Document:

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                                                                    Exhibit 10.4

                                   BONUS PLAN

This Bonus Plan is by and between Vidler Water Company, Inc. and Nevada Land &
Resource Company, LLC ("Companies") on behalf of Dorothy A. Timian-Palmer
("Employee").

I.    Annual Bonus. The annual bonus will be determined on an annual basis as
      follows:

      A.    The calculation to determine the bonus will be performed after the
            close of each calendar Year upon the final closing of the financial
            records during the first quarter of the following year, and will be
            based on a consolidated basis.

      B.    The calculation will be based on the following formula:

            Vidler Net Earnings,
            (Before Interest Expense to Pico and Taxes)     $___________________
            NLRC Net Earnings,
            (Before Interest Expense to Pico and Taxes)     $___________________
            Gain from sale of Companies*                    $___________________

            TOTAL Net Income/Gain,
            Before Interest Expense to Pico and Income      $___________________
            Taxes

            NET BONUS COMPENSATION                          $___________________
                2% of Combined Net Income

      * In the event an interest in Vidler or NLRC is sold to a non-affiliated
      third party, the bonus will be calculated as 2% of the gain in Pico's book
      value resulting from the sale transaction.

      C.    Every effort will be made to finance Companies' transactions from
            the funds of Companies prior to obtaining financing from PICO
            Holdings, Inc. PICO Holdings reserves the right to dividend out
            earnings or repay/increase intercompany financing to PICO Holdings
            at PICO Holding's discretion.

      D.    In the event that the Net Bonus Compensation, as calculated in 2.
            above, is negative, no bonus compensation will be payable. Any
            negative balance will not accrue forward to the following year, as
            each year will be valued on an individual year-by-year basis.

II. TERMINATION.

      A.    If Companies terminate without cause the employment of Employee or
            eliminates Employee's position, Companies will determine the bonus
            amount based on a prorata calculation determined as of the current
            quarter's financials. The bonus amount will also include the
            financial impact of all pending transactions which are consummated
            prior to the termination date and reach financial close by the end
            of the termination calendar year. The company financial statements
            will be closed as soon as possible after the end

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            of the quarter immediately following termination, and paid, as soon
            as practicable, after the year end results are determined.

      B.    If Employee voluntarily terminates employment or if Employee is
            terminated for cause, Employee shall have only the right to receive
            payment for services rendered prior to the date of such termination,
            based solely on Employee's current salary at the date of
            termination, and any standard employee severance benefit. No further
            bonuses or payments of any type under this Agreement shall be due.

This Bonus Plan is effective January 1, 2003 and shall automatically renew on
January 1, of each calendar year on the same terms and conditions as stated
above, unless it has been terminated by written notice to the employee at least
ten days before the end of the calendar year.

VIDLER WATER COMPANY, INC.
NEVADA LAND & RESOURCE COMPANY, LLC

/s/ Richard H. Sharpe
-------------------------------
Richard H. Sharpe
Director
Date:  September 15, 2003

                                        2<PAGE>

                                                                    Exhibit 10.5

                                   BONUS PLAN

This Bonus Plan is by and between Vidler Water Company, Inc. and Nevada Land &
Resource Company, LLC ("Companies") on behalf of Steve Hartman ("Employee").

I.    Annual Bonus. The annual bonus will be determined on an annual basis as
      follows:

      A.    The calculation to determine the bonus will be performed after the
            close of each calendar Year upon the final closing of the financial
            records during the first quarter of the following year, and will be
            based on a consolidated basis.

      B.    The calculation will be based on the following formula:

            Vidler Net Earnings,
            Before Interest Expense to Pico and Taxes        $__________________
            NLRC Net Earnings,
            Before Interest Expense to Pico and Taxes        $__________________
            Gain from sale of Companies*                     $__________________

            TOTAL Net Income/Gain,
            Before Interest Expense to Pico and Income Taxes $__________________

            NET BONUS COMPENSATION                           $__________________
              2% of Combined Net Income

      *In the event an interest in Vidler or NLRC is sold to a non-affiliated
      third party, the bonus will be calculated as 2% of the gain in Pico's book
      value resulting from the sale transaction.

      C.    Every effort will be made to finance Companies' transactions from
            the funds of Companies prior to obtaining financing from PICO
            Holdings, Inc. PICO Holdings reserves the right to dividend out
            earnings or repay/increase intercompany financing to PICO Holdings
            at PICO Holding's discretion.

      D.    In the event that the Net Bonus Compensation, as calculated in 2.
            above, is negative, no bonus compensation will be payable. Any
            negative balance will not accrue forward to the following year, as
            each year will be valued on an individual year-by-year basis.

