Document:

Form of Letter Agreement

 Exhibit 10.23 
 [Omnibus Form of Insider Letter Agreement] 
 [            ] [    ], 2006 
 Transforma Acquisition Group Inc. 
 350 Park Avenue, 10th Floor 
 New York, NY 10022 
 Banc of America Securities LLC 
 9 West 57th Street 
 New York, NY 10019 
 CRT Capital Group LLC 
 262 Harbor Drive 
 Stamford, CT 06902 
  

	Re:	Initial Public Offering 

 Ladies
and Gentlemen: 
 This letter agreement is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting
Agreement”) entered into by and among Transforma Acquisition Group Inc., a Delaware corporation (the “Company”), Banc of America Securities LLC (“BofA”), and CRT Capital Group LLC (“CRT,” and together with BofA,
the “Underwriters”), relating to an underwritten initial public offering (the “IPO”) of the Company’s units (the “Units”), each comprised of one share of the Company’s common stock, par value $0.0001 per share
(the “Common Stock”), and one warrant exercisable for one share of Common Stock (a “Warrant”). Certain capitalized terms used herein are defined in Section 13 hereof. 
 In order to induce the Company and the Underwriters to enter into the Underwriting Agreement and to proceed with the IPO, and in recognition of the
benefit that such IPO will confer upon the undersigned as a stockholder of the Company, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned hereby agrees with the Company and
the Underwriters as follows: 
 1. If the Company solicits approval of its stockholders of a Business Combination, the undersigned will vote
all Insider Shares owned by the undersigned in accordance with the majority of the votes cast by the holders of the IPO Shares. For clarity, the undersigned may vote IPO Shares owned by the undersigned without any such restriction and in any manner
that the undersigned chooses. 
 2. (a) [In the event that the Company fails to consummate a Business Combination within
(i) 18 months after the consummation of the IPO, unless a letter of intent, 

 
agreement in principle or definitive agreement has been executed with respect to a Business Combination within such 18 month period, (an “18 Month
Execution Failure”) or (ii) 24 months after the consummation of the IPO, if a letter of intent, agreement in principle or definitive agreement has been executed with respect to a Business Combination within 18 months from the
consummation of the IPO but the Business Combination has not been consummated within such 18 month period (a “24 Month Transaction Failure”) (the date of the first such failure to occur being the “Transaction Failure Date”), the
undersigned will take all reasonable actions within the undersigned’s power and as permitted under applicable laws to (A) within a reasonable time prior to the expiration of such 18 or 24 month period, as the case may be, adopt and vote to
recommend to the Company’s stockholders a specific plan of dissolution and liquidation to be included in a proxy statement to seek stockholder approval for such plan of dissolution and liquidation in the event that the Company fails to so
consummate a Business Combination within such 18 or 24 month period, as the case may be, (B) cause to be prepared a preliminary proxy statement that sets forth such plan of dissolution and liquidation and recommends that the Company’s
stockholders approve such plan, (C) not later than 15 days after the expiration of such 18 or 24 month period, as the case may be, adopt a resolution pursuant to Section 275(a) of the Delaware General Corporation Law finding the
dissolution of the Company advisable and provide such notices to the Company’s stockholders as are required by Section 275(a) as promptly thereafter as possible, and (D) take such other actions in connection with the liquidation of
the Company as are required by the Company’s certificate of incorporation and bylaws, in each instance, as the same may be amended from time to time.]1 In the event of an 18 Month Execution Failure or 24 Month Transaction Failure, as the case may be, the undersigned will take all reasonable actions
within the undersigned’s power and as permitted under applicable laws to (x) cause the preliminary proxy statement setting forth the specific plan of dissolution and liquidation approved by the Company’s board of directors to be filed
with the Securities and Exchange Commission (the “SEC”) promptly after the expiration of the 18 or 24 month period, as the case may be, and (y) cause a meeting of the Company’s stockholders to consider such plan of
dissolution and liquidation to be held. The undersigned will vote all shares of Common Stock, including Insider Shares and IPO Shares, owned directly or indirectly by the undersigned, in favor of such plan of dissolution and liquidation. 

(b) In the event that the Company’s stockholders approve a plan of dissolution and liquidation in connection with an 18 Month Execution
Failure or 24 Month Transaction Failure, as the case may be, the undersigned will take all reasonable actions within the undersigned’s power and as permitted under applicable laws to (i) cause the Trust Fund to be liquidated and, after
paying or reserving for payment the Company’s liabilities, distributed to the holders of the IPO Shares as soon as practicable, and (ii) cause the Company to dissolve and liquidate as soon as practicable (the earliest date on which the
conditions in clauses (i) and (ii) are both satisfied being the “Liquidation Date”). With respect to the undersigned’s Insider Shares, the undersigned hereby waives any and all right, title, interest, or claim of any kind in
or to any distributions of the Trust Fund as a result of such distribution (“Claim”), and hereby agrees to reimburse the Company for any distribution of the Trust Fund received by the undersigned in respect of such undersigned Insider
Shares. For clarity, the undersigned may receive distributions from the Trust Fund in respect of IPO Shares 

	1	This section of the agreement will appear only in the agreements executed by the directors of the Company. In agreements executed by non-directors, relevant defined
terms will be inserted in Section 13. 

  

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 owned by the undersigned in any manner. The undersigned hereby waives any Claim the undersigned may have
in the future as a result of, or arising out of, any contracts or agreements with the Company and will not seek recourse against the Trust Fund for any reason whatsoever. 
 3. Subsequent to the Transaction Failure Date, the undersigned agrees to indemnify and hold harmless the Company, on a joint and several basis with all other Insiders, against any and all loss, liability, claims,
damage and expense whatsoever (including, but not limited to, any and all legal or other expenses reasonably incurred in investigating, preparing or defending against any litigation, whether pending or threatened, or any claim whatsoever)
(collectively, “Damages”) to which the Company may become subject as a result of any claim by any (a) vendor or service provider who is owed money by the Company for services rendered or products sold to the Company and
(b) acquisition target, but in each case only to the extent (i) such vendor, service provider, or acquisition target has not executed a waiver of rights or claims to the Trust Fund, and (ii) necessary to ensure that such Damages do not reduce
the amount in the Trust Fund (or, in the event that such claim arises after the distribution of the Trust Fund, to the extent necessary to ensure that the Company’s former stockholders are not liable for any amount of such Damages). For
avoidance of doubt, the foregoing indemnification obligation of the undersigned shall not apply to claims under the Company’s indemnification of the underwriters of the offering (including, without limitation, the Underwriters) against certain
liabilities, including liabilities under the Securities Act of 1933, as amended. In the event the Company’s assets held outside the Trust Fund are insufficient to pay the costs and expenses of dissolution and liquidation of the Company, the
undersigned agrees to indemnify and hold harmless the Company, on a joint and several basis with all other Insiders, against such additional costs and expenses of dissolution and liquidation, excluding any special, indirect or consequential costs or
expenses, such as litigation pertaining to the Company’s dissolution and liquidation. 
 4. In order to minimize potential conflicts of
interest which may arise from multiple affiliations, the undersigned agrees to present to the Company for its consideration, prior to presentation to any other person or entity, any business opportunity that may be reasonably required to be
presented to the Company under Delaware law, until the earlier of a Business Combination, Liquidation Date, and such time as the undersigned ceases to be an officer or director of the Company; provided, however, that the presentation
of such opportunities to the Company shall in each case be subject to any pre-existing fiduciary and contractual obligation of the undersigned.2 
 5. The undersigned acknowledges and agrees that the Company will not consummate any
Business Combination with an entity that is affiliated with any Insider or any of their respective affiliates unless the Company obtains an opinion from an independent investment banking firm that the Business Combination is fair to the
Company’s stockholders from a financial point of view. 
 6. Neither the undersigned, any member of the family of the undersigned, nor
any affiliate of the undersigned will be entitled to receive, and will not accept, from the Company any compensation, including payments to related parties of the existing stockholders, for performing due diligence or for services rendered to the
Company prior to or in connection with the consummation of the Business Combination, provided that commencing on the effective date (the “Effective Date”) of the registration statement (the “Registration Statement”)
relating to the 

	2	This section of the agreement will appear only in the agreements executed by the directors and officers of the company. 

