Document:

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EX-10.20.13 - Common Stock Purchase Agreement as of March 30, 2001 between
              Eurotech, Ltd. and Woodward LLC

                         COMMON STOCK PURCHASE AGREEMENT

         COMMON STOCK PURCHASE AGREEMENT, dated as of March 30, 2001 (this
"Agreement"), by and between EUROTECH, LTD., a District of Columbia corporation
(the "Company"), and WOODWARD LLC, a Cayman Islands limited liability company
(the "Purchaser") .

                                    Recitals

         A. Purchaser desires to purchase, and the Company desires to issue and
sell, shares ("Shares") of the Company's Common Stock, $.00025 par value per
share ("Common Stock"), on the terms and conditions set forth below. For
purposes of this Agreement, the Shares shall mean the Initial Shares (as defined
below) and the Repriced Shares (as defined below).

         B. The parties hereto intend that the issuance of the Shares as
anticipated by this Agreement shall be accomplished without registration under
the U.S. Securities Act of 1933, as amended (the "Securities Act"), and without
registration or qualification under the securities laws of any state or other
jurisdiction, in reliance on exemptions from the registration requirements of
the Securities Act, including, without limitation, and Section 4(2) of the
Securities Act; provided, however, that nothing in this Agreement shall act or
be construed as a limitation on Purchaser's right to sell any of the Shares to
be acquired pursuant to this Agreement pursuant to the Registration Statement
(the "Registration Statement") contemplated by the Registration Rights Agreement
(as defined below), or other provisions of the Registration Rights Agreement or
in accordance with applicable laws.

         THEREFORE, in consideration of the mutual promises and covenants set
forth below and for other good and valuable consideration, the receipt and
sufficiency of which the parties acknowledge by their signatures below, the
parties hereto hereby agree as follows:

                                    AGREEMENT

         1. PURCHASE OF COMMON STOCK. Subject to the terms and conditions of
this Agreement, the Company agrees to issue and sell, and Purchaser agrees to
acquire, one million three hundred thirty three thousand three hundred thirty
three (1,333,333) fully paid and non-assessable shares (the "INITIAL SHARES") in
exchange for Purchaser's payment to the Company of aggregate consideration of
Three Million Dollars [($3,000,000)]. In no event shall the

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                  1.1 FORM OF PAYMENT. Purchaser shall pay the Purchase Price
for the Initial Shares by delivering immediately available good funds in United
States Dollars to the escrow agent (the "Escrow Agent") identified in the Joint
Escrow Instructions attached hereto as Exhibit B (the "Joint Escrow
Instructions"). No later than the Closing Date (as defined below), the Company
shall deliver one or more certificates representing the Initial Shares duly
executed on behalf of the Company (collectively, the
"Certificate""Certificates") to the Escrow Agent. By signing this Agreement, the
Purchaser and the Company, agree to all of the terms and conditions of, and
becomes a party to, the Joint Escrow Instructions, all of the provisions of
which are incorporated herein by this reference as if set forth in full.

                  1.2 METHOD OF PAYMENT. PurchaserPurchasers shall pay into
escrow the Purchase Price for the Initial Shares by wire transfer of funds to:

                           Bank of New York
                           350 Fifth Avenue
                           New York, New York 10001

                           ABA# 021000018
                           For credit to the account of Krieger & Prager, LLP
                           Account No.:  [[___________________]][TO BE SUPPLIED]

Purchaser shall deliver payment of the Purchase Price at or before 1:00 p.m.,
New York time, on the date which is fourteen (14) Business Days after the
existing S-3 Registration Statement is declared effective by the SEC (which was
February 14, 2001). Purchaser shall deposit the Purchase Price for the Initial
Shares with the Escrow Agent in immediately available funds. Time is of the
essence with respect to such payment, and failure by Purchaser to make such
payment shall allow the Company to cancel this Agreement. For purposes of this
Agreement, "Business Day" shall mean a day on which the New York Stock Exchange
is open for business.

                  1.3 ESCROW PROPERTY. The Purchase Price and the Certificates
delivered to the Escrow Agent as contemplated by Section 1.1 hereof are referred
to as the "ESCROW PROPERTY."

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         2. CLOSING.

                  2.1 Initial Closing. Upon execution of this Agreement (the
"Initial Closing"), and on the date set forth above (the "Initial Closing Date")
Purchaser shall pay Three Million Dollars ($3,000,000). At the Initial Closing
the parties hereto shall execute and deliver the following documents
(incorporated herein by this reference, collectively with this Agreement, the
"Transaction Documents"): (i) the Registration Rights Agreement (the
"Registration Rights Agreement") in the form attached hereto as Exhibit A; (ii)
the Escrow Agreement in the form attached hereto as Exhibit B; and (iii) the
additional agreements, if any (the "Additional Agreements") in the form attached
hereto as Exhibit C. On the Closing Date (as defined below), the Escrow Agent
shall deliver (i) the Purchase Price to the Company and (ii) the Certificate to
the Purchaser.

                  2.2 REPRICED SHARES. Definitions:

                  (a) As used herein, "CLOSING BID PRICE" shall mean the closing
bid price of the Common Stock as reported, at the option of Purchaser, by
Bloomberg, LP or the American Stock Exchange (AMEX).

                  (b) "EFFECTIVE DATE" shall mean the effective date of the
Registration Statement covering the Registrable Securities (as those terms are
defined in the Registration Rights Agreement).

                  (c) "REPRICING PERIOD" shall mean each of the First Repricing
Period, the Second Repricing Period, and the Third Repricing Period, each as
defined below.

                  (d) "REPRICED SHARES" shall mean the First Repriced Shares,
the Second Repriced Shares, and the Third Repriced Shares, each as defined
below.

                  2.3 FIRST REPRICING PERIOD. (a) The "First Repricing Period"
shall commence on the later of the Effective Date or March 1, 2002, and end
twenty (20) Business Days after such date. If the average Closing Bid Price for
any lowest five (5) Business Days (not necessarily consecutive) during the First
Repricing Period (the "First Repricing Price"), is not equal to or greater than
[$2.25 x 1.40], then one-third (1/3) of the Initial Shares shall be repriced
(the "First Repriced Shares"). The Company shall issue to Purchaser the number
of additional Shares as determined according to the following formula:

         (($2.25 x 1.40) - First Repricing Price) x (# of the First Repriced
Shares) / First Repricing Price.

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                  2.4 SECOND REPRICING PERIOD. The "Second Repricing Period"
shall commence on the day immediately following the First Repricing Period and
end twenty (20) Business Days thereafter. If the average Closing Bid Price for
any lowest five (5) Business Days (not necessarily consecutive) during the
Second Repricing Period (the "Second Repricing Price"), is not equal to or
greater than [$2.25 x 1.425], then one-third (1/3) of the Initial Shares shall
be repriced (the "Second Repriced Shares"). The Company shall issue to Purchaser
the number of additional Shares as determined according to the following
formula:

         (($2.25 x 1.425) - Second Repricing Price) x (# of the Second Repriced
Shares) / Second Repricing Price.

                  2.5 THIRD REPRICING PERIOD. The "Third Repricing Period" shall
commence on the day immediately following the Second Repricing Period and end
twenty (20) Business Days thereafter. If the average Closing Bid Price for any
lowest five (5) Business Days (not necessarily consecutive) during the Third
Repricing Period (the "Third Repricing Price"), is not equal to or greater than
[$2.25 x 1.45], then one-third (1/3) of the Initial Shares shall be repriced
(the "Third Repriced Shares"). The Company shall issue to Purchaser the number
of additional Shares as determined according to the following formula:

         (($2.25 x 1.45) - Third Repricing Price) x (# of the Third Repriced
Shares) / Third Repricing Price.

                  2.6 If during any Repricing Period the applicable Registration
Statement is suspended or no longer effective, the Repricing Period shall be
extended for such number of Business Days during which the Registration
Statement was suspended or no longer effective.

         3. REPRESENTATIONS AND WARRANTIES OF PURCHASER. To induce the Company's
acceptance of this Agreement, PurchaserPurchaser hereby certifies, represents
and warrants to the Company and its agents and attorneys as follows, which
representations and warranties are solely for the benefit of the Company and may
be waived in whole or in part at any time prior to the Initial Closing by the
Company:

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                  3.1 INTENT. Purchaser will be acquiring the Shares for its own
account, and Purchaser has no present arrangement (whether or not legally
binding) to sell any of the Shares to or through any person or entity; provided,
however, Purchaser does not agree to hold any of the Shares except as provided
for herein, for any minimum or other specific term and reserves the right to
dispose of the Shares at any time in accordance with U.S. federal and state
securities laws applicable to such disposition and any restrictions imposed on
such transfer by the Transaction Documents. Purchaser understands that the
Shares must be held indefinitely unless the Shares are subsequently registered
under the Securities Act or an exemption from registration is available.
Purchaser has been advised or is aware of the provisions of Rule 144 promulgated
under the Securities Act.

                  3.2 SOPHISTICATED INVESTOR. Purchaser is an "accredited
investor" (as defined in Rule 501(a) of Regulation D), and Purchaser has such
knowledge and experience in business and financial matters that it is capable of
evaluating the merits and risks of an investment in the Company.

                  3.3 ABILITY OF PURCHASER TO BEAR RISK OF INVESTMENT. Purchaser
acknowledges that the Shares are speculative investments and involve a high
degree of risk and Purchaser is able to bear the economic risk of an investment
in the Shares, and, at the present time, is able to afford a complete loss of
such investment.

                  3.4 AUTHORITY. Each of the Transaction Documents has been duly
authorized and validly executed and delivered by Purchaser and (assuming due
authorization and valid execution by the Company) is a legal, valid and binding
agreement of Purchaser enforceable against Purchaser in accordance with its
terms, subject to general principles of equity and to bankruptcy, insolvency or
similar laws relating to, or affecting generally the enforcement of creditors'
rights and remedies or by other equitable principles of general application. The
person or persons executing the Transaction Documents have all requisite
authority to do so on behalf of Purchaser.

                  3.5 BROKERS, FINDERS. Except with respect to Spinneret
Financial Systems, Inc., Purchaser has taken no action which would give rise to
any claim by any person for brokerage commission, finder's fees or similar
payments by the Company relating to this Agreement or the transactions
contemplated hereby. The Company shall have no obligation with respect to such
fees or with respect to any claims made by or on behalf of other persons for
fees of a type contemplated in this section that may be due in connection with
the transactions contemplated hereby. Purchaser shall indemnify and hold
harmless the Company, its employees, officers, directors, agents and partners,
and their respective affiliates, from and against all claims, losses, damages,
costs (including the costs of preparation and attorneys' fees) and expenses
suffered in respect of any such claimed or existing fees, as and when incurred.

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                  3.6 ORGANIZATION; AUTHORITY. Purchaser is an entity organized,
validly existing and in good standing under the laws of the jurisdiction of its
organization with the requisite power and authority to enter into and to
consummate the transactions contemplated by this Agreement and to carry out its
obligations thereunder. The acquisition of the Shares and the payment of the
Purchase Price therefor by such Purchaser have been duly authorized by all
necessary action on the part of Purchaser.

                  3.7 ABSENCE OF CONFLICTS. The execution and delivery of each
of the Transaction Documents, and the consummation of the transactions
contemplated by this Agreement and such other documents and instruments, and
compliance with the requirements thereof, will not violate any law, rule,
regulation, order, writ, judgment, injunction, decree or award binding on
Purchaser, or the provision of any indenture, instrument or agreement to which
Purchaser is a party or is subject, or by which Purchaser or any of its assets
is bound, or conflict with or constitute a material default thereunder, or
require the approval of any third-party pursuant to any material contract,
agreement, instrument, relationship or legal obligation to which Purchaser is
subject or to which any of its assets, operations or management may be subject.

                  3.8 DISCLOSURE; ACCESS TO INFORMATION. Purchaser has received
copies of or has had access to all documents, records, books and other
information pertaining to Purchaser's investment in the Company and the Shares
that have been requested by Purchaser. Purchaser or its representative has been
afforded the opportunity to ask questions of the Company and its management.
Purchaser further acknowledges that it understands that the Company is subject
to the periodic reporting requirements of the Securities Exchange Act of 1934,
as amended (the "Exchange Act"), and Purchaser has reviewed or received copies
of any such reports that it has requested.

