Document:

<PAGE>   1
                                                                   Exhibit 10.18

                   FIRST AMENDMENT OF THE EMPLOYMENT CONTRACT

THIS AGREEMENT made this 17 day of April, 2000

BETWEEN:     CONSOLIDATED WATER CO. LTD. (formerly Cayman Water
             Company Limited), a Cayman Islands company having its registered
             office at Trafalgar Place, West Bay Road, P.O. Box 1114GT, Grand
             Cayman, B.W.I. (the "Company")

AND:         GREGORY SCOTT McTAGGART of Ocean Club Condominiums, P.O.
             Box 1114GT, Grand Cayman, B.W.I. (the "Vice President")

WHEREAS:

A.       The Company and the Vice President entered into an employment contract
         dated the 19th August, 1998 (the "Employment Contract").

B.       The parties are desirous of amending the same in accordance with the
         terms of this Agreement.

NOW IN CONSIDERATION of the mutual covenants contained herein the parties agree
that the Employment Contract shall be amended and/or rectified as follows:

         1.       Renumbering existing Clause 4 as 4(A) and adding the following
                  as Clauses 4(B), 4(C), 4(D) and 4(E)

         4(B)     Further, commencing in the financial year 2000 and for each
                  year thereafter, subject to any approvals of Government which
                  may be necessary at the time at which the option is exercised,
                  the Vice President shall be granted an option to purchase, at
                  the "Exercise Price", payable in cash in full on the exercise
                  of the option, a number of Ordinary Shares equal to the number
                  of US$ which represents .75% of the net profit of the Company
                  calculated as aforesaid for that financial year.

         4(C)     The "Exercise Price" shall be the avenge of the closing market
                  price of the Company's Ordinary shares on each of the first
                  seven trading days in the month of October of that financial
                  year."

         4(D)     The options granted pursuant to Clause 4(B) may be exercised
                  by the Vice President at any time after they vest and before
                  the close of the Company's business the day before the third
                  anniversary of the date of the Auditors Report on the
                  Financial Statements for the relevant financial year.

<PAGE>   2

         4(E)     For the avoidance of doubt, it is hereby agreed that the Vice
                  President shall be entitled to participate in and to receive
                  Redeemable Preference Shares pursuant to his participation in
                  the Employee Share Incentive Plan, in respect of the financial
                  year 1999, during the calendar year 2000 but not thereafter.

2.       The parties have acknowledged that the Employment Contract shall remain
         binding and effective in accordance with its terms except as expressly
         amended hereby.

THE PARTIES HERETO have set their hands and seals the day and date first above
written.

SIGNED AND SEALED in the presence of:
                                     )
                                     )
                                     )
                                     )
                                     )
/s/ Peter D. Ribbins                 )      /s/  J.M. Parker
------------------------------------        ------------------------------------
witness                                     Consolidated Water Co. Ltd.

SIGNED AND SEALED in the presence of:
                                     )
                                     )
                                     )
                                     )
                                     )
/s/ Peter D. Ribbins                 )      /s/ Gregory Scott McTaggart
------------------------------------        ------------------------------------
witness                                     Gregory Scott McTaggart

                                       2<PAGE>   1
                                                                   Exhibit 10.19

                              EMPLOYMENT CONTRACT

THIS AGREEMENT is made the 31st day of August 1997, BETWEEN CAYMAN WATER COMPANY
LIMITED, a Cayman Islands company having its registered office at Trafalgar
Place, West Bay Road, P.O. Box 1114, George Town, Grand Cayman, B.W.I. ("the
Company")

AND

ALEXANDER STEPHEN BODDEN of P.O. Box 1114, George Town, Grand Cayman,
B.W.I. ("The Vice President")

IT IS AGREED as follows:

Employment

1.       The Vice President is engaged as Vice President - Finance, Company
         Secretary and Investment Relations Officer ("the Capacities") of the
         Company for three (3) years commencing on the 31 August 1997 but
         subject to the extension provisions set out in clause 18 and subject to
         the termination provisions set out in clauses 14, 15 and 16.

Remuneration

2.       The Vice President's salary is fixed until 31st December, 1997 at
         CI$ 62,400.00 per annum, payable monthly in arrears, less deductions
         (other than for Medical Insurance) and other payments which the Company
         is by law entitled or required to deduct from an employee's
         remuneration.

3.       The Vice President's salary will be reviewed as of each January 1st. by
         the Company's Board of Directors ("the Board") who may grant an
         increase but shall not reduce the Vice President's salary below the
         level set out in Clause 2 hereof

4.       Further, for each completed financial year, beginning with the
         financial year 1997, during which the Vice President serves in the
         Capacities, not later than 28th. February following the end of each
         financial year, the Vice President will be paid a bonus of:-

         (a)      2.5% of the amount by which the net income of the Company,
                  calculated before charging this bonus and all other bonus's of
                  the executive officers of the Company and before charging
                  dividends or crediting any amount accruing from the re-
                  valuation of the Company's assets, for that financial year
                  exceed the highest annual net income determined in the same
                  manner earned by the Company in any prior financial year.