  

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IPO, S&B Investment Management Group, LLC (“Related Party”) shall be allowed to charge the Company $7,500.00 per month to compensate it for the
Company’s use of Related Party’s offices, utilities and administrative support. The undersigned shall also be entitled to reimbursement from the Company for the undersigned’s reasonable out-of-pocket expenses incurred in connection
with the Company’s activities, such as seeking and consummating a Business Combination, provided that such reimbursement has been approved by the board of directors of the Company. 
 7. Neither the undersigned, any member of the family of the undersigned, nor any affiliate of the undersigned will be entitled to receive, or accept, a
finder’s fee or any other compensation from the Company or any other entity or person in the event the undersigned, any member of the family of the undersigned or any affiliate of the undersigned originates a Business Combination, except as
described in the Registration Statement. 
 8. The undersigned hereby agrees that, on a date that is within the five-day period following the
date that is 45 days after the date of the Underwriting Agreement or, if earlier, the date the Underwriters terminate their Over-allotment Option (as defined in the Underwriting Agreement) pursuant to the terms of the Underwriting Agreement, the
undersigned will forfeit to the Company, and the Company shall accept from the undersigned, at no cost, the number of shares of Common Stock determined by multiplying (a) the product of (i) 468,750, multiplied by (ii) a fraction, (x) the
numerator of which is the number of Insider Shares held by the undersigned, and (y) the denominator of which is the number of Insider Shares held by all Insiders, by (b) a fraction, (i) the numerator of which is 1,875,000 minus the number
of shares of Common Stock purchased by the Underwriters upon the exercise of their Over-allotment Option, and (ii) the denominator of which is 1,875,000. 
 9. [The undersigned agrees to serve as [[President and Chief Executive Officer,] [Treasurer and Secretary,] [Chairman of the Board,] [and] [as a
member of the Board of Directors of the Company]]3 until the earlier of the consummation by the
Company of a Business Combination or the Liquidation Date; provided, however, that nothing herein shall be construed as providing a right of the undersigned to maintain any position if removed by proper corporate action. The
undersigned’s biographical information furnished to the Company and the Underwriters and attached hereto as Exhibit A is true and accurate in all material respects, does not omit any material information with respect to the
undersigned’s background and contains all of the information required to be disclosed pursuant to Section 401 of Regulation S-K, promulgated under the Securities Act of 1933. The undersigned’s completed questionnaires furnished
to the Company and the Underwriters and attached hereto as Exhibit B are true and accurate in all material respects.]4 The undersigned represents and warrants that: 
 (a) the undersigned is not subject to or a respondent in any legal action
for, any injunction, cease-and-desist order or order or stipulation to desist or refrain from any act or practice relating to the offering of securities in any jurisdiction; 
 (b) the undersigned has never been convicted of or pleaded guilty to any crime (i) involving any fraud or (ii) relating to any financial
transaction or handling of funds of another person, or (iii) pertaining to any dealings in any securities and the undersigned is not currently a defendant in any such criminal proceeding; 

	3	This section will reflect the relationship of the insider to the company, as applicable. 

	4	This section of the agreement will appear only in the agreements executed by the directors
and officers of the company. 

  

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 (c) the undersigned has never been suspended or expelled from membership in any securities or commodities
exchange or association or had a securities or commodities license or registrations denied, suspended or revoked; and 
 (d) together as a
group, the Insiders are capable of funding a shortfall in the Trust Fund to satisfy their foreseeable indemnification obligations under Section 3 above. 
 10. With respect to the undersigned’s Insider Shares, the undersigned shall not (a) sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to purchase or otherwise dispose of
or agree to dispose of, directly or indirectly, or, except as provided in that certain Registration Rights Agreement dated as of the date hereof, file (or participate in the filing of) a registration statement with the SEC in respect of, or
establish or increase a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated
thereunder with respect to, any Insider Shares, (b) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of Insider Shares, whether any such transaction is to be
settled by delivery of shares of Common Stock, in cash or otherwise, or (c) publicly announce an intention to effect any transaction specified in clause (a) or (b) until 180 days after the consummation of an initial Business
Combination (the “Lock-Up Period”). Notwithstanding the foregoing, the undersigned may transfer the undersigned’s Insider Shares during the applicable Lock-Up Period (i) to a member of the undersigned’s immediate family, an
affiliate of the undersigned, or to a charitable organization, (ii) to a trust, the beneficiary of which is a member of the undersigned’s immediate family, (iii) by virtue of the laws of descent and distribution upon death of the
undersigned, (iv) to other officers or directors of the Company, (v) pursuant to a qualified domestic relations order, or (vi) in the event of a dissolution of the Company prior to a Business Combination or the consummation of a
liquidation, merger, capital stock exchange, stock purchase, asset acquisition or other similar transaction which results in all the Company’s stockholders having the right to exchange their shares of Common Stock for cash, securities or other
property subsequent to the Company’s consummating a Business Combination with an acquisition target; provided, however, that the permissive transfers pursuant to clauses (i) — (v) may be implemented only upon the
respective transferee’s written agreement to be bound by the terms and conditions of this Agreement. During the applicable Lock-Up Period, the undersigned shall not grant a security interest in the undersigned’s Insider Shares. 

11. With respect to the undersigned’s Placement Warrants or shares issuable upon exercise of the Placement Warrants (the “Placement
Securities”), the undersigned shall not (a) sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to purchase or otherwise dispose of or agree to dispose of, directly or indirectly, or, except as provided in
that certain Registration Rights Agreement dated as of the date hereof, file (or participate in the filing of) a registration statement with the SEC in respect of, or establish or increase a put equivalent position or liquidate or decrease a call
equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder with respect to, any Placement Securities, (b) enter into any swap or
other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of Placement Securities, whether any such transaction is to be settled by delivery of shares of Common Stock or other securities, in cash
or otherwise, or (c) publicly 

  

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announce an intention to effect any transaction specified in clause (a) or (b) until the consummation of an initial Business Combination (the
“Lock-Up Period”). Notwithstanding the foregoing, the undersigned may transfer the undersigned’s Placement Securities during the applicable Lock-Up Period (i) to a member of the undersigned’s immediate family, an affiliate
of the undersigned, or to a charitable organization, (ii) to a trust, the beneficiary of which is a member of the undersigned’s immediate family, (iii) by virtue of the laws of descent and distribution upon death of the undersigned,
(iv) to other officers or directors of the Company, (v) pursuant to a qualified domestic relations order, or (vi) in the event of a dissolution of the Company prior to a Business Combination or the consummation of a liquidation,
merger, capital stock exchange, stock purchase, asset acquisition or other similar transaction which results in all the Company’s stockholders having the right to exchange their shares of Common Stock or other securities for cash, securities or
other property subsequent to the Company’s consummating a Business Combination with an acquisition target; provided, however, that the permissive transfers pursuant to clauses (i) — (v) may be implemented only upon
the respective transferee’s written agreement to be bound by the terms and conditions of this Agreement. During the applicable Lock-Up Period, the undersigned shall not grant a security interest in the undersigned’s Placement Securities.

 12. The undersigned has full right and power, without violating any agreement by which the undersigned is bound (including, without
limitation, any non-competition or non-solicitation agreement with any employer or former employer), to enter into this letter agreement, serve as [[President and Chief Executive Officer,] [Treasurer and Secretary,]
[Chairman of the Board,] [and] [as a member of the Board of Directors of the Company]]3 and hereby consents to being named in the registration statement as such. 
 13. As used herein, (i) a
“Business Combination” shall mean the Company’s initial acquisition of one or more assets or control of one or more operating businesses in the technology, media, or telecommunications industries through a merger, capital stock
exchange, stock purchase, asset acquisition or other similar business combination; (ii) “Insiders” shall mean all officers, directors and stockholders of the Company immediately prior to the IPO; (iii) “Insider Shares”
shall mean all of the shares of Common Stock owned by an Insider prior to the IPO (and shall include any shares of Common Stock issued as dividends with respect to such shares); (iv) “IPO Shares” shall mean the shares of Common Stock
purchased in the IPO or in the aftermarket; (v) “Placement Warrants” shall mean the Warrants that the undersigned has agreed to purchase in the private placement to occur concurrently with the IPO, and (vi) “Trust Fund”
shall mean the Trust Account established under that certain Investment Management Trust Agreement, dated as of the date hereof, between the Company and Continental Stock Transfer & Trust Company. 
 14. The undersigned acknowledges and understands that the Company will rely upon the agreements, representations and warranties set forth herein in
proceeding with the IPO. Nothing contained herein shall be deemed to render the Underwriters a representative of, or a fiduciary with respect to, the Company, its stockholders, or any creditor or vendor of the Company with respect to the subject
matter hereof. 

	3	This section will reflect the relationship of the insider to the company, as applicable. 

  

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 15. This letter agreement shall be binding on the undersigned and such person’s respective
successors, heirs, personal representatives and assigns. This letter agreement shall terminate on the earlier of (a) the consummation of the Business Combination, and (b) the Liquidation Date; provided that such termination shall
not relieve the undersigned from liability for any breach of this agreement prior to its termination, and provided further that Section 3 of this letter agreement shall survive a termination pursuant to clause (b).

