Document:

Unassociated Document

 

	 	 
Shareholder Relations

 

INVESTOR RELATIONS CORPORATE DEVELOPMENT

 

	 	
 

1569 Parkview Drive, Santa Clara, UT 84765

 

435.634.8018 - general office 435.680.1752 - direct

 

laurieroop@hotmail.com - email laurie@shareholder-relations.net - email

 

 

FINANCIAL CONSULTING AGREEMENT

	
TO:

	
Mr. Dwight Babcock, COB and CEO

	
AT:

	
IsoRay Medical

	
ADDRESS:

	
6464 East Grant Road

	  	
Suite 250

	
 

	
Tucson, AZ 85715

	
PHONE:

	
520.298.3360

	
FAX:

	
520.296.7948

	
FOR:

	
Financial Consulting

	
DATE:

	
August 1, 2011

 

QUALIFICATIONS - Shareholder Relations, an investor relations firm established in 1988, has represented well over 90 companies in 20 industries. The firm's associates have over 100 years of combined experience in various aspects of the securities industry - including retail and institutional sales, sales management, operations, trading, corporate finance and syndication. In this business of short­term-oriented projects, Shareholder Relations represented one company for seven years, two others for four years and average's a two-and-one-half-year association with its clientele. Shareholder Relations runs cost-effective, pragmatic investor relations campaigns designed to raise investor awareness and broaden the shareholder base. Our financial professionals also offer corporate development services, including mergers and acquisitions, and introductions to a wide variety of funding sources for private and public financings, syndication assistance with such financings and marketplace sponsorship.

 

TASKS: Shareholder Relations (the "Consultant"), understands that IsoRay Medical ("ISR"), or (the "Client"), wishes to widen ownership in their common stock via a broader audience mix within retail brokers, individual investors and, at a point subsequent, through institutional/managed funds. It is mutually understood that ISR would like Shareholder Relations to assist in all aforementioned tasks as much as is reasonably, and lawfully possible. Furthermore, it is mutually understood that the Client would like the Consultant's assistance with other investor relations-related tasks, and, potentially, those falling under the guidelines of general corporate development.

 

  

  

  

 

Services to Be Rendered By Shareholder Relations

 

The parties to this Agreement are Shareholder Relations (the "Consultant"), a Utah sole proprietorship, and IsoRay Medical (the "Client"), a Minnesota Corporation. This Agreement shall be nonexclusive.

 

Corporate Development and Related Assistance Program

 

	
  

	
·

	
  Shareholder Relations, through its database of investment banking firms, institutional investors and others as related, will assist the Client/Client's Investment Banker, on a best-efforts basis, in completing its various fundings and 'over subscribing' said fundings, thus adding to after-market interest, when and if needed/as Client requests said assistance.

	
  

	
·

	
As well, and with the Client's approval, Shareholder Relations will arrange for due diligence meetings - some one-on-one, others to be held in group format - in certain select cities where the Client has not met with members of the financial industry and/or wherein the Client feels that more attention to the offering(s) is warranted. In these instances, the Consultant may accompany the Client/Client's representative(s); in others, the Client will not be present. As the Consultant will constantly strive to maintain a cost-conscious work ethic for the benefit of ISR, Shareholder Relations feels their presence is not always necessary.

	
  

	
·

	
Should, upon discussion with the Client, and obtaining the Client's agreement, the Consultant may, from time to time, and during any funding process, assist the Client in creating or simply supplementing materials related to ISR for presentation during due diligence and related meetings.

	
  

	
·

	
Other tasks as related to Corporate Development such as assistance with building the Advisory Board; making recommendations for Board of Director's; M&A assistance and all other tasks as related, ONLY as requested by ISR in writing and per addendum to this Agreement.

 

Investor Relations Program

 

Upon completion of a proper investor relations audit for ISR, and to be completed on- site at the Company's Redmond, WA headquarters and by two of Consultants representatives, the Consultant would offer a written investor relations-related (IR) audit to ISR. (Consultant also considers this audit to cover regulatory-required due diligence as well as the IR audit, and whereby Consultant will perform other tasks related such as taking certain digital photography to be utilized in collateral materials, etc.)

