Document:

Exhibit 10.14

Exhibit 10.14

eResearchTechnology, Inc.

2009 Bonus Plan

Set forth below is a summary of the eResearchTechnology, Inc. (“ERT” or the “Company”) 2009
Bonus Plan (the “2009 Plan”) recommended by the Compensation Committee and approved by the Board of
Directors at meetings on February 24 and 26, 2009, to be effective for fiscal 2009.

The purpose of the 2009 Plan is to promote the interests of the Company and its stockholders
by providing employees with financial rewards upon achievement of specified business objectives, as
well as help us attract and retain employees by providing attractive compensation opportunities
linked to performance results. All of our employees are eligible to participate in the 2009 Plan,
subject in some cases to certain waiting periods and with the exception that certain sales
personnel participate in a separate commission incentive plan instead of the 2009 Plan.

Bonuses payable under the 2009 Plan are recommended by the Committee and presented to the
Board. Bonuses payable to eligible participants are based on a variety of factors, including both
objective and subjective criteria. The objective criteria consist of targets for revenue, net
income, the revenue projected to be generated by new contracts into which we enter regardless of
when we actually recognize the revenue (the “Contract Revenues”) and gross profits of our ERT
consulting group, defined as revenue less direct payments made to providers of consulting services
(the “Consulting Profits”). The subjective criteria consist of individual performance goals and
objectives.

The revenue and net income targets at which 2009 Plan participants would earn 100% of the
bonus opportunity attributable to those targets is slightly higher than the upper end of the range
for revenues and net income provided as guidance for 2009 in the Company’s press release issued on
February 26, 2009. In the current economic climate, the Board intends that the 2009 Plan
participants earn the full bonus opportunity with respect to those targets only if the Company
achieves superior performance notwithstanding current economic conditions.

The Compensation Committee establishes the individual performance goals and objectives of the
President and Chief Executive Officer. The President and Chief Executive Officer establishes the individual
performance goals and objectives for the Company’s executive officers, subject to approval by the Compensation Committee. Performance objectives for the
remainder of the 2009 Plan participants are set by departmental supervisors who establish the individual performance goals in their respective departments
for these participants.

Dr. McKelvey’s individual goals focus on executing key initiatives supporting our 2009
business plan, including reviewing and making recommendations regarding potential expansion
opportunities, growing our electronic patient reporting outcome business, implementing programs to
increase centralization of ECGs in clinical trials and executing plans to enhance our information
technology infrastructure. Mr. Schneck’s individual goals consist primarily of enhancing the tax
efficiency and cash flow of our operations, improving investor relations, implementing improvements
to our billing systems and finance/accounting expenses and continuing to improve our planning and
forecasting processes. Individual goals of the remaining executive officers include continuing to
improve our quality audit and management systems, participating in our expanded sales and marketing
initiatives, improving the profitability of our consulting group, development of strategic
partnerships, continuous improvement in customer service, project assurance, internal processes and
operational efficiencies, and technology improvements and enhancements. Individual performance
goals for the remaining participants in the 2009 Plan are in line with the individual goals of the
executive officers.

 

 

 

Each participant in the 2009 Plan will be eligible to receive 50% to 150% of their 2009 bonus
opportunity that is allocable to each objective target category, based on the extent to which we
achieve the various specified targets, with the exception that Dr. Litwin’s bonus for Consulting
Profits shall be calculated at 10% of Consulting Profits and shall not exceed the $70,000 bonus
opportunity applicable to that target. Amounts payable based on achievement of individual
performance objectives can range from 0-100% of the applicable bonus opportunity.

For individual performance goals,
(i) the Compensation Committee or the Board, at the request of the Compensation Committee after providing its
recommendations to the Board, determines the extent to
which the goals have been achieved and any related bonus has been earned for the Company’s
President and Chief Executive Officer;
(ii) the Compensation Committee or the Board, at the request of the Compensation Committee after
providing its recommendations to the Board, determines the extent to which the goals
have been achieved and any related bonus has been earned for the remaining executive officers, after
receiving the recommendation of the Company’s President and Chief Executive Officer; and
(iii) the participant’s departmental supervisor determines the extent to which the goals have been
achieved and any related bonus has been earned for the remainder of the participants under the 2009
Plan.