      E.    An insurance policy in the amount of $500,000 paid by the Company.

II.   TERMINATION.

      A.    If Companies terminate without cause the employment of Employee or
            eliminates Employee's position, Companies will determine the bonus
            amount based on a prorata calculation determined as of the current
            quarter's financials. The bonus amount will also include the
            financial impact of all pending transactions which are consummated
            prior to the termination date and reach financial close by the end
            of the termination calendar

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            year. The company financial statements will be closed as soon as
            possible after the end of the quarter immediately following
            termination, and paid, as soon as practicable, after the year end
            results are determined.

      B.    If Employee voluntarily terminates employment or if Employee is
            terminated for cause, Employee shall have only the right to receive
            payment for services rendered prior to the date of such termination,
            based solely on Employee's current salary at the date of
            termination, and any standard employee severance benefit. No further
            bonuses or payments of any type under this Agreement shall be due.

This Bonus Plan is effective January 1, 2003 and shall automatically renew on
January 1, of each calendar year on the same terms and conditions as stated
above, unless it has been terminated by written notice to the employee at least
ten days before the end of the calendar year.

VIDLER WATER COMPANY, INC.
NEVADA LAND & RESOURCE COMPANY, LLC

/s/ Richard H. Sharpe
------------------------------
Richard H. Sharpe
Director
Date:  September 15, 2003

                                        2EX-10.49

 

EXHIBIT 10.49

Mr. Urs Widmer

(by internal mail)

	 	 	 
	Date

	 	June 6, 2002
	Reference

	 	WPD/rst
	Direct dial

	 	+41 1 944-2262
	Telefax

	 	+41 1 944-2470

Dear Mr. Widmer:

The company has requested that you file US income tax returns for tax years starting in 2001 to
ensure you are in full compliance with US tax laws. This filing requirement is due to your having
worked part of your time in the United States in your capacity as an officer of Mettler-Toledo
International Inc.

As a Swiss tax resident, generally you are already subject to Swiss income taxes on earnings
related to US workdays. Although a portion of your earnings subject to tax in the U.S. may be
excluded from taxation in Switzerland, depending on your situation, a double taxation cost could
result absent the provisions of this agreement. Additionally, all or a portion of the amounts paid
on your behalf under the provisions of this agreement will themselves be taxable in Switzerland and
the US.

You will also have additional tax return preparation costs associated with the filing of US income
tax returns, and, possibly, in connection with filing your Swiss tax declaration.

In connection with these matters, we have agreed to seek to keep you in the same position that you
would have been in had no US income tax return been filed. It is our intention that your financial
situation be no better and no worse than if no US returns were filed. In particular, we have
agreed to the following:

Additional income taxes/penalties

The company will pay any higher income taxes that result from your filing US income tax returns,
whether in the United States or in Switzerland. This includes any US penalty and interest charges
that may be payable as a result of the filings made after the original due date of the return.

 

 

 2 

Additional tax return preparation expenses

The company will engage and pay for accountants to prepare your US income tax returns, and will
also pay for any additional counseling necessary to prepare and file your Swiss tax declaration in
the future if the filing requires changes from the process followed in prior years (for example,
taking into account taxation on the tax indemnification payments themselves).

Tax payments

The company will pay your US tax liabilities on your behalf. The company will also pay all
interest and penalties due on this additional tax liability provided that you comply with requests
from the company and/or the accountants in a timely manner. For ease of administration these
payments will be made in the form of a direct company check made payable to the Internal Revenue
Service. To the extent that your Swiss tax liability is increased by virtue of the payment of
these taxes on your behalf by the company, you will be reimbursed as necessary to preserve your
financial situation as if no such payments had been made.

You agree that any amount by which your Swiss tax liability is decreased from what it would have
been had the US tax payments not been made, will be promptly repaid to the company as soon as your
Swiss tax liability for a given year has been paid.

Coverage and Scope of agreement

This agreement covers all income related to your employment with METTLER TOLEDO, including income
upon option exercises. This agreement does not extend to income from sources other than METTLER
TOLEDO, except for passive income on US investments to the extent not otherwise subject to taxation
in Switzerland.

If your employment with the company is terminated, this agreement will continue to apply until all
tax returns that report METTLER TOLEDO source income have been filed and tax liabilities related to
METTLER TOLEDO income have been concluded. In addition, it is the intent of the company, to only
indemnify you for incremental taxes as if income from METTLER TOLEDO was your only US source
income.

If you are in agreement to proceeding on this basis, please sign below and return a copy.

Mettler-Toledo International Inc.

	 	 	 
	By:

	 	William P. Donnelly
	Title:

	 	Chief Financial Officer

Acknowledged and Agreed:

Urs Widmer

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