 

	
  

	
·

	
Shareholder Relations will assist the Client in producing a two-page Corporate Overview, similar to the Executive Summary's details as offered below; the Overview will be updated per the Client's core operational and publicly held entity's developments, as placed in the public domain

 

	
  

	
·

	
Should the Client and Consultant determine further requirement for the following,    more detailed collateral piece, known as an Executive Summary, same would be produced per Addendum to this Agreement: Shareholder Relations will assist the Client in producing an Executive Summary, consisting of approximately 2,000 — 2,500+ words. This Summary will be suitable for distribution to stockbrokers, institutional funds and individual investors; as well as financial and industry- related media, in the format widely recognized and commonly used by Shareholder Relations throughout the preceding 20+ years.

 

  

2

  

 

	 	
·

	
Shareholder Relations will also assist in the production and distribution of what would become a Company-issued basic broker/investor package and other various written materials for use within the financial and media communities and the Client's individual investors; others as called for.

	 	
·

	
Shareholder Relations shall devote time each market day, as is reasonably possible, calling on existing investors, brokers and media members, as well as new-to-the-Company brokers, fund managers and other interested parties to tell the Client's story or offering follow up assistance. The time devoted to outgoing calls will vary beginning with primarily outgoing calls to build upon the audience, and eventually reverting to primarily answering query calls as the audience builds over time. Please note, however, that the process of adding new-to-the-Company investment interest is ongoing, as will be the Consultant's efforts at assisting in a variety of other tasks for the Client's benefit.

	 	
·

	
Plus, follow up to:

	
  

	
o

	
1) Determine retail broker, institutional, analytical, individual investor and other interest after they review the materials we send;

	
  

	
o

	
2) Determine what additional materials said party requires;

	
  

	
o

	
3) Determine how much buying the party , or is, inclined to do;

	
  

	
o

	
4) Further assist retail brokers and help them refine their story to investors;

	
  

	
o

	
5) Calls to the newly formed Client interested parties database with material press releases or new developments explaining the significance of the release(s) or development(s) to the broker and their investors; and

	
  

	
o

	
6) Periodic calls (depending on the frequency of news releases — we believe that existing brokers should get a call at least monthly — many brokers will be called weekly depending on their interest level) to the brokers to create and continue top-of-mind awareness and help with broker pitches.

	 	
·

	
Shareholder Relations will compose/review or edit investor relations-specific press releases for the Client through notes and/or financial reports provided by the Client. Shareholder Relations will also advise the Client as to best case distribution newswires. Consultant suggests that Client use Business Wire for all of their press release needs. Shareholder Relations will ensure that the Client is advised of best practices for release content and distribution, especially according to the prevailing regulatory agencies. (Ex. US Securities and Exchange Commission's Regulation FD).

	 	
·

	
Shareholder Relations, at Client's request, will set-up, introduce management, and monitor each conference call for the Client's material events. Shareholder Relations will report to the Client with corresponding attendance records, and in accordance, perform follow-up contact.

	 	
·

	
Shareholder Relations will email, and/or mail news releases, as they become available, to interested brokers, and other parties that are newly generated, or with which the Client asks us to communicate.

	 	
·

	
Consultant will assign one primary representative to field calls from existing brokers, institutional fund managers, individual investors, analysts and members of the media.

	 	
·

	
Consultant will perform all follow-up communications to the same group.

	 	
·

	
Compose, update and disseminate Client fact sheets on an as-needed basis.

 

  

3

  

 

	
  

	
·

	
Organize due diligence meetings, if, and as needed; this activity would require an addendum to this Agreement, unless said meetings would be set-up on a one- on-one basis only.

	
  

	
·

	
Shareholder Relations will, from time to time, work to initiate news coverage from trade and/or mass media-based publications as applicable to the Client's business, and as approved by the Client and/or work with any existing public relations consultant(s) that the Client may have under contract.

	
  

	
·

	
Shareholder Relations will assist the Client in maintaining its web site's investor relations and related pages only by submitting suggested improvements thereto, and only to Mr. Dwight Babcock; work as related and directly with the Client's web master would require a written agreement by Client and approved by Mr. Dwight Babcock.