The bonus opportunities and the related performance targets for each of the Company’s
executive officers are as follows:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Percentage of Bonus Based On:	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Individual	 	 	 	 
	 	 	 	 	Bonus	 	 	 	 	 	 	Net	 	 	Performance	 	 	Contract	 
	Name	 	Position	 	Opportunity	 	 	Revenues	 	 	Income	 	 	Goals	 	 	Revenues	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Michael J. McKelvey, Ph.D

	 	President, Chief
Executive Officer
and Director
	 	 	386,250	 	 	 	15	 	 	 	45	 	 	 	40	 	 	—
	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Joel Morganroth, MD1

	 	Chairman of the
Board of Directors
and Chief
Scientific Officer
	 	 	101,378	 	 	 	30	 	 	 	70	 	 	 	—	 	 	—
	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Keith D. Schneck

	 	Executive Vice
President, Chief
Financial Officer
and Secretary
	 	 	149,350	 	 	 	15	 	 	 	45	 	 	 	40	 	 	—
	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Thomas P. Devine

	 	Executive Vice
President and Chief
Development Officer
	 	 	126,394	 	 	 	15	 	 	 	45	 	 	 	40	 	 	—
	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Amy Furlong

	 	Executive Vice

President, Cardiac

Safety Operations
	 	 	129,470	 	 	 	15	 	 	 	45	 	 	 	40	 	 	—
	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Jeffrey S. Litwin, MD2

	 	Executive Vice
President and Chief
Medical Officer
	 	 	140,595	 	 	 	15	 	 	 	40	 	 	 	25	 	 	 	20	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

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	 	 	 	 	 	 	 	 	Percentage of Bonus Based On:	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Individual	 	 	 	 
	 	 	 	 	Bonus	 	 	 	 	 	 	Net	 	 	Performance	 	 	Contract	 
	Name	 	Position	 	Opportunity	 	 	Revenues	 	 	Income	 	 	Goals	 	 	Revenues	 
	 
	 	 	 	 
	John M. Blakeley

	 	Executive Vice
President, Sales
and Marketing
	 	 	119,083	 	 	 	10	 	 	 	30	 	 	 	20	 	 	 	40	 
	 
	Robert S. Brown

	 	Senior Vice
President,
Strategic
Marketing, Planning
& Partnerships
	 	 	124,656	 	 	 	15	 	 	 	45	 	 	 	40	 	 	—
	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	George Tiger

	 	Senior Vice
President, 
Americas
Sales
	 	 	107,120	 	 	 	10	 	 	 	30	 	 	 	20
	 	 	 	40	 

 

	 	 	 
	1.	 	Under the terms of a Consultant Agreement effective January 1, 2009 between Joel Morganroth,
M.D., P.C. and the Company, in addition to other terms including base pay, Dr. Morganroth’s
professional corporation is entitled to an 80% commission as a percentage of our net revenues
for services performed by the Company’s consultant group that result directly from the
marketing efforts of his professional corporation. These commissions are not included in the
table above.

	 
	2.	 	Dr. Litwin is also entitled to an additional bonus of up to $70,000 based on the extent to
which the Company achieves specified Consulting Profits. This additional bonus is described
in more detail above and is not included in the table above.

Bonuses are payable based on the extent to which annual targets have been achieved, with the
bonuses (if any) normally being paid within ninety (90) days after the end of the calendar year in
which the bonuses were earned. Bonuses normally will be paid in cash in a single lump sum, subject
to payroll taxes and tax withholdings, as applicable.

Notwithstanding the foregoing, the Committee retains the discretion under the 2009 Plan to
adjust or recommend to the Board an adjustment to the amount of any bonus to be paid, regardless of
whether or the extent to which any of the objective criteria, including revenue, net income,
Contract Revenues and Consulting Profits, are achieved, and the Board retains the discretion to
make any such adjustment it deems appropriate.

 

3Exhibit 10.32

Exhibit 10.32

FIRST AMENDMENT

TO THE

eResearchTechnology, Inc.

