Document:

Exhibit 10.56

EXHIBIT 10.56

Amendment No. 1 to

Management Employment Agreement

This Amendment No. 1 to Management Employment Agreement (the “Amendment”) is hereby entered
into between Keith D. Schneck (hereinafter known as the “Employee”) and eResearchTechnology, Inc.
(together with its affiliated corporations hereinafter known as the “Company”).

Background

The Employee and the Company are parties to a Management Employment Agreement effective July
28, 2008 (the “Current Agreement”). The parties desire to amend the Current Agreement as set forth
herein.

NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein,
and intending to be legally bound, the parties agree as follows:

1. Section 11(e) of the Current Agreement is amended and restated to read in its entirety as
follows:

	 	e.	 	Notwithstanding any contrary provision contained in this Agreement,
upon the first occurrence of a Trigger Event (as hereafter defined), the
Employee shall be entitled to receive (i) severance equal to 100% of his then
current annual salary and applicable bonus (calculated assuming 100%
achievement and pro rated based on the number of days elapsed during the year
prior to the date on which the termination of employment occurred), payable in
one lump sum (ii) continuation of Benefits (as hereafter defined), subject to
applicable benefit plan provisions, for one year (or, if earlier, until such
time as Employee shall have obtained new employment with benefits substantially
comparable to the Benefits); and (iii) accelerated vesting of all stock
options, such that all stock options held by Employee immediately prior to the
date of Change of Control (as hereafter defined) shall become exercisable in
full as of the date of the Change of Control. In addition, upon the first
occurrence of a Trigger Event, any restrictions with respect to any restricted
stock or restricted stock units granted to the Employee under the Company’s
equity incentive plans shall lapse and any conditions applicable to any
long-term performance award or performance shares granted to the Employee under
such plans shall be terminated.

The term “Benefits” as utilized in this Section 11, shall mean standard
health, dental and vision benefits through COBRA continuation if elected,
all of which are subject to any applicable premium co-pay, and car
allowance.

 

 

 

The term “Trigger Event” as utilized in this Section 11 shall mean the
occurrence of a Change of Control (as hereafter defined) in connection with
or after which either (i) the Employee is terminated other than for Cause
within 12 months after the occurrence of the Change of Control or (ii) the
Employee resigns his employment within six months after the Change of
Control because neither the Company nor the other party to the Change of
Control (the “Buyer”) offers the Employee a position with comparable
responsibilities, authority, location and compensation or either reduces the
responsibilities, authority or compensation for such position or changes its
location within such six-month period.

The term “Change of Control,” as utilized herein, shall mean a change in the
ownership or effective control of the Company or a change in the ownership
of a substantial portion of the Company’s assets, in each case within the
meaning of Treasury Regulation §1.409A-3(i)(5). The foregoing generally
includes:

	 	(i)	 	the acquisition of stock of the Company by any person
or persons acting as a group that results in such person or group
holding more than 50% of the stock of the Company by market value or
voting power;

	 	(ii)	 	the acquisition of stock of the Company by any person
or persons acting as a group within any 12-month period representing at
least 30% of the voting power of the Company’s stock;

	 	(iii)	 	the election or appointment as director representing a
majority of the Company’s Board of Directors of persons not endorsed by
a majority of the members of the Company’s Board of Directors prior to
their respective election or appointment; or

	 	(iv)	 	the acquisition of assets of the Company by any person
or persons acting as a group within any 12-month period representing at
least 40% of the total gross fair market value of all assets of the
Company immediately prior to such acquisition.

Notwithstanding the foregoing, no such transaction or series of transactions
shall be deemed a “Change of Control” for purposes of this Agreement unless
it constitutes a change in the ownership or effective control of the
Company, or a change in the ownership or substantial portion of the assets
of the Company, within the meaning of Treasury Regulation §1.409A-3(i)(5).

