Document:

exv10w1

Exhibit 10.1

EXECUTION COPY

AGREEMENT

     THIS AGREEMENT dated as of March 2, 2010 (the “Effective Date”) is by and among MakeMusic,
Inc., a Minnesota corporation (the “Company”), LaunchEquity Partners, LLC, an Arizona limited
liability company (“LEP”), and LaunchEquity Acquisition Partners, LLC Designated Series Education
Partners, a designated series of a Delaware series limited liability company (“LEAP”) (LEP and LEAP
are herein referred to collectively as “LaunchEquity”).

     WHEREAS, LEP is the sole manager of LEAP, the Company’s largest shareholder;

     WHEREAS, LEP filed a Schedule 13D dated March 6, 2006 with regard to securities of the Company
as subsequently amended on December 13, 2006, January 30, 2007, November 7, 2007, November 17, 2008
and December 15, 2008, and as may be amended hereafter (as amended, the “LEP Schedule 13D”), in
which it indicated it may engage in certain transactions with the purpose or effect of acquiring or
influencing control of the Company; and

     WHEREAS, in view of the LEP Schedule 13D, recent communications between LaunchEquity and the
Company regarding LaunchEquity’s representation on the Company’s Board of Directors (the “Board”),
and the Board’s determination that it is in the Company’s interests to involve its largest
shareholder in decisions regarding the strategic direction of the Company, the Board believes it is
in the best interests of the shareholders of the Company to enter into the following agreement with
LaunchEquity.

     NOW, THEREFORE, the parties hereto agree as follows:

     1. Size of Board of Directors. To the extent it has not taken such action prior to
the execution of this Agreement, the Company shall, promptly following the execution of this
Agreement, cause the Board to take all action as is required under applicable state law and the
Company’s articles of incorporation and bylaws to increase the size of the Board to nine (9)
members.

     2. Vacancies. As promptly as reasonably practicable following execution of this
Agreement, Andrew C. Stephens (“Mr. Stephens”) and Trevor D’Souza (“Mr. D’Souza”) shall be
appointed by the Board to fill the vacancies on the Board created by the increase in the number of
directors, with terms expiring at the Company’s 2010 Annual Meeting of Shareholders (the “2010
Annual Meeting”) or at such time as their successors shall have been duly elected and qualified.

     3. Nominations for Board of Directors.

          (a) Subject to the Company’s existing policies and the directors’ fiduciary duties, the
Company shall cause the Board to nominate for election to the Board by the shareholders at the 2010
Annual Meeting, publicly recommend that the Company’s shareholders elect and solicit proxies for
the election of, Jeff A. Koch (“Mr. Koch”), Mr. Stephens and Mr. D’Souza (the “LaunchEquity
Nominees”).

          (b) The Company agrees that, from the Effective Date until immediately prior to the Company’s
2011 Annual Meeting of Shareholders (the “2011 Annual Meeting”), it shall not, (i) increase the
size of the Board to more than nine (9) directors, (ii) call any special meetings of shareholders
for the

 

purpose of removing any of the LaunchEquity Nominees, or taking any action which would have the
effect of disqualifying or curtailing the term of any of the LaunchEquity Nominees, or (iii)
recommend in favor of or implement any proposal, consent or any other action seeking the removal of
any LaunchEquity Nominee then serving as a director, or which would have the effect of
disqualifying or curtailing the term of any of the LaunchEquity Nominees.

          (c) LaunchEquity agrees that, from the Effective Date until immediately after the conclusion
of the 2011 Annual Meeting, it shall not, and shall cause the LaunchEquity Nominees not to, call
any special meetings of the Company’s shareholders for the purpose of removing any incumbent member
of the Board or take any action which would have the effect of disqualifying or curtailing the term
of any incumbent member of the Board.

