Document:

Securities Purchase Agreement dated Sep. 15, 2003

 EXHIBIT 10.1 
  
 SECURITIES PURCHASE AGREEMENT 
  

This SECURITIES PURCHASE AGREEMENT (this “Agreement”) is dated as of September 15, 2003 by and among BIO-IMAGING TECHNOLOGIES, INC., a
Delaware corporation with its principal office at 826 Newtown-Yardley Road, Newtown, Pennsylvania 18940 (the “Company”), and the persons listed as the Purchasers on the signature pages hereto (the “Purchasers”). 
  
 WHEREAS, the Company desires to issue and sell to the Purchasers shares
(“Shares”) of the Company’s authorized but unissued common stock, $0.00025 par value per share (the “Common Stock”), in connection with an offering (the “Offering”) of up to 1,762,000 Shares of Common Stock; and

  
 WHEREAS, each Purchaser wishes to purchase the Shares on the
terms and subject to the conditions set forth in this Agreement. 
  
 NOW THEREFORE, in consideration of the mutual agreements, representations, warranties and covenants herein contained, the parties hereto agree as follows: 
  
 1. Definitions. As used in this Agreement, the following terms shall have the following respective meanings: 
  
 (a) “Affiliate” of a party, means any corporation or other
business entity controlled by, controlling or under common control with such party. For this purpose “control” shall mean direct or indirect beneficial ownership of fifty percent (50%) or more of the voting or income interest in such
corporation or other business entity. 
  
 (b) “Closing
Date” means, with respect to any Purchaser, the date of the Closing of such Purchaser’s purchase of Shares hereunder. 
  
 (c) “EGE” means Emerging Growth Equities, Ltd., a Pennsylvania limited partnership. 
  
 (d) “Exchange Act” means the Securities Exchange Act of 1934, as
amended, and all of the rules and regulations promulgated there under. 
  
 (e) “Placement Agents” means EGE and Unterberg. 
  
 (f) “Registration Rights Agreement” shall mean that certain Registration Rights Agreement, dated as of the date hereof, among the Company and the Purchasers. 
  
 (g) “SEC” shall mean the Securities and Exchange Commission. 
  
 (h) “Securities Act” shall mean the Securities Act of 1933, as
amended, and all of the rules and regulations promulgated thereunder. 

 (i) “Unterberg” means C.E. Unterberg, Towbin, a California limited partnership. 
  
 2. Purchase and Sale of the Shares. 
  
 2.1 Purchase and Sale. Subject to and upon the terms and conditions
set forth in this Agreement, the Company agrees to issue and sell to the Purchasers severally and not jointly, and each Purchaser hereby agrees to purchase from the Company severally and not jointly, at the Closing, at a purchase price per Share of
$6.125 (the “Purchase Price”), the number of Shares obtained by dividing (a) the amount set forth on such Purchaser’s signature page hereto under the heading “Aggregate Subscription Amount” by (b) the Purchase Price. In the
event that, with respect to any Purchaser, a fraction results from such calculation, the Company shall issue and sell to such Purchaser the greatest number of whole Shares obtained from such calculation and shall return to the Purchaser the
difference between such Purchaser’s Aggregate Subscription Amount and the actual aggregate Purchase Price for the Shares so purchased by such Purchaser. 
  
 2.2 Closing. Subject to the satisfaction or waiver of the conditions set forth in Section 5 of this Agreement, the purchase and sale of the Shares
shall take place at an initial closing (the “Initial Closing”); provided, that, a minimum of one million (1,000,000) Shares have been subscribed for by a Purchaser or Purchasers (the “Minimum Subscription Amount”);
and, provided, further, if necessary, one or more additional closings of at least one hundred thousand (100,000) Shares subsequent to the Initial Closing not to occur later than thirty (30) days after the Initial Closing (each a
“Subsequent Closing,” and together with the Initial Closing, each a “Closing”) at the offices of the Company’s counsel, Hale and Dorr LLP, 650 College Road East, Princeton, New Jersey, 08540, upon the acceptance by the
Company of each Purchaser’s purchase of the Shares. On or prior to the applicable Closing, each Purchaser shall (a) execute this Agreement and the Registration Rights Agreement, together with such other documents relating to the purchase of the
Shares as the Company may reasonably request, and deliver the same to Placement Agents to be held in escrow pending the Closing, and (b) deliver, by wire transfer or other form of payment in same day funds the amount of such Purchaser’s
Aggregate Subscription Amount, to the escrow account established by Placement Agents at Wachovia Bank as escrow agent (the “Escrow Agent”), pursuant to the terms of that certain Escrow Agreement (the “Escrow Agreement”), dated as
of September 15, 2003, by and among the Company, the Escrow Agent and the Placement Agents. Upon each Closing, (i) the Company shall execute this Agreement and the Registration Rights Agreement, together with such other documents relating to the
purchase of the Shares as the Purchasers may reasonably request, and deliver the same to each Purchaser in such Closing, (ii) Placement Agents shall release each such Purchaser’s executed Agreement, Registration Rights Agreement and other
documents to the Company and (iii) the Escrow Agent shall release the funds in the escrow account to the Company. Within three business days after the Closing, the Company or its transfer agent shall deliver to each Purchaser a stock certificate
registered in the name of the Purchaser, representing the number of Shares purchased by the Purchaser, as computed pursuant to Section 2.1 hereof. Notwithstanding anything herein to the contrary, if the Minimum Subscription Amount is not met within
thirty (30) days of the date hereof, then the Escrow Agreement shall provide that the Escrow Agent shall return the proceeds to the Purchasers. 
  

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 3. Representations and Warranties of the Company. The Company hereby represents and warrants to the Purchasers as
of the date of this Agreement as follows: 
  
 3.1
Incorporation. Each of the Company and its Subsidiaries (as defined in Rule 405 under the Securities Act) is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware and is qualified to do
business in each jurisdiction in which the character of its properties or the nature of its business requires such qualification, except where the failure to so qualify would not have a material adverse effect upon the Company and its Subsidiaries
taken as a whole. Each of the Company and its Subsidiaries has all requisite corporate power and authority to carry on its business as now conducted. 
  
 3.2 Capitalization. The authorized capital stock of the Company consists of 18,000,000 shares of Common Stock, of which 8,870,852 shares are
outstanding on the date hereof, and 1,750,000 shares of Preferred Stock, $0.00025 par value per share, of which no shares are outstanding on the date hereof. Except as set forth in Schedule 3.2 hereto, there are no existing options, warrants, calls,
preemptive (or similar) rights, subscriptions or other rights, agreements, arrangements or commitments of any character obligating the Company to issue, transfer or sell, or cause to be issued, transferred or sold, any shares of the capital stock of
the Company or other equity interests in the Company or any securities convertible into or exchangeable for such shares of capital stock or other equity interests, and there are no outstanding contractual obligations of the Company to repurchase,
redeem or otherwise acquire any shares of its capital stock or other equity interests. The Company owns the entire equity interest in each of its Subsidiaries, free and clear of any pledge, lien, security interest, encumbrance, claim or equitable
interest. Except as set forth in the SEC Documents, there are no shareholders agreements, voting agreements or other similar agreements with respect to the Common Stock to which the Company is a party or, to the knowledge of the Company, between or
among any of the Company’s shareholders. 
  
 3.3
Authorization. All corporate action on the part of the Company and its officers, directors and stockholders necessary for the authorization, execution, delivery and performance of this Agreement and the Registration Rights Agreement and the
consummation of the transactions contemplated herein and therein has been taken. When executed and delivered by the Company, each of this Agreement and the Registration Rights Agreement shall constitute the legal, valid and binding obligation of the
Company, enforceable against the Company in accordance with its terms, except as such may be limited by bankruptcy, insolvency, reorganization or other laws affecting creditors’ rights generally and by general equitable principles. The Company
has all requisite corporate power to enter into this Agreement and the Registration Rights Agreement and to carry out and perform its obligations under the terms of this Agreement, and the Registration Rights Agreement. 
  
 3.4 Sarbanes-Oxley Act; Internal Accounting Controls. The Company is
in compliance in all material respects with the applicable provisions of the Sarbanes-Oxley Act of 2002, and the applicable rules and regulations promulgated thereunder, that are currently effective with respect to the Company. The Company and its
Subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management’s general or specific authorizations, (ii) transactions 
  

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are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset and liability accountability, (iii)
access to assets or incurrence of liabilities is permitted only in accordance with management’s general or specific authorization, and (iv) the recorded accountability for assets and liabilities is compared with the existing assets and
liabilities at reasonable intervals and appropriate action is taken with respect to any difference. 
  
 3.5 Valid Issuance of the Shares. The Shares being purchased hereunder will, upon issuance pursuant to the terms hereof, be duly authorized and
validly issued, fully paid and nonassessable, and free of all liens, encumbrances and restrictions imposed by law or the Company except for restrictions on transfer set forth herein or in the Registration Rights Agreement or imposed by applicable
securities laws. 
  
 3.6 Offering. No form of general
solicitation or general advertising was used by the Company or its representatives in connection with the offer, sale or issuance of the Shares. In reliance on, and assuming the accuracy of, the representations and warranties of the Purchasers in
Section 4 hereof, the offer, sale and issuance of the Shares in conformity with the terms of this Agreement will not result in a violation of the requirements of Section 5 of the Securities Act. 
  
