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<SEC-DOCUMENT>0000950144-05-000907.txt : 20050207
<SEC-HEADER>0000950144-05-000907.hdr.sgml : 20050207
<ACCEPTANCE-DATETIME>20050207145138
ACCESSION NUMBER:		0000950144-05-000907
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20050114
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Termination of a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20050207
DATE AS OF CHANGE:		20050207

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CONSOLIDATED WATER CO LTD
		CENTRAL INDEX KEY:			0000928340
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER SUPPLY [4941]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-25248
		FILM NUMBER:		05580140

	BUSINESS ADDRESS:	
		STREET 1:		TRAFALGAR PL
		STREET 2:		WEST BAY RD
		CITY:			GRAND CAYMAN BWI CAY
		STATE:			E9
		ZIP:			00000
		BUSINESS PHONE:		8099474277

	MAIL ADDRESS:	
		STREET 1:		TRAFALGAR PLACE, WEST BAY ROAD, P.O. BOX
		STREET 2:		GRAND CAYMAN, CAYMAN ISLANDS, BWI

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CAYMAN WATER CO LTD
		DATE OF NAME CHANGE:	19941212
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>g93071e8vk.htm
<DESCRIPTION>CONSOLIDATED WATER CO. LTD.
<TEXT>
<HTML>
<HEAD>
<TITLE>Consolidated Water Co. Ltd.</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>






<P align="center" style="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>


<P align="center" style="font-size: 10pt"><HR size="1" noshade width="26%" align="center" color="#000000">



<P align="center" style="font-size: 10pt">FORM 8-K<BR>
CURRENT REPORT



<P align="center" style="font-size: 10pt">PURSUANT TO SECTION 13 OR 15(d) OF THE<BR>
SECURITIES EXCHANGE ACT OF 1934



<P align="center" style="font-size: 10pt">January&nbsp;14, 2005<BR>
(Date of earliest event reported)


<P align="center" style="font-size: 24pt"><B>CONSOLIDATED WATER CO. LTD.</B>


<DIV align="center" style="font-size: 10pt">(Exact Name of Registrant as Specified in Charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
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<TR valign="bottom">
    <TD align="center" valign="top">Cayman Islands, B.W.I.<BR>
(State or Other Jurisdiction of<BR>
Incorporation)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0-25248<BR>
(Commission File No.)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Not Applicable<BR>
(IRS Employer Identification No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">Trafalgar Place, West Bay Road<BR>
P.O. Box 1114 GT<BR>
Grand Cayman, Cayman Islands, B.W.I.<BR>
(Address of Principal Executive Offices)



<P align="center" style="font-size: 10pt">(345)&nbsp;945-4277<BR>
(Registrant&#146;s telephone number, including area code)



<P align="center" style="font-size: 10pt">Not Applicable<BR>
(Former Name or Former Address, if Changed Since Last Report)


<P align="left" style="font-size: 10pt">Check the appropriate box
below if the Form&nbsp;8-K is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):


<P align="left" style="font-size: 10pt"><font face="wingdings">&#111;</font>&nbsp;&nbsp;&nbsp;Written
communications pursuant to Rule&nbsp;425 under the Securities Act (17
CFR 230.425)
<P align="left" style="font-size: 10pt"><font face="wingdings">&#111;</font>&nbsp;&nbsp;&nbsp;Soliciting
material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR
240.14a-12)
<P align="left" style="font-size: 10pt"><font face="wingdings">&#111;</font>&nbsp;&nbsp;&nbsp;Pre-commencement
communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
<P align="left" style="font-size: 10pt"><font face="wingdings">&#111;</font>&nbsp;&nbsp;&nbsp;Pre-commencement
communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))



<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">










<P align="left" style="font-size: 10pt"><B>Item&nbsp;1.01. Entry into a Material Definitive Agreement.</B>


<P align="left" style="font-size: 10pt">Consolidated Water Co. Ltd. (the &#147;Company&#148;) has entered into five Engagement Agreements with the
executive officers listed below under which the Company agreed to employ the executives on the
terms summarized below.


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name of Executive</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Title</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Base Salary</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Date of Agreement</B></TD>
</TR>

<!-- End Table Head -->
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Kenneth Crowley
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice-President of Overseas
Operations
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">US$95,000
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">January&nbsp;19, 2005</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Gregory S. McTaggart
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice-President of Cayman
Operations
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">US$105,000
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">January&nbsp;18, 2005</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Robert Morrison
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice-President of Purchasing
and Information Technology
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">US$100,000
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">January&nbsp;17, 2005</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Gerard Pereira
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice-President of Engineering
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">US$100,000
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">January&nbsp;14, 2005</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Brent Santha
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice-President&#151;Finance
and/or Chief Financial
Officer (as determined by
the Board of Directors of
the Company) and Company
Secretary
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">US$115,000 (when
serving as Chief
Financial Officer);
US$100,000
(thereafter, when
serving as
Vice-President-Finance)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">February&nbsp;1, 2005</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="left" style="font-size: 10pt">The Engagement Agreements contained the following additional terms:


<P align="left" style="font-size: 10pt">1. Each of the agreements has a two-year term commencing January&nbsp;1, 2004 at a base salary as set
forth above. On or before June&nbsp;30, 2005, the Chief Executive Officer of the Company may offer to
renew each agreement for an additional term not exceeding two years.


<P align="left" style="font-size: 10pt">2. These agreements replaced previous agreements with the Company<B>. </B>These agreements are summarized
below in &#147;Item&nbsp;1.02. Termination of a Material Definitive Agreement.&#148;


<P align="left" style="font-size: 10pt">3. The executives are entitled to full medical insurance as generally provided for the Company&#146;s
employees for themselves and their spouses and dependents. In addition, the Company has agreed to
pay Mr.&nbsp;Santha and his family&#146;s medical insurance for up to three months following termination if
his agreement is not renewed. Further, the Company has agreed to provide and pay all operating
costs of a motor vehicle suitable for the use of Mr.&nbsp;Pereira.


<P align="left" style="font-size: 10pt">4. Subject to approval at the Company&#146;s next annual general meeting, each executive will be allowed
to participate in the Company&#146;s Employee Share Incentive Plan.



<P align="center" style="font-size: 10pt">-2-
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="font-size: 10pt">5. The Company will make contributions to a pension scheme of each executive&#146;s choice in the same
manner as it does for its other employees on a maximum salary basis of US$72,000 per annum.


<P align="left" style="font-size: 10pt">6. Each executive&#146;s salary is subject to increase after review by the Board of Directors as of
January 1 of each year.


<P align="left" style="font-size: 10pt">7. For each completed financial year beginning with the financial year 2004, each executive will be
paid not later than February&nbsp;28 a performance bonus equal to 2.5% of the Company&#146;s Incremental Net
Profit for that year. For purposes of this calculation, &#147;Incremental Net Profit&#148; means the amount,
if any, by which the Company&#146;s net profits (calculated before charging this bonus and before
charging dividends or crediting any amount accruing from the re-valuation of the Company&#146;s assets)
for the relevant financial year exceeds the highest annual net profit earned by the Company in any
prior financial year. In no event may the bonus exceed 40% of each executive&#146;s base salary. The
bonus will be paid, at each executive&#146;s election, in (i)&nbsp;cash, (ii)&nbsp;subject to approval by the
members of the Company at the Company&#146;s next annual general meeting, in ordinary shares of the
Company valued at the market price of such shares as of the close of trading on the last trading
day of the prior financial year or (iii)&nbsp;a combination of both. If shareholder approval required
under (ii)&nbsp;is not obtained the bonus will be paid entirely in cash.


<P align="left" style="font-size: 10pt">In addition, notwithstanding the previous paragraph, Mr.&nbsp;Morrison will be entitled to receive for
the financial years 2004 and 2005, US$15,000 and US$7,500, respectively, as an advance on his
performance bonus for the relevant financial year. This sum will be deducted from the bonus, when
calculated. If the bonus for the relevant financial year is less than the amount advanced, the
Company will waive repayment of the difference.


<P align="left" style="font-size: 10pt">Further, the Company has agreed to register for resale all restricted stock of the Company held by
Mr.&nbsp;McTaggart, as well as all shares underlying his vested stock options.


<P align="left" style="font-size: 10pt">8. Each agreement may be terminated by the executive upon six months&#146; written notice, or may be
terminated by the Company for cause or disability.



<P align="left" style="font-size: 10pt"><B>Item&nbsp;1.02. Termination of a Material Definitive Agreement.</B>


<P align="left" style="font-size: 10pt">The new Engagement Agreements replaced previous agreements between the Company and each of the
executives. The material terms of these agreements are summarized below.


<P align="left" style="font-size: 10pt">Mr.&nbsp;McTaggart&#146;s new Engagement Agreement supercedes an employment agreement with Mr.&nbsp;McTaggart
dated August&nbsp;19, 1998. This agreement, as amended, was originally scheduled to expire on August
19, 2001, although it extended automatically each year for an additional one-year term. Under this
agreement, Mr.&nbsp;McTaggart was entitled to a base salary of US$76,902. Under the superceded
agreement, if the Company terminated Mr.&nbsp;McTaggart without cause, he was entitled to all financial
benefits under the agreement for a period of one year. Under the terms of the superceded
agreement, Mr.&nbsp;McTaggart was granted an option to purchase that number of ordinary shares which
equaled 0.75% of the Company&#146;s net profit for the relevant financial year. The exercise price of
these options was amended on December&nbsp;5, 2003 to be equal to the closing price of the Company&#146;s
ordinary shares on December&nbsp;31 of the relevant financial year. For the year ended December&nbsp;31,
2003, Mr.&nbsp;McTaggart was granted an option to purchase 31,722 ordinary shares at an exercise price
of US$20.05 per share. For the year ended



<P align="center" style="font-size: 10pt">-3-
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<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="font-size: 10pt">December&nbsp;31, 2002, Mr.&nbsp;McTaggart was granted an option to purchase 19,325 ordinary shares at an
exercise price of US$11.93 per share. All options granted to Mr.&nbsp;McTaggart expire on the third
anniversary of the date of the auditor&#146;s report on the financial statements for the year of grant.
As a result of the option grant described above, Mr.&nbsp;McTaggart was no longer eligible to
participate in the employee share incentive plan for fiscal years after 1999.


<P align="left" style="font-size: 10pt">Under the terms of the superseded agreement, Mr.&nbsp;McTaggart was entitled to receive an annual bonus
for each completed financial year during which he served in the capacity of Vice President of
Operations. The bonus consisted of 2.5% of the amount by which the Company&#146;s net profits for that
financial year (before charging that bonus, dividends or crediting any amounts arising from the
re-valuation of the Company&#146;s assets) exceeded the highest annual net profits earned by the Company
in any prior financial year.


<P align="left" style="font-size: 10pt">The new Engagement Agreements also supercede existing employment agreements with Messrs.&nbsp;Pereira,
Crowley and Morrison each dated February&nbsp;10, 2003, respectively. Each superseded employment
agreement provided for a base salary of US$98,400, US$93,000 and US$115,000 for Messrs.&nbsp;Pereira,
Crowley and Morrison, respectively. Under the terms of Mr.&nbsp;Pereira&#146;s superseded employment
agreement, he was entitled to receive an annual bonus equal to 0.6% of the sum of the net profits
as at the end of each fiscal year of Ocean Conversion (BVI)&nbsp;Ltd. and DesalCo (Barbados) Ltd.
(before charging this bonus, dividends or crediting any amounts arising from the re-valuation of
those companies&#146; assets). Under the terms of Mr.&nbsp;Crowley&#146;s superceded employment agreement, he was
entitled to an annual bonus of 1.5% of the sum of net profits as at the end of each fiscal year of
Waterfields Company Limited and Belize Water Limited (before charging this bonus, dividends or
credit in any amounts arising from the re-valuation of those companies&#146; assets). Ocean Conversion
(BVI)&nbsp;Ltd., DesalCo (Barbados) Ltd., Waterfields Company Limited and Belize Water Limited were all
predecessors to the Company.


