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                                                                   EXHIBIT 10.48

                         MANAGEMENT EMPLOYMENT AGREEMENT

The following agreement (hereinafter known as "Agreement") is hereby entered
into between Michael McKelvey (hereinafter known as "Employee") and
eResearchTechnology, Inc. (together with its affiliated corporations hereinafter
known as the "Company") and having its principal offices at 30 S. 17th Street,
Philadelphia, PA 19103 on June 12, 2006 and shall be effective as of June 23,
2006.

1.   DUTIES AND RESPONSIBILITIES

     Employee agrees to hold the position of President and Chief Executive
Officer and shall be directly responsible to the Board of Directors. Employee
shall be based in Arlington, Virginia but understands that he shall be obligated
to travel to the Company's offices in Philadelphia and elsewhere and to such
other locations as may be reasonably necessary to perform his duties as
President and Chief Executive Officer.

2.   BEST EFFORTS

     Employee agrees to devote his best efforts to his employment with the
Company, on a full-time (no less than 40 hours/week) basis. He further agrees
not to use the facilities, personnel or property of the Company for private
business benefit.

3.   ETHICAL CONDUCT

     Employee will conduct himself in a professional and ethical manner at all
times and will comply with all company policies as well as all State and Federal
regulations and laws as they may apply to the services, products, and business
of the Company.

4.   TERM OF THE AGREEMENT

     This Agreement will be effective upon full execution and will continue year
to year unless terminated.

5.   COMPENSATION

     a.   Salary shall be $350,000/year payable in equal installments as per the
          company's payroll policy. Salary shall be considered on an annual
          basis and adjusted based on performance.

     b.   Benefits shall be the standard benefits of the Company, as they shall
          exist from time to time and will include a $1000 per month car
          allowance.

     c.   This position qualifies for the Executive Bonus Plan of the Company.
          For 2006, the Employee's bonus target will be 50% of his base salary
          if the company meets its Board approved objectives for the year. Bonus
          will be prorated based on Employee's starting date with the Company,
          and may be increased or decreased based on performance as per the 2006
          bonus plan. The Employee will also be

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          eligible to participate in the Executive Bonus Plan each year
          thereafter for the life of the Agreement at a level to be determined
          by the Compensation Committee of the Company's Board of Directors.

     d.   Employee will be granted 150,000 stock options on the date employment
          begins, priced at the closing price of the stock on that date subject
          to approval of the Company's Board of Directors. These options are
          granted pursuant to the Company's 2003 Stock Option Plan and will have
          a term of seven years and vest in four equal consecutive annual
          installments commencing one year from the date of grant; provided,
          however, that upon any Change of Control (as hereinafter defined),
          one-third of such options shall, to the extent not previously vested,
          become vested.

     e.   As a sign-on bonus, Company agrees to pay Employee $150,000 on or
          prior to November 1, 2006.

6.   NON-DISCLOSURE

     Employee acknowledges that employment with the Company requires him to have
     access to confidential information and material belonging to the Company,
     including customer lists, contracts, proposals, operating procedures, trade
     secrets and business methods and systems, which have been developed at
     great expense by the Company and which Employee recognizes to be unique
     assets of the Company's business. Upon termination of employment for any
     reason, Employee agrees to return to the Company any such confidential
     information and material in his possession with no copies thereof retained.
     Employee further agrees, whether during employment with the Company or any
     time after the termination thereof (regardless of the reason for such
     termination), he will not disclose nor use in any manner, any confidential
     or proprietary material relating to the business, operations, or prospects
     of the Company except as authorized in writing by the Company or required
     during the performance of his duties.

7.   BUSINESS INTERFERENCE; NONCOMPETITION

     a.   During employment with the Company and for a period of one year (the
          "Restrictive Period") thereafter (regardless of the reason for
          termination) Employee agrees he will not, directly or indirectly, in
          any way for his own account, as employee, stockholder, partner, or
          otherwise, or for the account of any other person, corporation, or
          entity; (i) request or cause any of the Company's suppliers, customers
          or vendors to cancel or terminate any existing or continuing business
          relationship with the Company; (ii) solicit, entice, persuade, induce,
          request or otherwise cause any employee, officer or agent of the
          Company to refrain from rendering such services to the Company or to
          terminate his relationship, contractual or otherwise, with the
          Company; or (iii) induce or attempt to influence any customer or
          vendor to cease or refrain from doing business or to decline to do
          business with the Company or any of its affiliated distributors or
          vendors.