                  3.9 MANNER OF SALE. At no time was Purchaser presented with or
solicited by or through any leaflet, public promotional meeting, television
advertisement or any other form of general solicitation or advertising with
respect to the Shares.

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                  3.10 OFFSHORE TRANSACTION.

                  (i)      Purchaser is not a U.S. person as that term is
                           defined under Regulation S.

                  (ii)     Purchaser is outside the United States as of the date
                           of the execution and delivery of this agreement.

                  (iii)    Purchaser is purchasing the Common Stock for its own
                           account and not on behalf of any U.S. person, and has
                           not pre-arranged any sale with purchaser in the
                           United States.

                  (iv)     Purchaser represents and warrants and hereby agrees
                           that all offers and sales of the Securities prior to
                           the expiration of a period commencing on the date of
                           the transaction and ending after the Distribution
                           Compliance Period shall only be made in compliance
                           with the safe harbor contained in Regulation S,
                           pursuant to registration of securities under the
                           Securities Act of 1933 or pursuant to an exemption
                           from registration, and all offers and sales after the
                           expiration of the Distribution Compliance Period
                           shall be made only pursuant to such registration or
                           to such exemption from registration.

                  (v)      Purchaser understands that in the view of the SEC the
                           statutory basis for the exemption claimed for this
                           transaction would not be present if the offering of
                           Securities, although in technical compliance with
                           Regulation S, is part of a plan or scheme to evade
                           the registration provisions of the 1933 Act.
                           Purchaser is acquiring the Securities for investment
                           purposes and has no present intention to sell the
                           Shares in the United States or to a U.S. Person or
                           for the account or benefit of a U.S. Person either
                           now or after the expiration of the Distribution
                           Compliance Period.

                  (vi)     Purchaser is not an underwriter of, or dealer in, the
                           securities, and Purchaser is not participating,
                           pursuant to a contractual agreement, in the
                           distribution of Shares.

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                  3.11 ACCURACY OF REPRESENTATIONS AND INFORMATION. All
representations made by Purchaser in the Transaction Documents, and all
information provided by Purchaser to the Company concerning Purchaser are
correct and complete in all material respects as of the date hereof.

                  3.12 Notwithstanding any other provision hereof, or of any of
the other Transaction Agreements, in no event (except (i) as specifically
provided in this Agreement as an exception to this provision, or (ii) while
there is outstanding a tender offer for any or all of the shares of the
Company's Common Stock) shall the Purchaser be entitled to exercise Repricing
Rights or shall the Company have the obligation, to deliver Repricing Shares to
the extent that, after such exercise or delivery, the sum of (1) the number of
shares of Common Stock beneficially owned by the Purchaser and its affiliates
(other than shares of Common Stock which may be deemed beneficially owned
through the ownership Repricing Shares not yet issued and (2) the number of
shares of Common Stock issuable upon the exercise of Repricing Rights with
respect to which the determination of this proviso is being made, would result
in beneficial ownership by the Purchaser and its affiliates of more than 9.99%
of the outstanding shares of Common Stock (after taking into account the shares
to be issued to the Purchaser upon such exercise). For purposes of the proviso
to the immediately preceding sentence, beneficial ownership shall be determined
in accordance with Section 13(d) of the Securities Exchange Act of 1934, as
amended (the "1934 Act"), except as otherwise provided in clause (1) of such
sentence. The Purchaser, further agrees that if the Purchaser transfers or
assigns any of the Shares to a party who or which would not be considered such
an affiliate, such assignment shall be made subject to the transferee's or
assignee's specific agreement to be bound by the provisions of this Paragraph
3.12 as if such transferee or assignee were the original Purchaser hereof.

         4. REPRESENTATIONS AND WARRANTIES OF THE COMPANY. The Company hereby
represents and warrants to Purchaser as follows, which representations and
warranties are solely for the benefit of Purchaser and may be waived in whole or
in part by Purchaser at any time prior to the Initial Closing:

                  4.1 COMPANY STATUS. The Company has registered the Common
Stock pursuant to Section 12(g) of the Exchange Act, is in full compliance with
all material reporting requirements of the Exchange Act, and the Company has
maintained all requirements for the continued trading of the Common Stock, and
the Common Stock currently trades on the American Stock Exchange.

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                  4.2 CURRENT PUBLIC INFORMATION. The Company has furnished or
made available to Purchaser true and correct copies of all registration
statements, reports and documents filed with the SEC by or with respect to the
Company since December 31, 1998 and prior to the date of this Agreement,
pursuant to the Securities Act or the Exchange Act (collectively, the "SEC
Documents"). The SEC Documents are the only filings made by or with respect to
the Company since December 31, 1998 pursuant to Sections 13(a), 13(c), 14 and
15(d) of the Exchange Act or pursuant to the Securities Act. The Company has
filed all reports, schedules, forms, statements and other documents required to
be filed under Sections 13(a), 14 and 15(d) of the Exchange Act since December
31, 1998 and prior to the date of this Agreement.

                  4.3 NO GENERAL SOLICITATION. Neither the Company, nor any of
its affiliates, nor any person acting on its or their behalf, has engaged in any
form of general solicitation or general advertising (within the meaning of
Regulation D under the Securities Act) in connection with the offer or sale of
the Shares.

                  4.4 VALID ISSUANCE OF COMMON STOCK. The authorized capital
stock of the Company consists of 100,000,000 shares of Common Stock, $.00025 par
value per share, of which 42,907,428 shares are issued and outstanding as of
February 28, 2001; and 5,000,000 shares of preferred stock, $.01 par value per
share, none of which have been designated or issued. All of the outstanding
shares of Common Stock of the Company have been duly and validly authorized and
issued and are fully paid and non-assessable. Except as set forth above or as
disclosed in Schedule 4.4, as of the date of this Agreement, (i) there are no
outstanding options, warrants, scrip, rights to subscribe to, calls or
commitments of any character whatsoever relating to, or securities or rights
convertible into, any shares of capital stock of the Company, or contracts,
commitments, understandings or arrangements by which the Company is or may
become bound to redeem or issue additional shares of capital stock of the
Company or options, warrants, scrip, rights to subscribe to, calls or
commitments of any character whatsoever relating to, or securities or rights
convertible into, any shares of capital stock of the Company, (ii) there are no
outstanding debt securities and (iii) there are no agreements or arrangements
under which the Company is obligated to register the sale of any of their
securities under the Securities Act. Except as disclosed in Schedule 4.4, there
are no securities or instruments containing any anti-dilution, right of first
refusal, preemptive rights or similar provisions that will be triggered by the
issuance of the Shares as described in this Agreement. Upon issuance of the
Shares, such securities will be duly and validly issued, fully paid and
non-assessable.]

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                  4.5 ORGANIZATION AND QUALIFICATION. The Company is a
corporation duly incorporated and existing in good standing under the laws of
the District of Columbia, and has the requisite corporate power to own its
properties and to carry on its business as now being conducted. The Company does
not have any subsidiaries. The Company is duly qualified as a foreign
corporation to do business and is in good standing in every jurisdiction in
which the nature of the business conducted or property owned by it makes such
qualification necessary, other than those in which the failure so to qualify
would not have a Material Adverse Effect. "Material Adverse Effect" means any
effect on the business, operations, properties, prospects, or financial
condition of the entity or entities with respect to which such term is used and
which is material and adverse to such entity or to other entities controlling or
controlled by such entity, and/or any condition or situation which would
prohibit or otherwise interfere with the ability of the entity or entities with
respect to which said term is used to enter into and perform its obligations
under the Transaction Documents.

                  4.6 AUTHORIZATION: ENFORCEMENT. (i) The Company has the
requisite corporate power and authority to enter into and perform under the
Transaction Documents and to issue the Shares in accordance with the terms of
the Transaction Documents, (ii) the execution, issuance and delivery of the
Transaction Documents by the Company and the consummation by it of the
transactions contemplated by the Transaction Documents have been duly authorized
by all necessary corporate action, and no further consent or authorization of
the Company or its board of directors or shareholders is required, (iii) the
Transaction Documents have been duly executed and delivered by the Company, and
(iv) the Transaction Documents (assuming due authorization and valid and legal
execution by Purchaser) constitute legal, valid and binding obligations of the
Company enforceable against the Company in accordance with their terms, except
as such enforceability may be limited by applicable bankruptcy, insolvency, or
similar laws relating to, or affecting generally the enforcement of, creditors'
rights and remedies or by other equitable principles of general application.

                  4.7 [Intentionally Omitted]

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                  4.8 NO CONFLICTS. Except as set forth in Schedule 4.8, the
execution, delivery and performance of the Transaction Documents by the Company
and the consummation by the Company of the transactions contemplated hereby,
including, without limitation, the issuance of the Shares, do not and will not
(i) result in a violation of the Company's Articles of Incorporation or Bylaws,
(ii) conflict with, or result in a breach of or forfeiture of any rights (or
result in an event which with notice or lapse of time or both would become a
breach of or forfeiture of any rights) under, or give to others any rights of
termination, amendment, acceleration or cancellation of, any material agreement,
indenture or instrument to which the Company is a party or (iii) result in a
violation of any federal or state law, rule, regulation, order, judgment or
decree (including federal and state securities laws and regulations) applicable
to the Company or by which any property or asset of the Company is bound or
affected (except for such conflicts, defaults, terminations, amendments,
accelerations, cancellations and violations as would not, individually or in the
aggregate, have a Material Adverse Effect). To the best of its knowledge, the
business of the Company is not being conducted in violation of any law,
ordinance or regulation of any governmental entity, except for possible
violations which either singly or in the aggregate do not and will not have a
Material Adverse Effect. The Company is not required under federal, state or
local law, rule or regulation to obtain any consent, authorization or order of,
or make any filing or registration with, any court or governmental agency in
order for it to execute, deliver or perform any of its obligations under this
Agreement or issue and sell the Shares in accordance with the terms of this
Agreement (other than any SEC, AMEX or state securities filings which may be
required to be made by the Company subsequent to any Closing, and any
registration statement which may be filed in furtherance of this Agreement);
PROVIDED that, for purposes of the representation made in this sentence, the
Company is assuming and relying upon the accuracy of the relevant
representations and agreements of Purchaser herein. The Company is not in
violation of any material term of or in material default under its Articles of
Incorporation, of any outstanding series of preferred stock or Bylaws or their
organizational charter or Bylaws, respectively, or any material contract,
agreement, mortgage, indebtedness, indenture, instrument, judgment, decree of
order or any statute, rule or regulation applicable to the Company, which has
not been duly waived as of the date of this Agreement.

                                       11
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                  4.9 SEC DOCUMENTS. The Company has not provided to Purchaser
any information which according to applicable law, rule or regulation, should
have been disclosed publicly prior to the date hereof by the Company but which
has not been so disclosed. As of their respective dates, the SEC Documents
complied, and all similar documents filed with the SEC prior to the Closing Date
will comply, in all material respects with the requirements of the Securities
Act or the Exchange Act, as the case may be, and rules and regulations of the
SEC promulgated thereunder and other federal, state and local laws, rules and
regulations applicable to such SEC Documents, and none of the SEC Documents
contained, nor will any similar document filed with the SEC prior to the Closing
Date contain, any untrue statement of a material fact or omitted to state a
material fact required to be stated therein or necessary in order to make the
statements therein, in light of the circumstances under which they were made,
not misleading. The financial statements of the Company included in the SEC
Documents, as of the dates thereof, complied, and all similar documents filed
with the SEC prior to the Closing Date will comply, as to form in all material
respects with applicable accounting requirements and the published rules and
regulations of the SEC and other applicable rules and regulations with respect
thereto. Such financial statements were prepared in accordance with generally
accepted accounting principles applied on a consistent basis during the periods
involved (except (i) as may be otherwise indicated in such financial statements
or the notes thereto or (ii) in the case of unaudited interim statements, to the
extent they may not include footnotes or may be condensed or summary statements
as permitted by Form 10-Q of the SEC) and fairly present in all material
respects the financial position of the Company as of the dates thereof and the
results of operations and cash flows for the periods then ended (subject, in the
case of unaudited statements, to normal year-end audit adjustments).

