Document:

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Exhibit 10.20.23 Restated Amendment To Repricing Rights Agreement And Securities
                 Purchase Agreement dated as of May 7, 2002 between Eurotech,
                 Ltd. and Woodward LLC 2

    RESTATED AMENDMENT TO REPRICING RIGHTS AGREEMENT AND SECURITIES PURCHASE
    ------------------------------------------------------------------------
                                   AGREEMENT
                                   ---------

         THIS RESTATED AMENDMENT TO THE REPRICING RIGHTS AGREEMENT dated
February 1, 2002 ("Repricing Rights Agreement") and the Securities Purchase
Agreement dated February 1, 2002 ("Securities Purchase Agreement") is made this
7th day of May, 2002, to be effective as of the 12th day of April 2002, by and
between EUROTECH, LTD., a District of Columbia Corporation (the "Company"), and
WOODWARD LLC, a Cayman Islands entity ("Investor").
         WHEREAS, on April 12, 2002 the parties hereto executed and delivered an
Amendment to the Repricing Rights Agreement and the Securities Purchase
Agreement, pursuant to which the Company issued 6,100,000 shares of its Common
Stock (the "Original Amendment"); and
         WHEREAS, the issuance of such 6,100,000 shares caused the Investor to
beneficially own in excess of 9.99% of the outstanding shares of Common Stock of
the Company, in violation of the limitation on beneficial ownership set forth in
Section 3.12 of the 2000 SPA (hereinafter defined), due to a mistake of fact
regarding the Investor's beneficial ownership of shares of Common Stock of the
Company at the time of the issuance of such 6,100,000 shares; and
         WHEREAS, due to such mistake of fact, the Company and the Investor wish
to supercede the Original Amendment with this Restated Amendment to the
Repricing Rights Agreement and the Securities Purchase Agreement and to void, ab
initio, the issuance of 1,750,000 shares of such 6,100,000 shares (the "Voided
Shares");

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         NOW, THEREFORE, in consideration of the premises and for other good and
valuable consideration, the parties hereto agree as follows:
         1. Except as the context may otherwise require, terms not otherwise
defined herein shall have the meaning ascribed to them in the Repricing Rights
Agreement, the Securities Purchase Agreement, or the Certificate of Designation
for the Series A Convertible Preferred Stock filed on February 1, 2002.
         2. The parties hereto have previously executed and delivered the Common
Stock Purchase Agreement dated April 17, 2000 (Tranche B) for 2,000,000 shares
and the related other Transaction Documents, as more particularly defined in the
Common Stock Purchase Agreement (the "2000 SPA") (a copy of which have been
filed with the Securities and Exchange Commission as Exhibits 10.20.6 and
10.20.7 to the Company's Form 10-Q for the quarter ended March 31, 2000 and the
quarter ended June 30, 2000, respectively, and as modified by the Repricing
Rights Agreement; and
         3. The parties hereto have previously executed and delivered the Common
Stock Purchase Agreement dated March 30, 2001 for 1,333,333 shares and the
related other Transaction Documents, as more particularly defined in the Common
Stock Purchase Agreement (the "2001 SPA") (a copy of which have been filed with
the Securities and Exchange Commission as Exhibits 10.20.13 and 10.20.14 to the
Company's Form 10-Q for the quarter ended March 31, 2001, and as modified by the
Repricing Rights Agreement;

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         4. Solely with respect to the 2,000,000 shares of Tranche B, Section
2.3 of the2000 SPA as amended to date, is hereby deleted and a new Section 2.3
is hereby inserted to read as follows:
                  A. The 2,500,000 shares delivered pursuant to a letter
agreement dated December 28, 2001 and the 6,000,000 shares delivered pursuant to
the Repricing Rights Agreement, shall be deemed in full satisfaction by the
Company of its obligations with respect to the Second, Third, Fourth and Fifth
Repricing Periods, including any obligation of either party under Paragraph 2 of
the letter agreement dated December 28, 2001, and Paragraph 6 of the Repricing
Rights Agreement.
                  B. The Company shall issue to Purchaser 6,100,000 additional
shares (the "Second Additional Shares") in satisfaction of its obligations with
respect to the Sixth Repricing Period as follows: 4,350,000 shares on April 15,
2002, and 1,750,000 shares on the first Business Day that is sixty-five (65)
days after written notice by the Investor to the Company requesting delivery of
the balance of the Second Additional Shares. With respect to the number of
additional shares issuable pursuant to Paragraph 7 of the Repricing Rights
Agreement, the number of shares shall be reduced or increased, as the case may
be, in three equal installments by the amount that the number of Second
Additional Shares are greater than (in which case there shall be a reduction) or
less than (in which case there shall be an increase) the number of shares
exceeding zero determined according to the following formula:
         (3.76- Measurement Period Price) x (333,333)/ Measurement Period
Price), where the Measurement Period Price is the average Closing Bid Price for
the during the period commencing on May 1, 2002, and ending twenty (20) Business
Days after such date. For the purposes hereof, a Business Day shall be defined
as a day when the Principal Market for the Common Stock is open and the
Registration Statement , as hereinafter defined, has not been suspended or
withdrawn.

