Company a counterpart of this Agreement and the Stockholders Agreement. The Director acknowledges and agrees that the Director Securities are subject to the restrictions on transfer set forth herein and therein.

 (c) The Company will not be required (i) to transfer on its books any Director Securities which have been sold or transferred in
violation of any of the provisions set forth in this Agreement or the Stockholders Agreement, or (ii) to treat as owner of such shares, to accord the right to vote as such owner or to pay dividends to any transferee to whom such shares have
been transferred in violation of this Agreement or the Stockholders Agreement. 
 (d) To the extent not inconsistent with applicable law,
each holder of Director Securities shall not effect any public sale or distribution (including sales pursuant to Rule 144) of 

  

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equity securities of the Company, or any securities, options or rights convertible into or exchangeable or exercisable for such securities, during the period
(the “LockUp Period”) prior to and after the effective date of any Public Offering that is agreed to by the underwriter managing such Public Offering and the Company. 
 6. Director Representations. The Director hereby represents and warrants to the Company that (i) the Option to be acquired by the Director
pursuant to this Agreement and the Option Shares to be acquired upon exercise of the Option will be acquired for the Director’s own account and not with a view to, or intention of, distribution thereof in violation of the Securities Act or any
applicable state securities laws, and the Director Securities shall not be disposed of in contravention of the Securities Act or any applicable state securities laws, (ii) the Director is a member of the Board, is sophisticated in financial
matters and is able to evaluate the risks and benefits of the investment in the Option Shares, (iii) the execution, delivery and performance of this Agreement by the Director does not and will not conflict with, breach, violate or cause a
default under any contract, agreement, instrument, order, judgment or decree to which the Director is a party or by which he is bound, and (iv) upon the execution and delivery of this Agreement by the Company, this Agreement shall be the valid
and binding obligation of the Director, enforceable in accordance with its terms. 
 7. Assumption of Obligations. The Director hereby
agrees that, upon exercise of all or any portion of the Option, he shall become subject to all of the rights and obligations and bound by all of the terms and conditions set forth in, and shall at such time become a party to, the Stockholders
Agreement by executing a counterpart signature page thereto as an Executive and a Stockholder (as such terms are defined in the Stockholders Agreement) under such Stockholders Agreement. 
 8. Definitions. 
 “Affiliate” of any particular Person means any other Person controlling, controlled by or under common control with such particular Person, where “control” means the possession, directly or indirectly, of
the power to direct the management and policies of a Person whether through the ownership of voting securities, contract or otherwise. 
 “Board” means the Company’s board of directors. 
 “Code” means the Internal Revenue Code of
1986, as amended from time to time. 
 “Director Securities” means, collectively, all Option Shares issued with respect to
the Option. Director Securities will continue to be Director Securities in the hands of any holder other than the Director (except for the Company and except for transferees in a Public Sale), and except as otherwise provided herein, each such other
holder of Director Securities will succeed to all rights and obligations attributable to the Director as a holder of Director Securities hereunder. Director Securities will also include shares of the Company’s capital stock issued with respect
to Director Securities by way of a stock split, stock dividend, recapitalization or otherwise. 
  

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 “Fair Market Value” has the meaning assigned to such term in the Plan. 
 “Investors” means, collectively, Nassau Capital Partners II L.P., NAS Partners I, L.L.C., Acacia Venture Partners, L.P., South Pointe
Venture Partners, L.P., New Enterprise Associates, Limited Partnership, New Enterprise Associates VIII, Limited Partnership, NEA Ventures 1998, L.P., NEA Presidents Fund, L.P., New Enterprise Associates 10, Limited Partnership, New Enterprise
Associates 8A, Limited Partnership, Charles Linehan, Frazier Healthcare IV, L.P., Frazier Affiliates IV, L.P., Prospect Venture Partners II, L.P., and Prospect Associates II, L.P. 
 “Original Cost” means, with respect to each Option Share the Option Price in effect at the time of exercise of the Option with respect
such Option Share (as proportionately adjusted for all stock splits, stock dividends, reverse stock splits, and other recapitalizations subsequent to the exercise of the Option with respect to such Option Share). 
 “Person” means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust,
a joint venture, an unincorporated organization and a governmental entity or any department, agency or political subdivision thereof. 
 “Public Offering” means the sale in a bona fide underwritten public offering registered under the Securities Act of shares of the Company’s equity securities approved by the Board. 
 “Public Sale” means any sale pursuant to a registered public offering under the Securities Act or any sale to the public pursuant to
Rule 144 or Rule 144A promulgated under the Securities Act effected through a broker, dealer or market maker. 
 “Sale of the
Company” means (a) any sale of all or substantially all (as described in the commentary to the Model Business Corporation Act) of the assets of the Company and its subsidiaries on a consolidated basis in one transaction or series of
related transactions (but excluding sales to Affiliates), (b) any sale of all or substantially all of the Common Stock in one transaction or series of related transactions or (c) a merger or consolidation, exchange of capital stock, or
other transaction which accomplishes one of the foregoing. 
 “Securities Act” means the Securities Act of 1933, as amended
from time to time. 
 “Stockholders Agreement” means the Second Amended and Restated Stockholders Agreement, dated as of
March 25, 2003, by and among the Company and certain of its stockholders named therein, as amended from time to time in accordance with its terms. 
 “Stockholder Shares” has the meaning assigned to such term in the Stockholders Agreement. 
 “Subsidiary” means with respect to any Person, any corporation, partnership, association or other business entity of which (i) if a corporation, a majority of the total voting power of shares of stock entitled (without
regard to the occurrence of any contingency) to vote in the 

