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Exhibit 10.18
FIRST AMENDMENT OF THE EMPLOYMENT CONTRACT
THIS AGREEMENT made this 17 day of April, 2000
BETWEEN: CONSOLIDATED WATER CO. LTD. (formerly Cayman Water
Company Limited), a Cayman Islands company having its registered
office at Trafalgar Place, West Bay Road, P.O. Box 1114GT, Grand
Cayman, B.W.I. (the "Company")
AND: XXXXXXX XXXXX XxXXXXXXX of Ocean Club Condominiums, P.O.
Box 1114GT, Grand Cayman, B.W.I. (the "Vice President")
WHEREAS:
A. The Company and the Vice President entered into an employment contract
dated the 19th August, 1998 (the "Employment Contract").
B. The parties are desirous of amending the same in accordance with the
terms of this Agreement.
NOW IN CONSIDERATION of the mutual covenants contained herein the parties agree
that the Employment Contract shall be amended and/or rectified as follows:
1. Renumbering existing Clause 4 as 4(A) and adding the following
as Clauses 4(B), 4(C), 4(D) and 4(E)
4(B) Further, commencing in the financial year 2000 and for each
year thereafter, subject to any approvals of Government which
may be necessary at the time at which the option is exercised,
the Vice President shall be granted an option to purchase, at
the "Exercise Price", payable in cash in full on the exercise
of the option, a number of Ordinary Shares equal to the number
of US$ which represents .75% of the net profit of the Company
calculated as aforesaid for that financial year.
4(C) The "Exercise Price" shall be the avenge of the closing market
price of the Company's Ordinary shares on each of the first
seven trading days in the month of October of that financial
year."
4(D) The options granted pursuant to Clause 4(B) may be exercised
by the Vice President at any time after they vest and before
the close of the Company's business the day before the third
anniversary of the date of the Auditors Report on the
Financial Statements for the relevant financial year.
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4(E) For the avoidance of doubt, it is hereby agreed that the Vice
President shall be entitled to participate in and to receive
Redeemable Preference Shares pursuant to his participation in
the Employee Share Incentive Plan, in respect of the financial
year 1999, during the calendar year 2000 but not thereafter.
2. The parties have acknowledged that the Employment Contract shall remain
binding and effective in accordance with its terms except as expressly
amended hereby.
THE PARTIES HERETO have set their hands and seals the day and date first above
written.
SIGNED AND SEALED in the presence of:
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/s/ Xxxxx X. Xxxxxxx ) /s/ X.X. Xxxxxx
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witness Consolidated Water Co. Ltd.
SIGNED AND SEALED in the presence of:
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/s/ Xxxxx X. Xxxxxxx ) /s/ Xxxxxxx Xxxxx XxXxxxxxx
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witness Xxxxxxx Xxxxx XxXxxxxxx
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