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                  The number of shares subject to repricing and the price of
$3.76 shall further be equitably adjusted, from time to time, in the event of
any adjustment of the Conversion Price pursuant to Section 5 of the Certificate
of Designations for the Convertible Preferred Stock. In the event that the
adjustment to the number of additional shares as set forth in Paragraph 4.B of
this Amendment results in a reduction in the number of additional shares
issuable pursuant to Paragraph 7 of the Repricing Rights Agreement exceeding the
number of additional shares issuable pursuant to Paragraph 7 of the Repricing
Rights Agreement (the amount of such excess, if any, the "Excess Shares"),
Investor shall, within 30 days after the end of the Third Repricing Period of
Paragraph 7 of the Repricing Rights Agreement, surrender to the Company for
cancellation, without payment of any consideration by the Company therefor,
shares of Common Stock owned by Investor in an amount equal to the Excess Shares
(the "Excess Share Obligation"). If Investor does not own sufficient shares of
Common Stock to satisfy the Excess Share Obligation, Investor shall be obligated
to acquire sufficient shares of Common Stock, in open market purchases or
otherwise, to satisfy the Excess Share Obligation. In addition to its
obligations under any existing Registration Rights Agreement, the Company agrees
to register on behalf of the Investor, an additional 30,000,000 shares on a
Registration Statement on Form S-3 to be filed on or prior to May 20, 2002.
         5. The Securities Purchase Agreement is hereby modified and amended in
the following respect: To date, the Investor has purchased $500,000 of the
Additional Preferred Stock and, subject to the terms and conditions of the
Securities Purchase Agreement and the other Transaction Documents will purchase
the balance of the Additional Preferred Stock in installments of $500,000 on
each of the two remaining Additional Closing Dates, which shall be (i) the later
of the filing of the Registration Statement on Form S-3 or May 15, 2002 and (ii)
November 30, 2002.

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         6. Except as specifically set forth herein, nothing contained herein
shall in any way be deemed to effect or modify the representations, warranties,
rights and obligations of the respective parties as set forth in the 2000 SPA,
the 2001 SPA, or the Transaction Documents.
         7. As hereby modified and amended, the Transaction Documents remain in
full force and effect. This Agreement supersedes and replaces the Original
Amendment and, to the extent that the context may require, this Agreement
supersedes any prior Modification Agreement, Amendment or the Repricing Rights
Agreement executed between the parties.
         8. No later than three Trading Days following execution of this
Agreement, the Investor shall surrender the Voided Shares to the Company's
transfer agent for cancellation. The Investor shall indemnify, defend, and hold
harmless the Company from and against and in respect of all losses, claims,
liabilities, damages or expenses resulting from the voiding of the Voided Shares
pursuant to this Agreement, or imposed upon or incurred by the Company, directly
or indirectly, in connection with the voiding of the Voided Shares pursuant to
this Agreement and reimburse the Company for its reasonable legal and other
expenses (including the cost of any investigation and preparation) incurred in
connection therewith, as such expenses are incurred.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

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         IN WITNESS WHEREOF, the parties have executed this agreement as of the
date first above written.

                                  EUROTECH, LTD.

                                  By: /s/ DON V. HAHNFELDT
                                      --------------------
                                  Name: DON V. HAHNFELDT
                                        ----------------
                                  Title: CHAIRMAN AND EXECUTIVE VICE PRESIDENT
                                         -------------------------------------

                                  WOODWARD LLC

                                  By: /s/ Arlene Decastro
                                      -------------------
                                  Name: Arlene Decastro
                                        ---------------
                                  Title: Director
                                         --------

                                       6<PAGE>

Exhibit 10.27.7 - Consultant Agreement between Eurotech, Ltd. and EB Associates,
                  LLC dated April 29, 2002

                                 EUROTECH, LTD.
                               ADVISORY AGREEMENT

This Advisory Agreement (the "Agreement"), dated this 29th day of April, 2002,
by and between Eurotech, Ltd., a District of Columbia corporation (the
"Company") with an address at 10306 Eaton Place, Suite 220, Fairfax, Virginia
22030 and EB Associates, LLC, a New York limited liability company with an
address at 60 Hampden Lane, Irvington, New York 10533 (the "Advisor").

