Document:

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Exhibit 10.27.4

                                 EUROTECH, LTD.

                              CONSULTING AGREEMENT

This Consulting Agreement (the "Agreement"), dated this 28th day of February,
2002, by and between Eurotech, Ltd., a District of Columbia corporation (the
"Company") and Verdi Consultants, Inc., a Rhode Island corporation (the
"Consultant").

         WHEREAS, the Company desires that the Consultant perform certain
consulting services as specified herein; and

         WHEREAS, the Consultant wishes to accept to perform such services.

         NOW, THEREFORE, in consideration of the premises and the mutual
covenants, terms and conditions as hereinafter set forth, the Company and the
Consultant, intending to be legally bound, hereto agree as follows:

1.       APPOINTMENT. The Company hereby engages the Consultant to provide the
         Company with consulting services with regard to the business of the
         Company on an "as needed" basis. The Consultant hereby accepts the
         appointment as consultant on the terms and conditions hereinafter set
         forth. In fulfilling its obligations to the Company hereunder, the
         Consultant shall exclusively provide the Company with the services of
         Mr. Chad A. Verdi ("Verdi"). The Consultant, and in particular Verdi,
         shall follow and abide by all policies, rules and regulations
         established by the Board of Directors of the Company from time to time
         and shall report to the Chief Executive Officer of the Company.

2.       TERM. The initial term of this Agreement shall commence on February 1,
         2002 (the "Commencement Date") and shall terminate on the earlier of
         January 31, 2005 at 11:59 p.m. New York City time or the death or
         disability of the Consultant, unless earlier terminated ("Term").

3.       COMPENSATION.

         (a)      FEE. For all services provided by the Consultant under this
                  Agreement, the Company shall pay the Consultant US$15,000 per
                  month for the duration of the Term (the "Consulting Fee"). The
                  Consulting Fee shall be payable by the Company to the
                  Consultant in semi-monthly installments on the first and
                  fifteenth day of each month.

         (b)      OPTIONS. Contemporaneously with the execution of this
                  Agreement, or as soon thereafter as practicable, the Company
                  shall issue to the Consultant a non-qualified stock option
                  grant to purchase One Million (1,000,000) shares of the common
                  stock of the Company, par value $.00025 per share (the "Common
                  Stock"), pursuant to the terms and conditions of a stock

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                  option agreement dated contemporaneously herewith, which, when
                  signed by the parties hereto, shall be incorporated herein by
                  reference (the "Grant").

         (c)      Automobile Allowance. In addition to the foregoing and any
                  other amounts due to the Consultant hereunder, the Company
                  shall pay to the Consultant, or to such other party as the
                  Consultant may direct in writing, $750 per month for the
                  duration of this Agreement as an automobile allowance.

4.       ADDITIONAL CONDITIONS SUBSEQUENT OF ENGAGEMENT. As conditions
         subsequent to the Consultant's engagement hereunder, the following
         events shall occur. Notwithstanding the provisions of Section 7(e), if
         any of the following conditions subsequent do not occur within thirty
         days after the date required, the Consultant may terminate this
         Agreement and, in such case, shall receive the entire Severance Payment
         pursuant to the terms of Section 7(c).

         (a)      Nomination as Vice Chairman. The Company shall nominate Chad
                  Verdi to serve as the Vice Chairman of the Board of Directors
                  following the Consultant's resignation as Chairman, effective
                  as of February 1, 2002 or as soon thereafter as practical.

         (b)      Initial Nomination for Board of Directors. The Company shall
                  nominate and endorse Chad Verdi 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, or any
                  duly authorized postponement thereof. The Company shall take
                  all reasonable efforts to effectuate the elections of Chad
                  Verdi 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 Consultant 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 Consultant. The Company shall immediately notify
                  the Consultant of any lapse in the D&O Insurance.

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

         (e)      Rhode Island Office. The Company shall maintain its current
                  office in Providence, Rhode Island, or an office in such other
                  location as reasonably determined necessary by the Consultant,
                  at which the Consultant may provide services hereunder, in
                  addition to the other offices of the Company.