                  4.10 NO UNDISCLOSED LIABILITIES. Except as set forth in
Schedule 4.10, the Company has no liabilities or obligations of a financial
nature (whether accrued, absolute, contingent or otherwise), which are material,
individually or in the aggregate, and are not disclosed in the SEC Documents,
other than those incurred in the ordinary course of the Company's business
consistent with past practice since September 30, 1999, and which, individually
or in the aggregate, do not or would not have a Material Adverse Effect on the
Company.

                  4.11 LITIGATION AND OTHER PROCEEDINGS. Except as may be set
forth in the SEC Documents or set forth in Schedule 4.11, there are no lawsuits
or proceedings pending or, to the best knowledge of the Company, threatened,
against the Company, nor has the Company received any written or oral notice of
any such action, suit, proceeding or investigation, which might have a Material
Adverse Effect on the Company or which likely would have a Material Adverse
Effect on the transactions contemplated by this Agreement. Except as set forth
in the SEC Documents, no judgment, order, writ, injunction or decree or award
has been issued by or, to the best knowledge of the Company, requested of any
court, arbitrator or governmental agency which likely would have a Material
Adverse Effect on the transactions contemplated by this Agreement.

                                       12
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                  4.12 OTHER DOCUMENTS OR MATERIALS. With respect to any
document or other materials received by Purchaser from the Company or its
representatives other than the Transaction Documents and the SEC Documents, (i)
the Company has no reason to believe any of such documents and materials or any
projections contained therein, as of the date of such other documents or
materials, contained errors or misstatements or do not adequately describe the
status of the development of the Company's technologies or its business as of
such date, and (ii) such documents, materials and projections were prepared by
the Company and its management in good faith.

                  4.13 NATURE OF COMPANY. The Company is not an open-ended
investment company or a unit investment trust, registered or required to be
registered, or a closed end investment company required to be registered, but
not registered, under the Investment Company Act of 1940.

                  4.14 BROKERS, FINDERS. Except for the payment of consulting
fees to Spinneret Financial Systems, Inc., payment of which is the sole
responsibility of the Company, the Company has taken no action which would give
rise to any claim by any person for brokerage commission, finder's fees or
similar payments by Purchaser relating to this Agreement or the transactions
contemplated hereby. Purchaser shall have no obligation with respect to such
fees or with respect to any claims made by or on behalf of other persons for
fees of a type contemplated in this Section 4.14 that may be due in connection
with the transactions contemplated hereby. The Company shall indemnify and hold
harmless each of Purchaser and its employees, officers, directors, agents,
partners and affiliates, from and against all claims, losses, damages, costs
(including the costs of preparation and attorney's fees) and expenses suffered
in respect of any such claimed or existing fees, as and when incurred.

                  4.15 ABSENCE OF CERTAIN CHANGES. Except as set forth in
Schedule 4.15, since December 31, 2000, no Material Adverse Effect has been
suffered by, and no material adverse development has occurred in the business,
properties, operations, financial condition or results of operations of the
Company. The Company has not taken any steps, and does not currently expect to
take any steps, to seek protection pursuant to any bankruptcy law, nor does the
Company have any knowledge or reason to believe that its creditors intend to
initiate involuntary bankruptcy proceedings.

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                  4.16 INTELLECTUAL PROPERTY RIGHTS. To its knowledge without
conducting any special investigation and except as set forth on Schedule 4.16,
the Company owns or possesses adequate rights or licenses to use all trademarks,
trade names, service marks, service mark registrations, service names, patents,
patent rights, copyrights, inventions, licenses, approvals, governmental
authorizations, trade secrets and rights necessary to conduct its businesses as
now conducted. None of the Company's trademarks, trade names, service marks,
service mark registrations, service names, patents, patent rights, copyrights,
inventions, licenses, approvals, government authorizations, trade secrets or
other intellectual property rights has expired or terminated, or is expected to
expire or terminate in the near future. Except as set forth on Schedule 4.16,
the Company does not have any knowledge of any infringement by the Company of
trademarks, trade name rights, patents, patent rights, copyrights, inventions,
licenses, service names, service marks, service mark registrations, trade
secrets or other similar rights of others, or of any such development of similar
or identical trade secrets or technical information by others and, there is no
claim, action or proceeding being made or brought against, or to the best
knowledge of the Company, being threatened against, the Company regarding
trademark, trade name, patent, patent rights, invention, copyright, license,
service name, service mark, service mark registration, trade secret or other
infringement; and the Company is unaware of any facts or circumstances which
might give rise to any of the foregoing. The Company has taken reasonable
security measures to protect the secrecy, confidentiality and value of all of
their intellectual properties.

                  4.17 INTERNAL ACCOUNTING CONTROLS. The Company is not aware
that its system of internal accounting controls is not sufficient to provide
reasonable assurance that (i) transactions are executed in accordance with
management's general or specific authorizations, (ii) transactions are recorded
as necessary to permit preparation of financial statements in conformity with
generally accepted accounting principles and to maintain asset accountability,
(iii) access to assets is permitted only in accordance with management's general
or specific authorization and (iv) the recorded accountability for assets is
compared with the existing assets at reasonable intervals and appropriate action
is taken with respect to any differences.

                                       14
<PAGE>

                  4.18 TAX STATUS. Except as set forth in Schedule 4.18, the
Company has made or filed all federal and state income and all other tax
returns, reports and declarations required by any jurisdiction to which it is
subject and has paid all taxes and other governmental assessments and charges
that are material in amount, shown or determined to be due on such returns,
reports, declarations, except those being contested in good faith and has set
aside on its books provisions reasonably adequate for the payment of all taxes
for periods subsequent to the periods to which such returns, reports, or
declarations apply. There are no unpaid taxes in any material amount claimed to
be due by the taxing authority of any jurisdiction, and the officers of the
Company know of no basis for any such claim.

                  4.19 CERTAIN TRANSACTIONS. Except as set forth in the SEC
Documents and except for arm's length transactions pursuant to which the Company
makes payments in the ordinary course of business upon terms no less favorable
than the Company could obtain from third parties and other than the grant of
stock options, none of the officers, directors or employees of the Company (or
any spouse or relative of any such person) is presently a party to any
transaction with the Company (other than for services as employees, officers and
directors), including any contract, agreement or other arrangement providing for
the furnishing of services to or by, providing for rental of real or personal
property to or from, or otherwise requiring payments to or from any officer,
director or such employee or, to the knowledge of the Company, any corporation,
partnership, trust or other entity in which any officer, director, or any such
employee has a substantial interest or is an officer, director, trustee or
partner.

                  4.20 DILUTION. The number of shares of Common Stock issuable
as Repriced Shares may increase substantially in certain circumstances,
including, but not necessarily limited to, the circumstance wherein the trading
price of the Common Stock declines during the period between the Effective Date
and the end of the Final Repricing Period. The Company's executive officers and
directors have studied and fully understand the nature of the transactions
contemplated by this Agreement and recognize that they have a potential dilutive
effect. The board of directors of the Company has concluded, in its good faith
business judgment, that such issuance is in the best interests of the Company.
The Company specifically acknowledges that its obligation to issue the Repriced
Shares is binding upon the Company and enforceable regardless of the dilution
such issuance may have on the ownership interests of other shareholders of the
Company.

                                       15
<PAGE>

                  4.21 MARKET QUOTES. The Company's Common Stock is presently
quoted on the American Stock exchange under the symbol "EUO". Except as set
forth on Schedule 4.21, the Company is not in receipt of any written notice from
any stock exchange, market or trading facility on which the Common Stock is or
has been listed or traded (or on which it is or has been quoted) to the effect
that the Company is not in compliance with the listing or maintenance
requirements of such stock exchange, market or trading facility or that the
Common Stock will be delisted from such stock exchange, market or trading
facility.

                  4.22 a. Offshore Transaction. Company has not offered these
securities to any person in the United States or to any U.S. person as that term
is defined in Regulation S.

                  b. In regard to this transaction, Company has not conducted
any "direct selling efforts" as that term is defined in Rule 902 of regulation S
nor has Company conducted any general solicitation relating to the offer and
sale of the within securities to persons resident within the United States or
elsewhere.

                  4.23 NO INTEGRATED OFFERING. Neither the Company nor any of
its affiliates nor any person acting on its or their behalf has, directly or
indirectly, at any time since June 1, 1999, made any offer or sales of any
security or solicited any offers to buy any security under circumstances that
would eliminate the availability of the exemption from registration under
Regulation D in connection with the offer and sale of the Shares as contemplated
hereby.

         5. USE OF PROCEEDS. The Company will use the proceeds received
hereunder (excluding amounts paid by the Company for legal fees, finder's fees
and escrow fees in connection with the sale of the Common Stock) for the purpose
of woking capital and the Company shall not vary such purpose or amount without
the prior written consent of the Investor in each instance. Unless specifically
consented to in advance in each instance by the Investor, the Company shall not,
directly or indirectly, use such proceeds for the repayment of any outstanding
loan by the Company to any other party.

         6. COMPANY RELIANCE ON PURCHASER'S REPRESENTATIONS. Purchaser
understands that the Company is relying on the truth and accuracy of the
representations and warranties made herein by Purchaser in offering the Shares
for sale and in relying upon applicable exemptions available under the Act and
applicable state securities laws.

                                       16
<PAGE>

         7. RESTRICTED SHARES. Purchaser understands and acknowledges that the
Shares have not been, and will not as of the time issued, be registered under
the Securities Act and that they will be issued in reliance upon exemptions from
the registration requirements of the Securities Act, and thus cannot be resold
unless they are included in an effective registration statement filed under the
Securities Act or unless an exemption from registration is available for such
resale. With regard to the restrictions on resales of the Shares for which a
Registration Statement is not effective, Purchaser is aware: (a) that the
Company will issue stop transfer orders to its stock transfer agent in the event
of attempts to improperly transfer any such Shares, and (b) that a restrictive
legend will be placed on certificates representing the Shares, which legend will
read substantially as follows:

         THESE SECURITIES (THE "SECURITIES") HAVE NOT BEEN REGISTERED UNDER THE
         SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE
         AND MAY NOT BE SOLD OR OFFERED FOR SALE IN THE ABSENCE OF AN EFFECTIVE
         REGISTRATION STATEMENT FOR THE SECURITIES OR AN OPINION OF COUNSEL OR
         OTHER EVIDENCE ACCEPTABLE TO THE CORPORATION THAT SUCH REGISTRATION IS
         NOT REQUIRED.

The legend set forth above shall be promptly removed, and the Company shall
issue a certificate without such legend to the holder of any such Unlegended
Shares (as defined below) upon which such legend is stamped, if, unless
otherwise required by state securities laws, (i) such Shares are registered for
resale under the Securities Act, (ii) in connection with a sale transaction,
such holder provides the Company with an opinion of counsel, in a generally
acceptable form, to the effect that a public sale, assignment or transfer of
such Shares may be made without registration under the Securities Act, or (iii)
such holder provides the Company with reasonable assurances that such Shares can
be sold pursuant to Rule 144 promulgated under the Securities Act without any
restriction as to the number of securities acquired as of a particular date that
can then be immediately sold. Notwithstanding the removal of the legend set
forth above in the event the Shares are registered for resale on an effective
registration statement, the Company reserves the right to affix a legend on
certificates representing such Shares that any selling shareholder must comply
with the prospectus delivery requirements of the Securities Act in connection
with any resale. The Company shall bear the cost of the removal of any legend as
anticipated by this Section 7.

