Document:

Exhibit 10.46

Exhibit 10.46

eResearchTechnology, Inc.

CONSULTANT AGREEMENT

This Consultant Agreement (the “Agreement”) is hereby entered into effective the 1st day
of March, 2010 by and between Joel Morganroth, M.D., P.C. (hereinafter known as “Consultant”) and
eResearchTechnology, Inc. (together with its affiliated corporations hereinafter known as the
“Company”), and having its principal offices at 1818 Market Street, Philadelphia, PA 19103.

In consideration of the mutual covenants contained herein, and intending to be legally bound, the
Company and Consultant agree as follows:

	1.	 	SCOPE OF PROJECT

Consultant agrees to provide Joel Morganroth, M.D. (“Dr. Morganroth”) to perform
services for the Company’s eRT Consulting Group as directed from time to time by the
Company’s Executive Vice President and Chief Medical Officer (“Services”).

	2.	 	ETHICAL CONDUCT

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

	3.	 	COMPENSATION

	 	a)	 	In consideration for the Services, Consultant shall be paid a commission of 80%
of net revenues for services performed by the Consultant for the eRT Consultant Group.
Payment shall be made to the Consultant within thirty (30) days following the Company’s
billing to the Sponsor for such Services.

	 	b)	 	Consultant shall be reimbursed for reasonable out of pocket expenses when
properly documented in accordance with Company policy.

	 	c)	 	Consultant agrees to cause Dr. Morganroth to maintain medical licenses and
insurance as required to carry out the duties described herein, the cost of which will
be reimbursed by the Company when properly documented in an amount not to exceed
$20,000 per year.

	 	d)	 	Consultant shall be acting as an independent contractor under this Agreement
and not as an employee of the Company. Payment of any tax and/or social security or
any other liabilities relative to the compensation paid hereunder shall be the
responsibility of the Consultant.

 

 

	4.	 	NON-DISCLOSURE

Consultant acknowledges that consultancy for the Company requires it and Dr.
Morganroth to have access to confidential information and material belonging to the
Company, including customer lists, contracts, proposals, operating procedures and
trade secrets. Upon termination of the consulting relationship for any reason,
Consultant agrees to return to the Company any such confidential information and
material in its or Dr. Morganroth’s possession with no copies thereof retained.
Consultant further agrees, whether during the term of this agreement with the
Company or any time after the termination thereof (regardless of the reason for such
termination), that neither it nor Dr. Morganroth will disclose or use, in any
manner, any confidential or other material relating to the business, operations or
prospects of the Company except as authorized in writing by the Company.

	5.	 	INVENTIONS

	 	a)	 	Consultant agrees to, and cause Dr. Morganroth to, promptly disclose to the
Company each discovery, improvement or invention conceived, made or reduced to practice
during the term of this Agreement. Consultant further agrees to, and cause Dr.
Morganroth to, grant to the Company the entire interest in all of such discoveries,
improvements and inventions and to sign all patent/copyright applications or other
documents needed to implement the provisions of this paragraph without additional
consideration. Consultant further agrees that all works of authorship subject to
statutory copyright protection developed jointly or solely, during the term of this
Agreement shall be considered property of the Company and any copyright thereon shall
belong to the Company. Any invention, discovery or improvement conceived, made or
disclosed, during the
one year period following the termination of this Agreement shall be deemed to have
been made, conceived or discovered during the term hereof.

	 	b)	 	If publication of data generated from studies conducted under the auspices of
the Company is anticipated, Consultant agrees to obtain permission from the Company for
such publication.

	6.	 	NO SOLICITATION

During the continuance of this Agreement and for a period of one year thereafter
(regardless of the reason for termination), Consultant agrees that it will not, and
will not permit Dr. Morganroth to, directly or indirectly, in any way for its or his
own account, as employee, stockholder, partner or otherwise, or for the account of
any other person, corporation or other entity, inappropriately or unethically
solicit clients, Company employees or independent contractors that would interfere
with the business of the Company.

	7.	 	NO CURRENT CONFLICT

Consultant hereby assures the Company that neither it nor Dr. Morganroth is
currently restricted by any existing employment or non-compete agreement that would
conflict with the terms of this Agreement.

	8.	 	TERM OF AGREEMENT

The term of this Agreement will be effective as of March 1, 2010 and will continue
from year to year unless terminated.

 

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	9.	 	TERMINATION

	 	a)	 	The Company may terminate consulting services at any time without the need to
show cause upon 90 days written notice to Consultant.

	 	b)	 	The Company may terminate consulting services without notice for failure to
meet obligations under this Agreement. The following, as determined by the Company in
its reasonable judgment, shall constitute failure to meet these obligations

	 	(1)	 	Consultant’s failure to perform services or meet goals defined
under the scope of the project.

	 	(2)	 	Any misconduct which is injurious to the business or interests
of the Company.

	 	(3)	 	Violation of any federal, state or local law applicable to the
business of the Company.

	 	(4)	 	Any material breach of this Agreement.

	 	c)	 	The Consultant will be notified of any alleged breach in writing and be allowed
60 days to cure any deficiency. Upon any termination pursuant to subparagraph (a) or
(b) above, the Consultant shall be entitled to no further fees or payments hereunder,
except those which shall have accrued to the date of termination.

	10.	 	MISCELLANEOUS

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

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

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

 

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	 	d)	 	The failure of either party at any time or times to require performance of any
provision hereof shall in no way affect the right at a later time to enforce the same.

