Document:

EXHIBIT 10.41

                        -- PANAMCO / EDS CONFIDENTIAL --

                        CUSTOMER'S OUTSOURCING AGREEMENT

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I.        PREAMBLE

This Customer's Outsourcing Agreement (the "AGREEMENT"), dated to be effective
as of December 1, 2000 (the "COMMENCEMENT DATE") is entered by and among Panamco
L.L.C., with its principal office at 701 Waterford Way, Suite 800,Miami, Fl
33126 USA (the "CUSTOMER"), and Electronic Data Systems Corporation with its
principal office at 5400 Legacy Drive, Plano, Texas 75024 (the "VENDOR").

          Whereas Electronic Data Systems Corporation ("EDS") and The Coca-Cola
Company ("TCCC") have entered into a Master Outsourcing Agreement dated as of
the 18 day of June, 1999, ("MASTER OUTSOURCING AGREEMENT"), a copy of which is
attached hereto as Schedule M, which provides that a Customer (as that term is
defined in the Master Outsourcing Agreement) may, upon the execution of a
Customer's Outsourcing Agreement (as that term is defined in the Master
Outsourcing Agreement), outsource various technical information services to an
EDS affiliate upon the terms and conditions set forth in the Master Outsourcing
Agreement as supplemented or modified by this Agreement;

          Whereas the Customer wishes to outsource various technical information
services to the Vendor on the terms and conditions set forth in the Master
Outsourcing Agreement, as supplemented or modified by this Agreement;

          Whereas the Vendor is capable of providing the technical information
services required by this Agreement to be provided by Vendor to the Customer;

          Now THEREFORE in consideration of the agreements contained herein, and
intending to be legally bound hereby, the parties agree as follows:

     A.   General

          1.   As of the Commencement Date all of the terms and conditions set
               forth in the Master Outsourcing Agreement as supplemented or
               modified by this Agreement, including all exhibits and
               appendixes, shall be binding and enforceable between the Customer
               and the Vendor.

               a.   The defined terms used in this Customer's Outsourcing
                    Agreement shall have the same meaning given to them in the
                    Master Outsourcing Agreement, including all exhibits and
                    appendixes thereto. Changes or amendments to the Master
                    Outsourcing Agreement made subsequent to the date hereof
                    shall only be effective for this Agreement if Customer and
                    Vendor hereto have so explicitly agreed in writing.

                    b.   The Customer and the Vendor agree that they have both
                         read and do understand the Master Outsourcing
                         Agreement, including all exhibits and appendixes
                         thereto.

                    c.   Any reference to "Customer" herein shall include TCCC,
                         its divisions and subsidiaries and all entities
                         directly or indirectly involved in the manufacture or
                         wholesale distribution of TCCC products, provided that
                         any such entity shares information services with the
                         Customer during the Customer's Outsourcing Agreement
                         Term.

               2.   This Customer's Outsourcing Agreement shall supersede all
                    previous agreements and arrangements, written or oral,
                    between the parties on the subject matter hereof.

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     B.   Definitions

          In addition to the definitions in the Master Outsourcing Agreement,
          the following definitions are applicable to this Agreement.

          1.   "CONTRACT YEAR" shall mean a twelve (12) consecutive month period
               beginning at the Commencement Date and ending at midnight on the
               day before the anniversary of the Commencement Date in each
               subsequent year.

          2.   "DESKTOP SERVICES" are that portion of the Baseline Services
               described as Desktop Services in Schedule B.

          3.   "HAND HELD TERMINALS" are the mobile computing terminals
               generally used by the Customer sales force to take orders,
               process invoices, perform sales settlements on delivery routes
               and perform inventory control and in use by the Customer sales
               force.

          4.   "HAND HELD SERVICES" are that portion of the Baseline Services
               described as Hand Held Services in Schedule B.

          5.   "INTERNATIONAL TELECOMMUNICATIONS NETWORK MANAGEMENT SERVICES"
               means the provision by Vendor, through duly licensed
               telecommunications carriers, and management by Vendor in
               accordance with the Telecommunications Management Services
               described in Schedule B, of an international telecommunication
               network connecting the Vendor Mexico City Data Center with
               Customer premises in Miami, Florida for use in delivery and use
               of the Help Desk Services and Midrange Services.

          6.   "KEY SYSTEMS" are those systems identified as Key Systems on
               Schedule E-IV-C, made available through the Centralized Services.

          7.   "LATIN AMERICA AGREEMENTS" are, collectively, this Customer's
               Outsourcing Agreement together with the other seven Customer's
               Outsourcing Agreements entered by and between affiliates of
               Vendor and affiliates of Customer, each dated to be effective as
               of December 1, 2000 and each incorporating the Master Agreement
               with such additions and revisions as stated in such Customer's
               Outsourcing Agreements, providing collectively for services to be
               provided by Vendor and the affiliates of Vendor to Customer and
               the affiliates of Customer in each of the following countries:
               Mexico, the United States, Brazil, Costa Rica (and Panama),
               Guatemala, Nicaragua, Colombia and Venezuela.

          8.   "MIDRANGE SERVICES" are that portion of the Baseline Services
               described as Midrange Services in Schedule B.

          9.   "NETWORK MANAGEMENT SERVICES" are that portion of the Baseline
               Services described as Network Management Services in Schedule B.

          10.  "PROJECT MANAGEMENT SERVICES" are that portion of the Baseline
               Services described as Project Management Services in Schedule B.

          11.  "TELECOMMUNICATIONS MANAGEMENT SERVICES" are that portion of the
               Baseline Services described as Telecommunications Management
               Services in Schedule B.

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     C.   Application of the Master Outsourcing Agreement

          With reference to the below sections of the Master Outsourcing
          Agreement, the parties to this Agreement have agreed to the following
          particular terms and conditions:

II.       TERM

     A.   Initial (2.03)

          The initial term of this Agreement shall commence on the Commencement
          Date and shall continue until midnight on the fifth anniversary of the
          Commencement Date, unless terminated earlier pursuant to Section 18 of
          the Master Outsourcing Agreement (the "Initial Term").

III.      PROVISION OF SERVICES

     A.   Description of Services (3.01)

          The Baseline Services for this Agreement are described in Schedule B,
          except for those portions of such Schedule B which refer expressly to
          Services to be provided in another country other than the United
          States, or in some cases may be identified specifically by references
          to the United States, and with the exception that no Hand Held
          Services and no Midrange Services will be provided by Vendor to
          Customer.

          Schedule B describes generally the Baseline Services to be provided by
          Vendor and affiliates of Vendor to Customer and affiliates of Customer
          pursuant to the Latin America Agreements, and is being attached and
          incorporated in substantially the same form to each of the Latin
          America Agreements. It is acknowledged, however, that the
          International Telecommunications Network Management Services, the
          Midrange Services and the Help Desk Services described in Schedule B
          shall not be provided by Vendor or paid for by Customer pursuant to
          this Agreement, but rather shall be available to Customer because they
          shall be performed by an affiliate of Vendor operating in Mexico and
          paid for by an affiliate of Customer operating in Mexico pursuant to a
          different Latin America Agreement, and made available to Customer by
          its affiliate on a shared use basis. Similarly, the Project Management
          Services described in Schedule B shall only be provided by Vendor and
          paid for by Customer pursuant to this Agreement, and made available by
          Customer to its affiliate on a shared use basis. It is therefore
          agreed that any change in the terms of such Latin America Agreements
          pertaining to Mexico, as indicated, may affect the actual availability
          to Customer of the International Telecommunications Network
          Management, Midrange, and Help Desk Services provided pursuant
          thereto, and that such terms may be changed by the parties to such
          agreement without the consent and approval of Customer or Vendor. It
          is also agreed that notwithstanding anything to the contrary provided
          in this Agreement and its Schedules, Vendor shall have no liability or
          responsibility to Customer under this Agreement with respect to any
          delay or failure in the Service, including failure to achieve any
          Service Level, with respect to the International Telecommunications
          Network Management, Midrange, and Help Desk Services. Any such delay
          or failure in the International Telecommunications Network Management,
          Midrange, or Help Desk Services shall be addressed solely in
          accordance with the terms of the Latin America Agreement pursuant to
          which such Services are provided and paid for by the affiliate of
          Customer and Vendor.

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          In the event that the Latin America Agreement relating to services to
          be provided by an affiliate of Vendor to an affiliate of Customer in
          Mexico shall expire or terminate for any reason prior to the
          expiration or termination of this Agreement, Customer agrees to accept
          directly from the affiliate of Vendor providing such services in
          Mexico such International Telecommunications Network Management,
          Midrange and Help Desk Services, and to pay such affiliate of Vendor
          Customer's proportionate share of usage (as allocated collectively by
          Customer and the affiliates of Customer to account for the total and
          communicated by written notice to Vendor and such affiliate of Vendor)
          on a monthly basis of the fees payable to such affiliate of Vendor for
          such International Telecommunications Network Management, Midrange and
          Help Desk Services under such Latin America Agreement on the date of
          its termination or expiration. Such fees payable under such Latin
          America Agreement shall be grossed up to cover the amount of any taxes
          required to be paid by any applicable law with respect to such amounts
          due from Customer to such affiliate of Vendor; the payment of such
          taxes being the obligation of Customer. The parties hereto shall use
          their best efforts to agree on a mutually satisfactory business
          arrangement to resolve the situation in a different manner, and for
          that purpose Customer shall meet with the affiliates of Customer and
          with Vendor and the affiliates of Vendor party to all then continuing
          Latin America Agreements to discuss and negotiate in good faith a
          different arrangement designed to allow continued access to and use of
          the International Telecommunications Network Management, Midrange and
          Help Desk Services by Customer and the affiliates of Customer in a
          manner and on terms mutually acceptable to all. It is understood that
          the obligations of Customer under this paragraph may be enforced by
          the affiliate of Vendor entitled to provide and receive payment for
          such International Telecommunications Network Management, Help Desk
          and Midrange Services as a third party beneficiary.

IV.       DATA CENTERS

     A.   Data Center Location (4.01)

          Following completion of the Services described in the Transition Plan,
          it is acknowledged that an affiliate of Vendor shall deliver the
          Midrange Services to those affiliates of Customer entitled to receive
          such Services from a data center operated by it and located in Mexico
          City (the "VENDOR MEXICO CITY DATA CENTER").

     B.   Improvements. (4.04)

          Improvements to Customer's facilities that would constitute "fixtures"
          will become the Customer's property and will be performed at Customer
          expense.

V.        PERFORMANCE STANDARDS

     A.   Description of Performance Standards (5.02 and 8.02)

          The Performance Standards and Service Levels to be applicable with
          respect to this Agreement, and the applicability of the same during
          the Transition Period, shall be as defined in Schedule E to this
          Agreement. The credits that may be applicable in the event of any
          failure by Vendor to achieve the Critical Service Levels with respect
          to this Agreement shall be those identified by reference to the United
          States in such Schedule E.

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     B.   Adjustment of Service Levels (5.04)

          Periodic adjustments of Service Levels and governing rules are
          described in Schedule E to this Agreement.

     C.   Measurement and Monitoring (5.05)

          Measurement and monitoring of Service Level performance are described
          in Schedule E to this Agreement.

VI.       PROJECT TEAM

     A.   Customer Project Manager (6.02)

          The Customer Project Manager appointed as of the Commencement Date is
          Rubens Padalino.

     B.   Vendor Project Manager (6.03)

          The Vendor Project Manager (also referred to as the "CLIENT DELIVERY
          EXECUTIVE" or the "CDE") appointed as of the Commencement Date is
          Enrique Garcia.

     C.   Project Staff (6.06)

          Key Staff Members are defined by reference to the United States in
          Schedule G to this Agreement. Notwithstanding the terms of the Master
          Agreement, (i) members of the Project Staff formerly employed by
          Customer shall be considered to be Key Staff Members only if so
          defined on Schedule G, and (ii) Vendor shall not reassign or replace
          any such individual during the initial five (5) year term of this
          Agreement except in those circumstances described in Section 6.06(b)
          of the Master Outsourcing Agreement.

