Document:

exv10w45

 

Exhibit 10.45

PHARMANET DEVELOPMENT GROUP, INC.

AMENDED AND RESTATED

2004 EMPLOYEE STOCK PURCHASE PLAN

     The following constitute the provisions of the 2004 Employee Stock Purchase Plan, as
amended and restated (herein called the “Plan”) of PharmaNet Development Group, Inc. (the
“Company”).

1. Purpose. The purpose of the Plan is to provide employees of the Company and its subsidiaries
with an opportunity to purchase Common Stock of the Company through payroll deductions. It is the
intention of the Company to have the Plan qualify as an “Employee Stock Purchase Plan” under
Section 423 of the Internal Revenue Code of 1986, as amended (the “Code”). The provisions of the
Plan shall, accordingly, be constructed so as to extend and limit participation in a manner
consistent with the requirements of that section of the Code.

2. Definitions.

     (a) “Board” shall mean the Board of Directors of the Company.

     (b) “Code” shall mean the Internal Revenue Code of 1986, as amended.

     (c) “Common Stock” shall mean the Common Stock, $.001 par value, of the Company.

     (d) “Company” shall mean PharmaNet Development Group, Inc., a Delaware corporation.

     (e) “Compensation Committee” shall mean the compensation committee of the Company’s Board.

     (f) “Compensation” shall mean all regular earnings and payments of overtime (except to the
extent that the exclusion of any such items is specifically directed by the Board or its
Compensation Committee).

     (g) “Corporate Transaction” means the occurrence, in a single transaction or in a series of
related transactions, of any one or more of the events:

          (i) a sale, lease, license or other disposition of all or substantially all of the
consolidated assets of the Company;

          (ii) a sale or other disposition of at least 50% of the outstanding securities of the Company;

          (iii) a merger, consolidation or similar transaction following which the Company is not the
surviving corporation;

 

          (iv) a merger, consolidation or similar transaction following which the Company is the
surviving corporation but the shares of Common Stock outstanding immediately preceding the merger,
consolidation or similar transaction are converted or exchanged by virtue of the merger,
consolidation or similar transaction into other property, whether in the form of securities, cash
or otherwise

     (h) “Designated Subsidiaries” shall mean the Subsidiaries which have been designated by the
Board from time to time, in its sole discretion, as eligible to participate in the Plan.

     (i) “Employee” means any person who is customarily employed for at least 20 hours per week and
has been so employed for at least three months continuously by the Company or one of its Designated
Subsidiaries.

     (j) “Plan’” shall mean this Employee Stock Purchase Plan.

     (k) “Subsidiary” shall mean a corporation or affiliated entity (limited liability company,
partnership, joint venture or otherwise), domestic or foreign, of which not less than 50% of the
voting shares or units are held directly or indirectly by the Company or an affiliate of the
Company, whether or not such corporation or affiliate entity now exists or is hereafter organized
or acquired by the Company or an affiliate of the Company.

3. Eligibility.

     (a) Any Employee as defined in Section 2 shall be eligible to participate in the Plan, subject
to limitations imposed by Section 423(b) of the Code.

     (b) Any provisions of the Plan to the contrary notwithstanding, no Employee shall be granted
an option under the Plan (i) if, immediately after the grant, such Employee would own shares
(including outstanding options to purchase) of stock possessing 5% or more of the total combined
voting power or value of all classes of shares of the Company or any Subsidiary of the Company,
(ii) if such employee is an executive officer of the Company who is required to file ownership
reports under Section 16(a) of the Securities Exchange Act of 1934, or (iii) which permits his
rights to purchase shares under the Plan and other stock option plans of the Company to accrue at a
rate which exceeds $25,000 of the fair market value of the shares (determined at the time such
option is granted) for each calendar year in which such stock option is outstanding at any time.
For purposes of (i) above, the rules of Section 424(d) of the Code shall apply in determining the
stock ownership of any Employee and stock which such Employee may purchase under all outstanding
options shall be treated as stock owned by such Employee.