                                       17
<PAGE>

         8. OTHER COVENANTS OF THE COMPANY.

                  8.1 FURNISHING OF INFORMATION. As long as Purchaser owns
Shares, the Company covenants to timely file (or obtain extensions in respect
thereof and file within the applicable grace period) all reports required to be
filed by the Company after the date hereof pursuant to Section 13(a) or 15(d) of
the Exchange Act. If at any time prior to the date on which Purchaser may resell
all of its Shares without volume restrictions pursuant to Rule 144(k)
promulgated under the Securities Act (as determined by counsel to the Company
pursuant to a written opinion letter to such effect, addressed and acceptable to
the Company's transfer agent for the benefit of and enforceable by Purchaser)
the Company is not required to file reports pursuant to such sections, it will
prepare and furnish to Purchaser and make publicly available in accordance with
Rule 144(c) promulgated under the Securities Act annual and quarterly financial
statements, together with a discussion and analysis of such financial statements
in form and substance substantially similar to those that would otherwise be
required to be included in reports required by Section 13(a) or 15(d) of the
Exchange Act in the time period that such filings would have been required to
have been made under the Exchange Act. The Company further covenants that it
will take such further action as Purchaser may reasonably request, all to the
extent required from time to time to enable Purchaser to sell its Shares without
registration under the Securities Act within the limitation of the exemptions
provided by Rule 144 promulgated under the Securities Act.

                  8.2 LISTING OF SHARES. The Company shall, if required by any
applicable listing agreement, (a) not later than the Effective Date, prepare and
file with any national securities exchange, market or trading facility on which
the Common Stock is then listed an additional shares listing application
covering the Shares, (b) take all steps necessary to cause such shares to be
approved for listing on any other national securities exchange, market or
trading facility on which the Common Stock is then listed as soon as possible
thereafter and (c) provide to Purchaser evidence of such listing, and the
Company shall maintain the listing of its Common Stock on such exchange or
market.

                                       18
<PAGE>

                  8.3 FIRST RIGHT. The Company shall not, directly or
indirectly, without the prior written consent of Purchaser, offer, sell, grant
any option to purchase, or otherwise dispose of (or announce any offer, sale,
grant or any option to purchase or other disposition) any of its Common Stock or
securities convertible into Common Stock at a price that is less than the market
price of the Common Stock at the time of issuance of such security or investment
(a "Subsequent Financing") for a period of three hundred sixty (360) days after
the Effective Date, except (i) the granting of options or warrants to employees,
officers, directors and consultants, and the issuance of shares upon exercise of
options granted, under any stock option plan heretofore or hereinafter duly
adopted by the Company, (ii) shares issued upon exercise of any currently
outstanding warrants or options and upon conversion of any currently outstanding
convertible debenture, in each case disclosed in Section 4.4 or Schedule 4.4,
(iii) securities issued in connection with the capitalization or creation of a
joint venture with a strategic partner, (iv) shares issued to pay part or all of
the purchase price for the acquisition by the Company of a person (which, for
purposes of this clause (iv), shall not include an individual or group of
individuals), and (v) shares issued in a bona fide public offering by the
Company of its securities, unless (A) the Company delivers to Purchaser a
written notice (the "Subsequent Financing Notice") of its intention to effect
such Subsequent Financing, which Subsequent Financing Notice shall describe in
reasonable detail the proposed terms of such Subsequent Financing, the amount of
proceeds intended to be raised thereunder, the person with whom such Subsequent
Financing shall be effected, and attached to which shall be a term sheet or
similar document relating thereto and (B) Purchaser shall not have notified the
Company by 5:00 p.m. (New York time) on the fifteenth fifth(5th15th) Business
Day after its receipt of the Subsequent Financing Notice of its willingness to
provide, subject to completion of mutually acceptable documentation, financing
to the Company on substantially the terms set forth in the Subsequent Financing
Notice. If Purchaser shall fail to notify the Company of its intention to enter
into such negotiations within such time period, then the Company may effect the
Subsequent Financing substantially upon the terms and to the persons (or
affiliates of such persons) set forth in the Subsequent Financing Notice;
provided that the Company shall provide Purchaser with a second Subsequent
Financing Notice, and Purchaser shall again have the right of first refusal set
forth above in this Section 8.3, if the Subsequent Financing subject to the
initial Subsequent Financing Notice shall not have been consummated for any
reason on the terms set forth in such Subsequent Financing Notice within thirty
(30) Business Days after the date of the initial Subsequent Financing Notice
with the person (or an affiliate of such person) identified in the Subsequent
Financing Notice. The rights granted to Purchaser in this Section 8.3 are not
subject to any prior right of first refusal given to any other person except as
disclosed on Schedule 4.4.

                                       19
<PAGE>

                  8.4 CERTAIN AGREEMENTS. (a) The Company covenants and agrees
that it will not, without the prior written consent of Purchaser, enter into any
subsequent or further offer or sale of Common Stock or securities convertible
into Common Stock with any third party until the date which is one hundred
eighty (180) days after the Effective Date, unless all of the Initial Shares and
Additional Shares held by the Purchaser have been redeemed by the Company
pursuant to Section 8.9 within ten (10) calendar days of the closing of such
subsequent offer or sale.

                  (b) The provisions of Section 8.4(a) will not apply to: (w)
Common Stock issued pursuant to Rule 144, provided the holder thereof is
required to hold such Common Stock for at least two years from the date of
issuance; (x) a secondary public offering of shares of Common Stock at market;
or (y) the issuance of securities (other than for cash) in connection with a
merger, consolidation, sale of assets, disposition or the exchange of the
capital stock for assets, stock or other joint venture interests; and provided
further, that such securities would not be included in the Registration
Statement relating to the Initial Shares and a registration statement in respect
of such stock shall not be filed prior to sixty (60) days after the Effective
Date.

                  8.5 LIMITATION ON ISSUANCE OF COMMON STOCK. The Company shall
not issue an aggregate number of Shares under this Agreement that exceeds 19.9%
of the shares of Common Stock issued and outstanding on the date of the Initial
Closing (the "Share Limitation"). If, pursuant to this Agreement the Company
otherwise would be required to issue a number of shares of Common Stock that
exceeds the Share Limitation, then Purchaser shall have the right to require the
Company to (i) pay in lieu of issuance of each additional Share the amount as
determined according to the following formula: (a) for each additional shares
issuable for the First Repricing Period: ((1.40 x $2.25) - First Repricing
Price) x (# of additional First Repriced Shares); (b) for each additional shares
issuable for the Second Repricing Period: ((1.425 x $2.25) - Second Repricing
Price) x (# of additional Second Repriced Shares); and (c) for each additional
shares issuable for the Third Repricing Period: ((1.45 x $2.25) - Third
Repricing Price) x (# of additionalThird Repriced Shares); or (ii) require the
Company to issue Repricing Shares at a price equal to the average of the closing
bid price per share of Common Stock for the last five (5) consecutive trading
days during a Repricing Period (subject to certain equitable adjustments for
certain events occurring during such period).

                                       20
<PAGE>

                  8.6 AVAILABLE SHARES. The Company shall have at all times
authorized and reserved for issuance, free from preemptive rights, shares of
Common Stock sufficient to yield the number of shares of Common Stock issuable
as may be required to issue the Repriced Shares.

                  8.7 CHANGE OF CONTROL. The Company shall not enter into any
agreement or understanding which may, directly or indirectly, cause or effect a
change in "control" as defined in Rule 405 under the Securities Act of 1933,
without the prior written consent of the Investor

                  8.8 REIMBURSEMENT. If (i) Purchaser, other than by reason of
its gross negligence or willful misconduct, becomes involved in any capacity in
any action, proceeding or investigation brought by any shareholder of the
Company, in connection with or as a result of the consummation of the
transactions contemplated by the Transaction Documents, or if Purchaser is
impleaded in any such action, proceeding or investigation by any person, or (ii)
Purchaser, other than by reason of its gross negligence or willful misconduct or
by reason of its trading of the Common Stock in a manner that is illegal under
the federal securities laws, becomes involved in any capacity in any action,
proceeding or investigation brought by the SEC against or involving the Company
or in connection with or as a result of the consummation of the transactions
contemplated by the Transaction Documents, or if Purchaser is impleaded in any
such action, proceeding or investigation by any person, then in any such case,
the Company will reimburse Purchaser for its reasonable legal and other expenses
(including the cost of any investigation and preparation) incurred in connection
therewith, as such expenses are incurred. In addition, other than with respect
to any matter in which Purchaser is a named party, the Company will pay to
Purchaser the charges, as reasonably determined by Purchaser, for the time of
any officers or employees of Purchaser devoted to appearing and preparing to
appear as witnesses, assisting in preparation for hearings, trials or pretrial
matters, or otherwise with respect to inquiries, hearing, trials, and other
proceedings relating to the subject matter of this Agreement. The reimbursement
obligations of the Company under this Section 8.8 shall be in addition to any
liability which the Company may otherwise have, shall extend upon the same terms
and conditions to any affiliates of Purchaser that are actually named in such
action, proceeding or investigation, and partners, directors, agents, employees
and controlling persons (if any), as the case may be, of Purchaser and any such
affiliate, and shall be binding upon and inure to the benefit of any successors,
assigns, heirs and personal representatives of the Company, Purchaser and any
such affiliate and any such person.

                                       21
<PAGE>

                  8.9 RELEASE. Effective upon the mutual execution hereof, the
Company, for itself and on behalf of all affiliated persons and entities,
representatives, and all predecessors in interest, successors and assigns
(collectively, the "Releasing Parties"), hereby releases and forever discharges
each of Investor, and Investor"s direct and indirect partners, officers,
directors, employees, affiliates, representatives, agents, trustees,
beneficiaries, predecessors in interest, successors in interest and nominees, of
and from any and all claims, demands, actions and causes of action, whether
known or unknown, fixed or contingent, arising prior to the date of execution of
this Agreement, that the Company may have had, may now have or may hereafter
acquire with respect to any matters whatsoever under, relating to or arising
from any prior Purchase Agreement, Registration Agreement, and the agreements
entered into in connection therewith (sometimes collectively referred to as the
"Prior Agreements"). The Company also fully waives (i) any defenses it may have
with respect to honoring the terms of the Prior Agreements, or any (ii) offsets
it may have with respect to the amounts owed under the Prior Agreements.
Additionally, the Company represents, warrants and covenants that it has not,
and at the time this release becomes effective will not have, sold, assigned,
transferred, or otherwise conveyed to any other person or entity all or any
portion of its rights, claims, demands, actions, or causes of action herein
released

                  8.10 MATERIAL NON-PUBLIC INFORMATION. The Company is not in
possession of, nor has the Company or its agents disclosed to the Investor, any
material non-public information that (a) if disclosed, would reasonably be
expected to have a materially adverse effect on the price of the Common Stock
or(b) according to applicable law, rule or regulation, should have been
disclosed publicly by the Company prior to the date hereof but which has not
been so disclosed.

         9. TRANSFER AGENT INSTRUCTIONS.

                  9.1 IRREVOCABLE INSTRUCTIONS. The Company will irrevocably
instruct its transfer agent to issue Repriced Shares from time to time in such
amounts as shall be specified from time to time by the Company to the transfer
agent, bearing the restrictive legend specified in Section 7 of this Agreement
prior to registration of the Shares under the Securities Act, registered in the
name of Purchaser or its nominee and in such denominations to be specified by
Purchaser in connection with each Closing. The Company warrants that no
instruction other than such instructions referred to in this Section 9 and stop
transfer instructions to give effect to Section 7 hereof prior to registration
and sale of the Shares under the Securities Act will be given by the Company to
the transfer agent and that the securities shall otherwise be freely
transferable on the books and records of the Company as and to the extent
provided in this Agreement, the Registration Rights Agreement, and applicable
law. Nothing in this Section 9 shall affect in any way Purchaser's obligations
and agreement to comply with all applicable securities laws upon resale of the
Shares.

                                       22
<PAGE>

                  9.2 [Intentionally Omitted]

                  9.3 TRANSMISSION OF CERTIFICATES. The Company will transmit
the certificates representing the unlegended securities ("Unlegended Shares") to
be issued to Purchaser via express courier, by electronic transfer or otherwise,
within three (3) Business Days after receipt by the Company of the certificate
representing the legended Common Stock, and a representation by Purchaser that
such shares have been sold in accordance with the provisions of the Securities
Act (the "Delivery Date").