     4. Successor Designees. At any time prior to the 2011 Annual Meeting, if any of the
LaunchEquity Nominees (or any successor designee appointed pursuant to this Section 4) ceases for
any reason to serve as a director of the Company, LaunchEquity shall be entitled to designate a
replacement for such LaunchEquity Nominee, who is reasonably deemed qualified by the Company’s
Board and Governance Committee in accordance with the Company’s policies and the directors’
fiduciary duties, to hold office for the remaining unexpired term of such LaunchEquity Nominee (or
any successor designee appointed pursuant to this Section 4). The Company shall take all necessary
action to cause the Board to appoint such successor designee to the Board as promptly as
practicable. Any such successor designee who becomes a Board member pursuant to this Section 4
shall be deemed to be a “LaunchEquity Nominee” for all purposes under this Agreement.

     5. Shareholder Meeting. The Company agrees to hold the 2010 Annual Meeting on or
about August 25, 2010.

     6. Committee Representation. For so long as LaunchEquity continues to be the
beneficial owner of more than 20% of the outstanding shares of the Company’s common stock (the
“Common Stock”) (which such percentage ownership shall be calculated based on the number of shares
of Common Stock outstanding as of the Effective Date), LaunchEquity shall be entitled to
proportionate representation by LaunchEquity Nominees on all standing and special committees of the
Board except where such representation would violate applicable director independence or other
rules or regulations of the Securities Exchange Commission or Nasdaq Stock Market. For purposes of
clarification, proportionate representation shall mean one (1) LaunchEquity Nominee on a three
(3)-member committee, or as close to such ratio as possible on committees with fewer or more
members, but in any event at least one (1) LaunchEquity Nominee shall serve on any given committee.
For purposes of this Agreement, the term “beneficial owner” shall have the same meaning as set
forth in Rule 13d-3 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
Subject to the provisions of this Section 6, Launch Equity shall select the Launch Equity
Nominee(s) that will serve on any given committee.

     7. Standstill Agreement. From the Effective Date until immediately prior to the 2011
Annual Meeting, neither LaunchEquity, Mr. Koch, Mr. Stephens nor Mr. D’Souza, nor any of their
affiliates or associates (as those terms are defined in Rule 12b-2 under the Exchange Act)
(collectively, the “Interested Parties”), will, and they will not assist or encourage others
(including by providing financing) to, directly or indirectly, (a) nominate a competing slate of
directors at any meeting of the

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Company’s shareholders, (b) solicit votes of the shareholders of the Company in opposition to
the slate of directors nominated by the Company or any other item of business recommended by the
Board to be voted on at any meeting of the Company’s shareholders or (c) engage in, or participate
in any way in, any transaction regarding control of the Company that has not been approved by the
Board. Notwithstanding anything to the contrary contained in this Section 7, the Interested
Parties shall be permitted to nominate a competing slate of directors at the 2011 Annual Meeting
and solicit votes of the shareholders of the Company in opposition to the slate of directors
nominated by the Company or any other item of business recommended by the Board to be voted on at
the 2011 Annual Meeting, provided, however, that in the event any Interested Party nominates a
competing slate of directors at the 2011 Annual Meeting, the Board’s nomination and recommendation
of, and solicitation of votes for, the Board’s slate of directors shall not be deemed a violation
of any of the Company’s obligations in this Agreement.

     8. Representations and Warranties.

          (a) Each of the Company and LaunchEquity makes the following representations and warranties to
the other party:

               (i) Authority. It has the full legal right and power and all authority and approval
required to enter into, execute and deliver this Agreement and to perform fully its obligations
hereunder. This Agreement has been duly authorized, executed and delivered by it and this Agreement
constitutes the valid and binding obligation of it enforceable against it in accordance with the
terms hereof.

               (ii) Absence of Conflicts. Its execution and delivery of this Agreement, the
consummation of the transactions contemplated hereby and its performance hereunder in accordance
with the terms and conditions hereof do not and will not: (i) require the approval of any third
party, including its shareholders or investors, (ii) violate, conflict with or result in a breach
of any provision of its articles of incorporation, by-laws or comparable governing documents, or
(iii) violate any judgment, ruling, order, writ, injunction, award, decree, statute, law,
ordinance, code, rule or regulation of any court or foreign, federal, state, county or local
government or any other governmental, regulatory or administrative agency or authority that is
applicable to it.