4. Offering Dates. The Plan shall be implemented by one offering during each six-month period of
the Plan, commencing on July 1, 2004, and continuing thereafter until terminated, in accordance
with Section 19 hereof. The Board of the Company shall have the power to change the duration of
offering periods with respect to future offerings without stockholder approval, if such change is
announced at least 15 days prior to the scheduled beginning of the first offering period to be
affected.

 

5. Participation.

     (a) An eligible Employee may become a participant in the Plan by completing a subscription
agreement authorizing a payroll deduction on the form provided by the Company, and filing it with
the Company’s or Designated Subsidiary’s payroll office prior to the applicable offering date.

     (b) Payroll deductions for a participant shall commence on the first payroll following the
offering date and shall end on the termination date of the offering to which such authorization is
applicable, unless sooner terminated by the participant as provided in Section 10.

6. Payroll deductions.

     (a) At the time a participant files his subscription agreement, he shall elect to have payroll
deductions made on each payday during the offering period at a rate not exceeding 10% of the
Compensation which he is to receive on such payday, and the aggregate of such projected payroll
deductions during the offering period shall not exceed 10% of his aggregate projected Compensation
during said offering period.

     (b) All payroll deductions authorized by participant shall be credited to his account under
the Plan. A participant may not make any additional payments into such account.

     (c) A participant may discontinue his participation in the Plan as provided in Section 10, or
may lower, but not increase, the rate of his payroll deductions during the offering by completing
and filing with the Company or Designated Subsidiary a new authorization for payroll deduction. The
change in rate shall be effective within 15 days following the Company’s receipt of the new
authorization.

7. Grant of Option.

     (a) At the beginning of each six-month offering period, each eligible Employee participating
in the Plan shall be granted an option to purchase (at the per share option price set forth in
Section 7(b)) up to a number of shares of the Company’s Common Stock purchasable by each Employee’s
projected accumulated payroll deduction (not to exceed an amount equal to 10% of his Compensation
as of the date of the commencement of the applicable offering period) divided by 85% of the fair
market value of a share of the Company’s Common Stock at the beginning of said offering period,
subject to the limitations set forth in Section 3(b) and 12 hereof.

     (b) The option price per share of such shares shall be the lesser of: (i) 85% of the fair
market value of a share of the Common Stock of the Company at the commencement of the six-month
offering period or (ii) 85% of the fair market value of a share of the Common Stock of the Company
at the time the option is exercised at the termination of the six-month offering period.

 

     (c) For purposes of this Section 7, the fair market value of the Company’s Common Stock on a
given date shall be the reported closing price for that date or the last trading date, as reported
by the principal market for the Common Stock.

8. Exercise of Option. Unless a participant withdraws from the Plan as provided in Section 10, his
option for the purchase of shares shall be exercised automatically at the end of the offering
period, and the maximum number of full shares subject to option shall be purchased for him at the
applicable option price with the accumulated payroll deductions in his account. During his
lifetime, a participant’s option to purchase shares hereunder is exercisable only by him.

9. Delivery. As promptly as practicable after the termination of each offering, the Company shall
arrange the delivery to each participant, as appropriate, of a certificate representing the shares
purchased upon exercise of his option. Any cash remaining to the credit of a participant in his
account under the Plan after a purchase of shares at the termination of each offering period, or
which is insufficient to purchase a full share of Common Stock of the Company, shall be returned to
the participant.

10. Withdrawal; Termination of Employment.

     (a) A participant may withdraw all but not less than all the payroll deductions credited to
his account under the Plan at any time prior to the end of the offering period by giving written
notice to the Company or Designated Subsidiary, as the case may be. All of the participant’s
payroll deductions credited to his account shall be paid to him promptly after receipt of his
notice of withdrawal and his option for the current period shall be automatically terminated, and
no further payroll deductions for the purchase of shares shall be made for him during the offering
period.

     (b) Upon termination of the participant’s employment prior to the end of the offering period
for any reason, including retirement or death, the payroll deductions credited to his account shall
be returned to him or, in the case of his death, to the person or persons entitled thereto under
Section 14, and his option shall be automatically terminated.