 16. This letter agreement shall be governed by and interpreted and construed in accordance with the laws of the State of New York
applicable to contracts formed and to be performed entirely within the State of New York, without regard to the conflicts of law provisions thereof to the extent such principles or rules would require or permit the application of the laws of another
jurisdiction. 
 17. No term or provision of this letter agreement may be amended, changed, waived, altered or modified except by written
instrument executed and delivered by the party against whom such amendment, change, waiver, alteration or modification is to be enforced. 
 18. The undersigned hereby agrees that any action, proceeding or claim against the undersigned arising out of, or relating in any way to this letter agreement shall be brought and enforced in the courts of the
State of New York or the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction. 
 19. The undersigned hereby irrevocably and unconditionally waives the right to a trial by jury in any action, suit, counterclaim or other proceeding (whether based on contract, tort or otherwise) arising out of, connected with or relating
to this letter agreement. 
 [Remainder of page intentionally left blank] 
  

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	[Name of Insider]

  

			
	Accepted and agreed:
	
	TRANSFORMA ACQUISITION GROUP INC.
		
	By:	 	  
	Name:	 	Larry J. Lenhart
	Title:	 	President and Chief Executive Officer

  

			
	BANC OF AMERICA SECURITIES LLC
		
	By:	 	  
	Name:	 	
	Its:	 	

  

			
	 CRT CAPITAL GROUP LLC

		
	By:	 	  
	Name:	 	
	Its:	 	

  

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 Exhibit A 
 Biographical Information 
  

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 Exhibit B 
 Questionnaires Furnished to the Stockholder 
  

 10Encorium Group, Inc. 2006 Equity Incentive Plan

 Exhibit 4.1 
 
ENCORIUM GROUP, INC. 
 2006 EQUITY INCENTIVE PLAN 
 Effective as of September 6, 2006 (subject to shareholder approval) 
 The Encorium Group, Inc 2006 Equity Incentive Plan (the “Plan”) is adopted in order to (a) further the growth and success of Encorium Group, Inc. (the “Company”) and its Subsidiaries by
enabling selected employees, directors, consultants and advisors of the Company and any Subsidiaries to acquire shares of common stock of the Company, thereby increasing their personal interest in such growth and success and (b) to provide a
means of rewarding outstanding performance of such persons. The terms of the Plan shall be incorporated in the Award Agreement to be executed by the Participant. 
 1.    Definitions 
 (a)    “Affiliate”
means, with respect to a Person, another Person that directly or indirectly controls, or is controlled by, or is under common control with such Person. 
 (b)    “Award” means a grant of Options or Restricted Shares to an Eligible Person pursuant to the provisions of this Plan. Each separate grant of Options or Restricted Shares to an
Eligible Person and each group of Options that vests on a separate date, or a group of Restricted Shares with respect to which restrictions lapse on a separate date, is treated as a separate Award. 
 (c)    “Award Agreement” means a written agreement in such form as the Board or the Committee (subject to
the terms and conditions of this Plan) may from time to time approve evidencing and reflecting the terms of an Award. 
 (d)    “Award Committee” means a committee appointed by the Board or the Committee in accordance with Section 3(a)(ii) of the Plan, and if one is appointed, then such committee shall possess all of the
power and authority, and shall be authorized to take any and all actions required to be taken hereunder, and make any and all determinations required to be made hereunder, to the extent authorized by the Committee. 
 (e)    “Board” means the Board of Directors of the Company, as constituted from time to time. 
 (f)    “Change of Control” means the happening of an event, which shall be deemed to have occurred upon the
earliest to occur of the following events: 
 (i)    the acquisition in one or more transactions by any
“Person” (as the term person is used for purposes of Sections 13(d) or 14(d) of the Exchange Act) of “Beneficial ownership” (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of twenty-five percent
(25%) or more of the combined voting power of the Company’s then outstanding voting securities (the “Voting Securities”), provided that for purposes of this clause (i) Voting Securities acquired directly from the Company by
any Person shall be excluded from the determination of such Person’s Beneficial ownership of Voting Securities (but such Voting Securities shall be included in the calculation of the total number of Voting Securities then outstanding); or

 (ii)    approval by shareholders of the Company of: 
 (A)    a merger, reorganization or consolidation involving the Company if the shareholders of the Company immediately
before such merger, reorganization or consolidation do not or will not own directly or indirectly immediately following such merger, reorganization or consolidation, more than fifty percent (50%) of the combined voting power of the outstanding
voting securities of the company resulting from or surviving such merger, reorganization or consolidation in substantially the same proportion as their ownership of the Voting Securities outstanding immediately before such merger, reorganization or
consolidation; 
 (B)    a complete liquidation or dissolution of the Company; or 
 (C)    an agreement for the sale or other disposition of all or substantially all of the assets of the Company; or

  

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 (iii)    acceptance by shareholders of the Company of shares in a
share exchange if the shareholders of the Company immediately before such share exchange do not or will not own directly or indirectly immediately following such share exchange more than fifty percent (50%) of the combined voting power of the
outstanding voting securities of the entity resulting from or surviving such share exchange in substantially the same proportion as their ownership of the Voting Securities outstanding immediately before such share exchange. 
 (g)    “Code” means the Internal Revenue Code of 1986, as amended. 
 (h)    “Committee” means a committee appointed by the Board in accordance with Section 3(a) of the
Plan, and if one is appointed, then such committee shall possess all of the power and authority of, and shall be authorized to take any and all actions required to be taken hereunder by, and make any and all determinations required to be taken
hereunder by, the Board. 
 (i)    “Common Stock” means common stock of the Company, $.001 par
value per Share. 
 (j)    “Company” means Encorium Group, Inc., a Delaware corporation.

 (k)    “Director” means an individual who is a member of the Board of Directors of the
Company. 
 (l)    “Disability” means a disability of an employee or a Director which renders
such employee or Director unable to perform the full extent of his duties and responsibilities by reason of his illness or incapacity which would entitle that employee or Director to receive Social Security Disability Income under the Social
Security Act, as amended, and the regulations promulgated thereunder. 
 (m)    “Disabled” shall
mean having a Disability. The determination of whether a Participant is Disabled shall be made by the Board, whose determination shall be conclusive; provided that, (i) if a Participant is bound by the terms of an employment agreement between
the Participant and the Company, whether the Participant is “Disabled” for purposes of the Plan shall be determined in accordance with the procedures set forth in said employment agreement, if such procedures are therein provided; and
(ii) a Participant bound by such an employment agreement shall not be determined to be Disabled under the Plan any earlier than he would be determined to be disabled under his employment agreement. 
 (n)    “Eligible Person” means: 
 (i)    with respect to Awards of Incentive Stock Options, any person employed by the Company or by any of its
Subsidiaries; 
 (ii)    with respect to Awards of non-qualified stock options, any person employed by the
Company or by any of its Subsidiaries, advisors and consultants to the Company or any Subsidiary, Directors and members of the board of directors of a Subsidiary; 
 (iii)    with respect to any Award of Restricted Shares, any person employed by the Company or by any of its
Subsidiaries, and Directors and members of the board of directors of a Subsidiary. 
 (o)    “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 (p)    “Fair Market Value Per Share” means , as of any date: (i) the closing price of the Shares as reported on the principal nationally recognized stock exchange on which the Shares are traded on such
date, or if no Share prices are reported on such date, the closing price of the Shares on the next preceding date on which there were reported Share prices; or (ii) if the Shares are not listed or admitted to unlisted trading privileges on a
nationally recognized stock exchange, the closing price of the Shares as reported by The NASDAQ Stock Market on such date, or if no Share prices are reported on such date, the closing price of the Shares on the next preceding date on which there
were reported Share prices; or (3) if the Shares are not listed or admitted to unlisted trading privileges on a nationally recognized stock exchange or traded on The NASDAQ Stock Market, then the Fair Market Value shall be determined by the
Board acting in its discretion, which determination shall be conclusive. 
 (q)    “Incentive Stock
Option” means an Option that is an incentive stock option as described in Section 422 of the Code. 
  

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 (r)    “Non-Employee Director” shall have the meaning set
forth in Rule 16b- 3(b)(3)(i) promulgated by the Securities and Exchange Commission under the Exchange Act, or any successor definition adopted by the Securities and Exchange Commission; provided, however, that the Board or the Committee may, to the
extent it deems it necessary or desirable to comply with Section 162(m) of the Code and applicable regulations thereunder, ensure that each Non-Employee Director also qualifies as an outside director as that term is defined in the regulations
under Section 162(m) of the Code. 
 (s)    “Option” means an Incentive Stock Option or a
non-qualified stock option to purchase Shares that is awarded pursuant to the Plan. 
 (t)    “Other
Available Shares” means, as of any date: 
 (i)    the total number of Shares owned by a Participant;
in excess of 
 (ii)    the sum of: 
 (A)    the number of Shares owned by such Participant for less than six months; plus 
 (B)    the number of Shares owned by such Participant that has, within the preceding six months, been surrendered as
payment in full or in part, of the exercise price for an option to purchase any securities of the Company or an Affiliate under any restricted stock, stock bonus, stock option or other compensation plan, program or arrangement established or
maintained by the Company or an Affiliate. 
 If 1(t)(i) is not greater than 1(t)(ii), the amount of “Other Available Shares” shall be zero.