 3.7 Financial Statements. The Company has furnished or otherwise made
available to each Purchaser its audited Consolidated Statements of Income, Stockholders’ Equity and Cash Flows for the fiscal year ended December 31, 2002, its audited Consolidated Balance Sheet as of December 31, 2002, and its unaudited
Consolidated Statements of Operations, Stockholders’ Equity and Cash Flows for the six months ended June 30, 2003 and its unaudited Consolidated Balance Sheet as of June 30, 2003. All such financial statements are hereinafter referred to
collectively as the “Financial Statements.” The Financial Statements have been prepared in accordance with generally accepted accounting principles applied on a consistent basis during the periods involved, and fairly present, in all
material respects, the financial position of the Company on a consolidated basis and the results of its operations as of the date and for the periods indicated thereon, except that the unaudited financial statements may not be in accordance with
generally accepted accounting principles because of the absence of footnotes normally contained therein and are subject to normal year-end audit adjustments which, individually, and in the aggregate, will not be material. Since June 30, 2003, to the
Company’s knowledge, there has been no material adverse change (actual or threatened) in the assets, liabilities (contingent or other), affairs, operations, prospects or condition (financial or other) of the Company or its Subsidiaries
considered as one enterprise. Notwithstanding anything to the contrary in this Agreement, the Company’s current financial performance may vary materially from expectations disclosed in the Company’s SEC Documents (as such term is defined
below) and other publicly released information by the Company due to, among other things, recent market volatility, the timing of the receipt of customer orders, customer seasonality and uncertainty in global markets and the Company’s markets,
and such other factors as are set forth in the SEC Documents and other publicly released information by the Company. 
  
 3.8 SEC Documents. The Company has furnished or otherwise made available to each Purchaser a true and complete copy of the Company’s Annual
Report on Form 10-KSB for the fiscal year ended December 31, 2002, the Company’s Quarterly Reports on Form 10-QSB for the quarters ended June 30, 2003 and March 31, 2003 and any other statement, 
  

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report, registration statement (other than registration statements on Form S-8) or definitive proxy statement filed by the Company with the SEC during the
period commencing December 31, 2002, and ending on the date hereof (all such materials being called, collectively, the “SEC Documents”). As of their respective filing dates, the SEC Documents complied as to form in all material respects
with the requirements of the Exchange Act or the Securities Act, as applicable, and none of the SEC Documents contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order
to make the statements made therein, in light of the circumstances under which they were made, not misleading, as of their respective filing dates, except to the extent corrected by a subsequently filed SEC Document filed with the SEC prior to the
date hereof. 
  
 3.9 Consents. All consents, approvals,
orders and authorizations required on the part of the Company in connection with the execution, delivery or performance of this Agreement and the Registration Rights Agreement and the consummation of the transactions contemplated herein, other than
for Regulation D and state blue sky filings with respect to the sale of Shares which will be made post-closing in accordance with such laws, and therein have been obtained and will be effective as of the Closing Date, provided that this
representation and warranty is made in reliance on, and assuming the accuracy of, the representations and warranties of the Purchasers in Section 4 hereof to the extent that the accuracy of such representations and warranties are relevant to the
determination of whether any such consent, approval, order or authorization is required. 
  
 3.10 No Conflict. The execution and delivery of this Agreement and the Registration Rights Agreement by the Company and the consummation of the transactions contemplated hereby and thereby will not conflict
with or result in any violation of or default (with or without notice or lapse of time, or both) under, or give rise to a right of termination, cancellation or acceleration of any obligation or to a loss of a material benefit under (i) any provision
of the Certificate of Incorporation or Bylaws of the Company, (ii) any agreement or instrument, permit, franchise, license, judgment, order, statute, law, ordinance, rule or regulations applicable to the Company, its Subsidiaries or their respective
properties or assets, except in the case of clause (ii)to the extent that such violations and defaults would not, individually or in the aggregate, reasonably be expected to have a material adverse effect on the Company, its Subsidiaries and their
respective properties and assets. 
  
 3.11 Placement
Agents. In consideration for services rendered by the Placement Agents in placing the Shares, the Company has agreed to pay the Placement Agents an aggregate cash commission equal to six percent (6%) of the gross proceeds of the sale of the
Shares sold under this Agreement. Other than as set forth herein, the Company has no obligation to pay brokers’ fees or commissions by virtue of the sale of the Shares. It is understood and agreed that each of the Placement Agents (or any of
their respective affiliates, employees and partners) may, solely at such person’s discretion and without any obligation to do so, purchase Shares as principal so long as the fact that the Placement Agent(s) (or any of their respective
affiliates, employees or partners) is a Purchaser is disclosed to the Company. 
  
 3.12 Absence of Litigation. There is no action, suit, proceeding or, to the Company’s knowledge, investigation, pending, or, to the Company’s knowledge, threatened by or before any governmental body
against the Company or any of its Subsidiaries and in which an 
  

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unfavorable outcome, ruling or finding in any said matter, or for all matters taken as a whole, could reasonably be expected to have a material adverse
effect on the Company or its Subsidiaries considered as one enterprise. The foregoing includes, without limitation, any such action, suit, proceeding or investigation that questions this Agreement or the Registration Rights Agreement or the right of
the Company to execute, deliver and perform under same. 
  
 3.13
Lock-Up Agreement. At the Closing, each of the Company’s directors and executive officers identified as Named Executive Officers in the Company’s Proxy Statement for its 2003 Annual Meeting of Stockholders, shall enter into the
Lock-Up Agreement, in the form attached as Schedule 3.13 hereto. 
  
 3.14 Reporting Status; Form S-3 Eligibility. The Company has filed in a timely manner all documents that the Company was required to file under the Exchange Act during the 12 months preceding the date of this Agreement. The Company
satisfies the eligibility requirements for the use of Form S-3 under the Securities Act set forth in General Instruction I.A. to Form S-3. All documents filed with the SEC in the 12 months preceding the applicable closing date complied in all
material respects with the SEC’s requirements as of their respective filing dates and do not contain any non-GAAP financial measures prohibited by Regulation G, and the information contained therein as of the date thereof did not contain an
untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. 
  
 3.15 No Violations. Neither the Company nor any Subsidiary is in
violation of its charter, bylaws, or other organizational document, or in violation of any law, administrative regulation, ordinance or order of any court or governmental agency, arbitration panel or authority applicable to the Company or any
Subsidiary, which violation, individually or in the aggregate, would be reasonably likely to have a material adverse effect on the Company or its Subsidiaries, considered as one enterprise, or is in default (and there exists no condition which, with
the passage of time or otherwise, would constitute a default) in the performance of any bond, debenture, note or any other evidence of indebtedness in any indenture, mortgage, deed of trust or any other agreement or instrument to which the Company
or any Subsidiary is a party or by which the Company or any Subsidiary is bound or by which the properties of the Company or any Subsidiary are bound, which would be reasonably likely to have a material adverse effect on the Company or its
Subsidiaries, considered as one enterprise. 
  
 3.16
Property. Except as disclosed in the SEC Documents, the Company and its Subsidiaries (i) have good and marketable title to all real properties and all other properties and assets owned by them, in each case free from liens, encumbrances and
defects that would interfere with the use made thereof by them and (ii) hold any leased real or personal property under valid and enforceable leases with no exceptions that would interfere with the use made thereof by them, except in each case when
the failure to so have or hold such properties would not have a material adverse effect on the Company or its Subsidiaries, considered as one enterprise. 
  
 3.17 Intellectual Property. Except as specifically disclosed in the SEC Documents (i) each of the Company and its Subsidiaries owns or possesses
sufficient rights to 
  

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use all patents, patent rights, trademarks, copyrights, licenses, inventions, trade secrets, trade names, designs, manufacturing or other processes, systems,
data compilation, research results, know-how or other proprietary rights (collectively, “Intellectual Property”) that are necessary for the conduct of its business as now conducted or as proposed to be conducted as described in the SEC
Documents except where the failure to currently own or possess would not have a material adverse effect on the Company or its Subsidiaries, considered as one enterprise, (ii) neither the Company nor any of its Subsidiaries is infringing, or has
received any notice of, or has any knowledge of, any asserted infringement by the Company or any of its Subsidiaries of, any rights of a third party with respect to any Intellectual Property that, individually or in the aggregate, would have a
material adverse effect on the Company or its Subsidiaries, considered as one enterprise and (iii) neither the Company nor any of its Subsidiaries has received any notice of, or has any knowledge of, infringement by a third party with respect to any
Intellectual Property rights of the Company or of any Subsidiary that, individually or in the aggregate, would have a material adverse effect on the Company or its Subsidiaries, considered as one enterprise. The consummation of the transactions
contemplated by this Agreement will not result in the alteration, loss, impairment of or restriction on the Company’s or any of its Subsidiaries’ ownership or right to use any of the Intellectual Property. 
  
 Except as disclosed in the SEC Documents, all material licenses or other
material agreements under which (i) the Company is granted rights in Intellectual Property, other than Intellectual Property generally available on commercial terms from other sources, and (ii) the Company has granted rights to others in
Intellectual Property owned or licensed by the Company, are in full force and effect and, to the knowledge of the Company, there is no material default by the Company thereunder. 
  