	
  

	
·

	
Shareholder Relations will monitor web-based financial message boards; related blogging sites, etc., and report to Client as to any seriously disturbing input thereof.

	
  

	
·

	
Shareholder Relations will create an electronic clipping file as related to the Client's core industry. It will be received twice daily and reviewed in kind. Any news of urgent relevance will be forwarded to the Client's designated member(s) of management via email, and in a timely manner; some news clippings, or quotes taken from the media, and as properly utilized, may be used in investor packages.

	
  

	
·

	
As the following frequently becomes a natural part of our day-to-day Investor Relations' work, Shareholder Relations will gladly assist the Client in a variety of corporate development related activities. Such activities shall be defined as, among other actions, and only as agreed upon with Client's management: seeking acquisition candidates, performing an initial but thorough due diligence on same, making written presentation to Client's management of same, arrange for meeting(s) between Client's management and that of the candidates; assisting in building out a suitable advisory board; assisting in acquiring any additional funding, whether equity or debt. Other corporate development consulting tasks as required (Please see the Corporate Development Program information as listed above and any contractual requirements as related.)

	
  

	
·

	
Other tasks, to be determined, as Consultant's work progresses, and as mutually agreed upon by Client and Consultant, some, if not most of which, would be handled in writing only, and via email acceptable, as certain tasks would require substantial, additional time and, therefore, labor on the part of Consultant, and compensation for the Consultant on the part of the Client.

 

Remuneration

	
1)

	
A payment of $1,000, to be paid at the execution of this Agreement, which will be used as a pre-payment of minor expenses which will be billed to, and paid by, the Client, each month.

	
2)

	
Plus, a base fee of $5,000 per month, to be paid by the fifteenth (15th), of each month, essentially in advance of the month's work.

	
3)

	
Expenses for printing, postage, copying, overnight courier services, certain phone and conference call charges, any required travel and entertainment expenses (including airfares, ground transportation, lodging and meals). Individual expenses greater than $300 per month will be pre-approved by Mr. Dwight Babcock, or his designated representative.

Please note: Web casting/conference call accounts (for earnings reports or emergency conference calls to the general public) and Business Wire accounts MUST be set-up and paid directly by the Client. The Client also agrees to provide Consultant with account privileges, e.g. Business Wire for press release distribution.

  

4

  

 

	
4)

	
Expenses are billed in arrears at the end of each month and prompt payment is expected.

	
5)

	
Certain other expenditures will be billed directly/paid in advance as per need for Client-related activities such as airfares, hotel rooms (upon check in) and other costs associated with travel, such as the initial Investor Relations Audit/due diligence meeting to be performed at the Client's WA-based headquarters, and others as related.

	
6)

	
ISR will also grant the Consultant an equity position in the Company to consist of not less than 15,000 warrants to purchase Client's common shares at a basis of $1.10 per warrant, equal to the closing price of the Client's common stock on the date of execution of this Agreement; warrants will be immediately vested upon mutual execution of this Agreement and said warrants will be issued on a cashless exercise basis. It is mutually agreed that said warrants will be issued as per Consultant's written request, following the mutual execution of this Agreement, and as follows: 7,000 warrants assigned to Mr.Elwayne Hafen, 7,000 to Ms. Laurie S. Roop and 1,000 to Mr. John Lefebvre.

 

Code of Conduct / Ethics

	
1

	
Shareholder Relations will maintain the highest possible standards and will obey all rules and regulations of the securities markets.

	
2

	
Client agrees to hold Shareholder Relations harmless for any and all misstatements made by Client and subsequently conveyed to the financial community by Shareholder Relations.

	
3

	
Client agrees to nominate a person within their organization to act as a point person for the Client and to convey a consistent message to Shareholder Relations.

	
4

	
Client agrees to give an accurate summary of prior Investor Relations activities.

	
5   

	
In the event that the Client is using Shareholder Relations to seek funding, Client will inform Shareholder Relations of all prior contacts that have been approached for funding and what the outcome or status of each contact has been.

	
6   

	
Client will make every effort to inform Shareholder Relations of any new contacts for funding made within a 24-hour period, and keep Shareholder Relations current on all developments.

