Document:

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Exhibit 10.27.2

                                 EUROTECH, LTD.

                              EMPLOYMENT AGREEMENT

         This Employment Agreement (the "Agreement" or "Employment Agreement"),
is dated as of February 28, 2002, (the "Effective Date"), by and between
Eurotech, Ltd., a District of Columbia corporation (the "Company") and Don V.
Hahnfeldt (the "Employee").

         WHEREAS, the Company wishes to employ the Employee as Chairman and
Executive Vice-President of the Company on the terms and conditions set forth in
this Agreement and the Employee wishes to be employed by the Company as Chairman
and Executive Vice-President on the terms and conditions set forth in this
Agreement.

         WHEREAS, it is contemplated that the Company nominate and endorse the
Employee for membership on the Company's Board of Directors at the next Annual
Meeting of the Shareholders of the Company.

         NOW, THEREFORE, in consideration of the mutual covenants and agreements
contained herein, the parties, intending to be legally bound, hereby agree as
follows:

         1. EMPLOYMENT. The Company hereby employs the Employee and the Employee
hereby accepts employment on the terms and conditions hereinafter set forth.

         2. TERM. Subject to the provisions for termination hereinafter
provided, the initial term of this Agreement shall be two years commencing on
March 1, 2002 and terminating at 11:59 p.m. New York City time on February 29,
2004 (the "Term").

         3. COMPENSATION.

         (a)      Salary. For all services provided by the Employee under this
                  Agreement as Chairman and Executive Vice-President of the
                  Company, the Company shall pay a base annual salary to the
                  Employee of $15,000 per month, less payroll deductions and all
                  required withholdings, in equal semi-monthly installments
                  payable on the first and fifteenth days of each month.

         (b)      Benefits. The Company shall provide the Employee with medical
                  and dental coverage and any other benefits provided to other
                  directors and senior executives of the Company.

         (c)      Stock Options. Contemporaneously with the execution of this
                  Agreement, or as soon thereafter as practicable, the Company
                  shall issue to the Employee a non-qualified stock option grant
                  to purchase 1,000,000 shares of the common stock of the
                  Company, par value $.00025 per share, pursuant to the terms
                  and conditions of a stock option agreement dated

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                  contemporaneously herwith, which, when signed by the Parties,
                  shall be incorporated herein by reference (the "Grant").

         (d)      Bonus. In addition to the Employee's salary, the Company
                  agrees that the Employee shall receive an annual bonus to be
                  determined at the discretion of the Board of Directors to be
                  paid on or before December 31 of each year, commencing with
                  the year ending December 31, 2002. The annual bonus shall be
                  based on the performance of the Employee and the financial
                  results and operations of the Company.

         4. ADDITIONAL CONDITIONS SUBSEQUENT OF EMPLOYMENT. As conditions
subsequent to the Employee's employment hereunder, the following events shall
occur. Notwithstanding the provisions of Section 9(e), if any of the following
conditions subsequent do not occur within thirty days after the date required,
the Employee may terminate his employment hereunder and, in such case, shall
receive the entire Severance Payment pursuant to the terms of Section 9(c).

         (a)      Nomination as Chairman. The Company shall nominate the
                  Employee to serve as the Chairman of the Board of Directors,
                  effective as of February 1, 2002 or as soon thereafter as
                  practical.

         (b)      Nomination for Board of Directors. The Company shall nominate
                  and endorse the Employee for membership on the Company's Board
                  of Directors at the annual meeting of the Shareholders of the
                  Company to be held in March 2002 and any meeting of the
                  Shareholders held during the Term of this Agreement at which
                  directors are elected, or any duly authorized postponement
                  thereof. The Company shall take all reasonable efforts to
                  effectuate the elections of the Employee to the Board of
                  Directors during the Term.

         (c)      Directors and Officers Insurance. At all times during the Term
                  and any extensions thereto, the Company shall maintain
                  directors and officers liability insurance ("D&O Insurance")
                  for the benefit of the Employee and other directors and
                  officers of the Company in an aggregate amount not less than
                  Ten Million dollars ($10,000,000) or such other amount agreed
                  upon by the Employee. The Company shall immediately notify the
                  Employee of any lapse in the D&O Insurance. The form of the
                  D&O Insurance policy shall be acceptable to the Employee,
                  which acceptance shall not be unreasonably withheld.

         (d)      Reduction of Duties. The duties and responsibilities of the
                  Employee shall not be reduced materially without the prior
                  written consent of the Employee.

         (e)      Material Breach. This Agreement shall not be breached
                  materially by the Company.

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         (f)      Legal Fees of the Employee. In addition to any expenses
                  incurred by the Employee in accordance with Section 7 hereof
                  and in addition to any other indemnification to which the
                  Employee might otherwise be entitled, the Company shall pay
                  for personal legal services of the Employee up to an aggregate
                  of $5,000 related to the review by Employee's counsel of the
                  terms and conditions of this Agreement and all matters related
                  thereto. The payment shall be made to the Employee (or his
                  counsel) promptly upon presentation of an invoice or request
                  for reimbursement.

         5. DUTIES. The Employee is engaged as Chairman and Executive
Vice-President of the Company. As Executive Vice-President, the Employee shall
report to the Chief Executive Officer of the Company. As Chairman and Executive
Vice-President of the Company, the Employee's responsibilities to the Company
shall be reasonably prescribed by the board of directors or president. Upon the
death, absence, or disability of the president, the Employee shall have the
authority and duties of the president.

         6. BEST EFFORTS OF THE EMPLOYEE. The Employee shall, with diligence and
to the best of his ability, experience and talents, perform all duties agreed to
be performed by him, pursuant to the express and implicit terms hereof, to the
reasonable satisfaction of the Company and its Board of Directors. The Employee
shall devote his full time (defined for the purposes herein as forty (40) hours
per calendar week) to the activities of the Company. Employee use his good faith
best efforts and judgment in performing his duties as required hereunder and
shall act in the best interests of the Company. The Company acknowledges that
Employee may participate in other business activities so long as those business
activities do not represent a direct conflict of interest with the business
activities of the Company.

