Exhibit 10.2

                  This  Security   Agreement  is  subject  to  the  terms  of  a
         Subordination  and   Intercreditor   Agreement  in  favor  of  The  CIT
         Group/Commercial  Services,  Inc.,  as  agent  for  itself  and for CIT
         Financial Ltd.,  which  Subordination  and  Intercreditor  Agreement is
         incorporated   herein  by  reference.   Notwithstanding   any  contrary
         statement  contained in the within  Security  Agreement,  no payment on
         account of  principal or interest  thereof  shall become due or be paid
         except  in  accordance  with  the  terms  of  such   Subordination  and
         Intercreditor Agreement.


                               SECURITY AGREEMENT

         THIS SECURITY AGREEMENT (the "Agreement") is made this 30th day of May,
2007, by and between Ronson  Aviation,  Inc. (the "Debtor"),  and EPIC Aviation,
LLC dba Air BP Aviation  Services,  an Oregon  limited  liability  company  (the
"Secured Party").

                                   AGREEMENT:

Grant of Security Interest

         For  value  received,  and to  secure  the  obligations  of  Debtor  as
described  below (the  "Obligations"),  the Debtor  grants the  Secured  Party a
security interest in the following collateral located at: Trenton Mercer Airport
"Collateral"):

                    The collateral shall  specifically be limited to any and all
                    right,  title and  interest  of  Debtor  in and to:  The New
                    19,200 sq ft aircraft hangar, together with all improvements
                    and fixtures  thereon,  located on the real property legally
                    described in the attached Exhibit H-A1, in each case subject
                    to the provisions of the Lease (as hereinafter defined), the
                    prior   encumbrances   disclosed  in  Section  2.1  and  the
                    Additional Permitted Encumbrances (as hereinafter defined).


1.       Obligations of Debtor

         This Agreement has been duly executed to secure payment and performance
of certain  obligations  of Debtor under that Loan  Agreement  effective May 30,
2007, between Debtor and Secured Party (the "Loan Agreement").

2.       Representations and Covenants of Debtor

         The Debtor, hereby represents and covenants as follows:

           2.1      Title to Collateral

                  The  Debtor is the  owner of said  Collateral  subject  to the
         provisions  of the  Agreement  and Lease dated May 14, 1975, as amended
         (collectively, the "Lease"), with the County of Mercer (a copy of which
         has been delivered to Secured Party),  including,  without  limitation,
         Articles   XIII  and  XIV  thereof,   encumbrances   held  by  The  CIT
         Group/Commercial  Services  Inc.,  as  agent  for  itself  and  for CIT
         Financial  Ltd.  (collectively,  "CIT")  and the  Additional  Permitted
         Encumbrances.  The parties  acknowledge  and agree that Debtor makes no
         representation   or  covenant,   express  or  implied,   regarding  the
         sufficiency or value of the Collateral.

<page>

           2.2      Organization of Debtor

                  The Debtor is a corporation  duly organized,  validly existing
         and in good standing under the laws of the state of New Jersey; and the
         above  name  of  Debtor  accurately  reflects  the  name of  Debtor  as
         registered with the New Jersey Secretary of Treasury.

           2.3      No Transfers of Collateral

                  The Debtor will not sell, assign, exchange, lease or otherwise
         dispose of the Collateral, or any part thereof, or suffer or permit any
         lien,  levy or  attachment  thereon  or  security  interest  therein or
         financing statement to be filed with reference thereto, other than that
         of the Secured Party,  the Lease, the prior  encumbrances  disclosed in
         Section 2.1 above,  and other than:  (i)  statutory  liens of carriers,
         warehousemen, bailees, mechanics, materialmen, landlords and other like
         liens  imposed by law;  (ii) liens for taxes not yet due and payable or
         contested in good faith;  (iii)  easements,  encroachments,  defects or
         irregularities in title and other  encumbrances which do not materially
         interfere  with the use of the  Collateral  or  materially  impair  its
         value; (iv) liens for judgment creditors that are bonded or insured; or
         (v)  purchase  money liens (the  matters  described  under  clauses (i)
         through (v), inclusive, being the "Additional Permitted Encumbrances").

