Document:

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EXHIBIT 10.26

EX - 10.26 - Consulting Agreement as of October 26, 2001 between Race Rock
Design Partners and Eurotech, Ltd.

                                 Design Partners
                                  4 Redin Lane
                            East Longmeadow, MA 01028
                                  413-525-2295

October 22, 2001

Re: Letter of Intent For Website Work & Bulk email Promotion for Eurotech Ltd.

INTRODUCTION

This letter of intent is between Race Rock Design Partners and Eurotech Ltd.
Race Rock Design Partners is a Massachusetts based company and Eurotech Ltd is
located in Fairfax, Virginia and incorporated in the District of Columbia.

Bruce Whittier and Sean Coughlin, dba Race Rock Design Partners, will provide
their internet expertise in developing a long term goal oriented promotional
website and E-mail campaign for Eurotech Ltd. under the guidelines set forth by
designated representatives of Eurotech Ltd.

Eurotech Ltd. agrees that designated representative(s) of the company shall be
named to represent the company and assist in providing content and direction of
web-site development and bulk email distribution and content. Written
authorization for such content will be provided by Eurotech Ltd.

SCOPE OF WORK

An integrated long-term email and web-site campaign to increase public awareness
of Eurotech Ltd. and its products will be designed and implemented. The
implementation is intended to reach an audience of approximately 20 million
people. The effort will be sustained over a minimum six-month period. Follow up
efforts may contain added scope activities, which may require additional effort
and compensation. The basic scope of work includes the following:

          1) Development of bulk email content.
          2) Development of website content
          3) System design and integration of all server hardware and software
             necessary to reach the target audience of 20 million people
          4) Mechanisms to create visibility between target audience and
             following:
             - Mass media, Political organizations, Eurotech  customers and
             investors.

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EX - 10.26 - Consulting Agreement as of October 26, 2001 between Race Rock
Design Partners and Eurotech, Ltd.

COMPENSATION

Compensation to Race Rock Design Partners for promotional efforts under the
basic scope of work will be as follows:

$17,500.00 cash to be paid by 10/26/2001; and warrants as follows:

80,000 Warrants issued with a strike price of $1.00
100,000 warrants issued with a strike price of $2.50
100,000 warrants issued with a strike price of $5.00

Race Rock Design Partners reserves the right to review the contractual
conditions of the warrants and agrees to above conditions only on the final
approval of those documents. Both parties upon further review have one week to
finalize terms and conditions or to terminate this letter of intent via written
notice.

By: /s/ Don V. Hahnfeldt           By: /s/ Bruce Whittier
    -----------------------            ------------------

    Don Hahnfeldt, Eurotech CEO        Bruce Whittier, Race Rock Design PartnersAmendment  No. 3
                             to Employment Agreement

     The  Employment  Agreement  dated  as  of  March  15, 1994, as amended (the
"Agreement"),  between  Ascent  Pediatrics,  Inc.  and Emmett Clemente, Ph.D. is
hereby  amended as follows as of the 15th day of March, 2001.  Capitalized terms
used  herein  and not otherwise defined herein shall have the meanings set forth
in  the  Agreement.

     1.     The reference in Section 1 to "March 15, 2001" is hereby deleted and
"March  15,  2002"  is  hereby  substituted  in  lieu  thereof.

     2.     The  reference  in  Section  3.1  to "170,000" is hereby deleted and
"$223,944"  is  hereby  substituted  in  lieu  thereof.

     3.     Section  5  is  hereby amended by inserting the following section as
Section  5.5.:

     "5.5.   Termination  for  Good  Reason  by  the  Executive.
             --------------------------------------------------

          (a)     In  the  event the Executive's employment is terminated by the
Executive  pursuant  to Section 4.5. and (i) the Executive states in the written
notice  of termination delivered pursuant to Section 4.5. to the Company that he
is  terminating  his  employment  with  the  Company for Good Reason (as defined
below),  (ii) such written notice is given promptly but in no event more than 10
business  days  after  the Company's taking any of the actions constituting Good
Reason and (iii) the Company has not cured such actions within the 30-day period
following such notice, then, the Company shall make the payments and provide the
benefits  required  under  Section  5.2.  as  if  the Company had terminated the
Executive's  employment  without  cause  pursuant to Section 4.4.  The effective
date  on  which  the  Executive's  employment  terminates  shall  be  deemed the
Effective  Termination  Date.

