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                                                                   EXHIBIT 10.23

                           CHANGE IN CONTROL AGREEMENT

         AGREEMENT by and between CTI Molecular Imaging, Inc., a Delaware
corporation (the "Company"), and Cliffreda W. Gilreath ("Executive"), dated as
of the 9th day of December, 2003.

         The Board of Directors of the Company (the "Board"), has determined
that it is in the best interests of the Company and its stockholders to assure
that the Company will have the continued dedication of Executive,
notwithstanding the possibility, threat or occurrence of a Change of Control (as
defined below) of the Company. The Board believes it is imperative to diminish
the inevitable distraction of Executive by virtue of the personal uncertainties
and risks created by a pending or threatened Change of Control and to encourage
Executive's full attention and dedication to the Company currently and in the
event of any threatened or pending Change of Control, and to provide Executive
with compensation and benefits arrangements upon a Change of Control which
ensure that the compensation and benefits expectations of Executive will be
satisfied and which are competitive with those of other corporations. Therefore,
in order to accomplish these objectives, the Board has caused the Company to
enter into this Agreement.

         NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:

         1.       Certain Definitions.

                  (a)      The "Effective Date" shall mean the first date during
the Change of Control Period (as defined in Section l(b)) on which a Change of
Control (as defined in Section 2) occurs. Anything in this Agreement to the
contrary notwithstanding, if a Change of Control occurs and if Executive's
employment with the Company is terminated prior to the date on which the Change
of Control occurs, and if it is reasonably demonstrated by Executive that such
termination of employment (i) was at the request of a third party who has taken
steps reasonably calculated to effect a Change of Control or (ii) otherwise
arose in connection with or anticipation of a Change of Control, then for all
purposes of this Agreement the "Effective Date" shall mean the date immediately
prior to the date of such termination of employment.

                  (b)      The "Change of Control Period" shall mean the period
commencing on the date hereof and ending on the third anniversary of the date
hereof; provided, however, that commencing on the date one year after the date
hereof, and on each annual anniversary of such date (such date and each annual
anniversary thereof shall be hereinafter referred to as the "Renewal Date"),
unless previously terminated, the Change of Control Period shall be
automatically extended so as to terminate three years from such Renewal Date,
unless at least 60 days prior to the Renewal Date the Company shall give notice
to Executive that the Change of Control Period shall not be so extended.

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         2.       Change of Control. For the purposes of this Agreement, a
"Change of Control" shall mean the occurrence of any of the following events but
shall specifically exclude a public offering of the Company's common stock:

                  (a)      individuals who, as of the date of this Agreement,
constitute the Board of Directors of the Company (the "Incumbent Directors")
cease for any reason to constitute at least a majority of such Board, provided
that any person becoming a director after the date of this Agreement and whose
election or nomination for election was approved by a vote of at least a
majority of the Incumbent Directors then on the Board shall be an Incumbent
Director; provided, however, that no individual initially elected or nominated
as a director of the Company as a result of an actual or threatened election
contest with respect to the election or removal of directors ("Election
Contest") or other actual or threatened solicitation of proxies or consents by
or on behalf of any "person" (such term for purposes of this definition being as
defined in Section 3(a)(9) of the Exchange Act and as used in Section 13(d)(3)
and 14(d)(2) of the Exchange Act) other than the Board ("Proxy Contest"),
including by reason of any agreement intended to avoid or settle any Election
Contest or Proxy Contest, shall be deemed an Incumbent Director; or

                  (b)      any person is or becomes a "beneficial owner" (as
defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of either
(A) 35% or more of the then-outstanding shares of common stock of the Company
("Company Common Stock") or (B) securities of the Company representing 35% or
more of the combined voting power of the Company's then outstanding securities
eligible to vote for the election of directors (the "Company Voting
Securities"); provided, however, that for purposes of this subsection (b), the
following acquisitions shall not constitute a Change of Control: (i) an
acquisition directly from the Company, (ii) an acquisition by the Company or a
Subsidiary of the Company, (iii) an acquisition by any employee benefit plan (or
related trust) sponsored or maintained by the Company or any Subsidiary of the
Company, or (iv) an acquisition pursuant to a Non-Qualifying Transaction (as
defined in subsection (c) below); or

                  (c)      the consummation of a reorganization, merger,
consolidation, statutory share exchange or similar form of corporate transaction
involving the Company or a Subsidiary (a "Reorganization"), or the sale or other
disposition of all or substantially all of the Company's assets (a "Sale") or
the acquisition of assets or stock of another corporation (an "Acquisition"),
unless immediately following such Reorganization, Sale or Acquisition: (A) all
or substantially all of the individuals and entities who were the beneficial
owners, respectively, of the outstanding Company Common Stock and outstanding
Company Voting Securities immediately prior to such Reorganization, Sale or
Acquisition beneficially own, directly or indirectly, more than 50% of,
respectively, the then outstanding shares of common stock and the combined
voting power of the then outstanding voting securities entitled to vote
generally in the election of directors, as the case may be, of the corporation
resulting from such

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Reorganization, Sale or Acquisition (including, without limitation, a
corporation which as a result of such transaction owns the Company or all or
substantially all of the Company's assets or stock either directly or through
one or more subsidiaries, the "Surviving Company") in substantially the same
proportions as their ownership, immediately prior to such Reorganization, Sale
or Acquisition, of the outstanding Company Common Stock and the outstanding
Company Voting Securities, as the case may be, and (B) no person (other than (i)
the Company or any Subsidiary of the Company, (ii) the Surviving Company or its
ultimate parent corporation, (iii) any employee benefit plan (or related trust)
sponsored or maintained by any of the foregoing, or (iv) any person acquiring
Company Common Stock or Company Voting Securities, as the case may be, directly
from the Company) is the beneficial owner, directly or indirectly, of 35% or
more of the total common stock or 35% or more of the total voting power of the
outstanding voting securities eligible to elect directors of the Surviving
Company, and (C) at least a majority of the members of the board of directors of
the Surviving Company were Incumbent Directors at the time of the Board's
approval of the execution of the initial agreement providing for such
Reorganization, Sale or Acquisition (any Reorganization, Sale or Acquisition
which satisfies all of the criteria specified in (A), (B) and (C) above shall be
deemed to be a "Non-Qualifying Transaction"); or

                  (d)      approval by the stockholders of the Company of a
complete liquidation or dissolution of the Company.

         3.       Employment Period. The Company hereby agrees to continue
Executive in its employ, and Executive hereby agrees to remain in the employ of
the Company subject to the terms and conditions of this Agreement, for the
period commencing on the Effective Date and ending on the second anniversary of
such date (the "Employment Period").

         4.       Terms of Employment.

                  (a)      Position and Duties.

                           (i) During the Employment Period, (A) Executive's
position (including status, offices, titles and reporting requirements),
authority, duties and responsibilities shall be at least commensurate in all
material respects with the most significant of those held, exercised and
assigned at any time during the 120-day period immediately preceding the
Effective Date, and (B) Executive's services shall be performed at the location
where Executive was employed immediately preceding the Effective Date or any
office or location less than 35 miles from such location.

                           (ii) During the Employment Period, and excluding any
periods of vacation and sick leave to which Executive is entitled, Executive
agrees to devote reasonable attention and time during normal business hours to
the business and affairs of the Company and, to the extent necessary to
discharge the responsibilities assigned to Executive hereunder, to use
Executive's reasonable best efforts to perform faithfully and

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efficiently such responsibilities. During the Employment Period it shall not be
a violation of this Agreement for Executive to (A) serve on corporate, civic or
charitable boards or committees, (B) deliver lectures, fulfill speaking
engagements or teach at educational institutions and (C) manage personal
investments, so long as such activities do not significantly interfere with the
performance of Executive's responsibilities as an employee of the Company in
accordance with this Agreement. It is expressly understood and agreed that to
the extent that any such activities have been conducted by Executive prior to
the Effective Date, the continued conduct of such activities (or the conduct of
activities similar in nature and scope thereto) subsequent to the Effective Date
shall not thereafter be deemed to interfere with the performance of Executive's
responsibilities to the Company.

                  (b)      Compensation.