<P align="left" style="font-size: 10pt">Mr.&nbsp;Santha&#146;s new Engagement Agreement supersedes an existing employment agreement dated December
31, 2002. The superceded agreement expired on January&nbsp;1, 2005, unless extended by agreement of the
parties. In addition to his base salary of US$90,000, Mr.&nbsp;Santha was entitled to an annual bonus
as determined at the discretion of the Company and an option to purchase that number of ordinary
shares which equaled 0.25% of the Company&#146;s net profit for the relevant financial year. The
exercise price of the options to be granted to Mr.&nbsp;Santha was equal to the average of the closing
market price of the Company&#146;s ordinary shares on the last trading day of that year. For the year
ended December&nbsp;31, 2003, Mr.&nbsp;Santha was granted an option to purchase 10,483 ordinary shares at an
exercise price of US$20.05 per share. All options granted to Mr.&nbsp;Santha expire on the day before
the third anniversary of the date of the auditor&#146;s report on the financial statements for the year
of the grant.



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<P align="left" style="font-size: 10pt"><B>Item&nbsp;9.01. Financial Statements and Exhibits.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Exhibits.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exhibit&nbsp;No.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.54
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Engagement Agreement dated January&nbsp;14, 2005 between Consolidated Water Co. Ltd. and Kenneth
Crowley.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.55
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Engagement Agreement dated January&nbsp;14, 2005 between Consolidated Water Co. Ltd. and Gregory
S. McTaggart.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.56
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Engagement Agreement dated January&nbsp;14, 2005 between Consolidated Water Co. Ltd. and Robert
Morrison.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.57
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Engagement Agreement dated January&nbsp;14, 2005 between Consolidated Water Co. Ltd. and Gerard
Pereira.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.58
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Engagement Agreement dated January&nbsp;14, 2005 between Consolidated Water Co. Ltd. and Brent
Santha.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">-5-
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<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="center" style="font-size: 10pt">SIGNATURES



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">CONSOLIDATED WATER CO. LTD.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/Frederick W. McTaggart
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Frederick W. McTaggart&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">President and Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<P align="left" style="font-size: 10pt">Date: January&nbsp;14, 2005




<P align="center" style="font-size: 10pt">-6-
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="center" style="font-size: 10pt"><B>EXHIBIT INDEX</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exhibit&nbsp;No.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Description</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.54
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Engagement Agreement dated January&nbsp;14, 2005 between Consolidated Water Co. Ltd. and Kenneth
Crowley.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.55
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Engagement Agreement dated January&nbsp;14, 2005 between Consolidated Water Co. Ltd. and Gregory
S. McTaggart.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.56
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Engagement Agreement dated January&nbsp;14, 2005 between Consolidated Water Co. Ltd. and Robert
Morrison.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.57
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Engagement Agreement dated January&nbsp;14, 2005 between Consolidated Water Co. Ltd. and Gerard
Pereira.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.58
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Engagement Agreement dated January&nbsp;14, 2005 between Consolidated Water Co. Ltd. and Brent
Santha.</TD>
</TR>
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</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">-7-
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.54
<SEQUENCE>2
<FILENAME>g93071exv10w54.htm
<DESCRIPTION>ENGAGEMENT AGREEMENT KENNETH CROWLEY
<TEXT>
<HTML>
<HEAD>
<TITLE>Engagement Agreement Kenneth Crowley</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="right" style="font-size: 10pt">Exhibit&nbsp;10.54



<P align="center" style="font-size: 10pt"><U><B>ENGAGEMENT AGREEMENT</B></U>



<P align="left" style="font-size: 10pt"><B>THIS AGREEMENT </B>is made the 19th day of January&nbsp;2004


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="89%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>BETWEEN:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>CONSOLIDATED WATER CO. LTD.,<br></B>
a Cayman Islands company having its registered office at<br>
Trafalgar Place, West Bay Road<br>
P.O. Box 1114 GT, Grand Cayman, B.W.I.<br>
(&#147;the Company&#148;)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>AND:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>KENNETH CROWLEY<BR></B>
of P. O. Box 1114 GT, Grand Cayman, B.W.I.<BR>
(&#147;the Vice-President&#148;)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt"><B>IT IS AGREED:-</B>



<P align="left" style="font-size: 10pt"><U>Engagement</U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.&nbsp;&nbsp;</TD>
    <TD>The Vice-President is engaged as Vice-President of Overseas Operations for two (2)&nbsp;years
commencing on the 1<SUP style="font-size: 85%; vertical-align: text-top">st</SUP> day of January, 2004 subject to the termination provisions
set out in Clauses 17 and 18 and the renewal provisions set out in Clause 19.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><U>Remuneration</U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.&nbsp;&nbsp;</TD>
    <TD>The Vice-President&#146;s remuneration will be US$95,000.00 per annum payable semi-monthly in
arrears.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.&nbsp;&nbsp;</TD>
    <TD>In addition, during the term of this Agreement, the Company will pay the full cost of
providing medical <U>i</U>nsurance, as generally provided for the Company&#146;s employees from
time to time, for the Vice-President and his wife and dependants.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4.&nbsp;&nbsp;</TD>
    <TD>Subject to approval of the members of the Company at the Company&#146;s next annual general
meeting, the Vice President will be allowed to participate in the Company&#146;s Employee Share
Incentive Plan.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">5.&nbsp;&nbsp;</TD>
    <TD>In addition, during the term of this Agreement, the Company will make contributions to a
pension scheme, of the Vice-President&#146;s choice but approved pursuant to the National Pensions
Law of the Cayman Islands, in the same manner and on the same basis as it makes contributions
from time to time, in respect of its other employees pursuant to the National Pensions Law on
a maximum salary base of CI$60,000.00 per annum.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">6.&nbsp;&nbsp;</TD>
    <TD>The Vice-President&#146;s remuneration will be reviewed as of January 1<SUP style="font-size: 85%; vertical-align: text-top">st</SUP> each year by
the Company&#146;s Board of Directors (&#147;the Board&#148;) who may grant an increase but must not reduce
the Vice-President&#146;s salary below the level set out in Clause 2.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">7.&nbsp;&nbsp;</TD>
    <TD>Further, for each completed financial year beginning with the financial year 2004, the
Vice-President will be paid not later than 28<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> February following the end of each
financial year, a performance bonus calculated as 2.5% of the Company&#146;s Incremental Net Profit
for that year. For the purposes of this Clause &#147;the Company&#146;s Incremental Net Profit&#148; means
the amount, if any, by which the Company&#146;s net profits (calculated before charging this bonus
and before charging dividends or crediting any amount accruing from the re-valuation of the
Company&#146;s assets) for the relevant financial year exceeds the highest annual net profit earned
by the Company in any prior financial year. In no event, however, may this bonus exceed 40%
of the Vice-President&#146;s annual salary paid pursuant to Clause 2.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Performance Bonus, if any, will be paid:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(a)&nbsp;&nbsp;</TD>
    <TD>in cash; or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(b)&nbsp;&nbsp;</TD>
    <TD>subject to approval of the members of the Company at the Company&#146;s next annual
general meeting, in ordinary shares of the Company valued at the market price at the
close of trading on December&nbsp;31<SUP style="font-size: 85%; vertical-align: text-top">st</SUP> of the relevant financial year (or if that
day is not a trading day, at the close of trading on the preceding trading day); or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(c)&nbsp;&nbsp;</TD>
    <TD>as a combination of both, at the Vice-President&#146;s election.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>If the approval required under (b)&nbsp;above is not obtained, the Performance Bonus will be paid
entirely in cash.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><U>Responsibilities</U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">8.&nbsp;&nbsp;</TD>
    <TD>The Vice-President&#146;s work will be performed mainly in West Bay, Grand Cayman.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>The Company reserves the right to transfer the Vice-President to any other place of business
which it may establish in the Cayman Islands.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">9.&nbsp;&nbsp;</TD>
    <TD>The Vice-President must devote the whole of his time to the Company&#146;s business and must use
his best endeavours to promote the Company&#146;s interest and welfare.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>The Vice-President must provide strategic and operational direction to the water production
and supply operations in the Bahamas, Barbados, Belize and the British Virgin Islands of the
Company&#146;s wholly-owned subsidiaries and managed affiliates in those countries (collectively
&#147;the Overseas Group&#148;), assist in establishing strategic objectives, operating policies and
procedures to ensure attainment of corporate objectives, evaluate performance of the members
of the Overseas Group to determine if operational and financial objectives are being met,
establish and co-ordinate responsibilities and procedures among subordinate departments,
ensure that accurate and timely information is available for management and/or Board use and
any further duties reasonably required of and assigned to him by the Chief Executive Officer which he must
discharge in accordance with directions of the Chief Executive Officer.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">-2-
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<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>The Vice-President&#146;s powers and responsibilities include the following:-</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(a)&nbsp;&nbsp;</TD>
    <TD>Directing and managing the day-to-day activities of the Overseas
Group&#146;s respective water production and supply operations, including plant
operation and maintenance, collection of billing data, expenditure of funds and
conservation of fixed assets;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(b)&nbsp;&nbsp;</TD>
    <TD>Assisting the Vice President of Finance to prepare the Overseas Group&#146;s
operating and capital expenditure budgets and prepare and maintain the register of
fixed assets for the Overseas Group&#146;s operations;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(c)&nbsp;&nbsp;</TD>
    <TD>Preparing and implementing a fixed asset maintenance and retirement
schedule;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(d)&nbsp;&nbsp;</TD>
    <TD>Liaising with the respective Government regulators on all matters
related to the water production and supply licences or contracts of each member of
the Overseas Group;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(e)&nbsp;&nbsp;</TD>
    <TD>Overseeing the supervision of subordinate personnel, including work
allocation, training, and problem resolution, evaluating performance and making
recommendations for Overseas Group personnel actions and motivating its employees
to achieve peak productivity and performance;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(f)&nbsp;&nbsp;</TD>
    <TD>Preparing and presenting the monthly operations reports of each member
of the Overseas Group to management and the Board;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(g)&nbsp;&nbsp;</TD>
    <TD>Conducting regular visits to the members of the Overseas Group to
monitor the performance of staff, plant and equipment, and to implement policies
and procedures improvements as necessary;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(h)&nbsp;&nbsp;</TD>
    <TD>Carrying out any special projects which may be assigned to the Vice
President from time to time.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>The Vice-President must perform his duties under this Agreement during normal business hours
from Monday to Friday inclusive (except on bank holidays) but he accepts that his duties,
which include travelling on the Company&#146;s business both within the Cayman Islands and
abroad, may, from time to time, require work to be undertaken on Saturdays, Sundays and bank
and public holidays. However, at the discretion of the Chief Executive Officer, the Vice
President may be granted extra time off in exchange for additional time worked.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>The Vice-President must not directly or indirectly engage in any activities or work which
are deemed by the Board to be detrimental to the best interests of the Company.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">10.&nbsp;&nbsp;</TD>
    <TD>In case of inability to work due to illness or injury, the Vice-President must notify the
Company immediately and produce a medical certificate for any absence longer than ten working
days.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">-3-
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">11.&nbsp;&nbsp;</TD>
    <TD>The Vice-President is entitled to up to ten (10)&nbsp;days sick leave per year without a medical
certificate.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><U>Holidays</U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">12.&nbsp;&nbsp;</TD>
    <TD>The Vice-President is entitled, during every calendar year to the following holidays during
which his remuneration will continue to be payable:-</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(a)&nbsp;&nbsp;</TD>
    <TD>all public holidays in the Cayman Islands, and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(b)&nbsp;&nbsp;</TD>
    <TD>four (4)&nbsp;weeks vacation to be taken at a time to be approved by the Chief
Executive Officer.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><U>Reimbursement of Expenses/Fees Earned</U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">13.&nbsp;&nbsp;</TD>
    <TD>(a)&nbsp;All expenses for which the Vice-President claims reimbursement must be in accordance with
any policies established by the Board from time to time and must be within the operating
budgets approved by the Board. The Company must reimburse the Vice-President for the costs
incurred by the Vice-President in his performance of his duties on production of the necessary
vouchers or, if he is unable to produce vouchers, on the Vice-President&#146;s proving, to the
Chief Executive Officer&#146;s satisfaction, the amount he has spent for those purposes.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(b)&nbsp;&nbsp;</TD>
    <TD>Any fees and payments received by the Vice-President for or in relation to acting
as director or officer of a subsidiary or affiliate of the Company will be the property
of the Company and the Vice-President must account to the Company for it.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><U>Non-Competition</U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">14.&nbsp;&nbsp;</TD>
    <TD>The Vice-President agrees, as a separate and independent agreement, that he will not during
any period for which he is entitled to remuneration under this Agreement, whether for his own
account or for the account of any other person, firm or body corporate, either alone or
jointly with or as director, manager, agent or employee of or as consultant to any person,
firm or body corporate, directly or indirectly, carry on or be engaged or concerned or
interested in any person firm or body corporate who conducts business identical to or similar
to that conducted by the Company in any jurisdiction in which the Company carries on business
(whether directly or indirectly).</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><U>Company Information, Documents, Confidentiality, and Non-Solicitation</U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">15&nbsp;&nbsp;</TD>
    <TD>(a)&nbsp;All information, documents, books, records, notes, files, memoranda, reports, customer
lists and other documents, and all copies of them, relating to the Company&#146;s business or
opportunities which the Vice-President keeps, prepares or conceives or which become known to
him or which are delivered or disclosed to him or which, by any means come into his
possession, and all the Company&#146;s property and equipment are and will remain the Company&#146;s
sole and exclusive property both during the term of this Agreement and after the termination
or expiration hereof;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">-4-
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(b)&nbsp;&nbsp;</TD>
    <TD>If this Agreement is terminated for any reason, or if the Company at any time
requests, the Vice-President must promptly deliver to the Company the originals and all
copies of all relevant documents that are in his possession, custody or control together
with any other property belonging to the Company. Should the Vice-President require
access to copies of those documents for any reasonable purpose, the Company must provide
them on his request;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(c)&nbsp;&nbsp;</TD>
    <TD>The Vice-President must not, at any time during the term of this Agreement or
within one year after its termination or expiration, either for his own account or for
the account of any other person, firm or company, solicit, interfere with or endeavour
to entice away from the Company any person, firm or company who, at any time during the
currency of this Agreement was an employee, customer or supplier of or was in the habit
of dealing with the Company.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">16.&nbsp;&nbsp;</TD>
    <TD>Except where such information is a matter of public record or when required to do so by law,
the Vice-President must not, either before or after this Agreement ends, disclose to any
person any information relating to the Company or its customers of which he becomes possessed
while acting as Vice-President.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><U>Termination</U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">17.&nbsp;&nbsp;</TD>
    <TD>This Agreement will terminate and, except to the extent previously accrued, all rights and
obligations of both parties under it will cease if any of the following events occurs:-</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(a)&nbsp;&nbsp;</TD>
    <TD>The Vice-President dies.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(b)&nbsp;&nbsp;</TD>
    <TD>The Vice-President is adjudicated bankrupt or makes any arrangement or
composition with his creditors.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(c)&nbsp;&nbsp;</TD>
    <TD>The Vice-President gives six (6)&nbsp;months written notice of termination to the
Company.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">18.&nbsp;&nbsp;</TD>
    <TD>(a)&nbsp;The Company may, by written notice, terminate this Agreement with immediate effect if the
Vice-President conducts himself in a manner that would justify immediate dismissal of an
employee in accordance with the Labour Law and, except to the extent previously accrued, all
rights and obligations of both parties under this Agreement will cease.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(b)&nbsp;&nbsp;</TD>
    <TD>If through physical or mental illness, the Vice-President is unable to
discharge his duties for sixty (60)&nbsp;successive days, as to which a certificate by any
doctor appointed by the Company will be conclusive, then</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(i)&nbsp;&nbsp;</TD>
    <TD>the Vice-President will be relieved of his duties, his salary
reduced to US$1,000.00 per annum and his bonus entitlement suspended, but</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(ii)&nbsp;&nbsp;</TD>
    <TD>the Company will continue to pay the full cost of providing medical
insurance for the Vice-President and his wife and dependants together with
pension</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">-5-
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>contributions (such contributions to be equal to the pension contribution made on
behalf of the Vice-President for the previous financial year of the Company),</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>until the Vice-President is able once again to resume his duties in full.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>If this incapacity continues for a period of two years (including the 60-day period
referred to above) the Vice-President&#146;s employment will be deemed to have been
terminated by mutual consent at the expiration of that period.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><U>Renewal</U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">19.&nbsp;&nbsp;</TD>
    <TD>On or before June&nbsp;30, 2005, the Chief Executive Officer may, in his sole discretion offer to
renew this Agreement for a further term not exceeding two years.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><B>Notices</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">20.&nbsp;&nbsp;</TD>
    <TD>Any notice to be served under this Agreement must be in writing and will be deemed to be duly
served if it is handed personally to the Secretary of the Company or to the Vice-President as
the case may be, or if it is sent by registered post to the addressee at the relevant address
at the head of this Agreement. A notice sent by post will be deemed to be served on the third
day following the date on which it was posted.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><U>Previous Agreements Superseded</U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">21.&nbsp;&nbsp;</TD>
    <TD>This Agreement supersedes all prior contracts and understandings between the parties except
that benefits earned or accrued under prior contracts are not extinguished or affected.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><U>Waiver</U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">22.&nbsp;&nbsp;</TD>
    <TD>No change or attempted waiver of any of the provisions of this Agreement will be binding
unless in writing and signed by the party against whom it is sought to be enforced.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><U>Severability of Provisions</U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">23.&nbsp;&nbsp;</TD>
    <TD>Whenever possible, each provision of this Agreement must be interpreted in such manner as to
be effective and valid. If any provision of this Agreement or the application of it is
prohibited or is held to be invalid, that prohibition or invalidity will not affect any other
provision, or the application of any other provision which can be given effect without the
invalid provision or prohibited application and, to this end, the provisions of this Agreement
are declared to be severable.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><U>Headings</U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">24.&nbsp;&nbsp;</TD>
    <TD>The headings in this Agreement are included for convenience only and have no legal effect.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">-6-
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>


