Document:

<PAGE>

                               FIRST AMENDMENT TO
                          CONVERTIBLE SUBORDINATED LOAN
                         AND WARRANT PURCHASE AGREEMENT

     This First Amendment to Convertible Subordinated Loan and Warrant Purchase
Agreement ("First Amendment") is made and entered into this 14th day of June,
2002 by and among IMAGEMAX, INC., a corporation incorporated under the laws of
the Commonwealth of Pennsylvania (the "Company"), TDH III, L.P., a limited
partnership organized under the laws of the State of Delaware ("TDH"), DIME
CAPITAL PARTNERS, INC., a corporation organized under the laws of the State of
New Jersey ("Dime") and ROBERT E. DRURY, an individual resident of Pennsylvania
("Drury") (TDH and Dime sometimes individually an "Institutional Investor" and
collectively the "Institutional Investors"; and TDH, Dime and Drury sometimes
individually an "Investor" and collectively the "Investors").

     WHEREAS, the Company and the Investors are parties to a Convertible
Subordinated Loan and Warrant Purchase Agreement dated February 15, 2000 (the
"Purchase Agreement"); and

     WHEREAS, the parties hereto wish to amend the Purchase Agreement as set
forth herein;

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

     1.   Section 1 of the Purchase Agreement is hereby amended by adding a new
Section 1.1A which shall read in its entirety as follows:

          1.1A  "Additional Warrants" shall mean the warrants described in
          Section 2.4 hereof and any warrants issued in exchange or substitution
          for such warrants, as each may hereafter be amended and/or restated.

<PAGE>

     2.   Section 1 of the Purchase Agreement is hereby amended by adding a new
Section 1.2A which shall read in its entirety as follows:

          1.2A "Amended Notes" shall mean the notes described in Section 2.2(b)
          hereof and any notes issued in exchange or substitution for such
          notes, as each may hereafter be amended and/or restated.

     3.   Section 1 of the Purchase Agreement is hereby amended by adding a new
Section 1.2B which shall read in its entirety as follows:

          1.2B "Amended Warrants" shall mean the warrants described in Section
          2.3(b) hereof and any warrants issued in exchange or substitution for
          such warrants, as each may hereafter be amended and/or restated.

     4.   Section 1.16 of the Purchase Agreement is here amended and restated to
read in its entirety as follows:

          1.16 [Intentionally Omitted]

     5.   Section 1.30 of the Purchase Agreement is hereby amended and restated
to read in its entirety as follows:

          1.30 "Notes" shall mean the Original Notes and the Amended Notes and
          each of the Original Notes and the Amended Notes is individually
          referred to as a "Note."

     6.   Section 1 of the Purchase Agreement is hereby amended by adding a new
Section 1.30A which shall read in its entirety as follows:

          1.30A "Original Notes" shall mean the notes described in Section
          2.2(a) hereof.

     7.   Section 1 of the Purchase Agreement is hereby amended by adding a new
Section 1.30B which shall read in its entirety as follows:

          1.30B "Original Warrants" shall mean the warrants described in Section
          2.3(a) hereof.

                                       2

<PAGE>

     8.   Section 1.47 of the Purchase Agreement is hereby amended and restated
to read in its entirety as follows:

          1.47 "Warrants" shall mean the Original Warrants, the Amended Warrants
          and the Additional Warrants and each of the Original Warrants, the
          Amended Warrants and the Additional Warrants is individually referred
          to as a "Warrant."

     9.   Section 2.2 of the Purchase Agreement is hereby amended and restated
to read in its entirety as follows:

          2.2  "Promissory Notes"

               (a) The indebtedness of the Company and its Subsidiaries to the
          Investors for the Subordinated Loan pursuant to this Section 2 was
          evidenced by convertible subordinated promissory notes executed by the
          Company and its Subsidiaries in favor of each Investor, in the
          principal amount set forth opposite the Investor's name on Schedule
          2.2(a) (the "Original Notes").

               (b) On June 13, 2002, the Investors shall deliver to the Company
          the Original Notes, which shall be cancelled by the Company, and the
          Company and its Subsidiary shall execute and deliver to the Investors
          notes that amend and restate the Original Notes in the principal
          amount set forth opposite the Investor's name on Schedule 2.2(b) (the
          "Amended Notes"). The Amended Notes issued in accordance with this
          Section 2.2(b) will be in substantially the form attached hereto as
          Exhibit A. Up to an aggregate of $1,971,764.77 of the principal amount
          of the Amended Notes is convertible into shares of Common Stock at an
          initial conversion price of $0.40 per share. The Amended Notes shall
          be subordinated to all bank and other commercial lending obligations
          of the Company and its Subsidiary then outstanding or incurred in
          accordance with the terms hereof from time to time thereafter, but
          shall be senior to all other debt of the Company and its Subsidiary.

                                       3

<PAGE>

     10.  Section 2.3 of the Purchase Agreement is hereby amended and restated
to read in its entirety as follows:

          2.3  Issuance of Original Warrants and Amended Warrants.

               (a) Concurrently with the delivery by the Company of the Original
          Notes, the Company issued to, and in the name of, each Investor stock
          purchase warrants to acquire the number of shares of the Company's
          Common Stock set forth opposite their name on Schedule 2.3 on or
          before February 15, 2005 at an exercise price of Three Dollars and
          Fifty Cents ($3.50) (the "Original Warrants").

               (b) On June 13, 2002, the Investors shall deliver to the Company
          the Original Warrants, which will be cancelled by the Company, and the
          Company shall issue to, and in the name of, each Investor stock
          purchase warrants in like amount that amend and restate the Original
          Warrants (the "Amended Warrants"). The Amended Warrants issued in
          accordance with this Section 2.3(b) will be in substantially the form
          attached hereto as Exhibit B.

     11.  The Purchase Agreement is hereby amended and restated by adding a new
Section 2.4 which shall read in its entirety as follows:

          2.4  Issuance of Additional Warrants. Concurrently with the delivery
          by the Company of the Amended Notes and the Amended Warrants, the
          Company shall issue to, and in the name of, each Investor stock
          purchase warrants to acquire the number of shares of the Company's
          Common Stock set forth opposite their name on Schedule 2.4 at an
          exercise price and otherwise on the terms and conditions set forth
          therein. The Additional Warrants issued in accordance with this
          Section 2.4 will be in substantially the form attached hereto as
          Exhibit C.

     12.  The first sentence of Section 4 of the Purchase Agreement is hereby
amended and restated to read in its entirety as follows:

          The closing of the purchase and sale of the Original Notes and the
          Original Warrants (the "Closing") took place at the offices of Pepper
          Hamilton LLP in Berwyn, Pennsylvania on February 15, 2000 (the
          "Closing Date").

                                       4

<PAGE>

     13.  The Original Notes and the Original Warrants were delivered in
accordance with Section 7.1(a) and Section 7.1(b) of the Purchase Agreement on
February 15, 2000.

     14.  Section 9.2 of the Purchase Agreement is hereby amended and restated
by deleting subpart (i) in its entirety and replacing it with the following:

          (i) the Indebtedness provided under that certain Credit Agreement
          between the Company, its Subsidiary, the Lenders (as defined therein)
          and Commerce Bank, N.A., dated as of June 13, 2002

     15.  Section 9.3 of the Purchase Agreement is hereby amended and restated
by deleting subpart (i) and replacing it with the following:

          (i) the existing Liens in favor of Commerce Bank, N.A.

