##### Table of Contents



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
 FORM 10-Q
 (Mark One)
 þ
    
    Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 For the quarterly period ended March 31, 2010
 or
 o
    
    Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 For the transitional period from  to
 Commission file number: 0-29100
 eResearchTechnology, Inc.
  Delaware
    
    22-3264604(State or other jurisdiction of incorporation 
or organization)
    
    (I.R.S. Employer Identification No.)1818 Market Street 
Philadelphia, PA
    
    19103(Address of principal executive offices)
    
    (Zip code)
 (Registrants telephone number, including area code)
 þ o
 o o
  Large accelerated filer o
    
    Accelerated filer þ
    
    Non-accelerated filer o
    
    Smaller reporting company o(Do not check if a smaller reporting company)
 Yes o No þ




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##### 



INDEX
 PagePart I. Financial InformationItem 1. Financial StatementsConsolidated Balance Sheets-December 31, 2009 and March 31, 2010 (unaudited)
    
    
    3Consolidated Statements of Operations (unaudited)Three months
Ended March 31, 2009 and 2010
    
    
    4Consolidated Statements of Cash Flows (unaudited)Three months
Ended March 31, 2009 and 2010
    
    
    5Notes to Consolidated Financial Statements (unaudited)
    
    
    6-16Item 2. Managements Discussion and Analysis of Financial Condition and Results of
Operations
    
    
    17-24Item 3. Quantitative and Qualitative Disclosures About Market Risk
    
    
    25Item 4. Controls and Procedures
    
    
    25Part II. Other InformationItem 6. Exhibits
    
    
    26Signatures
    
    
    27Exhibit Index
    
    
    28Exhibit 10.9Exhibit 10.10Exhibit 10.13Exhibit 10.42Exhibit 10.46Exhibit 10.49Exhibit 10.50Exhibit 10.51Exhibit 10.56Exhibit 31.1Exhibit 31.2Exhibit 32.1Exhibit 32.2
   2




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##### Table of Contents



Part 1. Financial Information
 
 Item 1. Financial Statements
  
  
 December 31, 2009
    
    
    March 31, 2010AssetsCurrent Assets:Cash and cash equivalents
    
    $
    68,979
    
    
    $
    72,175Short-term investments
    
    
    9,782
    
    
    
    7,065Investment in marketable securities
    
    
    1,026
    
    
    
    1,317Accounts receivable, less allowance for doubtful accounts of
$548 and $510, respectively
    
    
    16,579
    
    
    
    15,309Prepaid income taxes
    
    
    2,698
    
    
    
    2,563Prepaid expenses and other
    
    
    3,308
    
    
    
    4,569Deferred income taxes
    
    
    1,649
    
    
    
    1,547Total current assets
    
    
    104,021
    
    
    
    104,545Property and equipment, net
    
    
    24,205
    
    
    
    25,096Goodwill
    
    
    34,676
    
    
    
    34,711Intangible assets
    
    
    1,607
    
    
    
    1,493Other assets
    
    
    352
    
    
    
    353Total assets
    
    $
    164,861
    
    
    $
    166,198Liabilities and Stockholders EquityCurrent Liabilities:Accounts payable
    
    $
    3,007
    
    
    $
    3,085Accrued expenses
    
    
    5,990
    
    
    
    6,803Income taxes payable
    
    
    346
    
    
    
    Deferred revenues
    
    
    11,728
    
    
    
    11,167Total current liabilities
    
    
    21,071
    
    
    
    21,055Deferred rent
    
    
    2,357
    
    
    
    2,299Deferred income taxes
    
    
    2,502
    
    
    
    2,387Other liabilities
    
    
    1,259
    
    
    
    1,138Total liabilities
    
    
    27,189
    
    
    
    26,879Commitments and contingenciesStockholders Equity:Preferred stock  $10.00 par value, 500,000 shares authorized,
none issued and outstanding
    
    
    
    
    
    
    Common stock  $.01 par value, 175,000,000 shares authorized,
60,189,235 and 60,380,142 shares issued, respectively
    
    
    602
    
    
    
    604Additional paid-in capital
    
    
    97,367
    
    
    
    98,048Accumulated other comprehensive loss
    
    
    (1,580
    )
    