 The Company and the Subsidiaries have taken commercially reasonable steps required in accordance with sound business
practice and business judgment to establish and preserve their ownership of all Intellectual Property with respect to their business plans, strategies, products and technology. Each employee, consultant and contractor who has had access to material
confidential information or trade secrets of the Company or its Subsidiaries has executed an agreement to maintain the confidentiality of such information and, except under confidentiality obligations, to the knowledge of the Company, there has been
no material disclosure of any of the Company’s or its Subsidiary’s confidential information or trade secrets to any third party. To the knowledge of the Company, the Company is not making unauthorized use of any confidential information or
trade secrets of any person. Neither the Company nor, to the knowledge of the Company, any of its employees have any agreements or arrangements with any persons other than the Company related to confidential information or trade secrets of such
persons or restricting any such employee’s engagement in business activities of any nature that, individually or in the aggregate, would have a material adverse effect on the Company or its Subsidiaries, considered as one enterprise. To the
knowledge of the Company, no person is making unauthorized use of any confidential information or trade secrets of the Company. 
  
 3.18 Company not an “Investment Company”. The Company has been advised of the rules and requirements under the Investment Company Act of
1940, as amended (the “Investment Company Act”). The Company is not, and immediately after receipt of payment for the Securities will not be, an “investment company” or an entity “controlled” by an “investment

  

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company” within the meaning of the Investment Company Act and shall conduct its business in a manner so that it will not become subject to the
Investment Company Act. 
  
 3.19 Environmental. None of the
premises or any properties owned, occupied or leased by the Company or its Subsidiaries (the “Premises”) has been used by the Company or the Subsidiaries or, to the Company’s knowledge, by any other person, to manufacture, treat,
store, or dispose of any substance that has been designated to be a “hazardous substance” under applicable Environmental Laws (“Hazardous Substances”) in violation of any applicable Environmental Laws (hereinafter defined). To
its knowledge, the Company has not disposed of, discharged, emitted or released any Hazardous Substances which would require, under applicable Environmental Laws, remediation, investigation or similar response activity. No Hazardous Substances are
present as a result of the actions of the Company or, to the Company’s knowledge, any other Person, in, on or under the Premises which would give rise to any liability or clean-up obligations of the Company under applicable Environmental Laws.
The Company and, to the Company’s knowledge, any other person for whose conduct it may be responsible pursuant to an agreement or by operation of law, are in compliance with all laws, regulations and other federal, state or local governmental
requirements, and all applicable judgments, orders, writs, notices, decrees, permits, licenses, approvals, consents or injunctions in effect on the date of this Agreement relating to the generation, management, handling, transportation, treatment,
disposal, storage, delivery, discharge, release or emission of any Hazardous Substance (the “Environmental Laws”). Neither the Company nor, to the Company’s knowledge, any other person for whose conduct it may be responsible pursuant
to an agreement or by operation of law has received any written complaint, notice, order, or citation of any actual, threatened or alleged noncompliance with any of the Environmental Laws, and there is no proceeding, suit or investigation pending
or, to the Company’s knowledge, threatened against the Company or, to the Company’s knowledge, any such person with respect to any violation or alleged violation of the Environmental Laws, and, to the knowledge of the Company, there is no
basis for the institution of any such proceeding, suit or investigation. 
  
 3.20 Taxes. The Company has filed all necessary federal, state and foreign income and franchise tax returns and has paid or accrued all taxes shown as due thereon, and the Company has no knowledge of a tax
deficiency which has been or might be asserted or threatened against it which would have a material adverse effect on the Company. 
  
 3.21 AMEX Compliance. The Company’s Common Stock is registered pursuant to Section 12(g) of the Exchange Act and is listed on The American
Stock Exchange (“AMEX”), and the Company has taken no action designed to, or likely to have the effect of, terminating the registration of the Common Stock under the Exchange Act or de-listing the Common Stock from AMEX, nor has the
Company any knowledge of any fact or circumstance that may give rise to such event or received any notification that the SEC or AMEX is contemplating terminating such registration or listing. 
  
 4. Representations and Warranties of the Purchasers. Each Purchaser, severally and not
jointly, represents and warrants to the Company as of the Closing Date as follows: 
  

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 4.1 Authorization. All action on the part of the Purchaser and, if applicable, its officers,
directors and shareholders, necessary for the authorization, execution, delivery and performance of this Agreement and the Registration Rights Agreement and the consummation of the transactions contemplated herein and therein has been taken. When
executed and delivered, each of this Agreement and the Registration Rights Agreement will constitute the legal, valid and binding obligation of the Purchaser, enforceable against the Purchaser in accordance with its terms, except as such may be
limited by bankruptcy, insolvency, reorganization or other laws affecting creditors’ rights generally and by general equitable principles. The Purchaser has all requisite power or corporate power, whichever is applicable, to enter into each of
this Agreement and the Registration Rights Agreement and to carry out and perform its obligations under the terms of this Agreement and the Registration Rights Agreement. 
  
 4.2 Purchase Entirely for Own Account. The Purchaser is acquiring the Shares being purchased by it hereunder for
investment, for its own account, and not for resale or with a view to distribution thereof in violation of the Securities Act. The name of the Purchaser as it appears on the signature page hereto is the name such Shares shall be issued to and is the
name that is to appear in any registration statement filed pursuant to the Registration Rights Agreement. 
  
 4.3 Investor Status; Etc. The Purchaser is an “Accredited Investor” as defined in Rule 501 of Regulation D promulgated under the
Securities Act and was not organized for the purpose of acquiring the Shares. The Purchaser’s financial condition is such that it is able to bear the risk of holding the Shares for an indefinite period of time and the risk of loss of its entire
investment. The Purchaser has been afforded the opportunity to ask questions of and receive answers from the management of the Company concerning this investment and has sufficient knowledge and experience in investing in companies similar to the
Company in terms of the Company’s stage of development so as to be able to evaluate the risks and merits of its investment in the Company. The Purchaser has carefully read the SEC Documents and has relied solely on the information contained
therein and herein. 
  
 4.4 Shares Not Registered. The
Purchaser understands that the Shares have not been registered under the Securities Act or the securities laws of any state, by reason of their issuance by the Company in a transaction exempt from the registration requirements of the Securities Act
and applicable state securities laws, and that the Shares must continue to be held by the Purchaser unless a subsequent disposition thereof is registered under the Securities Act or is exempt from such registration. The Purchaser understands that
the exemptions from registration afforded by Rule 144 (the provisions of which are known to it) promulgated under the Securities Act depend on the satisfaction of various conditions, and that, if applicable, Rule 144 may afford the basis for sales
only in limited amounts. The Purchaser further understands that, except as provided in the Registration Rights Agreement, the Company is under no obligation to register any of the Shares on the Purchaser’s behalf or to assist the Purchaser in
complying with any exemption under the Securities Act or applicable state securities laws. 
  
 4.5 No Conflict. The execution and delivery of this Agreement and the Registration Rights Agreement by the Purchaser and the consummation of the transactions contemplated hereby and thereby will not conflict
with or result in any violation of or default by the Purchaser (with or without notice or lapse of time, or both) under, or give rise to a right of 
  

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termination, cancellation or acceleration of any obligation or to a loss of a material benefit under (i) any provision of the organizational documents of the
Purchaser or (ii) any agreement or instrument, permit, franchise, license, judgment, order, statute, law, ordinance, rule or regulations, applicable to the Purchaser or its respective properties or assets. 
  
 4.6 Consents. All consents, approvals, orders and authorizations
required on the part of the Purchaser in connection with the execution, delivery or performance of this Agreement and the consummation of the transactions contemplated herein have been obtained and are effective as of the Closing Date. 

 
 4.7 Company Representations and Warranties. No representations or
warranties have been made to the Purchaser by the Company, or any officer, employee, agent, affiliate or subsidiary of the Company, other than the representations and warranties of the Company contained herein, and in purchasing the Shares the
Purchaser is not relying on any representations relating to the Company other than those contained herein. 
  
 4.8 No Recommendation. The Purchaser understands that no federal or state agency has made any findings or determination as to the fairness of the
offering of the Shares hereunder (or any part thereof) for public investment, or any recommendation or endorsement of the Shares (or any part thereof). 
  
 5. Conditions Precedent. 
  
 5.1 Conditions to the Obligation of the Purchasers to Consummate the Closing. The obligation of each Purchaser to consummate the Closing and to
purchase and pay for the Shares being purchased by it pursuant to this Agreement is subject to the satisfaction of the following conditions precedent: 
  
 (a) The representations and warranties contained herein of the Company shall be true and correct on and as of the Closing Date with the same force and
effect as though made on and as of the Closing Date (it being understood and agreed by the Purchasers that, in the case of any representation and warranty of the Company contained herein which is not hereinabove qualified by application thereto of a
materiality standard, such representation and warranty need be true and correct only in all material respects in order to satisfy as to such representation or warranty the condition precedent set forth in the foregoing provisions of this Section
5.1(a)). 
  
 (b) The Registration Rights Agreement shall have been
executed and delivered by the Company. 
  
 (c) The Company shall
have performed in all material respects all obligations and conditions herein required to be performed or observed by the Company on or prior to the Closing Date. 
  
