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Exhibit 10.20
FIRST AMENDMENT OF THE EMPLOYMENT CONTRACT
THIS AGREEMENT is made this 17th 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: ALEXANDER XXXXXXX XXXXXX of 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 31st
B. August 1997 (the "Employment Contract").
C. 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 1% of
the net profit of the Company calculated as aforesaid for that
financial year.
4(C) The "Exercise Price" shall be the average 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/ Alexander Xxxxxxx Xxxxxx
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witness Alexander Xxxxxxx Xxxxxx
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