Document:

<PAGE>

EXHIBIT 10.20.18
                                                                        ANNEX II
                                                                              TO
                                                   SECURITIES PURCHASE AGREEMENT

                          REGISTRATION RIGHTS AGREEMENT

                  THIS REGISTRATION RIGHTS AGREEMENT, dated as of February 1,
2002 (this "Agreement"), is made by and between EUROTECH, LTD., a District of
Columbia corporation, with headquarters located at10306 Eaton Place, Fairfax, VA
22030 (the "Company"), and WOODWARD LLC, a Cayman Islands entity, (the "Initial
Investor")

                              W I T N E S S E T H:

                  WHEREAS, upon the terms and subject to the conditions of the
Securities Purchase Agreement, dated as of February 1, 2002, between the Initial
Investor and the Company (the "Securities Purchase Agreement;" capitalized terms
not otherwise defined herein shall have the meanings ascribed to them in the
Securities Purchase Agreement), the Company has agreed to issue and sell to the
Initial Investor the Preferred Stock; and

                  WHEREAS, the Preferred Stock is convertible into shares of
Common Stock (the "Initial Shares"; which term, for purposes of this Agreement,
shall include shares of Common Stock of the Company issuable in lieu of accrued
dividends on the Preferred Stock) upon the terms and subject to the conditions
contained in the Certificate of Designation and the Securities Purchase
Agreement; and

                  WHEREAS, the Initial Shares are subject to certain repricing
provisions, pursuant to which the holder of Initial Shares may be entitled to
receive additional shares of Common Stock ("Repricing Shares") (collectively,
with the Initial Shares, the "Shares") of the Company; and

                  WHEREAS, to induce the Initial Investor to execute and deliver
the Securities 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;

<PAGE>

                  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) "Effective Date" means the date the SEC declares a Registration
Statement covering Registrable Securities and otherwise meeting the conditions
contemplated hereby to be effective.

         (b) "Held Shares Value" means, for Registrable Securities acquired by
the Investor upon a conversion of Preferred Stock within the thirty (30) days
preceding the Restricted Sale Date, but not yet sold by the Investor, the
product of (a) the Initial Shares and Repricing Shares required to be issued in
respect of such Initial Shares and (b) the Closing Price of the Company's Common
Stock on the day prior to each Computation Date PROVIDED, HOWEVER, that if the
Investor effected more than one such conversion during such thirty (30) day
period and sold less than all of such shares, the sold shares shall be deemed to
be derived first from the conversions in the sequence of such conversions (that
is, for example, until the number of shares from the first of such conversions
have been sold, all shares shall be deemed to be from the first conversion;
thereafter, from the second conversion until all such shares are sold).

         (c) "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 Preferred Stock or Registrable
Securities.

         (d) "Periodic Amount Shares" means shares of Common Stock issuable in
payment of any Periodic Amount due, as provided in Section 2(b) below.

         (e) "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 a determination 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; in each case where such 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.

<PAGE>

         (f) "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").

         (g) "Registrable Securities" means the Initial Shares and the Repricing
Shares.

         (h) "Registration Statement" means a registration statement of the
Company under the Securities Act covering Registrable Securities on Form S-3, if
the Company is then eligible to file using such form, and if not eligible, on
Form S-3 or other appropriate form.

         (i) "Required Effective Date" means the relevant Initial Required
Effective Date or Increased Required Effective Date (as those terms are defined
below).

         (j) "Restricted Sale Date" means the first date, other than a date
during a Permitted Suspension Period (as defined below), on which the Investor
is restricted from making sales of Registrable Securities covered by any
previously effective Registration Statement.

         (k) Capitalized terms used herein and not otherwise defined herein
shall have the respective meanings set forth in the Transaction Documents or in
the Rules of the SEC.

         2. REGISTRATION.

         (a) MANDATORY REGISTRATION.

         (i) The Company shall prepare and file with the SEC, as soon as
possible after the Closing Date but no later than May 20, 2002 (the "Required
Filing Date"), either a Registration Statement 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 Investor to sell the
Registrable Securities, but in no event less than the number of shares equal to
two hundred percent (200%) of the number of Initial Shares into which the
Preferred Stock and all accrued dividends thereon for three (3) years from the
issue date would be convertible at the time of filing of such Registration
Statement (assuming for such purposes that all Preferred Stock had been issued,
had been eligible to be converted, and had been converted, into Initial Shares
and that all dividends thereon had accrued for 3 years, in each case in
accordance with the terms of the Securities Purchase Agreement and of the
Certificate of Designation of the Preferred Stock, whether or not such issuance,
eligibility, accrual of dividends or conversion had in fact occurred as of such
date). The Registration Statement (W) shall include only the Registrable
Securities and the Securities listed on Schedule 5 and (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 conversion of the Preferred Stock, the issuance of shares
in payment of accrued Dividends, or the issuance of the Repricing Shares 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 (the "Initial Required Effective Date") which is no
later than the earlier of (Y) five (5) days after oral or written notice by the
SEC that it may be declared effective or (Z) August 20, 2002.