         7. EXPENSES. In addition to his salary provided for in Section 3
hereof, the Company will promptly reimburse the Employee, in accordance with the
Employee's position with the Company and the Company's policies and practices in
effect from time to time, for all expenses reasonably incurred in performance of
his duties under this Agreement. The Company shall reimburse the Employee for
all such approved expenses within 30 days of the Employee's presentation of an
itemized account of such expenditures.

         8. VACATION. The Employee shall be entitled to three (3) weeks of paid
vacation, six (6) standard holidays and four (4) personal leave days per year.
The Employee will not be entitled to accumulate unused vacation days. The
Employee may not choose to forego vacation and receive additional pay instead of
time-off.

         9. TERMINATION.

                  (a) By action of its Board of Directors, the Company may
terminate this Agreement for cause at any time upon delivery by hand, overnight
courier or certified, return-receipt U.S. Mail of sixty (60) days written notice
to the Employee of the termination and the reasons therefor. Such notice having
been given, this Agreement shall terminate in accordance herewith. For the

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purpose of this Section 9, "cause" shall be defined as (i) Employee's continued
failure to perform his duties and responsibilities in good faith to the best of
his abilities after 30 days prior written notice of non-performance from the
Company; (ii) conviction of a felony; (iii) fraudulent misconduct; (iv)
embezzlement, misappropriation or theft; (v) material breach of confidentiality
agreements; (vi) gross misconduct; (vii) any willful or grossly negligent act by
the Employee that has a material detrimental effect on the Company's reputation
or business; or (viii) any material violation of the terms and conditions of
this Agreement.

         Within ten days after the date of delivery of such termination for
cause, the Employee may respond in writing to the notice of termination for
cause, setting forth any basis for his objection to the termination. The Board
of Directors or the Chairman of the Company shall, within ten days after the
receipt of such written response, evaluate the response of the Employee and
determine to either rescind or affirm the termination notice. The Employee shall
be notified in writing by hand delivery, overnight courier or certified,
return-receipt U.S. Mail, of such determination of the Company, upon which
delivery, such determination shall be final. In the event that the termination
for cause is affirmed, this Agreement, the employment of the Employee as
Chairman and Executive Vice-President and, if applicable, Chairman, shall
terminate immediately. Except as set forth in Section 9(b), if the Employee is
terminated for cause, the Employee shall not be eligible for any severance
payment.

                  (b) If the Employee is terminated by the Company with "cause",
the Employee or his legal representative or estate, as the case may be, shall be
paid by the Company, in full satisfaction of all of its compensation (base
salary and bonus) obligations under this Agreement an amount equal to the sum of
any base salary due to the Employee to which he was entitled on the last day of
employment, plus any accrued bonus, as determined on a pro rata basis, to which
the Employee may have been entitled on the last day of employment, but had not
received.

                  (c) In addition to any payments due the Employee under this
Section 9, if employment is terminated by the Company without "cause", the
Employee shall be paid an additional sum equal to $180,000 (the "Severance
Payment"). The Severance Payment shall be paid to the Employee within ten (10)
days from the Employee's last day of employment. If the Severance Payment is not
paid within such ten-day period, the Company shall reimburse the Employee for
any costs or expenses incurred by him for the collection of the Severance
Payment, including, without limitation, any attorneys fees incurred by the
Employee, including the deposit of a reasonable retainer to the Employee's legal
counsel, which attorneys fees shall be paid as they are incurred.

                  (d) Any payment made by the Company pursuant to Section 9(b)
or any Severance Payment made by the Company pursuant to Section 9(c) above (i)
will be subject to offset for any advances, amount receivable, and loans,
including accrued interest, outstanding on the date of the employment
termination; but (ii) will not be subject to any offset on account of any
remuneration paid or payable to the Employee for any subsequent employment the
Employee may obtain, whether during or after the period during which the payment
is made, and the Employee shall have no obligation whatever to seek any
subsequent employment.

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                  (e) The Employee may terminate this Agreement with or without
cause by providing sixty (60) days written notice to the Company. In such event,
the Employee shall receive all compensation and benefits due to him up to the
date of termination. In the event of such voluntary termination, or in the event
that Employee terminates as a result of death or disability, no compensation,
bonus or other payment will be provided for the period after the date of
termination, except as provided in Section 4 above.

                  (f) If employment is terminated either by the Company or by
the Employee, either with or without cause, the Employee will participate in an
exit interview conducted by the Company's representative for the purposes of
finalizing any remaining matters, returning all relevant property and
information to the Company, and assuring a proper transition of duties.

                  (g) Except as provided otherwise in this Section 9, the
Company and Employee shall not have any further right or remedy against one
another in the event Employee's employment by the Company is terminated. After
termination of employment pursuant to Sections 4 or 9(a), (b) or (e), or upon
the expiration of the Term any extension thereof, the provisions of Sections 10
(Covenant Not to Compete), 11 (Inventions or Discoveries) 12 (Disclosure of
Information), and 13 (Enforcement by Injunctive Relief) hereof shall remain if
full force and effect.

         10. COVENANT NOT TO COMPETE.

                  (a) For the Term of this Agreement, and for a period of one
(1) year after the expiration of this Agreement or its termination by either the
Company or the Employee, the Employee shall not, either directly or indirectly,
own, manage, operate, control, be employed by, participate in, assist in the
recruitment of employees for, or be connected in any manner with the ownership,
management, operation, or control of any business entity involving technology,
processes, programs or systems which are being sold or marketed by the Company,
or are under active funded development, by the Company during the term of this
Agreement or at the time of the expiration or termination of this Agreement
within the states of New York, New Jersey or Connecticut or in any state,
territory, or city where the Company or its subsidiaries may do business.