     D.   Contractors and Subcontractors (6.07)

          Vendor contractors and subcontractors approved by Customer as of the
          Commencement Date are identified on Schedule L to this Agreement.

     E.   Right to Hire (6.11)

          It is recognized that the right of Customer to hire Vendor Personnel
          during the Termination Assistance Period recognized by Section 6.11 of
          the Master Outsourcing Agreement shall not include any right of
          Customer to hire the Vendor Project Manager.

VII.      OTHER VENDOR RESPONSIBILITIES

     A.   Reports (7.03)

          Reports to be prepared periodically by Vendor are described in Exhibit
          G of Schedule B to this Agreement.

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     B.   Change Control Procedures (7.02)

          The first draft of the Change Control Procedures to be applicable for
          purposes of this Agreement shall be prepared by Vendor within ninety
          (90) days of the Commencement Date and the parties shall use their
          best efforts to have such Change Control Procedures agreed and
          included in the Policy and Procedures Manual within one hundred twenty
          (120) days of the Commencement Date.

     C.   Consents (7.04)

          Customer shall have the obligation to obtain, and to pay for costs
          associated with obtaining, required consents and approvals as
          described in Section 7.04 of the Master Outsourcing Agreement,
          including those specifically identified on Schedule N to this
          Agreement.

     D.   Disaster Recovery Plan (7.11)

          Arrangements for restoration and continued provision of the Midrange,
          Network Management, and Help Desk Services (the "CENTRALIZED
          SERVICES") in the event of a disaster, or force majeure event, shall
          be addressed in a Disaster Recovery Plan which shall be developed by
          Vendor within one hundred eighty (180) calendar days following the
          Commencement Date and subsequently implemented by Vendor following
          completion of the Services described in the Transition Plan. Such
          Disaster Recovery Plan shall be designed to allow for (i) restoration
          of the Key Systems provided through the Centralized Services to be
          completed within forty eight (48) hours and (ii) restoration of other
          Services to be provided by Vendor within sixty (60) days, in each case
          following the declaration of the occurrence of a disaster that
          inhibits the Vendor of providing the Services. Such declaration shall
          be automatic if, at any time, the Services are interrupted and not
          completely restorable in 24 hours from the occurrence of the event
          causing the outage.

VIII.     TRANSITION TO VENDOR

     A.   Transition Plan (8.01)

          The Transition Period shall begin with the Commencement Date and shall
          be completed on or before the first anniversary of such date in
          accordance with the Transition Plan defined and attached in Schedule H
          to this Agreement.

     B.   Transitioned Customer Employees (8.03)

          Certain Customer employees as are listed in Schedule J (the
          "TRANSITIONING EMPLOYEES") may be offered employment with the Vendor
          subject to employment policies of Vendor and the terms as set forth in
          Schedule J. The Transitioning Employees who accept an offer of
          employment with the Vendor will become employees of Vendor, and shall
          commence such employment with Vendor on the date set forth in Schedule
          J (such date being referred to as the "EMPLOYEE TRANSITION DATE"). For
          each Transitioning Employee hired by Vendor, Customer's obligations to
          continue to pay wages, provide benefits and make employee
          contributions shall terminate as of the Employee Transition Date
          except to the extent otherwise provided in Schedule J. Within forty
          five (45) days following the Commencement Date, Vendor shall deliver
          to Customer a written list of all Transitioning Employees who accepted
          an offer of employment with the Vendor, and Customer shall acknowledge
          receipt of such list. Thereafter, upon the request of either party,
          Customer and Vendor shall amend Schedule J by mutual written agreement
          to substitute (i) the list of Transitioning Employees hired by Vendor,
          for (ii) the list of Transitioning Employees

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          qualified to receive an offer of employment from Vendor included in
          Schedule J on the Commencement Date.

IX.       EQUIPMENT, SOFTWARE, AND PROPRIETARY RIGHTS (9.01, 9.02, 9.07)

     A.   Equipment

          The equipment that will be used by the Vendor to provide and perform
          the Services is listed by reference to the United States in Schedule
          I, the Resource Control Log, attached to this Agreement, and shall be
          provided by Customer or Vendor and replaced or refreshed as described
          in such Schedule B.

          In the event that any of such equipment used in providing the Midrange
          Services is no longer needed for use in providing such Services
          pursuant to this Agreement, if so requested by Customer in accordance
          with the procedure discussed below, it shall be the responsibility of
          Vendor to sell or otherwise dispose of such equipment on behalf of
          Customer, using good faith efforts to sell such equipment for its fair
          market value. Upon notice that disposal of any such equipment is
          necessary, Vendor shall prepare and provide to Customer estimates of
          both the then current fair market value of the equipment in question
          and the anticipated expenses of sale or other disposal. Within a
          reasonable time after receiving such estimates, Customer shall provide
          written notice to Vendor of its election as to whether Vendor should
          proceed to dispose of the equipment in the manner contemplated by the
          Vendor estimates. The proceeds of any such sale shall be first applied
          to pay the reasonable expenses incurred by Vendor in completing such
          sale or other disposal, and the remainder, if any, shall be paid by
          Vendor to Customer. If the expenses of such sale or other disposition
          by Vendor exceed the proceeds, Customer shall reimburse the difference
          to Vendor.

          In the event that any personal computers or Hand Held Terminals for
          which Services are provided by Vendor pursuant to this Agreement are
          replaced or otherwise not needed for use by Customer, upon the request
          of Customer it shall be the responsibility of Vendor to (i) first
          erase and overwrite the disc storage and memory of each such device in
          a manner designed to assure that matters stored thereon cannot be
          recovered, and (ii) then to sell or otherwise dispose of such devices
          in a manner determined most appropriate by Vendor. All expenses and
          all proceeds relating to or arising from such erasure and overwriting
          and the sale or other disposal of such devices by Vendor shall be for
          the account of Vendor.

     B.   Customer Software

          Schedule I, by reference to the United States, contains a list of all
          the Customer Software applicable hereto.

     C.   Vendor Software

          Schedule I, by reference to the United States, contains a list of all
          the Vendor Software applicable hereto.

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     D.   Source Code and Back-up Tapes

          Vendor shall maintain copies of the Back-Up Tapes for the following
          time periods:

          For Midrange databases, Back-Up Tapes shall be required with respect
          to each calendar month and each calendar year, and such Back-Up Tapes
          shall be maintained for not less than six (6) years from date of
          creation.

     E.   Third Party Software

          Schedule I, by reference to the United States, contains a list of all
          the Third Party Software anticipated to be used by Vendor in providing
          the Baseline Services as of the Commencement Date. The additional
          information with respect to such Third Party Software as required by
          Section 9.09 (a) of the Master Outsourcing Agreement shall be provided
          by Vendor to Customer within one hundred twenty (120) days.

X.        RESOURCING AND AGGREGATE LIMITATIONS (10.01)

          To the extent that Customer obtains from third parties, or provides to
          itself, any of the Services in accordance with Section 10.01 of the
          Master Outsourcing Agreement, the amounts to be paid to Vendor by
          Customer will be adjusted according to the mechanism set forth in
          Schedule F (and, if appropriate, the Global Pricing Exhibit of the
          Master Agreement), and any equipment, software or service contracts
          owned or leased by Vendor for use in providing the Services and no
          longer needed by Vendor as a result of such reduction in Services by
          Customer shall be sold or assigned to or at the direction of Customer
          as provided in Article XIV.B of this Agreement below as applicable in
          the event of a termination of this Agreement.

XI.       THIRD PARTY SERVICE CONTRACTS (10.03)

          The Vendor shall have access to and use of all of the third party
          services governed by the Third Party Service Contracts described in
          Part I of Schedule K to this Agreement. The Vendor shall have
          financial responsibility to reimburse Customer for the regular monthly
          charges with respect to, but shall not assume, those Third Party
          Service Contracts described by reference to the United States in Part
          II of Schedule K to this Agreement.

XII.      INSURANCE (12.01)

          It is agreed that the requirements of Section 12.01 of the Master
          Outsourcing Agreement shall be satisfied by EDS maintaining the
          insurance described therein throughout the term of this Agreement,
          with the endorsements required by Section 12.01(b) and the
          certificates and notices required by Section 12.01(c) provided to
          Administracion S.A. de C.V., an affiliate of Customer organized under
          the laws of Mexico for the benefit collectively of Customer and each
          of the affiliates of Customer party to a Latin America Agreement.

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XIII.     PAYMENT TO VENDOR (13.01, 13.03, 13.12, 13.14)

     A.   Baseline Service Fees

          Baseline Service Fees and the Baseline Resources included in such Fees
          are defined in Schedule F to the Agreement. In those instances where
          fees or amounts with respect to more than one country are indicated on
          such Schedule F, the fees and amounts applicable to this Agreement
          shall be those identified by reference to the United States. Such
          Baseline Service Fees are not calculated on a "cost-plus" basis as
          anticipated by the Global Pricing Exhibit attached to and part of the
          Master Agreement, and therefore shall not be subject to the Global
          Volume Discounts as described in such Global Pricing Exhibit.

     B.   Retained and Pass Through Expenses

          Retained and Pass Through Expenses are defined in Schedule F to the
          Agreement.

     C.   Incidental and Other Charges

          Each of Customer and Vendor shall be responsible for the incidental
          expenses that may be incurred by Vendor as provided in Schedule F to
          this Agreement.

     D.   Increase or Reduction in Fees

          Customer shall pay Additional Volume Charges (also referred to as
          "ARCs" or "AVCs") and be entitled to receive Reduced Volume Credits
          (also referred to as "RRCs" or RVCs") as defined in Schedule F to this
          Agreement.

          Each of Customer and Vendor acknowledge that the fees payable under
          this Agreement for any New Services that are Inscope Infrastructure
          Services shall be based upon the Global Pricing Exhibit attached to
          and part of the Master Agreement, if other New Service Fees are not
          agreed by Vendor and Customer in accordance with Section 3.02 of the
          Master Outsourcing Agreement.

     E.   Payment Schedule

          1.   Start-up

               Vendor shall invoice One-time Transition Charges as described on
               Schedule F to this Agreement. In the event of a termination for
               convenience by Customer in accordance with Section 18.01(b) of
               the Master Outsourcing Agreement, any such Transition Charges as
               yet unpaid by Customer shall be considered to be among the
               capital investments to be paid by Customer to Vendor as a
               termination fee.

          2.   Monthly Service Charges

               Monthly Service Charges shall be invoiced in arrears. This means
               that each month's Services will be invoiced on the first day of
               each month and Customer will pay undisputed charges not more than
               30 days after receipt of the invoice.

          3.   ARC/RRCs

               Vendor will provide an invoice for variable charges, with
               appropriate back-up detail, and shall endeavor to provide such
               invoice in the month following the month in which the

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               charges were incurred. Customer will pay undisputed charges not
               more than 30 days after receipt of the invoice.

     F.   Adjustment to Charges

          1.   Payment Currency.

               All charges and sums due to the Vendor under this Agreement are
               specified in this Agreement in United States Dollars ("DOLLARS")
               and shall be payable by Customer only in Dollars.

          2.   Interest on Late Payments

               Any amounts due to be paid hereunder in Dollars not paid when due
               will bear interest until paid as set forth in Section 13.12 of
               the Master Outsourcing Agreement.

          3.   Cost of Living Adjustment

               a.   Local Currency Adjustment.

                    There is no Local Currency adjustment to be made pursuant to
                    this Agreement.

               b.   Dollar Adjustment.

