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INTERMEDIX HOLDINGS INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements December 31, 2010 Future minimum rental payments for noncancelable leases having an initial lease term in excess of one year at December 31, 2010, are summarized as follows (in thousands): Capitalized leases Years ending December 31: Operating leases 2011 $ 251 2,353 2012 — 1,806 2013 — 1,277 2014 — 362 2015 — 318 Thereafter — 276 Total minimum payments 251 6,392 Less interest (10) Present value of minimum capitalized lease payments $ 241 Many of the operating leases provide for renewal at varying escalations. Fixed rent escalations have been included in the table disclosed above. Rent expense incurred under operating leases for the Successor and Predecessor periods was $1.0 million, $1.8 million, respectively. The Company has been granted lease incentives such as rent abatement periods and leasehold allowances under certain of its leases. The accompanying consolidated statements of operations reflect rent expense on a straight -line basis over the term of the respective leases. An obligation of $0.3 million representing the remaining unamortized lease incentives is reflected in "Other long -term liabilities" in the accompanying consolidated balance sheet at December 31, 2010. (16) Equity-Based Compensation Successor Intermedix Holdings Inc. 2010 Stock Option Plan (the 2010 Stock Option Plan) Pursuant to the terms of the 2010 Stock Option Plan the Company is authorized to issue options to acquire up to 501,352 shares of common stock of the Company to employees and service providers of the Company. Certain members of the Company's management and professional staff were issued ten -year options to purchase shares of common stock of the Company. All stock options granted under the 2010 Stock Option Plan were granted with an exercise price at least equal to the underlying stock's fair value at the date of grant. The Company's options vest at a rate of 20% per year over a five year term. Any unexercised portion of the options will automatically terminate upon the tenth anniversary of the issuance date or following termination of employment. In addition, pursuant to the grant agreements under which such stock options were issued, the Company's Board of Directors (BOD) has the right to cause all 30 (Continued)