 (d) No proceeding challenging this Agreement or the transactions contemplated hereby, or seeking to prohibit, alter, prevent
or materially delay the Closing, shall have been instituted before any court, arbitrator or governmental body, agency or official and shall be pending. 
  

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 (e) The purchase of and payment for the Shares by the Purchasers shall not be prohibited by any law or
governmental order or regulation. All necessary consents, approvals, licenses, permits, orders and authorizations of, or registrations, declarations and filings with, any governmental or administrative agency or of any other person with respect to
any of the transactions contemplated hereby, other than for Regulation D and state blue sky filings with respect to the sale of the Shares, shall have been duly obtained or made and shall be in full force and effect. 
  
 (f) All instruments and corporate proceedings in connection with the
transactions contemplated by this Agreement to be consummated at the Closing shall be satisfactory in form and substance to the Purchasers, and the Purchasers shall have received copies (executed or certified, as may be appropriate) of all documents
which the Purchasers may have reasonably requested in connection with such transactions. 
  
 (g) A legal opinion of Hale and Dorr LLP, counsel to the Company, in form and substance reasonably satisfactory to the Purchasers. 
  
 5.2 Conditions to the Obligation of the Company to Consummate the Closing. The obligation of the Company to
consummate the Closing and to issue and sell to the Purchasers the Shares to be purchased at the Closing is subject to the satisfaction of the following conditions precedent: 
  
 (a) The representations and warranties contained herein of each Purchaser shall be true and correct on and as of the Closing
Date with the same force and effect as though made on and as of the Closing Date (it being understood and agreed by the Company that, in the case of any representation and warranty of a Purchaser contained herein which is not hereinabove qualified
by application thereto of a materiality standard, such representation and warranty need be true and correct only in all material respects in order to satisfy as to such representation or warranty the condition precedent set forth in the foregoing
provisions of this Section 5.2(a)). 
  
 (b) The Registration
Rights Agreement shall have been executed and delivered by the Purchasers. 
  
 (c) The Purchasers shall have performed all obligations and conditions herein required to be performed or observed by the Purchasers on or prior to the Closing Date. 
  
 (d) No proceeding challenging this Agreement or the transactions contemplated
hereby, or seeking to prohibit, alter, prevent or materially delay the Closing, shall have been instituted before any court, arbitrator or governmental body, agency or official and shall be pending. 
  
 (e) The sale of the Shares by the Company shall not be prohibited by any law
or governmental order or regulation. All necessary consents, approvals, licenses, permits, orders and authorizations of, or registrations, declarations and filings with, any governmental or administrative agency or of any other person with respect
to any of the transactions contemplated 
  

 11 

 
hereby, other than for Regulation D and state blue sky filings with respect to the sale of the Shares, shall have been duly obtained or made and shall be in
full force and effect. 
  
 (f) All instruments and corporate
proceedings in connection with the transactions contemplated by this Agreement to be consummated at the Closing shall be satisfactory in form and substance to the Company, and the Company shall have received counterpart originals, or certified or
other copies of all documents, including without limitation records of corporate or other proceedings, which it may have reasonably requested in connection therewith. 
  
 6. Transfer, Legends. 
  
 6.1 Securities Law Transfer Restrictions. No Purchaser shall sell, assign, pledge, transfer or otherwise dispose or encumber any of the Shares
being purchased by it hereunder, except (i) pursuant to an effective registration statement under the Securities Act or (ii) pursuant to an available exemption from registration under the Securities Act and applicable state securities laws and, if
requested by the Company or its transfer agent, upon delivery by the Purchaser of an opinion of counsel reasonably satisfactory to the Company and its counsel to the effect that the proposed transfer is exempt from registration under the Securities
Act and applicable state securities laws. Any transfer or purported transfer of the Shares in violation of this Section 6.1 shall be voidable by the Company. The Company shall not register any transfer of the Shares in violation of this Section 6.1.
The Company may, and may instruct any transfer agent for the Company, to place such stop transfer orders as may be required on the transfer books of the Company in order to ensure compliance with the provisions of this Section 6.1. 
  
 6.2 Legends. Each certificate representing any of the Shares shall be
endorsed with the legend set forth below, and each Purchaser covenants that, except to the extent such restrictions are waived by the Company, it shall not transfer the Shares represented by any such certificate without complying with the
restrictions on transfer described in this Agreement and the legends endorsed on such certificate: 
  
 “THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 AND MAY NOT BE OFFERED, SOLD, ASSIGNED, PLEDGED TRANSFERRED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF AN
EFFECTIVE REGISTRATION STATEMENT UNDER SAID ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION UNDER SAID ACT AND, IF REQUESTED BY THE COMPANY OR ITS TRANSFER AGENT, UPON DELIVERY OF AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE
COMPANY AND ITS COUNSEL THAT THE PROPOSED TRANSFER IS EXEMPT FROM SAID ACT.” 
  
 7. Escrow Agreement. In connection with and in consideration of this Agreement, each Purchaser severally and not jointly hereby adopts and agrees to be bound by the terms and conditions of the Escrow Agreement, as if the Purchaser
had executed such Escrow Agreement. 
  

 12 

 8. Miscellaneous Provisions. 
  
 8.1 Public Statements or Releases. None of the parties to this Agreement shall make, issue, or release any
announcement, whether to the public generally, or to any of its suppliers or customers, with respect to this Agreement or the transactions provided for herein, or make any statement or acknowledgment of the existence of, or reveal the status of,
this Agreement or the transactions provided for herein, without the prior consent of the other parties, which shall not be unreasonably withheld or delayed, provided, that nothing in this Section 8.1 shall prevent any of the parties hereto from
making such public announcements as it may consider necessary in order to satisfy its legal obligations, but to the extent not inconsistent with such obligations, it shall provide the other parties with an opportunity to review and comment on any
proposed public announcement before it is made. The parties hereto agree that upon a Closing the Company may issue a press release in substantially the form attached hereto as Schedule 8.1. 
  
 8.2 Further Assurances. Each party agrees to cooperate fully with the
other party and to execute such further instruments, documents and agreements and to give such further written assurances, as may be reasonably requested by the other party to better evidence and reflect the transactions described herein and
contemplated hereby, and to carry into effect the intents and purposes of this Agreement. 
  
 8.3 Rights Cumulative. Each and all of the various rights, powers and remedies of the parties shall be considered to be cumulative with and in addition to any other rights, powers and remedies which such
parties may have at law or in equity in the event of the breach of any of the terms of this Agreement. The exercise or partial exercise of any right, power or remedy shall neither constitute the exclusive election thereof nor the waiver of any other
right, power or remedy available to such party. 
  
 8.4
Pronouns. All pronouns or any variation thereof shall be deemed to refer to the masculine, feminine or neuter, singular or plural, as the identity of the person, persons, entity or entities may require. 
  
 8.5 Notices. 
  
 (a) Any notices, reports or other correspondence (hereinafter collectively
referred to as “correspondence”) required or permitted to be given hereunder shall be sent by postage prepaid first class mail, courier or telecopy or delivered by hand to the party to whom such correspondence is required or permitted to
be given hereunder. The date of giving any notice shall be (i) if delivered by first-class mail, three business days after so mailed, (ii) if delivered by overnight carrier, one business day after so mailed, (iii) if delivered by hand, on the date
of delivery, or (iv) if delivered by facsimile, upon electronic confirmation of receipt. 
  
 (b) All correspondence to the Company shall be addressed as follows: 
  
 Bio-Imaging Technologies, Inc. 
 826 Newtown-Yardley Road 
 Newtown, PA 18940 
  

 13 

 Attention: Ted Kaminer – Senior Vice President, Chief Financial Officer 

Telephone: (267) 757-3000 
 Telecopier: (267) 757-3010 
  
 with a copy to: 
  
 Hale and Dorr LLP 
 650 College Road East 
 Princeton, NJ 08540 
 Attention: William J. Thomas 
 Telephone: (609) 750-7654 
 Telecopier: (609) 750-7700 
  
 (c) All correspondence to the Purchasers shall be addressed to each Purchaser at its address set forth on its signature page hereto. 
  
 (d) Any party may change the address to which correspondence to it is to be
addressed by notification as provided for herein. 
  
 8.6
Captions. The captions and paragraph headings of this Agreement are solely for the convenience of reference and shall not affect its interpretation. 
  
 8.7 Severability. Should any part or provision of this Agreement be held unenforceable or in conflict with the applicable laws or regulations of
any jurisdiction, the invalid or unenforceable part or provisions shall be replaced with a provision which accomplishes, to the extent possible, the original business purpose of such part or provision in a valid and enforceable manner, and the
remainder of this Agreement shall remain binding upon the parties hereto. 
  
 8.8 Governing Law. This Agreement shall be governed by and construed in accordance with the internal and substantive laws of Delaware and without regard to any conflicts of laws concepts which concepts, which
would apply the substantive law of some other jurisdiction. 
  
 8.9 Waiver. No waiver of any term, provision or condition of this Agreement, whether by conduct or otherwise, in any one or more instances, shall be deemed to be, or be construed as, a further or continuing waiver of any such term,
provision or condition or as a waiver of any other term, provision or condition of this Agreement. 
  
 8.10 Expenses. Each party will bear its own costs and expenses in connection with this Agreement. The Company has agreed to pay EGE upon all
Closings a non-accountable expense allowance up to 1.0% of the gross proceeds received by the Company under the Agreement.. 
  
