Document:

EX-10.1 Amendment No. 3 to Credit Agreement

 

Exhibit 10.1

Execution Version

AMENDMENT NO. 3 TO CREDIT AGREEMENT

     This Amendment No. 3 to Credit Agreement dated as of September 18, 2007 (this “Amendment”), is
made by and among PEDIATRIX MEDICAL GROUP, INC., a Florida corporation (the “Company”), certain of
its subsidiaries and affiliates (together with the Company, collectively, the “Borrowers”), BANK OF
AMERICA, N.A. in its capacity as administrative agent (in such capacity, the “Administrative
Agent”) under the Credit Agreement described below, and each of the Lenders signatory hereto.

RECITALS:

     A. The Borrowers, the Administrative Agent and the lenders from time to time party thereto
(the “Lenders”) have entered into that certain Credit Agreement dated as of July 30, 2004 (as
amended by that certain Amendment No. 1 to Credit Agreement dated January 11, 2005 and that certain
Amendment No. 2 to Credit Agreement dated March 10, 2005, the “Credit Agreement”), pursuant to
which the Lenders have made available to the Borrowers a revolving credit facility. Capitalized
terms used in this Amendment not otherwise defined herein shall have the definitions given thereto
in the Credit Agreement.

     B. The Borrowers have requested to amend the Credit Agreement as set forth below and the
Administrative Agent and the Lenders signatory hereto are willing to effect such amendment on the
terms and conditions set forth herein.

     In furtherance of the foregoing and for valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto agree as follows:

     1. Amendment to Credit Agreement. Subject to the terms and conditions set forth herein,
Section 7.06 of the Credit Agreement is hereby deleted in its entirety and the following is
inserted in lieu thereof:

     7.06 Acquisitions. Enter into any Acquisition Agreement, or take any action to solicit
the tender of securities or proxies in respect thereof in order to effect any Acquisition,
unless either (a) the aggregate amount of the Costs of Acquisition and Earnout Payments with
respect to such Acquisition does not exceed $5,000,000, or (b) each of the following
conditions is satisfied: (i) the Person to be (or whose assets are to be) acquired does not
oppose such Acquisition (other than in the case of an Acquisition pursuant to a Holder
Purchase Grant) and has Permitted Acquisition EBITDA for the most recently ended
twelve-month period of not less than $1, (ii) the line or lines of business of the Person to
be acquired are substantially the same as one or more line or lines of business conducted by
the Company and its Subsidiaries, (iii) the operations of the Person to be (or whose assets
are to be) acquired are primarily in the United States or its territories, (iv) no Default
shall have occurred and be continuing either immediately prior to or immediately after
giving effect to such Acquisition and the Company shall have furnished to the Administrative
Agent a Compliance Certificate prepared on an

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historical pro forma basis as of the most recent date for which financial statements
have been furnished pursuant to Section 4.01 or Section 6.01(a) or
(b) giving effect to such Acquisition, which certificate shall demonstrate that no
Default would exist immediately after giving effect thereto, (v) the Person acquired shall
be a wholly-owned Subsidiary, or be merged into a Borrower, immediately upon consummation of
the Acquisition (or if assets are being acquired, the acquiror shall be a wholly-owned
Subsidiary or a Borrower), (vi) after giving effect to such Acquisition, the aggregate Costs
of Acquisition and Earnout Payments incurred in any fiscal year of the Company (on a
noncumulative basis, with the effect that amounts not incurred in any fiscal year may not be
carried forward to a subsequent period) shall not exceed $200,000,000, of which not more
than $20,000,000 shall be in connection with an Acquisition of a Person (or the assets of a
Person) whose operations are primarily in a territory of the United States, and (vii) after
giving effect to such Acquisition, the aggregate Costs of Acquisition and Earnout Payments
incurred since the Closing Date in connection with Acquisitions of Persons (or the assets of
Persons) whose operations are primarily in one or more territories of the United States
shall not exceed $50,000,000.

