Document:

DC7159.pdf -- Converted by SEC Publisher 4.2, created by BCL Technologies Inc., for SEC Filing

	
Exhibit 10.2

SEPARATION AND MUTUAL RELEASE AGREEMENT

     THIS SEPARATION AND MUTUAL RELEASE AGREEMENT (this “Agreement”) is entered into on the 16th day of July, 2009 by and between DAVID GINSBERG, an adult individual (“Executive”), and
ENCORIUM GROUP, INC., a Delaware corporation (“Company” or “Encorium”). Executive and Company are hereinafter sometimes referred to individually as a “Party” and collectively as the “Parties”.

	
RECITALS

     WHEREAS, Company and Executive entered into an Employment Agreement dated as of December 3, 2008 (the “Employment Agreement”) and a Severance Agreement dated as of December 3, 2008 (the
“Severance Agreement”), the terms and conditions of which are incorporated into this Agreement by reference; and

     WHEREAS, pursuant to the terms of the Employment Agreement, Executive serves as the President and Chief Executive Officer of Company; and

     WHEREAS, Encorium is in the business of pharmaceutical research development and research management, the design and management of clinical trials for pharmaceutical, biotechnology and medical device
businesses, the design and writing of clinical development reports and programs and/or the management of global regulatory process for pharmaceutical, biotechnology or medical devices (“Business”); and,

     WHEREAS, Encorium has executed letters of intent to sell (i) the U.S. portion of the Business (the “US Sale”) to Pierrel Research USA (“Pierrel”) and, (ii) its wholly-owned
subsidiary, Enorium Oy (the “Oy Sale”) As a result of these sales Encorium will no longer be engaged in the Business and will have no continuing need for Executive’s services; and,

     WHEREAS, Executive has been offered and has accepted employment with Pierrel to continue working in connection with the U.S. portion of the Business; and,

	
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SL1 933992v1/000000.00008

WHEREAS, Company and Executive desire for Executive to resign as President and 

Chief Executive Officer of the Company, upon the terms and conditions set forth below; and,

     NOW, THEREFORE, in consideration of the foregoing recitals and the mutual promises, covenants and agreements contained in this Agreement, the adequacy and receipt of which is hereby acknowledged by
each Party, and intending to be legally bound hereby, the Parties hereby agree as follows:

     1. Resignation and Payments. The Parties acknowledge and agree that Executive shall resign as the President and Chief Executive Officer of
the Company effective as of closing of the Pierrel transaction (the “Pierrel Closing Date”). As of the Pierrel Closing Date, the Employment Agreement and the Severance Agreement will be terminated and, as a result, any and all rights or
obligations under the Employment Agreement and the Severance Agreement will be terminated and extinguished, except to the extent preserved in this Agreement.

     2. Consideration: If Executive signs this Agreement, thereby agreeing to be bound by the General Release in Paragraph 7 and bound to the
other terms and conditions of this Agreement the Company shall do the following:

     (a) Executive will receive a total payment of $250,000.00 (TWO HUNDRED AND FIFTY THOUSAND DOLLARS) in the manner described herein:

     (b) On the Pierrel Closing Date, Executive will receive a check in the amount of $35,000.00 made payable to David Ginsberg, Inc. (Tax Identification No. 26 0535 87).

     (c) Beginning on the first month anniversary of the Pierrel Closing Date and ending on theealier of the (i) the date on which the aggregate of payment to Executive under this Paragraph 2 equals
$250,000 or (ii) the closing date of the Oy Sale (the “Oy Closing Date”) (at which point Executive will be entitled to a lump sum payment of the remaining payments due under Paragraph 2), Executive will receive monthly payments of
$25,000.00 by the 15 day of each month. These checks will be made payable to David Ginsberg, Inc. (Tax Identification No. 26 0535 87). .

	
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     (d) Company Release. In consideration of the promises and undertakings made by Executive as set forth herein, the Company, limited to its
officers and directors, forever releases and discharges Executive and his agents, successors and assigns, from any and all claims, of any nature, character, or description whatsoever, which the Company may have against Executive from the beginning
of time until the date Company signs this Agreement.

     The Company Release set forth in Paragraph 2(d) does not apply to: (i) Any claims to require Executive to honor his commitments set forth in this Agreement; (ii) Any claims to interpret or to
determine the scope, meaning or effect of this Agreement; and/or (iii) Any claims relating to any conduct, matter, event or omission occurring after Company has signed this Agreement.

     (e) Executive shall not be entitled to the payments or other benefits set forth in this Paragraph 2 until the Company has received an executed copy of this Agreement; In the event that Encorium fails
to make any of the payments within 15 days of the date on which the payment is due as described in Paragraph 2.b, the balance of the $250,000.00 aggregate payment proceeds will become immediately due and payable

     3. Adequacy of Consideration. Executive acknowledges and agrees that the Company's payments and other undertakings under Paragraph 3
above:

	
(a)      		
Are not required by any policy, plan or prior agreement;	
	 
	
(b)      		
Constitute adequate consideration to support his General Release in	
	 

Paragraph 6 and the other terms and conditions of this Agreement; and

(c) Fully compensate Executive for the Claims Executive is releasing.

     For purposes of this paragraph, "consideration" means something of value to which Executive is not already entitled.