  

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election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other
Subsidiaries of that Person or a combination thereof, or (ii) if a partnership, association or other business entity, a majority of the partnership or other similar ownership interest thereof is at the time owned or controlled, directly or
indirectly, by any Person or one or more Subsidiaries of that Person or a combination thereof. For purposes hereof, a Person or Persons shall be deemed to have a majority ownership interest in a partnership, association or other business entity if
such Person or Persons shall be allocated a majority of partnership, association or other business entity gains or losses or shall be or control any managing director or general partner of such partnership, association or other business entity.

 9. Notices. All notices, demands or other communications to be given or delivered under or by reason of the provisions of this
Agreement shall be in writing and shall be deemed to have been given when delivered personally to the recipient, one (1) business day after being sent to the recipient by reputable overnight courier service (charges prepaid), upon
machine-generated acknowledgment of receipt after transmittal by facsimile or on the date of actual receipt, if mailed to the recipient by certified or registered mail, return receipt requested and postage prepaid. Such notices, demands and other
communications shall be sent to the Company and the Director at the addresses indicated below or to such other address or to the attention of such other person as the receipt party has specified by prior written notice to the sending party.

 If to the Company: 
 CompHealth Group, Inc. 
 4021 South 700 East 
 Suite 300 
 Salt Lake City, UT 84107 
 Attention: Sean Dailey, Chief Financial Officer 
 with a copy (which shall not constitute notice) to: 
 New Enterprise Associates 
 2490 Sand Hill Road 
 Menlo Park, CA 94025

 Attention: Charles M. Linehan 
 Telephone: (650) 854-9499 
 Facsimile: (650) 854-9397 
 and 
 Kirkland & Ellis

 200 East Randolph Drive 
 Chicago, IL 60601 
 Attention: William S. Kirsch, P.C. 
                   Jeffrey Seifman 
  

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 to the Director: 
 Richard B. Fontaine 
 155 Webster Court 
 Park City, Utah 84060 
 or to such other address or to the
attention of such other person as the recipient party has specified by prior written notice to the sending party. 
 10. Severability.
Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any
applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision or any other jurisdiction, but this Agreement will be reformed, construed and enforced in such jurisdiction as if such
invalid, illegal or unenforceable provision had never been contained herein. 
 11. Complete Agreement. Except as otherwise expressly
set forth herein, this document, together with the Plan, embodies the complete agreement and understanding among the parties hereto with respect to the subject matter hereof and supersedes and preempts any prior understandings, agreements or
representations by or among the parties, written or oral, which may have related to the subject matter hereof in any way. 
 12.
Counterparts. This Agreement may be executed in separate counterparts, each of which is deemed to be an original and all of which taken together constitute one and the same agreement. 
 13. Successors and Assigns. This Agreement is intended to bind and inure to the benefit of and be enforceable by the Director, the Company, and
their respective heirs, successors and assigns, except that the Director may not assign his rights or delegate his obligations hereunder without the prior written consent of the Company. 
 14. Governing Law. The corporate law of Delaware shall govern all issues and questions concerning the relative rights and obligations of the
Company and its stockholders. All other questions concerning the construction, validity and interpretation of this Agreement shall be governed by, and construed in accordance with, the internal laws of the State of Delaware, without giving effect to
any choice of law or other conflict of law, provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware. 
 15. Amendment and Waiver. Except as otherwise set forth herein and in the Plan, the provisions this Agreement may be amended or waived only with
the prior written consent of the Company and the Director, and no course of conduct or failure or delay in enforcing the 

  

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provisions of this Agreement shall affect the validity, binding effect or enforceability of this Agreement. 
 16. Remedies. Each of the parties to this Agreement will be entitled to enforce its rights under this Agreement specifically, to recover damages
and costs (including reasonable attorney’s fees) caused by any breach of any provision of this Agreement and to exercise all other rights existing in its favor. The parties hereto agree and acknowledge that money damages may not be an adequate
remedy for any breach of the provisions of this Agreement and that any party may in its sole discretion apply to any court of law or equity of competent jurisdiction (without posting any bond or deposit) for specific performance and/or other
injunctive relief in order to enforce or prevent any violations of the provisions of this Agreement. 
 17. Descriptive Headings. The
descriptive headings of this Agreement are inserted for convenience only and do not constitute a part of this Agreement. 
 18. No Strict
Construction. The parties to this Agreement have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted
jointly by such parties, and no presumption or burden of proof shall arise favoring or disfavoring any such party by virtue of the authorship of any of the provisions of this Agreement. 
 19. Decisions by Board. Notwithstanding anything contained herein or in the Plan to the contrary, all actions, decisions and determinations of the
Board under this Agreement with respect to the Director shall be made by the members of the Board other than the Director, and Director shall have no right to be involved or consulted in such action, decision or determination. 
 *    *    *    *    * 
  

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 IN WITNESS WHEREOF, the parties hereto have executed this Stock Option Agreement on the day and year
first above written. 
  