AMENDED AND RESTATED 2003 EQUITY INCENTIVE PLAN

WHEREAS, eResearchTechnology, Inc. (the “Company”) has adopted the eResearch Technology, Inc.
Amended and Restated 2003 Equity Incentive Plan (the “Plan”) for the benefit of certain of its
employees and directors; and

WHEREAS, the Company has reserved the right to amend the Plan at any time pursuant to Section
14 of the Plan; and

WHEREAS, the Company desires to amend the Plan to (a) clarify the circumstances under which
shares of the Company common stock may be used to pay the exercise price of stock options and to
satisfy tax withholding obligations arising with respect to awards made under the Plan, (b)
expressly provide for the grant of Restricted Stock Units and (c) permit the initial deferral and
subsequent deferral of Restricted Stock Units granted under the Plan;

NOW, THEREFORE, effective as of the date signed below, the Plan is hereby amended as follows:

1. Section 2.A. of the Plan is amended by adding the following paragraph at the end thereof:

Deferral Eligible Grantees and Outside Directors (as defined in Section 9N) may elect to
defer the receipt of Restricted Stock Units (as defined in Section 8A) as provided in
Section 9. The deferral provisions of Section 9 and the other provisions of the Plan
relating to the deferral of Restricted Stock Units are unfunded and maintained primarily for
the purpose of providing directors and a select group of management or highly compensated
employees the opportunity to defer the receipt of compensation otherwise payable to such
directors and eligible employees in accordance with the terms of the Plan.

2. Section 6.A(iii) of the Plan shall be amended in its entirety to read as follows:

(iii) Payment and Manner of Exercise

(a) Payment Upon Exercise of Shares. Full payment for shares purchased upon
the exercise of a Stock Option shall be made pursuant to one or more of the following
methods as determined by the Committee and set forth in the Grant document:

(A) In cash;

(B) By certified check payable to the order of the Company;

 

 

 

(C) By surrendering shares with an aggregate Fair Market Value equal to the aggregate
option price; provided, however, that the option price may not be paid in shares if the
Committee determines that such method of payment would
result in liability under section 16(b) of the Securities Exchange Act of 1934 to a
participant. Except as otherwise provided by the Committee, if payment is made in whole or
in part by surrendering shares, the participant shall deliver to the Company certificates
registered in the name of such participant representing shares legally and beneficially
owned by such participant, free of all liens, claims and encumbrances of every kind and
having a Fair Market Value on the date of delivery that is equal to or greater than the
aggregate option price for the option shares subject to payment by the surrender of shares,
accompanied by stock powers duly endorsed in blank by the record holder of the shares
represented by such certificates. The Committee may impose such limitations and
prohibitions on the use of shares to exercise an Option as it deems appropriate; or

(D) Via cashless exercise, such that subject to the other terms and conditions of the
Plan, following the date of exercise, the Company shall deliver to the participant shares
having a Fair Market Value, as of the date of exercise, equal to the excess, if any, of (I)
the Fair Market Value of such shares on the date of exercise of the Option over (II) the sum
of (1) the aggregate option price for such shares, plus (2) the applicable tax withholding
amounts (as determined pursuant to Section 17) for such exercise; provided that in
connection with such cashless exercise that would not result in the issuance of a whole
number of shares, the Company shall withhold cash that would otherwise be payable to the
participant from its regular payroll or the participant shall deliver cash or a certified
check payable to the order of the Company for the balance of the option price for a whole
share to the extent necessary to avoid the issuance of a fractional share or the payment of
cash by the Company.

(b) Upon exercise, the Company shall deliver to the Option holder (or other person
entitled to exercise the Stock Option), at the principal office of the Company, or such
other place as shall be mutually agreed upon, a certificate or certificates for such shares;
provided, however, that the time of delivery may be postponed by the Company for such
periods as may be required for it with reasonable diligence to comply with any requirements
of law; and provided further that in the event the Common Stock that is issuable upon
exercise is not registered under the Securities Act of 1933, then the Company may require
that the registered owner deliver an investment representation in form acceptable to the
Company and its counsel, and the Company will place a legend on the certificate for such
Common Stock restricting the transfer of same. There shall be no obligation or duty for the
Company to register under the Securities Act of 1933 at any time the Common Stock issuable
upon exercise of the Stock Option. If the option holder (or other person entitled to
exercise the Stock Option) fails to accept delivery, the option holder’s payment shall be
returned and the right to exercise the Stock Option with respect to such undelivered shares
shall be terminated.

(c) The Committee may also, in its discretion and subject to prior notification to the
Company by an option holder, permit an option holder to enter into an agreement with the
Company’s transfer agent or a brokerage firm of national standing whereby the option holder
will simultaneously exercise the Stock Option and sell the shares acquired thereby through
the Company’s transfer agent or such brokerage firm and either the Company’s transfer agent
or the brokerage firm executing the sale will remit to
the Company from the proceeds of sale the exercise price of the shares as to which the
Stock Option has been exercised.