<PAGE>

         (ii) If at any time (an "Increased Registered Shares Date"), the number
of shares of Common Stock represented by the Registrable Shares, issued or
required to be issued as contemplated by the Transaction Documents, exceeds
eighty percent (80%) of the aggregate number of shares of Common Stock then
registered, the Company shall either

         (X) amend the relevant Registration Statement filed by the Company
         pursuant to the preceding provisions of this Section 2, if such
         Registration Statement has not been declared effective by the SEC at
         that time, to register, in the aggregate, at least the number of shares
         (the "Increased Shares Amount") equal to (A) the number of shares
         theretofore issued on conversion of the Preferred Stock (including any
         dividends paid on conversion by the issuance of Initial Shares), plus
         (B) the number of shares theretofore issued as Repricing Shares, plus
         (C) two hundred percent (200%) of the number of shares into which the
         unconverted Preferred Stock and all dividends thereon through the third
         anniversary of their respective issuances would be convertible at the
         date of such filing (assuming for such purposes that all such Preferred
         Stock had been issued, had been eligible to be converted, and had been
         converted, into Initial Shares in accordance with their terms, whether
         or not such issuance, eligibility, accrual of dividend, or conversion
         had in fact occurred as of such date), or

         (Y) if such Registration Statement has been declared effective by the
         SEC at that time, file with the SEC an additional Registration
         Statement (an "Additional Registration Statement") to register the
         number of shares equal to the excess of the Increased Shares Amount
         over the aggregate number of shares of Common Stock already registered.

The Company will use its reasonable best efforts to cause such Registration
Statement to be declared effective on a date (each, an "Increased Required
Effective Date") which is no later than (Q) with respect to a Registration
Statement under clause (X) of this subparagraph (ii), the Initial Required
Effective Date and (R) with respect to an Additional Registration Statement, the
earlier of (I) five (5) days after notice by the SEC that it may be declared
effective or (II) thirty (30) days after the Increased Registered Shares Date.

         (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 the relevant Required Effective Date or if there is a
Restricted Sale Date, 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 stated value of Preferred Stock for the period from the
date following the relevant Required Filing Date or the Required Effective Date
or a 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 stated value of all Preferred
Stock for the first Computation Date after the relevant Required Filing Date,

<PAGE>

Required Effective Date or Restricted Sale Date, as the case may be (prorated on
a daily basis if such period is less than thirty [30] days); and (B) three
percent (3%) of the stated value of all Preferred Stock to each Computation Date
thereafter (prorated on a daily basis if such period is less than thirty [30]
days). Anything in the preceding provisions of this paragraph (iii) to the
contrary notwithstanding, after the relevant Effective Date, the stated value
shall be deemed to refer to the sum of (X) the stated value of all Preferred
Stock not yet converted and (Y) the Held Shares Value. By way of illustration
and not in limitation of the foregoing, if the Registration Statement is filed
on or before the Required Filing Date, but is not declared effective until
seventy-five (75) days after the Initial Required Registration Date, the
Periodic Amount will aggregate six and one-half percent (6.5%) of the stated
value of the Preferred Stock (2% for days 1-30, plus 3% for days 31-60, plus
1.5% for days 61-75).

         (iv) Each Periodic Amount will be payable by the Company, except as
provided in the other provisions of this subparagraph (iv), in cash or other
immediately available funds to the Investor (1) on the day after the Required
Filing Date, the Required Effective Date or a Restricted Sale Date, as the case
may be, and (2) on the earlier of (A) each thirtieth day thereafter, (B) the
third business day after the date the Registration Statement is filed or is
declared effective, or (C) the third business day after the Registration
Statement has its restrictions removed after the relevant Effective Date, in
each case without requiring demand therefore by the Investor. Notwithstanding
the provisions of the first sentence of this subparagraph (iv), at the option of
the Company, if, but only if the Registration Statement is then currently
effective, the Company will have the option until 90 days after Required
Effective Date, to pay all or any portion of the Periodic Amount by the issuance
of additional shares of Common Stock to the Investor ("Periodic Amount Shares")
in an amount equal to the Periodic Amount being paid thereby divided by the then
applicable Conversion Price.