<P align="left" style="font-size: 10pt"><U>Applicable Law and Jurisdiction</U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">25.&nbsp;&nbsp;</TD>
    <TD>This Agreement must be construed and the legal relations between the parties determined in
accordance with the laws of the Cayman Islands to the jurisdiction of the courts of which the
parties agree to submit.</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" nowrap valign="top"><B>EXECUTED </B>for and on
behalf of<br>
<B>CONSOLIDATED WATER CO LTD.<br></B>
by:<br>
In the presence of:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
<B>CONSOLIDATED WATER CO. LTD.</B></TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ Stephen W. Jacoby
<HR size="1" noshade color="#000000">
<B>Witnes</B><B><I>s</I></B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
/s/ Frederick W. McTaggart
<HR size="1" noshade color="#000000">
<B>Director</B></TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top"><B>EXECUTED </B>by <B>KENNETH
CROWLEY<br></B>in the presence of:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ Stephen W. Jacoby
<HR size="1" noshade color="#000000">
<B>Witness</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
/s/ Kenneth Crowley
<HR size="1" noshade color="#000000">
<B>KENNETH CROWLEY</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">-7-
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.55
<SEQUENCE>3
<FILENAME>g93071exv10w55.htm
<DESCRIPTION>ENGAGEMENT AGREEMENT GREGORY S. MCTAGGERT
<TEXT>
<HTML>
<HEAD>
<TITLE>Engagement Agreement Gregory S. McTaggert</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="right" style="font-size: 10pt">Exhibit&nbsp;10.55



<P align="center" style="font-size: 10pt"><U><B>ENGAGEMENT AGREEMENT</B></U>



<P align="left" style="font-size: 10pt"><B>THIS AGREEMENT </B>is made the 18<SUP style="font-size: 85%; vertical-align: text-top">th </SUP>day of January&nbsp;2005


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="89%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>BETWEEN:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>CONSOLIDATED WATER CO. LTD.,<br></B>
a Cayman Islands company having its registered office at<br>
Trafalgar Place, West Bay Road<br>
P.O. Box 1114 GT, Grand Cayman, B.W.I.<br>
(&#147;the Company&#148;)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>AND:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>GREGORY S. McTAGGART<br></B>
of P. O. Box 30984 SMB, Grand Cayman, B.W.I.<br>
(&#147;the Vice-President&#148;)<br></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt"><B>IT IS AGREED:-</B>



<P align="left" style="font-size: 10pt"><U>Engagement</U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.&nbsp;&nbsp;</TD>
    <TD>The Vice-President is engaged as Vice-President of Cayman Operations for two (2)&nbsp;years
commencing on the 1<SUP style="font-size: 85%; vertical-align: text-top">st</SUP> day of January, 2004 subject to the termination provisions
set out in Clauses 17 and 18 and the renewal provisions set out in Clause 19..</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><U>Remuneration</U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.&nbsp;&nbsp;</TD>
    <TD>The Vice-President&#146;s remuneration will be US$105,000.00 per annum payable semi-monthly in
arrears.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.&nbsp;&nbsp;</TD>
    <TD>In addition, during the term of this Agreement, the Company will pay the full cost of
providing medical <U>i</U>nsurance, as generally provided for the Company&#146;s employees from
time to time, for the Vice-President and his wife and dependants.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4.&nbsp;&nbsp;</TD>
    <TD>Subject to approval of the members of the Company at the Company&#146;s next annual general
meeting, the Vice President will be allowed to participate in the Company&#146;s Employee Share
Incentive Plan.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">5.&nbsp;&nbsp;</TD>
    <TD>In addition, during the term of this Agreement, the Company will make contributions to a
pension scheme, of the Vice-President&#146;s choice but approved pursuant to the National Pensions
Law of the Cayman Islands, in the same manner and on the same basis as it makes contributions
from time to time, in respect of its other employees pursuant to the National Pensions Law on
a maximum salary base of CI$60,000.00 per annum.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">6.&nbsp;&nbsp;</TD>
    <TD>The Vice-President&#146;s remuneration will be reviewed as of January 1<SUP style="font-size: 85%; vertical-align: text-top">st</SUP> each year by
the Company&#146;s Board of Directors (&#147;the Board&#148;) who may grant an increase but must not reduce
the Vice-President&#146;s salary below the level set out in Clause 2.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">7.&nbsp;&nbsp;</TD>
    <TD>Further, for each completed financial year beginning with the financial year 2004, the
Vice-President will be paid not later than 28<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> February following the end of each
financial year, a performance bonus calculated as 2.5% of the Company&#146;s Incremental Net Profit
for that year. For the purposes of this Clause &#147;the Company&#146;s Incremental Net Profit&#148; means
the amount, if any, by which the Company&#146;s net profits (calculated before charging this bonus
and before charging dividends or crediting any amount accruing from the re-valuation of the
Company&#146;s assets) for the relevant financial year exceeds the highest annual net profit earned
by the Company in any prior financial year. In no event, however, may this bonus exceed 40%
of the Vice-President&#146;s annual salary paid pursuant to Clause 2.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>The Performance Bonus, if any, will be paid:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(a)&nbsp;&nbsp;</TD>
    <TD>in cash; or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(b)&nbsp;&nbsp;</TD>
    <TD>subject to approval of the members of the Company at the Company&#146;s next annual
general meeting, in ordinary shares of the Company valued at the market price at the
close of trading on December&nbsp;31<SUP style="font-size: 85%; vertical-align: text-top">st</SUP> of the relevant financial year (or if that
day is not a trading day, at the close of trading on the preceding trading day); or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(c)&nbsp;&nbsp;</TD>
    <TD>as a combination of both, at the Vice-President&#146;s election.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>If the approval required under (b)&nbsp;above is not obtained, the Performance Bonus will be paid
entirely in cash.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><U>Responsibilities</U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">8.&nbsp;&nbsp;</TD>
    <TD>The Vice-President&#146;s work will be performed mainly in West Bay, Grand Cayman.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>The Company reserves the right to transfer the Vice-President to any other place of business
which it may establish in the Cayman Islands.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">9.&nbsp;&nbsp;</TD>
    <TD>The Vice-President must devote the whole of his time to the Company&#146;s business and must use
his best endeavours to promote the Company&#146;s interest and welfare.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>The Vice-President must provide strategic and operational direction to the water production
and supply operations in the Cayman Islands of the Company&#146;s wholly-owned subsidiaries in
the Cayman Islands (&#147;the Subsidiaries&#148;), assist in establishing strategic objectives,
operating policies and procedures to ensure attainment of corporate objectives, evaluate
performance of the Subsidiaries to determine if operational and financial objectives are
being met, establish and co-ordinate responsibilities and procedures among subordinate
departments, ensure that accurate and timely information is available for management and/or
Board use and any further duties reasonably required
of and assigned to him by the Chief Executive Officer which he must discharge in accordance
with directions of the Chief Executive Officer.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">-2-
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>The Vice-President&#146;s powers and responsibilities include the following:-</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(a)&nbsp;&nbsp;</TD>
    <TD>Directing and managing the day-to-day activities of the Subsidiaries&#146;
water production and supply operations, including plant operation and maintenance,
collection of billing data, expenditure of funds and conservation of fixed assets;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(b)&nbsp;&nbsp;</TD>
    <TD>Assisting the Vice President of Finance to prepare the Subsidiaries&#146;
operating and capital expenditure budgets and prepare and maintain the register of
fixed assets for the Subsidiaries&#146; operations;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(c)&nbsp;&nbsp;</TD>
    <TD>Preparing and implementing a fixed asset maintenance and retirement
schedule;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(d)&nbsp;&nbsp;</TD>
    <TD>Liaising with the Government regulator on all matters related to the
Subsidiaries&#146; water production and supply licences;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(e)&nbsp;&nbsp;</TD>
    <TD>Providing technical support to the Subsidiaries&#146; Customer Service
department when required;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(f)&nbsp;&nbsp;</TD>
    <TD>Overseeing the supervision of subordinate personnel, including work
allocation, training, and problem resolution, evaluating performance and making
recommendations for Subsidiaries personnel actions and motivating its employees to
achieve peak productivity and performance;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(g)&nbsp;&nbsp;</TD>
    <TD>Preparing and presenting the monthly operations reports of each of the
Subsidiaries to management and the Board;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(h)&nbsp;&nbsp;</TD>
    <TD>Carrying out any special projects which may be assigned to the Vice
President from time to time.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>The Vice-President must perform his duties under this Agreement during normal business hours
from Monday to Friday inclusive (except on bank holidays) but he accepts that his duties,
which include travelling on the Company&#146;s business both within the Cayman Islands and
abroad, may, from time to time, require work to be undertaken on Saturdays, Sundays and bank
and public holidays.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>The Vice-President must not directly or indirectly engage in any activities or work which
are deemed by the Board to be detrimental to the best interests of the Company.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">10.&nbsp;&nbsp;</TD>
    <TD>In case of inability to work due to illness or injury, the Vice-President must notify the
Company immediately and produce a medical certificate for any absence longer than ten working
days.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">11.&nbsp;&nbsp;</TD>
    <TD>The Vice-President is entitled to up to ten (10)&nbsp;days sick leave per year without a medical
certificate.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">-3-
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>