                    Forty-two percent (42%) of the portion of the amounts
                    payable to Vendor hereunder which are specified in this
                    Agreement as due and payable in Dollars shall be indexed to
                    the Consumer Price Index for All Urban Consumers, U.S. City
                    Average, for All Items (1982-84 = 100), as published in the
                    Bureau of Labor Statistics of the Department of Labor of the
                    United States of America (the "CPI"). Such adjustments shall
                    be calculated using the CPI in the manner as provided above
                    with respect to adjustments based upon the NCPI for amounts
                    specified as payable in Local Currency except that (i) such
                    adjustments shall be calculated only on the first day of
                    each calendar year during the term of this Agreement,
                    commencing January 1, 2002, and no immediate adjustments
                    shall be made, and (ii) such adjustment shall be made to
                    correspond to ninety five percent (95%) of the change in the
                    CPI index for each calendar year, rather than one hundred
                    percent (100%) of the index change. If the CPI growth in
                    every calendar year is less than 5 %, Vendor will not adjust
                    the portion of the amounts payable to Vendor hereunder which
                    are specified in this Agreement as due and payable in
                    Dollars. For purposes of clarity, it is acknowledged that
                    the intent of the parties is that any such amounts payable
                    by Customer to Vendor in Dollars will be modified
                    periodically as appropriate in accordance with this
                    paragraph, applying any such changes in the CPI for the
                    appropriate period to the pricing for this Agreement, as
                    such pricing may have been previously modified pursuant to
                    this paragraph, so that such adjustments have cumulative
                    effect with respect to all changes in the CPI from the
                    Commencement Date through termination of this Agreement.

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XIV.      TERMINATION

     A.   Termination for Failure to Provide the Services. (18.03)

          If the Vendor fails to provide and perform the Baseline Services or
          any New Services and such failure creates a material adverse effect on
          the Customer's business and the Vendor does not, (within 48 hours
          after proper notice of such failure has been provided to the Vendor by
          the Customer), cure such failure or, if such failure cannot be cured
          within such 48-hour period, then the Vendor shall provide to the
          Customer a workaround solution that will allow the Customer to perform
          its normal business operations, then the Customer may, upon proper
          notice to Vendor, terminate this Customer's Outsourcing Agreement as
          of the date specified in the notice of termination without regard to
          Section 18.02 of the Master Outsourcing Agreement. For purposes
          hereof, failure to provide Baseline Services or New Services shall be
          deemed to have "a material adverse effect on Customer's business" in
          accordance with the standard provided in Section 18.03 of the Master
          Outsourcing Agreement.

     B.   Transfer of Assets upon Termination or Expiration of the Agreement.

          Upon expiration or termination of this Agreement for any reason,
          Vendor shall sell or assign to or at the direction of Customer, and
          Customer shall accept and provide consideration as provided herein
          with respect to, all equipment, software and service contracts then
          owned or leased by Vendor primarily for use in providing the Services,
          to the extent that Vendor may do so under the applicable agreements.
          If any such agreements may not be assigned by Vendor to Customer, then
          Vendor shall retain such agreements and be reimbursed by Customer all
          costs related thereto arising from and after the date of termination,
          in accordance with the procedures described on Schedule D. All such
          equipment shall be transferred in good working condition, reasonable
          wear and tear excepted. In the case of Vendor-owned equipment, Vendor
          shall grant to Customer or its designee a warranty of title and a
          warranty that such equipment is free and clear of all liens and
          encumbrances. Such conveyance by Vendor to Customer shall be (i) at
          Vendor's net book value for assets being depreciated by Vendor in
          accordance with generally accepted accounting principles, (ii) at fair
          market value for assets the acquisition cost of which was not
          capitalized by Vendor, and (iii) on assumption of all executory
          obligations and reimbursement of pre-paid obligations with respect to
          non-capitalized contractual rights. In the case of leases or other
          contracts, Vendor shall represent and warrant that it is not in
          default of the lease or other contract on the date of assignment, and
          that all payments due thereunder have been made through the date of
          assignment. To the extent permitted by Vendor's contracts with third
          parties, Vendor shall assign or transfer to Customer or its designee
          all warranties and other third party warranties on any such assets
          conveyed to Customer or its designee.

     C.   Fee in the Event of Early Termination.

          In the event of any termination of this Agreement prior to the
          conclusion of the Initial Term, Customer agrees to pay to Vendor the
          termination charge as defined by reference to the United States in the
          table of such charges set forth in Schedule F.

XV.       TERMINATION ASSISTANCE SERVICES (18.06 AND 19.01)

          Termination Assistance Services and the Fees to be paid by Customer
          with respect thereto are described in Schedule D hereto.

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XVI.      DAMAGES (21.01)

          NEITHER PARTY SHALL BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL,
          PUNITIVE OR CONSEQUENTIAL DAMAGES OR LOST PROFITS ARISING OUT OF OR
          RELATING TO SUCH PARTY'S PERFORMANCE UNDER THIS AGREEMENT.
          FURTHERMORE, THE TOTAL AMOUNT WHICH CAN BE RECOVERED BY EITHER PARTY
          FOR THE OTHER PARTY'S FAILURE TO PERFORM, WHETHER BASED ON AN ACTION
          OR CLAIM IN CONTRACT, EQUITY, NEGLIGENCE, TORT OR OTHERWISE, UNDER
          THIS AGREEMENT SHALL NOT EXCEED AN AMOUNT EQUAL TO THE AGGREGATE OF
          ALL SERVICE FEES PAID BY CUSTOMER UNDER THIS AGREEMENT IN THE TWELVE
          MONTHS PRECEDING ANY CLAIM. NOTWITHSTANDING ANYTHING HEREIN TO THE
          CONTRARY, THE FOREGOING LIMITATIONS SHALL NOT APPLY TO (I) CUSTOMER'S
          OR VENDOR'S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT; (II) THE
          INDEMNIFICATIONS SET FORTH IN ARTICLE 20; (III) CUSTOMER OBLIGATIONS
          TO PAY FEES AS PROVIDED HEREIN FOR SERVICES RENDERED, OR (IV) BREACH
          OF THE CONFIDENTIALITY OBLIGATIONS SET FORTH IN ARTICLE 15.

          Vendor's responsibilities for Telecommunications Management Services
          under this Agreement shall be limited to managing the
          Telecommunication Services Agreement(s) at issue as provided in
          Schedule B. Vendor shall not itself be liable for a breach by the TC
          Vendor of the terms and conditions of such Telecommunication Services
          Agreement(s) or for any obligations incurred by Customer under the
          Telecommunication Services Agreement(s).

          Other than credits which may become available to Customer (directly or
          indirectly) in the event of a failure of a Service Level with respect
          to the International Telecommunications Network Management Services as
          provided on Schedule E, Vendor disclaims any and all liability
          resulting from or arising out of the provision of any
          Telecommunication Services by a TC Vendor or any acts or omissions of
          a TC Vendor. With the exception of such Service Level credits or any
          warranties or indemnities that the TC Vendor shall provide for
          Customer's benefit pursuant to the Telecommunication Services
          Agreement, the Telecommunication Services are made available to
          Customer on an "AS IS" basis without warranty. Vendor' responsibility
          with respect to any Service Interruption shall be as described in
          Schedule B and, to the extent applicable to such Service Interruption,
          Schedule E.

XVII.     MISCELLANEOUS

     A.   Notices (22.03)

               In the case of Customer:

                      Panamco L.L.C.
                      701 Waterford Way
                      Suite 800
                      Miami, Fl 33126 U.S.A.
                      Attention: General Counsel

                      Telephone: (305) 929-0800
                      Facsimile: (305) 856-3900

COA--United States                   Page  12

<PAGE>

                With a copy to:

                      Panamco LLC
                      701 Waterford Way, Suite 800
                      Miami, Florida  33126
                      Attention: Information Systems Director
                      FAX:  305-856-3900

                In the case of Vendor:

                      Electronic Data Systems Corporation
                      C/o E.D.S. de Mexico S.A. de C.V.
                      Av. Vasco de Quiroga No. 2999
                      Col. Pena Blanca Santa Fe
                      Mexico, D.F., Mexico 01210
                      Attention:  President

                      With a copy to:

                      Electronic Data Systems Corporation
                      5400 Legacy Drive
                      Plano, Texas  75024
                      Attention:  General Counsel
                      FAX: 972-605-5610

                      And a copy to:

                      Electronic Data Systems Corporation
                      C/o Panamco L.L.C.
                      701 Waterford Way
                      Suite 800
                      Miami, Fl 33126 U.S.A.
                      Attention: EDS Client Delivery Executive
                      Telephone: (305) 929-0800
                      Facsimile: (305) 856-3900

     B.   Governing Law and Forum (22.13)

          This Agreement shall be construed and governed by the laws of New
          York, subject to the requirements of Paragraph C in this Article XVII
          of this Agreement below. Any claim, controversy or dispute arising out
          of or relating to this Agreement ("DISPUTE") shall be resolved first
          as provided in Section 17.01 of the Master Outsourcing Agreement or,
          if such informal methods do not resolve the Dispute, as provided in
          Paragraph C in this Article XVII of this Agreement below. To the
          extent access to any courts is required without contravention of such
          agreed provisions for the resolution of any Dispute, each of Customer
          and Vendor irrevocably accepts the jurisdiction of the federal courts
          of the Southern District of New York.

     C.   Arbitration

          Any Dispute that the parties are unable to resolve through the
          procedures described in Section 17.01 of the Master Outsourcing
          Agreement will be submitted to arbitration in accordance with the
          following procedures:

COA--United States                   Page  13

<PAGE>

          1.   Either party may demand arbitration by giving the other party
               written notice to such effect, which notice will describe, in
               reasonable detail, the facts and legal grounds forming the basis
               for the filing party's request for relief and will include a
               statement of the total amount of damages claimed, if any, and any
               other remedy sought by that party. The arbitration will be held
               pursuant to the International Arbitration Rules of the American
               Arbitration Association ("AAA") in effect at the time of the
               arbitration, except as may be modified herein or by mutual
               agreement of the parties. The arbitration shall be conducted
               before three neutral arbitrators in New York, New York, or such
               other location as may be mutually agreed by the parties.

          2.   Within 30 days after the other party's receipt of such demand,
               the parties will mutually determine who the arbitrators will be
               in accordance with such rules of the AAA or, if the parties are
               unable to agree on the arbitrators within that time period, the
               arbitrators will be selected by the AAA in accordance with such
               rules. In any event, the arbitrators must be neutral
               participants, with no prior working relationship with either
               party, and shall have a background in, and knowledge of, the
               information technology services industry. If persons with such
               industry experience are not available, the arbitrators shall be
               chosen from the large and complex case panel or, if appropriate
               persons are not available from such panel, the retired federal
               judges pool.

          3.   The arbitrators shall allow such discovery as is appropriate to
               the purposes of arbitration in accomplishing fair, speedy and
               cost-effective resolution of disputes. The arbitrators will not
               have authority to make any ruling, finding or award that does not
               conform to the terms and conditions of this Agreement.

          4.   The decision of, and award rendered by, the arbitrators will be
               final and binding on the parties. Upon the request of a party,
               the arbitrator's award will include written findings of fact and
               conclusions of law. Judgment on the award may be entered in and
               enforced by any court of competent jurisdiction. Each party will
               bear its own costs and expenses (including filing fees) with
               respect to the arbitration, including one-half of the fees and
               expenses of the arbitrators.

          5    In the event that any Dispute subject to any such arbitration
               relates to matters that are the subject of a separate and
               additional dispute between an affiliate of Customer and an
               affiliate of Vendor under another of the Latin America
               Agreements, any arbitration proceedings to resolve such Disputes
               shall be consolidated upon the request of either party. In the
               event of any such consolidation of Disputes, to the extent the
               matters in controversy is the same in each, the parties agree
               that notwithstanding Paragraph B of this Article XVII above, this
               Agreement shall be considered as construed under and governed by
               the law of the jurisdiction to which the largest claim in Dispute
               arises for the resolution of such Disputes involving the same
               matters in controversy.

          6.   Other than those matters involving injunctive or other
               extraordinary relief or any action necessary to enforce the award
               of the arbitrators, the parties agree that the provisions of this
               Article XVII, Paragraph C, are a complete defense to any suit,
               action or other proceeding instituted in any court or before any
               administrative tribunal with respect to any Dispute.

COA--United States                   Page  14

<PAGE>

     D.   Customer Third-Party Contractors. (10.02)

          Customer shall require Customer Third Party Contractors to comply with
          Vendor's security and confidentiality requirements and shall not be
          required to disclose any Vendor confidential or proprietary
          information to any Third Party Contractor of Customer that is a
          competitor of Vendor.

