Document:

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Exhibit 10.30.2

                      FIRST AMENDMENT TO EXCHANGE AGREEMENT

         This FIRST AMENDMENT TO EXCHANGE AGREEMENT (this "Amendment"), dated as
of December 19, 2002, is by and among Eurotech, Ltd., a District of Columbia
corporation (the "Company"), Crypto.com, Inc., a Delaware corporation
("Crypto"), Markland Technologies, Inc., a Florida corporation ("Markland"),
Security Technology, Inc., a Delaware corporation, a wholly-owned subsidiary of
Markland ("STI"), ipPartners, Inc., a Rhode Island corporation ("ipPartners"),
Markland LLC, a Cayman Island limited liability company and James LLC, a Cayman
Island limited liability company (Markland LLC and James LLC, together being the
"Markland Shareholders"). The Company, Crypto, Markland, STI, ipPartners and the
Markland Shareholders are collectively referred to herein as the "Parties."

                                    RECITALS

         WHEREAS, the Parties are the parties to that certain Exchange
Agreement, dated December 9, 2002 (the "Exchange Agreement") by and among the
Parties;

         WHEREAS, pursuant to Section 12.1 of the Exchange Agreement, the
Parties must agree in writing to any modification or amendment to the Exchange
Agreement; and

         WHEREAS, the Parties desire to make certain amendments to the Exchange
Agreement in the manner set forth herein.

         NOW, THEREFORE, in consideration of the foregoing premises, and of the
representations, warranties, covenants and agreements contained in the Exchange
Agreement, and for other good and valuable consideration, the receipt and
sufficiency of which is acknowledged by the Parties, the Parties hereby amend
the Exchange Agreement as follows:

         1. DEFINED TERMS. Unless defined herein, all capitalized terms used
herein shall have the meanings ascribed such terms in the Exchange Agreement.

         2. AMENDMENT TO EXHIBIT A - TRANSFERRED PROPERTY. In order to effect
the understanding and agreement of the Parties that certain of the Transferred
Property (namely the Acoustic CoreTM illicit materials detection technology
owned by the Company) shall be licensed to STI, as opposed to assigned, Exhibit
A to the Exchange Agreement is hereby deleted in its entirety and replaced with
Exhibit A attached hereto.

         3. AMENDMENT TO SECTION 1.2. Section 1.2 of the Exchange Agreement is
hereby deleted in its entirety and replaced with the following :

         "1.2 The Exchange and the Exchange Procedures.

              (a) At the Closing, Markland shall issue to the Company and to
ipPartners, respectively, 239,927,344 shares and 29,990,917 shares of Markland
Common Stock representing, respectively, the Exchange Shares and the ipPartners
Shares, and simultaneously therewith, and conditioned thereupon, the Company
shall agree to license, and shall cause Crypto to transfer and deliver, as the

<PAGE>

case may be, the Transferred Property to STI in exchange for the Exchange
Shares. In consideration of its receipt of the ipPartners Shares, ipPartners
shall forgive and discharge certain obligations owed to ipPartners with respect
to the Transferred Property.

              (b) At the Closing, certain elements of the Transferred Property
(as further detailed on Exhibit A hereto) held by Crypto shall be transferred to
STI pursuant to an assignment and assumption agreement to be entered into
between Crypto and STI, which assignment and assumption agreement shall be in
the form attached hereto as Exhibit B. The remaining elements of the Transferred
Property (as further detailed on Exhibit A hereto) held by the Company will be
licensed on an exclusive, worldwide and perpetual basis from the Company to STI
pursuant to a license agreement to be mutually agreed upon by, and entered into
between, the Company and STI, as soon as is practicable following the Closing.
The exchange, assignment and/or license, as applicable, of the Exchange Shares
and the Transferred Property as contemplated herein as referred to herein as the
"Exchange.""

         4. FORM OF LICENSE AGREEMENT; FURTHER ASSURANCES. The following is
hereby added to the Exchange Agreement as Section 1.3 thereto:

         "1.3 Form of License Agreement; Further Assurances. The form of license
agreement to be entered into following the Closing as contemplated by Section
1.2(b) hereof shall effect a license the Acoustic CoreTM illicit materials
detection technology to STI in a manner contemplated by Exhibit A attached
hereto. The parties shall cooperate and shall take all reasonable actions
required to license such technology and to enter into such license agreement and
any additional and required technology transfer documents in connection with
same, which documents shall be prepared and filed with the appropriate
authorities in all relevant jurisdictions, if any, on a cooperative basis by the
parties on a post-closing basis. In addition, the parties shall, on a
post-closing basis, cooperate and take all reasonable actions required to effect
all of the transactions contemplated by this Agreement."

         5. ASSIGNMENT OF CRADA RIGHTS. The following is hereby added to the
Exchange Agreement as Section 1.4 thereto:

         "1.4 Assignment of CRADA Rights. Following the Closing, the Company
shall use its commercially reasonable best efforts to cause the assignment to
STI of all of the Company's rights and obligations under that certain USAF CRADA
Number 02-263-AMWC-02 Cooperative Research and Development Agreement between
USAF Air Mobility Battlelab and the Company (the "CRADA"). If, despite such
efforts, the Company is unable to effect such assignment, the Company and STI
shall work together and in good faith to establish a workable contractual or
other arrangements to ensure that the development and commercialization (and
resulting revenues and profits relating thereto) of the Acoustic Core illicit
materials detection technology shall be undertaken by, and inure to the benefit
of, STI, to the extent legally permissible."

         6. ADDITIONAL AMENDMENTS. The Parties hereby make and agree to all
conforming amendments and modifications to the Exchange Agreement necessary to
reflect amendments to the Exchange Agreement effected by this Amendment.

                                       2
<PAGE>

         7. EXTENSION OF TERMINATION DATE. Section 9.2 of the Exchange Agreement
is hereby amended by changing the date constituting the "Termination Date" from
December 15, 2002 to "December 31, 2002."

         8. NO FURTHER AMENDMENT. Except as amended by this Amendment, the
Exchange Agreement shall remain unchanged and in full force and effect.

         9. COUNTERPARTS. This Amendment may be executed in any number of
counterparts, and by facsimile, each such counterpart being deemed to be an
original instrument, and all such counterparts shall together constitute the
same agreement.

                            [Signature Pages Follow]

                                       3
<PAGE>

         IN WITNESS WHEREOF, this Amendment has been duly executed and delivered
by the duly authorized officers of the parties hereto as of the date first
written above.

                                      MARKLAND TECHNOLOGIES, INC.