     16.  Section 11.1 of the Purchase Agreement is hereby amended by adding at
the end therefor the following:

          ; provided, however, that nothing in this Section 11.1 will be
          construed to prohibit or delay the issuance, exercise or conversion of
          the Amended Notes, the Amended Warrants or the Additional Warrants.

     17.  Section 12 of the Purchase Agreement is hereby amended and restated to
read in its entirety as follows:

          12.  Effect of Change of Control.

               12.1  Change of Control.

                     (a) Each of the following events shall constitute a "Change
                     of Control":

                         (i) The acquisition by a Person (other than an Investor
                         or an Affiliate of an Investor or one or more partners
                         of an Institutional Investor or a trust established for
                         their benefit) of more than fifty percent (50%) of the
                         beneficial ownership (as defined in Rule 13d-3
                         promulgated under the Securities Exchange Act of 1934,
                         as amended), of the Common Stock of the Company;

                                       5

<PAGE>

                         (ii)  a sale, conveyance, exchange or transfer ("Sale")
                         to another Person of all or substantially all of the
                         assets of the Company or the Subsidiaries taken as a
                         whole;

                         (iii) the merger or consolidation of the Company or any
                         of its Subsidiaries with one or more other Persons
                         (excluding mergers of one Subsidiary into another or
                         the merger of any Subsidiary into the Company); or

                         (iv)  the merger or consolidation of one or more
                         Persons into or with the Company or any of the
                         Subsidiaries (excluding mergers of one Subsidiary into
                         another or the merger of any Subsidiary into the
                         Company); or

                    if, in the case of (iii) or (iv), the shareholders of the
                    Company and/or Subsidiary involved (the "Involved Company")
                    prior to such merger or consolidation do not retain at least
                    a majority of the voting power of the Involved Company or
                    surviving Person, as the case may be.

                    (b)  If, at any time, a Change of Control occurs, the
                    principal balance and all accrued interest under the Notes
                    shall, at the election of each Holder thereof, be due and
                    payable on the effective date of such Change of Control,
                    without penalty or premium.

                    (c), (d) and (e) [Intentionally Omitted]

              12.2  [Intentionally Omitted]

              12.3  [Intentionally Omitted]

              12.4  [Intentionally Omitted]

              12.5  [Intentionally Omitted]

              12.6  [Intentionally Omitted]

     18.  Section 17 of the Purchase Agreement is hereby amended by deleting the
Company's address and replacing it with the following:

              ImageMax, Inc.
              455 Pennsylvania Avenue, Suite 128
              Fort Washington, PA 19034
              Attn.: Mark P. Glassman

                                       6

<PAGE>

                    David B. Walls
              (215) 628-3600

              with a copy to:

              Pepper Hamilton LLP
              400 Berwyn Park
              899 Cassat Road
              Berwyn, PA 19312
              Attn.: Michael P. Gallagher
              (610) 640-7807

     19.  The Purchase Agreement is hereby amended by adding Exhibit A, Exhibit
B and Exhibit C attached hereto.

     20.  References in the Purchase Agreement to the "Agreement" shall be
understood to refer to the Purchase Agreement, as amended by this First
Amendment, and as the same may hereafter be amended, restated or otherwise
modified from time to time.

     21.  Except as set forth in the Company's disclosure schedules, which are
attached to and incorporated by reference into this Agreement, the Company
hereby represents and warrants that the representations and warranties of the
Company contained in Attachment I hereto, are true and correct on the date
hereof.

     22.  The closing of the purchase and sale of the Amended Notes, Amended
Warrants and Additional Warrants (the "Second Closing") shall take place at the
offices of Schnader Harrison Segal & Lewis, LLP, 1600 Market Street, 36th Floor,
Philadelphia, PA 19103 on June 13, 2002.

     23.  All representations and warranties contained in Attachment I hereto
shall survive the Second Closing. All statements contained in a certificate or
other instrument delivered by the Company pursuant to the Agreement in
connection with the transactions contemplated by this

                                       7

<PAGE>

Agreement shall constitute representations and warranties by the Company under
this Agreement.

     24.  The Company shall, with respect to the representations, warranties and
agreements made by the Company herein, indemnify, defend and hold the Investors
harmless against all liability, loss or damage, together with all reasonable
costs and expenses related thereto (including reasonable legal and accounting
fees and expenses) arising from the untruth, inaccuracy or breach of any of the
representations, warranties or agreements of the Company.

     25.  At the Second Closing, the Investors shall cause to be delivered to
the Company the following:

     (a) an executed copy of the Amended and Restated Subordination Agreement
dated as of June 13, 2002;

     (b) the Original Notes and

     (c) the Original Warrants.

     26.  At the Second Closing, the Company shall cause to be delivered to the
Investors the following:

     (a) the Amended Notes in accordance with Section 2.2(b) of the Agreement;

     (b) the Amended Warrants in accordance with Section 2.3(b) of the
Agreement; and

     (c) the Additional Warrants in accordance with Section 2.4 of the
Agreement.

     27.  The Company hereby agrees to reimburse the Investors for all
out-of-pocket expenses, including reasonable attorneys' fees and costs, incurred
by the Investors in connection with the development, preparation and execution
of this First Amendment and the documents and instruments referred to herein.
Such reimbursement shall be made concurrently with the Company's execution and
delivery of this First Amendment.

                                       8

<PAGE>

     28.  This First Amendment may be signed in any number of counterparts, each
of which shall be an original for all purposes, but all of which taken together
shall constitute only one agreement. This First Amendment shall become binding
when one or more counterparts hereof, individually or taken together, shall bear
the signature of all of the parties reflected hereon as the signatories.

     IN WITNESS WHEREOF, the parties hereto have executed this First Amendment
as of the day and year first above written.

                                IMAGEMAX, INC.

                                By:   /s/ David B. Walls
                                   -----------------------------------
                                Name: David B. Walls
                                Title: Chief Financial Officer

                                TDH III, L.P.

                                By:    /s/ J.B. Doherty
                                   ---------------------------------
                                Name:  J.B. Doherty
                                     -------------------------------
                                Title: General Partner, TDH III Partners, L.P,
                                      ------------------------------------------
                                       the General Partner of TDH III, L.P.
                                ---------------------------------------------

                                DIME CAPITAL PARTNERS, INC.

                                By:    /s/ Stephen M. Lane
                                   ---------------------------------
                                Name:  Stephen M. Lane
                                     -------------------------------
                                Title: President
                                      ------------------------------

                                       /s/ Robert E. Drury
                                ------------------------------------
                                       Robert Drury

                                      9

<PAGE>

                                 Schedule 2.2(a)

-------------------------------------------------------------------------------
            Name                       Principal Amount of Original Note
-------------------------------------------------------------------------------
          TDH III, L.P.                           $1,600,000.00
-------------------------------------------------------------------------------
  DIME CAPITAL PARTNERS, INC.                     $4,300,000.00
-------------------------------------------------------------------------------
       ROBERT E. DRURY                            $  100,000.00
-------------------------------------------------------------------------------

<PAGE>

                                 Schedule 2.2(b)

-------------------------------------------------------------------------------
            Name                       Principal Amount of Amended Note
-------------------------------------------------------------------------------
          TDH III, L.P.                           $1,672,000.00
-------------------------------------------------------------------------------
  DIME CAPITAL PARTNERS, INC.                     $4,493,500.00
-------------------------------------------------------------------------------
       ROBERT E. DRURY                            $  104,500.00
-------------------------------------------------------------------------------

<PAGE>

                                  ATTACHMENT I

                  REPRESENTATIONS AND WARRANTIES OF THE COMPANY

     1.1. Organization; Power; Qualification. Each of the Company and its
Subsidiary is duly organized, validly existing and in good standing under the
laws of the jurisdiction of its incorporation or formation, has the power and
authority to own its properties and to carry on its business as now being and
hereafter proposed to be conducted and is duly qualified and authorized to do
business in each jurisdiction in which the character of its properties or the
nature of its business requires such qualification and authorization. The
jurisdictions in which the Company and its Subsidiary are organized and
qualified to do business as of the Closing Date are described in Schedule 1.1 of
the Disclosure Schedule.