5.       The Company will make a contribution of 5% of salary to an approved
         Pension Plan in the Cayman Islands which will match the first 5%
         contribution made by the Vice President to the same Pension Plan. If
         the legal matching minimum increases above 5% the Company will adjust
         the contribution to comply with the increased legal minimum. If the
         legal matching minimum decreases below 5% the Company will continue to
         make a contribution of a minimum 5%.

<PAGE>   2

Area

6.       The Vice President's work will be performed mainly in West Bay, Grand
         Cayman. The Company reserves the right to transfer the Vice President
         to any other place of business which it may establish in the Cayman
         Islands.

Responsibilities

7.       The Vice President must devote substantially the whole of his time to
         the Company's business and must use his best endeavours to promote the
         Company's interest and welfare. Except where such information is a
         matter of public record or when required to do so by law he must not
         either before or after this Agreement ends disclose to any person any
         information relating to the Company or its customers or any
         confidential information of which he becomes possessed while acting in
         the Capacities.

8.       The Vice President must perform the duties commonly performed by the
         Vice President Finance, Company Secretary and Investor Relations
         Officer and also the duties reasonably required of and assigned to him
         in his position as Vice President and must discharge his duties in
         accordance with the directions of the Board. The Vice President must
         perform his duties under this Agreement during normal business hours
         from Mondays to Fridays inclusive (save on bank holidays) but he
         accepts that his duties, which include travelling on the Company's
         business both within the Cayman Islands and abroad, may from time to
         time require work to be undertaken on Saturdays, Sundays and bank and
         public holidays. The Vice President must report to the President,
         diligently follow and implement all management policies and decisions
         which the President communicates to him, prepare and forward in a
         timely manner all reports and accountings the President requests. The
         Vice President will not directly or indirectly engage in any activities
         or work which are deemed by the Board to be detrimental, to the best
         interests of the Company. Any involvement in other activities will be
         subject to prior mutual agreement between the Vice President and the
         Board. Subject to any such directions and restrictions, the Vice
         President will be invested with the following powers and
         responsibilities

         A.       FINANCIAL

         1.       All aspects of the Accounting function of Cayman Water Company
                  Limited (CWC) - including the preparation of monthly,
                  quarterly and annual financial statements for presentation to
                  the Board of Directors (BOD) and for annual statutory and
                  other audits.
         2.       Preparation of annual and other budgets and projections as
                  required by the BOD.
         3.       Preparation and submission of all reports and returns, as is
                  necessary, to the US Securities and Exchange Commission, the
                  National Association of Security Dealers, the Cayman Islands
                  Government and any other regulatory body as is necessary.
         4.       Liaison with the NASD/NASDAQ Stock Market and any other stock
                  market on which the Company's stock is listed on all matters
                  concerning the stock listing as appropriate.
         5.       Cash / Treasury Management of CWC funds.
         6.       Project Appraisal as and when required.
         7.       Any other financial duties and projects as requested by the
                  BOD.

<PAGE>   3

         B.       COMPANY SECRETARY

         1.       Maintenance of CWC`s Register of Shareholders in conjunction
                  with CWC's Transfer Agents and Registrars.
         2.       Preparation and distribution of minutes for the following
                  meetings
                           a) All General Meetings of CWC.
                           b) Meetings of the Full Board of Directors.
                           c) Meetings of the Executive Committee of the BOD.
                           d) Meetings of the Audit Committee of the BOD.
                           e) Meetings of any other duly appointed committee as
                              directed by the BOD.
         3.       Arrangement of all General Meetings and Audit Committee
                  meetings of CWC.
         4.       Distribution of Quarterly and other reports/releases to
                  Shareholders and Brokers.
         5.       Payment of Dividends to the Shareholders of CWC.
         6.       Preparation and submission of all reports and returns, as is
                  necessary, to the US Securities and Exchange Commission, the
                  National Association of Security Dealers, the Cayman Islands
                  Government and any other regulatory body as is necessary.
         7.       Any other company secretarial duties and projects as requested
                  by the BOD.

         C.       INVESTOR RELATIONS OFFICER

         1.       Dealing with all Market Maker / Broker / Investor enquiries
                  directed to CWC.
         2.       Liaison with external Financial Public Relation consultants as
                  hired by the BOD and the provision of appropriate information
                  to same.
         3.       Any other Investor Relations duties as requested by the BOD.

         D.       ADMINISTRATION

         1.       Overall supervision of the day-to-day operation of CWC's
                  offices with full responsibility for the duties of the Office
                  Manager as described in that position's job description.
         2.       Implementation of any new policies and human resource
                  programmes as directed by the BOD.

         E.       GENERAL

         1.       Supervision of all staff necessary for the performance of all
                  duties as described above.
         2.       Any other duty / function as requested by the Chairman &
                  C.E.O., the President & C.O.O. and/or the BOD.

9.       In case of inability to work due to illness or injury, the Vice
         President must notify the Company immediately and produce a medical
         certificate for any absence longer than ten working days. The Company
         may have the Vice President examined by a doctor approved by it. The
         Vice President agrees to submit to any medical examination which the
         Company requires.