 

2

 

In order to implement the provisions of this Section 11.e., in connection
with any Change of Control, the Company shall, as a condition thereto: (i)
either (a) accelerate the vesting of all unvested stock options as of the
date of the Change of Control or (b) cause the Buyer to either assume all
stock
options held by the Employee immediately prior to the Change of Control or
grant equivalent substitute options containing substantially the same terms;
(ii) cause the Buyer to assume all other equity awards granted under the
Company’s Amended and Restated 2003 Equity Incentive Plan and held by the
Employee immediately prior to the Change of Control; and (iii) take or cause
the Buyer to take all such actions as is necessary with respect to equity
awards held by the Employee on the date of the Change of Control, upon the
first occurrence of any Trigger Event, to cause all unvested options to
become exercisable, to cause all restrictions on any restricted stock or
restricted stock units to lapse and to cause all conditions applicable to
any long-term performance awards or performance shares to be terminated.
The Company shall not otherwise take any action that would cause any equity
awards held by the Employee that are not then exercisable or that are then
subject to any restrictions or conditions to terminate prior to the Change
of Control or Trigger Event, as otherwise permitted by the Company’s Amended
and Restated 2003 Equity Incentive Plan or as may be permitted by the
Buyer’s stock option plan, respectively.

2. Except as expressly amended hereby, all of the terms and provisions of the Current
Agreement shall remain in full force and effect.

IN WITNESS WHEREOF, the undersigned have executed this Amendment this 17th day of March, 2010.

	 	 	 	 	 	 	 
	 	 	eResearchTechnology, Inc.
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Michael McKelvey
 

Michael McKelvey
	 	 
	 

	 	 	 	President and Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	 	 	/s/ Keith D. Schneck
	 	 	   
	 	 	Keith D. Schneck

 

3Exhibit 10.2

Exhibit 10.2

Schedule Identifying Material Details of

Executive Agreements Substantially Similar to Exhibit 99.2 to Huntington’s

Current Report on Form 8-K dated November 21, 2005

As Amended by Exhibit 10.1 to Huntington’s Quarterly Report on Form 10-Q for the Period

Ended September 30, 2008 and

As Amended by Exhibit 10.4 to Huntington’s Quarterly Report on Form 10-Q for the Period

Ended September 30, 2009

	 	 	 
	Name	 	Effective Date
	 
	 	 
	Zahid Afzal

	 	October 21, 2009
	Elizabeth Heller Allen

	 	October 21, 2009
	Daniel B. Benhase

	 	January 1, 2006
	Kevin M. Blakely

	 	July 8, 2009
	Richard A. Cheap

	 	January 1, 2006
	James E. Dunlap

	 	January 1, 2006
	Donald R. Kimble

	 	January 1, 2006
	Mary W. Navarro

	 	January 1, 2006
	Daniel J. Neumeyer

	 	October 21, 2009
	Keith D. Sanders

	 	April 22,2010
	Nicholas G. Stanutz

	 	January 1, 2006
	Randall G. Stickler

	 	April 16, 2009
	Mark E. Thompson

	 	April 20, 2009exv10w1

EXHIBIT 10.1

FIRST LOAN MODIFICATION AGREEMENT

     This First Loan Modification Agreement (this “Loan Modification Agreement”) is entered into as
of March 2, 2010, and is effective as of November 2, 2009, by and between SILICON VALLEY BANK, a
California corporation, with its principal place of business at 3003 Tasman Drive, Santa Clara,
California 95054 and with a loan production office located at One Newton Executive Park, Suite 200,
2221 Washington Street, Newton, Massachusetts 02462 (“Bank”) and SOUNDBITE COMMUNICATIONS, INC., a
Delaware corporation, with its principal executive office located at 22 Crosby Drive, Bedford,
Massachusetts 01730 (“Borrower”).

1. DESCRIPTION OF EXISTING INDEBTEDNESS AND OBLIGATIONS. Among other indebtedness and
obligations which may be owing by Borrower to Bank, Borrower is indebted to Bank pursuant to a loan
arrangement dated as of November 2, 2009, evidenced by, among other documents, a certain Loan and
Security Agreement dated as of November 2, 2009 (as amended and affected, the “Loan Agreement”).
Capitalized terms used but not otherwise defined herein shall have the same meaning as in the Loan
Agreement.

