Document:

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                                                                EXHIBIT 10.24

                          PLEDGE AND SECURITY AGREEMENT

         THIS PLEDGE AND SECURITY AGREEMENT dated as of April 30, 2002 (the
"Agreement"), made by and between ________ (the "Pledgor") and Transworld
Healthcare, Inc., a New York corporation, as secured party ("TWUS" and in its
capacity as secured party, the "Secured Party").

                              W I T N E S S E T H:

         WHEREAS, the Pledgor has recently been issued (the "Issuance")
______shares (the "Shares") of common stock, par value $0.01 per share, of TWUS.

         WHEREAS, concurrent with the Issuance, the Pledgor, TWUS and Transworld
Healthcare (UK) Limited, a limited company incorporated in England and Wales
("TWUK") are entering into a certain Tax Bonus, Tax Loan and Tax Indemnification
Agreement (the "Indemnification Agreement") pursuant to which TWUS is (i) paying
Pledgor a cash bonus, and (ii) making Pledgor a loan, TWUK is indemnifying
Pledgor for certain United States, New York State and New York City, (as
applicable) income taxes, in each case in connection with income taxes that
become due as a result of the Issuance;

         WHEREAS, the Pledgor, in connection with the loan being provided
pursuant to the Indemnification Agreement, has executed and delivered a
promissory note (the "Promissory Note") of even date herewith to the Secured
Party to evidence such extension of credit, which may be made on the date hereof
and from time to time hereafter; and

         WHEREAS, the parties hereto wish to provide for the assignment and
pledge by the Pledgor to the Secured Party of, among other things, all the
Pledgor's right, title and interest in and to all the Collateral (as defined
below);

         NOW, THEREFORE, in consideration of the promises and of the acceptance
of the Promissory Note by the Secured Party, the parties hereto hereby agree as
follows:

         SECTION 1. DEFINITIONS. For all purposes hereof, capitalized terms used
herein which are not defined herein shall have the meanings set forth in the
Indemnification Agreement unless the context otherwise requires, and the
following capitalized terms used herein shall have the respective following
meanings:

         "Collateral" shall have the meaning specified in Section 2.

         "Lien" shall mean any lien, claim, security interest, pledge or
encumbrance of any nature.

         "Net Proceeds" shall mean the amount realized from the sale or
disposition of any Collateral net of any underwriting fees or brokerage fees or
other similar out-of-pocket expenses paid to third parties in connection with
such sale or disposition.

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         "Obligations" shall mean the unpaid principal amount of the Promissory
Note and all other obligations and liabilities of the Pledgor to the Secured
Party, whether direct or indirect, absolute or contingent, due or to become due,
or now existing or hereafter incurred, which may arise under, out of, or in
connection with, (i) this Agreement, (ii) the Promissory Note, or (iii) the
Indemnification Agreement.

         SECTION 2. GRANT OF SECURITY INTEREST. As collateral security for the
prompt and complete payment and performance when due (whether at the stated
maturity, by acceleration, at a mandatory prepayment date or otherwise) of the
Obligations, now existing or hereafter arising, the Pledgor hereby pledges,
assigns and transfers to the Secured Party, and grants to the Secured Party a
continuing first priority security interest in, any and all of the following
property now owned or at any time hereafter acquired by the Pledgor or in which
the Pledgor may acquire any right, title or interest (collectively, the
"Collateral"):

                  (a) all estate, right, title and interest in the non-qualified
stock options (other than incentive stock options) in Transworld Healthcare,
Inc., a New York corporation, listed in Schedule II, whether held by the Pledgor
directly or indirectly, and all estate, right, title and interest in any stock,
warrants, rights, calls, options, units of partnership interest or other
security or equity interest acquired by the Pledgor upon the exercise of all
stock options (whether non-qualified or otherwise) listed on Schedule II;

                  (b) all certificates and other instruments evidencing any
Collateral referred to in clause (a);

                  (c) any right of a Pledgor to receive distributions of money
or property or both for any reason whatsoever with respect to any Collateral
referred to in clause (a);

                  (d) all other property required to be pledged as Collateral
pursuant to Section 4; and

                  (e) the proceeds of any of the foregoing.

         SECTION 3. REPRESENTATIONS AND WARRANTIES OF DEBTOR. The Pledgor
represents and warrants to the Secured Party as follows:

             3.1. Rights to Collateral.

                  (a) The Pledgor either owns the Collateral or has the right to
grant the security interest to be granted by the Pledgor herein, and none of
such Collateral is subject to any Lien, other than (i) the security interest
established hereunder in favor of the Secured Party; or (ii) as imposed by
applicable federal and state securities laws.

                  (b) No security agreement, financing statement or other public
notice with respect to all or any part of the Collateral is on file or of record
in any public office, except such as may have been filed in favor of the Secured
Party pursuant to this Agreement.

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             3.2. Authority to Pledge.

                  (a) The execution, delivery and performance by the Pledgor of
this Agreement will not constitute or result in a breach or default under or
conflict with any order, ruling or regulation of any court or other tribunal or
of any governmental commission or agency, or any agreement or other undertaking,
to which the Pledgor is a party or by which the Pledgor is bound.

                  (b) The Pledgor's signatures on this Agreement and the
Promissory Note are genuine and the Pledgor has the legal competence and
capacity to execute the same.

                  (c) This Agreement constitutes a legal, valid and binding
obligation of the Pledgor, enforceable in accordance with its terms.

                  (d) The Pledgor's interest in the Collateral has not been
assigned, transferred or in any way encumbered.

             3.3. Pledge of Collateral.

                  (a) The Pledgor has delivered all certificates or instruments,
if any, representing or evidencing any Collateral to the Secured Party in
suitable form for transfer or delivery, or accompanied by duly executed
instruments of transfer or assignment, to be held subject to this Agreement or
has otherwise caused the Secured Party's security interest in the Collateral to
be perfected in accordance with the UCC.

                  (b) To the extent within his control, the Pledgor has taken,
and will take at the Secured Party's request, all such actions to enable the
Secured Party to obtain a perfected security interest in the Collateral, with
priority over all Liens, including, without limitation, cooperating with the
Secured Party in the filing of UCC-1 Financing Statements with respect to such
Collateral in all necessary jurisdictions.

             3.4. Pledgor's Address

                  (a) The Pledgor's principal address is set forth on Schedule I
attached hereto.

                  (b) The Pledgor will notify the Secured Party in writing of
any change in the information listed on Schedule I at least 30 days prior to the
effective date thereof.

         SECTION 4. COVENANTS.

             4.1. Obtaining and Preserving the Security Interest. The Pledgor
agrees that he will execute, acknowledge, and, if necessary, deliver and cause
to be recorded or filed, from time to time, such financing statements,
continuation statements, documents or instruments, or take any other action
necessary or appropriate or reasonably requested by the Secured Party, to
create, preserve, perfect and continue perfected the security interest granted
hereby or to enable the

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Secured Party to exercise and enforce its rights hereunder and will cause to be
promptly and duly taken, executed, acknowledged or delivered all such further
acts, conveyances documents and assurances as the secured party may reasonably
request in order more effectively to carryout the intent and purposes of this
Agreement. The Pledgor also hereby authorizes the Secured Party to file, at the
expense of the Secured Party, any such financing or continuation statement
without the signature of the Pledgor to the extent permitted by applicable law.
The Pledgor and the Secured Party agree that a carbon, photographic or other
reproduction of this Agreement or a financing statement is sufficient as a
financing statement. If any amount payable under or in connection with any of
the Collateral shall be or become evidenced by any certificate, promissory note,
other instrument or chattel paper, such certificate, promissory note, instrument
or chattel paper shall be immediately delivered to the Secured Party (or
retained by the Secured Party, if applicable), duly endorsed in a manner
satisfactory to the Secured Party, to be held as Collateral pursuant to this
Agreement.