     1.2. Articles of Incorporation and Bylaws. The Company has heretofore
furnished to the Investors a complete and correct copy of the Amended and
Restated Articles of Incorporation, as amended ("Articles of Incorporation") and
the Bylaws or equivalent organizational documents, each as amended to date, of
the Company and the Subsidiary. Such Articles of Incorporation, Bylaws and
equivalent organizational documents are in full force and effect. Neither the
Company nor the Subsidiary is in violation of any provision of its Articles of
Incorporation, Bylaws or equivalent organizational documents.

     1.3. Capitalization.

     (a)  The authorized capital stock of the Company consists of 10,000,000
shares of preferred stock (none of which is issued and outstanding) and
40,000,000 shares of Common Stock. As of the date hereof,

          (i)   6,793,323 shares of Common Stock are issued and outstanding, all
     of which are validly issued, fully paid and nonassessable;

          (ii)  no shares of Common Stock are held by the Subsidiary; and

          (iii) 1,600,000 shares of Common Stock are reserved for issuance
     pursuant to stock options granted pursuant to the Company's Stock Option
     Plan or otherwise of which options to purchase an aggregate of 1,343,000 of
     Common Stock have been granted to date.

     Except as set forth in this Section 1.3 or Schedule 1.3 of the Disclosure
Schedule, there are no options, warrants or other rights, agreements,
arrangements or commitments of any character relating to the issued or unissued
capital stock of the Company or the Subsidiary or obligating the Company or the
Subsidiary to issue or sell any shares of capital stock of, or their equity
interest in, the Company or the Subsidiary. All shares of Common Stock subject
to issuance as aforesaid, upon issuance on the terms and conditions specified in
the instruments pursuant to which they are issuable, will be duly authorized,
validly issued, fully paid and nonassessable. Except as set forth in Section 1.2
of the Disclosure Schedule, there are no outstanding contractual obligations of
the Company or the Subsidiary to repurchase, redeem or otherwise acquire any
shares of Common Stock or any capital stock of the Subsidiary or to provide
funds to, or make any investment (in the form of a loan, capital contribution or

                                       12

<PAGE>

otherwise) in, the Subsidiary or any other person. Each outstanding share of
capital stock of the Subsidiary is duly authorized, validly issued, fully paid
and nonassessable.

     (b)  4,929,412 shares of Common Stock have been duly reserved for issuance
upon conversion of the Notes. The issuance, sale and delivery of such shares of
Common Stock have been duly authorized by all requisite corporate action of the
Company and when so issued, sold and delivered, such shares of Common Stock will
be validly issued and outstanding, fully paid and nonassessable, not subject to
preemptive or any other similar rights of the shareholders of the Company or
others and free and clear of any and all liens and encumbrances except as
contemplated by the Agreement.

     (c)  8,400,000 shares of Common Stock have been duly reserved for issuance
upon exercise of the Warrants. The issuance, sale and delivery of such shares of
Common Stock have been duly authorized by all requisite corporate action of the
Company and when so issued, sold and delivered, such shares of Common Stock will
be validly issued and outstanding, fully paid and nonassessable, not subject to
preemptive or any other similar rights of the shareholders of the Company or
others and free and clear of any and all liens and encumbrances except as
contemplated by the Agreement.

     (d)  ImageMAX of Delaware, Inc. is the Company's sole subsidiary. All of
the issued and outstanding stock of ImageMax of Delaware, Inc. is owned by the
Company.

     1.4. Authority Relative to the Agreement. The Company has all necessary
power and authority to execute and deliver the Purchase Agreement (as amended),
the Notes and the Warrants, and to perform its obligations hereunder and
thereunder and to consummate the transactions contemplated hereby and thereby
(the "Transactions"). The execution and delivery of the Purchase Agreement (as
amended), the Notes and the Warrants by the Company and the consummation by the
Company of the Transactions have been duly and validly authorized by all
necessary corporate action and no other corporate proceedings on the part of the
Company are necessary to authorize the Purchase Agreement (as amended), the
Notes and the Warrants, or to consummate the Transactions. The Purchase
Agreement (as amended), the Notes and the Warrants have been duly and validly
executed and delivered by the Company and, assuming the due authorization,
execution and delivery by the Investors of the Purchase Agreement (as amended),
constitute legal, valid and binding obligations of the Company.

     1.5. No Conflict; Required Filings and Consents.

     (a)  Except as set forth in Schedule 1.5(a) of the Disclosure Schedule, the
execution and delivery of the Purchase Agreement (as amended), the Notes and the
Warrants by the Company do not, and the performance of this Purchase Agreement
(as amended) by the Company will not (i) conflict with or violate the Articles
of Incorporation or Bylaws or equivalent organizational documents of the Company
or its Subsidiary, (ii) conflict with or violate any law, rule, regulation,
order, judgment or decree applicable to the Company or the Subsidiary or by
which any property or asset of the Company or the Subsidiary is bound or subject
or (iii) result in a breach of or constitute a default (or an event which with
notice or lapse of time or both would become a default) under, or give to others
any right of termination, amendment, acceleration or cancellation of, or result
in the creation of a lien or other

                                       13

<PAGE>

encumbrance of any nature on any property or asset of the Company or the
Subsidiary pursuant to, any note, bond, mortgage, indenture, contract,
agreement, lease, license, permit, franchise or other instrument or obligation
to which the Company or the Subsidiary is a party or by which the Company or the
Subsidiary or any property or asset of the Company or the Subsidiary is bound or
subject, in each case except for any such conflicts, violations, breaches,
defaults or other occurrences which would not, individually or in the aggregate,
have a Material Adverse Effect.

     (b)  Except as set forth in Schedule 1.5(b) of the Disclosure Schedule, the
execution and delivery of the Purchase Agreement (as amended), the Notes and the
Warrants by the Company do not, and the performance of the Purchase Agreement
(as amended), the Notes and the Warrants by the Company will not, require any
consent, approval, authorization or permit of, or filing with, or notification
to, any governmental or regulatory authority, domestic or foreign, except (i)
for any filing required under applicable federal or state securities laws, (ii)
for consents, approvals, authorizations or permits which have already been
obtained, and (iii) where failure to obtain such consents, approvals,
authorizations or permits, or to make such filings or notifications, would not
prevent or delay the Company from performing its obligations under the Purchase
Agreement (as amended), the Notes and the Warrants, and would not, individually
or in the aggregate, have a Material Adverse Effect.

     1.6. Compliance. Neither the Company nor its Subsidiary is in conflict
with, or in default or violation of, (i) any law, rule, regulation, order,
judgment or decree to the Company or the Subsidiary or by which any property or
asset of the Company or the Subsidiary is bound or subject or (ii) any note,
bond, mortgage, indenture, contract, agreement, lease, license, permit,
franchise or other instrument or obligation to which the Company or the
Subsidiary is a party or by which the Company or the Subsidiary or any property
or asset of the Company or the Subsidiary is bound or subject, except for any
such conflicts, defaults or violations that would not, individually or in the
aggregate, have a Material Adverse Effect.