<P align="left" style="font-size: 10pt"><U>Holidays</U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">12.&nbsp;&nbsp;</TD>
    <TD>The Vice-President is entitled, during every calendar year to the following holidays during
which his remuneration will continue to be payable:-</TD>
</TR>

</TABLE>




<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(a)&nbsp;&nbsp;</TD>
    <TD>
<P align="left" style="font-size: 10pt">all public holidays in the Cayman Islands, and
</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(b)&nbsp;&nbsp;</TD>
    <TD>
<P align="left" style="font-size: 10pt">
four (4)&nbsp;weeks vacation to be taken at a time to be approved by the Chief
Executive Officer.
</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><U>Reimbursement of Expenses/Fees Earned</U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">13.&nbsp;&nbsp;</TD>
    <TD>(a)&nbsp;All expenses for which the Vice-President claims reimbursement must be in accordance with
any policies established by the Board from time to time and must be within the operating
budgets approved by the Board. The Company must reimburse the Vice-President for the costs
incurred by the Vice-President in his performance of his duties on production of the necessary
vouchers or, if he is unable to produce vouchers, on the Vice-President&#146;s proving, to the
Chief Executive Officer&#146;s satisfaction, the amount he has spent for those purposes.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(b)&nbsp;&nbsp;</TD>
    <TD>Any fees and payments received by the Vice-President for or in relation to acting
as director or officer of a subsidiary or affiliate of the Company will be the property
of the Company and the Vice-President must account to the Company for it.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><U>Non-Competition</U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">14.&nbsp;&nbsp;</TD>
    <TD>The Vice-President agrees, as a separate and independent agreement, that he will not during
any period for which he is entitled to remuneration under this Agreement, whether for his own
account or for the account of any other person, firm or body corporate, either alone or
jointly with or as director, manager, agent or employee of or as consultant to any person,
firm or body corporate, directly or indirectly, carry on or be engaged or concerned or
interested in any person firm or body corporate who conducts business identical to or similar
to that conducted by the Company in any jurisdiction in which the Company carries on business
(whether directly or indirectly).</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><U>Company Information, Documents, Confidentiality, and Non-Solicitation</U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>15.(a) All information, documents, books, records, notes, files, memoranda, reports, customer
lists and other documents, and all copies of them, relating to the Company&#146;s business or
opportunities which the Vice-President keeps, prepares or conceives or which become known to
him or which are delivered or disclosed to him or which, by any means come into his
possession, and all the Company&#146;s property and equipment are and will remain the Company&#146;s
sole and exclusive property both during the term of this Agreement and after the termination
or expiration hereof;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(b)&nbsp;&nbsp;</TD>
    <TD>If this Agreement is terminated for any reason, or if the Company at any time
requests, the Vice-President must promptly deliver to the Company the originals</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">-4-
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>and all copies of all relevant documents that are in his possession, custody or
control together with any other property belonging to the Company. Should the
Vice-President require access to copies of those documents for any reasonable purpose,
the Company must provide them on his request;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(c)&nbsp;&nbsp;</TD>
    <TD>The Vice-President must not, at any time during the term of this Agreement or
within one year after its termination or expiration, either for his own account or for
the account of any other person, firm or company, solicit, interfere with or endeavour
to entice away from the Company any person, firm or company who, at any time during the
currency of this Agreement was an employee, customer or supplier of or was in the habit
of dealing with the Company.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">16.&nbsp;&nbsp;</TD>
    <TD>Except where such information is a matter of public record or when required to do so by law,
the Vice-President must not, either before or after this Agreement ends, disclose to any
person any information relating to the Company or its customers of which he becomes possessed
while acting as Vice-President.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><U>Termination</U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">17.&nbsp;&nbsp;</TD>
    <TD>This Agreement will terminate and, except to the extent previously accrued, all rights and
obligations of both parties under it will cease if any of the following events occurs:-</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(a)&nbsp;&nbsp;</TD>
    <TD>The Vice-President dies.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(b)&nbsp;&nbsp;</TD>
    <TD>The Vice-President is adjudicated bankrupt or makes any arrangement or
composition with his creditors.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(c)&nbsp;&nbsp;</TD>
    <TD>The Vice-President gives six (6)&nbsp;months written notice of termination to the
Company.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">18.&nbsp;&nbsp;</TD>
    <TD>(a)&nbsp;The Company may, by written notice, terminate this Agreement with immediate effect if the
Vice-President conducts himself in a manner that would justify immediate dismissal of an
employee in accordance with the Labour Law and, except to the extent previously accrued, all
rights and obligations of both parties under this Agreement will cease.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(b)&nbsp;&nbsp;</TD>
    <TD>If through physical or mental illness, the Vice-President is unable to
discharge his duties for sixty (60)&nbsp;successive days, as to which a certificate by any
doctor appointed by the Company will be conclusive, then</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(i)&nbsp;&nbsp;</TD>
    <TD>the Vice-President will be relieved of his duties, his salary
reduced to US$1,000.00 per annum and his bonus entitlement suspended, but</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(ii)&nbsp;&nbsp;</TD>
    <TD>the Company will continue to pay the full cost of providing medical
insurance for the Vice-President and his wife and dependants together with
pension contributions (such contributions to be equal to the pension contribution
made on behalf of the Vice-President for the previous financial year of the
Company),</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">-5-
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>until the Vice-President is able once again to resume his duties in full.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>If this incapacity continues for a period of two years (including the 60-day period
referred to above) the Vice-President&#146;s employment will be deemed to have been
terminated by mutual consent at the expiration of that period.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><U>Renewal</U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">19.&nbsp;&nbsp;</TD>
    <TD>On or before June&nbsp;30, 2005, the Chief Executive Officer may, in his sole discretion offer to
renew this Agreement for a further term not exceeding two years.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><B>Notices</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">20.&nbsp;&nbsp;</TD>
    <TD>Any notice to be served under this Agreement must be in writing and will be deemed to be duly
served if it is handed personally to the Secretary of the Company or to the Vice-President as
the case may be, or if it is sent by registered post to the addressee at the relevant address
at the head of this Agreement. A notice sent by post will be deemed to be served on the third
day following the date on which it was posted.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><U>Previous Agreements Superseded</U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">21.&nbsp;&nbsp;</TD>
    <TD>This Agreement supersedes all prior contracts and understandings between the parties except
that benefits earned or accrued under prior contracts are not extinguished or affected and
that the Company will procure, subject only to the approval of the Board, that</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(a)&nbsp;&nbsp;</TD>
    <TD>all shares in the Company presently registered in the Vice-President&#146;s name and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(b)&nbsp;&nbsp;</TD>
    <TD>all such shares for which the Vice-President has vested options to subscribe</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>but which are not yet registered with the United States Securities and Exchange Commission,
will be so registered.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><U>Waiver</U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">22.&nbsp;&nbsp;</TD>
    <TD>No change or attempted waiver of any of the provisions of this Agreement will be binding
unless in writing and signed by the party against whom it is sought to be enforced.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><U>Severability of Provisions</U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">23.&nbsp;&nbsp;</TD>
    <TD>Whenever possible, each provision of this Agreement must be interpreted in such manner as to
be effective and valid. If any provision of this Agreement or the application of it is
prohibited or is held to be invalid, that prohibition or invalidity will not affect any other
provision, or the application of any other provision which can be given effect without the
invalid provision or prohibited application and, to this end, the provisions of this Agreement
are declared to be severable.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">-6-
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>


<P align="left" style="font-size: 10pt"><U>Headings</U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.&nbsp;The headings in this Agreement are included for convenience only and have no legal effect.


<P align="left" style="font-size: 10pt"><U>Applicable Law and Jurisdiction</U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">25.&nbsp;&nbsp;</TD>
    <TD>This Agreement must be construed and the legal relations between the parties determined in
accordance with the laws of the Cayman Islands to the jurisdiction of the courts of which the
parties agree to submit.</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" nowrap valign="top"><B>EXECUTED </B>for and on behalf of<br>
<B>CONSOLIDATED WATER CO LTD.<br></B>
by:<br>
In the presence of:<br></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ Frederick W. McTaggart
<HR size="1" noshade color="#000000">
<B>Witness</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
/s/ Richard Finlay
<HR size="1" noshade color="#000000">
<B>Director</B></TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top"><B>EXECUTED </B>by <B>GREGORY S.<br>
McTAGGART </B>in the presence of:<br></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ Brent Santha
<HR size="1" noshade color="#000000">
<B>Witnes</B><B><I>s</I></B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
/s/ Gregory S. McTaggart
<HR size="1" noshade color="#000000">
<B>GREGORY S. MCTAGGART</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">-7-
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.56
<SEQUENCE>4
<FILENAME>g93071exv10w56.htm
<DESCRIPTION>ENGAGEMENT AGREEMENT ROBERT MORRISON
<TEXT>
<HTML>
<HEAD>
<TITLE>Engagement Agreement Robert Morrison</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="right" style="font-size: 10pt">Exhibit&nbsp;10.56



<P align="center" style="font-size: 10pt"><U><B>ENGAGEMENT AGREEMENT</B></U>



<P align="left" style="font-size: 10pt"><B>THIS AGREEMENT </B>is made the 17<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day of January&nbsp;2005


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="89%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>BETWEEN:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>CONSOLIDATED WATER CO. LTD.,<br></B>
a Cayman Islands company having its registered office at<br>
Trafalgar Place, West Bay Road<br>
P.O. Box 1114 GT, Grand Cayman, B.W.I.<br>
(&#147;the Company&#148;)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>AND:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>ROBERT MORRISON</B><br>
of P. O. Box 31017 SMB, Grand Cayman, B.W.I.<br>
(&#147;the Vice-President&#148;)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt"><B>IT IS AGREED:-</B>