 8.11 Assignment. The rights and obligations of the parties hereto shall inure to the benefit of and shall be binding upon the authorized successors
and permitted assigns of each party. No Purchaser may assign its rights or obligations under this Agreement or designate 
  

 14 

 
another person (i) to perform all or part of its obligations under this Agreement or (ii) to have all or part of its rights and benefits under this
Agreement, in each case without the prior written consent of the Company. The Company may not assign its rights or obligations under this Agreement without the prior written consent of the Purchasers holding a majority of the Shares then
outstanding. In the event of any assignment in accordance with the terms of this Agreement, the assignee shall specifically assume and be bound by the provisions of the Agreement by executing and agreeing to an assumption agreement reasonably
acceptable to the other party. 
  
 8.12 Survival. The
respective representations and warranties given by the parties hereto, and the other covenants and agreements contained herein, shall survive the Closing Date and the consummation of the transactions contemplated herein for a period of one year.

  
 8.13 Entire Agreement. This Agreement constitutes the
entire agreement between the parties hereto respecting the subject matter hereof and supersedes all prior agreements, negotiations, understandings, representations and statements respecting the subject matter hereof, whether written or oral. No
modification, alteration, waiver or change in any of the terms of this Agreement shall be valid or binding upon the parties hereto unless made in writing and duly executed by the Company and the Purchasers. 
  
 8.14 Counterparts. This Agreement may be executed in a number of
counterparts, each of which together, shall for all purposes constitute one Agreement, binding on all of the parties hereto, notwithstanding that all such parties have not signed the same counterpart. 
  

 15 

 IN WITNESS WHEREOF, the parties hereto have executed this Securities Purchase Agreement as of the day and
year first above written. 
  

	 BIO-IMAGING TECHNOLOGIES, INC.

		
	 By:
	 	  

	 	 	 Mark L. Weinstein, President & Chief Executive Officer

	
	 PURCHASER:

	
	 Print Name of Purchaser:

	  

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 
	
	 Purchaser’s Address and Fax Number for Notice:

	  

	  

	  

	  

  

		
	 Social Security/Tax Identification Number:
	  	  

		
	 Aggregate Subscription Amount:
	  	  

		
	 Email Address or Fax Number for
 Notification of Purchase Price Calculation:
	  	  

  
 All funds should be delivered to the
Escrow Agent for the benefit of the Company by bank wire transfer or other form of payment in same day funds as follows: 
  
 Wachovia Bank 
 Charlotte, North Carolina 
 ABA# 053000219 
 WB# 5000000016439 
 Attn: CT1870 Jerry Arleth 
 FFC: Bio-Imaging Technologies, Inc. 
 Escrow A/C#
                     
 Notify: (215) 670-6305 
  
 [SIGNATURE PAGE TO
SECURITIES PURCHASE AGREEMENT] 

 Schedule 3.2 
 Capitalization 
  
 1. Options to purchase
an aggregate of 1,729,457 shares of the Company’s Common Stock are outstanding under the Company’s 1991 Stock Option Plan and the 2002 Stock Incentive Plan as of the date of the Agreement. 
  
 2. No Warrants to purchase shares of the Company’s Common Stock are outstanding as of
the date of the Agreement. 

 Schedule 3.13 
  
 LOCK-UP AGREEMENT 
  
 I,                     , in connection
with Section 3.13 of that certain Securities Purchase Agreement, dated as of September     , 2003 (the “Securities Purchase Agreement”), among certain Purchasers and Bio-Imaging Technologies, Inc., a Delaware
corporation (the “Company”), do hereby agree that prior to the expiration of 180 days from the effective date of the registration statement (the “Registration Statement”) covering the shares of the Company’s Common Stock
issued pursuant to the Securities Purchase Agreement, I will not sell, contract to sell, pledge, make any short sale or make any other disposition of, or grant any purchase option for the sale of, any shares of common stock of the Company
(“Common Stock”) or any options or warrants to purchase shares of Common Stock or any securities that are convertible into or exchangeable for, or represent the right to receive, shares of Common Stock, whether now owned or hereafter
acquired, owned directly by the undersigned or with respect to which the undersigned has beneficial ownership within the rules and regulations of the Securities and Exchange Commission, without first obtaining the written consent of the Purchasers,
except for: (i) bona fide gifts to persons who deliver a certificate substantially in the form of this Lock-Up Agreement to the Purchasers in the Securities Purchase Agreement; or (ii) shares of the Company’s Common Stock sold pursuant to a
written plan contemplated by Rule 10b5-1(c)(A)(3) of the U.S. Securities Exchange Act of 1934, as amended; provided, that, such shares may only be sold after the Registration Statement is declared effective. 
  
 The undersigned understands that the Company and the Purchasers are relying
upon this Lock-Up Agreement in proceeding toward consummation of the offering. The undersigned further understands that, subject to the following sentence, this Lock-Up Agreement is irrevocable and shall be binding upon the undersigned’s heirs,
legal representatives, successors, and assigns. This Lock-Up Agreement shall be void ab initio if the Initial Closing (as defined in the Securities Purchase Agreement) does not occur by September     , 2003.

  
 IN WITNESS WHEREOF, I have signed this Lock-Up Agreement as of
September     , 2003. 
  

	  

	 Name:

 Schedule 8.1 – Form of Press Release 
  
 See Exhibit 99.1Registration Rights Agreement dated Sep. 15, 2003

 EXHIBIT 10.2 
  
 REGISTRATION RIGHTS AGREEMENT 
  

This REGISTRATION RIGHTS AGREEMENT (“Agreement”) is made as of September 15, 2003 by and among Bio-Imaging Technologies, Inc., a Delaware
corporation (the “Company”), and the persons listed as the Investors on the signature pages hereto (the “Investors”), and each person or entity that subsequently becomes a party to this Agreement pursuant to, and in accordance
with, the provisions of Section 11 hereof (collectively, the “Permitted Transferees” and each individually a “Permitted Transferee”). 
  
 WHEREAS, pursuant to a Securities Purchase Agreement (the “Securities Purchase Agreement”), dated as of the date hereof, the Company has agreed
to issue and sell to the Investors, and each Investor has agreed to purchase from the Company, shares (the “Shares”) of the Company’s authorized but unissued common stock, $0.00025 par value per share (the “Common Stock”);
and 
  
 WHEREAS, the terms of the Securities Purchase Agreement
provide that it shall be a condition precedent to the closing of the transactions thereunder for the Company and the Investors to execute and deliver this Agreement. 
  
 NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein, the parties hereto hereby agree as
follows: 
  
 1. DEFINITIONS. As used in this Agreement, the
following terms shall have the following respective meanings: 
  
 “Board” shall mean the board of directors of the Company. 
  
 “Closing” shall mean the last Closing under the Securities Purchase Agreement. 
  
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and all of the rules and regulations promulgated thereunder.

  
 “Holders” shall mean, collectively, the Investors
and the Permitted Transferees; provided, however, that the term “Holders” shall not include any of the foregoing that ceases to own or hold any Registrable Securities. 
  
 “Qualifying Holder” shall have the meaning ascribed thereto in
Section 11 hereof. 
  
 “Registrable Securities” shall
mean the Shares issued to the Investors pursuant to the Securities Purchase Agreement, and shall include any shares of the Company’s Common Stock issued with respect to the Registrable Securities as a result of any stock split, stock dividend,
recapitalization, exchange or similar event; provided, however, that all Registrable Securities shall cease to be Registrable Securities once they have been sold pursuant to a registration statement or may be sold pursuant to Rule 144.

 “Rule 144” shall mean Rule 144 promulgated under the Securities Act and any successor or
substitute rule, law or provision. 
  
 “SEC” shall mean
the Securities and Exchange Commission. 
  
 “Securities
Act” shall mean the Securities Act of 1933, as amended, and all of the rules and regulations promulgated there under. 
  
 2. EFFECTIVENESS. This Agreement shall become effective and legally binding upon the Closing. 
  
 3. MANDATORY REGISTRATION. 
  
 (a) Within thirty (30) days after the Closing (or, if the date that is
thirty (30) days after the Closing is not a business day, the next business day immediately following such date), the Company will prepare and file with the SEC a registration statement on Form S-3 or any successor form (except that if the Company
is not then eligible to register for resale the Registrable Securities on Form S-3, then such registration shall be on Form S-1 or any successor form) for the purpose of registering under the Securities Act all of the Registrable Securities for
resale by, and for the account of, the Holders as selling stockholders thereunder (the “Registration Statement”). The Registration Statement shall permit the Holders to offer and sell, on a delayed or continuous basis pursuant to Rule 415
under the Securities Act, any or all of the Registrable Securities. The Company agrees to use commercially reasonable efforts to cause the Registration Statement to become effective as soon as reasonably practicable (which shall include using
commercially reasonable efforts to respond to any comments of the SEC in respect of the Registration Statement within ten (10) business days following receipt thereof, unless the SEC conducts a full review, in which case the Company shall use its
commercially reasonably efforts to respond to any comments of the SEC in respect of the Registration Statement within fifteen (15) business days following receipt thereof). The Company shall use its commercially reasonable efforts to keep the
Registration Statement effective until such date that is the earlier of (i) the date when all of the Registrable Securities registered thereunder shall have been sold or (ii) two (2) years after the Closing, subject to extension as set forth below
(such date is referred to herein as the “Mandatory Registration Termination Date”). Thereafter, the Company shall be entitled to withdraw the Registration Statement and the Holders shall have no further right to offer or sell any of the
Registrable Securities pursuant to the Registration Statement (or any prospectus relating thereto). In the event the right of the selling Holders to use the Registration Statement (and the prospectus relating thereto) is delayed or suspended
pursuant to Sections 4(c) or 10 hereof, if the events described in clause (i) or (ii) above of this subsection (a)have not yet occurred, the Company shall be required to extend the Mandatory Registration Termination Date by the same number of days
as such delay or Suspension Period (as defined in Section 10 hereof), provided that such delay is not the result of the Holders’ failure or delay to furnish information required under Section 5 hereof. 
  