 (u)    “Participant” means an Eligible Person to whom an Award is granted pursuant to the
Plan. 
 (v)    “Person” means an individual, partnership, corporation, limited liability
company, trust, joint venture, unincorporated association, or other entity or association. 
 (w)    “Plan” means this Encorium Group, Inc. 2006 Equity Incentive Plan, as amended from time to time. 
 (x)    “Pool” means the pool of Shares subject to the Plan, as described in Section 4, and as adjusted in accordance with Section 7 of the Plan. 
 (y)    “Restricted Shares” means Shares that are subject to restrictions pursuant to Section 6 of the
Plan. 
 (z)    “Securities Act” means the Securities Act of 1933, as amended. 
 (aa)    “Shares” means shares of Common Stock including, without limitation, Restricted Shares. 

(bb)    “Subsidiary” means a subsidiary corporation, whether now or hereafter existing, as defined in
Sections 424(f) and (g) of the Code. 
 2.    Participation 
 Subject to the terms of the Plan, the Board, the Committee or the Award Committee (i) will select Participants from among the Eligible Persons and
(ii) may make Awards at any time and from time to time to Eligible Persons. Any Award may include or exclude any Eligible Person, as the Board, the Committee or the Award Committee shall determine in its sole discretion. An Eligible Person who
has received an Award, if he or she is otherwise eligible, may receive additional Awards. 
 3.    Administration

 (a)    Procedure. 
 (i)    Committee. The Board shall administer the Plan. The Board may at any time appoint a Committee consisting solely
of Non-Employee Directors of at least two persons to administer the Plan on behalf of the Board subject to such terms and conditions as the Board may prescribe. Members of 

  

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the Committee shall serve for such period of time as the Board may determine. Members of the Board or the Committee who are eligible for Awards or who have
received Awards may vote on any matters affecting the administration of the Plan or the granting of Awards pursuant to the Plan, except that no such member shall act upon an Award to himself or herself, but any such member may be counted in
determining the existence of a quorum at any meeting of the Board or the Committee during which action is taken with respect to an Award to himself or herself. From time to time the Board may increase the size of the Committee and appoint additional
members thereto, remove members (with or without cause) and appoint new members in substitution therefor, fill vacancies however caused, or remove all members of the Committee and thereafter directly administer the Plan. 
 (ii)    Award Committee. To the extent authorized by the Board, the Committee may at any time appoint an Award
Committee of at least two officers of the Company to administer the Plan on behalf of the Committee to the fullest extent allowed by law subject to such terms, conditions and limitations as the Committee may prescribe. Members of the Award Committee
shall serve for such period of time as the Committee may determine. Members of the Award Committee who have received Awards may vote on any matters affecting the administration of the Plan or the granting of Awards pursuant to the Plan, except that
no such member shall act upon an Award to himself or herself, but any such member may be counted in determining the existence of a quorum at any meeting of the Award Committee during which action is taken with respect to an Award to himself or
herself. From time to time the Committee may increase the size of the Award Committee and appoint additional members thereto, remove members (with or without cause) and appoint new members in substitution therefor, fill vacancies however caused, or
remove all members of the Award Committee and thereafter directly administer the Plan. 
 (b)    Powers.
Subject to the provisions of the Plan: 
 (i)    The Board or, to the extent delegated by the Board, the
Committee shall have the authority, in its discretion: 
 (A)    to make Awards to any Eligible Person;

 (B)    to determine the Fair Market Value Per Share; 
 (C)    to determine the exercise price of the Options to be awarded in accordance with Section 5 of the Plan;

 (D)    to determine the purchase price, if any, for Restricted Shares awarded in accordance with
Section 6 of the Plan; 
 (E)    to determine the Eligible Persons to whom, and the time or times at
which, Awards shall be made, and the number of Shares to be subject to each Award; 
 (F)    to
prescribe, amend and rescind rules and regulations relating to the Plan; 
 (G)    to determine the terms
and provisions of each Award under the Plan and each Award Agreement (which need not be identical with the terms of other Awards and Award Agreements) and, with the consent of the Participant, to modify or amend an outstanding Award or Award
Agreement; 
 (H)    to determine the conditions that must be satisfied under any Award in order for an
Option to vest and become exercisable, or, for the restrictions on any Restricted Share to lapse, which conditions may include satisfaction of performance goals, passage of set periods of time and/or other criteria as determined by the Board or the
Committee; 
 (I)    to accelerate the vesting or exercise date of any Option and/or to waive, in whole
or in part any or all remaining restrictions on any Restricted Shares; 
 (J)    to interpret the Plan or
any agreement entered into with respect to an Award, the exercise of Options, or the removal of restrictions on Restricted Shares; 
  

 4 

 (K)    to authorize any person to execute on behalf of the Company
any instrument required to effectuate an Award or to take such other actions that may be necessary or appropriate with respect to the Company’s rights pursuant to Awards or Award Agreements; and 
 (L)    to make such other determinations and establish such other procedures as it deems necessary or advisable for
the administration of the Plan. 
 (ii)    To the fullest extent allowed by applicable law and subject to
the scope of authority delegated by the Board and/or the Committee, the Award Committee shall have the authority, in its discretion: 
 (A)    to make Awards to any Eligible Person who is employed by the Company or any Subsidiary; 
 (B)    to determine the Fair Market Value Per Share; 
 (C)    to determine the exercise price of the Options to be awarded in accordance with Section 5 of the Plan; 
 (D)    to determine the purchase price, if any, for Restricted Shares awarded in accordance with Section 6 of the Plan; 
 (E)    subject to the limitations set forth in Section 3(b)(ii)(A), determine the Eligible Persons to whom, and
the time or times at which, Awards shall be made, and the number of Shares to be subject to each Award; 
 (F)    to determine the terms and provisions of each Award under the Plan and each Award Agreement (which need not be identical with the terms of other Awards and Award Agreements) and, with the consent of the
Participant, to modify or amend an outstanding Award or Award Agreement; 
 (G)    to determine the
conditions that must be satisfied under any Award in order for an Option to vest and become exercisable, or, for the restrictions on any Restricted Share to lapse, which conditions may include satisfaction of performance goals, passage of set
periods of time and/or other criteria as determined by the Board or the Committee; and 
 (H)    to
authorize any person to execute on behalf of the Company any instrument required to effectuate an Award or to take such other actions that may be necessary or appropriate with respect to the Company’s rights pursuant to Awards or Award
Agreements. 
 (c)    Effect of Decisions. All decisions, determinations and interpretations of the Board
or the Committee shall be final and binding with respect to all Awards and Award Agreements under the Plan. 
 (d)    Limitation of Liability. Notwithstanding anything herein to the contrary, no member of the Board, the Committee or the Award Committee shall be liable for any good faith determination, act or failure to act in
connection with the Plan, any Award, or any Award Agreement hereunder. 
 (e)    Stockholder Approval of
Repricing of Options. Other than pursuant to Section 7, any adjustment or amendment of the exercise price of a stock option previously awarded pursuant to this Plan, whether through amendment, cancellation, or replacement grant, or any other means,
shall require the approval of the stockholders by a majority of the votes cast on the matter at a duly held stockholder meeting at which a quorum representing a majority of the Company’s outstanding voting shares is present (either in person or
by proxy). 
 4.    Stock Subject to the Plan and Grants Under the Plan 
 (a)    Subject to the provisions of this Section 4 and the provisions of Section 7 of the Plan, no more than
1,000,000 Shares of Common Stock (collectively, the “Pool”), may be awarded and sold under the Plan, of which a maximum of 10% of the Shares reserved for issuance hereunder may be awarded and sold or granted as Restricted Shares. No more
than 500,000 Shares of Common Stock may be awarded and sold (or, in the case of Restricted Shares with no purchase price, granted) under the Plan to any individual 

  