 

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(d) The Company may, at any time, offer to buy out one or more Stock Options for
payment in cash, based on such terms and conditions as the Committee shall establish and
communicate to the option holder at the time that such offer is made; provided that no such
purchase shall be made at a price greater than the excess, if any, of the Fair Market Value
of the Common Stock on the date of purchase over the option price per share for any Stock
Option so purchased.

3. Section 7 of the Plan shall be deleted in its entirety.

4. Sections 8 and 9 of the Plan shall be renumbered as Sections 7 and 8 and all references to
those Sections in the Plan shall be updated accordingly.

5. Section 8 of the Plan (formerly Section 9) shall be amended in its entirety to read as
follows:

8. Restricted Stock and Restricted Stock Units

A. General Requirements. The Committee may issues shares of Restricted Stock and
Restricted Stock Units (as hereinafter defined) upon such terms and conditions as the
Committee deem appropriate under this Section 8. Restricted Stock and Restricted Stock
Units shall be set forth in writing as determined from time to time by the Committee,
consistent with the following provisions of this Section 8. Restricted Stock and Restricted
Stock Units may be issued for consideration or for no consideration (except as required by
applicable law) and subject to such restrictions as the Committee may determine. The
Committee may establish conditions under which restrictions on Restricted Stock and
Restricted Stock Units lapse over a period of time or according to such other criteria as
the Committee deems appropriate, including restrictions based upon the achievement of
specific performance goals. “Restricted Stock Unit” shall mean a unit that entitles the
participant, upon the Vesting Date set forth in a Grant, to receive one share of the
Company’s Common Stock.

B. Number of Shares. Subject to Section 4 hereof, the Committee shall determine the
number of shares of Restricted Stock and the number of Restricted Stock Units to be awarded
pursuant to any Grant and the restrictions applicable to such shares.

C. Requirement of Employment or Service. If the participant ceases to be employed by,
or provide service to, the Company, or if any other specified conditions are not met, any
Restricted Stock or Restricted Stock Units as to which the restrictions have not then lapsed
shall automatically be forfeited to the Company, and those shares of Restricted Stock that
may previously have been issued shall be immediately returned to the Company. The Committee
may provide for complete or partial exceptions to this requirement as it deems appropriate.

 

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D. Restrictions on Transfer. A participant may not sell, assign, transfer, pledge or
otherwise dispose of any Restricted Stock that remain subject to forfeiture in accordance
with the terms of the Grant thereof except by will or in accordance with the
laws of descent and distribution upon death. Each certificate representing Restricted
Stock will contain a legend giving appropriate notice of the restrictions in the Grant. The
participant shall be entitled to have the restrictive legend removed from a stock
certificate covering Restricted Stock as to which all restrictions have lapsed. The
Committee may determine that the Company will not issue certificates for Grants of
Restricted Stock until all restrictions on such shares have lapsed, or that the Company will
retain possession of such certificates until all restrictions on such shares have lapsed.

E. Right to Vote and To Receive Dividends. The Committee shall determine to what
extent, and under what conditions, the holder of Restricted Stock shall have the right to
vote such shares and the holder of Restricted Stock or Restricted Stock Units shall have the
right to receive any dividends or dividend equivalents or other distributions paid with
respect to shares of Restricted Stock or shares issuable with respect to Restricted Stock
Units at any time that such shares remain subject to forfeiture. The Committee may
determine that a participant’s entitlement to dividends or other distributions with respect
to Restricted Stock or Restricted Stock Units may be subject to achievement of performance
goals or other conditions.

6. A new Section 9 is added to the Plan to read in its entirety as follows:

9. Deferral Elections

A participant may elect to defer the receipt of shares that would otherwise be issuable
with respect to Restricted Stock Units as to which a Vesting Date has not occurred, as
provided by the Committee in the Grant consistent, however, with the provisions of this
Section 9. Capitalized terms used in this Section 9 but not previously defined in the Plan
shall have the meanings set forth in Section 9N.

A. Initial Election.

	 	(i)	 	Election. Each participant who is an
Outside Director or a Deferral Eligible Employee shall have the right
to defer the receipt of some or all of the shares issuable with respect
to Restricted Stock Units as to which a Vesting Date has not yet
occurred, by filing an Initial Election to defer the receipt of such
 shares on a form provided by the Committee for this purpose.