    
    (2,368
    )Retained earnings
    
    
    121,166
    
    
    
    122,918Treasury stock, 11,589,603 shares at cost
    
    
    (79,883
    )
    
    
    (79,883
    )Total stockholders equity
    
    
    137,672
    
    
    
    139,319Total liabilities and stockholders equity
    
    $
    164,861
    
    
    $
    166,198
   3




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##### Table of Contents



Three Months Ended March 31,2009
    
    
    2010Net revenues:Services
    
    $
    16,108
    
    
    $
    14,835Site support
    
    
    6,260
    
    
    
    7,033EDC licenses and services
    
    
    1,418
    
    
    
    Total net revenues
    
    
    23,786
    
    
    
    21,868Costs of revenues:Cost of services
    
    
    7,693
    
    
    
    7,311Cost of site support
    
    
    3,635
    
    
    
    2,799Cost of EDC licenses and services
    
    
    466
    
    
    
    Total costs of revenues
    
    
    11,794
    
    
    
    10,110Gross margin
    
    
    11,992
    
    
    
    11,758Operating expenses:Selling and marketing
    
    
    3,426
    
    
    
    3,408General and administrative
    
    
    4,077
    
    
    
    4,745Research and development
    
    
    1,149
    
    
    
    858Total operating expenses
    
    
    8,652
    
    
    
    9,011Operating income
    
    
    3,340
    
    
    
    2,747Other income, net
    
    
    116
    
    
    
    100Income before income taxes
    
    
    3,456
    
    
    
    2,847Income tax provision
    
    
    1,386
    
    
    
    1,095Net income
    
    $
    2,070
    
    
    $
    1,752Net income per share:Basic
    
    $
    0.04
    
    
    $
    0.04Diluted
    
    $
    0.04
    
    
    $
    0.04Shares used in computing net income per share:Basic
    
    
    50,879
    
    
    
    48,675Diluted
    
    
    51,164
    
    
    
    48,845
   4




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##### Table of Contents



Three Months Ended March 31,2009
    
    
    2010Operating activities:Net income
    
    $
    2,070
    
    
    $
    1,752Adjustments
to reconcile net income to net cash provided by operating activities:Depreciation and amortization
    
    
    3,404
    
    
    
    2,624Cost of sales of equipment
    
    
    7
    
    
    
    1Provision for uncollectible accounts
    
    
    105
    
    
    
    Share-based compensation
    
    
    901
    
    
    
    605Deferred income taxes
    
    
    111
    
    
    
    (160
    )Changes in operating assets and liabilities:Accounts receivable
    
    
    7,331
    
    
    
    1,033Prepaid expenses and other
    
    
    (459
    )
    
    
    (1,341
    )Accounts payable
    
    
    143
    
    
    
    539Accrued expenses
    
    
    (2,194
    )
    
    
    920Income taxes
    
    
    (1,601
    )
    
    
    (193
    )Deferred revenues
    
    
    (858
    )
    
    
    (368
    )Deferred rent
    
    
    107
    
    
    
    (145
    )Net cash provided by operating activities
    
    
    9,067
    
    
    
    5,267Investing activities:Purchases of property and equipment
    
    
    (1,613
    )
    
    
    (3,852
    )Purchases of investments
    
    
    
    
    
    
    (999
    )Proceeds from sales of investments
    
    
    
    
    
    
    3,716Payments for acquisition
    
    
    
    
    
    
    (203
    )Net cash used in investing activities
    
    
    (1,613
    )
    
    
    (1,338
    )Financing activities:Repayment of capital lease obligations
    
    
    (43
    )
    
    
    Proceeds from exercise of stock options
    
    
    59
    
    
    
    51Stock option income tax benefit
    
    
    38
    
    
    
    6Repurchase of common stock for treasury
    
    
    (8,190
    )
    
    
    Net cash (used in) provided by financing
activities
    
    
    (8,136
    )
    
    
    57Effect of exchange rate changes on cash
    
    
    (176
    )
    
    
    (790
    )Net (decrease) increase in cash and cash equivalents
    
    
    (858
    )
    
    
    3,196Cash and cash equivalents, beginning of period
    
    
    66,376
    
    
    
    68,979Cash and cash equivalents, end of period
    
    $
    65,518
    
    
    $
    72,175
   5




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eResearchTechnology, Inc. and Subsidiaries
 