<PAGE>   4

10.      The Vice President will be entitled to up to ten (10) days sick leave
         per year without a medical certificate.

Holidays

11.      The Vice President is entitled during every twelve (12) month period of
         employment to the following holidays during which his remuneration will
         continue to be payable:

         (a)      all public holidays in the Cayman Islands, and

         (b)      four (4) weeks' vacation at a time to be approved by the
                  President.

Reimbursement of Expenses

12.      All expenses for which the Vice President claims reimbursement must be
         within pre approved budgets. Subject to this, the Company must
         reimburse the Vice President for the cost of entertaining the Company's
         customers and travelling on the Company's business on the production of
         the necessary vouchers or on the Vice President's proving to the
         Company's satisfaction the amount that he has spent for those purposes,
         even though he is unable to produce vouchers.

Non-Solicitation

13.      The Vice President must not at any time while he is acting in the
         Capacities or afterwards either on his own account or for any other
         person, firm or company solicit, interfere with or endeavour to entice
         away from the Company any person, firm or company who at any time
         during or at the date when his employment ends were customers of or in
         the habit of dealing with the Company.

Company Documents

14.      All books, records, notes, files, memoranda, reports, customer lists,
         computer files and other documents, and all copies of them, relating to
         the Company's business which the Vice President keeps, prepares or
         conceives or which become known to him or which are delivered or
         disclosed to or 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. If the Vice President's employment is
         terminated for any reason whether voluntarily or involuntarily, or if
         the company at any time requests, he must promptly deliver to the
         Company the originals and all copies of all relevant documents that are
         in his possession, custody or control, and any other property belonging
         to the Company.

Termination

15.      This Agreement will end and, except to the extent previously accrued,
         all rights and obligations under it of the Company and the Vice
         President shall cease if any of the following events occurs:-

         (a.)     The Vice President dies.

         (b.)     The Vice President is adjudicated bankrupt or makes any
                  composition with his creditors.

         (c.)     The Vice President gives three (3) months written notice to
                  the Company to terminate this Agreement.

<PAGE>   5

16.      The Company may by notice end this Agreement with immediate effect
         if:-

         (a.)     The Vice President conducts himself in a manner which would
                  justify immediate dismissal in accordance with the Labour Law

         (b.)     through physical or mental illness the Vice President is
                  unable to discharge his duties for sixty (60) successive days,
                  as to which a certificate by any doctor appointed by the
                  Company shall be conclusive.

         (c)      The Company gives written notice to the Vice President and
                  pays to him a sum equal to the Vice President's annual salary
                  as described in clause 2 or as increased in accordance with
                  clause 3, for the year in which such termination takes place.

17.

         (b)      the Company shall remain obliged to keep all benefits,
                  including but not limited to medical insurance and pension
                  contributions, to which the Vice President was entitled as at
                  the date of his termination paid and available to the Vice
                  President for a period of one year from the date of
                  termination.

Extension

18.      In the absence of a written agreement to the contrary, on 1st. August
         of each year, the term of this Agreement shall be automatically
         extended upon the same terms by a period of one year.

Notices

19.      Any notice to be served under this Agreement must be in writing and
         will be deemed duly served if in the case of one addressed to the
         Company it is sent by registered post or left at the Company's
         registered office, or in the case of one sent to the Vice President it
         is handed to him personally or is delivered to his last known
         residential address in the Cayman Islands. A notice sent by post will
         be deemed to be served on the third day following the date on which it
         is posted.

Previous Agreements Superseded

20.      This Agreement supersedes all prior contracts and understandings
         between the parties and may not be changed or terminated orally, and no
         change, termination or attempted waiver of any of its provisions will
         be binding unless in writing and signed by the party against whom it is
         sought to be enforced.

Clause Headings

21.      The clause headings are included for convenience only and have no legal
         effect.

Applicable Law and Jurisdiction;

22.      This Agreement will be construed and the legal relations between the
         parties determined in accordance with the laws of the Cayman Islands
         and the parties agree to submit to the jurisdiction of the Cayman
         Islands Courts. Whenever possible, each provision of this Agreement
         will be interpreted in such a manner as to be effective and valid, but
         if any provision of this Agreement or the application of it is
         prohibited or held to be invalid, that

<PAGE>   6

         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 application, and to this end the provisions of
         this Agreement are declared to be severable.

EXECUTED by and on behalf of                 CAYMAN WATER COMPANY
CAYMAN WATER COMPANY LIMITED                 LIMITED
by
in the presence of:-

/s/ Tracy Beitz                              Per: /s/ Peter D. Ribbins
---------------------------------            -----------------------------------
Witness                                      Peter D. Ribbins
                                             President

EXECUTED by ALEXANDER STEPHEN BODDEN
in the presence of:-

/s/ Tracy Beitz                              /s/ Alexander Stephen Bodden
---------------------------------            -----------------------------------
Witness                                          Alexander Stephen Bodden

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00008-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00008-of-00352.parquet"}]]