          (b)     "Good  Reason"  shall  mean:

               (i)     the principal place of the performance of the Executive's
responsibilities  (the  "Principal Location") is changed to a location outside a
thirty  (30)  mile  radius  from  the  Principal  Location;

               (ii)     there is a material diminution in the Executive's duties
and  authority  (it  being understood that the failure to retain a position with
the  Company  by  itself  (and  without  any associated diminution in duties and
authority) shall not be deemed to constitute a material diminution in duties and
authority);

               (iii)     the  Company  hires  a  Chief  Executive  Officer;

               (iv)     there  is  a  material  reduction  in  the  Executive's
compensation  (other  than  bonus  or  other  discretionary  elements  of  your
compensation);  or

               (v)     the  Executive's  failure  to  be elected to and remain a
member  of  the Board (provided the Executive is willing or serve as such on the
same  terms  and  conditions  as  other  employee-directors)."

     3.     In  all other respects, the Agreement shall remain in full force and
effect,  and  all references in the Agreement to this "Agreement" shall mean the
Agreement  as  amended  hereby.

     IN  WITNESS  WHEREOF, the parties hereto have executed this Amendment as of
the  day  and  year  set  forth  above.

     ASCENT  PEDIATRICS,  INC.
     By:   /s/  James  L.  Luikart
            ----------------------------
     Name:  James  L.  Luikart
              Title:  Director
     EMPLOYEE
     By:  /s/  Emmett  Clemente,  Ph. D.
          -------------------------------
     Emmett  Clemente,  Ph.D.August  8,  2001
Emmett  Clemente
c/o  Ascent  Pediatrics,  Inc.
187  Ballardvale  Street  -  Suite  B125
Wilmington,  MA  01877