          (b) LaunchEquity represents and warrants to the Company that LaunchEquity and each of the
LaunchEquity Nominees are acting independently of any third party, and not pursuant to an
agreement, arrangement, relationship, understanding or otherwise for the purpose of acquiring,
owning, holding, voting or disposing of any shares of the Company, and the LaunchEquity parties,
including the LaunchEquity Nominees do not constitute a single person with any third party for
purposes of the definition of an “Acquiring Person” in Section 302A.011 Subd. 37 of the Minnesota
Business Corporation Act or “Beneficial Ownership” in Section 302A.011 Subd. 41(c) of the Minnesota
Business Corporation Act and do not constitute a “group” with any third party within the meaning of
Rule 13d-5 under the Exchange Act.

     9. LaunchEquity Expenses. The Company shall promptly reimburse LaunchEquity for its
reasonable out-of-pocket fees and expenses, including attorneys’ fees, incurred through the date of
the execution and performance of this Agreement in connection with its discussions and negotiations
with

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the Company with respect to its evaluation of Board representation, its investment in the
Company and the negotiation and execution of this Agreement, provided such reimbursement shall not
exceed $30,000 in the aggregate.

     10. Further Assurances. Each party agrees to take or cause to be taken such further
actions, and to execute, deliver and file or cause to be executed, delivered and filed such further
documents and instruments, and to obtain such consents, as may be reasonably required or requested
by the other party in order to effectuate fully the purposes, terms and conditions of this
Agreement.

     11. Amendment. No amendment or waiver of any provision of this Agreement shall be
effective unless in writing and signed by all of the parties hereto.

     12. Severability. Wherever possible, each provision of this Agreement shall be
interpreted in such manner as to be effective and valid under applicable law, but if any provision
of this Agreement shall be prohibited by or invalid under applicable law, such provision shall be
ineffective only to the extent of such prohibition or invalidity, without invalidating the
remainder of such provision or the remaining provisions of this Agreement.

     13. Successors and Assigns. This Agreement shall be binding upon and inure to the
benefit of the successors and assigns of each party.

     14. Notice. All notices, requests and demands to or upon a party hereto, to be
effective, shall be in writing, and shall be sent by certified or registered mail, return receipt
requested, by personal delivery against receipt, by overnight courier or by facsimile and, unless
otherwise expressly provided herein, shall be deemed to have been validly served, given, delivered
or received immediately when delivered against receipt, three (3) business days’ after deposit in
the mail, postage prepaid, one (1) business day after deposit with an overnight courier or, in the
case of facsimile notice, when sent with respect to machine confirmed, addressed as follows:

	 	 	 	 	 
	 

	 	If to Company:
	 	MakeMusic, Inc.
	 

	 	 	 	7615 Golden Triangle Drive, Suite M
	 

	 	 	 	Eden Prairie, MN 55344-3848
	 

	 	 	 	Attention: Ron Raup
	 

	 	 	 	Fax: (952) 906-3617
	 

	 	 	 	Email: rraup@makemusic.com
	 
	 	 	 	 
	 

	 	With a copy to:
	 	Fredrikson & Byron, P.A.
	 