                           (i) Base Salary. During the Employment Period,
Executive shall receive an annual base salary ("Annual Base Salary"), which
shall be paid at a monthly rate, at least equal to 12 times the highest monthly
base salary paid or payable, including any base salary which has been earned but
deferred, to Executive by the Company and its affiliated companies in respect of
the 12-month period immediately preceding the month in which the Effective Date
occurs. During the Employment Period, the Annual Base Salary shall be reviewed
no more than 12 months after the last salary increase awarded to Executive prior
to the Effective Date and thereafter at least annually. Any increase in Annual
Base Salary shall not serve to limit or reduce any other obligation to Executive
under this Agreement. Annual Base Salary shall not be reduced after any such
increase and the term Annual Base Salary as used in this Agreement shall refer
to Annual Base Salary as so increased. As used in this Agreement, the term
"affiliated companies" shall include any company controlled by, controlling or
under common control with the Company.

                           (ii) Incentive, Bonus, Savings and Retirement Plans.
During the Employment Period, Executive shall be entitled to participate in all
incentive, bonus, savings and retirement plans, practices, policies and programs
applicable generally to other peer executives of the Company and its affiliated
companies, but in no event shall such plans, practices, policies and programs
provide Executive with incentive opportunities (measured with respect to both
regular and special incentive opportunities, to the extent, if any, that such
distinction is applicable), savings opportunities and retirement benefit
opportunities, in each case, less favorable, in the aggregate, than the most
favorable of those provided by the Company and its affiliated companies for
Executive under such plans, practices, policies and programs as in effect at any
time during the 120-day period immediately preceding the Effective Date or if
more favorable to Executive, those provided generally at any time after the
Effective Date to other peer executives of the Company and its affiliated
companies.

                           (iii) Welfare Benefit Plans. During the Employment
Period, Executive and/or Executive's eligible dependents, as the case may be,
shall be eligible for

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participation in and shall receive all benefits under welfare benefit plans,
practices, policies and programs provided by the Company and its affiliated
companies (including, without limitation, medical, prescription, dental,
disability, employee life, group life, accidental death and travel accident
insurance plans and programs) to the extent applicable generally to other peer
executives of the Company and its affiliated companies, but in no event shall
such plans, practices, policies and programs provide Executive with benefits
which are less favorable, in the aggregate, than the most favorable of such
plans, practices, policies and programs in effect for Executive at any time
during the 120-day period immediately preceding the Effective Date or, if more
favorable to Executive, those provided generally at any time after the Effective
Date to other peer executives of the Company and its affiliated companies.

                           (iv) Expenses. During the Employment Period,
Executive shall be entitled to receive prompt reimbursement for all reasonable
expenses incurred by Executive in accordance with the most favorable policies,
practices and procedures of the Company and its affiliated companies in effect
for Executive at any time during the 120-day period immediately preceding the
Effective Date or, if more favorable to Executive, as in effect generally at any
time thereafter with respect to other peer executives of the Company and its
affiliated companies.

                           (v) Fringe Benefits. During the Employment Period,
Executive shall be entitled to fringe benefits in accordance with the most
favorable plans, policies, programs and practices of the Company and its
affiliated companies as in effect for Executive at any time during the 120-day
period immediately preceding the Effective Date or, if more favorable to
Executive, as in effect generally at any time thereafter with respect to other
peer executives of the Company and its affiliated companies.

                           (vi) Vacation. During the Employment Period,
Executive shall be entitled to paid vacation in accordance with the most
favorable plans, policies, programs and practices of the Company and its
affiliated companies as in effect for Executive at any time during the 120-day
period immediately preceding the Effective Date or, if more favorable to
Executive, as in effect generally at any time thereafter with respect to other
peer executives of the Company and its affiliated companies.

         5.       Termination of Employment.

                  (a)      Death or Disability. Executive's employment shall
terminate automatically upon Executive's death during the Employment Period. If
the Company determines in good faith that the Disability of Executive has
occurred during the Employment Period (pursuant to the definition of Disability
set forth below), it may give to Executive written notice in accordance with
Section 13(b) of this Agreement of its intention to terminate Executive's
employment. In such event, Executive's employment with the Company shall
terminate effective on the 30th day after receipt of such notice by Executive
(the "Disability Effective Date"), provided that, within the 30 days after such
receipt, Executive shall not have returned to full-time performance of
Executive's duties.

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For purposes of this Agreement, "Disability" has the same meaning as provided in
the long-term disability plan or policy maintained by the Company or if
applicable, most recently maintained, by the Company or if applicable, an
affiliated company, for Executive, whether or not Executive actually receives
disability benefits under such plan or policy. If no long-term disability plan
or policy was ever maintained on behalf of Executive, "Disability" shall mean
the absence of Executive from Executive's duties with the Company on a full-time
basis for 180 consecutive business days as a result of incapacity due to mental
or physical illness which is determined to be total and permanent by a physician
selected by the Company or its insurers and acceptable to Executive or
Executive's legal representative.

                  (b)      Cause. The Company may terminate Executive's
employment during the Employment Period for Cause. For purposes of this
Agreement, "Cause" shall mean:

                           (i) the willful and continued failure of Executive to
perform substantially Executive's reasonably assigned duties with the Company or
one of its affiliates (other than any such failure resulting from incapacity due
to physical or mental illness or from the assignment to Executive of duties that
would constitute Good Reason under Section 5(c)(i), and specifically excluding
any failure by Executive, after reasonable efforts, to meet performance
expectations), which failure continues for a period of at least 30 days after a
written demand for substantial performance, signed by a duly authorized officer
of the Company, has been delivered to Executive which specifically identifies
the manner in which Executive has failed to substantially performed his duties;
provided, however, that no failure to perform by Executive after a Notice of
Termination is given to the Company by Executive shall constitute Cause for
purposes of this Agreement, or

                           (ii) the willful engaging by Executive in illegal
conduct or gross misconduct which is materially and demonstrably injurious to
the Company.

For purposes of this provision, no act or failure to act, on the part of
Executive, shall be considered "willful" unless it is done, or omitted to be
done, by Executive in bad faith or without reasonable belief that Executive's
action or omission was in the best interests of the Company. Any act, or failure
to act, based upon authority given pursuant to a resolution duly adopted by the
Board or upon the instructions of a superior officer of the Company or based
upon the advice of counsel for the Company shall be conclusively presumed to be
done, or omitted to be done, by Executive in good faith and in the best
interests of the Company. The cessation of employment of Executive shall not be
deemed to be for Cause unless and until there shall have been delivered to
Executive a copy of a resolution duly adopted by the affirmative vote of not
less than three-quarters of the entire membership of the Board at a meeting of
the Board called and held for such purpose (after reasonable notice is provided
to Executive and Executive is given an opportunity, together with counsel, to be
heard before the Board), finding that, in the

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good faith opinion of the Board, Executive is guilty of the conduct described in
subparagraph (i) or (ii) above, and specifying the particulars thereof in
detail.

                  (c)      Good Reason. Executive's employment may be terminated
by Executive for Good Reason. For purposes of this Agreement, "Good Reason"
shall mean:

                           (i) the assignment to Executive of any duties
inconsistent in any respect with Executive's position (including status,
offices, titles and reporting requirements), authority, duties or
responsibilities as contemplated by Section 4(a) of this Agreement, or any other
action by the Company which results in a diminution in such position, authority,
duties or responsibilities, excluding for this purpose an isolated,
insubstantial and inadvertent action not taken in bad faith and which is
remedied by the Company promptly after receipt of notice thereof given by
Executive;

                           (ii) any failure by the Company to comply with any of
the provisions of Section 4(b) of this Agreement, other than an isolated,
insubstantial and inadvertent failure not occurring in bad faith and which is
remedied by the Company promptly after receipt of notice thereof given by
Executive;

                           (iii) the Company's requiring Executive to be based
at any office or location other than as provided in Section 4(a)(i)(B) hereof or
the Company's requiring Executive to travel on Company business to a
substantially greater extent than required immediately prior to the Effective
Date;

                           (iv) any purported termination by the Company of
Executive's employment otherwise than as expressly permitted by this Agreement;

                           (v) any failure by the Company to comply with and
satisfy Section 12(c) of this Agreement;

                           (vi) any other material breach by the Company of any
provision of this Agreement.

