Document:

Revised Escrow Agreement

 EXHIBIT 10.15 
  
 REVISED ESCROW AGREEMENT 
  
 ESCROW AGREEMENT (“Agreement”) dated [Closing Date] among CEA ACQUISITION CORPORATION, a Delaware corporation
(“CEA”), James W. Clark, Jr., as the etrials Stockholders’ Representative, being the representative of the former stockholders of etrials Worldwide, Inc., a Delaware corporation (the “Representative”),
and CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as escrow agent (the “Escrow Agent”). 
  
 CEA, etrials Worldwide, Inc. (“etrials”), certain stockholders of etrials, and etrials Acquisition, Inc., a Delaware corporation and
wholly-owned subsidiary of CEA (“Merger Subsidiary”), are the parties to an Agreement and Plan of Merger and Reorganization dated as of August 22, 2005 (the “Merger Agreement”) pursuant to which the Merger
Subsidiary has merged with and into etrials so that etrials has become a wholly-owned subsidiary of CEA. Pursuant to Section 1.20 of the Merger Agreement, the Trigger Shares and Additional Trigger Shares are subject to cancellation upon the
occurrence of certain events. Pursuant to Article VII of the Merger Agreement, CEA is to be indemnified in certain respects by the application of the Holdback Shares (as that term is defined in Section 1(a), below) including the Additional
Trigger Shares. The parties desire to establish escrow funds with respect to the application of the Trigger Shares and Additional Trigger Shares in accordance with Section 1.20 of the Merger Agreement and with respect to the application of the
Holdback Shares (including the Additional Trigger Shares) as collateral security for the indemnification obligations under Article VII of the Merger Agreement. The Representative has been designated pursuant to the Merger Agreement to represent all
of the former stockholders of etrials (the “Stockholders”) and act on their behalf for purposes of this Agreement. Capitalized terms used herein which are not otherwise defined herein shall have the meanings ascribed to them in the
Merger Agreement. 
  
 The parties agree as follows: 
  
 1. (a) Concurrently with the execution hereof, the Escrow Agent, in its
capacity as Exchange Agent pursuant to the Merger Agreement, has withheld (i) 10% of the total number of shares of Parent Common Stock issuable to the Stockholders pursuant to the Merger Agreement (the “Holdback Shares”), and
(ii) such additional number of shares of Parent Common Stock that, together with the Holdback Shares, equal 1,400,000 shares of Parent Common Stock (the “Trigger Shares”), in each instance pro rata in accordance with the number
of shares of Parent Common Stock issuable to each Stockholder. Such shares of Parent Common Stock are herein referred to in the aggregate as the “Escrow Fund.” The Escrow Agent shall maintain separate accounts for each
Stockholder’s portion of the Escrow Fund, designated separately with respect to Holdback Shares and Trigger Shares. 
  
 (b) The Escrow Agent hereby agrees to act as escrow agent and to hold, safeguard and disburse the Escrow Fund pursuant to the terms and conditions

 hereof. It shall treat the Escrow Fund as a trust fund in accordance with the terms of this Agreement and not as the
property of CEA. Its duties hereunder shall cease upon its distribution of the entire Escrow Fund in accordance with this Agreement. 
  
 (c) Except as herein provided, the Stockholders shall retain all of their rights as stockholders of CEA during the period the Escrow Fund is held by the
Escrow Agent (the “Escrow Period”), including, without limitation, the right to vote their shares of Parent Common Stock included in the Escrow Fund. 
  
 (d) During the Escrow Period, all dividends payable in cash with respect to the shares of Parent Common Stock included in
the Escrow Fund shall be paid to the Stockholders, but all dividends payable in stock or other non-cash property (“Non-Cash Dividends”) shall be delivered to the Escrow Agent to hold in accordance with the terms hereof. As used
herein, the term “Escrow Fund” shall be deemed to include the Non-Cash Dividends distributed thereon, if any. 
  
 (e) During the Escrow Period, no sale, transfer or other disposition may be made of any or all of the shares of Parent Common Stock in the Escrow Fund
except (i) by gift to a member of a Stockholder’s immediate family or to a trust, the beneficiary of which is a Stockholder or a member of a Stockholder’s immediate family, (ii) by virtue of the laws of descent and distribution
upon death of any Stockholder, or (iii) pursuant to a qualified domestic relations order; provided, however, that such permissive transfers may be implemented only upon the respective transferee’s written agreement to be bound by the terms
and conditions of this Agreement. During the Escrow Period, the Stockholders shall not pledge or grant a security interest in the shares of Parent Common Stock included in the Escrow Fund or grant a security interest in their rights under this
Agreement. 
  