 Notes to Consolidated Financial Statements
 (unaudited)
 Note 1. Basis of Presentation
  Recent Developments
  Note 2. Summary of Significant Accounting Policies
 Principles of Consolidation
  Reclassifications
  Use of Estimates
  Revenue Recognition
      6




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Concentration of Credit Risk and Significant Clients
   Cash and Cash Equivalents
  Short-term Investments and Investments in Marketable Securities
   7




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December 31, 2009Gross
    
    
    GrossUnrealized
    
    
    UnrealizedAmortized cost
    
    
    Gains
    
    
    Losses
    
    
    Fair ValueMunicipal securities
    
    $
    6,764
    
    
    $
    
    
    
    $
    (2
    )
    
    $
    6,762Corporate debt securities
    
    
    1,769
    
    
    
    1
    
    
    
    
    
    
    
    1,770Bonds of government sponsored agencies
    
    
    1,250
    
    
    
    
    
    
    
    
    
    
    
    1,250Total short-term investments as of
December 31, 2009
    
    $
    9,783
    
    
    $
    1
    
    
    $
    (2
    )
    
    $
    9,782
 March 31, 2010Gross
    
    
    GrossUnrealized
    
    
    UnrealizedAmortized cost
    
    
    Gains
    
    
    Losses
    
    
    Fair ValueMunicipal securities
    
    $
    6,062
    
    
    $
    
    
    
    $
    (4
    )
    
    $
    6,058Corporate debt securities
    
    
    1,009
    
    
    
    
    
    
    
    (2
    )
    
    
    1,007Total short-term investments as of March 31, 2010
    
    $
    7,071
    
    
    $
    
    
    
    $
    (6
    )
    
    $
    7,065
 Property and Equipment
        8




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Goodwill
   Long-lived Assets
  Software Development Costs
  Stock-Based Compensation
 Accounting for Stock-Based Compensation
  Valuation Assumptions for Options Granted
  2009
    
    
    2010Risk-free interest rate
    
    
    1.33
    %
    
    
    2.42
    %Expected life
    
    3.5 years
    
    
    3.8 yearsExpected volatility
    
    
    63.97
    %
    
    
    61.85
    %
  Equity Incentive Plans
   9




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RemainingWeighted
    
    
    Contractual
    
    
    IntrinsicAverage
    
    
    Term
    
    
    ValueShare Options
    
    Shares
    
    
    Exercise Price
    
    
    (in years)
    
    
    (in thousands)Outstanding as of January 1, 2010
    
    
    4,406,606
    
    
    $
    9.62Granted
    
    
    672,658
    
    
    
    6.05Exercised
    
    
    (13,588
    )
    
    
    3.80Cancelled/forfeited
    
    
    (36,887
    )
    
    
    8.78Outstanding as of March 31, 2010
    
    
    5,028,789
    
    
    $
    9.17
    
    
    
    4.9
    
    
    $
    4,538Options exercisable or expected to vest at March 31, 2010
    
    
    4,147,586
    
    
    $
    9.78
    
    
    
    4.5
    
    
    $
    3,693Options exercisable at March 31, 2010
    
    
    3,036,121
    
    
    $
    10.75
    
    
    
    4.1
    
    
    $
    2,180
 WeightedAverageGrant DateRestricted Stock
    
    Shares
    
    
    Fair ValueOutstanding as of January 1, 2010
    
    
    
    
    
    $
    Granted
    
    
    177,319
    
    
    
    6.05Exercised
    
    
    
    
    
    
    Cancelled/forfeited
    
    
    
    
    
    
    Outstanding as of March 31, 2010
    
    
    177,319
    
    
    $
    6.05
     10




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Tax Effect Related to Stock-based Compensation Expense
  Note 3. Fair Value of Financial Instruments
   Level 1
    
    Unadjusted quoted prices in active markets for identical assets or liabilitiesLevel 2
    
    Unadjusted quoted prices in active markets for similar assets or liabilities, or
Unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or
Inputs other than quoted prices that are observable for the asset or liabilityLevel 3
    
    Unobservable inputs for the asset or liability
  11




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Fair Value Measurements at December 31, 2009Quoted Prices
    
    
    
    
    