             4.2. Preservation of Collateral. The Pledgor covenants to the
Secured Party that it will: (i) not create, incur or suffer to exist, and will
defend the Collateral against, any Lien on or to the Collateral, other than the
Liens created hereby or consented to by the Secured Party pursuant to Section
3.1, and take such other action as is necessary to remove any such lien, (ii)
defend the right title and interest of the Secured Party in and to any of the
Collateral against the claims and demands of all persons whomsoever and (iii)
pay promptly when due all taxes, assessments and governmental charges or levies
imposed upon, and all claims against, the Collateral, except to the extent the
validity thereof is being contested in good faith; provided that Pledgor shall
in any event pay such taxes, assessments, charges, levies or claims not later
than five days prior to the date of any proposed sale under any judgment, writ
or warrant of attachment entered or filed against Pledgor or any of the
Collateral as a result of the failure to make such payment.

             4.3. After Acquired Collateral. The Pledgor hereby agrees,
immediately upon the acquisition thereof, to pledge, assign, transfer and
deliver to the Secured Party, pursuant to this Agreement any and all additional
items of Collateral hereafter acquired by it, directly or indirectly. The
Pledgor agrees that any such additional Collateral (and the proceeds therefrom)
shall thereafter be included in the definition of Collateral for all purposes
hereunder and shall be subject to the security interest granted herein, and the
Pledgor shall deliver to the Secured Party immediately upon receipt any
certificates or instruments evidencing the ownership of such additional item of
Collateral received by it (or the Secured Party may retain any such certificates
or instruments which are issued or prepared by or on behalf of the Secured
Party), duly endorsed in blank or accompanied by proper instruments of transfer
or assignment, and take such other action as may be necessary for the Secured
Party to obtain a security interest in such Collateral. Without limitation of
the foregoing if the Pledgor shall, as a result of its ownership of any
Collateral, become entitled to receive or shall receive any stock certificate
(including any certificate representing a stock divided or a distribution in
connection with any reclassification, increase or reduction of capital or any
certificate issued in connection with any reorganization), option or rights,
whether in addition to, in substitution of, as a conversion of, upon exercise
of, or in exchange for any of the Collateral, or otherwise in respect thereof,
the Pledgor shall accept the same as the agent of the Secured Party, hold the
same in trust for the Secured Party and deliver the same forthwith to the
Secured Party in the exact form received, duly endorsed by the Pledgor

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to the Secured Party, if required, together with an undated stock power covering
such certificate, option or right duly executed in blank by the Pledgor and
with, if the Secured Party so requires, signature guaranteed, to be held by the
Secured Party, subject the terms hereof, as additional Collateral.

             4.4. Transfer of Collateral. The Pledgor hereby agrees not to sell,
assign, transfer, dispose of, grant any option with respect to, mortgage, pledge
(except pursuant to this Agreement) or otherwise encumber any part of the
Collateral without the prior written consent of the Secured Party.

             4.5. Payment of Obligations. The Pledgor hereby covenants and
agrees to pay or perform, as the case may be, each of the Obligations as and
when due.

         SECTION 5. POWER OF ATTORNEY. The Pledgor hereby unconditionally and
irrevocably appoints and constitutes the Secured Party (and each person
designated by the Secured Party) the true and lawful agent and attorney-in-fact
of the Pledgor, with full power (in the name of the Pledgor or otherwise):

                  (a) to ask, require, demand, receive, compound and give
acquittance for any and all moneys and claims for moneys due and to become due
that are part of the Collateral,

                  (b) to endorse any checks or other instruments or orders
related to the Collateral,

                  (c) to execute and file on behalf of the Pledgor one or more
UCC- I financing statements or any other document or instrument deemed by the
Secured Party from time to time necessary or advisable to create, preserve,
perfect and continue perfected the Secured Party's security interest granted
hereunder,

                  (d) to direct TWUK or TWUS or any other party holding a
certificate or other instrument evidencing the Pledgor's ownership of any
Collateral to deliver any such certificate or other instrument to the Secured
Party as pledgee of the Pledgor,

                  (e) to transfer to the Secured Party, upon the occurrence and
continuance of an Event of Default (as defined in Section 7 below), the
Collateral, including, without limitation, to endorse any certificate or other
instrument evidencing ownership of the Collateral owned by the Pledgor to stand
in the name of the Secured Party or its nominee, and to instruct TWUK or TWUS or
any other party holding a certificate or other instrument evidencing the
Pledgor's ownership of any Collateral to record such transfer upon the official
records (including the transfer register) of such entity,

                  (f) to commence and prosecute any suits, actions or
proceedings at law or in equity in any court of competent jurisdiction to
collect the Collateral or any part thereof and to enforce any other right in
respect of the Collateral,

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                  (g) to defend any suit, action or proceeding brought against
the Pledgor with respect to the Collateral; and

                  (h) perform such other acts as are necessary to preserve and
protect the Collateral and the rights, power and remedies granted with respect
to such Collateral by this Agreement.

         SECTION 6. CARE OF COLLATERAL; NO DUTY ON SECURED PARTY'S PART. The
Secured Party shall exercise reasonable care in the custody and preservation of
the Collateral. However, the Secured Party shall have no obligation to (i)
initiate any action with respect to, or otherwise inform Pledgor of, any
conversion, call, exchange right, preemptive right, subscription right, purchase
offer or other right or privilege relating to or affecting the Collateral, (ii)
preserve the rights of Pledgor against adverse claims or protect the Collateral
against the possibility of a decline in market value or (iii) take any action
with respect to the Collateral requested by Pledgor unless the request is made
in writing and the Secured Party determines that the requested action will not
jeopardize the value of the Collateral as security for the Promissory Note. The
powers conferred on the Secured Party hereunder are solely to protect the
Secured Party's interests in the Collateral and shall not impose any duty upon
it to exercise any such powers. The Secured Party shall be accountable only for
amounts that it actually receives as a result of the exercise of such powers,
and neither it nor any of its officers, directors, employees or agents shall be
responsible to the Pledgor for any act or failure to act hereunder, except for
its or their gross negligence or willful misconduct.

         SECTION 7. EVENTS OF DEFAULT. If an Event of Default (as defined
herein) shall occur and be continuing whether such occurrences shall be
voluntary or involuntary, or come about or be effected by operation of law or
pursuant to or in compliance with any judgment, decree or order of any court or
any order, rule or regulation of any administrative or governmental body, then,
and in any such event, (A) if such event is an Event of Default specified in
clause (i) or (ii) of paragraph (f) below all unpaid Obligations shall
immediately become due and payable, or (B) if such event is any other Event of
Default, the Secured Party may, at any time thereafter at its option, declare
the Obligations to be due and payable, whereupon the same shall forthwith become
due and payable, together with interest (including additional interest, if any)
accrued thereon, without presentment, demand, protest or notice of any kind
whatsoever, all of which are hereby expressly waived by the Pledgor.