     E.   Individuals Performing the Services. (13.14)

          Vendor agrees to be responsible to verify that all individuals it
          provides to perform the Services required to be provided by Vendor
          under this Customer's Outsourcing Agreement are legally able to work
          in the country in which they are working to provide such Services.
          However, it is neither necessary nor appropriate that all such
          individuals providing Services on behalf of Vendor be legally
          authorized to work in the United States.

     F.   Rules of Interpretation. (22.11)

          In the event of a conflict between the terms and conditions of the
          Master Agreement and Customer's Outsourcing Agreement, the terms and
          conditions of Customer's Outsourcing Agreement shall prevail. In the
          event of a conflict between the Master Agreement and Customer's
          Outsourcing Agreement and any Amendment to Customer's Outsourcing
          Agreement, the terms of the Amendment to Customer's Outsourcing
          Agreement shall prevail.

     G.   Euro and Euro Compliance (16.01, 16.02, 22.01).

          It is recognized not to be necessary that all Software and Equipment
          provided or used pursuant to this Agreement be tested or warranted for
          functionality with respect to Euro Compliance or data involving the
          Euro currency, or conversion between Local Currency and the said Euro.

     H.   Survival

          Without limiting the requirements of Section 22.15 of the Master
          Outsourcing Agreement, it is agreed that the terms of Articles III-A;
          VI-E; XIII-F-1 and 2; XIV-B; XV; XVI; and XVII-B and F of this
          Agreement shall survive the expiration or termination of this
          Agreement for any reason.

XVIII.    REPRESENTATIONS AND WARRANTIES.

     A.   By Customer (16.01(a) through (f)).

          Customer represents, warrants and covenants that:

          (a) it is a corporation duly incorporated, validly existing and in
          good standing under the laws of Delaware;

          (b) it has all the requisite corporate power and authority to execute,
          deliver and perform its obligations under this Agreement;

COA--United States                   Page  15

<PAGE>

          (c) the execution, delivery and performance of this Agreement have
          been duly authorized by Customer;

          (d) it covenants that is has not as of the Commencement Date, and will
          not, disclose any Confidential Information of Vendor in violation of
          the terms of this Agreement;

          (e) there is no claim, action, suit, investigation, or proceeding
          pending or, to Customer's knowledge, contemplated or threatened
          against Customer which seeks damages or penalties in connection with
          any of the transactions contemplated by this Agreement or to restrict
          or delay the transactions contemplated hereby or to limit in any
          manner Vendor's rights under this Agreement; and

          (f) there are no brokers with claims to fees based upon the
          transactions contemplated under this Agreement.

     B.   By Vendor (16.02 (a) through (g)).

          Vendor represents, warrants and covenants that:

          (a) it is a corporation duly incorporated, validly existing and in
          good standing under the laws of Delaware;

          (b) it has all requisite corporate power and authority to execute,
          deliver and perform its obligations under this Agreement;

          (c) the execution, delivery and performance of this Agreement have
          been duly authorized by Vendor;

          (d) no approval, authorization or consent of any governmental or
          regulatory authority is required to be obtained or made by it in order
          for it to enter into and perform its obligations under this Agreement;

          (e) it covenants that is has not, and will not, disclose any
          Confidential Information of Customer in violation of the terms of this
          Agreement;

          (f) there is no claim, action, suit, investigation, or proceeding
          pending or, to Vendor's knowledge, contemplated or threatened against
          Vendor which seeks damages or penalties in connection with any of the
          transactions contemplated by this Agreement or to restrict or delay
          the transactions contemplated hereby or to limit in any manner
          Customer's rights under this Agreement; and

          (g) there are no brokers with claims to fees based upon the
          transactions contemplated under this Agreement.

XIX.      SCHEDULES

     The Schedules hereto shall form an integral part of this Customer's
     Outsourcing Agreement and shall be regarded as incorporated into this
     Agreement in every respect. In case of inconsistency between the

COA--United States                   Page  16

<PAGE>

     terms and conditions of the said Schedules and this Agreement the latter
     shall prevail to the extent of such inconsistency but no further.

     A.   INTENTIONALLY OMITTED

     B.   DESCRIPTION OF SERVICES

     C.   INTENTIONALLY OMITTED

     D.   TERMINATION ASSISTANCE SERVICES

     E.   PERFORMANCE STANDARDS AND SERVICE LEVELS

     F.   CHARGES AND RESOURCE BASELINES

     G.   KEY VENDOR STAFF MEMBERS

     H.   VENDOR'S TRANSITION PLAN

     I.   EQUIPMENT AND SOFTWARE RESOURCE LOG

          1.   EQUIPMENT PROVIDED BY CUSTOMER

          2.   EQUIPMENT PROVIDED BY VENDOR

          3.   SOFTWARE PROVIDED BY CUSTOMER

          4.   SOFTWARE PROVIDED BY VENDOR

     J.   EMPLOYEE TRANSITIONS

     K.   THIRD PARTY SERVICE AGREEMENTS

     L.   APPROVED SUBCONTRACTORS

     M.   MASTER AGREEMENT

     N.   CONSENTS AND APPROVALS

This Customer's  Outsourcing  Agreement is signed in two (2) original copies, to
be effective on the date first above written.

COA--United States                   Page  17

<PAGE>

Panamco L.L.C.                               Electronic Data Systems Corporation

-----------------------------------          ----------------------------------
Authorized representative                    Authorized representative

Printed name:                                Printed name:

-----------------------------------          ----------------------------------

COA--United States                   Page  18EXHIBIT 10.42

                             EMPLOYMENT AGREEMENT
                             --------------------

          This Employment Agreement ("Agreement") is made and entered into on
this 30th day of September, 1999 to be effective as of October 1, 1999 by and
between PANAMCO LLC, a limited liability company organized under the laws of
Delaware and d/b/a PANAMERICAN BEVERAGES COMPANY in Florida (the "Company"), a
wholly-owned subsidiary of Panamerican Beverages, Inc., a company organized
under the laws of the Republic of Panama ("Panamco") and ALEJANDRO JIMENEZ
FONSECA (hereinafter called the "Executive").

                                R E C I T A L S
                                - - - - - - - -

          A.   The Executive is the Chief Operating Officer of Panamco and also
serves as a member of the Board of Directors of Panamco.

          B.   The Executive has been employed by Administracion S.A. de C.V., a
company organized under the laws of Mexico ("Administracion"), in Mexico City,
Mexico, an indirect subsidiary of Panamco since July 1, 1991u.

          C.   The Board of Directors of Panamco (the "Board") recognizes that
it is in the best interest of Panamco to relocate the Executive to Miami,
Florida.

          D.   The Executive possesses intimate knowledge of the business and
affairs of Panamco and the Company, its policies, methods and personnel.

          E.   The Board recognizes that the Executive has contributed to the
growth and success of Panamco, and desires to assure Panamco and the Company
of the Executive's continued employment and to compensate him therefor.

          F.   The Board has determined that this Agreement will reinforce and
encourage the Executive's continued attention and dedication to Panamco and
the Company.

          G.   The Executive is willing to make his services available to the
Company and on the terms and conditions hereinafter set forth.

          H.   The Executive recognizes that his sole employer will be the
Company.

                                   AGREEMENT
                                   ---------

          NOW, THEREFORE, in consideration of the premises and mutual
covenants set forth herein, the parties agree as follows:

                                     -1-

<PAGE>

     1.   Employment.

          1.1  Employment and Term. The Company hereby agrees to employ the
Executive and the Executive hereby agrees to serve the Company on the terms
and conditions set forth herein.

          1.2  Duties of Executive. During the Term of Employment under this
Agreement, the Executive shall serve as the Chief Operating Officer ("COO ")
of the Company, shall diligently perform all services as may be assigned to
him by the Board (provided that, such services shall not materially differ
from the services currently provided by the Executive) and described in more
detail under the job description of the COO in the guidelines set forth by the
Board, and shall exercise such power and authority as may from time to time be
delegated to him by the Board. The Executive shall devote his full time and
attention to the business and affairs of the Company, render such services to
the best of his ability, and use his best efforts to promote the interests of
the Company. It shall not be a violation of this Agreement for the Executive
to (i) serve on corporate, civic or charitable boards or committees, (ii)
deliver lectures, fulfill speaking engagements or teach at educational
institutions, or (iii) manage personal investments, so long as such activities
do not significantly interfere with the performance of the Executive's
responsibilities to the Company in accordance with this Agreement.

          1.3  Place of Performance. The principal place of employment of the
Executive shall be at the Company's principal executive offices in Miami,
Florida. In the event that the Company's principal executive offices are moved
from Miami, Florida, beyond 200 miles the Company shall promptly pay, or
reimburse the Executive, for all reasonable expenses incurred by the Executive
for a period of at least one (1) year following such move relating to any
change of the Executive's residence in connection with his employment
hereunder including without limitation, reasonable expenses for himself and
his family of travel, moving, storage and suitable lodging and maintenance.

     2.   Term.

          2.1  Initial Term. The initial Term of Employment under this
Agreement, and the employment of the Executive hereunder, shall commence on
October 1, 1999 (the "Commencement Date") and shall expire on September 30,
2002, unless sooner terminated in accordance with Section 5 hereof (the
"Initial Term").

          2.2  Renewal Terms. At the end of the Initial Term, the Term of
Employment automatically shall renew for successive one (1) year terms
(subject to earlier termination as provided in Section 5 hereof) until the
Executive has reached his Normal Retirement Age (as defined in the Pension
Plan), unless the Company or the Executive delivers written notice to the
Company other at least six (6) months prior to the Expiration Date of its or
his election not to renew the Term of Employment. In the event that the
Company elects not to renew the Term of Employment pursuant to this Section
2.2 for any reason other than Cause (as defined in Section 5.4 hereof), then
the Executive shall be deemed to be terminated by the Company without Cause in
accordance with Section 5.4, and shall be entitled to the benefits described
thereunder.

                                     -2-

<PAGE>

          2.3  Term of Employment and Expiration Date. The period during which
the Executive shall be employed by the Company pursuant to the terms of this
Agreement is sometimes referred to in this Agreement as the "Term of
Employment", and the date on which the Term of Employment shall expire
(including the date on which any renewal term shall expire), is sometimes
referred to in this Agreement as the "Expiration Date".

     3.   Compensation.

          3.1  Base Salary. The Executive shall receive a base salary at the
annual rate of $600,000 (six hundred thousand dollars) (the "Base Salary")
during the Term of Employment, with such Base Salary payable in installments
consistent with the Company's normal payroll schedule, subject to applicable
withholding and other taxes. The Base Salary shall be reviewed, at least
annually, for merit increases and may, by action and in the discretion of the
Board, be increased at any time or from time to time based upon market
conditions. Base Salary, if increased, shall not thereafter be decreased for
any reason.

          3.2  Bonuses.

               (i) During the Term of Employment, the Executive shall be
eligible to receive annual bonus awards pursuant to the terms and conditions of
the Panamerican Beverages, Inc. Annual Incentive Plan, as may be amended from
time to time (the "Incentive Plan"), a copy of which is attached hereto as
Exhibit A and incorporated by reference.

              (ii) The Executive shall receive such additional bonuses, if
any, as the Board may in its sole and absolute discretion determine.

             (iii) Any bonuses payable pursuant to this Section 3.2 are
sometimes hereinafter referred to as "Incentive Compensation." Each period for
which Incentive Compensation is payable is sometimes hereinafter referred to as
a Bonus Period. Unless otherwise specified by the Board or provided under the
Incentive Plan, the Bonus Period shall be the calendar year.

              (iv) Any Incentive Compensation payable pursuant to this Section
3.2 shall be paid by the Company to the Executive within 2 1/2 months after the
end of the Bonus Period for which it is payable.

          3.3 Other Compensation.

               (i) Automobile Allowance. During the Term of Employment, the
Executive shall receive an allowance from the Company for automobile
related-expenses, which allowance has been quantified by the Company to equal
$700.00 dollars (Seven hundred dollars) per month, net of any applicable
taxes, plus routine maintenance insurance and normal fuel expenses which
amount shall be payable at the same times and in the same manner as the
Executive's Base Salary, as described in Section 3.1 hereof.