			
	COMPHEALTH GROUP, INC.
		
	By:	 	  
	Name:	 	
	Title:	 	

  

			
	
	  
	RICHARD B. FONTAINE

  

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 IN WITNESS WHEREOF, the parties hereto have executed this Stock Option Agreement on the day and year first
above written. 
  

			
	COMPHEALTH GROUP, INC.
		
	By:	 	  
	Name:	 	
	Title:	 	

  

			
	
	  
	RICHARD B. FONTAINE

  

 -14-Stock Option Agreement dated as of May 15, 2003 - Wayne B. Lowell

 Exhibit 10.7.3 
 COMPHEALTH GROUP, INC. 
 DIRECTOR 
 STOCK OPTION AGREEMENT 
 THIS STOCK OPTION AGREEMENT (this
“Agreement”), dated as May 15, 2003, is made by and between CompHealth Group, Inc., a Delaware corporation (the “Company”), and WAYNE B. LOWELL (the “Director”), Capitalized terms used herein
and not otherwise defined are defined in Section 8 below. 
 WHEREAS, the Company and the Director desire to enter into an agreement
pursuant to which, among other things, the Company shall grant to the Director the option (the “Option”) to acquire 1,022 shares of the Company’s common stock, par value $.01 per share (the “Common Stock”),
pursuant to the CompHealth Group, Inc. 2003 Stock Option Plan (the “Plan”). In granting the Director the Option, the Company is providing the Director with additional incentive to maximize the Director’s efforts to develop the
Company and its Subsidiaries to the fullest extent possible. Certain provisions of this Agreement are intended for the benefit of the Investors and for the benefit of transferees (other than the Company) of Stockholders Shares previously held by any
of the Investors (other than transferees in a Public Sale or in a Sale of the Company) (such Stockholder Shares, the “Investor Shares”) so long as such transferees continue to hold such Investor Shares. 
 NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties to this Agreement hereby agree as follows: 
 1. Stock Options. 
 (a) Option. 
 (i)
Option Grant. The Company hereby grants to the Director the Option to purchase 1,022 shares of Common Stock (“Option Shares”), at a price per share of $242.19 per share (the “Option Price”). The Option Price
and the number of Option Shares will be equitably adjusted for any stock split, stock dividend or reclassification or recapitalization of the Common Stock which occurs subsequent to the date of this Agreement. The Option will expire on the earliest
to occur of the following dates (such earliest date is referred to as the “Expiration Date”): (A) the tenth anniversary of the date of the Plan, (B) thirty (30) days after the effective date upon which the Director
ceases to be a member of the Board for any reason (such date is referred to herein as the “Termination Date”)(provided that, if Director ceases to be a member of the Board by reason of Director’s death, such period shall
be 120 days after the date of such cessation), or (C) the date of consummation of a Sale of the Company in accordance with Section l(a)(iii)(B) below. The Option is not intended to be an “incentive stock option” within the meaning of
Section 422 of the Code. 
  

 -1- 

 (ii) Exercisability. The Option shall vest and become exercisable in accordance
with the following schedule (the period covered thereby, the “Vesting Period”), if the Director is serving, and has been continuously, as a member of the Board from the date hereof through such date: 
  

				
	 DATE
	  	CUMULATIVE PERCENTAGE
OF OPTION SHARES TO BE VESTED	 
	 1st
Anniversary of the date hereof
	  	33.33	%
	 2nd
Anniversary of the date hereof
	  	66.66	%
	 3rd
Anniversary of the date hereof
	  	100	%

 If the Director ceases to be a member of the Board on any date other than an anniversary date of the date hereof
and prior to the third anniversary of the date hereof, the cumulative percentage of Option Shares to become vested shall be determined on a pro rata basis according to the number of complete calendar months elapsed since the prior anniversary date
of the date hereof. 
 For example: Assume that the Director was granted the Option to purchase 100 Option Shares. If the Director
ceased to be a member of the Board one year and three (3) complete calendar months after the date hereof, 41.67 Option Shares shall have vested: This second result would not change if the Director ceased to be a member of the Board one year, three
complete calendar months and fifteen days after the date hereof. 
 (iii) Accelerated Vesting on Sale of the Company.