         For the purposes of this Agreement, the occurrence of any of the
following events shall constitute an "Event of Default":

                  (a) the Pledgor shall default, which default shall continue
unremedied for a period of 15 days after receipt of written notice from the
Secured Party to the Pledgor of such default, in the due and punctual payment of
the amounts due pursuant to the Promissory Note (whether at maturity or on a
date on which any payment or prepayment is due or by acceleration, declaration,
demand or otherwise) or the Indemnification Agreement;

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                  (b) the Pledgor shall default in the due performance and
observance by it of any Obligation, other than as specified in paragraph (a)
above, and any such default shall continue for more than 30 days after receipt
of written notice from the Secured Party to the Pledgor of such default;

                  (c) the Secured Party determines that the representation,
statement, certificate or warranty contained in Section 3.1 or 3.2 hereof was
false when made or furnished;

                  (d) (i) this Agreement shall cease, for any reason other than
termination in accordance with its terms, to be in full force and effect, in any
material respect, or (ii) the security interest created by this Agreement shall
cease to be enforceable and of the same effect and priority purported to be
created hereby for any reason other than a release by the Secured Party and any
such deficiency shall not have been curred within 30 days after receipt of
written notice from the Secured Party to the Pledgor of such default;

                  (e) the Pledgor breaches any covenant contained in Section 4
hereof (other than as described in (a) above), and such breach shall continue
unremedied for a period of 30 days after receipt of written notice from the
Secured Party to the Pledgor of such default;

                  (f) (i) the Pledgor shall commence any case, proceeding or
other action (A) under any existing or future law of any jurisdiction, domestic
or foreign, relating to bankruptcy, insolvency, reorganization or relief of
debtors, seeking to have an order for relief entered with respect to it, or
seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization,
arrangement, adjustment, winding-up, liquidation, dissolution, composition or
other relief with respect to it or its debts, or (B) seeking appointment of a
receiver, trustee, custodian or other similar official for it or for all or any
substantial part of his assets, or the Pledgor shall make a general assignment
for the benefit of his creditors; or (ii) there shall be commenced against the
Pledgor any case, proceeding or other action of a nature referred to in clause
(i) above which (A) results in the entry of an order for relief or any such
adjudication or appointment or (B) remains undismissed, undischarged or unbonded
for a period of 60 days; or (iii) there shall be commenced against the Pledgor
any case, proceeding or other action seeking issuance of a warrant of
attachment, execution, distraint or similar process against all or any
substantial part of its assets which results in the entry of an order for any
such relief which shall not have been vacated, discharged, or stayed or bonded
pending appeal within 60 days from the entry thereof; or (iv) the Pledgor shall
take any action in furtherance of, or indicating his consent to, approval of, or
acquiescence in, any of the acts set forth in clause (i), (ii), or (iii) above;
or (v) the Pledgor shall generally not, or shall be unable to, or shall admit in
writing his inability to, pay his debts as they become due; or

                  (g) the Pledgor shall default in the due performance and
observance by him of his covenants, obligations, and liabilities contained in
Section 5 of the Indemnification Agreement.

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         SECTION 8. REMEDIES.

             8.1. Rights Upon Default.

                  (a) If an Event of Default shall occur and be continuing, the
Secured Party may exercise, in addition to all other rights and remedies granted
to it in this Agreement and in any other instrument or agreement securing,
evidencing or relating to the Obligations, all rights and remedies of a secured
party under the Uniform Commercial Code (the "Code") as in effect from time to
time in the applicable jurisdiction. Without limiting the generality of the
foregoing, the Secured Party, without demand of performance or other demand,
presentment, protest, advertisement or notice of any kind (except the notice
specified below of time and place of public or private sale) to or upon the
Pledgor or any other person (all and each of which demands, presentment,
protest, advertisements and notices are hereby waived), may in such
circumstances forthwith collect, receive, appropriate and realize upon the
Collateral, or any part thereof, and/or may forthwith sell, lease, assign, give
option or options to purchase, or otherwise dispose of and deliver said
Collateral or any part thereof (or contract to do any of the foregoing), in one
or more parcels at public or private sale or sales, at any exchange, broker's
board or office of the Secured Party or elsewhere upon such terms and conditions
as it may deem advisable and at such prices as it may deem best, for cash or on
credit or for future delivery without assumption of any credit risk. The Secured
Party shall have the right upon any such public sale or sales, and, to the
extent permitted by law, upon any such private sale or sales, to purchase the
whole or any part of said Collateral so sold, free of any right or equity of
redemption in the Pledgor, which right or equity is hereby waived or released.
The Pledgor further agrees, at the Secured Party's request, to assemble the
Collateral and make it available to the Secured Party at places which the
Secured Party shall reasonably select, whether at the Pledgor's premises or
elsewhere. The Secured Party shall apply the net proceeds of any such
collection, recovery, receipt, appropriation, realization or sale, after
deducting all reasonable costs and expenses of every kind incurred therein or
incidental to the care or safekeeping of any of the Collateral or in any way
relating to the Collateral or the rights of the Secured Party hereunder,
including, without limitation, attorneys' fees and disbursements, to the payment
in whole or in part of the Obligations, in such order as the Secured Party may
elect, and only after such application and payment in full of the Obligations
and after the payment by the Secured Party of any other amount required by any
provision of law need the Secured Party account for the surplus, if any, to the
Pledgor. To the extent permitted by applicable law, the Pledgor waives all
claims, damages, and demands against the Secured Party arising out of the
repossession, retention or sale of the Collateral. If any notice of a proposed
sale or disposition of Collateral shall be required by law, such notice shall be
deemed reasonably and properly given if given (effective upon dispatch) in any
manner provided in this Agreement at least ten days before such sale or
disposition.

                  (b) If an Event of Default shall occur and be continuing, the
Secured Party may (but need not), upon notice to the Pledgor, exercise all
voting and other rights of the Pledgor as a holder of the Collateral and the
Secured Party shall receive all permitted dividends and distributions, if any,
made for the account of the Pledgor as a holder of the Collateral.

                  (c) Regardless of the adequacy of any Collateral, during the
continuance of any Event of Default, any sums due from Secured Party or TWUK
under any employment, consulting, severance, non-competition or similar
agreement, including without

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limitation that certain employment agreement between TWUS and Employee dated
September 24, 2001, as the same may be amended, replaced, supplemented or
augmented from time to time, (all of the aforementioned, "Compensation
Agreements") may be, on an after-tax basis applied to or set off against any
obligations of Employee to Secured Party under this Agreement, the Promissory
Note or the Indemnification Agreement. The parties hereto acknowledge and agree
that to the extent there exist or are determined to exist inconsistencies
between the terms and provisions of any Compensation Agreement and this
Agreement, the terms and provisions of this Agreement shall control.

