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EXHIBIT 10.26

                        AMENDMENT TO EMPLOYMENT AGREEMENT

THIS AMENDMENT TO EMPLOYMENT AGREEMENT (the "Amendment"), made as of this 1st
day of October, 2003, by and between The Cronos Group, a societe anonyme holding
organized and existing under the laws of Luxembourg (the "Company"), and Peter
J. Younger ("Younger"),



                              W I T N E S S E T H:
                               - - - - - - - - - -


WHEREAS, the Company and Younger are parties to the 2001 Amended and Restated
Employment Agreement, dated as of December 1, 2001 (hereinafter, the "Employment
Agreement"); and

WHEREAS, at the time the Company and Younger entered into the Employment
Agreement, Younger resided in the United Kingdom; and

WHEREAS, on or about October 1, 2003 (the "Effective Date"), Younger and his
family relocated to the San Francisco Bay Area; and

WHEREAS, the Company and Younger desire to amend the Employment Agreement to
reflect Younger's relocation to the San Francisco Bay Area;

NOW, THEREFORE, in consideration of the premises and other good and valuable
consideration, the Company and Younger agree, effective as of the Effective
Date, as follows:

      7. Confirmation of 2003 Annual Salary. The Company and Younger hereby
confirm that Younger's annual salary for the calendar year 2003 is Three Hundred
Twenty-Four Thousand One Hundred Seventy-Six Dollars ($324,176).

      8. Amendment of Group/Executive Benefits Provision. Paragraph 6 of the
Employment Agreement is hereby amended and restated to read in its entirety as
follows:

      "6. GROUP/EXECUTIVE BENEFITS

            (a) Except as otherwise specifically provided herein, Younger and
      his family shall participate, on terms no less favorable than are provided
      to other executive officers of the Company, in any group and/or executive
      life, hospitalization or disability insurance plan, health program,
      pension, profit sharing, 401(k) and similar benefit plans (qualified,
      non-qualified and supplemental) that the Company sponsors for its officers
      or employees, and in other fringe benefits, including any automobile
      allowance or arrangement, club memberships and dues, and similar programs
      (collective referred to as the "Benefits"). All waiting periods for such
      plans shall be waived, except with respect to any pension plan where
      waiver of the applicable waiting period is not permitted. It is understood
      that participating on the "same terms" as other executive officers of the
      Company means the same rules and/or policies shall apply, recognizing that
      the result upon applying them can be affected by different credited years
      of service.

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EXHIBIT 10.26

            (b) Without limiting the generality of the foregoing provisions of
      this Section 6, the Company shall provide the following specific benefits
      to Younger:

                  (i) Tax Preparation and Planning. The Company will pay the
      fees for outside tax planning and tax return preparation services for
      Younger, by recognized experts in such fields, and any fees or expenses
      incurred by Younger in connection with any investigation or audit of such
      returns by any taxing authority; provided, however, that Younger's
      entitlement to reimbursement for his tax planning and tax return
      preparation shall terminate with the 2004 calendar year (with Younger
      entitled to reimbursement for the tax planning and tax return preparation
      fees and expenses (including those incurred in connection with any
      investigation or audit) he incurs for or attributable to calendar years
      ending on or prior to December 31, 2003).

                  (ii) Vacation. Younger shall be entitled to twenty-five (25)
      business days of vacation during each calendar year during the term of
      this Agreement and any extensions thereof, prorated for partial years.
      Younger may carry over to the subsequent year up to five (5) business days
      of vacation each year that he does not use.

                  (iii) Life Insurance. For the term of this Agreement and any
      extensions thereof, the Company shall, at its expense, procure and keep in
      effect life insurance on the life of Younger, payable to such
      beneficiaries as he may from time to time designate, in such amounts as
      called for by the Company's current policy with respect to the provision
      of life insurance to senior executives of the Company."

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EXHIBIT 10.26

      9. Amendment to Notice Provision. Paragraph 21 of the Employment Agreement
is hereby amended and restated to read in its entirety as follows:

"21. NOTICES

            Any notice, demand or communication required or permitted to be
      given by any provision of this Agreement shall be deemed properly given if
      given in writing or by electronic mail and either delivered through a
      commercially recognized overnight delivery service or, if sent by
      electronic mail or telecopier, to the party or to an officer of the party
      to whom the same is directed, addressed as follows:

      (a)   If to Cronos, to:    The Cronos Group
                                 16, Allee Marconi
                                 Boite Postale 260
                                 L-2120 Luxembourg
                                 Attn: Chief Executive Officer

            With a copy to:      Cronos Capital Corp.
                                 One Front Street, Suite 925
                                 San Francisco, California  94111
                                 Attn:  President
                                 Fax: (415) 677-9196

      (b)   If to Younger, to:   Peter J. Younger
                                 One Front Street, Suite 925
                                 San Francisco, California  94111
                                 Fax: (415) 677-9196
                                 Email: pjy@cronos.com



            Any party identified above may change the address to which notices
      are to be given hereunder by giving notice to the other party in the
      manner herein provided."

      10. Continuance in Force of Employment Agreement. Other than as
specifically amended hereby, the terms and provisions of the Employment
Agreement shall remain in full force and effect. Younger shall be entitled to
all group and executive benefits provided by the terms and provisions of the
Employment Agreement, prior to the amendment thereof made hereby, for all
periods prior to the Effective Date, including benefits granted or awarded
subsequent to the Effective Date but attributable to periods prior to the
Effective Date.

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EXHIBIT 10.26

IN WITNESS WHEREOF, the Company and Younger have executed this Amendment as of
the date and year first above written.

                                    "COMPANY"

                                    THE CRONOS GROUP


                                    By:   /s/ DENNIS J TIETZ
                                          Dennis J. Tietz

                                    Its:  Chief Executive Officer

                                    "YOUNGER"

                                          /s/ PETER J YOUNGER
                                          Peter J. Younger


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