<P align="left" style="font-size: 10pt"><U>Engagement</U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.&nbsp;&nbsp;</TD>
    <TD>The Vice-President is engaged as Vice-President of Purchasing and Information Technology for
two (2)&nbsp;years commencing on the 1<SUP style="font-size: 85%; vertical-align: text-top">st</SUP> day of January, 2004 subject to the termination
provisions set out in Clauses 17 and 18, and the renewal provisions set out in Clause 19.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><U>Remuneration</U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.&nbsp;&nbsp;</TD>
    <TD>The Vice-President&#146;s remuneration will be US$100,000.00 per annum payable semi-monthly in
arrears.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.&nbsp;&nbsp;</TD>
    <TD>In addition, during the term of this Agreement, the Company will pay the full cost of
providing medical insurance, as generally provided for the Company&#146;s employees from time to
time, for the Vice-President and his wife and dependants.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4.&nbsp;&nbsp;</TD>
    <TD>Subject to approval of the members of the Company at the Company&#146;s next annual general
meeting, the Vice President will be allowed to participate in the Company&#146;s Employee Share
Incentive Plan.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">5.&nbsp;&nbsp;</TD>
    <TD>In addition, during the term of this Agreement, the Company will make contributions to a
pension scheme, of the Vice-President&#146;s choice but approved pursuant to the National Pensions
Law of the Cayman Islands, in the same manner and on the same basis as it makes contributions
from time to time, in respect of its other employees pursuant to the National Pensions Law on
a maximum salary base of CI$60,000.00 per annum.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">6.&nbsp;&nbsp;</TD>
    <TD>The Vice-President&#146;s remuneration will be reviewed as of January 1<SUP style="font-size: 85%; vertical-align: text-top">st</SUP> each year by
the Company&#146;s Board of Directors (&#147;the Board&#148;) who may grant an increase but must not reduce
the Vice-President&#146;s salary below the level set out in Clause 2.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">7.&nbsp;&nbsp;</TD>
    <TD>Further, for each completed financial year beginning with the financial year 2004, the
Vice-President will be paid not later than 28<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> February following the end of each
financial year, a performance bonus calculated as 2.5% of the Company&#146;s Incremental Net Profit
for that year. For the purposes of this Clause &#147;the Company&#146;s Incremental Net Profit&#148; means
the amount, if any, by which the Company&#146;s net profits (calculated before charging this bonus
and before charging dividends or crediting any amount accruing from the re-valuation of the
Company&#146;s assets) for the relevant financial year exceeds the highest annual net profit earned
by the Company in any prior financial year. In no event, however, may this bonus exceed 40%
of the Vice-President&#146;s annual salary paid pursuant to Clause 2.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>The Performance Bonus, if any, will be paid:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(a)&nbsp;&nbsp;</TD>
    <TD>in cash; or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(b)&nbsp;&nbsp;</TD>
    <TD>subject to approval of the members of the Company at the Company&#146;s next annual
general meeting, in ordinary shares of the Company valued at the market price at the
close of trading on December&nbsp;31<SUP style="font-size: 85%; vertical-align: text-top">st</SUP> of the relevant financial year (or if that
day is not a trading day, at the close of trading on the preceding trading day); or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(c)&nbsp;&nbsp;</TD>
    <TD>as a combination of both, at the Vice-President&#146;s election.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>If the approval required under (b)&nbsp;above is not obtained, the Performance Bonus will be paid
entirely in cash.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>Notwithstanding the preceding paragraphs of this Clause, the Vice-President will receive,
for the financial year 2004, the sum of US$15,000.00 and for the financial year 2005, the
sum of US$7,500.00, to be paid in equal monthly instalments in conjunction with the
remuneration set out in Clause 2, as an advance on his Performance Bonus for the relevant
financial year, which sum shall be deducted from the Vice-President&#146;s Performance Bonus for
the relevant financial year, when calculated. If the Performance Bonus for the relevant
financial year when calculated is less than the amount advanced in that financial year, the
Company will waive repayment of the difference.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><U>Responsibilities</U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">8.&nbsp;&nbsp;</TD>
    <TD>The Vice-President&#146;s work will be performed mainly in West Bay, Grand Cayman.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>The Company reserves the right to transfer the Vice-President to any other place of business
which it may establish in the Cayman Islands.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">9.&nbsp;&nbsp;</TD>
    <TD>The Vice-President must devote the whole of his time to the Company&#146;s business and must use
his best endeavours to promote the Company&#146;s interest and welfare.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">-2-
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>The Vice-President must direct, administer and co-ordinate all purchasing and information
technology activities of the Company, establish or recommend to management strategic goals,
objectives and policies for the Company&#146;s Purchasing and Information Technology Department,
ensure that accurate and timely information is available for management and/or Board use and
carry out any further duties reasonably required of and assigned to him by the Chief
Executive Officer which he must discharge in accordance with directions of the Chief
Executive Officer.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>The Vice-President&#146;s powers and responsibilities include the following:-</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(a)&nbsp;&nbsp;</TD>
    <TD>Directing and managing the day-to-day activities of the Purchasing and
Information Technology Department, including (i)&nbsp;processing purchase orders, (ii)
ordering material and equipment, (iii)&nbsp;arranging shipping, delivery and clearance
of orders, (iv)&nbsp;providing logistical support for other departments and affiliated
companies, and (v)&nbsp;selecting and supporting computer hardware and software;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(b)&nbsp;&nbsp;</TD>
    <TD>Maintaining the Company&#146;s computer systems, Internet web site, Internet
mail server, and any other computerised systems as directed by the Chief Executive
Officer;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(c)&nbsp;&nbsp;</TD>
    <TD>Developing, implementing and maintaining the Company&#146;s computerised
inventory management system;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(d)&nbsp;&nbsp;</TD>
    <TD>Staying current with information technology trends and improvements and
endeavouring to incorporate new and more cost-efficient technology in the Company&#146;s
operations in order to maximise profitability;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(e)&nbsp;&nbsp;</TD>
    <TD>Assisting the Vice President of Finance to prepare the operating and
capital expenditure budgets for the Purchasing and Information Technology
Department;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(f)&nbsp;&nbsp;</TD>
    <TD>Assisting the Vice President of Engineering to prepare proposals and
cost estimates for new projects;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(g)&nbsp;&nbsp;</TD>
    <TD>Overseeing the supervision of subordinate personnel, including work
allocation, training, and problem resolution, evaluating performance; making
recommendations for personnel actions and motivating employees to achieve peak
productivity and performance;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(h)&nbsp;&nbsp;</TD>
    <TD>Preparing and presenting monthly operations reports on the activities
of the Purchasing and Information Technology Department to management and the
Board;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(i)&nbsp;&nbsp;</TD>
    <TD>Carrying out any special projects which may be assigned to the Vice
President of Purchasing and Information Technology from time to time.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>The Vice-President must perform his duties under this Agreement during normal business hours
from Monday to Friday inclusive (except on bank holidays) but he accepts that his duties,
which include travelling on the Company&#146;s business both within the Cayman Islands and
abroad, may, from time to time, require work to be undertaken on Saturdays, Sundays and bank
and public holidays. However, at the discretion of the Chief Executive
Officer, the Vice President may be granted extra time off in exchange for additional time
worked.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">-3-
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>The Vice-President must not directly or indirectly engage in any activities or work which
are deemed by the Board to be detrimental to the best interests of the Company, provided
however, that the Company consents to the Vice President&#146;s continued involvement as the
Internet web site administrator of: -</TD>
</TR>
</table>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;Sanitherm Engineering Ltd.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">10.&nbsp;&nbsp;</TD>
    <TD>In case of inability to work due to illness or injury, the Vice-President must notify the
Company immediately and produce a medical certificate for any absence longer than ten working
days.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">11.&nbsp;&nbsp;</TD>
    <TD>The Vice-President is entitled to up to ten (10)&nbsp;days sick leave per year without a medical
certificate.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><U>Holidays</U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">12.&nbsp;&nbsp;</TD>
    <TD>The Vice-President is entitled, during every calendar year to the following holidays during
which his remuneration will continue to be payable:-</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(a)&nbsp;&nbsp;</TD>
    <TD>all public holidays in the Cayman Islands, and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(b)&nbsp;&nbsp;</TD>
    <TD>four (4)&nbsp;weeks vacation to be taken at a time to be approved by the Chief
Executive Officer.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><U>Reimbursement of Expenses/Fees Earned</U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">13.&nbsp;&nbsp;</TD>
    <TD>(a)&nbsp;All expenses for which the Vice-President claims reimbursement must be in accordance with
any policies established by the Board from time to time and must be within the operating
budgets approved by the Board. The Company must reimburse the Vice-President for the costs
incurred by the Vice-President in his performance of his duties on production of the necessary
vouchers or, if he is unable to produce vouchers, on the Vice-President&#146;s proving, to the
Chief Executive Officer&#146;s satisfaction, the amount he has spent for those purposes.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(b)&nbsp;&nbsp;</TD>
    <TD>Any fees and payments received by the Vice-President for or in relation to acting
as director or officer of a subsidiary or affiliate of the Company will be the property
of the Company and the Vice-President must account to the Company for it.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><U>Non-Competition</U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">14.&nbsp;&nbsp;</TD>
    <TD>The Vice-President agrees, as a separate and independent agreement, that he will not during
any period for which he is entitled to remuneration under this Agreement, whether for his own
account or for the account of any other person, firm or body corporate, either alone or
jointly with or as director, manager, agent or employee of or as consultant to any</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">-4-
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>person, firm or body corporate, directly or indirectly, carry on or be engaged or concerned
or interested in any person firm or body corporate who conducts business identical to or
similar to that conducted by the Company in any jurisdiction in which the Company carries on
business (whether directly or indirectly).</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><U>Company Information, Documents, Confidentiality, and Non-Solicitation</U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">15.&nbsp;&nbsp;</TD>
    <TD>(a)&nbsp;All information, documents, books, records, notes, files, memoranda, reports, customer
lists and other documents, and all copies of them, relating to the Company&#146;s business or
opportunities which the Vice-President keeps, prepares or conceives or which become known to
him or which are delivered or disclosed to him or which, by any means come into his
possession, and all the Company&#146;s property and equipment are and will remain the Company&#146;s
sole and exclusive property both during the term of this Agreement and after the termination
or expiration hereof;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(b)&nbsp;&nbsp;</TD>
    <TD>If this Agreement is terminated for any reason, or if the Company at any time
requests, the Vice-President must promptly deliver to the Company the originals and all
copies of all relevant documents that are in his possession, custody or control together
with any other property belonging to the Company. Should the Vice-President require
access to copies of those documents for any reasonable purpose, the Company must provide
them on his request;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(c)&nbsp;&nbsp;</TD>
    <TD>The Vice-President must not, at any time during the term of this Agreement or
within one year after its termination or expiration, either for his own account or for
the account of any other person, firm or company, solicit, interfere with or endeavour
to entice away from the Company any person, firm or company who, at any time during the
currency of this Agreement was an employee, customer or supplier of or was in the habit
of dealing with the Company.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">16.&nbsp;&nbsp;</TD>
    <TD>Except where such information is a matter of public record or when required to do so by law,
the Vice-President must not, either before or after this Agreement ends, disclose to any
person any information relating to the Company or its customers of which he becomes possessed
while acting as Vice-President.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><U>Termination</U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">17.&nbsp;&nbsp;</TD>
    <TD>This Agreement will terminate and, except to the extent previously accrued, all rights and
obligations of both parties under it will cease if any of the following events occurs:-</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(a)&nbsp;&nbsp;</TD>
    <TD>The Vice-President dies.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(b)&nbsp;&nbsp;</TD>
    <TD>The Vice-President is adjudicated bankrupt or makes any arrangement or
composition with his creditors.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(c)&nbsp;&nbsp;</TD>
    <TD>The Vice-President gives six (6)&nbsp;months written notice of termination to the
Company.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">-5-
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">18.&nbsp;&nbsp;</TD>
    <TD>(a)&nbsp;The Company may, by written notice, terminate this Agreement with immediate effect if the
Vice-President conducts himself in a manner that would justify immediate dismissal of an
employee in accordance with the Labour Law and, except to the extent previously accrued, all
rights and obligations of both parties under this Agreement will cease.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(b)&nbsp;&nbsp;</TD>
    <TD>If through physical or mental illness, the Vice-President is unable to
discharge his duties for sixty (60)&nbsp;successive days, as to which a certificate by any
doctor appointed by the Company will be conclusive, then</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="5%" nowrap align="left">(i)&nbsp;&nbsp;</TD>
    <TD>the Vice-President will be relieved of his duties, his salary
reduced to US$1,000.00 per annum and his bonus entitlement suspended, but</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="5%" nowrap align="left">(ii)&nbsp;&nbsp;</TD>
    <TD>the Company will continue to pay the full cost of providing medical
insurance for the Vice-President and his wife and dependants together with
pension contributions (such contributions to be equal to the pension contribution
made on behalf of the Vice-President for the previous financial year of the
Company),</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>until the Vice-President is able once again to resume his duties in full.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>If this incapacity continues for a period of two years (including the 60-day period
referred to above) the Vice-President&#146;s employment will be deemed to have been
terminated by mutual consent at the expiration of that period.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><U>Renewal</U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">19.&nbsp;&nbsp;</TD>
    <TD>On or before June&nbsp;30, 2005, the Chief Executive Officer may, in his sole discretion offer to
renew this Agreement for a further term not exceeding two years.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><B>Notices</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">20.&nbsp;&nbsp;</TD>
    <TD>Any notice to be served under this Agreement must be in writing and will be deemed to be duly
served if it is handed personally to the Secretary of the Company or to the Vice-President as
the case may be, or if it is sent by registered post to the addressee at the relevant address
at the head of this Agreement. A notice sent by post will be deemed to be served on the third
day following the date on which it was posted.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><U>Previous Agreements Superseded</U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">21.&nbsp;&nbsp;</TD>
    <TD>This Agreement supersedes all prior contracts and understandings between the parties except
that benefits earned or accrued under prior contracts are not extinguished or affected.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><U>Waiver</U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">22.&nbsp;&nbsp;</TD>
    <TD>No change or attempted waiver of any of the provisions of this Agreement will be binding
unless in writing and signed by the party against whom it is sought to be enforced.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">-6-
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>


