Document:

Employment Agreement

 Exhibit 10.6 
  
 RENEWAL, AMENDMENT AND RESTATEMENT 
  

OF 
  
 EMPLOYMENT AGREEMENT 
  
 THIS RENEWAL, AMENDMENT AND RESTATEMENT OF EMPLOYMENT AGREEMENT (the “Agreement”), made as of this 28 day of March, 2005, is entered into by Bio-Imaging Technologies, Inc., a Delaware corporation with its
principal place of business at 826 Newtown-Yardley Road, Newtown, Pennsylvania 18940 (the “Company”), and Mark L. Weinstein (the “Employee”). 
  
 The Company desires to employ the Employee, and the Employee desires to be employed by the Company. In consideration of the
mutual covenants and promises contained in this Agreement, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties to this Agreement, the parties agree as follows: 
  
 1. Term of Employment. The Company hereby agrees to employ the
Employee, and the Employee hereby accepts employment with the Company, upon the terms set forth in this Agreement, for the period commencing on February 1, 2005 (the “Commencement Date”) and ending on February 28, 2007 (such period, as it
may be extended, the “Employment Period”), unless sooner terminated in accordance with the provisions of Section 4. Prior to or on February 28, 2006, the Board of Directors (the “Board”), in its sole discretion, may extend the
Employment Period until February 28, 2008. 
  
 2. Title;
Capacity. The Employee shall serve as President and Chief Executive Officer or in such other reasonably comparable position as the Company or its Board may determine from time to time. The Employee shall be based at the Company’s
headquarters in Newtown, Pennsylvania, or such place or places in the continental United States as the Board shall determine. The Employee shall be subject to the supervision of, and shall have such authority as is delegated to the Employee by, the
Board or such officer of the Company as may be designated by the Board. 
  
 The Employee hereby accepts such employment and agrees to undertake the duties and responsibilities inherent in such position and such other duties and responsibilities as the Board or its designee shall from time to time reasonably assign
to the Employee. The Employee agrees to devote his entire business time, attention and energies to the business and interests of the Company during the Employment Period. The Employee agrees to abide by the rules, regulations, instructions,
personnel practices and policies of the Company and any changes therein which may be adopted from time to time by the Company. The Employee further agrees to abide by the applicable rules, practices, policies, restrictions and principles outlined by
the Board in its’ Corporate Policy Governance Manual and amendments adopted thereto. 
  
 3. Compensation and Benefits. 
  
 3.1 Salary. The Company shall pay the Employee, in periodic installments in accordance with the Company’s customary payroll practices, an annual base salary of $290,000 for the one-year period commencing on the Commencement
Date. Such salary may be subject to cost of living or other increases thereafter as determined by the Board. 

 3.2 Fringe Benefits. The Employee shall be entitled to participate in all bonus and benefit
programs that the Company establishes and makes available to its employees, if any, to the extent that Employee’s position, tenure, salary, age, health and other qualifications make him eligible to participate, including, but not limited to, a
car allowance not to exceed $500 per month. The Employee shall be entitled to four (4) weeks paid vacation per year, to be taken at such times as may be approved by the Board or its designee. 
  
 3.3 Reimbursement of Expenses. The Company shall reimburse the
Employee for all reasonable travel, entertainment and other expenses incurred or paid by the Employee in connection with, or related to, the performance of his duties, responsibilities or services under this Agreement, in accordance with policies
and procedures, and subject to limitations, adopted by the Company or the Board from time to time. 
  
 3.4 Bonuses; Incentive Compensation. 
  
 (a) The Employee shall be eligible to receive, at the sole discretion of the Board, an annual bonus (the “MIP Bonus”) up to a maximum amount
equal to 50% of the Employee’s annual base salary upon the achievement of certain milestones as set forth in an annual Management Incentive Plan, to be mutually agreed upon and attached hereto upon Board approval (the “Management Incentive
Plan”). The specific annual milestones will be set each year by the Board following consultation with the Employee. Notwithstanding the foregoing, the Employee shall not be eligible to receive the MIP Bonus if the Company has not achieved
pre-tax earnings for that applicable fiscal year. 
  