                  (b) During the term of the Employee's employment with the
Company, and for a period of one (1) year thereafter, the Employee shall not (i)
directly or indirectly cause or attempt to cause any employee of the Company to
leave the employ of the Company, (ii) in any way interfere with the relationship
between the Company and any employee, (iii) directly or indirectly hire any
employee of the Company to work for any business of which the Employee is an
officer, director, employee, consultant, independent contractor or owner of an
equity or other financial interest, or (iv) interfere or attempt to interfere
with any transaction in which the Company was involved during the term of the
Employee's employment with the Company or at the time of termination of the
Employee's employment with the Company. However, Employee or Employee's
subsequent employer may hire a former employee of the Company, provided that
such hiring results exclusively from such employee's affirmative response to a
general recruitment effort carried out through public or general solicitation.

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         11. INVENTIONS OR DISCOVERIES.

                  (a) The Employee acknowledges that, while in the employ of the
Company, any and all inventions, improvements, discoveries, processes, programs
or systems relating to the business of the Company developed or discovered by
the Employee shall be fully disclosed by him to the Company and shall be the
sole and absolute property of the Company. For the purpose of this Section 11,
the meaning of the phrase "inventions, improvements, discoveries, processes,
programs or systems relating to the business of the Company" includes all
inventions, improvements, discoveries, processes, programs or systems (i)
relating to any of the Company's products, services, potential products, or
potential services; (ii) which result in modifications or enhancements of, or
can be used in connection with or in lieu of, services or products then offered
commercially by the Company; (iii) which are the subject of copyrights or
patents held or applied for by the Company; or (iv) which are under active
funded development by the Company during the term of this Agreement or at the
date of the expiration or termination of this Agreement.

                  (b) The Employee acknowledges that upon the request of the
Company, the Employee shall execute, acknowledge and deliver, such assignments,
certificates or other documents as the Company may consider necessary or
appropriate to properly vest all right, title and interest to any such invention
or discovery in the Company. Any such invention or discovery by the Employee
within one (1) year of the termination or expiration of this Agreement shall
fall within the provisions of this Section unless proved conclusively by the
Employee to have been first invented or discovered by him following such
termination or expiration.

         12. DISCLOSURE OF INFORMATION. The Employee recognizes and acknowledges
that his employment by the Company will, throughout the Term and any extension
thereof, bring him in contact with many confidential affairs of the Company not
readily available to the public, and plans for future developments. In
recognition of the foregoing, the Employee covenants and agrees that he will not
use or disclose to anyone outside of the Company, as the case may be, any
material confidential matters of the Company, which are not otherwise in the
public domain, either during, or for, a period of one (1) year after the
termination of his employment with the Company, except with the Company's
written consent, or pursuant to a separate confidentiality agreement entered
into between the Company and a third party, or as required by court order, law
or subpoena, or other legal compulsion to disclose.

         13. ENFORCEMENT BY INJUNCTIVE RELIEF. Irreparable harm should be
presumed if this Agreement is breached in any way. Damages would be difficult if
not impossible to ascertain, and the faithful observance of all terms of this
Agreement is an essential condition of employment with Company. Furthermore,
this Agreement is intended to protect the proprietary rights of Company in
important ways, and even the threat of any misuse of the confidential
information of Company would be extremely harmful to the Company. In light of
these considerations, Employee acknowledges that a court of competent

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jurisdiction should immediately enjoin any breach of this Agreement upon
Company's request and Company is released from the requirement of posting any
bond in connection with temporary or interlocutory injunctive relief to the
extent permitted by law. Nothing herein shall be construed as prohibiting the
Company from pursuing any other remedy available to the Company for such breach
or threatened breach including, but not limited to, the recovery of damages from
the Employee.

         14. NOTICES. Except as set forth otherwise herein, all notices,
consents, instructions, demands or requests (however characterized or described)
required or authorized hereunder shall be deemed sufficiently given if in
writing and delivered personally or sent by registered mail, postage prepaid,
effective ten days after mailing, addressed as follows:

If to Company:                      Eurotech, Ltd.
                                    10306 Eaton Place, Suite 220
                                    Fairfax, Virginia 22030
                                    Fax: (703) 352-5994

with a copy to:                     Solomon Pearl Blum Heymann & Stich LLP
                                    40 Wall Street-35th Floor
                                    New York, New York 10005
                                    Attn: Robert A. Solomon, Esq.
                                    Fax: (313) 885-8126

If to Employee:                     Mr. Don V. Hahnfeldt
                                    _____________________________
                                    _____________________________

or to such other address as either party may have furnished to the other in
writing in accordance herewith, except that notices of change of address shall
be effective only upon receipt.

         15. ASSIGNMENT OF AGREEMENT. No party may assign or otherwise transfer
this Agreement or any of its rights or obligations hereunder without the prior
written consent to such assignment or transfer by the other party hereto. Any
attempted assignment without written consent by the non-assigning party shall be
void and without force or effect at the option of the latter. All the provisions
of this Agreement shall be binding upon the respective employees, delegatees,
successors, heirs and permitted assignees of the parties.

         16. FURTHER INSTRUMENTS. The parties hereto shall execute and deliver
any and all other instruments and shall take any and all other actions as may be
reasonably necessary to carry the intent of this Agreement into full force and
effect.

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         17. EMPLOYEE HANDBOOK. The Employee acknowledges and understands that
as an employee of the Company he is expected to abide by Company rules and
regulations (except where such rules and regulations are superceded by this
Agreement), and acknowledge in writing the he has read the Company's Employee
Handbook (once it has been made available to him).

