Document:

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                                                                 EXHIBIT 10.45

THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933 AND HAVE BEEN TAKEN FOR INVESTMENT PURPOSES ONLY AND NOT
WITH A VIEW TO THE DISTRIBUTION THEREOF AND, EXCEPT AS STATED IN AN AGREEMENT
BETWEEN THE HOLDER OF THIS CERTIFICATE AND THE ISSUER CORPORATION, SUCH
SECURITIES MAY NOT BE SOLD OR TRANSFERRED UNLESS THERE IS AN EFFECTIVE
REGISTRATION STATEMENT UNDER SUCH ACT COVERING SUCH SECURITIES OR THE ISSUER
CORPORATION RECEIVES AN OPINION OF COUNSEL (WHICH MAY BE COUNSEL FOR THE ISSUER
CORPORATION) STATING THAT SUCH SALE OR TRANSFER IS EXEMPT FROM THE REGISTRATION
AND PROSPECTUS DELIVERY REQUIREMENTS OF SUCH ACT.

VOID AFTER 5:00 P.M., PHILADELPHIA TIME, ON THE SECOND ANNIVERSARY OF THE DATE
ON WHICH ERESEARCHTECHNOLOGY, INC. CONSUMMATES ITS INITIAL PUBLIC OFFERING OR IF
NOT A BUSINESS DAY, AS DEFINED HEREIN, AT 5:00 P.M., PHILADELPHIA TIME, ON THE
NEXT FOLLOWING BUSINESS DAY.

NO.  2

                               WARRANT TO PURCHASE
                                    SHARES OF
                                  COMMON STOCK
                                       OF
                            ERESEARCHTECHNOLOGY, INC.

                     TRANSFER RESTRICTED -- SEE SECTION 5.01

         This certifies that, for good and valuable consideration, Scirex
Corporation or its permitted successors and assignees (the "Warrantholder"), is
entitled to purchase from eResearchTechnology, Inc., a Delaware corporation (the
"Company"), subject to the terms and conditions hereof, at any time on or after
the date on which the Company consummates its initial Public Offering, and
before 5:00 p.m., Philadelphia time, on the second anniversary thereof (or, if
such day is not a Business Day, at or before 5:00 p.m., Philadelphia time, on
the next following Business Day), the Warrant Shares for an aggregate Exercise
Price of $1,000,000. The Exercise Price and the number of shares purchasable
hereunder are subject to adjustment as provided in Article III hereof.

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                                    ARTICLE I

         Section 1.01 Definition of Terms. As used in this Warrant, the
following capitalized terms shall have the following respective meanings:

                  (a) Business Day: A day other than a Saturday, Sunday or other
day on which banks in the Commonwealth of Pennsylvania are authorized by law to
remain closed.

                  (b) Common Stock: Common Stock, $.01 par value per share, of
the Company.

                  (c) Exercise Price: The price at which the Company's Common
Stock is sold to the public in the Company's initial Public Offering per Warrant
Share, as such price may be adjusted from time to time pursuant to Article III
hereof.

                  (d) Expiration Date: 5:00 p.m., Philadelphia time, on the
second anniversary of the date on which the Company consummates its initial
Public Offering or if such day is not a Business Day, the next succeeding day
which is a Business Day.

                  (e) Holder: A holder of outstanding Warrants.

                  (f) Person: An individual, partnership, joint venture,
corporation, trust, unincorporated organization or government or any department
or agency thereof.

                  (g) Public Offering: A public offering of any of the Company's
Common Stock pursuant to a registration statement under the Securities Act.

                  (h) Securities Act: The Securities Act of 1933, as amended.

                  (i) Transfer: See Section 5.01.

                  (j) Warrant: This Warrant and all other warrants that may be
issued in its place.

                  (k) Warrantholder: The person or entity to whom this Warrant
is originally issued, or any successor in interest thereto, or any assignee or
transferee thereof, in whose name this Warrant is registered upon the books to
be maintained by the Company for that purpose.

                  (l) Warrant Shares: The shares of Common Stock purchasable
upon exercise of the Warrants, which shall initially equal $1,000,000 divided by
the Exercise Price, subject to adjustment as provided in Article III hereof.

                                      - 2 -

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                                   ARTICLE II

                        DURATION AND EXERCISE OF WARRANT

         Section 2.01 Duration of Warrant. The Warrantholder may exercise this
Warrant at any time and from time to time after the date on which the Company
consummates its initial Public Offering and before 5:00 p.m., Philadelphia time,
on the Expiration Date. If this Warrant is not exercised on or before the
Expiration Date, it shall become void, and all rights hereunder shall thereupon
cease.

                  (a)      Exercise of Warrant.

                           (i) The Warrantholder may exercise this Warrant, in
whole or in part, by presentation and surrender of this Warrant to the Company
at its corporate office at 30 South 17th Street, Philadelphia, PA 19103, or at
the office of its stock transfer agent, if any, with the Subscription Form
annexed hereto duly executed and accompanied by payment of the full Exercise
Price for each Warrant Share to be purchased.

                           (ii) Upon receipt of this Warrant with the
Subscription Form duly executed and accompanied by payment of the aggregate
Exercise Price for the Warrant Shares for which this Warrant is then being
exercised, the Company shall cause to be issued certificates for the total
number of whole shares of Common Stock for which this Warrant is being exercised
(adjusted to reflect the effect of the provisions contained in Article III
hereof, if any) in such denominations as are requested for delivery to the
Warrantholder, and the Company shall thereupon deliver such certificates to the
Warrantholder. The Warrantholder shall be deemed to be the holder of record of
the Warrant Shares issuable upon such exercise, notwithstanding that the stock
transfer books of the Company shall then be closed or that certificates
representing such shares of Common Stock shall not then be actually delivered to
the Warrantholder. If at the time this Warrant is exercised, a registration
statement is not in effect to register under the Securities Act the Warrant
Shares issuable upon exercise of this Warrant, the Company may require the
Warrantholder to make such investment intent representations, and to provide the
Company with an opinion of counsel (which may be counsel for the Company) and
may place such legends on certificates representing the Warrant Shares, as may
be reasonably required in the opinion of counsel to the Company to permit the
Warrant Shares to be issued without such registration.

                           (iii) Notwithstanding anything to the contrary set
forth herein, upon exercise of this Warrant, the Warrantholder may, at its
election, either (i) exercise this Warrant by paying to the Company an amount
equal to the aggregate Exercise Price of the shares being purchased or (ii)
receive shares of Common Stock equal to the value (as determined below) of this
Warrant, in which event the Company shall issue to the Warrantholder a number of
shares of Common Stock computed using the following formula:

                                      - 3 -

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                  X = Y(A-B)
                      ------
                         A

Where:            X  =  the number of shares to be issued to the Warrantholder.

                  Y  =  the number of shares purchasable under this Warrant
                        with respect to which the Exercise Price is to be
                        paid.

                  A  =  the current fair market value (as of the exercise
                        date) of one share of the Company's Common Stock.

                  B  =  the Exercise Price then in effect.

As used herein, current fair market value of the Company's Common Stock shall
mean with respect to each share of Common Stock the average of the closing
prices of the Company's Common Stock sold on all securities exchanges on which
the Common Stock may at the time be listed, or, if there have been no sales on
any such exchange on any day, the average of the highest bid and lowest asked
prices on all such exchanges at the end of such day, or, if on any day the
Common Stock is not so listed, the average of the representative bid and asked
prices quoted in the Nasdaq Stock Market as of 4:00 p.m., New York City time,
or, if on any day the Common Stock is not quoted in the Nasdaq Stock Market, the
average of the highest bid and lowest asked price on such day in the domestic
over-the-counter market as reported by the National Quotation Bureau,
Incorporated, or any similar successor organization, in each such case averaged
over the 20 consecutive business days prior to the day as of which the current
fair market value of Common Stock is being determined. If at any time the Common
Stock is not listed on any securities exchange or quoted in the Nasdaq Stock
Market or the over-the-counter market, the current fair market value shall be
the highest price per share that the Company could obtain from a willing buyer
(not a current employee or director) for shares of Common Stock sold by the
Company, from authorized but unissued shares, as determined in good faith by the
Board of Directors of the Company, unless the Warrantholder shall purchase such
shares in conjunction with an underwritten public offering of the Company's
Common Stock pursuant to a registration statement filed under the Securities Act
of 1933, in which case the fair market value shall be the price per share at
which the Common Stock is sold to the public in such offering.

                  (iv) In case the Warrantholder shall exercise this Warrant
with respect to less than all of the Warrant Shares that may be purchased under
this Warrant, the Company shall execute a new warrant in the form of this
Warrant for the balance of such Warrant Shares and deliver such new warrant to
the Warrantholder.

         Section 2.02 Reservation of Shares. The Company hereby agrees that at
all times there shall be reserved for issuance and delivery upon exercise of
this Warrant such number of shares of Common Stock or other shares of capital
stock of the Company from time to time issuable upon exercise of this Warrant.
All such shares shall be duly authorized, and when issued upon such exercise,
shall be validly issued, fully paid and nonassessable, free and clear of all
liens, security

                                      - 4 -

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interests, charges and other encumbrances or restrictions on sale and free and
clear of all preemptive rights.

         Section 2.03 Fractional Shares. The Company shall not be required to
issue any fraction of a share of its capital stock in connection with the
exercise of this Warrant, and in any case where the Warrantholder would, except
for the provisions of this Section 2.04, be entitled under the terms of this
Warrant to receive a fraction of a share upon the exercise of this Warrant, the
Company shall, upon the exercise of this Warrant and receipt of the Exercise
Price, issue only the largest number of whole shares purchasable upon exercise
of this Warrant. The Company shall not be required to make any cash or other
adjustment in respect of such fraction of a share to which the Warrantholder
would otherwise be entitled, but shall return to the Warrantholder that portion
of the Exercise Price that represents such fraction of a share.