 5 

 
Participant, and no more than 200,000 Shares of Common Stock may be subject to any Option or Options granted to any one employee during any calendar year.
Options awarded from the Pool may be either Incentive Stock Options or non- qualified stock options, as determined by the Board or the Committee. If an Option expires or becomes unexercisable for any reason without having been exercised in full, the
unexercised Shares shall be returned to the Pool and become available for future award under the Plan, unless the Plan was terminated earlier. Similarly, if and to the extent that any Restricted Share is canceled, repurchased or forfeited for any
reason, that Share will again become available for grant under the Plan. 
 (b)    Shares to be delivered
under the Plan will be made available, at the discretion of the Board or the Committee, from authorized but unissued Shares and/or from previously issued Shares reacquired by the Company. 
 5.    Terms and Conditions of Options 
 (a)    Option Awards. Options may be granted either alone or in conjunction with other Awards. Each Option awarded pursuant to the Plan shall be authorized by the Board, the Committee, or the Award
Committee and shall be evidenced by an Award Agreement in such form as the Board, the Committee, or the Award Committee may from time to time determine. The provisions of Awards need not be the same with respect to each Participant. The prospective
recipient of an Award of Options will not have any rights with respect to such Award, unless and until such recipient has executed an Award Agreement and has delivered a fully executed copy thereof to the Company, and has otherwise complied with the
applicable terms and conditions of such Award. 
 (b)    Option Award Agreements. Each Award Agreement
shall incorporate by reference all other terms and conditions of the Plan, including the following terms and conditions: 
 (i)    Number of Shares. The Award Agreement shall state the number of Shares subject to the Option, which shall not include fractional Shares. 
 (ii)    Option Price. The price per Share payable on the exercise of any Option shall be stated in the Award Agreement
and shall in all cases be no less than the Fair Market Value Per Share on the date such Option is awarded, without regard to any restriction other than a restriction that will never lapse. Notwithstanding the foregoing, if an Incentive Stock Option
is awarded under this Plan to any person who, at the time of the award of such Incentive Stock Option, owns stock possessing more than 10% of the total combined voting power of all classes of the Company’s stock, the price per Share payable
upon exercise of such Incentive Stock Option shall be no less than 110 percent (110%) of the Fair Market Value Per Share on the date such Option is awarded. 
 (iii)    Form of Option. The Award Agreement will state whether the Option awarded is an Incentive Stock Option or a
non-qualified stock option, and will constitute a binding determination as to the form of Option awarded, subject to the provisions of Section 5(e)(iii) below. 
 The Award Agreement may contain such other provisions as the Board, the Committee, or the Award Committee in its discretion deems advisable and which are not inconsistent with the provisions of this Plan. 

(c)    Consideration. The Board or the Committee shall determine the method of payment for the Shares to be issued
upon the exercise of an Option, which may consist entirely of cash, personal or certified check, or, at the election of the Participant and as the Board or the Committee may, in its sole discretion, approve, by surrendering Shares with an aggregate
Fair Market Value Per Share equal to the aggregate Option price, or by delivering such combination of Shares and cash as the Board or the Committee may, in its sole discretion, approve; provided, however, that Shares may be surrendered in
satisfaction of the Option price only if the Participant certifies in writing to the Company that the Participant owns a number of Other Available Shares as of the date the Option is exercised that is at least equal to the number of Shares to be
surrendered in satisfaction of the Option price; provided further, that the Option price may not be paid in Shares if the Board or the Committee determines that such method of payment would result in liability under Section 16(b) of the
Exchange Act to a Participant. 
 Except as otherwise provided by the Board or the Committee, if payment is made in whole or in part in Shares, the
Participant shall deliver to the Company certificates registered in the name of such Participant representing 

  

 6 

 
Shares legally and beneficially owned by such Participant, free of all liens, claims and encumbrances of every kind and having an aggregate Fair Market Value
Per Share on the date of delivery that is not greater than the aggregate Option price accompanied by stock powers duly endorsed in blank by the record holder of the Shares represented by such certificates. If the Board or the Committee, in its sole
discretion, should refuse to accept Shares in payment of the Option price, any certificates representing Shares which were delivered to the Company shall be returned to the Participant with notice of the refusal of the Board or the Committee to
accept such Shares in payment of the Option price. The Board or the Committee may impose such limitations and prohibitions on the use of Shares to exercise an Option as it deems appropriate. 
 (d)    Exercise of Options. Any Option awarded hereunder shall be exercisable at such times and under such conditions
as shall be set forth in the Award Agreement (as may be determined by the Board, the Committee, or the Award Committee and as shall be permissible under the terms of the Plan), which may include performance criteria with respect to the Company
and/or the Participant, and as shall be permissible under the terms of the Plan. 
 An Option may be exercised in accordance with the provisions of this Plan
as to all or any portion of the Shares then exercisable under an Option from time to time during the term of the Option. If an Option is exercised for a fraction of a Share, the Fair Market Value Per Share of such fractional Share, as of the date of
exercise, will be paid in cash. 
 An Option shall be deemed to be exercised when written notice of such exercise has been given to the Company at its
principal executive office in accordance with the terms of the Award Agreement by the person entitled to exercise the Option and full payment for the Shares with respect to which the Option is exercised has been received by the Company, accompanied
by any agreements required by the terms of the Plan and/or Award Agreement. Full payment may consist of such consideration and method of payment allowable under this Section 5 of the Plan. No adjustment shall be made for a dividend or other
right for which the record date is earlier than the date the Option is exercised, except as provided in Section 7 of the Plan. 
 As soon as practicable
after any proper exercise of an Option in accordance with the provisions of the Plan, the Company shall, without transfer or issue tax to the Participant, deliver to the Participant at the principal executive office of the Company or such other
place as shall be mutually agreed upon between the Company and the Participant, a certificate or certificates representing the Shares for which the Option shall have been exercised. 
 Exercise of an Option in any manner shall result in a decrease in the number of Shares that thereafter may be available for sale under the Option by the number of Shares as to which the Option is exercised.

 (e)    Term and Vesting of Options. 
 (i)    Except as provided in Section 5(f), Options awarded hereunder shall vest and become exercisable in whole
or in part, in accordance with such vesting conditions as the Board, the Committee, or the Award Committee shall determine, which conditions shall be stated in the Award Agreement. Vested Options may be exercised in any order elected by the
Participant whether or not the Participant holds any unexercised Options under this Plan or any other plan of the Company. 
 (ii)    Notwithstanding any other provision of this Plan, no Option shall be: (i) awarded under this Plan after ten (10) years from the date on which this Plan is adopted by the Board, or (ii) exercisable
more than ten (10) years from the date of award; provided, however, that if an Option that is intended to be an Incentive Stock Option shall be awarded under this Plan to any person who, at the time of the award of such Option, owns stock
possessing more than 10% of the total combined voting power for all classes of the Company’s stock, the foregoing clause (ii) shall be deemed modified by substituting “five (5) years” for the term “ten
(10) years” that appears therein. 
 (iii)    No Option awarded to any Participant shall be
treated as an Incentive Stock Option, to the extent such Option would cause the aggregate Fair Market Value Per Share (determined as of the date of award of each such Option) of the Shares with respect to which Incentive Stock Options are
exercisable by such Participant for the first time during any calendar year to exceed $100,000. For purposes of determining whether an Incentive Stock Option would cause such aggregate Fair Market 

  

 7 

 
Value Per Share to exceed the $100,000 limitation, such Incentive Stock Options shall be taken into account in the order awarded. For purposes of this
subsection, Incentive Stock Options include all Incentive Stock Options under all plans of the Company and of any Subsidiary that are Incentive Stock Option plans within the meaning of Section 422 of the Code. 
 (iv)    The awarding or vesting of an Option shall impose no obligation upon the Participant to exercise such Option.

 (v)    A recipient of an Option shall have no rights as a stockholder of the Company and shall neither
have the right to vote nor receive dividends with respect to any Shares subject to an Option until such Option has been exercised and a certificate with respect to the Shares purchased upon such exercise has been issued to him. 
 (f)    Termination of Options. 
 (i)    Unless sooner terminated as provided in this Plan, each Option shall be exercisable for such period of time as
shall be determined by the Board, the Committee, or the Award Committee and set forth in the Award Agreement, and shall be void and unexercisable thereafter. 
 (ii)    Except as otherwise provided herein or by the terms of any Award, with respect to a Participant who is an
employee or Director, upon the termination of such Participant’s employment or other relationship with the Company for any reason, Options exercisable on the date of such termination shall be exercisable by the Participant (or in the case of
the Participant’s death subsequent to termination of employment or such other relationship, by the Participant’s executor(s) or administrator(s)) for a period of three (3) months from the date of the Participant’s termination.