         Good Reason shall not include Executive's death or Disability.
Executive's continued employment shall not constitute consent to, or a waiver of
rights with respect to, any circumstance constituting Good Reason hereunder. For
purposes of this Section 5(c), any good faith determination of "Good Reason"
made by Executive shall be conclusive.

                  (d)      Notice of Termination. Any termination by the Company
or Executive shall be communicated by Notice of Termination to the other party
hereto given in accordance with Section 13(b) of this Agreement. For purposes of
this Agreement, a "Notice of Termination" means a written notice which (i)
indicates the specific termination provision in this Agreement relied upon, (ii)
to the extent applicable,

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sets forth in reasonable detail the facts and circumstances claimed to provide a
basis for termination of Executive's employment under the provision so
indicated, and (iii) if the Date of Termination (as defined below) is other than
the date of receipt of such notice, specifies the termination date. If a dispute
exists concerning the provisions of this Agreement that apply to Executive's
termination of employment, the parties shall pursue the resolution of such
dispute with reasonable diligence. Within five (5) days of such a resolution,
any party owing any payments pursuant to the provisions of this Agreement shall
make all such payments together with interest accrued thereon at the rate
provided in Section 1274(b)(2)(B) of the Internal Revenue Code of 1986, as
amended (the "Code"). The failure by Executive or the Company to set forth in
the Notice of Termination any fact or circumstance which contributes to a
showing of Good Reason or Cause shall not waive any right of Executive or the
Company, respectively, hereunder or preclude Executive or the Company,
respectively, from asserting such fact or circumstance in enforcing Executive's
or the Company's rights hereunder.

                  (e)      Date of Termination. "Date of Termination" means (i)
if Executive's employment is terminated other than by reason of death or
Disability, the date of receipt of the Notice of Termination or any later date
specified therein, as the case may be, or (ii) if Executive's employment is
terminated by reason of death or Disability, the Date of Termination shall be
the date of death of Executive or the Disability Effective Date, as the case may
be.

         6.       Obligations of the Company upon Termination.

                  (a)      Termination by Executive for Good Reason; Termination
by the Company Other Than for Cause or Disability. If, during the Employment
Period, the Company shall terminate Executive's employment other than for Cause
or Disability, or Executive shall terminate employment for Good Reason:

                           (i) the Company shall pay to Executive in a lump sum
in cash within 30 days after the Date of Termination the aggregate of the
following amounts:

                                    A.       the sum of (1) Executive's Annual
Base Salary through the Date of Termination to the extent not theretofore paid,
(2) any accrued vacation pay to the extent not theretofore paid, and (3) unless
Executive has elected a different payout date in a prior deferral election, any
compensation previously deferred by Executive (together with any accrued
interest or earnings thereon) to the extent not theretofore paid (the sum of the
amounts described in clauses (1), (2) and (3) shall be hereinafter referred to
as the "Accrued Obligations"); and

                                    B.       the amount equal to the product of
(1) two and (2) the sum of (x) Executive's Annual Base Salary and (y)
Executive's target annual bonus for the year in which the Date of Termination
occurs; and

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                           (ii) for two years after the Date of Termination, or
such longer period as may be provided by the terms of the appropriate plan,
program, practice or policy, the Company shall continue benefits to Executive
and/or Executive's eligible dependents at least equal to those which would have
been provided to them in accordance with the plans, programs, practices and
policies described in Section 4(b)(iii) of this Agreement if Executive's
employment had not been terminated or, if more favorable to Executive, as in
effect generally at any time thereafter with respect to other peer executives of
the Company and its affiliated companies and their families, provided, however,
that if Executive becomes re-employed with another employer and is eligible to
receive medical or other welfare benefits under another employer provided plan,
the Company's obligations under this Section 6(a)(ii) shall cease; and

                           (iii) as of the Date of Termination, all of
Executive's outstanding options to acquire common stock of the Company and other
compensatory awards from the Company in the nature of rights that may be
exercised shall become fully vested and exercisable, and all restrictions on
Executive's outstanding shares of restricted stock of the Company shall lapse;
and

                           (iv) to the extent not theretofore paid or provided,
the Company shall timely pay or provide to Executive any other amounts or
benefits required to be paid or provided or which Executive is eligible to
receive under any plan, program, policy or practice or contract or agreement of
the Company and its affiliated companies (such other amounts and benefits shall
be hereinafter referred to as the "Other Benefits").

                  (b)      Termination by Executive without Good Reason after
One Year. If Executive resigns without Good Reason after the first anniversary
of the Effective Date and before the expiration of the Employment Period:

                           (i) the Company shall pay to Executive in a lump sum
in cash within 30 days after the Date of Termination:

                                    A.       the Accrued Obligations; and

                                    B.       the amount equal to the product of
(1) a fraction, the numerator of which is the number of full months remaining in
the Employment Period from and after the Date of Termination and the denominator
of which is 24, and (2) the sum of Executive's Annual Base Salary and
Executive's target annual bonus for the year in which the Date of Termination
occurs; and

                           (ii) for the remaining term of the Employment Period,
or such longer period as may be provided by the terms of the appropriate plan,
program, practice or policy, the Company shall continue benefits to Executive
and/or Executive's eligible dependents at least equal to those which would have
been provided to them in accordance with the plans, programs, practices and
policies described in Section 4(b)(iii) of this Agreement if Executive's
employment had not been terminated or, if more favorable to

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Executive, as in effect generally at any time thereafter with respect to other
peer executives of the Company and its affiliated companies and their families,
provided, however, that if Executive becomes re-employed with another employer
and is eligible to receive medical or other welfare benefits under another
employer provided plan, the Company's obligations under this Section 6(b)(ii)
shall cease; and

                           (iii) to the extent not theretofore paid or provided,
the Company shall timely pay or provide to Executive any Other Benefits.

                  (c)      Death or Disability. If Executive's employment is
terminated by reason of Executive's death or Disability during the Employment
Period, this Agreement shall terminate without further obligations to Executive
or Executive's estate, beneficiaries or legal representatives under this
Agreement, other than for payment of Accrued Obligations and the timely payment
or provision of Other Benefits. Accrued Obligations shall be paid to Executive
or Executive's estate, beneficiaries or legal representatives, as applicable, in
a lump sum in cash within 30 days of the Date of Termination. The term Other
Benefits as used in this Section 6(c) shall include without limitation, and
Executive or Executive's estate, beneficiaries and/or legal representatives
shall be entitled to receive, benefits under the plans, programs, practices and
policies of the Company or any affiliated company as in effect with respect to
Executive on the Date of Termination.

                  (d)      Resignation without Good Reason within One Year;
Termination for Cause. If Executive resigns without Good Reason prior to the
first anniversary of the Effective Date, this Agreement shall terminate without
further obligations to Executive, other than for Accrued Obligations and the
timely payment or provision of Other Benefits. If Executive's employment is
terminated for Cause during the Employment Period, this Agreement shall
terminate without further obligations to Executive other than the obligation to
pay to Executive (x) his Annual Base Salary through the Date of Termination, (y)
the amount of any compensation previously deferred by Executive, and (z) Other
Benefits, in each case to the extent theretofore unpaid. In either such case,
all Accrued Obligations shall be paid to Executive in a lump sum in cash within
30 days of the Date of Termination.

                  (e)      Expiration of Employment Period. If Executive's
employment shall be terminated due to the normal expiration of the Employment
Period, this Agreement shall terminate without further obligations to Executive,
other than for payment of Accrued Obligations and the timely payment or
provision of Other Benefits.

         7.       Non-exclusivity of Rights. Nothing in this Agreement shall
prevent or limit Executive's continuing or future participation in any plan,
program, policy or practice provided by the Company or any of its affiliated
companies and for which Executive may qualify, nor, subject to Section 13(f),
shall anything herein limit or otherwise affect such rights as Executive may
have under any contract or agreement with the Company or any of its affiliated
companies. Amounts which are vested benefits or

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which Executive is otherwise entitled to receive under any plan, policy,
practice or program of or any contract or agreement with the Company or any of
its affiliated companies at or subsequent to the Date of Termination shall be
payable in accordance with such plan, policy, practice or program or contract or
agreement except as explicitly modified by this Agreement.