                                   ARTICLE III

                ADJUSTMENT OF SHARES OF COMMON STOCK PURCHASABLE
                              AND OF EXERCISE PRICE

         The Exercise Price and the number and kind of Warrant Shares shall be
subject to adjustment from time to time upon the happening of certain events as
provided in this Article III.

         Section 3.01  Mechanical Adjustment.

                  (a) If at any time prior to the exercise of this Warrant in
full, the Company shall (i) declare a dividend or make a distribution on the
Common Stock payable in shares of its capital stock (whether shares of Common
Stock or of capital stock of any other class); (ii) subdivide, reclassify or
recapitalize its outstanding Common Stock into a greater number of shares; (iii)
combine, reclassify or recapitalize its outstanding Common Stock into a smaller
number of shares; or (iv) issue any shares of its capital stock by
reclassification of its Common Stock (including any such reclassification in
connection with a consolidation or a merger in which the Company is the
continuing corporation), the Exercise Price in effect at the time of the record
date of such dividend, distribution, subdivision, combination, reclassification
or recapitalization shall be adjusted so that the Warrantholder shall be
entitled to receive the aggregate number and kind of shares which, if this
Warrant had been exercised in full immediately prior to such event, it would
have owned by virtue of such exercise and been entitled to receive by virtue of
such dividend, distribution, subdivision, combination, reclassification or
recapitalization. Any adjustment required by this paragraph 3.01(a) shall be
made successively immediately after the record date, in the case of a dividend
or distribution, or the effective date, in the case of a subdivision,
combination, recapitalization or reclassification, to allow the purchase of such
aggregate number and kind of shares.

                  (b) Whenever the Exercise Price payable upon exercise of this
Warrant is adjusted pursuant to paragraph (a) of this Section 3.01, the Warrant
Shares shall simultaneously be adjusted by multiplying the number of Warrant
Shares initially issuable upon exercise of each

                                      - 5 -

<PAGE>

Warrant by the Exercise Price in effect on the date thereof and dividing the
product so obtained by the Exercise Price, as adjusted.

                  (c) No adjustment in the Exercise Price shall be required
unless such adjustment would require an increase or decrease of at least one
cent in such price; provided, however, that any adjustments which by reason of
this paragraph (c) are not required to be made shall be carried forward and
taken into account in any subsequent adjustment. All calculations under this
Section 3.01 shall be made to the nearest cent or to the nearest one-hundredth
of a share, as the case may be. Notwithstanding anything in this Section 3.01 to
the contrary, the Exercise Price shall not be reduced to less than the then
existing par value of the Common Stock as a result of any adjustment made
hereunder.

         Section 3.02 Notice of Adjustment. Whenever the number of Warrant
Shares or the Exercise Price is adjusted as herein provided, the Company shall
prepare and deliver to the Warrantholder a certificate signed by its President,
setting forth the adjusted number of shares purchasable upon the exercise of
this Warrant and the Exercise Price of such shares after such adjustment,
setting forth a brief statement of the facts requiring such adjustment and
setting forth the computation by which adjustment was made.

         Section 3.03 No Adjustment for Cash Dividends. No adjustment in respect
of any cash dividends shall be made during the term of this Warrant.

         Section 3.04 Preservation of Purchase Rights in Certain Transactions.
In case of any reclassification, capital reorganization or other change of
outstanding shares of Common Stock (other than subdivision or combination of the
outstanding Common Stock and other than a change in the par value of the Common
Stock) or in case of any consolidation or merger of the Company with or into
another corporation (other than a merger with a subsidiary in which the Company
is the continuing corporation and that does not result in any reclassification,
capital reorganization or other change of outstanding shares of Common Stock of
the class issuable upon exercise of this Warrant) or in the case of any sale,
lease, transfer or conveyance to another corporation of the property and assets
of the Company as an entirety or substantially as an entirety, the Company
shall, as a condition precedent to such transaction, cause such successor or
purchasing corporation, as the case may be, to execute with the Warrantholder an
agreement granting the Warrantholder the right thereafter, upon payment of the
Exercise Price in effect immediately prior to such action, to receive upon
exercise of this Warrant the kind and amount of shares and other securities and
property that it would have owned or have been entitled to receive after the
happening of such reclassification, change, consolidation, merger, sale or
conveyance had this Warrant been exercised immediately prior to such action.
Such agreement shall provide for adjustments in respect of such shares of stock
and other securities and property, which shall be as nearly equivalent as may be
practicable to the adjustments provided for in this Article III. In the event
that in connection with any such reclassification, capital reorganization,
change, consolidation, merger, sale or conveyance, additional shares of Common
Stock shall be issued in exchange, conversion, substitution or payment, in whole
or in part, for, or of, a security of the Company other than Common Stock, any
such issue shall be treated as an issue of Common Stock covered by the
provisions of this Article III. The provisions

                                      - 6 -

<PAGE>

of this Section 3.04 shall similarly apply to successive reclassifications,
capital reorganizations, consolidations, mergers, sales or conveyances.

         Section 3.05 Dissolution or Liquidation. In the event of any proposed
distribution of the assets of the Company in dissolution or liquidation (except
under circumstances when Section 3.04 shall be applicable), the Company shall
mail notice thereof to the Warrantholder and shall make no distribution to
stockholders until the expiration of 30 days from the date of mailing of the
aforesaid notice and, in any such case, the Warrantholder may exercise the
purchase rights with respect to this Warrant within 30 days from the date of
mailing such notice and all rights herein granted not so exercised within such
30-day period shall thereafter become null and void.

         Section 3.06 Form of Warrant After Adjustments. The form of this
Warrant need not be changed because of any adjustments in the Exercise Price or
the number or kind of the Warrant Shares, and Warrants theretofore or thereafter
issued may continue to express the same price and number and kind of shares as
are stated in this Warrant, as initially issued.

         Section 3.07 Treatment of Warrantholder. Prior to due presentment for
registration of transfer of this Warrant, the Company may deem and treat the
Warrantholder as the absolute owner of this Warrant (notwithstanding any
notation of ownership or other writing hereon) for all purposes and shall not be
affected by any notice to the contrary.

                                   ARTICLE IV

                          OTHER PROVISIONS RELATING TO
                             RIGHTS OF WARRANTHOLDER

         Section 4.01 No Rights as Stockholders; Notice to Warrantholders.
Nothing contained in this Warrant shall be construed as conferring upon the
Warrantholder or its transferees the right to vote or to receive dividends or to
consent or to receive notice as a stockholder in respect of any meeting of
stockholders for the election of directors of the Company or of any other
matter, or any rights whatsoever as stockholders of the Company. The Company
shall give notice to the Warrantholder by certified mail if at any time prior to
the expiration or exercise in full of the Warrants, any of the following events
shall occur:

                  (a) the Company shall authorize the payment of any dividend
payable in any securities upon shares of Common Stock or authorize the making of
any non-cash distribution to the holders of shares of Common Stock;

                  (b) the Company shall authorize the issuance to all holders of
Common Stock of any additional shares of Common Stock or of rights, options or
warrants to subscribe for or purchase Common Stock or of any other subscription
rights, options or warrants;

                                      - 7 -

<PAGE>

                  (c) a dissolution, liquidation or winding up of the Company
(other than in connection with a consolidation, merger, or sale or conveyance of
the property of the Company as an entirety or substantially as an entirety); or

                  (d) a capital reorganization or reclassification of the Common
Stock (other than a subdivision or combination of the outstanding Common Stock
and other than a change in the par value of the Common Stock) or any
consolidation or merger of the Company with or into another corporation (other
than a consolidation or merger in which the Company is the continuing
corporation and that does not result in any reclassification or change of Common
Stock outstanding) or in the case of any sale or conveyance to another
corporation of the property of the Company as an entirety or substantially an
entirety.

Such giving of notice shall be initiated (i) at least ten Business Days prior to
the date fixed as a record date or effective date or the date of closing of the
Company's stock transfer books for the determination of the stockholders
entitled to such dividend, distribution, or subscription rights, or for the
determination of the stockholders entitled to vote on such proposed merger,
consolidation, sale, conveyance, dissolution, liquidation or winding up. Such
notice shall specify such record date or the date of the closing of the stock
transfer books, as the case may be. Failure to provide such notice shall not
affect the validity of any action taken in connection with such dividend,
distribution or subscription rights, or proposed merger, consolidation, sale,
conveyance, dissolution, liquidation or winding up.

         Section 4.02 Lost, Stolen, Mutilated or Destroyed Warrants. If this
Warrant is lost, stolen, mutilated or destroyed, the Company may, on such terms
as to indemnity or otherwise as it may in its discretion impose (which shall, in
the case of a mutilated Warrant, include the surrender thereof), issue a new
Warrant of like denomination and tenor as, and in substitution for, this
Warrant.

         Section 4.03 Payment of Taxes. The Company shall pay all stamp taxes
attributable to the initial issuance of Warrant Shares issuable upon any
exercise of the Warrant or issuable pursuant to Section 3, excluding any tax or
taxes which may be payable because of the transfer involved in the issuance or
delivery of any certificates for Warrant Shares in a name other than that of the
exercising Warrantholder in respect of which such Warrant Shares are issued.

                                    ARTICLE V

                      RESTRICTIONS ON TRANSFER OF WARRANTS

         Section 5.01  Restrictions on Transfer.

                  (a) The Warrantholder understands and agrees that neither this
Warrant nor the Warrant Shares have been registered under the Securities Act,
and that accordingly they will not be transferable except as permitted under
various exemptions contained in the Securities Act, or upon satisfaction of the
registration and prospectus delivery requirements of the Securities Act.