 Except as otherwise provided herein or by the terms of any Award, with respect to a Participant who is an advisor or
consultant, the termination of such Participant’s relationship with the Company for any reason shall not accelerate the expiration date of Options exercisable on the date of termination; provided however, that if such Participant dies following
such termination, the Option shall be exercisable for a period of twelve (12) months commencing on the date of the Participant’s death by such Participant’s executor(s) or administrator(s). 
 (iii)    Except as otherwise provided herein or by the terms of any Award, upon the Disability or death of a
Participant while in the service of the Company, Options held by such Participant which are exercisable on the date of Disability or death shall be exercisable for a period of twelve (12) months commencing on the date of the Participant’s
Disability or death, by the Participant or his legal guardian or representative or, in the case of death, by his executor(s) or administrator(s). 
 (iv)    Options may be terminated at any time by agreement between the Company and the Participant. 
 (g)    Forfeiture. 
 (i)    Termination for Cause.
Notwithstanding any other provision of this Plan, if the Participant’s employment by or engagement with the Company is terminated by the Company, and the Board, the Committee, or the Award Committee makes a determination that the Participant:

 (A)    has engaged in any type of disloyalty to the Company, including without limitation, fraud,
embezzlement, theft, or dishonesty in the course of his employment or engagement, or has otherwise breached any fiduciary duty owed to the Company; 
 (B)    has been convicted of a felony; or 
 (C)    has breached any agreement with or duty to the Company in respect of confidentiality, non-disclosure, non-competition or otherwise; 
 then all unexercised Options shall terminate upon the date of such a finding, or, if earlier, the date of termination of employment or engagement for such a finding, and the Participant shall forfeit all Shares for
which the Company has not yet delivered share certificates to the Participant and the Company shall refund to the Participant the Option purchase price paid to it, if any, in the same form as it was paid (or in cash at the 

  

 8 

 
Company’s discretion) for any Options as to which an exercise was in process but not completed. Notwithstanding anything herein to the contrary, the
Company may withhold delivery of share certificates pending the resolution of any inquiry that could lead to a finding resulting in forfeiture. 
 6.    Terms and Conditions of Restricted Shares 
 (a)    Restricted Share
Awards. Restricted Shares may be granted either alone or in conjunction with other Awards. Restricted Shares granted under an Award will be issued for such consideration, if any, as the Board, the Committee, or the Award Committee shall determine.
Any Restricted Shares awarded pursuant to the Plan shall be authorized by the Board, the Committee, or the Award Committee and shall be evidenced by an Award Agreement in such form as the Board, the Committee, or the Award Committee may from time to
time determine. The Board, the Committee, or the Award Committee will determine the time or times within which Restricted Shares may be subject to forfeiture, and all other conditions of such Awards. The provisions of Awards need not be the same
with respect to each Participant. The prospective recipient of an Award of Restricted Shares will not have any rights with respect to such Award, unless and until such recipient has executed an Award Agreement and has delivered a fully executed copy
thereof to the Company, and has otherwise complied with the applicable terms and conditions of such Award. 
 (b)    Restricted Share Award Agreements. Each Award Agreement shall incorporate by reference all other terms and conditions of the Plan, including the following terms and conditions: 
 (i)    Number of Shares. The Award Agreement shall state the number of Restricted Shares subject to the Award, which
shall not include fractional Shares. 
 (ii)    Price. The price per Restricted Share, if any, and the
time of payment for the awarding of the Restricted Shares shall be stated in the Award Agreement. 
 The Award Agreement may contain such
other provisions as the Board, the Committee, or the Award Committee in its discretion deems advisable and which are not inconsistent with the provisions of this Plan. 
 (c)    Consideration. The Board or the Committee shall determine the method of payment, if any payment is required,
for the Restricted Shares to be granted under an Award, which may consist entirely of cash, personal or certified check, or, at the election of the Participant and as the Board or the Committee may, in its sole discretion, approve, by surrendering
Shares with an aggregate Fair Market Value Per Share equal to the aggregate price payable for the restricted Shares, or by delivering such combination of Shares and cash as the Board or the Committee may, in its sole discretion, approve; provided,
however, that Shares may be surrendered in satisfaction of the Restricted Share price only if the Participant certifies in writing to the Company that the Participant owns a number of Other Available Shares as of the date on which payment is due
that is at least equal to the number of Shares to be surrendered in satisfaction of the Restricted Share price; provided further, that the Restricted Share price may not be paid in Shares if the Board or the Committee determines that such method of
payment would result in liability under Section 16(b) of the Exchange Act to a Participant. Except as otherwise provided by the Board or the Committee, if payment is made in whole or in part in Shares, the Participant shall deliver to the
Company certificates registered in the name of such Participant representing Shares legally and beneficially owned by such Participant, free of all liens, claims and encumbrances of every kind and having an aggregate Fair Market Value Per Share on
the date of delivery that is not greater than the aggregate Restricted Share price accompanied by stock powers duly endorsed in blank by the record holder of the Shares represented by such certificates. If the Board or the Committee, in its sole
discretion, should refuse to accept Shares in payment of the Restricted Share price, any certificates representing Shares which were delivered to the Company shall be returned to the Participant with notice of the refusal of the Board or the
Committee to accept such Shares in payment of the Restricted Share price. The Board or the Committee may impose such limitations and prohibitions on the use of Shares to satisfy a Restricted Share price as it deems appropriate. 
 (d)    Restricted Share Certificates and Legends. A share certificate will be issued in connection with each Award of
Restricted Shares. Such certificate will be registered in the name of the Participant receiving the Award, and will bear the following legend and/or any other legend required by this Plan, the Award Agreement, any other applicable agreement, or by
applicable law: 
  

 9 

 THE TRANSFERABILITY OF THIS CERTIFICATE AND THE SHARES REPRESENTED HEREBY ARE SUBJECT TO THE TERMS AND
CONDITIONS OF THE ENCORIUM GROUP, INC. 2006 EQUITY INCENTIVE PLAN AND AN AGREEMENT ENTERED INTO BETWEEN THE PARTICIPANT AND ENCORIUM GROUP, INC. (WHICH TERMS AND CONDITIONS MAY INCLUDE, WITHOUT LIMITATION, CERTAIN TRANSFER RESTRICTIONS, REPURCHASE
RIGHTS AND FORFEITURE CONDITIONS). COPIES OF THAT PLAN AND AGREEMENT ARE ON FILE IN THE PRINCIPAL OFFICES OF ENCORIUM GROUP, INC. AND WILL BE MADE AVAILABLE TO THE HOLDER OF THIS CERTIFICATE WITHOUT CHARGE UPON REQUEST TO THE SECRETARY OF THE
COMPANY. 
 Share certificates evidencing Restricted Shares will be held in custody by the Company or in escrow by an escrow agent until the restrictions
thereon have lapsed. As a condition to any Restricted Share Award, the Participant may be required to deliver to the Company a share power, endorsed in blank, relating to the Restricted Shares covered by such Award. 
 (e)    Restrictions and Conditions. Restricted Shares awarded pursuant to this Section 6 will be subject to the
following restrictions and conditions: 
 (i)    Except as provided in Section 6(f), the
restrictions on Restricted Shares shall lapse in accordance with such conditions as the Board, the Committee, or the Award Committee shall determine, which conditions shall be stated in the Award Agreement and which may include the continued
employment, engagement or service of the recipient for a period of time, the attainment of specified individual or corporate performance goals, or any other factors that the Board, the Committee, or the Award Committee selects, in its sole and
absolute discretion. During the period beginning on the date of an Award of Restricted Shares and ending when the restrictions on such Restricted Shares lapse as set forth in the Award Agreement or pursuant to applicable provisions of the Plan (the
“Restriction Period”), the Participant will not be permitted to sell, transfer, pledge, assign or otherwise encumber such Restricted Shares. 
 (ii)    During the Restriction Period, (i) the Participant will be entitled to receive any cash distributions or cash dividends paid with respect to a Restricted Share and will be entitled to
vote such Restricted Share and (ii) consistent with Section 7, a Participant will be entitled to receive any distributions or dividends paid in the form of securities with respect to any Restricted Share; provided, that such securities
will be subject to the same terms and conditions applicable to the Restricted Share with respect to which they were paid, including, without limitation, the same Restriction Period. 
 (iii)    If and when the restrictions on Restricted Shares lapse through the expiration of the Restriction Period or
pursuant to applicable provisions of the Plan, the certificates for such Restricted Shares will be replaced with new certificates, without the restrictive legends described in Section 6(d) applicable to such lapsed restrictions, and such new
certificates will be promptly delivered to the Participant, the Participant’s representative (if the Participant has suffered a Disability), or the Participant’s estate or heir (if the Participant has died) at the principal executive
office of the Company or such other place as shall be mutually agreed upon between the Company and the Participant, the Participant’s representative (if the Participant has suffered a Disability), or the Participant’s estate or heir (if
the Participant has died). 
 (f)    Forfeiture. 
 (i)    Except as otherwise provided herein or by the terms of any Award Agreement, upon the termination of a
Participant’s employment or other relationship with the Company for any reason, all of that Participant’s Restricted Shares then subject to a Restriction Period will be forfeited. 
 (ii)    Except as otherwise provided herein or by the terms of any Award Agreement, if an individual or corporate
performance goal specified in an Award Agreement is not attained, and if it is not possible later to attain such goal, all of a Participant’s Restricted Shares then subject to a Restriction Period linked to the attainment of such goal will be
forfeited. 
  