 (A) Notwithstanding anything to the contrary in Section 1(a)(ii) above but subject to Section l(a)(iii)(B) below, in the
event of a Sale of the Company and the involuntary removal of the Director from the Board as a result of the Sale of the Company, the Option will vest and become exercisable immediately upon the effective date of the Director’s involuntary
removal from the Board with respect to 50% of the unvested Option Shares. 
 For example: Assume that the Director was granted the
Option to purchase 100 Option Shares. If a Sale of the Company occurs and the Director is involuntarily removed from the Board as a result one year and three (3) complete calendar months after the date hereof, 29.17 Option Shares (or 50% of the
58.33 unvested Option Shares) shall vest (in addition to the 41.67 Option Shares already vested as of such date). 
 (B)
Notwithstanding anything to the contrary in Section 1(a)(ii) or 1(a)(iii)(A) above, upon any Sale of the Company, the Board may in its sole discretion elect (if it so desires and without any obligation to do so) to terminate the Options, effective
upon consummation of such Sale of the Company, in which case, in the Board’s discretion, (x) the 

  

 -2- 

 
Option shall vest and become exercisable with respect to all of the Option Shares immediately prior to the consummation of such Sale of the Company, and the
Director shall be given an opportunity to exercise the Option simultaneously with the consummation of the Sale of the Company and, if the Director exercises the Option, to participate in such Sale of the Company as a holder of Common Stock or
(y) the Option shall cease to vest and become exercisable and the holder of the Option shall be entitled to receive consideration in an amount equal to the number of shares of Common Stock then issuable upon exercise of the Option
multiplied by the difference between (1) the consideration received for each share of Common Stock in such Sale of the Company (if other than cash, valued by the Board in its reasonable discretion) and (2) the applicable Option
Price. 
 (iv) Procedure for Exercise. At any time after the Option has vested and become exercisable with respect to
any of the Option Shares and prior to the Expiration Date, the Director may exercise all or any portion of the Option with respect to Option Shares vested pursuant to Sections 1(a)(ii) or 1(a)(iii) above by delivering written notice of exercise to
the Company, together with (1) a written acknowledgment reaffirming the representations and warranties set forth in this Agreement and agreeing to be bound by all of the terms and conditions contained herein and in the Plan and counterpart
signature pages to the Stockholders Agreement, upon execution of which the Director shall become a party to such agreements as contemplated by Section 7 hereof and (2) payment in full of the Option Price with respect to the Option Shares
being acquired in such exercise of the Option. The Option Price shall be paid by (I) delivery of a cashier’s, personal or certified check or wire transfer of immediately available funds in the amount of the Option Price with respect to the
Option Shares being acquired in such exercise of the Option, (II) the surrender to the Company of shares of Common Stock having an aggregate Fair Market Value equal to the Option Price, so long as such shares of Common Stock are not Director
Securities held by the Director for less than six months or, if the Board in its sole discretion agrees, (III) a cashless exercise procedure if one has been established by the Board. 
 (b) Securities Laws Restrictions. The Director represents that when the Director exercises the Option he will be purchasing Option Shares for the
Director’s own account and not on behalf of others. The Director understands and acknowledges that federal and state securities laws govern and restrict the Director’s right to offer, sell or otherwise dispose of any Option Shares unless
the Director’s offer, sale or other disposition thereof is registered under the Securities Act and state securities laws or, in the opinion of the Company’s counsel, such offer, sale or other disposition is exempt from registration
thereunder. The Director agrees that he will not offer, sell or otherwise dispose of any Option Shares in any manner which would: (i) require the Company to file any registration statement (or similar filing under state law) with the Securities
and Exchange Commission or to amend or supplement any such filing or (ii) violate or cause the Company to violate the Securities Act, the rules and regulations promulgated thereunder or any other state or federal law. The Director further
understands that the certificates for any Option Shares the Director purchases will bear the legend set forth in Section 4 hereof or such other legends as the Company deems necessary or desirable in connection with the Securities Act or other
rules, regulations or laws. 
  