     Re:  Retention  Payment  Plan
          ------------------------
Dear  Emmett:
     I  am  writing  on  behalf  of  Ascent  Pediatrics, Inc. (the "Company") in
connection  with  the  adoption  by the Board of Directors of the Company of the
2001  Retention Payment Plan to set forth the terms under which the Company will
make  a  payment  to  you  upon  the  consummation of a Company Sale (as defined
below):
1.     Company  Sale  Payment.
       ----------------------
     If  you are an employee of the Company upon the date of the consummation of
a  Company  Sale  (the  "Company  Sale Date"), then upon the consummation of the
Company Sale, the Company will pay you an amount (the "Payment Amount") based on
(a)  the  total consideration received by the Company or the stockholders of the
Company,  as  the  case  may  be,  from such third party in a Company Sale under
Section  3(b)(i)  below  or  (b)  the  total  value of all outstanding shares of
capital  stock  of the Company based on the per share consideration in a Company
Sale  under  Section  3(b)(ii)  below  ( each as determined in good faith by the
Board  of  Directors  of  the  Company)  as  set  forth  in  the  table  below.
Notwithstanding  the  foregoing,  if your employment was terminated less than 12
months  prior  to  the Company Sale Date either (i) by the Company without Cause
(as  defined  below)  or  (ii)  by  you  for Good Reason (as defined below), the
Company  shall  pay to you, upon the consummation of a Company Sale, the Payment
Amount  as  if  you  were  an  employee of the Company on the Company Sale Date,
unless  during  the period between your date of termination and the Company Sale
Date you have materially breached the terms of any agreement between you and the
Company,  including  without  limitation  any  employment,  consulting,
non-competition  or  confidentiality  agreement.
     Total  Consideration/Value     Payment  Amount
     --------------------------     ---------------
     Less  than  $60.0  million     $1,000,000
     At  least  $60.0  million
        but  less  than  $75.0  million     $1,250,000
     At  least  $75.0  million
        but  less  than  $87.0  million     $1,500,000
     At  least  $87.0  million
        but  less  than  $100.0  million     $2,000,000
     At  least  $100.0  million
        but  less  than  $112.0  million     $2,500,000
     At  least  $112.0  million
         but  less  than  $125.0  million     $3,000,000
     At  least  $125.0  million     $3,500,000
2.     Form  of  Payment.
       -----------------
     The  Company  shall pay the Payment Amount to you in cash; provided that if
the consideration paid to the Company or the stockholders of the Company, as the
case  may  be, by the acquiring party consists in whole or in part of securities
or other property of such party (or an affiliate of such party), the Company may
elect,  in  its sole discretion, to pay the Payment Amount to you in whole or in
part  through  the  issuance  to  you of such securities or other property, such
securities or other property being valued in the manner determined in good faith
by  the  Board  of  Directors  of  the  Company.
3.     Definitions.
       -----------
1.     "Cause"  shall  mean  (i) conviction of any felony or any crime involving
moral  turpitude  or  dishonesty;  (ii)  participation  in  a  fraud  or  act of
dishonesty  against  the  Company;  (iii)  willful  and  material  breach of the
Company's  policies;  (iv)  intentional  and  material  damage  to the Company's
property;  or  (v)  material  breach  of  your  obligations  or duties under any
agreement  between  you  and  the  Company,  including  without  limitation  any
employment,  consulting,  non-competition  or  confidentiality  agreement.
2.     "Company  Sale"  shall  mean:
(i)     the  sale  of  all  or substantially all of the assets of the Company to
another corporation or entity, or the merger, consolidation or reorganization of
the  Company  into  or with another corporation or entity, with the result that,
upon  conclusion  of  the  transaction,  the  voting  securities  of the Company
immediately  prior  thereto do not represent (either by remaining outstanding or
by being converted into voting securities of the surviving entity) more than 50%
of the combined voting power of the voting securities of the acquiring entity or
the  continuing  or  surviving  entity  of  such  consolidation,  merger  or
reorganization;  or
(ii)     the acquisition after the date hereof by an individual, entity or group
(within  the  meaning  of Section 13(d)(3) or Section 14(d)(2) of the Securities
Exchange  Act  of  1934,  as  amended  (the  "Exchange  Act"))  (a  "Person") of
beneficial  ownership  of  any  capital  stock  of  the  Company  if, after such
acquisition,  such  Person  beneficially  owns (within the meaning of Rule 13d-3
promulgated  under  the  Exchange  Act)  50%  or  more  of  either  (x)  the
then-outstanding  Depositary  Shares of the Company (the "Outstanding Depositary
Shares")  or (y) the combined voting power of the then-outstanding securities of
the  Company  entitled  to  vote  generally  in  the  election of directors (the
"Outstanding  Company Voting Securities"); provided, however, that the following
                                           --------  -------
acquisitions  shall not constitute a Company Sale:  (A) any acquisition directly
from  the Company (excluding an acquisition pursuant to the exercise, conversion
or  exchange  of  any security exercisable for, convertible into or exchangeable
for  Depositary  Shares  or  voting securities of the Company, unless the Person