	 	 	 	200 South Sixth Street, Suite 4000
	 

	 	 	 	Minneapolis, MN 55402-1425
	 

	 	 	 	Attention: Melodie R. Rose
	 

	 	 	 	Fax.: (612) 492-7077
	 

	 	 	 	Email: mrose@fredlaw.com
	 
	 	 	 	 
	 

	 	If to LaunchEquity:
	 	LaunchEquity Partners, LLC
	 

	 	 	 	4230 N. Oakland Avenue #317
	 

	 	 	 	Shorewood, WI 53211-2042

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	 	 	 	Attention: Andrew C. Stephens
	 

	 	 	 	Fax: (414) 390-6127
	 

	 	 	 	E-mail: andy.stephens@artisanpartners.com
	 
	 	 	 	 
	 

	 	With a copy to:
	 	Olshan Grundman Frome Rosenzweig & Wolosky LLP
	 

	 	 	 	Park Avenue Tower
	 

	 	 	 	65 East 55th Street
	 

	 	 	 	New York, NY 10022
	 

	 	 	 	Attention: Steve Wolosky
	 

	 	 	 	Phone: (212) 451-2333
	 

	 	 	 	Fax: (212) 451-2222
	 

	 	 	 	E-mail: swolosky@olshanlaw.com

     or to such other address as each party may designate for itself by notice given in accordance
with this Section 14.

     15. Third Party Beneficiaries. Except for the provisions of Sections 2 and 3, which
are intended in part for the benefit of, and shall be enforceable by, the LaunchEquity Nominees
described therein, nothing contained in this Agreement shall create any rights in, or be deemed to
have been executed for the benefit of, any person or entity that is not a party hereto or a
successor or permitted assign of such a party.

     16. Publicity; Public Announcements. Any public announcement or similar publicity
regarding the subject matter of this Agreement by LaunchEquity or the Company, including by either
party’s affiliates, associates or advisors, shall be made only at such time and in such manner as
the parties shall agree in advance; provided, however, that LaunchEquity shall be
permitted to amend the LEP Schedule 13D to disclose this Agreement or otherwise, and to make any
other disclosure required by applicable law and the Company shall be permitted to disclose this
Agreement on a Current Report on Form 8-K, and to make any other disclosure required by applicable
law.

     17. Entire Agreement. This Agreement embodies the entire understanding and agreement
between the parties hereto with respect to the subject matter hereof and supersedes all prior
agreements, understandings and inducements, whether express or implied, oral or written.

     18. Interpretation. No provision of this Agreement shall be construed against or
interpreted to the disadvantage of any party hereto by any court or other governmental or judicial
authority by reason of such party having or being deemed to have structured or dictated such
provision.

     19. Governing Law; Consent to Forum. THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF MINNESOTA (WITHOUT GIVING EFFECT TO ANY
CHOICE OR CONFLICT OF LAW PROVISION OR RULE). EACH PARTY HEREBY CONSENTS AND AGREES THAT ANY
FEDERAL OR STATE COURT LOCATED IN MINNEAPOLIS, MINNESOTA SHALL HAVE EXCLUSIVE JURISDICTION TO HEAR
AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN THE COMPANY ON THE ONE HAND AND LAUNCHEQUITY ON THE
OTHER HAND PERTAINING TO THIS AGREEMENT OR TO ANY MATTER ARISING OUT OF OR RELATED TO THIS

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AGREEMENT. LAUNCHEQUITY EXPRESSLY SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY
ACTION OR SUIT COMMENCED IN ANY SUCH COURT, AND LAUNCHEQUITY HEREBY WAIVES ANY OBJECTION WHICH IT
MAY HAVE BASED UPON LACK OF PERSONAL JURISDICTION, IMPROPER VENUE OR FORUM NON
CONVENIENS AND HEREBY CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS
DEEMED APPROPRIATE BY SUCH COURT. EACH PARTY HEREBY WAIVES PERSONAL SERVICE OF THE SUMMONS,
COMPLAINT AND OTHER PROCESS ISSUED IN ANY SUCH ACTION OR SUIT AND AGREES THAT SERVICE OF SUCH
SUMMONS, COMPLAINT AND OTHER PROCESS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL ADDRESSED TO SUCH
PARTY AT THE ADDRESS SET FORTH IN THIS AGREEMENT AND THAT SERVICE SO MADE SHALL BE DEEMED COMPLETED
UPON THE EARLIER OF SUCH PARTY’S ACTUAL RECEIPT THEREOF OR 3 DAYS AFTER DEPOSIT IN THE U.S. MAILS,
PROPER POSTAGE PREPAID. NOTHING IN THIS AGREEMENT SHALL BE DEEMED OR OPERATE TO AFFECT THE RIGHT
OF ANY PARTY TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW, OR TO PRECLUDE THE
ENFORCEMENT BY ANY PARTY OF ANY JUDGMENT OR ORDER OBTAINED IN SUCH FORUM OR THE TAKING OF ANY
ACTION UNDER THIS AGREEMENT TO ENFORCE SAME IN ANY OTHER APPROPRIATE FORUM OR JURISDICTION.