         (f)      Legal Fees of the Consultant. In addition to any expenses
                  incurred by the Consultant in accordance with Section 5 hereof
                  and in addition to any other indemnification to which the

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                  Consultant might otherwise be entitled, the Company shall pay
                  for personal legal services of the Consultant up to an
                  aggregate of $5,000 related to the review by Consultant's
                  counsel of the terms and conditions of this Agreement and all
                  matters related thereto. The payment shall be made to the
                  Consultant (or its counsel) upon execution of this Agreement.

5.       EXPENSES. In addition to the Consulting Fee, the Consultant shall be
         reimbursed for any reasonable business expenses incurred by the
         Consultant in connection with the services provided pursuant to this
         Agreement. The Company shall reimburse the Consultant for all such
         approved expenses within thirty (30) days of the presentation by the
         Consultant of an itemized account of such expenditures.

6.       BEST EFFORTS OF THE CONSULTANT. The Consultant shall ensure that Verdi
         devotes such time as the Consultant may deem reasonably necessary to
         fulfill the duties and responsibilities herein. The Company and the
         Consultant acknowledge that the Consultant and Verdi are engaged in
         other business and consulting endeavors and, as a result, the time
         commitment of the Consultant and Verdi is limited and requires
         flexibility. The Consultant, and in particular Verdi, shall not engage
         in any activities that involve a conflict of interest with the business
         of the Company during the Term and any extensions thereto. The
         Consultant shall ensure that Verdi, at all times, faithfully with
         diligence and to the best of its ability, experience and talents,
         perform all duties required of and from it pursuant to the terms
         hereof, to the reasonable satisfaction of the Company and its Board of
         Directors.

7.       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 Consultant of the
                  termination and the reasons therefor. Such notice having been
                  given, this Agreement shall terminate in accordance herewith.
                  For the purpose of this Section 10, "cause" shall be defined
                  as (i) the Consultant's continued failure to perform its
                  duties and responsibilities in good faith to the best of its
                  abilities after thirty (30) days prior written notice of
                  non-performance from the Company; (ii) conviction of a felony
                  by the Consultant; (iii) fraudulent misconduct by the
                  Consultant; (iv) embezzlement, misappropriation or theft by
                  the Consultant; (v) material breach of confidentiality
                  agreements by the Consultant; (vi) gross misconduct by the
                  Consultant; (vii) any willful or grossly negligent act by the
                  Consultant 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 by the
                  Consultant.

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                  Within ten (10) days after the date of delivery of notice of
                  such termination for cause, the Consultant may respond in
                  writing to the notice of termination for cause, setting forth
                  any basis for its objection to the termination. The Board of
                  Directors or the Chairman of the Company shall, within ten
                  (10) days after the receipt of such written response, evaluate
                  the response of the Consultant and determine to either rescind
                  or affirm the termination notice. The Consultant 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 and the engagement of the Consultant
                  shall terminate immediately. Except as set forth in Section
                  7(b), if the Consultant is terminated for cause, the
                  Consultant shall not be eligible for any severance payment.

         (b)      If this Agreement is terminated by the Company with "cause",
                  the Consultant or its successor in interest, as the case may
                  be, shall be paid by the Company, in full satisfaction of all
                  of its fee obligations under this Agreement, an amount equal
                  to the Consulting Fee due to the Consultant to which it was
                  entitled on the last day of its engagement.

         (c)      In addition to any payments due the Consultant under this
                  Section 7, if this Agreement is terminated by the Company
                  without "cause", the Consultant shall be paid an additional
                  sum equal to $180,000 (the "Severance Payment"). The Severance
                  Payment shall be paid to the Consultant within ten (10) days
                  from the last day of the engagement. If the Severance Payment
                  is not paid within such ten-day period, the Company shall
                  reimburse the Consultant for any costs or expenses incurred by
                  it for the collection of the Severance Payment, including,
                  without limitation, any attorneys fees incurred by the
                  Consultant, including the deposit of a reasonable retainer to
                  the Consultant's legal counsel, which attorneys fees shall be
                  paid as they are incurred.

