SEC Contract Filing

Filing Date: 2020-05-29

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>EMPLOYMENT AGREEMENT</U></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; text-indent: 0.5in"><B>THIS
EMPLOYMENT AGREEMENT</B> (the &ldquo;Agreement&rdquo;) is made and entered into as of the 26<SUP>th</SUP> day of May, 2020 (the
&ldquo;Effective Date&rdquo;), between iCAD, Inc., a corporation with a principal place of business at 98 Spit Brook Road- Suite
100, Nashua, NH 03062 (which hereinafter includes any parent, subsidiary and affiliate, and is collectively referred to as the
&ldquo;Company&rdquo;), and R. Scott Areglado (hereinafter referred to as &ldquo;Executive&rdquo; or &ldquo;you&rdquo;). In consideration
of the promises and the mutual covenants herein, and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto mutually agree as follows:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Eligibility
For Employment.</U></B> The Immigration Reform and Control Act requires all employees of U.S. companies to have evidence of identity
and authorization to work in the U.S. Executive represents and warrants that Executive has such authorization and will provide
the Company with evidence thereof on or before the Effective Date of this Agreement. Executive further acknowledges that the Company
may perform a background check on Executive for purposes relating to Executive&rsquo;s Company employment, after providing written
notice to and obtaining written consent from Executive. At all times Company shall comply with the Fair Credit Reporting Act and
any other applicable laws regarding background checks. and Executive agrees that if the results of said background check are unsatisfactory
to the Company, the Company may terminate this Agreement immediately upon written notice, and Executive shall have no further rights
or obligations hereunder.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Employment
Period.</U></B> Executive&rsquo;s employment hereunder shall be effective on the Effective Date and shall continue until terminated
by either party in accordance with Section 7. The period during which Executive is employed under this Agreement shall be referred
to herein as the &ldquo;Employment Period.&rdquo; The date on which this Agreement terminates pursuant to Section 7 shall be referred
to herein as the &ldquo;Termination Date.&rdquo;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Employment
Period Duties.</U></B> During the Employment Period, the Executive shall be employed by and serve as Chief Financial Officer of
the Company on a full-time basis reporting directly to the Company&rsquo;s Chief Executive Officer (&ldquo;CEO&rdquo;) or anyone
else designated by the Company to supervise Executive. The Executive shall perform such duties as are normally associated with
the position of Chief Financial Officer of the Company and chief financial officer of a public company and such duties as are assigned
to Executive from time to time and are consistent with those performed by the position of Chief Financial Officer of the Company
and chief financial officer of a public company. The Company reserves the right from time to time to change the nature and scope
of Executive&rsquo;s duties. Executive hereby agrees and understands that the primary place of work is the Company office in Nashua,
NH, and that Executive may also be required to travel, including travel overseas, in furtherance of the duties of the position.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; color: #002D62">98 Spit Brook Road, Suite
100 Nashua, NH 03062</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; color: #002D62">phone: 603.882.5200 toll
free: 866.280.2239 fax: 603.218.6658</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; color: #002D62">www.icadmed.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; color: #002D62">&nbsp;&nbsp;</P>

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