                                     -3-

<PAGE>

               (ii) Vacation Premium. During the Term of Employment, the
Executive shall receive additional compensation in an amount equal to the
product of fifty percent (50%) of the daily Base Salary and the number of
vacation days accrued per year during the vacation period per year, payable on
October 1 of each year.

     4. Expense Reimbursement and Other Benefits.

          4.1  Reimbursement of Expenses. Upon the submission of proper
substantiation by the Executive, and subject to such rules and guidelines as
the Company may from time to time adopt, the Company shall reimburse the
Executive for all reasonable expenses actually paid or incurred by the
Executive during the Term of Employment in the course of and pursuant to the
business of the Company. The Executive shall account to the Company in writing
for all expenses for which reimbursement is sought and shall supply to the
Company copies of all relevant invoices, receipts or other evidence reasonably
requested by the Company.

          4.2  Benefit Programs. During the Term of Employment, but effective
as of September 1, 2000 or earlier as determined by the Company (the
"Effective Date") the Company shall provide to the Executive the following
benefits:

               (i) life insurance coverage in an amount equal to at least three
(3) times the Executive's Base Salary and Target Bonus (as defined in the
Incentive Plan) determined as of each January 1st during the Term of
Employment, and which provides for double indemnity protection in the event of
the accidental death of the Executive;

              (ii) disability insurance coverage, subject to such maximum
amounts of coverage as may be imposed by the insurer as follows: (x) short-term
disability coverage in an amount equal to sixty percent (60%) of the
Executive's Base Salary, as in effect as of the date the short-term disability
commences, payable for a period not to exceed a maximum of six (6) months, and
(y) long-term disability coverage in an amount equal to sixty percent (60%) of
the Executive's Base Salary as in effect as of the date the long-term
disability commences, which shall be reduced by the amounts, if any, payable
to the Executive under social security, workers' compensation and/or any
disability coverage programs maintained by the Company. The Executive shall
have the right to receive all the benefits related to the disability insurance
as provided herein, until the Executive has reached his Normal Retirement Age
(as defined in the Pension Plan);

             (iii) health and medical coverage which provides for at least the
following: (x) 100% coverage under a health maintenance plan ("HMO"), 90%
coverage under a preferred provider plan ("PPO") and 80% coverage under a
physician of choice plan ("POS"); (y) a 15% co-payment for prescription drugs;
and (z) the payment by the Company of (A) 100% of the premiums with respect to
coverage for the Executive; (B) 50% of the premiums with respect to coverage
for the Executive's spouse and dependents eligible for coverage; and (C) an
excess medical payment benefit payable to the Executive in an amount, not to
exceed $5,000 per year, to reimburse the Executive for deductibles,
co-payments and other out-of-pockets expenses incurred with respect to the
health and medical coverage under this paragraph (iii);

                                     -4-

<PAGE>

              (iv) dental coverage which provides for at least the following:
(x) 100% coverage with respect to routine dental maintenance, (y) 80% coverage
with respect to basic dental work, and (z) orthodontia coverage for the
Executive's children, up to a maximum of $1,000 per child;

               (v) vision coverage which provides for at least the following:(x)
100% coverage for one eye exam per year; (y) 100% coverage for one set of
eyeglass frames or contact lenses; and (z) a 20% co-payment with respect to
any other eye-related expenses; and

              (vi) eligibility to participate in all other plans as are
presently and hereinafter offered by the Company to its executives, including
savings, pension, profit-sharing and deferred compensation plans, subject to the
general eligibility and participation provisions set forth in such plans. In
addition, the Executive shall participate, and continue accruing benefits
under, the Mexican Pension Plan. For purposes of the Mexican Pension Plan, the
Executive shall be entitled to receive pension benefits, as provided therein,
as if the Executive had been employed with Panamco as of February 1, 1973,
date in which the Executive began his career in the soft-drink industry, as it
was originally agreed between the Executive and Administracion.

             (vii) between the date of execution of this Agreement and the
Effective Date, the Executive shall continue to enjoy health and medical
coverage, life insurance and all other fringe benefits being provided by
Administracion, unless otherwise provided hereunder.

          4.3 Working Facilities. During the Term of Employment, the Company
shall furnish the Executive with an office, secretarial help and such other
facilities and services suitable to his position and adequate for the
performance of his duties hereunder.

          4.4 Stock Options and Restricted Stock. During the Term of
Employment, the Executive shall be eligible to be granted both restricted
stock (the "Restricted Stock") and options (the "Stock Options") to purchase
common stock (the "Common Stock") of the Company under (and therefore subject
to all terms and conditions of) the Company's Equity Incentive Plan as
amended, a copy of which is attached hereto as Exhibit C and incorporated by
reference, and any successor plan thereto (the "Equity Plan") and all rules of
regulation of the Securities and Exchange Commission applicable to stock
option plans then in effect. The number of shares of Restricted Stock and
Stock Options and the terms and conditions of the Restricted Stock and the
Stock Options shall be determined by the Committee appointed pursuant to the
Equity Plan, or by the Board of Directors of the Company, in its discretion
and pursuant to the Equity Plan.

          4.5  Vacation Time. During the Term of Employment, the Executive
shall be entitled to 18 (eighteen) business days of vacation each calendar
year, to be taken at such times as the Executive and the Company shall
mutually determine and provided that no vacation time shall interfere with the
duties required to be rendered by the Executive hereunder. Any vacation time
not taken by the Executive during any calendar year may be carried forward
into the succeeding calendar year (the "Unused Vacation Time"); provided,
however, that in the event that the Executive fails to utilize the Unused

                                     -5-
<PAGE>

Vacation Time by the end of the succeeding year, such Unused Vacation Time
shall be forfeited. For these purposes, the Unused Vacation Time shall be
considered utilized by the Executive prior to the time that the vacation time
for the subsequent year shall be considered to be utilized by the Executive.

          4.6 Relocation Assistance. The Company shall provide to the
Executive the following relocation assistance:

               (i) a relocation allowance net of any applicable taxes, in an
amount equal to the greater of (x) one twelfth (1/2) of the Executive's annual
Base Salary as provided under Section 3.1 hereof, or (y) $10,000, payable
immediately upon the date the Executive actually physically relocates to
Miami, Florida (the "Moving Date");

              (ii) a home rental allowance net of any applicable taxes, (the
"Home Allowance") for three (3) years, commencing on the date on which the
Executive's new residential lease or mortgage in Florida commences, in an
amount comparable to peers in Miami, adjusted as follows: (x) 100% of the Home
Allowance for the first year; (y) 67% of the Home Allowance for the second
year, and (z) 33% of the Home Allowance for the third year. The Home Allowance
shall be payable by the Company, at the Executive's election, either in
monthly installments or as a lump sum payment, where the amount of the lump
sum payment is to be determined by the Company's relocation consultants based
upon the present value of the total payments payable to the Executive pursuant
to this paragraph (ii), plus a twenty-five percent (25%) premium.
Notwithstanding anything to the contrary herein, in the event that the
Executive elects to receive a lump sum payment of the Home Allowance, and the
Executive's employment with the Company is terminated for any reason prior to
the expiration of the Initial Term of this Agreement, the Executive shall
repay to the Company that portion of the Home Allowance attributable to the
months remaining in the Initial Term, determined as of the date of termination
of the Executive's employment. For purposes of this paragraph (ii), the Area
Home Allowance for the first year shall be Eight Thousand Eight Hundred Thirty
Eight Dollars ($8,838) per month net of any applicable taxes;

             (iii) a cost of living allowance net of any applicable taxes, (the
Cost of living Allowance") with respect to goods and services for three (3)
years, commencing on the Executive's Moving Date, in an amount equal to the
following applicable percentages of the amount, if any, by which the
Executive's consumption costs with respect to goods and services in the
Executive's new employment location and the Executive's consumption costs with
respect to goods and services in the Executive's former employment location
(the "Cost of Living Differential"), adjusted as follows: (x) 100% of the Cost
of Living Differential for the first year; (y) 67% of the Cost of Living
Differential for the second year, and (z) 33% of the Cost of Living
Differential for the third year, as determined by the Company's relocation
consultants, payable to the Executive in monthly installments. For purposes of
this paragraph (iii), the Consumption Differential for the first year shall be
Three Thousand Seven Hundred and Thirty Seven Dollars and 75 Cents ($3,737.41)
per month net of any applicable taxes;

              (iv) a ninety (90) day, non-interest bearing loan in an amount not
to exceed ninety percent (90%) of the equity in the Executive's residence in
the Executive's former employment location, but only if such residence is

                                     -6-

<PAGE>

being sold, to be secured in a manner as determined by the Company in its
discretion;

               (v) reimbursements for either (x) reasonable fees and expenses
incurred in selling the residence in the Executive's former employment
location including, without limitation, realtor's fees and closing costs, or
(y) reasonable property management and/or maintenance fees and expenses
incurred with respect to the maintenance of a residence in the Executive's
former employment location for one (1) year, and

              (vi) any other customary allowances and assistance as determined
by the Company's relocation consultants and consistent with the Term Sheet
attached hereto as an Exhibit and made a part hereof.

          The Company shall reimburse the Executive on a grossed-up basis in
the event that any tax is assessed upon the Executive with respect to payments
made pursuant to paragraphs (i), (ii), and (iii) of this Section 4.6. The
Executive shall account to the Company in writing for all expenses for which
reimbursement is sought and shall supply to the Company copies of all relevant
invoices, receipts or other evidence reasonably requested by the Company. The
amount of any and all payments to be payable to the Executive under this
Section 4.6 shall be determined by the Company and such determination shall be
binding and conclusive on all parties in the absence of fraud or gross
negligence.

          4.7 Club Membership. During the Term of Employment, commencing on
the Executive's Moving Date, the Company shall pay all reasonable fees and
dues including initiation fees payable in connection with the Executive's
memberships in both (i) a country club, and (ii) a luncheon club, to be
selected by the Executive in his sole discretion.

          4.8 Financial Planning. During the Term of Employment, the Company
shall pay, up to a maximum of five thousand dollars ($5,000) per calendar
year, for any fees and expenses incurred by the Executive for legal,
accounting and/or tax advice in connection with his tax return preparation,
financial planning and/or estate planning.

          4.9 Annual Home Leave. During the Term of Employment, commencing on
the Executive's Moving Date, the Company shall pay, on an annual basis, for
one first class round trip airfare for the Executive, his spouse and his
children to travel between Miami, Florida and the Executive's former country
of residency.

          4.10 Tax Protection. During the Initial Term, for each calendar
year, the Company shall reimburse the Executive, on a grossed-up basis, in the
event that any tax is assessed upon him in relation to any and all payments
made pursuant to this Agreement, excluding any tax that maybe assessed whit
respect to Restricted Stock and Stock Options, which is in excess of the tax
which would have been assessed on the Executive had the Executive remained in
his former employment location with the Company.

                                     -7-
<PAGE>

     5.   Termination.

          5.1 Termination for Cause. The Company shall at all times have the
right, upon written notice to the Executive, to terminate the Term of
Employment, for Cause. For purposes of this Agreement, the term "Cause" shall
mean (i) an action or omission of the Executive which constitutes a willful
and material breach of, or failure or refusal (other than by reason of his
disability) to perform his duties under this Agreement which is not cured
within ninety (90) days after receipt by the Executive of written notice of
same and which termination is affirmed by a majority vote of the full Board,
(ii) fraud, embezzlement, misappropriation of funds or breach of trust by the
Executive in connection with his services hereunder, (iii) the Executive's
conviction of any crime which involves dishonesty or a breach of trust, or
(iv) gross negligence in connection with the performance by the Executive of
his duties hereunder, which is not cured within ninety (90) days after written
receipt by the Executive of written notice of same and which termination is
affirmed by a majority vote of the full Board. Any termination for Cause shall
be made in writing to the Executive, which notice shall set forth in detail
all acts or omissions upon which the Company is relying for such termination.
The Executive shall have the right to address the Board regarding the acts set
forth in the notice of termination. Upon any termination pursuant to this
Section 5.1, the Company shall (i) pay to the Executive his Base Salary to the
date of termination and (ii) pay to the Executive his accrued but unpaid
Incentive Compensation, if any, for any Bonus Period ending on or before the
date of the termination of the Executive's employment with the Company. The
Company shall have no further liability hereunder (other than for
reimbursement for reasonable business expenses incurred prior to the date of
termination, subject, however, to the provisions of Section 4.1). Any
determination of the Cause by the Board shall be binding and conclusive on all
parties in the absence of fraud or gross negligence.