 (b) In
addition to Section 3.4(a) above, for each of the 2005 and 2006 fiscal years of the Company, the Employee may be entitled to receive an equity bonus in the form of up to 25,000 shares of the Company’s common stock per year (the “Stock
Award”). The Board, in its sole discretion, may adjust the Stock Award downward by up to 20% based upon the results of the Management Incentive Plan. The Employee shall earn the Stock Award provided only if: (i) the Employee remains in the
Company’s employ through the close of that fiscal year; and (ii) the financial and non-financial milestones and targets set forth in the Management Incentive Plan in effect for that fiscal year are attained (unless such provision is otherwise
waived by the Board in its sole discretion). The shares earned for any such fiscal year shall be issued to the Employee within three (3) business days following the Company’s release of the financial results for that year (but in all events
within two and one-half months following the close of that year), subject to the Company’s collection of the applicable withholding taxes. Such tax withholding shall be effected by the Company’s withholding, from the shares otherwise
issuable to the Employee at that time, that number of shares with a then current fair market value equal to the Company’s minimum statutory withholding rates for federal and state tax purposes, including payroll taxes, that are applicable to
supplemental taxable income, and accordingly only the number of shares of the Company’s common stock, net of such withholding, shall be issued to the Employee. In no event shall the Employee accrue any right or entitlement to the share bonus
for either the 2005 or 2006 fiscal year unless and until both the foregoing service and performance requirements for that year are in fact attained. 
  

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 (c) The number of shares of the Company’s common stock to which the Employee may become entitled
pursuant to Paragraph 3(b) shall be appropriately adjusted in the event of any stock split, stock dividend, combination or exchange of shares, recapitalization or other similar transaction affecting the outstanding shares of the Company’s
common stock without the Company’s receipt of consideration. 
  
 3.5 Rabbi Trust. During the first year of the Employment Period, the Employee may elect to defer up to 100% of any amounts received pursuant to the Management Incentive Plan into a non-qualified deferral plan, commonly known as a
“Rabbi Trust”, created for the benefit of the Employee. 
  
 3.6 Withholding. All salary, bonus and other compensation payable to the Employee shall be subject to applicable withholding taxes. 
  
 4. Termination of Employment Period. The employment of the Employee by the Company pursuant to this Agreement shall terminate upon the occurrence
of any of the following: 
  
 4.1 Expiration of the Employment
Period; 
  
 4.2 At the election of the Company, for Cause (as
defined below), immediately upon written notice by the Company to the Employee, which notice shall identify the Cause upon which the termination is based. For the purposes of this Section 4.2, “Cause” shall mean (a) a good faith finding by
the Company that (i) the Employee has repeatedly failed to perform his assigned duties for the Company, or (ii) the Employee has engaged in dishonesty, gross negligence or misconduct, or (b) the conviction of the Employee of, or the entry of a
pleading of guilty or nolo contendere by the Employee to, any crime involving moral turpitude or any felony; 
  
 4.3 At the election of the Employee, for Good Reason (as defined below), immediately upon written notice by the Employee to the Company, which notice
shall identify the Good Reason upon which the termination is based. For the purposes of this Section 4.3, “Good Reason” for termination shall mean (i) a material adverse change in the Employee’s authority, duties or compensation
without the prior written consent of the Employee (provided that neither the hiring of a chief operating officer nor the hiring of a chief financial officer by the Company and the relinquishment of such title and associated duties by the Employee
shall constitute Good Reason hereunder), (ii) a material breach by the Company of the terms of this Agreement, which breach is not remedied by the Company within 10 days following written notice from the Employee to the Company notifying it of such
breach or (iii) the relocation of the Employee’s place of work more than 50 miles from the Company’s current executive offices. 
  
 4.4 Upon the death or disability of the Employee. As used in this Agreement, the term “disability” shall mean the inability of the Employee, due
to a physical or mental disability, for a period of 90 days, whether or not consecutive, during any 360-day period, to perform the services contemplated under this Agreement, with or without reasonable accommodation as that term is defined under
state or federal law. A determination of disability shall be made by a physician satisfactory to both the Employee and the Company; provided, that, 
  

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 if the Employee and the Company do not agree on a physician, the Employee and the Company shall each select a physician
and these two together shall select a third physician, whose determination as to disability shall be binding on all parties; 
  
 4.5 At the election of either party, upon not less than 180 days’ prior written notice of termination. 
  
 5. Effect of Termination. 
  
 5.1 At-Will Employment. If the Employment Period expires pursuant to
Section 1 hereof, then, unless the Company notifies the Employee to the contrary, the Employee shall continue his employment on an at-will basis following the expiration of the Employment Period. Such at-will employment relationship may be
terminated by either party at any time and shall not be governed by the terms of this Agreement. 
  