                                      By:  /s/ Ken Ducey, Jr.
                                           -------------------------------------
                                           Name: Ken Ducey, Jr.
                                           Title:   Executive Vice President

                                      EUROTECH, LTD.

                                      By:  /s/ Don V. Hahnfeldt
                                           -------------------------------------
                                           Name:  Don V. Hahnfeldt
                                           Title:    President

                                      CRYPTO.COM, INC.

                                      By:  /s/ Don V. Hahnfeld
                                           -------------------------------------
                                           Name:  Don V. Hahnfeldt
                                           Title:    President

                                      SECURITY TECHNOLOGY, INC.

                                      By:  /s/ Ken Ducey, Jr.
                                           -------------------------------------
                                           Name:  Ken Ducey, Jr.
                                           Title:    President

                                      IPPARTNERS, INC.

                                      By:  /s/ Robert Tarini
                                           -------------------------------------
                                           Name: Robert Tarini
                                           Title:   President

                                       4
<PAGE>

                                      MARKLAND LLC

                                      By:   /s/ David K. Sims
                                           -------------------------------------
                                           Name: David K. Sims
                                           for Navigator Management Ltd.
                                           Title: Director

                                      JAMES LLC

                                      By:  /s/ Arlene De Castro  /s/ Ioka Bobb
                                           -------------------------------------
                                           Name: Arlene De Castro and Ioka Bobb
                                           for Navigator Management Ltd.
                                           Title: Director

           [End of Signature Pages to Amendment to Exchange Agreement]

                                       5
<PAGE>

                                    EXHIBIT A

                        TRANSFERRED AND LICENSED PROPERTY

Property Licensed from the Company
----------------------------------

Acoustic Core(TM) is the unregistered trademark and trade name for the
commercial application of certain patent protected proprietary methods and
processes for transmitting energy waves towards an object and recording the
associated energy signals reflected back by that object, in order to determine
the constituent components (or elements) that constitute that object. The
proprietary methods and processes allow for the recognition, characterization
and quantitative measurement of the constituent components (or elements) of that
object. The proprietary methods and processes, and all associated intellectual
property embodied in the signal processing algorithms and analysis procedures
defined in certain patents and associated filings described herein shall be
referred to in this Exhibit A as the "Acoustic Core Rights."

The Acoustic Core Rights to be licensed to STI pursuant to this Agreement
consist of the following rights, but limited solely and exclusively to
commercial applications of Acoustic Core(TM) with respect to the market for
illicit materials detection (i.e., for the detection of hazardous materials,
including explosives, chemical, biological and nuclear materials, weapons,
including plastic and ceramic weapons, and narcotics) in connection with private
and governmental security screening applications , and no other markets: (1) any
and all intellectual property associated with the Acoustic Detection Apparatus,
defined under and associated with U.S. Patent 4,922,467, Canadian Patent
1,299,727 and Japanese Patent 2,030,623 and all present and future improvements
for the full life of the patents, (2) any and all intellectual property defined
under and associated with an "Improved Material Classification Apparatus and
Method", U.S. Application Number 09-791671, International Application Number
PCT/CA02/00211, as submitted to the U.S. Patent and Trademark Office(the
"PTO")and, which is currently under review by such office and (3) any and all
intellectual property defined under and associated with an "Acoustic Portal
Detection System", as the same will be submitted by or on behalf of the Company
after the date hereof to the PTO and the Canadian patent office. The Acoustic
Core Rights to be licensed to STI shall also include any and all patent rights
relating thereto granted by the PTO, as well as other improvements, made or
utilized by the Company, which may include acoustic, optical and/or
electromagnetic sources, without geographical or time limits. The license of the
Acoustic Core Rights as contemplated hereunder shall be entered into and filed
with the appropriate authorities in all relevant jurisdiction, if any, on a
cooperative basis by the parties on a post-closing basis.

The Acoustic Core Rights licensed to STI shall be irrevocable and shall provide
STI for its exclusive benefit the right, free of any royalty or similar charge
or fee, to develop, market, distribute and license for worldwide use, without
geographical limit, any and all commercial applications of Acoustic Core(TM)

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with respect to the market for illicit materials detection (as described above).
Subject to applicable agreements to which it is a party, the Company, and not
Markland or STI, shall maintain all other existing rights with respect to the
technology and patents including, but not limited to, the exclusive rights to
the Acoustic Core Rights in the following market categories: (1) above surface
or subsurface nuclear or other hazardous material remediation; (2) marine
dredging sites (inland and ocean); and (3) oil exploration.

Property Transferred from Crypto
--------------------------------

Crypto shall transfer to STI all right, title in interest that Crypto currently
owns and possesses in certain proprietary software and related intellectual
property concerning cryptology (including, without limitation, all source code,
object code and all materials and documents) which Crypto acquired in February,
2000 and has subsequently developed (the "Crypto Technology") for development in
all commercial markets, including but not limited to, government, commercial,
and private enterprise computer and communications security software.

The Crypto Technology is protected as a trade secret. Crypto has no federally
registered copyright to the Crypto Technology, but asserts common law
copyrights. The trademark "Crypto.com" is federally registered (Serial Number
76308457) and shall be transferred to STI together with the Crypto Technology.

                                       7<PAGE>

Exhibit 10.30.3

                          PLEDGE AND SECURITY AGREEMENT

         This Pledge and Security Agreement, dated as of December 19, 2002 (this
"Agreement"), is by and among Eurotech Ltd., a District of Columbia corporation
(the "Obligor"), Woodward LLC, a Cayman Islands company (the "Secured Party")
and Krieger & Prager, LLP, a New York limited liability partnership, as agent
for the Secured Party ("Agent").

                                    Recitals

         WHEREAS, Obligor has entered into an Exchange Agreement, dated December
9, 2002 (the "Exchange Agreement") pursuant to which the Obligor is exchanging
certain assets in return for 239,927,344 shares of common stock (the "Pledged
Shares") of Markland Technologies, Inc., a Florida corporation;

         WHEREAS, in connection with the closing of the transactions
contemplated by the Exchange Agreement, Obligor and the Secured Party desire to
enter into this Agreement (i) to effect the surrender of the rights of the
Secured Party to receive 5,725 shares (the "Retired Shares Rights") of Obligor's
outstanding Series B 5% Convertible Preferred Stock, par value $.01 per share
(the "Series B Preferred Stock"), which right the Secured Party received
pursuant to that certain Securities Exchange and Purchase Agreement, dated
September 30, 2002, by and between Obligor and the Secured Party(the "Purchase
Agreement") and the other transaction documents related thereto (all such
documents, collectively with the Purchase Agreement, the "Transaction
Documents"), and (ii) in consideration of such surrender, the creation of a
security interest of Secured Party in the Pledged Shares to secure, among other
things, the Obligor's obligations under Section 3 of this Agreement to the
Secured Party (the "Secured Obligations"); and

         WHEREAS, Obligor and the Secured Party have duly authorized the
execution, delivery and performance of this Agreement.