     20. Injunctive Relief. Each of the parties acknowledges that the other party will
suffer irreparable harm if the first party breaches this Agreement. Accordingly, each party shall
be entitled, in addition to any other rights and remedies that it may have, at law or at equity, to
an injunction, without the posting of a bond or other security, enjoining or restraining the other
party from any violation of this Agreement. Each party hereby consents to the other party’s right
to the issuance of such injunction.

     21. Waiver of Jury Trial. Each party hereby irrevocably and unconditionally waives
any right it may have to a trial by jury in respect of any litigation directly or indirectly
arising out of or relating to this Agreement or any of the actions contemplated hereby.

     22. Execution in Counterparts. This Agreement may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of which when so
executed and delivered shall be deemed to be an original and all of which counterparts taken
together shall constitute one and the same instrument.

**the
remainder of this page intentionally left blank—signature page
to follow**

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     IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this AGREEMENT to
be duly executed and delivered as of the date first above written.

	 	 	 	 	 
	 	MAKEMUSIC, INC.

 	 
	 	By:  	/s/ Karen L. VanDerBosch
 	 
	 	 	Name:  	Karen L. VanDerBosch 	 
	 	 	Title:  	Chief Financial Officer 	 
	 
	 	LAUNCHEQUITY PARTNERS, LLC

 	 
	 	By:  	/s/ Andrew C. Stephens
 	 
	 	 	Name:  	Andrew C. Stephens 	 
	 	 	Title:  	Managing Member 	 
	 

LAUNCHEQUITY ACQUISITION PARTNERS, LLC DESIGNATED SERIES EDUCATION PARTNERS

	 	 	 	 	 
	 	 	 
	 	By:  	LaunchEquity Partners, LLC
 	 
	 	 	its Manager 	 
	 
	 	 	 
	 	By:  	 /s/ Andrew C. Stephens
 	 
	 	 	Name:  	Andrew C. Stephens 	 
	 	 	Title:  	Managing Member 	 
	 

Signature
page to Agreement 

S-1exv10w55

Exhibit 10.55

MANAGEMENT EMPLOYMENT AGREEMENT

The following agreement (hereinafter known as “Agreement”) is hereby entered into between John Sory
(hereinafter known as “Employee”) 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.

	1.	 	DUTIES AND RESPONSIBILITIES
	 
	 	 	Employee agrees to hold the position of Senior Vice President, Clinical Care and shall be
directly responsible to the President and Chief Executive Officer.
	 
	2.	 	BEST EFFORTS
	 
	 	 	Employee agrees to devote his/her best efforts to his/her employment with the Company, on a
full-time (no less than 40 hours/week) basis. He/She further agrees not to use the
facilities, personnel or property of the Company for private business benefit.
	 
	3.	 	ETHICAL CONDUCT
	 
	 	 	Employee will conduct his or her self in a professional and ethical manner at all times and
will 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.
	 
	4.	 	TERM OF THE AGREEMENT
	 
	 	 	This Agreement will be effective upon full execution and will continue year to year unless
terminated.
	 