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     b.   The Employee agrees that, during the Restrictive Period, the Employee
          will not directly or indirectly, accept employment with, provide
          services to or consult with, or establish or acquire any interest in,
          any business, firm, person, partnership, corporation or other entity
          which engages in any business or activity that is competitive with the
          business conducted by the Company in any state of the United States of
          America and in any foreign country in which any customer to whom the
          Company is providing services or technology is located; provided,
          however, that the foregoing shall not prohibit ownership of less than
          1% of the outstanding shares of any class of capital stock registered
          under the Securities Exchange Act of 1934, as amended.

8.   FORFEITURE FOR BREACH; INJUNCTIVE RELIEF

     a.   Any breach of the covenants made in Sections 6 and 7 hereof shall
          result in the forfeiture of the Employee's right to any and all
          payments which may be required to be made under this Agreement
          following such breach and shall relieve the Company of any obligation
          to make such payments.

     b.   The Employee acknowledges that his compliance with the covenants in
          Sections 6 and 7 hereof is necessary to protect the good will and
          other proprietary interests of the Company and that, in the event of
          any violation by the Employee of the provisions of Section 6 or 7
          hereof, the Company will sustain serious, irreparable and substantial
          harm to its business, the extent of which will be difficult to
          determine and impossible to remedy by an action at law for money
          damages. Accordingly, the Employee agrees that, in the event of such
          violation or threatened violation by the Employee, the Company shall
          be entitled to an injunction before trial from any court of competent
          jurisdiction as a matter of course and upon the posting of not more
          than a nominal bond in addition to all such other legal and equitable
          remedies as may be available to the Company.

     c.   The rights and remedies of the Company as provided in this Section 8
          shall be cumulative and concurrent and may be pursued separately,
          successively or together against Employee, at the sole discretion of
          the Company, and may be exercised as often as occasion therefore shall
          arise. The failure to exercise any right or remedy shall in no event
          be construed as a waiver or release thereof.

     d.   Employee agrees to reimburse the Company for any expenses incurred by
          it in enforcing the provisions of Sections 6 and 7 hereof if the
          Company prevails in that enforcement, and the Company agrees to
          reimburse Employee for any expenses incurred by him in defending any
          such enforcement actions if he prevails in such actions.

9.   INVENTIONS

     Employee agrees to promptly disclose to the Company each discovery,
     improvement, or invention conceived, made, or reduced to practice (whether
     during working hours or otherwise) during the term of employment. Employee
     agrees to grant to the Company the entire interest in all of such
     discoveries, improvements, and inventions and to sign all

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     patent/copyright applications or other documents needed to implement the
     provisions of this paragraph without additional consideration. Employee
     further agrees that all works of authorship subject to statutory copyright
     protection developed jointly or solely, while employed, shall be considered
     a work made for hire and any copyright thereon shall belong to the Company.
     Any invention, discovery or improvement conceived, made or disclosed during
     the one year period following the termination of employment with the
     Company shall be deemed to have been made, conceived or discovered during
     employment with the Company.

     Employee acknowledges any discoveries, improvements and other inventions
made prior to the date of initial employment with the Company or the date
hereof, which have not been field in the United States Patent Office, are
attached on Exhibit A, which shall be executed by both the Employee and the
Company.

10.  NO CURRENT CONFLICT

     a.   The Company is aware of and has reviewed Employee's Key Employee
          Agreement with his former employer, PAREXEL International Corporation
          ("PXL"), which contains non-disclosure and non-competition provisions.
          In hiring Employee, the Company agrees to assume the risk that PXL may
          bring legal claims (regardless of their merit) against Employee and/or
          the Company alleging violation of these provisions. The Company agrees
          to indemnify and hold harmless Employee from any and all claims,
          actions and judgments, including reasonable costs and attorneys' fees
          incurred in defending against same, arising from and related to any
          allegation by PXL that the Employee has breached the provisions of his
          Key Employment Agreement with PXL.

     b.   The Company also agrees that, should Employee be enjoined from working
          for the Company as a result of claims brought by PXL in the future,
          such an event shall not be considered grounds to terminate Employee
          for Cause, and the Company shall continue to provide Employee with his
          full salary and other compensation and benefits until the injunctive
          period ends; provided, however, that if the injunction period extends
          for more than 90 days, the Company shall have the right to terminate
          Employee's employment hereunder immediately by notice to Employee. Any
          such termination shall be considered a termination of this Agreement
          other than for Cause.