    
    Significantin Active Markets
    
    
    Significant Other
    
    
    Unobservablefor Identical Assets
    
    
    Observable Inputs
    
    
    InputsTotal
    
    
    (Level 1)
    
    
    (Level 2)
    
    
    (Level 3)Money market funds
    
    $
    68,979
    
    
    $
    68,979
    
    
    $
    
    
    
    $
    Municipal securities
    
    
    6,762
    
    
    
    6,712
    
    
    
    
    
    
    
    50Corporate debt securities
    
    
    1,770
    
    
    
    1,770
    
    
    
    
    
    
    
    Bonds of government
sponsored agencies
    
    
    1,250
    
    
    
    1,250
    
    
    
    
    
    
    
    Marketable securities
    
    
    1,026
    
    
    
    
    
    
    
    1,026
    
    
    
    Total
    
    $
    79,787
    
    
    $
    78,711
    
    
    $
    1,026
    
    
    $
    50
 Fair Value Measurements at March 31, 2010Quoted Prices
    
    
    
    
    
    
    Significantin Active Markets
    
    
    Significant Other
    
    
    Unobservablefor Identical Assets
    
    
    Observable Inputs
    
    
    InputsTotal
    
    
    (Level 1)
    
    
    (Level 2)
    
    
    (Level 3)Money market funds
    
    $
    72,175
    
    
    $
    72,175
    
    
    $
    
    
    
    $
    Municipal securities
    
    
    6,058
    
    
    
    6,008
    
    
    
    
    
    
    
    50Corporate debt securities
    
    
    1,007
    
    
    
    1,007
    
    
    
    
    
    
    
    Marketable securities
    
    
    1,317
    
    
    
    
    
    
    
    1,317
    
    
    
    Total
    
    $
    80,557
    
    
    $
    79,190
    
    
    $
    1,317
    
    
    $
    50
 Note 4. Business Combination
  LeaseLiabilityBalance at December 31, 2009
    
    
    1,758Cash payments
    
    
    (121
    )Balance at March 31, 2010
    
    $
    1,637
   12




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Note 5. Intangible Assets
  December 31, 2009EstimatedAccumulated
    
    
    Net Book
    
    
    Useful LifeDescription
    
    Gross Value
    
    
    Amortization
    
    
    Value
    
    
    (in years)Backlog
    
    $
    1,900
    
    
    $
    1,643
    
    
    $
    257
    *
    
    
    3Customer Relationships
    
    
    1,700
    
    
    
    350
    
    
    $
    1,350
    
    
    
    10Technology
    
    
    400
    
    
    
    400
    
    
    $
    
    
    
    
    1Total
    
    $
    4,000
    
    
    $
    2,393
    
    
    $
    1,607
 March 31, 2010EstimatedAccumulated
    
    
    Net Book
    
    
    Useful LifeDescription
    
    Gross Value
    
    
    Amortization
    
    
    Value
    
    
    (in years)Backlog
    
    $
    1,900
    
    
    $
    1,715
    
    
    $
    185
    *
    
    
    3Customer Relationships
    
    
    1,700
    
    
    
    392
    
    
    $
    1,308
    
    
    
    10Technology
    
    
    400
    
    
    
    400
    
    
    $
    
    
    
    
    1Total
    
    $
    4,000
    
    
    $
    2,507
    
    
    $
    1,493
 
 *
    
    The backlog is being amortized over three years on an accelerated basis.   Amortization ofIntangibleYears ending December 31,
    
    Assets2010
    
    $
    3172011
    
    
    1702012
    
    
    1702013
    
    
    1702014
    
    
    170Thereafter
    
    
    496Total
    
    $
    1,493
 Note 6. Net Income per Common Share
   13




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Net
    
    
    
    
    
    
    Per ShareThree Months Ended March 31,
    
    Income
    
    
    Shares
    
    
    Amount2009Basic net income
    
    $
    2,070
    
    
    
    50,879
    
    
    $
    0.04Effect of dilutive shares
    
    
    
    
    
    
    285
    
    
    
    Diluted net income
    
    $
    2,070
    
    
    
    51,164
    
    
    $
    0.042010Basic net income
    
    $
    1,752
    
    
    
    48,675
    
    
    $
    0.04Effect of dilutive shares
    
    
    