	5.	 	COMPENSATION

	 	a.	 	Salary shall be $325,000 year payable in equal installments as per the
company’s payroll policy. Salary shall be considered on an annual basis and adjusted
based on performance.
	 
	 	b.	 	Benefits shall be the standard benefits of the Company, as they shall exist
from time to time.

 

	 	c.	 	This position qualifies for the Executive Bonus Plan of the Company. For 2010,
the Employee’s bonus target will be 50% of his/her base salary if the company meets its
Board approved objectives for the year, and may be increased or
decreased based on performance as per the 2010 bonus plan. The Employee will also be
eligible to participate in the Executive Bonus Plan each year thereafter for the
life of the Agreement at a level to be determined by the Compensation Committee of
the Company’s Board of Directors.

	6.	 	NON-DISCLOSURE
	 
	 	 	Employee acknowledges that employment with the Company requires him/her to have
access to confidential information and material belonging to the Company, including customer
lists, contracts, proposals, operating procedures, trade secrets and business methods and
systems, which have been developed at great expense by the Company and which Employee
recognizes to be unique assets of the Company’s business. Upon termination of employment
for any reason, Employee agrees to return to the Company any such confidential information
and material in his possession with no copies thereof retained. Employee further agrees,
whether during employment with the Company or any time after the termination thereof
(regardless of the reason for such termination), he/she will not disclose nor use in any
manner, any confidential or proprietary material relating to the business, operations, or
prospects of the Company except as authorized in writing by the Company or required during
the performance of his/her duties.
	 
	7.	 	BUSINESS INTERFERENCE; NONCOMPETITION

	 	a.	 	During employment with the Company and for a period of one year (the
“Restrictive Period”) thereafter (regardless of the reason for termination) Employee
agrees he/she will not, directly or indirectly, in any way for his/her own account, as
employee, stockholder, partner, or otherwise, or for the account of any other person,
corporation, or entity: (i) request or cause any of the Company’s suppliers, customers
or vendors to cancel or terminate any existing or continuing business relationship with
the Company; (ii) solicit, entice, persuade, induce, request or otherwise cause any
employee, officer or agent of the Company to refrain from rendering services to the
Company or to terminate his/her relationship, contractual or otherwise, with the
Company; or (iii) induce or attempt to influence any customer or vendor to cease or
refrain from doing business or to decline to do business with the Company or any of its
affiliated distributors or vendors.
	 
	 	b.	 	The Employee agrees that, during the Restrictive Period, the Employee will not,
directly or indirectly, accept employment with, provide services to or consult with, or
establish or acquire any interest in, any business, firm, person, partnership,
corporation or other entity which engages in any business or activity that is the same
as or competitive with the business conducted by the Company in any state of the United
States of America and in any foreign country in which any customer to whom the Company
is providing services or technology is located.

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	8.	 	FORFEITURE FOR BREACH; INJUNCTIVE RELIEF.

	 	a.	 	Any breach of the covenants made in Sections 6 and 7 hereof shall result in the
forfeiture of the Employee’s right to any and all payments which may be required to be
made under this Agreement following such breach and shall relieve the Company of any
obligation to make such payments.
	 
	 	b.	 	The Employee acknowledges that his/her compliance with the covenants in
Sections 6 and 7 hereof is necessary to protect the good will and other proprietary
interests of the Company and that, in the event of any violation by the Employee of the
provisions of Section 6 or 7 hereof, the Company will sustain serious, irreparable and
substantial harm to its business, the extent of which will be difficult to determine
and impossible to remedy by an action at law for money damages. Accordingly, the
Employee agrees that, in the event of such violation or threatened violation by the
Employee, the Company shall be entitled to an injunction before trial from any court of
competent jurisdiction as a matter of course and upon the posting of not more than a
nominal bond in addition to all such other legal and equitable remedies as may be
available to the Company.
	 
	 	c.	 	The rights and remedies of the Company as provided in this Section 8 shall be
cumulative and concurrent and may be pursued separately, successively or together
against Employee, at the sole discretion of the Company, and may be exercised as often
as occasion therefor shall arise. The failure to exercise any right or remedy shall in
no event be construed as a waiver or release thereof.
	 
	 	d.	 	The Employee agrees to reimburse the Company for any expenses incurred by it in
enforcing the provisions of Sections 6 and 7 hereof if the Company prevails in that
enforcement.