         NOW THEREFORE, in consideration of these premises and other good and
valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto agree as follows:

1. Definitions. Certain capitalized terms used herein are defined in this
Section 1. Capitalized terms used but not otherwise defined herein shall have
the meanings provided in the Exchange Agreement. Unless otherwise defined herein
or the context otherwise requires, terms for which meanings are provided in the
UCC are used in this Agreement with such meanings.

         "Agent" is defined in the preamble.

         "Agreement" is defined in the preamble.

         "COD" is defined in Section 3(a).

         "Collateral" is defined in Section 4.

<PAGE>

         "Distributions" is defined in Section 4(b).

         "Event of Default" is defined in Section 3(c).

         "Exchange Agreement" is defined in the first recital.

         "Lien" means with respect to any asset (a) any claim, pledge, mortgage,
lien, charge, security interest, or encumbrance of any kind or (b) the interest
of a vendor or lessor under any conditional sale agreement or other title
retention agreement, but shall not include any lease processing or other
agreement executed by Obligor and covering or including any Collateral.

         "Obligor" is defined in the preamble.

         "Person" means any individual, corporation, limited liability company,
partnership (including a joint venture), association, joint stock company,
trust, estate, unincorporated organization, government or any agency or
political subdivision thereof (including government corporations), or any other
form of entity, or any trustee, receiver, custodian or similar official.

         "Pledged Collateral Account Agreement" means such agreement
substantially in the form of the Pledged Collateral Account Agreement attached
hereto as Exhibit A, or such other form as may be utilized by a securities
intermediary with the mutual consent of Obligor and the Secured Party, such
consent not to be unreasonably withheld.

         "Pledged Shares" means all shares of capital stock set forth in the
Recitals that are delivered by Obligor to the Secured Party hereunder.

         "Proceeds" is defined in Section 4(b).

         "Purchase Agreement" is defined in the second recital.

         "Remaining Shares" is defined in Section 2.

         "Retired Shares Rights" is defined in the second recital.

         "Secured Obligations" is defined in the second recital.

         "Secured Party" is defined in the preamble.

         "Series B Preferred Stock" is defined in the second recital.

         "Stock Exchange" is defined in Section 6.2.

         "Termination Date" is defined in Section 6.2.

         "Transaction Documents" is defined in the second recital.

         "UCC" means the Uniform Commercial Code as in effect in the State of
New York.

                                       2
<PAGE>

2. Surrender of Retired Shares Rights. Effective for all purposes as of the date
hereof, and in consideration of the creation of the security interest granted
hereunder, Secured Party hereby surrenders and agrees to terminate all of its
Retired Shares Rights under the Transaction Documents, the COD or otherwise.
Upon such surrender, and pursuant to the Transaction Documents, the Secured
Party shall continue to hold the right to receive 11,450 shares of Series B
Preferred Stock (the "Remaining Shares") which Remaining Shares shall be issued
promptly after receipt, at the Obligor's expense, of any and all applicable
regulatory approvals (it being acknowledged by Obligor and the Secured Party
that Obligor has heretofore been precluded from issuing any shares of Series B
Preferred Stock to the Secured Party solely at the request of the American Stock
Exchange). Promptly following the consummation of the transactions contemplated
by this Agreement, but subject in all instances to applicable regulatory
approvals as contemplated above, Obligor shall deliver to Secured Party
certificates representing the Remaining Shares.

3. Secured Obligations.

         (a) Subject to applicable law, Obligor shall redeem for cash the
Remaining Shares held by Secured Party (whether or not in issued and registered
form) by immediately delivering and causing (or consenting to) the Agent or the
Broker (as each is defined below), as appropriate, for deliver directly to
Secured Party, fifty percent (50%) of the proceeds of any sale, transfer,
assignment, grant of any lien or pledge of the Pledged Shares, as soon as such
proceeds become available to Obligor, up to an amount not to exceed the stated
value (liquidation value) plus accrued dividends of the Remaining Shares. The
proceeds received by the Secured Party shall be applied toward the redemption of
the Remaining Shares ( whether or not in issued and registered form) in
chronological order per the terms of the redemption schedule contained in the
Certificate of Designations for the Series B Preferred Stock (the "COD");

         (b) (i) Obligor hereby ratifies and reaffirms all the covenants and
obligations of Obligor contained in the Transaction Documents with respect to
the Secured Party's rights to receive the Remaining Shares including without
limitation the obligations under that certain Registration Rights Agreement
between Obligor and Secured Party and the redemption provisions of the COD(ii)
Subject to all disclosures made by Obligor in Obligor's its filings prior to the
date hereof with the Securities and Exchange Commission, including Obligor's
Quarterly Report on Form 10-Q for the period ending September 30, 2002 and its
various Current Reports on Form 8-K, all of the representations and warranties
made by Obligor in Article III of the Exchange Agreement (subject to applicable
exceptions and disclosure schedules) are incorporated by reference herein and
are made by Obligor to the Secured Party, with the same force and effect as if
made on the date hereof.

         (c) Any default in the performance under either (a), (b)(i) or (b)(ii)
above shall be an event of default hereunder (an "Event of Default").

4. Grant of Security Interest and Pledge. Obligor hereby grants to Secured Party
a security interest in Obligor's right, title, and interest in the following
"Collateral," whether now owned or hereafter acquired:

         (a) The Pledged Shares; and

                                       3
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         (b) Fifty percent (50%) of all proceeds derived from any sale,
transfer, assignment, grant of any lien or pledge, or such other divestment of
the Pledged Shares, and to the extent not otherwise included, all payments under
any indemnity, warranty or guaranty of or for the foregoing Collateral (all such
proceeds and payments under any insurance, indemnity, warranty or guaranty being
the "Proceeds"), and any distributions issued in connection with the Pledged
Shares, in whatever form , including but not limited to, cash or stock
dividends, stock splits, recapitalizations, regoranizations and similar
transactions ("Distributions").