     4. Representations and Warranties. Each Party hereby represents and warrants to the other Party that (a) such Party is a legally competent
individual and/or valid existing corporation with power and authority to enter into, be bound by, and perform his or its obligations under this Agreement; (b) no consents or approvals from any third persons are required to permit such 

	
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Party to enter into and/or perform his or its obligations under this Agreement; (c) this Agreement is a valid and binding obligation of such Party, enforceable against such Party in accordance with its terms; (d) such Party has
not sold, assigned, or transferred any Claims (as hereinafter defined), in whole or in part, which are the subject of the releases contained in this Agreement; (e) such Party has not sued or filed any charge, complaint, or arbitration, or commenced
any other administrative or judicial proceeding against the other Party; and (f) such Party has consulted with his or its attorney, carefully read this Agreement, knows and understands the content of this Agreement, and entered into this Agreement
of his or its own free will and without duress.

     5. No Admission. Neither this Agreement, nor anything contained in this Agreement, shall be deemed, construed or constitute an admission by a
Party as to any liability, violation of law or unlawful conduct of any kind.

     6. Release of Company and Company Released Parties; Covenant Not to Sue. Executive and his heirs, personal representatives, executors,
assigns, and administrators (the “ExecutiveParties”) shall and does hereby release and forever discharge Company and its successors, assigns, subsidiaries, affiliates, officers, directors, representatives, employees, shareholders and
agents (the “Company Released Parties”) from any and all claims, suits, demands, promises, contracts, liabilities, obligations, causes of action, or any other loss or harm whatsoever, known or unknown, suspected or unsuspected, contingent
or otherwise (collectively, “Claims” or individually, a “Claim”), which Executive or any Executive Released Party had, now has, or hereafter can, shall or may have against Company and/or any Company Released Party, arising out
of, or in any way relating to, Executive’s employment by Company through the date of this Agreement, the resignation of Executive’s employment, or the Employment Agreement or the Severance Agreement, including any claim that he is owed any
monies or any other benefit thereunder, except for any Claim relating to the failure of Company and/or any Company Released Party to comply with its or their respective obligations under this Agreement. Executive, on his behalf and on behalf of the
Executive Released Parties, covenants and agrees not to sue or file any charge, complaint, or arbitration, or commence any other administrative or judicial proceeding against Company and/or any or all of the Company Released Parties in any court of
law or equity or before any administrative agency with respect to any matter whatsoever 

	
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that is within the scope of the foregoing releases other than those relating to the failure of Company and/or any Company Released Party to comply with its or their respective obligations under this Agreement. Notwithstanding
anything to the contrary in this Agreement, the foregoing release excludes any claims which Executive may make under the state workers’ compensation or unemployment compensation laws and any claims which by law Executive cannot waive.
Nothing in this Agreement limits Executive’s right to file a charge with or participate in an investigative proceeding of the Equal Employment Opportunity Commission (“EEOC”) or any other federal, state or
local government agency. However, if any Agency or court assumed or later assumes jurisdiction of any complaint or charge on Executive’s behalf against Company or any Company Released Party, Executive will disclaim
entitlement to any monetary or personal relief.

     7. Non-disclosure,. Each Party agrees not todisclose to any other person or entity the terms and conditions of, and/or the existence of,
and/or the facts underlying and/or relating to this Agreement, except to (i) such Party’s attorneys, tax advisors, and/or insurers; (ii) as required by law, including, without limitation, pursuant to a court order, subpoena, or legal obligation
in any judicial, governmental, or quasi-governmental proceeding, matter, or inquiry ; provided, however, Company may, without such consent, make such press releases or other public announcement as it believes are required pursuant to any law or by
obligations pursuant to the rules of the Nasdaq Capital Markets LLC or the National Association of Securities Dealers, Inc. without consent of Executive Within the time required for the filing thereof under the rules and regulations promulgated
under the Securities Act of 1934, as amended (the “1934 Act”), the Seller is required to file periodic reports with the SEC, including, but not limited to a Current Report on Form 8-K describing the terms of the resignation of
Executive’s employment and the terms of this Agreement in the form required by the 1934 Act, and attaching the material transaction documents (including, without limitation, this Agreement) as exhibits to such filing.

     8. Nondisparage. Each party agrees not to (a) disparage or make negative statements (or induce or encourage others to disparage or make
negative statements) about the other Party or (b) characterize Executive’s separation from his employment with Company as anything other than his resignation from his position with Company and/or in any manner which is inconsistent with the
terms of this Agreement. For purposes of this Section 8, the term “disparage” shall 

	
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mean any statements that adversely affect in any manner a Party’s personal or professional reputation. Each Party hereby acknowledges and agrees that the breach of this Section by such Party or the Executive Released Parties
or the Company Released Parties, as applicable, will result in irreparable harm to the other Party. In the event of any such breach or threatened breach of this Section, each Party agrees that it would be impossible to measure in dollars the
damage(s) sustained by the other Party. Therefore, in the event of any such breach or threatened breach, in addition to any other remedy available under this Agreement and/or applicable law, the non-breaching Party shall be entitled to injunctive
relief to enforce his or its rights under this Section

     9. Entire Agreement; Amendment. This Agreement constitutes the entire agreement between the Parties with respect to its subject matter and
supersedes any and all other prior and contemporaneous understandings, agreements, or representations by or between the Parties, written or oral, concerning its subject matter. This Agreement may be amended or modified only by a further writing
signed by each of the Parties. The Parties acknowledge and agree that the recitals to this Agreement are made a part of this Agreement as fully as though such recitals were set forth in the body of this Agreement in their entirety.

     10. Succession and Assignment. This Agreement shall be binding upon and inure to the benefit of the Parties and their respective heirs,
personal representatives, successors and permitted assigns. No Party may assign this Agreement or any of his or its rights, interests, or obligations under this Agreement without the prior written approval of the other Party.