     2. Effectiveness; Conditions Precedent. The effectiveness of this Amendment is subject
to the satisfaction of the following conditions precedent:

     (a) the Administrative Agent shall have received an original or facsimile (promptly
followed by originals) executed counterpart of this Amendment, duly executed by each
Borrower, the Administrative Agent and the Required Lenders; and

     (b) all fees and expenses payable to the Administrative Agent and the Lenders
(including the fees and expenses of counsel to the Administrative Agent) invoiced to date
shall have been paid in full.

     3. Consent and Continued Enforceability. Each Borrower hereby consents, acknowledges and
agrees to the amendments set forth herein and hereby confirms and ratifies in all respects its
obligations under the Credit Agreement and each other Loan Document (including without limitation
the continuation of such Borrower’s payment and performance obligations thereunder upon and after
the effectiveness of this Amendment and the amendments contemplated hereby) and the enforceability
of each such Loan Document against such Borrower in accordance with its terms.

     4. Representations and Warranties. In order to induce the Administrative Agent and the
Lenders to enter into this Amendment, each Borrower represents and warrants to the Administrative
Agent and the Lenders as follows:

     (a) The representations and warranties made by each Borrower in Article V of
the Credit Agreement and in each of the other Loan Documents to which such Borrower is a
party are true and correct on and as of the date hereof, except to the extent that such
representations and warranties expressly relate to an earlier date, and except that for
purposes of this Section 4, the representations and warranties contained in
subsections (a) and (b) of Section 5.05 of the Credit Agreement shall be deemed to
refer to the most

2

 

recent statements furnished pursuant to clauses (a) and (b), respectively, of
Section 6.01 of the Credit Agreement;

     (b) Other than the matters set forth on Schedule 5.06 of the Credit Agreement,
since the date of the Audited Financial Statements, there has been no event or circumstance,
either individually or in the aggregate, that has had or could reasonably be expected to
have a Material Adverse Effect;

     (c) The Persons appearing as Borrowers on the signature pages to this Amendment
constitute all Persons who are required to be Borrowers pursuant to the terms of the Credit
Agreement and the other Loan Documents, including without limitation all Persons who became
Material Subsidiaries or were otherwise required to become Borrowers after the Closing Date,
and each of such Persons has become and remains a party to the Credit Agreement as a
Borrower;

     (d) This Amendment has been duly authorized, executed and delivered by the Borrowers
party hereto and constitutes a legal, valid and binding obligation of such parties, except
as may be limited by general principles of equity or by the effect of any applicable
bankruptcy, insolvency, reorganization, moratorium or similar law affecting creditors’
rights generally; and

     (e) No Default or Event of Default has occurred and is continuing.

     5. Entire Agreement. This Amendment, together with all the Loan Documents (collectively,
the “Relevant Documents”), sets forth the entire understanding and agreement of the parties hereto
in relation to the subject matter hereof and supersedes any prior negotiations and agreements among
the parties relating to such subject matter. No promise, condition, representation or warranty,
express or implied, not set forth in the Relevant Documents shall bind any party hereto, and no
such party has relied on any such promise, condition, representation or warranty. Each of the
parties hereto acknowledges that, except as otherwise expressly stated in the Relevant Documents,
no representations, warranties or commitments, express or implied, have been made by any party to
the other. None of the terms or conditions of this Amendment may be changed, modified, waived or
canceled orally or otherwise, except in writing and in accordance with Section 10.01 of the
Credit Agreement.

     6. Full Force and Effect of Amendment. Except as hereby specifically amended, the Credit
Agreement and all other Loan Documents are hereby confirmed and ratified in all respects and shall
be and remain in full force and effect according to their respective terms.

     7. Counterparts. This Amendment may be executed in any number of counterparts, each of
which shall be deemed an original as against any party whose signature appears thereon, and all of
which shall together constitute one and the same instrument. Delivery of an executed counterpart
of a signature page of this Amendment by telecopy shall be effective as delivery of a manually
executed counterpart of this Amendment.

     8. Governing Law. This Amendment shall in all respects be governed by, and construed in
accordance with, the laws of the State of New York applicable to contracts executed

3

 

and to be performed entirely within such State, and shall be further subject to the provisions
of Sections 10.14 and 10.15 of the Credit Agreement.