     (c) In the event an Employee fails to remain in the continuous employ of the Company or a
Designated Subsidiary for at least 20 hours per week during the offering period in which the
employee is a participant, he shall be deemed to have elected to withdraw from the Plan and the
payroll deductions credited to his account shall be returned to him and his option terminated.

     (d) A participant’s withdrawal from an offering shall not have any effect upon his eligibility
to participate in a succeeding offering or in any similar plan which may hereafter be adopted by
the Company or a Designated Subsidiary.

11. Interest. No interest shall accrue on the payroll deductions of a participant in the Plan.

 

12. Common Stock.

     (a) The maximum number of shares of the Company’s Common Stock which shall be made available
for sale under the Plan shall be 550,000 shares, subject to adjustment upon changes in
capitalization of the Company as provided in Section 18. The shares to be sold to participants
under the Plan may, at the election of the Company, be in the Company’s sole discretion, either
treasury shares, shares authorized but unissued, or shares purchased on the open market. If the
total number of shares, which would otherwise be subject to options granted pursuant to Section
7(a) hereof, at the beginning of an offering period exceeds the number of shares then available
under the Plan (after deduction of all shares for which options have been exercised or are then
outstanding), the Company shall allocate options for shares remaining available for option grant
pro rata among the participants in accordance with the amounts otherwise determined pursuant to
Section 7(a). The Compensation Committee may make rules regarding the pro rate deduction. In such
event, the Company shall give written notice of such reduction of the number of shares subject to
the option to each participant affected thereby and shall similarly reduce the rate of payroll
deductions, if necessary.

     (b) A participant shall have no interest or voting right in shares covered by his option until
such option has been exercised.

13. Administration. The Plan shall be administered by the Compensation Committee which may make
rules regarding administration of the Plan. The administration, interpretation or application of
the Plan by the Compensation Committee shall be final, conclusive and binding upon all
participants.

14. Designation of Beneficiary.

     (a) A participant may file a written designation of a beneficiary (or beneficiaries) who is to
receive any shares or cash or both to which the participant may be entitled under the Plan at the
time of his death.

     (b) Such designation of a beneficiary (or beneficiaries) may be changed by the participant at
any time by written notice to the Company. In the event of the death of a participant and in the
absence of a beneficiary validly designated under the Plan who is living at the time of such
participant’s death, the Company shall deliver any shares and any cash to which the participant was
entitled to the executor or administrator of the estate of the participant, or if no such executor
or administrator has been appointed (to the knowledge of the Company), the Company, in its sole
discretion, may deliver any such shares and any such cash to the spouse or children of the
participant, or if no spouse or no child is known to the Company, then to such other person as the
Company may designate.

15. Transferability. Neither payroll deductions credited to a participant’s account nor any rights
with regard to the exercise of any option or rights to receive shares under the Plan may be
assigned, transferred, pledged or otherwise disposed of in any way (other than by will, the laws of
descent and distribution or as provided in Section 14 hereof) by

 

the participant. Any such attempt at assignment, transfer, pledge or other disposition shall be
without effect, except that the Company may treat such act as an election to withdraw funds in
accordance with Section 10.

16. Use of Funds. All payroll deductions received or held by the Company or a Designated Subsidiary
under the Plan may be used by the Company or a Designated Subsidiary for any corporate purpose, and
the Company or a Designated Subsidiary shall not be obligated to segregate such payroll deductions.

17. Reports. Individual accounts shall be maintained for each participant in the Plan. Statements
of account shall be given to participating Employees semiannually promptly following the stock
purchase date, which statements shall set forth the amount of payroll deductions, the per share
purchase price, the number of shares purchased and the remaining cash balance, if any.