         8.       Full Settlement; No Mitigation. The Company's obligation to
make the payments provided for in this Agreement and otherwise to perform its
obligations hereunder shall not be affected by any set-off, counterclaim,
recoupment, defense or other claim, right or action which the Company may have
against Executive or others. In no event shall Executive be obligated to seek
other employment or take any other action by way of mitigation of the amounts
payable to Executive under any of the provisions of this Agreement and, except
as provided in Section 6(a)(ii) and 6(b)(ii), such amounts shall not be reduced
whether or not Executive obtains other employment.

         9.       Costs of Enforcement. Each party hereto shall pay its own
legal fees and expenses incurred as a result of any contest (regardless of the
outcome thereof) by the Company, Executive or others of the validity or
enforceability of, or liability under, any provision of this Agreement or any
guarantee of performance thereof (including as a result of any contest by
Executive about the amount of any payment pursuant to this Agreement).

         10.      Mandatory Reduction of Payments in Certain Events.

                  (a)      Anything in this Agreement to the contrary
notwithstanding, in the event it shall be determined that any payment or
distribution by the Company to or for the benefit of Executive (whether paid or
payable or distributed or distributable pursuant to the terms of this Agreement
or otherwise) (a "Payment") would be subject to the excise tax imposed by
Section 4999 of the Code (the "Excise Tax"), then, prior to the making of any
Payment to Executive, a calculation shall be made comparing (i) the net
after-tax benefit to Executive of the Payment after payment of the Excise Tax,
to (ii) the net after-tax benefit to Executive if the Payment had been limited
to the extent necessary to avoid being subject to the Excise Tax. If the amount
calculated under (i) above is less than the amount calculated under (ii) above,
then the Payment shall be limited to the extent necessary to avoid being subject
to the Excise Tax (the "Reduced Amount"). In that event, Executive shall direct
which Payments are to be modified or reduced.

                  (b)      The determination of whether an Excise Tax would be
imposed, the amount of such Excise Tax, and the calculation of the amounts
referred to Section 10(a)(i) and (ii) above shall be made by the Company's
regular independent accounting firm at the expense of the Company or, at the
election and expense of Executive, another nationally recognized independent
accounting firm (the "Accounting Firm") which shall provide detailed supporting
calculations. Any determination by the Accounting Firm shall be binding upon the
Company and Executive. As a result of the uncertainty in the application of
Section 4999 of the Code at the time of the initial

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determination by the Accounting Firm hereunder, it is possible that Payments
which Executive was entitled to, but did not receive pursuant to Section 10(a),
could have been made without the imposition of the Excise Tax ("Underpayment").
In such event, the Accounting Firm shall determine the amount of the
Underpayment that has occurred and any such Underpayment shall be promptly paid
by the Company to or for the benefit of Executive.

                  (c)      In the event that the provisions of Code Section 280G
and 4999 or any successor provisions are repealed without succession, this
Section 10 shall be of no further force or effect.

         11.      Confidential Information. Executive shall hold in a fiduciary
capacity for the benefit of the Company all secret or confidential information,
knowledge or data relating to the Company or any of its affiliated companies,
and their respective businesses, which shall have been obtained by Executive
during Executive's employment by the Company or any of its affiliated companies
and which shall not be or become public knowledge (other than by acts by
Executive or representatives of Executive in violation of this Agreement). After
termination of Executive's employment with the Company, Executive shall not,
without the prior written consent of the Company or as may otherwise be required
by law or legal process, communicate or divulge any such information, knowledge
or data to anyone other than the Company and those designated by it. In no event
shall an asserted violation of the provisions of this Section 11 constitute a
basis for deferring or withholding any amounts otherwise payable to Executive
under this Agreement.

         12.      Successors.

                  (a)      This Agreement is personal to Executive and without
the prior written consent of the Company shall not be assignable by Executive
otherwise than by will or the laws of descent and distribution. This Agreement
shall inure to the benefit of and be enforceable by Executive's legal
representatives.

                  (b)      This Agreement shall inure to the benefit of and be
binding upon the Company and its successors and assigns.

                  (c)      The Company will require any successor (whether
direct or indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the business and/or assets of the Company to assume
expressly and agree to perform this Agreement in the same manner and to the same
extent that the Company would be required to perform it if no such succession
had taken place. As used in this Agreement, "Company" shall mean the Company as
hereinbefore defined and any successor to its business and/or assets as
aforesaid which assumes and agrees to perform this Agreement by operation of
law, or otherwise.

         13.      Miscellaneous.

                                                                         R - 164

<PAGE>

                  (a)      This Agreement shall be governed by and construed in
accordance with the laws of the State of Delaware, without reference to
principles of conflict of laws. The captions of this Agreement are not part of
the provisions hereof and shall have no force or effect. This Agreement may not
be amended or modified otherwise than-by a written agreement executed by the
parties hereto or their respective successors and legal representatives.

                  (b)      All notices and other communications hereunder shall
be in writing and shall be given by hand delivery to the other party or by
registered or certified mail, return receipt requested, postage prepaid,
addressed as follows:

                  If to Executive:       Cliffreda Gilreath
                                         __________________
                                         __________________

                  If to the Company:     CTI Molecular Imaging, Inc.
                                         810 Innovation Drive
                                         Knoxville, Tennessee 37932
                                         Attention: President

or to such other address as either party shall have furnished to the other in
writing in accordance herewith. Notice and communications shall be effective
when actually received by the addressee.

                  (c)      The invalidity or unenforceability of any provision
of this Agreement shall not affect the validity or enforceability of any other
provision of this Agreement.

                  (d)      The Company may withhold from any amounts payable
under this Agreement such Federal, state, local or foreign taxes as shall be
required to be withheld pursuant to any applicable law or regulation.

                  (e)      Executive's or the Company's failure to insist upon
strict compliance with any provision of this Agreement or the failure to assert
any right Executive or the Company may have hereunder, including, without
limitation, the right of Executive to terminate employment for Good Reason,
shall not be deemed to be a waiver of such provision or right or any other
provision or right of this Agreement.

                  (f)      Executive and the Company acknowledge that, except as
may otherwise be provided under any other written agreement between Executive
and the Company, the employment of Executive by the Company is "at will" and,
subject to Section 1(a) hereof, Executive's employment and/or this Agreement may
be terminated by either Executive or the Company at any time prior to the
Effective Date, in which case Executive shall have no further rights under this
Agreement. From and after the

                                                                         R - 165

<PAGE>

Effective Date this Agreement shall supersede any other agreement between the
parties with respect to the subject matter hereof.

         IN WITNESS WHEREOF, Executive has hereunto set Executive's hand and,
pursuant to the authorization from its Board of Directors, the Company has
caused these presents to be executed in its name on its behalf, all as of the
day and year first above written.

                                                      /s/ Cliffreda W. Gilreath
                                                     --------------------------
                                                     Cliffreda W. Gilreath

                                                     CTI MOLECULAR IMAGING, INC.

                                                 By: /s/ Ronald Nutt
                                                     -----------------
                                                     Ronald Nutt, Ph.D.
                                                     President and CEO

                                                                         R - 166<PAGE>

                                                                   EXHIBIT 10.47

                                SUPPLY AGREEMENT

         THIS SUPPLY AGREEMENT (this "Agreement") is made as of the 1st day of
August, 2003 by and among *, a corporation organized under the laws of *, *, a
Delaware corporation (collectively, "Seller") and CTI MOLECULAR IMAGING, INC.,
formerly known as CTI, INC., a Delaware corporation (the "Buyer").