                  9.4 DELAY. The Company understands that a delay in the
issuance of the Unlegended Shares beyond the Delivery Date could result in
economic loss to Purchaser. On and after the Effective Date as compensation to
Purchaser for such loss, the Company agrees to pay late payments to Purchaser
for late issuance of Unlegended Shares in accordance with the following schedule
(where "No. of Days Late" is defined as the number of days beyond five (5)
Business Days from Delivery Date):

                                          Late Payment For Each
                  No. of Days Late        $10,000 of Common Stock
                  ----------------        -----------------------

                             1                 $100
                             2                 $200
                             3                 $300
                             4                 $400
                             5                 $500
                             6                 $600
                             7                 $700
                             8                 $800
                             9                 $900
                            10                 $1,000
                           >10                 $1,000 +$200 for each Business
                                                        Day Late beyond 10 days

The Company shall pay any payments incurred under this Section 9.4 in
immediately available funds upon demand. Nothing herein shall limit Purchaser's
right to pursue actual damages for the Company's failure to issue and deliver
the Unlegended Shares to Purchaser, except to the extent that such late payments
shall constitute payment for and offset any such actual damages alleged by
Purchaser, and any Buy In Adjustment Amount (as defined below).

                                       23
<PAGE>

                  9.5 COVER. If the Company fails for any reason to deliver the
Unlegended Shares after such Delivery Date and the holder of the Initial Shares
(a "Holder") purchases, in an open market transaction or otherwise, shares of
Common Stock (the "Covering Shares") in order to make delivery in satisfaction
of a sale of Common Stock by such Holder (the "Sold Shares"), which delivery
such Holder anticipated to make using the Unlegended Shares (a "Buy-In"), then
the Company shall pay to such Holder, in addition to all other amounts
contemplated in other provisions of the Transaction Documents, and not in lieu
thereof, the Buy-In Adjustment Amount (as defined below). The "Buy-In Adjustment
Amount" is the amount equal to the excess, if any, of (x) such Holder's total
purchase price (including brokerage commissions, if any) for the Covering Shares
over (y) the net proceeds (after brokerage commissions, if any) received by such
Holder from the sale of the Sold Shares. The Company shall pay the Buy-In
Adjustment Amount to such Holder in immediately available funds immediately upon
demand by such Holder. By way of illustration and not in limitation of the
foregoing, if such Holder purchases Covering Shares having a total purchase
price (including brokerage commissions) of $11,000 to cover a Buy-In with
respect to shares of Common Stock that it sold for net proceeds of $10,000, the
Buy-In Adjustment Amount that the Company will be required to pay to such Holder
will be $1,000.

                  9.6 ELECTRONIC TRANSFER. In lieu of delivering physical
certificates representing the Unlegended Shares issuable upon conversion,
provided the Company's transfer agent is participating in the Depository Trust
Company ("DTC") Fast Automated Securities Transfer program, upon request of
Purchaser and its compliance with the provisions contained in this paragraph, so
long as the certificates therefor do not bear a legend and Purchaser thereof is
not obligated to return such certificate for the placement of a legend thereon,
the Company shall use its best efforts to cause its transfer agent to
electronically transmit the Common Stock to Purchaser by crediting the account
of Purchaser's Prime Broker with DTC through its Deposit Withdrawal Agent
Commission system.

                  9.7 The Company will authorize its transfer agent to give
information relating to the Company directly to the Purchaser or the Purchaser's
representatives upon the request of the Purchaser or any such representative, to
the extent such information relates to (i) the status of shares of Common Stock
issued or claimed to be issued to the Purchaser, or (ii) the number of
outstanding shares of Common Stock of all stockholders as of a current or other
specified date. The Company will provide the Purchaser with a copy of the
authorization so given to the transfer agent.

                  9.8 Subject to the completeness and accuracy of the Buyer's
representations and warranties herein, and following the expiration of any
applicable Distribution Compliance Period (as those terms are defined in
Regulation S), the Company, shall, at its expense, take all necessary action
(including the issuance of an opinion of counsel) to assure that the Company's
transfer agent shall issue stock certificates without restrictive legend or stop
orders in the name of Purchaser (or its nominee (being a non-U.S. Person) or
such non-U.S. Persons as may be designated by Buyer). Nothing in this Section,
however, shall affect in any way Buyer's or such nominee's obligations and
agreement to comply with all applicable securities laws upon resale of the
Common Stock or the Reset Shares.

                                       24
<PAGE>

         10. CLOSING DATE.

                  10.1 The closing of the issuance and sale of the Initial
Shares shall occur on the date (the "Closing Date"), which is the first Business
Day after the fulfillment or waiver of all closing conditions pursuant to
Sections 11 and 12 hereof or such other date and time as is mutually agreed upon
by the Company and Purchaser.

                  10.2 Notwithstanding anything to the contrary contained
herein, the Escrow Agent will be authorized to release the Escrow Property only
upon satisfaction of the conditions set forth in Sections 11 and 12 hereof.

         11. CONDITIONS TO THE COMPANY'S OBLIGATION TO SELL.

                  Purchaser understands that the Company's obligation to sell
the Initial Shares on the Closing Date to Purchaser pursuant to this Agreement
is conditioned upon:

                  11.1 The receipt and acceptance by Purchaser of this Agreement
as evidenced by Purchaser's execution and delivery of this Agreement.

                  11.2 Delivery by Purchaser to the Escrow Agent of good funds
as payment in full of an amount equal to the Purchase Price for the Initial
Shares in accordance with Section 1.2 hereof;

                  11.3 The accuracy on the Closing Date of the representations
and warranties of Purchaser contained in this Agreement as if made on the
Closing Date, and the performance by Purchaser on or before the Closing Date of
all covenants and agreements of Purchaser required to be performed on or before
the Closing Date;

                  11.4 There shall not be in effect any law, rule or regulation
prohibiting or restricting the transactions contemplated hereby, or requiring
any consent or approval which shall not have been obtained.

                                       25
<PAGE>

         12. CONDITIONS TO PURCHASER'S OBLIGATION TO PURCHASE.

                  The Company understands that Purchaser's obligation to
purchase the Initial Shares on the Closing Date is conditioned upon:

                  12.1 The existing S-3 Registration Statement shall have been
declared effective by the SEC;

                  12.2 Acceptance by the Company of this Agreement for the sale
of the Initial Shares, as indicated by the Company's execution and delivery of
this Agreement;

                  12.3 Delivery by the Company to the Escrow Agent of the
Certificate in accordance with this Agreement;

                  12.4 The accuracy in all material respects on the Closing Date
of the representations and warranties of the Company contained in this Agreement
as if made on the Closing Date and the performance by the Company on or before
the Closing Date of all covenants and agreements of the Company required to be
performed on or before the Closing Date; and

                  12.5 On the Closing Date, Purchaser having received an opinion
of counsel for the Company, dated the Closing Date, in form, scope and substance
reasonably satisfactory to Purchaser, to the effect set forth hereto and the
Registration Rights Agreement, if applicable.

                  12.6 No statute, rule, regulation, executive order, decree,
ruling or injunction shall be enacted, entered, promulgated or endorsed by any
court or governmental authority of competent jurisdiction which prohibits or
adversely effects any of the transactions contemplated by the Transaction
Documents, and no proceeding or investigation shall have been commenced or
threatened which may have the effect of prohibiting or adversely effecting any
of the transactions contemplated by the Transaction Documents.

                  12.7 From and after the date hereof to and including the
Closing Date, the trading of the Common Stock shall not have been suspended by
the SEC, or the AMEX and trading in securities generally on the New York Stock
Exchange or NASDAQ shall not have been suspended or limited, nor shall minimum
prices have been established for securities traded on NASDAQ, nor shall there be
any outbreak or escalation of hostilities involving the United States or any
material adverse change in any financial market that in either case in the
reasonable judgment of Purchaser makes it impracticable or inadvisable to
purchase the Initial Shares, as the case may be.

                                       26
<PAGE>

         13. GENERAL PROVISIONS.

                  13.1 ASSIGNMENT. Neither this Agreement nor any rights of
Purchaser hereunder may be assigned by either party to any other person without
the prior written consent of the Company.

                  13.2 ATTORNEYS' FEES. In the event any dispute arises under
this Agreement or the documents or instruments executed and delivered in
connection with this Agreement, and the parties hereto resort to litigation to
resolve such dispute, the prevailing party in any such litigation, in addition
to all other remedies at law or in equity, shall be entitled to an award of
costs and fees from the other party, which costs and fees shall include, without
limitation, reasonable attorneys' fees and legal costs.

                  13.3 CHOICE OF LAW; VENUE. This Agreement will be construed
and enforced in accordance with and governed by the laws of the State of
Delaware and the federal law of the United States without reference to
principles of conflicts of law. The parties agree that, in the event of any
dispute arising out this Agreement or the transactions contemplated thereby,
venue for such dispute shall be in the state or federal courts located in
Wilmington and that each party hereto waives any objection to such venue based
on forum non conveniens.

                  13.4 JURY TRIAL WAIVER. The Company and the Investor hereby
waive a trial by jury in any action, proceeding or counterclaim brought by
either of the parties hereto against the other in respect of any matter arising
out of or in connection with the Transaction Documents

                  13.5 COSTS AND EXPENSES. Company shall be responsible for and
shall pay the costs and expenses, including without limitation attorneys' fees
and accountants' fees and expenses of Purchaser, in connection with the conduct
of the due diligence inquiry, negotiation, execution and delivery of this
Agreement and the instruments, documents and agreements executed in connection
with this Agreement and any Modification Agreement.

                  13.6 COUNTERPARTS/FACSIMILE SIGNATURES. This Agreement may be
executed in one or more counterparts, each of which when so signed shall be
deemed to be an original, and such counterparts together shall constitute one
and the same instrument. In lieu of the original, a facsimile transmission or
copy of the original shall be as effective and enforceable as the original.

                                       27
<PAGE>

                  13.7 ENTIRE AGREEMENT: AMENDMENT. This Agreement, together
with the exhibits to this Agreement and the other instruments and documents
delivered in connection with this Agreement constitute the full and entire
understanding and agreement between the parties with regard to the subjects
hereof and thereof, and no party shall be liable or bound to any other party in
any manner by any warranties, representations or covenants except as
specifically set forth in this Agreement or therein. Except as expressly
provided in this Agreement, neither this Agreement nor any term hereof may be
amended, waived, discharged or terminated other than by a written instrument
signed by the party against whom enforcement of any such amendment, waiver,
discharge or termination is sought.

                  13.8 HEADINGS. The headings of the sections and paragraphs of
this Agreement have been inserted for convenience of reference only and do not
constitute a part of this Agreement.

                  13.9 NOTICES. All notices or other communications provided for
under this Agreement shall be in writing, and mailed, telecopied or delivered by
hand delivery or by overnight courier service, as follows:

                  If to the Company:
                  -----------------

                       EUROTECH, LTD.
                       10306 Eaton Place, Suite 220
                       Fairfax, VA. 22030
                       Attention: Jon W. Dowie, CFO
                       ---------
                       Tel No.: (703) 352-4399
                       Fax No.: (703) 352-5994

                  If to Purchaser:
                  ---------------

                       Woodward, LLC

                       Tel No.:
                       Fax No.:

                       With a copy to (not to be deemed notice)
                       --------------

                       Leonard Hurt Frost Lilly
                       Levin PC
                       1701 K Street, N.W., Suite 300
                       Washington, DC 20006
                       Attention: Max A. Stolper, Esq.
                       ---------
                       Tel No.: (202)-223-2500
                       Fax No: (202)-223-2501

                                       28
<PAGE>

                       With a copy to (not to be deemed notice)
                       --------------

                       Krieger & Prager, LLP
                       39 Broadway
                       New York, New York 10006
                       Attention:       Samuel M. Krieger, Esq.
                       ---------
                       Tel No.: 212-363-2900
                       Fax No: 212-363-2999

All notices and communications shall be effective as follows: when mailed, upon
three (3) Business Days after deposit in the mail (postage prepaid); when
telecopied, upon confirmed transmission of the telecopied notice; when hand
delivered, upon delivery; and when sent by overnight courier, the next Business
Day after deposit of the notice with the overnight courier.