     9. Enforceability. Should any one or more of the provisions of this Amendment be
determined to be illegal or unenforceable as to one or more of the parties hereto, all other
provisions nevertheless shall remain effective and binding on the parties hereto.

     10. References. All references in any of the Loan Documents to the “Credit Agreement”
shall mean the Credit Agreement, as amended hereby.

     11. Successors and Assigns. This Amendment shall be binding upon and inure to the benefit
of the Borrowers, the Administrative Agent and the Lenders, and their respective successors, legal
representatives, and assignees to the extent such assignees are permitted assignees as provided in
Section 10.06 of the Credit Agreement.

[Signature pages follow.]

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     IN WITNESS WHEREOF, the parties hereto have caused this instrument to be made, executed
and delivered by their duly authorized officers as of the day and year first above written.

	 	 	 	 	 
	 	BORROWERS:

PEDIATRIX MEDICAL GROUP, INC., a Florida Corporation

 	 
	 	By:  	/s/ Karl B. Wagner
 	 
	 	 	Name:  	Karl B. Wagner 	 
	 	 	Title:  	Chief Financial Officer 	 
	 

	 	 	 
	 

	 	ALASKA NEONATOLOGY ASSOCIATES, INC.
	 

	 	ASSOCIATES IN NEONATOLOGY, INC.
	 

	 	AUGUSTA NEONATOLOGY ASSOCIATES, P.C.
	 

	 	BNA ACQUISITION COMPANY, INC.
	 

	 	CENTRAL OKLAHOMA NEONATOLOGY ASSOCIATES, INC.
	 

	 	CNA ACQUISITION CORP.
	 

	 	FLORIDA REGIONAL NEONATAL ASSOCIATES, INC.
	 

	 	FOOTHILL MEDICAL GROUP, INC.
	 

	 	FORT WORTH NEONATAL ASSOCIATES BILLING, INC.
	 

	 	GNPA ACQUISITION COMPANY, INC.
	 

	 	MAGELLA HEALTHCARE CORPORATION
	 

	 	MAGELLA HEALTHCARE GROUP, L.P.
	 

	 	MAGELLA MEDICAL ASSOCIATES BILLING, INC.
	 

	 	MAGELLA MEDICAL ASSOCIATES MIDWEST, P.C.
	 

	 	MAGELLA MEDICAL ASSOCIATES OF GEORGIA, P.C.
	 

	 	MAGELLA MEDICAL GROUP, INC.
	 

	 	MAGELLA NEVADA, LLC
	 

	 	MAGELLA TEXAS, LLC

	 	 	 	 	 
	 	 	 
	 	By:  	                         /s/ Karl B. Wagner
 	 
	 	 	Name:  	Karl B. Wagner 	 
	 	 	Title:  	Attorney-in-Fact 	 
	 

Pediatrix Medical Group, Inc.

Amendment No. 3 to Credit Agreement

Signature Pages

 

 

	 	 	 
	 

	 	MNPC ACQUISITION COMPANY, INC.
	 

	 	MOUNTAIN STATES NEONATOLOGY, INC.
	 

	 	NACF ACQUISITION COMPANY, INC.
	 

	 	NEONATAL AND PEDIATRIC INTENSIVE
CARE MEDICAL
    GROUP, INC.
	 

	 	NEONATOLOGY ASSOCIATES BILLING, INC.
	 

	 	NEONATAL SPECIALISTS, LTD.
	 

	 	NSPA ACQUISITION COMPANY, INC.
	 

	 	OBSTETRIX ACQUISITION COMPANY OF ARIZONA, INC.
	 

	 	OBSTETRIX ACQUISITION COMPANY OF COLORADO, INC.
	 

	 	OBSTETRIX MEDICAL GROUP OF ARIZONA, P.C.
	 

	 	OBSTETRIX MEDICAL GROUP OF CALIFORNIA, A
    PROFESSIONAL CORPORATION
	 

	 	OBSTETRIX MEDICAL GROUP OF COLORADO, P.C.
	 