11.  TERM; TERMINATION AND TERMINATION BENEFITS

     a.   Employment is "at will" which means that either the Company or
          Employee may terminate at any time, with or without cause of good
          reason, upon written notice at least 30 days prior to termination.

     b.   This Agreement shall terminate upon the death of the Employee. In
          addition, if, as a result of mental or physical condition which, in
          the reasonable opinion of a medical doctor selected by the Company's
          Board of Directors, can be expected to be permanent or to be of an
          indefinite duration and which renders the Employee unable to carry out
          the job responsibilities held by, or the tasks assigned to, the

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          Employee immediately prior to the time the disabling condition was
          incurred, or which entitles the Employee to receive disability
          payments under any long-term disability insurance policy which covers
          the Employee for which the premiums are reimbursed by the Company (a
          "Disability"), and the Employee shall have been absent from his duties
          hereunder on a full-time basis for 120 consecutive days, or 180 days
          during any twelve month period, and within thirty (30) days after
          written notice (which may occur before or after the end of such 120 or
          180 day period) by the Company to Employee of the Company's intent to
          terminate the Employee's employment by reason of such Disability, the
          Employee shall not have returned to the performance of his duties
          hereunder, the Employee's employment hereunder shall, without further
          notice, terminate at the end of said thirty-day notice.

     c.   (1)  The Company may also terminate the Employee's employment under
               this Agreement for Cause. For purposes of this Agreement, the
               Company may terminate you for "cause" by majority vote of the
               Board of Directors if the Employee, in the reasonable judgment of
               such majority, (i) fails to perform any reasonable directive of
               the Company that may be given from time to time for the conduct
               of the Company's business; (ii) materially breaches any of his
               commitments, duties or obligations under this Agreement; (iii)
               embezzles or converts to his own use any funds of the Company or
               any business opportunity of the Company; (iv) destroys or
               converts to his own use any property of the Company, without the
               Company's consent; (v) is convicted of, or indicted for, or
               enters a guilty plea or plea of no contest with respect to, a
               felony; (vi) is adjudicated an incompetent or (vii) violates any
               federal, state, local or other law applicable to the business of
               the Company or engages in any conduct which, in the reasonable
               judgment of the Company, is injurious to the business or
               interests of the Company. The Company must give the Employee
               written notice of the Employee's breach under sections
               11.c.(1).(i.), 11.c.(1).(ii), and 11.c.(1).(vii) and an
               opportunity to cure within thirty (30) days of such written
               notice. If the Employee fails to cure, the Company may terminate
               the Employee for Cause and shall give notice of termination to
               the Employee as required under Section 11.a.

          (2)  Notwithstanding the foregoing, in the event of a Change of
               Control (as hereinafter defined) within eight months after the
               date of this Agreement, then the provisions of Section 11c.(1)
               shall be superseded and replaced by the following:

                    The Company may also terminate the Employee's employment
                    under this Agreement for Cause. For purposes of this
                    Agreement, "Cause" shall mean any one or more of the
                    following: (i) the Employee's willful failure or refusal to
                    perform substantially his duties on behalf of the Company
                    for a period of thirty (30) days after receiving written
                    notice identifying in reasonable detail the nature of such
                    failure or refusal; (ii) the Employee's conviction of, entry
                    of a plea of guilty or nolo contendere to, or admission of
                    guilt

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                    in connection with a felony; (iii) disloyalty, willful
                    misconduct or breach of fiduciary duty by the Employee which
                    causes material harm to the Company; or (iv) the Employee's
                    willful violation of any confidentiality, developments or
                    non-competition agreement which causes material harm to the
                    Company. Notwithstanding the foregoing, the Employee shall
                    not be deemed to have been terminated for Cause unless and
                    until there shall have been delivered to him a copy of a
                    resolution duly adopted by the Company's Board of Directors
                    (the "Board") (excluding the Employee if he is a Director)
                    at a meeting of the Board called and held for (but not
                    necessarily exclusively for) that purpose (after reasonable
                    notice to the Employee and an opportunity for the Employee,
                    together with counsel of his choice, to be heard by the
                    Board) finding that the Employee has, in the good faith
                    opinion of the Board, engaged in conduct constituting Cause
                    and specifying the particulars thereof in reasonable detail.