 -3- 

 (c) Non-Transferability of Option. The Option is personal to the Director and is not transferable
by the Director. Only the Director shall be entitled to exercise the Option; provided that, in the event of the Director’s death, the Option may be exercised only (i) by the executor or administrator of the Director’s estate or
the Person or Persons to whom the Director’s rights under the Option shall pass by will or the laws of descent and distribution and (ii) to the extent that the Director was entitled to exercise the Option hereunder at the date of his
death. In the event of an exercise of the Option by a Person other than the Director pursuant to the proviso in the preceding sentence, all references in this Agreement to actions to be taken and representations to be made by the Director in
connection with such exercise shall be deemed to be references to such Person. 
 (d) Conformity with Plan. The Option and the Option
Shares are intended to conform in all respects with, and be subject to all applicable provisions of, the Plan, which is hereby incorporated herein by reference in its entirety. Inconsistencies between this Agreement and the Plan shall be resolved in
accordance with the terms of this Agreement, but only to the extent of such inconsistencies. By executing this Agreement, the Director acknowledges his receipt of this Agreement and the Plan and agrees to be bound by all of the terms of this
Agreement and the Plan. 
 (e) Rights of Participants. Except as expressly provided herein, nothing in this Agreement shall interfere
with or limit in any way the ability of the Director to be removed from the Board for any reason by the stockholders of the Company (pursuant to the Stockholders Agreement or otherwise) nor confer upon the Director any right to continue as a member
of the Board for any period of time, and, in the event of cessation of Director as a member of the Board, the Option, if not previously vested and exercisable, will be forfeited. Nothing in this Agreement shall confer upon the Director any right to
be selected again as a Plan participant. 
 (f) Withholding of Taxes. The Company shall be entitled, if necessary or desirable, to
withhold from the Director from any amounts due and payable by the Company to the Director (or secure payment from the Director in lieu of withholding) the amount of any withholding or other tax due from the Company with respect to any Option Shares
issuable hereunder, and the Company may defer such issuance unless indemnified by the Director to its satisfaction. 
 2. Repurchase
Option. 
 (a) In the event the Director ceases to be a member of the Board for any reason (the “Termination”), the
Director Securities (whether held by the Director or one or more of the Director’s Permitted Transferees (as defined in the Stockholders Agreement) will be subject to repurchase by the Company and the holders of Investor Shares pursuant to the
terms and conditions set forth in this Section 2 (the “Repurchase Option”). The Repurchase Option for any Director Securities shall become effective on the later of the date the Director has held the Director Shares for six
months or the date of the Termination (the “Repurchase Date”). 
 (b) If the Director ceases to be a director of the Company
for any reason, the purchase price for the Director Securities shall be the Fair Market Value thereof on the Repurchase Date. 
  

 -4- 

 (c) The Company may elect to purchase all or any portion of the Director Securities by delivering written
notice (the “Repurchase Notice”) to the holder or holders of Director Securities within 60 days after the Repurchase Date. The Repurchase Notice will set forth the Director Securities to be acquired from each holder, the aggregate
consideration to be paid for such Director Securities and the time and place for the closing of the transaction. The number of Director Securities to be repurchased by the Company shall first be satisfied, to the extent possible, from the Director
Securities held by the Director at the time of delivery of the Repurchase Notice. If the number of Director Securities then held by the Director is less than the total number of Director Securities which the Company has elected to purchase, the
Company shall purchase the remaining Director Securities elected to be purchased from the other holders) of Director Securities under this Agreement, pro rata according to the number of Director Securities held by such other holder(s) at the time of
delivery of such Repurchase Notice (determined as nearly as practicable to the nearest whole share). 
 (d) If for any reason the Company
does not elect to purchase all of the Director Securities pursuant to the Repurchase Option, the holders of Investor Shares shall be entitled to exercise the Repurchase Option for the Director Securities which the Company has not elected to purchase
(the “Available Shares”). As soon as reasonably practicable after the Company has determined that there will be Available Shares, but in any event within 60 days after the Repurchase Date, the Company shall give written notice (the
“Option Notice”) to each of the holders of Investor Shares setting forth the number of Available Shares and the purchase price for the Available Shares. Each holder of Investor Shares may elect to purchase any or all of the
Available Shares by giving written notice to the Company within 60 days after the Option Notice has been delivered to such holder of Investor Shares by the Company. In the event that the holders of Investor Shares elect to purchase more Available
Shares than are available, then the number of Available Shares to be purchased by each such holder that has elected to purchase more than its pro rata share of Available Shares (based upon the number of shares of Investor Shares held by all such
holders of Investor Shares) shall be reduced on a pro rata basis in proportion to the number of Investor Shares held by all holders that have elected to purchase more than their pro rata share that are not owned by such holder. As soon as
practicable, and in any event within five (5) days after the expiration of such 60-day period, the Company shall notify each holder of Director Securities as to the number of Director Securities being purchased from such holder by each holder
of Investor Shares (the “Supplemental Repurchase Notice”) exercising the Repurchase Option setting forth the number of Director Securities which such holder of Investor Shares is entitled to purchase, the aggregate purchase price
for such Director Securities and the time and place of the closing of the transaction. 
 (e) The closing of the purchase of the Director
Securities pursuant to the Repurchase Option shall take place on the date designated by the Company in the Repurchase Notice or Supplemental Repurchase Notice, which date shall not be more than 45 days nor less than five (5) days after the
delivery of such notice. The Company and/or the holders of Investor Shares, as the case may be, will pay for the Director Securities to be purchased pursuant to the Repurchase Option by delivery of a check or wire transfer of funds to the holders of
the Director Securities. The Company and the holders of Investor Shares will be entitled to receive customary representations and warranties from the sellers regarding such sale and to require all sellers’ signatures be guaranteed. 