5. Obligor's Representations and Warranties. Subject to all disclosures made by
Obligor (i) in all of Obligor's filings prior to the date hereof with the
Securities and Exchange Commission, including Obligor's Quarterly Report on Form
10-Q for the period ending September 30, 2002 and its various Current Reports on
Form 8-K and (ii) Obligor's disclosure schedules to the Exchange Agreement,
Obligor hereby represents and warrants the following to the Secured Party:

         5.1 Organization and Existence. Obligor is duly incorporated, validly
existing and in good standing under the laws of the District of Columbia.
Obligor has full corporate power and authority to own and hold the properties
and assets it now owns and holds and to carry on its business as and where such
properties are now owned or held and such business is now conducted. Obligor is
duly licensed or qualified to do business as a foreign corporation and is in
good standing in the states in which the character of the properties and assets
now owned or held by it or the nature of the business now conducted by it
requires it to be so licensed or qualified, except where the failure to be so
qualified or in good standing would not reasonably be expected to have a
material adverse effect on the business, financial condition or results of
operations of Obligor.

         5.2 Authority and Approval. Obligor has the corporate power and
authority to execute and deliver this Agreement, to consummate the transactions
contemplated hereby and to perform all the terms and conditions hereof to be
performed by it. The execution and delivery by Obligor of this Agreement, the
performance by Obligor of all the terms and conditions hereof to be performed by
it and the consummation of the transactions contemplated hereby have been duly
authorized and approved by all requisite corporate action of Obligor. This
Agreement constitutes the valid and binding obligation of Obligor enforceable in
accordance with its terms, except as such enforcement may be limited by
bankruptcy, insolvency, reorganization, moratorium or other similar laws
affecting enforcement of creditors' rights generally and by general principles
of equity (whether applied in a proceeding at law or in equity).

         5.3 No Conflict. This Agreement, and the execution and delivery by
Obligor of this Agreement does not, and the fulfillment and compliance with the
terms and conditions hereof, and the consummation of the transactions
contemplated hereby will not:

              (a) conflict with any of, or require the consent of any person or
entity under, the terms, conditions or provisions of the charter documents or
bylaws or equivalent governing instruments of Obligor;

                                       4
<PAGE>

              (b) violate any provision of, or require any consent,
authorization or approval under, any law, statute, ordinance, rule or regulation
or any judicial, administrative or arbitration order, award, judgment, writ,
injunction or decree applicable to Obligor; or

              (c) result in the creation of any material lien, charge or
encumbrance on the assets of Obligor under any indenture, mortgage, lien, lease
or contract.

         5.4 Pledged Shares. The taking of possession by the Secured Party or by
its agent, or by the Broker pursuant to the Pledged Collateral Account
Agreement, for the purpose of accepting delivery of the Pledged Shares, shall
perfect and establish the first priority of the Secured Party's security
interest in such Pledged Shares. Except as set forth in this Section 5.4 or as
may be required under the UCC, no action is necessary to perfect or otherwise
protect such security interest in such Pledged Shares and the Obligor has not
granted a security interest in the Pledged Shares to any other person.

         5.5 Other Liens. Obligor owns the Collateral free and clear of any
Lien, except for the security interests created by this Agreement and by the
Pledged Collateral Account Agreement. No effective financing statement or other
instrument similar in effect covering all or any part of the Collateral is on
file in any recording office, except such as may have been filed in connection
with this Agreement.

         5.6 Lien Priority and Perfection of Security Interest in the
Collateral. This Agreement creates a valid first priority security interest in
the Collateral. No other authorization, approval or other action by any
governmental authority or any other person or entity is necessary to grant the
security interest in the Collateral contemplated hereby, allow Obligor to
perform its obligations hereunder or permit the Secured Party to exercise its
rights and remedies hereunder.

6. Obligor's Covenants.

         6.1 Delivery of the Pledged Shares. Obligor shall deliver to Agent,
which the Secured Party hereby appoints as its agent for the purpose of
accepting delivery of and holding the Pledged Shares, simultaneously with or
promptly following the execution and delivery of this Agreement, all
certificates representing the Pledged Shares endorsed in blank for transfer or
accompanied by stock powers executed in blank for transfer of the Pledged
Shares, with medallion guarantees. Prior to delivery to the Agent, all such
certificates representing Pledged Shares shall be held in trust by Obligor for
the benefit of the Secured Party pursuant hereto. All such certificates shall be
delivered in suitable form for transfer by delivery or shall be accompanied by
duly executed instruments of transfer or assignment in blank, substantially in
the form provided in Exhibit B attached hereto. Obligor further agrees to
execute and deliver to the Secured Party such UCC or other applicable financing
statements or other filing or registration as may be reasonably requested by the
Secured Party in order to perfect and protect the security interest created
hereby in the Pledged Shares or to deliver to the Secured Party such instruments
and similar documents with respect to the Pledged Shares as the Secured Party
may reasonably request.

         6.2 Pledged Collateral Account. Prior to any open market sale or
transfer of the Pledge Shares on any stock exchange or trading market

                                       5
<PAGE>

(including, if applicable, the OTC Bulletin Board) where the Pledge Shares are
then traded (the "Stock Exchange"), Obligor shall execute and deliver a Pledged
Collateral Account Agreement substantially in the form of that attached hereto
as Exhibit A, to a broker or brokers to be identified by Obligor and Secured
Party by mutual consent (the "Broker"), for purposes of establishing an Account
or Accounts among Obligor, Secured Party and Broker to remain effective until
the earlier of (i) the date on which the Secured Obligations shall have been
paid in full and the security interest is thereby released; or (ii) the
completion of any foreclosure of Secured Party's security interests as provided
herein (the "Termination Date"). If prior to the Termination Date, the parties
determine to close such Account or Accounts, the Obligor shall cause any
applicable Collateral to be redelivered to the Agent.

         6.3 Distributions. In the event that any Distributions are to be
delivered to Obligor with respect to any Pledged Shares, and no Event of Default
has occurred or is continuing, then fifty percent (50%) of such Distributions
shall be delivered directly to Obligor and the other fifty percent (50%) shall
be delivered directly to Agent for the benefit of Secured Party. If an Event of
Default in the performance of the Secured Obligations has occurred and is
continuing through no fault of the Agent and/or the Broker, then any and all
such Distributions are to be delivered directly to the Agent (accompanied, if
appropriate, by stock powers executed in blank for transfer or another
instrument of transfer) for the benefit of Secured Party, up to any deficiency
amount owed to the Secured Party pursuant to the redemption schedule contained
in the COD.