                                    RECITALS

         WHEREAS, * and * are successors in interest to * and *, respectively;

          WHEREAS, Seller is a producer of Lutetium Oxide 99.99% (the "Virgin
Product") which is refined from Lu203 concentrate or from scrap Lutetium Oxide
produced in connection with Buyer's manufacturing operations (the "Recycled
Product" or, together with the "Virgin Product," "the Product(s)");

         WHEREAS, Seller and Buyer desire to enter into this Agreement to
provide for the sale and purchase of the Products on the terms and conditions
set forth herein;

         WHEREAS, Buyer and Seller have entered into that certain Contract,
dated March 17, 2000, and, upon the effective date of this Agreement, desire
that this Agreement supersede in its entirety such existing agreement for all
purchases of concentrates by Seller and sale of Products to Buyer; and

         WHEREAS, unless otherwise expressly stated, all concentrate quantities
are expressed as 99.99% Lutetium Oxide contained.

         NOW THEREFORE, Buyer agrees to purchase from Seller, and Seller agrees
to sell to Buyer, Virgin Product and Recycled Product and Buyer agrees to supply
to Seller, and Seller agrees to accept, Scrap Product (as defined herein) under
and subject to following terms and conditions:

         Section 1. Term. The initial term of this Agreement shall be ten (10)
years beginning on August 1, 2003 (the "Effective Date") and ending on July 31,
2013 (the "Initial Term"). Thereafter, this Agreement will automatically renew
for additional successive terms of two (2) years each (the "Renewal Term(s)"),
unless and until terminated as of the end of the Initial Term or any Renewal
Term by either party by written notice given at least six (6) months prior to
the end of the then current term.

         Section 2. Specifications of the Product. The Virgin Product and the
Recycled Product shall have the specifications set forth in Exhibit A attached
hereto.

         Section 3. Supply and Recycling of Scrap Product. Buyer will provide to
Seller, at no charge to Seller, CIP (Incoterms 2000) Seller's facilities in *,
all scrap Lutetium Oxide produced by Buyer in connection with the processing of
the Product purchased from Seller during the Term (the "Scrap Product") that it
desires to have recycled by Seller and sale to Buyer. The Scrap Product shall
have the specifications set forth in Exhibit B attached hereto. Seller will
provide Buyer with a 90% yield on total Lutetium Oxide content from the
silica-based (non-slurry) Scrap Product.

         Section 4. Quantity. Seller will provide and Buyer will purchase 100%
of Buyer's requirements for Virgin Product in accordance with the terms set
forth on Exhibit C attached hereto, up to the metric tonnage per year set forth
in Exhibit C attached hereto. The parties further agree that Buyer's obligation
to purchase its requirements from Seller applies to Buyer, its affiliates and
any joint venture,

         * Omitted information is the subject of a request for confidential
treatment pursuant to Rule 24b-2 under the Securities Exchange Act of 1934 and
has been filed separately with the Securities and Exchange Commission.

                                       1

<PAGE>

partnership, corporation or any other person or entity in which the Buyer or its
affiliates have a direct or indirect ownership or contractual interest.

         Section 5. Pricing. Pricing of Virgin Product and Recycled Product will
be in accordance with Exhibit D attached hereto.

         Section 6. Purchase Order. Buyer will provide Seller, no later than
November 1 of each calendar year, with an estimate of its requirements for
Products in the next succeeding calendar year through a purchase order
reflecting such estimated Product requirements (the "Annual P.O."). For the
first calendar year of the Initial Term, Buyer will provide Seller with an
Annual P.O. on or before October 15, 2003. In addition, each calendar quarter
(commencing with the calendar quarter ending December 31, 2003), Buyer will
provide Seller with Buyer's updated firm purchase order and delivery schedule
for Products during the forthcoming three-month period (the "Firm Quarterly
P.O."). Buyer may increase or decrease the Firm Quarterly P.O. by ten percent
(10%) without Seller's written consent. Unless otherwise specified in the Firm
Quarterly P.O., deliveries shall be made in approximately equal monthly
quantities. If Buyer forecasts that the Firm Quarterly P.O. will increase or
decrease by more than ten percent (10%) of the quantity scheduled for delivery,
Buyer will give Seller no less than thirty (30) days written notice of such
increase or decrease, so that Seller may consent to this change in writing.
Seller will rely on the Annual P.O. and the applicable Firm Quarterly P.O. to
maintain the inventory of Products to be supplied to Buyer in accordance with
the Firm Quarterly P.O. If Buyer requires Products on an expedited basis or not
in accordance with the applicable Firm Quarterly P.O. and Seller's actual costs
to meet Buyer's request are increased, Buyer shall reimburse Seller for such
increased costs actually incurred.

         Section 7. Delivery. Deliveries will be made in accordance with the
Firm Quarterly P.O. EXW Seller's Bristol, PA warehouse for ocean shipments
(Incoterms 2000), then FOB Buyer's facility in Knoxville, Tennessee for inland
U.S. freight movements; or EXW * for air shipments requested by Buyer (Incoterms
2000).

         Section 8. Terms. Payment terms shall be net forty-five (45) days from
date of Seller's invoice payable by wire transfer to a U.S. account designated
by Seller. Interest on all undisputed sums past due from Buyer hereunder shall
accrue and be payable by Buyer at the lesser of the maximum lawful rate or the
prime interest rate quoted by Citibank, N.A., New York, New York, plus 1%.

         Section 9. Exclusivity Obligation. (a) It is understood between the
parties that (i) Seller has worked with Buyer over the past eight years in the
supply of the Product to assist Buyer in the development of Buyer's new
proprietary positron emission tomography medical scanning equipment (the "PET
Scanner"), (ii) Buyer has made a significant capital investment in its crystal
growth operations for the production of scintillators using the Product and
recently commenced commercial production of the PET Scanner, (iii) Buyer desires
to be assured of a guaranteed source of supply of the Product which constitutes
a key raw material needed in the continued full scale production of the PET
Scanner, and (iv) Seller has made a significant capital investment to increase
its production capacity of Virgin Product to meet Buyer's anticipated demand
under this Agreement, and further, in reliance on sales of Recycled Product
under this Agreement, has made an additional capital investment to purchase and
install a new production unit to recycle Scrap Product into Recycled Product for
supply to Buyer. Furthermore, Seller understands, based on Buyer's
representation set forth below in section 12(b), that there are currently no
other manufacturers of medical imaging equipment for human studies engaged in
the commercial production of lutetium oxide-based scintillation crystals. For
the foregoing reasons, and subject to Section 4 and Exhibit C on quantities,
Seller agrees that, during the Initial Term of this Agreement, Seller will not,
directly or indirectly, make commercial sales to any third party other than
Buyer of Virgin Product, Recycled Product, lutetium concentrates or lutetium
based products regardless of form or enrichment levels (the

         * Omitted information is the subject of a request for confidential
treatment pursuant to Rule 24b-2 under the Securities Exchange Act of 1934 and
has been filed separately with the Securities and Exchange Commission.

                                       2

<PAGE>
"Exclusivity Obligation"). Notwithstanding the foregoing, in the event Buyer's
purchases of Virgin Product from the effective date of the Agreement through the
Initial Term total less than * (*) metric tons of Virgin Product per contract
year or * (*) metric tons of Virgin Product in the aggregate over any three
contract years ("Minimum Purchases"), then Seller shall provide written notice
to Buyer of such shortfall and Seller's intention to terminate the Exclusivity
Obligation if the Minimum Purchases are not met. Buyer shall have 60 days to
tender a firm commitment purchase order for the purchase of such shortfall to
satisfy the Minimum Purchase requirements. If Buyer fails to tender such
purchase order and has not otherwise met the Minimum Purchase requirements, then
Seller will have the right, in its sole discretion, to unilaterally terminate
its Exclusivity Obligation immediately upon Buyer's receipt of notice of
Seller's election to do so. Minimum Purchases referred to above will include the
quantities of Virgin Product requested by Buyer that could not be supplied by
Seller. For the purpose of calculating aggregate Minimum Purchases over any
three contract years, Minimum Purchases referred to above will include
quantities covered by any firm purchase order issued by Buyer and received by
Seller before the end of any relevant third contract year of the Initial Term
for deliveries to Buyer within 180 days after the date of the purchase order. In
any event, Seller may terminate the Exclusivity Obligation at the end of the
Initial Term by providing written notice to Buyer not less than 365 days prior
to the expiration of the Initial Term. In the event Seller does not exercise its
right to terminate the Exclusivity Obligation at the end of the Initial Term or
any Renewal Term, the Exclusivity Obligation shall continue during the
subsequent Renewal Term. The parties agree that if Seller terminates its
Exclusivity Obligation to Buyer for any reason, Buyer shall have a right to
terminate this Agreement (subject to the provisions of sections 13(b) and (d))
and enter into a supply relationship for the Products with any other party. The
parties further agree that the Exclusivity Obligation applies to Seller, its
affiliates and any joint venture, partnership, corporation or any other person
or entity in which the Seller or its affiliates have a direct or indirect
ownership or contractual interest without the prior written consent of Buyer. In
the event the Exclusivity Obligations are terminated for any reason, Seller
agrees that it shall not sell any Virgin Product, Recycled Product or lutetium
concentrates to any other party at a price less than the highest price paid by
Buyer under this Agreement during the three month period preceding the sale
without first offering such material to Buyer in writing at such lower price and
giving the Buyer 30 days to exercise such purchase right.