<P align="center" style="font-size: 10pt"><U>Severability of Provisions</U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">23.&nbsp;&nbsp;</TD>
    <TD>Whenever possible, each provision of this Agreement must be interpreted in such manner as to
be effective and valid. If any provision of this Agreement or the application of it is
prohibited or is held to be invalid, that prohibition or invalidity will not affect any other
provision, or the application of any other provision which can be given effect without the
invalid provision or prohibited application and, to this end, the provisions of this Agreement
are declared to be severable.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><U>Headings</U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">24.&nbsp;&nbsp;</TD>
    <TD>The headings in this Agreement are included for convenience only and have no legal effect.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><U>Applicable Law and Jurisdiction</U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">25.&nbsp;&nbsp;</TD>
    <TD>This Agreement must be construed and the legal relations between the parties determined in
accordance with the laws of the Cayman Islands to the jurisdiction of the courts of which the
parties agree to submit.</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" nowrap valign="top"><B>EXECUTED </B>for and on
behalf of<br>
<B>CONSOLIDATED WATER CO. LTD.</B><br>
by:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
<B>CONSOLIDATED WATER CO. LTD.</B></TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">In the presence of:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ Brent Santha
<HR size="1" noshade color="#000000">
<B>Witness</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
/s/ Frederick W. McTaggart
<HR size="1" noshade color="#000000">
<B>Director</B></TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top"><B>EXECUTED</B> by <B>ROBERT
MORRISON</B><br>
in the presence of:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ Brent Santha
<HR size="1" noshade color="#000000">
<B>Witness</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
/s/ Robert Morrison
<HR size="1" noshade color="#000000">
<B>ROBERT MORRISON</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">-7-
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.57
<SEQUENCE>5
<FILENAME>g93071exv10w57.htm
<DESCRIPTION>ENGAGEMENT AGREEMENT GERARD PEREIRA
<TEXT>
<HTML>
<HEAD>
<TITLE>Engagement Agreement Gerard Pereira</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="right" style="font-size: 10pt">Exhibit&nbsp;10.57



<P align="center" style="font-size: 10pt"><U><B>ENGAGEMENT AGREEMENT</B></U>



<P align="left" style="font-size: 10pt"><B>THIS AGREEMENT </B>is made the 14<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day of January&nbsp;2005


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="89%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>BETWEEN:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>CONSOLIDATED WATER CO. LTD.,<br></B>
a Cayman Islands company having its registered office at<br>
Trafalgar Place, West Bay Road<br>
P.O. Box 1114 GT, Grand Cayman, B.W.I.<br>
(&#147;the Company&#148;)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>AND:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>GERARD PEREIRA<br></B>
of P. O. Box 11892 APO, Grand Cayman, B.W.I.<br>
(&#147;the Vice-President&#148;)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt"><B>IT IS AGREED:-</B>



<P align="left" style="font-size: 10pt"><U>Engagement</U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.&nbsp;&nbsp;</TD>
    <TD>The Vice-President is engaged as Vice-President of Engineering for two (2)&nbsp;years commencing
on the 1<SUP style="font-size: 85%; vertical-align: text-top">st</SUP> day of January, 2004 subject to the termination provisions set out in
Clauses 17 and 18 and the renewal provisions set out in Clause 19.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><U>Remuneration</U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.&nbsp;&nbsp;</TD>
    <TD>The Vice-President&#146;s remuneration will be US$100,000.00 per annum payable semi-monthly in
arrears and the Company will provide the Vice-President with a motor vehicle which, in the
sole opinion of the Company, is suitable for the discharge of the Vice-President&#146;s duties
under this Agreement and will meet all operating costs of such vehicle.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.&nbsp;&nbsp;</TD>
    <TD>In addition, during the term of this Agreement, the Company will pay the full cost of
providing medical <U>i</U>nsurance, as generally provided for the Company&#146;s employees from
time to time, for the Vice-President and his wife and dependants.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4.&nbsp;&nbsp;</TD>
    <TD>Subject to approval of the members of the Company at the Company&#146;s next annual general
meeting, the Vice President will be allowed to participate in the Company&#146;s Employee Share
Incentive Plan.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">5.&nbsp;&nbsp;</TD>
    <TD>In addition, during the term of this Agreement, the Company will make contributions to a
pension scheme, of the Vice-President&#146;s choice but approved pursuant to the National Pensions
Law of the Cayman Islands, in the same manner and on the same basis as it makes contributions
from time to time, in respect of its other employees pursuant to the National Pensions Law on
a maximum salary base of CI$60,000.00 per annum.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">6.&nbsp;&nbsp;</TD>
    <TD>The Vice-President&#146;s remuneration will be reviewed as of January 1<SUP style="font-size: 85%; vertical-align: text-top">st</SUP> each year by
the Company&#146;s Board of Directors (&#147;the Board&#148;) who may grant an increase but must not reduce
the Vice-President&#146;s salary below the level set out in Clause 2.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">7.&nbsp;&nbsp;</TD>
    <TD>Further, for each completed financial year beginning with the financial year 2004, the
Vice-President will be paid not later than 28<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> February following the end of each
financial year, a performance bonus calculated as 2.5% of the Company&#146;s Incremental Net Profit
for that year. For the purposes of this Clause &#147;the Company&#146;s Incremental Net Profit&#148; means
the amount, if any, by which the Company&#146;s net profits (calculated before charging this bonus
and before charging dividends or crediting any amount accruing from the re-valuation of the
Company&#146;s assets) for the relevant financial year exceeds the highest annual net profit earned
by the Company in any prior financial year. In no event, however, may this bonus exceed 40%
of the Vice-President&#146;s annual salary paid pursuant to Clause 2.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>The Performance Bonus, if any, will be paid:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(a)&nbsp;&nbsp;</TD>
    <TD>in cash; or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(b)&nbsp;&nbsp;</TD>
    <TD>subject to approval of the members of the Company at the Company&#146;s next annual
general meeting, in ordinary shares of the Company valued at the market price at the
close of trading on December&nbsp;31<SUP style="font-size: 85%; vertical-align: text-top">st</SUP> of the relevant financial year (or if that
day is not a trading day, at the close of trading on the preceding trading day); or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(c)&nbsp;&nbsp;</TD>
    <TD>as a combination of both, at the Vice-President&#146;s election.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>If the approval required under (b)&nbsp;above is not obtained, the Performance Bonus will be paid
entirely in cash.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><U>Responsibilities</U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">8.&nbsp;&nbsp;</TD>
    <TD>The Vice-President&#146;s work will be performed mainly in West Bay, Grand Cayman.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>The Company reserves the right to transfer the Vice-President to any other place of business
which it may establish in the Cayman Islands.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">9.&nbsp;&nbsp;</TD>
    <TD>The Vice-President must devote the whole of his time to the Company&#146;s business and must use
his best endeavours to promote the Company&#146;s interest and welfare.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>The Vice-President must direct, administer and co-ordinate all engineering activities of the
Company, establish or recommend to management strategic goals, objectives and policies for
the Engineering Department, ensure that accurate and timely information is available for
management and/or Board use and carry out any further duties reasonably required of and
assigned to him by the Chief Executive Officer all of which he must discharge in accordance
with directions of the Chief Executive Officer.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>The Vice-President&#146;s powers and responsibilities include the following:-</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">-2-
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(a)&nbsp;&nbsp;</TD>
    <TD>Directing and managing the day-to-day activities of the Engineering
Department, including plant design, drawing and specifications preparation, plant
construction, technical support, sales proposals, and purchase order processing;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(b)&nbsp;&nbsp;</TD>
    <TD>Staying current with desalination plant technology and endeavouring to
incorporate new and more cost-efficient technology in the Company&#146;s plant designs
in order to maximise the profitability of the plant;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(c)&nbsp;&nbsp;</TD>
    <TD>Preparing and being responsible for project cost estimates and
expenditure;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(d)&nbsp;&nbsp;</TD>
    <TD>Assisting the Vice President of Finance to prepare the operating and
capital expenditure budgets for the Engineering Department;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(e)&nbsp;&nbsp;</TD>
    <TD>Assisting the Chief Executive Officer to prepare proposals and cost
estimates for new projects;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(f)&nbsp;&nbsp;</TD>
    <TD>Overseeing the supervision of subordinate personnel, which includes
work allocation, training, and problem resolution, evaluating performance and
making recommendations for personnel actions and motivating employees to achieve
peak productivity and performance;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(g)&nbsp;&nbsp;</TD>
    <TD>Seeking and analysing feedback and data from operations personnel on
product performance, and implementing design improvements based on this feedback;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(h)&nbsp;&nbsp;</TD>
    <TD>Conducting regular visits to project sites to monitor the performance
of staff and product quality, and implementing policies and procedures improvements
as necessary;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(i)&nbsp;&nbsp;</TD>
    <TD>Preparing and presenting monthly operations reports on the activities
of the Engineering Department to management and the Board;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(j)&nbsp;&nbsp;</TD>
    <TD>Carrying out any special projects which may be assigned to the Vice
President from time to time.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>The Vice-President must perform his duties under this Agreement during normal business hours
from Monday to Friday inclusive (except on bank holidays) but he accepts that his duties,
which include travelling on the Company&#146;s business both within the Cayman Islands and
abroad, may, from time to time, require work to be undertaken on Saturdays, Sundays and bank
and public holidays.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>The Vice-President must not directly or indirectly engage in any activities or work which
are deemed by the Board to be detrimental to the best interests of the Company, provided
however, that the Company consents to the Vice President&#146;s continued involvement as a
shareholder and director of: -</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>Barnes Dance Academy Ltd.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">10.&nbsp;&nbsp;</TD>
    <TD>In case of inability to work due to illness or injury, the Vice-President must notify the
Company immediately and produce a medical certificate for any absence longer than ten working
days.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">-3-
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">11.&nbsp;&nbsp;</TD>
    <TD>The Vice-President is entitled to up to ten (10)&nbsp;days sick leave per year without a medical
certificate.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><U>Holidays</U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">12.&nbsp;&nbsp;</TD>
    <TD>The Vice-President is entitled, during every calendar year to the following holidays during
which his remuneration will continue to be payable:-</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(a)&nbsp;&nbsp;</TD>
    <TD>all public holidays in the Cayman Islands, and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(b)&nbsp;&nbsp;</TD>
    <TD>four (4)&nbsp;weeks vacation to be taken at a time to be approved by the Chief
Executive Officer.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><U>Reimbursement of Expenses/Fees Earned</U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">13.&nbsp;&nbsp;</TD>
    <TD>(a)&nbsp;All expenses for which the Vice-President claims reimbursement must be in accordance with
any policies established by the Board from time to time and must be within the operating
budgets approved by the Board. The Company must reimburse the Vice-President for the costs
incurred by the Vice-President in his performance of his duties on production of the necessary
vouchers or, if he is unable to produce vouchers, on the Vice-President&#146;s proving, to the
Chief Executive Officer&#146;s satisfaction, the amount he has spent for those purposes.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(b)&nbsp;&nbsp;</TD>
    <TD>Any fees and payments received by the Vice-President for or in relation to acting
as director or officer of a subsidiary or affiliate of the Company will be the property
of the Company and the Vice-President must account to the Company for it.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><U>Non-Competition</U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">14.&nbsp;&nbsp;</TD>
    <TD>The Vice-President agrees, as a separate and independent agreement, that he will not during
any period for which he is entitled to remuneration under this Agreement, whether for his own
account or for the account of any other person, firm or body corporate, either alone or
jointly with or as director, manager, agent or employee of or as consultant to any person,
firm or body corporate, directly or indirectly, carry on or be engaged or concerned or
interested in any person firm or body corporate who conducts business identical to or similar
to that conducted by the Company in any jurisdiction in which the Company carries on business
(whether directly or indirectly).</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><U>Company Information, Documents, Confidentiality, and Non-Solicitation</U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">15&nbsp;&nbsp;</TD>
    <TD>(a)&nbsp;All information, documents, books, records, notes, files, memoranda, reports, customer
lists and other documents, and all copies of them, relating to the Company&#146;s business or
opportunities which the Vice-President keeps, prepares or conceives or which become known to
him or which are delivered or disclosed to him or which, by any means come into his
possession, and all the Company&#146;s property and equipment are and will remain the Company&#146;s
sole and exclusive property both during the term of this Agreement and after the termination
or expiration hereof;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">-4-
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(b)&nbsp;&nbsp;</TD>
    <TD>If this Agreement is terminated for any reason, or if the Company at any time
requests, the Vice-President must promptly deliver to the Company the originals and all
copies of all relevant documents that are in his possession, custody or control together
with any other property belonging to the Company. Should the Vice-President require
access to copies of those documents for any reasonable purpose, the Company must provide
them on his request;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(c)&nbsp;&nbsp;</TD>
    <TD>The Vice-President must not, at any time during the term of this Agreement or
within one year after its termination or expiration, either for his own account or for
the account of any other person, firm or company, solicit, interfere with or endeavour
to entice away from the Company any person, firm or company who, at any time during the
currency of this Agreement was an employee, customer or supplier of or was in the habit
of dealing with the Company.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">16.&nbsp;&nbsp;</TD>
    <TD>Except where such information is a matter of public record or when required to do so by law,
the Vice-President must not, either before or after this Agreement ends, disclose to any
person any information relating to the Company or its customers of which he becomes possessed
while acting as Vice-President.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><U>Termination</U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">17.&nbsp;&nbsp;</TD>
    <TD>This Agreement will terminate and, except to the extent previously accrued, all rights and
obligations of both parties under it will cease if any of the following events occurs:-</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(a)&nbsp;&nbsp;</TD>
    <TD>The Vice-President dies.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(b)&nbsp;&nbsp;</TD>
    <TD>The Vice-President is adjudicated bankrupt or makes any arrangement or
composition with his creditors.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(c)&nbsp;&nbsp;</TD>
    <TD>The Vice-President gives six (6)&nbsp;months written notice of termination to the
Company.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">18.&nbsp;&nbsp;</TD>
    <TD>(a)&nbsp;The Company may, by written notice, terminate this Agreement with immediate effect if the
Vice-President conducts himself in a manner that would justify immediate dismissal of an
employee in accordance with the Labour Law and, except to the extent previously accrued, all
rights and obligations of both parties under this Agreement will cease.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(b)&nbsp;&nbsp;</TD>
    <TD>If through physical or mental illness, the Vice-President is unable to
discharge his duties for sixty (60)&nbsp;successive days, as to which a certificate by any
doctor appointed by the Company will be conclusive, then</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="5%" nowrap align="left">(i)&nbsp;&nbsp;</TD>
    <TD>the Vice-President will be relieved of his duties, his salary
reduced to US$1,000.00 per annum and his bonus entitlement suspended, but</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="5%" nowrap align="left">(ii)&nbsp;&nbsp;</TD>
    <TD>the Company will continue to pay the full cost of providing medical insurance
for the Vice-President and his wife and dependants together with pension</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">-5-
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>contributions (such contributions to be equal to the pension contribution made on
behalf of the Vice-President for the previous financial year of the Company),</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>until the Vice-President is able once again to resume his duties in full.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>If this incapacity continues for a period of two years (including the 60-day period
referred to above) the Vice-President&#146;s employment will be deemed to have been
terminated by mutual consent at the expiration of that period.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><U>Renewal</U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">19.&nbsp;&nbsp;</TD>
    <TD>On or before June&nbsp;30, 2005, the Chief Executive Officer may, in his sole discretion offer to
renew this Agreement for a further term not exceeding two years.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><B>Notices</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">20.&nbsp;&nbsp;</TD>
    <TD>Any notice to be served under this Agreement must be in writing and will be deemed to be duly
served if it is handed personally to the Secretary of the Company or to the Vice-President as
the case may be, or if it is sent by registered post to the addressee at the relevant address
at the head of this Agreement. A notice sent by post will be deemed to be served on the third
day following the date on which it was posted.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><U>Previous Agreements Superseded</U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">24.&nbsp;&nbsp;</TD>
    <TD>This Agreement supersedes all prior contracts and understandings between the parties except
that benefits earned or accrued under prior contracts are not extinguished or affected.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><U>Waiver</U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">25.&nbsp;&nbsp;</TD>
    <TD>No change or attempted waiver of any of the provisions of this Agreement will be binding
unless in writing and signed by the party against whom it is sought to be enforced.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><U>Severability of Provisions</U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">26.&nbsp;&nbsp;</TD>
    <TD>Whenever possible, each provision of this Agreement must be interpreted in such manner as to
be effective and valid. If any provision of this Agreement or the application of it is
prohibited or is held to be invalid, that prohibition or invalidity will not affect any other
provision, or the application of any other provision which can be given effect without the
invalid provision or prohibited application and, to this end, the provisions of this Agreement
are declared to be severable.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><U>Headings</U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">27.&nbsp;&nbsp;</TD>
    <TD>The headings in this Agreement are included for convenience only and have no legal effect.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">-6-
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>