    
    
    
    170
    
    
    
    Diluted net income
    
    $
    1,752
    
    
    
    48,845
    
    
    $
    0.04
  Note 7. Comprehensive Income
  Three Months Ended March 31,2009
    
    
    2010Net income
    
    $
    2,070
    
    
    $
    1,752Other comprehensive income:Change in unrealized losses on
marketable securities
    
    
    
    
    
    
    189Currency translation adjustment
    
    
    (232
    )
    
    
    (977
    )Comprehensive income, net of tax
    
    $
    1,838
    
    
    $
    964
 Note 8. Recent Accounting Pronouncements
    14




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Note 9. Income Taxes
    Note 10. Related Party Transactions
  Note 11. Commitments and Contingencies
    15




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Note 12. Operating Segments / Geographic Information
   Three Months Ended March 31, 2009NorthAmerica
    
    
    Europe
    
    
    TotalService revenues
    
    $
    13,886
    
    
    $
    2,222
    
    
    $
    16,108Site support revenues
    
    
    4,443
    
    
    
    1,817
    
    
    
    6,260EDC licenses and services revenues
    
    
    1,418
    
    
    
    
    
    
    
    1,418Net revenues from external customers
    
    $
    19,747
    
    
    $
    4,039
    
    
    $
    23,786Operating income
    
    $
    2,985
    
    
    $
    355
    
    
    $
    3,340Long-lived assets
    
    $
    23,881
    
    
    $
    3,224
    
    
    $
    27,105Total assets
    
    $
    141,334
    
    
    $
    16,933
    
    
    $
    158,267
 Three Months Ended March 31, 2010NorthAmerica
    
    
    Europe
    
    
    TotalService revenues
    
    $
    9,944
    
    
    $
    4,891
    
    
    $
    14,835Site support revenues
    
    
    4,773
    
    
    
    2,260
    
    
    
    7,033EDC licenses and services revenues
    
    
    
    
    
    
    
    
    
    
    Net revenues from external customers
    
    $
    14,717
    
    
    $
    7,151
    
    
    $
    21,868Operating income
    
    $
    750
    
    
    $
    1,997
    
    
    $
    2,747Long-lived assets
    
    $
    21,348
    
    
    $
    3,748
    
    
    $
    25,096Total assets
    
    $
    144,208
    
    
    $
    21,990
    
    
    $
    166,198
 Note 13. Stock Repurchase
  Note 14. Subsequent Event
    16




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Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations
 Cautionary Statement for Forward-Looking Information
    Overview
     17




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##### Table of Contents



Cardiac Safety ® ®
 Cardiac Safety Consulting.
 ePRO
 Project Assurance
       18




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##### Table of Contents



Reclassifications
   19




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##### Table of Contents



Results of Operations
 Executive Overview
       20




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##### Table of Contents



Three Months Ended March 31,2009
    
    
    2010Net revenues:Services
    
    
    67.7
    %
    
    
    67.8
    %Site support
    
    
    26.3
    
    
    
    32.2EDC licenses and services
    
    
    6.0
    
    
    
    Total net revenues
    
    
    100.0
    
    
    
    100.0Costs of revenues:Cost of services
    
    
    32.3
    
    
    
    33.4Cost of site support
    
    
    15.3
    
    
    
    12.8Cost of EDC licenses and services
    
    
    2.0
    
    
    
    Total costs of revenues
    
    
    49.6
    
    
    
    46.2Gross margin
    
    
    50.4
    
    
    
    53.8Operating expenses:Selling and marketing
    
    
    14.4
    
    
    
    15.6General and administrative
    
    
    17.2
    
    
    
    21.7Research and development
    
    
    4.8
    
    
    
    3.9Total operating expenses
    
    
    36.4
    
    
    
    41.2Operating income
    
    
    14.0
    
    
    
    12.6Other income (expense), net
    
    
    0.5
    
    
    
    0.4Income before income taxes
    
    
    14.5
    
    
    
    13.0Income tax provision
    
    
    5.8
    
    
    
    5.0Net income
    
    
    8.7
    %
    
    
    8.0
    %
  21




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Three Months Ended March 31, 2009 Compared to Three Months Ended March 31, 2010.
  Three Months Ended March 31,2009
    