             8.2. No Waiver, Cumulative Remedies. The Secured Party shall not by
any act (except pursuant to the execution of a written instrument pursuant to
Section 12 hereof), delay, indulgence, omission or otherwise be deemed to have
waived any right or remedy hereunder or to have acquiesced in any Event of
Default or in any breach of any of the terms and conditions hereof. No failure
to exercise, nor any delay in exercising, on the part of the Secured Party, any
right, power or privilege hereunder or under the Promissory Note shall operate
as a waiver thereof. No single or partial exercise of any right, power or
privilege hereunder or under the Promissory Note shall preclude any other or
further exercise thereof or the exercise of any other right, power or privilege.
A waiver by the Secured Party of any right or remedy hereunder or under the
Promissory Note on any one occasion shall not be construed as a bar to any right
or remedy which the Secured Party would otherwise have on any future occasion.
Each right, power and remedy of the Secured Party provided herein or in the
Promissory Note or now or hereafter existing at law or in equity or by statute
or otherwise shall be cumulative and concurrent and shall be in addition to
every other right, power or remedy provided for herein or in the Promissory Note
or now or hereafter existing at law or in equity or by statute or otherwise. In
addition to all other rights, powers and remedies, the Secured Party shall have
the rights, powers and remedies of a secured party under the Code.

         SECTION 9. VOTING RIGHTS. So long as no Event of Default shall have
occurred and be continuing, Pledgor may exercise all stockholder voting rights
pertaining to the Collateral.

         SECTION 10. POWERS COUPLED WITH AN INTEREST. All authorizations and
agencies herein contained with respect to the Collateral are irrevocable and
powers coupled with an interest.

         SECTION 11. NOTICES. All notices and other communications hereunder and
under the Promissory Note shall be in writing and delivered, telecopied, or
mailed (certified mail, return receipt requested, postage prepaid) to:

                  (a) if to the Pledgor, at the Pledgor's principal address as
set forth on Schedule I hereto;

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                  (b) if to the Secured Party, at:

                                    555 Madison Avenue
                                    30th Floor
                                    New York, NY  10022
                                    Facsimile:  (212) 750-7221
                                    Attention:  Chief Executive Officer

Notices and other communications hereunder and under the Promissory Note may
also be given to a Pledgor or the Secured Party at such other address as such
Pledgor or the Secured Party shall notify the other parties hereto from time to
time. Each such notice or other communication shall be effective (i) if given by
telecommunication, when transmitted to the applicable number specified above and
a verification of receipt is received, (ii) if given by mail to the applicable
address specified above, return receipt requested, upon receipt or refusal
thereof or (iii) if given by any other means, when actually delivered at the
applicable address specified above.

         SECTION 12. MODIFICATIONS. No amendment, modification, termination,
discharge or waiver of any provision of this Agreement shall be effective unless
the same shall be set forth in writing and signed by the Secured Party and the
Pledgor, and then only to the extent specifically set forth therein.

         SECTION 13. SEVERABILITY. If any provision of this Agreement is invalid
or unenforceable under any applicable law, then such provision shall be deemed
inoperative to the extent that it may conflict therewith and shall be deemed
modified to conform with such applicable law. Any provision hereof which may be
held invalid or unenforceable under any applicable law shall not affect the
validity or enforceability of any other provision hereof, and to this extent the
provisions hereof shall be severable.

         SECTION 14. GOVERNING LAW. The rights and liabilities of the parties
hereto shall be determined in accordance with the laws of the state of New York,
without regard to conflict of law principles.

         SECTION 15. TERM OF AGREEMENT; RELEASE. This Agreement shall remain in
full force and effect until all of the Obligations are paid in full. Until the
Promissory Note and all other Obligations have been indefeasibly paid in full
(i) this Agreement shall be deemed to impose a claim against the Collateral with
full force and effect as set forth herein, and (ii) the Secured Party shall be
entitled to hold, and shall hold, all certificates and other instruments
evidencing the Pledgor's ownership of the Collateral and the Pledgor hereby
authorizes and directs TWUK, TWUS and any other party holding a certificate or
other instrument evidencing the Pledgor's ownership of any Collateral to deliver
any such certificate or instrument to the Secured Party for such purpose. At
such time as the Pledgor has made all payments in full of the Obligations as and
when due, the Secured Party shall release the Pledgor from this Agreement and
shall execute and deliver all documents and instruments required for such
release.

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         SECTION 16. SUCCESSORS AND ASSIGNS. If a successor to the Secured Party
shall be designated by the Secured Party, such successor shall automatically be
substituted for the Secured Party hereunder and shall thereupon succeed to all
the rights, powers and remedies granted the Secured Party hereunder. This
Agreement shall be binding on the Pledgor and its heirs, executors,
administrators, successors and assigns and shall inure to the benefit of the
Secured Party and its successors and assigns. This Agreement may not be assigned
by the Pledgor without the prior written consent of the Secured Party and may be
assigned by the Secured Party without the consent of the Pledgor.

         SECTION 17. RECOURSE. The obligations of the Pledgor under this
Agreement and the Promissory Note, are personal obligations of the Pledgor, and
the Secured Party shall have recourse to the Pledgor and his property for
payment, satisfaction, or discharge of such obligations.

         SECTION 18. SIGNATURES. This Agreement may be executed in one or more
counterparts each of which shall constitute an original, but all of which shall
constitute one and the same instrument.

         SECTION 19. CONSTRUCTION. Captions and headings are for convenience
only, are not a part of, and shall not be used to construe any provision of,
this Agreement. For purposes of this Agreement, the masculine shall be deemed to
include the feminine and the singular shall be deemed to include the plural,
where the context indicates.

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         IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the date first above written.

                                      PLEDGOR:

                                          -------------------------------------
                                          [PLEDGOR]

                                      SECURED PARTY:

                                      TRANSWORLD HEALTHCARE, INC.

                                      By:
                                         --------------------------------------
                                         Name:
                                         Title:<PAGE>

                                                                   EXHIBIT 10.25

                          REGISTRATION RIGHTS AGREEMENT

         This REGISTRATION RIGHTS AGREEMENT (this "Agreement") is made as of
April 30, 2002 among Transworld Healthcare, Inc., a New York corporation (the
"Company"), Timothy M. Aitken and Sarah L. Eames (together, the "Holders," and
each individually, a "Holder").

                                    RECITALS:

         The Holders were issued Common Shares by the Company on April 22, 2002
(the "Issuance");

         NOW, THEREFORE, in consideration of the foregoing, the parties agree as
follows:

         1. Definitions: For purposes of this Agreement:

              (a) "Acquisition Agreement" has the meaning set forth in the
Recitals hereto.

              (b) "Common Shares" means shares of common stock, par value $.01
per share, of the Company.

              (c) "Exchange Act" means the Securities Exchange Act of 1934, as
amended.

              (d) "Form S-3" means such form under the Securities Act as in
effect on the date hereof or any registration form under the Securities Act
subsequently adopted by the SEC which permits inclusion or incorporation of
substantial information by reference to other documents filed by the Company
with the SEC.

              (e) "Holder" means any Person owning or having the right to
acquire Registrable Securities, or any assignee thereof in accordance with
Section 11.

              (f) "Initiating Holders" means the Holder(s) initiating a
registration request under Section 2.

              (g) "majority in interest of the Initiating Holders" means
Initiating Holders holding a majority of the Registrable Securities held by all
Initiating Holders.

              (h) "Person" means any individual, partnership, joint venture,
corporation, association, trust or any other entity or organization.

              (i) "Qualifying Request" means a request from a Holder or Holders
that in the aggregate possess at least fifty percent (50%) of the Registrable
Securities outstanding as of the date of such request.

<PAGE>

              (j) "Register," "registered," and "registration" refer to a
registration effected by preparing and filing a registration statement or
similar document in compliance with the Securities Act, and the declaration or
ordering of effectiveness of such registration statement or document.