	 	(ii)	 	Deadline for Initial Election. No
Initial Election to defer the receipt of shares issuable with respect
to Restricted Stock Units that are not Performance-Based Compensation
shall be effective unless it is filed with the Committee on or before
the 30th day following the date of grant and 12 or more
months in advance of the applicable Vesting Date. No Initial Election
to defer the receipt of shares issuable with respect to Restricted
Stock Units that are Performance-Based Compensation shall be effective
unless it is filed with the Committee at least six months before the
end of the Performance Period during which such Performance-Based
Compensation may be earned.

 

4

 

B. Effect of Failure of Vesting Date to Occur. An Election shall be null and void if a
Vesting Date with respect to the Restricted Stock Units does not occur before the
distribution date for shares issuable with respect to such Restricted Stock Units identified
in such Election.

C. Deferral Period. Except as otherwise provided in Section 9D, all shares issuable
with respect to Restricted Stock Units that are subject to an Election shall be delivered to
the participant (or the participant’s Successor-in-Interest) without any legend or
restrictions (except those that may be imposed by the Committee, in its sole judgment, under
Section 25G), on the distribution date for such shares designated by the participant on the
most recently filed Election. Subject to acceleration or deferral pursuant to Section 9D,
no distribution may be made earlier than January 2nd of the third calendar year beginning
after the Vesting Date, nor later than January 2nd of the eleventh calendar year beginning
after the Vesting Date. The distribution date may vary with each separate Election.

D. Additional Elections. Notwithstanding anything in this Section 9D to the contrary,
no Subsequent Election shall be effective until 12 months after the date on which such
Subsequent Election is made.

	 	(i)	 	Each active participant who has previously made
an Initial Election to defer a distribution of part or all of his or
her Account, or who, pursuant to this Section 9D(i) has made a
Subsequent Election to defer the distribution date for shares issuable
with respect to Restricted Stock Units for an additional period from
the originally-elected distribution date, may elect to defer the
distribution date for a minimum of five and a maximum of ten additional
years from the previously-elected distribution date, by filing a
Subsequent Election with the Committee on or before the close of
business at least one year before the date on which the distribution
would otherwise be made.

	 	(ii)	 	A deceased participant’s Successor-in-Interest
may elect to: (A) file a Subsequent Election to defer the distribution
date for the deceased participant’s shares issuable with respect to
Restricted Stock Units for five additional years from the date a
distribution would otherwise be made; or (B) file an Acceleration
Election to accelerate the distribution date for the deceased
participant’s shares issuable with respect to Restricted Stock Units
from the date a distribution would otherwise be made to a date that is
as soon as practicable following the deceased participant’s death. A
Subsequent Election must be filed with the Committee at least one year
before the date on which the distribution would otherwise be made, as
reflected on the deceased participant’s last Election. An Acceleration
Election pursuant to this Section 9D(ii) must be filed with the
Committee as soon as practicable following the deceased participant’s
death, as determined by the Committee.

 

5

 

	 	(iii)	 	A Disabled participant may elect to accelerate
the distribution date of the Disabled participant’s shares issuable
with respect to Restricted Stock Units from the date a distribution
would otherwise be made to a date that is as soon as practicable
following the date the Disabled participant became disabled. An
Acceleration Election pursuant to this Section 9D(iii) must be filed
with the Committee as soon as practicable following the date the
participant becomes Disabled, as determined by the Committee.

	 	(iv)	 	A retired participant may elect to defer the
distribution date of the retired participant’s shares issuable with
respect to Restricted Stock Units for five additional years from the
date a distribution would otherwise be made. A Subsequent Election
must be filed with the Committee at least one year before the date on
which the distribution would otherwise be made, as reflected on the
retired participant’s last Election.

E. Discretion to Provide for Distribution in Full Upon or Following a Change of
Control. To the extent permitted by Section 409A, in connection with a Change of Control,
and for the 12-month period following a Change of Control, the Committee may exercise its
discretion to terminate the deferral provisions of the Plan and, notwithstanding any other
provision of the Plan or the terms of any Initial Election or Subsequent Election,
distribute the Account of each participant in full and thereby effect the revocation of any
outstanding Initial Elections or Subsequent Elections.

F. Hardship. Notwithstanding the terms of an Initial Election or Subsequent Election,
if, at the participant’s request, the Committee determines that the participant has incurred
a Hardship, the Committee may, in its discretion, authorize the immediate distribution of
all or any portion of the participant’s Account and thereby effect the revocation of any
outstanding Initial Elections or Subsequent Elections with respect to the portion of the
participant’s account so distributed.

