Termination and Release Agreement between Eurotech, Ltd. and Spinneret Financial Services

Summary

Eurotech, Ltd. and Spinneret Financial Services (including Spinneret Financial Systems, Inc.) have agreed to terminate all existing agreements and understandings between them, except for certain outstanding fee obligations related to "Put Shares" under a prior Private Equity Agreement with Jenks & Kirkland, Ltd. Spinneret acknowledges receipt of all payments due, except for specified fees that may become payable in the future. Spinneret also releases Eurotech and its affiliates from any further claims or liabilities related to their previous agreements.

EX-10.27.15 4 eurotech_ex1027-15.txt Exhibit 10.27.15 June 11, 2002 VIA CERTIFIED MAIL RETURN RECEIPT REQUESTED Mr. Alfred Hahnfeldt Spinneret Financial Services 578 Post Road East Suite 637 Westport, Connecticut 06880 Re: Eurotech, Ltd. Dear Fred: Thank you for all of your assistance in facilitating financing for Eurotech, Ltd. (the "Company"). This assistance is most appreciated. However, as we previously discussed, effective immediately, the Company hereby terminates all agreements and understandings (either verbal or written) by and/or between the Company and Spinneret Financial Systems, Inc. and/or Spinneret Financial Services (collectively, "Spinneret") or any of their affiliates, representatives or agents (including you). Without limiting the foregoing, this includes any and all fees (however characterized) or other services relating to Woodward LLC and/or Jenks & Kirkland, Ltd. or any of their respective affiliates, except for any outstanding obligations relating to "Put Shares", as such term is defined in the Private Equity Agreement by and between the Company and Jenks & Kirkland, Ltd. dated as of February 22, 2002 (the "J&K Agreement"). By countersigning this letter below, on behalf of Spinneret, you hereby acknowledge this termination and further acknowledge full and final payment for all obligations of the Company to Spinneret with the only exception to the foregoing being any 5% fees that become payable to Spinneret upon the closing of any "Put Notice" and the resulting placement of the "Put Shares" pursuant to the J&K Agreement (the "Outstanding Fees"). It is understood by the parties herein that the payment of the Outstanding Fees shall be made in accordance with the directives of the "Joint Escrow Instructions" that are incorporated into and made a part of the J&K Agreement Furthermore, by countersigning below, Spinneret hereby releases and forever discharges the Company, and/or any or all of its Officers, Directors, affiliates, representatives or agents from any and all claims, demands, causes of action, agreements, contracts or liabilities (however classified) relating to the agreements and understandings by and/or between Spinneret and the Company. Kindly return the countersigned copy of this letter to my attention. If you should have any questions with regard to the foregoing, please do not hesitate to call. Again, thank you for all of your assistance. Sincerely, Eurotech, Ltd. By: /s/ Don V. Hahnfeldt ------------------------------------- Don V. Hahnfeldt Chairman and Executive Vice President SPINNERET FINANCIAL SERVICES SPINNERET FINANCIAL SYSTEMS, INC. By: /s/ Alfred Hahnfeldt ---------------------------- Name: Alfred Hahnfeldt Title: President