           2.4      Preservation of Collateral

                  Debtor will  maintain the  Collateral  in good  condition  and
         repair  and  preserve  the  same  against   waste,   loss,   damage  or
         depreciation  in value other than by  reasonable  wear. As set forth in
         Section 2.12,  Secured Party may examine and inspect the  Collateral at
         any reasonable times,  wherever located, and for that purpose hereby is
         authorized by Debtor to enter any place or places where any part of the
         Collateral may be upon reasonable prior notice.

           2.5      Insurance on Collateral

                  Debtor will keep the Collateral  fully insured against loss or
         damage by fire,  theft (and  collision if  applicable),  and such other
         hazards as Secured Party may from time to time reasonably require, with
         loss  payable  to  Secured  Party and  Debtor,  and in such  company or
         companies as the Secured  Party may approve  (which  approval  will not
         unreasonably be withheld or delayed);  Debtor  immediately will deliver
         certificates  of insurance for all policies to the Secured  Party.  The
         policy or policies  shall  provide that they may not be cancelled  with
         respect to  Secured  Party's  interests  without at least 30 days prior
         written  notice to Secured Party.  All of Secured  Party's rights under
         this  Section  2.5  are  subordinate  to  the  rights  of CIT  and  its
         successors  and assigns  with  respect to  selection  of  carriers  and
         payment of insurance proceeds upon a loss.

           2.6      Loss or Damage to Collateral

                  Debtor  shall  promptly  notify  Secured  Party of any loss or
         damage to the  Collateral or any portion  thereof  having a fair market
         value in excess of  $25,000.  Debtor  may make proof of loss if Secured
         Party fails to do so within  fifteen  (15) days of the loss.  If Debtor
         and Secured  Party agree to repair or replace the damaged or  destroyed
         Collateral,  Debtor  shall  promptly  repair  or  replace  the  damaged
         Collateral.  All of  Secured  Party's  rights  under this  Section  are
         subordinate to any and all rights of CIT and its successors and assigns
         with respect to payment of insurance proceeds upon a loss.

<page>

           2.7      Legal Compliance

                  Debtor shall comply promptly in all material respects with all
         laws,  ordinances,  and  regulations  of all  governmental  authorities
         applicable  to the use of the  Collateral.  Debtor may  contest in good
         faith any such law, ordinance,  or regulation without compliance during
         any  proceedings,  including  appropriate  appeals,  so long as Secured
         Party's interest in the Collateral is not jeopardized.

           2.8      Payment of Taxes & Fees

                  Debtor  will pay,  when due,  all  taxes,  license  fees,  and
         assessments  relative to the Collateral and its use and relative to the
         Obligations   secured   hereby  unless   contested  in  good  faith  by
         appropriate proceedings.

           2.9      Changes as to Debtor

                  The Debtor shall notify the Secured  Party in writing not less
         than  thirty  (30)  days  prior to any form of  merger,  consolidation,
         change of its business  name or operating  name, or change of its state
         of organization.

           2.10     Assignment by Secured Party

                  In the event of any  assignment  by the Secured  Party of this
         Agreement or its rights hereunder, Debtor will not assert as a defense,
         counter-claim,  set-off or otherwise  against Secured Party's  assignee
         any claim, known or unknown,  which Debtor now has or claims to have or
         hereafter acquired against the Secured Party.

           2.11     Perfection of Security Interest

                  The  Debtor  will join with the  Secured  Party in  executing,
         filing and doing  whatever may be  necessary  under  applicable  law to
         perfect and  continue  the  Secured  Party's  security  interest in the
         Collateral,  all at Debtor's expense. This includes, but is not limited
         to the Debtor hereby expressly  granting the Secured Party authority to
         file any and all financing statements and fixtures filings necessary to
         perfect  the  security  interest  granted  pursuant  to  this  Security
         Agreement, without the signature of Debtor.