G. Separation from Service. Notwithstanding the terms of an Initial Election or
Subsequent Election, if the Committee determines that the participant has incurred a
separation from service, as defined in Treasury Regulations section 1.409A-1(h), the
Committee may, in its discretion authorize the immediate distribution of all or any portion
of the participant’s Account and thereby effect the revocation of any outstanding Initial
Elections or Subsequent Elections with respect to the portion of the participant’s account
so distributed..

H. Other Acceleration Events. To the extent permitted by Section 409A, notwithstanding
the terms of an Initial Election or Subsequent Election, distribution of all or part of a
participant’s Account may be made:

	 	(i)	 	To fulfill a domestic relations order (as
defined in section 414(p)(1)(B) of the Code) to the extent permitted by
Treasury Regulations section 1.409A-3(j)(4)(ii) or any successor
provision of law).

	 	(ii)	 	To the extent necessary to comply with laws
relating to avoidance of conflicts of interest, as provided in Treasury
Regulation section 1.409A-3(j)(4)(iii) (or any successor provision of
law).

 

6

 

	 	(iii)	 	To pay employment taxes to the extent
permitted by Treasury Regulation section 1.409A-3(j)(4)(vi) (or any
successor provision of law).

	 	(iv)	 	In connection with the recognition of income as
the result of a failure to comply with Section 409A, to the extent
permitted by Treasury Regulation section 1.409A-3(j)(4)(vii) (or any
successor provision of law).

	 	(v)	 	To pay state, local or foreign taxes to the
extent permitted by Treasury Regulation section 1.409A-3(j)(4)(xi) (or
any successor provision of law).

	 	(vi)	 	In satisfaction of a debt of a participant to
the Company where such debt is incurred in the ordinary course of the
service relationship between the participant and the Company, to the
extent permitted by Treasury Regulation section 1.409A-3(j)(4)(xiii)
(or any successor provision of law).

	 	(vii)	 	In connection with a bona fide dispute as to a
participant’s right to payment, to the extent permitted by Treasury
Regulation section 1.409A-3(j)(4)(xiv) (or any successor provision of
law).

I. Book Accounts. An Account shall be established for each participant who makes an
Election. Deferred Stock Units shall be credited to the Account as of the date of the
Election, provided that the Election satisfies the requirements of Section 9A(ii) or Section
9D, if applicable. Each Deferred Stock Unit will represent a hypothetical share of Common
Stock credited to the Account in lieu of delivery of each share to which the Election
applies.

J. Crediting of Income, Gains and Losses on Accounts. The value of a participant’s
Account as of any date shall be determined as if it were invested in the Company Stock Fund.

K. Participants’ Status as General Creditors. A participant’s right to delivery of
 shares subject to an Election under this Section 9 shall at all times represent the general
obligation of the Company. The participant shall be a general creditor of the Company with
respect to this obligation, and shall not have a secured or preferred position with respect
to such obligation. Nothing contained in the Plan or a Grant shall be deemed to create an
escrow, trust, custodial account or fiduciary relationship of any kind. Nothing contained
in the Plan or a Grant shall be construed to eliminate any priority or preferred position of
a participant in a bankruptcy matter with respect to claims for wages.

 

7

 

L. Non-Assignability, Etc. The right of a participant to receive shares subject to an
Election under this Section 9 shall not be subject in any manner to attachment or other
legal process for the debts of such participant; and no right to receive shares or cash
payments hereunder shall be subject to anticipation, alienation, sale, transfer, assignment
or encumbrance.

M. Required Suspension of Payment of Benefits. Notwithstanding any provision of the
Plan or any participant’s election as to the date or time of payment of any benefit payable
under the Plan, to the extent compliance with the requirements of Treas. Reg. §
1.409A-3(i)(2) (or any successor provision) is necessary to avoid the application of an
additional tax under Section 409A to payments due to the participant upon or following his
separation from service, then notwithstanding any other provision of this Plan, any such
payments that are otherwise due within six months following the participant’s separation
from service will be deferred and paid to the participant in a lump sum immediately
following that six month period.

N. Defined Terms.

	 	(i)	 	“Acceleration Election” means a written election on a form
provided by the Committee, pursuant to which a Deceased participant’s
Successor-in-Interest or a Disabled participant elects to accelerate the
distribution date of shares issuable with respect to Restricted Stock Units.