	9.	 	INVENTIONS
	 
	 	 	Employee agrees to promptly disclose to the Company each discovery, improvement, or
invention conceived, made, or reduced to practice (whether during working hours or
otherwise) during the term of employment. Employee agrees 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. Employee further agrees that all works of
authorship subject to statutory copyright protection developed jointly or solely, while
employed, shall be considered a work made for hire 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 employment with the Company shall be deemed to
have been made, conceived or discovered during employment with the Company.

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	 	 	Employee acknowledges any discoveries, improvements and other inventions made prior to the
date of initial employment with the Company or the date hereof, which have not
been filed in the United States Patent Office, are attached on Exhibit A, which shall be
executed by both the Employee and the Company.

	10.	 	NO CURRENT CONFLICT
	 
	 	 	Employee hereby assures the Company that he/she is not currently restricted by any existing
employment or non-compete agreement that would conflict with the terms of this Agreement.
	 
	11.	 	TERM; TERMINATION AND TERMINATION BENEFITS

	 	a.	 	Employment is “at will” which means that either the Company or Employee may
terminate at any time, with or without cause or good reason, upon written notice given
at least 30 days prior to termination.
	 
	 	b.	 	This Agreement shall terminate upon the death of the Employee. In addition,
if, as a result of a mental or physical condition which, in the reasonable opinion of a
medical doctor selected by the Company’s Board of Directors, can be expected to be
permanent or to be of an indefinite duration and which renders the Employee unable to
carry out the job responsibilities held by, or the tasks assigned to, the Employee
immediately prior to the time the disabling condition was incurred, or which entitles
the Employee to receive disability payments under any long-term disability insurance
policy which covers the Employee for which the premiums are reimbursed by the Company
(a “Disability”), the Employee shall have been absent from his/her duties hereunder on
a full-time basis for 120 consecutive days, or 180 days during any twelve month period,
and within thirty (30) days after written notice (which may occur before or after the
end of such 120 or 180 day period) by the Company to Employee of the Company’s intent
to terminate the Employee’s employment by reason of such Disability, the Employee shall
not have returned to the performance of his/her duties hereunder, the Employee’s
employment hereunder shall, without further notice, terminate at the end of said
thirty-day notice.
	 
	 	c.	 	The Company may also terminate the Employee’s employment under this Agreement
for Cause. For purposes of this Agreement the Company shall have “Cause” to terminate
the Employee’s employment if the Employee, in the reasonable judgment of the Company,
(i) fails to perform any reasonable directive of the Company that may be given from
time to time for the conduct of the Company’s business; (ii) materially breaches any of
his/her commitments, duties or obligations under this Agreement; (iii) embezzles or
converts to his/her own use any funds of the Company or any business opportunity of the
Company; (iv) destroys or converts to his/her own use any property of the Company,
without the Company’s consent; (v) is convicted of, or indicted for, or enters a guilty
plea or plea of no contest with respect to, a felony; (vi) is adjudicated an
incompetent or

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	 		 	(vii) violates any federal, state, local or other law applicable to the
business of the
Company or engages in any conduct which, in the reasonable judgment of the Company,
is injurious to the business or interests of the Company. The Company must give the
Employee written notice of the Employee’s breach under sections 11.c.(i.), 11.c.(ii)
and 11.c.(vii) and an opportunity to cure within fifteen (15) days of such written
notice. If the Employee fails to cure, the Company may terminate the Employee for
Cause and shall give notice of termination to the Employee as required under Section
11.a.
	 