              (k) "Registrable Securities" means (1) any Common Shares acquired
by the Holder in question in the Issuance, and (2) any Common Shares issued as
(or issuable upon the conversion or exercise of any warrant, right or other
security which is issued as) a dividend or other distribution with respect to,
or in exchange for or in replacement of, or upon conversion of, such Common
Shares; except, in the case of (1) or (2), (a) Common Shares for which a
registration statement relating to the resale thereof by the Holder thereof
shall have become effective under the Securities Act and which have been
disposed of under such registration statement, (b) Common Shares actually sold
pursuant to Rule 144 and (c) Common Shares eligible for sale pursuant to Rule
144(k) (or any successor).

              (l) The number of shares of "Registrable Securities then
outstanding" shall be determined by the number of Common Shares outstanding that
are Registrable Securities.

              (m) "SEC" means the Securities and Exchange Commission.

              (n) "Securities Act" means the Securities Act of 1933, as amended.

              (o) "Violation" means any of the following statements, omissions
or violations: (i) any untrue statement or alleged untrue statement of a
material fact contained in a registration statement under this Agreement,
including any preliminary prospectus or final prospectus contained therein or
any amendments or supplements thereto or any documents filed under state
securities or "blue sky" laws in connection therewith, (ii) the omission or
alleged omission to state therein a material fact required to be stated therein,
or necessary to make the statements therein not misleading, or (iii) any
violation or alleged violation by the Company of the Securities Act, the
Exchange Act, any state securities law or any rule or regulation promulgated
under the Securities Act, the Exchange Act or any state securities law.

         2. Request for Registration.

              (a) If the Company shall receive a written Qualifying Request that
the Company file a registration statement under the Securities Act, then the
Company shall, within ten (10) days of the receipt thereof, give written notice
of such request to all Holders and shall, subject to the limitations of Section
2(b) below, use its best efforts to effect as soon as practicable, and in any
event within sixty (60) days of the receipt of such request, the registration
under the Securities Act of all Registrable Securities which the Holders request
to be registered within twenty (20) days of the mailing of such notice by the
Company in accordance with Section 19 below.

              (b) If Initiating Holders intend to distribute the Registrable
Securities covered by their request by means of an underwriting, they shall so
advise the Company as a part of their request made pursuant to this Section 2
and the Company shall include such information in the written notice referred to
in Section 2(a). In such event, the right of any Holder to include such Holder's
Registrable Securities in such registration shall be conditioned upon such
Holder's

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<PAGE>

participation in such underwriting and the inclusion of such Holder's
Registrable Securities in the underwriting (unless otherwise mutually agreed by
a majority in interest of the Initiating Holders and such Holder) to the extent
provided herein. A majority in interest of the Initiating Holders shall, after
consultation with the Board of Directors of the Company, select the managing
underwriter or underwriters in such underwriting, such underwriter(s) to be
reasonably satisfactory to the Company. All Holders proposing to distribute
their securities through such underwriting shall (together with the Company as
provided in Section 4(f)) enter into an underwriting agreement in customary form
with the underwriter or underwriters so selected for such underwriting by a
majority in interest of the Initiating Holders; provided, however, that no such
Holder shall be required to make any representations or warranties except as
they relate to such Holder's ownership of shares and authority to enter into the
underwriting agreement and to such Holder's intended method of distribution, and
the liability of such Holder shall be limited to an amount equal to the net
proceeds from the offering received by such Holder. Notwithstanding any other
provision of this Section 2, if the underwriter advises the Initiating Holders
in writing that marketing factors require a limitation of the number of shares
to be underwritten, then the Initiating Holders shall so advise the Company and
the Company shall so advise all Holders of Registrable Securities which would
otherwise be underwritten pursuant hereto, and the number of shares of
Registrable Securities that may be included in the underwriting shall be
allocated among all Holders thereof, including the Initiating Holders, in
proportion (as nearly as practicable) to the amount of Registrable Securities of
the Company owned by each such Holder.

              (c) The Company shall be obligated to effect only three (3)
registrations pursuant to this Section 2 (except as otherwise provided in
Section 6 hereof, registrations which are not consummated shall not be counted
for this purpose); provided, however, that the Company shall be obligated to
effect as many registrations as may be requested by Holders in the event and so
long as a registration pursuant to Form S-3 or any similar "short-form"
registration statement is available. Any Qualifying Request made after three (3)
registrations have been consummated pursuant to this Section 2 shall cover
Registrable Securities which, together with other securities of the Company
entitled to inclusion in such registration, are proposed to be sold at an
aggregate price to the public of not less than one million dollars ($1,000,000).
The Company shall not be obligated to effect more than two (2) registrations
pursuant to this Section 2 in any twelve (12) month period.

              (d) Notwithstanding the foregoing, if the Company shall furnish to
Holders requesting a registration statement pursuant to this Section 2, a
certificate signed by the President of the Company stating that in the good
faith judgment of the Board of Directors of the Company, it would be seriously
detrimental to the Company and its shareholders for such registration statement
to be filed by reason of a material pending transaction and it is therefore
essential to defer the filing of such registration statement, the Company shall
have the right to defer such filing for a period of not more than ninety (90)
days after receipt of the request of the Initiating Holders; provided, however,
that the Company may not utilize this right more than once in any twelve (12)
month period.

         3. Company Registration. If (but without any obligation to do so) the
Company proposes to register (including for this purpose a registration effected
by the Company for shareholders other than the Holders) any of its stock or
other securities under the Securities Act in connection with the public offering
of such securities solely for cash (other than a registration

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<PAGE>

on Form S-8 relating solely to the sale of securities to participants in a
Company stock plan or to other compensatory arrangements to the extent
includable on Form S-8, or a registration on Form S-4), the Company shall, at
such time, promptly give each Holder written notice of such registration. Upon
the written request of each Holder given within twenty (20) days after mailing
of such notice by the Company in accordance with Section 19, the Company shall,
subject to the provisions of Section 8, use its best efforts to cause to be
registered under the Securities Act all of the Registrable Securities that each
such Holder has requested to be registered. The Company shall have no obligation
under this Section 3 to make any offering of its securities, or to complete an
offering of its securities that it proposes to make, and shall incur no
liability to any Holder for its failure to do so.

         4. Obligations of the Company. Whenever required under this Agreement
to effect the registration of any Registrable Securities, the Company shall, as
expeditiously as reasonably possible:

              (a) Prepare and file with the SEC a registration statement with
respect to such Registrable Securities and use its best efforts to cause such
registration statement to become effective, and, upon the request of the Holders
of a majority of the Registrable Securities being registered thereunder, keep
such registration statement effective for up to one hundred twenty (120) days or
until the Holders have completed the distribution referred to in such
registration statement, whichever occurs first (but in any event for at least
any period required under the Securities Act); provided that before filing such
registration statement or any amendments thereto, the Company will furnish to
the Holders copies of all such documents proposed to be filed.

              (b) Prepare and file with the SEC such amendments and supplements
to such registration statement and the prospectus used in connection with such
registration statement as may be necessary to comply with the provisions of the
Securities Act with respect to the disposition of all securities covered by such
registration statement.

              (c) Furnish to the Holders such number of copies of such
registration statement and of each amendment and supplement thereto (in each
case including all exhibits), such number of copies of the prospectus contained
in such registration statement (including each preliminary prospectus and any
summary prospectus) and any other prospectus filed under Rule 424 under the
Securities Act, in conformity with the requirements of the Securities Act, and
such other documents as Holders may reasonably request in order to facilitate
the disposition of Registrable Securities owned by them.