	 	(ii)	 	“Account” means unfunded bookkeeping accounts established and
maintained by the Committee in the names of the respective participants to
which Deferred Stock Units, dividend equivalents and earnings on dividend
equivalents shall be credited with respect to the portion of the Account
allocated to the Company Stock Fund.

	 	(iii)	 	“Change of Control” shall have the meaning provided in
Treasury Regulations section 1.409A-3(i)(5).

	 	(iv)	 	“Company Stock Fund” means a hypothetical investment fund
pursuant to which Deferred Stock Units are credited with respect to a portion
of a Grant subject to an Election.

	 	(v)	 	“Deferral Eligible Employee” means a participant who is awarded
Restricted Stock Units by the Committee.

	 	(vi)	 	“Deferred Stock Units” means the hypothetical shares of Common
Stock credited to an Account in lieu of delivery of each share to which an
Election applies.

	 	(vii)	 	“Disability” shall have the meaning ascribed in Section
22(e)(3) of the Code .

	 	(viii)	 	“Election” means, as applicable, an Initial Election, a Subsequent Election,
or an Acceleration Election.

 

8

 

	 	(ix)	 	“Hardship” means an “unforeseeable emergency,” as defined in
Section 409A. The Committee shall determine whether the circumstances of the
participant constitute an unforeseeable emergency and thus a Hardship.
Following a uniform procedure, the Committee’s determination shall consider any
facts or conditions deemed necessary or advisable by the Committee, and the
participant shall be required to submit any evidence of the participant’s
circumstances that the Committee requires. The determination as to whether the
participant’s circumstances are a case of Hardship shall be based on the facts
of each case; provided however, that all determinations as to Hardship shall be
uniformly and consistently made for all participants in similar circumstances.

	 	(x)	 	“Initial Election” means a written election on a form provided
by the Committee, pursuant to which a participant: (i) elects, within the time
or times specified in Section 9A, to defer the distribution date of shares
issuable with respect to Restricted Stock Units; and (ii) designates the
distribution date of such shares.

	 	(xi)	 	“Outside Director” means any individual who serves as a member
of the Board of Directors of the Company and who is neither (i) an employee of
the Company, (ii) the beneficial owner of 10% or more of the outstanding Common
Stock of the Company (a “Significant Holder”), or (iii) a stockholder, member
or partner of any entity which itself is a Significant Holder.

	 	(xii)	 	“Subsequent Election” means a written election on a form
provided by the Committee, filed with the Committee in accordance with Section
9D, pursuant to which a participant: (i) elects, within the time or times
specified in Section 9A, to further defer the distribution date of shares
issuable with respect to Restricted Stock Units; and (ii) designates the
distribution date of such shares.

	 	(xiii)	 	“Successor-in-Interest” means the estate or beneficiary to whom the right to
payment under the Plan shall have passed by will or the laws of descent and
distribution.

	 	(xiv)	 	“Vesting Date” means the date on which the restrictions
imposed on a share issuable with respect to a Restricted Stock Unit lapse.

6. Section 17 of the Plan shall be amended in its entirety to read as follows:

17. Withholding

A. Taxes. Subject to the rules of Section 17B, the Company shall be entitled, if
necessary or desirable, to withhold the amount of any tax, charge or assessment attributable
to any Vesting Date, issuance of or lapse of restrictions with respect to other shares
pursuant to Grants under the Plan, making of any other payments pursuant to Grants under the
Plan or distribution of all or any part of a participant’s Account. The
Company shall not be required to deliver shares or other amounts payable with respect to any
Grants or distribute a participant’s Account until it has been indemnified to its
satisfaction for any such tax, charge or assessment.

 

9

 

B. Payment of Tax Liabilities; Election to Withhold Shares or Pay Cash to Satisfy Tax
Liability.

	 	(i)	 	In connection with the occurrence of a Vesting
Date, issuance of other shares or making of other payments pursuant to
Grants under the Plan, the lapse of any restrictions with respect to
Restricted Stock issued under the Plan or the distribution of a
participant’s Account, the Company shall have the right to (A) require
the participant to remit to the Company an amount sufficient to satisfy
any federal, state and/or local withholding tax requirements prior to
the delivery or transfer of any certificate or certificates for shares
or the making of any such payment or distribution, or (B) take any
action whatever that it deems necessary to protect its interests with
respect to tax liabilities. The Company’s obligation to make any
delivery or transfer of shares or other payment or distribution with
respect to Grants under the Plan shall be conditioned on the
participant’s compliance, to the Company’s satisfaction, with any
withholding requirement.