	
7  

	
Shareholder Relations agrees to keep information given to it by Client confidential when the Client has specifically mentioned that the content is confidential.

	
8

	
Client agrees to abide by the highest standards with respect to ethical behavior.

	
9  

	
Client agrees not to mention to any outside sources those to whom Shareholder Relations has introduced to the Client.

	
10 

	
Client will not knowingly misrepresent or exaggerate any information about itself to Shareholder Relations.

	
11

	
Client agrees to give timely notice to Shareholder Relations of any material change in the financial (or other) condition of the Client Company.

 

  

5

  

 

	
12

	
Client agrees to make itself available for all meetings and phone conferences arranged by Shareholder Relations, and in a timely manner.

	
13

	
Client agrees to always return the calls and/or emailed messages from Shareholder Relations in a timely fashion.

 

ENTIRE AGREEMENT

 

This Agreement constitutes the entire Agreement of the parties and any prior discussions, warranties, representation, understandings, or agreements are merged herein and bound hereby.

 

SUCCESSORS AND ASSIGNS

 

This Agreement shall inure to the benefit of, and responsibilities hereunder shall bind, the parties, their successors, heirs, and assigns.

 

NO AMENDMENT

 

This Agreement may not be amended except by a written, signed document by both parties.

 

TERM

For billing purposes, the beginning of this Agreement shall be August 1, 2011, although it has been mutually agreed that monthly payments will be made on, or as close to the 15th of each month as possible, and in accordance with the Client's typical pay cycle. The term of this Agreement shall be for six (6) months. Near the end of this Agreement's six-month term, both parties to this Agreement will consent to discussion for, and concerning, a mutually agreed upon Amendment to the "Tasks" and "Remuneration" sections of this Agreement, thereby considering a renewal, so to speak, of a working Agreement between both parties for a time period to-be-determined. Any disputes arising out of this Agreement shall be settled in Maricopa County, the state of Arizona.

 

PLEASE NOTE: Important correspondence, news items and Company checks shall be sent via Federal Express (brand name only) overnight courier. All cash fees are to be paid via Company bank check. Should Client make the decision to commence payments via wire transfer, please inquire as to bank wire instructions, and same will gladly be provided. Thank you.

 

If this Agreement meets with your approval, please indicate by executing a copy of this Agreement and returning a copy with an original signature as soon as possible. Subsequently. please forward a check in the amount agreed upon (in this case, and in accordance with this Agreement's beginning expense allowance and first month's fee, a total of $6,000.00, due and payable on August 15, 2011, made payable to the order of Laurie S. Roop. Thank you.

 

 

Accepted by:

 

	
/s/ Dwight Babcock     8/1/2011

	  	
/s/ Laurie S. Roop        8/2/2011_

	
Dwight Babcock           -Dated

	  	
Laurie S. Roop              -Dated

	
COB and CEO

	  	
President

	
IsoRay Medical

	  	
Shareholder Relations

6Unassociated Document

Exhibit 10.1

ENGAGEMENT AGREEMENT

THIS AGREEMENT is made the 12th day of July 2011

	
BETWEEN: 

	
CONSOLIDATED WATER CO. LTD.,

a Cayman Islands company having its registered office at

Windward Three, 4th Floor

Regatta Office Park, West Bay Road

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

Cayman Islands

(“the Company”)

 

	
AND: 

	
JOHN TONNER

of Mequon, WI  53097 USA

(“the Chief Operating Officer”)

 

IT IS AGREED:-

Engagement

	
1.

	
The Chief Operating Officer is engaged commencing on the 1st day of September, 2011 subject to the termination provisions set out in Clauses 18 and 19.

Remuneration

	
2.

	
The Chief Operating Officer’s Base Salary will be US$235,000 per annum payable semi-monthly in arrears.

	
3.

	
In addition, during the term of this Agreement, the Company will pay the full cost of providing medical insurance, as generally provided for the Company’s employees from time to time, for the Chief Operating Officer and his wife and dependant children. Such health insurance must provide coverage for his wife and dependent children who may be living in second residence for a period of time.

	
4.  