	 	OBSTETRIX MEDICAL GROUP OF KANSAS AND MISSOURI,
    P.A.
	 

	 	OBSTETRIX MEDICAL GROUP OF PHOENIX, P.C.
	 

	 	OBSTETRIX MEDICAL GROUP OF TEXAS BILLING, INC.
	 

	 	OBSTETRIX MEDICAL GROUP OF WASHINGTON, INC., P.S.
	 

	 	OBSTETRIX MEDICAL GROUP, INC.
	 

	 	OZARK NEONATAL ASSOCIATES, INC.
	 

	 	PALM BEACH NEO ACQUISITIONS, INC.
	 

	 	PASCV ACQUISITION COMPANY, INC.
	 

	 	PEDIATRIX ACQUISITION COMPANY OF OHIO, INC.
	 

	 	PEDIATRIX ACQUISITION COMPANY OF WASHINGTON, INC.
	 

	 	PEDIATRIX FLORIDA LLC

	 	 	 	 	 
	 	 	 
	 	By:  	                         /s/ Karl B. Wagner
 	 
	 	 	Name:  	Karl B. Wagner 	 
	 	 	Title:  	Attorney-in-Fact 	 
	 

Pediatrix Medical Group, Inc.

Amendment No. 3 to Credit Agreement

Signature Pages

 

 

	 	 	 
	 

	 	PEDIATRIX MEDICAL GROUP NEONATOLOGY AND
    PEDIATRIC INTENSIVE CARE SPECIALISTS OF NEW YORK,
    P.C.
	 

	 	PEDIATRIX MEDICAL GROUP OF ARKANSAS, P.A.
	 

	 	PEDIATRIX MEDICAL GROUP OF CALIFORNIA, A
    PROFESSIONAL CORPORATION
	 

	 	PEDIATRIX MEDICAL GROUP OF COLORADO, P.C.
	 

	 	PEDIATRIX MEDICAL GROUP OF FLORIDA, INC.
	 

	 	PEDIATRIX MEDICAL GROUP OF GEORGIA, P.C.
	 

	 	PEDIATRIX MEDICAL GROUP OF ILLINOIS, P.C.
	 

	 	PEDIATRIX MEDICAL GROUP OF INDIANA, P.C.
	 

	 	PEDIATRIX MEDICAL GROUP OF KANSAS, P.A.
	 

	 	PEDIATRIX MEDICAL GROUP OF KENTUCKY, P.S.C.
	 

	 	PEDIATRIX MEDICAL GROUP OF LOUISIANA, L.L.C.
	 

	 	PEDIATRIX MEDICAL GROUP OF MICHIGAN, P.C.
	 

	 	PEDIATRIX MEDICAL GROUP OF MISSOURI, P.C.
	 

	 	PEDIATRIX MEDICAL GROUP OF NEW MEXICO, P.C.
	 

	 	PEDIATRIX MEDICAL GROUP OF NORTH CAROLINA, P.C.
	 

	 	PEDIATRIX MEDICAL GROUP OF OHIO CORP.
	 

	 	PEDIATRIX MEDICAL GROUP OF OKLAHOMA, P.C.

	 	 	 	 	 
	 	 	 
	 	By:  	                         /s/ Karl B. Wagner
 	 
	 	 	Name:  	Karl B. Wagner 	 
	 	 	Title:  	Attorney-in-Fact 	 
	 

Pediatrix Medical Group, Inc.

Amendment No. 3 to Credit Agreement

Signature Pages

 

 

	 	 	 
	 

	 	PEDIATRIX MEDICAL GROUP OF PENNSYLVANIA, P.C.
	 

	 	PEDIATRIX MEDICAL GROUP OF PUERTO RICO, P.S.C.
	 

	 	PEDIATRIX MEDICAL GROUP OF SOUTH CAROLINA, P.A.
	 

	 	PEDIATRIX MEDICAL GROUP OF TENNESSEE, P.C.
	 

	 	PEDIATRIX MEDICAL GROUP OF TEXAS BILLING, INC.
	 