     1.7. Tax Returns and Payments. Each of the Company and its Subsidiary has
duly filed or caused to be filed all federal, state, local and other tax returns
required by Applicable Law to be filed, and has paid, or made adequate provision
for the payment of, all federal, state, local and other taxes, assessments and
governmental charges or levies upon it and its property, income, profits and
assets which are due and payable. No Governmental Authority has asserted any
Lien or other claim against the Company or Subsidiary thereof with respect to
unpaid taxes which has not been discharged or resolved. The charges, accruals
and reserves on the books of the Company and its Subsidiary in respect of
federal, state, local and other taxes for all Fiscal Years and portions thereof
since the organization of the Company and its Subsidiary are in the judgment of
the Company adequate, and the Company does not anticipate any additional taxes
or assessments for any of such years.

     1.8. Intellectual Property Matters. Each of the Company and its Subsidiary
owns or possesses rights to use all franchises, licenses, copyrights, copyright
applications, patents, patent rights or licenses, patent applications,
trademarks, trademark rights, trade names, trade name rights, copyrights and
rights with respect to the foregoing which are required to conduct its business.
No event has occurred which permits, or after notice or lapse of time or both
would permit, the revocation or termination of any such rights, and neither the
Company nor the

                                       14

<PAGE>

Subsidiary thereof is liable to any Person for infringement under Applicable Law
with respect to any such rights as a result of its business operations.

     1.9.  Environmental Matters.

           1.9.1.  The properties owned, leased or operated by the Company and
its Subsidiary now, or in the past, do not contain, and to their knowledge have
not previously contained, any Hazardous Materials in amounts or concentrations
which (i) constitute or constituted a violation of applicable Environmental Laws
or (ii) could give rise to liability under applicable Environmental Laws;

           1.9.2.  The Company, the Subsidiary and such properties and all
operations conducted in connection therewith are in compliance, and have been in
compliance, with all applicable Environmental Laws, and there is no
contamination at, under or about such properties or such operations which could
interfere with the continued operation of such properties or impair the fair
saleable value thereof;

           1.9.3.  Neither the Company nor the Subsidiary thereof has received
any notice of violation, alleged violation, non-compliance, liability or
potential liability regarding environmental matters, Hazardous Materials, or
compliance with Environmental Laws, nor does the Company or the Subsidiary
thereof have knowledge or reason to believe that any such notice will be
received or is being threatened;

           1.9.4.  Hazardous Materials have not been transported or disposed of
to or from the properties owned, leased or operated by the Company and its
Subsidiary in violation of, or in a manner or to a location which could give
rise to liability under, Environmental Laws, nor have any Hazardous Materials
been generated, treated, stored or disposed of at, on or under any of such
properties in violation of, or in a manner that could give rise to liability
under, any applicable Environmental Laws;

           1.9.5.  No judicial proceedings or governmental or administrative
action is pending, or, to the knowledge of the Company threatened, under any
Environmental Law to which the Company or the Subsidiary thereof is or will be
named as a party, nor are there any consent decrees or other decrees, consent
orders, administrative orders or other orders, or other administrative or
judicial requirements outstanding under any Environmental Law with respect to
Company, the Subsidiary or such properties or operations; and

           1.9.6.  There has been no release, or to the best of the Company's
knowledge, threat of release, of Hazardous Materials at or from properties
owned, leased or operated by the Company or the Subsidiary, now or in the past,
in violation of or in amounts or in a manner that could give rise to liability
under Environmental Laws.

     1.10. ERISA.

           1.10.1. As of the date of the Agreement, neither the Company nor any
ERISA Affiliate maintains or contributes to, or has any obligation under, any
Employee Benefit Plans other than those identified in Schedule 1.10 of the
Disclosure Schedule;

                                       15

<PAGE>

           1.10.2. The Company and each ERISA Affiliate is in compliance with
all applicable provisions of ERISA and the regulations and published
interpretations thereunder with respect to all Employee Benefit Plans except for
any required amendments for which the remedial amendment period as defined in
Section 401(b) of the Code has not yet expired. Each Employee Benefit Plan that
is intended to be qualified under Section 401(a) of the Code has been determined
by the Internal Revenue Service to be so qualified, and each trust related to
such plan has been determined to be exempt under Section 501(a) of the Code. No
liability has been incurred by the Company or any ERISA Affiliate which remains
unsatisfied for any taxes or penalties with respect to any Employee Benefit Plan
or any Multiemployer Plan;

           1.10.3. No Pension Plan has been terminated, nor has any accumulated
funding deficiency (as defined in Section 412 of the Code) been incurred
(without regard to any waiver granted under Section 412 of the Code), nor has
any funding waiver from the Internal Revenue Service been received or requested
with respect to any Pension Plan, nor has the Company or any ERISA Affiliate
failed to make any contributions or to pay any amounts due and owing as required
by Section 412 of the Code, Section 302 of ERISA or the terms of any Pension
Plan prior to the due dates of such contributions under Section 412 of the Code
or Section 302 of ERISA, nor has there been any event requiring any disclosure
under Section 4041(c)(3)(C) or 4063(a) of ERISA with respect to any Pension
Plan;

           1.10.4. Neither the Company nor any ERISA Affiliate has: (ii) engaged
in a nonexempt prohibited transaction described in Section 406 of the ERISA or
Section 4975 of the Code; (ii) incurred any liability to the PBGC which remains
outstanding other than the payment of premiums and there are no premium payments
which are due and unpaid; (iii) failed to make a required contribution or
payment to a Multiemployer Plan, or (iv) failed to make a required installment
or other required payment under Section 412 of the Code;

           1.10.5. No Termination Event has occurred or is reasonably expected
to occur; and

           1.10.6. No proceeding, claim, lawsuit and/or investigation is
existing or, to the best knowledge of the Company after due inquiry, threatened
concerning or involving any (i) employee welfare benefit plan (as defined in
Section 3(1) of ERISA) currently maintained or contributed to by the Company or
any ERISA Affiliate, (ii) Pension Plan, or (iii) Multiemployer Plan.

     1.11. Material Contracts. Schedule 1.11 of the Disclosure Schedule sets
forth a complete and accurate list of all Material Contracts of the Company and
its Subsidiary in effect as of the date hereof not listed pursuant to any other
section of the Disclosure Schedule hereto; other than as set forth in Schedule
1.11 of the Disclosure Schedule, each such Material Contract is, and after
giving effect to the consummation of the Transactions contemplated by the
Agreement will be, in full force and effect in accordance with the terms
thereof. Copies of each Material Contract have either been furnished to the
Investors directly by the Company or are attached as an Exhibit to the Company's
SEC Reports.

     1.12. Employee Relations. Each of the Company and the Subsidiary has a
stable work force in place and is not, as of the date hereof, party to any
collective bargaining agreement nor

                                       16

<PAGE>

has any labor union been recognized as the representative of its employees,
except as set forth on Schedule 1.12 of the Disclosure Schedule. The Company
knows of no pending, threatened or contemplated strikes, work stoppage or other
collective labor disputes involving its employees or those of its Subsidiary.

     1.13. Financial Statements. The (i) Consolidated balance sheets of the
Company and its Subsidiary as of December 31, 2001, and the related statements
of income and retained earnings and cash flows for the Fiscal Years then ended
and (ii) unaudited Consolidated balance sheet of the Company and its Subsidiary
as of March 31, 2002, and related unaudited interim statements of revenue and
retained earnings, copies of which have been furnished to the Investors, are
complete and correct and fairly present the assets, liabilities and financial
position of the Company and its Subsidiary as at such dates, and the results of
the operations and changes of financial position for the periods then ended. All
such financial statements, including the related schedules and notes thereto,
have been prepared in accordance with GAAP. The Company and its Subsidiary have
no Debt, obligation or other unusual forward or long-term commitment which is
not fairly reflected in the foregoing financial statements or in the notes
thereto.