2. DESCRIPTION OF COLLATERAL. Repayment of the Obligations is secured by the Collateral as
described in the Loan Agreement (together with any other collateral security granted to Bank, the
“Security Documents”). Hereinafter, the Security Documents, together with all other documents
evidencing or securing the Obligations shall be referred to as the “Existing Loan Documents”.

3. DESCRIPTION OF CHANGE IN TERMS.

	 	A.	 	Modifications to Loan Agreement.

	 	1	 	Borrower and Bank hereby agree to revise the Loan Agreement to
reflect their original intent regarding the delivery of annual audited
financial statements in order to allow Borrower and its accountants with
appropriate time to obtain and deliver its annual audited financial statements.
Accordingly, Borrower and Bank hereby agree that the Loan Agreement shall be
amended by deleting following text, appearing in Section 6.2(a) thereof:

“ (i) within five (5) days of filing with the Securities and Exchange
Commission, but in any event no later than forty-five (45) days after
the last day of its fiscal year, audited consolidated financial
statements prepared under GAAP on Form 10-K as filed with the
Securities and Exchange Commission, consistently applied, together
with an unqualified opinion on the financial statements from an
independent certified public accounting firm acceptable to Bank in
its reasonable discretion;”

and inserting in lieu thereof the following:

“ (i) within five (5) days of filing with the Securities and Exchange
Commission, but in any event no later than ninety (90) days after the
last day of its fiscal year, audited consolidated financial
statements prepared under GAAP on Form 10-K as filed with the
Securities and Exchange Commission,

1

 

consistently applied, together with an unqualified opinion on the
financial statements from an independent certified public accounting
firm acceptable to Bank in its reasonable discretion;”

	 	2	 	The Compliance Certificate appearing as Exhibit D to
the Loan Agreement is hereby replaced with the Compliance Certificate attached
as Schedule 1 hereto.

4. FEES. Borrower shall reimburse Bank for all legal fees and expenses incurred in
connection with this amendment to the Existing Loan Documents.

5. RATIFICATION OF PERFECTION CERTIFICATE. Borrower hereby ratifies, confirms and
reaffirms, all and singular, the terms and disclosures contained in a certain Perfection
Certificate dated as of November 2, 2009 between Borrower and Bank, and acknowledges, confirms and
agrees the disclosures and information Borrower provided to Bank in the Perfection Certificate have
not changed, as of the date hereof.

6. CONSISTENT CHANGES. The Existing Loan Documents are hereby amended wherever necessary
to reflect the changes described above.

7. RATIFICATION OF LOAN DOCUMENTS. Borrower hereby ratifies, confirms, and reaffirms all
terms and conditions of all security or other collateral granted to the Bank, and confirms that the
indebtedness secured thereby includes, without limitation, the Obligations.

8. NO DEFENSES OF BORROWER. Borrower hereby acknowledges and agrees that Borrower has no
offsets, defenses, claims, or counterclaims against Bank with respect to the Obligations, or
otherwise, and that if Borrower now has, or ever did have, any offsets, defenses, claims, or
counterclaims against Bank, whether known or unknown, at law or in equity, all of them are hereby
expressly WAIVED and Borrower hereby RELEASES Bank from any liability thereunder.

9. CONTINUING VALIDITY. Borrower understands and agrees that in modifying the existing
Obligations, Bank is relying upon Borrower’s representations, warranties, and agreements, as set
forth in the Existing Loan Documents. Except as expressly modified pursuant to this Loan
Modification Agreement, the terms of the Existing Loan Documents remain unchanged and in full force
and effect. Bank’s agreement to modifications to the existing Obligations pursuant to this Loan
Modification Agreement in no way shall obligate Bank to make any future modifications to the
Obligations. Nothing in this Loan Modification Agreement shall constitute a satisfaction of the
Obligations. It is the intention of Bank and Borrower to retain as liable parties all makers of
Existing Loan Documents, unless the party is expressly released by Bank in writing. No maker will
be released by virtue of this Loan Modification Agreement.