         18. SEVERABILITY. If any provision of this Agreement shall be held,
declared or pronounced void, voidable, invalid, unenforceable or inoperative for
any reason by any court of competent jurisdiction, government authority or
otherwise, such holding, declaration or pronouncement shall not effect adversely
any other provisions of this Agreement, which shall otherwise remain in full
force and effect and be enforced in accordance with its terms. The effect of
such holding, declaration or pronouncement shall be limited to the territory or
jurisdiction in which made.

         19. WAIVER. All the rights and remedies of either party under this
Agreement are cumulative and not exclusive of any other rights and remedies
provided by law. No delay or failure on the part of either party in the exercise
of any right or remedy arising from a breach of this Agreement shall operate as
a waiver of any subsequent right or remedy arising from a subsequent breach of
this Agreement. The consent of any party where required hereunder to any act or
occurrence shall not be deemed to be a consent to any other act or occurrence.

         20. SURVIVAL. The provisions of Sections 7, 9(c), 10, 11, 12 and 13
shall survive the expiration of this Agreement or its termination by either the
Company or the Employee and shall remain in full force and effect thereafter as
provided herein.

         21. GENERAL PROVISIONS. This Agreement shall be construed and enforced
in accordance with, and governed by, the laws of New York, without regard to
provisions of conflicts of law. This Agreement embodies the entire agreement and
understanding between the parties and supersedes all prior agreements and
understandings relating to this subject matter, including any and all prior
employment or consulting agreements entered into between the Employee and the
Company, which are, as of the date hereof, deemed terminated and released. This
Agreement may not be modified or amended or any term or provision hereof waived
or discharged except in writing signed by the party against whom such amendment,
modification, waiver or discharge is sought to be enforced. The headings of this
Agreement are for convenience in reference only and shall not limit or otherwise
affect the meaning thereof. This Agreement may be executed in any number of
counterparts, each of which shall be deemed an original but all of which taken
together shall constitute one and the same instrument.

         22. ARBITRATION. Any and all disputes arising out of this Agreement
will be determined by submission to binding arbitration before a three-member
arbitral panel, which arbitration shall be conducted in New York, New York,
pursuant to the Rules of Arbitration of the American Arbitration Association,
the jurisdiction to which all parties hereto, as well as their successors,
assigns and transferees, hereby consent. The Company shall pay all costs and
fees relating to such arbitration, including the reasonable attorneys fees and

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costs of the Employee, including the deposit of a reasonable retainer to the
Employee's legal counsel, which attorney fees shall be paid by the Company when
they are incurred, unless an award is made in favor of the Company, in which
case the Employee shall immediately reimburse the Company for all costs and fees
paid by the Company on the Employee's behalf, including, without limitation, the
attorneys fees and costs of the Employee, one-half of the cost of commencing the
arbitration, and one-half of the costs and fees of the three-member arbitral
panel.

         EMPLOYEE ACKNOWLEDGES THAT, BEFORE SIGNING THIS AGREEMENT, HE WAS GIVEN
AN OPPORTUNITY TO READ IT, EVALUATE IT AND WAS ENCOURAGED BY THE COMPANY TO
DISCUSS IT WITH HIS PERSONAL ADVISORS AND ATTORNEY AND WITH REPRESENTATIVES OF
THE COMPANY. EMPLOYEE ACKNOWLEDGES THAT HE FULLY UNDERSTANDS ALL TERMS,
CONDITIONS AND IMPLICATIONS OF THIS AGREEMENT. IN LIGHT OF THE FOREGOING
ACKNOWLEDGEMENT, IT IS FURTHER UNDERSTOOD THAT TO THE EXTENT THAT THERE MAY BE
ANY AMBIGUITIES IN ANY PROVISION HEREIN THAT MIGHT HAVE TWO OR MORE PLAUSABLE
CONSTRUCTIONS, THE LANGUAGE OF THE AGREEMENT SHALL NOT BE CONSTRUED AGAINST
EITHER PARTY HERETO.

         IN WITNESS WHEREOF, the parties have executed this Agreement on
February 28, 2002.

                                     Eurotech, Ltd.

                                By:  /S/ TODD BROMS
                                     --------------
                                     Name:
                                     Its: President and Chief Executive Officer

                                     The Employee

                                     /S/ DON V. HAHNFELDT
                                     --------------------
                                     Don V. Hahnfeldt

                                       9<PAGE>

Exhibit 10.27.3

                               STOCK OPTION GRANT

          REGARDING 1,000,000 SHARES OF COMMON STOCK OF EUROTECH, LTD,
                       A District of Columbia corporation

                          IN FAVOR OF DON V. HAHNFELDT

                            DATED: FEBRUARY 28, 2002

NEITHER THESE SECURITIES NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE
EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR
THE SECURITIES COMMISSION OF ANY STATE. THESE SECURITIES ARE BEING ISSUED IN
RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE "SECURITIES ACT"), AND, ACCORDINGLY MAY NOT BE OFFERED OR SOLD
EXCEPT PURSUANT TO AN EFFEECT1VE REGISTRATION STATEMENT UNDER THE SECURITIES ACT
OR PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS
THEREUNDER AND IN COMPLIANCE WITH APPLICABLE STATE SECURITIES OR BLUE SKY LAWS.

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Eurotech, Ltd, a District of Columbia corporation, hereby certifies that, for
value received, Don V. Hahnfeldt or his registered assigns (the "Holder"), is
entitled, subject to the terms set forth below, to purchase from the Company up
to a total of 1,000,000 shares of common stock of the Company, par value $
...00025 per share (the "Shares"). This Stock Option Grant (the "Grant") is
subject to the following terms and conditions:

1.       EXERCISE PRICE. Each of the Shares to which the Holder is entitled to
         purchase under this Grant may be purchased by the Holder at a price
         (the "Exercise Price") equal to closing price of the shares of the
         common stock of the Company on the American Stock Exchange, as quoted
         in the Wall Street Journal, as of the date of this Grant (as set forth
         in the cover page hereto).

