EUROTECH LTD
FORM OF WARRANT
<DOCUMENT>
<TYPE>EX-10.20.9
<SEQUENCE>11
<FILENAME>0011.txt
<DESCRIPTION>FORM OF WARRANT
<TEXT>



                                                                        ANNEX VI
                                                                              TO
                                                   SECURITIES PURCHASE AGREEMENT


                                 FORM OF WARRANT

THESE SECURITIES AND THE SECURITIES ISSUABLE UPON THEIR EXERCISE HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933 AND MAY NOT BE TRANSFERRED UNLESS
COVERED BY AN EFFECTIVE REGISTRATION STATEMENT UNDER SAID ACT, A "NO ACTION"
LETTER FROM THE SECURITIES AND EXCHANGE COMMISSION WITH RESPECT TO SUCH
TRANSFER, A TRANSFER MEETING THE REQUIREMENTS OF RULE 144 OF THE SECURITIES AND
EXCHANGE COMMISSION, OR AN OPINION OF COUNSEL SATISFACTORY TO THE ISSUER TO THE
EFFECT THAT ANY SUCH TRANSFER IS EXEMPT FROM SUCH REGISTRATION.

EUROTECH, LTD.

COMMON STOCK PURCHASE WARRANT

                  1. ISSUANCE. In consideration of good and valuable
consideration, the receipt of which is hereby acknowledged by, EUROTECH, LTD. a
District of Columbia corporation (the "Company"), Woodward LLC or registered
assigns (the "Holder") is hereby granted the right to purchase at any time until
5:00 P.M., New York City time, on April __, 2004 (the "Expiration Date"),
500,000 fully paid and nonassessable shares of the Company's Common Stock, par
value $.00025 per share (the "Common Stock") at an initial exercise price of
$10.00 per share (the "Exercise Price"), subject to further adjustment as set
forth in Section 6 hereof.

                  2. EXERCISE OF WARRANTS.

                           2.1 GENERAL. This Warrant is exercisable in whole or
in part at any time and from time to time at the Exercise Price per share of
Common Stock payable hereunder, payable in cash or by certified or official bank
check, or by "cashless exercise," by means of tendering this Warrant Certificate
to the Company to receive a number of shares of Common Stock equal in Market
Value to the difference between the aggregate Market Value of the shares of
Common Stock issuable upon exercise of this Warrant and the cash exercise price
thereof divided by the Market Value. Upon surrender of this Warrant Certificate
with the annexed Notice of Exercise Form duly executed (which Notice of Exercise
Form may be submitted either by delivery to the Company or by facsimile
transmission as provided in Section 8 hereof), together with payment of the
Exercise Price for the shares of Common Stock purchased, if applicable, the
Holder shall be entitled to receive a certificate or certificates for the shares
of Common Stock so purchased. For the purposes of this Section 2, "Market Value"
shall be an amount equal to the average closing ask price of a share of Common
Stock, as reported by Bloomberg, LP, for the five (5) trading days preceding the
Company's receipt of the Notice of Exercise Form duly executed multiplied by the
number of shares of Common Stock to be issued upon surrender of this Warrant
Certificate.

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                           2.2 LIMITATION ON EXERCISE. Notwithstanding the
provisions of this Warrant, the Securities Purchase Agreement (as defined below)
or of the other Transaction Agreements (as defined in the Securities Purchase
Agreement), in no event (except if the Company is in default hereunder or under
any of the Transaction Agreements, and the Holder has asserted such default in
writing and the applicability of this provision to such default) shall the
Holder be entitled to exercise this Warrant or shall the Company have the
obligation, to issue shares upon such exercise of all or any portion of this
Warrant to the extent that, after such conversion, the sum of (1) the number of
shares of Common Stock beneficially owned by the Holder and its affiliates
(other than shares of Common Stock which may be deemed beneficially owned
through the ownership of the unconverted portion of the Preferred Stock or
unexercised portion of the Warrants), and (2) the number of shares of Common
Stock issuable upon the conversion of the Preferred Stock or exercise of the
Warrants with respect to which the determination of this proviso is being made,
would result in beneficial ownership by the Holder and its affiliates of more
than 9.99% of the outstanding shares of Common Stock (after taking into account
the shares to be issued to the Holder upon such conversion or exercise). For
purposes of the proviso to the immediately preceding sentence, beneficial
ownership shall be determined in accordance with Section 13(d) of the Securities
Exchange Act of 1934, as amended (the "1934 Act"), except as otherwise provided
in clause (1) of such sentence. The Holder, by its acceptance of this Warrant,
further agrees that if the Holder transfers or assigns any of the Warrants to a
party who or which would not be considered such an affiliate, such assignment
shall be made subject to the transferee's or assignee's specific agreement to be
bound by the provisions of this Section 2.2 as if such transferee or assignee
were the original Holder hereof.