 5.2 Payments Upon Termination. 
  
 (a) In the event the Employee’s employment is terminated pursuant to Section 4.1, Section 4.2, Section 4.4 or by the Employee pursuant to Section
4.5, the Company shall pay to the Employee the compensation and benefits otherwise payable to him under Section 3 through the last day of his actual employment by the Company. 
  
 (b) In the event the Employee’s employment is terminated by the Employee pursuant to Section 4.3 or by the Company
pursuant to Section 4.5, the Company shall continue to pay to the Employee his salary as in effect on the date of termination and the amount of the annual bonus paid to him for the fiscal year immediately preceding the date of termination (payable
in annualized monthly installments) and continue to provide to the Employee the other benefits owed to him under Section 3.2 (to the extent such benefits can be provided to non-employees, or to the extent such benefits cannot be provided to
non-employees, then the cash equivalent thereof) until the date 60 days after the date of termination. The payment to the Employee of the amounts payable under this Section 5.2(b) shall constitute the sole remedy of the Employee in the event of a
termination of the Employee’s employment in the circumstances set forth in this Section 5.2(b). The Employee shall not be entitled to any payments under this Section 5.2(b) unless and until the Employee executes a general release and waiver in
a form satisfactory to the Board. 
  
 5.3 Survival. The
provisions of Sections 5.2(b) and 6 shall survive the termination of this Agreement. 
  
 6. Non-Competition and Non-Solicitation. The Employee shall execute, if not previously executed and still in effect, simultaneously with the execution of this Agreement, or otherwise upon the request of the
Company, the Company’s customary form of Invention Assignment and Confidential Information Agreement and form of Non-Competition and Non-Solicitation Agreement, substantially in the form attached hereto as Exhibit A and Exhibit B,
respectively. 
  

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 7. Other Agreements. 
  
 7.1 Prior Agreements. The Employee represents that his performance of all the terms of this Agreement and the
performance of his duties as an employee of the Company do not and will not breach any agreement with any prior employer or other party to which the Employee is a party (including without limitation any nondisclosure or non-competition agreement).
Any agreement to which the Employee is a party relating to nondisclosure, non-competition or non-solicitation of employees or customers is listed on Schedule B attached hereto. 
  
 7.2 Executive Retention Agreement. Upon execution of this Agreement, the Company and the Employee shall enter into
the Executive Retention Agreement attached hereto as Exhibit C. 
  
 8. Miscellaneous. 
  
 8.1 Notices. Any
notices delivered under this Agreement shall be deemed duly delivered four business days after it is sent by registered or certified mail, return receipt requested, postage prepaid, or one business day after it is sent for next-business day delivery
via a reputable nationwide overnight courier service, in each case to the address of the recipient set forth in the introductory paragraph hereto. Either party may change the address to which notices are to be delivered by giving notice of such
change to the other party in the manner set forth in this Section 8.1. 
  
 8.2 Pronouns. Whenever the context may require, any pronouns used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular forms of nouns and pronouns shall include the plural, and vice
versa. 
  
 8.3 Entire Agreement. This Agreement constitutes
the entire agreement between the parties and supersedes all prior agreements and understandings, whether written or oral, relating to the subject matter of this Agreement. 
  
 8.4 Amendment. This Agreement may be amended or modified only by a written instrument executed by both the Company
and the Employee. 
  
 8.5 Governing Law. This Agreement
shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania (without reference to the conflicts of laws provisions thereof). Any action, suit or other legal proceeding arising under or relating to any provision
of this Agreement shall be commenced only in a court of the Commonwealth of Pennsylvania (or, if appropriate, a federal court located within Pennsylvania), and the Company and the Employee each consents to the jurisdiction of such a court. The
Company and the Employee each hereby irrevocably waive any right to a trial by jury in any action, suit or other legal proceeding arising under or relating to any provision of this Agreement. 
  