                  13.10 PUBLICITY. The Company and Purchaser shall consult with
each other in issuing any press releases or otherwise making public statements
with respect to the transactions contemplated hereby and no party shall issue
any such press release or otherwise make any such public statement without the
prior written consent of the other parties, which consent shall not be
unreasonably withheld or delayed, except that no prior consent shall be required
if such disclosure is required by law, in which such case the disclosing party
shall provide the other parties with prior notice of such public statement.
Notwithstanding the foregoing, the Company shall not publicly disclose the name
of Purchaser without the prior written consent of such Purchaser, except to the
extent required by law. Purchaser acknowledges that this Agreement and all or
part of the Transaction Documents may be deemed to be "material contracts" as
that term is defined by Item 601(b)(10) of Regulation S-K, and that the Company
may therefore be required to file such documents as exhibits to reports or
registration statements filed under the Securities Act or the Exchange Act.
Purchaser further agrees that the status of such documents and materials as
material contracts shall be determined solely by the Company, in consultation
with its counsel.

                  13.11 SEVERABILITY. Should any one or more of the provisions
of this Agreement be determined to be illegal or unenforceable, all other
provisions of this Agreement shall be given effect separately from the provision
or provisions determined to be illegal or unenforceable and shall not be
affected thereby.

                                       29
<PAGE>

                  13.12 SURVIVAL OF REPRESENTATIONS AND WARRANTIES. The
Company's representations and warranties herein shall survive the execution and
delivery of this Agreement for one (1) year, and shall inure to the benefit of
Purchaser and its successors and assigns.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       30
<PAGE>

         IN WITNESS WHEREOF, the parties named below have caused this Agreement
to be executed, as of the date first above written.

                                  PURCHASER:
                                  ---------

                                  WOODWARD LLC

                                  By: /s/ Navigator Management
                                      ------------------------

                                  Its:

                                  THE COMPANY:
                                  -----------

                                  EUROTECH, LTD.

                                  By: /s/ Don Hahnfeldt
                                     ------------------------------
                                     Don Hahnfeldt, CEO & President

                                       31

<PAGE>

                                   SCHEDULE 1

                               OTHER CONSIDERATION

                                       32

<PAGE>

                                    EXHIBIT A

                          REGISTRATION RIGHTS AGREEMENT

                                       33
<PAGE>

                                    EXHIBIT B

                                ESCROW AGREEMENT

                                       34
<PAGE>

                                    EXHIBIT C

                              ADDITIONAL AGREEMENTS

                                       35
<PAGE>

                                  Schedule 4.4
                                       to
                         Common Stock Purchase Agreement
                              dated March 30, 2001
                                     between
                         Woodward LLC and Eurotech, Ltd.

      Shares of Eurotech Common Stock that May Be Issued Pursuant to Rights
<TABLE>
<CAPTION>

----------------------------------------- -------------------------------------- --------------------------------------
             Type of Right                      Number of Shares Issuable                      Comments
----------------------------------------- -------------------------------------- --------------------------------------
<S>                                                                   <C>        <C>
                                                                                 Under 1995 and 1999 stock option
Employee Stock Options                                                1,387,500  plans
----------------------------------------- -------------------------------------- --------------------------------------
Warrants to purchase shares held by or                                           Pursuant to various employment and
issuable to employees and consultants                                   573,000  consulting agreements
----------------------------------------- -------------------------------------- --------------------------------------
Warrants to purchase shares committed
to be issued to employees and                                                    Pursuant to various employment and
consultants in the future                                               480,000  consulting agreements
----------------------------------------- -------------------------------------- --------------------------------------
Warrants to purchase shares held by                                              Woodward LLC          700,000
venture capitalists                                                     950,000  Encore Cap. Mgt.      250,000
----------------------------------------- -------------------------------------- --------------------------------------
                                                                                 $3,000,000 aggregate principal
                                                                                 amount plus accrued but unpaid
                                                                                 interest through March 31, 2001,
                                                                                 convertible at a $2.00 floor
                                                                                 conversion price
Convertible debentures                                                1,530,000
----------------------------------------- -------------------------------------- --------------------------------------

</TABLE>

                                       36<PAGE>

EX-10.20.14 - Registration Rights Agreement dated as of March 30, 2001 between
              Eurotech, Ltd. and Woodward LLC

                                                                           ANNEX
                                                                              TO
                                                             SECURITIES PURCHASE
                                                                       AGREEMENT

                                                   REGISTRATION RIGHTS AGREEMENT

         THIS REGISTRATION RIGHTS AGREEMENT, dated as March 30, 2001 (this
"Agreement"), is made by and between EUROTECH, LTD., a District of Columbia
corporation, with headquarters located at 10306 Eaton Place, Fairfax, VA 22030
(the "Company"), and WOODWARD, LLC, a Cayman Islands limited liability company,
(the "Initial investor")

                              W I T N E S S E T H:

         WHEREAS, upon the terms and subject to the conditions of the Common
Stock Purchase Agreement, dated as of the date hereof, between the Initial
Investor and the Company (the "Common Stock Purchase Agreement"; terms not
otherwise defined herein shall have the meanings ascribed to them in the Common
Stock Purchase Agreement), the Company has agreed to issue and sell to the
Initial Investor, 1,333,333 shares of Common Stock (the "Initial Shares") ,
together with certain repricing rights to receive additional shares ("Repricing
Shares") (collectively the "Shares") of the Company; and

                  WHEREAS, to induce the Initial Investor to execute and deliver
the Common Stock Purchase Agreement, the Company has agreed to provide certain
registration rights under the Securities Act of 1933, as amended, and the rules
and regulations thereunder, or any similar successor statute (collectively, the
"Securities Act"), with respect to the Shares;

                  NOW, THEREFORE, in consideration of the premises and the
mutual covenants contained herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Company and the
Initial Investor hereby agree as follows:

         1. DEFINITIONS. As used in this Agreement, the following terms shall
have the following meanings:

         (a) "Investor" means the Initial Investor and any permitted transferee
or assignee who agrees to become bound by the provisions of this Agreement in
accordance with Section 9 hereof and who holds Shares.

<PAGE>

         (b) "Potential Material Event" means any of the following: (i) the
possession by the Company of material information not ripe for disclosure in a
registration statement, which shall be evidenced by determinations in good faith
by the Board of Directors of the Company that disclosure of such information in
the registration statement would be detrimental to the business and affairs of
the Company; or (ii) any material engagement or activity by the Company which
would, in the good faith determination of the Board of Directors of the Company,
be adversely affected by disclosure in a registration statement at such time,
which determination shall be accompanied by a good faith determination by the
Board of Directors of the Company that the registration statement would be
materially misleading absent the inclusion of such information.

         (c) "Register," "Registered," and "Registration" refer to a
registration effected by preparing and filing a Registration Statement or
Statements in compliance with the Securities Act and pursuant to Rule 415 under
the Securities Act or any successor rule providing for offering securities on a
continuous basis ("Rule 415"), and the declaration or ordering of effectiveness
of such Registration Statement by the United States Securities and Exchange
Commission (the "SEC").

         (d) "Registrable Securities" means the Shares issued on the Initial
Closing Date and a number of the Repricing Shares estimated to be registrable in
accordance with Section 2(a).

         (e) "Registration Statement" means a registration statement of the
Company under the Securities Act, or an amendment to an existing registration
statement.

         2. REGISTRATION.

         (a) MANDATORY REGISTRATION.

                  The Company shall prepare and file with the SEC, as soon as
possible after the Initial Closing and no later than January 1, 2002 (the
"Required Filing Date"), either a Registration Statement on the appropriate form
or an amendment to an existing Registration Statement, in either event
registering for resale by the Investor a sufficient number of shares of Common
Stock for the Initial Investors to sell the Registrable Securities (or such
lesser number as may be required by the SEC, but in no event less than two
hundred (200%) percent of the aggregate number of Initial Shares. The
Registration Statement (X) shall also state that, in accordance with Rule 416
and 457 under the Securities Act, it also covers such indeterminate number of
additional shares of Common Stock as may become issuable upon repricing of the
Common Stock to prevent dilution resulting from stock splits or stock dividends.
The Company will use its reasonable best efforts to cause such Registration
Statement to be declared effective on a date (a "Required Effective Date") which
is no later than is the earlier of (Y) five (5) days after notice by the SEC
that it may be declared effective or (Z) March 1, 2002

                                       2
<PAGE>

         (b) PAYMENTS BY THE COMPANY.

                  (i) If the Registration Statement covering the Registrable
Securities is not filed in proper form with the SEC by the Required Filing Date,
the Company will make payment to the Initial Investor in such amounts and at
such times as shall be determined pursuant to this Section 2(b).

                  (ii) If the Registration Statement covering the Registrable
Securities is not effective by thirty (30) days after the relevant Required
Effective Date or if the Investor is restricted from making sales of Registrable
Securities covered by a previously effective Registration Statement at any time
(the date such restriction commences, a "Restricted Sale Date") after the
Effective Date other than during a Suspension Period (as defined below), then
the Company will make payments to the Initial Investor in such amounts and at
such times as shall be determined pursuant to this Section 2(b).

                  (iii) The amount (the "Periodic Amount") to be paid by the
Company to the Initial Investor shall be determined as of each Computation Date
(as defined below) and such amount shall be equal to the Periodic Amount
Percentage (as defined below) of the Purchase Price for all the Initial Shares
for the period from the date following the relevant Required Filing Date,
Required Effective Date or Restricted Sale Date, as the case may be, to the
first relevant Computation Date, and thereafter to each subsequent Computation
Date. The "Periodic Amount Percentage" means (A) two percent (2%) of the
Purchase Price for the period from the date following the relevant Required
Filing Date, Required Effective Date or Restricted Sale Date, as the case may
be, to the first relevant Computation Date (prorated on a daily basis if such
period is less than thirty [30] days), and (B) three percent (3%) of the
Purchase Price to each Computation Date thereafter (prorated on a daily basis if
such period is less than thirty [30] days).

                  (iv) Each Periodic Amount will be payable by the Company in
cash or other immediately available funds to the Investor monthly, without
requiring demand therefor by the Investor.

                  (v) The parties acknowledge that the damages which may be
incurred by the Investor if the Registration Statement is not filed by the
Required Filing Date or if the Registration Statement has not been declared
effective by a Required Effective Date, including if the right to sell
Registrable Securities under a previously effective Registration Statement is
suspended, may be difficult to ascertain. The parties agree that the Periodic
Amounts represent a reasonable estimate on the part of the parties, as of the
date of this Agreement, of the amount of such damages.

                  (vi) Notwithstanding the foregoing, the amounts payable by the
Company pursuant to this provision shall not be payable to the extent any delay
in the effectiveness of the Registration Statement occurs because of an act of,
or a failure to act or to act timely by the Initial Investor or its counsel, or
in the event all of the Registrable Securities may be sold pursuant to Rule 144
or another available exemption under the Act.

                  (vii) "Computation Date" means (A) the date which is the
earlier of (1) thirty (30) days after the Required Filing Date, any relevant
Required Effective Date or a Restricted Sale Date, as the case may be, or (2)
the date after the Required Filing Date, such Required Effective Date or
Restricted Sale Date on which the Registration Statement is filed (with respect
to payments due as contemplated by Section 2(b)(i) hereof) or is declared
effective or has its restrictions removed (with respect to payments due as
contemplated by Section 2(b)(ii) hereof), as the case may be, and (B) each date
which is the earlier of (1) thirty (30) days after the previous Computation Date
or (2) the date after the previous Computation Date on which the Registration
Statement is filed (with respect to payments due as contemplated by Section
2(b)(i) hereof) or is declared effective or has its restrictions removed (with
respect to payments due as contemplated by Section 2(b)(ii) hereof), as the case
may be.

                                       3
<PAGE>

         3. OBLIGATIONS OF THE COMPANY. In connection with the registration of
the Registrable Securities, the Company shall do each of the following.