                  3. RESERVATION OF SHARES. The Company hereby agrees that at
all times during the term of this Warrant there shall be reserved for issuance
upon exercise of this Warrant such number of shares of its Common Stock as shall
be required for issuance upon exercise of this Warrant (the "Warrant Shares").

                  4. MUTILATION OR LOSS OF WARRANT. Upon receipt by the Company
of evidence satisfactory to it of the loss, theft, destruction or mutilation of
this Warrant, and (in the case of loss, theft or destruction) receipt of
reasonably satisfactory indemnification, and (in the case of mutilation) upon
surrender and cancellation of this Warrant, the Company will execute and deliver
a new Warrant of like tenor and date and any such lost, stolen, destroyed or
mutilated Warrant shall thereupon become void.

                  5. RIGHTS OF THE HOLDER. The Holder shall not, by virtue
hereof, be entitled to any rights of a stockholder in the Company, either at law
or equity, and the rights of the Holder are limited to those expressed in this
Warrant and are not enforceable against the Company except to the extent set
forth herein.

                  6. PROTECTION AGAINST DILUTION.

                           6.1 ADJUSTMENT MECHANISM. If an adjustment of the
Exercise Price is required pursuant to this Section 6, the Holder shall be

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entitled to purchase such number of additional shares of Common Stock as will
cause (i) the total number of shares of Common Stock Holder is entitled to
purchase pursuant to this Warrant, multiplied by (ii) the adjusted purchase
price per share, to equal (iii) [the dollar amount of] the total number of
shares of Common Stock Holder is entitled to purchase before adjustment
multiplied by the total purchase price before adjustment.

                           6.2 CAPITAL ADJUSTMENTS. In case of any stock split
or reverse stock split, stock dividend, reclassification of the Common Stock,
recapitalization, merger or consolidation, or like capital adjustment affecting
the Common Stock of the Company, the provisions of this Section 6 shall be
applied as if such capital adjustment event had occurred immediately prior to
the date of this Warrant and the original purchase price had been fairly
allocated to the stock resulting from such capital adjustment; and in other
respects the provisions of this Section shall be applied in a fair, equitable
and reasonable manner so as to give effect, as nearly as may be, to the purposes
hereof. A rights offering to stockholders shall be deemed a stock dividend to
the extent of the bargain purchase element of the rights.

                           6.3 ADJUSTMENT FOR SPIN OFF. If, for any reason,
prior to the exercise of this Warrant in full, the Company spins off or
otherwise divests itself of a part of its business or operations or disposes all
or of a part of its assets in a transaction (the "Spin Off") in which the
Company does not receive compensation for such business, operations or assets,
but causes securities of another entity (the "Spin Off Securities") to be issued
to security holders of the Company, then

                  (a) the Company shall cause (i) to be reserved Spin Off
         Securities equal to the number thereof which would have been issued to
         the Holder had all of the Holder's unexercised Warrants outstanding on
         the record date (the "Record Date") for determining the amount and
         number of Spin Off Securities to be issued to security holders of the
         Company (the "Outstanding Warrants") been exercised as of the close of
         business on the trading day immediately before the Record Date (the
         "Reserved Spin Off Shares"), and (ii) to be issued to the Holder on the
         exercise of all or any of the Outstanding Warrants, such amount of the
         Reserved Spin Off Shares equal to (x) the Reserved Spin Off Shares
         multiplied by (y) a fraction, of which (I) the numerator is the amount
         of the Outstanding Warrants then being exercised, and (II) the
         denominator is the amount of the Outstanding Warrants; and

                  (b) the Exercise Price on the Outstanding Warrants shall be
         adjusted immediately after consummation of the Spin Off by multiplying
         the Exercise Price by a fraction (if, but only if, such fraction is
         less than 1.0), the numerator of which is the numerator of which is the
         Average Market Price of the Common Stock for the five (5) trading days
         immediately following the fifth trading day after the Record Date, and
         the denominator of which is the Average Market Price of the Common
         Stock on the five (5) trading days immediately following the fifth
         trading day after the Record Date, and the denominator of which is the
         Average Market Price of the Common Stock on the five (5) trading days
         immediately preceding the Record Date; and such adjusted Exercise Price
         shall be deemed to be the Exercise Price with respect to the
         Outstanding Warrants after the Record Date.

For the purposes of this Section 6.3, the "Average Market Price of the Common
Stock" shall mean, for the relevant period, (x) the average closing bid price of

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<PAGE>

a share of Common Stock, as reported by Bloomberg, LP or, if not so reported, as
reported on the over-the-counter market or (y) if the Common Stock is listed on
a stock exchange, the closing price on such exchange on the date indicated in
the relevant provision hereof, as reported in The Wall Street Journal.