         WHEREAS, the Company desires that the Advisor perform certain advisory
services as specified herein, through employees of the Advisor listed on
Schedule A attached hereto which have been approved by the Company; and

         WHEREAS, the Advisor wishes 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
Advisor, intending to be legally bound, hereto agree as follows:

1.       APPOINTMENT. The Company hereby engages the Advisor to provide the
         Company with advisory services on a full time basis. The Advisor shall
         provide the following services to the Company: (i) review and
         supervision of financial and bookkeeping systems, (ii) review and
         supervision of financial statement preparation, (iii) coordination with
         Audit Committee of the Board of Directors of Audit Committee minutes,
         procedures and reviews, (iv) coordination with the accounting advisors
         appointed by the Company, (v) review (in conjunction with the legal and
         accounting advisors to the Company) of reports and other filings due
         pursuant to the Securities Exchange Act of 1934, as amended, (vi)
         review (in conjunction with the legal and accounting advisors to the
         Company) of registration statements, prospectuses and other filings due
         pursuant to the Securities Act of 1933, as amended, (vii) review and
         analysis of cash flow issues, (viii) review and analysis of present
         Company capitalization and future capitalization plans, (ix) review and
         analysis of merger and acquisition candidates, (x) represent the
         Company with shareholders, analysts, the press and other financial
         professionals regarding the matters set forth above, and (xi) such
         other activities as may, from time to time, be requested of the Advisor
         by the Chief Executive Officer of the Company.

         The Advisor hereby accepts the appointment as an Advisor on the terms
         and conditions hereinafter set forth. In fulfilling its obligations to
         the Company hereunder, the Advisor shall follow and abide by all
         written and lawful policies, rules and regulations established by the
         Board of Directors or the Chief Executive Officer of the Company, from

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         time to time. The Advisor shall directly report to the Chief Executive
         Officer of the Company.

2.       TERM. The initial term of this Agreement shall commence on April 29,
         2002 (the "Commencement Date") and shall terminate on the earlier of
         October 28, 2002 at 11:59 p.m. New York City time or the death or
         disability of all of the Advisor's employees listed on Schedule A,
         unless earlier terminated (the "Initial Term"). After the first sixty
         (60) days of the Initial Term, the Company may terminate this
         Agreement, without cause, upon sixty (60) days notice to the Advisor.
         After the Initial Term, this Agreement shall be automatically renewable
         on a month-to-month basis. Either party may terminate this Agreement
         upon not less than ten (10) business days written notice prior to the
         expiration of the Initial Term. If the Agreement is terminated during
         the Initial Term by the Company other than for cause (as defined in
         Section 6 below), the Company shall pay the Advisor all amounts due and
         owing during the Initial Term through the date of termination as set
         forth in Section 3 below. After the Initial Term, either party may
         terminate this Agreement upon ten (10) business days written notice
         prior to the end of the applicable period. It is specifically
         contemplated by the parties herein that the Advisor may provide certain
         advisory services to the Company between the date of execution of this
         Agreement and the Commencement Date ("Per Diem Services"). Any Per Diem
         Services shall be subject to the terms and conditions of this Agreement
         but will be compensated in accordance with Section 3(c) below. However,
         for purposes of all calculations of time periods herein, the
         Commencement Date shall govern.

3.       COMPENSATION.

         (a) FEE. For all services provided by the Advisor under this Agreement,
         except for those made pursuant to Section 3(c) below, the Company shall
         pay the Advisor US$5,000 per week for the duration of the Term (the
         "Advisory Fee"). The Advisory Fee shall be payable by the Company to
         the Advisor in arrears on every other Friday beginning the first pay
         period after April 29, 2002.

         (b) OPTIONS. The Company shall issue to the Advisor a non-qualified
         stock option grant to purchase two hundred forty-nine thousand
         (249,000) shares of the common stock of the Company, par value $.00025
         per share, at the rate of forty-one thousand five hundred (41,500)
         shares (the "Grant") for each full calendar month the Advisor is
         retained by the Company. The Grant to be issued for any portion of a
         month served shall be determined on a pro-rata basis. The Grant shall
         be issued to the Advisor and deemed vested on the last business day of

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         each month (the "Issue Date") with the exercise price being the average
         closing bid price of the Company's shares on the American Stock
         Exchange on three trading days prior to the Issue Date, pursuant to the
         terms and conditions of a stock option agreement to be executed
         contemporaneously herewith, which, when signed by the parties hereto,
         shall be incorporated herein by reference. A total of 117,000 shares of
         common stock are available for issuance pursuant to this Grant. The
         issuance of the remaining 132,000 shares of common stock pursuant to
         this Grant shall subject to the availability of authorized but unissued
         shares of Common Stock of the Company.