10. COUNTERSIGNATURE. This Loan Modification Agreement shall become effective only when it
shall have been executed by Borrower and Bank.

[The remainder of this page is intentionally left blank]

2

 

     This Loan Modification Agreement is executed as a sealed instrument under the laws of the
Commonwealth of Massachusetts as of the date first written above.

	 	 	 	 	 	 	 	 	 

	BORROWER:	 	BANK:	 	 
	 
	 	 	 	 	 	 	 	 
	SOUNDBITE COMMUNICATIONS, INC.	 	SILICON VALLEY BANK	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	/s/ Robert C. Leahy
 

	 	By:
	 	/s/ Thomas Kelly
 

	 	 
	 

	 	Name: Robert C. Leahy
	 	 	 	Name: Thomas Kelly	 	 
	 

	 	Title: Chief Operating Officer and Chief Financial Officer
	 	 	 	Title: Vice President	 	 

     The undersigned, SOUNDBITE COMMUNICATIONS SECURITIES CORPORATION, a Massachusetts corporation
(“Guarantor”) hereby: (a) ratifies, confirms and reaffirms, all and singular, the terms and
conditions of (i) a certain Unconditional Guaranty of the obligations of Borrower to Bank dated as
of November 2, 2009 (as amended, the “Guaranty”), and (ii) a certain Security Agreement by
Guarantor in favor of Bank dated as of November 2, 2009 (as amended, the “Security Agreement” );
(b) acknowledges, confirms and agrees that the Guaranty and Security Agreement shall remain in full
force and effect and shall in no way be limited by the execution of this Loan Modification
Agreement or any other documents, instruments and/or agreements executed and/or delivered in
connection herewith; and (c) acknowledges, confirms and agrees that the obligations of Borrower to
Bank under the Guaranty include, without limitation, all Obligations of Borrower to Bank under the
Loan Agreement, as amended by this Loan Modification Agreement.

	 	 	 	 	 
	 	SOUNDBITE COMMUNICATIONS SECURITIES CORPORATION	 
	 	 	 
	 	By:  	                                           /s/ Robert C. Leahy
 	 
	 	 	Name:  	Robert C. Leahy 	 
	 	 	Title:  	Chief Operating Officer and Chief Financial
Officer 	 

3

 

	 	 	 	 	 

SCHEDULE 1

EXHIBIT D

COMPLIANCE CERTIFICATE

	 	 	 

	TO:       SILICON VALLEY BANK

	 	Date:                                         
	FROM: SOUNDBITE COMMUNICATIONS, INC.
	 	 

     The undersigned authorized officer of SoundBite Communications, Inc. (“Borrower”)
certifies in such capacity that under the terms and conditions of the Loan and Security Agreement
between Borrower and Bank (as amended, the “Agreement”), (1) Borrower is in complete compliance for
the period ending                      with all required covenants except as noted below, (2) there are
no Events of Default, (3) all representations and warranties in the Agreement are true and correct
in all material respects on this date except as noted below; provided, however, that such
materiality qualifier shall not be applicable to any representations and warranties that already
are qualified or modified by materiality in the text thereof; and provided, further that those
representations and warranties expressly referring to a specific date shall be true, accurate and
complete in all material respects as of such date, (4) Borrower, and each of its Subsidiaries, has
timely filed all required tax returns and reports, and Borrower has timely paid all foreign,
federal, state and local taxes, assessments, deposits and contributions owed by Borrower except as
otherwise permitted pursuant to the terms of Section 5.9 of the Agreement, and (5) no Liens have
been levied or claims made against Borrower or any of its Subsidiaries relating to unpaid employee
payroll or benefits of which Borrower has not previously provided written notification to Bank.
Attached are the required documents supporting the certification. The undersigned certifies that
these are prepared in accordance with GAAP consistently applied from one period to the next except
as explained in an accompanying letter or footnotes. The undersigned acknowledges that no
borrowings may be requested at any time or date of determination that Borrower is not in compliance
with any of the terms of the Agreement, and that compliance is determined not just at the date this
certificate is delivered. Capitalized terms used but not otherwise defined herein shall have the
meanings given them in the Agreement.