           2.12     Inspection of Collateral

                  The Debtor  will  permit  Secured  Party and any of its agents
         upon  reasonable  notice to enter into and upon the  Debtor's  place or
         places of  business or any other  place  where said  Collateral  or the
         records  pertaining  thereto may be kept,  at  reasonable  times during
         reasonable  business  hours,  to inspect the  Collateral  and  inspect,
         audit,  and copy any books and  records of the Debtor  relating  to the
         Collateral or any other  transactions  with the Secured Party;  in this
         connection,  the Debtor shall render any  necessary  assistance  to the
         Secured Party and its agents.

           2.13     Financial Information

                  At the request of Secured Party, the Debtor shall furnish unto
         the Secured Party current financial statements of Ronson Aviation, Inc.
         on an annual basis.

<page>

3.       Consideration

         As  additional  consideration  for the delivery  and  execution of this
Agreement,  the  Secured  Party has  extended  the  provision  of fuel to Debtor
pursuant to the Fuel Purchase Contract between Secured Party and Debtor.

4.       Duties With Respect to Collateral

         The Secured Party shall have no duty to do any of the following:

           4.1        To collect the Collateral or any proceeds;

           4.2        To preserve  rights of Debtor or others  against  prior or
                      other parties;

           4.3        To realize on the Collateral in any  particular  matter or
                      seek reimbursement from any particular source; and

           4.4        To  preserve,  protect,  insure,  or  care  for any of the
                      Collateral.

5.       Waivers

         The Debtor  waives  demand,  presentment,  and notice of  dishonor  and
protest of any  instrument  either of Debtor or others  which may be included in
the Collateral or in the obligations secured hereby.

6.       Consents

         The Debtor consents to any extension,  postponement of time of payment,
indulgence, and to any substitution,  exchange, or release of Collateral, and to
the  addition  to or release  of any party or person  primarily  or  secondarily
liable, or acceptance of partial payments on any accounts or instruments and the
settlement, compromise, or adjustment thereof.

7.       General Provisions

           7.1        Separate Agreements

                  The  obligations  which this  Agreement  secures are  separate
         instruments  and may be negotiated,  extended or renewed by the Secured
         Party without releasing the Debtor or the Collateral.

           7.2        Oregon Law

                  All of the terms herein and the rights, duties and remedies of
         the parties  shall be governed by the laws of Oregon.  Any part of this
         Agreement  contrary to the law of any state having  jurisdiction  shall
         not invalidate  other parts of this Agreement in that state. At Secured
         Party's option,  jurisdiction  and venue of any proceeding  relating to
         this Agreement may be at Marion County, Oregon.

           7.3        Successors

                  All of the  benefits  of this  Agreement  shall  inure  to the
         Secured  Party,   its  successors  in  interest  and  assigns  and  the
         obligations  hereunder  shall be  binding  upon the  Debtor,  its legal
         representatives, successors and assigns.

<page>

           7.4        Grammatical Changes

                  In construing  this Security  Agreement the masculine  pronoun
         shall  include  the  feminine  and the  neuter and the  singular  shall
         include the plural, as the circumstances may require.

8.       Expenditures of Secured Party

         If not discharged or paid by Debtor 30 days after the due date, Secured
Party may discharge taxes, liens,  security interests,  or other encumbrances at
any time levied or placed on the Collateral  (other than those  permitted  under
Section 2.3),  may pay for insurance on the Collateral if required under Section
2.5, and may pay for  maintenance and  preservation  of the Collateral  required
hereunder.  All such payments shall become a part of Debtor's obligation secured
hereby,  payable on demand,  and with interest at the maximum rate  permitted by
law from the date of expenditure until paid. Such rights shall be in addition to
any other  rights or  remedies  to which the  Secured  Party may be  entitled on
account of default.