         6.4 Further Assurances With Respect to the Collateral.

         (a) Obligor agrees that at any time, at Obligor's expense, Obligor will
promptly execute and deliver all such further instruments and documents, and
take all such further action, that may be necessary or that the Secured Party
may reasonably request, in order to perfect and protect any security interest in
the Collateral granted or purported to be granted hereby or to enable Secured
Party to exercise and enforce their rights and remedies hereunder with respect
to any Collateral. Without limiting the generality of the foregoing, Obligor
will, at the Secured Party's request: (i) execute and file such financing or
continuation statements, or amendments thereto, and such other instruments or
notices as may be necessary, or as the Secured Party may reasonably request, in
order to perfect and preserve the security interests granted or purported to be
granted hereby in the Collateral.

         (b) Obligor will furnish to the Secured Party, from time-to-time,
statements and schedules further identifying and describing the Collateral and
such other reports in connection with the Collateral as the Secured Party may
reasonably request, all in reasonable detail, including but not limited to
monthly reports or statements in connection with sales pursuant to the Pledged
Collateral Account Agreement.

         6.5 Transfer of Collateral. Except in the case of an open market sale
(not pre-arranged) by Obligor of the Pledged Shares on a Stock Exchange, whether
by means of an effective registration statement or by means of Rule 144 pursuant
to the Pledged Collateral Account Agreement, Obligor shall not sell, assign,
transfer (by operation or law or otherwise), pledge as collateral, or grant or

                                       6
<PAGE>

create any security interest, lien or other encumbrance with respect to any of
the Collateral without the prior written consent of the Secured Party. Obligor
agrees to promptly upon settlement of such sales, to transfer to Secured Party
fifty percent (50%) of the proceeds of such sales, net of all reasonable and
customary broker's commissions.

7. Remedies. If an Event of Default shall have occurred and remain uncured:

         7.1 UCC Remedies With Respect to the Collateral. To the extent
permitted by law, the Secured Party may exercise in respect of the Collateral,
in addition to other rights and remedies provided for in this Agreement or
otherwise available to it, all the rights and remedies of a secured party under
the UCC (whether or not the UCC applies to the affected Collateral).

         7.2 Application of Collateral. All cash proceeds received by the
Secured Party from the collection of or other realization of any part of the
Collateral shall be applied by the Secured Party against the performance of the
Secured Obligations pursuant to the redemption schedule for the Series B
Preferred Stock contained in the COD and in the Certificate of Designation for
the Series A Preferred Stock.. Any surplus of such cash or cash proceeds held by
the Secured Party and remaining after performance in full of all the Secured
Obligations shall be paid over to Obligor or to whomever may be lawfully
entitled to receive such surplus.

         7.3 Pledged Shares.

         (a) Certain Remedies. Upon the occurrence of and during the continuance
of an Event of Default, Secured Party may exercise in respect of the Collateral,
in addition to other rights and remedies provided for herein or otherwise
available to it, all the rights and remedies of a secured party under the UCC
and may also require the Obligor to, and the Obligor hereby agrees that it will
at its expense, require the Agent to deliver the Collateral to the Secured
Party. Secured Party may sell all or any part of the Collateral as a whole or in
parcels either by public auction or private sale or other method of disposition.
The Secured Party may bid at any public sale on all or any portion of the
Collateral. Secured Party shall give Obligor reasonable notice of the time and
place of any public sale or of the time after which any private sale or other
disposition of the Collateral is to be made, and notice given at least ten (10)
business days before the time of the sale or other disposition shall be
conclusively presumed to be reasonable.

         (b) No Obligation to Sell. Notwithstanding Section 7.3(a), Secured
Party shall be under no obligation to offer to sell the Pledged Shares. In the
event the Secured Party offers to sell the Pledged Shares, the Secured Party
shall be under no obligation to consummate a sale of the Pledged Shares if, in
their reasonable business judgment, none of the offers received by them
reasonably approximate the fair value of the Pledged Shares.

         (c) Strict Foreclosure. In the event the Secured Party elects not to
sell the Pledged Shares, the Secured Party may elect to follow the procedures
set forth in the UCC for retaining the Pledged Shares in satisfaction of the
Secured Obligations, subject to the Obligor's rights under such procedures.

                                       7
<PAGE>

         (d) Rights. Until the occurrence of an Event of Default, all legal and
beneficial ownership rights to the Pledged Shares shall remain with the Obligor
during such time as the Pledged Shares are held by the Agent, including, but not
limited to, any right to vote thereon.

8. Appointment of Agent.

         8.1 Attorneys-In-Fact. Upon the occurrence and continuance of an Event
of Default, Obligor hereby irrevocably appoints the Secured Party as Obligor's
attorney-in-fact with respect to the Collateral and the Agent as Obligor's
attorney-in-fact with respect to the Pledged Shares, with full authority to act
for Obligor and in the name of Obligor to, in their respective discretion, take
any action and execute any instrument which they respectively may deem necessary
or advisable to accomplish the purposes of this Agreement, including, without
limitation, with respect to the Collateral:

         (a) filing one or more financing or continuation statements, and
amendments thereto, relative to all or any part of the Collateral without the
signature of Obligor where permitted by law; and

         (b) to ask, demand, collect, sue for, recover, compromise, receive and
give acquittance and receipts for moneys due and to become due under or in
respect of any of the Collateral and to file any claims or take any action or
institute any proceedings which the Secured Party may deem necessary or
desirable for the collection of any of the Collateral or otherwise to enforce
the rights of the Secured Party with respect to any of the Collateral, or the
rights and remedies under Section 7 hereof.

         The power of attorney granted pursuant to this Section 8.1 is coupled
with an interest and is irrevocable.

         8.2 Secured Party's Performance. If Obligor fails to perform any
covenant contained herein, the Secured Party may itself perform, or cause
performance of, such covenant, and Obligor shall pay for the expenses of the
Secured Party incurred in connection therewith.

         8.3 Secured Party's Duties. The powers conferred on the Secured Party
under this Agreement are solely to protect its interest in the Collateral and
the Pledged Shares and shall not impose any duty upon it to exercise any such
powers. Except for the safe custody of any Collateral in their possession and
the accounting for monies actually received by them hereunder, the Secured Party
shall have no duty as to any Collateral or as to the taking of any necessary
steps to preserve rights against prior parties or any other rights pertaining to
any Collateral or any Pledged Shares.