     d.   Upon termination of this Agreement for Cause, the Company shall have
          no further obligation to Employee other than for annual salary and
          bonus earned through the date of termination, and no severance pay or
          other benefits of any kind shall be payable; provided, however, that
          in the event the Company terminates this Agreement other than for
          Cause or as a result of the death or Disability of the Employee, the
          Company shall provide to the Employee (i) severance equal to 100% of
          his then-current annual salary and applicable bonus (calculated
          assuming 100% achievement and pro rated based on the number of days
          elapsed during the year prior to the date on which the termination of
          employment occurred), payable in one lump sum and (ii) continuation of
          Benefits (as hereafter defined), subject to applicable benefit plan
          provisions, for one year.

     e.   Notwithstanding any contrary provision contained in this Agreement,
          upon the first occurrence of a Trigger Event (as hereafter defined),
          the Employee shall be entitled to receive (i) severance equal to 100%
          (or, if such Trigger Event occurs within eight months after the date
          hereof, 200%) of his then current annual salary and applicable bonus
          (calculated assuming 100% achievement and pro rated based on the
          number of days elapsed during the year prior to the date on which the
          termination of employment occurred), payable in one lump sum (ii)
          continuation of Benefits (as hereafter defined), subject to applicable
          benefit plan provisions, for two years (or, if earlier, until such
          time as Employee shall have obtained new employment with benefits
          substantially comparable to the Benefits); and (iii) accelerated
          vesting of all stock options, such that all stock options held by
          Employee immediately prior to the date of Change of Control (as
          hereafter defined) shall become exercisable in full as of the date of
          the Change of Control.

          The term "Benefits" as utilized in this Section 11, shall mean
          standard health, dental, disability, life and accident insurance
          benefits at least equivalent to the benefits in place prior to
          termination, all of which are subject to any applicable premium
          co-pay, and car allowance.

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          The term "Trigger Event" as utilized in this Section 11 shall mean the
          occurrence of a Change of Control (as hereafter defined) in connection
          with or after which either (i) the Employee is terminated other than
          for Cause; or (ii) the Employee resigns his employment within 60 days
          after the Change of Control because neither the Company nor the other
          party to the Change of Control (the "Buyer") offers the Employee a
          position with comparable responsibilities, authority, location and
          compensation, it being understood and agreed that (A) a position that
          requires the employee to manage the cardiac safety business of the
          Company or the Buyer, whether conducted as a separate company or a
          division of the Company or the Buyer, as President of such company or
          division, and to have responsibilities in connection with the
          integration of any acquisition that constitutes a Change of Control
          and for corporate development thereafter shall be deemed a position
          with comparable responsibilities and authority, and (B) a position
          that permits Employee to be based within 50 miles of Arlington,
          Virginia but requires travel to locations within the Northeastern
          United States to perform the duties of such position shall be deemed a
          position with a comparable location.

     The term "Change of Control", as utilized herein, shall mean:

     (i)   A change in control of a nature that would be required to be reported
           in the Company's proxy statement under the Securities Exchange Act of
           1934, as amended;

     (ii)  The approval by the Board of Directors of a sale, transfer or
           disposition of all or substantially all of the Company's assets and
           business to an unrelated third party and the consummation of such
           transaction; or

     (iii) The approval by the Board of Directors of any merger, consolidation,
           or like business combination or reorganization of the Company, the
           consummation of which would result in the occurrence of any event
           described in clause (i) or (ii) above, and the consummation of such
           transaction.

          In order to implement the provisions of this Section 11.e., in
          connection with any Change of Control, the Company shall, as a
          condition thereto, accelerate the vesting of all unvested stock
          options as of the date of the Change of Control or cause the Buyer to
          either assume all stock options held by the Employee immediately prior
          to the Change of Control or grant equivalent substitute options
          containing substantially the same terms, and the Company shall not
          otherwise take any action that would cause any stock options held by
          the Employee that are not then exercisable to terminate prior to the
          Change of Control or Trigger Event, as otherwise permitted by the
          Company's 2003 Stock Option Plan or as may be permitted by the Buyer's
          stock option plan, respectively.