                                      - 8 -

<PAGE>

                  (b) Neither this Warrant nor the Warrant Shares may be
disposed of or encumbered (any such action, a "Transfer"), except (i) to any
underwriter in connection with a Public Offering of the Common Stock, provided
that this Warrant is exercised immediately upon such Transfer and the shares of
Common Stock issued upon such exercise are sold by such underwriter as part of
such Public Offering and only in accordance with and subject to the provisions
of the Securities Act and the rules and regulations promulgated thereunder, or
(ii) to the extent that, in connection with any such transfer, the Warrantholder
first provides the Company with an opinion of counsel (which may be counsel for
the Company) to the effect that such Transfer will be exempt from the
registration and the prospectus delivery requirements of the Securities Act and
the registration or qualification requirements of any applicable state
securities laws, except that no such opinion will be required with respect to a
sale effected in accordance with Rule 144(k) or Rule 144A under the Securities
Act or pursuant to an effective registration statement under the Act.

                  (c) The Warrantholder understands that the Company shall not
be required to register any transfer of this Warrant or the Warrant Shares not
made in accordance with the restrictions contained herein and that the Company
may make a notation on its records or give instructions to any transfer agent of
this Warrant or the Warrant Shares in order to implement the restrictions on
transfer of this Warrant and the Warrant Shares as provided in paragraph
5.01(b).

                                   ARTICLE VI

                                  OTHER MATTERS

         Section 6.01 Amendments and Waivers. The provisions of this Warrant,
including the provisions of this sentence, may not be amended, modified or
supplemented, and waiver or consents to departures from the provisions hereof
may not be given, unless the Company has obtained the written consent of the
Holders of at least a majority-in-interest of the outstanding Warrants (based
upon the respective number of shares purchasable upon the exercise of the
Warrants). Whenever such consent is required hereunder, such consent may be
effected by any available legal means, including without limitation at a special
or regular meeting, by written consent or otherwise. Holders shall be bound by
any consent agreed to by a majority-in-interest of the Holders, whether or not
certificates representing such Warrants have been marked to indicate such
consent.

         Section 6.02 Governing Law. This Warrant shall be governed by and
construed in accordance with the laws of the State of Delaware, notwithstanding
principles of conflicts of laws.

         Section 6.03 Notice. Any notices or certificates by the Company to the
Holder and by the Holder to the Company shall be deemed delivered if in writing
and delivered in person or by certified mail (return receipt requested) to the
Holder addressed to it at the address which Holder has designated in writing to
the Company, and if to the Company, addressed to it at:

                                      - 9 -

<PAGE>

                           eResearchTechnology, Inc.
                           30 South 17th Street
                           Philadelphia, PA  19103
                           Attention:  President and Chief Executive Officer

         The Company may change its address by written notice to the Holder, and
the Holder may change its address by written notice to the Company.

         Section 6.04 Reports under the Securities Exchange Act of 1934. With a
view to making available to the Holder the benefits of Rule 144 promulgated
under the Securities Act and any other rule or regulation of the Securities and
Exchange Commission (the "SEC") that may at any time permit a Holder to sel
securities of the Company to the public without registration, the Company agrees
to:

                  (a) make and keep public information available, as those terms
are understood and defined in SEC Rule 144, at all times after 90 days after the
effective date of the first registration statement filed by the Company for the
offering of its Common Stock to the general public;

                  (b) file with the SEC in a timely manner all reports and other
documents required of the Company under the Securities Act and the Securities
Exchange Act of 1934; and

                  (c) furnish to any Holder, so long as the Holder owns any
Warrant Shares, forthwith upon request (i) a written statement by the Company
that it has complied with the reporting requirements of SEC Rule 144 (at any
time after 90 days after the effective date of the first registration statement
filed by the Company for the offering of its Common Stock to the general
public), the Securities Act and the Securities Exchange Act of 1934 (at any time
after it has become subject to such reporting requirements), (ii) a copy of the
most recent annual or quarterly report of the Company and such other reports and
documents so filed by the Company and (iii) such other information as may be
reasonably requested in availing any Holder of any rule or regulation of the SEC
which permits the selling of any such Warrant Shares without registration.

         IN WITNESS WHEREOF, this Warrant has been duly executed by the Company
as of the 27th day of March, 2000.

                                                  eResearchTechnology, Inc.

                                                  By:  /s/ Bruce Johnson
                                                       -----------------------
                                                       Bruce Johnson,
                                                       Vice President and
                                                       Chief Financial Officer

                                     - 10 -

<PAGE>

                                   ASSIGNMENT
                (To be executed only upon assignment of Warrant)

         For value received, _____________________________________________
hereby sells, assigns and transfers unto __________________________ the within
Warrant, together with all right, title and interest therein, and does hereby
irrevocably constitute and appoint ________________________________ attorney, to
transfer said Warrant on the books of the within-named Company with respect to
the number of Warrant Shares set forth below, with full power of substitution in
the premises:

     Name(s) of                                                 Number of
     Assignee(s)                     Address                  Warrant Shares
     -----------                     -------                  --------------

And if said number of Warrant Shares shall not be all the Warrant Shares
purchasable upon exercise of the Warrant, a new Warrant is to be issued in the
name of said undersigned for the balance remaining of the Warrant Shares
represented by said Warrant.

Date:__________________

                                                  -----------------------------
                                                  The above signature should
                                                  correspond exactly with the
                                                  name on the first page of this
                                                  Warrant or with the name of
                                                  the assignee appearing in the
                                                  assignment form.

<PAGE>

                                SUBSCRIPTION FORM
                    (To be executed upon exercise of Warrant)

eResearchTechnology, Inc.:

         The undersigned hereby irrevocably elects to exercise the right of
purchase represented by the within Warrant for, and to purchase thereunder,
_________________ shares of Common Stock, as provided for therein, and tenders
herewith payment of the purchase price in full in the form of (i) cash or a
certified or official bank check in the amount of $____________________ and/or
(ii) shares of Common Stock with a current fair market value, calculated in
accordance with Section 2.01(a)(iii) of the within Warrant, of $ ..

         Please issue a certificate or certificates for such Common Stock in the
name of, and pay cash for any fractional share to:

         (Please print Name, Address and Taxpayer I.D. No.)

                           Name
                               ---------------------------------------

                           Address
                                   -----------------------------------

                           Taxpayer I.D. No.
                                            --------------------------

         And if said number of shares shall not be all the shares purchasable
under the within Warrant, a new Warrant is to be issued in the name of said
undersigned for the balance remaining of the shares purchasable thereunder
rounded up to the next higher number of shares.

                                      Signature
                                                  -----------------------------
                                                  The above signature should
                                                  correspond exactly with the
                                                  name on the first page of this
                                                  Warrant or with the name of
                                                  the assignee appearing in the
                                                  assignment form.<PAGE>
                            STOCK PURCHASE AGREEMENT

         THIS STOCK PURCHASE AGREEMENT is made as of the 8th day of March, 2000,
by and between Medical Advisory Systems, Inc. (the "Seller"), a Delaware
corporation; and Premier Research Worldwide, Ltd. (the "Buyer"), a Delaware
corporation. The Seller and the Buyer are referred to herein collectively as the
"Parties."

                                    Recitals:

         The Seller wishes to sell to the Buyer, and the Buyer wishes to
purchase from the Seller, 550,000 shares of the Seller's Common Stock, par value
$.005 (the "Common Stock"), in accordance with the terms and provisions of this
Agreement.

         The Seller's Common Stock is registered under the Securities Exchange
Act of 1934 (the "Exchange Act") and listed on the NASDAQ/AMEX.

         NOW, THEREFORE, the Parties hereto, intending to be legally bound
hereby, agree as follows:

         1.       Definitions.

                  "Accredited Investor" has the meaning set forth in Regulation
D promulgated under the Securities Act.

                  "Adverse Consequences" means all actions, suits proceedings,
hearings, investigations, charges, complaints, claims, demands, injunctions,
judgments, orders, decrees, rulings, damages, dues, penalties, fines, costs,
amounts paid in settlement, Liabilities, obligations, Taxes, liens, losses,
expenses, and fees, including court costs and reasonable attorneys' fees and
expenses.

                  "Affiliate" has the meaning set forth in Rule 12b-2 of the
regulations promulgated under the Exchange Act.

                   "Audit" means any audit, assessment or other examination
relating to Taxes by any Tax Authority or any judicial or administrative
proceedings relating to Taxes.

                  "COBRA" means the requirements of Part 6 of Subtitle I of
ERISA and Code Section 4980B.

                  "Code" means the Internal Revenue Code of 1986, as amended.

                  "Environmental Laws" shall mean all federal, state, local and
foreign statutes, regulations, ordinances and other provisions having the force
and effect of laws, all judicial and administrative orders and determinations,
all contractual obligations and all common law concerning pollution or

<PAGE>

protection of the environment, or the impact of the environment on human health,
including without limitation all those relating to the presence, use,
production, generation, handling, transportation, treatment, storage, disposal,
distribution, labeling, testing, processing, discharge, release, threatened
release, control, or cleanup of any hazardous materials, substances or wastes,
chemical substances or mixtures, pesticides, pollutants, contaminants, toxic
chemicals, petroleum products or byproducts, asbestos, polychlorinated
biphenals, noise or radiation, each as amended and as now or hereafter in
effect.

                  "ERISA" means the Employee Retirement Income Security Act of
1974, as amended.

                  "eRT" means eResearch Technology, Inc., a wholly owned
subsidiary of the Buyer.

                  "GAAP" means United States generally accepted accounting
principles as in effect from time to time.

                  "Health and Safety Requirements" shall mean all federal,
state, local and foreign statutes, regulations, ordinances and other provisions
having the force and effect of laws, all judicial and administrative orders and
determinations, all contractual obligations and all common law concerning public
health and safety, and worker health and safety, including without limitation
all those relating to the presence, use, production, generation, handling,
transportation, treatment, storage, disposal, distribution, labeling, testing,
processing, discharge, release, threatened release, control, or cleanup of any
hazardous materials, substances or wastes, chemical substances or mixtures,
pesticides, pollutants, contaminants, toxic chemicals, petroleum products or
byproducts, asbestos, polychlorinated biphenals, noise or radiation, each as
amended and as now or hereafter in effect.

                  "Knowledge" means actual knowledge.

