Document:

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                                                                    Exhibit 10.4

        An amendment To A License To Produce Potable Water From Seawater

                                   Provided to

                           Consolidated Water Co. Ltd.

                     (Formerly Cayman Water Company Limited)

                                       by

                      The Government of The Cayman Islands

            The Water (Production and Supply) Law (Law No 15 of 1979)
                                 (1996 Revision)

IT IS AGREED AND DECLARED by and between the parties hereto that Schedules Three
and Five of the License, signed by the parties on eleventh day of July 1990, are
deleted with effect from the date hereof and replaced by the Schedule Three and
Schedule five hereto attached.

                             Dated 15th August 2001

IN WITNESS WHEREOF this amendment has been made on the date above written.

FOR THE GOVERNMENT OF THE CAYMAN ISLANDS

THE PUBLIC SEAL OF THE GOVERNMENT
Of the Cayman Islands was affixed in the presence of: -

      /s/ PETER SMITH
-------------------------------------------------------
HIS EXCELLENCY THE GOVERNOR PETER SMITH C.B.E.

FOR CONSOLIDATED WATER CO. LTD.
(Formerly CAYMAN WATER COMPANY LIMITED)

      /s/ JEFFREY M. PARKER
-------------------------------------------------------
Mr. Jeffrey M. Parker, Chairman

      /s/ FREDERICK W. MCTAGGART
-------------------------------------------------------
Mr. Frederick W. McTaggart, President and COO

FOR THE WATER AUTHORITY- CAYMAN ISLANDS

     /s/ BRAINARD WALTER
-------------------------------------------------------
Mr. Brainard Watler, Chairman

    /s/ OTTO WALTER
-------------------------------------------------------
Mr. Otto Watler, Director

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                                 SCHEDULE THREE

                                     PRICES

      In accordance with clauses 6.1, 6.4 and 6.5 the following prices shall
      apply: -

1.    BASE PRICE OF WATER

      The Base Price of Water sold to any customer by means of the Company's
      pressurized pipeline in the Revoked License Area shall be as follows: -

      Residential consumer first 3,000 CI$ 17.45 per 1,000 gallons Gallons
      supplied in any one month Residential consumer any amount CI$ 18.32 per
      1,000 gallons over 3,000 Gallons supplied in any one-month Commercial
      consumer CI$ 18.32 per 1,000 gallons Public Authority consumer CI$ 17.45
      per 1,000 gallons

      The Base Price of Water sold to the category of customer as described
      below in the Additional Area shall be as follows: -

      Residential consumer first 3,000 CI$ 15.27 per 1,000 gallons Gallons
      supplied in any one month Residential consumer any amount CI$ 18.32 per
      1,000 gallons over 3,000 gallons supplied in any one month Commercial
      consumer CI$ 18.32 per 1,000 gallons Public Authority consumer CI$ 16.57
      per 1,000 gallons

2.    WATER METER RENTAL

      A monthly meter rental fee shall be levied at the following rates for the
      various sizes of meter: -

              20 mm                                           CI$ 3.50
              25mm                                            CI$ 5.00
              38mm                                            CI$ 7.50
              50mm                                            CI$ 10.00
              75mm                                            CI$ 15.00
              100mm                                           CI$ 25.00
              150mm                                           CI$ 40.00

3.    FEE FOR RECONNECTION OF SUPPLY

      A Water supply that has been disconnected for non-payment or by request of
      the customer shall be reconnected on payment of the following fees which
      fee shall depend on the size of the meter: -

              20 mm                                           CI$ 50.00
              25mm                                            CI$ 75.00
              38mm                                            CI$ 110.00
              50mm                                            CI$ 150.00
              75mm                                            CI$ 225.00
              100mm                                           CI$ 300.00
              150mm                                           CI$ 350.00

4.    FEES FOR FIRE HYDRANTS

      CI$ 20.00 per hydrant per month

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                                  SCHEDULE FIVE

                                    INFLATION

      In accordance with clause 6.3, the Base Rate shall be annually adjusted to
      take into account the effects of inflation, by subtracting there from an
      amount equal to fifty five percentum thereof and adding to the resulting
      sum an amount equal to: -

                              (20BP X CI CURRENT) + (35BP X US CURRENT)
                              -------------------   -------------------
                               (100      CI BASE)    (100    US BASE)

      Where: -

            BP is the Base Price

            CI CURRENT and CI BASE are the Cayman Islands Consumer Price Indexes
            at September 30 immediately preceding the Adjustment Date and at
            September 30,1999 respectively;

            USCURRENT and US BASE are the United States Producer Price Indexes
            at September 30 immediately preceding the Adjustment Date and at
            September 30, 1999 respectively

      PROVIDED that in the event that the Cayman Islands Government fails to
      publish a Consumer Price Index at September 30, then the United States
      Producer Price Index shall be used.