     11. Counterparts. This Agreement may be executed in one or more counterparts (including by means of facsimile), each of which shall be deemed
an original but all of which together will constitute one and the same instrument.

     12. Headings. The section headings contained in this Agreement are inserted for convenience only and shall not be considered in interpreting
this Agreement.

13. Governing Law. This Agreement has been delivered and executed in the 

Commonwealth of Pennsylvania and shall be governed by and interpreted in accordance with the laws of the Commonwealth of Pennsylvania, without reference to principles of conflicts of law.

	
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     14. Waiver. No failure by a Party to insist upon the strict performance of any covenant, agreement, term, or condition of this Agreement or
to enforce a right or remedy provided under this Agreement shall be construed as a waiver or relinquishment with respect to any subsequent performance or breach of performance but each and every covenant, agreement, term, and condition of this
Agreement shall remain in full force and effect with respect to any other existing or subsequent breach.

     15. Severability. If any provision of this Agreement is held to be invalid, the same shall not affect the remaining provisions of this
Agreement, which shall continue in full force and effect.

     16. Further Assurances. From and after the date of this Agreement, each Party shall, upon request of the other Party, duly execute,
acknowledge and deliver any additional document and/or give such assurances as may be reasonably required to effect or evidence the actions contemplated by this Agreement.

     17. Period for Consideration. Executive has read this Agreement, understands its contents and was given a period of at least twenty-one (21)
days to review and consider this Agreement voluntarily and not as a result of any pressure, coercion or duress.

     18. Revocation. For a period of seven (7) days following Executive’s signing of this Agreement, Executive may revoke this Agreement by
advisingKristi Demidio Chase, in writing, addressed to that it is being revoked. This Agreement shall not become effective until the foregoing seven (7) day revocation period has ended.

EXECUTIVE HAS BEEN ADVISED THAT HE HAS AT LEAST 21 DAYS TO CONSIDER THIS AGREEMENT AND HAS BEEN ADVISED, IN WRITING, TO CONSULT WITH AN ATTORNEY PRIOR TO EXECUTING THIS AGREEMENT. EACH PARTY STATES THAT SUCH PARTY HAS CAREFULLY
READ THIS AGREEMENT AND THAT SUCH PARTY KNOWS AND UNDERSTANDS WHAT THIS AGREEMENT SAYS AND HAS SIGNED HIS OR ITS NAME OF HIS OR ITS OWN FREE ACT.

	
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     IN WITNESS WHEREOF and intending to be legally bound hereby, the undersigned hereunto set their hands and seals on the date first above written.

	
EXECUTIVE:

	
/s/ David Ginsberg

DAVID GINSBERG

	
COMPANY:

	
ENCORIUM GROUP, INC.:

	
By: /s/ Philip L. Calamia

Philip L. Calamia, CFO

	
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SL1 933992v1/000000.00008DC7163.pdf -- Converted by SEC Publisher 4.2, created by BCL Technologies Inc., for SEC Filing

	
Exhibit 10.3

	
EIGHTH AMENDMENT TO LEASE

     THIS EIGHTH AMENDMENT TO LEASE (the "Eighth Amendment") dated as of the 16th day of July, 2009 (the "Effective Date"), by and between GLENHARDIE PARTNERS, LP, successor in interest to Dean Witter Realty Income Partnership II, L.P., a limited partnership organized and existing under the laws of Delaware (hereinafter referred to as
"Landlord"), ENCORIUM GROUP, INC., f/k/a/ Covalent Group Inc., successor in interest to Covalent Research Alliance Corp., a corporation organized and existing under the laws of the State of
Delaware (hereinafter referred to as "Encorium"), and PIERREL RESEARCH USA INC., a Pennsylvania corporation (hereinafter referred to as "Pierrel").

	
W I T N E S S E T H T H A T :

     WHEREAS, Landlord has leased certain premises at Glenhardie Corporate Center in the building located at 1275 Drummers Lane, Wayne, Pennsylvania 19087 (the "Building"),
to Encorium pursuant to that certain Lease dated September 9, 1994, as supplemented by that certain Commencement Date Letter Agreement dated January 24, 1995, and as amended by that certain First Amendment to Lease dated March 25, 1996, and that
certain Second Amendment to Lease dated November 14, 1996 (collectively, the "Original Lease");

     WHEREAS, Landlord and Interactive Health Computing Inc. ("IHC") entered into that certain Agreement of Lease dated January 15, 1996, as amended by a First Amendment to
Lease dated March 25, 1996 (the "IHC Lease"), regarding certain space located on the first floor of the Building. Landlord consented to the assignment of the IHC Lease to Encorium pursuant to that certain Assignment and Assumption of Lease dated
September 30, 1999 between Encorium and IHC in which Encorium assumed the rights and obligations of the IHC Lease (the "Assignment and Assumption") and that certain Consent to Assignment and Assumption between Landlord, IHC and Encorium dated
September 30, 1999 (the "Consent"). The IHC Lease, the Assignment and Assumption and the Consent are hereinafter collectively referred to as the "IHC Lease Documents;"

