EXHIBIT 10.56
10 February 2003
Mr Xxxxxx Xxxxxxxx
C/x XxxxxXx Limited
Xxxxxxxx
Bermuda
Dear Xxx
RE: EMPLOYMENT CONTRACT
Subject to completion of the acquisition of DesalCo Limited by Consolidated
Water Co. Ltd. and your obtaining a Work Permit from the Cayman Islands
Government, I am pleased to offer you employment with Consolidated Water Company
Ltd. ("the Company") as VICE PRESIDENT OF PURCHASING AND IT with effect from the
later of your obtaining the work permit or 10 February 2003 and on the following
terms and conditions.
1. This agreement supercedes all previous agreements between yourself and
DesalCo Limited who has signed it signifying its agreement to this
cancellation and to the next following paragraph;
2. Your hire date is 3 June 1996 for the purpose of determining any rights or
benefits you may have under Cayman Islands Labour Law and in consideration
of this, you abandon any rights you may have against DesalCo Limited in
respect of any payments to which you might otherwise have been entitled
under your contract with DesalCo Limited or the laws of Bermuda;
3. Your immediate supervisor is the President of Consolidated Water Co. Ltd.;
4. Your base salary is US$115,000 per year, which will be paid to you on a
semi-monthly basis. Your job performance will be reviewed at the end of
each fiscal year. You may be granted a base salary increase based on the
results of each performance review;
5. You will perform your duties under this Agreement during normal business
hours from Monday through Friday inclusive (save on bank holidays) but
accept that your duties, which include traveling on the Company's business
both within the Cayman Islands and abroad, will require work to be
undertaken outside normal working hours, and on Saturdays, Sundays and bank
and public holidays. You further accept that in the event that you are
required to work outside normal working hours, you shall be deemed to be
performing managerial and supervisory functions on behalf of the Company
and no overtime pay shall be payable as the same has already been taken
into account in the rate of your overall salary. However you may be granted
extra time off in exchange for additional time worked;
6. You are entitled to four (4) working weeks as vacation leave each year. You
must obtain prior approval from your supervisor for the specific dates and
times of your vacation leave. You are allowed to miss up to ten (10)
working days per year in the event that you are ill and cannot work,
without deduction from your salary. You are entitled to receive pay for all
public holidays in the Cayman Islands. You are entitled to a one hour lunch
break each working day;
7. The Company will provide health insurance with British Caymanian Insurance,
or another suitable health insurance provider as determined by the Company
from time to time, and will meet the full cost of premiums for the
insurance. The health insurance will provide major medical coverage, and
may provide other additional benefits at the discretion of the Company. You
will be responsible for paying any deductibles or co-payments in accordance
to the terms and conditions of the insurance provided by the Company;
8. The Company will enroll you in the Cayman Islands Chamber of Commerce
Pension Plan, or another suitable pension plan as determined by the Company
from time to time, and will contribute into your pension account those
amounts required by Law from time to time;
9. All expenses for which you claim reimbursement must be within pre-approved
budgets. Subject to this, the Company must reimburse you for the all
reasonable expenses you incur on behalf of the Company upon the production
of the necessary vouchers or you verifying, to the Company's satisfaction,
the amount that you have spent, even though you are unable to produce
vouchers;
10. Upon your relocation to the Cayman Islands from Bermuda, the Company will
provide airline tickets from Bermuda to the Cayman Islands for you and your
spouse. The Company will also meet all reasonable moving costs for personal
effects in excess of normal luggage when you move these effects from
Bermuda to the Cayman Islands. The Company will provide you suitable
accommodation and transportation for a period of two weeks after your
arrival in the Cayman Islands, or until you have found permanent
accommodation and transport, whichever period is shorter;
11. The Company will not meet the cost of relocating you or your belongings
from the Cayman Islands to another place should your employment be
terminated for whatever reason;
12. Your primary place of work will be any part of the Cayman Islands. However,
from time to time it may be necessary to temporarily locate you at any one
of the Company's other places of business or subsidiary operations, in
which case the same terms and conditions of this Agreement will apply
except that suitable accommodation will be provided at no cost to yourself;
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13. You will be required to give ninety (90) days written notice to Company
should you decide to resign your position, and the Company is required to
give ninety (90) days written notice to you should your employment be
terminated for reasons other than gross negligence or misconduct. In the
case of gross negligence or misconduct by yourself on the job, your
employment may be terminated immediately. If your employment is terminated
for cause, the Company shall be entitled to summarily dismiss you without
pay;
14. You are required at all times to follow Company safety policies;
15. The Company reserves the right to regularly carry out random screenings of
its employees for use of illegal drugs.
If you choose to accept these terms of employment please indicate so by signing
in the space below.
Yours sincerely,
FOR CONSOLIDATED WATER CO. LTD.
/s/ Xx. Xxxxxxxxx XxXxxxxxx
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Xxxxxxxxx X. XxXxxxxxx
PRESIDENT AND COO
I, Xxxxxx Xxxxxxxx, accept the above offer of employment made to me on these
terms and conditions.
/s/ XXXXXX XXXXXXXX MARCH 7, 2003
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Signature Date
On behalf of DesalCo Limited:-
/s/ XXXXXXXXX XXXXXXXXX FEBRUARY 14, 2003
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Signature Date
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