     1.14. No Material Adverse Change. Since December 31, 2001, there has been
no material adverse change in the properties, business, operations, prospects,
or condition (financial or otherwise) of the Company and its Subsidiary and no
event has occurred or condition arisen that could reasonably be expected to have
a Material Adverse Effect.

     1.15. Titles to Properties. Each of the Company and its Subsidiary has such
title to the real property owned by it as is necessary or desirable to the
conduct of its business and valid and legal title to all of its personal
property and assets, including, but not limited to, those reflected on the
balance sheets of the Company and its Subsidiary delivered pursuant to Paragraph
1.13, except those which have been disposed of by the Company or its Subsidiary
subsequent to such date which dispositions have been in the ordinary course of
business or as otherwise expressly permitted hereunder.

     1.16. Litigation. Except as set forth on Schedule 1.16 of the Disclosure
Schedule, there are no actions, suits or proceedings pending nor, to the
knowledge of the Company threatened against or in any other way relating
adversely to or affecting the Company or its Subsidiary thereof or any of their
respective properties in any court or before any arbitrator of any kind or
before or by any Governmental Authority.

     1.17. Brokers. No broker, finder or investment banker is entitled to any
brokerage, finder's or other fee or commission in ------- connection with the
Transactions based upon arrangements made by or on behalf of the Company.

     1.18. Offering Exemption. Assuming with respect to the Investors, the
accuracy of the representations, warranties, acknowledgments and agreements of
the Investors set forth in Section 6 of the Purchase Agreement (as amended), the
issuance of the Notes, the offering for sale of the Warrants and the issuance of
the Common Stock upon conversion of the Notes and exercise of the Warrants are
exempt from registration under the Securities Act and from registration or
qualification under applicable state securities or blue sky laws.

                                       17<PAGE>

THIS AMENDED AND RESTATED CONVERTIBLE SUBORDINATED PROMISSORY NOTE ("NOTE")
AMENDS AND RESTATES THE CONVERTIBLE SUBORDINATED PROMISSORY NOTE ISSUED BY
IMAGEMAX, INC. TO ______________________ ON OR ABOUT FEBRUARY 15, 2000 IN THE
ORIGINAL PRINCIPAL AMOUNT OF $_________.

          This Note and the shares of Common Stock (as defined herein) issuable
upon conversion of this Note are subject to the terms and conditions of a
Convertible Subordinated Loan and Warrant Purchase Agreement, dated February 15,
2000 among ImageMax, Inc. (the "Company") and holders of certain shares or
holders having rights to acquire shares of the outstanding capital stock of the
Company, as amended by a First Amendment to Convertible Subordinated Loan and
Warrant Purchase Agreement dated as of the date hereof. Copies of such agreement
may be obtained at no cost by written request made by the holder of record of
this Note to the Company.

          Neither this Note nor the shares of Common Stock (as defined herein)
issuable upon conversion of this Note have been registered under the Securities
Act of 1933, as amended (the "Act"), and neither may be offered, sold or
otherwise transferred, pledged or hypothecated unless and until registered under
the Act or unless the Company has received an opinion of counsel or other
evidence satisfactory to the Company and its counsel that such registration is
not required.

                              AMENDED AND RESTATED
                    CONVERTIBLE SUBORDINATED PROMISSORY NOTE

                              Due February 15, 2004

$____________                                                      June 13, 2002

          FOR VALUE RECEIVED, IMAGEMAX, INC., a Pennsylvania corporation having
its principal place of business at 455 Pennsylvania Avenue, Suite 128, Fort
Washington, PA 19034 (the "Company") and IMAGEMAX OF DELAWARE, INC., a Delaware
corporation having its principal place of business at 900 Market Street, Suite
200, Wilmington, Delaware 19801 (the "Subsidiary") hereby jointly and severally
promise to pay to the order of ___________________________ (the "Holder"), at
the place designated by the Holder, the principal amount of
____________________________________ Dollars ($___________) in lawful money of
the United States of America, and to pay interest in like money on the terms set
forth below. This Amended and Restated Convertible Subordinated Promissory Note
(as the same may hereafter be amended and/or restated and any notes issued in
substitution or exchange for any of the foregoing, the "Note") is being
delivered pursuant to the terms and conditions of that certain Convertible
Subordinated Loan and Warrant Purchase Agreement dated February 15, 2000 among
the Company and several investors one of which is the Holder (the "Investors"),
as amended by a First Amendment to Convertible Subordinated Loan and Warrant
Purchase Agreement dated as of the date hereof (as the same may hereafter be
amended and/or restated,

<PAGE>

the "Loan Agreement") pursuant to which the Investors loaned the Company and the
Subsidiaries an aggregate of Six Million Dollars ($6,000,000), and the Holder's
rights under this Note are subject to the terms and conditions of the Loan
Agreement. This Note is one of several Notes issued under and as defined in the
Loan Agreement. All capitalized terms used herein but not otherwise defined
herein shall have the meanings ascribed to them in the Loan Agreement.

          1. Payments of Interest and Principal. This Note includes as principal
$_______ of accrued interest, which has been capitalized. Payments of all
amounts outstanding hereunder including principal and accrued interest shall be
payable in a single payment on the earlier of (a) February 15, 2004 or (b) if
the Holder hereof so elects, upon a Change of Control (the "Termination Date").
Interest shall accrue from January 1, 2002 on the unpaid principal balance
hereof at a rate equal to nine percent (9%) per annum, compounded semi-annually
on June 30 and December 31. Such interest shall be calculated on the basis of
actual days elapsed over a 365-day year and shall be payable on the Termination
Date or on such earlier date as this Note is prepaid in full pursuant to the
terms set forth below. Provided the Holder has not previously elected prepayment
by reason of a Change of Control, the Company and the Subsidiary may extend the
Termination Date provided for in clause (a) above to any date selected by the
Company and the Subsidiaries that is after February 15, 2004 but prior to
February 15, 2005 (such right the "Extension Right" and the date selected the
"Extension Date"). To exercise the Extension Right, the Company and the
Subsidiary must (a) give written notice (the "Extension Notice") of their
exercise of such Extension Right ten business days prior to February 15, 2004,
which Extension Notice shall specify the Extension Date and (b) prior to
February 15, 2004, pay seventy-five (75%) of the outstanding principal balance
of this Note and accrued interest thereon. The period from February 15, 2004 to
the Extension Date is sometimes referred to as the "Extension Period." All
payments of principal, interest, fees and other amounts due hereunder shall be
made by the Company in lawful money of the United States of America, by wire
transfer or by any other method approved in advance by the Holder at the office
of the Holder set forth in Section 10 hereof or at such other place designated
by the Holder in writing to the Company in immediately available and freely
transferable funds at such place of payment.

          The Company and the Subsidiary jointly and severally agree to pay
interest (computed on the same basis as set forth above) on overdue principal
and (to the extent legally enforceable) on overdue interest, at the stated rate
plus four and one-half percent (4.5%) per annum, compounded semi-annually on
June 30 and December 31 (or, in each case, at the highest rate permitted by
applicable law, whichever is less) until paid. For this purpose, principal and
accrued interest are not due until February 15, 2004, or in the event of the
exercise of the Extension Right, February 15, 2005, unless accelerated earlier
under the terms of the Loan Agreement or this Note.