              (d) Use diligent efforts to register and qualify the securities
covered by such registration statement under such other securities or "blue sky"
laws of such states or jurisdictions as shall be reasonably requested by the
Holders, provided that the Company shall not be required in connection therewith
or as a condition thereto (i) to qualify to do business in any state or
jurisdiction where it would not otherwise be required to qualify but for the
requirements of this clause (d), or (ii) to file a general consent to service of
process in any such state or jurisdiction.

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<PAGE>

              (e) Use diligent efforts to cause all Registrable Securities
covered by such registration statement to be registered with or approved by such
other governmental agencies or authorities as may be necessary by virtue of the
Company's business or operations to enable the seller or sellers thereof to
consummate the disposition of such Registrable Securities.

              (f) In the event of any underwritten public offering, enter into
and perform its obligations under an underwriting agreement, in usual and
customary form, with the managing underwriter of such offering.

              (g) Notify each Holder of Registrable Securities covered by such
registration statement at any time when a prospectus relating thereto is
required to be delivered under the Securities Act of the happening of any event
as a result of which the prospectus included in such registration statement, as
then in effect, includes an untrue statement of a material fact or omits to
state a material fact required to be stated therein or necessary to make the
statements therein not misleading into the light of the circumstances then
existing.

              (h) Notify each Holder of Registrable Securities covered by such
registration statement and such Holder's underwriters, if any, and confirm such
advice in writing: (i) when the registration statement has become effective,
(ii) when any post-effective amendment to the registration statement becomes
effective and (iii) of any request by the SEC for any amendment or supplement to
the registration statement or prospectus for additional information.

              (i) Notify each Holder of Registrable Securities if at any time
the SEC should institute or threaten to institute any proceedings for the
purpose of issuing, or should issue, a stop order suspending the effectiveness
of the Registration Statement. Upon the occurrence of any of the events
mentioned in the preceding sentence, the Company will use diligent efforts to
prevent the issuance of any such stop order or to obtain the withdrawal thereof
as soon as possible. The Company will advise each Holder of Registrable
Securities promptly of any order or communication of any public board or body
addressed to the Company suspending or threatening to suspend the qualification
of any Registrable Securities for sale in any jurisdiction.

              (j) Furnish, at the request of any Holder requesting registration
of Registrable Securities pursuant to this Agreement, (i) on the date that such
Registrable Securities are delivered to the underwriters for sale in connection
with a registration pursuant to this Agreement, if such securities are being
sold through underwriters, or, if such securities are not being sold through
underwriters, on the date that the registration statement with respect to such
securities becomes effective, an opinion, dated such date, of counsel to the
Company in form and substance as is customarily given to underwriters in an
underwritten public offering, addressed to the underwriters, if any, and to the
Holders requesting registration of Registrable Securities and (ii) on the date
that the registration statement with respect to such securities becomes
effective, a "comfort" letter dated such date, from the independent certified
public accountants of the Company, in form and substance as is customarily given
by independent certified public accountants to underwriters in an underwritten
public offering, addressed to the underwriters, if any, and to the Holders
requesting registration of Registrable Securities, and, if such securities are
being sold through underwriters, a reaffirmation of such letter on the date that
such Registrable Securities are delivered to the underwriters for sale.

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<PAGE>

              (k) As soon as practicable after the effective date of the
registration statement, and in any event within sixteen (16) months thereafter,
have "made generally available to its security holders" (within the meaning of
Rule 158 under the Securities Act) an earnings statement (which need not be
audited) covering a period of at least twelve (12) months beginning after the
effective date of the registration statement and otherwise complying with
Section 11(a) of the Securities Act.

         5. Furnish Information. It shall be a condition precedent to the
obligations of the Company to take any action pursuant to this Agreement with
respect to the Registrable Securities of any selling Holder that such Holder
shall furnish to the Company such information regarding itself, the Registrable
Securities held by it, and the intended method of disposition of such securities
as shall be required to effect the registration of such Holder's Registrable
Securities. If any registration statement or comparable statement under the
Securities Act refers to any of the Holders or any of its affiliates, by name or
otherwise, as the holder of any securities of the Company then, unless counsel
to the Company advises the Company that the Securities Act requires that such
reference be included in any such statement, each such Holder shall have the
right to require the deletion of such reference to itself and its affiliates.

         6. Expenses of Demand Registration. All expenses, other than
underwriting discounts and commissions, incurred in connection with
registrations, filings or qualifications pursuant to Section 2, including
without limitation all registration, filing and qualification fees, printers'
and accounting fees, fees and disbursements of counsel for the Company, and the
reasonable fees and disbursements of one counsel (selected by the Holders of a
majority of the Registrable Securities being registered) for the selling Holders
shall be borne by the Company; provided, however, that the Company shall not be
required to bear such expenses in connection with any registration begun
pursuant to Section 2 if the registration request subsequently is withdrawn at
the request of the Holders of a majority of Registrable Securities to be
registered (in which case all participating Holders shall bear such expenses pro
rata), unless the Holders of a majority of Registrable Securities then
outstanding agree to forfeit one (1) demand registration pursuant to Section 2;
provided, further, however, that if at the time of such withdrawal, (a) the
Holders have learned of a material adverse change in the condition (financial or
otherwise), business or prospects of the Company from that known to the Holders
at the time of their request or (b) there has occurred a material adverse change
in marketing factors related to the sale of Registrable Securities to the public
from those existing at the time of the Holders' request, then the Holders shall
not be required to pay any such expenses and shall retain their rights pursuant
to Section 2.

         7. Expenses of Company Registration. The Company shall bear and pay all
expenses incurred in connection with any registration, filing or qualification
of Registrable Securities with respect to the registrations pursuant to Section
3 for each Holder, including without limitation all registration, filing and
qualification fees, printers' and accounting fees relating or apportionable
thereto and the fees and disbursements of one counsel for the selling Holders
(selected by the Holders of a majority of the Registrable Securities being
registered), but excluding underwriting discounts and commissions relating to
Registrable Securities.

         8. Underwriting Requirements. In connection with any offering involving
an underwriting of shares being issued by the Company, the Company shall not be
required under

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Section 3 to include any of the Holders' securities in such underwriting unless
they accept the terms of the underwriting as agreed upon between the Company and
the underwriters selected by it, and then only in such quantity as will not, in
the opinion of the underwriters, jeopardize the success of the offering by the
Company; provided, however, that no Holder participating in such underwriting
shall be required to make any representations or warranties except as they
relate to such Holder's ownership of shares and authority to enter into the
underwriting agreement and to such Holder's intended method of distribution, and
the liability of such Holder shall be limited to an amount equal to the net
proceeds from the offering received by such Holder. If the total amount of
securities, including Registrable Securities, requested by shareholders to be
included in such offering exceeds the amount of securities sold other than by
the Company that the underwriters reasonably believe compatible with the success
of the offering, then the Company shall be required to include in the offering
only that number of such securities, including Registrable Securities, which the
underwriters believe will not jeopardize the success of the offering (the
securities so included to be apportioned pro rata among the selling shareholders
according to the total amount of securities entitled to be included therein
owned by each selling shareholder or in such other proportions as shall mutually
be agreed to by such selling shareholders); provided that, if any selling
shareholder has the right to include its shares in such offering on terms or in
an amount more favorable than provided herein, then each Holder shall have the
right to participate along with such selling shareholder(s) in such offering on
such more favorable terms (i) pro rata based upon the total amount of securities
entitled to be included therein owned by each such selling shareholder and the
aggregate number of Registrable Securities held by such Holder or (ii) in such
other proportions as shall mutually be agreed to by such selling shareholders
and the Holders of a majority of the Registrable Securities requested to be
included in such offering and any holders of securities whose securities are
included in such offering pursuant to Existing Registration Rights Agreements).