<P align="left" style="font-size: 10pt"><U>Applicable Law and Jurisdiction</U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">28.&nbsp;&nbsp;</TD>
    <TD>This Agreement must be construed and the legal relations between the parties determined in
accordance with the laws of the Cayman Islands to the jurisdiction of the courts of which the
parties agree to submit.</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" nowrap valign="top"><B>EXECUTED </B>for and on
behalf of<br>
<B>CONSOLIDATED WATER CO LTD.</B><br>
by:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
<B>CONSOLIDATED WATER CO. LTD.</B></TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">in the presence of:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ Margaret Julier-Godet
<HR size="1" noshade color="#000000">
Witness</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
/s/ Frederick W. McTaggart
<HR size="1" noshade color="#000000">
Director</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top"><B>EXECUTED </B>by <B>GERARD PEREIRA</B><BR>
in the presence of:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ Kenneth Crowley
<HR size="1" noshade color="#000000">
Witness</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
/s/ Gerard Pereira
<HR size="1" noshade color="#000000">
<B>GERARD PEREIRA</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">-7-
</DIV>

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</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.58
<SEQUENCE>6
<FILENAME>g93071exv10w58.htm
<DESCRIPTION>ENGAGEMENT AGREEMENT BRENT SAMTHA
<TEXT>
<HTML>
<HEAD>
<TITLE>Engagement Agreement Brent Samtha</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="right" style="font-size: 10pt">Exhibit&nbsp;10.58



<P align="center" style="font-size: 10pt"><U><B>ENGAGEMENT AGREEMENT</B></U>



<P align="left" style="font-size: 10pt"><B>THIS AGREEMENT </B>is made the 1st day of February&nbsp;2005


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="89%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>BETWEEN:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>CONSOLIDATED WATER CO. LTD.,<br></B>
a Cayman Islands company having its registered office at<br>
Trafalgar Place, West Bay Road<br>
P.O. Box 1114 GT, Grand Cayman, B.W.I.<br>
(&#147;the Company&#148;)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>AND:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>BRENT SANTHA<br></B>
of P. O. Box 31999 SMB, Grand Cayman, B.W.I.<br>
(&#147;the Vice-President&#148;)<br></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt"><B>IT IS AGREED:-</B>