         (b) Notwithstanding subpart (a) above, Seller has the right to sell not
more than an aggregate amount of * kg of Virgin Product or lutetium concentrates
per contract year solely for research and development purposes in all fields of
use. In the event Seller receives an unsolicited request to sell in excess of
such * kg annual limit, Seller shall promptly notify Buyer of such request in
writing and shall state the amount of Virgin Product or lutetium concentrates
Seller desires to sell pursuant to such request. Buyer shall consider such
request in light of its production needs and shall discuss with Seller the
anticipated affect, if any, a denial of such request could have on the price or
availability of lutetium concentrate in the market. After consideration of such
request, Buyer shall have the right, in its discretion, to consent to such sale
or enforce the annual limit set forth in this subpart (b) and refuse to permit
such sale. Seller agrees that it shall not sell any Virgin Product or lutetium
concentrates pursuant to this subpart (b) at a price that is less than the
highest price paid by Buyer during the three month period immediately preceding
the sale.

         Section 10. Emergency Inventory. (a) Within fifteen (15) days following
the end of each calendar quarter, Seller will notify Buyer in writing of the
quantity of lutetium concentrates purchased by Seller on the market during such
quarter that is expected to exceed Buyer's supply needs as set forth in the Firm
Quarterly P.O. and the weighted average concentrate cost per kilogram for all
concentrate purchases during that quarter. For the first contract year, Seller
shall begin purchasing the equivalent of * metric tons of lutetium concentrates
for inclusion in the Emergency Inventory (as defined below) and the parties
agree that the target level for the Emergency Inventory after the second
contract year is a total of * metric tons. Within thirty (30) days of the
receipt of such notice, Buyer shall have the right to purchase from Seller

         * Omitted information is the subject of a request for confidential
treatment pursuant to Rule 24b-2 under the Securities Exchange Act of 1934 and
has been filed separately with the Securities and Exchange Commission.

                                       3
<PAGE>

such excess quantity at the weighted average concentrate cost paid by Seller
through delivery of a purchase order related thereto. Payment terms for such
lutetium concentrates shall be net fifteen (15) days from the date of Buyer's
purchase order to Seller. Interest on all undisputed sums past due from Buyer
hereunder shall accrue and be payable by Buyer at the lesser of the maximum
lawful rate or the prime interest rate quoted by Citibank, N.A., New York, New
York, plus 1%. Seller agrees that any such excess quantity so purchased by Buyer
shall be delivered to and stored at Seller's facility in * at no additional cost
to Buyer as emergency inventory to be owned by Buyer and to be used only at the
written direction of Buyer (the "Emergency Inventory"). Seller further agrees
that such Emergency Inventory shall be prominently identified as the property of
the Buyer and shall be segregated from all other materials owned by Seller or
any other party. Seller shall provide to Buyer quarterly inventory reports
identifying the quantity of concentrate then included in the Emergency
Inventory. Buyer, or its representatives, shall have the right, upon not less
than 48 hours prior notice to Seller, to inspect and audit such Emergency
Inventory during normal business hours. Seller acknowledges that an annual audit
of the Emergency Inventory may be necessary in connection with the preparation
of Buyer's consolidated financial statements. Buyer shall be responsible for
insuring such Emergency Inventory and for the prompt payment of any ad velorum
or other similar taxes incurred or imposed with respect to the Emergency
Inventory. The price to be paid by Buyer in connection with the processing of
the Emergency Inventory into Virgin Product for supply to Buyer is set forth on
Exhibit D.

         (b) Buyer anticipates that it will periodically need to instruct Seller
to use a portion of the Emergency Inventory to meet its supply production
requirements. In such event, the parties agree that the price to be paid by
Buyer for the Virgin Product extracted from the Emergency Inventory shall equal
the difference between (i) the concentrate cost per kg previously paid by Buyer
for the Emergency Inventory being used, and (ii) the price of Virgin Product
determined in accordance with Exhibit D attached hereto. All concentrates
included in the Emergency Inventory shall be deemed to be used on a first in,
first out basis for purposes of establishing the weighted average concentrate
cost necessary to determine the price of Virgin Product to be paid to Seller.
For the avoidance of doubt, the parties agree that the total amount to be paid
to Seller for any Virgin Product extracted from the Emergency Inventory is equal
to the amount that Buyer would have paid for such Virgin Product in accordance
with Exhibit D had no Emergency Inventory been established.

         Section 11. Confidentiality. Buyer and Seller also agree that any
technical and business information disclosed by either party to the other party
in the course of the relationship between them created by this Agreement shall
be deemed "Confidential Information."

         (a) The amount of Confidential Information disclosed shall be solely
within the discretion of the disclosing party ("Discloser"). Confidential
Information shall only be subject to the terms of this Agreement if it is
either: (a) disclosed in writing and marked "Confidential"; or (b) if not
disclosed in writing, then identified as confidential when first disclosed and
summarized in a writing that is marked "Confidential" and delivered to the
receiving party ("Recipient") within thirty (30) days of such first disclosure.

         (b) Recipient shall, during the term of this Agreement and for three
(3) years following termination of this Agreement: (i) hold the Confidential
Information received hereunder in confidence using the same care and caution
that Recipient affords its own confidential information, but not less than a
reasonable degree of care; and (ii) use such Confidential Information only to
the extent necessary to discharge Recipient's duties or obligations under this
Agreement; and (iii) restrict disclosure of Confidential Information to only
those individuals that need to know the Confidential Information and who have
obligations to Recipient of confidentiality, limited use and non-disclosure that
cover the Confidential Information and are at least as restrictive as those of
this Agreement.

         * Omitted information is the subject of a request for confidential
treatment pursuant to Rule 24b-2 under the Securities Exchange Act of 1934 and
has been filed separately with the Securities and Exchange Commission.

                                       4
<PAGE>

         (c) The obligations set forth in paragraph (b) above shall not apply to
any Confidential Information that: (i) is in the possession of Recipient at the
time of disclosure by Discloser; or (ii) is or later becomes publicly known
through no wrongful act of Recipient; or (iii) is independently discovered by
Recipient; or (iv) is provided to Recipient free of restriction on disclosure by
a third party having the right to so provide such Confidential Information; or
(e) is required to be disclosed by operation of law, including without
limitation as required by the Securities Act of 1933, as amended, and the
Securities Exchange Act of 1934, as amended, and the rules promulgated
thereunder, provided that any party subject to compelled disclosure of the terms
set forth herein will furnish only that portion of the information that is
legally required to be disclosed and will exercise reasonable efforts to ensure
that confidential treatment is accorded such information. In addition, any
combination of features shall not be deemed to be within any of the above
exceptions merely because the features are individually within such exception,
but only if the combination itself and its principle of operation are within
such exception.

         (d) Recipient shall return to Discloser, upon request, any and all
written documents comprising Discloser's Confidential Information, except that
Recipient's legal counsel may retain one copy of such documents for record
keeping purposes only.

         (e) Except as otherwise specifically provided in this Agreement,
nothing in this Agreement shall be construed as granting to either party any
rights or license under any Confidential Information of the other party.

         Section 12. Representations and Warranties.