 (b) In the event that the Registration Statement is not filed with the SEC
within thirty (30) days after the Closing (or, if the date that is thirty (30) days after the Closing is 
  

 2 

 
not a business day, the next business day immediately following such date), or the Company fails to use its commercially reasonable efforts to respond to any
comments of the SEC in respect of the Registration Statement within ten (10) business days following receipt thereof, or in the case of a full SEC review, within fifteen (15) business days following receipt thereof, the Company will pay, in cash,
check or by wire transfer, to each Investor, one percent (1.0%) of the aggregate Purchase Price (as defined in the Securities Purchase Agreement) paid by the Investor for all Shares sold to each such Investor pursuant to the Securities Purchase
Agreement. For every additional thirty (30) days that the Company continues to be delayed from filing the Registration Statement with the SEC or continues to fail to use its commercially reasonable efforts to respond to any comments of the SEC in
respect of the Registration Statement, the Company will pay, in cash, check or by wire transfer, to each Investor, an additional one percent (1.0%) of the aggregate Purchase Price paid by the Investor for all Shares sold to each such Investor
pursuant to the Securities Purchase Agreement. Notwithstanding the foregoing, the Company shall not be obligated to pay to the Investors, pursuant to this Section 3(b), individually or in the aggregate, more than five percent (5%) of the aggregate
Purchase Price for all Shares sold pursuant to the Securities Purchase Agreement. 
  
 (c) Within three (3) business days after a Registration Statement that covers applicable Registrable Securities is declared effective by the SEC, the Company shall deliver, or shall cause legal counsel to deliver, to
the transfer agent for such Registrable Securities (with copies to the Holders whose Registrable Securities are included in such Registration Statement) confirmation that such Registration Statement has been declared effective by the SEC in such
form as agreed to by counsel to the Company and counsel to the Holders at such time. 
  
 (d) Subject to review and comment by the SEC, the Plan of Distribution set forth in the Registration Statement shall be substantially as set forth in Exhibit B attached hereto. 
  
 4. OBLIGATIONS OF THE COMPANY. In connection with the Company’s
obligation under Section 3 hereof to file the Registration Statement with the SEC and to use commercially reasonable efforts to cause the Registration Statement to become effective, the Company shall: 
  
 (a) Prepare and file with the SEC, as expeditiously as reasonably
practicable, such amendments and supplements to the Registration Statement and the prospectus used in connection therewith as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all Registrable
Securities covered by the Registration Statement; 
  
 (b) Promptly
furnish to the selling Holders such number of copies of a prospectus, including a preliminary prospectus, in conformity with the requirements of the Securities Act, and such other documents (including, without limitation, prospectus amendments and
supplements as are prepared by the Company in accordance with Section 4(a) above) as the selling Holders may reasonably request in order to facilitate the disposition of such selling Holder’s Registrable Securities; 
  

 3 

 (c) Promptly notify the selling Holders, at any time when a prospectus relating to the Registration
Statement is required to be delivered under the Securities Act, of the occurrence of any event as a result of which the prospectus included in or relating to the Registration Statement contains an untrue statement of a material fact or omits any
fact necessary to make the statements therein not misleading in light of the circumstances in which they are made; and, thereafter, the Company will promptly prepare (and, when completed, give notice to each selling Holder) a supplement or amendment
to such prospectus so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus will not contain an untrue statement of a material fact or omit to state any fact necessary to make the statements therein not
misleading in light of the circumstances in which they are made; provided that upon such notification by the Company, the selling Holders will not offer or sell Registrable Securities until the Company has notified the selling Holders that it has
prepared a supplement or amendment to such prospectus and delivered copies of such supplement or amendment to the selling Holders (it being understood and agreed by the Company that the foregoing proviso shall in no way diminish or otherwise impair
the Company’s obligation to promptly prepare a prospectus amendment or supplement as above provided in this Section 4(c) and deliver copies of same as above provided in Section 4(b) hereof); 
  
 (d) Use commercially reasonable efforts to register and qualify the
Registrable Securities covered by the Registration Statement under such other securities or Blue Sky laws of such jurisdictions as shall be reasonably appropriate in the opinion of the Company and the managing underwriters, if any, provided that the
Company shall not be required in connection therewith or as a condition thereto to qualify to do business, to file a general consent to service of process or to become subject to any material tax in any such states or jurisdictions, and provided
further that (notwithstanding anything in this Agreement to the contrary with respect to the bearing of expenses) if any jurisdiction in which any of such Registrable Securities shall be qualified shall require that expenses incurred in connection
with the qualification therein of any such Registrable Securities be borne by the selling Holder, then the selling Holders shall, to the extent required by such jurisdiction, pay their pro rata share of such qualification expenses; and 

 
 (e) Promptly after a sale of Registrable Securities pursuant to the
Registration Statement (assuming that no stop order is in effect with respect to the Registration Statement at the time of such sale), the Company shall cooperate with the selling Holder and provide the transfer agent for the Common Stock with such
instructions and legal opinions as may be required in order to facilitate the issuance to the purchaser (or the selling Holder’s broker) of new unlegended certificates for such Registrable Securities. 
  
 5. FURNISH INFORMATION. It shall be a condition precedent to the obligations
of the Company to take any action pursuant to this Agreement that the selling Holders shall furnish to the Company such information regarding them and the securities held by them as the Company shall reasonably request and as shall be required in
order to effect any registration by the Company pursuant to this Agreement. 
  
 6. EXPENSES OF REGISTRATION. All expenses incurred in connection with the registration of the Registrable Securities pursuant to this Agreement (excluding underwriting, 
  

 4 

 
brokerage and other selling commissions and discounts), including without limitation all registration and qualification and filing fees, printing, and fees
and disbursements of counsel for the Company, shall be borne by the Company. 
  
 7. DELAY OF REGISTRATION. The Holders shall not take any action to restrain, enjoin or otherwise delay any registration as the result of any controversy which might arise with respect to the interpretation or
implementation of this Agreement. 
  
 8. INDEMNIFICATION AND
CONTRIBUTION. 
  
 (a) To the extent permitted by law, the Company
will indemnify and hold harmless each selling Holder, any investment banking firm acting as an underwriter for the selling Holder, any broker/dealer acting on behalf of any selling Holder and each officer and director of such selling Holder, such
underwriter, such broker/dealer and each person, if any, who controls such selling Holder, underwriter or broker/dealer within the meaning of the Securities Act, against any losses, claims, damages or liabilities, joint or several, to which they may
become subject under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue or alleged untrue statement of any material fact contained in the
Registration Statement, in any preliminary prospectus or final prospectus relating thereto or in any amendments or supplements to the Registration Statement or any such preliminary prospectus or final prospectus, or arise out of or are based upon
the omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading in light of the circumstances in which they are made, and which were not corrected by a
subsequently filed amendment or supplement thereto; and will reimburse such selling Holder, such underwriter, broker/dealer or such officer, director or controlling person for any legal or other expenses reasonably incurred by them in connection
with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the indemnity agreement contained in this Section 8(a) shall not apply to amounts paid in settlement of any such loss, claim,
damage, liability or action if such settlement is effected without the consent of the Company (which consent shall not be unreasonably withheld), nor shall the Company be liable in any such case for any such loss, damage, liability or action to the
extent that it: (i) arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in connection with the Registration Statement, any preliminary prospectus or final prospectus relating thereto or
any amendments or supplements to the Registration Statement or any such preliminary prospectus or final prospectus, in reliance upon and in conformity with written information furnished expressly for use in connection with the Registration Statement
or any such preliminary prospectus or final prospectus by the selling Holder, any underwriter for them or controlling person with respect to them; or (ii) is in excess of the gross proceeds received by the Company under the Securities Purchase
Agreement. This Section 8(a) shall not inure to the benefit of any selling Holder with respect to any person asserting loss, damage, liability or action as a result of a selling Holder selling Registrable Securities during a Suspension Period (as
defined in Section 10 hereof) or selling in violation of Section 5(c) of the Securities Act. 
  