                  "Liability" means any liability (whether known or unknown,
whether asserted or unasserted, whether absolute or contingent, whether accrued
or unaccrued, whether liquidated or unliquidated, and whether future or become
due), including any liability for Taxes.

                  "License Agreement" means the Master Software License
Agreement between eRT and the Seller.

                  "Ordinary Course of Business" means the ordinary course of
business consistent with past custom and practice (including with respect to
quantity and frequency).

                  "PBGC" means the Pension Benefit Guaranty Corporation.

                  "Person" means an individual, a partnership, a corporation, an
association, a joint stock company, a trust, a joint venture, an unincorporated
organization, or a governmental entity (or any department, agency, or political
subdivision thereof).

                  "SEC" means the United States Securities and Exchange
Commission.

                  "Securities Act" means the Securities Act of 1933, as amended.

                                       2
<PAGE>

                  "Exchange Act" means the Securities Exchange Act of 1934, as
amended.

                  "Security Interest" means any mortgage, pledge, lien,
encumbrance, charge or other security interest, other than (a) liens for Taxes
not yet due and payable, (b) purchase money liens and liens securing rental
payments under capital lease arrangements, and (c) other liens arising in the
Ordinary Course of Business and not incurred in connection with the borrowing of
money.

                  "Service Agreement" means Service, Sales and Co-Marketing
Agreement dated as of April 1, 2000 between Buyer's wholly owned subsidiary, eRT
and the Seller.

                  "Tax" means any federal, state, local or foreign, income,
gross receipts, license, payroll, employment, excise, severance, stamp,
occupation, premium, windfall profits, environmental (including taxes under Code
Section 59A), custom duties, capital stock, franchise, profits, withholding,
social security (or similar), unemployment, disability, real property, personal
property, sales, use, transfer, registration, value added, alternative or add-on
minimum, estimated, or other tax of any kind whatsoever, including any interest,
penalty, or addition thereto, whether disputed or not.

                  "Tax Authority" means the Internal Revenue Service and any
other domestic or foreign governmental authority responsible for the
administration of any Taxes.

                  "Tax Return" means any return, declaration, report, claim for
refund, or information return or statement relating to Taxes, including any
schedule or attachment thereto, and including any amendment thereof required to
be filed with any Tax Authority.

         2.       Purchase and Sale; Use of Proceeds.

                  (a) Number of Shares. The Seller is selling to the Buyer, and
the Buyer is purchasing from the Seller, 550,000 shares of the Seller's Common
Stock, representing, upon completion of the transaction, approximately 11.1% of
the Seller's issued and outstanding Common Stock. The shares being purchased and
sold pursuant to this Agreement are hereinafter sometimes referred to
individually as a "Share" and collectively as the "Shares."

                  (b) Purchase Price. The aggregate purchase price for the
Shares (the "Purchase Price") shall be $5,775,000. The Buyer agrees to pay the
Seller the Purchase Price in cash payable by wire transfer or delivery of other
immediately available funds.

                  (c) Use of Proceeds. Seller shall use the proceeds from the
sale of the Shares as follows: (i) $2,700,000 under the License Agreement; (ii)
for infrastructure agreed upon in the Service Agreement ; and (iii) the balance
for working capital and other corporate purposes.

         3.       Right of First Refusal.

                  (a) Grant. Commencing on the Closing Date, the Buyer,
including its assignees, and any of its majority owned subsidiaries and its

                                       3
<PAGE>

assignees, is hereby granted the right of first refusal (the "First Refusal
Right") as set forth in this Section 3. In the event that a third party or group
seeks to acquire the Seller or substantially all of Seller's business or assets
by tender offer, merger, asset sale, stock sale or purchase, or other business
combination (collectively, referred to as a "Sale Event"), which MAS has deemed
an acceptable offer (the "Sale Offer") as determined by Board of Directors of
MAS, the Buyer shall have the right to acquire the Seller, or such portion, as
the case may be, in accordance with the terms of the Sale Offer, as more fully
described in 3(c) hereof This First Refusal Right shall terminate and expire at
the close of business on September 15, 2000.

                  (b) Notice of a Sale Offer. In the event of a Sale Offer, the
Seller shall promptly notify the Buyer, in writing, of the terms of the Sale
Offer, including the purchase price, the other material terms of the transaction
and the identity of the third party offeror (the "Notice of Offer"). The date
that the Buyer receives the Notice of Offer is hereafter defined as the "Notice
Date."

                  (c) Exercise of First Refusal Right. Buyer shall have the
First Refusal Right with respect to a Sale Offer. Buyer shall have thirty (30)
calendar days commencing on the calendar day following receipt of Buyer of the
Notice of Offer within which to inform Seller in writing that it exercises its
First Refusal Right and will enter into the Sale Event on substantially similar
structural terms and economic conditions as set forth in the Notice of Offer. In
the event Buyer notifies Seller of its exercise of its First Refusal Right for a
Sale Event, Buyer and Seller shall cooperate in good faith in negotiating and
executing customary definitive documentation and in taking such other action as
is reasonably necessary and customary to consummate the Sale Event on the same
terms and conditions as set forth in the Notice of Offer.

                  (d) Non-Exercise of the First Refusal Right. In the event (i)
the Seller does not deliver the Exercise Notice to the Seller prior to the
expiration of the 30-day exercise period Buyer's First Refusal Right shall
terminate and be of no further force and effect with respect to the Sale Event
which is the subject of the Notice of Offer, but will remain in effect with
respect to any other Sale Event, including any material modification of a Sale
Event which is the subject of a Notice of Offer with respect to which Buyer
previously elected not to exercise its First Refusal Right.
         4.       Closing.

                  (a) The Closing. The closing of the purchase of the Shares
contemplated by this Agreement (the "Closing") shall take place at the office of
the Buyer, on March 21, 2000, or at such other place, time and date as the Buyer
and the Seller may mutually determine (the "Closing Date").

                  (b) Deliveries at the Closing. At Closing:

                           (i) Seller shall deliver to the Buyer a certificate
of most recent practicable date as to the corporate good standing of Seller
issued by the Secretary of State of Delaware;

                           (ii) Seller shall deliver to Buyer a certified copy
of its Articles of Incorporation and Bylaws and resolutions of its Board of
Directors authorizing and approving all matters in connection with the Agreement
and the transactions contemplated thereby;

                                       4
<PAGE>

                           (iii) Seller's counsel shall deliver to Buyer an
opinion in the form and substance acceptable to the Buyer and its counsel, dated
as of the Closing Date;

                           (iv) Seller and eRT shall execute and deliver the
Licensing Agreement;

                           (v) Seller and eRT shall execute and deliver the
Services Agreement;

                           (vi) Seller shall deliver to Buyer one certificate
representing the Shares; and

                           (vii) Buyer shall deliver the consideration specified
in Section 2(b) above.

         5. Representations and Warranties of the Seller. Subject to the
disclosures set forth on Seller's disclosure schedule, dated as of the date
hereof and delivered herewith ("Seller Disclosure Schedule"), Seller represents
and warrants to the Buyer as set forth in this Section 5. The inclusion of
information on Seller's Disclosure Schedule shall be deemed adequate to disclose
an exception to a representation or warranty made therein if the information
contained thereon would provide notice to a reasonable person of the existence
of a fact or circumstance which would be contrary to the substance of the
applicable representation and/or warranty. Subject to the foregoing, Seller
represents and warrants to the Buyer as follows:

                  (a) Validity of Issuance. The Shares being sold by the Seller
hereunder have been duly authorized, and, upon the issuance of such Shares to
the Buyer in accordance with the terms and provisions of this Agreement, such
Shares will be validly issued, fully paid and nonassessable.

                  (b) Organization, Qualification and Corporate Power. The
Seller (i) is a corporation duly organized, validly existing and in good
standing under the laws of the jurisdiction of its incorporation, (ii) has the
corporate power and authority to own its property and assets and to transact the
business in which it is engaged and (iii) is duly authorized to conduct business
and is in good standing under the laws of each jurisdiction where such
qualification is required except where any failure to be so qualified would not
have a material adverse effect either individually or in the aggregate on
Seller. The Seller has full corporate power and authority and all licenses,
permits and authorizations necessary to carry on the business in which it is
engaged and to own and use the properties owned and used by it. The Seller has
delivered to the Buyer correct and complete copies of its certificate of
incorporation and bylaws. The minute books (containing the records of meetings
of the stockholders, the board of directors and any committees of the board of
directors), the stock certificate books, and the stock record books of the
Seller are complete, correct and accurate.

                  (c) Authorization, Validity and Effect. The Seller has the
requisite corporate power to execute, deliver and perform the terms and
provisions of this Agreement and has taken all necessary corporate action to
authorize the execution, delivery and performance of this Agreement by the
Seller. This Agreement constitutes, and all agreements and documents described
herein (when executed and delivered pursuant hereto for value received) will

                                       5
<PAGE>

constitute, the valid and binding obligations of Seller enforceable in
accordance with their respective terms, subject to applicable bankruptcy,
insolvency, moratorium or other similar laws relating to creditor's rights and
general principles of equity.

                  (d) No Consent Required. No authorization, consent or approval
of, or exemption by, any governmental or public body or authority is required to
authorize, or is required in connection with, the execution, delivery and
performance of any of this Agreement, or the taking of any action contemplated
hereby, by the Seller, except such authorizations, consents or approvals which
the failure of Seller to obtain will not either individually or in the aggregate
have a material adverse affect on the financial condition or results of
operations of Seller.

                  (e) No Defaults. No material default exists under any
agreement to which the Seller is a party or by which it is bound, which default,
if not cured, would have a material adverse effect upon the financial condition
or the results of operations of the Seller.