 2. (a) CEA, acting through the members of
CEA’s Board of Directors who served on such Board prior to the Closing and who continue to serve on such Board after the Closing (the “Committee”), who have been appointed by the Board of Directors to take all necessary actions
and make all decisions on behalf of CEA with respect to its rights to indemnification under the Merger Agreement, may make a claim for indemnification pursuant to Article VII of the Merger Agreement (“Indemnity Claim”) against the
Escrow Fund by giving notice (a “Notice”) to the Representative (with a copy to the Escrow Agent) specifying (i) the covenant, representation, warranty, agreement, undertaking or obligation contained in the Merger Agreement
which it asserts has been breached or otherwise entitles CEA to indemnification, (ii) in reasonable detail, the nature and dollar amount of any indemnity claim CEA may have by reason thereof under the Merger Agreement (“Indemnity
Claim”), and (iii) whether the Indemnity Claim results from a Third Party Claim against CEA. The Committee also shall deliver to the Escrow Agent (with a copy to the Representative), concurrently with its delivery to the Escrow Agent
of the Notice, a certification as to the date on which the Notice was delivered to the Representative. 
  
 (b) If the Representative shall give a notice to the Committee (with a copy to the Escrow Agent) (a “Counter Notice”), within 30 days
following the date of 
  

 2 

 receipt (as specified in the Committee’s certification) by the Representative of a copy of the Notice, disputing
whether the Indemnity Claim is indemnifiable under Article VII of the Merger Agreement, the parties shall attempt to resolve such dispute by voluntary settlement as provided in paragraph 2(c) below. If no Counter Notice with respect to an Indemnity
Claim is received by the Escrow Agent from the Representative within such 30-day period, the Indemnity Claim shall be deemed to be an Established Claim (as hereinafter defined) for purposes of this Agreement. 
  
 (c) If the Representative delivers a Counter Notice to the Escrow Agent, the
Committee and the Representative shall, during the period of 60 days following the delivery of such Counter Notice or such greater period of time as the parties may agree to in writing (with a copy to the Escrow Agent), attempt to resolve the
dispute with respect to which the Counter Notice was given. If the Committee and the Representative shall reach a settlement with respect to any such dispute, they shall jointly deliver written notice of such settlement to the Escrow Agent
specifying the terms thereof. If the Committee and the Representative shall be unable to reach a settlement with respect to a dispute, such dispute shall be resolved by arbitration pursuant to paragraph 2(d) below. 
  
 (d) If the Committee and the Representative cannot resolve a dispute prior to
expiration of the 60-day period referred to in paragraph 2(c) above (or such longer period as the parties may have agreed to in writing), then such dispute shall be submitted (and either party may submit such dispute) for arbitration before a single
arbitrator in Orlando, Florida, in accordance with the commercial arbitration rules of the American Arbitration Association then in effect. The Committee and the Representative shall attempt to agree upon an arbitrator; if they shall be unable to
agree upon an arbitrator within 10 days after the date on which it may, under this Agreement, be submitted for arbitration, then either the Committee or the Representative, upon written notice to the other, may apply for appointment of such
arbitrator by the American Arbitration Association. Each party shall pay the fees and expenses of counsel used by it and 50% of the fees and expenses of the arbitrator and of other expenses of the arbitration. The arbitrator shall render his
decision within 90 days after his appointment and may award costs to any of the parties if, in his sole opinion reasonably exercised, the claims made by any other party or parties had no reasonable basis and were arbitrary and capricious. Such
decision and award shall be in writing and shall be final and conclusive on the parties, and counterpart copies thereof shall be delivered to each of the parties. Judgment may be obtained on the decision of the arbitrator so rendered in any court
having jurisdiction and may be enforced in accordance with the law of the State of Florida. If the arbitrator shall fail to render his decision or award within such 90-day period, either the Committee or the Representative may apply to any Florida
or federal court then having jurisdiction by action, proceeding or otherwise, as may be proper to determine the matter in dispute consistently with the provisions of this Agreement. The parties consent to the exclusive jurisdiction of the Florida
courts sitting in the Hillsborough County for this purpose. The prevailing party (or either party, in the case of a decision or award rendered in part for each party) shall send a copy of the arbitration decision or of any judgment of the Florida or
federal court to the Escrow Agent. 
  

 3 

 (e) As used in this Agreement, “Established Claim” means any (i) Indemnification
Claim deemed established pursuant to the last sentence of paragraph 2(b) above, (ii) Indemnification Claim resolved in favor of CEA by settlement of the parties pursuant to paragraph 2(c) above, resulting in a dollar award to CEA,
(iii) Indemnification Claim established by the decision of an arbitrator pursuant to paragraph 2(d) above, resulting in a dollar award to CEA, (iv) Third Party Claim which has been sustained by a final determination (after exhaustion of
any appeals) of a court of competent jurisdiction, or (v) Third Party Claim which the Committee and the Representative have jointly notified the Escrow Agent has been settled in accordance with the provisions of the Merger Agreement.