     WHEREAS, pursuant to the Original Lease and the IHC Lease Documents, as the same have been modified and supplemented by that certain Third Amendment to Lease dated
July 31, 2001 (the “Third Amendment”), that certain Fourth Amendment to Lease dated as of November 27, 2001 (the “Fourth Amendment”), that certain Additional Premises Memorandum of Commencement Date dated February 1, 2002
(“Additional Premises Memorandum”), that certain Fifth Amendment to Lease dated as of December 13, 2002 (the “Fifth Amendment”), that certain Sixth Amendment to Lease dated as of July 2, 2008 (the “Sixth Amendment”),
that certain Seventh Amendment to Lease dated as of July 2, 2008 (the "Seventh Amendment") and that certain Memorandum of Give-Back Space dated November 5, 2008 (“Memorandum”), Encorium leases approximately 22,287 rentable square feet of
office space known as Suite 300 (the "Existing Premises") being more particularly described therein. The Original Lease, together with the Third Amendment, Fourth Amendment, Additional Premises Memorandum, 

689105-9

Fifth Amendment, Sixth Amendment, Seventh Amendment and Memorandum are hereinafter collectively referred to as the “Lease;”

     WHEREAS, Pierrel is in the process of purchasing the assets of Encorium and desires to be assigned and assume Encorium's obligations under the Lease as its successor
in interest; and 

     WHEREAS, Landlord and Encorium and Pierrel have agreed to further amend the Lease in accordance with the terms and conditions set forth herein. 

     NOW THEREFORE, Landlord, Encorium and Pierrel, for good and valuable consideration, intending to be legally bound, hereby agree as follows:

     Commencing on the Effective Date and continuing until the Relocation Date (as hereinafter defined), Encorium hereby grants Pierrel the right to share the Existing Premises with Encorium at no charge,
cost or expense to Pierrel. Landlord hereby agrees and consents to the aforementioned right of Pierrel to share the Existing Premises with Encorium, and Landlord acknowledges that Pierrel is a permitted invitee in the Existing Premises until the
Relocation Date. On or before the date which is thirty (30) days following the Effective Date (such date, the "Relocation Date"), Encorium shall surrender to Landlord the Existing Premises in vacant and broom clean condition in the manner required
under Article 14 of the Lease. On or before the Relocation Date, Landlord shall deliver to Pierrel possession of premises containing approximately 11,739 rentable square feet on the first floor of the Building known as Suite 100 and more
particularly described on the plan comprising Exhibit "A" (the “Replacement Premises”). Pierrel shall accept possession of the Replacement Premises in their “AS-IS WHERE-IS” condition. From and after the Relocation Date and
notwithstanding anything to the contrary in the Lease: (i) the Tenant's proportionate share under the Lease shall be decreased to 18.609%; (ii) for all calculation and other purposes of the Lease, the Premises shall consist solely of the Replacement
Premises and the amount of rentable square feet in the Premises shall be deemed to be approximately 11,739; (iii) the term “Tenant” shall mean and refer to Pierrel; (iv) Base Operating Costs shall mean and refer to the Annual Operating
Costs incurred by Landlord during the calendar year 2009; and (v) the Term shall expire on December 31, 2015 (“Expiration Date”).

     Encorium hereby assigns, effective as of the Relocation Date, and Pierrel accepts and takes from Encorium as of such date, all of Encorium's right, title and interest in and to the Lease. Pierrel
accepts the aforementioned assignment and assumption of lease and agrees to assume all of Encorium's obligations under the Lease from and after the Relocation Date and to pay all rent and other sums due under the Lease and to perform and keep all of
the covenants and conditions therein contained from and after the Relocation Date. Pursuant to Article 7 of the Lease, Landlord agrees and consents to the above described assignment of the Lease by Encorium to Pierrel and the assumption of the Lease
by Pierrel and acknowledges that all requirements related thereto have been satisfied or waived. Except as expressly set forth herein, Pierrel agrees to be bound by all the terms and conditions set forth in the Lease. For the avoidance of doubt,
Pierrel is not assuming and shall have no obligation or liability whatsoever relating to any event or circumstance occurring prior to the Relocation Date, even if such event or circumstance first becomes known after the Relocation Date, it being
agreed that Encorium 

	
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will be solely responsible for any such event or circumstance and all consequences arising therefrom under the Lease.

     From and after August 1, 2009, and notwithstanding anything to the contrary in the Lease, Fixed Rent shall be paid in accordance with the following schedule:

	
 
		
 		
 
		
 		
 
		
 		
Monthly Fixed 
		
 		
Annual Fixed 
	
	
    Time Period 
		
 		
Rent 
		
 		
            Rent 
	
	
8/1/2009 - 7/31/2010 
		
 		
                $20,787.81 
		
 		
            $249,453.75 
	
	
  8/1/2010 
		
 		
- 
		
 		
7/31/2011 
		
 		
                    $21,276.94 
		
 		
              $255,323.25 
	
	
  8/1/2011 
		
 		
- 
		
 		
7/31/2012 
		
 		
                    $21,766.06 
		
 		
              $261,192.75 
	
	
8/1/2012 
		
 		
- 
		
 		
7/31/2013 
		
 		
                    $22,499.75 
		
 		
              $269,997.00 
	
	
8/1/2013 
		
 		
- 
		
 		
7/31/2014 
		
 		
                    $23,233.44 
		
 		
              $278,801.25 
	
	
8/1/2014 
		
 		
- 
		
 		
7/31/2015 
		
 		
                    $23,967.13 
		
 		
              $287,605.50 
	
	
  8/1/2015 
		
 		
12/31/2015 
		
 		
                    $24,700.81 
		
 		
              $123,504.06 
	

     If Tenant is not then in default under the Lease (after the expiration of any applicable grace period) Tenant shall have the right to terminate the Lease effective as of December 31, 2013 (the
"Accelerated Expiration Date") provided that Tenant fulfills the following preconditions: (i) Tenant provides Landlord with written notice of its desire to terminate the Lease (the "Termination Notice") at least twelve (12) months prior to the
Accelerated Expiration Date (i.e., no later than December 31, 2012); and (ii) Tenant pays to Landlord concurrently with its issuance of the Termination Notice a termination payment of $190,000. In the event that Tenant shall properly exercise
its termination right set forth in this Paragraph 4, Tenant shall vacate the Premises on or before the Accelerated Expiration Date in accordance with the requirements set forth in Article 14 of the Lease.