 8.6 Successors and Assigns. This Agreement shall be binding upon and
inure to the benefit of both parties and their respective successors and assigns, including any corporation with which, or into which, the Company may be merged or which may succeed to 
  

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 the Company’s assets or business; provided, however, that the obligations of the Employee are personal
and shall not be assigned by him. Notwithstanding the foregoing, if the Company is merged with or into a third party which is engaged in multiple lines of business, or if a third party engaged in multiple lines of business succeeds to the
Company’s assets or business, then for purposes of this Agreement, the term “Company” shall mean and refer to the business of the Company as it existed immediately prior to such event and as it subsequently develops and not to the
third party’s other businesses. 
  
 8.7 Waivers. No
delay or omission by the Company in exercising any right under this Agreement shall operate as a waiver of that or any other right. A waiver or consent given by the Company on any one occasion shall be effective only in that instance and shall not
be construed as a bar or waiver of any right on any other occasion. 
  
 8.8 Captions. The captions of the sections of this Agreement are for convenience of reference only and in no way define, limit or affect the scope or substance of any section of this Agreement. 
  
 8.9 Severability. In case any provision of this Agreement shall be
invalid, illegal or otherwise unenforceable, the validity, legality and enforceability of the remaining provisions shall in no way be affected or impaired thereby. 
  

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 THE EMPLOYEE ACKNOWLEDGES THAT HE HAS CAREFULLY READ THIS AGREEMENT, HAS HAD A FULL OPPORTUNITY TO REVIEW
THIS AGREEMENT AND CONSULT WITH COUNSEL AND UNDERSTANDS AND AGREES TO ALL OF THE PROVISIONS IN THIS AGREEMENT. 
  
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year set forth above. 
  

			
	BIO-IMAGING TECHNOLOGIES, INC.
		
	By:	 	 /s/ DAVID NOWICKI

	Name:	 	DAVID NOWICKI
	Title:	 	CHAIRMAN OF THE BOARD OF DIRECTORS
	
	EMPLOYEE
	
	 /s/ MARK L. WEINSTEIN

	Mark L. Weinstein

  
 [Signature Page
to Renewal, Amendment and Restatement of Employment Agreement]Loan Agreement

 Exhibit 10.12 
  
 LOAN AGREEMENT 
  
 Wachovia Bank, National Association 
 123 South Broad Street 
 Philadelphia, Pennsylvania 19109 
 (Hereinafter referred to as the
“Bank”) 
  
 Bio-Imaging Technologies, Inc. 
 826 Newtown-Yardley Road 
 Newtown, Pennsylvania 18940 
 (Individually and collectively “Borrower”) 
  
 This Loan Agreement (“Agreement”) is entered into May 15, 2004, by and between Bank and Borrower. 
  
 This Agreement amends and restates in its entirety that certain Loan Agreement dated May 9, 2003 and applies to the loan or loans
(individually and collectively, the “Loan”) evidenced by one or more promissory notes dated May 15, 2004 or other notes subject hereto, as modified from time to time (whether one or more, the “Note”), the standby letters of
credit issued hereunder (each, a “Letter of Credit” and collectively, the “Letters of Credit”) and all Loan Documents. The terms “Loan Documents” and “Obligations,” as used in this Agreement, are defined in
the Note. 
  
 Relying upon the covenants, agreements, representations end
warranties contained in this Agreement, Bank is willing to extend credit to Borrower upon the terms and subject to the conditions set forth herein, and Bank and Borrower agree as follows: 
  
 LETTERS OF CREDIT. Upon the request of Borrower, Bank shall issue standby Letters of Credit,
provided, the aggregate amount available to be drawn under all standby Letters of Credit plus the aggregate amount of unreimbursed drawings under all standby Letters of Credit at anyone time does not exceed $1,000,000.00, and further provided, no
standby Letter of Credit shall expire more than 365 days after the date it is issued. Notwithstanding anything to the contrary contained herein, the aggregate outstanding principal balance of Advances (as defined in the line of credit Promissory
Note in the amount of $5,000,000.00, dated May 15, 2004 plus the aggregate amount available to be drawn under all Letters of Credit plus the aggregate amount of unreimbursed drawings under all Letters of Credit at anyone time shall not exceed
$5,000,000.00. The Letters of Credit are to be used by Borrower solely to finance working capital. Bank’s obligation to issue Letters of Credit shall terminate if Borrower is in default (however denominated) under the Note or the other Loan
Documents, or in any case, if not sooner terminated, on June 30,2005. 
  