  
 (f) (i) Promptly after an Indemnity Claim becomes an
Established Claim, the Committee shall deliver a notice to the Escrow Agent directing the Escrow Agent to pay to CEA, and the Escrow Agent shall pay to CEA or cancel, as directed by CEA, such number of Holdback Shares that have a value equal to the
aggregate dollar amount of the Established Claim (or, if at such time there remains in the Escrow Fund Holdback Shares having a value less than the full amount so payable, the full amount of the Holdback Shares remaining in the Escrow Fund).

  
 (ii) Payment of an Established Claim shall be made in shares
of Parent Common Stock, pro rata from the account maintained on behalf of each Stockholder. In such event, such shares shall be valued at the “Fair Market Value” (as defined below) and the Escrow Agent shall promptly cause the appropriate
number of shares to be transferred from the Escrow Fund to CEA, or its order, or, if directed by CEA, cancel, to the extent of the number of Holdback Shares in the Escrow Fund. The parties hereto (other than the Escrow Agent) agree that the
foregoing right to make payments of Established Claims in shares of Parent Common Stock may be made notwithstanding any other agreements restricting or limiting the ability of any Stockholder to sell any shares of CEA stock or otherwise. As used
herein, “Fair Market Value” means the average reported last sales price for the Parent Common Stock for the ten trading days ending on the last trading day prior to the day the Established Claim is paid. 
  
 3. On the first Business Day after the eighteen month anniversary of the
Closing Date, upon written instruction from CEA, the Escrow Agent shall distribute and pay to each Stockholder who has an interest in the Escrow Fund the Parent Common Stock then in such Stockholder’s account in the Escrow Fund that are
Holdback Shares, unless at such time there are any Indemnity Claims with respect to which Notices have been received but which have not been resolved pursuant to Section 2 hereof or in respect of which the Escrow Agent has not been notified of,
and received a copy of, a final determination (after exhaustion of any appeals) by a court of competent jurisdiction, as the case may be (in either case, “Pending Claims”), and which, if resolved or finally determined in favor of
CEA, would result in a payment to CEA, in which case the Escrow Agent shall retain, and the total amount of such distributions to such Stockholder shall be reduced by, the “Pending Claims Reserve” (as hereafter defined). Thereafter,
if any Pending Claim becomes an Established Claim, the Escrow Agent shall promptly pay to CEA an amount of Holdback Shares in respect thereof determined in accordance with 
  

 4 

 paragraph 2(f) above, and to the Stockholder the amount by which the remaining portion of the Holdback Shares in his
account in the Escrow Fund exceeds the then Pending Claims Reserve (determined as set forth below). If any Pending Claim is resolved against CEA, the Escrow Agent shall promptly pay to each Stockholder the amount by which the remaining portion of
the Holdback Shares in his account in the Escrow Fund exceeds the then Pending Claims Reserve. Upon resolution of all Pending Claims, the Escrow Agent shall pay to such Stockholder the remaining portion of his or her Holdback Shares in the Escrow
Fund. Notwithstanding the foregoing, no Holdback Shares shall be released by the Escrow Agent to any Stockholder so long as the Trigger Release Date (as hereinafter defined) has not occurred. 
  
 As used herein, the “Pending Claims Reserve” at any time
shall mean an amount equal to the sum of the aggregate dollar amounts claimed to be due with respect to all Pending Claims (as shown in the Notices of such Claims). 
  
 4. (a) Notwithstanding anything to the contrary in this Agreement, the Trigger Shares and those Holdback Shares that
have not been paid to CEA or canceled as a consequence of an Indemnification Claim (the “Additional Trigger Shares”) shall be held in escrow by the Escrow Agent until the last day of the first twenty (20) consecutive trading
day period commencing after the date hereof during which (i) the volume-weighted average price of the Parent Common Stock is equal to or greater than $7.00 per share and (ii) the average daily trading volume of the Parent Common Stock is
at least 25,000 shares (the “Trigger Release Date”), in each case based on information obtained from the equity page for the Company provided by the Bloomberg reporting service. At any time after the occurrence of the Trigger
Release Date, the Representative may deliver a notice (a “Trigger Release Notice”) to the Escrow Agent, with a copy to the Committee, stating that the Trigger Release Date has occurred and setting forth its calculations of the
volume-weighted average price of the Parent Common Stock and the average daily trading volume for the twenty (20) consecutive trading day period then ended. The Representative also shall deliver to the Escrow Agent (with a copy to the
Committee), concurrently with its delivery to the Escrow Agent of the Trigger Release Notice, a certification as to the date on which the Trigger Release Notice was delivered to the Representative. 
  