 

 -5- 

 (f) Notwithstanding anything to the contrary contained in this Agreement, the Company’s exercise of
the Repurchase Option shall be subject to applicable restrictions contained in applicable law and in the Company’s and its Subsidiaries’ debt and equity financing agreements. If any such restrictions prohibit the repurchase of Director
Securities hereunder which the Company is otherwise required to make or create a default thereunder, the time periods provided in this Section 2 shall be suspended, and the Company may make such repurchases under this Section 2 as soon as
it is permitted to do so under such restrictions (and the Company shall inform the Director of such restrictions in the Repurchase Notice) and shall consummate such repurchase of Director Securities promptly following the cessation of all such
restrictions thereon (by giving the holder or holders of Director Securities a new Repurchase Notice). 
 (g) The right of the Company and
the holders of Investor Shares to repurchase Director Securities pursuant to this Section 2 shall terminate upon the consummation of a Public Offering. 
 3. Sale of the Company. 
 (a) If a Sale of the Company is approved in accordance with Section 7
of the Stockholders Agreement (an “Approved Sale”), each holder of Director Securities shall vote for, consent to and raise no objections against such Approved Sale. If the Approved Sale is structured as a (i) merger or
consolidation, the holders of Director Securities shall waive any dissenters rights, appraisal rights or similar rights in connection with such merger or consolidation or (ii) sale of stock, the holders of Director Securities shall agree to
sell all of their Option Shares and rights to acquire Option Shares on the terms and conditions approved by the Supermajority Vote (as defined in the Stockholders Agreement). The Director shall take all necessary or desirable actions in connection
with the consummation of the Approved Sale as requested by the Person(s) entitled to request the stockholders to take such actions pursuant to the Stockholders Agreement. 
 (b) If the Company or the holders of the Company’s securities enter into any negotiation or transaction for which Rule 506 (or any similar rule then in effect) promulgated under the 1933 Act by the Securities
Exchange Commission may be available with respect to such negotiation or transaction (including a merger, consolidation or other reorganization), the Director, together with the Company’s other senior management employees or directors which
have entered into Stock Option Agreements with the Company (such other senior management employees or directors, the “Other Executives”), shall at the request of the Company, appoint a “purchaser representative” (as such
term is defined in Rule 501 under the 1933 Act) reasonably acceptable to the Company. If the Director and the Other Executives appoint a purchaser representative designated by the Company, the Company shall pay the fees of such purchaser
representative. However, if the Director or any Other Executive declines to appoint the purchaser representative designated by the Company, the Director or such Other Executive, as the case may be, shall appoint another purchaser representative
(reasonably acceptable to the Company), and such person shall be responsible for the fees of the purchaser representative so appointed unless such person is an Accredited Investor (as defined in Rule 501). 
  

 -6- 

 4. Legend. Each certificate evidencing Director Securities and each certificate issued in exchange
for or upon the transfer of any Director Securities (if such shares remain Director Securities as defined herein after such transfer) shall be stamped or otherwise imprinted with a legend in substantially the following form: 
 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE ALSO SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER, REPURCHASE OPTIONS AND CERTAIN OTHER
RESTRICTIONS SPECIFIED IN (1) A STOCK OPTION AGREEMENT, DATED AS OF MAY 15,2003, AS AMENDED AND MODIFIED FROM TIME TO TIME, BETWEEN THE ISSUER (THE “COMPANY”) AND WAYNE B. LOWELL, AND (2) AN AMENDED AND RESTATED STOCKHOLDERS
AGREEMENT, DATED AS OF MARCH 25,2003, AS AMENDED AND MODIFIED FROM TIME TO TIME, BETWEEN THE COMPANY AND CERTAIN OF ITS STOCKHOLDERS, AND THE COMPANY RESERVES THE RIGHT TO REFUSE THE TRANSFER OF SUCH SECURITIES UNTIL SUCH CONDITIONS HAVE BEEN
FULFILLED WITH RESPECT TO SUCH TRANSFER. A COPY OF SUCH CONDITIONS SHALL BE FURNISHED BY THE COMPANY TO THE HOLDER HEREOF UPON WRITTEN REQUEST AND WITHOUT CHARGE.” 
 The Company shall imprint such legend on certificates evidencing Director Securities. The legend set forth above shall be removed from the certificates evidencing any shares which cease to be Director Securities in
accordance with the definition thereof. 
 5. Transfer. 
 (a) Director Securities shall be subject to the transfer restrictions set forth in, and may not be transferred except as expressly permitted by, the Stockholders Agreement. 
 (b) Prior to transferring any Director Securities (other than in a Public Sale) to any Person, the transferor shall cause the prospective transferee to
execute and deliver to the Company a counterpart of this Agreement and the Stockholders Agreement. The Director acknowledges and agrees that the Director Securities are subject to the restrictions on transfer set forth herein and therein.