	
In addition, during the Term of this Agreement, the Company will make all statutory payroll contributions required of employers in the United States, including but not limited to FICA, Medicare, SUI, and WC in respect of the Chief Operating Officer to the appropriate United States regulatory agencies as mandated by applicable United States laws.

	
a.  

	
Non-statutory contributions, such as to 401(k) retirement plans, shall be made in accordance with general Company policies which are subject to review and could be changed for regulatory or commercial reasons.

  

  

  

 

	
5.  

	
The Chief Operating Officer’s Base Salary will be reviewed as of January 1st each year by the Company’s Chief Executive Officer (“the CEO”) who may grant an increase but must not reduce the Chief Operating Officer’s salary below the level set out in Clause 2 or in the immediately preceding year, whichever is applicable.

	
6.  

	
If by not later than January 31st in each calendar year commencing with the year 2010, the Chief Operating Officer and the CEO have agreed to Performance Goals for the Chief Operating Officer for that calendar year, and if those Performance Goals are met for that year, then the Company must pay to the Chief Operating Officer a Performance Bonus for that year in an amount not less than 25% of the Chief Operating Officer’s Base Salary for that calendar year, as adjusted by Clause 5.  The CEO, in its sole and absolute discretion may determine to pay a larger Performance Bonus.  In any calendar year that all of the Performance Goals are not met, the CEO, in its sole and absolute discretion may, but is not obligated to, pay the Chief Operating Officer a Performance Bonus in an amount determined by the CEO. The Performance Bonus must be paid entirely in cash.

	
7.  

	
During the first calendar year of this Agreement, the Company will provide the Chief Operating Officer with a monthly automobile expense allowance of US$850.  This monthly automobile allowance will increase on January 1 of each subsequent calendar year by US$50 per month (or US$600 per year) during the term of this Agreement.

	
8.  

	
The Company agrees, as an enticement to enter into this Agreement, to grant to the Chief Operating Officer within 10 business days of the date of this Agreement an option to purchase 18,000 of the Company’s ordinary shares in three equal tranches, at the closing price of the Company’s ordinary shares on such grant date, with the tranches vesting on the first, second and third anniversaries of such grant date, and such option tranches will be exercisable within three years of each respective vesting date.

	
9.  

	
The Company will provide the Chief Operating Officer the following benefits related to the relocation of his residence from Mequon, WI to Coral Springs, FL;

	
a.  

	
Temporary Housing in appropriate furnished accommodation and rental/hire of an appropriate vehicle for 3 months from the engagement date in Clause 1.  Should Chief Operating Officer spend more than 4 calendar weeks out of town during this period, the duration of this benefit may be extended by 1 month, on a pro-rata basis;

	
b.  

	
Incidental costs allowance of $6,000.00 to be paid within 30 days after the engagement date;

	
c.  

	
Reimbursement for moving trips for family; 3 trips of 3 nights to look for housing, seeing the area, visiting schools;

	
d.  

	
Reimbursement of household moving expense which includes;

	
i.  

	
Packing, delivery and unpacking/set up of household goods

	
ii.  

	
Storage of household goods for a maximum of three months if they arrive prior to the new accommodation being available to move in.

	
iii.  

	
Transportation of two family automobiles and motorcycles, but exclusive of large items such as boats, campers, or similar.

	
iv.  

	
Provided that the Chief Operating Officer shall provide three competitive quotes for household moving costs and will select the lowest responsive quote.

 

  

2

  

 

	
e.  

	
Reimbursement for three return airfares to Mequon, WI, USA for Chief Operating Officer if his family does not relocate immediately, to be taken when acceptable to the CEO;

	
f.  

	
The foregoing assumes a move within the USA and anticipates that the family may take up to 14 months to relocate.

	
g.  

	
In the event that this Agreement is terminated within one year of the engagement date, then the Chief Operating Office shall reimburse the Company 50% of the aggregate cost of the benefits specified in Clauses 9 (a) through 9 (e).

Responsibilities

	
10.  

	
The Chief Operating Officer’s work will be performed mainly in Coral Springs, Florida, USA.

	
11.  

	
The Chief Operating Officer must devote the whole of his professional time to the Company's business and must use his best endeavours to promote the Company's interest and welfare.

	 	
a.  