         (c) PER DIEM. Until the consummation of this Agreement on April 29,
         2002, effective beginning April 9, 2002, The Company will pay the
         Advisor $1,000 per full day for any Per Diem Services provided. No Per
         Diem Services shall be provided, nor shall the Advisor be entitled to
         compensation under this Section 3(c) without the prior consent of the
         Company's Chief Executive Officer.

4.       EXPENSES. In addition to the Advisory Fee, the Advisor shall be
         reimbursed for reasonable business expenses incurred by the Advisor in
         connection with any travel requested by the Company. All other business
         expenses, including but not limited to office rent, computer expenses
         and phone and telecommunication expenses, remain the sole
         responsibility of the Advisor. The Company shall reimburse the Advisor
         for all such approved travel expenses within (15) days of the
         presentation by the Advisor of an itemized account of such
         expenditures.

5.       BEST EFFORTS OF THE ADVISOR. The Advisor shall devote such time as
         reasonably necessary to fulfill the duties and responsibilities set
         forth herein. The Advisor 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 Advisor shall faithfully
         discharge its duties 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
         Chief Executive Officer.

6.       TERMINATION.

         (a) This Agreement may be terminated as provided in Section 2 of this
         Agreement by either party. In addition, the Company shall have the
         option to terminate the Advisor "for cause," in which case said
         termination shall be effective immediately upon delivery of written

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         notice as defined in Section 14 below. For purposes of this Section 6,
         "cause" shall be defined as (i) the Advisor's continued failure to
         perform his duties and responsibilities in good faith to the best of
         his abilities, provided that the Company's Board of Directors, in good
         faith, shall review such a determination and approve the termination of
         this Agreement based on these grounds; (ii) conviction of a felony by
         the Advisor; (iii) fraudulent misconduct by the Advisor; (iv)
         embezzlement, misappropriation or theft by the Advisor; (v) material
         breach of confidentiality agreements by the Advisor; (vi) gross
         misconduct by the Advisor; or (vii) any willful or grossly negligent
         act by the Advisor that has a material detrimental effect on the
         Company's reputation or business. In the event the Company terminates
         this Agreement for cause, the Advisor shall be paid all Advisory Fees
         earned and shall retain all options vested prior to the date of
         termination.

         (b) In the event of a voluntary termination by the Advisor, or in the
         event that Advisor terminates as a result of the death or disability,
         no fees will be provided for the period after the date of termination,
         but the Advisor shall receive all fees due to the Advisor up to the
         date of termination.

         (c) If this Agreement is terminated either by the Company or by the
         Advisor, the Advisor shall participate in an exit interview conducted
         by the Company's representative for the purposes of finalizing any
         remaining matters, returning and certifying the return of all relevant
         property and information to the Company, and assuring a proper
         transition of duties.

7.       RELATIONSHIP BETWEEN THE PARTIES. The Advisor is retained by the
         Company only for the purpose and to the extent set forth in this
         Agreement, and the Advisor's relationship to the Company during the
         term of this Agreement shall be that of an independent contractor. The
         Advisor shall not have employee status with the Company, nor be an
         officer or director of the Company, nor 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 to constitute an arrangement herein provided for as
         a partnership or joint venture. The Advisor acknowledges that he is
         solely responsible for the payment of all taxes, income or other, due
         and payable by reason of his engagement as an independent contractor by
         the Company.

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8.       DISCLOSURE OF COMPANY INFORMATION. In the course of providing advisory
         services pursuant to this Agreement, the Advisor will likely be working
         with and be exposed to the business and operations of the Company. The
         Advisor 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 performance of the Advisor's duties
         hereunder. The Advisor 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 Advisor make use of any such property
         for his 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 Advisor was not
         responsible, directly or indirectly, for such secrets, information or
         processes entering the public domain without the Company's consent).
         The Advisor 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 him or otherwise coming into its possession, and on termination of
         its appointment, or on demand of the Company, at any time, to deliver
         and certify the delivery of all embodiments of the confidential
         information (whether written, typed or computer files) of the same to
         the Company.