                  7. TRANSFER TO COMPLY WITH THE SECURITIES ACT; REGISTRATION
                     RIGHTS.

                  (a) This Warrant has not been registered under the Securities
Act of 1933, as amended, (the "Act") and has been issued to the Holder for
investment and not with a view to the distribution of either the Warrant or the
Warrant Shares. Neither this Warrant nor any of the Warrant Shares or any other
security issued or issuable upon exercise of this Warrant may be sold,
transferred, pledged or hypothecated in the absence of an effective registration
statement under the Act relating to such security or an opinion of counsel
satisfactory to the Company that registration is not required under the Act.
Each certificate for the Warrant, the Warrant Shares and any other security
issued or issuable upon exercise of this Warrant shall contain a legend on the
face thereof, in form and substance satisfactory to counsel for the Company,
setting forth the restrictions on transfer contained in this Section.

                  (b) The Company hereby grants to the Holder registration
rights with respect to the Warrant Shares in accordance with a Registration
Rights Agreement between the Company and Holder of even date herewith..

                  (c) In addition to the registration rights referred to in the
preceding provisions of Section (b), effective after the expiration of the
effectiveness of the Registration Statement as contemplated by this Warrant, the
Holder shall have demand piggy-back registration rights with respect to the
Warrant Shares then held by the Holder or then subject to issuance upon exercise
of this Warrant (collectively, the "Remaining Warrant Shares"), subject to the
conditions set forth below. If, at any time after the Registration Statement has
ceased to be effective, the Company participates (whether voluntarily or by
reason of an obligation to a third party) in the registration of any shares of
the Company's stock, the Company shall give written notice thereof to the Holder
and the Holder shall have the right, exercisable within ten (10) business days
after receipt of such notice, to demand inclusion of all or a portion of the
Holder's Remaining Warrant Shares in such registration statement.

                  8. NOTICES. Any notice or other communication required or
permitted hereunder shall be in writing and shall be delivered personally,
telegraphed, telexed, sent by facsimile transmission or sent by certified,
registered or express mail, postage pre-paid. Any such notice shall be deemed
given when so delivered personally, telegraphed, telexed or sent by facsimile
transmission, or, if mailed, two days after the date of deposit in the United
States mails, as follows:

                           (i)      if to the Company, to:

                                    Eurotech,Ltd
                                    1216 16th Street
                                    Washington , D.C.  20036
                                    Attn: Chief Financial Officer

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<PAGE>

                           (ii)     if to the Holder, to:
                                    Woodward LLC
                                    Corporate Center
                                    West Bay Road
                                    Grand Cayman, Cayman Islands
                                    Fax No.: (284) 494-4771

Any party may be notice given in accordance with this Section to the other
parties designate another address or person for receipt of notices hereunder.

                  9. SUPPLEMENTS AND AMENDMENTS; WHOLE AGREEMENT. This Warrant
may be amended or supplemented only by an instrument in writing signed by the
parties hereto. This Warrant of even date herewith contain the full
understanding of the parties hereto with respect to the subject matter hereof
and thereof and there are no representations, warranties, agreements or
understandings other than expressly contained herein and therein.

                  10. GOVERNING LAW. This Warrant shall be deemed to be a
contract made under the laws of the State of Delaware and for all purposes shall
be governed by and construed in accordance with the laws of such State
applicable to contracts to be made and performed entirely within such State.

                  11. COUNTERPARTS. This Warrant may be executed in any number
of counterparts and each of such counterparts shall for all purposes be deemed
to be an original, and all such counterparts shall together constitute but one
and the same instrument.

                  12. DESCRIPTIVE HEADINGS. Descriptive headings of the several
Sections of this Warrant are inserted for convenience only and shall not control
or affect the meaning or construction of any of the provisions hereof.

         IN WITNESS WHEREOF, the parties hereto have executed this Warrant as of
the __th day of _____________2000.


                                     EUROTECH, Ltd.



                                     By:
                                        ----------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                              ----------------------------------

Attest:

----------------------------------

----------------------------------

Chief Administrative Officer

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<PAGE>

                          NOTICE OF EXERCISE OF WARRANT

         The undersigned hereby irrevocably elects to exercise the right,
represented by the Warrant Certificate dated as of __________,2000, to purchase
__________ shares of the Common Stock, par value $.00025 per share, of and
tenders herewith payment in accordance with Section 1 of said Common Stock
Purchase Warrant.

         Please deliver the stock certificate to:



Dated:
      --------------------------           Woodward LLC



                                           By:
                                              ----------------------------------






         CASH:    $
--                  -----------------------

[ ]      CASHLESS EXERCISE
 -

AGGREGATE MARKET VALUE OF _____ SHARES                        $
                                                               -----------------

AGGREGATE CASH EXERCISE PRICE OF _______ SHARES               $
                                                               -----------------

         DIFFERENCE / MARKET VALUE                            $
                                                               -----------------
         NUMBER OF SHARES ISSUABLE

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