9. Miscellaneous.

         9.1 Continuing Security Interest; Transfer of Interest. This Agreement
shall create a continuing security interest in the Collateral and the Pledged
Shares and shall (a) remain in full force and effect until the Termination Date;
provided, however, that the security interest in the Collateral and the Pledged
Shares created by this Agreement shall continue after the Termination Date with
respect to any Secured Obligations that arose prior to the Termination Date, (b)

                                       8
<PAGE>

be binding upon Obligor and its permitted successors and assigns and (c) inure,
together with the rights and remedies of the Secured Party hereunder, to the
benefit of the Secured Party and its respective successors, transferees and
assigns.

         9.2 Collateral Held By Agent. Unless held with a Broker under the
Pledged Collateral Account Agreement, the Agent shall hold the Collateral in
escrow pending agreement of the Obligor and the Secured Party, communicated in
writing signed by both of them delivered to the Agent, in which event the Agent
shall follow the directions regarding the release of the Collateral provided
therein. Upon any termination of the security interests granted hereby, all
rights to the Collateral and the Pledged Shares shall revert to Obligor to the
extent such Collateral or Pledged Shares shall not have been sold or otherwise
applied pursuant to the terms hereof and the Secured Party will, at Obligor's
expense, execute and deliver to Obligor such documents as Obligor shall
reasonably request and take any other actions reasonably requested to evidence
or effect such termination.

         9.3 Obligor's Waivers. Obligor hereby waives:

         (a) promptness, diligence, notice of acceptance and any other notice
with respect to any of the Secured Obligations and this Agreement;

         (b) any requirement that the Secured Party protect, secure, perfect or
insure any Lien or any property subject thereto or exhaust any right or take any
action against any other Person or any Collateral; and

         (c) any duty on the part of the Secured Party to disclose to Obligor
any matter, fact or thing relating to the business, operation or condition of
Obligor and its assets now or hereafter known by any Person.

         9.4 Secured Party Waivers. Secured Party hereby waives any contractual,
legal or equitable right it may have as a stockholder of Obligor to approve (or
enforce a covenant restricting or preventing) the consummation of the
transactions contemplated by the Exchange Agreement.

         9.5 Severability. If any provision of this Agreement is rendered or
declared illegal or unenforceable by reason of any existing or subsequently
enacted legislation or by decree of a court of last resort, Obligor and the
Secured Party shall promptly meet and negotiate substitute provisions for those
rendered or declared illegal or unenforceable, but all of the remaining
provisions of this Agreement shall remain in full force and effect.

         9.6 Binding Effect and Assignment. This Agreement shall be binding upon
and inure to the benefit of Obligor and the Secured Party and its respective
permitted successors and assigns; but neither this Agreement nor any of the
rights, benefits or obligations hereunder shall be assigned, by operation of law
or otherwise, by Obligor without the prior written consent of the Secured Party.
Nothing in this Agreement, express or implied, is intended to confer upon any
person or entity other than Obligor and the Secured Party and their respective
permitted successors and assigns, any rights, benefits or obligations hereunder.

                                       9
<PAGE>

         9.7 Section Captions. Section captions used in this Agreement are for
convenience of reference only, and shall not affect the construction of this
Agreement.

         9.8 Agent's Authority. It is understood and agreed that should any
dispute arise with respect to the delivery and/or ownership or right of
possession of the Collateral held by the Agent hereunder, the Agent is
authorized and directed in the Agent's sole discretion (a) to retain in the
Agent's possession without liability to anyone all or any part of said
Collateral until such disputes shall have been settled either by mutual written
agreement of the parties concerned or by a final order, decree or judgment of a
court of competent jurisdiction after the time for appeal has expired and no
appeal has been perfected, but the Agent shall be under no duty whatsoever to
institute or defend any such proceedings or (b) to deliver the Collateral held
by the Agent hereunder to a state or federal court having competent subject
matter jurisdiction and located in the State and City of New York in accordance
with the applicable procedure therefor.

         9.9 Indemnification of Agent. Obligor and the Secured Party agree,
jointly and severally, to indemnify and hold harmless the Agent from any and all
claims, liabilities, costs or expenses in any way arising from or relating to
the duties or performance of the Agent hereunder other than any such claim,
liability, cost or expense to the extent the same shall have been determined by
final, unappealable judgment of a court of competent jurisdiction to have
resulted from the gross negligence or willful misconduct of the Agent.

         9.10 Any notice required or permitted hereunder shall be given in
manner provided in the Section headed "NOTICES" in the Transaction Documents,
the terms of which are incorporated herein by reference. For such purposes, the
address of the Agent shall be (subject to change as provided in such Section):

                  Krieger & Prager,  LLP
                  39 Broadway
                  New York, NY 10006
                  Attention: Samuel M. Krieger, Esq.
                  Fax: (212) 363-2999
                  eMail: skrieger@kplawfirm.com

         9.11 Governing Law; Waiver of Jury Trial; Attorney's Fees. The
provisions of this Agreement shall be governed by and construed in accordance
with the laws of the State of New York, including the UCC and without regard to
such State's conflicts of laws principles. The parties hereby irrevocably and
unconditionally consent to submit to the exclusive jurisdiction of the courts of
the State of New York and of the United States of America located in the Borough
of Manhattan for any litigation arising out of or relating to this Agreement and
the transactions contemplated by this Agreement; provided, however, that any
suit seeking enforcement against any Collateral or any Pledged Shares or
Distributions or other property may be brought, at the Secured Party's option,
in the courts of any jurisdiction where such Collateral, Pledged Shares, or
other property may be found. Each party hereto hereby irrevocably waives, to the
fullest extent permitted by applicable law, any and all right to trial by jury
in any legal proceeding arising from or relating to this Agreement or the
transactions contemplated hereby. In addition, the Obligor shall pay all

                                       10
<PAGE>

reasonable fees and expenses incurred by the Secured Party in connection with
any amendments, modifications or waivers of this Agreement or incurred in
connection with the enforcement of this Agreement, including, without
limitation, all reasonable attorneys fees and expenses.

         9.12 No Oral Agreements. This Agreement represents the final agreement
between the parties and may not be contradicted by evidence of prior,
contemporaneous or subsequent oral agreements of the parties. There are no
unwritten oral agreements between the parties.

         9.13 No Third Party Beneficiaries. This Agreement is not intended to
confer upon any person or entity other than the parties to this Agreement any
rights or remedies under this Agreement, except such rights as may be applicable
to a Broker in the event the Pledged Shares are subject to a Pledged Collateral
Account Agreement.

         9.14 Counterparts. This Agreement may be executed in any number of
counterparts, and by facsimile, each such counterpart being deemed to be an
original instrument, and all such counterparts shall together constitute the
same agreement.

                                      *****

                                       11
<PAGE>

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

                                      EUROTECH, LTD.