 (b) If the Committee shall give a notice to the Representative (with a copy
to the Escrow Agent) (a “Trigger Counter Notice”), within 10 days following the date of receipt (as specified in the Representative’s certification) by the Committee of a copy of the Trigger Release Notice, disputing whether
there has been an occurrence of the Trigger Release Date, the parties shall attempt to resolve such dispute by voluntary settlement as provided in paragraph 2(c) above. If no Trigger Counter Notice with respect to a Trigger Release is received by
the Escrow Agent from the Committee within such 10-day period, the Trigger Release Notice shall be deemed effective for purposes of this Agreement. If the Committee and the Representative shall reach a settlement with respect to any such dispute,
they shall jointly deliver written notice of such settlement to the Escrow Agent specifying the terms thereof. If the Committee and the Representative shall be unable to reach a settlement with respect to a dispute, such dispute shall be resolved by
arbitration pursuant to paragraph 2(d) above. If, as a result of resolution by the parties or by arbitration, it is determined that the Trigger Release Date has occurred, the Trigger Release Notice shall be deemed effective for purposes of this
Agreement. 
  

 5 

 (c) If the Trigger Release Date occurs prior to the expiration of the Holdback Period, the Escrow Agent
shall release and deliver the Trigger Shares upon receipt of an effective Trigger Release Notice and shall release and deliver the Additional Trigger Shares upon the expiration of the Holdback Period, in each case to the Stockholders having an
interest therein. If the Trigger Release Date occurs after the expiration of the Holdback Period, the Trigger Shares and Additional Trigger Shares shall be so released and delivered by the Escrow Agent upon receipt of an effective Trigger Release
Notice. If the Trigger Release Date has not occurred by February 19, 2008, upon written notice to the Escrow Agent, the Trigger Shares and the Additional Trigger Shares shall be canceled by the Escrow Agent in its capacity as Transfer Agent for
CEA. 
  
 5. The Escrow Agent shall cooperate in all respects with
the Committee and the Representative in the calculation of any amounts determined to be payable to CEA in accordance with this Agreement. 
  
 6. (a) The Escrow Agent undertakes to perform only such duties as are expressly set forth herein. It is understood that the Escrow Agent is not a
trustee or fiduciary and is acting hereunder merely in a ministerial capacity. 
  
 (b) The Escrow Agent shall not be liable for any action taken or omitted by it in good faith and in the exercise of its own best judgment, and may rely conclusively and shall be protected in acting upon any order,
notice, demand, certificate, opinion or advice of counsel (including counsel chosen by the Escrow Agent), statement, instrument, report or other paper or document (not only as to its due execution and the validity and effectiveness of its
provisions, but also as to the truth and acceptability of any information therein contained) which is believed by the Escrow Agent to be genuine and to be signed or presented by the proper person or persons. The Escrow Agent shall not be bound by
any notice or demand, or any waiver, modification, termination or rescission of this Agreement unless evidenced by a writing delivered to the Escrow Agent signed by the proper party or parties and, if the duties or rights of the Escrow Agent are
affected, unless it shall have given its prior written consent thereto. 
  
 (c) The Escrow Agent’s sole responsibility upon receipt of any notice requiring any payment to CEA pursuant to the terms of this Agreement or, if such notice is disputed by the Committee or the Representative, the settlement with
respect to any such dispute, whether by virtue of joint resolution, arbitration or determination of a court of competent jurisdiction, is to pay to CEA the amount specified in such notice, and the Escrow Agent shall have no duty to determine the
validity, authenticity or enforceability of any specification or certification made in such notice. 
  
 (d) The Escrow Agent shall not be liable for any action taken by it in good faith and believed by it to be authorized or within the rights or powers
conferred upon it by this Agreement, and may consult with counsel of its own choice and shall have full and complete authorization and protection for any action taken or suffered by it hereunder in good faith and in accordance with the opinion of
such counsel. 
  

 6 

 (e) The Escrow Agent may resign at any time and be discharged from its duties as escrow agent hereunder
by its giving the other parties hereto written notice and such resignation shall become effective as hereinafter provided. Such resignation shall become effective at such time that the Escrow Agent shall turn over the Escrow Fund to a successor
escrow agent appointed jointly by the Committee and the Representative. If no new escrow agent is so appointed within the 60 day period following the giving of such notice of resignation, the Escrow Agent may deposit the Escrow Fund with any court
it reasonably deems appropriate. 
  