          It is the intention of the Company and all individuals and entities to
whom Notes are being issued under the Loan Agreement, that all payments on
account of the Notes be made on a pro rata basis to all Holders of Notes in
proportion to the outstanding principal balance of such Notes (except under
circumstances where the holders of some but not all Notes have required payment
upon the occurrence of a Change of Control). Should any holder of this Note
receive a payment in excess of the amount to which such holder is entitled based
on the foregoing understanding, such holder shall hold such excess payment in
trust for the benefit of

                                      -2-

<PAGE>

the holders of other Notes who received less than the amount they were entitled
to receive and shall pay the amount of such excess to such other holders. The
Company acknowledges that the principal balance of this Note shall not be
reduced by such excess payments that are paid out by the holder of this Note to
the holders of other Notes as provided herein.

          2.   Default and Remedies. (a) The occurrence of any one of the
following shall constitute an "Event of Default" under this Note:

               (i)    Default shall occur in the payment of interest on this
Note or any of the other Notes when the same shall have become due; or

               (ii)   Default shall occur in the making of any payment of the
principal of this Note or any of the other Notes at the expressed or any
accelerated maturity date; or

               (iii)  Default shall be made in the payment of the principal of
or interest on any Indebtedness (other than this Note or any of the other Notes)
of the Company or its Subsidiary in excess of $2,000,000 and such default shall
continue beyond the period of grace, if any, allowed with respect thereto; or

               (iv)   Default or the happening of any event shall occur under
any contract, agreement, lease, indenture or other instrument under which any
Indebtedness (other than this Note) of Company or its Subsidiary may be issued
and such default or event shall not have been waived and shall (i) result in
liability of more than $2,000,000 and (ii) continue for a period of time
sufficient to permit the acceleration of the maturity of any such Indebtedness
of the Company or its Subsidiary outstanding thereunder; or

               (v)    Default shall occur in the observance or performance of
any covenant or agreement contained in the Loan Agreement or any Warrant and
such default is not remedied within twenty (20) business days after the earlier
of (i) the date on which the Company first obtains knowledge of such Default and
(ii) the date on which written notice thereof is given to the Company by any
Holder; or

               (vi)   Any representation or warranty made by the Company in the
Loan Agreement, or made by the Company in any agreement, statement or
certificate furnished by the Company in connection with the consummation of the
issuance and delivery of this Note and the Warrants or furnished by the Company
pursuant hereto or pursuant to the Loan Agreement, is untrue in any material
respect as of the date of the issuance or making thereof; or

               (vii)  Final judgment or judgments for the payment of money
aggregating in excess of $2,000,000 or providing non-monetary relief resulting
in a Material Adverse Effect, is or are outstanding against the Company and/or
its Subsidiary and/or against any property or assets of any of the foregoing and
any one of such judgments has remained unpaid, unvacated, unbonded or unstayed
by appeal or otherwise for a period of ninety (90) days from the date of its
entry; or

               (viii) The Company or its Subsidiary becomes insolvent or
bankrupt, is generally not paying its debts as they become due or makes an
assignment for the benefit of

                                      -3-

<PAGE>

creditors, or the Company or its Subsidiary applies for or consents to the
appointment of a custodian, trustee, liquidator, or receiver for the Company or
for the major part of its property; or

               (ix) A custodian, trustee, liquidator, or receiver is appointed
for the Company or its Subsidiary or for the major part of the property of the
Company or any of its Subsidiaries and is not discharged within ninety (90) days
after such appointment; or

               (x)  Bankruptcy, reorganization, arrangement or insolvency
proceedings, or other proceedings for relief under any bankruptcy or similar law
or laws for the relief of debtors, are instituted by or against the Company or
its Subsidiary and, if instituted against the Company or its Subsidiary, are
consented to or are not dismissed within ninety (90) days after such
institution.

     (b)  When any Event of Default described in paragraph (i) through (vii),
inclusive, of Section 2(a) above has happened and is continuing, any holder of
this Note may, by notice to the Company, declare the entire principal and all
interest accrued on this Note to be, and this Note shall thereupon become,
forthwith due and payable, without any presentment, demand, protest or other
notice of any kind, all of which are hereby expressly waived; provided, however,
that so long as the Institutional Investors both hold Notes, no Holder of this
Note may exercise the foregoing remedy without the prior written consent of a
Required Interest of Institutional Investors as defined in Section 1.36 of the
Loan Agreement. When any Event of Default described in paragraph (viii), (ix) or
(x) of Section 2(a) has occurred, then this Note shall immediately become due
and payable without presentment, demand or notice of any kind, all of which are
hereby expressly waived. Upon this Note becoming due and payable as a result of
any Event of Default as aforesaid, the Company and the Subsidiaries will
forthwith pay to the Holder of this Note the entire principal and interest
accrued on this Note. No course of dealing on the part of any Note holder nor
any delay or failure on the part of any Note holder to exercise any right shall
operate as a waiver of such right or otherwise prejudice such Holder's rights,
powers and remedies. The Company and the Subsidiary further agree, to the extent
permitted by law, to pay to the Holder or Holders of the Note all costs and
expenses, including reasonable attorneys' fees, incurred by them in the
collection of any Note upon any default hereunder or thereon.

          3.   Change of Control. Upon the occurrence of a Change of Control,
the balance of the principal sum due hereunder, with all accrued interest
thereon and all other amounts, if any required to be paid under the Loan
Agreement by reason of such Change of Control, shall, if the holder of this Note
so elects by written notice to the Company, become and be due and payable
immediately.

          4.   Restriction on Transfer.

               (a)  Subject to the provisions of Section 14, this Note and the
rights granted to the Holder are transferable, in whole or in part, upon
surrender of this Note, together with a properly executed assignment in the form
attached hereto as Exhibit A, at the office or agency of the Company referred to
in Section 10 hereof, provided, however, that any transfer or assignment shall
be subject to the conditions set forth in Section 4(b) hereof and Section 11 of
the Loan Agreement. Until due presentment for registration of transfer on the
books of the Company, the Company and the Subsidiary may treat the registered
holder hereof as the owner

                                      -4-

<PAGE>

and holder hereof for all purposes, and the Company and the Subsidiary shall not
be affected by any notice to the contrary.

               (b)  Exercise or Transfer Without Registration. If, at the time
of the surrender of this Note in connection with any conversion, transfer, or
exchange of this Note, this Note (or, in the case of any conversion, the
Conversion Shares (as defined in Section 6(a)(i) issuable hereunder) shall not
be registered under the Act and under applicable state securities or blue sky
laws, the Company may require, as a condition of allowing such conversion,
transfer, or exchange, that the holder or transferee of this Note, as the case
may be, furnish to the Company a written opinion of counsel, in form, substance
and scope customary to opinions typically delivered in transactions of this
nature, to the effect that such conversion, transfer, or exchange may be made
without registration under the Act and under applicable state securities or blue
sky laws.

          5.   Prepayment. This Note may not be prepaid by the Company at any
time, in whole or in part.

          6.   Conversion.

               (a)  Optional Conversion. The Holder shall have the right, at the
Holder's option, at any time and from time to time prior to repayment of all
amounts due under this Note, to convert up to $____________ of the outstanding
principal balance due under this Note into duly authorized, validly issued,
fully paid and nonassessable shares (the "Conversion Shares") of the Company's
common stock, no par value (the "Common Stock") at a conversion price equal to
$0.40 per share (the "Conversion Price"), subject to adjustment as set forth in
Section 7.