	 	 	 	 	 	 	 	 	 
	Joel Morganroth, M.D., P.C.	 	eResearchTechnology, Inc.	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	/s/ Joel Morganroth, MD
 

Joel Morganroth, President
	 	By: 
	 	/s/ Michael McKelvey
 

Name: Michael McKelvey
	 	 
	 

	 	 	 	 	 	Title: CEO	 	 
	 
	 	 	 	 	 	 	 	 
	Date: March 17, 2010	 	Date: March 17, 2010	 	 

 

4Exhibit 10.49

Exhibit 10.49

Amendment No. 1 to

Management Employment Agreement

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

Background

The Employee and the Company are parties to a Management Employment Agreement effective June
23, 2006 (the “Current Agreement”). The parties desire to amend the Current Agreement as set forth
herein.

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

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

	 	e.	 	Notwithstanding any contrary provision contained in this Agreement,
upon the first occurrence of a Trigger Event (as hereafter defined), the
Employee shall be entitled to receive (i) severance equal to 150% of his then
current annual salary and applicable bonus (calculated assuming 100%
achievement and pro rated based on the number of days elapsed during the year
prior to the date on which the termination of employment occurred), payable in
one lump sum (ii) continuation of Benefits (as hereafter defined), subject to
applicable benefit plan provisions, for two years (or, if earlier, until such
time as Employee shall have obtained new employment with benefits substantially
comparable to the Benefits); and (iii) accelerated vesting of all stock
options, such that all stock options held by Employee immediately prior to the
date of Change of Control (as hereafter defined) shall become exercisable in
full as of the date of the Change of Control. In addition, upon the first
occurrence of a Trigger Event, any restrictions with respect to any restricted
stock or restricted stock units granted to the Employee under the Company’s
equity incentive plans shall lapse and any conditions applicable to any
long-term performance award or performance shares granted to the Employee under
such plans shall be terminated.
	 
	 	 	 	The term “Benefits” as utilized in this Section 11, shall mean standard
health, dental and vision benefits through COBRA continuation if elected (it
being understood and agreed that the Company shall remain responsible for
continuing to provide such benefits for the period specified herein
following COBRA continuation to the extent, if any, that the maximum
COBRA continuation period shall have expired), all of which are subject to
any applicable premium co-pay, and car allowance.

 

 

 

	 	 	 	The term “Trigger Event” as utilized in this Section 11 shall mean the
occurrence of a Change of Control (as hereafter defined) in connection with
or after which either (i) the Employee is terminated other than for Cause
within 12 months after the occurrence of the Change of Control; or (ii) the
Employee resigns his employment within six months after the Change of
Control because neither the Company nor the other party to the Change of
Control (the “Buyer”) offers the Employee a position with comparable
responsibilities, authority, location and compensation or either reduces the
responsibilities, authority or compensation for such position or changes its
location within such six-month period, it being understood and agreed that
(A) a position that requires the employee to manage the cardiac safety
business of the Company or the Buyer, whether conducted as a separate
company or a division of the Company or the Buyer, as President of such
company or division, and to have responsibilities in connection with the
integration of any acquisition that constitutes a Change of Control and for
corporate development thereafter shall be deemed a position with comparable
responsibilities and authority, and (B) a position that permits Employee to
be based within 50 miles of Arlington, Virginia but requires travel to
locations within the Northeastern United States to perform the duties of
such position shall be deemed a position with a comparable location.
	 
	 	 	 	The term “Change of Control,” as utilized herein, shall mean a change in the
ownership or effective control of the Company or a change in the ownership
of a substantial portion of the Company’s assets, in each case within the
meaning of Treasury Regulation §1.409A-3(i)(5). The foregoing generally
includes:

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

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

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

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

 

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	 	 	 	Notwithstanding the foregoing, no such transaction or series of transactions
shall be deemed a “Change of Control” for purposes of this Agreement unless
it constitutes a change in the ownership or effective control of the
Company, or a change in the ownership or substantial portion of the assets
of the Company, within the meaning of Treasury Regulation §1.409A-3(i)(5).
	 
	 	 	 	In order to implement the provisions of this Section 11.e., in connection
with any Change of Control, the Company shall, as a condition thereto: (i)
either (a) accelerate the vesting of all unvested stock options as of the
date of the Change of Control or (b) cause the Buyer to either assume all
stock options held by the Employee immediately prior to the Change of
Control or grant equivalent substitute options containing substantially the
same terms; (ii) cause the Buyer to assume all other equity awards granted
under the Company’s Amended and Restated 2003 Equity Incentive Plan and held
by the Employee immediately prior to the Change of Control; and (iii) take
or cause the Buyer to take all such actions as is necessary with respect to
equity awards held by the Employee on the date of the Change of Control,
upon the first occurrence of any Trigger Event, to cause all unvested
options to become exercisable, to cause all restrictions on any restricted
stock or restricted stock units to lapse and to cause all conditions
applicable to any long-term performance awards or performance shares to be
terminated. The Company shall not otherwise take any action that would
cause any equity awards held by the Employee that are not then exercisable
or that are then subject to any restrictions or conditions to terminate
prior to the Change of Control or Trigger Event, as otherwise permitted by
the Company’s Amended and Restated 2003 Equity Incentive Plan or as may be
permitted by the Buyer’s stock option plan, respectively.

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

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

	 	 	 	 	 	 	 
	 	 	eResearchTechnology, Inc.
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Joel Morganroth, MD
 

Joel Morganroth, Chairman
	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	/s/ Michael McKelvey
 

Michael McKelvey
	 	 

 

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