 10 

 (iii)    Restricted Shares may be forfeited at any time during the
applicable Restriction Period by agreement between the Company and the Participant. 
 (iv)    If a
Participant has paid the Company for Restricted Shares that are subsequently forfeited, the Company shall refund to the Participant the amounts paid to it for the forfeited Restricted Shares in the same form as it was paid (or in cash at the
Company’s discretion). 
 7.    Adjustments 
 (a)    Subject to required action by the stockholders, if any, the number of Shares that may be granted under this
Plan, including the individual limits specified in Section 4, and the number of Shares subject to outstanding Awards of Options and Restricted Shares and the exercise or, if applicable, purchase prices thereof shall be adjusted proportionately
for any increase or decrease in the number of outstanding Shares of Common Stock of the Company resulting from stock splits, reverse stock splits, stock dividends, reclassifications and recapitalizations, merger, consolidation, exchange of shares,
or any similar change affecting the Common Stock. 
 (b)    No fractional Shares shall be issuable on
account of any action mentioned in Section 7(a), and the aggregate number of Shares into which Shares then covered by the Award, when changed as the result of such action, shall be increased to the next highest whole number of Shares resulting
from such action, provided that no such increase shall be made if such increase would cause an Incentive Stock Option to lose its status a such without the consent of the Participant. 
 8.    Time of Award 
 The
date of an Award shall, for all purposes, be the date which the Board, the Committee, or the Award Committee specifies when the Board, the Committee, or the Award Committee makes its determination that an Award is made, or if none is specified, then
the date of such determination. Notice of the determination shall be given to each Eligible Person to whom an Award is made within a reasonable time after the date of such Award. 
 9.    Modification, Extension and Renewal of Award 
 Subject to the terms and conditions of the Plan, the Board or the Committee may modify, extend or renew an Award, or accept the surrender of an Award to the extent that an Option under the Award has not already been
exercised, or the restrictions on Restricted Shares under the Award have not already lapsed. Notwithstanding the foregoing: (a) no modification of an Award that adversely affects the Participant shall be made without the consent of the
Participant, and (b) no Incentive Stock Option may be modified, extended or renewed if such action would cause it to cease to be an “Incentive Stock Option” within the meaning of Section 422 of the Code, unless the Participant
specifically acknowledges and consents to the tax consequences of such action. 
 10.    Purchase for Investment and
Other Restrictions 
 (a)    The obligation of the Company to issue Shares to a Participant upon the
exercise of an Option or upon the Award of Restricted Shares granted under the Plan is conditioned upon such issuance complying with all relevant provisions of applicable law, including, without limitation, the Securities Act, the Exchange Act, the
rules and regulations promulgated thereunder, and the requirements of any stock exchange upon which the Shares may then be listed, any applicable state or foreign law and shall be further subject to the approval of counsel for the Company with
respect to such compliance. 
 (b)    At the option of the Board or the Committee, the obligation of the
Company to issue Shares to a Participant upon the exercise of an Option or upon the Award of Restricted Shares granted under the Plan may be conditioned upon obtaining appropriate representations, warranties, restrictions and agreements of the
Participant. Among other representations, warranties, restrictions and agreements, the Participant may be required to represent and agree that the purchase or receipt of Shares shall be for investment, and not with a view to the public resale or
distribution thereof, unless the Shares are registered under the Securities Act and the issuance and sale of the Shares complies with all other laws, rules and regulations applicable thereto. 

  

 11 

 
Unless the issuance of such Shares is registered under the Securities Act (and any similar law of a sate or a foreign jurisdiction applicable to the
Participant), the Participant shall acknowledge that the Shares purchased are not registered under the Securities Act (or any such other law) and may not be sold or otherwise transferred unless the Shares have been registered under the Securities
Act (or any such other law) in connection with the sale or other transfer thereof, or that counsel satisfactory to the Company has issued an opinion satisfactory to the Company that the sale or other transfer of such Shares is exempt from
registration under the Securities Act (or any such other law), and unless said sale or transfer is in compliance with all other applicable laws, rules and regulations, including all applicable federal, state and foreign securities laws, rules and
regulations. Unless the Shares subject to an Award are registered under the Securities Act, the certificates representing such Shares issued shall contain a legend in substantially the following form: 
 THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED OR ANY APPLICABLE STATE SECURITIES LAWS.
THESE SHARES HAVE NOT BEEN ACQUIRED WITH A VIEW TO DISTRIBUTION OR RESALE, AND MAY NOT BE SOLD, ASSIGNED, EXCHANGED, MORTGAGED, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED OR DISPOSED OF, BY GIFT OR OTHERWISE, OR IN ANY WAY ENCUMBERED WITHOUT AN
EFFECTIVE REGISTRATION STATEMENT FOR SUCH SHARES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ANY APPLICABLE STATE SECURITIES LAWS, OR A SATISFACTORY OPINION OF COUNSEL SATISFACTORY TO ENCORIUM GROUP, INC. THAT REGISTRATION IS NOT REQUIRED
UNDER SUCH ACT AND UNDER APPLICABLE STATE SECURITIES LAWS. 
 If required under the laws of any jurisdiction in which the Participant resides, the
certificate or certificates may bear any such additional legend. 
 11.    Transferability 
 Unless and to the extent provided in the applicable Award Agreement, no Award shall be assignable or transferable otherwise than by will or by the laws of
descent and distribution. During the lifetime of the Participant, the Participant’s rights regarding Awards shall be exercisable only by such Participant, or, in the event of the legal incapacity or Disability of such Participant, then by the
Participant’s legal guardian or representative. 
 12.    Change of Control 
 (a)    Discontinuation of Plan and Non-Substitution of Shares. Notwithstanding anything to the contrary set forth in
this Plan other than Section 12(c), if there is a Change of Control in which the Plan is not continued by a successor corporation, and in which “Substantially Equivalent” (as defined) or better substituted options for common stock in
a successor corporation are not provided to Participants, then the Plan shall be terminated and, for a Participant who is an employee of the Company or any of its Subsidiaries or who is a Director, all unvested options shall vest and be fully and
immediately exercisable and restrictions on Restricted Shares shall lapse and the shares become nonforfeitable. For purposes of this Section 12, the term “Substantially Equivalent” means, when referring to substituted options, an option
that is consistent with the rules for issuing substituted options in the case of certain corporate transactions under Section 424(a) of the Code and applicable regulations thereunder. 
 (b)    Continuation of Plan or Substitution of Shares. If there is a Change of Control in which the Plan is continued
by a successor corporation or in which Substantially Equivalent or better substituted options for common stock in a successor corporation are provided to Participants, with respect to Participants who are employees of the Company or any of its
Subsidiaries or who are Directors, Options shall vest and restrictions on Restricted Shares shall lapse as follows: 
 (i)    if a Participant who is employed by or is providing service to the Company is not offered substantially equivalent employment or service with the successor corporation or a related employer 

  

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(both in terms of duties and compensation), then any unvested Options and Restricted Shares held by such Participant as of the date of the Change of Control
shall be fully and immediately vested and exercisable and shall have restrictions lapsed in accordance with Section 12(a); and 
 (ii)    if any Participant is offered substantially equivalent employment or service with the successor corporation or a related employer (both in terms of duties and compensation), then Options and Restricted Shares
shall not be subject to accelerated vesting; provided however, that if the Participant’s employment with or service to the successor corporation or related employer is terminated by the successor corporation or related employer during the six
month period following such Change of Control, then any unvested Options and Restricted Shares or substituted options or restricted shares shall be fully and immediately vested and exercisable and have restrictions lapsed in accordance with
Section 12(a) at the date of the Participant’s termination of employment. 
 (c)    Notwithstanding Sections 12(a) and (b) hereof, any Participant who is a “disqualified individual,” as that term is defined in Section 280G(c) of the Code, shall be notified by the Board or the
Committee of any event that may constitute a Change of Control in advance of the effective date of such Change of Control. Notice shall be provided, in the sole discretion of the Board or the Committee, as soon as reasonably practicable before the
Change of Control. The disqualified individual may refuse to accept accelerated vesting of his or her Award after consideration of the tax consequences to such disqualified individual resulting from the Change of Control, provided that any such
refusal shall be communicated to the Board or the Committee in writing before the Change of Control. If it is not practicable to provide advance notice of such Change of Control, the disqualified individual will be deemed to have elected to refuse
such acceleration, but only to the extent that it is determined, as soon as practicable after the Change of Control, that accelerated vesting will result in negative tax consequences to such individual under Section 280G of the Code.