18. Adjustments Upon Changes in Capitalization. Subject to any required action by the stockholders
of the Company, the number of shares of Common Stock covered by each option under the Plan which
has not yet been exercised and the number of shares of Common Stock which have been authorized for
issuance under the Plan but for which Options have not yet been granted, as well as the price per
share of Common Stock covered by each option under the Plan which has not yet been exercised, shall
be proportionately adjusted for any increase or decrease in the number of shares of Common Stock
effected without receipt of consideration by the Company (through merger, consolidation,
reorganization, recapitalization, reincorporation, stock dividend, dividend in property other than
cash, stock split, liquidating dividend, combination of shares, exchange of shares, change in
corporate structure or other transaction not involving the receipt of consideration by the
Company). Conversion of any convertible securities of the Company shall be deemed to have been
“effected” with the receipt of consideration and therefore not require any adjustment. Such
adjustment shall be made by the Compensation Committee, whose determination in that respect shall
be final, binding and conclusive. Except as expressly provided herein, no sale by the Company of
shares of capital stock of any class shall affect, and no adjustment by reason thereof shall be
made with respect to, the number or price of shares of Common Stock subject to an option.

     In the event of a Corporate Transaction, then: (i) any surviving or acquiring corporation may
continue or assume options outstanding under the Plan or may substitute similar rights (including a
right to acquire the same consideration paid to stockholders in the Corporate Transaction) for
those outstanding under the Plan, or (ii) if any surviving or acquiring corporation does not assume
such options or does not substitute similar rights for options outstanding under the Plan, then the
participants’ accumulated payroll deductions (exclusive of any accumulated interest that cannot be
applied toward the purchase of shares of Common Stock under the terms of the offering) shall be
used to purchase shares of Common Stock immediately prior to the Corporate Transaction under the
ongoing offering, and the participants’ options under the ongoing offering shall terminate
immediately after such purchase.

 

19. Amendment or Termination. The Board of Directors of the Company may at any time terminate or
amend the Plan. No termination shall affect options previously granted. No amendment shall make any
change in any option granted under the Plan which adversely affects the right of any participant.
No amendment shall be made without prior approval of the stockholders of the Company if such
amendment would:

     (a) increase the number of shares that may be issued under the Plan except as provided in
Section 18; or

     (b) Make any change which is not consistent with applicable law including the rules of the
Securities and Exchange Commission or the principal trading market for the Common Stock.

20. Notices. All notices or other communications by a participant to the Company under or in
connection with the Plan shall be deemed to have been duly given when received in the form
specified by the Company at the location, or by the person, designated by the Company for the
receipt hereof.

21. Stockholder Approval. This Plan shall be subject to approval by the affirmative vote of the
holders of a majority of the outstanding shares of Common Stock of the Company present or
represented and entitled to vote thereon.

22. Conditions Upon Issuance of Shares. Shares shall not be issued with respect to any option
unless the exercise of such option and issuance and delivery of such shares pursuant thereto shall
comply with all applicable provisions of law, including, without limitation, the Securities Act of
1933, as amended, the Securities Exchange Act of 1934, as amended, the rules and regulations
promulgated thereunder, and the requirements of any principal trading market upon which the shares
may then be listed, and shall be further subject to the approval of counsel for the Company with
respect to such compliance. As a condition to the exercise of an option, the Company may require
the person exercising such option to represent and warrant at the time of any such exercise that
the shares are being purchased only for investment and without any present intention to sell or
distribute such shares if, in the opinion of counsel for the Company, such a representation is
required by any of the aforementioned applicable provisions of law.

23. No Employment Contract. The Plan and offerings do not constitute an employment contract.
Nothing in the Plan or in the offerings shall in any way alter the at will nature of a
participant’s employment or be deemed to create in any way whatsoever any obligation on the part of
any participant to continue in the employ of the Company or a Subsidiary, or on the part of the
Company or a Subsidiary to continue the employment of a participant.exv10w46

 

Exhibit 10.46

EXECUTION COPY

SIXTH AMENDMENT

     SIXTH AMENDMENT (this “Amendment”), dated as of March 11th, 2008 to the
AMENDED AND RESTATED CREDIT AGREEMENT, dated as of June 14, 2005 (as amended, supplemented or
otherwise modified from time to time, the “Credit Agreement”), among PHARMANET DEVELOPMENT
GROUP, INC. (f/k/a SFBC INTERNATIONAL, INC.)(the “Borrower”), the Subsidiary Guarantors
party thereto (the “Subsidiary Guarantors”), the Lenders and other agents from time to time
party thereto and UBS AG, STAMFORD BRANCH, as Administrative Agent and Collateral Agent.