 (c) The Company will not be required (i) to transfer on its books any Director Securities which have been sold or transferred in
violation of any of the provisions set forth in this Agreement or the Stockholders Agreement, or (ii) to treat as owner of such shares, to accord the right to vote as such owner or to pay dividends to any transferee to whom such shares have
been transferred in violation of this Agreement or the Stockholders Agreement. 
 (d) To the extent not inconsistent with applicable law,
each holder of Director Securities shall not effect any public sale or distribution (including sales pursuant to Rule 144) of equity securities of the Company, or any securities, options or rights convertible into or exchangeable 

  

 -7- 

 
or exercisable for such securities, during the period (the “LockUp Period”) prior to and after the effective date of any Public Offering
that is agreed to by the underwriter managing such Public Offering and the Company. 
 6. Director Representations. The Director
hereby represents and warrants to the Company that (i) the Option to be acquired by the Director pursuant to this Agreement and the Option Shares to be acquired upon exercise of the Option will be acquired for the Director’s own account
and not with a view to, or intention of, distribution thereof in violation of the Securities Act or any applicable state securities laws, and the Director Securities shall not be disposed of in contravention of the Securities Act or any applicable
state securities laws, (ii) the Director is a member of the Board, is sophisticated in financial matters and is able to evaluate the risks and benefits of the investment in the Option Shares, (iii) the execution, delivery and performance
of this Agreement by the Director does not and will not conflict with, breach, violate or cause a default under any contract, agreement, instrument, order, judgment or decree to which the Director is a party or by which he is bound, and
(iv) upon the execution and delivery of this Agreement by the Company, this Agreement shall be the valid and binding obligation of the Director, enforceable in accordance with its terms. 
 7. Assumption of Obligations. The Director hereby agrees that, upon exercise of all or any portion of the Option, he shall become subject to all
of the rights and obligations and bound by all of the terms and conditions set forth in, and shall at such time become a party to, the Stockholders Agreement by executing a counterpart signature page thereto as an Executive and a Stockholder (as
such terms are defined in the Stockholders Agreement) under such Stockholders Agreement. 
 8. Definitions. 
 “Affiliate” of any particular Person means any other Person controlling, controlled by or under common control with such particular
Person, where “control” means the possession, directly or indirectly, of the power to direct the management and policies of a Person whether through the ownership of voting securities, contract or otherwise. 
 “Board” means the Company’s board of directors. 
 “Code” means the Internal Revenue Code of 1986, as amended from time to time. 
 “Director Securities” means, collectively, all Option Shares issued with respect to the Option. Director Securities will continue to be Director Securities in the hands of any holder other than the Director (except for the
Company and except for transferees in a Public Sale), and except as otherwise provided herein, each such other holder of Director Securities will succeed to all rights and obligations attributable to the Director as a holder of Director Securities
hereunder. Director Securities will also include shares of the Company’s capital stock issued with respect to Director Securities by way of a stock split, stock dividend, recapitalization or otherwise. 
 “Fair Market Value” has the meaning assigned to such term in the Plan. 
  

 -8- 

 “Investors” means, collectively, Nassau Capital Partners II L.P., NAS Partners I,
L.L.C., Acacia Venture Partners, L.P., South Pointe Venture Partners, L.P., New Enterprise Associates, Limited Partnership, New Enterprise Associates VIII, Limited Partnership, NEA Ventures 1998, L.P., NEA Presidents Fund, L.P., New Enterprise
Associates 10, Limited Partnership, New Enterprise Associates 8A, Limited Partnership, Charles Linehan, Frazier Healthcare IV, L.P., Frazier Affiliates IV, L.P., Prospect Venture Partners II, L.P., and Prospect Associates II, L.P. 
 “Original Cost” means, with respect to each Option Share the Option Price in effect at the time of exercise of the Option with respect
such Option Share (as proportionately adjusted for all stock splits, stock dividends, reverse stock splits, and other recapitalizations subsequent to the exercise of the Option with respect to such Option Share). 
 “Person” means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust,
a joint venture, an unincorporated organization and a governmental entity or any department, agency or political subdivision thereof. 
 “Public Offering” means the sale in a bona fide underwritten public offering registered
under the Securities Act of shares of the Company’s equity securities approved by the Board. 
 “Public Sale” means any
sale pursuant to a registered public offering under the Securities Act or any sale to the public pursuant to Rule 144 or Rule 144A promulgated under the Securities Act effected through a broker, dealer or market maker. 
 “Sale of Company” means (a) any sale of all or substantially all (as described in the commentary to the Model Business Corporation
Act) of the assets of the Company and its subsidiaries on a consolidated basis in one transaction or series of related transactions (but excluding sales to Affiliates), (b) any sale of all or substantially all of the Common Stock in one
transaction or series of related transactions or (c) a merger or consolidation, exchange of capital stock, or other transaction which accomplishes one of the foregoing. 
 “Securities Act” means the Securities Act of 1933, as amended from time to time. 
 “Stockholders Agreement” means the Second Amended and Restated Stockholders Agreement, dated as of March 25,2003, by and among the
Company and certain of its stockholders named therein, as amended from time to time in accordance with its terms. 
 “Stockholder
Shares” has the meaning assigned to such term in the Stockholders Agreement. 
 “Subsidiary” means, with respect to
any Person, any corporation, partnership, association or other business entity of which (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the
election of directors, managers or trustees thereof is at the time owned or controlled, directly or 

  