    
    2010
    
    
    Increase (Decrease)Services:Net revenues
    
    $
    16,108
    
    
    $
    14,835
    
    
    $
    (1,273
    )
    
    
    (7.9
    %)Costs of revenues
    
    
    7,693
    
    
    
    7,311
    
    
    
    (382
    )
    
    
    (5.0
    %)Gross margin
    
    $
    8,415
    
    
    $
    7,524
    
    
    $
    (891
    )
    
    
    (10.6
    %)Site support:Net revenues
    
    $
    6,260
    
    
    $
    7,033
    
    
    $
    773
    
    
    
    12.3
    %Costs of revenues
    
    
    3,635
    
    
    
    2,799
    
    
    
    (836
    )
    
    
    (23.0
    %)Gross margin
    
    $
    2,625
    
    
    $
    4,234
    
    
    $
    1,609
    
    
    
    61.3
    %EDC licenses and services:Net revenues
    
    $
    1,418
    
    
    $
    
    
    
    $
    (1,418
    )
    
    
    (100.0
    %)Costs of revenues
    
    
    466
    
    
    
    
    
    
    
    (466
    )
    
    
    (100.0
    %)Gross margin
    
    $
    952
    
    
    $
    
    
    
    $
    (952
    )
    
    
    (100.0
    %)TotalNet revenues
    
    $
    23,786
    
    
    $
    21,868
    
    
    $
    (1,918
    )
    
    
    (8.1
    %)Costs of revenues
    
    
    11,794
    
    
    
    10,110
    
    
    
    (1,684
    )
    
    
    (14.3
    %)Gross margin
    
    
    11,992
    
    
    
    11,758
    
    
    
    (234
    )
    
    
    (2.0
    %)Operating expenses:Selling and marketing
    
    
    3,426
    
    
    
    3,408
    
    
    
    (18
    )
    
    
    (0.5
    %)General and administrative
    
    
    4,077
    
    
    
    4,745
    
    
    
    668
    
    
    
    16.4
    %Research and development
    
    
    1,149
    
    
    
    858
    
    
    
    (291
    )
    
    
    (25.3
    %)Total operating expenses
    
    
    8,652
    
    
    
    9,011
    
    
    
    359
    
    
    
    4.1
    %Operating income
    
    
    3,340
    
    
    
    2,747
    
    
    
    (593
    )
    
    
    (17.8
    %)Other income (expense), net
    
    
    116
    
    
    
    100
    
    
    
    (16
    )
    
    
    (13.8
    %)Income before income taxes
    
    
    3,456
    
    
    
    2,847
    
    
    
    (609
    )
    
    
    (17.6
    %)Income tax provision
    
    
    1,386
    
    
    
    1,095
    
    
    
    (291
    )
    
    
    (21.0
    %)Net income
    
    $
    2,070
    
    
    $
    1,752
    
    
    $
    (318
    )
    
    
    (15.4
    %)
  Three Months Ended March 31,2009
    
    
    2010
    
    
    Increase (Decrease)Cost of services
    
    
    47.8
    %
    
    
    49.3
    %
    
    
    1.5
    %Cost of site support
    
    
    58.1
    %
    
    
    39.8
    %
    
    
    (18.3
    %)Cost of EDC licenses and services
    
    
    32.9
    %
    
    
    N/A
    
    
    
    N/ATotal costs of revenues
    
    
    49.6
    %
    
    
    46.2
    %
    
    
    (3.4
    %)Operating expenses:Selling and marketing
    
    
    14.4
    %
    
    
    15.6
    %
    
    
    1.2
    %General and administrative
    
    
    17.2
    %
    
    
    21.7
    %
    
    
    4.5
    %Research and development
    
    
    4.8
    %
    
    
    3.9
    %
    
    
    (0.9
    %)
  22




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##### Table of Contents



EDC
  Revenues
   Costs of Revenues
 ®
  Operating Expenses
    Liquidity and Capital Resources
    23




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##### Table of Contents



Inflation
   24




---



##### Table of Contents



Item 3. Quantitative and Qualitative Disclosures About Market Risk
  Interest Rate Risk
  Foreign Currency Risk
   