2.       TERM. The right of the Holder to purchase the Shares under this Grant
         shall terminate on February 28, 2012 (the "Expiration Date").

3.       VESTING. Of the 1,000,000 shares of common stock of the Company that
         the Holder is entitled to purchase hereunder, the Holder shall have the
         right to purchase 500,000 of such shares immediately upon the date of
         this Grant. Commencing on March 1, 2002 and every month thereafter for
         a period of 24 months, the Holder shall have the right to purchase (and
         such option shall vest) an additional amount of shares equal to 1/24th
         of the remaining 500,000 shares of common stock of the Company
         (which1/24th, in the case that the Employee is employed by the Company
         for any partial month, shall be multiplied by the ratio of the number
         of days that the Employee was employed by the Company in such month
         over the total number of days in such month), provided that none of
         such remaining 500,000 option shares may be purchased by the Holder
         until the filing of all necessary amendments to the Articles of
         Incorporation of the Company following a special meeting of the
         Company's shareholders to authorize an increase in the number of
         authorized shares of Common Stock to at least 130,000,000 shares.
         Notwithstanding the foregoing, if the employment agreement entered into
         the Company and the Holder on February 28, 2002 (the "Employment
         Agreement") is terminated by the Company without "cause" (as such term
         is defined in the Employment Agreement) or by the Holder under Sections
         4 or 5 of the Employment Agreement, or if Don V. Hahnfeldt is unable to
         perform his duties of Chairman, (as certified by two independent
         physicians), the Holder of this Grant shall have the right to purchase
         (and such option shall vest) all of the remaining 500,000 shares of
         common stock of the Company immediately upon the date of such
         termination, death or disability, but only if the authorized shares of
         the Common Stock of the Company has been increased to at least
         130,000,000 shares prior to the date of such termination, death or
         disability. If Don V. Hahnfeldt is terminated by the Company from
         employment with the Company with "cause", the Holder shall not have the
         right to purchase any of the remaining 500,000 shares of common stock
         of the Company other than those which the Holder had a right to
         purchase prior to the date of termination.

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4.       REGISTRATION OF GRANT. The Company shall register this Grant, upon
         records to be maintained by the Company for that purpose in the name of
         the record Holder hereof from time to time. The Company may deem and
         treat the registered Holder of this Grant as the absolute owner hereof
         for the purpose of any exercise hereof or any distribution to the
         Holder, and for all other purposes, and the Company shall not be
         affected by notice to the contrary.

5.       REGISTRATION OF TRANSFERS AND EXCHANGES.

                  (a) The Holder may transfer all or a portion of his rights
hereunder to any entity at least a majority of the voting control of which is
owned at all times by the Holder. The Company shall register the transfer of any
portion of this Grant in the records of the Company, upon surrender of this
Grant, with the Form of Assignment attached hereto duly completed and signed, to
the transfer agent of the Company or to the Company. Upon any such registration
or transfer, a new grant to purchase the Shares, in substantially the form of
this Grant (the "New Grant"), evidencing the portion of this Grant so
transferred, shall be issued to the transferee and a New Grant evidencing the
remaining portion of this Grant not so transferred, if any, shall be issued to
the transferring Holder. The acceptance of the New Grant by the transferee
thereof shall be deemed the acceptance of such transferee of all of the rights
and obligations of a holder of this Grant.

                  (b) This Grant is exchangeable, upon the surrender hereof by
the Holder to the office of the Company for one or more New Grants, evidencing
in the aggregate the right to purchase the number of Shares that may then be
purchased hereunder. Any such New Grant will be dated the date of such exchange.

6.       DURATION AND EXERCISE OF GRANT.

                  (a) This Grant shall be exercisable by the registered Holder
on any business day before 5:00 P.M., New York City time, at any time and from
time to time on or after the date hereof to and including the Expiration Date.
At 5:00 P.M., New York City time on the Expiration Date, the portion of this
Grant not exercised prior thereto shall be and become void and of no value.
Prior to the Expiration Date, the Company may not call or otherwise redeem this
Grant without the prior written consent of the Holder.

                  (b) Subject to Sections 5(b), 9 and 13, upon surrender of this
Grant, with the Form of Election to Purchase attached hereto duly completed and
signed, to the Company at its address for notice set forth in Section 15 and
upon payment of the Exercise Price multiplied by the number of Shares that the
Holder intends to purchase hereunder, in the manner provided hereunder, all as
specified by the Holder in the Form of Election to Purchase, the Company shall
promptly (but in no event later than 3 business days after the Date of Exercise
(as defined herein)) issue or cause to be issued and cause to be delivered to or
upon the written order of the Holder and in such name or names as the Holder may
designate, a certificate representing the Shares issuable upon such exercise,

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free of restrictive legends except in the event that both a registration
statement covering the resale of the Shares and naming the Holder as a selling
stockholder thereunder (a "Registration Statement") is not then effective and
the Shares are not freely transferable without volume restrictions pursuant to
Rule 144(k) promulgated under tile Securities Act of 1933, as amended (the
"Securities Act"). Any person so designated by the Holder to receive Shares
shall be deemed to have become holder of record of such Shares as of the Date of
Exercise of this Grant. A "Date of Exercise" means the date on which the Company
shall have received (i) this Grant (or any New Grant, as applicable), with the
Form of Election to Purchase attached hereto (or attached to such New Grant)
appropriately completed and duly signed, and (ii) payment of the Exercise Price
for the number of Shares so indicated by the holder hereof to be purchased.