9.       INVENTIONS OR DISCOVERIES. The Advisor acknowledges that, while
         performing advisory 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 Advisor
         shall be fully disclosed by him to the Company and shall be the sole
         and absolute property of the Company. For the purpose of this Section
         9, 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

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         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 9, 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 Advisor acknowledges that upon the request
         of the Company, the Advisor shall execute, acknowledge and deliver,
         such assignments, certificates or other documents as the Company may
         consider necessary or appropriate to properly vest all right, title and
         interest to any such invention or discovery in the Company. The
         provisions of this Section shall survive the expiration of this
         Agreement or its termination by either the Company or the Advisor and
         shall remain in full force and effect.

10.      COVENANT NOT TO COMPETE. For the term of this Agreement, and for a
         period of six (6) months after the expiration or termination of this
         Agreement, the Advisor shall not, either directly or indirectly, own,
         manage, operate, control, be employed by, participate in, assist in the
         recruitment of employees for, or be connected in any manner with the
         ownership, management, operation or control of any business entity
         involving technology, processes, programs or systems which are being
         sold or marketed, 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, Virginia or Connecticut or in any other state or
         territory in which the Company shall operate.

11.      INDEMNIFICATION. The Company hereby agrees to indemnify, defend and
         hold the Advisor and all of its employees, officers, and directors.(the
         "Indemnified Parties") harmless from and against all demands, claims,
         actions or causes of action, judgments, settlements, obligations,
         assessments, losses, damages, liabilities of any kind or nature, costs
         and expenses (collectively, the "Claims"), including without
         limitation, interest, penalties and reasonable attorneys' fees, costs
         and expenses, asserted against, resulting to, imposed upon or incurred
         by the Indemnified Parties based upon, arising out of or in connection
         with this Agreement or any other activities of the Company or the
         Company's employees, officers or directors. The Indemnified Parties

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         agree to promptly notify the Company of any Claim or potential Claim
         asserted by any third party.

12.      DISCLOSURE OF INFORMATION. Except as required by law, each party shall
         not, and shall procure that their respective shareholders, employees,
         officers, directors and consultants shall not, make any announcement,
         or comment upon, or originate any publicity, or otherwise disclosure or
         provide any information to any third party (other than its legal
         advisors) concerning this Agreement including but not limited to, the
         fact that the Advisor or any employee of the Advisor is performing
         services for the Company, without the prior written consent of the
         other parties.

13.      INJUNCTIVE RELIEF. In the event of an actual or threatened breach by
         the Advisor of the provisions of this Section or Sections 8, 9, or 10,
         the Company shall be entitled to an injunction restraining the
         Advisor'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 Advisor. The Advisor acknowledges the
         necessity for and reasonableness of these provisions.

14.      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 Federal Express or other
         overnight courier, or by facsimile to the number listed below.

                           In the case of the Company:
                           Eurotech, Ltd.
                           10306 Eaton Place
                           Suite 220
                           Fairfax, Virginia 22030
                           Attn: President
                           Fax: (703) 352-5994

                           with a copy to:
                           Robert A. Solomon, Esq.
                           Solomon Pearl Blum Heymann & Stich LLP
                           40 Wall Street-35th Floor
                           New York, N.Y. 10005
                           Fax: (212) 267-2030

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                           and in the case of the Advisor:

                           EB Associates, LLC
                           c/o Robert Weinstein, Managing Member
                           60 Hampden Lane
                           Irvington, New York 10533

                           with a copy to:

                           Barry I. Grossman, Esq.
                           Ellenoff Grossman Schole & Cyruli, LLP
                           370 Lexington Avenue
                           New York, New York 10017
                           Fax: (212) 370-1300

16.      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, delegates,
         successors, heirs and permitted assignees of the parties.

17.      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. The
         confidentiality, inventions and non-compete provisions contained in
         Sections 7, 8, 9, 10, 11, 12 and 13 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.

15.      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.

16.      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

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         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.

17.      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.

18.      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
         (except for those certain obligations arising out of a Non-Disclosure
         Agreement executed by and between the parties hereto dated as of March
         11, 2002 which shall stay in full force and effect) relating to this
         subject matter, entered into between the Advisor 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.

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

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<PAGE>

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

         IN WITNESS WHEREOF, the parties have executed this Agreement as of the
day and year first above written.

                                 Eurotech, Ltd.

                                 By: /s/ Todd J. Broms
                                 -----------------------------------------
                                 Todd J. Broms
                                 President and Chief Executive Officer

                                 EB Associates, LLC

                                 By: /s/ Robert Weinstein
                                 -----------------------------------------
                                 Robert Weinstein
                                 Managing Member

                                       10

<PAGE>

                                   SCHEDULE A
                                   ----------
                        APPROVED EMPLOYEE OF THE ADVISOR
                        --------------------------------

Robert Weinstein
60 Hampden Lane
Irvington, New York 10533

                                       11

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