Please indicate compliance status by circling Yes/No under “Complies” column.

	 	 	 	 	 
	Reporting Covenant	 	Required	 	Complies
	Compliance Certificate

	 	Within five (5) days of filing 10-Q with
SEC,
but no later than 45 days after quarter end
	 	Yes   No
	 
	 	 	 	 
	Borrowing Base Certificate with A/R and A/P agings

	 	Monthly within 30 days, when Advances are
outstanding or have been requested under
Section 2.1.1
	 	Yes   No
	 
	 	 	 	 
	Board Projections

	 	Annually and within 45 days of approval
	 	Yes   No
	 
	 	 	 	 
	10-Q

	 	Within five (5) days of filing with SEC,
but no later than 45 days after quarter end
	 	Yes   No
	 
	 	 	 	 
	8-K

	 	Within five (5) days of filing with SEC
	 	Yes   No
	 
	 	 	 	 
	10-K, together with an unqualified opinion

	 	Within five (5) days of filing with SEC,
but no later than 90 days after year end
	 	Yes   No

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Financial Covenant	 	Required	 	 	Actual	 	 	Complies	 
	Maintain on a Quarterly Basis:
	 	 	 	 	 	 	 	 	 	 	 	 
	Adjusted Quick Ratio
	 	 	2.0:1.0	 	 	 	____:1.0	 	 	Yes      No
	Minimum Quarterly Net Revenue
	 	$	                    	*	 	$	                    	 	 	Yes      No

4

 

 

			
	*	 	As set forth in Section 6.7(b) of the Agreement.

     The following financial covenant analyses and information set forth in Schedule 1 attached
hereto are true and accurate as of the date of this Certificate.

     The following are the exceptions with respect to the certification above: (If no exceptions
exist, state “No exceptions to note.”)

      

      

      

	 	 	 	 	 	 	 	 	 

	SoundBite Communications, Inc.	 	BANK USE ONLY	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	Received by: 	 	 	 
	By:

	 	 	 	 	 	 

authorized signer
	 	 
	 

	 	 	 	 	 	 	 	 
	 
	Name:
	 	 	 	 	 	 	 	 
	 

	 	 

	 	Date:	 	 	 	 
	Title:

	 	 	 	 	 	 

	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	Verified:	 	 	 	 
	 

	 	 	 	 	 	 

authorized signer
	 	 
	 
	 

	 	 	 	Date:	 	 	 	 
	 

	 	 	 	 	 	 

	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	Compliance Status:   Yes   No	 	 

5

 

Schedule 1 to Compliance Certificate

Financial Covenants of Borrower

Dated:                                         

In the event of a conflict between this Schedule and the Loan Agreement, the terms of the Loan
Agreement shall control.

	I.	 	Adjusted Quick Ratio (Section 6.7(a))

	 	 	 	 	 	 	 	 	 

	Required:

	 	 	 	2.0:1.0	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Actual:

	 	 	 	      :1.0	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	No, not in compliance
	 	 	 	Yes, in compliance
	 

	 	 
	 	 	 	 	 	 

	II.	 	Minimum Quarterly Net Revenue (Section 6.7(b))

	 	 	 	 	 	 	 	 	 

	Required:

	 	 	 	Greater of $9,000,000.00, and 75% of Board-approved operating plan	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Actual:

	 	 	 	$                    	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	No, not in compliance
	 	 	 	Yes, in compliance
	 

	 	 
	 	 	 	 	 	 

6

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