                  (f) No Violation. Neither the execution and delivery of this
Agreement, nor compliance with any of the terms and provisions hereof, nor the
consummation of any of the transactions herein contemplated will: (i) violate
any law, statute, regulation, rule, order, writ, injunction, judgment, ruling,
charge, decree or other restriction of any court or governmental department,
commission, board, bureau, agency or instrumentality applicable to the Seller,
or (ii) conflict or be inconsistent with, or result in any breach of, any of the
terms, covenants, conditions or provisions of, or constitute a default under, or
result in the creation or imposition of (or the obligation to create or impose)
any lien, charge or encumbrance upon any of the property or assets of the Seller
pursuant to the terms of any indenture, mortgage, deed of trust, agreement or
other instrument, or result in the acceleration of, create any notice under any
agreement, contract, lease, license, instrument, or other arrangement to which
the Seller is a party or by which it may be bound or to which it may be subject,
or (iii) violate any provision of any of the organizational documents of the
Seller, including but not limited to its certificate of incorporation and
bylaws.

                  (g) Capitalization. The total number of shares of capital
stock the Seller is authorized to issue is 11,000,000 shares, consisting of
10,000,000 shares of Common Stock and 1,000,000 shares of Preferred Stock having
a par value of $1.75 per share (the "Preferred Stock"). As of Closing Date
4,506,240 shares of Common Stock were issued; outstanding and 50,000 shares of
Common Stock were held in Treasury; and options to purchase an aggregate of
550,000 were outstanding. As of the Closing Date, none of the shares of
Preferred Stock are issued or outstanding.

         All of the issued and outstanding shares of Common Stock of the Seller
have been duly authorized, are validly issued, fully paid, and nonassessable,
and are held of record by 174 Seller's Disclosure Schedule, there are no
outstanding or authorized options, warrants, purchase rights, subscription
rights, conversion rights, exchange rights, or other contracts or commitments
that could require the Seller to issue, sell or otherwise cause to become
outstanding any of its capital. There are no outstanding or authorized stock
appreciation, phantom stock, profit participation or similar rights with respect
to the Seller. There are no voting trusts, proxies or other arrangements or
understandings with respect to the voting capital stock of the Seller.

                                       6
<PAGE>

                  (h) Subsidiaries. The Seller does not own, directly or
indirectly, any equity or other ownership interest in any subsidiary,
corporation, partnership, joint venture or other entity.

                  (i) Brokers' Fees. The Seller has no liability or obligation
to pay any commissions to any broker, finder, or agent with respect to the
transactions contemplated by this Agreement for which the Buyer could become
obligated.

                  (j) SEC Filings; SEC Financial Statements.

                           (i) The Seller has filed all forms, reports and
documents required to be filed with the SEC since December 31, 1994, and has
heretofore made available to Buyer, in the form filed with the SEC, its (A)
annual reports on Form 10-KSB for the fiscal years ended October 31, 1999 and
1998 (including all amendments prior to the date hereof), (B) all proxy
statements relating to the Seller's meetings of its stockholders (whether annual
or special) held since October 31, 1998 and (C) all other forms, reports,
registrations, schedules, statements and other documents required to be filed by
the Seller since October 31, 1998 with the SEC pursuant to the Exchange Act or
the Securities Act (as such documents referred to herein have been amended since
the time of their filing, collectively, the "SEC Reports"). As of their
respective dates, or, if amended, as of the date of the last such amendment, the
SEC Reports, including without limitation, any financial statements or schedules
included therein (the "SEC Financial Statements") (A) complied in all material
respects with the applicable requirements of the Exchange Act and the Securities
Act, as the case may be, and the applicable rules and regulations of the SEC
promulgated thereunder, and (B) did not contain any untrue statement of a
material fact or omit to state a material fact required to be stated therein or
necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading.

                           (ii) The SEC Financial Statements have been prepared
from, and are in accordance with the books and records of the Seller, comply in
all material respects with applicable accounting requirements and with the
published rules and regulations of the SEC with respect thereto, have been
prepared in accordance with GAAP applied on a consistent basis throughout the
periods involved (except as may be indicated in the notes thereto) and fairly
presented the financial position of the Seller and its results of operation,
cash flows and changes in financial position as of and for the periods
indicated, except that the unaudited interim financial statements contained in
the SEC Reports were or are subject to normal and recurring year-end
adjustments.

                  (k) Events Subsequent to the Most Recent Fiscal Year End.
Except as disclosed in paragraph 5(k) of the Seller's Disclosure Schedule, since
October 31, 1999, the Seller has conducted its business only in the Ordinary
Course of Business and there has not been any material adverse change in the
business, financial condition, results of operations, or future prospects of the
Seller. Without limiting the generality of the foregoing, since October 31,
1999:

                           (i) there have not occurred any events or changes
(including the incurrence of any liabilities of any nature, whether or not
accrued, contingent or otherwise) having, individually or in the aggregate, a
material adverse effect upon the present or future financial condition or the
future results of operations of the Seller;

                                       7
<PAGE>

                           (ii) the Seller has not sold, leased, transferred, or
assigned any of its assets, tangible or intangible, other than for a fair
consideration in the Ordinary Course of Business;

                           (iii) the Seller has not entered into any agreement,
contract, lease or license (or series of related agreements, contracts, leases,
or licenses) either involving more than $50,000 or outside the Ordinary Course
of Business;

                           (iv) the Seller has not delayed or postponed the
payment of accounts payable and other Liabilities outside the Ordinary Course of
Business;

                           (v) there has been no change made or authorized in
the certificate of incorporation or bylaws of the Seller;

                           (vi) except as set forth in Seller's Disclosure
Schedule, the Seller has not issued, sold, or otherwise disposed of any of its
capital stock, or granted any options, warrants or other rights to purchase or
obtain (including conversion, exchange or exercise) any of its capital stock ;

                           (vii) the Seller has not made any loan to, or entered
into any other transaction with, any of its directors, officers and employees
outside the Ordinary Course of Business;

                           (viii) the Seller has not made or pledged to make any
charitable or other capital contribution outside the Ordinary Course of
Business;

                           (ix) there has not been any other material adverse
occurrence, event, incident, action, failure to act or transaction outside the
Ordinary Course of Business involving the Seller; and

                           (x) the Seller has not committed to any of the
foregoing.

                  (l) Undisclosed Liabilities. The Seller has no Liability (and
there is no basis for any present or future action, suit, proceeding, hearing,
investigation, charge, complaint, claim, or demand against the Seller), except
for (i) material Liabilities set forth in the SEC Financial Statements
(including in any notes thereto) and (ii) material Liabilities which have arisen
after the most recent interim financial statements included in the SEC Financial
Statements in the Ordinary Course of Business (none of which results from,
arises out of, relates to, is in the nature of, or was caused by any breach of
contract, breach of warranty, tort, infringement or violation of law) .

                  (m) Legal Compliance. The Seller has materially complied with
all applicable laws (including rules, regulations, codes, plans, injunctions,
judgments, orders, decrees, rulings and charges thereunder) of federal, state ,
local and foreign governments (and all agencies thereof) and Seller has no
Knowledge of any action, suit, proceeding, hearing, investigation, charge,
complaint, claim, demand or notice having been filed or commenced against it

                                       8
<PAGE>

alleging any failures to so comply, except where any such noncompliance, or
alleged noncompliance if proven, would not either individually or in the
aggregate have a material adverse affect upon the financial condition or results
of operations of Seller.

                  (n)      Taxes.

                           (i) (A) Subject to any extension which have been
obtained, Seller has timely filed with the appropriate Tax Authority all Tax
Returns required to be filed by or with respect to the Seller, and such Tax
Returns are true, correct and complete in all material respects; (B) all Taxes
due and payable by the Seller, with respect to the taxable years or other
taxable periods ending on or prior to the Closing Date have been or on or prior
to the Closing Date will be, paid or adequately disclosed and fully provided
for; (C) no Audits are pending or, to the Knowledge of the Seller, threatened
with regard to any Taxes or Tax Returns of the Seller and there are no
outstanding deficiencies or assessments asserted or, to the Knowledge of the
Seller, proposed; (D) no issue has been raised by any Taxing Authority in any
Audit of the Seller that if raised with respect to any other period not so
audited could reasonably be expected to result in a proposed deficiency of any
period not so audited that would have a material adverse effect upon the
financial condition or results of operations of the Seller; (E) there are no
outstanding agreements, consents or waivers extending the statutory period of
limitations applicable to the assessment of any Taxes or deficiencies against
the Seller, and the Seller is not a party to any agreement providing for the
allocation or sharing of Taxes; and (F) no powers of attorney with respect to
Taxes of the Seller have been executed that will be outstanding as of the
Closing Date.

                           (ii) The Seller has not filed a consent to the
application of Section 341(f) of the Code.

                           (iii) The Seller has not been a United States real
property holding company (as defined in Section 897(c)(2) of the Code) during
the applicable period specified in Section 897(c)(1)(ii) of the Code.

                           (iv) No indebtedness of the Seller is "corporate
acquisition indebtedness" within the meaning of Section 279(b) of the Code.

                           (v) The Seller has not entered into any agreements
that would result in the disallowance of any tax deductions pursuant to Section
280G of the Code.

                           (vi) There are no liens for Taxes upon any of the
assets of the Seller, except for Liens for Taxes not yet due and payable for
which adequate reserves have been established on the Seller's balance sheet at
October 31, 1999 included in the Seller's Annual Report on Form 10-KSB filed
with the SEC prior to the date hereof in accordance with GAAP.

                           (vii) The Seller has disclosed all material Tax
elections to Buyer.

                  (o) Real Property. Paragraph 5(o) of Seller's Disclosure
Schedule sets forth a complete list and description of all real property owned
by the Seller (the "Real Property"). The Seller has good and marketable title to
the Real Property. There are no existing or, to Seller's Knowledge, threatened
proceedings, claims, condemnation proceedings, lawsuits, administrative actions,
disputes or conditions affecting any Real Property that might curtail or

                                       9
<PAGE>

interfere in any material respect with the use of such property, nor is an
action of eminent domain pending or to the Knowledge of the Seller, threatened
for all or any portion of the Real Property. Except as disclosed in paragraph
5(o) of the Seller's Disclosure Schedule, the Seller is not a party to any
lease, assignment or similar arrangement under which the Seller is a lessor,
assignor or otherwise makes available for use by any third party any portion of
the Real Property. The Seller has obtained all appropriate material licenses,
permits, easements and rights of way, including proofs of dedication, required
to use and operate the Real Property in all material respects in the manner in
which the Real Property is currently being used and operated.