 (d)    In addition to, or as an alternative to, arranging for the exchange of Options for options to
purchase common stock in a successor corporation and the exchange of Restricted Shares for similarly restricted shares of common stock in a successor corporation, in the event of a Change of Control of the Company by reason of a merger,
consolidation or tax free reorganization or sale of all or substantially all of the assets of the Company, the Board shall have the authority, in its discretion, to terminate this Plan and (i) to distribute to each Participant cash and/or other
property in an amount equal to and in the same form as the Participant would have received from the successor corporation if the Participant had owned the Shares subject to the Option rather than the Option at the time of the Change of Control,
provided that any such amount paid to a Participant shall reflect the deduction of the exercise price the Participant would have paid to purchase such Shares and (ii) to redeem any Restricted Share for cash and/or other property in an amount
equal to and in the same form as the Participant would have received from the successor corporation if the Participant had owned the Restricted Shares at the time of the Change of Control. The form of payment or distribution to the Participant
pursuant to this Section 12 shall be determined by the Committee. 
 13.    Amendment of the Plan and/or Award
Agreements Insofar as permitted by law and the Plan, and subject to Section 15(b), the Board or the Committee may from time to time (a) suspend, terminate or discontinue the Plan or revise or amend it in any respect whatsoever with respect
to any Shares at the time not subject to an Award, including amendments necessary or advisable to assure that the Incentive Stock Options, non- qualified stock options and Restricted Shares available under the Plan continue to be treated as such,
respectively, under all applicable laws and/or (b) modify, extend or renew an Option, or accept the surrender of an Option (to the extent not theretofore exercised); provided, however, that (x) no modification of an Option which adversely
affects the Optionee shall be made without the consent of the Optionee, and (y) no Incentive Stock Option may be modified, extended or renewed if such action would cause it to cease to be an “incentive stock option” within the meaning
of Section 422 of the Code. 
 14.    Application of Funds The proceeds received by the Company from the sale of
Shares pursuant to the exercise of Options and any sale of Restricted Shares shall be used for general corporate purposes or such other purpose as may be determined by the Board. 
  

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 15.    Approval of the Plan 
 (a)    Effective Date of Plan. This Plan shall become effective as of the date the Plan is approved by the
Company’s shareholders. 
 (b)    Stockholder Approval of Certain Amendments. 
 (i)    If the Board or the Committee amends the Plan to increase the aggregate number of Shares for which Awards may
be awarded hereunder, and approval of the stockholders by a majority of the votes cast at a duly held stockholder meeting at which a quorum representing a majority of the Company’s outstanding voting shares is present (either in person or by
proxy), is not obtained within twelve (12) months of the adoption of such amendment, all Awards with respect to such increased number of shares shall lapse automatically on the first anniversary of the date of the adoption of such amendment.

 (ii)    If the Board or the Committee amends the Plan to change the designation of the class of
employees eligible to receive Options, and approval of the stockholders by a majority of the votes cast at a duly held stockholder meeting at which a quorum representing a majority of the Company’s outstanding voting shares is present (either
in person or by proxy), is not obtained within twelve (12) months of the adoption of such amendment, all Incentive Stock Options awarded after the date of such adoption automatically shall be converted into non-qualified stock options on the
first anniversary of the date of the adoption of such amendment. 
 16.    Reservation of Shares 
 (a)    The Company, during the term of this Plan, shall at all times reserve and keep available such number of Shares
as shall be sufficient to satisfy the requirements of the Plan. 
 (b)    The Company, during the term of
this Plan, shall use its best efforts to seek to obtain from appropriate regulatory agencies any requisite authorization in order to issue and sell such number of Shares as shall be sufficient to satisfy the requirements of the Plan. The inability
of the Company to obtain from any such regulatory agency having jurisdiction the requisite authorization(s) deemed by the Company’s counsel to be necessary for the lawful issuance and sale of any Shares hereunder, or the inability of the
Company to confirm to its satisfaction that any issuance and/or sale of any Shares hereunder will meet applicable legal requirements, shall relieve the Company of any liability in respect to the failure to issue or sell such Shares as to which such
requisite authority shall not have been obtained. 
 17.    Taxes, Fees, Expenses and Withholding of Taxes 
 (a)    The Company shall pay all original issue and transfer taxes (but not income taxes, if any) with respect to the
award of Options and Restricted Shares and/or the issue and transfer of Shares pursuant to the exercise of Options, and all other fees and expenses necessarily incurred by the Company in connection therewith, and will use its best efforts to comply
with all laws and regulations that, in the opinion of counsel for the Company, shall be applicable thereto. 
 (b)    17.2 The granting of Awards hereunder and the issuance of Shares pursuant to the grant of Restricted Shares and the exercise of Options is conditioned upon the Company’s reservation of the right to withhold
in accordance with any applicable law, from any compensation or other amounts payable to the Participant, any taxes required to be withheld under federal, state or local law as a result of: the grant of an Award, the vesting of an Option, the
exercise of an Option, the lapse of restrictions with respect to Restricted Shares, or the sale of Shares. To the extent that compensation or other amounts, if any, payable to the Participant is insufficient to pay any taxes required to be so
withheld, the Company may, in its sole discretion, require the Participant (or such other person entitled herein to exercise the rights associated with such Award), as a condition of the exercise of an Option or grant of Restricted Shares, to pay in
cash to the Company an amount sufficient to cover such tax liability or otherwise to make adequate provision for the 

  

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Company’s satisfaction of its withholding obligations under federal, state and local law, provided that such satisfaction of tax liability is made
within 60 days of the date on which written notice of exercise has been given to the Company. With respect to Restricted Shares, the minimum required withholding obligations may be settled in Shares that are part of the Award that gives rise to the
withholding requirement. 
 18.    Miscellaneous 
 (a)    Notices. Any notice to be given to the Company pursuant to the provisions of this Plan shall be addressed to
the Company in care of its Secretary (or such other person as the Company may designate from time to time) at its principal executive office, and any notice to be given to a Participant shall be delivered personally or addressed to him or her at the
address given beneath his or her signature on his or her Award Agreement, or at such other address as such Participant or his or her permitted transferee (upon the permitted transfer) may hereafter designate in writing to the Company. Any such
notice shall be deemed duly given on the date and at the time delivered via hand delivery, courier or recognized overnight delivery service or, if sent via telecopier, on the date and at the time telecopied with confirmation of delivery or, if
mailed, on the date five (5) days after the date of the mailing (which shall be by regular, registered or certified mail). Delivery of a notice by telecopy (with confirmation) shall be permitted and shall be considered delivery of a notice
notwithstanding that it is not an original that is received. It shall be the obligation of each Participant and each permitted transferee holding Shares purchased upon exercise of an Option or granted pursuant to an Award of Restricted Shares to
provide the Secretary of the Company, by letter mailed as provided herein, with written notice of his or her direct mailing address. 
 (b)    No Enlargement of Participant Rights. This Plan is purely voluntary on the part of the Company, and the continuance of the Plan shall not be deemed to constitute a contract between the Company and any Participant,
or to be consideration for or a condition of the employment or service of any Participant. Nothing contained in this Plan shall be deemed to give any Participant the right to be retained in the employ or service of the Company or any Subsidiary, or
to interfere with the right of the Company or any such corporation to discharge or retire any Participant thereof at any time subject to applicable law. No Participant shall have any right to or interest in Awards authorized hereunder prior to the
award thereof to such Participant, and upon such Award the Participant shall have only such rights and interests as are expressly provided herein, subject, however, to all applicable provisions of the Company’s Certificate of Incorporation, as
the same may be amended from time to time. 
 (c)    Information to Participants. The Company, upon
request, shall provide without charge to each Participant copies of such annual and periodic reports as are provided by the Company to its stockholders generally. 
 (d)    Availability of Plan. A copy of this Plan shall be delivered to the Secretary of the Company and shall be shown
by him to any eligible person making reasonable inquiry concerning it. 
 (e)    Section Headings. The
descriptive headings of this Plan are for convenience only, and shall be of no force or effect in construing or interpreting any of the provisions of this Plan. 
 (f)    Invalid Provisions. If any provision of this Plan is found to be invalid or otherwise unenforceable under any
applicable law, such invalidity or unenforceability shall not be construed to render any other provisions contained herein as invalid or unenforceable, and all such other provisions shall be given full force and effect to the same extent as though
the invalid or unenforceable provision were not contained herein. 
 (g)    Applicable Law. This Plan
shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania, without regard to the conflict of law principles of Pennsylvania or any other jurisdiction. 
 (h)    Special Provisions Related to Code Section 409A. Notwithstanding anything herein to the contrary, no Award
shall be made hereunder involving terms or conditions that will cause such Award to be treated as creating a “nonqualified deferred compensation plan” as that term is defined for purposes of 

  

 15 

 
Section 409A of the Code unless such Award complies with all applicable rules under Code Section 409A, or is determined to be exempt from such
rules. By way of example, and not by way of limitation, this Section 18(h) is expected to prohibit the grant of an Option with an exercise price Option price that is not at least equal to the Fair Market Value of the underlying Shares of Common
Stock, as such value is determined for purposes of Code Section 409A, and is expected to prohibit any arrangements for deferred delivery of Shares that does not comply with the distribution rules of Code Section 409A(a)(2), to the extent
such rules are applicable and such arrangement is not determined to be exempt from Code Section 409A. For purposes of applying this Section 18, the Committee shall look to applicable guidance regarding the provisions of Code
Section 409A as released from time to time by the IRS or Treasury, including, but not limited to, Treasury Notice 2005-1 (as published in the Internal Revenue Bulletin 2005-2, January 10, 2005, and referred to herein as “Notice
2005-1”) and such proposed, temporary or final regulations as may be promulgated pursuant to Code Section 409A from time to time. 
  

	*	This plan was approved by the stockholders of the Company on October 20, 2006. 

  

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