<P align="left" style="font-size: 10pt"><U>Engagement</U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.&nbsp;&nbsp;</TD>
    <TD>The Vice-President is engaged as Vice-President &#150; Finance and/or Chief Financial Officer of
the Company (as decided by the Company&#146;s Board of Directors (the &#147;Board&#148;) at any time) and
Company Secretary for two (2)&nbsp;years commencing on the 1<SUP style="font-size: 85%; vertical-align: text-top">st</SUP> day of January, 2004
subject to the termination provisions set out in Clauses 17 and 18, and the renewal provisions
set out in Clause 19.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><U>Remuneration</U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.&nbsp;&nbsp;</TD>
    <TD>The Vice-President&#146;s remuneration will be US$115,000.00 per annum while he serves as Chief
financial Officer and US$100,000.00 thereafter while he serves as Vice-president &#151; Finance, in
either case payable semi-monthly in arrears.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.&nbsp;&nbsp;</TD>
    <TD>In addition, during the term of this Agreement, the Company will pay the full cost of
providing medical <U>i</U>nsurance, as generally provided for the Company&#146;s employees from
time to time, for the Vice-President and his wife and dependants.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4.&nbsp;&nbsp;</TD>
    <TD>Subject to approval of the members of the Company at the Company&#146;s next annual general
meeting, the Vice President will be allowed to participate in the Company&#146;s Employee Share
Incentive Plan.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">5.&nbsp;&nbsp;</TD>
    <TD>In addition, during the term of this Agreement, the Company will make contributions to a
pension scheme, of the Vice-President&#146;s choice but approved pursuant to the National Pensions
Law of the Cayman Islands, in the same manner and on the same basis as it makes contributions
from time to time, in respect of its other employees pursuant to the National Pensions Law on
a maximum salary base of CI$60,000.00 per annum.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">6.&nbsp;&nbsp;</TD>
    <TD>The Vice-President&#146;s remuneration will be reviewed as of January 1<SUP style="font-size: 85%; vertical-align: text-top">st</SUP> each year by
the Board who may grant an increase but must not reduce the Vice-President&#146;s salary below the
level set out in Clause 2.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">7.&nbsp;&nbsp;</TD>
    <TD>Further, for each completed financial year beginning with the financial year 2004, the
Vice-President will be paid not later than 28<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> February following the end of each
financial year, a performance bonus calculated as 2.5% of the Company&#146;s Incremental Net Profit
for that year. For the purposes of this Clause &#147;the Company&#146;s Incremental Net Profit&#148; means
the amount, if any, by which the Company&#146;s net profits (calculated before charging this bonus
and before charging dividends or crediting any amount accruing from the re-valuation of the
Company&#146;s assets) for the relevant financial year exceeds the highest annual net profit earned
by the Company in any prior financial year. In no event, however, may this bonus exceed 40%
of the Vice-President&#146;s annual salary paid pursuant to Clause 2.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>The Performance Bonus, if any, will be paid:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(a)&nbsp;&nbsp;</TD>
    <TD>in cash; or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(b)&nbsp;&nbsp;</TD>
    <TD>subject to approval of the members of the Company at the Company&#146;s next annual
general meeting, in ordinary shares of the Company valued at the market price at the
close of trading on December&nbsp;31<SUP style="font-size: 85%; vertical-align: text-top">st</SUP> of the relevant financial year (or if that
day is not a trading day, at the close of trading on the preceding trading day); or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(c)&nbsp;&nbsp;</TD>
    <TD>as a combination of both, at the Vice-President&#146;s election.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>If the approval required under (b)&nbsp;above is not obtained, the Performance Bonus will be paid
entirely in cash.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><U>Responsibilities</U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">8.&nbsp;&nbsp;</TD>
    <TD>The Vice-President&#146;s work will be performed mainly in West Bay, Grand Cayman.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>The Company reserves the right to transfer the Vice-President to any other place of business
which it may establish in the Cayman Islands.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">9.&nbsp;&nbsp;</TD>
    <TD>The Vice-President must devote the whole of his time to the Company&#146;s business and must use
his best endeavours to promote the Company&#146;s interest and welfare.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>The Vice-President must perform the duties commonly performed by a Vice-President/Chief
Financial Officer and Company Secretary of a publicly listed company and also the duties
reasonably required of and assigned to him by the Chief Executive Officer which he must
discharge in accordance with directions of the Chief Executive Officer.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>While the Vice-President is also the Chief Financial Officer and Company Secretary, his
powers and responsibilities include the following:-</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">-2-
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(a)&nbsp;&nbsp;</TD>
    <TD>maintaining the accounts of the Company, its wholly-owned subsidiaries
and managed affiliates (collectively &#147;the Group&#148;);</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(b)&nbsp;&nbsp;</TD>
    <TD>managing subordinate staff in the Group&#146;s accounting and administrative
departments;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(c)&nbsp;&nbsp;</TD>
    <TD>preparing and drafting all annual and quarterly financial reports filed
with the SEC, including financial statements and disclosure included in
management&#146;s discussion and analysis;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(d)&nbsp;&nbsp;</TD>
    <TD>preparing financial information required in SEC filings relating to the
issue by the Company of debt and/or equity, including historical financial data,
pro forma financial statements, financial projections and other financial data
included in the filings;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(e)&nbsp;&nbsp;</TD>
    <TD>liaising with the Group&#146;s independent accountants and internal
auditors, and promptly preparing and communicating all information requested by the
independent accountants and internal auditors during the course of their annual
audit, quarterly reviews, or any other review;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(f)&nbsp;&nbsp;</TD>
    <TD>preparing monthly management accounts and analytical analysis of
monthly performance versus projections and prior periods for presentation to
management;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(g)&nbsp;&nbsp;</TD>
    <TD>preparing financial and other reports for various local government and
regulatory agencies as required in the operating licences of these reporting
entities, and communicating that information to the Chief Executive Officer and the
applicable regulatory bodies;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(h)&nbsp;&nbsp;</TD>
    <TD>preparing bank covenant compliance calculations for the Group, as
required in the Company&#146;s loan agreements from time to time, and communicating that
information to the Chief Executive Officer and the applicable banks;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(i)&nbsp;&nbsp;</TD>
    <TD>preparing and maintaining the consolidated budget for the Group;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(j)&nbsp;&nbsp;</TD>
    <TD>assessing and monitoring the Group&#146;s internal controls, with an
emphasis on processes that have a direct effect on the disclosures included in the
Group&#146;s statutory filings;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(k)&nbsp;&nbsp;</TD>
    <TD>overseeing the supervision of subordinate accounting and administrative
personnel, including work allocation, training, and problem resolution; evaluating
performance and making recommendations for personnel actions; motivating employees
to achieve peak productivity and performance.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(l)&nbsp;&nbsp;</TD>
    <TD>preparing corporate filings and corporate meeting minutes;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(m)&nbsp;&nbsp;</TD>
    <TD>maintaining the Company&#146;s share register, for all classes of shares,
outstanding stock options, and warrants, and liaising with the Company&#146;s stock
transfer agent.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>While the Vice President is also the Company Secretary, but not the Chief Financial Officer
his powers and responsibilities include the following:-</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">-3-
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>Items 9 (a)&nbsp;through 9 (m)&nbsp;inclusive, except that the Vice President will not hold
primary responsibility for Items 9 (c), 9 (d), and 9 (j)&nbsp;and will assist the Chief
Financial Officer in these matters.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>The Vice-President must perform his duties under this Agreement during normal business hours
from Monday to Friday inclusive (except on bank holidays) but he accepts that his duties,
which include travelling on the Company&#146;s business both within the Cayman Islands and
abroad, may, from time to time, require work to be undertaken on Saturdays, Sundays and bank
and public holidays.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>The Vice-President must not directly or indirectly engage in any activities or work which
are deemed by the Board to be detrimental to the best interests of the Company.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">10.&nbsp;&nbsp;</TD>
    <TD>In case of inability to work due to illness or injury, the Vice-President must notify the
Company immediately and produce a medical certificate for any absence longer than ten working
days.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">11.&nbsp;&nbsp;</TD>
    <TD>The Vice-President is entitled to up to ten (10)&nbsp;days sick leave per year without a medical
certificate.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><U>Holidays</U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">12.&nbsp;&nbsp;</TD>
    <TD>The Vice-President is entitled, during every calendar year to the following holidays during
which his remuneration will continue to be payable:-</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(a)&nbsp;&nbsp;</TD>
    <TD>all public holidays in the Cayman Islands, and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(b)&nbsp;&nbsp;</TD>
    <TD>four (4)&nbsp;weeks vacation to be taken at a time to be approved by the Chief
Executive Officer.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><U>Reimbursement of Expenses/Fees Earned</U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">13.&nbsp;&nbsp;</TD>
    <TD>(a)&nbsp;All expenses for which the Vice-President claims reimbursement must be in accordance with
any policies established by the Board from time to time and must be within the operating
budgets approved by the Board. The Company must reimburse the Vice-President for the costs
incurred by the Vice-President in his performance of his duties on production of the necessary
vouchers or, if he is unable to produce vouchers, on the Vice-President&#146;s proving, to the
Chief Executive Officer&#146;s satisfaction, the amount he has spent for those purposes.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(b)&nbsp;&nbsp;</TD>
    <TD>Any fees and payments received by the Vice-President for or in relation to acting
as director or officer of a subsidiary or affiliate of the Company will be the property
of the Company and the Vice-President must account to the Company for it.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><U>Non-Competition</U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">14.&nbsp;&nbsp;</TD>
    <TD>The Vice-President agrees, as a separate and independent agreement, that he will not during
any period for which he is entitled to remuneration under this Agreement, whether
</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt">-4-
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>for his own account or for the account of any other person, firm or body corporate, either
alone or jointly with or as director, manager, agent or employee of or as consultant to any
person, firm or body corporate, directly or indirectly, carry on or be engaged or concerned
or interested in any person firm or body corporate who conducts business identical to or
similar to that conducted by the Company in any jurisdiction in which the Company carries on
business (whether directly or indirectly).</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><U>Company Information, Documents, Confidentiality, and Non-Solicitation</U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">15.&nbsp;&nbsp;</TD>
    <TD>(a)&nbsp;All information, documents, books, records, notes, files, memoranda, reports, customer
lists and other documents, and all copies of them, relating to the Company&#146;s business or
opportunities which the Vice-President keeps, prepares or conceives or which become known to
him or which are delivered or disclosed to him or which, by any means come into his
possession, and all the Company&#146;s property and equipment are and will remain the Company&#146;s
sole and exclusive property both during the term of this Agreement and after the termination
or expiration hereof;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(b)&nbsp;&nbsp;</TD>
    <TD>If this Agreement is terminated for any reason, or if the Company at any time
requests, the Vice-President must promptly deliver to the Company the originals and all
copies of all relevant documents that are in his possession, custody or control together
with any other property belonging to the Company. Should the Vice-President require
access to copies of those documents for any reasonable purpose, the Company must provide
them on his request;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(c)&nbsp;&nbsp;</TD>
    <TD>The Vice-President must not, at any time during the term of this Agreement or
within one year after its termination or expiration, either for his own account or for
the account of any other person, firm or company, solicit, interfere with or endeavour
to entice away from the Company any person, firm or company who, at any time during the
currency of this Agreement was an employee, customer or supplier of or was in the habit
of dealing with the Company.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">16.&nbsp;&nbsp;</TD>
    <TD>Except where such information is a matter of public record or when required to do so by law,
the Vice-President must not, either before or after this Agreement ends, disclose to any
person any information relating to the Company or its customers of which he becomes possessed
while acting as Vice-President.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><U>Termination</U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">17.&nbsp;&nbsp;</TD>
    <TD>This Agreement will terminate and, except to the extent previously accrued, all rights and
obligations of both parties under it will cease if any of the following events occurs:-</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(a)&nbsp;&nbsp;</TD>
    <TD>The Vice-President dies.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(b)&nbsp;&nbsp;</TD>
    <TD>The Vice-President is adjudicated bankrupt or makes any arrangement or
composition with his creditors.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">-5-
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(c)&nbsp;&nbsp;</TD>
    <TD>The Vice-President gives six (6)&nbsp;months written notice of termination to the
Company.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">18.&nbsp;&nbsp;</TD>
    <TD>(a)&nbsp;The Company may, by written notice, terminate this Agreement with immediate effect if the
Vice-President conducts himself in a manner that would justify immediate dismissal of an
employee in accordance with the Labour Law and, except to the extent previously accrued, all
rights and obligations of both parties under this Agreement will cease.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)&nbsp;&nbsp;</TD>
    <TD>If through physical or mental illness, the Vice-President is unable to
discharge his duties for sixty (60)&nbsp;successive days, as to which a certificate by any
doctor appointed by the Company will be conclusive, then</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(i)&nbsp;&nbsp;</TD>
    <TD>the Vice-President will be relieved of his duties, his salary
reduced to US$1,000.00 per annum and his bonus entitlement suspended, but</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(ii)&nbsp;&nbsp;</TD>
    <TD>the Company will continue to pay the full cost of providing medical
insurance for the Vice-President and his wife and dependants together with
pension contributions (such contributions to be equal to the pension contribution
made on behalf of the Vice-President for the previous financial year of the
Company),</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>until the Vice-President is able once again to resume his duties in full.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>If this incapacity continues for a period of two years (including the 60-day period
referred to above) the Vice-President&#146;s employment will be deemed to have been
terminated by mutual consent at the expiration of that period.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><U>Renewal</U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">19.&nbsp;&nbsp;</TD>
    <TD>On or before June&nbsp;30, 2005, the Chief Executive Officer may, in his sole discretion offer to
renew this Agreement for a further term not exceeding two years.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>In the event that this Agreement is not renewed, the Company shall remain obliged to keep
medical insurance to which the Vice President was entitled as at the date of expiration paid
and available to the Vice President for a period of three (3)&nbsp;months from the date of
expiration.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><B>Notices</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">20.&nbsp;&nbsp;</TD>
    <TD>Any notice to be served under this Agreement must be in writing and will be deemed to be duly
served if it is handed personally to the Chief Executive Officer of the Company or to the
Vice-President as the case may be, or if it is sent by registered post to the addressee at the
relevant address at the head of this Agreement. A notice sent by post will be deemed to be
served on the third day following the date on which it was posted.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">-6-
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>


<P align="left" style="font-size: 10pt"><U>Previous Agreements Superseded</U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">21.&nbsp;&nbsp;</TD>
    <TD>This Agreement supersedes all prior contracts and understandings between the parties except
that benefits earned or accrued under prior contracts are not extinguished or affected.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><U>Waiver</U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">22.&nbsp;&nbsp;</TD>
    <TD>No change or attempted waiver of any of the provisions of this Agreement will be binding
unless in writing and signed by the party against whom it is sought to be enforced.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><U>Severability of Provisions</U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">23.&nbsp;&nbsp;</TD>
    <TD>Whenever possible, each provision of this Agreement must be interpreted in such manner as to
be effective and valid. If any provision of this Agreement or the application of it is
prohibited or is held to be invalid, that prohibition or invalidity will not affect any other
provision, or the application of any other provision which can be given effect without the
invalid provision or prohibited application and, to this end, the provisions of this Agreement
are declared to be severable.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><U>Headings</U>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">24.&nbsp;&nbsp;</TD>
    <TD>The headings in this Agreement are included for convenience only and have no legal effect.</TD>
</TR>

</TABLE>



<P align="left" style="font-size: 10pt"><U>Applicable Law and Jurisdiction</U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">25.&nbsp;&nbsp;</TD>
    <TD>This Agreement must be construed and the legal relations between the parties determined in
accordance with the laws of the Cayman Islands to the jurisdiction of the courts of which the
parties agree to submit.</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top"><B>EXECUTED </B>for and on behalf of<BR>
<B>CONSOLIDATED WATER CO LTD.</B><BR>
by:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>CONSOLIDATED WATER CO. LTD.</B></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">In the presence of:</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">/s/ Stephen W. Jacoby
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Frederick W. McTaggart</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Witness
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><B>EXECUTED </B>by <B>BRENT SANTHA</B><BR>
in the presence of:</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">/s/ Stephen W. Jacoby
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Brent Santha</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><B>Witness</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>BRENT SANTHA</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">-7-
</DIV>


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