	
The Chief Operating Officer will retain his ownership and investment in Water Consultants International, Inc. but will not be active in its day-to-day management or operations.

	 	
b.  

	
The Chief Operating Officer may, from time to time, engage in other activities, with the approval of the CEO so long as; (i) the nature of such activities are fully disclosed to the Company, (ii) the Chief Operating Officer participates in such activities in his capacity as an employee of the Company and (iii) such activities enhance the Company’s interests and reputation, and/or maintain or enhance the reputation of the Chief Operating Officer within the water industry. This could include, among other things, participating in Industry Forums or Panels, or leading seminars.

The Chief Operating Officer will provide operational direction for all of the Company’s business segments (retail water sales, bulk water sales and engineering and management services), exclusive of Finance & Administration and Sales & Marketing, in order to achieve the Corporate Objectives.

Corporate Objectives include but are not limited to; (i) meeting or exceeding budgeted earnings targets, (ii) improving operating profit margins, (iii) achieving excellent customer service, (iv) achieving excellent employee relations, (v) achieving technological advantage over competitors, (vi) increasing the Company’s market share in the Caribbean and Central America,  (vii) expanding the Company’s business into new and profitable markets, and (viii) such other duties as are assigned from time to time to the Chief Operating Officer by the CEO. .

The Chief Operating Officer’s powers and responsibilities include the following:-

 

	 	
(a)  

	
Oversee and manage the Company’s day-to-day operations and report them to the CEO;

 

	 	
(b)  

	
Ensure that the Company’s operations are efficient and effective;

 

  

3

  

 

	 	
(c)  

	
Develop, design, operate, and improve the systems that create and deliver the Company's products.  Develop policies and procedures to ensure that the Company delivers quality products that meet or exceed the expectations of its customers;

 

	 	
(d)  

	
Drive performance measurement of the operation (including a consideration of efficiency versus effectiveness), often in the form of dashboards convenient for review of high level key indicators;

 

	 	
(e)  

	
Ensure that the Company identifies and implements viable new technologies in order to achieve and maintain technological advantage over competitors;

 

	 	
(f)  

	
Ensure that Company resources (qualified staff, materials and technology), as mandated by the CEO and Board of Directors, are properly allocated to meet the Corporate Objectives;

 

	 	
(g)  

	
Assist the CEO and the Board of Directors to develop and update the Company’s Strategic Plan;

 

	 	
(h)  

	
Implement and monitor the Strategic Plan and report the results to the CEO;

 

	 	
(i)  

	
Disseminate the Company’s Strategic Plan to all staff, and implement appropriate rewards/recognition and coaching/corrective practices to align personnel with the Corporate Objectives;

 

	 	
(j)  

	
Prepare the annual budget for the Company’s operations and any updates as required by the CEO;

 

	 	
(k)  

	
Carry out any other duties assigned by the CEO from time to time.

The Chief Operating Officer must perform his duties under this Agreement during normal business hours from Monday to Friday inclusive (except on public holidays) but he accepts that his duties, which include travelling on the Company’s business may, from time to time, require work to be undertaken on Saturdays, Sundays and public holidays.

The Chief Operating Officer must not directly or indirectly engage in any activities or work which the Board deems to be detrimental to the best interests of the Company.

	
12.  

	
In case of inability to work due to illness or injury, the Chief Operating Officer must notify the Company immediately and produce a medical certificate for any absence longer than three working days.

	
13.  

	
The Chief Operating Officer is entitled to up to ten (10) days sick leave per year (but not more than three consecutive days at any time) without a medical certificate.

Holidays

	
14.  

	
The Chief Operating Officer is entitled, during every calendar year to the following holidays during which his remuneration will continue to be payable:-

	 	
(a)  

	
all public holidays in the United States of America, and

 

	 	
(b)  

	
four (4) weeks vacation to be taken at a time to be approved by the CEO.

  

4

  

 

Reimbursement of Expenses/Fees Earned

	
13.

	
(a)

	
All expenses for which the Chief Operating Officer claims reimbursement must be in accordance with any policies established by the Board from time to time and must be within the operating budgets approved by the Board.  The Company must reimburse the Chief Operating Officer for the costs incurred by the Chief Operating Officer in his performance of his duties on production of the necessary vouchers or, if he is unable to produce vouchers, on the Chief Operating Officer’s proving, to the CEO’s satisfaction, the amount he has spent for those purposes.