     As consideration for Landlord agreeing to enter into this Eighth Amendment, as of the Effective Date, Encorium shall be required to reimburse to Landlord the tenant inducement costs incurred by
Landlord in connection with Encorium's space relocation set forth in the Seventh Amendment. Encorium shall also be required to concurrently pay to Landlord all Fixed Rent and additional rent due for the month of July 2009. Set forth below are the
components of the payment due from Encorium along with the sources to be utilized to pay such sums, which shall include: (i) Landlord's draw of the letter of credit provided Landlord by Encorium as a security deposit (the "Letter of Credit"); and
(ii) the balance in cash:

	 	
Encorium Payment Due on the Effective Date:

	
$141,667.00 
		
 		
Letter of Credit - to be drawn by Landlord concurrently with the 
	
	
 
		
 		
Effective Date. 
	
	
 
	
	
 
		
 		
Cash repayment of 
	
	
$93,333.00 
		
 		
tenant inducement costs 
	
	
$43,573.83 
		
 		
July Fixed Rent 
	
	
$6,044.48 
		
 		
CAM charges 
	
	
$5,190.55 
		
 		
Elec Est 
	
	
$4,506.63 
		
 		
Elec Rec 
	
	
 
	
	
 
	
	
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689105-9

	
$152,648.49 
		
 		
Total Cash Payment by Encorium 
	
	
 
		
 		
on the Effective Date 
	
	
 
	
	
 
		
 		
Total Payment (Cash on the Effective Date, plus Letter 
	
	
$294,315.49 
		
 		
of Credit drawdown) 
	

Landlord acknowledges its receipt of the aforementioned Total Payment on or before the Effective Date. Encorium expressly acknowledges, approves and consents to Landlord's above described drawdown of the Letter of Credit.

     Landlord is also concurrently in possession of cash in the amount of $20,325.07 received from Encorium as a security deposit. As of the Relocation Date, Encorium hereby expressly waives any right
Encorium may have to such security deposit. Such deposit shall be retained by Landlord and shall be returned to Pierrel upon the conclusion of the Lease in accordance with Article 32 of the Lease. Pierrel shall supplement the aforementioned sum on
or prior to the Relocation Date by providing to Landlord an additional $4,375.74 in security deposit to be held by Landlord in accordance with Article 32 of the Lease.

     Upon Encorium's vacation of the Existing Premises as set forth in Paragraph 1 above and Encorium's payment of the sum described in Paragraph 5 above, all of Encorium's obligations under the Lease
shall terminate and Encorium shall have no further obligations under the Lease thereafter.

From and after the Relocation Date, the Lease shall be amended as follows:

     Notwithstanding anything to the contrary set forth in Article 8 of the Lease, Tenant shall be permitted without Landlord's prior written consent to assign this Lease or sublet all or any portion of
the Premises to an Approved Transferee. As used herein, the term "Approved Transferee" shall mean: (i) an entity which owns fifty percent (50%) or more of Tenant's outstanding common stock, general or limited partnership interests, or other legal or
beneficial ownership interests of Tenant, or otherwise controls Tenant (the "Parent Company"), or (ii) an entity which has fifty percent (50%) or more of its outstanding common stock, general or limited partnership interests, or other legal or
beneficial ownership interests owned by Tenant or the Parent Company or is otherwise controlled by Tenant or the Parent Company, or (iii) an entity which acquires substantially all of the assets of Tenant's business conducted at the Premises (either
via a sale of assets or a sale of the outstanding common stock, general or limited partnership interests, or other legal or beneficial ownership interests of Tenant), or (iv) an entity which, pursuant to applicable state law, is a surviving entity
in a merger, consolidation or reorganization involving Tenant. The effectiveness of an assignment or subletting to an Approved Transferee of Tenant shall be conditioned upon the following: (1) Landlord receiving a true copy of the assignment or
sublease, if applicable; (2) that no default under this Lease is then in existence; and (3) in the case of assignment or sublet, a written acknowledgment by the assignee that it is bound by the terms and conditions of this Lease and by Tenant and
Guarantor confirming that Tenant and Guarantor remain fully liable for all of their obligations under this Lease notwithstanding the assignment or subletting which acknowledgement shall be in form 

	
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reasonably acceptable to Landlord (which may be included as part of the assignment or sublease, as applicable).