W I T N E S S E T H:

     WHEREAS, the Borrower, the Subsidiary Guarantors, the Lenders and the Administrative Agent are
parties to the Credit Agreement, pursuant to which the Lenders have made extensions of credit to
the Borrower; and

     WHEREAS, the Borrower has requested that the Lenders agree to make certain amendments to the
Credit Agreement, and the Lenders are agreeable to such request but only upon the terms and subject
to the conditions set forth herein;

     NOW THEREFORE, in consideration of the premises and for other good and valuable consideration,
the receipt of which is hereby acknowledged, the parties hereto hereby agree as follows:

     Section 1. Definitions. Terms defined in the Credit Agreement are used herein
with the respective meanings given to them therein.

     Section 2. Amendment to Section 1.01(a) of the Credit Agreement. Section 1.01(a)
of the Credit Agreement is hereby amended by:

     (a) deleting clause (ix) of the definition of “Permitted Acquisitions” in its entirety
and inserting therein a new clause (ix) to read in its entirety as follows:

“(ix) immediately after giving effect to such transaction, the aggregate amount
of the unused amount of the Revolving Commitments shall be at least $20
million.”

     (b) inserting a new clause right before the period in the first sentence of the
definition of “Subsidiary” to read in its entirety as follows:

“ provided that the Joint Venture shall not be a Subsidiary”

     (c) adding the following new defined terms in appropriate alphabetical order:

	 	(i)	 	“ ‘Joint Venture’ shall mean the joint venture
established as a Delaware limited liability company pursuant to, and in
accordance with, an operating agreement between PharmaNet Development

 

 

	 	 	 	Group Inc. and the other parties identified therein, substantially in
the form of the draft operating agreement provided to the Lenders
prior to the effective date of the Sixth Amendment.”

	 	(ii)	 	“ ‘Sixth Amendment’ shall mean the Sixth
Amendment, dated as of March 11th, 2008, to this Agreement.”

     Section 3. Amendment to Section 2.09(e) of the Credit Agreement. Section 2.09(e)
of the Credit Agreement is hereby amended by deleting the text of such Section in its entirety
and replacing it with the following:

"[reserved].”

     Section 4. Amendment to Section 6.04 of the Credit Agreement. Section 6.04 of
the Credit Agreement is hereby amended by:

     (a) deleting the word “and” at the end of clause (j);

     (b) replacing the period at the end of clause (k) with a semicolon, and adding the
word “and” at the end of clause (k);

     (c) inserting a new clause (l) to read in its entirety as follows:

"(l) Investments in the Joint Venture in an aggregate amount not to exceed $20
million.”

     Section 5. Amendment to Section 6.09 of the Credit Agreement. Section 6.09(b) of
the Credit Agreement is hereby amended by deleting the text of such Section in its entirety
and replacing it with the following:

     “Investments permitted by Sections 6.04(d), (e) and (l);”

     Section 6. Conditions to Effectiveness. This Amendment shall become effective on
and as of the date hereof upon the satisfaction of the following conditions precedent (such
date the “Amendment Effective Date”):

     (a) The Administrative Agent shall have received a counterpart of this Amendment duly
executed and delivered by the Borrower and the Required Lenders.

     (b) The Administrative Agent shall have received an Acknowledgment and Consent,
substantially in the form of Exhibit A hereto, duly executed and delivered by each
Guarantor.

     (c) The Administrative Agent shall have received all fees required to be paid and all
expenses for which invoices have been presented supported by customary documentation
(including reasonable fees, disbursements and other charges of counsel to the Administrative
Agent), on or before the Amendment Effective Date.

 

 

     Section 7. Representations and Warranties.

     The Borrower hereby represents and warrants to the Administrative Agent and each Lender that
(before and after giving effect to this Amendment):

     (a) No Default or Event of Default has occurred and is continuing.