 (f) In the event of a dispute
between the parties as to the proper disposition of the Escrow Fund, the Escrow Agent shall be entitled (but not required) to deliver the Escrow Fund into the United States District Court for the Southern District of New York and, upon giving notice
to the Committee and the Representative of such action, shall thereupon be relieved of all further responsibility and liability. 
  
 (g) The Escrow Agent shall be indemnified and held harmless by CEA from and against any expenses, including counsel fees and disbursements, or loss
suffered by the Escrow Agent in connection with any action, suit or other proceeding involving any claim which in any way, directly or indirectly, arises out of or relates to this Agreement, the services of the Escrow Agent hereunder, or the Escrow
Fund held by it hereunder, other than expenses or losses arising from the gross negligence or willful misconduct of the Escrow Agent. Promptly after the receipt by the Escrow Agent of notice of any demand or claim or the commencement of any action,
suit or proceeding, the Escrow Agent shall notify the other parties hereto in writing. In the event of the receipt of such notice, the Escrow Agent, in its sole discretion, may commence an action in the nature of interpleader in an appropriate court
to determine ownership or disposition of the Escrow Fund or it may deposit the Escrow Fund with the clerk of any appropriate court or it may retain the Escrow Fund pending receipt of a final, non-appealable order of a court having jurisdiction over
all of the parties hereto directing to whom and under what circumstances the Escrow Fund are to be disbursed and delivered. 
  
 (h) The Escrow Agent shall be entitled to reasonable compensation from CEA for all services rendered by it hereunder. The Escrow Agent shall also be
entitled to reimbursement from CEA for all expenses paid or incurred by it in the administration of its duties hereunder including, but not limited to, all counsel, advisors’ and agents’ fees and disbursements and all taxes or other
governmental charges. 
  
 (i) From time to time on and after the
date hereof, the Committee and the Representative shall deliver or cause to be delivered to the Escrow Agent such further documents and instruments and shall do or cause to be done such further acts as the Escrow Agent shall reasonably request to
carry out more effectively the provisions and purposes of this Agreement, to evidence compliance herewith or to assure itself that it is protected in acting hereunder. 
  

 7 

 (j) Notwithstanding anything herein to the contrary, the Escrow Agent shall not be relieved from
liability hereunder for its own gross negligence or its own willful misconduct. 
  
 7. This Agreement expressly sets forth all the duties of the Escrow Agent with respect to any and all matters pertinent hereto. No implied duties or obligations shall be read into this Agreement against the Escrow
Agent. The Escrow Agent shall not be bound by the provisions of any agreement among the parties hereto except this Agreement and shall have no duty to inquire into the terms and conditions of any agreement made or entered into in connection with
this Agreement, including, without limitation, the Merger Agreement. 
  
 8. This Agreement shall inure to the benefit of and be binding upon the parties and their respective heirs, successors, assigns and legal representatives, shall be governed by and construed in accordance with the law of Delaware applicable
to contracts made and to be performed therein except that issues relating to the rights and obligations of the Escrow Agent shall be governed by and construed in accordance with the law of New York applicable to contracts made and to be performed
therein. This Agreement cannot be changed or terminated except by a writing signed by the Committee, the Representative and the Escrow Agent. 
  
 9. The Committee and the Representative each hereby consents to the exclusive jurisdiction of the Florida and federal courts sitting in Hillsborough
County with respect to any claim or controversy arising out of this Agreement. Service of process in any action or proceeding brought against the Committee or the Representative in respect of any such claim or controversy may be made upon it by
registered mail, postage prepaid, return receipt requested, at the address specified in Section 10, with a copy delivered by nationally recognized overnight carrier to Graubard Miller, The Chrysler Building, 405 Lexington Avenue, New York, N.Y.
10174-1901, Attention: David Alan Miller, Esq. 
  
 10. All notices
and other communications under this Agreement shall be in writing and shall be deemed given if given by hand or delivered by nationally recognized overnight carrier, or if given by telecopier and confirmed by mail (registered or certified mail,
postage prepaid, return receipt requested), to the respective parties as follows: 
  

							
	 	 	A.	 	If to the Committee, to it at	  	 
				
	 	 	 	 	c/o CEA Acquisition Corporation	  	 
	 	 	 	 	101 East Kennedy Boulevard, Suite 3300
	 	 	 	 	Tampa, Florida 33602	  	 
	 	 	 	 	Attention: Robert Moreyra	  	 
	 	 	 	 	Telecopier No.: 813-314-9504	  	 

  

 8 

							
	 	 	 	 	with a copy to:	  	 
				
