Exhibit 10.12
AMENDMENT OF EMPLOYMENT CONTRACT
THIS AGREEMENT is made this 5th day of December, 2003
BETWEEN: CONSOLIDATED WATER CO. LTD., a Cayman Islands company having
its registered office at Trafalgar Place, West Bay Road, P.O.
Box 1114 GT, Grand Cayman, BWI ("the Company")
AND: Xxxxx X. Xxxxxxx of P.O. Box 1114GT, Grand Cayman, BWI ("the
Director of Public Relations")
WHEREAS:
A. The Company and the Director of Public Relations entered into
an employment contract dated the 30th of September 2003("the
Employment Contract")
B. The parties are now desirous of amending the same, in
accordance with the terms of this Agreement.
NOW IN CONSIDERATION of the mutual covenants contained herein the parties agreed
that the Employment Contract shall be amended and/or rectified as follows:
By adding the following paragraph as the second paragraph of
Clause 3; "For the financial year 2003 only, the Director of
Public Relations shall be granted an option to purchase for
cash payable in full upon the exercise of the option, a number
of Ordinary Shares which equals the number of US$ which
represents 5/6 x 1% of the net profit of the Company for the
2003 financial year at the closing market price of the
Company's Ordinary Shares on December 31, 2003. The options
may be exercised at any time after they are granted and before
the close of business on the day before the third anniversary
of the Auditor's Report on the financial statements for the
2003 financial year."
THE PARTIES HERETO have set their hands and seals the day and date first above
written.
SIGNED AND SEALED in the presence of:) CONSOLIDATED WATER CO. LTD.
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) /s/ Xxxxxxxxx XxXxxxxxx
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/s/ Xxxxx Xxxxxx ) Xxxxxxxxx XxXxxxxxx
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witness
Xxxxx Xxxxxx
SIGNED AND SEALED in the presence of:)
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/s/ Xxxxx Xxxxxx ) /s/ Xxxxx Xxxxxxx
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witness Xxxxx X Xxxxxxx
Xxxxx Xxxxxx