          5.2  Disability. The Company shall at all times have the right, upon
written notice to the Executive, to terminate the Term of Employment, if the
Executive shall become entitled to the benefits under the Company's long-term
disability plan as then in effect, or, if the Executive shall as the result of
mental or physical incapacity, illness or disability, become unable to perform
his obligations hereunder for a period of 180 days in any 12-month period. The
Company shall have sole discretion based upon competent medical advice to
determine whether the Executive continues to be disabled. Upon any termination
pursuant to this Section 5.2, the Company shall (i) pay to the Executive any
unpaid Base Salary through the effective date of termination specified in such
notice, (ii) pay to the Executive his accrued but unpaid Incentive
Compensation, if any, for any Bonus Period ending on or before the date of
termination of the Executive's employment with the Company, (iii) continue to
pay the Executive for a period of twelve (12) months following the termination
of the Executive's employment with the Company, an amount equal to the excess,
if any, of (A) the Base Salary he was receiving at the time of his disability,
over (B) any benefits the Executive is entitled to receive during such period
under any disability insurance policies provided to the Executive by the
Company, such amount to be paid in the manner and at such times as the Base
Salary otherwise would have been payable to the Executive, and (iv) pay to the
Executive a pro rata portion of his Incentive Compensation, if any, for the
Bonus Period during which the date of termination of employment occurs,
determined in the manner and payable at the time and upon the terms and
conditions set forth in the Incentive Plan. The Company shall have no further
liability hereunder (other than for (x) reimbursement for reasonable business
expenses incurred prior to the date of termination, subject, however to the

                                     -8-

<PAGE>

provisions of Section 4.1, and (y) payment of compensation for unused vacation
days including both the vacation days that have accumulated during the year in
which such termination occurs and the unused carryover vacation days from the
immediately preceding year).

          5.3  Death. Upon the death of the Executive during the Term of
Employment, the Company shall (i) pay to the estate of the deceased Executive
any unpaid Base Salary through the Executive's date of death, (ii) pay to the
estate of the deceased Executive his accrued but unpaid Incentive
Compensation, if any, for any Bonus Period ending on or before the Executive's
date of death, and (iii) pay to the estate of the deceased Executive, a pro
rata portion of the Executive's Incentive Compensation, if any, for the Bonus
Period during which his death occurs, determined in the manner and payable at
the time and upon the terms and conditions set forth in the Incentive Plan.
The Company shall have no further liability hereunder (other than for (x)
reimbursement for reasonable business expenses incurred prior to the date of
the Executive's death, subject, however to the provisions of Section 4.1, and
(y) payment of compensation for unused vacation days including both the
vacation days that have accumulated during the year in which such termination
occurs and the unused carryover vacation days from the immediately preceding
year).

          5.4  Termination Without Cause. At any time the Company shall have
the right to terminate the Term of Employment by written notice to the
Executive. Upon any termination pursuant to this Section 5.4 (that is not a
termination under any of Sections 5.1, 5.2, 5.3, 5.5 or 5.6), the Company
shall (i) pay to the Executive any unpaid Base Salary through the effective
date of termination specified in such notice, (ii) pay to the Executive the
accrued but unpaid Incentive Compensation, if any, for any Bonus Period ending
on or before the date of the termination of the Executive's employment with
the Company, (iii) pay to the Executive, as a single lump sum payment within
thirty (30) days of the date of termination hereunder, an amount equal to the
greater of (x) two and one half (2 1/2) times the Executive's Base Salary and
Target Bonus (as defined in the Incentive Plan) for the year in which the
termination occurs, or (y) the severance benefit as set forth and calculated
under the employment laws of Mexico as in effect as of the Commencement Date,
(iv) pay to the Executive a pro rata portion of the Executive's Incentive
Compensation, if any, for the Bonus Period during which the termination
occurs, determined in the manner and payable at the time and upon the terms
and conditions set forth in the Incentive Plan, (v) continue to provide the
Executive with the benefits he was receiving under Section 4.2 hereof (the
"Benefits") for a period of one and one-half (1 1/2) years after the date of
termination, in the manner and at such times as the Benefits otherwise would
have been payable or provided to the Executive, or, if earlier, until similar
benefits are obtained by the Executive through new employment, and (vi)
reimburse the Executive for moving and related expenses incurred as a result
of the Executive's relocation back to his home country as provided in Section
1.3 hereof. In the event that the Company is unable to provide the Executive
with any Benefits required hereunder by reason of the termination of the
Executive's employment pursuant to this Section 5.4, then the Company shall
pay the Executive cash equal to the value of the Benefit that otherwise would
have accrued for the Executive's benefit under the plan, for the period during
which such Benefits could not be provided under the plans, said cash payments
to be made within 45 days after the end of the year for which such
contributions would have been made or would have accrued. The Company's good
faith determination of the amount that would have been contributed or the
value of any Benefits that would have accrued under any plan shall be binding

                                     -9-

<PAGE>

and conclusive on the Executive. For this purpose, the Company may use as the
value of any Benefit the cost to the Company of providing that Benefit to the
Executive. Further, the Executive shall become immediately vested in his Stock
Options and shall have one (1) year from the date of termination of his
employment hereunder within which to exercise such Stock Options. The Company
shall have no further liability hereunder (other than for (x) reimbursement
for reasonable business expenses incurred prior to the date of termination,
subject, however, to the provisions of Section 4.1, and (y) payment of
compensation for unused vacation days including both the vacation days that
have accumulated during the year in which such termination occurs and the
unused carryover vacation days from the immediately preceding year).

          5.5  Termination by Executive.

               a.   The Executive shall at all times have the right to terminate
the Term of Employment.

               b.   Upon termination of the Term of Employment pursuant to this
Section 5.5 (that is not a termination under Section 5.6) by the Executive
without Good Reason, the Company shall (i) pay to the Executive any unpaid
Base Salary through the effective date of termination specified in such notice
and (ii) pay to the Executive his accrued but unpaid Incentive Compensation,
if any, for any Bonus Period ending on or before the termination of
Executive's employment with the Company. If, however, the Executive terminates
his employment pursuant to this subsection 5.5b prior to the first anniversary
of the Commencement Date, then, in addition to the amounts specified in the
preceding paragraph, the Company shall (x) pay to the Executive the greater of
(A) an amount equal to one half (1/2) times the Executive's Base Salary and
Target Bonus (as defined in the Incentive Plan) for the year in which the
termination of employment occurs, or (B) the severance benefit as set forth
and calculated under the employment laws of Mexico as in effect as of the
Commencement Date, and (y) reimburse the Executive for reasonable moving and
related expenses incurred as a result of the Executive's relocation back to
his home country. In addition, the Executive shall have one year from the date
of termination under this subsection 5.5b within which to exercise the portion
of his Stock Options that was vested as of the date of termination. The
Company shall have no further liability hereunder (other than for (1)
reimbursement for reasonable business expenses incurred prior to the date of
termination, subject, however, to the provisions of Section 4.1, and (2)
payment of compensation for unused vacation days including both the vacation
days that have accumulated during the year in which such termination occurs
and the unused carryover vacation days from the immediately preceding year).

               c.   Upon termination of the Term of Employment pursuant to this
Section 5.5 (that is not a termination under Section 5.6) by the Executive for
Good Reason, the Company shall pay to the Executive the same amounts that
would have been payable by the Company to the Executive under Section 5.4 of
this Agreement if the Term of Employment had been terminated by the Company
without Cause. The Company shall have no further liability hereunder (other
than for (x) reimbursement for reasonable business expenses incurred prior to
the date of termination, subject, however, to the provisions of Section 4.1,
and (y) payment of compensation for unused vacation days including both the
vacation days that have accumulated during the year in which such termination

                                     -10-

<PAGE>

occurs and the unused carryover vacation days from the immediately preceding
year).

               d.   For purposes of this Agreement, "Good Reason" shall mean (i)
the assignment to the Executive of any duties inconsistent in any material
respect with the Executive's position (including status, offices, titles and
reporting requirements), authority, duties or responsibilities as contemplated
by Section 1.2 of this Agreement, or any other action by the Company which
results in a material diminution in such position, authority, duties or
responsibilities, excluding for this purpose an isolated, insubstantial and
inadvertent action not taken in bad faith and which is remedied by the Company
promptly after receipt of notice thereof given by the Executive; (ii) any
material failure by the Company to comply with any of the provisions of
Article 3 of this Agreement, other than an isolated, insubstantial and
inadvertent failure not occurring in bad faith and which is remedied by the
Company promptly after receipt of notice thereof given by the Executive; (iii)
a material reduction in the Executive's Base Salary, Target Bonuses, as
defined under the Incentive Plan, or benefits as in effect from time to time;
and (iv) the Company's requiring the Executive without his written consent to
be based at any office or location beyond two hundred (200) miles of the
location described in Section 1.3 hereof, except for travel reasonably
required in the performance of the Executive's responsibilities and relocation
to any of Panamco's operations. For purposes of this Section 5.5(d), any good
faith determination of "Good Reason" made by the Board shall be conclusive.

               e.   In the event the Executive is offered to be relocated to any
of Panamco's operations under customary conditions and the Executive refuses to
accept such offer, the Company shall have the right to terminate this
agreement for Cause, provided however, the Company shall (x) pay to the
Executive the greater of (A) an amount equal to one half (1/2) times the
Executive's Base Salary and Target Bonus (as defined in the Incentive Plan)
for the year in which the termination of employment occurs, or (B) the
severance benefit as set forth and calculated under the employment laws of
Mexico as in effect as of the Commencement Date, and (y) reimburse the
Executive for reasonable moving and related expenses incurred as a result of
the Executive's relocation back to his home country. In addition, the
Executive shall have one year from the date of termination under this
subsection 5.5e within which to exercise the portion of his Stock Options that
was vested as of the date of termination. The Company shall have no further
liability hereunder (other than for (1) reimbursement for reasonable business
expenses incurred prior to the date of termination, subject, however, to the
provisions of Section 4.1, and (2) payment of compensation for unused vacation
days including both the vacation days that have accumulated during the year in
which such termination occurs and the unused carryover vacation days from the
immediately preceding year)].

     5.6  Change in Control of Panamco.

               a. In the event that (i) a Change in Control (as defined in
paragraph (b) of this Section 5.6) in Panamco shall occur during the Term of
Employment, and (ii) prior to the Expiration Date, either (x) the Term of
Employment is terminated by the Company without Cause, pursuant to Section 5.4
hereof or (y) the Executive terminates the Term of Employment for Good Reason
as defined in Section 5.5(d) hereof, the Company shall pay to the Executive
the same amounts that would have been payable by the Company to the Executive
under Section 5.4 of this Agreement if the Term of Employment had been
terminated by the Company without Cause. The Company shall have no further

                                     -11-

<PAGE>

liability hereunder (other than for (x) reimbursement for reasonable business
expenses incurred prior to the date of termination, subject, however, to the
provisions of Section 4.1, and (y) payment of compensation for unused vacation
days including both the vacation days that have accumulated during the
calendar year in which such termination occurs as well as the unused carryover
vacation days from the immediately preceding year.

               b. For purposes of this Agreement, the term "Change in Control"
shall mean:

                    (i) Approval by the shareholders of Panamco of (x) a
reorganization,merger, consolidation or other form of corporate transaction or
series oftransactions, in each case, with respect to which persons who were
the shareholders with voting rights of Panamco immediately prior to such
reorganization, merger or consolidation or other transaction do not,
immediately thereafter, own more than 50.1% of the combined voting power
entitled to vote generally in the election of directors of the reorganized,
merged or consolidated company's then outstanding voting securities, in
substantially the same proportions as their ownership immediately prior to
such reorganization, merger, consolidation or other transaction, or (y) a
liquidation or dissolution of the Company or (z) the sale of all or
substantially all of the assets of Panamco (unless such reorganization,
merger, consolidation or other corporate transaction, liquidation, dissolution
or sale is subsequently abandoned);

                    (ii) Individuals who, as of the Commencement Date of this
Agreement, constitute the Board (the "Incumbent Board") cease for any reason
to constitute at least a majority of the Board, provided that any person
becoming a director subsequent to the Commencement Date of this Agreement
whose election, or nomination for election by Panamco's shareholders, was
approved by a vote of at least a majority of the directors then comprising the
Incumbent Board (other than an election or nomination of an individual whose
initial assumption of office is in connection with an actual or threatened
election contest relating to the election of the Directors of the Company, as
such terms are used in Rule 14a-11 of Regulation 14A promulgated under the
Securities Exchange Act) shall be, for purposes of this Agreement, considered
as though such person were a member of the Incumbent Board; or

                    (iii) the acquisition (other than from Panamco) by any
person, entity or "group", within the meaning of Section 13(d)(3) or 14(d)(2)
of the Securities Exchange Act, of more than 20% of either the then
outstanding shares of Panamco's Common Stock or the combined voting power of
the Panamco's then outstanding voting securities entitled to vote generally in
the election of directors (hereinafter referred to as the ownership of a
"Controlling Interest") excluding, for this purpose, any acquisitions by (1)
Panamco or its Subsidiaries, (2) any person, entity or "group" that as of the
Commencement Date of this Agreement owns beneficial ownership (within the
meaning of Rule 13d-3 promulgated under the Securities Exchange Act) of a
Controlling Interest or (3) any employee benefit plan of Panamco or its
Subsidiaries.