         (d)      Any payment made by the Company pursuant to Section 7(b) or
                  any Severance Payment made by the Company pursuant to Section
                  7(c) above (i) will be subject to offset for any advances,
                  amount receivable, and loans, including accrued interest,
                  outstanding on the date of the termination of this Agreement;
                  but (ii) will not be subject to any offset on account of any
                  remuneration paid or payable to the Consultant for any
                  subsequent engagement the Consultant may obtain, whether
                  during or after the period during which the payment is made,
                  and the Consultant shall have no obligation whatever to seek
                  any subsequent engagement.

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

         (f)      If this Agreement is terminated either by the Company or by
                  the Consultant, either with or without cause, the Consultant
                  shall 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 7, the Company
                  and the Consultant shall not have any further right or remedy
                  against one another in the event this Agreement is terminated.
                  After termination of this Agreement pursuant to Sections 4 or
                  7(a), (b) or (e), or upon the expiration of the Term any
                  extension thereof, the provisions of Sections 9 (Disclosure of
                  Information), 10 (Inventions or Discoveries), 12 (Covenants
                  Not to Compete), and 13 (Injunctive Relief) hereof shall
                  remain in full force and effect.

8.       RELATIONSHIP BETWEEN THE PARTIES. The Consultant is retained by the
         Company only for the purpose and to the extent set forth in this
         Agreement, and the Consultant's relationship to the Company during the
         term of this Agreement shall be that of an independent contractor.
         Neither the Consultant, nor any of its agents or affiliates shall have
         employee status with the Company, be entitled to participate in any
         medical, disability, pension or any other plan or benefit provided by
         the Company to its employees or be covered by the Company in any
         Unemployment Insurance or Workmen's Compensation Act of any state.
         Nothing herein contained shall be construed to regard the parties as
         being partners or joint venturers, or to constitute an arrangement
         herein provided for as a partnership or joint venture. The Consultant
         acknowledges that it is solely responsible for the payment of all
         taxes, income or other, due and payable by reason of its engagement as
         an independent contractor by the Company.

9.       DISCLOSURE OF INFORMATION. In the course of providing consulting
         services pursuant to this Agreement, the Consultant, and in particular
         Verdi, shall work with and be exposed to the business and operations of
         the Company. The Consultant recognizes and acknowledges that the
         Company's trade secrets, confidential information, proprietary
         information and processes, including but not limited to actual or
         potential products or services and the business model associated
         therewith, are valuable, special and unique assets of the Company's
         business, access to and knowledge of which are essential to the

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         performance of the Consultant's duties hereunder. The Consultant will
         not, and will ensure that Verdi will not, during or after the Term, in
         whole or in part, disclose such secrets, information or processes to
         any person, firm, corporation, association or other entity for any
         reason or purpose whatsoever, nor shall the Consultant or Verdi make
         use of any such property for its own purposes or for the benefit of any
         person, firm, corporation or other entity (except the Company) under
         any circumstances during or after the Term and any extensions thereto,
         provided that after the Term and any extensions thereto these
         restrictions shall not apply to such secrets, information and processes
         which are then in the public domain (provided that the Consultant was
         not responsible, directly or indirectly, for such secrets, information
         or processes entering the public domain without the Company's consent).
         The Consultant shall consider and treat as the Company's property, all
         computer disks, memoranda, books, papers, lab reports, notes, letters,
         formulas, schematics, reports, customer lists, financial statements and
         budgets and all other data, and all copies thereof and therefrom, in
         any way relating to the Company's business and affairs, whether created
         by it or otherwise coming into its possession, and on termination of
         its appointment, or on demand of the Company, at any time, to deliver
         all embodiments of the confidential information (whether written, typed
         or computer files) of the same to the Company.