 (b) To the extent permitted by law, each selling Holder will severally and not jointly indemnify and hold harmless the Company, each of its officers and directors, each person, 
  

 5 

 
if any, who controls the Company within the meaning of the Securities Act, any investment banking firm acting as underwriter for the Company or the selling
Holder, or any broker/dealer acting on behalf of the Company or any other selling Holder, and all other selling Holders against any losses, claims, damages or liabilities to which the Company or any such director, officer, controlling person,
underwriter, or broker/dealer or other selling Holder may become subject to, under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereto) arise out of or are based upon any untrue or
alleged untrue statement of any material fact contained in the Registration Statement or any preliminary prospectus or final prospectus, relating thereto or in any amendments or supplements to the Registration Statement or any such preliminary
prospectus or final prospectus, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the
circumstances in which they are made, in each case to the extent and only to the extent that such untrue statement or alleged untrue statement or omission or alleged omission was made in the Registration Statement, in any preliminary prospectus or
final prospectus relating thereto or in any amendments or supplements to the Registration Statement or any such preliminary prospectus or final prospectus, in reliance upon and in conformity with written information furnished by such selling Holder
expressly for use in connection with the Registration Statement or any preliminary prospectus or final prospectus related thereto; and such selling Holders will reimburse any legal or other expenses reasonably incurred by the Company or any such
director, officer, controlling person, underwriter, broker/dealer or other selling Holder in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the liability of each
selling Holder hereunder shall be limited to the gross proceeds (net of underwriting discounts and commissions, if any) received by such selling Holder from the sale of Registrable Securities covered by the Registration Statement; and
provided, further, however, that the indemnity agreement contained in this Section 8(b) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without
the consent of those selling Holder(s) against which the request for indemnity is being made (which consent shall not be unreasonably withheld). 
  
 (c) Promptly after receipt by an indemnified party under this Section 8 of notice of the commencement of any action, such indemnified party will, if a
claim in respect thereof is to be made against any indemnifying party under this Section 8, notify the indemnifying party in writing of the commencement thereof and the indemnifying party shall have the right to participate in and, to the extent the
indemnifying party desires, jointly with any other indemnifying party similarly noticed, to assume at its expense the defense thereof with counsel mutually satisfactory to the indemnifying parties with the consent of the indemnified party (which
consent will not be unreasonably withheld, conditioned or delayed). In the event that the indemnifying party assumes any such defense, the indemnified party may participate in such defense with its own counsel and at its own expense,
provided, however, that the counsel for the indemnifying party shall act as lead counsel in all matters pertaining to such defense or settlement of such claim and the indemnifying party shall only pay for such indemnified party’s
expenses for the period prior to the date of its participation on such defense. The failure to notify an indemnifying party promptly of the commencement of any such action, if materially prejudicial to his ability to defend such action, shall
relieve such indemnifying party of any liability to the indemnified party under this Section 8 to the extent of such prejudice, but the 
  

 6 

 
omission so to notify the indemnifying party will not relieve him of any liability which he may have to any indemnified party otherwise other than under this
Section 8. 
  
 (d) Notwithstanding anything to the contrary
herein, without the prior written consent of the indemnified party, the indemnifying party shall not be entitled to settle any claim, suit or proceeding unless in connection with such settlement the indemnified party receives an unconditional
release with respect to the subject matter of such claim, suit or proceeding and such settlement does not contain any admission of fault by the indemnified party. 
  
 (e) In order to provide for just and equitable contribution under the Securities Act in any case in which (i) the
indemnified party makes a claim for indemnification pursuant to Section 8 hereof but is judicially determined (by the entry of a final judgment or decree by a court of competent jurisdiction and the expiration of time to appeal or the denial of the
last right of appeal) that such indemnification may not be enforced in such case notwithstanding the fact that the express provisions of Section 8 hereof provide for indemnification in such case, or (ii) contribution under the Securities Act may be
required on the part of any indemnified party, then the Company and the applicable selling Holder shall contribute to the aggregate losses, claims, damages or liabilities to which they may be subject (which shall, for all purposes of this Agreement,
include, but not be limited to, all reasonable costs of defense and investigation and all reasonable attorneys’ fees), in either such case (after contribution from others) on the basis of relative fault as well as any other relevant equitable
considerations. The relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information
supplied by the Company on the one hand or the applicable selling Holder on the other hand, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The Company and the
Holders agree that it would not be just and equitable if contribution pursuant to this Section 8(e) were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to
in this Section 8(e). The amount paid or payable by an indemnified party as a result of the losses, claims, damages or liabilities (or actions in respect thereof) referred to above in this Section 8 shall be deemed to include any legal or other
expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be
entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. 
  
 Notwithstanding any other provision of this Section 8(e), in no event shall (i) any selling Holder be required to undertake liability to any person under
this Section 8(e) for any amounts in excess of the dollar amount of the gross proceeds to be received by the selling Holder from the sale of such selling Holder’s Registrable Securities (after deducting any fees, discounts and commissions
applicable thereto) pursuant to any Registration Statement under which such Registrable Securities are or were to be registered under the Securities Act and (ii) any underwriter be required to undertake liability to any person hereunder for any
amounts in excess of the aggregate discount, commission or other compensation payable to such underwriter with respect to the Registrable Securities underwritten by it and distributed pursuant to the Registration Statement. 
  

 7 

 9. REPORTS UNDER THE EXCHANGE ACT. With respect to each Holder, from the date of Closing until the date
on which all of the Registrable Securities that such Holder owns or has the right to acquire become freely transferable under Rule 144(k) promulgated under the Securities Act, the Company agrees to use its best efforts: (i) to make and keep public
information available, as those terms are understood and defined in the General Instructions to Form S-3, or any successor or substitute form, and in Rule 144, (ii) to file with the SEC all reports and other documents required to be filed by an
issuer of securities registered under Sections 13 or 15(d) of the Exchange Act, and (iii) if such filings are not available via EDGAR, to furnish to such Holder as long as the Holder owns or has the right to acquire any Registrable Securities prior
to the applicable termination date described above, a copy of the most recent annual or quarterly report of the Company, and such other reports and documents so filed by the Company under Sections 13 or 15(d) of the Exchange Act as may be reasonably
requested in availing such Holder of any rule or regulation of the SEC permitting the selling of any such Registrable Securities without registration. 
  
 10. DEFERRAL AND LOCK-UP. Notwithstanding anything in this Agreement to the contrary, if the Company shall furnish to the selling Holders a certificate
signed by the President and Chief Executive Officer of the Company stating that the Board has made the good faith determination (i) that continued use by the selling Holders of the Registration Statement for purposes of effecting offers or sales of
Registrable Securities pursuant thereto would require, under the Securities Act, disclosure in the Registration Statement (or the prospectus relating thereto) of material, nonpublic information concerning the Company, its business or prospects or
any proposed transaction involving the Company, (ii) that such disclosure would be premature and would be adverse to the Company, its business or prospects or any such proposed transaction or would make the successful consummation by the Company of
any such transaction significantly less likely and (iii) that it is therefore essential to suspend the use by the Holders of such Registration Statement (and the prospectus relating thereto) for purposes of effecting offers or sales of Registrable
Securities pursuant thereto, then the right of the selling Holders to use the Registration Statement (and the prospectus relating thereto) for purposes of effecting offers or sales of Registrable Securities pursuant thereto shall be suspended for a
period (the “Suspension Period”) of not more than 60 days after delivery by the Company of the certificate referred to above in this Section 10. During the Suspension Period, none of the Holders shall offer or sell any Registrable
Securities pursuant to or in reliance upon the Registration Statement (or the prospectus relating thereto). The Company may not exercise this right more than one time in any twelve month period after the Closing. 
  
 11. TRANSFER OF REGISTRATION RIGHTS. None of the rights of any Holder under
this Agreement shall be transferred or assigned to any person unless (i) such person is a Qualifying Holder (as defined below), (ii) such person agrees to become a party to, and bound by all of the terms and conditions of, this Agreement by duly
executing and delivering to the Company an Instrument of Adherence in the form attached as Exhibit A hereto, (iii) the transfer or assignment is made in accordance with the applicable requirements of the Securities Purchase Agreement and (iv)
following the transfer or assignment, the further disposition of the Registrable Securities by such person is restricted under the Securities Act and applicable state securities laws. For purposes of this Section 11, the term “Qualifying
Holder” shall mean, with 
  

 8 

 
respect to any Holder, (a) any corporation, partnership or other affiliated entity controlling, controlled by, or under common control with, such Holder, or
any partner or former partner, if such Holder is a partnership, or (b) any other direct transferee from such Holder of at least 50% of those Registrable Securities held or that may be acquired by such Holder. None of the rights of any Holder under
this Agreement shall be transferred or assigned to any person (including, without limitation, a Qualifying Holder) that acquires Registrable Securities in the event that and to the extent that such Person is eligible to resell such Registrable
Securities pursuant to Rule 144(k) of the Securities Act. 
  
 12.
ENTIRE AGREEMENT. This Agreement constitutes and contains the entire agreement and understanding of the parties with respect to the subject matter hereof, and it also supersedes any and all prior negotiations, correspondence, agreements or
understandings with respect to the subject matter hereof. 
  
 13.
MISCELLANEOUS. 
  
 (a) This Agreement shall be governed by and
construed and enforced in accordance with the laws of the State of Delaware, and shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, personal representatives, successors or assigns, provided that the
terms and conditions of Section 11 hereof are satisfied. This Agreement shall also be binding upon and inure to the benefit of any transferee of any of the Registrable Securities provided that the terms and conditions of Section 11 hereof are
satisfied. Notwithstanding anything in this Agreement to the contrary, if at any time any Holder shall cease to own all of its Registrable Securities, all of such Holder’s rights under this Agreement shall immediately terminate. 
  