exercising,  converting  or  exchanging  such  security  acquired  such security
directly  from  the  Company or an underwriter or agent of the Company), (B) any
acquisition  by  any  employee  benefit  plan  (or  related  trust) sponsored or
maintained  by the Company or any corporation controlled by the Company, (C) any
acquisition  by any corporation owned directly or indirectly by the stockholders
of  the  Company  in substantially the same proportion as their ownership of the
Outstanding  Depositary  Shares or the Outstanding Company Voting Securities, or
(D)  any  acquisition in one or more related transactions of less than 2% of the
Outstanding  Depositary  Shares  or  the  Outstanding Company Voting Securities.
3.     Termination  for  "Good  Reason"  shall  occur  if (i) you terminate your
employment  upon  written  notice  given  promptly  but in no event more than 10
business days after the Company's taking any of the actions described below, and
     (ii)  the  Company  has  not  cured  such  actions within the 30-day period
following  such  notice:
1.     the  principal  place  of  the  performance of your responsibilities (the
"Principal Location") is changed to a location outside a thirty (30) mile radius
from  the  Principal  Location  prior  to  the  Company  Sale;
2.     there  is  a  material  diminution in your duties and authority (it being
understood that the failure to retain a position with the Company by itself (and
without  any  associated diminution in duties and authority) shall not be deemed
to  constitute  a  material  diminution  in  duties  and  authority);
3.     the  Company  hires  a  Chief  Executive  Officer;
4.     there  is  a material reduction in your compensation (other than bonus or
other  discretionary  elements  of  your  compensation);  or
5.     your  failure to be elected to and remain a member of the Board (provided
you  are  willing  or  serve  as  such on the same terms and conditions as other
employee-directors).
4.     Tax  Implications.
       -----------------
     The  Payment  Amount  shall  be  paid  without  regard  to  whether  the
deductibility of such payment (or any other "parachute payments", as the term is
defined  in  Section  280G of the Internal Revenue Code of 1986, as amended (the
"Code"),  to  or for your benefit) would be limited or precluded by Section 280G
and  without  regard to whether such payments (or any other "parachute payments"
as  so  defined)  would  subject you to the federal excise tax levied on certain
"excess parachute payments" under Section 4999 of the Code; provided that if the
total  of  all  "parachute payments" to or for your benefit, after reduction for
all  federal  taxes (including the tax described in Section 4999 of the Code, if
applicable)  with  respect  to  such  payments (the "Total After-Tax Payments"),
would  be  increased by the limitation or elimination of the Payment Amount, the
Payment Amount shall be reduced to the extent, and only to the extent, necessary
to  maximize  the Total After-Tax Payments.  The determination as to whether and
to  what  extent the Payment Amount is required to be reduced in accordance with
the  preceding  sentence  shall  be  made  at  the  Company's  expense  by
PriceWaterhouseCoopers LLP, or by such other certified public accounting firm as
the  Board may designate prior to a Company Sale.  In the event that the Payment
Amount  is  to  be reduced pursuant to this Section 4, you shall designate which
such payments shall be reduced.  In the event of any underpayment or overpayment
as determined by PriceWaterhouseCoopers LLP (or such other firm as may have been
designated  in  accordance  with  the  preceding  sentence),  the amount of such
underpayment  or  overpayment  shall forthwith be paid to you or refunded to the
Company,  as  the  case  may  be,  with  interest at the applicable federal rate
provided  for  in  Section  1274(d)  of  the  Code.
5.     Termination.
       ------------
     This  letter  and  the Company's obligations to you under this letter shall
terminate and be of no further force or effect upon the third anniversary of the
date  hereof  (the  "Letter  Termination Date"); provided, however, that if your
employment  was  terminated pursuant to written notice given prior to the Letter
Termination  Date  by  the Company without Cause or by you for Good Reason, then
the  Company's  obligation  to  pay  to  you the Payment Amount under the second
sentence of Section 1, if applicable, shall survive the Letter Termination Date.
6.     Miscellaneous.
       -------------
     Please  note  that  this  letter  should  not be construed as an agreement,
either  express  or  implied,  to  employ you for any stated term, and in no way
alters  the  Company's  policy of employment at will or any employment agreement
between  you and the Company.  Both you and the Company remain free to terminate
the  employment  relationship  at  any  time, with or without cause, and with or
without notice or as otherwise specified in your employment agreement.  Upon any
such  termination, you will cease to be eligible for the payment contemplated by
this  letter,  except  as  otherwise  provided  in  this  letter.
Please  acknowledge  your  receipt  of this letter and your understanding of the
terms  of  this  letter  by  signing  in  the  place  indicated  below.

     ASCENT  PEDIATRICS,  INC.
     ___/s/  James  Luikart
     ----------------------
Name:  James  Luikart
Title:    Director

Acknowledged:
/s/  Emmett  Clemente
---------------------
Emmett  Clemente

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