12.  MISCELLANEOUS

     a.   This Agreement and any disputes arising herefrom shall be governed by
          Pennsylvania law. In the event of any dispute arising out of or
          relating to this Agreement or the breach hereof, the parties shall use
          their reasonable commercial

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          efforts to settle the dispute by direct negotiations between
          individuals with full settlement authority. If the dispute is not
          settled through negotiation within 30 days after the dispute is first
          asserted, the parties shall submit the dispute to arbitration, which
          shall decide any unresolved controversy or claim arising out of or
          relating to this Agreement by binding arbitration in accordance with
          National Rules for the Resolution of Employment Disputes of the
          American Arbitration Association. The arbitration shall take place in
          Philadelphia, Pennsylvania and shall be conducted by a single
          arbitrator agreed upon by the parties who is an attorney with at least
          fifteen years of experience in dealing with executive employment
          matters; provided, however, that if the parties have not agreed upon
          an arbitrator within 30 days after expiration of the negotiation
          period, then the arbitration shall be conducted by three arbitrators,
          each of whom shall meet the foregoing criteria, one of whom shall be
          selected by the Company, one of whom shall be selected by the Employee
          and the third of whom shall be selected by agreement of the first two.
          Notwithstanding the foregoing provisions of this Section 12.a, the
          Company shall be entitled to seek equitable relief as contemplated by
          Section 8.b hereof from a court of competent jurisdiction and either
          party shall have the right to initiate an action in a court of
          competent jurisdiction to enforce any arbitration decision.

     b.   In the event that any provision of this Agreement is held to be
          invalid or unenforceable for any reason, including without limitation
          the geographic or business scope or duration thereof, this Agreement
          shall be construed as if such provision had been more narrowly drawn
          so as not to be invalid or unenforceable.

     c.   This Agreement supersedes all prior agreements, arrangements, and
          understandings, written or oral, relating to the subject matter.

     d.   The failure of either party at any time or times to require
          performance of any provision hereof shall in no way effect the right
          at a later time to enforce the same. No waiver by either party or any
          condition or of the breach by the other of any term or covenant
          contained in this Agreement shall be effective unless in writing and
          signed by the aggrieved party. A waiver by a party hereto in any one
          or more instances shall not be deemed or construed as a further or
          continuing waiver of any such condition or breach or a waiver of any
          other condition, or of the breach of any other term or covenant set
          forth in Agreement.

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     e.   Any notice required or permitted to be given under this Agreement
          shall be in writing and shall be deemed to have been given when
          delivered in person, sent by certified mail, postage prepaid, or
          delivered by a nationally recognized overnight delivery service
          addressed, if to the Company at 30 S. 17th Street, 8th Floor,
          Philadelphia, PA 19103 Attn: Chairman and if to the Employee, at the
          address of his personal residence as maintained in the Company's
          records.

For Employee:                                 For the Company:

/s/ Michael McKelvey                          /s/ Joel Morganroth, MD
--------------------                          -----------------------
                                              Name: Joel Morganroth, MD
                                                    Chairman

Date: June 12, 2006                           Date: June 12, 2006

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                                                                   EXHIBIT 10.49
[RESEARCH TECHNOLOGY, INC. LOGO]
Enabling the Clinical Advantage

                         MANAGEMENT EMPLOYMENT AGREEMENT

The following agreement (hereinafter known as "Agreement") is hereby entered
into between Richard A. Baron (hereinafter known as "Employee") and
eResearchTechnology, Inc. (together with its affiliated corporations hereinafter
known as the "Company") and having its principal offices at 30 S. 17th Street,
Philadelphia, PA 19103.

1.   DUTIES AND RESPONSIBILITIES

     Employee agrees to hold the position of Executive Vice President and Chief
     Financial Officer and shall be directly responsible to the Chairman of the
     Audit Committee.

2.   BEST EFFORTS

     Employee agrees to devote his best efforts to his employment with the
     Company, on a full-time (no less than 40 hours/week) basis. He further
     agrees not to use the facilities, personnel or property of the Company for
     private business benefit.

3.   ETHICAL CONDUCT

     Employee will conduct himself in a professional and ethical manner at all
     times and will comply with all company policies as well as all State and
     Federal regulations and laws as they may apply to the services, products,
     and business of the Company.

4.   TERM OF THE AGREEMENT

     This Agreement will be effective upon full execution and will continue year
     to year unless terminated.