 LETTER OF CREDIT FEES. Borrower shall pay to Bank, at such times as Bank shall require, Bank’s standard fees in connection with Letters of Credit, as in effect from time to time, and with respect to standby Letters of Credit, an
additional fee equal to 1.50% per annum on the face amount of each standby Letter of Credit, payable annually, in advance, for so long as such Letter of Credit is outstanding. 
  
 REPRESENTATIONS. Borrower represents that from the date of this Agreement and until final payment in full of the Obligations:
Accurate Information. All information now and hereafter furnished to Bank is and will be true, correct and complete. Any such information relating to Borrower’s financial condition will accurately reflect Borrower’s financial
condition as of the date(s) thereof, (including all contingent liabilities of every type), and Borrower further represents that its financial condition has not changed materially or adversely since the date(s) of such 

  

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documents. Authorization; Non-Contravention. The execution, delivery and performance by Borrower and any guarantor, as applicable, of this Agreement
and other Loan Documents to which it is a party are within its power, have been duly authorized as may be required and, if necessary, by making appropriate filings with any governmental agency or unit and are the legal, binding, valid and
enforceable obligations of Borrower and any guarantors; and do not (i) contravene, or constitute (with or without the giving of notice or lapse of time or both) a violation of any provision of applicable law, a violation of the organizational
documents of Borrower or any guarantor, or a default under any agreement, judgment, injunction, order, decree or other instrument binding upon or affecting Borrower or any guarantor, (ii) result in the creation or imposition of any lien (other than
the lien(s) created by the Loan Documents) on any of Borrower’s or any guarantor’s assets, or (iii) give cause for the acceleration of any obligations of Borrower or any guarantor to any other creditor. Asset Ownership. Borrower has
good and marketable title to all of the properties and assets reflected on the balance sheets and financial statements supplied Bank by Borrower, and all such properties and assets are free and clear of mortgages, security deeds, pledges, liens,
charges, and all other encumbrances, except as otherwise disclosed to Bank by Borrower in writing and approved by Bank (“Permitted Liens”). To Borrower’s knowledge, no default has occurred under any Permitted Liens and no claims or
interests adverse to Borrower’s present rights in its properties and assets have arisen. Discharge of Liens and Taxes. Borrower has duly filed, paid and/or discharged all taxes or other claims that may become a lien on any of its
property or assets, except to the extent that such items are being appropriately contested in good faith and an adequate reserve for the payment thereof is being maintained. Sufficiency of Capital. Borrower is not, and after consummation of
this Agreement and after giving effect to all indebtedness incurred and liens created by Borrower in connection with the Note and any other Loan Documents, will not be, insolvent within the meaning of 11 U.S.C. § 101, as in effect from time to
time. Compliance with Laws. Borrower is in compliance in all respects with all federal, state and local laws, rules and regulations applicable to its properties, operations, business, and finances, including, without limitation, any federal
or state laws relating to liquor (including 18 U.S.C. § 3617, et seq.) or narcotics (including 21 U.S.C. § 801, et seq.) and/or any commercial crimes; all applicable federal, state and local laws and regulations intended to protect the
environment; and the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), if applicable. Organization and Authority. Each corporation, partnership or limited liability company Borrower and/or guarantor, as
applicable, is duly created, validly existing and in good standing under the laws of the state of its organization, and has all powers, governmental licenses, authorizations, consents and approvals required to operate its business as now conducted.
Each corporation, partnership or limited liability company Borrower and/or guarantor, as applicable, is duly qualified, licensed and in good standing in each jurisdiction where qualification or licensing is required by the nature of its business or
the character and location of its property, business or customers, and in which the failure to so qualify or be licensed, as the case may be, in the aggregate, could have a material adverse effect on the business, financial position, results of
operations, properties or prospects of Borrower or any such guarantor. No Litigation. There are no pending or threatened suits, claims or demands against Borrower or any guarantor that have not been disclosed to Bank by Borrower in writing,
and approved by Bank. 
  