7.       PIGGYBACK REGISTRATION RIGHTS. During the term of this Grant, the
         Company may not file any registration statement with the Securities and
         Exchange Commission (other than registration statements of the Company
         filed on Form S-8 or Form S-4, each as promulgated under the Securities
         Act, pursuant to which the Company is registering securities pursuant
         to a Company employee benefit plan or pursuant to a merger, acquisition
         or similar transaction including supplements thereto, but not
         additionally filed registration statements in respect of such
         securities) at any time when there is not an effective Registration
         Statement, unless the Company provides the Holder with not less than 20
         days notice to the Holder notice of its intention to file such
         registration statement and provides the Holder the option to include
         any or all of the applicable Shares therein. The piggyback registration
         rights granted to the Holder pursuant to this Section 7 shall continue
         until all of the Holder's Shares have been sold in accordance with an
         effective registration statement or upon the Expiration Date. The
         Company will pay all registration expenses in connection therewith.

8.       DEMAND REGISTRATION RIGHTS. At any time during the term of this Grant,
         when the Shares are not registered pursuant to an effective
         Registration Statement, the Holder may make a written request for the
         registration under the Securities Act (a "Demand Registration"), of all
         of the Shares (the "Registrable Securities"), and the Company shall use
         its best efforts to effect such Demand Registration as promptly as
         possible, but in any case within 90 days thereafter. Any request for a
         Demand Registration shall specify the aggregate number of Registrable
         Securities proposed to be sold and shall also specify the intended
         method of disposition thereof. The right to cause a registration of the
         Registrable Securities under this Section 8 shall be limited to one
         such registration. In any registration initiated as a Demand
         Registration, the Company will pay all of its registration expenses in
         connection therewith. A Demand Registration shall not be counted as
         Demand Registration hereunder until the registration statement filed
         pursuant to the Demand Registration has been declared effective by the
         Securities and Exchange Commission and maintained continuously
         effective for a period of at least 360 days or such shorter period when
         all Registrable Securities included therein have been sold in
         accordance with such registration statement, provided, however that any

                                       4
<PAGE>

         days on which such registration statement is not effective or on which
         the Holder is not permitted by the Company or any governmental
         authority to sell Shares under such registration statement shall not
         count towards such 360 day period.

9.       PAYMENT OF TAXES. The Company will pay all documentary stamp taxes
         attributable to the issuance of Shares upon the exercise of this Grant;
         provided, however, that the Company shall not be required to pay any
         tax which may be payable in respect of any transfer involved in the
         registration of any certificates for Shares or New Grants in a name
         other than that of the Holder. The Holder shall be responsible for all
         other tax liability that may arise as a result of holding or
         transferring this Grant or receiving Shares upon exercise hereof.

10.      REPLACEMENT OF GRANT. If this Grant is mutilated, lost, stolen or
         destroyed, the Company shall issue or cause to be issued in exchange
         and substitution for and upon cancellation hereof, or in lieu of and
         substitution for this Grant, a New Grant, but only upon receipt of
         evidence reasonably satisfactory to the Company of such loss, theft or
         destruction and indemnity, if requested, satisfactory to it. Applicants
         for a New Grant under such circumstances shall also comply with such
         other reasonable regulations and procedures and pay such other
         reasonable charges as the Company may prescribe.

11.      RESERVATION OF SHARES. The Company covenants that it will at all times
         after the Amendment Date, reserve and keep available out of the
         aggregate of its authorized but unissued shares of common stock of the
         Company, solely for the purpose of enabling it to issue Shares upon
         exercise of this Grant as herein provided, the number of Shares which
         are then issuable and deliverable upon the exercise of this entire
         Grant, free from preemptive rights or any other actual contingent
         purchase rights of persons other than the Holder (taking into account
         the adjustments and restrictions of Section 12). The Company covenants
         that all Shares that shall be so issuable and deliverable shall, upon
         issuance and the payment of the applicable Exercise Price in accordance
         with the terms hereof, are duly and validly authorized, issued and
         fully paid and nonassessable.

12.      CERTAIN ADJUSTMENTS. The number of Shares issuable upon exercise of
         this Grant is subject to adjustment from time to time as set forth in
         this Section 12.

         (a) If the Company, at any time while this Grant is outstanding, (i)
shall pay a stock dividend (except scheduled dividends paid on outstanding
preferred stock as of the date hereof which contain a stated dividend rate) or
otherwise make a distribution or distributions on shares of its common stock or
on any other class of capital stock payable in shares of common stock of the
Company, (ii) subdivide outstanding shares of common stock into a larger number
of shares, or (iii) combine outstanding shares of common stock into a smaller
number of shares, then the number of Shares for which this Grant may be
exercised will be ratably adjusted. Any adjustment made pursuant to this Section
12 shall become effective immediately after the record date for the

                                       5
<PAGE>

determination of stockholders entitled to receive such dividend or distribution
and shall become effective immediately after the effective date in the case of a
subdivision or combination, and shall apply to successive subdivisions and
combinations.

         (b) In case of any reclassification of the shares of the common stock
of the Company, any consolidation or merger of the Company with or into another
person, the sale or transfer of all or substantially all of the assets of the
Company or any compulsory share exchange pursuant to which the shares of common
stock of the Company is converted into other securities, cash or property, then
the Holder shall have the right thereafter to exercise this Grant only into the
shares of stock and other securities and property receivable upon or deemed to
be held by holders of shares of common stock of the Company following such
reclassification, consolidation, merger, sale, transfer or share exchange, and
the Holder shall be entitled upon such event to receive such amount of
securities or property equal to the amount of Shares such Holder would have been
entitled to had such Holder exercised this Grant immediately prior to such
reclassification, consolidation, merger, sale, transfer or share exchange. The
terms of any such consolidation, merger, sale, transfer or share exchange shall
include such terms so as to continue to give to the Holder the right to receive
the securities or property set forth in this Section 12(b) upon any exercise
following any such reclassification, consolidation, merger, sale, transfer or
share exchange.