         (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 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 or the shares of the
Company's stock are not listed on the Principal Market, 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) [RESERVED]

         (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 or the shares of the Company's stock are listed on the
Principal Market(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 or the shares of the
Company's stock are listed on the Principal Market(with respect to payments due
as contemplated by Section 2(b)(ii) hereof), as the case may be.

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

<PAGE>

         (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
Final Repricing Period occurs, (ii) the date when the Investor may sell all
Registrable Securities under Rule 144(k) without volume or other restrictions or
limits, or (iii) the date the Investor 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) Permit a single firm of counsel designated by the Initial Investor
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, and such Investor's legal counsel identified
to the Company (which, until further notice, shall be deemed to be Krieger &
Prager, Attn: Samuel Krieger, Esq.; _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 Investor); and (D) with respect to the Registration Statement
or any post-effective amendment, when the same has become 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

<PAGE>

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 Investor 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 Investor shall have the
opportunity to comment thereon.

         (e) Furnish to 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, one (1) copy of the Registration Statement, each preliminary
prospectus and the prospectus, each amendment or supplement thereto, all
correspondence to, with, or from the SEC, and (ii) such number of copies of a
prospectus, [including a preliminary prospectus], and all amendments and
supplements thereto and such other documents, as the Investor may reasonably
request in order to facilitate the disposition of the Registrable Securities
owned by the Investor;

         (f) Use all diligent efforts to (i) register and/or qualify the
Registrable Securities covered by the Registration Statement under such other
securities or blue sky laws of such jurisdictions as the Investor may reasonably
request and in which significant volumes of shares of Common Stock are traded,
(ii) prepare and file in those jurisdictions such amendments (including
post-effective amendments) and supplements to such registrations and
qualifications as may be necessary to maintain the effectiveness thereof at all
times during the Registration Period, (iii) take such other actions as may be
necessary to maintain such registrations and qualification in effect at all
times during the Registration Period, and (iv) take all other actions reasonably
necessary or advisable to qualify the Registrable Securities for sale in such
jurisdictions: PROVIDED, HOWEVER, that the Company shall not be required in
connection therewith or as a condition thereto to (A) qualify to do business in
any jurisdiction where it would not otherwise be required to qualify but for
this Section 3(f), (B) subject itself to general taxation in any such
jurisdiction, (C) file a general consent to service of process in any such
jurisdiction, (D) provide any undertakings that cause more than nominal expense
or burden to the Company or (E) make any change in its charter or by-laws or any
then existing contracts, which in each case the Board of Directors of the
Company determines to be contrary to the best interests of the Company and its
stockholders;

         (g) 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;

         (h) 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;

<PAGE>

         (i) 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 Investor in writing of the existence of a Potential Material Event,
the Investor 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 ("Permitted
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, and PROVIDED FURTHER THAT THE COMPANY SHALL, IF LAWFUL TO DO SO, PROVIDE
THE INVESTOR WITH AT LEAST TWO (2) BUSINESS DAYS' NOTICE OF THE EXISTENCE BUT
NOT THE SUBSTANCE) OF A POTENTIAL MATERIAL EVENT.

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

         (k) Provide a transfer agent for the Registrable Securities (the
"Transfer Agent") not later than the effective date of the Registration
Statement;

         (l) Cooperate with the Investor 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 Investor 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 Investor whose Registrable Securities are
included in such Registration Statement) an appropriate instruction and opinion
of such counsel; and

         (m) Comply with all applicable rules and regulations of the Commission
and make generally available to its security holders earning statements
satisfying the provisions of Section 11(a) of the Securities Act and Rule 158
not later than 45 days after the end of any 12-month period (or 90 days after
the end of any 12-month period if such period is a fiscal year) (i) commencing
at the end of any fiscal quarter in which Registrable Securities are sold to
underwriters in a firm commitment or best efforts underwritten offering and (ii)
if not sold to underwriters in such an offering, commencing on the first day of
the first fiscal quarter of the Company after the effective date of the
Registration Statement, which statement shall cover said 12-month period, or end
shorter periods as is consistent with the requirements of Rule 158.

         (n) 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 INVESTOR. In connection with the registration of
the Registrable Securities, the Investor shall have the following obligations:

         (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

<PAGE>

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(g) or
3(h), 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(g) or 3(h).

         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 Investor equal to $4,500 for
each Registration Statement covering the Registrable Securities and $2,000 for
each post-effective amendment to a Registration Statement, shall be borne by the
Company.