	 	PEDIATRIX MEDICAL GROUP OF WASHINGTON, INC., P.S.
	 

	 	PEDIATRIX MEDICAL GROUP, INC., a Utah corporation
	 

	 	PEDIATRIX MEDICAL GROUP, P.A.
	 

	 	PEDIATRIX MEDICAL GROUP, P.C., a Virginia corporation
	 

	 	PEDIATRIX MEDICAL GROUP, P.C., a West Virginia corporation
	 

	 	PEDIATRIX MEDICAL MANAGEMENT, L.P.
	 

	 	PEDIATRIX MEDICAL SERVICES, INC.
	 

	 	PEDIATRIX OF MARYLAND, P.A.
	 

	 	PEDIATRIX SCREENING, INC.
	 

	 	PEDIATRIX TEXAS I LLC
	 

	 	PEDIATRIX VIRGINIA ACQUISITION COMPANY, INC.
	 

	 	PERINATAL PEDIATRICS, P.A.
PMGSC, P.A.
	 

	 	PNA ACQUISITION CO., INC.
	 

	 	POKROY MEDICAL GROUP OF NEVADA, LTD.
	 

	 	RPNA ACQUISITION COMPANY, INC.
	 

	 	SCPMC ACQUISITION CO.
	 

	 	SNCA ACQUISITION COMPANY, INC.
	 

	 	ST. JOSEPH NEONATOLOGY CONSULTANTS, INC.

	 	 	 	 	 
	 	 	 
	 	By:  	                         /s/ Karl B. Wagner
 	 
	 	 	Name:  	Karl B. Wagner 	 
	 	 	Title:  	Attorney-in-Fact 	 
	 

Pediatrix Medical Group, Inc.

Amendment No. 3 to Credit Agreement

Signature Pages

 

 

	 	 	 
	 

	 	TEXAS MATERNAL FETAL MEDICINE BILLING, INC.

	 

	 	TEXAS NEWBORN SERVICES, INC.

	 

	 	TUCSON PERINATAL SERVICES, P.C.

	 	 	 	 	 
	 	 	 
	 	By:  	                         /s/ Karl B. Wagner
 	 
	 	 	Name:  	Karl B. Wagner 	 
	 	 	Title:  	Attorney-in-Fact 	 
	 

Pediatrix Medical Group, Inc.

Amendment No. 3 to Credit Agreement

Signature Pages

 

 

	 	 	 	 	 
	 	ADMINISTRATIVE AGENT:

BANK OF AMERICA, N.A., as Administrative Agent

 	 
	 	 	 
	 	 	 
	 	 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	                          /s/ Alysa Trakas
 	 
	 	 	Name:  	Alysa Trakas 	 
	 	 	Title:  	Vice President 	 
	 

Pediatrix Medical Group, Inc.

Amendment No. 3 to Credit Agreement

Signature Pages

 

 

	 	 	 	 	 
	 	LENDERS:

BANK OF AMERICA, N.A. as a Lender, L/C Issuer

and Swing Line Lender

 	 
	 	By:  	/s/ Alysa Trakas
 	 
	 	 	Name:  	Alysa Trakas 	 
	 	 	Title:  	Vice President 	 
	 

Pediatrix Medical Group, Inc.

Amendment No. 3 to Credit Agreement

Signature Pages

 

 

	 	 	 	 	 
	 	HSBC BANK USA, NATIONAL ASSOCIATION

 	 
	 	By:  	/s/ Jose M. Cruz
 	 
	 	 	Name:  	Jose M. Cruz 	 
	 	 	Title:  	Senior Vice President 	 
	 

Pediatrix Medical Group, Inc.

Amendment No. 3 to Credit Agreement

Signature Pages

 

 

	 	 	 	 	 
	 	SUNTRUST BANK

 	 
	 	By:  	/s/ Helen C. Hartz
 	 
	 	 	Name:  	Helen C. Hartz 	 
	 	 	Title:  	Vice President 	 
	 

Pediatrix Medical Group, Inc.