         (a) Seller's Representations and Warranties. Seller hereby represents
and warrants that it is solvent; that it has capital sufficient to carry on the
business in which it is engaged; and that it has the overall financial
wherewithal to fulfill its duties and obligations under this Agreement. Seller
further agrees to provide prompt written notice to Buyer in the event of any
material change in such representations and warranties or in the event that
Seller, whether individually or collectively and whether voluntarily or
involuntarily, commences or has commenced against it any action, suit or
proceeding seeking receivership, liquidation, dissolution or bankruptcy of
Seller, the appointment of a receiver, trustee, liquidator or similar official,
any assignment for the benefit of creditors of Seller or foreclosure on at least
a majority of Seller's properties and assets, or the initiation of comparable
proceedings.

         (b) Buyer's Representations and Warranties. Buyer hereby represents and
warrants that (i) it has been granted an exclusive license by * under * U.S.
Patent * covering certain lutetium oxide scintillating crystals for use in the
manufacture of medical imaging equipment, (ii) it will maintain such exclusive
license until the expiration date of such patent in *, and (iii) to Buyer's
knowledge, there are currently no other manufacturers of medical imaging
equipment for human studies engaged in the commercial production of lutetium
oxide based scintillation crystals. Buyer will notify Seller immediately if such
exclusive license is terminated.

         Section 13. Termination. (a) Either party shall have a right to
terminate this Agreement prior to the expiration of the Initial Term or any
Renewal Term in the event the other party is in material breach of its
obligation hereunder and such breach is not cured within 30 days of the receipt
of written notice thereof. Notwithstanding any other term or condition set forth
herein, this Agreement may also be terminated upon the occurrence of an Event of
Default. Each of the following shall constitute "Events of Default" hereunder:

         * Omitted information is the subject of a request for confidential
treatment pursuant to Rule 24b-2 under the Securities Exchange Act of 1934 and
has been filed separately with the Securities and Exchange Commission.

                                       5
<PAGE>

                           (i) Seller's failure to provide notice to Buyer of
any of the events specified in Section 12 (a) above after the initiation or
commencement of any such events;

                           (ii) Seller's transfer of or agreement to transfer
substantially all of its business or assets, without Buyer's consent in
accordance with Section 19 below;

                           (iii) the calling of a meeting of creditors, an
appointment of a committee of creditors or liquidating agents, or an offering of
a composition or extension to creditors by, for or of Seller, or comparable
events; or

                           (iv) Buyer's breach of its representations and
warranties set forth in Section 12 (b), above.

         Upon the occurrence of an Event of Default by Seller, Buyer may, in its
sole discretion, elect to terminate the Agreement by written notice to the
Seller. Upon the occurrence of an Event of Default by Buyer, Seller may, in its
sole discretion, elect to terminate its exclusivity obligations, by written
notice to Buyer if such breach or default is not cured within 30 days of the
receipt of written notice thereof.

                  (b) The termination of this Agreement shall not affect or
impair the rights and obligations of either party under any Product purchase
order placed prior to such termination, nor relieve either party of any
obligation or liability accrued hereunder or under any such purchase order prior
to such termination, not affect or impair the rights of either party arising
under this Agreement prior to such termination, except as expressly provided in
this Agreement.

                  (c) Any termination of this Agreement due to an Event of
Default shall be without prejudice to any remedy of the non-defaulting party for
the recovery of any moneys then due to it under this Agreement or in respect to
any antecedent breach of this Agreement, and without prejudice to any other
right of the non-defaulting party, including, without limitation, damages for
breach to the extent they may be recoverable.

                  (d) The rights and obligations set forth in Section 11 above
shall survive termination of this Agreement for the time period set forth in
part 11 (b) of Section 11 above.

         Section 14.       Resolution of Disputes.

                  (a) Negotiation by Senior Executives.

                           (i) The parties shall attempt in good faith to
         resolve any dispute arising out of or relating to this Agreement
         promptly by negotiation between senior executives who have authority to
         settle the controversy and who are at a higher level of management than
         the persons with direct responsibility for administration of this
         Agreement. Any party may give the other party written notice of any
         dispute not resolved in the ordinary course of business. Within fifteen
         (15) days after delivery of the notice the party receiving the notice
         shall submit to the other a written response.

                           (ii) The notice and the response shall include: (i) a
         statement of each party's position regarding the matter in dispute and
         a summary of arguments in support thereof, and (ii) the name and title
         of the executive who will represent that party and any other person who
         will accompany that executive. Within thirty (30) days after delivery
         of the notice, the designated

                                       6
<PAGE>

         executives shall meet at a mutually acceptable time and place, and
         thereafter as often as they reasonably deem necessary, to attempt to
         resolve the dispute. All reasonable requests far information made by
         one party to the other shall be honored in a timely fashion.

                  (b) Mediation. If the dispute has not been resolved within
         sixty (60) days after delivery of the notice referred to above, the
         dispute shall be submitted to non-binding mediation in accordance with
         the Rules of the Center for Public Resources Institute for Dispute
         Resolution. The parties shall mediate in good faith in an effort to
         resolve the dispute. The place of mediation will be Washington, D.C.,
         or such other location agreed to by the parties. Mediation costs shall
         be shared equally by the parties. If the dispute is not resolved by the
         mediation process within sixty (60) days after commencement, either
         party may initiate arbitration as set forth, below.

                  (c) Arbitration.

                           (i) Any dispute, controversy or claim arising out of
         or relating to this Agreement or the performance by the parties of its
         terms which has not been resolved by non-binding mediation as set forth
         above within ninety (90) days shall be finally settled by binding
         arbitration held in the Washington, D.C. in accordance with the
         Commercial Rules of the American Arbitration Association then in
         effect, except as specifically otherwise provided in this Section
         14(c).

                           (ii) The arbitration shall be held before one neutral
         arbitrator. Such arbitrator shall be mutually agreed upon by Seller and
         Buyer and shall be a retired U.S. federal judge (the "Arbitrator"). If
         the parties are unable to agree after 15 days, Buyer shall prepare a
         list of (5) retired U.S. federal judges and Seller shall select one
         such judge to be the arbitrator.

                           (iii) The Arbitrator shall allow such discovery as
         the Arbitrator determines appropriate under the circumstances and shall
         resolve the dispute as expeditiously as practicable, and if reasonably
         practicable, within 120 days after the selection of the arbitrator. The
         arbitrator shall give the parties written notice of the decision, with
         the reasons therefor set out, and shall have 30 days thereafter to
         reconsider and modify such decision if a party so requests within 10
         days after the decision. Thereafter, the decision of the Arbitrator
         shall be final, binding, and non-appealable with respect to all
         persons, including (without limitation) persons who have failed or
         refused to participate in the arbitration process. The parties waive
         any right to appeal the Arbitrator's decision or award, to the extent
         an appeal may be lawfully waived. The arbitration proceedings,
         submissions and award shall be in English.

                           (iv) The Arbitrator shall have authority to award
         relief under legal or equitable principles, including interim or
         preliminary relief, and to allocate responsibility for the costs of the
         arbitration and to award recovery of attorneys' fees and expenses in
         such manner as is determined to be appropriate by the Arbitrator.

                           (v) The parties consent to the jurisdiction of any
         U.S. state or Federal court or any French court of competent subject
         matter jurisdiction for all purposes in connection with arbitration,
         including: (a) enforcement of the arbitration award; and (b) issuance
         of provisional remedies to protect rights, interests, assets or
         property, including but not limited to temporary or preliminary
         injunctive relief, to ensure ultimate satisfaction of the arbitration
         award. The parties may, without inconsistency with this agreement to
         arbitrate, seek from any court having jurisdiction any interim measures
         or provisional remedies pending the establishment of the arbitration
         and until the Arbitrator's final award has been satisfied.

                                       7
<PAGE>

                           (vi) All proceedings under this Section 14(c), and
         all evidence given or discovered pursuant hereto, shall be maintained
         in confidence by all parties.

                           (vii) The fact that the dispute resolution procedures
         specified in this Section 14(c) shall have been or may be invoked shall
         not excuse a party from performing its obligations under this Agreement
         and during the pendency of any such procedure all parties shall
         continue to perform their respective obligations in good faith, subject
         to any rights to terminate this Agreement that may be available to a
         party.