     (b) Each of the representations and warranties made by the Loan Parties in or pursuant
to the Loan Documents is true and correct in all material respects on and as of the date
hereof as if made on and as of the date hereof, except for any representation and warranty
which is expressly made as of an earlier date, which representation and warranty shall have
been true and correct in all material respects as of such earlier date.

     Section 8. Limited Amendment. This Amendment shall not constitute an amendment
or waiver of or consent to any provision of the Credit Agreement or any other Loan Document
not expressly referred to herein and shall not be construed as an amendment, waiver or consent
to any action on the part of the Borrower or the Guarantors that would require an amendment,
waiver or consent of the Administrative Agent or the Lenders except as expressly stated
herein. Except as expressly amended hereby, the provisions of the Credit Agreement and the
Loan Documents are and shall remain in full force and effect in accordance with their terms.

     Section 9. Payment of Fees and Expenses. The Borrower agrees to pay or reimburse
the Administrative Agent for all of its reasonable out-of-pocket costs and expenses incurred
in connection with this Amendment, any other documents prepared in connection herewith and the
transactions contemplated hereby, including, without limitation, the reasonable fees and
disbursements of counsel to the Administrative Agent.

     Section 10. Miscellaneous.

     (a) Counterparts. This Amendment may be executed by one or more of the
parties to this Amendment on any number of separate counterparts, and all of said
counterparts taken together shall be deemed to constitute one and the same instrument. A
set of the copies of this Amendment signed by all the parties shall be lodged with the
Borrower and the Administrative Agent. Delivery of an executed signature page of this
Amendment or of a Lender Consent Letter by facsimile transmission shall be effective as
delivery of a manually executed counterpart thereof.

     (b) Binding Effect. The execution and delivery of the Lender Consent Letter by
any Lender shall be binding upon each of its successors and assigns (including assignees of
its Loans in whole or in part prior to effectiveness hereof).

     (c) GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

 

     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and
delivered by their proper and duly authorized officers as of the day and year first above written.

	 	 	 	 	 
	 	PHARMANET DEVELOPMENT GROUP, INC.

 	 
	 	By:  	/s/ John P. Hamill
 	 
	 	 	Name:  	John P. Hamill 	 
	 	 	Title:  	EVP and CFO 	 
	 

	 	 	 	 	 
	 	UBS AG, STAMFORD BRANCH, as Administrative Agent

 	 
	 	By:  	/s/ David B. Julie
 	 
	 	 	Name:  	David B. Julie 	 
	 	 	Title:  	Associate Director 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	/s/ Irja R. Otsa
 	 
	 	 	Name:  	Irja R Otsa 	 
	 	 	Title:  	Associate Director 	 
	 

	 	 	 	 	 
	 	UBS Loan Finance LLC

 	 
	 	By:  	/s/ David B. Julie
 	 
	 	 	Name:  	David B. Julie 	 
	 	 	Title:  	Associate Director 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	/s/ Irja R. Otsa
 	 
	 	 	Name:  	Irja R. Otsa 	 
	 	 	Title:  	Associate Director 	 
	 

	 	 	 	 	 
	 	WACHOVIA BANK, NATIONAL ASSOCIATION

 	 
	 	By:  	/s/ Scott Santa Cruz
 	 
	 	 	Name:  	Scott Santa Cruz 	 
	 	 	Title:  	Director 	 
	 

 

 

	 	 	 	 	 
	 	GENERAL ELECTRIC CAPITAL CORPORATION

 	 
	 	By:  	/s/ Andrew D. Moore
 	 
	 	 	Name:  	Andrew D. Moore 	 
	 	 	Title:  	Duly Authorized Signatory 	 
	 

	 	 	 	 	 
	 	SOVEREIGN BANK

 	 
	 	By:  	/s/ Arlene S. Pedovitch
 	 
	 	 	Name:  	Arlene S. Pedovitch 	 
	 	 	Title:  	Vice President 	 
	 

 

 

ACKNOWLEDGEMENT AND CONSENT

     Reference is made to the Sixth Amendment, dated as of March 11th, 2008 (the
“Amendment”), to the Amended and Restated Credit Agreement, dated as of June 14, 2005 (as
amended, supplemented or otherwise modified from time to time, the “Credit Agreement”),
among PHARMANET DEVELOPMENT GROUP, INC. (f/k/a SFBC INTERNATIONAL, INC.) (the “Borrower”),
the Subsidiary Guarantors party thereto (the “Subsidiary Guarantors”), the Lenders and
other agents from time to time party thereto and UBS AG, STAMFORD BRANCH, as Administrative Agent.
Unless otherwise defined herein, capitalized terms used herein and defined in the Credit Agreement
are used herein as therein defined.