10.      INVENTIONS OR DISCOVERIES. The Consultant acknowledges that, while
         performing consulting services for the Company, any and all inventions,
         improvements, discoveries, processes, programs or systems relating to
         the business of the Company developed or discovered by the Consultant
         shall be fully disclosed by it to the Company and shall be the sole and
         absolute property of the Company. For the purpose of this Section 10,
         the meaning of the phrase "inventions, improvements, discoveries,
         processes, programs or systems relating to the business of the Company"
         shall be limited to inventions, improvements, discoveries, processes,
         programs or systems 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, or which are the subject of
         patents held or applied for by the Company, or which are under active
         funded development by the Company during the Term and any extensions
         thereto or at the date of the expiration or termination of this
         Agreement. For the purpose of this Section 10, the meaning of the
         phrase "under active funded development of the Company" shall be
         limited to services or products which the Company has developed or is
         in the process of developing and for which the Company has accounted
         for the expenses of such development in accordance with generally
         accepted accounting principles. The Consultant acknowledges that upon
         the request of the Company, the Consultant shall execute, acknowledge
         and deliver, and shall cause Verdi to 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 Consultant within three years of the
         termination or expiration of this Agreement shall fall within the
         provisions of this Section unless proved conclusively by the Consultant

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         to have been first invented or discovered by it following such
         termination or expiration. The provisions of this Section shall survive
         the expiration of this Agreement or its termination by either the
         Company or the Consultant and shall remain in full force and effect.

11.      COVENANT NOT TO COMPETE. For the term of this Agreement, and for a
         period of one year after the expiration of this Agreement or its
         termination by the Company or the Consultant, the Consultant shall not,
         and the Consultant shall ensure that Verdi does 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, 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 other state or
         territory in which the Company shall operate.

12.      INJUNCTIVE RELIEF. In the event of an actual or threatened breach by
         the Consultant of the provisions of this Section or Sections 9, 10 or
         11, the Company shall be entitled to an injunction restraining the
         Consultant's and Verdi's actions. 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 Consultant. The Consultant
         acknowledges the necessity for and reasonableness of these provisions.

13.      NOTICES. Unless provided otherwise herein, all notices, demands,
         elections, opinions or requests (however characterized or described)
         required or authorized by this Agreement shall be deemed sufficiently
         given if in writing and sent by registered or certified mail, return
         receipt requested and postage prepaid, or by tested telex, telegram or
         cable to, in the case of the Company:

                           Eurotech, Ltd.
                           10306 Eaton Place
                           Suite 220
                           Fairfax, Virginia 22030

                           with a copy to:

                           Robert A. Solomon, Esq.
                           Solomon Pearl Blum Heymann & Stich LLP
                           40 Wall Street-35th Floor
                           New York, N.Y. 10005

                           and in the case of the Consultant:

                           Verdi Consultants, Inc.
                           100 Pheasant Drive
                           East Greenwich, Rhode Island 02818

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14.               ASSIGNMENT OF AGREEMENT. No party to this Agreement 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.

15.      SURVIVAL OF REPRESENTATIONS, WARRANTIES AND COVENANTS. This Agreement
         and the representations, warranties, covenants and other agreements
         (however characterized or described) by both parties hereto and
         contained herein or made pursuant to the provisions hereof shall
         survive the execution and delivery of this Agreement and any inspection
         or investigation made at any time with respect to any aspect thereof
         until any and all monies, payments, obligations and liabilities which
         either party hereto shall have made, incurred or become liable for
         pursuant to the terms of this Agreement shall have been paid in full.
         The confidentiality, inventions and non-compete provisions contained in
         Sections 5, 7(c), 9, 10 and 11 shall remain in full force and effect
         regardless of any termination or cancellation of this Agreement for a
         period of not less than one year from the date of any termination or
         cancellation of this Agreement.

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.

17.      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 and the effect of such holding,
         declaration or pronouncement shall be limited to the territory or
         jurisdiction in which made.

18.      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.

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19.      GENERAL PROVISIONS. This Agreement shall be construed and enforced in
         accordance with, and governed by, the laws of the State of New York.
         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 Consultant 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.