     5.7 Certain Additional Payments by the Company.
         ------------------------------------------

               a. Anything in this Agreement to the contrary notwithstanding, in

                                     -12-

<PAGE>

the event it shall be determined that any payment, distribution or other
action by the Company to or for the benefit of the Executive (whether paid or
payable or distributed or distributable pursuant to the terms of this
Agreement or otherwise, (including any additional payments required under this
Section 5.7) (a "Payment") would be subject to an excise tax imposed by
Section 4999 of the Internal Revenue Code of 1986, as amended (the "Code"), or
any interest or penalties are incurred by the Executive with respect to any
such excise tax (such excise tax, together with any such interest and
penalties, are hereinafter collectively referred to as the "Excise Tax"), the
Company shall make a payment to the Executive (a "Gross-Up Payment") in an
amount equal to the Excise Tax imposed upon the Payments such that after
payment by the Executive of all taxes (including any Excise Tax) imposed upon
the Gross-Up Payment, the Executive retains (or has had paid to the Internal
Revenue Service on his behalf) an amount of the Gross-Up Payment equal to the
sum of (x) the Excise Tax imposed upon the Payments and (y) the product of any
deductions disallowed because of the inclusion of the Gross-Up Payment in the
Executive's adjusted gross income and the highest applicable marginal rate of
federal income taxation for the calendar year in which the Gross-Up Payment is
to be made. For purposes of determining the amount of the Gross-Up Payment,
the Executive shall be deemed to (i) pay federal income taxes at the highest
marginal rates of federal income taxation for the calendar year in which the
Gross-Up Payment is to be made, and (ii) pay applicable state and local income
taxes at the highest marginal rate of taxation for the calendar year in which
the Gross-Up Payment is to be made, net of the maximum reduction in federal
income taxes which could be obtained from deduction of such state and local
taxes.

               b. Subject to the provisions of paragraph (c) of this Section
5.7, all determinations required to be made under this Section 5.7, including
whether and when a Gross-Up Payment is required and the amount of such
Gross-Up Payment and the assumptions to be utilized in arriving at such
determination, shall be made by Arthur Andersen (the "Accounting Firm") which
shall provide detailed supporting calculations both to the Company and the
Executive within 15 business days of the receipt of notice from the Executive
that there has been a Payment, or such earlier time as is requested by the
Company. In the event that the Accounting Firm is serving as accountant or
auditor for the individual, entity or group effecting the Change of Control,
the Executive shall appoint another nationally recognized accounting firm to
make the determinations required hereunder (which accounting firm shall then
be referred to as the Accounting Firm hereunder). All fees and expenses of the
Accounting Firm shall be borne solely by the Company. Any Gross-Up Payment, as
determined pursuant to this Section 5.7, shall be paid by the Company to the
Executive within five days of the receipt of the Accounting Firm's
determination. If the Accounting Firm determines that no Excise Tax is payable
by the Executive, it shall furnish the Executive with a written opinion that
failure to report the Excise Tax on the Executive's applicable federal income
tax return would not result in the imposition of a negligence or similar
penalty. Any determination by the Accounting Firm shall be binding upon the
Company and the Executive. As a result of the uncertainty in the application
of Section 4999 of the Code at the time of the initial determination by the
Accounting Firm hereunder, it is possible that Gross-Up Payments which will
not have been made by the Company should have been made ("Underpayment"),
consistent with the calculations required to be made hereunder. In the event
that the Company exhausts its remedies pursuant to Section 5.7 and the
Executive thereafter is required to make a payment of any Excise Tax, the
Accounting Firm shall determine the amount of the Underpayment that has

                                     -13-
<PAGE>

occurred and any such Underpayment shall be promptly paid by the Company to or
for the benefit of the Executive.

               c. The Executive shall notify the Company in writing of any
claim by the Internal Revenue Service that, if successful, would require the
payment by the Company of the Gross-Up Payment. Such notification shall be
given as soon as practicable but no later than ten business days after the
Executive is informed in writing of such claim and shall apprise the Company
of the nature of such claim and the date on which such claim is requested to
be paid. The Executive shall not pay such claim prior to the expiration of the
30-day period following the date on which it gives such notice to the Company
(or such shorter period ending on the date that any payment of taxes with
respect to such claim is due). If the Company notifies the Executive in
writing prior to the expiration of such period that it desires to contest such
claim, the Executive shall:

                    (i) give the Company any information reasonably requested
by the Company relating to such claim,

                    (ii) take such action in connection with contesting such
claim as the Company shall reasonably request in writing from time to time,
including, without limitation, accepting legal representation with respect to
such claim by an attorney reasonably selected by the Company,

                    (iii) cooperate with the Company in good faith in order
effectively to contest such claim, and

                    (iv) permit the Company to participate in any proceedings
relating to such claim; provided, however, that the Company shall bear and pay
directly all costs and expenses (including additional interest and penalties)
incurred in connection with such contest and shall indemnify and hold the
Executive harmless, on an after-tax basis, for any Excise Tax or income tax
(including interest and penalties with respect thereto) imposed as a result of
such representation and payment of costs and expenses. Without limitation on
the foregoing provisions of this Section 5.7(c), the Company shall control all
proceedings taken in connection with such contest and, at its sole option, may
pursue or forego any and all administrative appeals, proceedings, hearings and
conferences with the taxing authority in respect of such claim and may, at its
sole option, either direct the Executive to pay the tax claimed and sue for a
refund or contest the claim in any permissible manner, and the Executive
agrees to prosecute such contest to a determination before any administrative
tribunal, in a court of initial jurisdiction and in one or more appellate
courts, as the Company shall determine; provided, however, that if the Company
directs the Executive to pay such claim and sue for a refund, the Company
shall advance the amount of such payment to the Executive, on an interest-free
basis and shall indemnify and hold the Executive harmless, on an after-tax
basis, from any Excise Tax or income tax (including interest or penalties with
respect thereto) imposed with respect to such advance or with respect to any
imputed income with respect to such advance; and further provided that any
extension of the statute of limitations relating to payment of taxes for the
taxable year of the Executive with respect to which such contested amount is
claimed to be due is limited solely to such contested amount. Furthermore, the
Company's control of the contest shall be limited to issues with respect to
which a Gross-Up Payment would be payable hereunder and the Executive shall be
entitled to settle or contest, as the case may be, any other issue raised by

                                     -14-
<PAGE>

the Internal Revenue Service or any other taxing authority.

               d. If, after the receipt by the Executive of an amount advanced
by the Company pursuant to Section 5.7(c), the Executive becomes entitled to
receive any refund with respect to such claim, the Executive shall (subject to
the Company's complying with the requirements of Section 5.7(c)) promptly pay
to the Company the amount of such refund (together with any interest paid or
credited thereon after taxes applicable thereto). If, after the receipt by the
Executive of an amount advanced by the Company pursuant to Section 5.7(c), a
determination is made that the Executive shall not be entitled to any refund
with respect to such claim and the Company does not notify the Executive in
writing of its intent to contest such denial of refund prior to the expiration
of 30 days after such determination, then such advance shall be forgiven and
shall not be required to be repaid and the amount of such advance shall
offset, to the extent thereof, the amount of Gross-Up Payment required to be
paid.

          5.8  Resignation. Upon any termination of employment pursuant to this
Article 5, the Executive shall be deemed to have resigned as an officer, and
if he or she was then serving as a director of Panamco, as a director, and if
required by the Board, the Executive hereby agrees to immediately execute a
resignation letter to the Board.

          5.9  Survival. The provisions of this Article 5 shall survive the
termination of this Agreement, as applicable.

     6. Restrictive Covenants.
        ---------------------

          6.1 Non-competition. At all times while the Executive is employed by
the Company and for a two (2) year period after the termination of the
Executive's employment with the Company for any reason other than by the
Company without Cause (as defined in Section 5.1 hereof) or by the Executive
for Good Reason (as defined in Section 5.5(d) hereof), the Executive shall
not, directly or indirectly, engage in or have any interest in any sole
proprietorship, partnership, corporation or business or any other person or
entity (whether as an employee, officer, director, partner, agent, security
holder, creditor, consultant or otherwise) that directly or indirectly (or
through any affiliated entity) engages in competition with the Company (for
this purpose, any business that engages in soft drink beverage distribution in
the territories of Panamco shall be deemed to be in competition with the
Company); provided that such provision shall not apply to the Executive's
ownership of Common Stock of Panamco or the acquisition by the Executive,
solely as an investment, of securities of any issuer that is registered under
Section 12(b) or 12(g) of the Securities Exchange Act of 1934, as amended, and
that are listed or admitted for trading on any United States national
securities exchange or that are quoted on the National Association of
Securities Dealers Automated Quotations System, or any similar system or
automated dissemination of quotations of securities prices in common use, so
long as the Executive does not control, acquire a controlling interest in or
become a member of a group which exercises direct or indirect control of, more
than five percent of any class of capital stock of such corporation.

          6.2  Nondisclosure. The Executive shall not at any time divulge,
communicate, use to the detriment of the Company or for the benefit of any
other person or persons, or misuse in any way, any Confidential Information

                                     -15-

<PAGE>

(as hereinafter defined) pertaining to the business of the Company. Any
Confidential Information or data now or hereafter acquired by the Executive
with respect to the business of the Company (which shall include, but not be
limited to, information concerning the Company's financial condition,
prospects, technology, customers, suppliers, sources of leads and methods of
doing business) shall be deemed a valuable, special and unique asset of the
Company that is received by the Executive in confidence and as a fiduciary,
and Executive shall remain a fiduciary to the Company with respect to all of
such information. For purposes of this Agreement, "Confidential Information"
means information disclosed to the Executive or known by the Executive as a
consequence of or through his employment by the Company (including information
conceived, originated, discovered or developed by the Executive) prior to or
after the date hereof, and not generally known, about the Company or its
business. Notwithstanding the foregoing, nothing herein shall be deemed to
restrict the Executive from disclosing Confidential Information to the extent
required by law.

          6.3  Nonsolicitation of Employees and Clients. At all times while the
Executive is employed by the Company and for a two (2) year period after the
termination of the Executive's employment with the Company for any reason, for
the Executive shall not, directly or indirectly, for himself or for any other
person, firm, corporation, partnership, association or other entity (a) employ
or attempt to employ or enter into any contractual arrangement with any
employee or former employee of the Company, unless such employee or former
employee has not been employed by the Company for a period in excess of six
months, and/or (b) call on or solicit any of the actual or targeted
prospective clients of the Company on behalf of any person or entity in
connection with any business competitive with the business of the Company, nor
shall the Executive make known the names and addresses of such clients or any
information relating in any manner to the Company's trade or business
relationships with such customers, other than in connection with the
performance of Executive's duties under this Agreement.