 Item 4. Controls and Procedures
   25




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##### Table of Contents



Part II. Other Information
 
 Item 6. Exhibits
 10.9
    
    
    Definitive Purchase Agreement between Blitz F10-acht-drei-fünf GmbH & Co. KG, an
indirect wholly-owned subsidiary of eResearchTechnology, Inc., and CareFusion Germany 234
GmbH, an indirect wholly-owned subsidiary of CareFusion Corporation, dated April 29, 2010.10.10
    
    
    Reciprocal Guaranty between CareFusion Corporation, in favor of Blitz
F10-acht-drei-fünf GmbH & Co. KG, and eResearchTechnology, Inc., in favor of CareFusion
Germany 234 GmbH, dated April 29, 2010.10.13
    
    
    2010 Bonus Plan.*10.42
    
    
    Management Employment Agreement effective March 1, 2010 between Dr. Joel Morganroth and
the Company.*10.46
    
    
    Consultant Agreement effective March 1, 2010 between Joel Morganroth, M.D., P.C. and the
Company.*10.49
    
    
    Amendment to Management Employment Agreement effective March 17, 2010 between Michael
McKelvey and the Company.*10.50
    
    
    Amendment to Management Employment Agreement effective March 17, 2010 between Jeffrey
S. Litwin and the Company.*10.51
    
    
    Amendment to Management Employment Agreement effective March 17, 2010 between Amy
Furlong and the Company.*10.56
    
    
    Amendment to Management Employment Agreement effective March 17, 2010 between Keith D.
Schneck and the Company.*31.1
    
    
    Certification of Chief Executive Officer.31.2
    
    
    Certification of Chief Financial Officer.32.1
    
    
    Statement of Chief Executive Officer Pursuant to Section 1350 of Title 18 of the United States Code.32.2
    
    
    Statement of Chief Financial Officer Pursuant to Section 1350 of Title 18 of the United States Code.
 
 *
    
    Management contract or compensatory plan or arrangement.  26




---



##### Table of Contents



eResearchTechnology, Inc.
(Registrant)Date:      May 7, 2010
    By:
    /s/ Michael J. McKelveyMichael J. McKelveyPresident and Chief Executive Officer,
(Principal executive officer)Date:      May 7, 2010
    By:
    /s/ Keith D. SchneckKeith D. SchneckExecutive Vice President, Chief Financial
Officer and Secretary
(Principal financial and accounting officer)  27




---



##### Table of Contents



EXHIBIT INDEX
 Exhibit No.
    
    Exhibit10.9
    
    
    Definitive Purchase Agreement between Blitz F10-acht-drei-fünf GmbH & Co. KG, an indirect
wholly-owned subsidiary of eResearchTechnology, Inc., and CareFusion Germany 234 GmbH, an
indirect wholly-owned subsidiary of CareFusion Corporation, dated April 29, 2010.10.10
    
    
    Reciprocal Guaranty between CareFusion Corporation, in favor of Blitz F10-acht-drei-fünf
GmbH & Co. KG, and eResearchTechnology, Inc., in favor of
CareFusion Germany 234 GmbH, dated April 29, 2010.10.13
    
    
    2010 Bonus Plan.*10.42
    
    
    Management Employment Agreement effective March 1, 2010 between Dr. Joel Morganroth and the
Company.*10.46
    
    
    Consultant Agreement effective March 1, 2010 between Joel Morganroth, M.D., P.C. and the
Company.*10.49
    
    
    Amendment to Management Employment Agreement effective March 17, 2010 between Michael
McKelvey and the Company.*10.50
    
    
    Amendment to Management Employment Agreement effective March 17, 2010 between Jeffrey S.
Litwin and the Company.*10.51
    
    
    Amendment to Management Employment Agreement effective March 17, 2010 between Amy Furlong
and the Company.*10.56
    
    
    Amendment to Management Employment Agreement effective March 17, 2010 between Keith D.
Schneck and the Company.*31.1
    
    
    Certification of Chief Executive Officer.31.2
    
    
    Certification of Chief Financial Officer.32.1
    
    
    Statement of Chief Executive Officer Pursuant to Section 1350 of Title 18 of the United States Code.32.2
    
    
    Statement of Chief Financial Officer Pursuant to Section 1350 of Title 18 of the United States Code.
 
 *
    
    Management contract or compensatory plan or arrangement.  28