20.      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, or Providence, Rhode Island, 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 Consultant, including the deposit of a reasonable retainer to the
         Consultant'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 Consultant shall immediately reimburse the
         Company for all costs and fees paid by the Company on the Consultant's
         behalf, including, without limitation, the attorneys fees and costs of
         the Consulatant, one-half of the cost of commencing the arbitration,
         and one-half of the costs and fees of the three-member arbitral panel.

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CONSULTANT ACKNOWLEDGES THAT, BEFORE SIGNING THIS AGREEMENT, IT WAS GIVEN AN
OPPORTUNITY TO READ IT, EVALUATE IT AND WAS ENCOURAGED BY THE COMPANY TO DISCUSS
IT WITH ITS ADVISORS AND ATTORNEYS AND WITH REPRESENTATIVES OF THE COMPANY.
CONSULTANT ACKNOWLEDGES THAT IT 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 as of the
day and year first above written.

                                        Eurotech, Ltd.

                               By:      /S/ DON V. HAHNFELDT
                                        --------------------
                                        Don V. Hahnfeldt
                                        President and Chief Executive Officer

                                        Verdi Consultants, Inc.

                                        /S/ CHAD A. VERDI
                                        -----------------
                                        By: Chad A. Verdi
                                        Its: _________________

                                       10<PAGE>

Exhibit 10.27.5

                               STOCK OPTION GRANT

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

                       IN FAVOR OF VERDI CONSULTANTS, INC,
                           A Rhode Island corporation

                            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, Verdi Consultants, Inc. or its 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 (and such option shall vest) 125,000 of such shares
         immediately upon the date of this Grant. Of the remaining 875,000
         shares of common stock of the Company that the Holder is entitled to
         purchase hereunder, the Holder shall have the right to purchase 375,000
         of such shares immediately upon 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 (the "Amendment Date"). The right to purchase the remaining
         500,000 shares shall vest in the amount of 1/nth (where "n" equals the
         remaining number of months in the term of the consulting agreement
         entered into between Verdi Consultants, Inc. and the Company dated
         February 28, 2002 (the "Consulting Agreement"), provided that, if the
         Consultant is retained by the Company for any partial month, the number
         of shares which the Consultant may purchase for that month shall be
         multiplied by the ratio of the number of days that the Consultant was
         retained in such month over the total number of days in such month) of
         such remaining unvested 500,000 shares on the first day of every month
         commencing after the Amendment Date. Notwithstanding the foregoing, if
         the Consulting Agreement is terminated by the Company without "cause"
         (as such term is defined in the Consulting Agreement) or by the
         Consultant under Section 4 of the Consulting Agreement, or if Chad A.
         Verdi dies or is unable to perform his duties as for the consultant to
         the Company or as Vice 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 1,000,000 underlying shares of

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         common stock to which this Grant relates, but only if the date of such
         termination, death or disability occurs after the Amendment Date. If
         the Consulting Agreement is terminated by the Company with "cause", the
         Holder shall not have the right to purchase any of the 1,000,000
         underlying shares of common stock of the Company, other than those
         which the Holder had a right to purchase prior to the date of
         termination.

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 its rights
hereunder to any entity at least a majority of the voting control of which is
owned at all times by Chad A. Verdi. 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

                                       3
<PAGE>

(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,
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

                                       4
<PAGE>

         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
         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

                                       5
<PAGE>

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
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.

                                       6
<PAGE>

         (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.

         (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

                                       7
<PAGE>

         (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:

                  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 Consultant, the Company shall deliver
         to the Consultant 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

                                       8
<PAGE>

         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
         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, or
Providence, Rhode Island, 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 Consultant, including the deposit of a
reasonable retainer to the Consultant'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 Consultant shall immediately reimburse the
Company for all costs and fees paid by the Company on the Consultant's behalf,
including, without limitation, the attorneys fees and costs of the Consultant,
one-half of the cost of commencing the arbitration, and one-half of the costs
and fees of the three-member arbitral panel.

                                       9
<PAGE>

                    (e) 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.

                    (f) 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/ DON V. HAHNFELDT
                                         --------------------
                                    Name:   Don V. Hahnfeldt
                                    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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