Article 11 of the Lease is hereby deleted in its entirety and replaced with the

	
following:

     “11. Fire or Other Casualty. If, during the term of this Lease, or any renewal or extension thereof, the Building is so damaged by fire
or other casualty that the Premises are rendered unfit for occupancy (or Tenant does not have adequate access to conduct its business in the Premises whether or not the Premises are damaged), and the Premises cannot be rebuilt or replacement access
provided within nine (9) months as certified by an architect, then, at Landlord's or Tenant's option, the term of this Lease upon written notice from Landlord or Tenant given within thirty (30) days after the occurrence of such damage, shall
terminate as of the date of the occurrence of such damage. In such case, Tenant shall pay the rent apportioned to the time of such termination and Landlord may enter upon and repossess the Premises without further notice. If Landlord or Tenant does
not elect to terminate the term of this Lease, Landlord, subject to reasonable delays for insurance adjustments and to delays caused by matters beyond Landlord's reasonable control, will repair whatever portion, if any, of the Premises or of the
Building serving the Premises which may have been damaged and Landlord may enter and possess the Premises for that purpose; while the Tenant is deprived of the Premises, the Fixed Rent shall be suspended in proportion to the number of square feet of
the Premises rendered untenantable. The repair shall be made to restore the Premises to its condition prior to the damage as nearly as reasonably possible. If the Premises or the Building shall be damaged so that such damage does not render the
Premises unfit for occupancy or access is not denied, Landlord will repair whatever portion, if any, of the Premises or of the Building serving the Premises which may have been damaged and Tenant will continue in possession and rent will not be
apportioned or suspended.” Notwithstanding any other provisions of this Article 11 Landlord shall have no duty to repair or replace any personal property, or any of Tenant's fixtures or equipment or any alterations, improvements or decorations
made by Tenant, or any of Tenant's telephone and computer wiring and cabling, and (b) Landlord shall have the right to terminate this Lease upon giving written notice to Tenant at any time within thirty (30) days after the date of the damage if the
Premises is damaged by fire or other casualty during the last six (6) months of the term of this Lease unless Tenant, having the right to renew the term pursuant to an express provision contained in this Lease, has effectively extended the term for
a term in excess of one (1) year following the occurrence of the fire or other casualty.

     (c) Article 14 of the Lease is hereby amended by deleting therefrom the phrase “(which fire or other casualty has not occurred through the negligence of Tenant or those claiming under Tenant or
their employees or invitees respectively).”

	
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     (d) Subection 18(a) of the Lease is hereby deleted in its entirety and replaced with the following:

     “(a) Landlord shall not be held responsible for and is hereby expressly relieved from any and all liability by reason of any injury, loss, or damage to any person or property in or about the
Premises or the Property due to any cause whatsoever and whether the loss, injury or damage be to the person or property of Tenant or any other person, to the extent such liability exceeds or is not covered by the coverage of any insurance policy
covering Landlord, unless due to the negligence of Landlord. Tenant further agrees to indemnify, defend and save Landlord harmless from and against all claims by any employee or invitee of Tenant made on account of such injury, loss or damage
(unless caused by the negligence of Landlord as aforesaid), including but not limited to reasonable attorneys' fees and other legal expenses, to the extent such liability exceeds or is not covered by the coverage of any insurance policy covering
Landlord.

     Tenant shall not be held responsible for and is hereby expressly relieved from any and all liability by reason of any injury, loss or damage to any person or property in or about the Building or Land
due to any cause whatsoever and whether the loss, injury or damage be to the person or property of Landlord or any other person, to the extent such liability exceeds or is not covered by the coverage of any insurance policy covering Tenant unless
due to the negligence of Tenant. Landlord further agrees to indemnify, defend and save Tenant harmless from and against all claims by any employee or invitee of Landlord made on account of such injury, loss or damage (unless caused by the negligence
of Tenant aforesaid), including but not limited to, reasonable attorney's fees and other legal expenses to the extent such liability exceeds or is not covered by the coverage of any insurance policy covering Tenant.

(e) Article 19 of the Lease is hereby deleted in its entirety.

     (f) All indemnity obligations of Landlord and Tenant arising under this Lease and this Eighth Amendment, and all claims, demands, damages and losses assertable by Landlord and Tenant against the other
in any suit or cause of action arising out of or relating to this Lease, the Premises, or the use and occupancy thereof, are limited as follows:

by the releases and waivers expressed in subsection 13(d); and

     all of the claims for indemnification and other recoveries shall be limited to direct, proximately caused damages, and shall exclude all special, consequential, indirect, exemplary or incidental
damages, including business loss or interruption, of any kind whether arising in contract, tort, product liability or otherwise, suffered by the party asserting the claim or seeking the recovery. 

     Concurrently with the parties’ execution of this Eighth Amendment, Pierrel S.p.A., a company organized under the laws of Italy, the parent company of Pierrel (“Guarantor”), shall

	
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execute and deliver a Lease Guaranty in favor of Landlord in the form attached hereto as Exhibit “B.”

     All payments to be made by Encorium pursuant to this Eighth Amendment and by Pierrel pursuant to the Lease shall be made by ACH transfer to the address set forth below:

	 	
Wells Fargo Bank, NA

San Francisco, CA 

ABA #121 000 248

Account No. 4121288427

Name: Glenhardie Partners LP FBO MSMC

     Articles 20(d)(iii)(A) and 20(d)(iii)(B), which comprise the confession of judgment portion of the Lease are hereby restated and reconfirmed as follows:

     IF TENANT SHALL DEFAULT IN THE PAYMENT OF THE RENT OR ANY OTHER SUMS DUE HEREUNDER BY TENANT, TENANT HEREBY IRREVOCABLY AUTHORIZES AND EMPOWERS ANY PROTHONOTARY OR

ATTORNEY OF ANY COURT OF RECORD TO APPEAR FOR TENANT IN ANY AND ALL SUITS OR ACTIONS WHICH MAY BE BROUGHT FOR SAID RENT AND/OR SAID OTHER SUMS; AND IN SAID SUITS OR ACTIONS TO CONFESS JUDGMENT