9.       Default

         Time is of the essence hereof, and the Debtor shall be in default under
this Agreement upon the happening of any of the following events or conditions:

           9.1        Non-Payment

                  Debtor's  failure  to pay,  30 days  after the due  date,  the
         principal  of or  interest  on  the  Obligations,  or  any  installment
         thereof;

           9.2        Misrepresentation

                  The discovery of any  misrepresentation or material falsity of
         any warranty,  representation, or statement made or furnished by Debtor
         to the Secured Party in connection with this Agreement;

           9.3        Damage to Collateral

                  Loss,  theft,  or destruction of or substantial  damage to any
         material  portion of the Collateral not corrected within 90 days of the
         date of loss, theft,  destruction or substantial damage (or such longer
         period reasonably required,  as long as Debtor is diligently correcting
         same);

           9.4        Business Termination

                  Dissolution or  termination  of Debtor's  existence as a going
         business, insolvency,  appointment of receiver for any part of Debtor's
         property,  any  assignment  for  the  benefit  of  creditors,   or  the
         commencement of any proceeding  under any bankruptcy or insolvency laws
         by or against the Debtor;

           9.5        Foreclosure

                  Commencement of foreclosure,  whether by judicial  proceeding,
         self-help, repossession, or any other method, by any creditor of Debtor
         against any of the collateral,  but this subsection should not apply in
         the event of a good  faith  dispute  by Debtor  as to the  validity  or
         reasonableness of the claim which is the basis of the foreclosure suit;
         provided that Debtor provides Secured Party with written notice of such
         claim and provides adequate reserves therefore.

<page>

10.      Remedies of Secured Party

         Upon  default,  and  subject  to any  rights to cure and grace  periods
provided  Debtor herein,  Secured Party may,  during the  continuation  thereof,
exercise any one or more of the following rights and remedies in addition to any
other rights or remedies that may be available at law, in equity, or otherwise:

           10.1       Acceleration

                  The Secured Party may declare the entire  indebtedness owed by
         or under the Obligations, including any prepayment penalty which Debtor
         would be required to pay, immediately due and payable.

           10.2       Delivery of Collateral

                  The  Secured  Party may require  Debtor to deliver,  within 30
         days, to Secured Party all or any portion of the Collateral and any and
         all certificates of title and other documents relating thereto. Secured
         Party may  require the Debtor to assemble  the  Collateral  and make it
         available, within 30 days, to Secured Party at a place to be designated
         by  Secured  Party  which is  reasonably  convenient  to both  parties.
         Secured Party also shall have full power to, with 30 days notice, enter
         upon the  property  of  Debtor to take  possession  of and  remove  the
         Collateral.

           10.3       Sale of Collateral

                  The Secured Party shall have, with 30 days notice,  full power
         to sell,  lease,  transfer,  or otherwise  deal with the  Collateral or
         proceeds  thereof  in its own name or that of  Debtor,  subject  to the
         provisions of the Lease,  the prior  encumbrances  disclosed in Section
         2.1 and the Additional  Permitted  Encumbrances.  The Secured Party may
         sell  the  Collateral  as  aforesaid  at  public  auction,  unless  the
         Collateral  threatens  to decline  speedily  in value or is of the type
         customarily sold on a recognized market, Secured Party will give Debtor
         reasonable notice of the time after which any private sale or any other
         intended  disposition  thereof  is  to be  made.  The  requirements  of
         reasonable  notice shall be met if such notice is mailed by  registered
         or certified mail, postage prepaid,  to the address of Debtor stated in
         the  Security  Agreement,  at least thirty (30) days before the time of
         the sale or  disposition.  The Debtor  shall be liable for  expenses of
         retaking, holding, and preparing for sale, selling, and the like.

           10.4       Deficiency Judgment

                  Secured  Party  may  obtain  a  judgment  for  any  deficiency
         remaining on the obligations due to Secured Party after  application of
         all amounts  received from the exercise of the rights  provided in this
         Agreement.  Debtor  shall  be  liable  for a  deficiency  even  if  the
         underlying transaction is the sale of collateral.

           10.5       All Other Rights

                  Secured  Party shall have and may  exercise  any or all of the
         rights and remedies of a secured  creditor  under the provisions of the
         Uniform Commercial Code, at law, in equity, and otherwise.