         (c) For the purposes of this Section 12, the following clauses shall
also be applicable:

                  (i) RECORD DATE. In case the Company shall take a record of
         the holders of its shares of common stock for the purpose of entitling
         them (a) to receive a dividend or other distribution payable in shares
         of the common stock of the Company or in securities convertible or
         exchangeable into shares of common stock of the Company, or (b) to
         subscribe for or purchase shares of common stock of the Company or
         securities convertible or exchangeable into shares of common stock of
         the Company, then such record date shall be deemed to be the date of
         the issue or sale of the shares of common stock of the Company deemed
         to have been issued or sold upon the declaration of such dividend or
         the making of such other distribution or the date of the granting of
         such right of subscription or purchase, as the case may be.

                  (ii) TREASURY SHARES. The number of shares of common stock of
         the Company outstanding at any given time shall not include shares
         owned or held by or for the account of the Company, and the disposition
         of any such shares shall be considered an issue or sale of shares of
         the common stock of the Company.

         (d) All calculations under this Section 12 shall be made to the nearest
cent or the nearest 1/100th of a share, as the case may be.

                                       6
<PAGE>

(f)      If:

                  (i) the Company shall declare a dividend (or any other
         distribution) on its shares of common stock; or

                  (ii) the Company shall declare a special non-recurring cash
         dividend on or a redemption of its Common Stock; or

                  (iii) the Company shall authorize the granting to all holders
         of shares of the common stock of the Company rights or warrants to
         subscribe for or purchase any shares of capital stock of any class or
         of any rights; or

                  (iv) the approval of any stockholders of the Company shall be
         required in connection with any reclassification of the shares of
         common stock of the Company, any consolidation or merger to which the
         Company is a party, any sale or transfer of all or substantially all of
         the assets of the Company, or any compulsory share exchange whereby the
         shares of the common stock is converted into other securities, cash or
         property; or

                  (v) the Company shall authorize the voluntary dissolution,
         liquidation or winding up of the affairs of the Company,

then the Company shall cause to be mailed to each Holder at their last addresses
as they shall appear upon the records of the Company, at least 30 calendar days
prior to the applicable record or effective date hereinafter specified, a notice
stating (x) the date on which a record is to be taken for the purpose of such
dividend, distribution, redemption, rights or warrants, or if a record is not to
be taken, the date as of which the holders of shares of the common stock of the
Company of record to be entitled to such dividend, distributions, redemption,
rights or warrants are to be determined or (y) the date on which such
reclassification, consolidation, merger, sale, transfer or share exchange is
expected to become effective or close, and the date as of which it is expected
that holders of shares of the common stock of the Company of record shall be
entitled to exchange their shares of common stock of the Company for securities,
cash or other property deliverable upon such reclassification, consolidation,
merger, sale, transfer, share exchange, dissolution, liquidation or winding up;
PROVIDED, HOWEVER, that the failure to mail such notice or any defect therein or
in the mailing thereof shall not affect the validity of the corporate action
required to be specified in such notice.

13.      PAYMENT OF EXERCISE PRICE. The Holder may pay the Exercise Price in one
         of the following manners:

         (a)      CASH EXERCISE. The Holder shall deliver immediately available
                  funds; or
         (b)      CASHLESS EXERCISE. The Holder shall surrender this Grant to
                  the Company together with a notice of cashless exercise, in
                  which event the Company shall issue to the Holder the number
                  of Shares determined as follows:

                                       7
<PAGE>

                  X= Y - [(Y*A)/B], where:

                  X= the actual number of Shares to be issued to the Holder.

                  Y= the number of Shares with respect to which this Grant is
                  being exercised.

                  A= the Exercise Price.

                  B= the closing sale price of shares of the common stock of the
                  Company on the American Stock Exchange on the Date of
                  Exercise, as reported in the Wall Street Journal.

For purposes of Rule 144 promulgated under the Securities Act, it is intended,
understood and acknowledged that the Shares issued in a cashless exercise
transaction shall be deemed to have been acquired by the Holder, and the holding
period for the Shares shall be deemed to have been commenced, on the issue date.

14.      FRACTIONAL SHARES. The Company shall not be required to issue or cause
         to be issued fractional Shares on the exercise of this Grant. The
         number of full Shares that shall be issuable upon the exercise of this
         Grant shall be computed on the basis of the aggregate number of Shares
         purchasable on exercise of this Grant so presented. If any fraction of
         a Share would, except for the provisions of this Section 11, be
         issuable on the exercise of this Grant, the Company shall pay an amount
         in cash equal to the Exercise Price multiplied by such fraction.

15.      REPLACEMENT OPTION GRANT. At any time prior to the Expiration Date,
         upon the written request of the Employee, the Company shall deliver to
         the Employee a replacement Stock Option Grant containing the identical
         terms hereof, except that such replacement Stock Option Grant shall set
         forth the portion of the Grant that then remains unexercised.

16.      NOTICES. Any and all notices or other communications or deliveries
         hereunder shall be in writing and shall be deemed given and effective
         on the earliest of (i) the date of transmission, if such notice or
         communication is delivered via facsimile at the facsimile telephone
         number specified in this Section 15 prior to 7:00 p.m. (New York City
         time) on a business day, (ii) the business day after the date of
         transmission, if such notice or communication is delivered via
         facsimile at the facsimile telephone number specified in this Section
         later than 7:00 p.m (New York City time) on any date and earlier than
         11:59 p.m. (New York City time) on such date, (iii) the business day
         following the date of mailing, if sent by nationally recognized
         overnight courier service, or (iv) upon actual receipt by the party to
         whom such notice is required to be given. The addresses for such
         communications shall be: (i) if to the Company, to 10306 Eaton Place,
         Suite 220, Fairfax, Virginia 22030, Attention: Chief Financial Officer
         or (ii) if to the Holder, to the Holder at the address or facsimile
         number appearing on the records of the Company or such other address or

                                       8
<PAGE>

         facsimile number as the Holder may provide to the Company in accordance
         with this Section 15.