	 	 	 	 	Graubard Miller	  	 
	 	 	 	 	The Chrysler Building	  	 
	 	 	 	 	405 Lexington Avenue	  	 
	 	 	 	 	New York, New York 10174-1901	  	 
	 	 	 	 	Attention: David Alan Miller, Esq.	  	 
	 	 	 	 	Telecopier No.: 212-818-8881	  	 
				
	 	 	B.	 	If to the Representative, to him at	  	 
				
	 	 	 	 	James W. Clark, Jr.	  	 
	 	 	 	 	c/o etrials Worldwide, Inc.	  	 
	 	 	 	 	4000 Aerial Center Parkway	  	 
	 	 	 	 	Morrisville, North Carolina 27560	  	 
	 	 	 	 	Telecopier No.: 919-653-3621	  	 
				
	 	 	 	 	with a copy to:	  	 
				
	 	 	 	 	Daniels, Daniels & Verdonik, P.A.	  	 
	 	 	 	 	Suite 200, Generation Plaza	  	 
	 	 	 	 	1822 N.C. Highway 54 East	  	 
	 	 	 	 	P.O. Drawer 122	  	 
	 	 	 	 	Research Triangle Park, N.C. 22709-2218
	 	 	 	 	Attention: James F. Verdonik	  	 
	 	 	 	 	Telecopier No.: 919 544 5920	  	 
				
	 	 	C.	 	If to the Escrow Agent, to it at:	  	 
			
	 	 	 	 	Continental Stock Transfer & Trust Company
	 	 	 	 	2 Broadway	  	 
	 	 	 	 	New York, New York 10004	  	 
	 	 	 	 	Attention: Steven G. Nelson	  	 
	 	 	 	 	Telecopier No.: 212-509-5150	  	 

  
 or to such other person or address as
any of the parties hereto shall specify by notice in writing to all the other parties hereto. 
  
 11. (a) If this Agreement requires a party to deliver any notice or other document, and such party refuses to do so, the matter shall be submitted to arbitration pursuant to paragraph 3(d) of this Agreement.

  
 (b) All notices delivered to the Escrow Agent shall refer to
the provision of this Agreement under which such notice is being delivered and, if applicable, shall clearly specify the aggregate dollar amount due and payable to CEA. 
  
 (c) This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original instrument
and all of which together shall constitute a single agreement. 
  

 9 

 IN WITNESS WHEREOF, each of the parties hereto has duly executed this Agreement on the date first above
written. 
  

			
	CEA ACQUISITION CORPORATION
		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 
	
	 THE REPRESENTATIVE

	
	  

	 Name:
	 	 James W. Clark, Jr.

	
	 ESCROW AGENT

	
	 CONTINENTAL STOCK TRANSFER & TRUST COMPANY

		
	 By:
	 	  

	 Name:
	 	 Steven G. Nelson

	 Title:
	 	 Chairman

  

 10License Agreement

 Exhibit 10.33 
  
 EXCLUSIVE LICENSE AGREEMENT 
  

AGREEMENT made as of this 10th day of August, 2005 (the “Effective Date”), by and between MINIDOC AB (hereinafter referred to as
“Licensor”), a corporation organized and existing under the laws of Sweden with a place of business at Norrmalmstong 14, Stockholm and ETRIALS WORLDWIDE, INC. (hereinafter referred to as “Licensee”), a corporation organized and
existing under the laws of the State of Delaware with a place of business at 2701 Aerial Center Pkwy, Suite 100, Morrisville, NC 27560 (collectively, the “Parties”). 
  
 WHEREAS Licensor represents that it owns certain patents, trade secrets, know-how, software and technology; and 

 
 WHEREAS Licensee wishes to obtain and Licensor wishes to grant an
exclusive license upon the terms and conditions set forth herein. 
  
 NOW, THEREFORE, in consideration of the covenants and conditions contained in this License Agreement and for other good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, and intending to be legally
bound hereby, the Parties agree as follows: 
  
 DEFINITIONS

  
 1. “Licensor’s Intellectual Property” means
Patent Rights, Software and Know-How. 
  
 2. “Patent
Rights” means the patents listed in Schedule A attached hereto, including any continuations, divisionals, continuations-in-part, substitutions, reissues, counterparts, extensions, reexaminations and all patents and patent applications claiming
priority to such patents and patent applications. 

 3. “Know-How” means all technology, processes, documentation, knowledge, trade secrets and
information related to the use, application and implementation of the Software or to the exercise of the Patent Rights. 
  
 4. “Software” means all source, object and executable code as well as any underlying copyrights in and to the software designated by Licensor as
the MiniDoc Diary Software. 
  
 5. “Person” means an
individual, partnership, corporation, trust, government or political subdivision and any other entity that has legal capacity to own property in its own name and to sue or be sued. 
  