AGAINST TENANT FOR ALL OR ANY PART OF SAID RENTAL AND/OR SAID OTHER SUMS, INCLUDING BUT NOT LIMITED TO THE AMOUNTS DUE FROM TENANT TO LANDLORD UNDER CLAUSES (I), (II), OR (III) OF THIS ARTICLE 20, AND FOR INTEREST AND COSTS,
TOGETHER WITH AN ATTORNEYS' COMMISSION FOR COLLECTION OF FIVE PERCENT BUT NOT LESS THAN TEN THOUSAND DOLLARS ($10,000). SUCH AUTHORITY SHALL NOT BE EXHAUSTED BY ONE EXERCISE THEREOF, BUT JUDGMENT MAY BE CONFESSED AS AFORESAID FROM TIME TO TIME
AS OFTEN AS ANY OF SAID RENTAL AND/OR OTHER SUMS SHALL FALL DUE OR BE IN ARREARS, AND SUCH POWERS MAY BE EXERCISED AS WELL AFTER THE TERMINATION OR EXPIRATION OF THE TERM OF THIS LEASE.

WHEN THIS LEASE OR TENANT'S RIGHT OF 

POSSESSION SHALL BE TERMINATED BY COVENANT OR CONDITION BROKEN, OR FOR ANY OTHER REASON, EITHER DURING THE TERM OF THIS LEASE, AND ALSO WHEN AND AS SOON AS SUCH TERM SHALL HAVE EXPIRED OR BEEN TERMINATED, TENANT HEREBY
IRREVOCABLY AUTHORIZES AND EMPOWERS ANY ATTORNEY OR ANY COURT OF RECORD AS ATTORNEY FOR TENANT AND ANY PERSONS CLAIMING THROUGH OR UNDER TENANT TO CONFESS 

JUDGMENT IN EJECTMENT AGAINST TENANT AND ALL PERSONS CLAIMING THROUGH OR UNDER TENANT FOR THE RECOVERY BY LANDLORD OF POSSESSION OF THE PREMISES, FOR WHICH THIS LEASE SHALL BE SUFFICIENT WARRANT, WHEREUPON, IF LANDLORD SO
DESIRES, A WRIT OF EXECUTION OR OF POSSESSION MAY ISSUE FORTHWITH, WITHOUT ANY PRIOR WRIT OR 

PROCEEDINGS WHATSOEVER, AND PROVIDED THAT IF FOR ANY REASON AFTER SUCH ACTION SHALL HAVE BEEN COMMENCED THE SAME SHALL BE 

DETERMINED, CANCELED OR SUSPENDED AND POSSESSION OF THE PREMISES 

	
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689105-9

HEREBY DEMISED REMAIN IN OR BE RESTORED TO TENANT OR ANY PERSON CLAIMING THROUGH OR UNDER TENANT, LANDLORD SHALL HAVE THE RIGHT, UPON ANY SUBSEQUENT DEFAULT OR DEFAULTS, OR UPON ANY SUBSEQUENT TERMINATION OR EXPIRATION OF
THIS LEASE OR ANY RENEWAL OR 

EXTENSION HEREOF, OR OF TENANT'S RIGHT OF POSSESSION, AS HEREINBEFORE SET FORTH, TO CONFESS JUDGMENT IN EJECTMENT AS HEREINBEFORE SET FORTH ONE OR MORE ADDITIONAL TIMES TO RECOVER POSSESSION OF THE SAID
PREMISES.

     IN ANY ACTION OF OR FOR EJECTMENT OR FOR RENT OR OTHER SUMS, IF LANDLORD SHALL FIRST CAUSE TO BE FILED IN SUCH ACTION AN AFFIDAVIT MADE BY IT OR SOMEONE ACTING FOR IT SETTING FORTH THE FACTS
NECESSARY TO AUTHORIZE THE ENTRY OF JUDGMENT, SUCH AFFIDAVIT SHALL BE CONCLUSIVE EVIDENCE OF SUCH FACTS; AND IF A TRUE COPY OF THIS LEASE (AND OF THE TRUTH OF THE COPY SUCH AFFIDAVIT SHALL BE SUFFICIENT EVIDENCE) BE FILED IN SUCH ACTION, IT SHALL
NOT BE NECESSARY TO FILE THE ORIGINAL AS A WARRANT OF ATTORNEY, ANY RULE OF COURT, CUSTOM OR PRACTICE TO THE CONTRARY NOTWITHSTANDING. TENANT RELEASES TO LANDLORD, AND TO ANY AND ALL ATTORNEYS WHO MAY APPEAR FOR TENANT, ALL PROCEDURAL ERRORS IN ANY
PROCEEDINGS TAKEN BY LANDLORD, WHETHER BY VIRTUE OF THE WARRANTS OF ATTORNEY 

CONTAINED IN THIS LEASE OR NOT, AND ALL LIABILITY THEREFOR.

	
ENCORIUM/PIERREL PEASE INITIAL HERE

     Notwithstanding anything contained in the Lease or this Eighth Amendment to the contrary, in the event that an event of default has not occurred under the Lease at any point during the period between
the Effective Date and the third anniversary of the Relocation Date, upon such third anniversary the monetary confession of judgment remedy set forth in Paragraph 11 above shall be null and void and of no further force and effect but the possessory
confession of judgment remedy also set forth therein shall remain in full force and effect.

     The parties represent and warrant to each other that they have not employed, dealt with or negotiated with any broker or agent with respect to this Eighth Amendment. Each party agrees to indemnify,
defend and hold the other parties harmless from and against any and all demands, actions, loss, damage or liability, including, without limitation, reasonable attorneys' fees, to which the other parties may now or hereafter become subject by reason
of any claim for commission, fee or other compensation to any broker or agent due as a result of the acts of the indemnifying party with respect to this Eighth Amendment.