	 	
(b)

	
Any fees and payments received by the Chief Operating Officer for or in relation to acting as director or officer of a subsidiary or affiliate of the Company will be the property of the Company and the Chief Operating Officer must account to the Company for it.

Non-Competition

	
14.  

	
The Chief Operating Officer agrees, as a separate and independent agreement, that he will not during any period for which he is entitled to remuneration under this Agreement, whether for his own account or for the account of any other person, firm or body corporate, either alone or jointly with or as director, manager, agent or employee of or as consultant to any person, firm or body corporate, directly or indirectly, carry on or be engaged or concerned or interested in any person firm or body corporate which conducts business identical to or similar to that conducted by the Company in any jurisdiction in which the Company carries on business (whether directly or indirectly).

Company Information, Documents, Confidentiality, and Non-Solicitation

	
15.

	
(a)

	
All information, documents, books, records, notes, files, memoranda, reports, customer lists and other documents, and all copies of them, relating to the Company’s business or opportunities which the Chief Operating Officer keeps, prepares or conceives or which become known to him or which are delivered or disclosed to him or which, by any means come into his possession, and all the Company’s property and equipment are and will remain the Company’s sole and exclusive property both during the term of this Agreement and after its termination or expiration ;

	 	
(b)

	
If this Agreement is terminated for any reason, or if the Company at any time requests, the Chief Operating Officer must promptly deliver to the Company the originals and all copies of all relevant documents that are in his possession, custody or control together with any other property belonging to the Company.  Should the Chief Operating Officer afterwards require access to copies of those documents for any reasonable purpose, the Company must provide them on his request;

	
  

	
(c)

	
The Chief Operating Officer must not, at any time during the term of this Agreement or within one year after its termination or expiration, either for his own account or for the account of any other person, firm or company, solicit, interfere with or endeavour to entice away from the Company any person, firm or company who or which, at any time during the currency of this Agreement was an employee, customer or supplier of or was in the habit of dealing with the Company.

  

5

  

 

	
16.  

	
Except where such information is a matter of public record or when required to do so by law, the Chief Operating Officer must not, either before or after this Agreement ends, disclose to any person any information relating to the Company or its customers of which he becomes possessed while acting as Chief Operating Officer.

Termination

	
17.  

	
This Agreement will terminate and, except to the extent previously accrued, all rights and obligations of both parties under it will cease if either of the following events occurs:-

	 	
(a)  

	
The Chief Operating Officer dies.

 

	 	
(b)  

	
The Chief Operating Officer is convicted of any felony (whether or not relating to the Company or its subsidiaries or affiliates).

	
18.

	
(a)

	
The Company may terminate this Agreement forthwith if the Chief Operating Officer knowingly commits any act or omission that could reasonably be expected to result in material harm to the business or reputation of the Company or any of its subsidiaries or affiliates, which failure and/or conduct continues un-remedied for ten (10) days after written notice from the CEO to the Chief Operating Officer setting forth in reasonable detail a description of such conduct, or otherwise conducts himself in a manner that would justify immediate dismissal of an employee in accordance with Section 51(1)(a)1 of the Labour Law and, except to the extent previously accrued, all rights and obligations of both parties under this Agreement will cease.

	 	
(b)  

	
If through physical or mental illness, the Chief Operating Officer is unable to discharge his duties for sixty (60) successive days, as to which a certificate by any doctor appointed by the Company will be conclusive, then

	 	
(i)  

	
the Chief Operating Officer will be relieved of his duties, his salary reduced to US$1,000.00 per annum and his bonus entitlement suspended, but

	 	
(ii)  

	
the Company will continue to pay the full cost of providing medical insurance for the Chief Operating Officer and his wife and minor children together with pension contributions (such contributions to be equal to the pension contribution made on behalf of the Chief Operating Officer for the previous financial year of the Company),

until the Chief Operating Officer is able once again to resume his duties in full.

If this incapacity continues for a period of two years (including the 60-day period referred to above) the Chief Operating Officer’s employment will be deemed to have been terminated by mutual consent at the expiration of that period.