17.      TRANSFER AGENT. The Company shall serve as transfer agent under this
         Grant. Upon 30 days' notice to the Holder, the Company may appoint a
         new transfer agent. Any corporation into which the Company or any new
         transfer agent may be merged or any corporation resulting from any
         consolidation to which the Company or any new transfer agent shall be a
         party or any corporation to which the Company or any new transfer agent
         transfers substantially all of its corporate trust or shareholders
         services business shall be a successor transfer agent under this Grant
         without any further act. Any such new transfer agent shall promptly
         cause notice of its succession as transfer agent to be mailed (by first
         class mail, postage prepaid) to the Holder at the Holder's last address
         as shown on the records of the Company.

18.      MISCELLANEOUS.

                    (a) This Grant shall be binding on and inure to the benefit
of the parties hereto and their respective successors and assigns. This Grant
may be amended only in writing signed by the Company and the Holder and their
successors and assigns,

                    (b) Subject to Section 17(a), above, nothing in this Grant
shall be construed to give to any person or corporation other than the Company
and the Holder any legal or equitable right, remedy or cause under this Grant.
This Grant shall inure to the sole and exclusive benefit of the Company and the
Holder.

                    (c) This Grant shall be governed by and construed and
enforced in accordance with the internal laws of the State of New York without
regard to the principles of conflicts of law thereof.

                    (d) Any and all disputes arising out of this Grant will be
determined by submission to binding arbitration before a three-member arbitral
panel, which arbitration shall be conducted in New York, New York, pursuant to
the Rules of Arbitration of the American Arbitration Association, the
jurisdiction to which all parties hereto, as well as their successors, assigns
and transferees, hereby consent. The Company shall pay all costs and fees
relating to such arbitration, including the reasonable attorneys fees and costs
of the Employee, including the deposit of a reasonable retainer to the
Employee's legal counsel, which attorney fees shall be paid by the Company when
they are incurred, unless an award is made in favor of the Company, in which
case the Employee shall immediately reimburse the Company for all costs and fees
paid by the Company on the Employee's behalf, including, without limitation, the
attorneys fees and costs of the Employee, one-half of the cost of commencing the
arbitration, and one-half of the costs and fees of the three-member arbitral
panel.

                    (d) The headings herein are for convenience only, do not
constitute a part of this Grant and shall not be deemed to limit or affect any
of the provisions hereof.

                                       9
<PAGE>

                    (e) In case any one or more of the provisions of this Grant
shall be invalid or unenforceable in any respect, the validity and
enforceability of the remaining terms and provisions of this Grant shall not in
anyway be affected or impaired thereby and the parties will attempt in good
faith to agree upon a valid and enforceable provision which shall be a
commercially reasonable substitute therefore, and upon so agreeing, shall
incorporate such substitute provision in this Grant.

              IN WITNESS WIHEREOF, the Company has caused this Grant to be duly
executed by its authorized officer as of the date first indicated above.

                                    EUROTECH, LTD.

                                    By:  /S/ TODD J. BROMS
                                         -----------------
                                    Name:   Todd J. Broms
                                    Title: President and Chief Executive Officer

                                    AND

                                    /S/ RANDOLPH A. GRAVES, JR.
                                    ---------------------------
                                    Name: Randolph A. Graves, Jr.
                                    Title:  Corporate Secretary

                                       10
<PAGE>

                          FORM OF ELECTION TO PURCHASE

(To be executed by the Holder to exercise the right to purchase shares of common
stock of the Company under the foregoing Grant)

To Eurotech, Ltd.:

         In accordance with the Grant enclosed with this Form of Election to
Purchase, the undersigned hereby irrevocably elects to
purchase__________________ shares of common stock, par value $00025 per share,
of Eurotech, Ltd. (the "Common Stock") and, if such Holder is not utilizing the
cashless exercise provisions set forth in this Grant, encloses herewith
$_______________ in cash, certified or official bank check or checks, which sum
represents the aggregate Exercise Price (as defined in the Grant) for the number
of shares of Common Stock to which this Form of Election to Purchase relates,
together with any applicable taxes payable by the undersigned pursuant to the
Grant.

         The undersigned requests that certificates for the shares of Common
Stock issuable upon this exercise be issued in the name of

                                                PLEASE INSERT SOCIAL SECURITY OR
                                                       TAX IDENTIFICATION NUMBER

                                                --------------------------------

                         (Please print name and address)

-------------------------------------------------------------------------

-------------------------------------------------------------------------

         If the number of shares of Common Stock issuable upon this exercise
shall not be all of the shares of Common Stock which the undersigned is entitled
to purchase in accordance with the enclosed Grant, the undersigned requests that
a New Grant (as defined in (the Grant) evidencing the right to purchase the
shares of Common Stock not issuable pursuant to the exercise evidenced hereby be
issued in the name of and delivered to:

                                          (Please print name and address)

-------------------------------------------------------------------------

-------------------------------------------------------------------------

Dated: ___________         Name of Holder:

                           (Print)_________________________

                           (By:) __________________________
                           (Name:)
                           (Title:)

                           (Signature must conform in all respects to name of
                           holder as specified on the face of the Grant)

                                       11
<PAGE>

                               FORM OF ASSIGNMENT

            [To be completed and signed only upon transfer of Grant]

          FOR VALUE RECEIVED, the undersigned hereby sells, assigns and
transfers unto __________________________________ the right represented by the
within Grant to purchase __________________ shares of Common Stock of Eurotech,
Ltd. to which the within Grant relates and appoints ___________________ attorney
to transfer said right on the books of Eurotech, Ltd. with full power of
substitution in the premises.

Dated:

-------------------, -------

                     -----------------------------------------------------------
                    (Signature must conform in all respects to name of holder as
                                             specified on the face of the Grant)

                                            -------------------------
                                            Address of Transferee

                                            --------------------------

                                            --------------------------

In the Presence of:

--------------------------

                                       12

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