                  (a) Prepare promptly, and file with the SEC by the Required
Filing Date a Registration Statement with respect to not less than the number of
Registrable Securities provided in Section 2(a) above, and thereafter use its
reasonable best efforts to cause such Registration Statement relating to
Registrable Securities to become effective by the Required Effective Date and
keep the Registration Statement effective at all times during the period (the
"Registration Period") continuing until the earliest of (i) the date that is two
(2) years after the last day of the calendar month following the month in which
the closing at the end of the Final Repricing Period occurs, (ii) the date when
the Investors may sell all Registrable Securities under Rule 144 or (iii) the
date the Investors no longer own any of the Registrable Securities, which
Registration Statement (including any amendments or supplements thereto and
prospectuses contained therein) shall not contain any untrue statement of a
material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein, in light of the circumstances in which
they were made, not misleading;

                  (b) Prepare and file with the SEC such amendments (including
post-effective amendments) and supplements to the Registration Statement and the
prospectus used in connection with the Registration Statement as may be
necessary to keep the Registration Statement effective at all times during the
Registration Period, and, during the Registration Period, comply with the
provisions of the Securities Act with respect to the disposition of all
Registrable Securities of the Company covered by the Registration Statement
until such time as all of such Registrable Securities have been disposed of in
accordance with the intended methods of disposition by the seller or sellers
thereof as set forth in the Registration Statement;

                  (c) The Company shall permit a single firm of counsel
designated by the Initial Investors to review the Registration Statement and all
amendments and supplements thereto a reasonable period of time (but not less
than three (3) business days) prior to their filing with the SEC, and not file
any document in a form to which such counsel reasonably objects.

                  (d) Notify each Investor, such Investor's legal counsel
identified to the Company (which, until further notice, shall be deemed to be
Krieger & Prager, Attn: Samuel Krieger, Esq.; each, an "Investor's Counsel")
(and, in the case of (i)(A) below, not less than five (5) days prior to such
filing) and (if requested by any such Person) confirm such notice in writing no
later than one (1) business day following the day (i)(A) when a Prospectus or
any Prospectus supplement or post-effective amendment to the Registration
Statement is proposed to be filed; (B) whenever the SEC notifies the Company
whether there will be a "review" of such Registration Statement; (C) whenever
the Company receives (or a representative of the Company receives on its behalf)
any oral or written comments from the SEC respect of a Registration Statement
(copies or, in the case of oral comments, summaries of such comments shall be
promptly furnished by the Company to the Investors); and (D) with respect to the
Registration Statement or any post-effective amendment, when the same has become

                                       4
<PAGE>

effective; (ii) of any request by the SEC or any other Federal or state
governmental authority for amendments or supplements to the Registration
Statement or Prospectus or for additional information; (iii) of the issuance by
the SEC of any stop order suspending the effectiveness of the Registration
Statement covering any or all of the Registrable Securities or the initiation of
any Proceedings for that purpose; (iv) if at any time any of the representations
or warranties of the Company contained in any agreement (including any
underwriting agreement) contemplated hereby ceases to be true and correct in all
material respects; (v) of the receipt by the Company of any notification with
respect to the suspension of the qualification or exemption from qualification
of any of the Registrable Securities for sale in any jurisdiction, or the
initiation or threatening of any Proceeding for such purpose; and (vi) of the
occurrence of any event that to the best knowledge of the Company makes any
statement made in the Registration Statement or Prospectus or any document
incorporated or deemed to be incorporated therein by reference untrue in any
material respect or that requires any revisions to the Registration Statement,
Prospectus or other documents so that, in the case of the Registration Statement
or the Prospectus, as the case may be, it will not contain any untrue statement
of a material fact or omit to state any material fact required to be stated
therein or necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading. In addition, the
Company shall furnish the Investors with copies of all intended written
responses to the comments contemplated in clause (C) of this Section 3(d) not
later than one (1) business day in advance of the filing of such responses with
the SEC so that the Investors shall have the opportunity to comment thereon.

                  (e) Furnish to each Investor and such Investor's Counsel (i)
promptly after the same is prepared and publicly distributed, filed with the
SEC, or received by the Company, two (2) copies of the Registration Statement,
each preliminary prospectus and prospectus, and each amendment or supplement
thereto, and (ii) such number of copies of a prospectus, and all amendments and
supplements thereto and such other documents, as such Investor may reasonably
request in order to facilitate the disposition of the Registrable Securities
owned by such Investor;

                  (f) As promptly as practicable after becoming aware thereof,
notify each Investor of the happening of any event of which the Company has
knowledge, as a result of which the prospectus included in the 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, in light of the circumstances under which they were
made, not misleading, and use its best efforts promptly to prepare a supplement
or amendment to the Registration Statement or other appropriate filing with the
SEC to correct such untrue statement or omission, and deliver a number of copies
of such supplement or amendment to each Investor as such Investor may reasonably
request;

                                       5
<PAGE>

                  (g) As promptly as practicable after becoming aware thereof,
notify each Investor who holds Registrable Securities being sold (or, in the
event of an underwritten offering, the managing underwriters) of the issuance by
the SEC of a Notice of Effectiveness or any notice of effectiveness or any stop
order or other suspension of the effectiveness of the Registration Statement at
the earliest possible time;

                  (h) Notwithstanding the foregoing, if at any time or from time
to time after the date of effectiveness of the Registration Statement, the
Company notifies the Investors in writing of the existence of a Potential
Material Event, the Investors shall not offer or sell any Registrable
Securities, or engage in any other transaction involving or relating to the
Registrable Securities, from the time of the giving of notice with respect to a
Potential Material Event until such Investor receives written notice from the
Company that such Potential Material Event either has been disclosed to the
public or no longer constitutes a Potential Material Event; provided, however,
that the Company may not so suspend the right to such holders of Registrable
Securities for more than two, five (5) day periods in the aggregate during any
12-month period ("Suspension Period") with at least a ten (10) business day
interval between such periods, during the periods the Registration Statement is
required to be in effect;

                  (i) Use its reasonable efforts to secure and maintain the
designation of all the Registrable Securities covered by the Registration
Statement on the American Stock Exchange.

                  (j) Provide a transfer agent for the Registrable Securities
not later than the effective date of the Registration Statement;

                  (k) Cooperate with the Investors to facilitate the timely
preparation and delivery of certificates for the Registrable Securities to be
offered pursuant to the Registration Statement and enable such certificates for
the Registrable Securities to be in such denominations or amounts as the case
may be, as the Investors may reasonably request, and, within three (3) business
days after a Registration Statement which includes Registrable Securities is
ordered effective by the SEC, the Company shall deliver, and shall cause legal
counsel selected by the Company to deliver, to the transfer agent for the
Registrable Securities (with copies to the Investors whose Registrable
Securities are included in such Registration Statement) an appropriate
instruction and opinion of such counsel; and

                  (l) Take all other reasonable actions necessary to expedite
and facilitate disposition by the Investor of the Registrable Securities
pursuant to the Registration Statement.

         4. OBLIGATIONS OF THE INVESTORS. In connection with the registration of
the Registrable Securities, the Investors shall have the following obligations:

                                       6
<PAGE>

                  (a) It shall be a condition precedent to the obligations of
the Company to complete the registration pursuant to this Agreement with respect
to the Registrable Securities of a particular Investor that such Investor shall
furnish to the Company such information regarding itself, the Registrable
Securities held by it, and the intended method of disposition of the Registrable
Securities held by it, as shall be reasonably required to effect the
registration of such Registrable Securities and shall execute such documents in
connection with such registration as the Company may reasonably request. At
least ten (10) days prior to the first anticipated filing date of the
Registration Statement, the Company shall notify each Investor of the
information the Company requires from each such Investor (the "Requested
Information") if such Investor elects to have any of such Investor's Registrable
Securities included in the Registration Statement. If at least two (2) business
days prior to the filing date the Company has not received the Requested
Information from an Investor (a "Non-Responsive Investor"), then the Company
need not file the Registration Statement until receiving the response of such
Non-Responsive Investor;

                  (b) Each Investor, by such Investor's acceptance of the
Registrable Securities, agrees to cooperate with the Company as reasonably
requested by the Company in connection with the preparation and filing of the
Registration Statement hereunder, unless such Investor has notified the Company
in writing of such Investor's election to exclude all of such Investor's
Registrable Securities from the Registration Statement; and

                  (c) Each Investor agrees that, upon receipt of any notice from
the Company of the happening of any event of the kind described in Section 3(e)
or 3(f), above, such Investor will immediately discontinue disposition of
Registrable Securities pursuant to the Registration Statement covering such
Registrable Securities until such Investor's receipt of the copies of the
supplemented or amended prospectus contemplated by Section 3(e) or 3(f).

                  5. EXPENSES OF REGISTRATION. (a) All reasonable expenses
(other than underwriting discounts and commissions of the Investor) incurred in
connection with registrations, filings or qualifications pursuant to Section 3,
but including, without limitation, all registration, listing, and qualifications
fees, printers and accounting fees, the fees and disbursements of counsel for
the Company and a fee for a single counsel for the Investors (as a group and not
individually) not exceeding $4,500 for the Registration Statement covering the
Registrable Securities applicable to the Shares issued on the Closing Date shall
be borne by the Company.

                  (b) Except as otherwise provided for in Schedule 5 hereto,
neither the Company nor any of its subsidiaries has, as of the date hereof, nor
shall the Company nor any of its subsidiaries, on or after the date of this
Agreement, enter into any agreement with respect to its securities that is
inconsistent with the rights granted to the Investors in this Agreement or
otherwise conflicts with the provisions hereof. Except as otherwise provided for
in Schedule 5 neither the Company nor any of its subsidiaries has previously
entered into any agreement granting any registration rights with respect to any
of its securities to any Person. Except as otherwise provided for in this
Section 5, and without limiting the generality of the foregoing, without the
written consent of the Investors holding a majority of the Registrable
Securities, the Company shall not grant to any person the right to request the
Company to register any securities of the Company under the Securities Act
unless the rights so granted are subject in all respects to the prior rights in
full of the Investors set forth herein, and are not otherwise in conflict or
inconsistent with the provisions of this Agreement and the other Transaction
Agreements.

                                       7
<PAGE>

         6. 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 Investor who holds such Registrable Securities, the
directors, if any, of such Investor, the officers, if any, of such Investor,
each person, if any, who controls any Investor within the meaning of the
Securities Act or the Exchange Act (each, an "Indemnified Party"), against any
losses, claims, damages, liabilities or expenses (joint or several) incurred
(collectively, "Claims") to which any of them may become subject under the
Securities Act, the Exchange Act or otherwise, insofar as such Claims (or
actions or proceedings, whether commenced or threatened, in respect thereof)
arise out of or are based upon any of the following statements, omissions or
violations in the Registration Statement, or any post-effective amendment
thereof, or any prospectus included therein: (i) any untrue statement or alleged
untrue statement of a material fact contained in the Registration Statement or
any post-effective amendment thereof or 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, (ii) any untrue statement or alleged
untrue statement of a material fact contained in the final prospectus (as
amended or supplemented, if the Company files any amendment thereof or
supplement thereto with the SEC) or the omission or alleged omission to state
therein any material fact necessary to make the statements made therein, in
light of the circumstances under which the statements therein were made, 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 under the Securities Act, the Exchange Act or any state securities
law (the matters in the foregoing clauses (i) through (iii) being, collectively,
"Violations"). Subject to clause (b) of this Section 6, the Company shall
reimburse the Investors, promptly as such expenses are incurred and are due and
payable, for any legal fees or other reasonable expenses incurred by them in
connection with investigating or defending any such Claim. Notwithstanding
anything to the contrary contained herein, the indemnification agreement
contained in this Section 6(a) shall not (I) apply to a Claim arising out of or
based upon a Violation which occurs in reliance upon and in conformity with
information furnished in writing to the Company by or on behalf of any
Indemnified Party expressly for use in connection with the preparation of the
Registration Statement or any such amendment thereof or supplement thereto, if
such prospectus was timely made available by the Company pursuant to Section
3(c) hereof; (II) be available to the extent such Claim is based on a failure of
the Investor to deliver or cause to be delivered the prospectus made available
by the Company; or (III) apply to amounts paid in settlement of any Claim if
such settlement is effected without the prior written consent of the Company,
which consent shall not be unreasonably withheld. Each Investor will indemnify
the Company and its officers, directors and agents (each, an "Indemnified
Party") against any claims arising out of or based upon a Violation which occurs
in reliance upon and in conformity with information furnished in writing to the
Company, by or on behalf of such Investor, expressly for use in connection with
the preparation of the Registration Statement, subject to such limitations and
conditions as are applicable to the Indemnification provided by the Company to
this Section 6. Such indemnity shall remain in full force and effect regardless
of any investigation made by or on behalf of the Indemnified Party and shall
survive the transfer of the Registrable Securities by the Investors pursuant to
Section 9.