          6.4  Books and Records. All books, records, and accounts relating in
any manner to the customers or clients of the Company, whether prepared by the
Executive or otherwise coming into the Executive's possession, shall be the
exclusive property of the Company and shall be returned immediately to the
Company on termination of the Executive's employment hereunder or on the
Company's request at any time.

          6.5  Definition of Company. Solely for purposes of this Article 6,
the term "Company" also shall include any existing or future subsidiaries or
affiliates of the Company that are operating during the time periods described
herein and any other entities that directly or indirectly, through one or more
intermediaries, control, are controlled by or are under common control with
the Company during the periods described herein.

          6.6  Acknowledgment by Executive. The Executive acknowledges and
confirms that (a) the restrictive covenants contained in this Article 6 are
reasonably necessary to protect the legitimate business interests of the
Company, and (b) the restrictions contained in this Article 6 (including
without limitation the length of the term of the provisions of this Article 6)
are not overbroad, overlong, or unfair and are not the result of overreaching,
duress or coercion of any kind. The Executive further acknowledges and
confirms that his full, uninhibited and faithful observance of each of the
covenants contained in this Article 6 will not cause him any undue hardship,

                                     -16-

<PAGE>

financial or otherwise, and that enforcement of each of the covenants
contained herein will not impair his ability to obtain employment commensurate
with his abilities and on terms fully acceptable to him or otherwise to obtain
income required for the comfortable support of him and his family and the
satisfaction of the needs of his creditors. The Executive acknowledges and
confirms that his special knowledge of the business of the Company is such as
would cause the Company serious injury or loss if he were to use such ability
and knowledge to the benefit of a competitor or were to compete with the
Company in violation of the terms of this Article 6. The Executive further
acknowledges that the restrictions contained in this Article 6 are intended to
be, and shall be, for the benefit of and shall be enforceable by, the
Company's successors and assigns.

          6.7 Reformation by Court. In the event that a court of competent
jurisdiction shall determine that any provision of this Article 6 is invalid
or more restrictive than permitted under the governing law of such
jurisdiction, then only as to enforcement of this Article 6 within the
jurisdiction of such court, such provision shall be interpreted and enforced
as if it provided for the maximum restriction permitted under such governing
law.

          6.8  Extension of Time. If the Executive shall be in violation of any
provision of this Article 6, then each time limitation set forth in this
Article 6 shall be extended for a period of time equal to the period of time
during which such violation or violations occur. If the Company seeks
injunctive relief from such violation in any court, then the covenants set
forth in this Article 6 shall be extended for a period of time equal to the
pendency of such proceeding including all appeals by the Executive.

          6.9  Survival. The provisions of this Article 6 shall survive the
termination of this Agreement, as applicable.

     7. Injunction. It is recognized and hereby acknowledged by the
parties hereto that a breach by the Executive of any of the covenants
contained in Article 6 of this Agreement will cause irreparable harm and
damage to the Company, the monetary amount of which may be virtually
impossible to ascertain. As a result, the Executive recognizes and hereby
acknowledges that the Company shall be entitled to an injunction from any
court of competent jurisdiction enjoining and restraining any violation of any
or all of the covenants contained in Article 6 of this Agreement by the
Executive or any of his affiliates, associates, partners or agents, either
directly or indirectly, and that such right to injunction shall be cumulative
and in addition to whatever other remedies the Company may possess.

     8. Mediation. Except to the extent the Company has the right to seek
an injunction under Section 7 hereof,  in the event a dispute arises out of or
relates to this Agreement, or the breach thereof, and if the dispute cannot be
settled through negotiation, the parties hereby agree first to attempt in good
faith  to  settle  the  dispute  by  mediation  administered  by the  American
Arbitration  Association under its Employment Mediation Rules before resorting
to litigation or some other dispute resolution procedure.

     9. Arbitration. Any dispute or controversy arising under or in
connection with this Agreement shall be settled  exclusively by arbitration in
Miami-Dade  County,  Florida,  in  accordance  with the Rules of the  American
Arbitration  Association  then  in  effect  (except  to the  extent  that  the

                                     -17-

<PAGE>

procedures  outlined  below differ from such rules).  Within  thirty (30) days
after written  notice by either party has been given that a dispute exists and
that  arbitration is required,  each party must select an arbitrator and those
two arbitrators  shall  promptly,  but in no event later than thirty (30) days
after their selection,  select a third arbitrator. The parties agree to act as
expeditiously as possible to select arbitrators and conclude the dispute.  The
selected  arbitrators  must render  their  decision  in writing.  The cost and
expenses of the arbitration and of enforcement of any award in any court shall
be borne  equally by both parties.  If advances are required,  each party will
advance  one-half  of the  estimated  fees and  expenses  of the  arbitrators.
Judgment  may be  entered  on the  arbitrators'  award  in  any  court  having
jurisdiction.   Although  arbitration  is  contemplated  to  resolve  disputes
hereunder,  either  party may  proceed  to court to obtain  an  injunction  to
protect its rights  hereunder,  the parties  agreeing that either could suffer
irreparable  harm by reason of any  breach of this  Agreement.  Pursuit  of an
injunction shall not impair arbitration on all remaining issues.

     10.  Section 162(m) Limits. Notwithstanding any other provision of
this Agreement to the contrary, if and to the extent that any remuneration
payable by the Company to the Executive for any year would exceed the maximum
amount of remuneration that the Company may deduct for that year under Section
162(m) ("Section 162(m)") of the Code, payment of the portion of the
remuneration for that year that would not be so deductible under Section
162(m) shall, in the sole discretion of the Board, be deferred and become
payable at such time or times as the Board determines that it first would be
deductible by the Company under Section 162(m), with interest at the
"short-term applicable rate" as such term is defined in Section 1274(d) of the
Code. The limitation set forth under this Section 10 shall not apply with
respect to any amounts payable to the Executive pursuant to Article 5 hereof.

     11.  Assignment. Neither party shall have the right to assign or
delegate his rights or obligations hereunder, or any portion
thereof, to any other person.

     12.  Governing Law. This Agreement shall be governed by and construed
in accordance with the laws of the State of Florida.

     13. Entire Agreement. This Agreement constitutes the entire
agreement between the parties hereto with respect to the subject matter hereof
and, upon its effectiveness, shall supersede all prior agreements,
understandings and arrangements, both oral and written, between the Executive
and the Company (or any of its affiliates) with respect to such subject
matter. This Agreement may not be modified in any way unless by a written
instrument signed by both the Company and the Executive.

     14. Notices: All notices required or permitted to be given hereunder
shall be in writing and shall be personally delivered by courier, sent by
registered or certified mail, return receipt requested or sent by confirmed
facsimile transmission addressed as set forth herein. Notices personally
delivered, sent by facsimile or sent by overnight courier shall be deemed
given on the date of delivery and notices mailed in accordance with the
foregoing shall be deemed given upon the earlier of receipt by the addressee,
as evidenced by the return receipt thereof, or three (3) days after deposit in
the U.S. mail. Notice shall be sent (i) if to the Company, addressed to 2665
Bayshore Drive, Suite 900, Miami, FLA 33133, Attention: Carlos Hernandez,

                                     -18-

<PAGE>

General Counsel, and (ii) if to the Executive the payroll records of
the Company, or to such other address as either party hereto may from time to
time give notice of to the other.

     15.  Benefits; Binding Effect. This Agreement shall be for the
benefit of and binding upon the parties hereto and their respective heirs,
personal representatives, legal representatives, successors and, where
applicable, assigns, including, without limitation, any successor to the
Company, whether by merger, consolidation, sale of stock, sale of assets or
otherwise.

     16.  Severability. The invalidity of any one or more of the words,
phrases, sentences, clauses or sections contained in this Agreement shall not
affect the enforceability of the remaining portions of this Agreement or any
part thereof, all of which are inserted conditionally on their being valid in
law, and, in the event that any one or more of the words, phrases, sentences,
clauses or sections contained in this Agreement shall be declared invalid,
this Agreement shall be construed as if such invalid word or words, phrase or
phrases, sentence or sentences, clause or clauses, or section or sections had
not been inserted. If such invalidity is caused by length of time or size of
area, or both, the otherwise invalid provision will be considered to be
reduced to a period or area which would cure such invalidity.

     17. Waivers. The waiver by either party hereto of a breach or
violation of any term or provision ------- of this Agreement shall not operate
nor be construed as a waiver of any subsequent breach or violation.

     18. Damages. Nothing contained herein shall be construed to prevent
the  Company or the  Executive  from  seeking  and  recovering  from the other
damages  sustained  by either or both of them as a result of its or his breach
of any term or  provision  of this  Agreement.  In the event that either party
hereto brings any action for the collection of any damages  resulting from, or
the  injunction  of any action  constituting,  a breach of any of the terms or
provisions  of this  Agreement,  then the party found to be at fault shall pay
all reasonable court costs and attorneys' fees of the other.

     19. Section Headings. The section headings contained in this
Agreement are for reference purposes only and shall not affect in any way the
meaning or interpretation of this Agreement.

     20. No Third Party Beneficiary. Nothing expressed or implied in this
Agreement is intended, or shall be construed, to confer upon or give any
person other than the Company, the parties hereto and their respective heirs,
personal representatives, legal representatives, successors and assigns, any
rights or remedies under or by reason of this Agreement.

     21. Indemnification.

               a. Subject to limitations imposed by law, the Company shall
indemnify and hold harmless the Executive to the fullest extent permitted by
law from and against any and all claims, damages, expenses (including
attorneys' fees), judgments, penalties, fines, settlements, and all other
liabilities incurred or paid by him in connection with the investigation,
defense, prosecution, settlement or appeal of any threatened, pending or
completed action, suit or proceeding, whether civil, criminal, administrative
or investigative and to which the Executive was or is a party or is threatened

                                     -19-

<PAGE>

to be made a party by reason of the fact that the Executive is or was an
officer, employee or agent of the Company or any of its subsidiaries and
affiliates, or by reason of anything done or not done by the Executive in any
such capacity or capacities, provided that the Executive acted in good faith,
in a manner that was not grossly negligent or constituted willful misconduct
and in a manner he reasonably believed to be in or not opposed to the best
interests of the Company, and, with respect to any criminal action or
proceeding, had no reasonable cause to believe his conduct was unlawful. The
Company also shall pay any and all expenses (including attorney's fees)
incurred by the Executive as a result of the Executive being called as a
witness in connection with any matter involving the Company and/or any of its
officers or directors.

               b. The Company shall pay any expenses (including attorneys'
fees), judgments, penalties, fines, settlements, and other liabilities
incurred by the Executive in investigating, defending, settling or appealing
any action, suit or proceeding described in this Section 21 in advance of the
final disposition of such action, suit or proceeding. The Company shall
promptly pay the amount of such expenses to the Executive, but in no event
later than 10 days following the Executive's delivery to the Company of a
written request for an advance pursuant to this Section 21, together with a
reasonable accounting of such expenses.

               c. The Executive hereby undertakes and agrees to repay to the
Company any advances made pursuant to this Section 21 if and to the extent
that it shall ultimately be found that the Executive is not entitled to be
indemnified by the Company for such amounts.

               d. The Company shall make the advances contemplated by this
Section 21 regardless of the Executive's financial ability to make repayment,
and regardless whether indemnification of the Indemnitee by the Company will
ultimately be required. Any advances and undertakings to repay pursuant to
this Section 21 shall be unsecured and interest-free.

               e. The provisions of this Section 21 shall survive the
termination of this Agreement.

     IN WITNESS WHEREOF, the undersigned have executed this Agreement as
of the date first above written.

COMPANY:

PANAMCO LLC

By: /s/ Carlos Hernandez Artigas
    -------------------------------------
    Name: Carlos Hernandez Artigas
    Title:  Vice  President-Secretary

                                     -20-

<PAGE>

EXECUTIVE:

By: /s/ Alejandro Jimenez Fonseca
    --------------------------------------
     Name: Alejandro Jimenez Fonseca

                                     -21-

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