         (b) Except as otherwise provided for in Schedule 5 hereto, the Company
has not, as of the date hereof, nor shall the Company, 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 Investor 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 Investor 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 Investor set forth herein, and are not otherwise in conflict or
inconsistent with the provisions of this Agreement and the other Transaction
Documents.

         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

<PAGE>

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 Investor,
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, or arising out of or based upon a
failure of the Investor to deliver or cause to be delivered the prospectus made
available by the Company, 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 Investor pursuant to Section
9.

         (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

<PAGE>

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
indemnifying party 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 indemnifying party
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
Investor 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
Investor to sell securities of the Company to the public without registration
("Rule 144"), the Company agrees to use its reasonable best efforts to:

         (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 Exchange Act; and

         (c) furnish to the Investor so long as the Investor owns Registrable
Securities, promptly upon request, (i) a written statement by the Company that
it has complied with the reporting requirements of Rule 144, 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
solely if unavailable by Edgar, and (iii) such other information as may be
reasonably requested to permit the Investor to sell such securities pursuant to
Rule 144 without registration.

         (d) The Company will, at the request of any Investor of Registrable
Securities, give its Transfer Agent irrevocable instructions (supported by an
opinion of Company counsel, if required or requested by the Transfer Agent) to
the effect that, upon the Transfer Agent's receipt from such Investor of:

         (i) a certificate (a "Rule 144 Certificate") certifying (A) that such
         Investor has held the shares of Registrable Securities which the
         Investor proposes to sell (the "Securities Being Sold") for a period of
         not less than (1) year and (B) as to such other matters as may be
         appropriate in accordance with Rule 144 under the Securities Act, and

<PAGE>

         (B) an opinion of counsel acceptable to the Company (for which purposes
         it is agreed that the Initial Investor's Counsel shall be deemed
         acceptable) that, based on the Rule 144 Certificate, Securities Being
         Sold may be sold pursuant to the provisions of Rule 144, even in the
         absence of an effective Registration Statement,

the Transfer Agent is to effect the transfer of the Securities Being Sold and
issue to the buyer(s) or transferee(s) thereof one or more stock certificates
representing the transferred Securities Being Sold without any restrictive
legend and without recording any restrictions on the transferability of such
shares on the Transfer Agent's books and records (except to the extent any such
legend or restriction results from facts other than the identity of the
Investor, as the seller or transferor thereof, or the status, including any
relevant legends or restrictions, of the shares of the Securities Being Sold
while held by the Investor). If the Transfer Agent requires any additional
documentation at the time of the transfer, the Company shall deliver or cause to
be delivered all such reasonable additional documentation as may be necessary to
effectuate the issuance of an unlegended certificate.

         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 Investor to any transferee of the Registrable
Securities (or any unconverted Preferred Stock) only if: (a) 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, (b) immediately following such transfer or assignment
the further disposition of such securities by the transferee or assignee is,
subject to the terms of this Agreement and the other Transaction Documents,
restricted under the Securities Act and applicable state securities laws, and
(c) at or before the time the Company received the written notice contemplated
by clause (a) 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(b) 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 Investor who hold eighty (80%) percent of the
Registrable Securities. Any amendment or waiver effected in accordance with this
Section 10 shall be binding upon each Investor and the Company.

         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 Securities Purchase Agreement, (i) if to the
Company or to the Initial Investor, to their respective address contemplated by
the Securities Purchase Agreement, and (ii) if to any other Investor, at such

<PAGE>

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 11(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 New York 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 New York or the
state courts of the State of New York sitting in the City of New York 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) 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
this Agreement or any of the other Transaction Documents.

         (f) 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.

         (g) 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.

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

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

         (j) 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.

         (k) The Company acknowledges that any failure by the Company to perform
its obligations under Section 2(a) hereof, or any delay in such performance
could result in loss to the Investor, 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.

<PAGE>

         (l) 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]

<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 V. Hahnfeldt
                                                   --------------------
                                            Name:  Don V. Hahnfeldt
                                            Title: President & CEO

                                            WOODWARD LLC

                                            By:    /s/ David K. Sims
                                                   --------------------
                                            Name:  David K. Sims
                                            Title: Director<PAGE>

                                   SCHEDULE 5
                                   ----------

                               REGISTRATION RIGHTS
                               -------------------

EXHIBIT 10.20.19

                                 EUROTECH, LTD.
                          10306 Eaton Place, Suite 220
                               Fairfax, VA. 22030

                                                               December 28, 2001

Woodward, LLC
Corporate Center
West Bay Road
Grand Cayman, Cayman Islands

Gentlemen:

         1. This will confirm our understanding as follows. Pursuant to the
terms of the Common Stock Purchase Agreement dated April 24, 2000, as amended to
date (the "2000 SPA"), Woodward has certain repricing rights. With respect to
Tranche B thereunder, December 31, 2001, the Company shall issue to Purchaser
2,500,000 additional shares in full satisfaction of its obligations with respect
to the Second Repricing Period (the "Second Repriced Shares").