                                       8
<PAGE>

                  (b) Promptly after receipt by an Indemnified Party under this
Section 6 of notice of the commencement of any action (including any
governmental action), such Indemnified Party shall, if a Claim in respect
thereof is to be made against any indemnifying party under this Section 6,
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 control of the defense thereof with counsel
mutually satisfactory to the indemnifying party and the Indemnified Party, as
the case may be. In case any such action is brought against any Indemnified
Party, and it notifies the indemnifying party of the commencement thereof, the
indemnifying party will be entitled to participate in, and, to the extent that
it may wish, jointly with any other indemnifying party similarly notified,
assume the defense thereof, subject to the provisions herein stated and after
notice from the indemnifying party to such Indemnified Party of its election so
to assume the defense thereof, the indemnifying party will not be liable to such
Indemnified Party under this Section 6 for any legal or other reasonable
out-of-pocket expenses subsequently incurred by such Indemnified Party in
connection with the defense thereof other than reasonable costs of
investigation, unless the indemnifying party shall not pursue the action of its
final conclusion. The Indemnified Party shall have the right to employ separate
counsel in any such action and to participate in the defense thereof, but the
fees and reasonable out-of-pocket expenses of such counsel shall not be at the
expense of the indemnifying party if the indemnifying party has assumed the
defense of the action with counsel reasonably satisfactory to the Indemnified
Party. 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
6, except to the extent that the indemnifying party is prejudiced in its ability
to defend such action. The indemnification required by this Section 6 shall be
made by periodic payments of the amount thereof during the course of the
investigation or defense, as such expense, loss, damage or liability is incurred
and is due and payable.

         7. CONTRIBUTION. To the extent any indemnification by an indemnifying
party is prohibited or limited by law, the indemnifying party agrees to make the
maximum contribution with respect to any amounts for which it would otherwise be
liable under Section 6 to the fullest extent permitted by law; provided,
however, that (a) no contribution shall be made under circumstances where the
maker would not have been liable for indemnification under the fault standards
set forth in Section 6; (b) no seller of Registrable Securities guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution from any seller of Registrable
Securities who was not guilty of such fraudulent misrepresentation; and (c)
contribution by any seller of Registrable Securities shall be limited in amount
to the net amount of proceeds received by such seller from the sale of such
Registrable Securities.

         8. REPORTS UNDER EXCHANGE ACT. With a view to making available to the
Investors the benefits of Rule 144 promulgated under the Securities Act or any
other similar rule or regulation of the SEC that may at any time permit the
Investors to sell securities of the Company to the public without registration
("Rule 144"), the Company agrees to:

                                       9
<PAGE>

                  (a) make and keep public information available, as those terms
are understood and defined in Rule 144;

                  (b) 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;

                  (c) furnish to each Investor so long as such Investor owns
Registrable Securities, promptly upon request, (i) a written statement by the
Company that it has complied with the reporting requirements of the Securities
Act and the Exchange Act, (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 to
permit the Investors to sell such securities pursuant to Rule 144 without
registration; and

                  (d) The Company will, at the request of any Holder of
Registrable Securities, upon receipt from such Holder of a certificate
certifying (i) that such Holder has held such Registrable Securities for a
period of not less than (1) year, (ii) that such Holder has not been an
affiliate (as defined in Rule 144) of the Company for more than the ninety (90)
days, and (iii) as to such other matters as may be appropriate in accordance
with such Rule, remove from the stock certificate representing such Registrable
Securities that portion of any restrictive legend which relates to the
registration provisions of the Securities Act, provided, however, counsel to
Investor may provide such instructions and opinion to the transfer agent
regarding the removal of the restrictive legend.

         9. ASSIGNMENT OF THE REGISTRATION RIGHTS. The rights to have the
Company register Registrable Securities pursuant to this Agreement shall be
automatically assigned by the Investors to any transferee of the Registrable
Securities (or all or any portion of any unexercised Warrant) only if: (a) the
Investor agrees in writing with the transferee or assignee to assign such
rights, and a copy of such agreement is furnished to the Company within a
reasonable time after such assignment, (b) the Company is, within a reasonable
time after such transfer or assignment, furnished with written notice of (i) the
name and address of such transferee or assignee and (ii) the securities with
respect to which such registration rights are being transferred or assigned, (c)
immediately following such transfer or assignment the further disposition of
such securities by the transferee or assignee is restricted under the Securities
Act and applicable state securities laws, and (d) at or before the time the
Company received the written notice contemplated by clause (b) of this sentence
the transferee or assignee agrees in writing with the Company to be bound by all
of the provisions contained herein. In the event of any delay in filing or
effectiveness of the Registration Statement as a result of such assignment, the
Company shall not be liable for any damages arising from such delay, or the
payments set forth in Section 2(c) hereof arising from such delay.

         10. AMENDMENT OF REGISTRATION RIGHTS. Any provision of this Agreement
may be amended and the observance thereof may be waived (either generally or in
a particular instance and either retroactively or prospectively), only with the
written consent of the Company and Investors who hold an eighty (80%) percent
interest of the Registrable Securities. Any amendment or waiver effected in
accordance with this Section 10 shall be binding upon each Investor and the
Company.

                                       10
<PAGE>

         11. MISCELLANEOUS.

                  (a) A person or entity is deemed to be a holder of Registrable
Securities whenever such person or entity owns of record such Registrable
Securities. If the Company receives conflicting instructions, notices or
elections from two or more persons or entities with respect to the same
Registrable Securities, the Company shall act upon the basis of instructions,
notice or election received from the registered owner of such Registrable
Securities.

                  (b) Notices required or permitted to be given hereunder shall
be given in the manner contemplated by the Agreement, (i) if to the Company or
to the Initial Investor, to their respective address contemplated by the
Agreement, and (iii) if to any other Investor, at such address as such Investor
shall have provided in writing to the Company, or at such other address as each
such party furnishes by notice given in accordance with this Section 12(b).

                  (c) Failure of any party to exercise any right or remedy under
this Agreement or otherwise, or delay by a party in exercising such right or
remedy, shall not operate as a waiver thereof.

                  (d) This Agreement shall be governed by and interpreted in
accordance with the laws of the State of Delaware for contracts to be wholly
performed in such state and without giving effect to the principles thereof
regarding the conflict of laws. Each of the parties consents to the jurisdiction
of the federal courts whose districts encompass any part of the City of
Wilmington or the state courts of the State of Delaware sitting in the City of
Wilmington in connection with any dispute arising under this Agreement and
hereby waives, to the maximum extent permitted by law, any objection, including
any objection based on FORUM NON COVENIENS, to the bringing of any such
proceeding in such jurisdictions. To the extent determined by such court, the
Company shall reimburse the Initial Investor for any reasonable legal fees and
disbursements incurred by the Initial Investor in enforcement of or protection
of any of its rights under this Agreement.

                  (e) If any provision of this Agreement shall be invalid or
unenforceable in any jurisdiction, such invalidity or unenforceability shall not
affect the validity or enforceability of the remainder of this Agreement or the
validity or enforceability of this Agreement in any other jurisdiction.

                  (f) Subject to the requirements of Section 9 hereof, this
Agreement shall inure to the benefit of and be binding upon the successors and
assigns of each of the parties hereto.

                  (g) All pronouns and any variations thereof refer to the
masculine, feminine or neuter, singular or plural, as the context may require.

                  (h) The headings in this Agreement are for convenience of
reference only and shall not limit or otherwise affect the meaning thereof.

                                       11
<PAGE>

                  (i) This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original but all of which shall
constitute one and the same agreement. This Agreement, once executed by a party,
may be delivered to the other party hereto by telephone line facsimile
transmission of a copy of this Agreement bearing the signature of the party so
delivering this Agreement.

                  (j) The Company acknowledges that any failure by the Company
to perform its obligations under Section 3(a) hereof, or any delay in such
performance, could result in loss to the Investors, and the Company agrees that,
in addition to any other liability the Company may have by reason of such
failure or delay, the Company shall be liable for all direct damages caused by
any such failure or delay, unless the same is the result of force majeure.
Neither party shall be liable for consequential damages.

                  (k) This Agreement constitutes the entire agreement among the
parties hereto with respect to the subject matter hereof. There are no
restrictions, promises, warranties or undertakings, other than those set forth
or referred to herein. This Agreement supersedes all prior agreements and
understandings among the parties hereto with respect to the subject matter
hereof. This Agreement may be amended only by an instrument in writing signed by
the party to be charged with enforcement thereof.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       12
<PAGE>

                  IN WITNESS WHEREOF, the parties have caused this Agreement to
be duly executed by their respective officers thereunto duly authorized as of
the day and year first above written.

                                            COMPANY:
                                            EUROTECH, LTD.

                                            By: /s/ Don Hahnfeldt
                                               --------------------------
                                               Name: Don Hahnfeldt
                                               Title: CEO & President

                                            WOODWARD  LLC

                                            By: /s/ Navigator Management
                                               --------------------------
                                               Name:
                                               Title:

                                       13

<PAGE>

                          OTHER REGISTRABLE SECURITIES
                          ----------------------------

                                   SCHEDULE 5
                                       to
                          Registration Rights Agreement
                              dated March 30, 2001
                                     between
                         Woodward LLC and Eurotech, Ltd.
<TABLE>

 Shares of Eurotech, Ltd. Common Stock Held by or Issuable to others than Woodward LLC
<CAPTION>

--------------------------------------------------- ---------------------------------------------
             Name of Share or Warrant Holders         Number of Shares Required to be Registered
--------------------------------------------------- ---------------------------------------------
<S>                                                                           <C>      <C>
Peter Gulko                                                                     *      3,640,000
--------------------------------------------------- ---------------------------------------------
Advanced Technology Industries, Inc.                                            *      1,500,000
--------------------------------------------------- ---------------------------------------------
David Wilkes                                                                    *        150,000
--------------------------------------------------- ---------------------------------------------
Funds managed by Encore Cap. Mgt. LLC                                           *        250,000
--------------------------------------------------- ---------------------------------------------
Spinneret Financial Systems, Inc.                                               *        781,100
--------------------------------------------------- ---------------------------------------------
John McNeil Wilkie                                                              *         10,000
--------------------------------------------------- ---------------------------------------------
ECON Investor Relations                                                         *         40,000
--------------------------------------------------- ---------------------------------------------
Evergreen Communications                                                        *         64,000
--------------------------------------------------- ---------------------------------------------
Adolph Komorsky Investments                                                    **        150,000
--------------------------------------------------- ---------------------------------------------
D.K. Rogers                                                                   ***        100,000
--------------------------------------------------- ---------------------------------------------
</TABLE>

*        Registered pursuant to Registration Statement on Form S-3 that became
         effective February 14, 2001

**       Shares issuable upon exercise of warrants issued or issuable pursuant
         to a consulting agreement that consultant has the right to have
         registered

***      Issued pursuant to agreement with shareholder in July 1999, and to be
         registered pursuant to the Registration Statement on Form S-3 to be
         filed pursuant to Modification Agreement dated as of February 28, 2001.

Note:    Shares issued and issuable to directors, officers and individual
         consultants pursuant to options and warrants may in due course be
         registered of Form S-8

                                       14

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