 GRANT OF LICENSE 
  
 6. License Grant. Licensor hereby grants to Licensee a world-wide, royalty free, irrevocable, fully sublicensable, exclusive license to
Licensor’s Intellectual Property, including the right to reproduce, create derivative works, perform, display, make, have made, use, sell, offer to sell, distribute, import, export or lease products or services under Licensor’s
Intellectual Property in any field of use. Notwithstanding, the foregoing, the parties acknowledge and agree that Licensor shall retain a limited, world-wide, non-sublicensable, non transferable right to reproduce, create derivative works, perform,
display, make, have made, use, sell, offer to sell, distribute, import, export or lease products or services under Licensor’s Intellectual Property in the. 
  

7. Right To Sue. Licensee shall have the sole right, but not the obligation, to enforce Licensor’s Intellectual Property in its own name
against any Person operating anywhere in the World. This right shall include the right to sue and recover for infringement of Licensor’s Intellectual Property, including past infringement and damages. This right shall also include the right to
settle at Licensee’s discretion and 

  

 2 

 
retain proceeds of any claim for infringement, including past infringement and damages. Any enforcement action brought under this provision shall be
controlled exclusively by Licensee. Licensor agrees to cooperate with Licensee as needed in any such enforcement action and Licensor further agrees that Licensee may join Licensor in any action as necessary to enforce Licensor’s Intellectual
Property rights. Licensee may grant the right to enforce Licensor’s Intellectual Property to exclusive sublicensees of Licensee’s rights granted under this License Agreement. 
  
 CONSIDERATION 
  
 8. Consideration. In consideration for the License grant contained in this Agreement, Licensee shall assume, as of the date on which this Agreement
is entered into, any and all liability that may be owed by Minidoc AB to PHT Corporation for alleged past infringement of U.S. Patent No. 6,095,985 (“the ‘985 patent”) by Minidoc AB between August 1, 2000 and July 22,
2002, or any liability that may arise as a result of the settlement by eTrials of any claims made by PHT Corporation for past infringement of the ‘985 patent, for the period of time between August 1, 2000 and July 22, 2002.

  
 9. Licensee further agrees that in the event that Licensee
decides to initiate a suit for infringement of Licensor’s Intellectual Property against a third party anywhere in the world, Licensee agrees to pay to Licensor ten percent (10%) of any net cash amounts of damages or settlement recovered by
Licensee in connection with that suit. The net cash amounts of such damage or settlement recovery shall be the amount actually received by Licensee, less the costs and expenses incurred by Licensee in recovering such damages or reaching such
settlement. This agreement should not be construed to suggest that Licensee is under any obligation to undertake the enforcement of Licensor’s Intellectual Property. 
  

 3 

 10. Sublicense. Licensee further agrees that in the event that Licensee decides to sublicense any
of Licensor’s Intellectual Property to a third party (“Sublicense Agreement”), Licensee agrees to pay to Licensor ten percent (10%) of any net revenue received by Licensee as a payment under the terms of the Sublicense Agreement.

  
 TERM AND TERMINATION 
  
 11. Term And Termination. The license granted to Licensee under this
License Agreement shall extend from the Effective Date to the date of expiration of the last of Licensor’s Patents (listed in Schedule A) to expire, unless terminated earlier through the mutual written consent of both Parties. Any provision of
this Agreement, which by its terms imposes continuing obligations on the parties, shall survive termination or expiration of this Agreement. 
  
 12. Sale of Licensor. In the event that Licensor sells all or substantially all of its assets or is sold to a third party, Licensee shall have the
right to acquire Licensor’s Intellectual Property for the price of $1.00. 
  
 13. Liquidation of Licensor. In the event that Licensor decides to distribute its assets to shareholders in a liquidating distribution, Licensee shall have the exclusive right to acquire Licensor’s
Intellectual Property for the price of $1.00. 
  
 ASSIGNMENT

  
 14. Licensee may assign or transfer this License Agreement
in whole or in part, including by merger or by a transfer of control of Licensee or otherwise, without the prior written consent of Licensor, provided that the assignee expressly assumes all obligations of Licensee under this License Agreement by a
writing delivered to Licensor. Any assignment or transfer of this License Agreement by Licensee may include an assignment or transfer of Licensee’s Right To Sue as set forth in paragraph 6. 
  

 4 

 WARRANTIES 
  

15. Licensor represents and warrants that as of the date of this License Agreement, Licensor owns and controls Licensor’s Intellectual Property,
has the right to grant all of the license rights as provided in this License Agreement and that no rights have been granted to any third party by Licensor that would permit such entity or individual to exercise any of the rights granted to Licensee
pursuant to this Agreement. 
  
