Agreement to Suspend Certain Stock Issuance and Registration Obligations between Woodward, LLC and Eurotech, Ltd.

Summary

Woodward, LLC and Eurotech, Ltd. agree to temporarily suspend certain obligations related to the issuance of common stock and registration rights, as they negotiate a restructuring of their transactions. The suspensions will last until either specific approvals or agreements are reached, or until set dates in September 2002. The right to convert Series A Convertible Preferred Stock remains unaffected. This agreement is formalized by signatures from both parties.

EX-10.27.14 3 eurotech_ex1027-14.txt Exhibit 10.27.14 WOODWARD, LLC Corporate Center West Bay Road Grand Cayman, Cayman Islands August 14, 2002 Eurotech, Ltd. 10306 Eaton Place, Suite 220 Fairfax, VA 22030 Gentlemen: In light of the ongoing negotiations between us with respect to the restructuring of certain transactions (the "Restructuring") as more fully described in that term sheet dated July 3, 2002, we hereby mutually agree as follows: Issuance of 1,750,000 shares of common stock pursuant to the Restated Amendment to the Repricing Rights Agreement, dated May 7, 2002, and notice given June 11, 2002 - Obligation suspended until the earlier of the date on which an additional listing application covering such shares is approved by the American Stock Exchange or September 1, 2002. Issuance of repricing shares pursuant to the Repricing Rights Agreement, dated February 1, 2002, with respect to the three repricing periods commencing June 2002 relating to the March 2001 transaction - Obligation suspended until the earlier of the date on which the definitive agreements are executed with respect to the Restructuring or September 20, 2002. Mandatory registration obligation pursuant to the Registration Rights Agreement, dated February 1, 2002 - Obligation suspended until the earlier of the date on which the definitive agreements are executed with respect to the Restructuring or September 20, 2002. Nothing contained herein shall affect our right to convert shares of Series A Convertible Preferred Stock commencing September 1, 2002. If the above correctly sets forth our understanding, please indicate by signing and returning a counterpart copy of this letter. Very truly yours, WOODWARD LLC By: /s/ Arlene De Castro and Loka Bobb ---------------------------------- Arlene De Castro and Loka Bobb AGREED TO: Eurotech, Ltd. By /s/ Don V. Hahnfeldt Don V. Hahnfeldt Chairman and Executive Vice President