	 	d.	 	Upon any termination of this Agreement, the Company shall have no further
obligation to Employee other than for annual salary and bonus earned through the date
of termination, and no severance pay or other benefits of any kind shall be payable;
provided, however, that in the event the Company terminates this Agreement other than
for Cause or as a result of the death or Disability of the Employee, the Company shall
provide to the Employee (i) severance equal to 100% of his/her then-current annual
salary and applicable prorated bonus, based on 100% performance, payable in one lump
sum in accordance with the Company’s policy and (ii) continuation of Benefits (as
hereafter defined), subject to applicable benefit plan provisions, for twelve months.
	 
	 	e.	 	Notwithstanding any contrary provision contained in this Agreement, upon the
first occurrence of a Trigger Event (as hereafter defined), the Employee shall be
entitled to receive (i) severance equal to 100% of his/her then-current annual salary
and applicable prorated bonus, based on 100% performance, payable in one lump sum in
accordance with the Company’s policy; (ii) continuation of Benefits (as hereafter
defined), subject to applicable benefit plan provisions, for twlelve months; and (iii)
accelerated vesting of all stock options, such that all stock options held by Employee
immediately prior to the date of the Change of Control (as hereafter defined) shall
become exercisable in full as of the date of the Change of Control.
	 
	 	 	 	The term “Benefits” as utilized in this Section 11, shall mean standard health and
dental benefits through COBRA continuation if elected, 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; (ii) the Employee resigns
his/her employment within 60 days 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 (iii) the Employee is employed by the Company or the Buyer, or a
division or subsidiary thereof, for one year after the date of the Change in
Control.
	 
	 	 	 	The term “Change of Control”, as utilized herein, shall mean:

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	 	(i)	 	A change of control of a nature that would be required to be
reported in the Company’s proxy statement under the Securities Exchange Act of
1934, as amended;
	 
	 	(ii)	 	The approval by the Board of Directors of a sale, not in the
ordinary course of business, of all or substantially all of the Company’s
assets and business to an unrelated third party and the consummation of such
transaction; or
	 
	 	(iii)	 	The approval by the Board of Directors of any merger,
consolidation, or like business combination or reorganization of the Company,
the consummation of which would result in the occurrence of any event described
in clause (i) or (ii) above, and the consummation of such transaction.

	 	 	 	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, accelerate the vesting
of all unvested stock options as of the date of the Change of Control or 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, and the Company shall not otherwise take any action
that would cause any stock options held by the Employee that are not then
exercisable to terminate prior to the Change of Control or Trigger Event, as
otherwise permitted by the Company’s 2003 Stock Option Plan or as may be permitted
by the Buyer’s stock option plan, respectively.

	12.	 	MISCELLANEOUS

	 	a.	 	This Agreement and any disputes arising herefrom 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.
	 
	 	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.
No waiver by either party of any condition or of the breach by the other of any term or
covenant contained in this Agreement shall be effective unless in writing and signed by
the aggrieved party. A waiver by a party hereto in any one or more instances shall not
be deemed or construed as a further or continuing waiver of
any such condition or breach or a waiver of any other condition, or of the breach of
any other term or covenant set forth in this Agreement.

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	 	e.	 	Any notice required or permitted to be given under this Agreement shall be in
writing and shall be deemed to have been given when delivered in person, sent by
certified mail, postage prepaid, or delivered by a nationally recognized overnight
delivery service addressed, if to the Company at 1818 Market Street, 10th Floor,
Philadelphia, PA 19103 Attn: President and CEO and if to the Employee, at the address
of his/her personal residence as maintained in the Company’s records.

	 	 	 	 	 
	For Employee:

	 	 	 	For the Company:
	 
	 	 	 	 
	/s/ John B. Sory

	 	 	 	/s/ Valerie Mattern
	 

	 	 	 	 
	 
	 	 	 	 
	Name: John B. Sory

	 	 	 	Name: Valerie Mattern
	 
	 	 	 	 
	Date: November 10, 2009

	 	 	 	Date: November 10, 2009

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