                  (p) Title and Condition of Properties. The Seller has good and
marketable title, free and clear of all liens, to its personal property and
assets shown on the most recent balance sheet of the SEC Financial Statements or
acquired thereafter, except for (i) assets which have been disposed of to
nonaffiliated third parties since the date of the most recent balance sheet of
the SEC Financial Statements in the Ordinary Course of Business, liens or
imperfections of title which are not, individually or in the aggregate, material
in character, amount or extent and which do not materially detract from the
value or materially interfere with the present or presently contemplated use of
the assets subject thereto or affected thereby, and (iii) liens for current
Taxes not yet due and payable.

                  (q) Intellectual Property.

                           (i) Paragraph 5(q) of the Seller's Disclosure
Schedule contains a true and complete list of all material (A) patents and
patent applications, (B) trademark registrations and applications, (C) service
mark registrations and applications, (D) Computer Software (as hereinafter
defined)(excluding Computer Software generally available for purchase by the
public), (E) copyright registrations and applications, (F) unregistered
trademarks, service marks, and copyrights, and (G) Internet domain names used or
held for use in connection with the business of the Seller, together with all
licenses related to the foregoing.

                           (ii) The term "Computer Software" shall mean (A) any
and all computer programs and applications consisting of sets of statements and
instructions to be used directly or indirectly in computer software or firmware
whether in source code or object code form, (B) databases and compilations,
including without limitation any and all data and collections of data, whether
machine readable or otherwise, (C) all versions of the foregoing including,
without limitation, all screen displays and designs thereof, and all component
modules of source code or object code or natural language code therefor, and
whether recorded on papers, magnetic media or other electronic or non-electronic
device, (D) all descriptions, flowcharts and other work product used to design,
plan, organize and develop any of the foregoing, (E) all documentation,
including without limitation all technical and user manuals and training
materials, relating to the foregoing, and all Internet domain names and content
contained on all world wide web sites of the Seller.

                           (iii) The Seller owns or has the valid right to use
all of the Intellectual Property used by it or held for use by it in connection
with its business. The Seller is the sole and exclusive owner of all patents,
patent applications, patent rights, copyrights, trademarks, trademark rights,
trade names, trade name rights, and service marks, and all goodwill of the
business associated therewith, trade secrets, registrations for and applications
for registration of trademarks, service marks and copyrights, technology and

                                       10
<PAGE>

know-how, Computer Software other than off-the-shelf applications and other
confidential or proprietary rights and information made or used in connection
with any of the foregoing, used or held for use anywhere in the world in
connection with its business as currently conducted (collectively, the
"Intellectual Property"), free and clear of all material Liens.

                           (iv) All grants, registrations and applications for
Intellectual Property that are used in and are material to the conduct of the
business of the Seller as currently conducted (A) are valid, subsisting, in
proper form and enforceable, and have been duly maintained, including the
submission of all necessary filings and fees in accordance with the legal and
administrative requirements of the appropriate jurisdictions and (B) have not
lapsed, expired or been abandoned, and no application or registration therefor
is the subject of any legal or governmental proceeding before any governmental,
registration or other authority in any jurisdiction, except to the extent where
the absence of such Intellectual Property would not have a material adverse
effect upon the financial condition or results of operations of the Seller.

                           (v) To the Knowledge of the Seller, there are no
conflicts with or infringements of any Intellectual Property by any third party.
The conduct of the respective businesses of the Seller as currently conducted
does not conflict with or infringe in any way on any proprietary right of any
third party. There is no claim, suit, action or proceeding pending or, to the
Knowledge of the Seller, threatened against the Seller (A) alleging any such
conflict or infringement with any third party's proprietary rights, or (B)
challenging the ownership, use, validity or enforceability of the Intellectual
Property.

                           (vi) The Seller is not, nor will it be as a result of
the execution and delivery of this Agreement or the performance of its
obligations under this Agreement, in breach of any material license, sublicense
or other agreement relating to the Intellectual Property, except where any such
breach(es) will not individually or in the aggregate have a material adverse
affect upon the financial condition or results of operations of Seller.

                           (vii) No former or present employees, officers or
directors of the Seller hold any right, title or interest directly or
indirectly, in whole or in part, in or to any Intellectual Property.

                  (r)      Contracts.

                           (i) The SEC Reports contain a list of all material
contracts to which the Seller is a party or by which the Seller is bound.

                           (ii) The Seller has filed with the SEC a correct and
complete copy of each of the written agreements referenced in Section 5(r)(i)
above.

                           (iii) With respect to each agreement referenced in
Section 5(r)(i) above, each agreement is: (A) legal, valid, binding, enforceable
and in full force and effect; (B) will continue to be legal, valid, binding,
enforceable, and in full force and effect on identical terms following the
consummation of the transactions contemplated hereby; (C) Seller has no
Knowledge that any other party to any such agreement is in material breach or
default, and Seller has no Knowledge that any event has occurred which with
notice or lapse of time would constitute a breach or default, or permit
termination, modification, or acceleration, under the agreement, and (D) Seller
has no Knowledge that any other party has repudiated any provision of the
agreement.

                                       11
<PAGE>

                  (s) Litigation. There are no claims, judgments, orders,
decrees, rulings, charges, actions, suits, proceedings, (including, without
limitation, arbitration proceedings), injunctions or alternative dispute
resolution proceedings, or investigations pending or, to the Knowledge of the
Seller, threatened against the Seller or any properties or rights of the Seller,
before any court or quasi-judicial or administrative agency of any federal,
state, local or foreign jurisdiction or before any arbitrator that, either
individually or in the aggregate would be reasonably likely to have a material
adverse effect upon the financial condition or the results of operations of the
Seller. As of the date hereof, the Seller is not subject to any material
outstanding order, judgment, injunction or decree.

                  (t) Employees. To the best Knowledge of the Seller, no
executive, key employee or group of employees has any plans to terminate
employment with the Seller. The Seller is not a party to any collective
bargaining agreement. The Seller has not experienced any strike, grievance,
claim of unfair labor practice or other collective bargaining disputes. The
Seller has not committed any unfair labor practice. To the best Knowledge of the
Seller, no organizational effort presently is being made or threatened by or on
behalf of any labor union with respect to employees of the Seller. The Seller
has complied in all material respects with all applicable laws relating to
employment, employment discrimination and employment practices.

                  (u) Employee Benefit Plans (see MAS Employee Stock Option
Plan).

                           (i) Paragraph 5(u) of the Seller's Disclosure
Schedule sets forth a list of all "Employee Welfare Benefit Plans" (as defined
in Section 3(l) of the Employee Retirement Income Security Act of 1974, as
amended ("ERISA"), "Employee Pension Benefit Plans" (as defined in Section 3(2)
of ERISA), employment agreements and all other bonus, stock option, stock
purchase, benefit, profit sharing, savings, retirement, disability, insurance,
incentive, deferred compensation and other similar fringe or employee benefit
plans, programs or arrangements for the benefit of, or relating to, any employee
of, or independent contractor or consultant to, the Seller (together, the
"Employee Plans"). With respect to each Employee Plan, the Seller has made
available to Buyer true and complete copies of (A) all plan documents, as in
effect on the date hereof, and will make available all other employee plans,
together with all amendments thereto which will become effective at a later
date, (B) the latest Internal Revenue Service determination letter, (C) the last
filed Form 5500, (D) summary plan description, if any, and all modifications
thereto communicated to employees, and (E) the most recent annual and periodic
accounting of related plan assets, if any. Neither the Seller, its directors,
officers, employees or agents has, with respect to any Employee Plan, engaged in
or been a party to any "prohibited transaction," as such term is defined in
Section 4975 of the Code or Section 406 of ERISA, which could result in the
imposition of either a material penalty assessed pursuant to Section 502(i) of
ERISA or a material tax imposed by Section 4975 of the Code, in each case
applicable to the Seller or any Employee Plan. All Employee Plans are in
compliance in all material respects with the currently applicable requirements
prescribed by all statutes, orders, or governmental rules or regulations
currently in effect with respect to such Employee Plans, including, but not
limited to, ERISA and the Code and, to the Knowledge of the Seller, there are no
pending or threatened claims, lawsuits or arbitrations (other than routine
claims for benefits), relating to any of the Employee Plans, which have been
asserted or instituted against the Seller, any Employee Plan or the assets of
any trust for any Employee Plan. Each Employee Plan intended to qualify under
Section 401(a) of the Code, and the trusts created thereunder intended to be
exempt from tax under the provisions of Section 501(a) of the Code has received
a favorable determination letter from the Internal Revenue Service to such

                                       12
<PAGE>

effect or is still within the "remedial amendment period." No Employee Plan is a
"Multiemployer Plan" (as defined in Section 3(37) of ERISA) or is subject to
Title IV of ERISA. The Seller has fully complied with the provisions of Section
4980B of the Code and Part 6 of Title I of ERISA. The requirements of COBRA have
been met with respect to each such Employee Plan which is an Employee Welfare
Benefit Plan. All contributions (including employer contributions and employee
salary reduction contributions) which are due have been paid to each such
Employee Plan which is an employee benefit pension plan and all contributions
for any period ending on or before the Closing Date which are not yet due have
been paid to each such employee benefit pension plan or accrued in accordance
with the past custom and practice of the Seller. All premiums or other payments
for all periods ending on or before the Closing Date have been paid with respect
to each such Employee Plan which is an Employee Welfare Benefit Plan.

                           (ii) All required reports and descriptions (including
Form 5500 Annual Reports, summary annual reports, PBGC-1s, and summary plan
descriptions) have been timely filed and distributed appropriately with respect
to each such Employee Plan.