     Each of the undersigned parties to the Credit Agreement and the Security Agreement hereby (a)
consents to the transactions contemplated by the Amendment and (b) acknowledges and agrees that the
guarantees and grants of security interests made by such party contained in the Credit Agreement
and the Security Agreement are, and shall remain, in full force and effect after giving effect to
the Amendment.

     IN WITNESS WHEREOF, the parties hereto have caused this Acknowledgement and Consent to be duly
executed and delivered by their respective proper and duly authorized officers as of March ___,
2008.

	 	 	 	 	 
	 	PHARMANET DEVELOPMENT GROUP, INC.

 	 
	 	By:  	/s/ John P. Hamill
 	 
	 	 	Name:  	John P. Hamill 	 
	 	 	Title:  	Executive Vice President and Chief

Financial Officer 	 
	 
	 	11190 BISCAYNE, LLC

 	 
	 	By:  	PHARMANET DEVELOPMENT GROUP, INC., as its sole member 	 
	 	 	 	 

	 	 	 	 	 
	 	By:  	/s/ John P. Hamill
 	 
	 	 	Name:  	John P. Hamill 	 
	 	 	Title:  	Executive Vice President and Chief

Financial Officer 	 
	 

 

 

	 	 	 	 	 
	 	CLINICAL PHARMACOLOGY

INTERNATIONAL, INC.

SFBC FT. MYERS, INC.

SFBC ANALYTICAL LABORATORIES, INC.

SFBC NEW DRUG SERVICES, INC.

SOUTH FLORIDA KINETICS, INC.

SFBC TAYLOR TECHNOLOGY, INC.

 	 
	 	By:  	/s/ John P. Hamill
 	 
	 	 	Name:  	John P. Hamill 	 
	 	 	Title:  	Treasurer 	 
	 

	 	 	 	 	 
	 	PHARMANET, INC.

PHARMANET (D.C.), INC.

PHARMANET (C.A.), INC.

PHARMANET, INC., a Pennsylvania corporation

PHARMANET (I.L.), INC.

PHARMASITE, INC.

PHARMANET (NC), INC.

PHARMANET (P.A.), INC.

PHARMA HOLDINGS, INC.

 	 
	 	By:  	/s/ John P. Hamill
 	 
	 	 	Name:  	John P. Hamill 	 
	 	 	Title:  	Senior Vice President and Chief

Financial Officer 	 
	 
	 
	 	PHARMANET, LLC

 	 
	 	By:  	PharmaNet, Inc., a Pennsylvania corporation, as
its managing member  	 
	 	 	 	 

	 	 	 	 	 
	 	 	 
	 	By:  	/s/ John P. Hamill
 	 
	 	 	Name:  	John P. Hamill 	 
	 	 	Title:  	Senior Vice President and Chief

Financial Officer 	 
	 
	 	 	 
	 	By:  	PharmaNet (C.A.), Inc., as its managing member
 	 
	 	 	 	 

	 	 	 	 	 
	 	By:  	/s/ John P. Hamill
 	 
	 	 	Name:  	John P. Hamill 	 
	 	 	Title:  	Senior Vice President and Chief

Financial Officer 	 
	 

 

 

	 	 	 	 	 
	 	PHARMASOFT, LLC

 	 
	 	By:  	PharmaNet, LLC, as its sole member
 	 
	 	 	 	 
	 	 	 	 
	 
	 	By:  	/s/ John P. Hamill
 	 
	 	 	Name:  	John P. Hamill 	 
	 	 	Title:  	Senior Vice President and
Chief Financial Officer

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