 -9- 

 
indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof, or (ii) if a partnership, association or
other business entity, a majority of the partnership or other similar ownership interest thereof is at the time owned or controlled, directly or indirectly, by any Person or one or more Subsidiaries of that Person or a combination thereof. For
purposes hereof, a Person or Persons shall be deemed to have a majority ownership interest in a partnership, association or other business entity if such Person or Persons shall be allocated a majority of partnership, association or other business
entity gains or losses or shall be or control any managing director or general partner of such partnership, association or other business entity. 
 9. Notices. All notices, demands or other communications to be given or delivered under or by reason of the provisions of this Agreement shall be in writing and shall be deemed to have been given when delivered personally to the
recipient, one (1) business day after being sent to the recipient by reputable overnight courier service (charges prepaid), upon machine-generated acknowledgment of receipt after transmittal by facsimile or on the date of actual receipt, if
mailed to the recipient by certified or registered mail, return receipt requested and postage prepaid. Such notices, demands and other communications shall be sent to the Company and the Director at the addresses indicated below or to such other
address or to the attention of such other person as the receipt party has specified by prior written notice to the sending party. 
 If to
the Company: 
 CompHealth Group, Inc. 
 4021 South 700 East 
 Suite 300 
 Salt Lake City, UT 84107 
 Attention: Sean Dailey, Chief Financial Officer 
 with a copy (which shall not constitute notice) to: 
 New Enterprise Associates 
 2490 Sand Hill Road 
 Menlo Park, CA 94025 
 Attention: Charles M.
Linehan 
 Telephone: (650) 854-9499 
 Facsimile: (650) 854-9397 
 and 
 Kirkland & Ellis 
 200 East Randolph Drive 
 Chicago, IL 60601 
 Attention: William S.
Kirsch, P.C. 
                   Jeffrey Seifman

  

 -10- 

 to the Director: 
 Wayne B. Lowell 
 6 Bayside 
 Irvine, California 92614 
 or to such other address or to the attention of such other person as the recipient party has
specified by prior written notice to the sending party. 
 10. Severability. Whenever possible, each provision of this Agreement will
be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such
invalidity, illegality or unenforceability will not affect any other provision or any other jurisdiction, but this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had
never been contained herein. 
 11. Complete Agreement. Except as otherwise expressly set forth herein, this document, together with
the Plan, embodies the complete agreement and understanding among the parties hereto with respect to the subject matter hereof and supersedes and preempts any prior understandings, agreements or representations by or among the parties, written or
oral, which may have related to the subject matter hereof in any way. 
 12. Counterparts. This Agreement may be executed in separate
counterparts, each of which is deemed to be an original and all of which taken together constitute one and the same agreement. 
 13.
Successors and Assigns. This Agreement is intended to bind and inure to the benefit of and be enforceable by the Director, the Company, and their respective heirs, successors and assigns, except that the Director may not assign his rights or
delegate his obligations hereunder without the prior written consent of the Company. 
 14. Governing Law. The corporate law of
Delaware shall govern all issues and questions concerning the relative rights and obligations of the Company and its stockholders. All other questions concerning the construction, validity and interpretation of this Agreement shall be governed by,
and construed in accordance with, the internal laws of the State of Delaware, without giving effect to any choice of law or other conflict of law, provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the
application of the laws of any jurisdiction other than the State of Delaware. 
 15. Amendment and Waiver. Except as otherwise set
forth herein and in the Plan, the provisions of this Agreement may be amended or waived only with the prior written consent of the Company and the Director, and no course of conduct or failure or delay in enforcing the 

  

 -11- 

 
provisions of this Agreement shall affect the validity, binding effect or enforceability of this Agreement. 
 16. Remedies. Each of the parties to this Agreement will be entitled to enforce its rights under this Agreement specifically, to recover damages
and costs (including reasonable attorney’s fees) caused by any breach of any provision of this Agreement and to exercise all other rights existing in its favor. The parties hereto agree and acknowledge that money damages may not be an adequate
remedy for any breach of the provisions of this Agreement and that any party may in its sole discretion apply to any court of law or equity of competent jurisdiction (without posting any bond or deposit) for specific performance and/or other
injunctive relief in order to enforce or prevent any violations of the provisions of this Agreement. 
 17. Descriptive Headings. The
descriptive headings of this Agreement are inserted for convenience only and do not constitute a part of this Agreement. 
 18. No Strict
Construction. The parties to this Agreement have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted
jointly by such parties, and no presumption or burden of proof shall arise favoring or disfavoring any such party by virtue of the authorship of any of the provisions of this Agreement. 
 19. Decisions by Board. Notwithstanding anything contained herein or in the Plan to the contrary, all actions, decisions and determinations of the
Board under this Agreement with respect to the Director shall be made by the members of the Board other than the Director, and Director shall have no right to be involved or consulted in such action, decision or determination. 
 *    *    *    *    * 
  

 -12- 

 IN WITNESS WHEREOF, the parties hereto have executed this Stock Option Agreement on the day and year
first above written. 
  

			
	COMPHEALTH GROUP, INC.
		
	 By:
	 	 /s/ Sean Dailey

	Name:	 	 Sean Dailey

	 Title:
	 	 CFO

  

	
	
	 /s/ Wayne B. Lowell

	 WAYNE B. LOWELL

  

 -13-

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