 AFFIRMATIVE COVENANTS. Borrower agrees that from
the date hereof and until final payment in full of the Obligations, unless Bank shall otherwise consent in writing, Borrower will: Access to Books and Records. Allow Bank, or its agents, during normal business hours, access to the books,
records and such other documents of Borrower as Bank shall reasonably require, and allow Bank, at Borrower’s expense, to inspect, audit and examine the same and to make extracts therefrom and to make copies thereof. Business Continuity.
Conduct its business in substantially the same manner and locations as such business is now and has previously been conducted. Certificate of Full Compliance From Accountant. Deliver to Bank, with the financial statements required herein, a
certification by Borrower’s independent certified public accountant that Borrower is in full compliance with the Loan Documents. Compliance with Other Agreements. Comply with all terms and conditions contained in this Agreement, and any
other Loan Documents, and swap agreements, if applicable, as defined in the 11 U.S.C. § 101, as in 

  

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effect from time to time. Estoppel Certificate. Furnish, within 15 days after request by Bank, a written statement duly acknowledged of the amount due
under the Loan and identifying each outstanding Letter d Credit, if any, and whether offsets or defenses exist against the Obligations. Insurance. Maintain adequate insurance coverage with respect to its properties and business against loss or
damage of the kinds and in the amounts customarily insured against by companies of established reputation engaged in the same or similar businesses including, without limitation, commercial general liability insurance, workers compensation
insurance, and business interruption insurance; all acquired in such amounts and from such companies as Bank may reasonably require. Maintain Properties. Maintain, preserve and keep its property in good repair, working order and condition,
making all replacements, additions and improvements thereto necessary for the proper conduct of its business, unless prohibited by the Loan Documents. Notice of Default and Other Notices. (a) Notice of Default. Furnish to Bank immediately
upon becoming aware of the existence of any condition or event which constitutes a Default (as defined in the Loan Documents) or any event which, upon the giving of notice or lapse of time or both, may become a Default, written notice specifying the
nature and period of existence thereof and the action which Borrower is taking or proposes to take with respect thereto. (b) Other Notices. Promptly notify Bank in writing of (i) any material adverse change in its financial condition or its
business; (ii) any default under any material agreement, contract or other instrument to which it is a party or by which any of its properties are bound, or any acceleration of the maturity of any indebtedness owing by Borrower; (iii) any material
adverse claim against or affecting Borrower or any part of its properties; (iv) the commencement of, and any material determination in, any litigation with any third party or any proceeding before any governmental agency or unit affecting Borrower;
and (v) at least 30 days prior thereto, any change in Borrower’s name or address as shown above, and/or any change in Borrower’s structure. Other Financial Information. Deliver promptly such other information regarding the
operation, business affairs, and financial condition of Borrower which Bank may reasonably request. Payment of Debts. Pay and discharge when due, and before subject to penalty or further charge, and otherwise satisfy before maturity or
delinquency, all obligations, debts, taxes, and liabilities of whatever nature or amount, except those which Borrower in good faith disputes. Reports and Proxies. Deliver to Bank, promptly, a copy of all financial statements, reports,
notices, and proxy statements, sent by Borrower to stockholders, and all regular or periodic reports required to be filed by Borrower with any governmental agency or authority. 
  
 NEGATIVE COVENANTS. Borrower agrees that from the date hereof and until final payment in full of the Obligations, unless Bank shall
otherwise consent in writing, Borrower will not: Change in Fiscal Year. Change its fiscal year. Change of Control. Make or suffer a change of ownership that effectively changes control of Borrower from current ownership.
Encumbrances. Create, assume, or permit to exist any mortgage, security deed, deed of trust, pledge, lien, charge or other encumbrance on any of its assets, whether now owned or hereafter acquired, other than: (i) security interests required
by the Loan Documents; (ii) liens for taxes contested in good faith; (iii) purchase money security interests for equipment leases; or (iv) Permitted Liens. Guarantees. Guarantee or otherwise become responsible for obligations of any other
person or persons, other than the endorsement of checks and drafts for collection in the ordinary course of business. Acquisitions and Investments. Purchase or otherwise acquire any other person or entity (whether by way of merger or assets
or stock purchase), which in the aggregate exceeds $2,000,000.00. Default on Other Contracts or Obligations. Default on any material contract with or obligation when due to a third party or default in the performance of any obligation to a
third party incurred for money borrowed. Government Intervention. Permit the assertion or making of any seizure, vesting or intervention by or under authority of any governmental entity, as a result of which the management of Borrower or any
guarantor is displaced of its authority in the conduct of its respective business or such business is curtailed or materially impaired. Judgment Entered. Permit the entry of any monetary judgment or the assessment against, the filing of any
tax lien against, or the issuance of any writ of garnishment or attachment against any property of or debts due Borrower in an amount in excess of $100,000.00 which is not discharged or execution is not stayed within 30 days of entry. Retire or
Repurchase Capital Stock. Retire or otherwise acquire any of its capital stock. 
  