         9. Indemnification. In the event any Registrable Securities are
included in a registration statement under this Agreement:

              (a) To the extent permitted by law, the Company will indemnify and
hold harmless each Holder, its heirs, personal representatives and assigns, each
of such Holder's general and limited partners, each of such Holder's, and each
of such Holder's general and limited partners, officers, directors, employees
and affiliates, any underwriter (as defined in the Securities Act) for such
Holder and each Person, if any, who controls such Holder or underwriter within
the meaning of the Securities Act or the Exchange Act against any losses,
claims, damages or liabilities (joint or several) to which they may become
subject under the Securities Act, the Exchange Act or other federal or state
law, insofar as such losses, claims, damages or liabilities (or actions in
respect thereof) arise out of or are based upon a Violation (provided, however,
that the Company will not be required to indemnify any of the foregoing Persons
on account of any losses, claims, damages or liabilities arising from a
Violation if and to the extent that such Violation was made in a preliminary
prospectus and was corrected in a subsequent prospectus that was required by law
to be delivered to the Person making the claim with respect to which
indemnification is sought hereunder (and such subsequent prospectus was made
available by the Company to permit delivery of such prospectus in a timely
manner) and such subsequent prospectus was not so delivered to such Person); and
the Company will pay to each such indemnified party, as incurred, any legal or
other expenses reasonably incurred by them in connection with investigating or
defending any such loss, claim, damage, liability, or action;

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provided, however, that the indemnity agreement contained in this Section 9(a)
shall not apply to amounts paid in settlement of any such loss, claim, damage,
liability, or action if such settlement is effected without the consent of the
Company (which consent shall not be unreasonably withheld), nor shall the
Company be liable in any such case to a particular indemnified party for any
such loss, claim, damage, liability or action to the extent that it arises out
of or is based upon a Violation which occurs in reliance upon and in conformity
with written information furnished expressly for use in connection with such
registration by such indemnified party.

              (b) To the extent permitted by law, each selling Holder will
indemnify and hold harmless the Company, each of its directors, each of its
officers who has signed the registration statement, each Person, if any, who
controls the Company within the meaning of the Securities Act, any underwriter,
any other Holder selling securities in such registration statement and any
controlling Person of any such underwriter or other Holder, against any losses,
claims, damages or liabilities (joint or several) to which any of the foregoing
Persons may become subject, under the Securities Act, the Exchange Act or other
federal or state law, insofar as such losses, claims, damages or liabilities (or
actions in respect thereto) arise out of or are based upon any Violation, in
each case to the extent (and only to the extent) that such Violation occurs in
reliance upon and in conformity with written information furnished by such
Holder expressly for use in connection with such registration; and each such
Holder will pay, as incurred, any legal or other expenses reasonably incurred by
any Person intended to be indemnified pursuant to this Section 9(b), in
connection with investigating or defending any such loss, claim, damage,
liability, or action; provided, however, that the indemnity agreement contained
in this Section 9(b) shall not apply to amounts paid in settlement of any such
loss, claim, damage, liability or action if such settlement is effected without
consent of the Holder, which consent shall not be unreasonably withheld; and
provided, further, that, in no event shall the liability of any Holder under
this Section 9(b) exceed the net proceeds from the offering received by such
Holder.

              (c) Promptly after receipt by an indemnified party under this
Section 9 of notice of the commencement of any action (including any
governmental action), such indemnified party will, if a claim in respect thereof
is to be made against any indemnifying party under this Section 9, deliver to
the indemnifying party a written notice of the commencement thereof and the
indemnifying party shall have the right to participate in, and, to the extent
the indemnifying party so desires, jointly with any other indemnifying party
similarly noticed, to assume the defense thereof with counsel mutually
satisfactory to the parties; provided, however, that an indemnified party shall
have the right to retain its own counsel, with the fees and expenses to be paid
by the indemnifying party, if representation of such indemnified party by the
counsel retained by the indemnifying party would be inappropriate due to actual
or potential differing interests between such indemnified party and any other
party represented by such counsel in such proceeding. The failure to deliver
written notice to the indemnifying party within a reasonable time of the
commencement of any such action shall not relieve such indemnifying party of any
liability to the indemnified party under this Section 9 except if, and only to
the extent that, the indemnifying party is actually prejudiced; and such failure
to deliver written notice to the indemnifying party will not relieve it of any
liability that it may have to any indemnified party otherwise than under this
Section 9.

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              (d) The obligations of the Company and Holders under this Section
9 shall survive the completion of any offerings of Registrable Securities in a
registration statement under this Agreement, and otherwise.

              (e) Any indemnity agreements contained herein shall be in addition
to any other rights to indemnification or contribution which any indemnified
party may have pursuant to law or contract and shall remain operative and in
full force and effect regardless of any investigation made or omitted by or on
behalf of any indemnified party.

              (f) If for any reason the foregoing indemnity is unavailable, then
the indemnifying party shall contribute to the amount paid or payable by the
indemnified party as a result of such losses, claims, damages, liabilities or
expenses (i) in such proportion as is appropriate to reflect the relative
benefits received by the indemnifying party on the one hand and the indemnified
party on the other (taking into consideration the fact that the provision of the
registration rights and indemnification hereunder is a material inducement to
the Holders to enter into this Agreement); or (ii) if the allocation provided by
clause (i) above is not permitted by applicable law or provides a lesser sum to
the indemnified party than the amount hereinafter calculated, in such proportion
as is appropriate to reflect not only the relative benefits received by the
indemnifying party on the one hand (taking into consideration the fact that the
provision of the registration rights and indemnification hereunder is a material
inducement to the Holders to enter into this Agreement) and the indemnified
party on the other but also the relative fault of the indemnifying party and the
indemnified party as well as any other relevant equitable considerations. The
relative fault shall be determined by reference to, among other things, whether
the untrue or alleged untrue statement of a material fact or the omission or
alleged omission to state a material fact relates to information supplied by the
indemnifying party or the indemnified party and the parties' relative intent,
knowledge, access to information and opportunity to correct or prevent such
untrue statement or omission. No Person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution from any Person who was not guilty of such fraudulent
misrepresentation. Notwithstanding anything to the contrary in this Section 9,
no Holder shall be required, pursuant to this Section 9, to contribute any
amount in excess of the net proceeds received by such indemnifying party from
the sale of Common Shares in the offering to which the losses, claims, damages,
liabilities or expenses of the indemnified party relate.

