Exhibit 10.2
 
Form of Security Agreement
 
 This Security Agreement is made as of this 19th day of July 2010 by and among
Encorium Group, Inc., a Delaware corporation (“Borrower”), Renee E. Moore and
Klaus-Dieter Albrecht (collectively, the “Lenders”).
 
 
1.           Grant of Security interest in Receivables. Borrower hereby grants
to Lenders, a security interest in all accounts, drafts, acceptances, and other
forms of receivables of any of Progenitor Holding AG, a corporation organized
under the laws of Switzerland, Progenitor Clinical Research Pvt Ltd. a
corporation organized under the laws of India (“Progenitor India”), Progenitor
International Research Corp., a Florida corporation (“Progenitor USA”),
Progenitor International Research SA, a corporation organized under the laws of
Panama (“Progenitor Panama”), Progenitor International Research SA, a
corporation organized under the laws of Argentina (“Progenitor Argentina”),
Progenitor International Research GmbH, a corporation organized under the laws
of Switzerland (“Progenitor Switzerland”), Progenitor International Research SA,
a corporation organized under the laws of Mexico (“Progenitor Mexico”) and
Progenitor International Research S.A., Agencia en Chile a corporation organized
under the laws of Chile (“Progenitor Chile”), and Progenitor International
Research, a corporation organized under the laws of Hong Kong (“Progenitor Hong
Kong”).  The receivables and the rights included in the grant of the receivables
are the “Collateral”.
 
2.           Security for Payment of Borrower's Obligations. The security
interest granted by this Agreement is to secure payment and performance of all
of Borrower's liabilities and obligations to Lenders under (i) that certain
Promissory Note in favor of Renee E. Moore in the amount of EURO 210,000 dated
as of even date herewith and (ii) that certain Promissory Note in favor of
Klaus-Dieter Albrecht in the amount of EURO 90,000, dated as of even date
herewith.  All of the foregoing are the “Obligations”.
 
3.           Disposition of Collections. Until such time as the principal and
interest on the Notes are paid in their entirety, Borrower shall make
collections on the Collateral, hold the proceeds received from collection in
trust for Lenders, and turn over the proceeds according to Schedule I hereto
weekly.
 
4.           Financing Statements. At Lender's request, Borrower will join with
Lender in executing one or more financing statements pursuant to Article 9 of
the Uniform Commercial Code of the Commonwealth of Pennsylvania (the “UCC”) in
form satisfactory to Lender. Without Lender's written consent, Borrower will not
allow any financing statement covering any Collateral, the proceeds of any
Collateral, or the proceeds of any of Borrower's assets to be on file in any
public office.
 
5.           Borrower to Pay Costs of Collecting Collateral. Borrower shall pay
to Lender on demand, together with interest at the highest rate allowed by law,
any and all expenses, including legal expenses and reasonable attorney fees,
reasonably incurred or expended by Lender in the collection or attempted
collection of the Collateral and in protecting and enforcing the Obligations and
other rights of Lender under this Agreement.
 
 
[signature page to Promissory Note]
 
 

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6.           Termination of Agreement by Borrower. Whenever there is no
outstanding Obligation and no commitment on the part of Lender under the Notes,
this Agreement shall automatically terminate and Borrower shall be entitled to
file a Termination Statement under the UCC.
 
 
7.           Applicable Law. This Agreement and all its rights and obligations
under it, including matters of construction, validity, and performance, shall be
governed by the law of the Commonwealth of Pennsylvania.
 
 
8.           Illegality of Part of Agreement. If any portion of this Agreement
is held to be illegal, then only that portion is void and not the entire
Agreement.
 
 
9.           Date of Signing and Delivery. This Agreement was signed by Borrower
and delivered to Lenders on July 19, 2010.
 
 
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Encorium Group, Inc.
 
 
By:______________________________
 
 
Name:____________________________
 
 
Its: _______________________________
 

_______________________________
Renee E. Moore

_______________________________
Klaus –Dieter Albrecht
 
 
 
 
 
 
 
 
 

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