 MISCELLANEOUS TERMS

  
 16. Governing Law. This License Agreement and all
amendments, waivers and consents shall be governed by and construed in accordance with the laws of the State of North Carolina without regard to the conflict of laws and choice of law principles thereof. 
  
 17. Dispute Resolution. In the event of a dispute arising out of this
License Agreement the Parties shall make a good faith effort to resolve such dispute through negotiations. In the event the Parties are unable to negotiate a resolution of any dispute, Licensor and Licensee hereby consent to jurisdiction and venue
in the State and Federal courts located in Wake County, North Carolina. 
  
 18. Entire Agreement. This License Agreement constitutes the complete and exclusive statement of the agreement between Licensor and Licensee with respect to the subject matter hereof and supercedes any other oral or written
discussions. There are no understandings, representations or warranties of any kind, oral or written, express or implied, with respect to the subject matter indicated above, except as expressly set forth herein. 
  

 5 

 19. No Waiver. Failure by either party to enforce any provision of this License Agreement shall
not be deemed a waiver of that provision or of any other provision of this License Agreement. Any claim of waiver of any right, obligation, term or condition of this License Agreement and any claim that any provision of this License Agreement has
been modified or amended shall be null and void unless such waiver, modification or amendment is made in writing and signed by authorized representatives of both of the Parties. 
  
 20. Force Majeure. If the performance of this License Agreement by a party hereto, for any obligation hereunder, is
prevented, restricted or interfered with, for reasons beyond its reasonable control, including but not limited to acts of God, compliance with any governmental regulations, orders, restrictions or prohibitions, fire or strikes or other labor
disputes, then the Parties affected shall be excused from performance hereunder to the extent of such prevention, restriction, or interference, provided, however, that the party so affected shall (a) promptly give Notice of any such cause to
the other party, (b) use its best efforts to remove such causes of non-performance as promptly as possible and (c) resume performance promptly upon termination of such cause. 
  
 21. Confidentiality. The Parties agree that they will keep the terms of this License Agreement confidential, and
neither of the Parties shall disclose such terms to any third party without prior written consent of the other party, except (i) as required by federal and state securities law (as determined by outside counsel to the party required to make
such disclosure); (ii) as may be required and under terms of confidentiality if provided in connection with a judicial or administrative proceeding or other filing with an administrative agency; (iii) to professional advisors who are bound
by an obligation of 

  

 6 

 
confidentiality; (iv) to existing or prospective lenders or investors who agree in writing not to disclose the terms and conditions of this License
Agreement; or (v) that the scope of the license granted herein may be disclosed to third parties in connection with bona fide business discussions with such parties, including Licensor’s Intellectual Property. 
  
 22. Severability. If any provision of this License Agreement shall be
held to be illegal, invalid or unenforceable, that provision will be enforced to the maximum extent permissible so as to effect the intent of the Parties, and the validity, legality and enforceability of the remaining provisions shall not in any way
be affected or impaired thereby. If necessary to effect the intent of the Parties, the Parties will negotiate in good faith to amend this License Agreement to replace the unenforceable language with enforceable language which as closely as possible
reflects such intent. 
  
 23. Notice. All notices, required
documentation and correspondence in connection herewith shall be in English and shall be provided in writing and shall be given by facsimile transmission or by registered or certified mail to Licensor and Licensee at the addresses and facsimile
numbers set forth below: 
  

			
	Licensor:	  	Minidoc AB
	 	  	Norrmalmstong 14
	 	  	11146 Stockholm
	 	  	Sweden
		
	Licensee:	  	eTrials Worldwide, Inc.
	 	  	2701 Aerial Center Pkwy
	 	  	Suite 100
	 	  	Morrisville, North Carolina 27560
	 	  	Facsimile No. 919-653-3620

  
 IN WITNESS WHEREOF,
the Parties have caused their duly authorized representatives to execute this Exclusive License Agreement. 
  

 7 

									
	MINIDOC AB	 	 	 	ETRIALS WORLDWIDE, INC.
					
	By:	 	 /s/ Hans Lindroth

	 	 	 	By:	 	 /s/ James W. Clark, Jr.

					
	Title:	 	Director	 	 	 	Title:	 	Chief Financial Officer

  

 8 

 SCHEDULE A 
  

	 	•	 	U.S. Patent No. 5,672,154 

  

	 	•	 	U.S. Patent No. D390,666 

  

	 	•	 	World Patent Application No. WO 94/06088 

  

	 	•	 	Sweden Patent No. SE 9,202,460 

  

	 	•	 	Sweden Patent No. SE 500,122 

  

	 	•	 	European Patent No. EP 657,051 

  

	 	•	 	Japan Patent No. JP 8,500,513 

  

 9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00094-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00094-of-00352.parquet"}]]