                           (iii) The market value of assets under each such
Employee Plan which is an Employee Pension Benefit Plan equals or exceeds the
present value of all vested and nonvested Liabilities thereunder determined in
accordance with PBGC methods, factors and assumptions applicable to an Employee
Pension Benefit Plan terminating on the date for determination.

                  (v) Guaranties.  The Seller is not a guarantor or otherwise
liable for any Liability or obligation (including indebtedness) of any other
Person.

                  (w) Environmental Matters. Except for matters disclosed in
paragraph 5(w) of the Seller's Disclosure Schedule:

                           (i) The Seller is in compliance with all
Environmental Laws, and the Seller has not received written notice of any
outstanding allegations by any person or entity that the Seller is not or has
not been in compliance (unless such non-compliance has been cured) with any
Environmental Laws.

                           (ii) The Seller currently holds all material permits,
licenses, registrations and other governmental authorizations and financial
assurances required under any Environmental Laws for the Seller to operate its
business except for such permits, licenses, registrations and other governmental
authorization and financial assurances, the failure of the Seller to hold is not
reasonably expected to result in a material adverse effect upon the financial
condition or the results of operations of the Seller.

                           (iii) To the best of the Seller's Knowledge, there is
no asbestos or asbestos-containing materials in or on any real property,
buildings, structures or components thereof currently owned, leased or operated
by the Seller. To the best of the Seller's Knowledge, there are and have been no
underground or aboveground storage tanks (whether or not required to be
registered under any applicable law), dumps, landfills, lagoons, surface

                                       13
<PAGE>

impoundments, sumps, injection wells or other disposal or storage sites or
locations in or on any property currently owned, leased or operated by the
Seller for any matter that is reasonably expected to result in a material
adverse effect upon the financial condition or the results of operations of the
Seller.

                           (iv) The Seller has not received (A) any
communication from any person stating or alleging that it is or may be a
potentially responsible party under any Environmental Law (including, without
limitation, the Comprehensive Environmental Response, Compensation and Liability
Act of 1980, as amended, and any state analog thereto) with respect to any
actual or alleged environmental contamination or (B) any request for information
under any Environmental Law from any governmental agency or authority or any
other person or entity with respect to any active or alleged environmental
contamination or violation.

                           (v) The Seller is not a party to any pending judicial
or administrative proceedings alleging that it is a potentially responsible
party under the Comprehensive Environmental Response, Compensation, and
Liability Act of 1980, as amended, and any state analog thereto) or otherwise
liable or responsible with respect to any actual or alleged environmental
contamination.

                           (vi) No governmental agency or authority, or any
other person or entity is conducting and has not conducted (nor is proposing or
threatening to conduct) any environmental remediation or investigation of the
Seller.

                  (x) Health and Safety. The Seller has not received any written
or oral notice, report or other information regarding any actual or alleged
violation of Health and Safety Requirements, or any Liabilities, including any
investigatory, remedial or corrective obligations, relating to Seller or its
facilities arising under Health and Safety Requirements.

                  (y) Insurance Policies. All material policies of fire,
liability, workmen's compensation and other similar forms of insurance owned or
held by the Seller are in full force and effect, and no notice of cancellation
or termination has been received with respect to any such policy. Such policies
are valid, outstanding and enforceable policies, and will not in any way be
affected by, or terminate or lapse by reason of, the transactions contemplated
by this Agreement. Such policies, provide, to the Knowledge of the Seller,
insurance coverage that is adequate for the assets and operations of the Seller.
Since October 31, 1997, the Seller has been covered by insurance in scope and
amount customary and reasonable for the business in which it has engaged during
such period.

         6. Representations and Warranties of the Buyer. The Buyer represents
and warrants to the Seller that the statements contained in this Section 6 are
correct and complete as of the date of the Closing Date. The Buyer represents
and warrants to the Seller as follows:

                  (a) No Registration of the Shares. The Buyer understands that:
(i) the Shares are being sold to the Buyer under one or more exemptions from the
registration provisions of the Securities Act; (ii) the Buyer is purchasing such
Shares without being furnished any offering literature or prospectus other than
the information set forth herein and publicly disseminated information regarding
the Seller and its Common Stock; and (iii) the sale of the Shares has not been

                                       14
<PAGE>

examined by the SEC or by any agency charged with the administration of the
securities laws of any state or other jurisdiction. The Buyer represents and
warrants that it is an accredited investor as defined in Rule 501 under
Regulation D of the Rules of the United States Securities and Exchange
Commission under the Securities Act and that it has such Knowledge and
experience in financial and business matters that it is capable of evaluating
the merits and risks of an investment in the Shares and of making an informed
investment decision with respect thereto. The Buyer understands that the Seller
is relying on the truth and accuracy of the representations, declarations and
warranties made herein by the Buyer in selling the Shares hereunder without
having first registered such Shares under the Securities Act or under the
securities laws of any state or other jurisdiction.

                  (b) Investment Intent. The Buyer confirms that: (i) it
understands that there are substantial restrictions on the transferability of
the Shares and, accordingly, it may not be possible for it to liquidate its
investment in the Shares in case of emergency; and (ii) it is able to bear the
economic risk of this investment in the Shares, to hold the Shares for an
indefinite period of time, and currently to afford a complete loss of this
investment. The Shares being acquired by the Buyer hereunder are being acquired
in good faith solely for its own account, for investment purposes only, and are
not being purchased with a view to or for the resale, distribution, subdivision
or fractionalization thereof. The Buyer does not have any contract, undertaking,
understanding, agreement or arrangement, formal or informal, with any person to
sell, transfer or pledge to any person the Shares being acquired hereunder, or
any part thereof, and has no current plan to enter into any such contract,
undertaking, agreement or arrangement. The Buyer understands that the legal
consequences of the foregoing representations and warranties are that it must
bear the economic risk of this investment in the Shares for an indefinite period
of time because the Shares have not been registered under the Securities Act.

                  (c) Decision to Invest. The Buyer confirms that, in making its
decision to invest in the Shares, it has relied solely upon independent
investigations made by it or its representatives and advisors, and that it and
such representatives and advisors have been given the opportunity to ask
questions of, and to receive answers from, management of the Seller with respect
to the Seller and the Seller's Common Stock.

                  (d) Organization of the Buyer. The Buyer is a corporation duly
organized, validly existing and in good standing under the laws of the
jurisdiction of its incorporation.

                  (e) Authority. The Buyer has the corporate power to execute,
deliver and carry out the terms and provisions of this Agreement and has taken
all necessary corporate action to authorize the execution, delivery and
performance of this Agreement by the Buyer. This Agreement constitutes the valid
and legally binding obligation of the Buyer, enforceable in accordance with its
terms and conditions.

                  (f) No Consent Required. No authorization, consent or approval
of, or exemption by, any governmental or public body or authority is required to
authorize, or is required in connection with, the execution, delivery and
performance of any of this Agreement, or the taking of any action contemplated
hereby, by the Buyer, except those that have been obtained or are available.

                  (g) No Violation. Neither the execution and delivery of this
Agreement, nor compliance with any of the terms and provisions hereof, nor the

                                       15
<PAGE>

consummation of any of the transactions herein contemplated will not violate any
provision of any of the organizational documents of the Buyer, including but not
limited to its charter and bylaws.

                  (h) Brokers' Fees. The Buyer has no liability or obligation to
pay any commissions to any broker, finder, or agent with respect to the
transactions contemplated by this Agreement for which the Seller could become
obligated.

         7.       Securities Law Matters and Restrictions on the Shares.

                  (a)      Permitted Transfers.

                           (i) The Buyer understands and agrees that the Shares
being purchased hereunder may be transferred by it only pursuant to (A) a public
offering thereof registered under the Securities Act, (B) Rule 144 of the SEC
(or any similar rule in force at the time of such transfer) if such rule is
available, and (C) any other legally available means of transfer.

                           (ii) In connection with the transfer of any Shares,
the Buyer shall deliver written notice to the Seller describing in reasonable
detail the transfer or proposed transfer, together with an opinion of counsel
that is knowledgeable in securities law matters and reasonably acceptable to the
Seller, to the effect that such transfer may be effected without registration
under the Securities Act and under applicable state securities laws.
                  (b) Restrictive Legend. Each certificate for the Shares, and
any shares of capital stock received in respect thereof, whether by reason of a
stock split or share reclassification thereof, a stock dividend thereon or
otherwise, shall be stamped or otherwise imprinted with a legend in
substantially the following form:

                  THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN
                  ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE
                  SECURITIES ACT OF 1933 OR THE SECURITIES LAWS OF ANY STATE.
                  THESE SECURITIES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE
                  OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM UNDER SUCH ACT
                  AND APPLICABLE STATE SECURITIES LAWS.

                  (c) Current Public Information. The Seller shall use its best
efforts to file all reports required to be filed by it under the Exchange Act
and the rules and regulations thereunder and shall take such further action as
any holder of any Shares may reasonably request, all to the extent required to
enable any such holder to sell Shares pursuant to Rule 144 under the Securities
Act (as such rule may be amended from time to time) or any similar rule or
regulation then in force. Upon written request, the Seller shall deliver to any
holder of any Shares a written statement as to whether it has complied with such
requirements.

                  (d) Compliance with Securities Laws. The Buyer acknowledges
that it is required to comply with the provisions of the Exchange Act and other
applicable rules and regulations relating to its ownership of the Seller's
Common Stock. The Buyer agrees to comply in all respects with the provisions of
the Exchange Act and other applicable rules and regulations, to file all reports

                                       16
<PAGE>

required to be filed by it thereunder and to supply the Seller with all
information requested by it from time to time in order to permit the Seller to
comply with the provisions of the Exchange Act and other applicable laws, rules
and regulations.

         8.       Closing Covenants.  Each of the Parties agree as follows.

                  (a) General. Each of the Parties will use its reasonable best
efforts to take all action and to do all things necessary, proper or advisable
in order to consummate and make effective the transactions contemplated by this
Agreement.