         2. With respect to number of additional shares issuable pursuant to the
Third through Sixth Repricing Periods of said Tranche B, the number or shares
shall be reduced or increased, as the case may be and in four equal
installments, by the amount that the number of Second Repriced Shares are
greater than (in which case there shall be a reduction) or less than (in which
case there shall be an increase) the number of shares exceeding zero determined
according to the following formula:

         (3.76- Measurement Period Price) x (333,333)/ Measurement Period
         Price), where the Measurement Period price is the average Closing Bid
         Price for the twenty (20) Business Days during the period commencing on
         January 1, 2002, and end twenty (20) Business Days after such date. For
         the purposes hereof, a Business Day shall be defined as a day when the
         Principal Market for the Common Stock is open and the Registration
         Statement, as hereinafter defined, has not been suspended or withdrawn.

<PAGE>

         3. The previously agreed upon postponement of repricing periods of said
Tranche B is otherwise still in effect and is expected to be memorialized in the
agreement presently under negotiation between Eurotech and Woodward.

         4. Eurotech and the Woodward covenant and agree that the consideration
paid by Woodward pursuant to the 2000 SPA is the consideration paid for the
initial shares of Common Stock issued pursuant thereto and the shares of Common
Stock issuable pursuant to the repricing right granted pursuant thereto.
Eurotech shall be under no obligation to issue additional shares pursuant to the
Third through Sixth Repricing Periods of said Tranche B to the extent that the
number of such additional shares shall exceed the product of the purchase price
paid pursuant to the 2000 SPA and the current par value of the Common Stock.
Eurotech covenants and agrees that it will not without the prior written consent
of Woodward increase the par value of its Common Stock until 90 days after the
end of the Sixth Repricing Period of said Tranche B.

         5. Eurotech agrees to deliver on or before December 31, 2001, to
Krieger & Prager LLP one or more stock certificates, without restrictive legend,
evidencing the Second Repriced Shares. The parties agree that Krieger & Prager
LLP shall receive and hold the Second Repriced Shares in escrow, as escrow
agent, solely for the purpose of effectuating sales of the Second Repriced
Shares by Woodward in accordance with Paragraph 6 hereof and for no other
purpose and that the Second Repriced Shares are restricted shares and may not
otherwise be transferred unless and until the certificate or certificates for
such shares are returned to Eurotech and reissued with an appropriate
restrictive legend and are transferred only in accordance with such restrictive
legend.

         6. Woodward represents that it shall not sell or otherwise transfer the
Second Repriced Shares unless (a) (i) Registration Statement No. 333-44086, as
amended (the "Registration Statement"), shall then be effective, (ii) any sale
is accompanied by delivery of the prospectus which is included in the
Registration Statement in accordance with applicable law, and (iii) any such
sale shall be to a third party which is not an affiliate of the Company or (b)
unless such shares have been returned to Eurotech and reissued with an
appropriate restrictive legend and are transferred only in accordance with such
restrictive legend.

         7. Woodward represents that, as of the date hereof, there remain
available for sale at least 2,500,000 shares pursuant to the Registration
Statement.

         8. Except as specifically set forth herein, nothing contained herein
shall in any way be deemed to effect or modify the representations, warranties,
rights and obligations of the respective parties as set forth in the prior
agreements between the parties. As hereby modified and amended, such prior
agreements remain in full force effect.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK)

<PAGE>

         If the above accurately sets forth our understanding, would you please
sign and return a copy of this letter.

                                                  Very truly yours,

                                                  EUROTECH LTD.

                                                  By: /s/ Don V. Hahnfeldt
                                                      --------------------------
                                                          Its President and CEO

AGREED TO:

WOODWARD LLC

By: David K. Sims
    --------------------------------------
    Its Director, Navigator Management Ltd

Solely with respect to Paragraph 5

KRIEGER & PRAGER LLP

By: /s/ Sam Krieger
    ---------------

AGREED TO AND ACCEPTED:
EUROTECH LTD.

                                             BY: /S/ DON V. HAHNFELDT
                                                 --------------------

                                  END OF FILING

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00034-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00034-of-00352.parquet"}]]