Article 26 of the Lease is hereby deleted in its entirety and replaced with the following:

     “26. Notices. All notices to be given to either party hereunder shall be in writing and shall be sent to the following
addresses:

If to Landlord:

Glenhardie Partners, LP

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689105-9

955 Chesterbrook Boulevard Suite 120 Chesterbrook, PA 19087-5615 Attention: Property Manager

	 	
with a copy to:

Glenhardie Partners, LP One Pitcairn Plaza 165 Township Line Road Jenkintown, PA 19046

Attn: Director of Property Management

	 	
with a copy to:

Spector Gadon & Rosen, P.C. 1635 Market Street 7th Floor Philadelphia, PA 19103

Attention: Richard L. Canel, Jr., Esquire

If to Encorium pre-relocation:

	 	
Encorium, Inc.

1275 Drummers Lane

Suite 300

Wayne, PA 19087

If to Encorium post-relocation:

Encorium, Inc. c/o Candor Partners 400 Berwyn Park, Suite 115 899 Cassatt Road Berwyn, PA 19312 Attention: Phil Calamia

	
If to Pierrel:

Pierrel Research USA Inc. 1275 Drummers Lane Suite 100 Wayne, PA 19087

	
with a copy to:

	
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689105-9

	 	
Pierrel S.p.A.

Via Alberto Falck 15

Sesto S. Giovanni, (MI) 20099

Italy

Attention: Ing. Canio Mazzaro

Luigi Visani

	 	
and with a copy to:

	 	
Morgan, Lewis & Bockius LLP

1701 Market Street

Philadelphia, PA 19103

Attention: Timothy J. Maxwell, Esq.

     Notices shall be sufficient if sent by registered or certified mail, by hand delivery or by overnight courier service (with receipted proof of delivery). Notices shall be effective on the date of
delivery (if a business day) or the next business day after delivery (if delivery does not occur on a business day). The party to whom notice is to be given may change the address for the giving of notices set forth above by delivering notice of
such change to the other party.

     The parties hereby confirm that Pierrel shall have the right to extend the Term of the Lease for one five (5) year period, provided that Pierrel delivers written notice to Landlord not less than nine
(9) months prior to the Expiration Date, in accordance with and subject to the terms and conditions of Section 12 of the Fourth Amendment.

     The submission by Landlord to Encorium and Pierrel of this Eighth Amendment shall have no binding force or effect, shall not constitute an option for the leasing of the Replacement Premises nor confer
any rights or impose any obligations upon any party until execution thereof by Landlord and the delivery of an executed original copy thereof to Encorium and Pierrel.

     All capitalized terms in this Eighth Amendment not otherwise defined herein shall have the meaning set forth in the Lease. This Eighth Amendment may be signed in counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same agreement, and a facsimile or electronic copy shall be deemed to be as sufficient as an original for all purposes.

     All of the terms, conditions and provisions of the Lease are incorporated herein by reference as fully as though set forth in this Eighth Amendment. For the avoidance of doubt, Landlord and Tenant
agree that the terms and conditions of the IHC Lease Documents are not incorporated herein and are of no further force or effect.

     All of the recitals set forth above are hereby ratified and confirmed by Landlord, Encorium and Pierrel and incorporated herein by reference.

     The individual signing below on behalf of the each party to this Eighth Amendment represents that s/he has the authority and power to bind the party for whom he/she is acting. All 

	
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689105-9

exhibits referred to in this Eighth Amendment are attached hereto and incorporated herein by reference.

     In the event any of the terms of this Eighth Amendment are inconsistent with the terms of the Lease the terms of this Eighth Amendment shall take precedent.

     Landlord, Encorium and Pierrel hereby ratify and confirm the Lease, which, except as specifically modified herein, shall remain in full force and effect unmodified.

	
[Signature Page Follows]

	
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689105-9

     IN WITNESS WHEREOF, the parties hereto have executed this Eighth Amendment to Lease as of the date set forth above.

	
LANDLORD: 
		
 		
ENCORIUM: 
	
	
 
	
	
GLENHARDIE PARTNERS, LP 
		
 		
ENCORIUM GROUP, INC., a Delaware 
	
	
a Delaware limited partnership 
		
 		
corporation 
	
	
 
	
	
By: 
		
 		
Tredyffrin GP, LLC, 
		
 		
By: 
		
 		
  /s/ Philip L. Calamia 
	
	
 
		
 		
a Delaware limited liability company, 
		
 		
 
		
 		
  Name: Philip L. Calamia 
	
	
 
		
 		
its general partner 
		
 		
Title: 
		
 		
Chief Financial Officer 
	
	
By: 
		
 		
/s/ Jennifer Britt Starbuck 
		
 		
 
		
 		
 
	
	
 
		
 		
Name:Jennifer Britt Starbuck 
		
 		
 
		
 		
 
	
	
Title: Vice President, Asset Management 
		
 		
 
		
 		
 
	
	
PIERREL: 
		
 		
 
		
 		
 
	
	
 
	
	
PIERREL RESEARCH USA INC., a 
		
 		
 
		
 		
 
	
	
Pennsylvania corporation 
		
 		
 
		
 		
 
	
	
By: 
		
 		
Luigi Visani 
		
 		
 
		
 		
 
	
	
 
		
 		
Name:Luigi Visani 
		
 		
 
		
 		
 
	
	
 
		
 		
Title: Treasurer and Secretary 
		
 		
 
		
 		
 
	

	
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689105-9

689105-1

DB1/63210342.7

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