                  (b) Use of Proceeds. Seller agrees to use the proceeds from
the sale of the Shares in accordance with Section 2(c) above.

                  (c) License Agreement. The Seller and the Buyer's wholly-owned
subsidiary, eRT, shall enter into the Licensing Agreement.

                  (d) Services Agreement. The Seller and the Buyer's wholly-
owned subsidiary, eRT, shall enter into the Services Agreement.

                  (e) Notices and Consents. The Seller will give any notice to
third parties, and will use its reasonable best efforts to obtain any third
party consents, if any, that the Buyer may reasonably request in connection with
the matters in Section 5(f). Each of the Parties will give any notices to, make
any filings with, and use its reasonable best efforts to obtain any required
authorizations, consents and approvals of governments and governmental agencies
in connection with the transactions contemplated herein.

                  (f) Right of First Refusal . The Seller will not engage in any
practice, or take any action or enter into any transaction in violation of
Section 3 of this Agreement.

                  (g) Preservation of Business. The Seller will keep its
business and properties substantially in tact, including its present operations,
physical facilities, working conditions and relationships with lessors,
licensors, suppliers, customers and employees.

                  (h) Full Access. The Seller will permit the Buyer, or its
representatives, to have the full access accorded to shareholders of the Buyer
and as authorized with respect to eRT under the License Agreement and the
Services Agreement at all reasonable times, and in a manner so as not to
interfere with the normal business operations of the Seller to all premises,
properties, books, and records (including Tax records), contracts and documents
of or pertaining to the Seller. No disclosure by the Seller hereunder shall be
deemed to amend or supplement the Seller's Disclosure Schedule or to prevent or
cure any misrepresentation, breach of warranty or breach of agreement.

                  (i) Notice of Developments. The Seller will give prompt
written notice to the Buyer of any material adverse development causing a breach
of any of the representations and warranties in Section 5 above. The Buyer will
give prompt written notice to the Seller of any material adverse development
causing a breach of any of the representations and warranties in Section 6
above.

         9.       Remedies for Breaches of this Agreement.

                                       17
<PAGE>

                  (a) Survival of Representations and Warranties. All of the
representations, warranties, covenants, and obligations in this Agreement, the
Seller's Disclosure Schedule, any certificates and documents delivered pursuant
to this Agreement will survive for a period of one (1) year Closing.

                  (b) Indemnification Provisions for the Benefit of the Buyer.
In the event the Seller breaches (or in the event that any third party alleges
facts that, if true, would mean the Seller has breached) any of its
representations and warranties, and covenants contained herein, provided that
the Buyer makes a written claim for indemnification against the Seller pursuant
to the notification requirements of Section 10(g) below, then the Seller agrees
to indemnify the Buyer from and against the entirety of any Adverse Consequences
the Buyer may suffer through and after the date of the claim for indemnification
(including any Adverse Consequences the Buyer may suffer after the end of any
applicable survival period) resulting from, arising out of, relating to, in the
nature of, or caused by the breach or alleged breach.

                  (c) Matters Involving Third Parties.

                           (i) If any third party shall notify any Party (the
"Indemnified Party") with respect to any matter (a "Third Party Claim") which
may give rise to a claim for indemnification against the other Party (the
"Indemnifying Party") under this Section 10, then the Indemnified Party shall
promptly notify the Indemnifying Party thereof in writing; provided, however,
that no delay on the part of the Indemnified Party in notifying any Indemnifying
Party shall relieve the Indemnifying Party from any obligation hereunder unless
(and then solely to the extent) the Indemnifying Party thereby is prejudiced.

                           (ii) Any Indemnifying Party will have the right to
defend the Indemnified Party against the Third Party Claim with counsel of the
Indemnifying Party's choice reasonably satisfactory to the Indemnified Party so
long as (A) the Indemnifying Party notifies the Indemnified Party in writing
within 15 days after the Indemnified Party has given notice of the Third Party
Claim that the Indemnifying Party will indemnify the Indemnified Party from and
against the entirety of any Adverse Consequences the Indemnified Party may
suffer resulting from, arising out of, relating to, in the nature of, or caused
by the Third Party Claim, (B) the Indemnifying Party provides the Indemnified
Party with evidence reasonably acceptable to the Indemnified Party that the
Indemnifying Party will have the financial resources to defend against the Third
Party Claim and fulfill its indemnification obligations hereunder, (C)
settlement of, or an adverse judgment with respect to, the Third Party Claim is
not, in the good faith judgment of the Indemnified Party, likely to establish a
precedential custom or practice materially adverse to the continuing business
interests of the Indemnified Party, and (D) the Indemnifying Party conducts the
defense of the Third Party Claim actively and diligently.

                           (iii) So long as the Indemnifying Party is conducting
the defense of the Third Party Claim in accordance with Section 9(c)(ii) above,
(A) the Indemnified Party may retain separate co-counsel at its sole cost and
expense and participate in the defense of the Third Party Claim, (B) the
Indemnified Party will not consent to the entry of any judgment or enter into
any settlement with respect to the Third Party Claim without the prior written
consent of the Indemnifying Party, not to be withheld unreasonably, and (C) the
Indemnifying Party will not consent to the entry of any judgment or enter into

                                       18
<PAGE>

any settlement with respect to the Third Party Claim without the prior written
consent of the Indemnified party, not to be withheld unreasonably.

                           (iv) In the event any of the conditions in Section
9(c)(ii) are or become unsatisfied, (A) the Indemnified Party may defend
against, and consent to the entry of any judgment or enter into any settlement
with respect to, the Third Party Claim in any manner it reasonably may deem
appropriate (and the Indemnified Party need not consult with, or obtain any
consent from the Indemnifying Party in connection therewith), (B) the
Indemnifying Party will reimburse the Indemnified Party promptly and
periodically for the costs of defending against the Third Party Claim (including
reasonable attorneys' fees and expenses), and (C) the Indemnifying Party will
remain responsible for any Adverse Consequences the Indemnified Party may suffer
resulting from, arising out of, relating to, in the nature of, or caused by the
Third Party Claim to the fullest extent provided in this Section 9.

         (d) Other Indemnification Provisions. The foregoing indemnification
provisions are in addition to, and not in derogation of, any statutory,
equitable, or common law remedy (including without limitation any such remedy
arising under Environmental Laws and Health and Safety Requirements) any Party
may have with respect to the transactions contemplated by this Agreement.

         10.      Miscellaneous.

                  (a) Press Releases. No party shall issue any press release or
make any public announcement relating to the subject matter of this Agreement
prior to Closing without the prior written approval of the other Party,
provided, however, that any Party may make a public disclosure it believes in
good faith is required by applicable law or any listing or trading agreement
concerning its publicly-traded securities (in which case, the disclosing Party
will use its reasonable best efforts to advise the other Party prior to making
the disclosure).

                  (b) No Third-Party Beneficiaries. This Agreement shall not
confer any rights or remedies upon any Person other than the Parties and their
respective successors and permitted assigns.

                  (c) Choice of Law. This Agreement shall be construed and
enforced in accordance with and pursuant to the laws of the State of Delaware
without giving effect to any choice or conflict of law provision or rule
(whether of the State of Delaware or any other jurisdiction) that would cause
the application of the laws of any jurisdiction other than the State of
Delaware.

                  (d) Binding Effect. This Agreement shall be binding upon and
inure to the benefit of the Parties hereto and their respective heirs,
successors, personal representatives and assigns.

                  (e) Entire Agreement. This Agreement, including the documents
referred to herein, constitutes the entire agreement between the Parties and
supersedes any prior understandings, agreements or representations by or between
the Parties, written or oral, to the extent they relate in any way to the
subject matter hereof.

                                       19
<PAGE>

                  (f) Counterparts. This Agreement may be executed in multiple
counterparts, each of which shall be deemed an original Agreement, and all of
which shall constitute one Agreement to be effective as of the date of this
Agreement.

                  (g) Notices. All notices, requests or other communications
hereunder shall be in writing and shall be deemed to have been duly given if
delivered in person or by courier; sent by overnight courier, charges prepaid;
or telegraphed, telexed or mailed by certified or registered mail, postage
prepaid, to the address of the respective Party set forth below:

         If to the Buyer:

                  Premier Research Worldwide, Ltd.
                  30 South 17th Street
                  Philadelphia, PA 19103-4001
                  Attention:  Joel Morganrath, MD, Chairman and
                              Chief Executive Officer

                  with a copy to:
                  Duane, Morris & Heckscher LLP
                  4200 One Liberty Place
                  Philadelphia, PA  19103-7396
                  Attention:  Sheldon M. Bonovitz, Esquire

         If to the Seller:

                  Medical Advisory Systems Inc.
                  8050 Southern Maryland Blvd.
                  Owings, MD  20736
                  Attention:

                  (h) Headings. The section headings contained in this Agreement
are inserted for convenience only and shall not affect in any way the meaning or
interpretation of this Agreement.

                  (i) Amendments. No amendment of any provision of this
Agreement shall be valid unless the same shall be in writing and signed by the
Buyer and the Seller.

                  (j) Severability. Any term or provision of this Agreement that
is invalid or unenforceable in any situation in any jurisdiction shall not
effect the validity or enforceability of the remaining terms and provisions
hereof or the validity or enforceability of the offending term or provision in
any other situation or in any other jurisdiction.

                                       20
<PAGE>

         IN WITNESS WHEREOF, the undersigned have hereunto executed this
Agreement the day and year first above written.

                                         MEDICAL ADVISORY SYSTEMS, INC.

                                         By: /s/ Ronald W. Pickett
                                             -----------------------------------
                                             Title:  /s/ President
                                                     ---------------------------

                                         PREMIER RESEARCH WORLDWIDE, LTD.

                                         By: /s/ Joel Morganroth, M.D.
                                             -----------------------------------
                                             Title:  /s/ Chairman and CEO
                                                     ---------------------------

                                       21

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