      For the avoidance of doubt the intent of the above formula is to provide
      that twenty percentum of the Base Price is adjusted to accommodate any
      changes in the Cayman Islands Consumer Price Index, thirty five percentum
      of the Base Price is adjusted to accommodate any changes in the United
      States Producer Price Index and forty five percentum of the Base Price
      remains constant.

      If at any time the parties hereto agree that the formula for calculating
      the inflation is no longer appropriate to the operation of the Company,
      the formula shall be changed by an amendment to the License.<PAGE>
                                                                   Exhibit 10.23

January 19, 2002

VIA FAX: 1 210 224 6491

J. Bruce Bugg Jr.,
Vice Chairman,
Consolidated Water Co. Ltd.

Dear Bruce,

Thank you for your fax of January 18, 2002.

I am pleased to confirm that, in accordance with the resolution of the Board on
May 22, 2001, on December 10, 2001, you were granted an option to purchase
30,000 Ordinary Shares of the Company at US$ 11.17 per share. The option may be
exercised by you at any time up to 4:30 p.m. Cayman time on December 10, 2004.

I would add that I have placed an item on the Agenda of the February 1, 2002
Board Meeting in order that these terms may be noted in the Minutes thereof.

We appreciate your continuing efforts on behalf of the Company.

Yours sincerely,
CONSOLIDATED WATER CO. LTD.

/s/ Jeffrey M. Parker

Jeffrey M. Parker
Chairman & C.E.O.<PAGE>
                                                                   Exhibit 10.26
CONSOLIDATED WATER CO. LTD.
RESOULTION RE EMPLOYEE SHARE OPTIONS

WHEREAS: -

      (1)   over the past several years, miscalculations were made by the
            Company in the number of shares due to employees of the Company free
            of charge and the number of shares which they were entitled to
            purchase at a beneficial price under the Company's Share Incentive
            Plan ("the Plan"), resulting in over-allocations to certain
            employees;

      (2)   on that miscalculation being corrected, certain of the employees
            expressed dissatisfaction with the reduced number of shares to which
            they became entitled to receive free of charge and to purchase under
            the Plan; and

      (2)   the Directors and the relevant employees are prepared to compromise
            their differences by the grant to those employees of the options set
            out below

BE IT RESOLVED:

"THAT the Company grant to each of the following employees (which expression
includes each employee's personal representatives):

                  Abel Castillo
                  Billy Banker
                  Rayburn Conolly
                  Ivan Tabora
                  Maggie Julier
                  Helverth Rodriquez
                  Chet Ritch
                  Louis Wood
                  Elizabeth Triana
                  Dave Hooker

an option to purchase the Number of Shares on the following terms and
conditions:

      1.    Options are granted in 2001 and in each calendar year thereafter so
            long as the employee is, at the Grant Date, a Participant (as
            defined therein) in the Plan.

      2.    The price at which the option may be exercised will be the closing
            market price of the Company's Ordinary Shares on the Grant Date (or
            on the next Trading Day if the Grant Date is not a Trading Day)

      3.    An option may be exercised by written notice to the company,
            accompanied by a remittance for the full amount, at any time during
            the period commencing on the earliest of the following dates:

            a.)   the date of death of the employee, or
            b.)   the date on which the employment of the employee is terminated
                  as a result of permanent disability, or
            c.)   the date on which the employee retires having reached the age
                  of 65 years, or,

<PAGE>

            d.)   the fourth anniversary of the Grant Date

            and ending at 5 p.m. on the thirtieth day after the fourth
            anniversary of the Grant Date or, in the case of the death of the
            employee only, 5 p.m. on the date which is 180 days after the date
            of his or her death, whichever is later.

For the purposes of this resolution, the following terms have the following
meanings: -

      "GRANT DATE" means in each year 40 days after the date of the Company's
      Annual Shareholders' Meeting.

      " NUMBER OF SHARES" means, in respect of each calendar year and in
      relation to each employee, the number of Ordinary shares in the Company,
      which is five times:

      (a)   that number of Redeemable Preference Shares which that employee
            receives without payment, plus

      (b)   that number of Redeemable Preference Shares which that employee
            purchases pursuant to the Plan in that calendar year.

      "PERMANENT DISABILITY" means the inability due to injuries or illness to
      perform the duties for which the employee was employed to the Company
      which inability a physician licensed to practice in the Cayman Islands and
      nominated by the Company advises in his opinion will be permanent.

      " TRADING DAY," means a day on which the Company's shares are traded on
      the NASDAQ National Market.

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