                           (viii) All applicable statutes of limitation shall be
         tolled while the procedures specified in this Section 14(c) are
         pending. The parties will take such action, if any, required to
         effectuate such tolling.

         Section 15. Severability. Any provision of this Agreement which is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability and shall
be severed from the balance of this Agreement, all without invalidating the
remaining provisions hereof or affecting the validity or enforceability of such
provision in any other jurisdiction.

         Section 16. Warranties, Limits on Liability.

                  (a) Determination of the suitability of Product supplied
hereunder for the uses and applications contemplated by Buyer and others shall
be the sole responsibility of Buyer. All warranties by Seller pertaining to the
Product are expressed in this paragraph. Seller warrants that the Product
delivered hereunder meets Seller's standard quality on the date of production,
or such other specifications attached hereto. Seller MAKES NO OTHER EXPRESS
WARRANTIES; THERE ARE NO IMPLIED WARRANTIES INCLUDING WITHOUT LIMITATION
MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. Buyer ASSUMES ALL RISK AND
LIABILITY FOR ALL LOSS, DAMAGE OR INJURY TO PERSON OR PROPERTY, INCLUDING
WITHOUT LIMITATION POLLUTION, ENVIRONMENTAL DAMAGE AND RESTORATION LIABILITY,
RESULTING FROM (I) THE USE OF SAID PRODUCT IN MANUFACTURING PROCESSES OR IN
COMBINATION WITH OTHER SUBSTANCES, OR OTHERWISE (II) THE HANDLING AND DISPOSAL
OF THE PRODUCT.

         No claim of any kind, whether as to Product delivered or for
non-delivery of Product, and whether arising in tort, contract or otherwise
shall be greater in amount than the purchase price of the Product in respect of
which such damages are claimed. IN NO EVENT SHALL SELLER BE LIABLE FOR SPECIAL,
INDIRECT OR CONSEQUENTIAL DAMAGES OF ANY KIND INCLUDING WITHOUT LIMITATION
BUYER'S MANUFACTURING COSTS, LOST PROFITS OR GOOD WILL, REGARDLESS OF THE FORM
OR BASIS OF ANY ACTION.

         Section 17. Force Majeure. Neither party shall be liable for its
failure to perform hereunder if said performance is made impracticable due to
any act of God, act of terrorism, fire, flood, war, sabotage, accident, labor
disputes, involuntary compliance with any law, order, rule or regulation of
government agency or authority, or other similar event that is beyond the
reasonable control of the party affected. The affected party may omit purchases
or deliveries during the period of continuance of such circumstances and the
Agreement; however, the other party may meet its supply needs from any other
source for so long as the inability to perform continues. If the Force Majeure
event continues for a period of 180 days, the unaffected party shall have a
right to terminate this agreement upon written notice to the affected party.

                                       8
<PAGE>

         Section 18. Entire Agreement. This Agreement constitutes the entire
agreement between the parties concerning the subject matter hereof and there are
no understandings, representations or warranties of any kind, express or
implied, not expressly set forth herein. Exhibit A, Exhibit B, Exhibit C and
Exhibit D attached hereto are hereby agreed to and made a part of and
incorporated in this Agreement. No modification of this Agreement or the
attached Exhibits shall be of any force or effect unless such modification is in
writing and signed by the party to be bound thereby; and no modification shall
be effected by the acknowledgment or acceptance of purchase order forms
containing terms or conditions at variance with those set forth herein.

         Section 19. Assignment. Except as set forth in this Section 19, neither
party shall assign any rights or delegate any duties under this Agreement
without the express written consent of the other. Either party may, with the
consent of the other party which consent shall not be unreasonably withheld,
assign its rights and delegate its duties hereunder to any parent, any
subsidiary corporation a majority of the stock of which is owned by the
assigning party or any partnership or other entity wherein the assigning party
maintains controlling interest, provided such assignee agrees to be bound by the
terms of this Agreement. Either party may, without the consent of the other
party, assign this Agreement to the purchaser of all or substantially all of the
assets or stock of the assigning party or its business, or in connection with
any merger, consolidation, reorganization or other change of control, provided
such assignee agrees to be bound by the terms of this Agreement. No assignment
of this Agreement shall release the assigning party of its obligations under
this Agreement except to the extent that the other party to this Agreement shall
otherwise agree in its sole discretion.

         Section 20. Waiver. Either party's waiver of any breach, or failure to
enforce any of the terms and conditions of this Agreement, at any time, shall
not in any way affect, limit or waive such party's right thereafter to enforce
and compel strict compliance with every term and condition hereof.

         Section 21. Governing Law. The Buyer and Seller agree that this
Agreement shall be deemed to have been made and executed in the State of New
York and that any dispute arising under this Agreement shall be resolved in
accordance with the laws of the State of New York excluding any choice of law
principles thereof. The parties disclaim the applicability of the United Nations
Convention for the International Sale of Goods.

         Section 22. Notice. All notices or other written communications
hereunder shall be deemed to have been properly given (i) upon delivery, if
delivered in person or by facsimile transmission with receipt acknowledged, (ii)
one business day after having been deposited for overnight delivery with any
reputable overnight courier service, or (iii) three business days after having
been deposited in any post office or mail depository regularly maintained by the
U.S. Postal Service and sent by registered or certified mail, postage prepaid,
addressed as follows:

      If to Buyer:                   With a copy to:

        CTI Molecular Imaging, Inc.  Alston & Bird LLP
        810 Innovation Drive         One Atlantic Center, 1201  W. Peachtree St.
        Knoxville, TN 37932          Atlanta, GA 30309
        Telephone: (865) 218-2000    Telephone: (404) 881-7000
        Facsimile: (865) 218-3254    Facsimile: (404) 881-7777
        Attn: General Counsel        Attn: Nils Okeson, Esq.

      If to Seller:                  With a copy to:
                                       9
<PAGE>

                           *                                      *

or addressed as such party may from time to time designate by written notice to
the other parties.

         Section 23. Option to License. Seller, to the extent that it is legally
able to do so, hereby grants to Buyer an option to negotiate a reasonable
royalty-bearing, non-exclusive license under Seller's intellectual property
rights in its lutetium oxide processing technology to make and use lutetium
oxide concentrate, provided that such option shall be exercisable by Buyer only
in the event that Seller, due to the occurrence of one of the events listed in
Section 12(a) above, becomes unable to supply lutetium oxide to Buyer.

         Section 24. Miscellaneous. (a) Buyer hereby represents and warrants
that it is entering into this Agreement solely for the purchase of Product for
use in its manufacturing operations and, where appropriate, for the sale of
crystals or boules produced by Buyer from the Product, and Buyer understands and
agrees that it will not resell any Product to any third party other than to its
own corporate affiliates for use by them in further manufacturing.

                  (b) Each shipment shall constitute a separate and independent
transaction and either party may recover for each such shipment without
reference to any other. If either party is in default with respect to any terms
or conditions of this Agreement, then, in addition to any other legal remedy
available to the other party, such party may, at its option, defer further
shipments or payment hereunder until such default be remedied, or, such party
may decline further performance of this Agreement.

                  (c) In case of a dispute concerning the weight of Product
delivered in bulk carload or tank car shipments, shipper's weight, certified to
by sworn Weigh-master, shall govern absent reasonable error.

         * Omitted information is the subject of a request for confidential
treatment pursuant to Rule 24b-2 under the Securities Exchange Act of 1934 and
has been filed separately with the Securities and Exchange Commission.

                                       10
<PAGE>

CTI MOLECULAR IMAGING, INC.                  *

By:                                          By: /s/  *
   ------------------------                      -------------------------------
   Ron Nutt, Ph.D.                                *
   President and CEO                             President and General Manager

                                                                  *

                                             By: /s/  *
                                                 -------------------------------
                                                  *
                                                 President

         * Omitted information is the subject of a request for confidential
treatment pursuant to Rule 24b-2 under the Securities Exchange Act of 1934 and
has been filed separately with the Securities and Exchange Commission.

                                       11

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