                                      By:  /s/ Don V. Hahnfeldt
                                           -------------------------------------
                                           Name: Don V. Hahnfeldt
                                           Title:   President

                                      AGENT:

                                      KRIEGER & PRAGER, LLP as agent on behalf
                                      of the Secured Party

                                      By:  /s/ Samuel Krieger
                                           -------------------------------------
                                           Name:  Samuel Krieger
                                           Title:    Member

                                      Address:

                                      WOODWARD LLC

                                      By:  /s/ David K. Sims
                                           -------------------------------------
                                           Name: David K. Sims for Navigator
                                           Management Ltd.
                                           Title:  Director

                                       12
<PAGE>

Broker Account Number  __-_______

                                    EXHIBIT A

                  FORM OF PLEDGED COLLATERAL ACCOUNT AGREEMENT

NOTE:  THIS AGREEMENT IS SUBJECT TO REVIEW AND ACCEPTANCE BY ________ ("BROKER")

TO:      Broker
         [address]

              1. Prior to the execution of this Pledged Collateral Account
    Agreement (the "Agreement"), the undersigned, Eurotech, Ltd. ("Assignor")
    and Woodward LLC ("Assignee") entered into Pledge and Security Agreement,
    dated as of December __, 2002 pursuant to which a security interest in
    certain rights and assets of Assignor is granted by Assignor to Assignee
    (the "Assignment"). In connection therewith, Assignor hereby instructs
    _________ Company ("Broker") to:

         a)       establish a cash security account, which is to be known as
                  "__________.", as Secured Party for__________________.,
                  Pledged Collateral A/C, Attn: _________________________ ("Cash
                  Account"); and

         b)       place the assets listed in Exhibit A, which is attached hereto
                  and made a part hereof, into the Cash Account for a period
                  through and until December 31, 2007, to be extended by mutual
                  consent.

              2. Assignor represents that Exhibit A is a correct listing of the
    assets to be held in the Cash Account (the "Collateral") and that it has
    received no notice of, and has no knowledge of, any other security interest
    in the Cash Account or Collateral. Broker will furnish all appropriate tax
    reporting information for the Cash Account to the Internal Revenue Service
    under Assignor's Tax Identification or Social Security Number.

              3. Assignor and Assignee consent and agree that instructions with
    regard to the Cash Account shall be given to Broker directly and shall be
    given only by Assignor, except as otherwise provided herein.

              4. Assignor may give instructions of any kind or character in
    regard to the Cash Account, oral or written, except that any instruction to
    Broker to deliver out of the Cash Account cash, securities and/or proceeds
    from the sale of or distributions on such securities, shall be made by a
    written instrument executed by either (a) an Authorized Officer of Assignor
    AND an Authorized Officer of Assignee or (b) an Authorized Officer of
    Assignee who shall certify in writing that an "Event of Default", as defined
    in the Assignment, exists as of the date thereof (it being understood and
    agreed that Broker shall have no duty or obligation whatsoever of any kind
    or character to determine whether an Event of Default exists). After
    receiving such notice of an Event of Default, if any, Broker shall not
    effect any trades or changes to investments with respect to the Collateral.
    Assignor and Assignee agree that, after notice of an Event of Default,
    Broker will proceed to liquidate on a best efforts basis the Cash Account or
    any portion thereof as may be directed in writing by Assignee. Assignee
    acknowledges and understands that there is no assurance that a liquid market
    exists for all of the Collateral. Further Assignee hereby agrees to
    indemnify and hold harmless Broker, its affiliates, officers, employees,

                                       13
<PAGE>

    agents, successors and assigns from and against any and all claims, causes
    of action, liabilities, lawsuits, demands and/or damages, including, without
    limitation, any and all court costs and reasonable attorney's fees, that may
    result by reason of Broker complying with such instructions by Assignee
    acting alone.

              5. For purposes of this Agreement, the term "Authorized Officer of
    Assignor" shall refer, collectively, to __________________, President and
    ________________. The term "Authorized Officer of Assignee" shall refer in
    the singular to_________ (who is, on the date hereof, a Director of
    Assignee). If the Assignor or the Assignee is a natural person then such
    term shall mean the Assignor or Assignee respectively and, if more than one
    natural person is the Assignee, such natural persons may act severally. An
    Authorized Officer shall be replaced by written notice by a senior officer
    of the party replacing said Authorized Officer, or by such other officer as
    Broker may approve, which approval shall not be unreasonably withheld.

              6. So long as this Agreement remains in effect, Assignee, as the
    Secured Party for the Cash Account, shall be entitled to receive any and all
    notices and statements of the Cash Account and Assignor, as an interested
    party, shall be entitled to receive duplicates of the trade confirmations
    and account statements of such Cash Account at the respective addresses
    listed below. Assignee agrees to forward promptly to Assignor, as beneficial
    owner of the Cash Account, all other documents relating to securities held
    in the Cash Account that are received by Assignee from Broker.

              7. Broker shall not be liable for any action taken or omitted by
    it in good faith with respect to the Cash Account and believed by Broker to
    be authorized or within its obligations hereunder. Broker may rely on any
    certificate, statement, request, agreement or other instrument it believes
    to be genuine and to have been signed or presented by a proper person.

              8. If conflicting demands are made or notices are served upon
    Broker with respect to this Agreement or Cash Account, or if Broker shall
    hold a good faith belief that the rights of a party to the Cash Account are
    not absolutely clear, the parties hereto agree that Broker shall be entitled
    to refuse to comply with any such notice or demand and to withhold and stop
    all further proceedings in the performance of this Agreement until (a) the
    rights of the adverse claimants have been finally adjudicated in a court
    having and assuming jurisdiction of the parties or the Cash Account or (b)
    all differences shall have been adjusted by mutual agreement of such
    claimants and Broker shall have been notified thereof in a writing signed by
    such claimants. Broker shall not be or become liable for damages or interest
    to Assignor or Assignee or to any other person for its failure to comply
    with such conflicting or adverse demands or notices. Broker may, but shall
    not be obligated to, file a suit in interpleader for a declaratory judgment
    for the purpose of having the respective rights of such claimants
    adjudicated, or may deposit the Collateral with a court of competent
    jurisdiction, in which event Assignor and Assignee, jointly and severally,
    agree to pay all reasonable costs, expenses and attorney's fees incurred by
    Broker in connection therewith. In the event that Broker shall deposit the
    Collateral with such court, Broker shall be fully released and discharged
    from any and all duties and obligations hereunder.