	 	(ii)	 	Except as otherwise provided in this Section
17B(ii), any tax liabilities incurred in connection with the occurrence
of a Vesting Date, issuance of other shares or making of any payment
pursuant to Grants under the Plan, the lapse of any restrictions with
respect to Restricted Stock or the distribution of a participant’s
Account shall, to the extent such liabilities cannot be satisfied in
full by withholding cash payable in connection with such event, be
satisfied by the Company’s withholding a portion of any shares to be so
distributed or issued having a Fair Market Value approximately equal to
the minimum amount of taxes required to be withheld by the Company
under applicable law, unless otherwise determined by the Committee with
respect to any participant. Notwithstanding the foregoing, the
Committee may permit a participant to elect one or both of the
following: (A) to have taxes withheld in excess of the minimum amount
required to be withheld by the Company under applicable law; provided
that the participant certifies in writing to the Company at the time of
such election that the participant owns Other Available Shares (as
defined below) having a Fair Market Value that is at least equal to the
amount to be withheld by the Company in payment of withholding taxes in
excess of such minimum amount; and (B) to pay to the Company in cash
all or a portion of the taxes to be withheld in connection with such
Vesting Date, issuance of other shares or making of any payment
pursuant to Grants under the Plan, lapse of restrictions on

 

10

 

 Restricted
Stock or Account distribution. In all cases, any shares so withheld by the Company
shall have a Fair Market Value that does not exceed the amount of
taxes to be withheld minus the cash payment, if any, made by the
participant or withheld from an Account distribution or other
payment. Any election pursuant to this Section 17B(ii) must be in a
writing made prior to the date specified by the Committee, and in any
event prior to the date the amount of tax to be withheld or paid is
determined. An election pursuant to this Section 17B(ii) may be made
only by a participant or, in the event of the participant’s death, by
the participant’s legal representative. Shares withheld pursuant to
this Section 17B(ii) shall be available for subsequent grants under
the Plan. The Committee may add such other requirements and
limitations regarding elections pursuant to this Section 17B(ii) as
it deems appropriate.

(iii) “Other Available Shares” shall mean, as of any date, the sum of:

	 	(a)	 	the total number of shares owned
by a participant or such participant’s Family Member (as defined
below) that were not acquired by such participant or such
participant’s Family Member pursuant to the Plan or otherwise in
connection with the performance of services to the Company; plus
	 
	 	(b)	 	the excess, if any of:

	 	(A)	 	the total number
of shares owned by a participant or such participant’s
Family Member other than the shares described in Section
6A(iii)(e)(A); over
	 
	 	(B)	 	the sum of:

	 	(I)	 	the number of such shares owned by such
participant or such participant’s Family Member
for less than six months; plus

	 	(II)	 	the number of such shares owned by such
participant or such participant’s Family Member
that has, within the preceding six months, been
the subject of a withholding certification
pursuant to Section 17; plus

 

11

 

	 	(III)	 	the number of such shares owned by such
participant or such participant’s Family Member
that has, within the preceding six months, been
received in exchange for shares surrendered as
payment, in full or in
part, but only to the extent of the number of
 shares surrendered; plus

	 	(IV)	 	the number of such shares owned by such
participant or such participant’s Family Member
as to which evidence of ownership has, within
the preceding six months, been provided to the
Committee in connection with the crediting of
“Deferred Stock Units” (as defined in Section
9N) to such participant’s Account.

For purposes of this Section 17B(iii), a share that is subject to a
deferral election shall not be treated as owned by a participant
until all conditions to the delivery of such share have lapsed.

	 	(iv)	 	“Family Member” shall mean any child,
grandchild, parent, grandparent, including in each case adoptive
relationships, stepchild, spouse, a trust in which these persons and
the participant collectively have more than fifty percent of the
beneficial interest and any other entity in which these persons and the
participant collectively own more than fifty percent of the voting
interests.

IN WITNESS WHEREOF, the Company has authorized its duly appointed officers to execute this
First Amendment to the Plan this 29th day of April, 2009.

	 	 	 	 	 
	 	eResearchTechnology, Inc.

 	 
	 	By:  	/s/  Keith D. Schneck
 	 
	 	 	Name:  	Keith D. Schneck 	 
	 	 	Title:  	Executive Vice President and

Chief Financial Officer 	 

 

12

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