5.   COMPENSATION

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     a.   Salary shall be $260,000/year payable in equal installments as per the
          company's payroll policy. Salary shall be considered on an annual
          basis and adjusted based on performance.

     b.   Benefits shall be the standard benefits of the Company, as they shall
          exist from time to time.

     c.   This position qualifies for the Executive Bonus Plan of the Company.
          For 2006, the Employee's bonus target will be 50% of his base salary
          if the company meets its Board approved objectives for the year. Bonus
          will be prorated based on Employee's starting date with the Company,
          and may be increased or decreased based on performance as per the 2006
          bonus plan. The Employee will also be eligible to participate in the
          Executive Bonus Plan each year thereafter for the life of the
          Agreement at a level to be determined by the Compensation Committee of
          the Company's Board of Directors.

     d.   Employee will be granted 75,000 stock options on the date employment
          begins, priced at the closing price of the stock on that date subject
          to approval of the Company's Board of Directors. These options are
          granted pursuant to the Company's 2003 Stock Option Plan.

6.   NON-DISCLOSURE

     Employee acknowledges that employment with the Company requires him to have
     access to confidential information and material belonging to the Company,
     including customer lists, contracts, proposals, operating procedures, trade
     secrets and business methods and systems, which have been developed at
     great expense by the Company and which Employee recognizes to be unique
     assets of the Company's business. Upon termination of employment for any
     reason, Employee agrees to return to the Company any such confidential
     information and material in his possession with no copies thereof retained.
     Employee further agrees, whether during employment with the Company or any
     time after the termination thereof (regardless of the reason for such
     termination), he will not disclose nor use in any manner, any confidential
     or proprietary material relating to the business, operations, or prospects
     of the Company except as authorized in writing by the Company or required
     during the performance of his duties.

7.   BUSINESS INTERFERENCE; NONCOMPETITION

     a.   During employment with the Company and for a period of one year (the
          "Restrictive Period") thereafter (regardless of the reason for
          termination) Employee agrees he will not, directly or indirectly, in
          any way for his own account, as employee, stockholder, partner, or
          otherwise, or for the account of any other person, corporation, or
          entity: (i) request or cause any of the Company's suppliers, customers
          or vendors to cancel or terminate any existing or continuing business
          relationship with the Company; (ii) solicit, entice, persuade, induce,

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          request or otherwise cause any employee, officer or agent of the
          Company to refrain from rendering services to the Company or to
          terminate his relationship, contractual or otherwise, with the
          Company; or (iii) induce or attempt to influence any customer or
          vendor to cease or refrain from doing business or to decline to do
          business with the Company or any of its affiliated distributors or
          vendors.

     b.   The Employee agrees that, during the Restrictive Period, the Employee
          will not, directly or indirectly, accept employment with, provide
          services to or consult with, or establish or acquire any interest in,
          any business, firm, person, partnership, corporation or other entity
          which engages in any business or activity that is the same as or
          competitive with the business conducted by the Company in any state of
          the United States of America and in any foreign country in which any
          customer to whom the Company is providing services or technology is
          located.

8.   FORFEITURE FOR BREACH; INJUNCTIVE RELIEF.

     a.   Any breach of the covenants made in Sections 6 and 7 hereof shall
          result in the forfeiture of the Employee's right to any and all
          payments which may be required to be made under this Agreement
          following such breach and shall relieve the Company of any obligation
          to make such payments.

     b.   The Employee acknowledges that his compliance with the covenants in
          Sections 6 and 7 hereof is necessary to protect the good will and
          other proprietary interests of the Company and that, in the event of
          any violation by the Employee of the provisions of Section 6 or 7
          hereof, the Company will sustain serious, irreparable and substantial
          harm to its business, the extent of which will be difficult to
          determine and impossible to remedy by an action at law for money
          damages. Accordingly, the Employee agrees that, in the event of such
          violation or threatened violation by the Employee, the Company shall
          be entitle to an injunction before trial from any court of competent
          jurisdiction as a matter of course and upon the posting of not more
          than a nominal bond in addition to all such other legal and equitable
          remedies as may be available to the Company.

     c.   The rights and remedies of the Company as provided in this Section 8
          shall be cumulative and concurrent and may be pursued separately,
          successively or together against Employee, at the sole discretion of
          the Company, and may be exercised as often as occasion therefor shall
          arise. The failure to exercise any right or remedy shall in no event
          be construed as a waiver or release thereof.

     d.   The Employee agrees to reimburse the Company for any expenses incurred
          by it in enforcing the provisions of Sections 6 and 7 hereof if the
          Company prevails in that enforcement.