 (b) (i) Any notices, reports or other correspondence (hereinafter
collectively referred to as “correspondence”) required or permitted to be given hereunder shall be sent by postage prepaid first class mail, courier (overnight or same day) or telecopy or delivered by hand to the party to whom such
correspondence is required or permitted to be given hereunder. The date of giving any notice shall be (i) if delivered by first-class mail, three business days after so mailed, (ii) if delivered by overnight carrier, one business day after so
mailed, (iii) if delivered by hand, on the date of delivery, or (iv) if delivered by facsimile, upon electronic confirmation of receipt. 
  
 (ii) All correspondence to the Company shall be addressed as follows: 
  
 Bio-Imaging Technologies, Inc. 
 826 Newtown-Yardley Road 
 Newtown, PA 18940 
 Attention: Ted Kaminer - Senior Vice President, Chief Financial Officer

 Telephone: (267) 757-3000 
 Telecopier: (267) 757-3010 
  

 9 

 with a copy to: 
  
 Hale and Dorr LLP 
 650 College Road East 
 Princeton, NJ 08540 
 Attention: William J. Thomas 
 Telephone: (609) 750-7654 
 Telecopier: (609) 750-7700 
  
 (iii) All correspondence to any Holder shall be sent to the address set forth on such Holder’s signature page hereto (or, in the case of a Permitted Transferee, such Permitted Transferee’s Instrument of Adherence hereto).

  
 (iv) Any party may change the address to which correspondence
to it is to be addressed by notification as provided for herein. 
  
 (c) The parties acknowledge and agree that in the event of any breach of this Agreement, remedies at law may be inadequate, and each of the parties hereto shall be entitled to seek specific performance of the obligations of the other
parties hereto and such appropriate injunctive relief as may be granted by a court of competent jurisdiction. 
  
 (d) This Agreement may be executed in a number of counterparts, each of which together shall for all purposes constitute one Agreement, binding on all the
parties hereto notwithstanding that all such parties have not signed the same counterpart. 
  
  

 10 

 IN WITNESS WHEREOF, the parties hereto have executed this Registration Rights Agreement as of the date
and year first above written. 
  

	 BIO-IMAGING TECHNOLOGIES, INC.

		
	 By:
	 	  

	 Name:
	 	 Mark L. Weinstein

	 Title:
	 	 President & Chief Executive Officer

  
 [SIGNATURE PAGE TO
REGISTRATION RIGHTS AGREEMENT] 

 IN WITNESS WHEREOF, the parties hereto have executed this Registration Rights Agreement as of the date
and year first above written. 
  

	 BIO-IMAGING TECHNOLOGIES, INC.

		
	 By:
	 	  

	 Name:
	 	 Mark L. Weinstein

	 Title:
	 	 President & Chief Executive Officer

	
	 INVESTOR:

	
	 Print Name of Investor:

	
	  

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 
	
	 Investor’s Address and Fax Number for Notice:

	  

	  

	  

  
 [SIGNATURE PAGE TO
REGISTRATION RIGHTS AGREEMENT] 

 EXHIBIT A 
  

INSTRUMENT OF ADHERENCE 
  
 Reference is hereby made to that certain Registration Rights Agreement, dated as of September     , 2003, among Bio-Imaging Technologies, Inc.,
a Delaware corporation (the “Company”) and the Investors and the Permitted Transferees, as amended and in effect from time to time (the “Registration Rights Agreement’). Capitalized terms used herein without definition shall have
the respective meanings ascribed thereto in the Registration Rights Agreement. 
  
 The undersigned, in order to become the owner or holder of, or have the right to acquire,              shares of Registrable Securities, hereby agrees that, from and after
the date hereof, the undersigned has become a party to the Registration Rights Agreement in the capacity of a Permitted Transferee, and is entitled to all of the benefits under, and is subject to all of the obligations, restrictions and limitations
set forth in, the Registration Rights Agreement that are applicable to Permitted Transferees. This Instrument of Adherence shall take effect and shall become a part of the Registration Rights Agreement immediately upon execution. 
  

	 Print Name of Permitted Transferee:

	  
  

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 
	
	 Permitted Transferee’s Address and Fax Number for Notice:

	  
  

	  

	  

	
	 Accepted:

	
	 Bio-Imaging Technologies, Inc.

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 
		
	 Date:
	 	  

 EXHIBIT B 
  

PLAN OF DISTRIBUTION 
  
 We are registering the shares of common stock on behalf of the selling security holders. Sales of shares may be made by selling security holders,
including their respective donees, transferees, pledgees or other successors-in-interest directly to purchasers or to or through underwriters, broker-dealers or through agents. Sales may be made from time to time on the American Stock Exchange, any
other exchange upon which our shares may trade in the future, in the over-the-counter market or otherwise, at market prices prevailing at the time of sale, at prices related to market prices, or at negotiated or fixed prices. The shares may be sold
by one or more of, or a combination of, the following: 
  

	 	•	 	a block trade in which the broker-dealer so engaged will attempt to sell the shares as agent but may position and resell a portion of the block as principal to facilitate the
transaction; 

  

	 	•	 	purchases by a broker-dealer as principal and resale by such broker-dealer, including resales for its account, pursuant to this prospectus; 

  

	 	•	 	ordinary brokerage transactions and transactions in which the broker solicits purchases; 

  

	 	•	 	through options, swaps or derivatives; 

  

	 	•	 	in privately negotiated transactions; 

  

	 	•	 	in making short sales or in transactions to cover short sales; and 

  

	 	•	 	put or call option transactions relating to the shares. 

  
 The selling security holders may effect these transactions by selling shares directly to purchasers or to or through broker-dealers, which may act as
agents or principals. These broker-dealers may receive compensation in the form of discounts, concessions or commissions from the selling security holders and/or the purchasers of shares for whom such broker-dealers may act as agents or to whom they
sell as principals, or both (which compensation as to a particular broker-dealer might be in excess of customary commissions). The selling security holders may also sell shares of common stock short and deliver shares covered by this prospectus to
close out short positions, provided that the short sale is made after the registration statement is declared effective and a copy of this prospectus is delivered in connection with the short sale. The selling security holders have advised us that
they have not entered into any agreements, understandings or arrangements with any underwriters or broker-dealers regarding the sale of their securities. 
  
 The selling security holders may enter into hedging transactions with broker-dealers or other financial institutions. In connection with those
transactions, the broker-dealers or other financial institutions may engage in short sales of the shares or of securities convertible into or exchangeable for the shares in the course of hedging positions they assume with the selling security
holders. The selling security holders may also enter into options or other transactions with broker-dealers or other financial institutions which require the delivery of shares offered by this prospectus to those broker-dealers or other financial
institutions. The broker-dealer or other 

 
financial institution may then resell the shares pursuant to this prospectus (as amended or supplemented, if required by applicable law, to reflect those
transactions). 
  
 The selling security holders and any
broker-dealers that act in connection with the sale of shares may be deemed to be “underwriters” within the meaning of Section 2(11) of the Securities Act of 1933, and any commissions received by broker-dealers or any profit on the resale
of the shares sold by them while acting as principals may be deemed to be underwriting discounts or commissions under the Securities Act. The selling security holders may agree to indemnify any agent, dealer or broker-dealer that participates in
transactions involving sales of the shares against liabilities, including liabilities arising under the Securities Act. The Company has agreed to indemnify each of the selling security holders and each selling security holder has agreed, severally
and not jointly, to indemnify the Company against some liabilities in connection with the offering of the shares, including liabilities arising under the Securities Act. 
  
 The selling security holders will be subject to the prospectus delivery requirements of the Securities Act. We have informed
the selling security holders that the anti-manipulative provisions of Regulation M promulgated under the Securities Exchange Act of 1934 may apply to their sales in the market. 
  
 Selling security holders also may resell all or a portion of the shares in open market transactions in reliance upon Rule
144 under the Securities Act, provided they meet the criteria and conform to the requirements of Rule 144. 
  
 Upon being notified by a selling security holder that a material arrangement has been entered into with a broker-dealer for the sale of shares through a
block trade, special offering, exchange distribution or secondary distribution or a purchase by a broker or dealer, we will file a supplement to this prospectus, if required pursuant to Rule 424(b) under the Securities Act, disclosing: 

 

	 	•	 	the name of each such selling security holder and of the participating broker-dealer(s); 

  

	 	•	 	the number of shares involved; 

  

	 	•	 	the initial price at which the shares were sold; 

  

	 	•	 	the commissions paid or discounts or concessions allowed to the broker-dealer(s), where applicable; 

  

	 	•	 	that such broker-dealer(s) did not conduct any investigation to verify the information set out or incorporated by reference in this prospectus; and 

  

	 	•	 	other facts material to the transactions. 

  
 In addition, we will file a supplement to this prospectus when a selling security holder notifies us that a donee or pledgee intends to sell more than 500
shares of common stock. 
  
 Expenses Associated with
Registration. 

 We are paying all expenses and fees in connection with the registration of the shares. The selling security holders will
bear all brokerage or underwriting discounts or commissions paid to broker-dealers in connection with the sale of the shares.

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