  

6

  

 

	 	
(c)  

	
The Company may terminate this Agreement at any time upon serving six month’s notice to the Chief Operating Officer and paying the Chief Operating Officer severance pay in accordance with the Labour Law or in an amount equal to six-twelfths of the Base Salary, as adjusted by Clause 5, whichever amount is greater.

	 	
(d)  

	
The Chief Operating Office may give six (6) months written notice of termination to the Company and if he does so, this Agreement will terminate at the expiration of that period and, except to the extent previously accrued, all rights and obligations of both parties under it will cease.

	 	
(e)  

	
If:-

	 	
(i)  

	
the Chief Operating Officer terminates this Agreement under paragraph d of this Clause; or

	 	
(ii)  

	
the Company terminates this Agreement under paragraph (a) of this Clause or in accordance with Sections 51(1)(b)1, 51(1)(c)1 or 51(1)(f)1 of the Labour Law;

all unvested options of the Chief Operating Officer under the Plan will be deemed to have expired as of the date of service of the notice of termination.

Notices

	
19.  

	
Any notice to be served under this Agreement must be in writing and will be deemed to be duly served if it is handed personally to the Secretary of the Company or to the Chief Operating Officer as the case may be, or if it is sent by registered post to the addressee at the relevant address at the head of this Agreement.  A notice sent by post will be deemed to be served on the third day following the date on which it was posted.

Previous Agreements Superseded

 

	
20.

	
(a)

	
This Agreement supersedes all prior contracts and understandings between the parties relating to its subject-matter except that benefits earned or accrued under any such prior contracts are not extinguished or affected.

 

 

 

Waiver

	
21.  

	
No change or attempted waiver of any of the provisions of this Agreement will be binding unless in writing and signed by the party against whom it is sought to be enforced.

Severability of Provisions

	
22.  

	
Whenever possible, each provision of this Agreement must be interpreted in such manner as to be effective and valid.  If any provision of this Agreement or the application of it is prohibited or is held to be invalid, that prohibition or invalidity will not affect any other provision, or the application of any other provision which can be given effect without the invalid provision or prohibited application and, to this end, the provisions of this Agreement are declared to be severable.

  

7

  

 

Headings

	
23.  

	
The headings in this Agreement are included for convenience only and have no legal effect.

Applicable Law, Venue and Jurisdiction

	
24.  

	
This Agreement must be construed and the legal relations between the parties determined in accordance with the laws of the Cayman Islands to the jurisdiction of the courts of which the parties agree to submit.  The Chief Operating Officer appoints Alan Roffey (“the Process Agent”) whose address at the date of this Agreement is Calico Quay, Grand Cayman his agent in the Cayman Islands to receive on his behalf service of copies of the summons and complaint and any other process which may be served in any action or proceeding under this Agreement.  Service may be made by personally serving the Process Agent at the Process Agent’s above address, with a copy to the Chief Operating Officer at his address above, and the Chief Operating Officer irrevocably authorises and directs the Process Agent to accept such service on his behalf Any dispute between the parties relating to, or in any way connected with, this Agreement must be brought exclusively in the courts of Broward or Palm Beach County, Florida or the courts located in the Cayman Islands. Any and all appeals of any court decision in a Florida or Cayman Islands court must also be brought in the same jurisdiction as the decision of the trial court. The parties hereby waive any right to dispute the choice of a party to bring an action in either of such courts on the grounds that such venue is inconvenient in any respect.

 

	
EXECUTED for and on behalf of

CONSOLIDATED WATER CO LTD.

by:

in the presence of:

	 	 	CONSOLIDATED WATER CO. LTD.	 
	 	 	 	 	 
	
/s/ JOHN TONNER  

	 	 	
/s/ FREDERICK MCTAGGART

	 
	
Witness

	 	 	
Director

	 

 

 

	
EXECUTED by JOHN TONNER

in the presence of:

	 	 	 	 
	 	 	 	 	 
	
/s/ JODIE TONNER

	 	 	
/s/ JOHN TONNER

	 
	
Witness

	 	 	
JOHN TONNER

	 

                                                                                    

 

8

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