Amendment No. 3 to Credit Agreement

Signature Pages

 

 

	 	 	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION

 	 
	 	By:  	/s/ S. Walker Choppin
 	 
	 	 	Name:  	S. Walker Choppin 	 
	 	 	Title:  	Senior Vice President 	 
	 

Pediatrix Medical Group, Inc.

Amendment No. 3 to Credit Agreement

Signature Pages

 

 

	 	 	 	 	 
	 	WACHOVIA BANK, N.A.

 	 
	 	By:  	/s/ Aly Heimovics
 	 
	 	 	Name:  	Aly Heimovics 	 
	 	 	Title:  	Vice President 	 
	 

Pediatrix Medical Group, Inc.

Amendment No. 3 to Credit Agreement

Signature Pages

 

 

	 	 	 	 	 
	 	KEYBANK NATIONAL ASSOCIATION

 	 
	 	By:  	/s/ J.T. Taylor
 	 
	 	 	Name:  	J.T. Taylor 	 
	 	 	Title:  	Senior Vice President 	 
	 

Pediatrix Medical Group, Inc.

Amendment No. 3 to Credit Agreement

Signature Pages

 

 

	 	 	 	 	 
	 	UBS LOAN FINANCE LLC

 	 
	 	By:  	/s/ Mary E. Evans
 	 
	 	 	Name:  	Mary E. Evans 	 
	 	 	Title:  	Associate Director 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	                         /s/ Irja R. Otsa
 	 
	 	 	Name:  	Irja R. Otsa 	 
	 	 	Title:  	Associate Director 	 
	 

Pediatrix Medical Group, Inc.

Amendment No. 3 to Credit Agreement

Signature Pages

 

 

	 	 	 	 	 
	 	THE INTERNATIONAL BANK OF MIAMI, N.A.

 	 
	 	By:  	/s/ Panayiotis Ch. Zotos
 	 
	 	 	Name:  	Panayiotis Ch. Zotos 	 
	 	 	Title:  	Senior Vice President 	 
	 

Pediatrix Medical Group, Inc.

Amendment No. 3 to Credit Agreement

Signature Pages

 

 

	 	 	 	 	 
	 	MERRILL LYNCH BANK USA

 	 
	 	By:  	/s/ Louis Alder
 	 
	 	 	Name:  	Louis Alder 	 
	 	 	Title:  	Director 	 
	 

Pediatrix Medical Group, Inc.

Amendment No. 3 to Credit Agreement

Signature PagesEX-10.1 Amendment of Engagement Agreement/ Jeffrey

 

EXHIBIT 10.1

AMENDMENT OF ENGAGEMENT AGREEMENT

THIS AGREEMENT is made this 14th day of September, 2007

	 	 	 
	BETWEEN:
	 	CONSOLIDATED WATER CO. LTD.,

A Cayman Islands company having its registered office at

Regatta Office Park, West Bay Road

P.O. Box 1114GT, Grand Cayman KY1-1102

(“the Company”)

	 
	 	 

	AND:
	 	JEFFREY M. PARKER

of 308 Britannia Drive, #630

P.O. Box 30749, Grand Cayman KY1-1203, B.W.I.

(“the Chairman”)

WHEREAS:

	 	A.	 	The Company and the Chairman (together “the Parties”) entered into an engagement
agreement dated the 5th of December, 2003 (“the Engagement Agreement”)
	 
	 	B.	 	On the 25th of June, 2007 the Parties agreed that for the purpose of Clause
19 of the Engagement Agreement, for the calendar year 2007 only, the words “August 31”
should replace the words “June 30”.
	 
	 	C.	 	On the 29th of August, 2007 the Parties agreed that for the purpose of
Clause 19 of the Engagement Agreement, for the calendar year 2007 only, the words
“September 15” should replace the words “June 30”.
	 
	 	D.	 	The Parties are desirous of amending the Engagement Agreement in accordance with the
terms of the Agreement.

NOW IN CONSIDERATION of the mutual covenants contained herein the Parties agree that the Engagement
Agreement shall be amended as follows:

	 	1.	 	Clause 2 shall be amended by adding “and, with effect from 1st January,
2008, will be US$275,000 per annum” immediately after the words “per annum” on the first
line thereof.
	 