              9. Assignor and Assignee acknowledge and agree that Broker is not
    a party to any other agreement between them, that Broker is not bound by or
    subject to any terms thereof, and that Broker's only duties and
    responsibilities with respect to the Cash Account are those set forth
    herein. Assignor and Assignee acknowledge and agree that Broker has not
    arranged for and will not arrange for the extension or maintenance of any
    credit for the Cash Account.

              10. Assignor and Assignee acknowledge and agree that Broker shall
    not be liable to Assignee for any decrease in value of the investments in
    the Cash Account for any reason, including, by way of illustration and not
    limitation, liability for decreases in value resulting from transactions
    recommended by Broker or its employees or agents or from commission and/or
    other charges. Broker expressly has no obligation to advise either Assignor
    or Assignee of any decrease in the value of the Cash Account at any time.

              11. Assignor and Assignee acknowledge and agree that,
    notwithstanding anything to the contrary contained herein or in the
    Assignment, this Agreement shall not subordinate or release Broker's
    security interest in or lien on the Cash Account or impose or create any
    obligations or duties upon Broker greater than or in addition to the

                                       14
<PAGE>

    customary and usual obligations and duties of Broker to Assignor, as set
    forth in the Broker Customer Agreement executed by Assignor, and Broker may
    charge such fees, commissions, costs and interest, if applicable, in
    accordance with its customary practices, except and to the extent that
    Broker henceforth shall accept instructions in connection with the Cash
    Account as provided in this Agreement.

              12. Assignor and Assignee hereby agree to indemnify and hold
    harmless Broker, its affiliates, officers, employees, agents, successors and
    assigns from and against any and all claims, causes of action, liabilities,
    lawsuits, demands and/or damages, including, without limitation, any and all
    court costs and reasonable attorney's fees, in any way related to or arising
    out of or in connection with the Assignment, this Agreement and/or the Cash
    Account.

              13. Assignor, Assignee and Broker agree that any action instituted
    as a result of any controversy involving Broker or its employees or agents
    arising out of this Agreement, or as a result of any interpretation of any
    section thereof, or involving transactions in the Cash Account shall be
    brought before the arbitration facility of a self-regulatory organization
    with jurisdiction over Broker.

              14. This Agreement shall be binding upon and inure to the benefit
    of the successors and assigns of the respective parties hereto and shall be
    construed in accordance with the laws of the State of New York without
    regard to its conflict of laws principles and the rights and remedies of the
    parties shall be determined in accordance with such laws.

              15. Assignor and Assignee represent and warrant to Broker that the
    Agreement and Assignment are in compliance with applicable law, including,
    without limitation, the federal securities laws and regulations and any
    applicable Federal Reserve credit regulations.

              16. Assignor and Assignee acknowledge that this Agreement
    supplements Assignor's existing agreement(s) with Broker and, except as
    otherwise provided herein, that this Agreement in no way is intended to
    abridge any rights that Broker otherwise may have.

              17. Unless otherwise provided herein, any notice permitted or
    required hereunder from either Assignor or Assignee to Broker shall be in
    writing and shall be delivered personally or be mailed by certified or
    registered mail, return receipt requested, postage prepaid,
    to_____________________ New York, NY [ZIP] to_________, _________, NY [ZIP],
    with a copy to _______________and _____________________ at _______________,
    or to such other representative of Broker and address as provided in writing
    thereafter. Any such notice shall be effective upon receipt.

              18. Broker's duties and obligations under this Agreement shall
    terminate upon the delivery of written notice to Broker from Assignee that
    Assignor has satisfied the obligation underlying the Assignment or that the
    Assignment has been breached, expired or otherwise terminated.

              19. Broker may terminate its duties and obligations under this
    Agreement by giving Assignor and Assignee fifteen (15) days prior written
    notice of its intent (a) to transfer the Collateral to Assignee or its
    Designee, (b) to deliver the Collateral to another broker-dealer or
    financial institution if directed in a notice signed by Assignee and
    delivered to Broker prior to the end of such fifteen (15) day notice period,
    or (c) to otherwise terminate its Cash Account relationship with Assignor.
    If Assignee fails to direct Broker concerning the Collateral transfer,
    Broker may file an interpleader action or deposit the Collateral with a
    court as forth in this Agreement.

              20. This Agreement may be executed in any number of counterparts
    and by facsimile, each of which shall be an original and all of which taken
    together shall constitute one and the same instrument.

                                       15
<PAGE>

         IN WITNESS WHEREOF, Assignor and Assignee have caused this Agreement to
be executed by their duly authorized officers, whereupon it shall become
effective and binding on the date of acceptance by Broker.

ASSIGNOR:                                   ASSIGNEE:

By:         _______________________         By:         ________________________
            Title:                                      Title:

Signature:  _______________________         Signature:  ________________________
Date:       _______________________         Date:       ________________________

Address:    _______________________         Address:    ________________________
            _______________________                     ________________________
Telephone:  _______________________         Telephone:  ________________________
         Facsimile:                                  Facsimile:

REVIEWED AND ACCEPTED:

BROKER
ADDRESS
New York, NY

By:   _______________________________________     Date:  _______________________
Title:

                                       16
<PAGE>

         PLEDGED COLLATERAL ACCOUNT AGREEMENT

                                           BROKER ACCOUNT NUMBER ___-______

         EXHIBIT A

1.       239,927,344 shares of common stock of Markland Technologies, Inc.

2.       Distributions on the Pledged Shares(as defined in the Assignment).

                                       17
<PAGE>

                                    Exhibit B
                                    ---------

                                       to

                          Pledge and Security Agreement

                          dated as of December 19, 2002

                                by Eurotech, Ltd.
                            in favor of Woodward LLC.

                             Irrevocable Stock Power
                             -----------------------

         FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
to ___________________________________, the following shares of common stock,
$_.01 par value per share, of the undersigned:

No. of Shares                                             Certificate No.
-------------                                             ---------------

and irrevocably appoints _________________________ its agent and
attorney-in-fact to transfer all or any part of such capital stock and to take
all necessary and appropriate action to effect any such transfer. The agent and
attorney-in-fact may substitute and appoint one or more persons to act for him.
The effectiveness of a transfer pursuant to this stock power shall be subject to
any and all transfer restrictions referenced on the face of the certificates
evidencing such interest or in the certificate of incorporation or bylaws of the
subject corporation, to the extent they may from time to time exist.

                                             EUROTECH, LTD.

                                             By:    ____________________________
                                             Name:  ____________________________
                                             Title: ____________________________

MEDALLION SIGNATURE GUARANTEE:

___________________________

                                       18

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