9.   INVENTIONS

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     Employee agrees to promptly disclose to the Company each discovery,
     improvement, or invention conceived, made, or reduced to practice (whether
     during working hours or otherwise) during the term of employment. Employee
     agrees to grant to the Company the entire interest in all of such
     discoveries, improvements, and inventions and to sign all patent/copyright
     applications or other documents needed to implement the provisions of this
     paragraph without additional consideration. Employee further agrees that
     all works of authorship subject to statutory copyright protection developed
     jointly or solely, while employed, shall be considered a work made for hire
     and any copyright thereon shall belong to the Company. Any invention,
     discovery or improvement conceived, made or disclosed during the one year
     period following the termination of employment with the Company shall be
     deemed to have been made, conceived or discovered during employment with
     the Company.

     Employee acknowledges any discoveries, improvements and other inventions
     made prior to the date of initial employment with the Company or the date
     hereof, which have not been filed in the United States Patent Office, are
     attached on Exhibit A, which shall be executed by both the Employee and the
     Company.

10.  NO CURRENT CONFLICT

     Employee hereby assures the Company that he is not currently restricted by
     any existing employment or non-compete agreement that would conflict with
     the terms of this Agreement.

11.  TERM; TERMINATION AND TERMINATION BENEFITS

     a.   Employment is "at will" which means that either the Company or
          Employee may terminate at any time, with or without cause or good
          reason, upon written notice given at least 30 days prior to
          termination.

     b.   This Agreement shall terminate upon the death of the Employee. In
          addition, if, as a result of a mental or physical condition which, in
          the reasonable opinion of a medical doctor selected by the Company's
          Board of Directors, can be expected to be permanent or to be of an
          indefinite duration and which renders the Employee unable to carry out
          the job responsibilities held by, or the tasks assigned to, the
          Employee immediately prior to the time the disabling condition was
          incurred, or which entitles the Employee to receive disability
          payments under any long-term disability insurance policy which covers
          the Employee for which the premiums are reimbursed by the Company (a
          "Disability"), the Employee shall have been absent from his duties
          hereunder on a full-time basis for 120 consecutive days, or 180 days
          during any twelve month period, and within thirty (30) days after
          written notice (which may occur before or after the end of such 120 or
          180 day period) by the Company to Employee of the Company's intent to
          terminate the Employee's employment by reason of such Disability, the
          Employee shall not have returned to the performance of his duties
          hereunder, the Employee's employment hereunder

                                       4

<PAGE>

          shall, without further notice, terminate at the end of said thirty-day
          notice.

     c.   The Company may also terminate the Employee's employment under this
          Agreement for Cause. For purposes of this Agreement the Company shall
          have "Cause" to terminate the Employee's employment if the Employee,
          in the reasonable judgment of the Company, (i) fails to perform any
          reasonable directive of the Company that may be given from time to
          time for the conduct of the Company's business; (ii) materially
          breaches any of his commitments, duties or obligations under this
          Agreement; (iii) embezzles or converts to his own use any funds of the
          Company or any business opportunity of the Company; (iv) destroys or
          converts to his own use any property of the Company, without the
          Company's consent; (v) is convicted of, or indicted for, or enters a
          guilty plea or plea of no contest with respect to, a felony; (vi) is
          adjudicated an incompetent or (vii) violates any federal, state, local
          or other law applicable to the business of the Company or engages in
          any conduct which, in the reasonable judgment of the Company, is
          injurious to the business or interests of the Company. The Company
          must give the Employee written notice of the Employee's breach under
          sections 11.c.(i.), 11.c.(ii), and 11.c.(vii) and an opportunity to
          cure within fifteen (15) days of such written notice. If the Employee
          fails to cure, the Company may terminate the Employee for Cause and
          shall give notice of termination to the Employee as required under
          Section 11.a.

     d.   Upon any termination of this Agreement, the Company shall have no
          further obligation to Employee other than for annual salary and bonus
          earned through the date of termination, and no severance pay or other
          benefits of any kind shall be payable; provided, however, that in the
          event the Company terminates this Agreement other than for Cause or as
          a result of the death or Disability of the Employee, the Company shall
          provide to the Employee (i) severance equal to 100% of his
          then-current annual salary and applicable prorated bonus, based on
          100% performance, payable in one lump sum in accordance with the
          Company's policy and (ii) continuation of Benefits (as hereafter
          defined), subject to applicable benefit plan provisions, for one year.

     e.   Notwithstanding any contrary provision contained in this Agreement,
          upon the first occurrence of a Trigger Event (as hereafter defined),
          the Employee shall be entitled to receive (i) severance equal to 100%
          of his then-current annual salary and applicable prorated bonus, based
          on 100% performance, payable in one lump sum in accordance with the
          Company's policy; (ii) continuation of Benefits (as hereafter
          defined), subject to applicable benefit plan provisions, for one year;
          and (iii) accelerated vesting of all stock options, such that all
          stock options held by Employee immediately prior to the date of the
          Change of Control (as hereafter defined) shall become exercisable in
          full as of the date of the Change of Control.