	 	2.	 	Clause 6 shall be amended by adding “and ending with the financial year 2007”
immediately after “2004” on the second line thereof.
	 
	 	3.	 	Clause 6 shall be further amended by adding the following at the end thereof:

“Further, for each completed fiscal year beginning with the fiscal year 2008, at the
sole discretion of the Board of Directors, the Chairman may be paid bonuses calculated
as follows:

(a) Annual Bonus

     An amount in cash not to exceed 50% of the remuneration pursuant to Clause 2 hereof.

 

 

The amount of the Annual Bonus, if any, will be calculated by the Board of Directors
based upon its assessment of the performance of the Chairman in the following areas:

	 	i.	 	New business development
	 
	 	ii.	 	Investor Relations
	 
	 	iii.	 	Communication with the Board
	 
	 	iv.	 	Communication and collaboration with Company’s
Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”)
	 
	 	v.	 	Special Projects as assigned by the Board of
Directors

	 	(b)	 	Discretionary Bonus
	 
	 	 	 	An amount in the form of cash and/or share grants and/or options on the Company’s
shares.

	 	4.	 	Clause 8 shall be amended by:

	 	i.	 	Replacing the comma, after the word “foregoing” on
the fourth line thereof, with a colon.
	 
	 	ii.	 	Deleting the words “management of corporate
governance issues, financial public relations and identification and
initial investigation of new projects. The Chairman shall discharge his
duties in accordance with the directions of the Board” beginning on the
third line thereof.
	 
	 	iii.	 	Adding the following words to replace those deleted
pursuant to Clause 4. ii. hereof:

	 	“i.  	 	Reporting to and coordinating with the CEO in relation to the
identification and initial investigation of business in new
territories. For the avoidance of doubt, the implementation and
management of any resulting business shall be the responsibility of
the CEO
	 
	 	ii.	 	Investor Relations activities and communications, whenever
possible advising the CEO and CFO in advance thereof or, when advice
is not possible in advance, ensuring that the CEO and CFO are promptly
advised after the event, except that:-

	 	 	 	All calls or meetings with the analysts covering the Company’s shares,
where detailed analysis of the Company’s financial information on its
past performance or where financial guidance is to be given on the
Company’s future financial performance either or both of which will or
might reasonably be expected to pertain to analyst reports or updates
to analyst reports, must be approved by the CEO in advance and the
Chairman must be joined by either the CEO or CFO;
	 
	 	 	 	The Power Point slides, and if there be one, the written script, to be
presented at an Industry Conference where there will be no one on one
meetings with analysts covering the Company’s shares must be approved
by the CEO in advance.

-2-

 

	 	 	 	The script which is to be presented by the CEO and CFO at the
Quarterly Telecom Conference Calls shall be the responsibility of the
CEO and CFO subject to comments and input by Chairman.;
	 
	 	 	 	All Press Releases shall be the responsibility of the CEO subject to
comments and input by Chairman and CFO;
	 
	 	iv.	 	At a place and time to be determined by the CEO,
the Chairman will meet with the CEO or have a conference call at least
weekly to provide updates on the business and project activities.

	 	5.	 	Clause 13(a) shall be amended by deleting the words “the Capacity” from the fifth line
thereof and replacing them with the words “his duties hereunder”

EXECUTED for and on behalf of

CONSOLIDATED WATER CO. LTD.

By: Frederick W. McTaggart

In the presence of:

	 	 	 
	/s/ Gerard Pereira

	 	/s/ Frederick W. McTaggart
	 

	 	 
	Witness

	 	CONSOLIDATED WATER CO. LTD
	 
	 	 
	EXECUTED by
	 	 
	JEFFREY M. PARKER
	 	 
	In the presence of:
	 	 
	 
	 	 
	/s/ Gerard Pereira

	 	/s/ Jeffrey M. Parker
	 

	 	 
	Witness

	 	JEFFREY M. PARKER

-3-

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