<page>

11.      Remedies Cumulative

         All of the  Secured  Party's  rights and  remedies,  whether  evidenced
hereby or any other writing, shall be cumulative and may be exercised singularly
or  concurrently.  Election by Secured  Party to pursue any  remedies  shall not
preclude  pursuit of any other remedy,  and an election to make  expenditures or
take  action to perform an  obligation  of Debtor  under  this  Agreement  after
Debtor's  failure to perform shall not effect  Secured  Party's right to declare
default and exercise its remedies as provided by the terms of this Agreement.

12.      Attorney Fees and Costs

         In the event of a default under this  Agreement,  the defaulting  party
shall reimburse the non defaulting  party for all costs and expenses  reasonably
incurred by the non defaulting  party in connection with the default,  including
without  limitation  attorney fees,  and whether or not a suit is filed.  If any
arbitration, suit or action is instituted to interpret or enforce the provisions
of this Agreement,  to rescind this Agreement,  or otherwise with respect to the
subject  matter of this  Agreement,  the party  prevailing  on an issue shall be
entitled to recover with respect to such issue, in addition to costs, reasonable
attorney  fees  incurred in  preparation  or in  prosecution  or defense of such
arbitration, suit, or action as determined by the arbitrator or trial court, and
if any  appeal  is  taken  from  such  decision,  reasonable  attorney  fees  as
determined on appeal.

13.      Notices

         All notices and other  communications  under this  Agreement must be in
writing and shall be deemed to have been given if delivered personally,  sent by
facsimile  (with  confirmation),  mailed by certified  mail,  or delivered by an
overnight  delivery service (with  confirmation) to the parties to the following
addresses or facsimile  numbers (or at such other address or facsimile number as
a party may designate by like notice to the other parties):

                  SECURED PARTY:          EPIC Aviation, LLC
                                          Attn: Greg J. Gettig
                                          PO Box 12249
                                          Salem, OR   97309
                                            Facsimile: 503-566-2312

                  DEBTOR:                 Ronson Aviation, Inc.
                                            Trenton Mercer City Airport.
                                            Trenton, New Jersey  08628
                                            Facsimile: 609-771-9512

                                          Ronson Corporation
                                          Louis V. Aronson II
                                          Corporate Park III, Campus Drive
                                          P.O. Box 6707
                                          Somerset, NJ 08875-6707
                                          Facsimile: 732-469-0882


         Any  notice or other  communication  shall be deemed to be given (a) on
the date of personal  delivery,  (b) at the expiration of forty-eight (48) hours
after the date of  deposit  in the  United  States  mail,  or (c) on the date of
confirmed delivery by facsimile or overnight delivery service.

<page>

14.      Subordination

         Notwithstanding any other provision to the contrary herein, any and all
rights of Secured Party hereunder,  including,  without limitation, to repayment
of the  Obligations,  is and  shall be  subordinated  to the prior  payment  and
satisfaction  of any and all loans,  advances and  extensions  of credit made by
Secured Party to Debtor,  and to Ronson  Corporation,  Ronson Consumer  Products
Corporation  and Ronson  Corporation of Canada Ltd.  (together with Debtor,  the
"RONSON Group"),  and to all other indebtedness,  obligations and liabilities of
the RONSON Group to CIT;  and, if  requested  by CIT,  the Secured  Party hereby
agrees to enter into a subordination  agreement prescribed by CIT in evidence of
the foregoing.

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed on the day and year first above written.

DEBTOR:                                        SECURED PARTY:
Ronson Aviation, Inc.                          EPIC Aviation, LLC



By:   /s/ Louis V. Aronson II                  By:    /s/ Michael W. Delk
      -----------------------------------             --------------------------
Its:  President & Chief Executive Officer             Michael W. Delk, President
      -----------------------------------             --------------------------
Date: 5/30/07                                  Date:  6/13/07
      -----------------------------------             --------------------------