         10. Reports Under the Exchange Act. With a view to making available to
the Holders the benefits of Rule 144 under the Securities Act and any other rule
or regulation of the SEC that may at any time permit a Holder to sell securities
of the Company to the public without registration or pursuant to a registration
on Form S-3, the Company agrees to:

              (a) use diligent efforts to make and keep public information
available, as those terms are understood and defined in Rule 144 under the
Securities Act, at all times;

              (b) take such action as necessary to enable the Holders to utilize
Form S-3 for the sale of their Registrable Securities;

              (c) use diligent efforts to file with the SEC in a timely manner
all reports and other documents required of the Company under the Securities Act
and the Exchange Act; and

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<PAGE>

              (d) furnish to any Holder, so long as the Holder owns any
Registrable Securities, forthwith upon request, (i) a written statement by the
Company that it has complied with the reporting requirements of Rule 144 under
the Securities Act or that it qualifies as a registrant whose securities may be
resold pursuant to Form S-3 (at any time it so qualifies), (ii) a copy of the
most recent annual or quarterly report of the Company and such other reports and
documents so filed by the Company, and (iii) such other information as may be
reasonably requested in availing any Holder of any rule or regulation of the SEC
which permits the selling of any such securities without registration or
pursuant to such form.

         11. Assignment of Registration Rights. The rights to cause the Company
to register Registrable Securities pursuant to this Agreement may be assigned in
whole or in part by a Holder to one or more of its partners or affiliates or to
one or more transferees or assignees of not less than twenty-five percent (25%)
of all Registrable Securities acquired by the Holder in the Issuance and then
held by the Holder; provided that such transferee or assignee delivers to the
Company a written instrument by which such transferee or assignee agrees to be
bound by the obligations imposed on Holders under this Agreement to the same
extent as if such transferee or assignee was a party hereto.

         12. "Market Stand-Off" Agreement. Each Holder hereby agrees that,
during the period of ninety (90) days following the effective date of a
registration statement of the Company filed under the Securities Act in
connection with an underwritten offering, it shall not, to the extent requested
by the Company and such underwriter, sell or otherwise transfer or dispose of
(other than to donees or partners who agree to be similarly bound) any Common
Shares of the Company held by it except Common Shares included in such
registration; provided, however, that:

              (a) such agreement shall be applicable only to a registration
statement initiated by the Company which covers Common Shares (or other
securities) to be sold on its behalf to the public in an underwritten offering;
and

              (b) all officers and directors of the Company and all other
Persons with registration rights (whether or not pursuant to this Agreement)
enter into similar agreements.

         13. Amendment; Waiver. Any provision of this Agreement may be amended
only with the written consent of the Company and the Holders of a majority of
the Registrable Securities then outstanding. The observance of any provision of
this Agreement may be waived (either generally or in a particular instance and
either retroactively or prospectively) only with the written consent of the
party to be charged, provided that the holders of a majority of the Registrable
Securities then outstanding may act on behalf of all such holders. Any amendment
or waiver effected in accordance with this Section 13 shall be binding upon each
holder of Registrable Securities at the time outstanding, each future holder of
all such securities, and the Company.

         14. Changes in Registrable Securities. If, and as often as, there are
any changes in the Registrable Securities by way of stock split, stock dividend,
combination or reclassification, or through merger, consolidation,
reorganization or recapitalization, or by any other means, appropriate
adjustment shall be made in the provisions of this Agreement, as may be
required, so

                                       10
<PAGE>

that the rights and privileges granted hereby shall continue with respect to the
Registrable Securities as so changed. Without limiting the generality of the
foregoing, the Company will require any successor by merger or consolidation to
assume and agree to be bound by the terms of this Agreement, as a condition to
any such merger or consolidation; provided, that in the event of any such
transaction described in this sentence, in the event that Hyperion TWH Fund II
LLC and Hyperion Partners II L.P. ("HPII") waive their rights under any
corresponding provision of the Registration Rights Agreement between the Company
and HPII, dated May 29, 1996, the Holders agree to waive their rights under this
sentence.

         15. Entire Agreement. This Agreement constitutes the full and entire
understanding and agreement among the parties with regard to the subject matter
hereof. Nothing in this Agreement, express or implied, is intended to confer
upon any Person, other than the parties hereto and their respective successors
and assigns, any rights, remedies, obligations, or liabilities under or by
reason of this Agreement, except as expressly provided herein.

         16. Governing Law. This Agreement shall be governed in all respects by
the laws of the State of New York as such laws are applied to agreements between
New York residents entered into and to be performed entirely within New York,
whether or not all parties hereto are residents of New York.

         17. Successors and Assigns. Except as otherwise expressly provided
herein, the provisions hereof shall inure to the benefit of, and be binding
upon, the successors, assigns, heirs, executors and administrators of the
parties hereto.

         18. Notices. Unless otherwise provided, any notice required or
permitted under this Agreement shall be given in writing and shall be deemed
effectively given upon receipt by the party to be notified or three (3) days
after deposit with the United States Post Office, by registered or certified
mail, postage prepaid and addressed to the party to be notified (a) if to a
party other than the Company, at such party's address set forth at the end of
this Agreement or at such other address as such party shall have furnished the
Company in writing, or, until any such party so furnishes an address to the
Company, then to and at the address of the last holder of the shares covered by
this Agreement who has so furnished an address to the Company, or (b) if to the
Company, at its address set forth at the end of this Agreement, or at such other
address as the Company shall have furnished to the parties in writing.

         19. Severability. Any invalidity, illegality or limitation on the
enforceability of this Agreement or any part thereof, by any party whether
arising by reason of the law of the respective party's domicile or otherwise,
shall in no way affect or impair the validity, legality or enforceability of
this Agreement with respect to other parties. If any provision of this Agreement
shall be judicially determined to be invalid, illegal or unenforceable, the
validity, legality and enforceability of the remaining provisions shall not in
any way be affected or impaired thereby.

         20. Titles and Subtitles. The tiles of the Sections of this Agreement
are for convenience of reference only and are not to be considered in construing
this Agreement.

         21. Delays or Omissions; Remedies Cumulative. It is agreed that no
delay or omission to exercise any right, power or remedy accruing to the
parties, upon any breach or

                                       11
<PAGE>

default of the Company under this Agreement, shall impair any such right, power
or remedy, nor shall it be construed to be a waiver of any such breach or
default, or any acquiescence therein, or of any similar breach or default
thereafter occurring; nor shall any waiver of any single breach or default be
deemed a waiver of any other breach or default theretofore or thereafter
occurring. It is further agreed that any waiver, permit, consent or approval of
any kind or character by a party of any breach or default under this Agreement,
or any waiver by a party of any provisions or conditions of this Agreement must
be in writing and shall be effective only to the extent specifically set forth
in writing and that all remedies, either under this Agreement, or by law or
otherwise afforded to a party, shall be cumulative and not alternative.

         22. Attorneys' Fees. If any action at law or in equity is necessary to
enforce or interpret the terms of this Agreement, the prevailing party shall be
entitled to reasonable attorney's fees, costs and necessary disbursements in
addition to any other relief to which such party may be entitled.

         23. Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be an original, but all of which together
shall constitute one instrument.

                                  [END OF TEXT]

                                       12
<PAGE>

         IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date first above written.

                                       "COMPANY"

                                       TRANSWORLD HEALTHCARE, INC.
Address:
555 Madison Avenue, 30th Floor
New York, NY  10022                    By: /s/ Tim Aitken
                                          --------------------------------------
                                          Name:
                                          Title:

                                       "HOLDERS"

                                       /s/ Tim Aitken
Address:                               -----------------------------------------
555 Madison Avenue                     Timothy M. Aitken
New York, NY  10022

                                       /s/ Sarah L. Eames
Address:                               -----------------------------------------
5 Westwood Court                       Sarah L. Eames
Harrison, NY  10528

                                       13

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