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 ANNUAL FINANCIAL STATEMENTS. Borrower shall deliver to Bank, within 90 days after the close of each fiscal year,
audited financial statements reflecting its operations during such fiscal year, including, without limitation, a balance sheet, profit and loss statement and statement of cash flows, with supporting schedules and in reasonable detail, prepared in
conformity with generally accepted accounting principles, applied on a basis consistent with that of the preceding year. If audited statements are required, all such statements shall be examined by an independent certified public accountant
acceptable to Bank. The opinion of such independent certified public accountant shall not be acceptable to Bank if qualified due to any limitations in scope imposed by Borrower or any other person or entity. Any other qualification of the opinion by
the accountant shall render the acceptability of the financial statements subject to Bank’s approval. 
  
 PERIODIC FINANCIAL STATEMENTS. Borrower shall deliver to Bank, within 45 days after the end of each fiscal quarter, unaudited management-prepared quarterly financial statements including, without limitation, a
balance sheet, profit and loss statement and statement of cash flows, with supporting schedules; all in reasonable detail and prepared in conformity with generally accepted accounting principles, applied on a basis consistent with that of the
preceding year. Such statements shall be certified as to their correctness by a principal financial officer of Borrower and in each case, if audited statements are required, subject to audit and year-end adjustments. 
  
 FINANCIAL COVENANTS. Borrower agrees to the following provisions from the date hereof
until final payment in full of the Obligations, unless Bank shall otherwise consent in writing, using the financial information for Borrower, its subsidiaries, affiliates and its holding or parent company, as applicable: Current Ratio.
Borrower shall, at all times, maintain a Current Ratio of not less than 2.00 to 1.00. “Current Ratio” shall mean the ratio of Current Assets to Current Liabilities. “Current Assets” shall mean all assets which are so classified
in accordance with generally accepted accounting principles. “Current Liabilities” shall mean all liabilities which are so classified in accordance with generally accepted accounting principles. Deposit Relationship. Borrower shall
maintain its primary depository account with Bank. Effective Tangible Net Worth. Borrower shall, at all times, maintain an Effective Tangible Net Worth of not less than $16,000,000.00. “Effective Tangible Net Worth” shall mean total
assets minus Senior Liabilities. For purposes of this computation, the aggregate amount of any intangible assets of Borrower including without limitation, goodwill, franchises, licenses, patents, trademarks, trade names, copyrights, service marks,
and brand names, shall be subtracted from total assets. “Senior Liabilities” shall mean the sum of Total Liabilities, including capitalized leases and all reserves for deferred taxes and other deferred sums appearing on the liabilities
side of a balance sheet, and all obligations as lessee under off-balance sheet synthetic leases, all in accordance with generally accepted accounting principles applied on a consistent basis, excluding debt fully subordinated to Bank on terms and
conditions acceptable to Bank. Limitation on Debt. Borrower shall not, directly or indirectly, create, incur, assume or become liable for any additional indebtedness, including capitalized leases, whether contingent or direct, if, giving
effect to such additional debt on a pro forma basis causes the aggregate amount of Borrower’s debt, excluding obligations to Bank, to exceed $3,000,000.00. 
  

CONDITIONS PRECEDENT. The obligations of Bank to make the loan and any advances and to issue any Letters of Credit pursuant to this Agreement are subject to the
following conditions precedent: Letter of Credit Documents. Receipt by Bank of all documents required by Bank in connection with Letters of Credit, including without limitation, applications therefor, all in form satisfactory to Bank.
Additional Documents. Receipt by Bank of such additional supporting documents as Bank or its counsel may reasonably request. 
  

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 IN WITNESS WHEREOF, Borrower and Bank, on the day and year first written above, have caused this Agreement to be
executed under seal. 
  

			
	Bio-Imaging Technologies, Inc.	 	 
		
	 /s/ Mark L. Weinstein

	 	(SEAL)
	Mark L. Weinstein, President & CEO	 	 
		
	 /s/ Ted I. Kaminer

	 	(SEAL)
	Ted I. Kaminer, Sr. V.P. & CFO	 	 
		
	Wachovia Bank, National Association	 	 
		
	 /s/ William M. Hogan

	 	(SEAL)
	William M. Hogan, Vice President	 	 

  

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