                                       5

<PAGE>

          The term "Benefits" as utilized in this Section 11, shall mean
          standard health, dental, disability, life and accident insurance
          benefits, all of which are subject to any applicable premium co-pay,
          and car allowance.

          The term "Trigger Event" as utilized in this Section 11 shall mean the
          occurrence of a Change of Control (as hereafter defined) in connection
          with or after which either (i) the Employee is terminated other than
          for Cause; (ii) the Employee resigns his employment within 60 days
          after the Change of Control because neither the Company nor the other
          party to the Change of Control (the "Buyer") offers the Employee a
          position with comparable responsibilities, authority, location and
          compensation; or (iii) the Employee is employed by the Company or the
          Buyer, or a division or subsidiary thereof, for one year after the
          date of the Change in Control.

          The term "Change of Control", as utilized herein, shall mean:

          (i)  A change of control of a nature that would be required to be
               reported in the Company's proxy statement under the Securities
               Exchange Act of 1934, as amended;

          (ii) The approval by the Board of Directors of a sale, not in the
               ordinary course of business, of all or substantially all of the
               Company's assets and business to an unrelated third party and the
               consummation of such transaction; or

          (iii) The approval by the Board of Directors of any merger,
               consolidation, or like business combination or reorganization of
               the Company, the consummation of which would result in the
               occurrence of any event described in clause (i) or (ii) above,
               and the consummation of such transaction.

          In order to implement the provisions of this Section 11.e., in
          connection with any Change of Control, the Company shall, as a
          condition thereto, accelerate the vesting of all unvested stock
          options as of the date of the Change of Control or cause the Buyer to
          either assume all stock options held by the Employee immediately prior
          to the Change of Control or grant equivalent substitute options
          containing substantially the same terms, and the Company shall not
          otherwise take any action that would cause any stock options held by
          the Employee that are not then exercisable to terminate prior to the
          Change of Control or Trigger Event, as otherwise permitted by the
          Company's 2003 Stock Option Plan or as may be permitted by the Buyer's
          stock option plan, respectively.

     f.   Not withstanding any contrary provision contained in this Agreement,
          Employee will base salary for one year paid in equal installments per
          the Company's payroll policy, if their responsibilities, location, or
          reporting relationships have been significantly mitigated and
          diminished and the Employee leaves the employment of the Company. If
          Employee secures full time employment before expiration of one years
          base salary

                                       6

<PAGE>

          is paid, further compensation will be terminated on Employee's first
          day of employment in the new position.

12.  MISCELLANEOUS

     a.   This Agreement and any disputes arising herefrom shall be governed by
          Pennsylvania law.

     b.   In the event that any provision of this Agreement is held to be
          invalid or unenforceable for any reason, including without limitation
          the geographic or business scope or duration thereof, this Agreement
          shall be construed as if such provision had been more narrowly drawn
          so as not to be invalid or unenforceable.

     c.   This Agreement supersedes all prior agreements, arrangements, and
          understandings, written or oral, relating to the subject matter.

     d.   The failure of either party at any time or times to require
          performance of any provision hereof shall in no way affect the right
          at a later time to enforce the same. No waiver by either party of any
          condition or of the breach by the other of any term or covenant
          contained in this Agreement shall be effective unless in writing and
          signed by the aggrieved party. A waiver by a party hereto in any one
          or more instances shall not be deemed or construed as a further or
          continuing waiver of any such condition or breach or a waiver of any
          other condition, or of the breach of any other term or covenant set
          forth in this Agreement.

     e.   Any notice required or permitted to be given under this Agreement
          shall be in writing and shall be deemed to have been given when
          delivered in person, sent by certified mail, postage prepaid, or
          delivered by a nationally recognized overnight delivery service
          addressed, if to the Company at 30 S. 17th Street, 8th Floor,
          Philadelphia, PA 19103 Attn: President and if to the Employee, at the
          address of his personal residence as maintained in the Company's
          records.

For Employee:                              For the Company:

----------------------------------------   -------------------------------------

                                           Name:
                                                --------------------------------

Date:                                      Date:
     -----------------------------------        --------------------------------

                                       7

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