               (b)  Conversion Procedure. In order to exercise the conversion
rights set forth in Section 6(a) herein, the Holder shall surrender this Note,
duly endorsed (or, in the event that such Note has been lost, stolen or
destroyed, the Holder shall execute an agreement reasonably satisfactory to the
Company to indemnify the Company from any loss incurred by it resulting from the
fact that such Note has been lost, stolen or destroyed), to the Company's
address set forth in Section 10 hereof, together with written notice of
conversion to the Company that the Holder elects to convert $____________ of the
principal amount of this Note or the portion thereof specified in said notice.
As promptly as practicable after the surrender of this Note as aforesaid, in
full or in part, and in any event within ten (10) days thereafter, the Company,
at its expense, shall issue and deliver to the Holder a certificate or
certificates for the number of full shares of Common Stock issuable upon the
conversion of this Note or portion thereof registered in the name of the Holder
in accordance with the provisions of this Section 6 and a check or cash in
respect of any fractional interest in respect of a share of Common Stock arising
upon such conversion, as provided below. In case this Note shall be surrendered
for partial consideration, the Company shall execute and deliver to the Holder,
without charge, a new Note in an aggregate principal amount equal to the
unconverted portion of the surrendered Note, provided that, except for the
amount of shares into which the new Note may be converted, the new Note shall
have all of the same terms and conditions as this Note.

                                      -5-

<PAGE>

               (c)  Effective Date of Conversion. Each conversion pursuant to
Section 6(a) hereof shall be deemed to have been effected immediately prior to
the close of business on the day on which this Note shall have been surrendered,
as aforesaid and the Holder shall be deemed to have become on said date the
holder of record of the shares of Common Stock issuable upon such conversion.

               (d)  No Fractional Shares. No fractional shares of Common Stock
or scrip representing fractional shares shall be issued upon conversion of this
Note. If any fractional share of Common Stock would be issuable upon the
conversion of this Note, then the Company shall make an adjustment therefor in
cash at the Conversion Price.

          7.   Adjustments. The Conversion Price and the number of shares
purchasable hereunder are subject to adjustment from time to time as follows:

               (a)  Anti-Dilution.

                    (i)    Subject to Section 7(a)(v) below, in the event the
Company shall hereafter issue additional shares of Common Stock, options or
other securities convertible into or exchangeable for Common Stock at a price or
conversion or exercise price (as the case may be) which is less than the
Conversion Price (as adjusted) of this Note (the "Additional Shares"), the
Conversion Price shall be automatically lowered to a price equal to the price or
conversion or exercise price (as the case may be) for such Additional Shares.

                    (ii)  If the Company at any time and in any manner issues or
sells any stock, warrants, rights or options pursuant to which the recipient may
subscribe for or purchase Common Stock ("Options") the "price or the conversion
or exercise price (as the case may be)" in accordance with Section 7(a)(i) shall
be determined by dividing (i) the total amount, if any, received or receivable
by the Company as consideration for the issuance or granting of all such
Options, plus the minimum aggregate amount of additional consideration, if any,
payable to the Company upon the exercise of all such Options, plus, in the case
of Convertible Securities issuable upon the exercise of such Options, the
minimum aggregate amount of additional consideration payable upon the exercise,
conversion or exchange thereof at the time such Convertible Securities first
become exercisable, convertible or exchangeable, by (ii) the maximum total
number of shares of Common Stock issuable upon the exercise of all such Options
(assuming full conversion of Convertible Securities, if applicable). No further
adjustment to the Conversion Price will be made upon the actual issuance of such
Common Stock upon the exercise of such Options or upon the exercise, conversion
or exchange of Convertible Securities issuable upon exercise of such Options.

                    (iii) (A) If the Company at any time and in any manner
issues or sells any securities which are exercisable for, convertible into or
exchangeable for, Common Stock ("Convertible Securities"), whether or not
immediately convertible (other than where such Convertible Securities are
issuable upon the exercise of Options), the "price or the conversion or exercise
price (as the case may be)" in accordance with Section 7(a)(i) shall be
determined by dividing (i) the total amount, if any, received or receivable by
the Company as consideration for the issuance or sale of all such Convertible
Securities, plus the minimum aggregate amount of

                                       -6-

<PAGE>

additional consideration, if any, payable to the Company upon the exercise,
conversion or exchange thereof at the time such Convertible Securities first
become exercisable, convertible or exchangeable, by (ii) the maximum total
number of shares of Common Stock issuable upon the exercise, conversion or
exchange of all such Convertible Securities. No further adjustment to the
Conversion Price will be made upon the actual issuance of such Common Stock upon
exercise, conversion or exchange of such Convertible Securities.

                         (B)  If the Company in any manner issues or sells any
Convertible Securities with a variable conversion or exercise price or exchange
ratio, then the price per share for which Common Stock is issuable upon such
exercise, conversion or exchange for purposes of the calculation contemplated by
Section 7(a)(iii)(A) shall be deemed to be the lowest price per share which
would be applicable (assuming all holding period and other conditions to any
discounts contained in such Convertible Security have been satisfied).

                    (iv) If the total number of shares of Common Stock issuable
upon exercise of Options or upon exercise, conversion or exchange of Convertible
Securities, in each case for which an adjustment was made pursuant to Section
7(a), is not, in fact issued and the rights to exercise such Options or to
exercise, convert or exchange such Convertible Securities shall have expired or
terminated, the Conversion Price then in effect shall be readjusted to the
Conversion Price which would have been in effect at the time of such expiration
or termination had such Option or Convertible Securities, to the extent
outstanding immediately prior to such expiration or termination (other than in
respect of the actual number of shares of Common Stock issued upon exercise,
conversion or exchange thereof), never been issued.

                    (v) No adjustment to the Conversion Price will be made under
Section 7(a) upon (i) the exercise of any of the Options for 465,000 shares of
Common Stock outstanding prior to February 15, 2000; (ii) the issuance, grant or
exercise of any stock or Options which have been or may hereafter be issued,
granted or exercised under the plan in existence on February 15, 2000 relating
to employees, directors or independent contractors of the Company, provided that
the maximum number of shares of Common Stock so issued or issuable upon the
exercise of such Options shall not exceed one million one hundred thirty-five
thousand (1,135,000) shares (135,000 shares under the existing plan plus an
additional one million shares); (ii) upon conversion of this Note or the
exercise of any of the Warrants issued pursuant to the Loan Agreement; or (iii)
upon the issuance of any securities in an underwritten public offering.

                    (vi) Upon each adjustment of the Conversion Price pursuant
to the provisions of Section 7(a), the number of shares of Common Stock issuable
upon conversion of this Note shall be adjusted by multiplying a number equal to
the Conversion Price in effect immediately prior to such adjustment by the
number of shares of Common Stock issuable upon conversion of this Note
immediately prior to such adjustment and dividing the product so obtained by the
adjusted Conversion Price.

               (b)  Stock Dividend, Split or Subdivision of Shares. If the
number of shares of Common Stock outstanding at anytime after the date hereof is
increased or deemed increased by a stock dividend payable in shares of Common
Stock or other securities convertible into or exchangeable for shares of Common
Stock ("Equivalents") or by a subdivision or split-up

                                      -7-

<PAGE>

of shares of Common Stock or Equivalents (other than a change in par value, from
par value to no par value or from no par value to par value), then, following
the effective date fixed for the determination of holders of Common Stock or
Equivalents entitled to receive such stock dividend, subdivision or split-up,
the Conversion Price shall be appropriately decreased and the number of shares
of Common Stock issuable on conversion of this Note shall be increased in
proportion to such increase in outstanding shares (on a fully diluted basis if
the dividend is payable in Equivalents).

               (c) Combination of Shares. If, at any time after the date hereof,
the number of shares of Common Stock outstanding is decreased by a combination
of the outstanding shares of Common Stock (other than a change in par value,
from par value to no par value or from no par value to par value), then,
following the effective date for such combination, the Conversion Price shall be
appropriately increased and the number of shares of Common Stock issuable on
conversion of this Note shall be decreased in proportion to such decrease in
outstanding shares.

               (d) Reorganizations, Consolidations, etc. In the event, at any
time after the date hereof, of any capital reorganization, or any
reclassification of the capital stock of the Company (other than a change in par
value or from par value to no par value or from no par value to par value or as
a result of a stock dividend or subdivision, split-up or combination of shares),
or the consolidation or merger of the Company with or into another person (other
than a consolidation or merger in which the Company is the continuing
corporation and which does not result in any change in the powers, designations,
preferences and rights, or the qualifications, limitations or restrictions, if
any, of the capital stock of the Company as amended from time to time) or of the
sale or other disposition of all or substantially all the properties and assets
of the Company in its entirety to any other person (any such transaction, an
"Extraordinary Transaction"), then this Note shall be exercisable for the kind
and number of shares of stock or other securities or property of the Company, or
of the corporation resulting from or surviving such Extraordinary Transaction,
that a holder of the number of shares of Common Stock deliverable (immediately
prior to the effectiveness of the Extraordinary Transaction) upon conversion of
this Note would have been entitled to receive upon such Extraordinary
Transaction. The provisions of this Section 7(d) shall similarly apply to
successive Extraordinary Transactions.

               (e) Calculations. All calculations under this Section 7 shall be
made to the nearest cent ($.01) or to the nearest share, as the case may be.

               (f) Certificate as to Adjustments. Upon the occurrence of each
adjustment or readjustment pursuant to this Section 7, the Company at its own
expense shall promptly compute such adjustment or readjustment in accordance
with the terms hereof and furnish to each the holder hereof a certificate
setting forth such adjustment or readjustment and showing in detail the facts
upon which such adjustment or readjustment is based. The Company shall, upon the
written request, at any time, of any such holder, furnish or cause to be
furnished to such holder a like certificate setting forth: (i) such adjustments
and readjustments; (ii) the Conversion Price at the time in effect; and (iii)
the number of shares and the amount, if any, of other property that at the time
would be received upon the conversion of the Note.

                                      -8-

<PAGE>

          8.   Subordination. This Note is and shall be subordinated to certain
bank and other commercial lending obligations of the Company and its Subsidiary
as provided in the Loan Agreement, but shall be senior to all other debt of the
Company and its Subsidiary except debt secured by a purchase money security
interest arising in connection with the purchase of equipment in the ordinary
course of business.

          9.   Notices. In case at any time:

               (a) the Company shall declare any cash dividend upon its Common
Stock;

               (b) the Company shall declare any dividend upon its Common Stock
payable in stock or make any special dividend or other distribution (other than
regular cash dividends) to the holders of Common Stock;

               (c) the Company shall offer for subscription pro rata to the
holders of its Common Stock any additional shares of stock of any class or other
rights;

               (d) there shall be any capital reorganization, or
reclassification of the capital stock of the Company, or consolidation or merger
of the Company with, or sale of all or substantially all of its assets to,
another corporation; or

               (e) there shall be a voluntary or involuntary dissolution,
liquidation or winding up of the Company;

then, in any one or more of said cases, the Company shall give, by first class
mail, postage prepaid, addressed to the holder of this Note at the address of
such holder as shown on the books of the Company, (i) at least 10 days prior
written notice of the date on which the books of the Company shall close or a
record shall be taken for such dividend, distribution or subscription rights or
for determining rights to vote in respect of any such reorganization,
reclassification, consolidation, merger, sale, dissolution, liquidation or
winding up, and (ii) in the case of any such reorganization, reclassification,
consolidation, merger, sale, dissolution, liquidation or winding up, at least 10
days prior written notice of the date when the same shall take place. Such
notice in accordance with the foregoing clause (i) shall also specify, in the
case of any such dividend, distribution or subscription rights, the date on
which the holders of Common Stock shall be entitled thereto, and such notice in
accordance with the foregoing clause (ii) shall also specify the date on which
the holders of Common Stock shall be entitled to exchange their Common Stock for
securities or other property deliverable upon such reorganization,
reclassification, consolidation, merger, sale, dissolution, liquidation or
winding up, as the case may be.

          10.  Communications. All notices or requests provided for or permitted
to be given pursuant to this Agreement must be in writing and may be given or
served by (i) depositing the same in the United States mail, addressed to the
party to be notified, postage paid, and registered or certified with return
receipt requested, or (ii) by delivering such notice in person to such party.
Notices so deposited in the mail shall be deemed to have been given or

                                      -9-

<PAGE>

served on the date on which the party actually received or refused such written
notice, as shown by the date or postmark of any return receipt indicating the
date of delivery or attempted delivery to such receiving party. The addresses of
the parties hereto for all purposes of this Note are:

          The Company:

               ImageMax, Inc.
               455 Pennsylvania Avenue, Suite 128
               Fort Washington, PA 19034
               Attention: Mark P. Glassman
                           David B. Walls
               Telephone: (215) 628-3600

          with a copy to:

               Pepper Hamilton LLP
               400 Berwyn Park
               899 Cassat Road
               Berwyn, PA 19312
               Attention: Michael P. Gallagher
               Telephone: (610) 640-7807

          If to the Holder:

               _________________________
               _________________________
               _________________________
               Attention:  ______________
               Telephone:  ______________

          with a copy to:

               _________________________
               _________________________
               _________________________
               Attention:  ______________
               Telephone: ______________

          11.  Company's Waivers. The Company, to the extent permitted by law,
waives and agrees not to assert or take advantage of any of the following: (a)
acceptance or notice of acceptance of this Note by the Company; (b) presentment
and/or demand for payment of this Note or any indebtedness or obligations hereby
promised; and (c) protest and notice of dishonor with respect to this Note or
any indebtedness or performance of obligations arising hereunder.

                                      -10-

<PAGE>

          12. Governing Law. This Note shall be governed by and construed in
accordance with the laws of the Commonwealth of Pennsylvania, without regard to
conflicts of laws principles.

          13. Headings. The headings of the sections of this Note are inserted
for convenience only and do not constitute a part of this Note.

          14. Assignments. This Note may not be assigned in whole or in part
without the consent of the Company; provided, however, that no such consent
shall be required (i) in connection with an assignment of this Note to one or
more partners of the Holder or to a trust established for the benefit of one or
more of such partners or (ii) to an assignment occurring after February 15,
2003.

          15. Waiver of Trial by Jury. THE COMPANY, THE SUBSIDIARIES AND HOLDER
HEREBY WAIVE TRIAL BY JURY IN ANY ACTION, PROCEEDINGS, CLAIMS OR COUNTERCLAIMS,
WHETHER IN CONTRACT OR TORT, AT LAW OR IN ANY WAY RELATING TO THIS NOTE.

                            [SIGNATURE PAGE FOLLOWS]

                                      -11-

<PAGE>

          IN WITNESS WHEREOF, IMAGEMAX, INC. has caused this Note to be signed
and to be dated the day and year first above written.

                                           IMAGEMAX, INC.

                                           By:_________________________________
                                           Name: David B. Walls
                                           Title: Chief Financial Officer

                                           IMAGEMAX OF DELAWARE, INC.

                                           By:_________________________________
                                           Name: David B. Walls
                                           Title: Vice President

                                      -12-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00040-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00040-of-00352.parquet"}]]